Document:

Exhibit

Exhibit 10.1

FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT

This FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AND SECURITY
AGREEMENT (this “Agreement”) is made as of June 11, 2018, and effective upon the Effective Date (as defined below), by and among KRATOS DEFENSE & SECURITY SOLUTIONS, INC., a Delaware corporation (the “Borrower”), each of the other Credit Parties identified as such on the signature pages hereof, each of the lenders signatory hereto constituting the Required Lenders (as defined in the Credit Agreement described below) and SUNTRUST BANK, a Georgia banking corporation, as administrative agent (together with its successors and assigns in such capacity, “Agent”).

RECITALS

A.The Borrower, Agent and certain lenders (collectively, the “Lenders”) are parties to that certain Amended and Restated Credit and Security Agreement, dated as of November 20, 2017 (as amended to date and as it may be further amended, restated, supplemented and/or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”). Except as otherwise defined herein, capitalized terms used herein have the respective meanings assigned to them in the Credit Agreement.

B.In connection with the Credit Agreement, each Credit Party (other than the Borrower) guaranteed the Obligations of the Borrower pursuant to that certain Amended and Restated Guaranty of Payment, dated as of November 20, 2017, and each Credit Party granted to Agent, for the benefit of the Lenders, a first priority security interest (subject only to Permitted Liens) in substantially all of such Credit Party’s assets pursuant to that certain Amended and Restated Security Agreement, dated as of November 20, 2017, executed by the Credit Parties in favor of Agent.

C.Borrower has requested certain modifications to the Credit Agreement in connection with the Borrower’s consummation of the KPSSS Disposition (as defined herein), and subject to the terms and conditions herein, Agent and the undersigned Lenders (constituting Required Lenders) have agreed to amend the Credit Agreement as set forth herein.

NOW THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

AGREEMENTS

1.Amendments to the Credit Agreement. Effective as of the Effective Date, the Credit Agreement is hereby amended as follows:

(a)Amendment to Section 1.1-New Definition. Section 1.1 of the Credit Agreement is hereby amended by adding the following new definitions thereto in proper alphabetical order therefor:

“KPSSS Disposition” means the sale by the Borrower of 100% of its equity interests in Kratos Public Safety & Security Solutions, Inc., a Delaware corporation 

(“KPSSS”), and each wholly-owned Subsidiary of KPSSS, pursuant to and in accordance with the KPSSS Disposition Documents.

“KPSSS Disposition Documents” means that certain Stock Purchase Agreement, dated as of February 28, 2018, by and among the Borrower, KPSSS and Securitas Electronic Security, Inc., a Delaware corporation, as amended, supplemented or modified from time to time.

(b)Amendment to Section 5.8(l). Section 5.8(l) of the Credit Agreement is amended by deleting the reference to “Indenture Documents” in clause (i) thereof and replacing it with “Senior Notes Documents”.

(c)Amendment to Section 5.12. Section 5.12 of the Credit Agreement is amended by (i) deleting the “and” at the end of clause (h) thereof, (ii) replacing the “.” at the end of clause (i) with “; and” and (iii) adding a new clause (j) to provide in its entirety as follows:

“(j)  the Companies may consummate the  KPSSS Disposition, so long as (i) immediately prior to and after giving effect to such Disposition, no Default or Event of Default then exists; (ii) such Disposition is permitted under the Senior Notes Documents and (iii) the proceeds of such Disposition are applied in accordance with the Senior Notes Documents and the Intercreditor Agreement.”

2.Limited Waiver. Effective on the Effective Date, Agent and the undersigned Lenders hereby waive any Event of Default that would otherwise occur under the Credit Agreement solely as a result of the KPSSS Disposition. Except as expressly set forth in this Agreement, nothing contained in this Agreement, or any other communication between or among Agent, Lenders and any Credit Party, shall be construed as a waiver by Agent or Lenders of any covenant or provision of the Credit Agreement, the other Loan Documents, this Agreement or any other contract or instrument between or among any Credit Party, Agent and/or Lenders, or of any similar future transaction and the failure of Agent and/or Lenders at any time or times hereafter to require strict performance by any Credit Party of any provision thereof shall not waive, affect or diminish any right of Agent and/or Lenders to thereafter demand strict compliance therewith. Nothing contained in this Agreement shall directly or indirectly in any way whatsoever either: (i) impair, prejudice or otherwise adversely affect Agent’s or any Lender’s right at any time to exercise any right, privilege or remedy in connection with the Credit Agreement or any other Loan Documents, each  as amended  hereby, (ii) except as  expressly provided  herein, amend  or alter  any provision of the Credit Agreement or any other Loan Documents or any other contract or instrument, or (iii) constitute any course of dealings or other basis for altering any obligation of any Credit Party under the Credit Agreement or any other Loan Documents or any right, privilege or remedy of Agent or any Lender under the Credit Agreement, any other Loan Documents or any other contract or instrument. Agent and Lenders hereby reserve all rights granted under the Credit Agreement, the other Loan Documents, this Agreement and any other contract or instrument between or among any Credit Party, Agent and Lenders, each as amended hereby.

3.Release of Guarantors and Security Interests. The Agent and the undersigned Lenders hereby acknowledge and agree that upon consummation of the KPSSS Disposition, (i) KPSSS and each of the Company Subsidiaries (as defined in the KPSSS Disposition Documents) shall be released from all obligations as Credit Parties under the Credit Agreement and the other Loan Documents, and (ii) any and all Liens granted to the Agent, on behalf of the Lenders, on any of the Shares (as defined in the KPSSS Disposition Documents) and any and all assets of KPSSS or the Company Subsidiaries shall be 

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automatically and unconditionally released, without representation  or warranty. The Agent  and the undersigned Lenders hereby authorize the Borrower, its assigns and any party authorized by the Borrower to file the UCC termination statements attached hereto as Schedule I.

4.Conditions to Effectiveness of Agreement. This Agreement shall be effective on the earliest date on which all of the following conditions have been satisfied (such date being the “Effective Date”):
(a)Agent shall have received this Agreement, duly executed by the Credit Parties and the Required Lenders;

(b)If a consent is required under the Senior Notes Documents, Agent shall have received evidence, in form and substance satisfactory to Agent, that the Credit Parties have received consent under the Senior Notes Documents permitting the KPSSS Disposition and the transactions contemplated hereby;

(c)Immediately prior to, and after giving effect to this Agreement, (i) no Event of Default shall have occurred or be occurring and (ii) the representations and warranties contained herein and in the Credit Agreement and the other Loan Documents, as each is amended hereby, are true and correct as of such date, as if made on such date, except for those  representations  and warranties specifically made as of an earlier date, which shall be true and correct as of such earlier date; and

(d)The Credit Parties shall have paid and hereby agree to pay to Agent, all expenses (including attorneys’ fees) owed to or incurred by the Agent arising in connection with this Agreement.

The Credit Parties shall be deemed to represent and warrant to Agent and Lenders that each of the foregoing conditions have been satisfied upon the release of their respective signatures to this Agreement. All fees and other amounts payable in connection with this Agreement shall be non-refundable and fully earned upon the Agents’ receipt of such fees or amounts.

		
	5.
	Ratification, Further Assurances and Representations and Warranties.

(a)Each Credit Party confirms that all of its obligations under the Loan Documents (as amended by this Agreement) are in full force and effect and are performable in accordance with their respective terms without setoff, defense, counter-claim or claims in recoupment.

(b)Each Credit Party agrees that at any time and from time to time, upon the written request of Agent, each Credit Party will execute and deliver such further documents and do such further acts and things as Agent may reasonably request in order to effect the provisions of this Agreement.

(c)To induce Agent and the Required Lenders to enter into this Agreement, each Credit Party, by its signature below, hereby:

(i)acknowledges and agrees that, except as expressly set forth in this Agreement, the terms, covenants and conditions of the Credit Agreement and the other Loan Documents are in full force and effect and are hereby ratified and confirmed;

(ii)ratifies and reaffirms the notes and its obligations under the Credit Agreement and the other Loan Documents, and all of such Credit Party’s respective covenants, duties, indebtedness and liabilities owing under such documents;

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(iii)acknowledges and agrees that it has taken all organizational actions necessary to approve and authorize the execution, delivery and performance of this Agreement and all other documents executed in connection therewith; and

(iv)acknowledges and agrees that immediately prior to, and after giving effect to this Agreement, (i) no Event of Default shall have occurred or be occurring and (ii) the representations and warranties contained herein and in the Credit Agreement and the other Loan Documents, as each is amended hereby, are true and correct as of such date, as if made on such date, except for those representations and warranties specifically made as of an earlier date, which shall be true and correct as of such earlier date.

		
	1.
	Miscellaneous.

(a)This Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Agreement is not intended to be, nor shall it be construed to create, a novation or accord and satisfaction, and the Credit Agreement and other Loan Documents, as modified by this Agreement, shall continue in full force and effect. This Agreement shall constitute a Loan Document for all purposes.

(b)This Agreement may be executed in any number of counterparts and by each party hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. Delivery of a signature page of this Agreement by telecopy, pdf or other electronic means shall be effective as delivery of a manually executed counterpart of such Agreement. In case any one or more of the provisions contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby.

(c)The provisions of this Agreement and the respective rights and duties of the parties hereunder shall be governed by, and construed in accordance with, the laws of the State of New York (without giving effect to the conflict of law principles thereof except for Sections 5-1401 and 5- 1402 of the New York General Obligations Law).

(d)THE CREDIT PARTIES HEREBY ACKNOWLEDGE THAT THEY HAVE NO DEFENSE, COUNTERCLAIM, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS LIABILITY TO REPAY THE LIABILITIES OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM AGENT AND THE LENDERS. EACH CREDIT PARTY HEREBY VOLUNTARILY AND KNOWINGLY RELEASES AND FOREVER DISCHARGES AGENT, THE LENDERS, THEIR RESPECTIVE PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS AGREEMENT IS EXECUTED, WHICH ANY CREDIT PARTY MAY NOW OR HEREAFTER HAVE AGAINST AGENT OR ANY LENDER, THEIR RESPECTIVE PREDECESSORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, 

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AND ARISING FROM ANY ADVANCE INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE CREDIT AGREEMENT OR OTHER AGREEMENTS AND NEGOTIATION FOR AND EXECUTION OF THIS AGREEMENT.

(e)THE CREDIT AGREEMENT, AS AMENDED BY THIS AGREEMENT, AND THE OTHER LOAN DOCUMENTS TOGETHER REPRESENT THE ENTIRE EXPRESSION OF THE PARTIES WITH RESPECT TO THE SUBJECT MATTER HEREOF AND  THEREOF ON THE DATE THIS AGREEMENT  IS  EXECUTED.     THE  CREDIT AGREEMENT, AS AMENDED BY THIS AGREEMENT, MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. NO MODIFICATION, RESCISSION, WAIVER, RELEASE OR AMENDMENT OF ANY PROVISION OF THIS AGREEMENT SHALL BE MADE EXCEPT BY A WRITTEN AGREEMENT SIGNED BY THE BORROWER, AGENT AND THE REQUIRED LENDERS.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.

SUNTRUST BANK,
as Administrative Agent and a Lender

By: /s/ Brian O'Fallon             
Name: Brian O'Fallon
Title:    Director

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.

J.P. MORGAN CHASE
a Lender

By: /s/ Jason Beyerlein             
Name: Jason Beyerlein
Title:    Authorized Signer

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.

GOLDMAN SACHS BANK USA
a Lender

By: /s/ Megan Sullivan             
Name: Megan Sullivan
Title:   Authorized Signatory

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.

        PNC BANK, NATIONAL ASSOCIATION
a Lender

By: /s/ Laurie Dee             
Name: Laurie Dee 
Title:   Assistant Vice President

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BORROWER:

KRATOS DEFENSE SECURITY AND SOLUTIONS, INC.

By: /s/ Deanna H. Lund
Name: Deanna H. Lund
Title: Executive Vice President & Chief Financial Officer

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Agreed to and Accepted:    OTHER CREDIT PARTIES:

AVTEC SYSTEMS, INC.
BSC PARTNERS, LLC 
CARLSBAD ISI, INC.
COMPOSITE ENGINEERING, INC. DEFENSE SYSTEMS, INCORPORATED
HAVERSTICK CONSULTING, INC. 
HGS HOLDINGS, INC.
DTI ASSOCIATES, INC.
HAVERSTICK GOVERNMENT SOLUTIONS, INC. 
ROCKET SUPPORT SERVICES, LLC
JMA ASSOCIATES, INC.
MADISON RESEARCH CORPORATION 
GICHNER SYSTEMS GROUP, INC.
GICHNER SYSTEMS INTERNATIONAL , INC. 
CHARLESTON MARINE CONTAINERS INC. 
DALLASTOWN REALTY I, LLC 
DALLASTOWN REALTY II, LLC
DEI SERVICES CORPORATION 
SCT ACQUISITION, LLC
SCT REAL ESTATE, LLC
KRATOS INTEGRAL HOLDINGS, LLC 
KRATOS INTEGRAL SYSTEMS INTERNATIONAL, INC. 
KRATOS NETWORKS, INC.
KRATOS SYSTEMS AND SOLUTIONS, INC. 
KRATOS DEFENSE & ROCKET SUPPORT
SERVICES, INC.
KRATOS TECHNOLOGY & TRAINING 
SOLUTIONS, INC.
KRATOS UNMANNED SYSTEMS SOLUTIONS, 
INC.
DFI REALTY, LLC
REALITY BASED IT SERVICES, LTD. 
SHADOW I , INC.
SHADOW II, INC. 
DIGITAL FUSION, INC.
DIGITAL FUSION SOLUTIONS, INC. 
SUMMIT RESEARCH CORPORATION 
NATIONAL SAFE OF CALIFORNI A 
LVDM, INC.

By: /s/ Deanna H. Lund
Deanna H. Lund
Executive Vice President & Chief Financial Officer

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GENERAL MICROWAVE CORPORATION
GENERAL MICROWAVE ISRAEL CORPORATION
MSI ACQUISITION CORP. MICRO SYSTEMS, INC. KRATOS-RSS, INC.
REAL TIME LOGIC, INC. 
SAT CORPORATION
SECUREINFO CORPORATION 
Al METRIX , INC.
POLEX, INC.
By: /s/ Deanna H. Lund
Deanna H. Lund
Executive Vice President & Chief Financial Officer

12EX-4.12

 Exhibit 4.12 

Warrant – No.: [●] 
 THIS
WARRANT AND ANY SHARES ACQUIRED UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”), AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT. 

MATEON THERAPEUTICS, INC. 

COMMON STOCK WARRANT 

[            ], 2018 

THIS COMMON STOCK WARRANT (this “Warrant”) of Mateon Therapeutics, Inc., a corporation duly organized and validly existing
under the laws of Delaware (the “Company”), is issued to the Holder (as defined below) as part of the consideration to be paid to Divine Capital Markets LLC (“Divine”) from the Company pursuant to that certain
Engagement Letter, dated as of February 7, 2018, by and between the Company and Divine as a result of the consummation of the final closing on April 30, 2018 of a private placement in which securities of the Company were sold and in which
Divine acted as placement agent (the “Offering”). 
 FOR VALUE RECEIVED, the Company hereby certifies that the registered
holder hereof, [            ], with an address [            ] and the Holder’s successors and assigns (the
“Holder”), is entitled to purchase from the Company [            ] duly authorized, validly issued, fully paid and nonassessable shares of Common Stock, at a purchase price
equal to $0.20 per share, as may be adjusted pursuant to the provisions set forth in Section 4 herein (the “Warrant Price”). The Holder is registered on the records of the Company regarding registration and
transfer of the Warrant (the “Warrant Register”) and is the owner and Holder thereof for all purposes, except as described in Section 13 hereof. 

1.    Warrant Exercise. This Warrant shall become exercisable immediately following the Company’s shareholder
approval of an increase in the number of the Company’s authorized shares of Common Stock sufficient to cover the number of shares issuable upon the exercise of all warrants issued in the Offering (the “Shareholder Approval”). 

2.    Expiration of Warrant. This Warrant shall expire as of 5:30 pm, Eastern Standard Time, on April 30, 2023
(the “Expiration Date”). 
 3.    Exercise of Warrant. This Warrant shall be exercisable
pursuant to the terms of Section 1, Section 2 and this Section 3 hereof. 

 Common Stock Warrant 

Issued by Mateon Therapeutics, Inc. 
  

 3.1    Manner of Exercise. This Warrant may only be exercised by
the Holder hereof, in accordance with the terms and conditions hereof, in whole or in part with respect to any portion of this Warrant, into shares of Common Stock (the “Warrant Shares”), during normal business hours on any day
other than a Saturday or a Sunday or a day on which commercial banking institutions in New York, New York are authorized by law to be closed (a “Business Day”) on or prior to the Expiration Date with respect to such portion of this
Warrant, by surrender of this Warrant to the Company at its office maintained pursuant to Section 12.2(a) hereof, accompanied by an exercise notice (the “Exercise Notice”) in substantially the form attached
to this Warrant as Exhibit A (or a reasonable facsimile thereof) duly executed by the Holder, together with the payment of the Warrant Price. If at the time of exercise hereof there is no effective registration statement registering, or the
prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, the Holder also shall have the right, at its election exercised in its sole discretion, when exercising the Warrant, in lieu of making the cash
payment otherwise contemplated to be made to the Company upon such exercise in payment of the Exercise Price, to elect instead to receive upon such exercise the “Net Number” (“Cashless Exercise”) of shares of Common Stock
equal to the quotient obtained by dividing [X*(A-B)] by (A), where: 
 (A)
=                 the VWAP on the Trading Day immediately preceding the date of such election; 

(B) =                 the Exercise Price of this Warrant, as
adjusted; and 
 (X) =                 the number of Warrant
Shares in respect of which the Cashless Exercise election is made. 
 The “VWAP” means, for any date, the price determined
by the first of the following clauses that applies: (i) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading
Market as reported by Bloomberg Financial L.P. (based on a Trading Day from 9:30 a.m. Eastern Time to 4:02 p.m. Eastern Time); (ii) the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTC
Market; (iii) if the Common Stock is not then listed or quoted on the OTC Market and if prices for the Common Stock are then reported elsewhere, the average of the most recently reported bid and ask price per share of the Common Stock so
reported, based on the most liquid market upon which such bid and ask prices are reported; or (iv) in all other cases, the fair market value of a share of Common Stock as determined by a good faith determination of the Company’s Board of
Directors. 
 “Trading Day” means (i) a day on which the Common Stock is listed or quoted and traded on its Trading
Market, or (ii) if the Common Stock is not quoted on any Trading Market, a day on which the Common Stock is otherwise quoted as reported in the “pink sheets” or any similar quoting service succeeding to equivalent functions of
reporting prices); provided, that in the event that the Common Stock is not listed or quoted as set forth in (i), (ii) and (iii) hereof, then Trading Day shall mean a Business Day. 

“Trading Market” means whichever of the New York Stock Exchange, the NYSE Amex Equities (formerly the American Stock
Exchange), the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market or the OTC Markets on which the Common Stock is listed or quoted for trading on the date in question. 

  
 2 

 Common Stock Warrant 

Issued by Mateon Therapeutics, Inc. 
  

 3.2    When Exercise Effective. Each exercise of this Warrant
shall be deemed to have been effected immediately prior to the close of business on the Business Day on which this Warrant shall have been surrendered to the Company as provided in Section 3.1 hereof, and, at such time, the
corporation, association, partnership, organization, business, individual, government or political subdivision thereof or a governmental agency (a “Person” or the “Persons”) in whose name or names any certificate or
certificates for shares of Common Stock shall be issuable upon exercise as provided in Section 3.3 hereof shall be deemed to have become the holder or holders of record thereof. 

3.3    Delivery of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be transmitted by
the Company’s transfer agent (the “Transfer Agent”) to the Holder by crediting the account of the Holder’s prime broker with the Depository Trust Company through its Deposit Withdrawal Agent Commission
(“DWAC”) system if the Company is then a participant in such system and either (A) there is an effective Registration Statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or
(B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery to the address specified by the Holder in the Exercise Notice by the date that is three Business Days after the latest of (A) the delivery to the
Company of the Exercise Notice, (B) surrender of this Warrant and (C) payment of the aggregate Exercise Price as set forth above (including by cashless exercise) (such date, the “Warrant Share Delivery Date”). If the
Company fails for any reason to deliver to the Holder certificates evidencing the Warrant Shares subject to an Exercise Notice by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a
penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the closing price of the Common Stock on the date of the applicable Exercise Notice), $10 per Business Day (increasing to $20 per Business Day on the fifth Business Day
after such liquidated damages begin to accrue) for each Business Day after such Warrant Share Delivery Date until such certificates are delivered or the Holder rescinds such exercise. 

3.4    Rescission Rights. If the Company fails to cause the Transfer Agent to transmit the Warrant Shares to the
Holder via the DWAC system or a certificate or certificates representing the Warrant Shares pursuant to Section 3.3 by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise. 

3.5    Compensation for Buy-In on Failure to Timely Deliver Certificates Upon
Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit the Warrant Shares to the Holder via the DWAC system or a certificate or certificates representing the Warrant Shares
pursuant to an exercise on or before the Warrant Share Delivery Date as provided in Section 3.3 above, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s
brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares that the Holder anticipated receiving upon such exercise (a
“Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for
the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the
price at which the sell order giving rise to such purchase obligation was executed, 

  
 3 

 Common Stock Warrant 

Issued by Mateon Therapeutics, Inc. 
  

 
and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise
shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common
Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000,
under clause (A) of the immediately preceding sentence, the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, reasonable evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity
including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock upon exercise of the Warrant as required pursuant
to the terms hereof. 
 3.6    Partial Exercise. In case exercise is in part only, a new Warrant of like tenor,
dated the date hereof and calling in the aggregate on the face thereof for the number of Warrant Shares equal to the number of Warrant Shares called for on the face of this Warrant minus the number of Warrant Shares designated by the Holder upon
exercise as provided in Section 3.1 hereof (without giving effect to any adjustment thereof). 

3.7    Company to Reaffirm Obligations. The Company will, at the time of each exercise of this Warrant and upon the
written request of the Holder hereof, acknowledge in writing its continuing obligation to afford to the Holder all rights (including without limitation any rights to registration of the Warrant Shares issued upon exercise) to which the Holder shall
continue to be entitled after exercise in accordance with the terms of this Warrant; provided, however, that if the Holder shall fail to make a request, the failure shall not affect the continuing obligation of the Company to afford
the rights to such Holder. 
 4.    Warrant Adjustments. 

The Warrant Price and the number of shares purchasable upon exercise of this Warrant shall be subject to adjustment with respect to events
after the date hereof as follows: 
 (a)    Adjustment for Change in Capital Stock. Except as provided in
Subsection 4(c) below, if the Company shall (i) declare a dividend on its outstanding Common Stock in shares of its capital stock, (ii) subdivide its outstanding Common Stock, or (iii) issue any shares of its capital stock by
reclassification of its Common Stock (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing corporation), then in each such case the Warrant Price in effect immediately prior to such
action shall be adjusted so that if this Warrant is thereafter exercised, the Holder may receive the number and kind of shares which it would have owned immediately following such action if it had exercised this Warrant immediately prior to such
action. Such adjustment shall be made successively whenever such an event shall occur. The adjustment shall become effective immediately after the record date in the case of a dividend or distribution and immediately after the effective date in the
case of a subdivision or reclassification. If after an adjustment the Holder upon exercise of this Warrant may receive shares of two or more classes of capital stock of the Company, the Company’s Board of Directors, in good faith, shall
determine the allocation of the adjusted Warrant Price between the classes of capital stock. After such allocation, the Warrant Price of each class of capital stock shall thereafter be subject to adjustment on terms comparable to those applicable to
Common Stock in this Section 4. 

  
 4 

 Common Stock Warrant 

Issued by Mateon Therapeutics, Inc. 
  

 (b)    Number of Shares. Upon each adjustment of the Warrant Price
as a result of the calculations made in Subsection 4(a) above, this Warrant shall thereafter evidence the right to purchase, at the adjusted Warrant Price, that number of shares (calculated to the nearest
one-hundredth) obtained by dividing (i) the product obtained by multiplying the number of shares issuable upon exercise of this Warrant prior to adjustment of the number of shares by Warrant Price in
effect prior to adjustment of the Warrant Price by (ii) the Warrant Price in effect after such adjustment of the Warrant Price. 

(c)    Transactions Not Requiring Adjustments. No adjustment need be made for a transaction referred to in
Subsection 4(a) if the Holder is permitted to participate in the transaction on a basis no less favorable than any other party and at a level which would preserve the Holder’s percentage equity participation in the Common Stock upon
exercise of this Warrant. 
 (d)    Action to Permit Valid Issuance of Common Stock. Before taking any action
which would cause an adjustment reducing the Warrant Price below the then par value, if any, of the shares of Common Stock issuable upon exercise of this Warrant, the Company will take all corporate action which may, in the opinion of its counsel,
be necessary in order that the Company may validly and legally issue shares of such Common Stock at such adjusted Warrant Price. 

(e)    Minimum Adjustment. No adjustment in the Warrant Price shall be required if such adjustment is less than
$0.05; provided, however, that any adjustments, which by reason of this Subsection 4(e) are not required to be made, shall be carried forward and taken into account in any subsequent adjustment. All calculations under this
Section 4 shall be made to the nearest cent or to the nearest one-hundredth of a share, as the case may be. Anything to the contrary notwithstanding, the Company shall be entitled to
make such reductions in the Warrant Price, in addition to those required by this Subsection 4(e), as it in its discretion shall determine to be advisable in order that any stock dividends, subdivision of shares, distribution of rights to
purchase stock or securities, or distribution of securities convertible into or exchangeable for stock hereafter made by the Company to its stockholders shall not be taxable. 

(f)    Referral of Adjustment. In any case in which this Section 4 shall require that an
adjustment in the Warrant Price be made effective as of a record date for a specified event (the “Exercise Event”), if this Warrant shall have been exercised after such record date, the Company may elect to defer until the
occurrence of the Exercise Event issuing to the Holder the shares, if any, issuable upon the Exercise Event over and above the shares, if any, issuable upon such exercise on the basis of the Warrant Price in effect prior to such adjustment;
provided, however, that the Company shall deliver to the Holder a due bill or other appropriate instrument evidencing the Holder’ right to receive such additional shares upon the occurrence of the Exercise Event. 

(g)    Number of Shares. Upon each adjustment of the Warrant Price as a result of the calculations made in
Subsection 4(a), this Warrant shall thereafter evidence the right to purchase, at the adjusted Warrant Price, that number of shares (calculated to the nearest thousandth) obtained by dividing (i) the product obtained by multiplying the
number of shares purchasable upon exercise of this Warrant prior to adjustment of the number of shares by the Warrant Price in effect prior to adjustment of the Warrant Price by (ii) the Warrant Price in effect after such adjustment of the
Warrant Price. 

  
 5 

 Common Stock Warrant 

Issued by Mateon Therapeutics, Inc. 
  

 (h)    Notice of Adjustments. Whenever the Warrant Price is
adjusted, the Company shall promptly mail to the Holder a notice of the adjustment together with a certificate from the Company’s Chief Financial Officer or Treasurer briefly stating (i) the facts requiring the adjustment, (ii) the
adjusted Warrant Price and the manner of computing it, and (iii) the date on which such adjustment becomes effective. The certificate shall be prima facia evidence that the adjustment is correct, absent manifest error. 

(i)    Reorganization of Company. If the Company is a party to a merger, consolidation or a transaction in which
(i) the Company transfers or leases substantially all of its assets; (ii) the Company reclassifies or changes its outstanding Common Stock; or (iii) the Common Stock is exchanged for securities, cash or other assets, the Person who is
the transferee or lessee of such assets or is obligated to deliver such securities, cash or other assets shall assume the terms of this Warrant. If the issuer of securities deliverable upon exercise of this Warrant is an affiliate of the surviving,
transferee or lessee corporation, that issuer shall join in such assumption. The assumption agreement shall provide that the Holder may exercise this Warrant into the kind and amount of securities, cash or other assets which it would have owned
immediately after the consolidation, merger, transfer, lease or exchange if it had exercised this Warrant immediately before the effective date of the transaction. The assumption agreement shall provide for adjustments that shall be as nearly
equivalent as may be practical to the adjustments provided for in this Section 4. The successor company shall mail to the Holder a notice briefly describing the assumption agreement. If this Subsection 4(i) applies,
Subsection 4(a) above does not apply. Notwithstanding the forgoing, in the event of a reorganization of the Company, the Company shall have the right to purchase this Warrant equal to the difference between the exercise price, as adjusted, if
any, and the equivalent value of share of Common Stock determined in the Reorganization by the Company’s Board of Directors. 

(j)    Dissolution, Liquidation. In the event of the dissolution or total liquidation of the Company, then after
the effective date thereof, this Warrant and all rights thereunder shall expire. 
 (k)    Notices. If
(i) the Company takes any action that would require an adjustment in the Warrant Price pursuant to this Section 4; or (ii) there is a liquidation or dissolution of the Company, the Company shall mail to the Holder
a notice stating the proposed record date for a distribution or effective date of a reclassification, consolidation, merger, transfer, lease, liquidation or dissolution. The Company shall mail the notice at least 15 days before such date. Failure to
mail the notice or any defect in it shall not affect the validity of the transaction. 
 5.    Fractional Shares.
If the number of Warrant Shares purchasable upon the exercise of this Warrant is adjusted pursuant to Section 4 hereof, the Company shall nevertheless not be required to issue fractions of shares upon exercise of this
Warrant or otherwise, or to distribute certificates that evidence fractional shares. Instead the Company will issue cash in the amount equal to the fractional share times the Current Market Price calculated to the nearest penny. 

  
 6 

 Common Stock Warrant 

Issued by Mateon Therapeutics, Inc. 
  

 6.    Right to Registration. The Holder has the right to require
the Company to register the Warrant Shares under the Act as if the Holder were a party to the Registration Rights Agreement by and between the Company and the purchasers of securities in the Offering. 

7.    No Dilution or Impairment. 

7.1    Actions to Permit Issuance of Warrant Shares. The Company will not, by amendment of its certificate of
incorporation or through any consolidation, merger, reorganization, transfer of assets, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of the Warrants,
but will at all times in good faith assist in the carrying out of all of the terms and in the taking of all actions necessary or appropriate in order to protect the rights of the Holder. Without limiting the generality of the foregoing, the Company
(a) will not permit the par value of any shares of Common Stock receivable upon the exercise of the Warrants to exceed the amount payable therefor upon exercise, (b) will take all actions necessary or appropriate in order that the Company
may validly and legally issue fully paid and nonassessable shares of Common Stock on the exercise of the Warrants, and (c) will not take any action which results in any adjustment of the Warrant Price if the total number of shares of Common
Stock issuable after the action upon the exercise of the Warrant would exceed the total number of shares of Common Stock then authorized by the Company’s certificate of incorporation and available for the purpose of issuance upon exercise. 

7.2    Acknowledgement of Company’s Obligations. The Company acknowledges that its obligation to issue shares
of Common Stock issuable upon exercise of the Warrants is binding upon it and enforceable regardless of the dilution that such issuance may have on the ownership interests of other stockholders. 

8.    Chief Financial Officer’s Report as to Adjustments. In the case of any adjustment or re-adjustment in the shares of Common Stock issuable upon the exercise of the Warrants, the Company at its expense will promptly compute the adjustment or re-adjustment in
accordance with the terms of the Warrants and cause its Chief Financial Officer or Treasurer to certify the computation (other than any computation of the fair value of property as determined in good faith by the Board of Directors of the Company)
and prepare a report setting forth the adjustment or re-adjustment and showing in reasonable detail the method of calculation thereof and the facts upon which the adjustment or
re-adjustment is based, including a statement of (a) the number of shares of Common Stock outstanding or deemed to be outstanding and (b) the Warrant Price in effect immediately prior to the deemed
issuance or sale and as adjusted and re-adjusted (if required by Section 4 hereof) on account thereof. The Company will forthwith mail a copy of each report to the Holder and will,
upon the written request at any time of the Holder, furnish to the Holder a like report setting forth the Warrant Price at the time in effect and showing in reasonable detail how it was calculated. The Company will also keep copies of all reports at
its office maintained pursuant to Section 12.2(a) hereof and will cause them to be available for inspection at the office during normal business hours upon reasonable notice by the Holder or any prospective purchaser of the
Warrants designated by the Holder. 

  
 7 

 Common Stock Warrant 

Issued by Mateon Therapeutics, Inc. 
  

 9.    Reservation of Shares. Following the Shareholder Approval,
the Company shall at all times reserve and keep available out of its authorized but unissued shares of Common Stock, free from all taxes, liens and charges with respect to the issue thereof and not be subject to preemptive rights or other similar
rights of stockholders of the Company, solely for the purpose of effecting the exercise of the Warrants, such number of its shares of Common Stock as shall from time to time be sufficient to effect the exercise thereof, and if at any time the number
of authorized but unissued shares of Common Stock shall not be sufficient to effect the exercise of the Warrants, in addition to such other remedies as shall be available to the Holder, the Company will take such corporate action as may, in the
opinion of its counsel, be necessary to increase the number of authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes, including without limitation, using its best efforts to obtain the
requisite stockholder approval necessary to increase the number of authorized shares of the Company’s Common Stock. All shares of Common Stock issuable upon exercise of the Warrants shall be duly authorized and, when issued upon exercise, shall
be validly issued and, in the case of shares, fully paid and nonassessable and free from all preemptive or similar rights, taxes, liens and charges with respect to the issue thereof, and that upon issuance such shares shall be listed on each
securities exchange, if any, on which the other shares of outstanding Common Stock of the Company are then listed. 

10.    Listing. The Company shall at all times comply in all respects with the Company’s reporting, filing and
other obligations under the by-laws or rules of each national securities exchange or inter-dealer quotation system, if any, upon which shares of Common Stock are then listed and shall list the shares issuable
upon the exercise of the Warrants on such national securities exchange or inter-dealer quotation system, if any, it being understood that the Company’s Common Stock is currently traded on the OTC Market and the Company has no current plans to
list its securities on any other exchange. 
 11.    Investment Representations: Restrictions on Transfer. 

11.1    Investment Representations. The Holder acknowledge that the Warrants and the Warrant Shares have not been
and, except as otherwise provided herein, will not be registered under the Act or qualified under applicable state securities laws and that the transferability thereof is restricted by the registration provisions of the Act as well as such state
laws. The Holder represents that it is acquiring this Warrant and will acquire the Warrant Shares for its own account, for investment purposes only and not with a view to resale or other distribution thereof, nor with the intention of selling,
transferring or otherwise disposing of all or any part of such securities for any particular event or circumstance, except selling, transferring or disposing of them upon full compliance with all applicable provisions of the Act, the Exchange Act,
the Rules and Regulations promulgated by the Commission thereunder, and any applicable state securities laws. The Holder further understands and agrees that (i) neither the Warrants nor the Warrant Shares may be sold or otherwise transferred
unless they are subsequently registered under the Act and qualified under any applicable state securities laws or, in the opinion of counsel reasonably satisfactory to the Company, an exemption from such registration and qualification is available;
(ii) any routine sales of the Company’s securities made in reliance upon Rule 144 promulgated by the Commission under the Act, can be effected only pursuant to the terms and conditions of that Rule, including applicable holding periods and
timely filing requirements with the Commission for the Company; and (iii) except as otherwise set forth herein, the Company is under no obligation to register the Warrants or the Warrant Shares on its behalf or to assist it in complying with
any exemption from registration under the Act. The Holder agrees that each certificate representing any Warrant Shares for which the Warrants may be exercised will bear on its face a legend in substantially the following form: 

These securities have not been registered under the Securities Act of 1933 or qualified under any state securities laws. They may not be sold,
hypothecated or otherwise transferred in the absence of an effective registration statement under that Act or qualification under applicable state securities laws without an opinion counsel reasonably acceptable to the Company that such registration
and qualification are not required. 

  
 8 

 Common Stock Warrant 

Issued by Mateon Therapeutics, Inc. 
  

 11.2    Notice of Proposed Transfer; Opinion of Counsel. Prior to
any transfer of any securities that are not registered under an effective registration statement under the Act (“Restricted Securities”), the Holder will give written notice to the Company of the Holder’s intention to effect a
transfer and to comply in all other respects with this Section 11.2. Each notice (a) shall describe the manner and circumstances of the proposed transfer, and (b) shall designate counsel for the Holder giving the
notice (who may be in-house counsel for the Holder). The Holder giving notice will submit a copy thereof to the counsel designated in the notice. The following provisions shall then apply: 

(i)    If in the opinion of counsel for the Holder reasonably satisfactory to the Company the proposed
transfer (i.e. private sale of Restricted Securities) may be effected without registration of Restricted Securities under the Act (which opinion shall state the bases for the legal conclusions reached therein), the Holder shall thereupon be
entitled to transfer the Restricted Securities in accordance with the terms of the notice delivered by the Holder to the Company. Each certificate representing the Restricted Securities issued upon or in connection with any transfer shall bear the
restrictive legends required by Section 11.1 hereof. 
 (ii)    If the opinion
called for in (i) above is not delivered, the Holder shall not be entitled to transfer the Restricted Securities until either (x) receipt by the Company of a further notice from such Holder pursuant to the foregoing provisions of this
Section 11.2 and fulfillment of the provisions of clause (i) above, or (y) such Restricted Securities have been effectively registered under the Act. 

11.3    Termination of Restrictions. The restrictions imposed by this Section 11 upon the
transferability of Restricted Securities shall cease and terminate as to any particular Restricted Securities: (a) which Restricted Securities shall have been effectively registered under the Act, or (b) when, in the opinions of both
counsel for the holder thereof and counsel for the Company, which opinion shall not be unreasonably withheld, such restrictions are no longer required in order to insure compliance with the Act or Section 11 hereof.
Whenever such restrictions shall cease and terminate as to any Restricted Securities, the holder thereof shall be entitled to receive from the Company, without expense (other than applicable transfer taxes, if any), new securities of like tenor not
bearing the applicable legends required by Section 11.1 hereof. 
 12.    Ownership,
Transfer and Substitution of Warrant. 

  
 9 

 Common Stock Warrant 

Issued by Mateon Therapeutics, Inc. 
  

 12.1    Ownership of Warrant. The Company may treat the Holder, in
whose name this Warrant is registered to in the Warrant Register maintained pursuant to Subsection 12.2(b) hereof, as the owner and holder thereof for all purposes, notwithstanding any notice to the contrary, except that, if and when any
Warrant is properly assigned by a notice in substantially the form attached to this Warrant as Exhibit B (or a reasonable facsimile thereof) duly executed by the holder thereof in blank, the Company shall treat the bearer thereof as the owner
of such Warrant for all purposes, notwithstanding any notice to the contrary. Subject to Section 11 hereof, this Warrant, if properly assigned, may be exercised by a new holder without a new Warrant first having been
issued. 
 12.2    Office; Transfer and Exchange of Warrant. 

(a)    The Company will maintain an office (which may be an agency maintained at a bank) at 701 Gateway Boulevard, Suite
210, South San Francisco, California 94080 (until the Company notifies the Holder of any change of location of the office) where notices, presentations and demands in respect of the may be made upon it. 

(b)    The Company shall cause to be kept at its office maintained pursuant to Subsection 12.2(a) hereof a Warrant
Register for the registration and transfer of the Warrants. The names and addresses of holders of the Warrants, the transfers thereof and the names and addresses of transferees of the Warrants shall be registered in such Warrant Register. The Person
in whose name any Warrant shall be so registered shall be deemed and treated as the owner and holder thereof for all purposes of such Warrant, and the Company shall not be affected by any notice or knowledge to the contrary. 

(c)    Upon the surrender of a Warrant, properly endorsed, for registration of transfer or for exchange at the office of
the Company maintained pursuant to Subsection 12.2(a) hereof, the Company at its expense will (subject to compliance with Section 11 hereof, if applicable) execute and deliver to or upon the order of the Holder
thereof a new Warrant of like tenor, in the name of such holder or as such holder (upon payment by such holder of any applicable transfer taxes) may direct, calling in the aggregate on the face thereof for the number of shares of Common Stock called
for on the face of the Warrant so surrendered. 
 12.3    Replacement of Warrant. Upon receipt of evidence
reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of a Warrant and, in the case of any such loss, theft or destruction of a Warrant, upon delivery of indemnity reasonably satisfactory to the Company in form and
amount or, in the case of any mutilation, upon surrender of a Warrant for cancellation at the office of the Company maintained pursuant to Subsection 12.2(a) hereof, the Company at its expense will execute and deliver, in lieu thereof, a new
Warrant of like tenor and dated the date hereof. 
 13.    No Rights or Liabilities as Stockholder. Except as may
otherwise be provided herein, no Holder shall be entitled to vote or receive dividends or be deemed the holder of any shares of Common Stock or any other securities of the Company which may at any time be issuable on the exercise hereof for any
purpose, nor shall anything contained herein be construed to confer upon the Holder, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any
meeting thereof, 

  
 10 

 Common Stock Warrant 

Issued by Mateon Therapeutics, Inc. 
  

 
or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of stock, reclassification of stock, change of par value, consolidation, merger, conveyance, or
otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise until such Holder’s Warrant shall have been exercised and the shares of Common Stock purchasable upon the exercise hereof shall have become
deliverable, as provided herein. The Holder will not be entitled to share in the assets of the Company in the event of liquidation, dissolution or the winding up of the Company. 

14.    Notices. Any notice or other communication in connection with this Warrant shall be deemed to be given if in
writing addressed as hereinafter provided and actually delivered at such address: (a) if to any Holder, at the registered address of such holder as set forth in the Warrant Register kept at the office of the Company maintained pursuant to
Subsection 12.2(a) hereof, or (b) if to the Company, to the attention of its Chief Financial Officer at its office maintained pursuant to Subsection 12.2(a) hereof; provided, however, that the exercise of any Warrant
shall be effective in the manner provided in Section 3 hereof. 
 15.    Payment of
Taxes. The Company will pay all documentary stamp taxes attributable to the issuance of shares of Common Stock underlying this Warrant upon exercise of this Warrant; provided, however, that the Company shall not be required to pay any tax which
may be payable in respect of any transfer involved in the registration of any certificate for shares of Common Stock underlying this Warrant in a name other that of the Holder. The Holder is responsible for all other tax liability that may arise as
a result of holding or transferring this Warrant or receiving shares of Common Stock underlying this Warrant upon exercise hereof. 

16.    Warrant Agent. The Company shall serve as warrant agent under for the Warrants. Upon 30 days’ notice to
the Holder, the Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party
or any corporation to which the Company or any new warrant agent transfers substantially all of its corporate trust or stockholders services business shall be successor warrant agent under this Warrant without any further act. Any such successor
warrant agent shall promptly cause notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register. 

17.    Miscellaneous. This Warrant and any term hereof may be changed, waived, discharged or terminated only by an
instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. This Warrant shall be construed and enforced in accordance with and governed by the laws of the State of New York
applicable to contracts made and to be performed entirely within such State. Any action, suit or proceeding in connection with this Warrant maybe brought in a federal or state court of record located in the County, and State of New York, and the
Holder and the Company each agrees to submit to the personal jurisdiction of such court and waives any objection which either may have, based on improper venue or forum non conveniens, to the conduct of any proceeding in any such court and
waives personal service of any and all process upon it, and consents that all such service of process be made by mail or messenger directed to it at the address referred to in Section 14 above and that service so made shall
be deemed to be completed upon the earlier of actual receipt or five days after the same shall have been posted to its address. The section headings in this Warrant are for purposes of convenience only and shall not constitute a part hereof. 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. 

(signature page to follow) 

  
 11 

 IN WITNESS WHEREOF, the Company has caused this Common Stock Divine Warrant to be duly executed
as of the date first above written. 
  

	
	MATEON THERAPEUTICS, INC.

  

			
	By:	 	 

	
	 Name: Matthew Loar
 Title: Chief Financial
Officer

  

	
	Agreed and Accepted:
	
	   

			
	Name:	 	 

 EXHIBIT A 

EXERCISE NOTICE 
 To Be Executed
by the Holder 
 In Order to Exercise Warrants 

TO: Mateon Therapeutics, Inc. 

(1)    The undersigned hereby elects to purchase
                         Warrant Shares of the Company pursuant to the terms of the attached Warrant, and tenders herewith
payment of the exercise price in full, together with all applicable transfer taxes, if any. 
 (2)    Payment shall take
the form of (check applicable box): 
 ☐    in lawful money of the United States; or 

☐    the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in
Section 3.1 to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in Section 3.1. 

(3)    Please issue a certificate or certificates representing the Warrant Shares in the name of the undersigned or in
such other name as is specified below: 
  

					
		  	 	  	

 The Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a
certificate to: 
  

					
		  	 	  	
			
		  	 	  	

  

							
	Dated:
                                        
	 		 		 	 
				
		 		 		 	 
				
		 		 		 	 
		 		 		 	Address
				
		 		 		 	 
		 		 		 	Taxpayer Identification Number
				
		 		 		 	 
		 		 		 	Signature

  
 A-1 

 EXHIBIT B 

[FORM OF ASSIGNMENT] 
 To be
executed by the registered holder if such holder 
 desires to transfer the Warrant Certificate. 

FOR VALUE RECEIVED
                                         
                                hereby sells, assigns and transfers unto 

 

					
	 	 	 	 	 

 (Please print name and address of transferee) 

this Warrant Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint
                                         
                        Attorney, to transfer the within Warrant Certificate on the books of the within-named Company, with full
power of substitution. 
  

							
	Dated:
                                        
	 		 	Signature	 	 
		 		 	(Signature must conform in all respects to name of holder as specified on the face of the Warrant Certificate.)
				
		 		 	 	 	 
		 		 	(Insert Social Security or Other Identifying Number of Holder)
				
		 		 	 	 	 
		 		 	Signature Guaranteed

  
 B-1

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