Document:

exv10w2

Exhibit 10.2

VOTING AND PROXY AGREEMENT

     THIS VOTING AND PROXY AGREEMENT (this “Agreement”) is made and entered into as of May 16, 2010
by and among Generation Capital Partners VRC LP, a Delaware limited partnership, Generation
Members’ Fund II LP, a Delaware limited partnership and Generation Capital Partners II LP, a
Delaware limited partnership (each a “Stockholder,” and together, the “Stockholders”) and Viking
Holdings LLC, a Delaware limited liability company (“Parent”).

     WHEREAS, concurrently herewith, Parent, Viking Acquisition Corporation, a Delaware corporation
(“Merger Sub”), and Virtual Radiologic Corporation, a Delaware corporation (the “Company”) have
entered into an Agreement and Plan of Merger (as amended from time to time, the “Merger
Agreement”), pursuant to which Merger Sub will merge with and into the Company;

     WHEREAS, each Stockholder owns the number of shares of Company Common Stock set forth opposite
its name on Schedule I hereto as of the date of this Agreement (such Company Common Stock
held by each Stockholder as set forth on Schedule I, together with any other shares of
capital stock of the Company acquired by each Stockholder after the date hereof and during the term
of this Agreement, whether by purchase or upon exercise of options, warrants, conversion of other
convertible securities or otherwise, being collectively referred to herein as the “Shares”);

     WHEREAS, obtaining appropriate stockholder approval is a condition to the Merger;

     WHEREAS, as an inducement to Parent to enter into the Merger Agreement, Parent and the
Stockholders have agreed to enter into this Agreement; and

     WHEREAS, capitalized terms used but not defined herein shall have the meanings ascribed
thereto in the Merger Agreement.

     NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and agreements set
forth herein, and other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:

          Section 1. No Shop

               (a) General. Until the Termination Date, each Stockholder shall not, and shall not
authorize or permit any of its directors, officers, members, managers, partners, employees,
stockholders, controlled Affiliates, representatives or agents (collectively, the
“Representatives”) to, directly or indirectly, (i) solicit, initiate or knowingly encourage an
Acquisition Proposal, (ii) furnish or disclose to any third Person non-public information with
respect to an Acquisition Proposal, (iii) negotiate or engage in discussions with any third Person
with respect to an Acquisition Proposal, (iv) enter into
any agreement (whether or not binding) or agreement in principle with respect to an
Acquisition Proposal or (v) otherwise cooperate in any way with, or assist or participate in, any
effort or attempt by another Person to do or seek any of the foregoing.

 

 

               (b) Ongoing Discussions. Each Stockholder shall (and shall cause its Representatives
to) immediately cease and cause to be terminated any existing discussions or negotiations with any
Persons conducted heretofore with respect to any of the foregoing. Each Stockholder agrees, until
the Termination Date, not to (and to cause its Representatives not to) release any third party from
the confidentiality and standstill provisions of any agreement relating to the Company or any of
its Subsidiaries.

               (c) Fiduciary Duties. Nothing in this Agreement shall limit or restrict any Affiliate
or designee of the Stockholders who serves as a member of the Board of Directors in acting in his
or her capacity as a director of the Company and exercising his or her fiduciary duties in such
capacity.

          Section 2. Agreement to Vote; Restrictions on Dispositions; Irrevocable Proxy.

               (a) Agreement to Vote. Each Stockholder hereby agrees, until the Termination Date, to
vote its Shares or execute a written consent in respect thereof, (i) for approval and adoption of
the Merger Agreement (as amended from time to time) and the transactions contemplated by the Merger
Agreement, as applicable, at any meeting or meetings of the stockholders of the Company at which
the Merger Agreement or the transactions contemplated thereunder are submitted for the vote of such
Stockholder or in any written consent in respect thereof, (ii) against any other Acquisition
Proposal, without regard to any Board recommendation to stockholders concerning such Acquisition
Proposal, and without regard to the terms of such Acquisition Proposal, (iii) against any
agreement, amendment of any agreement (including the Company’s Certificate of Incorporation or
By-Laws), or any other action that is intended or could reasonably be expected to prevent, impede,
interfere with, delay, postpone, or discourage the transactions contemplated by the Merger
Agreement, other than those specifically contemplated by this Agreement or the Merger Agreement,
and (iv) against any action, agreement, transaction or proposal that would result in a breach of
any representation, warranty, covenant, agreement or other obligation of the Company in the Merger
Agreement. Any such vote shall be cast (or consent shall be given) by each Stockholder in
accordance with the procedures relating thereto so as to ensure that it is duly counted, including
for purposes of determining that a quorum is present and for the purposes of recording such vote
(or consent).

               (b) Restrictions on Dispositions. Each Stockholder, severally and not jointly, hereby
agrees, until the Termination Date, that, without the prior written consent of Parent, such
Stockholder shall not, directly or indirectly, sell, offer to sell, give, pledge, encumber, assign,
grant any option for the sale of or otherwise transfer or dispose of, or enter into any agreement,
arrangement or understanding to sell, any Shares (collectively, “Transfer”) other than to its
Affiliates, provided that as a condition to such Transfer, such Affiliate shall execute an
agreement that is identical to this Agreement (except to reflect the change of such Stockholder).

               (c) Irrevocable Proxy. In furtherance of each Stockholder’s agreement in Section 2(a)
above and subject to Section 2(f) and the last two sentences of this Section 2(c), each Stockholder
hereby irrevocably (until the Termination Date)

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appoints Parent or Parent’s designee as such
Stockholder’s agent, attorney and proxy, to vote (or cause to be voted) such Stockholder’s Shares
in accordance with Section 2(a) hereof. This proxy is irrevocable (pursuant to Section 212(e) of
the DGCL) until the Termination Date and coupled with an interest and is granted in consideration
of the Company, Parent and Merger Sub entering into the Merger Agreement. In the event that such
Stockholder fails for any reason to vote its Shares in accordance with the requirements of Section
2(a) hereof, then the proxyholder shall have the right to vote such Stockholder’s Shares in
accordance with the provisions of the first sentence of this Section 2(c). The vote of the
proxyholder shall control in any conflict between the vote by the proxyholder of the Shares and a
vote by such Stockholder of its Shares.

               (d) Revocation of Prior Proxies. Each Stockholder hereby revokes any and all prior
proxies or powers of attorney given by such Stockholder prior to the execution hereof with respect
to any Shares inconsistent with the terms of this Section 2.

               (e) No Inconsistent Agreements. Each Stockholder, severally but not jointly, hereby
covenants and agrees that, except for this Agreement, such Stockholder, directly or indirectly, (i)
has not entered into, and shall not enter into at any time while this Agreement remains in effect,
any voting agreement or voting trust with respect to the Shares owned beneficially or of record by
such Stockholder, (ii) has not granted, and shall not grant at any time while this Agreement
remains in effect, a proxy, a consent or power of attorney with respect to the Shares owned
beneficially or of record by such Stockholder and (iii) has not entered into any agreement or
knowingly taken any action (and shall not enter into any agreement or knowingly take any action )
that would make any representation or warranty of such Stockholder contained herein untrue or
incorrect in any material respect or have the effect of preventing such Stockholder from performing
any of its material obligations under this Agreement.

               (f) Except as set forth in Section 2(a), no Stockholder shall be restricted from voting in
favor of, against or abstaining with respect to any matter presented to the stockholders of the
Company. In addition, nothing in this Agreement shall give Parent or Parent’s designee the right
to vote any Shares at any meeting of the stockholders of the Company other than as provided in
Section 2(c).

          Section 3. Representations, Warranties and Covenants of the Stockholders. Each
Stockholder, severally but not jointly, represents and warrants to Parent as follows: (i) such
Stockholder has all necessary power and authority to execute and deliver this Agreement and to
perform its obligations hereunder; (ii) this Agreement has been duly executed and delivered by such
Stockholder and the execution, delivery and performance of this Agreement by such Stockholder and
the consummation of the transactions contemplated hereby have been duly authorized by all necessary
corporate action on the part of such Stockholder; (iii) assuming the due authorization, execution
and delivery of this Agreement by Parent, this Agreement constitutes the valid and binding
agreement of such Stockholder enforceable against such Stockholder in accordance with its terms,
except as may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium and other similar laws of general application which may affect the enforcement of
creditors, rights generally and by general equitable principles; (iv) the execution and delivery of
this Agreement by such Stockholder does not conflict with or

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violate any law or agreement binding
upon it, nor require any consent, notification, regulatory filing or approval and (v) except for
restrictions in favor of Parent pursuant to this Agreement and except for such transfer
restrictions of general applicability as may be provided under the Securities Act of 1933, as
amended, and the “blue sky” laws of the various States of the United States, each Stockholder owns,
beneficially, all of its Shares, as applicable, free and clear of any proxy, voting restriction,
adverse claim or other lien and has voting power and power of disposition with respect to all of
its Shares, with no restrictions on such Stockholder’s rights of voting or disposition pertaining
thereto and no Person other than such Stockholder has any right to direct or approve the voting or
disposition of any of its Shares, except in the case of clause (iv) and (v) for violations,
breaches or defaults that would not in the aggregate materially impair the ability of such
Stockholder to perform its obligations hereunder. Notwithstanding anything contained to the
contrary in this Agreement, in the event a Stockholder (or any Representative of a Stockholder) is
a director or officer of the Company, nothing in this Agreement is intended or shall be construed
to require such Stockholder (or Representative), solely in his or her capacity as a director or
officer of the Company, to act or fail to act in any manner inconsistent with (i) his or her
fiduciary duties in such capacity and (ii) the Merger Agreement. Furthermore, no Stockholder (or
any Representative of a Stockholder) who is or becomes (during the term hereof) a director or
officer of the Company makes any agreement or understanding herein solely in his or her capacity as
a director or officer, and nothing herein will limit or affect, or give rise to any liability of
any Stockholder (or Representative) solely in such Person’s capacity as a director or officer of
the Company.

          Section 4. Effectiveness and Termination. It is a condition precedent to the
effectiveness of this Agreement that the Merger Agreement shall have been fully executed and
delivered and be in full force and effect, and this Agreement shall become effective at such time.
This Agreement shall automatically terminate and be of no further force or effect upon (i) the
mutual written consent of the Parent and the Stockholders, (ii) any material amendment, supplement
or modification to the Merger Agreement solely with respect to a decrease in the Merger
Consideration or a change in the form of the consideration payable to stockholders or (iii) the
termination of the Merger Agreement in accordance with its terms or upon the consummation of the
Merger (other than with respect to this Section 4 and Section 5, which shall survive any
termination of this Agreement) (with respect to each of (i), (ii) and (iii), as applicable, the
“Termination Date”).

          Section 5. Miscellaneous.

               (a) Waiver of Appraisal Rights. Each Stockholder hereby waives any rights of
appraisal or rights to dissent from the Merger that it may have (if any) under applicable law.

               (b) Expenses. Each party shall bear its own expenses incurred in connection with this
Agreement and the transactions contemplated hereby.

               (c) Notices. All notices and other communications under this Agreement shall be in
writing and shall be deemed given (i) when delivered personally, (ii) on the third business day
after being mailed by certified mail, return receipt requested, (iii) the next business day after
delivery to a recognized overnight courier, or (iv) upon

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transmission and confirmation of receipt
by a facsimile operator if sent by facsimile (and shall also be transmitted by facsimile to the
Persons receiving copies thereof), to the parties at the following addresses or facsimile numbers
(or to such other address and facsimile number as a party may have specified by notice given to the
other party pursuant to this provision):

If to Parent, to

Viking Holdings LLC

c/o Providence Equity Partners

50 Kennedy Plaza, 18th Floor

Providence, RI 02903

Facsimile: (401) 751-1790

Attention: Peter O. Wilde

and

Viking Holdings LLC

c/o Providence Equity Partners

9 West 57th Street, Suite 4700

New York, New York 10019

Facsimile: (212) 644-1200

Attention: Jesse M. Du Bey

with a copy to (which shall not constitute notice):

Weil, Gotshal & Manges, LLP

50 Kennedy Plaza, 11th Floor

Facsimile: (401) 278-4701

Attention: David K. Duffell, Esq.

and

Weil, Gotshal & Manges, LLP

767 Fifth Avenue, 31st Floor

New York, New York 10153

Facsimile: (212) 310-8007

Attention: Michael E. Weisser, Esq.

If to the Stockholders, to

Generation Capital Partners

One Greenwich Office Park

Greenwich, CT 06831

with a copy to (which shall not constitute notice):

Oppenheimer Wolff & Donnelly LLP

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Plaza VII, Suite 3300

45 South Seventh Street

Minneapolis, MN 55402

Facsimile: (612) 607-7100

Attention: Bruce Machmeier, Esq. and William McDonald, Esq.

and

Gibson, Dunn & Crutcher LLP

200 Park Ave

New York, NY 10166

Facsimile: (212) 351-5222

Attention: Sean Griffiths

               (d) Amendments, Waivers, Etc. This Agreement may not be amended, changed,
supplemented, waived or otherwise modified or terminated except by an instrument in writing signed
by Parent and each Stockholder.

               (e) Successors and Assigns. No party may assign any of its rights or delegate any of
its obligations under this Agreement without the prior written consent of the other parties, except
that Parent may, without the consent of the Stockholders, assign any of its rights and delegate any
of its obligations under this Agreement to any Affiliate of Parent. Subject to the preceding
sentence, this Agreement shall be binding upon and shall inure to the benefit of and be enforceable
by the parties and their respective successors and assigns, including without limitation any
corporate successor by merger or otherwise. Notwithstanding any Transfer of Shares consistent with
this Agreement, the transferor shall remain liable for the performance of all obligations of
transferor under this Agreement.

               (f) No Third Party Beneficiaries. Nothing expressed or referred to in this Agreement
will be construed to give any Person, other than the parties to this Agreement, any legal or
equitable right, remedy or claim under or with respect to this Agreement or any provision of this
Agreement except as such rights as may inure to a successor or permitted assignee under Section
5(e).

               (g) No Partnership, Agency, or Joint Venture. This Agreement is intended to create,
and creates, a contractual relationship and is not intended to create, and does not create, any
agency, partnership, joint venture or any like relationship between the parties hereto.

               (h) Entire Agreement. This Agreement embodies the entire agreement and understanding
among the parties relating to the subject matter hereof and supersedes all prior agreements and
understandings relating to such subject matter other than the Merger Agreement and any other
agreement, document or instrument expressly referenced therein.

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               (i) Severability. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or unenforceability of any other provisions of this
Agreement.

               (j) Specific Performance; Remedies Cumulative. The parties hereto acknowledge that
money damages are not an adequate remedy for violations of this Agreement and that any party, in
addition to any other rights and remedies which the parties may have hereunder or at law or in
equity, may, in its sole discretion, apply to a court of competent jurisdiction for specific
performance or injunction or such other relief as such court may deem just and proper in order to
enforce this Agreement or prevent any violation hereof and, to the extent permitted by applicable
law, each party waives any objection to the imposition of such relief. All rights, powers and
remedies provided under this Agreement or otherwise available in respect hereof at law or in equity
shall be cumulative and not alternative, and the exercise or beginning of the exercise of any
thereof by any party shall not preclude the simultaneous or later exercise of any other such
rights, powers or remedies by such party.

               (k) No Waiver. The failure of any party hereto to exercise any right, power or remedy
provided under this Agreement or otherwise available in respect hereof at law or in equity, or to
insist upon compliance by any other party hereto with its obligations hereunder, and any custom or
practice of the parties at variance with the terms hereof, shall not constitute a waiver by such
party of its right to exercise any such or other right, power or remedy or to demand such
compliance.

               (l) Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware without giving effect to the principles of conflict of laws
thereof.

               (m) Jurisdiction. Each of the parties hereto submits to the exclusive jurisdiction of
any state or federal court of the United States located in the State of Delaware with respect to
any claim or cause of action arising out of this Agreement or the transactions contemplated hereby
(and agrees that no such action, suit or proceeding relating to this Agreement or any transaction
contemplated hereby shall be brought by him or it except in such courts). Each of the parties
hereto, irrevocably and unconditionally, waives (and agrees not to plead or claim) any objection to
the laying of venue of any action, suit or proceeding arising out of this Agreement or the
transactions contemplated hereby in any state or federal court of the United States located in the
State of Delaware , or that any such action, suit or proceeding brought in any such court has been
brought in an inconvenient forum. Each Stockholder also agrees that any final and unappealable
judgment against such party in connection with any such action, suit or other proceeding shall be
conclusive and binding on such party and that such award or judgment may be enforced in any court
of competent jurisdiction, either within or outside of the United States. A certified or
exemplified copy of such award or judgment shall be conclusive evidence of the fact and amount of
such award or judgment.

               (n) Waiver of Jury Trial. Each Stockholder hereby waives, to the fullest extent
permitted by applicable law, any right it may have to a trial by jury in respect of any litigation
directly or indirectly arising out of, under or in connection with

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this Agreement. Each Stockholder (i) certifies that no representative of any other party has
represented, expressly or otherwise, that such other party would not, in the event of any such
litigation, seek to enforce the foregoing waiver and (ii) acknowledges that it has been induced to
enter into this Agreement by, among other things, the consideration received by such Stockholder in
respect of its Shares pursuant to the transactions contemplated by the Merger Agreement.

               (o) Drafting and Representation. The parties have participated jointly in the
negotiation and drafting of this Agreement. No provision of this Agreement will be interpreted for
or against any party because that party or its legal representative drafted the provision.

               (p) Name, Captions, Gender. Section headings of this Agreement are for reference
purposes only and are to be given no effect in the construction or interpretation of this
Agreement. Whenever the context may require, any pronoun used herein shall include the
corresponding masculine, feminine or neuter forms.

               (q) Counterparts. This Agreement may be executed by facsimile and in any number of
counterparts, each of which shall be deemed to be an original, but all of which together shall
constitute one instrument. Each counterpart may consist of a number of copies each signed by less
than all, but together signed by all, the parties hereto.

[remainder of page intentionally left blank]

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

	 	 	 	 	 
	 	PARENT

VIKING HOLDINGS LLC

 	 
	 	By:  	/s/ Jesse Du Bey	 
	 	 	Name:  	Jesse Du Bey	 
	 	 	Title:  	President	 
	 

(VOTING AND PROXY AGREEMENT SIGNATURE PAGE — VIKING HOLDINGS LLC)

 

 

	 	 	 	 	 	 	 

	 	 	THE STOCKHOLDERS	 	 
	 
	 	 	 	 	 	 
	 	 	GENERATION CAPITAL PARTNERS VRC LP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Mark E. Jennings	 	 
	 	 	Managing Member of its General Partner,

Generation Partners VRC LLC	 	 
	 
	 	 	 	 	 	 
	 	 	GENERATION CAPITAL PARTNERS II LP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Mark E. Jennings	 	 
	 	 	Managing Member of its General Partner,

Generation Partners II LLC	 	 
	 
	 	 	 	 	 	 
	 	 	GENERATION MEMBERS’ FUND II LP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Mark E. Jennings	 	 
	 	 	Managing Member of its General Partner,

Generation Partners LLC	 	 

(VOTING
AND PROXY AGREEMENT SIGNATURE PAGE — THE STOCKHOLDERS)

 

 

Schedule I

The Stockholders

	 	 	 	 	 
	Name of Stockholder	 	Number of Shares Owned
	Generation Capital Partners VRC LP
	 	 	1,156,914	 
	Generation Capital Partners II LP
	 	 	265,100	 
	Generation Members’ Fund II LP
	 	 	2,708,686exv4w5

Exhibit 4.5

WARRANT AGREEMENT

     This Warrant Agreement made as of May ___, 2010, is between RegeneRx Biopharmaceuticals, Inc.,
a Delaware corporation, with offices at 15245 Shady Grove Road, Suite 470, Rockville, MD 20850 (the
“Company”), and American Stock Transfer & Trust Company, LLC, with offices at 6201 15th Avenue,
Brooklyn, NY (the “Warrant Agent”).

     WHEREAS, the Company is engaged in a public offering of units, each unit comprised of one
share of Common Stock (as defined below) and ___Warrants (as defined below) and, in connection
therewith, has determined to issue and deliver up to ______ warrants (the “Warrants”) to the
investors in the public offering, each Warrant evidencing the right of the holder thereof to
purchase one share of the Company’s common stock, par value $.001 per share (the “Common Stock”),
for $___, subject to adjustment as described herein;

     WHEREAS, the Company has filed with the Securities and Exchange Commission a registration
statement on Form S-3 (File No. 333-166146) (the “Registration Statement”), for the registration
under the Securities Act of 1933, as amended (the “Act”), of, among other securities, the Warrants
and the Common Stock issuable upon exercise of the Warrants;

     WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the
Warrant Agent is willing to so act, in connection with the issuance, registration, transfer,
exchange, redemption and exercise of the Warrants;

     WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms
upon which they shall be issued and exercised, and the respective rights, limitation of rights and
immunities of the Company, the Warrant Agent and the holders of the Warrants; and

     WHEREAS, all acts and things have been done and performed which are necessary to make the
Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant
Agent, as provided herein, the legally valid and binding obligations of the Company, and to
authorize the execution and delivery of this Warrant Agreement.

     NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto
agree as follows:

     1. Appointment of Warrant Agent. The Company hereby appoints the Warrant
Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such
appointment and agrees to perform the same in accordance with the terms and conditions set forth in
this Warrant Agreement.

     2. Warrants.

          2.1 Form of Warrant. Each Warrant shall be (a) issued in registered form
only, (b) in substantially the form of Exhibit A attached hereto, the provisions of which
are incorporated herein, and (c) signed by, or bear the facsimile signature of, (i) the Chairman of
the Board, the Chief Executive Officer or the President, and (ii) the Treasurer, Secretary or
Assistant

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Secretary of the Company. In the event a person whose facsimile signature has been placed upon
any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant
before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased
to be such at the date of issuance.

          2.2 Effect of Countersignature. Unless and until countersigned by the
Warrant Agent pursuant to this Warrant Agreement, a Warrant shall be invalid and of no effect and
may not be exercised by the holder thereof. Warrant certificates shall be dated the date of
countersignature by the Warrant Agent.

          2.3 Registration.

               2.3.1
Warrant Register. The Warrant Agent shall maintain books (“Warrant
Register”), for the registration of the original issuance and transfers of the Warrants. Upon the
initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the
names of the respective holders thereof in such denominations and otherwise in accordance with
instructions delivered to the Warrant Agent by the Company.

               2.3.2 Registered Holder. Prior to due presentment for registration of
transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose
name such Warrant shall be registered upon the Warrant Register (“Registered Holder”), as the
absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any
notation of ownership or other writing on the warrant certificate made by anyone other than the
Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes,
and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

     3. Terms and Exercise of Warrants.

          3.1
Warrant Price. Each whole Warrant shall, when countersigned by the
Warrant Agent, entitle the Registered Holder thereof, subject to the provisions of such Warrant and
of this Warrant Agreement, to purchase from the Company one share of Common Stock, at the price of
$       per whole share, subject to the adjustments provided in Section 4 hereof and in the last
sentence of this Section 3.1. The term “Warrant Price” as used in this Warrant Agreement refers to
the price per share at which Common Stock may be purchased at the time a Warrant is exercised. The
Company, in its sole discretion, may lower the Warrant Price at any time prior to the Expiration
Date (as defined below); provided, that any such reduction shall be identical in percentage terms
among all of the Warrants; and provided, further, that in no event shall the Warrant Price be
reduced below the par value of one share of Common Stock.

          3.2 Duration of Warrants. The Warrants will be exercisable until 5:00 p.m.,
New York City time, on the Expiration Date. For purposes of this Warrant Agreement, the
“Expiration Date” shall mean the earlier to occur of (i) May ___, 2015, or (ii) the date fixed for
redemption of the Warrants as provided in Section 6 of this Warrant Agreement. Except with respect
to the right to receive the Redemption Price (as set forth in Section 6 hereunder), each Warrant
not exercised on or before the Expiration Date shall become void, and all rights

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thereunder and all rights in respect thereof under this Warrant Agreement shall cease at the
close of business on the Expiration Date. The Company may extend the duration of the Warrants by
delaying the Expiration Date; provided, however, that the Company will provide notice of any such
extension to each registered holder of the Warrants, at the last address for such holder as set
forth in the Warrant Register, not less than twenty (20) days prior to the Expiration Date then in
effect.

          3.3 Exercise of Warrants.

               3.3.1 Payment. Subject to the provisions of the Warrant and this Warrant
Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised by the Registered
Holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its
successor as Warrant Agent, with the subscription form, as set forth in the Warrant, duly executed,
and by paying in full, in lawful money of the United States, by certified check made payable to the
Company or by wire transfer of immediately available funds to an account designated by the Company
(or as otherwise agreed to by the Company), the Warrant Price for each full share of Common Stock
as to which the Warrant is exercised and any and all applicable taxes due in connection with the
exercise of the Warrant, the exchange of the Warrant for the Common Stock, and the issuance of the
Common Stock. In no event shall the Registered Holder of any Warrant be entitled to “net cash
settle” the Warrant.

               3.3.2 Issuance of Certificates. As soon as practicable after the exercise of
any Warrant and the clearance of the funds in payment of the Warrant Price for each full share of
Common Stock as to which the Warrant is exercised, the Company shall issue to the Registered Holder
of such Warrant a certificate or certificates representing the number of full shares of Common
Stock to which he, she or it is entitled, registered in such name or names as may be directed by
him, her or it, and, if such Warrant shall not have been exercised or surrendered in full, a new
countersigned Warrant for the number of shares as to which such Warrant shall not have been
exercised or surrendered. Subject to Section 7.4 and notwithstanding the foregoing, the Company
shall not be obligated to deliver any securities pursuant to the exercise of a Warrant unless (a) a
registration statement under the Act with respect to the Common Stock issuable upon exercise of
such Warrants is effective and a current prospectus relating to the shares of Common Stock issuable
upon exercise of the Warrants is available for delivery to the Warrant holders or (b) in the
opinion of counsel to the Company, the exercise of the Warrants is exempt from the registration
requirements of the Act and such securities are qualified for sale or exempt from qualification
under applicable securities laws of the states or other jurisdictions in which the Registered
Holder resides. Warrants may not be exercised by, or securities issued to, any Registered Holder in
any state in which such exercise or issuance would be unlawful. In the event a registration
statement under the Act with respect to the Common Stock underlying the Warrants is not effective
or a prospectus is not available, or because such exercise would be unlawful with respect to a
Registered Holder in any state, the Registered Holder shall not be entitled to exercise such
Warrants and such Warrants may have no value and expire worthless. In no event will the Company be
obligated to pay such Registered Holder any cash consideration upon exercise (except pursuant to
Section 4.5).

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               3.3.3 Valid Issuance. All shares of Common Stock issued upon the proper
exercise or surrender of a Warrant in conformity with this Warrant Agreement shall be validly
issued, fully paid and nonassessable.

               3.3.4 Date of Issuance. Each person or entity in whose name any such
certificate for shares of Common Stock is issued shall, for all purposes, be deemed to have become
the holder of record of such shares on the date on which the Warrant was surrendered and payment of
the Warrant Price for each full share of Common Stock as to which the Warrant is exercised was
made, irrespective of the date of delivery of such certificate, except that, if the date of such
surrender and payment is a date when the stock transfer books of the Company are closed, such
person shall be deemed to have become the holder of such shares at the close of business on the
next succeeding date on which the stock transfer books are open.

          3.4 Disposition of Proceeds on Exercise of Warrants. The Warrant Agent
shall promptly forward to the Company all monies received by the Warrant Agent for the purchase of
shares of Common Stock through the exercise of Warrants.

     4. Adjustments.

          4.1 Stock Dividends — Split-Ups. If, after the date hereof, and subject to
the provisions of Section 4.6 below, the number of outstanding shares of Common Stock is increased
by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock,
or other similar event, then, on the effective date of such stock dividend, split-up or similar
event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased
in proportion to such increase in outstanding shares of Common Stock.

          4.2 Aggregation of Shares. If, after the date hereof, and subject to the
provisions of Section 4.6, the number of outstanding shares of Common Stock is decreased by a
consolidation, combination, reverse stock split or reclassification of shares of Common Stock or
other similar event, then, on the effective date of such consolidation, combination, reverse stock
split, reclassification or similar event, the number of shares of Common Stock issuable on exercise
of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common
Stock.

          4.3 Adjustments in Warrant Price. Whenever the number of shares of Common
Stock purchasable upon the exercise of the Warrants is adjusted, as provided in Sections 4.1 and
4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant
Price, immediately prior to such adjustment, by a fraction, (a) the numerator of which shall be the
number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to
such adjustment, and (b) the denominator of which shall be the number of shares of Common Stock so
purchasable immediately thereafter. Notwithstanding the foregoing or anything to the contrary
herein, in no event shall the Warrant Price be reduced below the par value of one share of Common
Stock.

          4.4 Extraordinary Dividends. If the Company, at any time prior to the
Expiration Date, shall pay a dividend in cash, securities or other assets to the holders of Common

- 4 -

 

Stock (or other shares of the Company’s capital stock into which the Warrants are
convertible), other than (i) as described in Sections 4.1, 4.2 or 4.5 or (ii) regular quarterly or
other periodic dividends (any such non-excluded event being referred to herein as an “Extraordinary
Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective
date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as
determined by the Company’s Board of Directors, in good faith) of any securities or other assets
paid on each share of Common Stock in respect of such Extraordinary Dividend.

          4.5 Replacement of Securities upon Reorganization, etc. In case of any
reclassification or reorganization of the outstanding shares of Common Stock (other than a change
covered by Sections 4.1 or 4.2 hereof or one that solely affects the par value of such shares of
Common Stock), or, in the case of any merger or consolidation of the Company with or into another
corporation (other than a consolidation or merger in which the Company is the continuing
corporation and that does not result in any reclassification or reorganization of the outstanding
shares of Common Stock), or, in the case of any sale or conveyance to another corporation or entity
of the assets or other property of the Company as an entirety or substantially as an entirety, in
connection with which the Company is dissolved, the Warrant holders shall thereafter have the right
to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants
and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and
receivable upon the exercise of the rights represented thereby, the kind and amount of shares of
stock or other securities or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer,
that the Warrant holder would have received if such Warrant holder had exercised his, her or its
Warrant(s) immediately prior to such event; and if any reclassification also results in a change in
shares of Common Stock covered by Sections 4.1 or 4.2, then such adjustment shall be made pursuant
to Sections 4.1, 4.2, 4.3 and this Section 4.5. The provisions of this Section 4 shall similarly
apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other
transfers.

          4.6 Notices of Changes in Warrant. Upon every adjustment of the Warrant
Price or the number of shares issuable upon exercise of a Warrant, the Company shall give written
notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such
adjustment and the increase or decrease, if any, in the number of shares purchasable at such price
upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and
the facts upon which such calculation is based. Upon the occurrence of any event specified in
Sections 4.1, 4.2, 4.3, 4.4 or 4.5 the Company shall give written notice to each Warrant holder, at
the last address set forth for such holder in the Warrant Register, of the record date or the
effective date of the event. Failure to give such notice, or any defect therein, shall not affect
the legality or validity of such event.

          4.7 No Fractional Shares. Notwithstanding any provision contained in this
Warrant Agreement to the contrary, Warrants can only be exercised to the extent aggregated for
whole shares of Common Stock, and the Company shall not issue fractional shares upon exercise of
Warrants.

- 5 -

 

          4.8 Form of Warrant. The form of Warrant need not be changed because of any
adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same
Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant
to this Warrant Agreement. However, the Company may, at any time, in its sole discretion, make any
change in the form of Warrant that the Company may deem appropriate and that does not affect the
substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or
substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

          4.9 Notice of Certain Transactions. In the event that the Company shall
propose to (a) offer the holders of its Common Stock rights to subscribe for or to purchase any
securities convertible into shares of Common Stock or shares of stock of any class or any other
securities, rights or options, (b) issue any rights, options or warrants entitling the holders of
Common Stock to subscribe for shares of Common Stock or (c) make a tender offer, redemption offer
or exchange offer with respect to the Common Stock, the Company shall send to the Warrant holders a
notice of such proposed action or offer. Such notice shall be mailed to the registered holders at
their addresses as they appear in the Warrant Register, which shall specify the record date for the
purposes of such offer or issuance of rights, or the date such issuance or event is to take place
and the last date for participation therein by the holders of Common Stock, if any such date has
been fixed, and shall briefly indicate the effect of such action on the Common Stock and on the
number and kind of any other shares of stock and on other property, if any, and the number of
shares of Common Stock and other property, if any, issuable upon exercise of each Warrant and the
Warrant Price after giving effect to any adjustment pursuant to this Article 4 which would be
required as a result of such action. Such notice shall be given as promptly as practicable after
the Board has determined to take any such action and (x) in the case of any action covered by
clause (a) or (b) above at least ten (10) days prior to the record date for determining the holders
of the Common Stock for purposes of such action or (y) in the case of any other such action at
least twenty (20) days prior to the date of the taking of such proposed action or the last date for
participation therein by the holders of Common Stock, whichever shall be the earlier.

          4.10 Other Events. If any event occurs as to which the foregoing provisions
of this Article 4 are not strictly applicable or, if strictly applicable, would not, in the good
faith judgment of the Board, fairly and adequately protect the purchase rights of the registered
holders of the Warrants in accordance with the essential intent and principles of such provisions,
then the Board shall make such adjustments in the application of such provisions, in accordance
with such essential intent and principles, as shall be reasonably necessary, in the good faith
opinion of the Board, to protect such purchase rights as aforesaid.

     5. Transfer and Exchange of Warrants.

          5.1 Registration of Transfer. The Warrant Agent shall register the transfer,
from time to time, of any outstanding Warrant into the Warrant Register, upon surrender of such
Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by
appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal
aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the

- 6 -

 

Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent to the
Company from time to time upon the Company’s request.

          5.2 Procedure for Surrender of Warrants. Warrants may be surrendered to the
Warrant Agent, together with a written request for exchange or transfer, and, thereupon, the
Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the
Registered Holder of the Warrants so surrendered, representing an equal aggregate number of
Warrants; provided, however, that, in the event a Warrant surrendered for transfer bears a
restrictive legend, the Warrant Agent shall not cancel such Warrant and shall issue new Warrants in
exchange therefor until the Warrant Agent has received an opinion of counsel for the Company
stating that such transfer may be made and indicating whether the new Warrants must also bear a
restrictive legend.

          5.3 Fractional Warrants. Following the initial issuance of the Warrants by
the Company, the Warrant Agent shall not be required to effect any registration of transfer or
exchange which will result in the issuance of a warrant certificate for a fraction of a warrant.
If the holder of any Warrant would be entitled, upon any such transfer or exchange, to receive a
fractional interest in a Warrant, the Warrant Agent shall, upon such transfer or exchange, round
down to a whole number of Warrants to be issued upon such transfer or exchange.

          5.4 Service Charges. No service charge shall be made for any exchange or
registration of transfer of Warrants.

          5.5 Warrant Execution and Countersignature. The Warrant Agent is hereby
authorized to countersign and to deliver, in accordance with the terms of this Warrant Agreement,
the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company,
whenever required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed
on behalf of the Company for such purpose.

     6. Redemption.

          6.1 Redemption. Subject to the penultimate and final sentences of this
Section 6.1, all, but not less than all, of the outstanding Warrants may be redeemed, at the option
of the Company, at any time after they become exercisable and prior to their expiration, at the
office of the Warrant Agent, upon the notice referred to in Section 6.2, in whole but not in part,
at the price of $0.01 per whole Warrant (“Redemption Price”), provided that the last sales price of
the Common Stock has been equal to or greater than $___ per share for any twenty (20) trading days
within a thirty (30) consecutive trading day period ending on the third business day prior to the
date on which notice of redemption is given. Notwithstanding anything to the contrary contained
herein, the Company shall not call the Warrants for redemption unless there is an effective
registration statement under the Act relating to the shares of Common Stock issuable upon exercise
of the Warrants current and available at the time of the notice required by Section 6.2 and at the
time of redemption.

          6.2 Date Fixed for, and Notice of, Redemption. In the event the Company
shall elect to redeem all of the Warrants, the Company shall fix a date for the redemption. Notice

- 7 -

 

of redemption shall be mailed by first class mail, postage prepaid, by the Company not less
than thirty (30) days prior to the date fixed for redemption to the Registered Holders of the
Warrants to be redeemed at their last addresses as they shall appear on the Warrant Register. Any
notice required to be given under this Warrant Agreement to the Registered Holder which is mailed
in the manner herein provided shall be conclusively presumed to have been duly given, whether or
not the Registered Holder received such notice.

          6.3 Exercise After Notice of Redemption. The Warrants may be exercised in
accordance with Section 3 of this Warrant Agreement at any time after notice of redemption shall
have been given by the Company pursuant to Section 6.2 hereof and prior to the time and date fixed
for redemption. On and after the redemption date, the record holder of the Warrants shall have no
further rights except to receive, upon surrender of the Warrants, the Redemption Price.

     7. Other Provisions Relating to Rights of Holders of Warrants.

          7.1 No Rights as Stockholder. A Warrant does not entitle the Registered
Holder thereof to any of the rights of a stockholder of the Company, including, without limitation,
the right to receive dividends, or other distributions, exercise any preemptive rights to vote or
to consent or to receive notice as stockholders in respect of the meetings of stockholders or the
election of directors of the Company or any other matter.

          7.2 Lost, Stolen Mutilated or Destroyed Warrants. If any Warrant is lost,
stolen, mutilated or destroyed, the Company and the Warrant Agent may, on such terms as to
indemnity or otherwise as they may in their discretion impose (which terms shall, in the case of a
mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor
and date as the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall
constitute a substitute contractual obligation of the Company, whether or not the allegedly lost,
stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone.

          7.3 Reservation of Common Stock. The Company shall at all times reserve and
keep available a number of its authorized but unissued shares of Common Stock that will be
sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this
Warrant Agreement.

          7.4 Registration of Common Stock. The Company will use its best efforts to
maintain the effectiveness of the Registration Statement, including by the filing of any required
post-effective amendments to such Registration Statement, and ensure that a prospectus is available
for delivery to the Warrant holders until the expiration of the Warrants in accordance with the
provisions of this Warrant Agreement. The Warrants shall not be exercisable and the Company shall
not be obligated to issue Common Stock unless, at the time a holder seeks to exercise Warrants, a
prospectus related to the Common Stock issuable upon exercise of the Warrants is current and the
Common Stock has been registered or qualified or deemed to be exempt under the laws of the state of
residence of the holder of the Warrants. In addition, the Company agrees to use its best efforts
to register such securities under the blue sky laws of the states of residence of exercising
warrant holders, if permitted by the blue sky laws of such

- 8 -

 

jurisdictions, in the event that an exemption is not available; provided, however, that the
Company shall not be required to register or qualify in any particular jurisdiction in which the
Company would be required to qualify to do business or to execute a general consent to service of
process in effecting such registration or qualification. The provisions of this Section 7.4 may
not be modified, amended or deleted without the prior written consent of Maxim Group LLC.

     8. Concerning the Warrant Agent and Other Matters.

          8.1 Payment of Taxes. The Company will, from time to time, promptly pay all
taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the
issuance or delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall
not be obligated to pay any transfer taxes in respect of the Warrants or such shares.

          8.2 Resignation, Consolidation, or Merger of Warrant Agent.

               8.2.1 Appointment of Successor Warrant Agent. The Warrant Agent, or any
successor to it hereafter appointed, may resign its duties and be discharged from all further
duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If
the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise,
the Company shall appoint, in writing, a successor Warrant Agent in place of the Warrant Agent. If
the Company shall fail to make such appointment within a period of thirty (30) days after it has
been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of
the Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the
Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York
for the County of New York for the appointment of a successor Warrant Agent. Any successor Warrant
Agent, whether appointed by the Company or by such court, shall be a corporation organized and
existing under the laws of the State of New York, in good standing and have its principal office in
the Borough of Manhattan, City and State of New York, and be authorized under such laws to exercise
corporate trust powers and subject to supervision or examination by federal or state authorities.
After appointment, any successor Warrant Agent shall be vested with all the authority, powers,
rights, immunities, duties and obligations of its predecessor Warrant Agent with like effect as if
originally named as Warrant Agent hereunder, without any further act or deed; but, if for any
reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and
deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent
all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and, upon
request of any successor Warrant Agent, the Company shall make, execute, acknowledge, and deliver
any and all instruments in writing for more fully and effectually vesting in and confirming to such
successor Warrant Agent all such authority, powers, rights, immunities, duties and obligations.

               8.2.2 Notice of Successor Warrant Agent. In the event a successor Warrant
Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent
and the transfer agent for the Common Stock not later than the effective date of any such
appointment.

- 9 -

 

               8.2.3 Merger or Consolidation of Warrant Agent. Any corporation into which
the Warrant Agent may be merged or with which it may be consolidated or any corporation resulting
from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor
Warrant Agent under this Warrant Agreement without any further act on the part of the Company or
the Warrant Agent.

          8.3 Fees and Expenses of Warrant Agent.

               8.3.1 Remuneration. The Company agrees to pay the Warrant Agent reasonable
remuneration for its services as Warrant Agent hereunder as set forth on Exhibit B hereto
and will reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may
reasonably incur in the execution of its duties hereunder.

               8.3.2 Further Assurances. The Company agrees to perform, execute,
acknowledge and deliver, or cause to be performed, executed, acknowledged and delivered, all such
further and other acts, instruments and assurances as may reasonably be required by the Warrant
Agent for the carrying out or performing of the provisions of this Warrant Agreement.

          8.4 Liability of Warrant Agent.

               8.4.1 Reliance on Company Statement. Whenever, in the performance of its
duties under this Warrant Agreement, the Warrant Agent shall deem it necessary or desirable that
any fact or matter be proved or established by the Company prior to taking or suffering any action
hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically
prescribed) may be deemed to be conclusively proved and established by a statement signed by the
Chief Executive Officer, Chief Financial Officer or Chairman of the Board of the Company and
delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken
or suffered in good faith by it pursuant to the provisions of this Warrant Agreement.

               8.4.2 Indemnity. The Warrant Agent shall be liable hereunder only for its
own negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent
and save it harmless against any and all liabilities, including judgments, costs and reasonable
counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Warrant
Agreement, except as a result of the Warrant Agent’s negligence, willful misconduct or bad faith.

               8.4.3 Exclusions. The Warrant Agent shall have no responsibility with
respect to the validity of this Warrant Agreement or with respect to the validity or execution of
any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by
the Company of any covenant or condition contained in this Warrant Agreement or in any Warrant; nor
shall it be responsible to make any adjustments required under the provisions of Section 4 hereof
or responsible for the manner, method or amount of any such adjustment or the ascertaining of the
existence of facts that would require any such adjustment; nor shall it, by any act hereunder, be
deemed to make any representation or warranty as to the authorization or reservation of any shares
of Common Stock to be issued pursuant to this Warrant Agreement or

- 10 -

 

any Warrant or as to whether any shares of Common Stock will when issued be valid and fully
paid and nonassessable.

          8.5 Acceptance of Agency. The Warrant Agent hereby accepts the agency
established by this Warrant Agreement and agrees to perform the same upon the terms and conditions
herein set forth and, among other things, shall account promptly to the Company with respect to
Warrants exercised and concurrently account for, and pay to the Company, all moneys received by the
Warrant Agent for the purchase of shares of the Company’s Common Stock through the exercise of
Warrants.

     9. Miscellaneous Provisions.

          9.1 Successors. All the covenants and provisions of this Warrant Agreement
by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of
their respective successors and assigns.

          9.2 Notices. Any notice, statement or demand authorized by this Warrant
Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the
Company shall be delivered by hand or sent by registered or certified mail or overnight courier
service, addressed (until another address is filed in writing by the Company with the Warrant
Agent) as follows:

RegeneRx Biopharmaceuticals, Inc.

15245 Shady Grove Road, Suite 470

Rockville, MD 20850

Attn: Chief Executive Officer

Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the
holder of any Warrant or by the Company to or on the Warrant Agent shall be delivered by hand or
sent by registered or certified mail or overnight courier service, addressed (until another address
is filed in writing by the Warrant Agent with the Company), as follows:

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Attn: Susan Silber

with a copy in each case to (which shall not constitute notice):

Cooley LLP

One Freedom Square

Reston Town Center

11951 Freedom Drive

Reston, VA 20190

Attn: Darren K. DeStefano, Esq.

- 11 -

 

Maxim Group LLC

405 Lexington Avenue

New York, NY 10174

Attn: David Strupp

Lowenstein Sandler PC

65 Livingston Avenue

Roseland, New Jersey 07068

Attn: Steven M. Skolnick, Esq.

Any notice, sent pursuant to this Warrant Agreement shall be effective, if delivered by hand, upon
receipt thereof by the party to whom it is addressed, if sent by overnight courier, on the next
business day of the delivery to the courier, and if sent by registered or certified mail on the
third day after registration or certification thereof.

          9.3 Applicable Law. The validity, interpretation, and performance of this
Warrant Agreement and of the Warrants shall be governed in all respects by the laws of the State of
New York, without giving effect to conflict of laws. The Company hereby agrees that any action,
proceeding or claim against it arising out of or relating in any way to this Warrant Agreement
shall be brought and enforced in the courts of the State of New York or the United States District
Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which
jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be
served upon the Company may be served by transmitting a copy thereof by registered or certified
mail, return receipt requested, postage prepaid, addressed to it at the address set forth in
Section 9.2 hereof. Such mailing shall be deemed personal service and shall be legal and binding
upon the Company in any action, proceeding or claim.

          9.4 Persons Having Rights under this Warrant Agreement. Nothing in this
Warrant Agreement expressed and nothing that may be implied from any of the provisions hereof is
intended, or shall be construed, to confer upon, or give to, any person or corporation other than
the parties hereto and the Registered Holders of the Warrants and, for the purposes of Sections
7.4, 9.2 and 9.8 hereof, the underwriters in the public offering, any right, remedy, or claim under
or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or
agreement hereof. Each underwriter in the public offering shall be deemed to be a third-party
beneficiary of this Warrant Agreement with respect to Sections 7.4, 9.2 and 9.8 hereof. All
covenants, conditions, stipulations, promises, and agreements contained in this Warrant Agreement
shall be for the sole and exclusive benefit of the parties hereto (and the underwriters in the
public offering with respect to the Sections 7.4, 9.2 and 9.8 hereof) and their successors and
assigns and of the Registered Holders of the Warrants.

          9.5 Examination of the Warrant Agreement. A copy of this Warrant Agreement
shall be available at all reasonable times at the office of the Warrant Agent for inspection by the
Registered Holder of any Warrant. The Warrant Agent may require any such holder to submit his, her
or its Warrant for inspection.

- 12 -

 

          9.6 Counterparts- Facsimile Signatures. This Warrant Agreement may be
executed in any number of counterparts, and each of such counterparts shall, for all purposes, be
deemed to be an original, and all such counterparts shall together constitute one and the same
instrument. Facsimile signatures shall constitute original signatures for all purposes of this
Warrant Agreement.

          9.7 Effect of Headings. The section headings herein are for convenience only
and are not part of this Warrant Agreement and shall not affect the interpretation thereof.

          9.8 Amendments.

               9.8.1 This Warrant Agreement and any Warrant certificate may be amended by the
parties hereto by executing a supplemental warrant agreement (a “Supplemental Agreement”), without
the consent of any of the Warrant holders, for the purpose of (i) curing any ambiguity, or curing,
correcting or supplementing any defective provision contained herein, or making any other
provisions with respect to matters or questions arising under this Warrant Agreement that is not
inconsistent with the provisions of this agreement or the Warrant certificates, (ii) evidencing the
succession of another corporation to the Company and the assumption by any such successor of the
covenants of the Company contained in this Warrant Agreement and the Warrants, (iii) evidencing and
providing for the acceptance of appointment by a successor Warrant Agent with respect to the
Warrants, (iv) adding to the covenants of the Company for the benefit of the Holders or
surrendering any right or power conferred upon the Company under this Agreement, or (viii) amending
this Warrant Agreement and the Warrants in any manner that the Company may deem to be necessary or
desirable and that will not adversely affect the interests of the Warrant holders in any material
respect.

               9.8.2 The Company and the Warrant Agent may amend this Warrant Agreement and the
Warrants by executing a Supplemental Agreement with the consent of the Holders of not fewer than a
majority of the unexercised Warrants affected by such amendment, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Warrant
Agreement or of modifying in any manner the rights of the Holders under this Warrant Agreement;
provided, however, that, without the consent of each of the Warrant holders affected thereby, no
such amendment may be made that (i) changes the Warrants so as to reduce the number of shares
purchasable upon exercise of the Warrants or so as to increase the Warrant Price (other than as
provided by Section 4), (ii) shortens the period of time during which the Warrants may be
exercised, (iii) otherwise adversely affects the exercise rights of the Holders in any material
respect, or (iv) reduces the number of unexercised Warrants the holders of which must consent for
amendment of this Warrant Agreement or the Warrants. Notwithstanding anything contained herein to
the contrary, Section 9 may be amended only by the parties hereto with the consent of Maxim Group
LLC. If requested by the Warrant Agent, the Company shall cause a legal opinion, covering such
matters as are customary in connection with such amendments, to be delivered to the Warrant Agent
upon execution of a Supplemental Agreement.

         
      9.8.3 The parties hereto acknowledge that each underwriters in the public offering
shall be an intended third party beneficiary of this Section 9.8.

- 13 -

 

          9.9 Severability. This Warrant Agreement shall be deemed severable, and the
invalidity or unenforceability of any term or provision hereof shall not affect the validity or
enforceability of this Warrant Agreement or of any other term or provision hereof. Furthermore, in
lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there
shall be added as a part of this Warrant Agreement a provision as similar in terms to such invalid
or unenforceable provision as may be possible and be valid and enforceable.

     IN WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties hereto as of
the day and year first above written.

	 	 	 	 	 
	 	REGENERX BIOPHARMACEUTICALS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	J.J. Finkelstein 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

	 	 	 	 	 
	 	AMERICAN STOCK TRANSFER &

TRUST COMPANY, LLC

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

- 14 -

 

	 	 	 	 	 

EXHIBIT A

Form of Warrant

 

 

	 	 	 	 	 

	WARRANT NO.

	 	 	 	WARRANTS
	 
	 	 	 	 
	 

	 	THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR	 	 
	 

	 	TO 5:00 P.M. NEW YORK CITY TIME, May ___, 2015	 	 

REGENERX BIOPHARMACEUTICALS, INC.

CUSIP [          
          ]

WARRANT

THIS CERTIFIES THAT, for value received

is the registered holder of a Warrant or Warrants expiring May ___, 2015 (the “Warrant”) to purchase
one fully paid and non-assessable share of Common Stock, par value $.001 per share (“Shares”), of
RegeneRx Biopharmaceuticals, Inc., a Delaware corporation (the “Company”), for each Warrant
evidenced by this Warrant Certificate. The Warrant entitles the holder thereof to purchase from
the Company such number of Shares of the Company at the price of
$___ per share, upon surrender of
this Warrant Certificate and payment of the Warrant Price (as defined below) at the office or
agency of the Warrant Agent, American Stock Transfer & Trust Company, LLC (such payment to be made
by certified check made payable to the Company or by wire transfer of immediately available funds
to an account designated by the Company), subject to the conditions set forth herein and in the
Warrant Agreement between the Company and the warrant agent named therein (the “Warrant
Agreement”). Notwithstanding anything else in this Warrant Certificate, or the Warrant Agreement,
no Warrant may be exercised unless at the time of exercise (i) a registration statement covering
the Warrant Shares to be issued upon exercise is effective under the Act and (ii) a prospectus
thereunder relating to the Warrant Shares is current. In no event shall the registered holder of
this Warrant be entitled to receive a net-cash settlement, shares of common stock or other
consideration in lieu of physical settlement in Shares of the Company. The Warrant Agreement
provides that upon the occurrence of certain events the Warrant Price and the number of Shares
purchasable hereunder, set forth on the face hereof, may, subject to certain conditions, be
adjusted. The term Warrant Price as used in this Warrant Certificate refers to the price per
Share at which Shares may be purchased at the time the Warrant is exercised.

     This Warrant will expire at the time and date first above written if it is not exercised prior
to such time and date by the registered holder pursuant to the terms of the Warrant Agreement or if
it is not redeemed by the Company prior to such time and date.

     No fraction of a Share will be issued upon any exercise of a Warrant. If the holder of a
Warrant would be entitled to receive a fraction of a Share upon any exercise of a Warrant, the
Company shall, upon such exercise, round up to the nearest whole number the number of Shares to be
issued to such holder.

     Upon any exercise of the Warrant for less than the total number of full Shares provided for
herein, there shall be issued to the registered holder hereof or his assignee a new Warrant
Certificate covering the number of Shares for which the Warrant has not been exercised.

     Warrant Certificates, when surrendered at the office or agency of the Warrant Agent by the
registered holder hereof in person or by attorney duly authorized in writing, may be exchanged in
the manner and subject to the limitations provided in the Warrant Agreement, but without payment of
any service charge, for another Warrant Certificate or Warrant Certificates of like tenor and
evidencing in the aggregate a like number of Warrants.

     Upon due presentment for registration of transfer of the Warrant Certificate at the office or
agency of the Warrant Agent, a new Warrant Certificate or Warrant Certificates of like tenor and
evidencing in the aggregate a like number of Warrants shall be issued to the transferee in exchange
for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without
charge except for any applicable tax or other governmental charge.

A-1

 

     The Company and the Warrant Agent may deem and treat the registered holder as the absolute
owner of this Warrant Certificate (notwithstanding any notation of ownership or other writing
hereon made by anyone), for the
purpose of any exercise hereof, of any distribution to the registered holder, and for all
other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to
the contrary.

     This Warrant does not entitle the registered holder to any of the rights of a stockholder of
the Company.

     The Company reserves the right to call the Warrant prior to its exercise, with a notice of
call in writing to the holder of record of the Warrant, giving 30 days’ notice of such call at any
time while the Warrant is exercisable if the last sale price of the Shares has been at least $___
per share on each of 20 trading days within a 30 trading day period ending on the third business
day prior to the date on which notice of such call is given. The call price of the Warrants is to
be $0.01 per Warrant. Any Warrant either not exercised or tendered back to the Company by the end
of the date specified in the notice of call shall be canceled on the books of the Company and have
no further value except for the $0.01 call price.

REGENERX BIOPHARMACEUTICALS, INC.

By:

	 	 	 

	President

	 	Assistant Secretary and Treasurer

COUNTERSIGNED:

     AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC

(New York, NY)

AS WARRANT AGENT

By:

	 	 	 

	Authorized Signature
	 	 

 A-2

 

SUBSCRIPTION FORM

To Be Executed by the Registered Holder in Order to Exercise Warrants

The undersigned Registered Holder irrevocably elects to exercise    
                  Warrants
represented by this Warrant Certificate, and to purchase the shares of Common Stock issuable upon
the exercise of such Warrants, and requests that Certificates for such shares shall be issued in
the name of

 

(PLEASE TYPE OR PRINT NAME AND ADDRESS)

 

 

 

(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

and be delivered to

 

(PLEASE PRINT OR TYPE NAME AND ADDRESS)

 

and, if such number of Warrants shall not be all the Warrants evidenced by this Warrant
Certificate, that a new Warrant Certificate for the balance of such Warrants be registered in the
name of, and delivered to, the Registered Holder at the address stated below:

	 	 	 	 	 

	Dated:
	 	 	 	 
	 

	 	 
	 	 
	 

	 	 	 	(SIGNATURE)

	 

	 	 	 	 
	 

	 	 	 	(ADDRESS)

	 

	 	 	 	
 
	 

	 	 	 	 
	 

	 	 	 	(TAX IDENTIFICATION NUMBER)

Signature Guaranteed:        
                    
             

THE SIGNATURE TO THE SUBSCRIPTION FORM MUST CORRESPOND TO THE NAME WRITTEN
UPON THE FACE OF THIS
WARRANT CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE
WHATSOEVER, AND MUST BE GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF THE
AMERICAN STOCK EXCHANGE, NEW YORK STOCK EXCHANGE, PACIFIC STOCK EXCHANGE OR CHICAGO STOCK EXCHANGE.

ASSIGNMENT

To Be Executed by the Registered Holder in Order to Assign Warrants

For Value Received,         
                     
            hereby sell, assign, and transfer unto

 

(PLEASE TYPE OR PRINT NAME AND ADDRESS)

 

 

A-3

 

 

(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

and be delivered to

 

(PLEASE PRINT OR TYPE NAME AND ADDRESS)

      
               
                
    of the Warrants represented by this Warrant Certificate, and hereby
irrevocably constitute and appoint          
               
                 Attorney to transfer this Warrant
Certificate on the books of the Company, with full power of substitution in the premises.

	 	 	 	 	 

	Dated:
	 	 	 	 
	 

	 	 
	 	 
	 

	 	 	 	(SIGNATURE)

Signature Guaranteed:       
                   
               

THE SIGNATURE TO THE ASSIGNMENT OF THE SUBSCRIPTION FORM MUST CORRESPOND TO THE NAME WRITTEN UPON
THE FACE OF THIS WARRANT CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY
CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF
THE AMERICAN STOCK EXCHANGE, NEW YORK STOCK EXCHANGE, PACIFIC STOCK EXCHANGE OR CHICAGO STOCK
EXCHANGE.

A-4

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