SEC Contract Filing

Filing Date: 2017-07-10

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v470553_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXECUTION VERSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ASSIGNMENT AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This Assignment Agreement
(the &ldquo;<B>Assignment Agreement</B>&rdquo;) is dated as of July 7, 2017 (the &ldquo;<B>Effective Date</B>&rdquo;) by and among
Immune Pharmaceuticals, Inc., a Delaware corporation (&ldquo;<B>IMNP</B>&rdquo;), Immune Pharmaceuticals USA Corp. (&ldquo;<B>IMNP
USA</B>&rdquo;; and together with IMNP and each of their respective subsidiaries, &ldquo;<B>Borrower</B>&rdquo;), MEF I, L.P. (&ldquo;<B>Assignee</B>&rdquo;),
and Hercules Capital, Inc. (f/k/a, Hercules Technology Growth Capital, Inc.), a Maryland corporation (&ldquo;<B>Hercules</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, Hercules entered
into that certain Loan and Security Agreement with Borrower dated as of July 29, 2015, as amended from time to time (the &ldquo;<B>Agreement</B>&rsquo;).
All capitalized terms used but not otherwise defined in this Assignment Agreement shall have the meaning provided in the Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, pursuant to the
Agreement, Hercules loaned a principal amount of Nine Million Five Hundred Thousand Dollars ($9,500,000) to Borrower (the &ldquo;<B>Original</B>
<B>Loan Amount</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Original Loan
Amount is evidenced by the certain Secured Term Promissory Note (the &ldquo;<B>Note</B>&rdquo;) that was issued by Borrower to
Hercules;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, Hercules desires
to assign the Note and Two Million Nine Hundred Seventy-Four Thousand One Hundred Fifty-Eight and 50/100 Dollars ($2,974,158.50)
of all remaining amounts due under the Agreement and the Note, for an aggregate purchase price of Two Million Nine Hundred Seventy-Four
Thousand One Hundred Fifty-Eight and 50/100 Dollars ($2,974,158.50), to Assignee, and Assignee desires to purchase the Note and
such remaining amounts due under the Agreement and accept the assignment, all in accordance with the terms of this Assignment Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">WHEREAS, Borrower consents
to such purchase by and assignment to Assignee; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, based on
the mutual promises provided herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, Assignee, Borrower and Hercules agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U>.
On payment by Assignee of Two Million Nine Hundred Seventy-Four Thousand One Hundred Fifty-Eight and 50/100 Dollars ($2,974,158.50)
to Hercules, Hercules hereby assigns to Assignee (i) the Note and (ii) Two Million Nine Hundred Seventy-Four Thousand One Hundred
Fifty-Eight and 50/100 Dollars ($2,974,158.50) of all remaining amounts due under the Agreement and the Note (the &ldquo;<B>Outstanding</B>
<B>Loan Amount</B>&rdquo;; the Outstanding Loan Amount and the Note, collectively referred to herein as the &ldquo;<B>Assigned
Loan</B>&rdquo;). The Assigned Loan shall be secured by the Collateral to the same extent that the Collateral secures the Note
and the Original Loan Amount. Payment for the Assigned Loan shall be made by wire transfer to Hercules on the Effective Date pursuant
to the wire transfer instructions provided on <U>Schedule 1.a</U> hereto.</P>

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