Tonix Pharmaceuticals Holding Corp. Annual report pursuant to Section 13 and 15(d)

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2015

A summary of the stock option activity and related information for the Plans for the years ended December 31, 2015, 2014 2013 is as follows:

	Shares		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at January 1, 2013		150,000	$	30.00			$	-
Grants		226,500	$	10.20				-
Exercised		-
Forfeitures or expirations		-
Outstanding at January 1, 2014		376,500	$	18.09			$	-
Grants		850,300	$	9.53			$	-
Exercised		-
Forfeitures or expirations		-
Outstanding at January 1, 2015		1,226,800	$	12.40			$	-
Grants		513,243	$	6.01			$	-
Exercised		-
Forfeitures or expirations		(83,400)		8.17
Outstanding at December 31, 2015		1,656,643	$	10.64		8.35	$	1,125,299
Vested and expected to vest at December 31, 2015		1,656,643	$	10.64		8.35	$	1,125,299
Exercisable at December 31, 2015		744,385	$	14.37		7.66	$	120,817

The assumptions used in the valuation of stock options granted during the years ended December 31, 2015, 2014 and 2013 were as follows:

	2015	2014	2013
Risk-free interest rate	1.47% to 2.35%	2.03% to 2.52%	2.02%
Expected term of option	6.0 to 9.91 years	6.0 to 9.72 years	6.0 years
Expected stock price volatility	80.91% to 92.13%	92.87% to 100.73%	99.96%