AIM · AIM ImmunoTech Inc.

This amendment significantly expands AIM ImmunoTech’s capital-raising flexibility by eliminating the hard dollar cap on its at-the-market equity program with Maxim Group LLC. Previously limited to $3.0 million in aggregate proceeds under the April 2025 agreement, the Company can now sell additional shares—subject only to statutory, regulatory, and corporate governance guardrails: the number of shares registered on Form S-3, the number of authorized but unissued shares under its Certificate of Incorporation, and continued compliance with Form S-3 eligibility rules (including General Instruction I.B.6). This structural change increases financing optionality without requiring a new registration statement, though each sale remains contingent on market conditions, investor demand, and internal approvals. The requirement for the Company to proactively disclose the 'Maximum Amount' available for sale one business day before initiation introduces an operational checkpoint that enhances transparency to the sales agent while preserving the Company’s discretion over timing and volume. The updated counsel opinion from Thompson Hine LLP—affirming the validity and nonassessability of shares issued under the amended terms—reinforces legal certainty for both parties. For investors, this signals heightened near-term equity issuance risk, as the removal of the cap may accelerate dilution depending on execution pace and share price performance; however, it also reflects management’s confidence in maintaining access to capital markets under current terms.