X0306 4 2012-07-17 0 0000911216 PALATIN TECHNOLOGIES INC PTN 0001042011 SPANA CARL PALATIN TECHNOLOGIES, INC. 4B CEDAR BROOK DRIVE CRANBURY NJ 08512 1 1 0 0 President & CEO stock option (right to buy) 0.72 2012-07-17 4 A 0 135000 0 A 2013-07-17 2022-07-17 common stock 135000 135000 D restricted stock units 0 2012-07-17 4 A 0 110000 0 A 2013-07-17 2014-07-17 common stock 110000 110000 D The options vest at the rate of 25% per year, starting on July 17, 2013, provided, however, that no options shall become exercisable prior to the Issuance Period End Date, as such term is defined in the securities purchase agreement filed as Exhibit 10.1 to a Current Report on Form 8-K, filed by Palatin Technologies, Inc. with the Securities and Exchange Commission on July 6, 2012. Each restricted stock unit represents the right to receive, on vesting, one share of common stock without payment of further consideration. The restricted stock units vest as to 50% on July 17, 2013 and as to the remaining 50% on July 17, 2014, provided, however, that no restricted stock units shall become exercisable prior to the Issuance Period End Date, as such term is defined in the securities purchase agreement filed as Exhibit 10.1 to a Current Report on Form 8-K, filed by Palatin Technologies, Inc. with the Securities and Exchange Commission on July 6, 2012. /s/ Carl Spana, by Stephen A. Slusher, Attorney-In-Fact 2012-07-19