Exhibit 4.7 


 


ELOXX PHARMACEUTICALS, INC. 


 


and 


 


[•], AS WARRANT AGENT 


 


FORM OF DEBT SECURITIES 


WARRANT AGREEMENT 


DATED AS OF [•], 20[•]


 









     


     


    




 


ELOXX PHARMACEUTICALS, INC. 


FORM OF DEBT SECURITIES WARRANT AGREEMENT



 


This DEBT SECURITIES WARRANT AGREEMENT (this “Agreement”),
dated as of between ELOXX PHARMACEUTICALS, INC., a Delaware corporation (the “Company”), and [●],
a [corporation] [national banking association] organized and existing under the laws of and having a corporate trust office in
[●], as warrant agent (the “Warrant Agent”).


 


WHEREAS, the Company has entered into an indenture dated
as of (the “Indenture”), with , as trustee (such trustee, and any successors to such trustee, herein
called the “Trustee”), providing for the issuance from time to time of its debt securities, to be issued
in one or more series as provided in the Indenture (the “Debt Securities”);


 


WHEREAS, the Company proposes to sell [If Warrants are
sold with other securities — title of such other securities being offered (the “Other Securities”)
with] warrant certificates evidencing one or more warrants (the “Warrants” or, individually, a “Warrant”)
representing the right to purchase [title of Debt Securities purchasable through exercise of Warrants] (the “Warrant
Debt Securities”), such warrant certificates and other warrant certificates issued pursuant to this Agreement being
herein called the “Warrant Certificates”; and


 


WHEREAS, the Company desires the Warrant Agent to act
on behalf of the Company, and the Warrant Agent is willing so to act, in connection with the issuance, registration, transfer,
exchange, exercise and replacement of the Warrant Certificates, and in this Agreement wishes to set forth, among other things,
the form and provisions of the Warrant Certificates and the terms and conditions on which they may be issued, registered, transferred,
exchanged, exercised and replaced.


 


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


 


ARTICLE 1 


ISSUANCE OF WARRANTS AND EXECUTION AND



DELIVERY OF WARRANT CERTIFICATES 


 


1.1 Issuance of Warrants. [If Warrants alone —
Upon issuance, each Warrant Certificate shall evidence one or more Warrants.] [If Other Securities and Warrants — Warrant
Certificates shall be [initially] issued in connection with the issuance of the Other Securities [but shall be separately transferable
on and after (the “Detachable Date”)] [and shall not be separately transferable] and each Warrant Certificate
shall evidence one or more Warrants.] Each Warrant evidenced thereby shall represent the right, subject to the provisions contained
herein and therein, to purchase one Warrant Debt Security. [If Other Securities and Warrants — Warrant Certificates shall
be initially issued in units with the Other Securities and each Warrant Certificate included in such a unit shall evidence Warrants
for each [$ principal amount] [ shares] of Other Securities included in such unit].


 




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1.2 Execution and Delivery of Warrant Certificates. Each
Warrant Certificate, whenever issued, shall be in registered form substantially in the form set forth in Exhibit A hereto,
shall be dated the date of its countersignature by the Warrant Agent and may have such letters, numbers, or other marks of identification
or designation and such legends or endorsements printed, lithographed or engraved thereon as the officers of the Company executing
the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions
of this Agreement, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any
rule or regulation of any securities exchange on which the Warrants may be listed, or to conform to usage. The Warrant Certificates
shall be signed on behalf of the Company by any of its present or future chief executive officers, presidents, senior vice presidents,
vice presidents, chief financial officers, chief legal officers, treasurers, assistant treasurers, controllers, assistant controllers,
secretaries or assistant secretaries under its corporate seal reproduced thereon. Such signatures may be manual or facsimile signatures
of such authorized officers and may be imprinted or otherwise reproduced on the Warrant Certificates. The seal of the Company may
be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Warrant Certificates.


 


No Warrant Certificate shall be valid for any purpose, and no
Warrant evidenced thereby shall be exercisable, until such Warrant Certificate has been countersigned by the manual signature of
the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed by the Company shall be conclusive
evidence that the Warrant Certificate so countersigned has been duly issued hereunder.


 


In case any officer of the Company who shall have signed any
of the Warrant Certificates either manually or by facsimile signature shall cease to be such officer before the Warrant Certificates
so signed shall have been countersigned and delivered by the Warrant Agent, such Warrant Certificates may be countersigned and
delivered notwithstanding that the person who signed such Warrant Certificates ceased to be such officer of the Company; and any
Warrant Certificate may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Warrant
Certificate, shall be the proper officers of the Company, although at the date of the execution of this Agreement any such person
was not such officer.


 


The term “holder” or “holder of a Warrant
Certificate” as used herein shall mean any person in whose name at the time any Warrant Certificate shall be registered upon
the books to be maintained by the Warrant Agent for that purpose [If Other Securities and Warrants are not immediately detachable
— or upon the registration of the Other Securities prior to the Detachable Date. Prior to the Detachable Date, the Company
will, or will cause the registrar of the Other Securities to, make available at all times to the Warrant Agent such information
as to holders of the Other Securities as may be necessary to keep the Warrant Agent’s records up to date].


 




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1.3 Issuance of Warrant Certificates. Warrant Certificates
evidencing the right to purchase Warrant Debt Securities may be executed by the Company and delivered to the Warrant Agent upon
the execution of this Warrant Agreement or from time to time thereafter. The Warrant Agent shall, upon receipt of Warrant Certificates
duly executed on behalf of the Company, countersign such Warrant Certificates and shall deliver such Warrant Certificates to or
upon the order of the Company.


 


ARTICLE 2 


WARRANT PRICE, DURATION AND EXERCISE
OF WARRANTS 


 


2.1 Warrant Price. During the period specified in Section 2.2,
each Warrant shall, subject to the terms of this Warrant Agreement and the applicable Warrant Certificate, entitle the holder thereof,
to purchase the principal amount of Warrant Debt Securities specified in the applicable Warrant Certificate at an exercise price
of % of the principal amount thereof [plus accrued amortization, if any, of the original issue discount of the Warrant Debt Securities]
[plus accrued interest, if any, from the most recent date from which interest shall have been paid on the Warrant Debt Securities
or, if no interest shall have been paid on the Warrant Debt Securities, from the date of their initial issuance.] [The original
issue discount ($ for each $1,000 principal amount of Warrant Debt Securities) will be amortized at a % annual rate, computed on
a[n] [semi-] annual basis [using a 360-day year consisting of twelve 30-day months].] Such purchase price for the Warrant Debt
Securities is referred to in this Agreement as the “Warrant Price.”


 


2.2 Duration of Warrants. Each Warrant may be exercised
in whole or in part at any time, as specified herein, on or after [the date thereof] [            ]
and at or before [            ] p.m., [City] time, on or such later
date as the Company may designate by notice to the Warrant Agent and the holders of Warrant Certificates mailed to their addresses
as set forth in the record books of the Warrant Agent (the “Expiration Date”). Each Warrant not exercised
at or before [ ] p.m., [City] time, on the Expiration Date shall become void, and all rights of the holder of the Warrant Certificate
evidencing such Warrant under this Agreement shall cease.


 


2.3 Exercise Of Warrants. 


 


(a) During the period specified in Section 2.2,
the Warrants may be exercised to purchase a whole number of Warrant Debt Securities in registered form by providing certain information
as set forth on the reverse side of the Warrant Certificate and by paying in full, in lawful money of the United States of America,
[in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available
funds] the Warrant Price for each Warrant Debt Security with respect to which a Warrant is being exercised to the Warrant Agent
at its corporate trust office, provided that such exercise is subject to receipt within five business days of such payment by the
Warrant Agent of the Warrant Certificate with the form of election to purchase Warrant Debt Securities set forth on the reverse
side of the Warrant Certificate properly completed and duly executed. The date on which payment in full of the Warrant Price is
received by the Warrant Agent shall, subject to receipt of the Warrant Certificate as aforesaid, be deemed to be the date on which
the Warrant is exercised; provided, however, that if, at the date of receipt of such Warrant Certificates and payment in full of
the Warrant Price, the transfer books for the Warrant Debt Securities purchasable upon the exercise of such Warrants shall be closed,
no such receipt of such Warrant Certificates and no such payment of such Warrant Price shall be effective to constitute the person
so designated to be named as the holder of record of such Warrant Debt Securities on such date, but shall be effective to constitute
such person as the holder of record of such Warrant Debt Securities for all purposes at the opening of business on the next succeeding
day on which the transfer books for the Warrant Debt Securities purchasable upon the exercise of such Warrants shall be opened,
and the certificates for the Warrant Debt Securities in respect of which such Warrants are then exercised shall be issuable as
of the date on such next succeeding day on which the transfer books shall next be opened, and until such date the Company shall
be under no duty to deliver any certificate for such Warrant Debt Securities. The Warrant Agent shall deposit all funds received
by it in payment of the Warrant Price in an account of the Company maintained with it and shall advise the Company by telephone
at the end of each day on which a payment for the exercise of Warrants is received of the amount so deposited to its account. The
Warrant Agent shall promptly confirm such telephone advice to the Company in writing.


 




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(b) The Warrant Agent shall, from time to time, as promptly
as practicable, advise the Company of (i) the number of Warrant Debt Securities with respect to which Warrants were exercised,
(ii) the instructions of each holder of the Warrant Certificates evidencing such Warrants with respect to delivery of the
Warrant Debt Securities to which such holder is entitled upon such exercise, (iii) delivery of Warrant Certificates evidencing
the balance, if any, of the Warrants for the remaining Warrant Debt Securities after such exercise, and (iv) such other information
as the Company or the Trustee shall reasonably require.


 


(c) As soon as practicable after the exercise of any
Warrant, the Company shall issue, pursuant to the Indenture, in authorized denominations, to or upon the order of the holder of
the Warrant Certificate evidencing such Warrant, the Warrant Debt Securities to which such holder is entitled, in fully registered
form, registered in such name or names as may be directed by such holder. If fewer than all of the Warrants evidenced by such Warrant
Certificate are exercised, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign
and deliver, a new Warrant Certificate evidencing Warrants for the number of Warrant Debt Securities remaining unexercised.


 


(d) The Company shall not be required to pay any stamp
or other tax or other governmental charge required to be paid in connection with any transfer involved in the issue of the Warrant
Debt Securities, and in the event that any such transfer is involved, the Company shall not be required to issue or deliver any
Warrant Debt Securities until such tax or other charge shall have been paid or it has been established to the Company’s satisfaction
that no such tax or other charge is due.


 


(e) Prior to the issuance of any Warrants there shall
have been reserved, and the Company shall at all times through the Expiration Date keep reserved, out of its authorized but unissued
Warrant Debt Securities, a number of shares sufficient to provide for the exercise of the Warrants.


 




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ARTICLE 3 


OTHER PROVISIONS RELATING TO 


RIGHTS OF HOLDERS OF WARRANT CERTIFICATES



 


3.1 No Rights As Holders of Warrant Debt Securities Conferred
By Warrants or Warrant Certificates. No Warrant Certificate or Warrant evidenced thereby shall entitle the holder thereof to
any of the rights of a holder of Warrant Debt Securities, including, without limitation, the right to receive the payment of principal
of (or premium, if any) or interest, if any, on the Warrant Debt Securities or to enforce any of the covenants in the Indenture.


 


3.2 Lost, Stolen, Mutilated or Destroyed Warrant Certificates.
Upon receipt by the Warrant Agent of evidence reasonably satisfactory to it and the Company of the ownership of and the loss, theft,
destruction or mutilation of any Warrant Certificate and/or indemnity reasonably satisfactory to the Warrant Agent and the Company
and, in the case of mutilation, upon surrender of the mutilated Warrant Certificate to the Warrant Agent for cancellation, then,
in the absence of notice to the Company or the Warrant Agent that such Warrant Certificate has been acquired by a bona fide purchaser,
the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, in exchange for
or in lieu of the lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant Certificate of the same tenor and evidencing
Warrants for a like principal amount of Warrant Debt Securities. Upon the issuance of any new Warrant Certificate under this Section 3.2,
the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Warrant Agent) in connection therewith. Every substitute
Warrant Certificate executed and delivered pursuant to this Section 3.2 in lieu of any lost, stolen or destroyed Warrant Certificate
shall represent an additional contractual obligation of the Company, whether or not the lost, stolen or destroyed Warrant Certificate
shall be at any time enforceable by anyone, and shall be entitled to the benefits of this Agreement equally and proportionately
with any and all other Warrant Certificates duly executed and delivered hereunder. The provisions of this Section 3.2 are
exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement of mutilated,
lost, stolen or destroyed Warrant Certificates.


 


3.3 Holder Of Warrant Certificate May Enforce Rights.
Notwithstanding any of the provisions of this Agreement, any holder of any Warrant Certificate, without the consent of the Warrant
Agent, the Trustee, the holder of any Warrant Debt Securities or the holder of any other Warrant Certificate, may, in such holder’s
own behalf and for such holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding against
the Company suitable to enforce, or otherwise in respect of, such holder’s right to exercise the Warrants evidenced by such
holder’s Warrant Certificate in the manner provided in such holder’s Warrant Certificates and in this Agreement.


 


3.4 Merger, Sale, Conveyance or Lease. In case of (a) any
share exchange, merger or similar transaction of the Company with or into another person or entity (other than a share exchange,
merger or similar transaction in which the Company is the acquiring or surviving corporation) or (b) the sale, exchange, lease,
transfer or other disposition of all or substantially all of the properties and assets of the Company as an entirety (in any such
case, a “Reorganization Event”), then, as a condition of such Reorganization Event, lawful provisions
shall be made, and duly executed documents evidencing the same from the Company’s successor shall be delivered to the holders
of the Warrants, so that such successor shall succeed to and be substituted for the Company, and assume all the Company’s
obligations under, this Agreement and the Warrants. The Company shall thereupon be relieved of any further obligation hereunder
or under the Warrants, and the Company as the predecessor corporation may thereupon or at any time thereafter be dissolved, wound
up or liquidated. Such successor or assuming entity thereupon may cause to be signed, and may issue either in its own name or in
the name of the Company, any or all of the Warrants issuable hereunder which heretofore shall not have been signed by the Company,
and may execute and deliver securities in its own name, in fulfillment of its obligations to deliver Warrant Debt Securities upon
exercise of the Warrants. All the Warrants so issued shall in all respects have the same legal rank and benefit under this Agreement
as the Warrants theretofore or thereafter issued in accordance with the terms of this Agreement as though all of such Warrants
had been issued at the date of the execution hereof. In any case of any such Reorganization Event, such changes in phraseology
and form (but not in substance) may be made in the Warrants thereafter to be issued as may be appropriate. The Warrant Agent may
receive a written opinion of legal counsel as conclusive evidence that any such Reorganization Event complies with the provisions
of this Section 3.4.


 




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3.5 Notice To Warrantholders. In case the Company shall
(a) effect any Reorganization Event or (b) make any distribution on or in respect of the [title of Warrant Debt Securities]
in connection with the dissolution, liquidation or winding up of the Company, then the Company shall mail to each holder of Warrants
at such holder’s address as it shall appear on the books of the Warrant Agent, at least ten days prior to the applicable
date hereinafter specified, a notice stating the date on which such Reorganization Event, dissolution, liquidation or winding up
is expected to become effective, and the date as of which it is expected that holders of [title of Warrant Debt Securities] of
record shall be entitled to exchange their shares of [title of Warrant Debt Securities] for securities or other property deliverable
upon such Reorganization Event, dissolution, liquidation or winding up. No failure to mail such notice nor any defect therein or
in the mailing thereof shall affect any such transaction.


 


ARTICLE 4 


EXCHANGE AND TRANSFER OF WARRANT CERTIFICATES



 


4.1 Exchange and Transfer of Warrant Certificates. [If
Other Securities with Warrants which are immediately detachable — Upon] [If Other Securities with Warrants which are not
immediately detachable — Prior to the Detachable Date, a Warrant Certificate may be exchanged or transferred only together
with the Other Security to which the Warrant Certificate was initially attached, and only for the purpose of effecting or in conjunction
with an exchange or transfer of such Other Security. Prior to any Detachable Date, each transfer of the Other Security shall operate
also to transfer the related Warrant Certificates. After the Detachable Date, upon] surrender at the corporate trust office of
the Warrant Agent, Warrant Certificates evidencing Warrants may be exchanged for Warrant Certificates in other denominations evidencing
such Warrants or the transfer thereof may be registered in whole or in part; provided that such other Warrant Certificates evidence
Warrants for the same aggregate principal amount of Warrant Debt Securities as the Warrant Certificates so surrendered. The Warrant
Agent shall keep, at its corporate trust office, books in which, subject to such reasonable regulations as it may prescribe, it
shall register Warrant Certificates and exchanges and transfers of outstanding Warrant Certificates, upon surrender of the Warrant
Certificates to the Warrant Agent at its corporate trust office for exchange or registration of transfer, properly endorsed or
accompanied by appropriate instruments of registration of transfer and written instructions for transfer, all in form satisfactory
to the Company and the Warrant Agent. No service charge shall be made for any exchange or registration of transfer of Warrant Certificates,
but the Company may require payment of a sum sufficient to cover any stamp or other tax or other governmental charge that may be
imposed in connection with any such exchange or registration of transfer. Whenever any Warrant Certificates are so surrendered
for exchange or registration of transfer, an authorized officer of the Warrant Agent shall manually countersign and deliver to
the person or persons entitled thereto a Warrant Certificate or Warrant Certificates duly authorized and executed by the Company,
as so requested. The Warrant Agent shall not be required to effect any exchange or registration of transfer which will result in
the issuance of a Warrant Certificate evidencing a Warrant for a fraction of a Warrant Debt Security or a number of Warrants for
a whole number of Warrant Debt Securities and a fraction of a Warrant Debt Security. All Warrant Certificates issued upon any exchange
or registration of transfer of Warrant Certificates shall be the valid obligations of the Company, evidencing the same obligations
and entitled to the same benefits under this Agreement as the Warrant Certificate surrendered for such exchange or registration
of transfer.


 






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4.2 Treatment of Holders of Warrant Certificates. [If
Other Securities and Warrants are not immediately detachable — Prior to the Detachable Date, the Company, the Warrant Agent
and all other persons may treat the owner of the Other Security as the owner of the Warrant Certificates initially attached thereto
for any purpose and as the person entitled to exercise the rights represented by the Warrants evidenced by such Warrant Certificates,
any notice to the contrary notwithstanding. After the Detachable Date and prior to due presentment of a Warrant Certificate for
registration of transfer, the] [The] Company, the Warrant Agent and all other persons may treat the registered holder of a Warrant
Certificate as the absolute owner thereof for any purpose and as the person entitled to exercise the rights represented by the
Warrants evidenced thereby, any notice to the contrary notwithstanding.


 


4.3 Cancellation of Warrant Certificates. Any Warrant
Certificate surrendered for exchange, registration of transfer or exercise of the Warrants evidenced thereby shall, if surrendered
to the Company, be delivered to the Warrant Agent and all Warrant Certificates surrendered or so delivered to the Warrant Agent
shall be promptly canceled by the Warrant Agent and shall not be reissued and, except as expressly permitted by this Agreement,
no Warrant Certificate shall be issued hereunder in exchange therefor or in lieu thereof. The Warrant Agent shall deliver to the
Company from time to time or otherwise dispose of canceled Warrant Certificates in a manner satisfactory to the Company.


 


ARTICLE 5 


CONCERNING THE WARRANT AGENT 


 


5.1 Warrant Agent. The Company hereby appoints as Warrant
Agent of the Company in respect of the Warrants and the Warrant Certificates upon the terms and subject to the conditions herein
set forth, and hereby accepts such appointment. The Warrant Agent shall have the powers and authority granted to and conferred
upon it in the Warrant Certificates and hereby and such further powers and authority to act on behalf of the Company as the Company
may hereafter grant to or confer upon it. All of the terms and provisions with respect to such powers and authority contained in
the Warrant Certificates are subject to and governed by the terms and provisions hereof.


 


5.2 Conditions of Warrant Agent’s Obligations.
The Warrant Agent accepts its obligations herein set forth upon the terms and conditions hereof, including the following to all
of which the Company agrees and to all of which the rights hereunder of the holders from time to time of the Warrant Certificates
shall be subject:


 


(a) Compensation and Indemnification. The Company agrees
promptly to pay the Warrant Agent the compensation to be agreed upon with the Company for all services rendered by the Warrant
Agent and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including reasonable counsel fees) incurred without
negligence, bad faith or willful misconduct by the Warrant Agent in connection with the services rendered hereunder by the Warrant
Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense
incurred without negligence, bad faith or willful misconduct on the part of the Warrant Agent, arising out of or in connection
with its acting as Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim of such
liability.


 




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(b) Agent for the Company. In acting under this Warrant
Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does
not assume any obligations or relationship of agency or trust for or with any of the holders of Warrant Certificates or beneficial
owners of Warrants.


 


(c) Counsel. The Warrant Agent may consult with counsel
satisfactory to it, which may include counsel for the Company, and the written advice of such counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance
with the advice of such counsel.


 


(d) Documents. The Warrant Agent shall be protected and
shall incur no liability for or in respect of any action taken or omitted by it in reliance upon any Warrant Certificate, notice,
direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to
have been presented or signed by the proper parties.


 


(e) Certain Transactions. The Warrant Agent, and its
officers, directors and employees, may become the owner of, or acquire any interest in, Warrants, with the same rights that it
or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted by applicable law, it or they may engage
or be interested in any financial or other transaction with the Company and may act on, or as depositary, trustee or agent for,
any committee or body of holders of Warrant Debt Securities or other obligations of the Company as freely as if it were not the
Warrant Agent hereunder. Nothing in this Warrant Agreement shall be deemed to prevent the Warrant Agent from acting as Trustee
under the Indenture.


 


(f) No Liability for Interest. Unless otherwise agreed
with the Company, the Warrant Agent shall have no liability for interest on any monies at any time received by it pursuant to any
of the provisions of this Agreement or of the Warrant Certificates.


 


(g) No Liability for Invalidity. The Warrant Agent shall
have no liability with respect to any invalidity of this Agreement or any of the Warrant Certificates (except as to the Warrant
Agent’s countersignature thereon).


 


(h) No Responsibility for Representations. The Warrant
Agent shall not be responsible for any of the recitals or representations herein or in the Warrant Certificates (except as to the
Warrant Agent’s countersignature thereon), all of which are made solely by the Company.


 




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(i) No Implied Obligations. The Warrant Agent shall be
obligated to perform only such duties as are herein and in the Warrant Certificates specifically set forth and no implied duties
or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall
not be under any obligation to take any action hereunder which may tend to involve it in any expense or liability, the payment
of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable
or under any duty or responsibility for the use by the Company of any of the Warrant Certificates authenticated by the Warrant
Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds of the
Warrant Certificates. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance
of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the receipt of any written demand
from a holder of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing,
any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or, except as provided in Section 6.2
hereof, to make any demand upon the Company.


 


5.3 Resignation, Removal and Appointment of Successors. 


 


(a) The Company agrees, for the benefit of the holders
from time to time of the Warrant Certificates, that there shall at all times be a Warrant Agent hereunder until all the Warrants
have been exercised or are no longer exercisable.


 


(b) The Warrant Agent may at any time resign as agent
by giving written notice to the Company of such intention on its part, specifying the date on which its desired resignation shall
become effective; provided that such date shall not be less than three months after the date on which such notice is given unless
the Company otherwise agrees. The Warrant Agent hereunder may be removed at any time by the filing with it an instrument in writing
signed by or on behalf of the Company and specifying such removal and the intended date when it shall become effective. Such resignation
or removal shall take effect upon the appointment by the Company, as hereinafter provided, of a successor Warrant Agent (which
shall be a bank or trust company authorized under the laws of the jurisdiction of its organization to exercise corporate trust
powers) and the acceptance of such appointment by such successor Warrant Agent. The obligation of the Company under Section 5.2(a)
shall continue to the extent set forth therein notwithstanding the resignation or removal of the Warrant Agent.


 


(c) In case at any time the Warrant Agent shall resign,
or shall be removed, or shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or shall commence a voluntary
case under the Federal bankruptcy laws, as now or hereafter constituted, or under any other applicable Federal or state bankruptcy,
insolvency or similar law or shall consent to the appointment of or taking possession by a receiver, custodian, liquidator, assignee,
trustee, sequestrator (or other similar official) of the Warrant Agent or its property or affairs, or shall make an assignment
for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall take
corporate action in furtherance of any such action, or a decree or order for relief by a court having jurisdiction in the premises
shall have been entered in respect of the Warrant Agent in an involuntary case under the Federal bankruptcy laws, as now or hereafter
constituted, or any other applicable Federal or state bankruptcy, insolvency or similar law, or a decree or order by a court having
jurisdiction in the premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee, trustee,
sequestrator (or similar official) of the Warrant Agent or of its property or affairs, or any public officer shall take charge
or control of the Warrant Agent or of its property or affairs for the purpose of rehabilitation, conservation, winding up or liquidation,
a successor Warrant Agent, qualified as aforesaid, shall be appointed by the Company by an instrument in writing, filed with the
successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by the successor Warrant
Agent of such appointment, the Warrant Agent shall cease to be Warrant Agent hereunder.


 




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(d) Any successor Warrant Agent appointed hereunder shall
execute, acknowledge and deliver to its predecessor and to the Company an instrument accepting such appointment hereunder, and
thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall become vested with all the authority,
rights, powers, trusts, immunities, duties and obligations of such predecessor with like effect as if originally named as Warrant
Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become obligated
to transfer, deliver and pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and other
property on deposit with or held by such predecessor, as Warrant Agent hereunder.


 


(e) Any corporation into which the Warrant Agent hereunder
may be merged or converted or any corporation with which the Warrant Agent may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any corporation to which the Warrant Agent
shall sell or otherwise transfer all or substantially all the assets and business of the Warrant Agent, provided that it shall
be qualified as aforesaid, shall be the successor Warrant Agent under this Agreement without the execution or filing of any paper
or any further act on the part of any of the parties hereto.


 


ARTICLE 6 


MISCELLANEOUS 


 


6.1 Amendment. This Agreement may be amended by the parties
hereto, without the consent of the holder of any Warrant Certificate, for the purpose of curing any ambiguity, or of curing, correcting
or supplementing any defective provision contained herein, or making any other provisions with respect to matters or questions
arising under this Agreement as the Company and the Warrant Agent may deem necessary or desirable; provided that such action shall
not materially adversely affect the interests of the holders of the Warrant Certificates.


 


6.2 Notices and Demands to the Company and Warrant Agent.
If the Warrant Agent shall receive any notice or demand addressed to the Company by the holder of a Warrant Certificate pursuant
to the provisions of the Warrant Certificates, the Warrant Agent shall promptly forward such notice or demand to the Company.


 


6.3 Addresses. Any communication from the Company to
the Warrant Agent with respect to this Agreement shall be addressed to [•], [•], Attention: [•], and any communication
from the Warrant Agent to the Company with respect to this Agreement shall be addressed to Eloxx Pharmaceuticals, Inc., 950 Winter
Street, Waltham, MA, 02451, Attention: [•] (or such other address as shall be specified in writing by the Warrant Agent or
by the Company).


 


6.4 Governing Law. This Agreement and each Warrant Certificate
issued hereunder, and any claim, controversy or dispute arising under or related to this Agreement or any Warrant Certificate,
shall be governed by and construed in accordance with the laws of the State of New York.


 


6.5 Delivery Of Prospectus. The Company shall furnish
to the Warrant Agent sufficient copies of a prospectus meeting the requirements of the Securities Act of 1933, as amended, relating
to the Warrant Debt Securities deliverable upon exercise of the Warrants (the “Prospectus”), and the
Warrant Agent agrees that upon the exercise of any Warrant, the Warrant Agent will deliver to the holder of the Warrant Certificate
evidencing such Warrant, prior to or concurrently with the delivery of the Warrant Debt Securities issued upon such exercise, the
Prospectus. The Warrant Agent shall not, by reason of any such delivery, assume any responsibility for the accuracy or adequacy
of such Prospectus.


 




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6.6 Obtaining of Governmental Approvals. The Company
will from time to time take all action which may be necessary to obtain and keep effective any and all permits, consents and approvals
of governmental agencies and authorities and securities act filings under United States Federal and state laws (including without
limitation a registration statement in respect of the Warrants and Warrant Debt Securities under the Securities Act of 1933, as
amended), which may be or become requisite in connection with the issuance, sale, transfer, and delivery of the Warrant Debt Securities
issued upon exercise of the Warrants, the issuance, sale, transfer and delivery of the Warrants or upon the expiration of the period
during which the Warrants are exercisable.


 


6.7 Persons Having Rights Under Warrant Agreement. Nothing
in this Agreement shall give to any person other than the Company, the Warrant Agent and the holders of the Warrant Certificates
any right, remedy or claim under or by reason of this Agreement.


 


6.8 Headings. The descriptive headings of the several
Articles and Sections of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction
of any of the provisions hereof.


 


6.9 Counterparts. This Agreement may be executed in any
number of counterparts, each of which as so executed shall be deemed to be an original, but such counterparts shall together constitute
one and the same instrument.


 


6.10 Inspection of Agreement. A copy of this Agreement
shall be available at all reasonable times at the principal corporate trust office of the Warrant Agent for inspection by the holder
of any Warrant Certificate. The Warrant Agent may require such holder to submit his Warrant Certificate for inspection by it.


 




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IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed, all as of the day and year first above written.


 


	ELOXX PHARMACEUTICALS, INC.
	 	 
	By:	                                  
	Name: 	 
	Title:	 


 





	[WARRANT AGENT], as Warrant Agent
	 
	By:	                           
	Name: 	 
	Title:	 





 





[SIGNATURE PAGE TO DEBT SECURITIES WARRANT
AGREEMENT]


 




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EXHIBIT A 


 


FORM OF WARRANT CERTIFICATE 


[FACE OF WARRANT CERTIFICATE] 


 


	[[Form if Warrants are attached to Other Securities and are not immediately detachable.]	 	[Prior to , this Warrant Certificate cannot be transferred or exchanged unless attached to a [Title of Other Securities].]
	 	 
	[Form of Legend if Warrants are not immediately exercisable.]	 	[Prior to , Warrants evidenced by this Warrant Certificate cannot be exercised.]


 


EXERCISABLE ONLY IF COUNTERSIGNED BY THE
WARRANT AGENT AS PROVIDED HEREIN


VOID AFTER [    ]
P.M., [    ] TIME, ON .


 




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ELOXX PHARMACEUTICALS, INC. 


WARRANT CERTIFICATE REPRESENTING 


WARRANTS TO PURCHASE 


[TITLE OF WARRANT DEBT SECURITIES] 


 


No. Warrants


 


This certifies that or registered assigns is the registered
owner of the above indicated number of Warrants, each Warrant entitling such owner [If Warrants are attached to Other Securities
and are not immediately detachable —, subject to the registered owner qualifying as a “Holder” of this Warrant
Certificate, as hereinafter defined)] to purchase, at any time [after [ ] p.m., [City] time, on and] on or before [ ] p.m., [City]
time, on , $ principal amount of [Title of Warrant Debt Securities] (the “Warrant Debt Securities”),
of Eloxx Pharmaceuticals, Inc. (the “Company”), issued or to be issued under the Indenture (as hereinafter
defined), on the following basis: during the period from , through and including , each Warrant shall entitle the Holder thereof,
subject to the provisions of this Agreement, to purchase the principal amount of Warrant Debt Securities stated in the Warrant
Certificate at the warrant price (the “Warrant Price”) of % of the principal amount thereof [plus accrued
amortization, if any, of the original issue discount of the Warrant Debt Securities] [plus accrued interest, if any, from the most
recent date from which interest shall have been paid on the Warrant Debt Securities or, if no interest shall have been paid on
the Warrant Debt Securities, from the date of their original issuance]. [The original issue discount ($ for each $1,000 principal
amount of Warrant Debt Securities) will be amortized at a % annual rate, computed on a[n] [semi-]annual basis [using a 360-day
year consisting of twelve 30-day months]. The Holder may exercise the Warrants evidenced hereby by providing certain information
set forth on the back hereof and by paying in full, in lawful money of the United States of America, [in cash or by certified check
or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price
for each Warrant Debt Security with respect to which this Warrant is exercised to the Warrant Agent (as hereinafter defined) and
by surrendering this Warrant Certificate, with the purchase form on the back hereof duly executed, at the corporate trust office
of [name of Warrant Agent], or its successor as warrant agent (the “Warrant Agent”), which is, on the
date hereof, at the address specified on the reverse hereof, and upon compliance with and subject to the conditions set forth herein
and in the Warrant Agreement (as hereinafter defined).


 


The term “Holder” as used herein shall mean [If
Warrants are attached to Other Securities and are not immediately detachable —, prior to , (the “Detachable Date”),
the registered owner of the Company’s [title of Other Securities] to which this Warrant Certificate was initially attached,
and after such Detachable Date,] the person in whose name at the time this Warrant Certificate shall be registered upon the books
to be maintained by the Warrant Agent for that purpose pursuant to Section 4 of the Warrant Agreement.


 


The Warrants evidenced by this Warrant Certificate may be exercised
to purchase Warrant Debt Securities in the principal amount of $1,000 or any integral multiple thereof in registered form. Upon
any exercise of fewer than all of the Warrants evidenced by this Warrant Certificate, there shall be issued to the Holder hereof
a new Warrant Certificate evidencing Warrants for the aggregate principal amount of Warrant Debt Securities remaining unexercised.


 




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This Warrant Certificate is issued under and in accordance with
the Warrant Agreement dated as of , (the “Warrant Agreement”), between the Company and the Warrant Agent
and is subject to the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions the Holder
of this Warrant Certificate consents by acceptance hereof. Copies of the Warrant Agreement are on file at the above-mentioned office
of the Warrant Agent.


 


The Warrant Debt Securities to be issued and delivered upon
the exercise of Warrants evidenced by this Warrant Certificate will be issued under and in accordance with an Indenture, dated
as of , (the “Indenture”), between the Company and , as trustee (such trustee, and any successors to
such trustee, the “Trustee”)] and will be subject to the terms and provisions contained in the Warrant
Debt Securities and in the Indenture. Copies of the Indenture, including the form of the Warrant Debt Securities, are on file at
the corporate trust office of the Trustee.


 


[If Warrants are attached to Other Securities and are not immediately
detachable — Prior to the Detachable Date, this Warrant Certificate may be exchanged or transferred only together with the
[Title of Other Securities] (the “Other Securities”) to which this Warrant Certificate was initially
attached, and only for the purpose of effecting or in conjunction with, an exchange or transfer of such Other Security. Additionally,
on or prior to the Detachable Date, each transfer of such Other Security on the register of the Other Securities shall operate
also to transfer this Warrant Certificate. After such date, transfer of this] [If Warrants are attached to Other Securities and
are immediately detachable-Transfer of this] Warrant Certificate may be registered when this Warrant Certificate is surrendered
at the corporate trust office of the Warrant Agent by the registered owner or such owner’s assigns, in the manner and subject
to the limitations provided in the Warrant Agreement.


 


[If Other Securities with Warrants which are not immediately
detachable — Except as provided in the immediately preceding paragraph, after] [If Other Securities with Warrants which are
immediately detachable or Warrants alone — After] countersignature by the Warrant Agent and prior to the expiration of this
Warrant Certificate, this Warrant Certificate may be exchanged at the corporate trust office of the Warrant Agent for Warrant Certificates
representing Warrants for the same aggregate principal amount of Warrant Debt Securities.


 


This Warrant Certificate shall not entitle the Holder hereof
to any of the rights of a holder of the Warrant Debt Securities, including, without limitation, the right to receive payments of
principal of (and premium, if any) or interest, if any, on the Warrant Debt Securities or to enforce any of the covenants of the
Indenture.


 


Reference is hereby made to the further provisions of this Warrant
Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth
at this place.


 


This Warrant Certificate shall not be valid or obligatory for
any purpose until countersigned by the Warrant Agent.


 




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IN WITNESS WHEREOF, the Company has caused this Warrant
to be executed in its name and on its behalf by the facsimile signatures of its duly authorized officers.


 


Dated: 


 





	ELOXX PHARMACEUTICALS, INC.
	 	 
	By:	                                  
	Name: 	 
	Title:	 


 





	[WARRANT AGENT], as Warrant Agent
	 
	By:	                           
	Name: 	 
	Title:	 





 





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[REVERSE OF WARRANT CERTIFICATE] 


 


(Instructions for Exercise of Warrant)



 


To exercise any Warrants evidenced hereby for Warrant Debt Securities
(as hereinafter defined), the Holder must pay, in lawful money of the United States of America, [in cash or by certified check
or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price
in full for Warrants exercised, to [Warrant Agent] [address of Warrant Agent], Attn: , which payment must specify the name of the
Holder and the number of Warrants exercised by such Holder. In addition, the Holder must complete the information required below
and present this Warrant Certificate in person or by mail (certified or registered mail is recommended) to the Warrant Agent at
the appropriate address set forth above. This Warrant Certificate, completed and duly executed, must be received by the Warrant
Agent within five business days of the payment.


 


(To be executed upon exercise of Warrants)


 


The undersigned hereby irrevocably elects to exercise Warrants,
represented by this Warrant Certificate, to purchase $ principal amount of the [Title of Warrant Debt Securities] (the “Warrant
Debt Securities”) of Eloxx Pharmaceuticals, Inc. and represents that he has tendered payment for such Warrant Debt
Securities, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York
Clearing House funds] [by bank wire transfer in immediately available funds], to the order of Eloxx Pharmaceuticals, Inc., c/o
[insert name and address of Warrant Agent], in the amount of $ in accordance with the terms hereof. The undersigned requests that
said principal amount of Warrant Debt Securities be in fully registered form in the authorized denominations, registered in such
names and delivered all as specified in accordance with the instructions set forth below.


 


If the number of Warrants exercised is less than all the Warrants
evidenced hereby, the undersigned requests that a new Warrant Certificate evidencing the Warrants for the aggregate principal amount
of Warrant Debt Securities remaining unexercised be issued and delivered to the undersigned unless otherwise specified in the instructions
below.


 


Dated


Name


 


Please Print:


 


Address:


 


(Insert Social Security or Other Identifying Number of Holder)


 


Signature Guaranteed


Signature


 




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(Signature must conform in all respects to name of holder as
specified on the face of this Warrant Certificate and must bear a signature guarantee by a FINRA member firm).


 


This Warrant may be exercised at the following addresses:


 


By hand at


 


By mail at


 


[Instructions as to form and delivery of Warrant Debt Securities
and, if applicable, Warrant Certificates evidencing Warrants for the number of Warrant Debt Securities remaining unexercised —
complete as appropriate.]


 




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ASSIGNMENT 


[Form of assignment to be executed if Warrant
Holder desires to transfer Warrant]


 


	FOR VALUE RECEIVED, hereby sells, assigns and transfers unto:
	 
	 
	 
	 


 


	 	 	 	 	 
	(Please print name and address including zip code)	 	 	 	Please print Social Security or other identifying number


 


the right represented by the within Warrant to purchase $ aggregate
principal amount of [Title of Warrant Debt Securities] of Eloxx Pharmaceuticals, Inc. to which the within Warrant relates and appoints
attorney to transfer such right on the books of the Warrant Agent with full power of substitution in the premises.


 


Dated


 


Signature


 


(Signature must conform in all respects to name of holder as
specified on the face of the Warrant)


 


Signature Guaranteed


 




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