Exhibit 10.1


 





 


November 17, 2022


 


[Name and address of warrant holder]


 


Re:     Reprice
and Reload Offer of Class A Common Stock Purchase Warrants


 


To Whom It May Concern:


 


Kiora Pharmaceuticals, Inc.
(the “Company”) is pleased to offer to you the opportunity to receive new Common Stock purchase warrants of the Company
in consideration for the exercise of the Class A Common Stock purchase warrants set forth on your signature page attached hereto
(the “Existing Warrants”) currently held by you (the “Holder”). The shares of common stock, par
value $0.01 (“Common Stock”), underlying the Existing Warrants (“Existing Warrant Shares”) have
been registered pursuant to a registration statement on Form S-1 (File No. 333-264641) (the “Registration Statement”).
The Registration Statement is currently effective and, upon exercise of the Existing Warrants, will, to the Company’s knowledge,
be effective for the issuance of the Existing Warrant Shares. Capitalized terms not otherwise defined herein shall have the meanings
set forth in the Existing Warrants.


 


In consideration for cash
exercising all of the Existing Warrants held by you on or before 9:00 a.m. (New York City time) on November 18, 2022 (the “Warrant
Exercise”), the Company hereby offers you a reduction of the exercise price of the Existing Warrants to $4.77 per share and
the issuance of New Warrants (as defined and described below). As such, upon accepting this offer, Section 2(b) of all Class A
Warrants issued pursuant to the Registration Statement is hereby amended and restated as follows:


 


“The exercise price per share of
Common Stock under this Warrant shall be $4.77, subject to adjustment hereunder (the “Exercise Price”).”


 


In addition, the Company
hereby offers (i) to issue to you or your designees a new Common Stock Purchase Warrant (the “New Warrants”)
to purchase up to a number of shares of Common Stock equal to 100% of the number of Existing Warrant Shares issued pursuant to each
Warrant Exercise that occurs from and after the date hereof and prior to 9:00 a.m. on November, 2022, which New Warrant shall
be substantially in the form of Annex B hereto. The New Warrants will be exercisable six months following their issuance,
will expire on the eighteen (18) month anniversary of the initial exercise date. The original New Warrant certificates will be delivered
within two (2) Business Days following each Warrant Exercise pursuant to this letter agreement.


 


The Holder may accept this
offer by signing this letter below, with such acceptance constituting the Holder’s exercise of the number of Existing Warrants as
set forth on the Holder's signature page attached hereto for an aggregate exercise price as set forth on the Holder’s signature
page hereto (the “Aggregate Exercise Price”) on or before 9:00 a.m. (New York City time) on November 18,
2022. Notwithstanding anything herein to the contrary, in the event the Warrant Exercise would otherwise cause the Holder to exceed the
beneficial ownership limitations (“Beneficial Ownership Limitation”) set forth in Section 2(e) of the Existing Warrants,
the Company shall only issue such number of Warrant Shares to the Holder that would not cause the Holder to exceed the maximum number
of Warrant Shares permitted thereunder with the balance to be held in abeyance until notice from the Holder that the balance (or portion
thereof) may be issued in compliance with such limitations, which abeyance shall be evidenced through the Existing Warrant which shall
be deemed prepaid thereafter, and exercised pursuant to a Notice of Exercise in the Existing Warrant (provided no additional exercise
price shall be payable).


 






     


     


    

 


Additionally, the Company
agrees to the representations, warranties and covenants set forth on Annex A attached hereto. The Holder represents and warrants
that, as of the date hereof it is, and on each date on which it exercises any New Warrants it will be, an “accredited investor”
as defined in Rule 501 of the Securities Act, and agrees that the New Warrants will contain restrictive legends when issued, and
neither the New Warrants nor the shares of Common Stock issuable upon exercise of the New Warrants (the “New Warrant Shares”)
will be registered under the Securities Act, except as provided in Annex A attached hereto.


 


If this offer is accepted
and this letter agreement is executed and delivered to the Company on or before 9:00 a.m. (New York City time) on November 18,
2022, the Company shall (i) issue a press release disclosing the material terms of the transactions contemplated hereby (the “Press
Release”) (ii) file a prospectus supplement to the Registration Statement with the Securities and Exchange Commission disclosing
the reduced exercise price of the Existing Warrants and (iii) file a Current Report on Form 8-K with the Securities and Exchange
Commission disclosing all material terms of the transactions contemplated hereunder, including this letter agreement as an exhibit thereto
with the Commission within the time required by the Exchange Act. From and after the issuance of the Press Release, the Company represents
to the Holder that it shall have publicly disclosed all material, non-public information delivered to the Holder by the Company or any
of its officers, directors, employees or agents in connection with the transactions contemplated hereby. In addition, effective upon the
issuance of the Press Release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement,
whether written or oral, between the Company or any of its officers, directors, agents, employees or Affiliates on the one hand, and the
Holder or any of its Affiliates on the other hand, shall terminate. From and after the issuance of the Press Release, the Company represents
to the Holder that none of the Company’s directors, officers, employees or agents will provide the Holder with any material, nonpublic
information that is not disclosed in the Press Release.


 


No later than November 22,
2022, the closing of the shall occur at such location as the parties shall mutually agree. Unless otherwise directed by Ladenburg Thalmann &
Co. Inc. (the “Placement Agent”), settlement of the Warrant exercise hereunder shall occur via “Delivery Versus Payment”
(“DVP”) (i.e., on the Closing Date, the Company shall issue the shares of Common Stock issued in the Warrant exercise in the
Holder’s name and address and be released by the Transfer Agent directly to the account(s) of the Placement Agent as identified
by the Holder; upon receipt of such Warrant Shares, the Placement Agent shall promptly electronically deliver such Warrant Shares to the
Holder; and payment of the aggregate exercise price therefor shall be made by the Placement Agent (or its clearing firm) on behalf of
the Holder by wire transfer to the Company). On or prior to the Closing Date, the Holder shall deliver or cause to be delivered to the
Company such Holder’s aggregate exercise price for the Exercised Warrant Shares, which shall be made available for DVP settlement
with the Company or its designee. The date of the closing of the Warrant exercise shall be referred to as the “Closing Date”.
Except as set forth herein, the terms of the Existing Warrants, including but not limited to the obligations to deliver the Existing Warrant
Shares, shall remain in effect as if the acceptance of this offer was a formal exercise notice under the Existing Warrants. In addition,
upon the receipt of the shares of Common Stock pursuant to the Warrant exercise, the Holder agrees to instruct its prime broker to surrender
the Existing Warrants exercised hereunder to the Warrant Agent (as defined in the Existing Warrants) for cancellation.


 






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The Company acknowledges and
agrees that the obligations of the Holder under this letter agreement are several and not joint with the obligations of any other holder
of Common Stock purchase warrants of the Company (each, an “Other Holder”) under any other agreement related to the
exercise of such warrants (“Other Warrant Exercise Agreement”), and the Holder shall not be responsible in any way
for the performance of the obligations of any Other Holder or under any such Other Warrant Exercise Agreement. Nothing contained in this
letter agreement, and no action taken by the Holder pursuant hereto, shall be deemed to constitute the Holder and the Other Holders as
a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Holder and the Other Holders
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this letter agreement
and the Company acknowledges that the Holder and the Other Holders are not acting in concert or as a group with respect to such obligations
or the transactions contemplated by this letter agreement or any Other Warrant Exercise Agreement. The Company and the Holder confirm
that the Holder has independently participated in the negotiation of the transactions contemplated hereby with the advice of its own counsel
and advisors. The Holder shall be entitled to independently protect and enforce its rights, including, without limitation, the rights
arising out of this letter agreement, and it shall not be necessary for any Other Holder to be joined as an additional party in any proceeding
for such purpose.


 


The Company hereby represents
and warrants as of the date hereof and covenants and agrees from and after the date hereof until sixty (60) Trading Days after the date
hereof, that none of the terms offered to any Other Holder with respect to any Other Warrant Exercise Agreement (or any amendment, modification
or waiver thereof), is or will be more favorable to such Other Holder than those of the Holder and this letter agreement. If, and whenever
on or after the date hereof until sixty (60) Trading Days after the date hereof, the Company enters into an Other Warrant Exercise Agreement,
then the Company shall provide notice thereof to the Holder promptly following the occurrence thereof. The provisions of this paragraph
shall apply similarly and equally to each Other Warrant Exercise Agreement.


 


Each party shall pay the fees
and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to
the negotiation, preparation, execution, delivery and performance of this letter agreement. The Company shall pay all transfer agent fees,
stamp taxes and other taxes and duties levied in connection with the delivery of any Existing Warrant Shares. This letter agreement shall
be governed by the laws of the State of New York without regard to the principles of conflicts of law thereof.


 


***************


 






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To accept this offer, Holder
must counter execute this letter agreement and return the fully executed letter agreement to the Company at e-mail: ___________, attention:
_________, on or before 9:00 am (New York City time) on ___________, 2022.


 


Please do not hesitate to
call me if you have any questions.


 


	 	Sincerely
    yours,
	 	 
	 	KIORA
    PHARMACEUTICALS, INC.
	 	 
	 	By: 	                                        
	 	Name:
	 	Title:




 






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Accepted and Agreed to:


 


 


	Name of Holder:	 



 


	Signature of Authorized Signatory of Holder:	 



 


	Name of Authorized Signatory:	 



 


	Title of Authorized Signatory:	 



 


	Existing Warrant Shares:	 







 


Number of Existing Warrants being exercised contemporaneously
with signing this letter: _____________


 


Aggregate Exercise Price of the Existing Warrants
being exercised contemporaneously with signing this letter: $___________________


 


New Warrant Shares: _________________


 


Beneficial Ownership Limitation New Warrant: 4.99%/9.99%


 


Address for Delivery of New Warrant: _________________________


 


DTC Instructions:


 


The Existing Warrant Shares
shall be delivered to the following DWAC Account Number:


 


	 	Broker Name:	 	 
	 	Broker DTC DWAC #:	 	 
	 	Broker Contact:	 	 
	 	Account #:	 	 



 






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Annex A – Representations
and Warranties


 


Representations, Warranties and Covenants of
the Company. The Company hereby makes the following representations and warranties to the Holder:


 


(a)            Registration
Statement. The Existing Warrant Shares are registered for issuance on a Registration Statement on Form S-1 (File No. 333-264641)
(the “Registration Statement”) and the Company knows of no reason why such registration statement shall not remain
effective for the foreseeable future. The Company shall use commercially reasonable efforts to keep the Registration Statement effective
and available for use by the Holder until all Existing Warrant Shares underlying the Existing Warrants are sold by the Holder.


 


(b)            Authorization;
Enforcement. The Company will have the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this letter agreement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this letter
agreement by the Company and the consummation by the Company of the transactions contemplated hereby will be duly authorized by all necessary
action on the part of the Company and no further action is required by the Company, its board of directors or its stockholders in connection
therewith. This letter agreement has been duly executed by the Company and, when delivered in accordance with the terms hereof, will constitute
the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited
by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by
applicable law.


 


(c)            No
Conflicts. The execution, delivery and performance of this letter agreement by the Company and the consummation by the Company of
the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Company’s certificate
of incorporation, bylaws or other organizational or charter documents; or (ii) conflict with, or constitute a default (or an event
that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties
or assets of the Company in connection with, or give to others any rights of termination, amendment, acceleration or cancellation (with
or without notice, lapse of time or both) of, any material agreement, credit facility, debt or other material instrument (evidencing Company
debt or otherwise) or other material understanding to which such Company is a party or by which any property or asset of the Company is
bound or affected, other than for which a waiver has been obtained by the Company; or (iii) subject to Section (d) below,
conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court
or governmental authority to which the Company is subject (including federal and state securities laws and regulations), or by which any
property or asset of the Company is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have
or reasonably be expected to result in a material adverse effect.


 


(d)            Nasdaq
Corporate Governance. The transactions contemplated under this letter agreement, comply with all rules of Nasdaq.


 






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(e)            Issuance
of the New Warrant. The issuance of the New Warrants is duly authorized and, upon the execution of this letter agreement by the undersigned,
will be duly and validly issued, fully paid and nonassessable, free and clear of all liens imposed by the Company, and the New Warrant
Shares, when issued in accordance with the terms of the New Warrant, will be validly issued, fully paid and nonassessable, free and clear
of all liens imposed by the Company. The Company has reserved from its duly authorized capital stock a number of shares of Common Stock
for issuance of the New Warrant Shares in full.


 


(f)            Legends
and Transfer Restrictions.


 


(i)            The
New Warrant and New Warrant Shares may only be disposed of in compliance with state and federal securities laws. In connection with any
transfer of New Warrant or New Warrant Shares other than pursuant to an effective registration statement or Rule 144, to the Company
or to an Affiliate of the undersigned or in connection with a pledge, the Company may require the transferor thereof to provide to the
Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion
shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred New
Warrant and New Warrant Shares under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be
bound by the terms of this letter agreement.


 


(ii)            The
undersigned agrees to the imprinting, so long as is required by this Section (i), of a legend on any of the New Warrant and New Warrant
Shares in the following form:


 


NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE
OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.


 


The Company acknowledges
and agrees that the undersigned may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer
or grant a security interest in some or all of the New Warrant to a financial institution that is an “accredited investor”
as defined in Rule 501(a) under the Securities Act and who agrees to be bound by the provisions of this letter agreement and,
if required under the terms of such arrangement, the undersigned may transfer pledged or secured New Warrant to the pledgees or secured
parties. Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee,
secured party or pledgor shall be required in connection therewith. Further, no notice shall be required of such pledge. At the appropriate
undersigned’s expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of New Warrant
may reasonably request in connection with a pledge or transfer of the New Warrant or New Warrant Shares.


 






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(iii)            Certificates
evidencing the New Warrant Shares shall not contain any legend (including the legend set forth in Section (f)(ii) hereof), (i) while
a registration statement covering the resale of such security is effective under the Securities Act, (ii) following any sale of such
New Warrant Shares pursuant to Rule 144, (iii) if such New Warrant Shares are eligible for sale under Rule 144, or (iv) if
such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements
issued by the staff of the Commission). The Company shall cause its counsel to issue a legal opinion to its transfer agent (if required
by the transfer agent) and the undersigned (if requested by the undersigned) in connection with the removal of the legend hereunder. If
all or any portion of a New Warrant is exercised at a time when there is an effective registration statement to cover the resale of the
New Warrant Shares, or if such New Warrant Shares may be sold under Rule 144 or if such legend is not otherwise required under applicable
requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission) then
such New Warrant Shares shall be issued free of all legends. The Company agrees that following such time as such legend is no longer required
under this Section (f), it will, no later than the earlier of (i) two (2) Trading Days and (ii) the number of Trading
Days comprising the Standard Settlement Period (as defined below) following the delivery by a Purchaser to the Company or the Transfer
Agent of a certificate representing Warrant Shares, as applicable, issued with a restrictive legend (such date, the “Legend Removal
Date”), deliver or cause to be delivered to the undersigned a certificate representing such shares that is free from all restrictive
and other legends. The Company may not make any notation on its records or give instructions to the transfer agent that enlarge the restrictions
on transfer set forth in this Section (f). Certificates for New Warrant Shares subject to legend removal hereunder shall be transmitted
by the transfer agent to the undersigned by crediting the account of the undersigned’s prime broker with the Depository Trust Company
System as directed by the undersigned. “Standard Settlement Period” means the standard settlement period, expressed in a number
of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of
a certificate representing Warrant Shares issued with a restrictive legend.


 


(g)            Public
Information Failure. At any time during the period commencing from the six (6) month anniversary of the date hereof and ending
at such time that all of the New Warrant Shares may be sold without the requirement for the Company to be in compliance with Rule 144(c)(1) and
otherwise without restriction or limitation pursuant to Rule 144, if there is no effective registration statement covering the resale
of all of the New Warrant Shares and the Company (i) shall fail for any reason to satisfy the current public information requirement
under Rule 144(c) or (ii) has ever been an issuer described in Rule 144(i)(1)(i) or becomes an issuer in the
future, and the Company shall fail to satisfy any condition set forth in Rule 144(i)(2) (a “Public Information Failure”)
then, in addition to the undersigned’s other available remedies, the Company shall pay to the undersigned, in cash, as partial liquidated
damages and not as a penalty, by reason of any such delay in or reduction of its ability to sell the New Warrant Shares, an amount in
cash equal to two percent (2.0%) of the aggregate Exercise Price of the undersigned’s New Warrant on the day of a Public Information
Failure and on every thirtieth (30th) day (pro-rated for periods totaling less than thirty days) thereafter until the earlier of (a) the
date such Public Information Failure is cured and (b) such time that such public information is no longer required for the undersigned
to transfer the New Warrant Shares pursuant to Rule 144. The payments to which the undersigned shall be entitled pursuant to this
Section (g) are referred to herein as “Public Information Failure Payments.” Public Information Failure Payments
shall be paid on the earlier of (i) the last day of the calendar month during which such Public Information Failure Payments are
incurred and (ii) the third (3rd) Business Day after the event or failure giving rise to the Public Information Failure Payments
is cured. In the event the Company fails to make Public Information Failure Payments in a timely manner, such Public Information Failure
Payments shall bear interest at the rate of 1.5% per month (prorated for partial months) until paid in full. Nothing herein shall limit
the undersigned’s right to pursue actual damages for the Public Information Failure, and the undersigned shall have the right to
pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive
relief.


 






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(h)            Listing
of Common Stock. The Company shall apply to list or quote all of the New Warrant Shares on Nasdaq and promptly secure the listing
of all of the New Warrant Shares on Nasdaq.


 


(i)            Registration
Statement. As soon as practicable (and in any event within thirty (30) calendar days of the date of this letter agreement), the Company
shall file a registration statement on Form S-1 providing for the resale by the Holders of the New Warrant Shares issued and issuable
upon exercise of the New Warrants.  The Company shall use commercially reasonable efforts to cause such registration to become effective
on or prior to the 30th calendar day after the initial filing date and to keep such registration statement effective at all
times until no Holder owns any New Warrants or New Warrant Shares issuable upon exercise thereof.


 


(j)            Subsequent
Equity Sales. From the date hereof until thirty (30) days after the Closing Date, neither the Company nor any Subsidiary shall (i) issue,
enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents
or (ii) file any registration statement or any amendment or supplement thereto, in each case other than the registration statement
registering the New Warrant Shares. Notwithstanding the foregoing, this Section (j) shall not apply in respect of an Exempt
Issuance. As used herein, “Exempt Issuance” means the issuance of (a) shares of Common Stock or options to employees,
officers or directors of the Company pursuant to any stock or option plan duly adopted for such purpose by a majority of the non-employee
members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose,
(b) securities upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable
or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this letter agreement, provided that
such securities have not been amended since the date of this letter agreement to increase the number of such securities or to decrease
the exercise price, exchange price or conversion price of such securities (except for such decreases in exercise, exchange or conversion
price in accordance with the terms of such securities) or to extend the term of such securities, and (c) securities issued pursuant
to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities
are issued as “restricted securities” (as defined in Rule 144) and carry no registration rights that require or permit
the filing of any registration statement in connection therewith until thirty (30) days after the Closing Date, and provided that any
such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating
company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional
benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily
for the purpose of raising capital or to an entity whose primary business is investing in securities.


 






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Annex B – Form of New Warrant


 






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