Exhibit 10.1


 


WARRANT EXERCISE AGREEMENT


 


This Warrant Exercise Agreement
(this “Agreement”), dated as of May [ ], 2017, is by and between Bio-Path Holdings, Inc., a Delaware corporation
(the “Company”), and the undersigned holder (the “Holder”) of a warrant to purchase shares
of the Company’s common stock, par value $0.001 per share (the “Common Stock”), issued by the Company,
which warrant is exercisable at an exercise price (the “Exercise Price”) of $[ ] per share (the “Original
Warrant”).


 


WHEREAS, the Holder’s
Original Warrant is exercisable into a number of shares of Common Stock as set forth on the Holder’s signature page hereto
(the “Warrant Shares”);


 


WHEREAS, the Holder wishes
to exercise all or a portion of such Original Warrant as set forth herein (but not to the extent an exercise exceeds such Holder’s
Beneficial Ownership Limitation (as defined in the Original Warrant)) and, immediately prior to such exercise and in consideration
of the Holder’s exercise of such Original Warrant, the Company has agreed to issue the Holder, in addition to the shares
of Common Stock to which such exercising Holder is entitled, a new warrant in the form of Exhibit A attached hereto (the
“New Warrant”). The shares of Common Stock underlying the New Warrant are referred to herein as the "New
Warrant Shares" and collectively with the New Warrant, the "Securities". The number of shares of Common
Stock underlying the New Warrant shall be as determined pursuant to Section 2.1(c).


 


NOW, THEREFORE, IN CONSIDERATION
of the mutual covenants contained in this Agreement, and for good and valuable consideration the receipt and adequacy of which
are hereby acknowledged, the Holder and the Company agree as follows:


 


ARTICLE I


DEFINITIONS


 


Section 1.1            Definitions. Capitalized
terms not defined in this Agreement shall have the meanings ascribed to such terms in the Original Warrant or, to the extent such
terms are not defined in the Original Warrant, in the Securities Purchase Agreement dated as of June 29, 2016, by and among the
Company and the purchasers identified on the signature page thereto (the "Securities Purchase Agreement"), as
applicable.


 


ARTICLE II


EXERCISE OF EXISTING WARRANT


 


Section 2.1             Exercise
of Original Warrant.


 


(a)           The Company
and the Holder hereby agree that the Holder shall immediately exercise the Original Warrant with respect to the number of Warrant
Shares set forth on the Holder's signature page hereto at a reduced Exercise Price per share equal to $0.38, otherwise pursuant
to the terms of the Original Warrant. The Holder shall execute and deliver the aggregate cash exercise price for such exercise
of the Original Warrant to the bank account set forth on the Company’s signature page hereto within two business days after
notice from the Company that the condition set forth in Section 2.3 has been met and the Company shall deliver the Warrant Shares
to the Holder via the Depository Trust Company Deposit or Withdrawal at Custodian system pursuant to the terms of the Original
Warrant, but pursuant to instructions set forth on the Holder’s signature page hereto. The date of the closing of the exercise
of the Original Warrant shall be referred to as the “Closing Date”.


 






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(b)           If the
Holder did not exercise the Original Warrant with respect to all Warrant Shares as of the Closing Date, then after the Closing
Date the Holder shall have the right to exercise the Original Warrant with respect to the remaining Warrant Shares otherwise pursuant
to the terms of this Agreement (at an Exercise Price of $0.38 along with receipt of a New Warrant); provided, however,
(i) the Original Warrant shall be amended in accordance with Section 2.4; and (ii) if the Original Warrant has not been exercised
in full with respect to such remaining Warrant Shares on or before the later of (A) June 22, 2017 and (B) the date that the aggregate
trading volume of the Common Stock exceeds 1.7 million shares of Common Stock, subject to adjustment for reverse stock splits and
transactions with similar effect (“Termination Date”), such Original Warrant shall terminate to the extent of
any then-unexercised Warrant Shares and no longer be of any force or effect at 5:00 pm ET on the Termination Date, provided no
Notice of Exercise was tendered prior thereto.


 


(c)           Within
two (2) Trading Days of each of (i) the Closing Date and (ii) each exercise of the Original Warrant thereafter, as applicable,
the Company shall issue to the Holder a New Warrant to purchase such number of New Warrant Shares equal to the number of Warrant
Shares received by the Holder upon such applicable exercise of the Original Warrant.


 


Section 2.2           Legends;
Restricted Securities.


 


(a)           The Holder
understands that the New Warrant and the New Warrant Shares are not, and will not be, registered under the Securities Act of 1933,
as amended (the “Securities Act”), or the securities laws of any state and, accordingly, each certificate, if
any, representing such securities shall bear a legend substantially similar to the following:


 


“THIS SECURITY HAS NOT 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 MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL
INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED
BY SUCH SECURITIES.”


 






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(b)           Certificates
evidencing the New Warrant Shares shall not contain any legend (including the legend set forth in Section 2.2(a) hereof), (i) while
a registration statement covering the resale of such New Warrant Shares 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). In such event, the Company shall cause its counsel to issue a legal opinion
to the Transfer Agent if required by the Transfer Agent to effect 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 and the Company is then in compliance with the current public information
required under Rule 144, or if the New Warrant Shares may be sold under Rule 144 without the requirement for the Company to be
in compliance with the current public information required under Rule 144 as to such New Warrant Shares 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 at such
time as such legend is no longer required under this Section 2.2(b), it will, no later than the earlier of (i) three (3) Trading
Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined below) following the delivery by
the Holder to the Company or the Transfer Agent of a certificate representing New Warrant Shares, as the case may be, issued with
a restrictive legend (such Trading Day, the “Legend Removal Date”), deliver or cause to be delivered to the
Holder 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 2.2(b). Certificates for securities subject to legend removal hereunder shall be transmitted by the Transfer Agent to the
Holder by crediting the account of the Holder’s prime broker with the Depository Trust Company System as directed by the
Holder. As used herein, “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 New Warrant Shares, as the case may be, issued with a restrictive legend.


 






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(c)           In addition
to the Holder’s other available remedies, the Company shall pay to the Holder, in cash, (i) as partial liquidated damages
and not as a penalty, for each $1,000 of New Warrant Shares (based on the VWAP of the Common Stock on the date such New Warrant
Shares are submitted to the Transfer Agent) delivered for removal of the restrictive legend, $10 per Trading Day (increasing to
$20 per Trading Day five (5) Trading Days after such damages have begun to accrue) for each Trading Day after the Legend Removal
Date until such certificate is delivered without a legend and (ii) if the Company fails to (A) issue and deliver (or cause to be
delivered) to the Holder by the Legend Removal Date a certificate representing the New Warrant Shares so delivered to the Company
by the Holder that is free from all restrictive and other legends and (B) if after the Legend Removal Date the Holder purchases
(in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of all or
any portion of the number of shares of Common Stock, or a sale of a number of shares of Common Stock equal to all or any portion
of the number of shares of Common Stock that the Holder anticipated receiving from the Company without any restrictive legend,
then, an amount equal to the excess of the Holder’s total purchase price (including brokerage commissions and other out-of-pocket
expenses, if any) for the shares of Common Stock so purchased (including brokerage commissions and other out-of-pocket expenses,
if any) over the product of (1) such number of New Warrant Shares that the Company was required to deliver to the Holder by the
Legend Removal Date multiplied by (2) the price at which the sell order giving rise to such purchase obligation was executed.


 


Section 2.3           Filing
of Form 8-K and Amendment to Registration Statement. Prior to 9:00 am ET on the Trading Day following the date hereof, the
Company shall issue a Current Report on Form 8-K, reasonably acceptable to the Holder disclosing the material terms of the transactions
contemplated hereby, which shall include this Agreement (the “8-K Filing”). From and after the 8-K Filing, the
Company represents to the Holder that it shall not be in possession of any material, nonpublic information received from the Company,
any of its Subsidiaries or any of their respective officers, directors, employees or agents, that is not disclosed in the 8-K Filing.
In addition, effective upon the 8-K Filing, the Company acknowledges and agrees that any and all confidentiality or similar obligations
under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers,
directors, affiliates, employees or agents, on the one hand, and the Holder or any of its affiliates, on the other hand, shall
terminate. Such 8-K Filing shall be incorporated by reference into the registration statement on Form S-3 (No. 333- 215205) (the
“Registration Statement”), thereby updating the prospectus included therein.


 


Section 2.4           Amendment
to Original Warrant. If the Holder did not exercise the Original Warrant with respect to all Warrant Shares as of the Closing
Date, then effective immediately after the closing of the exercise of the Original Warrant in accordance with Section 2.1(a), (a)
Section 3(e) of the Original Warrant shall be deleted in its entirety and replaced with the provision set forth on Annex A
attached hereto and (b) the provision set forth on Annex B shall be added as a new Section 2(f) to the Original Warrant.


 






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ARTICLE III


REPRESENTATIONS AND WARRANTIES


 


Section 3.1           Representations
and Warranties of the Company. The Company hereby makes the representations and warranties set forth below to the Holder that
as of the date of its execution of this Agreement:


 


(a)           Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this Agreement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement
by the Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action
on the part of such Company and no further action is required by such Company, its board of directors or its stockholders in connection
therewith. This 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.


 


(b)           Organization.
The Company is a duly organized and validly existing corporation in good standing under the laws of the State of Delaware.


 


(c)           Registration
Statement. The Warrant Shares are registered for issuance to the Holder on the Registration Statement, and the Company knows
of no reasons why such Registration Statement shall not remain available for the issuance of such Warrant Shares 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 Warrant Shares are issued to the Holder.


 


(d)           No
Conflicts. The execution, delivery and performance of this 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 or articles 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, 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 the Company is a party or by which any property
or asset of the Company is bound or affected, or (iii) 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.


 






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(e)           Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by this Agreement, the Company confirms
that neither it nor any other Person acting on its behalf has provided the Holder or any of its agents or counsel with any information
that it believes constitutes or might constitute material, non-public information. The Company understands and confirms that the
Holder will rely on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure
furnished by or on behalf of the Company to the Holder regarding the Company and its Subsidiaries, their respective businesses
and the transactions contemplated hereby, including but not limited to the disclosure set forth in the SEC Reports, is true and
correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make
the statements made therein, in light of the circumstances under which they were made, not misleading. As used herein, “SEC
Reports” means all reports, schedules, forms, statements and other documents required to be filed by the Company with
the Commission pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended, including all exhibits
included therein and financial statements, notes and schedules thereto and documents incorporated by reference therein.


 


(f)           Issuance
of Securities. The issuance of the New Warrant is duly authorized and, upon issuance in accordance with the terms of this Agreement,
the New Warrant shall be validly issued and free from all preemptive or similar rights (except for those which have been validly
waived prior to the date hereof), taxes, liens and charges and other encumbrances with respect to the issue thereof. As of the
Closing Date, a number of shares of Common Stock shall have been duly authorized and reserved for issuance which equals or exceeds
the maximum number of New Warrant Shares issuable upon exercise of the New Warrant (without taking into account any limitations
on the exercise of the New Warrant set forth therein). Upon exercise of the New Warrant in accordance with the terms of the New
Warrant, the New Warrant Shares when issued will be validly issued, fully paid and nonassessable and free from all preemptive or
similar rights, taxes, liens, charges and other encumbrances with respect to the issue thereof, with the holders being entitled
to all rights accorded to a holder of Common Stock. Assuming the accuracy of each of the representations and warranties set forth
in Section 3.2 of this Agreement, the offer and issuance by the Company of the New Warrant is exempt from registration under the
Securities Act.


 


(g)           No
General Solicitation. Neither the Company, nor any of its Subsidiaries or affiliates, nor any Person acting on its or their
behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection
with the offer or sale of the New Warrant.


 






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(h)           No
Disqualification Events. With respect to Securities to be offered and sold hereunder in reliance on Rule 506(b) under the Securities
Act, none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of the
Company, any beneficial owner of 20% or more of the Company's outstanding voting equity securities, calculated on the basis of
voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company in any
capacity at the time of sale (each, an "Issuer Covered Person" and, together, "Issuer Covered Persons")
is subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities
Act (a "Disqualification Event"), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The
Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event. The
Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e), and has furnished to the Buyers
a copy of any disclosures provided thereunder, if any.


 


Section 3.2           Representations
and Warranties of the Holder. The Holder hereby makes the representations and warranties set forth below to the Company that
as of the date of its execution of this Agreement:


 


(a)           Due
Authorization. The Holder represents and warrants that (i) the execution and delivery of this Agreement by it and the
consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on its behalf and
(ii) this Agreement has been duly executed and delivered by the Holder and constitutes the valid and binding obligation of
the Holder, enforceable against it in accordance with its terms.


 


(b)           No
Conflicts. The execution, delivery and performance of this Agreement by the Holder and the consummation by the Holder of the
transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Holder’s organizational
or charter documents, or (ii) conflict with or result in a violation of any agreement, law, rule, regulation, order, judgment,
injunction, decree or other restriction of any court or governmental authority which would interfere with the ability of the Holder
to perform its obligations under this Agreement.


 


(c)           Access
to Information. The Holder acknowledges that it has had the opportunity to review this Agreement and the SEC Reports and has
been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives
of the Company concerning the terms and conditions of the exercise of the Original Warrant and issuance of the New Warrant and
the merits and risks of investing in the Warrant Shares underlying the Original Warrant; (ii) access to information about the Company
and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate
its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without
unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment. The Holder
acknowledges and agrees that neither Oppenheimer & Co. Inc. (the “Agent”) nor any Affiliate of the Agent
has provided the Holder with any information or advice with respect to the Original Warrant, the Warrant Shares or the Securities
nor is such information or advice necessary or desired. Neither the Agent nor any Affiliate of the Agent has made or makes any
representation as to the Company or the quality of the Original Warrant, the Warrant Shares or the Securities, and the Agent and
any Affiliate of the Agent may have acquired non-public information with respect to the Company which the Holder agrees need not
be provided to it. In connection with the issuance of the Warrant Shares and the Securities to the Holder, neither the Agent nor
any of its Affiliates has acted as a financial advisor or fiduciary to the Holder.


 






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(d)           Holder
Status. The Holder is an “accredited investor” as defined in Rule 501 under the Securities Act.


 


ARTICLE IV


MISCELLANEOUS


 


Section 4.1           Subsequent
Equity Sales.


 


(a)           From
the date hereof until ninety (90) days after the Closing Date, neither the Company nor any Subsidiary shall issue, enter into any
agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents (including,
but not limited, any agreement with another holder of the Original Warrant not Affiliated with the Holder), without the prior written
consent of the Holder .


 


(b)           From
the date hereof until two (2) years after the Closing Date, the Company shall be prohibited from effecting or entering into an
agreement to effect any issuance by the Company or any of its Subsidiaries of Common Stock or Common Stock Equivalents (or a combination
of units thereof) involving a Variable Rate Transaction.


 


(c)           Notwithstanding
the foregoing, this Section 4.1 shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction shall
be an Exempt Issuance.


 


(d)           For the avoidance of doubt,
the terms "Variable Rate Transaction" and "Exempt Issuance" shall have the meanings ascribed
to them as set forth in the Securities Purchase Agreement.


 


Section 4.3           Notices. Any
and all notices or other communications or deliveries required or permitted to be provided hereunder shall be made by email to
the email address of Holders set forth on Holders’ signature page.


 


Section 4.4           Survival. All
warranties and representations (as of the date such warranties and representations were made) made herein or in any certificate
or other instrument delivered by any party hereto or on its behalf under this Agreement shall be considered to have been relied
upon by the parties hereto and shall survive the issuance of the Warrant Shares. This Agreement shall inure to the benefit of and
be binding upon the successors and permitted assigns of each of the parties; provided, however that no party may
assign this Agreement or the obligations and rights of such party hereunder without the prior written consent of the other parties
hereto.


 






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Section 4.5           Execution. This
Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood
that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission, such
signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with
the same force and effect as if such facsimile signature page were an original thereof.


 


Section 4.6           Severability.
If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the
remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt
to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate
such substitute provision in this Agreement.


 


Section 4.7           Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined
pursuant to the Governing Law provision of the Original Warrant.


 


Section 4.8           Entire
Agreement. The Agreement, together with the exhibits and schedules thereto, contain the entire understanding of the parties
with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect
to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.


 


Section 4.9           Construction.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.


 


Section 4.10         Fees
and Expenses. 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
Agreement; provided, however that the Company shall reimburse the Holder or the Holder's designated Affiliate for
up to $10,000.00 of the aggregate reasonable legal fees and expenses incurred by the Holder and all Affiliates of the Holder in
connection herewith. The Company shall pay all transfer agent fees, stamp taxes and other taxes and duties levied in connection
with the delivery of any Warrant Shares.


 


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


 




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IN WITNESS WHEREOF, the undersigned have
executed this Warrant Exercise Agreement as of the date first written above.


 





	COMPANY:	 
	 	 
	BIO-PATH HOLDINGS, INC.	 
	 	 	 
	By:	 	 
	Name:	Peter H. Nielsen	 
	Title:	President and Chief Executive Officer	 






Bank Account and Wire Instructions


 




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[HOLDER SIGNATURE PAGES TO BPTH


WARRANT EXERCISE AGREEMENT] 


 


IN WITNESS WHEREOF, the undersigned have caused this Warrant Exercise
Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.


 


	Name of Holder:	 


 


	Signature of Authorized Signatory of Holder:	 


 


	Name of Authorized Signatory:	 


 


	Title of Authorized Signatory:	 


 


	Email Address of Holder:	 


 


	Number of Warrant Shares underlying Original Warrant Held:	 


 


	Number of Warrant Shares underlying Original Warrant to be exercised:	 


 


	Aggregate Exercise Price of  Original Warrant to be Exercised:	 


 


	New Warrant Shares underlying New Warrant:	 


 


DWAC Instructions for Warrant Shares
to be issued upon exercise of Original Warrant:_________________


 


	Deliver address of New Warrant:	 


 




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Exhibit A

Form of New Warrant


 


[See attached]


 




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Annex A


 


"e)           Fundamental Transaction. If,
at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects
any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale,
lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series
of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company
or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares
for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv)
the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization
of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged
for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates
a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than
50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons
making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement
or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this
Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately
prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section
2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the
Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise
of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction (other than a Fundamental Transaction
not approved by the Company’s Board of Directors) the Company or any Successor Entity (as defined below) shall, at the Holder’s
option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or,
if later, the date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder
by paying to the Holder an amount of cash equal to the Black Scholes Value of the remaining unexercised portion of this Warrant
on the date of the consummation of such Fundamental Transaction; provided, however, that for the avoidance of doubt, if
the Fundamental Transaction is not approved by the Company’s Board of Directors, Holder shall not have the option to require
the Company to purchase this Warrant. “Black Scholes Value” means the value of this Warrant based on the Black
and Scholes Option Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”)
determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free
interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement
of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and
the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement
of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the sum of the
price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental
Transaction and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental
Transaction and the Termination Date. The payment of the Black Scholes Value will be made by wire transfer of immediately available
funds within five Business Days of the Holder’s election (or, if later, on the effective date of the Fundamental Transaction).
The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents
in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory
to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option
of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital
stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise
of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and
with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the
relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock,
such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance
to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for, the Company (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other
Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and the Successor Entity
may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and
the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein. "


 




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Annex B


 


"f)           No
net cash settlement. In the event that the Company does not have an effective registration statement registering, or the prospectus
contained therein is not available for the issuance of, the Warrant Shares to the Holder, there is no circumstance that would
require the Company to net cash settle the warrants."


 








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