Exhibit 4.1


 


	NO.  	Q HOLDINGS, INC.	Warrant A


 


WARRANT TO PURCHASE COMMON STOCK


 


VOID AFTER 5:00 P.M., EASTERN 


TIME, ON THE EXPIRATION DATE


 


THIS WARRANT AND ANY SHARES ACQUIRED UPON
THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND
MAY NOT BE SOLD, PLEDGED, HYPOTHECATED, DONATED OR OTHERWISE TRANSFERRED WITHOUT COMPLIANCE WITH THE REGISTRATION OR QUALIFICATION
PROVISIONS OF APPLICABLE FEDERAL AND STATE SECURITIES LAWS OR APPLICABLE EXEMPTIONS THEREFROM.


 


FOR VALUE RECEIVED,
Q HOLDINGS, INC., a Delaware corporation (the “Company”), hereby agrees to sell upon the terms and on
the conditions hereinafter set forth, but no later than 5:00 p.m., Eastern Time, on the Expiration Date (as hereinafter defined)
to _____________. or registered assigns (the “Holder”), under the terms as hereinafter set forth, ____________________________________________________________________________
fully paid and non-assessable shares of the Company’s Common Stock, par value $0.0001 per share (the “Warrant Stock”),
at a purchase price of ONE DOLLAR ($1.00) per share (the “Warrant Price”), pursuant to this warrant (this “Warrant”).
The number of shares of Warrant Stock to be so issued and the Warrant Price are subject to adjustment in certain events as hereinafter
set forth. The term “Common Stock” shall mean, when used herein, unless the context otherwise requires, the
stock and other securities and property at the time receivable upon the exercise of this Warrant.


 


1.        Exercise
of Warrant.


 


a.        The
Holder may exercise this Warrant according to its terms by surrendering this Warrant to the Company at the address set forth in
Section 9, the Notice of Exercise attached hereto having then been duly executed by the Holder, accompanied by cash, certified
check or bank draft in payment of the purchase price, in lawful money of the United States of America, for the number of shares
of the Warrant Stock specified in the Notice of Exercise, or as otherwise provided in this Warrant, prior to 5:00 p.m., Eastern
Time, on ________ __, 2018 (the “Expiration Date”).


 


b.        INTENTIONALLY
OMITTED


 



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c.        This
Warrant may be exercised in whole or in part so long as any exercise in part hereof would not involve the issuance of fractional
shares of Warrant Stock. If exercised in part, the Company shall deliver to the Holder a new Warrant, identical in form, in the
name of the Holder, evidencing the right to purchase the number of shares of Warrant Stock as to which this Warrant has not been
exercised, which new Warrant shall be signed by the Chairman, Chief Executive Officer or President and the Secretary or Assistant
Secretary of the Company. The term Warrant as used herein shall include any subsequent Warrant issued as provided herein.


 


d.        No
fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. If, upon exercise
of this Warrant, a holder would be entitled to receive a fractional interest in a share, the Company will, upon exercise, round
up or down to the nearest whole number the number of shares of Common Stock to be issued to the Warrant holder.


 


e.        In
the event of any exercise of the rights represented by this Warrant, a certificate or certificates for the Warrant Stock so purchased,
registered in the name of the Holder, shall be delivered to the Holder within a reasonable time after such rights shall have been
so exercised. The person or entity in whose name any certificate for the Warrant Stock is issued upon exercise of the rights represented
by this Warrant shall for all purposes be deemed to have become the holder of record of such shares immediately prior to the close
of business on the date on which the Warrant was surrendered and payment of the Warrant Price and any applicable taxes was made,
irrespective of the date of delivery of such certificate, except that, if the date of such surrender and payment is a date when
the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the
opening of business on the next succeeding date on which the stock transfer books are open. The Company shall pay any and all documentary
stamp or similar issue or transfer taxes payable in respect of the issue or delivery of shares of Common Stock on exercise of this
Warrant.


 


2.        Disposition
of Warrant Stock and Warrant.


 


a.        The
Holder hereby acknowledges that this Warrant and any Warrant Stock purchased pursuant hereto are, as of the date hereof, not registered:
(i) under the Securities Act of 1933, as amended (the “Act”), on the ground that the issuance of this Warrant
is exempt from registration under Section 4(2) of the Act as not involving any public offering or (ii) under any applicable state
securities law because the issuance of this Warrant does not involve any public offering; and that the Company’s reliance
on the Section 4(2) exemption of the Act and under applicable state securities laws is predicated in part on the representations
hereby made to the Company by the Holder that it is acquiring this Warrant and will acquire the Warrant Stock for investment for
its own account, with no present intention of dividing its participation with others or reselling or otherwise distributing the
same, subject, nevertheless, to any requirement of law that the disposition of its property shall at all times be within its control.


 


The Holder hereby
agrees, until or unless such Warrant Stock is registered under the “Act”, that it will not sell or transfer all or
any part of this Warrant and/or Warrant Stock unless and until it shall first have given notice to the Company describing such
sale or transfer and furnished to the Company either (i) an opinion, reasonably satisfactory to counsel for the Company, of counsel
(skilled in securities matters, selected by the Holder and reasonably satisfactory to the Company) to the effect that the proposed
sale or transfer may be made without registration under the Act and without registration or qualification under any state law,
or (ii) an interpretative letter from the Securities and Exchange Commission to the effect that no enforcement action will be recommended
if the proposed sale or transfer is made without registration under the Act.


 



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b.        If,
at the time of issuance of the shares issuable upon exercise of this Warrant, no registration statement is in effect with respect
to such shares under applicable provisions of the Act, the Company may at its election require that the Holder provide the Company
with written reconfirmation of the Holder’s investment intent and that any stock certificate delivered to the Holder of a
surrendered Warrant shall bear legends reading substantially as follows:


 


“THE SHARES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 OR AN OPINION OF COUNSEL SATISFACTORY
TO THE ISSUER OF THIS CERTIFICATE THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT.”


 


In addition, so long as the foregoing
legend may remain on any stock certificate delivered to the Holder, the Company may maintain appropriate “stop transfer”
orders with respect to such certificates and the shares represented thereby on its books and records and with those to whom it
may delegate registrar and transfer functions.


 


3.        Reservation
of Shares. The Company hereby agrees that at all times there shall be reserved for issuance upon the exercise of this Warrant
such number of shares of its Common Stock as shall be required for issuance upon exercise of this Warrant. The Company further
agrees that all shares which may be issued upon the exercise of the rights represented by this Warrant will be duly authorized
and will, upon issuance and against payment of the exercise price, be validly issued, fully paid and non-assessable, free from
all taxes, liens, charges and preemptive rights with respect to the issuance thereof, other than taxes, if any, in respect of any
transfer occurring contemporaneously with such issuance and other than transfer restrictions imposed by federal and state securities
laws.


 


4.        Exchange,
Transfer or Assignment of Warrant. This Warrant is exchangeable, without expense, at the option of the Holder, upon presentation
and surrender hereof to the Company or at the office of its stock transfer agent, if any, for other Warrants of different denominations,
entitling the Holder or Holders thereof to purchase in the aggregate the same number of shares of Common Stock purchasable hereunder.
Upon surrender of this Warrant to the Company or at the office of its stock transfer agent, if any, with the Assignment Form annexed
hereto duly executed and funds sufficient to pay any transfer tax, the Company shall, without charge, execute and deliver a new
Warrant in the name of the assignee named in such instrument of assignment and this Warrant shall promptly be canceled. This Warrant
may be divided or combined with other Warrants that carry the same rights upon presentation hereof at the office of the Company
or at the office of its stock transfer agent, if any, together with a written notice specifying the names and denominations in
which new Warrants are to be issued and signed by the Holder hereof.


 



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5.        Capital
Adjustments. This Warrant is subject to the following further provisions:


 


a.        Adjustment
Upon Issuance of Common Stock. If and whenever on or after the date hereof and through the earlier to occur of (i) first anniversary
of the date hereof and (ii) date that there is an effective registration statement on file with the Securities and Exchange Commission
covering the resale of all of the shares of Warrant Stock and all of the shares of Common Stock issued in the Offering (as defined
in the Company’s Confidential Private Placement Memorandum dated March 17, 2011, as supplemented to date), the Company issues
or sells any shares of Common Stock or securities convertible into Common Stock, other than an Exempt Issuance (as defined below),
for a consideration per share of Common Stock (the “New Issuance Price”) less than a price equal to $1.00 (subject
to appropriate adjustment for any stock dividend, stock split, stock combination, reclassification or similar transaction after
the date hereof) (a “Dilutive Issuance”), then immediately after such Dilutive Issuance, the Warrant Price then
in effect shall be reduced to an amount equal to the New Issuance Price multiplied by 1.0. For purposes of this Warrant, “Exempt
Issuance” shall mean the issuance of (a) shares of Common Stock or options to employees, officers, directors, or consultants
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 of the Company or a majority of the members of a committee of non-employee directors, (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 Warrant, provided that such securities
have not been amended since the date of this Warrant to increase the number of such securities or to decrease the exercise, exchange
or conversion price 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 any such issuance shall only be to a person which is either
an owner of, or an entity that is, itself or through its subsidiaries, an operating company in a business synergistic with the
business of the Company and in which the Company receives 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.


 


b.        Recapitalization,
Reclassification and Succession. If any recapitalization of the Company or reclassification of its Common Stock or any merger
or consolidation of the Company into or with a corporation or other business entity, or the sale or transfer of all or substantially
all of the Company’s assets or of any successor corporation’s assets to any other corporation or business entity (any
such corporation or other business entity being included within the meaning of the term “successor corporation”) shall
be effected, at any time while this Warrant remains outstanding and unexpired, then, as a condition of such recapitalization, reclassification,
merger, consolidation, sale or transfer, lawful and adequate provision shall be made whereby the Holder of this Warrant thereafter
shall have the right to receive upon the exercise hereof as provided in Section 1 and in lieu of the shares of Common Stock immediately
theretofore issuable upon the exercise of this Warrant, such shares of capital stock, securities or other property as may be issued
or payable with respect to or in exchange for a number of outstanding shares of Common Stock equal to the number of shares of Common
Stock immediately theretofore issuable upon the exercise of this Warrant had such recapitalization, reclassification, merger, consolidation,
sale or transfer not taken place, and in each such case, the terms of this Warrant shall be applicable to the shares of stock or
other securities or property receivable upon the exercise of this Warrant after such consummation.


 



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c.        Subdivision
or Combination of Shares. If the Company at any time while this Warrant remains outstanding and unexpired shall subdivide or
combine its Common Stock, the number of shares of Warrant Stock purchasable upon exercise of this Warrant and the Warrant Price
shall be proportionately adjusted.


 


d.        Stock
Dividends and Distributions. If the Company at any time while this Warrant is outstanding and unexpired shall issue or pay
the holders of its Common Stock, or take a record of the holders of its Common Stock for the purpose of entitling them to receive,
a dividend payable in, or other distribution of, Common Stock, then (i) the Warrant Price shall be adjusted in accordance with
Section 5(f) and (ii) the number of shares of Warrant Stock purchasable upon exercise of this Warrant shall be adjusted to the
number of shares of Common Stock that the Holder would have owned immediately following such action had this Warrant been exercised
immediately prior thereto.


 


e.        Stock
and Rights Offering to Shareholders. If the Company shall at any time after the date of issuance of this Warrant distribute
to all holders of its Common Stock any shares of capital stock of the Company (other than Common Stock) or evidences of its indebtedness
or assets (excluding cash dividends or distributions paid from retained earnings or current year’s or prior year’s
earnings of the Company) or rights or warrants to subscribe for or purchase any of its securities (excluding those referred to
in the immediately preceding paragraph) (any of the foregoing being hereinafter in this paragraph called the “Securities”),
then in each such case, the Company shall reserve shares or other units of such Securities for distribution to the Holder upon
exercise of this Warrant so that, in addition to the shares of the Common Stock to which such Holder is entitled, such Holder will
receive upon such exercise the amount and kind of such Securities which such Holder would have received if the Holder had, immediately
prior to the record date for the distribution of the Securities, exercised this Warrant.


 


f.        Warrant
Price Adjustment. Except as otherwise provided herein, whenever the number of shares of Warrant Stock purchasable upon exercise
of this Warrant is adjusted, as herein provided, the Warrant Price payable upon the exercise of this Warrant shall be adjusted
to that price determined by multiplying the Warrant Price immediately prior to such adjustment by a fraction (i) the numerator
of which shall be the number of shares of Warrant Stock purchasable upon exercise of this Warrant immediately prior to such adjustment,
and (ii) the denominator of which shall be the number of shares of Warrant Stock purchasable upon exercise of this Warrant immediately
thereafter.


 


g.        Certain
Shares Excluded. The number of shares of Common Stock outstanding at any given time for purposes of the adjustments set forth
in this Section 5 shall exclude any shares then directly or indirectly held in the treasury of the Company.


 


h.        Deferral
and Cumulation of De Minimis Adjustments. The Company shall not be required to make any adjustment pursuant to this Section
5 if the amount of such adjustment would be less than one percent (1%) of the Warrant Price in effect immediately before the event
that would otherwise have given rise to such adjustment. In such case, however, any adjustment that would otherwise have been required
to be made shall be made at the time of and together with the next subsequent adjustment which, together with any adjustment or
adjustments so carried forward, shall amount to not less than one percent (1%) of the Warrant Price in effect immediately before
the event giving rise to such next subsequent adjustment.


 



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i.        Duration
of Adjustment. Following each computation or readjustment as provided in this Section 5, the new adjusted Warrant Price and
number of shares of Warrant Stock purchasable upon exercise of this Warrant shall remain in effect until a further computation
or readjustment thereof is required.


 


6.        Call
Right. Subject to the provisions of Section 7, this Warrant may be redeemed prior to the Expiration Date, at the option of
the Company, at a price of $0.001 per share of Warrant Stock (“Redemption Price”), upon not less than 10 days
prior written notice (“Redemption Period”) to the Holder notifying Holder of the Company’s intent to exercise
such right and setting forth a time and date for such redemption; provided, however, that no redemption under this
Section 6 may occur unless (i) the Company’s Common Stock has had a per share closing sales price of at least $1.50 for ten
(10) consecutive trading days and (ii) at the date of the redemption notice and during the entire Redemption Period there is an
effective registration statement covering the resale of the Warrant Stock. This Warrant may be exercised by the Holder, for cash,
at any time after notice of redemption has been given by the Company and prior to the time and date fixed for redemption, and the
other provisions of this Warrant shall remain in full force and effect through and including the redemption date. On and after
the redemption date, the Holder shall have no further rights except to receive, upon surrender of this Warrant, the Redemption
Price.


 


7.        Limitation
on Exercises. - INTENTIONALLY OMITTED


 


8.        Notice
to Holders.


 


a.        Notice
of Record Date. In case:


 


(i)        the
Company shall take a record of the holders of its Common Stock (or other stock or securities at the time receivable upon the exercise
of this Warrant) for the purpose of entitling them to receive any dividend (other than a cash dividend payable out of earned surplus
of the Company) or other distribution, or any right to subscribe for or purchase any shares of stock of any class or any other
securities, or to receive any other right;


 


(ii)        of
any capital reorganization of the Company, any reclassification of the capital stock of the Company, any consolidation with or
merger of the Company into another corporation, or any conveyance of all or substantially all of the assets of the Company to another
corporation; or


 


(iii)        of
any voluntary dissolution, liquidation or winding-up of the Company;


 



    	D - Warrant A - 6



    	 



    

 


then, and in each such case, the Company
will mail or cause to be mailed to the Holder hereof at the time outstanding a notice specifying, as the case may be, (i) the date
on which a record is to be taken for the purpose of such dividend, distribution or right, and stating the amount and character
of such dividend, distribution or right, or (ii) the date on which such reorganization, reclassification, consolidation, merger,
conveyance, dissolution, liquidation or winding-up is to take place, and the time, if any, is to be fixed, as of which the holders
of record of Common Stock (or such stock or securities at the time receivable upon the exercise of this Warrant) shall be entitled
to exchange their shares of Common Stock (or such other stock or securities) for securities or other property deliverable upon
such reorganization, reclassification, consolidation, merger, conveyance, dissolution or winding-up. Such notice shall be mailed
at least thirty (30) days prior to the record date therein specified, or if no record date shall have been specified therein, at
least thirty (30) days prior to such specified date, provided, however, failure to provide any such notice shall not affect the
validity of such transaction.


 


b.        Certificate
of Adjustment. Whenever any adjustment shall be made pursuant to Section 5 hereof, the Company shall promptly make a certificate
signed by its Chairman, Chief Executive Officer, President, Vice President, Chief Financial Officer or Treasurer, setting forth
in reasonable detail the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was
calculated and the Warrant Price and number of shares of Warrant Stock purchasable upon exercise of this Warrant after giving effect
to such adjustment, and shall promptly cause copies of such certificates to be mailed (by first class mail, postage prepaid) to
the Holder of this Warrant.


 


9.        Loss,
Theft, Destruction or Mutilation. Upon receipt by the Company of evidence satisfactory to it, in the exercise of its reasonable
discretion, of the ownership and the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or
destruction, of indemnity reasonably satisfactory to the Company and, in the case of mutilation, upon surrender and cancellation
thereof, the Company will execute and deliver in lieu thereof, without expense to the Holder, a new Warrant of like tenor dated
the date hereof.


 


10.        Warrant
Holder Not a Stockholder. The Holder of this Warrant, as such, shall not be entitled by reason of this Warrant to any rights
whatsoever as a stockholder of the Company.


 


11.        Notices.
Any notice required or contemplated by this Warrant shall be deemed to have been duly given if transmitted by registered or certified
mail, return receipt requested, or nationally recognized overnight delivery service, to the Company at its principal executive
offices located at 615 Arapeen Drive, Suite 102, Salt Lake City, UT 84108. Attention: Steven J. Borst, Chief Financial Officer,
or to the Holder at the name and address set forth in the Warrant Register maintained by the Company.


 


12.        Choice
of Law. THIS WARRANT IS ISSUED UNDER AND SHALL FOR ALL PURPOSES BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL
LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAW.


 


13.        Jurisdiction
and Venue. The Company and Holder hereby agree that any dispute which may arise between them arising out of or in connection
with this Warrant shall be adjudicated before a court located in Salt Lake City, Utah and they hereby submit to the exclusive jurisdiction
of the federal and state courts of the State of Utah located in Salt Lake City with respect to any action or legal proceeding commenced
by any party, and irrevocably waive any objection they now or hereafter may have respecting the venue of any such action or proceeding
brought in such a court or respecting the fact that such court is an inconvenient forum, relating to or arising out of this Warrant
or any acts or omissions relating to the sale of the securities hereunder, and consent to the service of process in any such action
or legal proceeding by means of registered or certified mail, return receipt requested, in care of the address set forth herein
or such other address as either party shall furnish in writing to the other.


 


[SIGNATURE PAGE FOLLOWS]


 



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IN WITNESS WHEREOF, the Company
has duly caused this Warrant to be signed on its behalf, in its corporate name and by its duly authorized officers, as of this
__th day of _______, 2011.


 


	 	Q HOLDINGS, INC.
	 	 
	 	By: 	 
	 	Name: Deborah A. Eppstein, PhD
	 	Title: President and CEO


 



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NOTICE OF EXERCISE


 


	TO:	Q HOLDINGS, INC.
	 	615 ARAPEEN DRIVE
	 	Suite 102
	 	SALT LAKE CITY, UT 84108
	 	Attn: Chief Financial Officer
	 	Tel: (801) 582-5400
	 	Fax: (801) 582-5401


 


(1)        The
undersigned hereby elects to purchase ______________ shares of Warrant Stock of the Company pursuant to the terms of the attached
Warrant to Purchase Common Stock, and tenders herewith payment of the exercise price or _________________Warrants X $1.00 (or adjusted)
per share, in the total amount of $__________________________in full, together with all applicable transfer taxes, if any.


 


(2)        Payment
shall take the form of lawful money of the United States.


 


(3)        Please
issue a certificate or certificates representing said shares of Warrant Stock in the name and address of the undersigned or in
such other name as is specified below:


 


	NAME: 	 


 


	ADDRESS 	 


 


The shares of Warrant Stock
shall be delivered to the following DWAC Account Number, if permitted, or by physical delivery of a certificate to:


 


	 
	 
	 
	 
	 


 


(4)        Accredited
Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities
Act of 1933, as amended.


 



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[SIGNATURE OF HOLDER]


 


	Name of Investing Entity: 	 


 


	Signature of Authorized Signatory of Investing Entity:  	 


 


	Name and Title of Authorized Signatory: 	 


 


	Date: 	 


 



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ASSIGNMENT FORM 


 


(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)


 


FOR VALUE RECEIVED, all
of or shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to


 


_________________________ whose address is


 


	 	 
	 	 
	 	 
	 	 
	 	 


 


Dated: ________, ___


 


	Holder’s Name: 	 
	 	 
	Holder’s Signature: 	 
	 	 
	Name and Title of Signatory: 	 
	 	 
	Holder’s Address: 	 
	 	 
	Signature Guaranteed: 	 


 


NOTE: The signature to this Assignment
Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever,
and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative
capacity should file proper evidence of authority to assign the foregoing Warrant.


 






    	D - Warrant A - 11