Exhibit 4.1


 


FORM OF REPRESENTATIVE’S WARRANT


 


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 AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH
SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. 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.


 


Form of Underwriter’s Warrant


 


THE REGISTERED HOLDER OF THIS
PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT AS HEREIN PROVIDED
AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE
WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY (180) DAYS FOLLOWING THE LATER OF THE EFFECTIVE DATE (AS DEFINED BELOW) OR THE COMMENCEMENT
OF SALES OF THE OFFERING TO WHICH THIS PURCHASE WARRANT RELATES TO ANYONE OTHER THAN (I) LAIDLAW
& COMPANY (UK) lTD. OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR
PARTNER OF LAIDLAW & COMPANY (UK) lTD. OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.


 


THIS PURCHASE WARRANT IS NOT
EXERCISABLE PRIOR TO MARCH 25, 2023. VOID AFTER 5:00 P.M., EASTERN TIME, SEPTEMBER 26, 2027.


 


COMMON STOCK PURCHASE WARRANT


 


For the Purchase of 57,500 Shares of Common Stock


of


SILO PHARMA, INC.


 


1. Purchase Warrant. THIS CERTIFIES THAT, for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, Laidlaw & Co. (UK) Ltd., (“Holder”),
as registered owner of this Purchase Warrant, is entitled, at any time or from time to time from March 25, 2023 (the “Commencement
Date”), and at or before 5:00 p.m., Eastern time, September 26, 2027 (the “Expiration Date”), but not thereafter,
to subscribe for, purchase and receive, in whole or in part, up to 57,500 (the “Shares”) of common stock, par value
$0.0001 per share (the “Common Stock”), of Silo Pharma, Inc., a Delaware corporation (the “Company”),
subject to adjustment as provided in Section 6 hereof. If the Expiration Date is a day on which banking institutions are authorized or
required by law or executive order to close, then this Purchase Warrant may be exercised on the next succeeding day which is not such
a day in accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action
that would terminate this Purchase Warrant. This Purchase Warrant is initially exercisable at $6.25 per Share; provided, however,
that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted by this Purchase Warrant, including the
exercise price per Share and the number of Shares to be received upon such exercise, shall be adjusted as therein specified. This Purchase
Warrant is being issued in connection with a public offering of shares of Common Stock pursuant to the Company’s registration statement
on Form S-1 (File No.: 333-261532 (the “Offering”). The term “Exercise Price” shall mean the initial
exercise price or the adjusted exercise price, depending on the context. As used herein, “Effective Date” means the
date on which the Shares being sold in the Offering first become legally eligible for distribution to the public as determined in accordance
with FINRA Conduct Rule 5110(a)(12).


 






    


     


    

 


2. Exercise.


 


2.1 Exercise Form.
In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed and delivered to the
Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased payable in cash by wire
transfer of immediately available funds to an account designated by the Company or by certified check or official bank check. If the subscription
rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date, this Purchase Warrant shall
become and be void without further force or effect, and all rights represented hereby shall cease and expire.


 


2.2 Cashless Exercise.
If at any time after the Commencement Date there is no effective registration statement registering, or no current prospectus available
for, the resale of the Shares by the Holder, in lieu of exercising this Purchase Warrant by payment of cash or check payable to the order
of the Company pursuant to Section 2.1 above, Holder may elect to receive the number of Shares equal to the value of this Purchase Warrant
(or the portion thereof being exercised), by surrender of this Purchase Warrant to the Company, together with the exercise form attached
hereto, in which event the Company will issue to Holder Shares in accordance with the following formula:


 





	 	X	=	Y(A-B)	 
	A	 
	Where,	 	 	 
	 	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share; and
	 	B	=	The Exercise Price.
	 	 	 	 	 	 	 





For purposes of this Section
2.2, the fair market value of a Share is defined as follows:


 


	 	(i)	if the Common Stock is traded on a securities exchange, the value shall be deemed to be the closing price on such exchange on the trading day prior to the exercise form being submitted in connection with the exercise of the Purchase Warrant;


 


	 	(ii)	if the Common Stock is actively traded on an over-the-counter market, the value shall be deemed to be the closing bid on the trading day prior to the exercise form being submitted in connection with the exercise of the Purchase Warrant; or


 


	 	(iii)	if there is no active public market in the United States, the value shall be the fair market value thereof, as determined in good faith by the Company’s Board of Directors.


 


3. Transfer.


 


The registered Holder of this Purchase Warrant
agrees by his, her or its acceptance hereof, that such Holder will not: (a) sell, transfer, assign, pledge or hypothecate this Purchase
Warrant for a period of one hundred eighty (180) days following the later of the Effective Date or the commencement of Effective Date
or the commencement of sales of the Offering in accordance with FINRA Rule 5110(f)(2)(G)(iv) (the later of such dates, the “Transferability
Date”) to anyone other than: (i) Laidlaw & Company (UK) Ltd. (“Laidlaw”) or an underwriter or a selected
dealer participating in the Offering, or (ii) a bona fide officer or partner of Laidlaw or of any such underwriter or selected dealer,
in each case in accordance with FINRA Conduct Rule 5110(g)(1), or (b) cause this Purchase Warrant or the securities issuable hereunder
to be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition
of this Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(g)(2). On and after the Transferability
Date, transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted
assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed and completed, together with the
Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within five (5) Business
Days transfer this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants
of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Shares purchasable hereunder
or such portion of such number as shall be contemplated by any such assignment. The registered Holder of this Purchase Warrant agrees
by his, her or its acceptance hereof, that such Holder will not sell, transfer, assign, pledge or hypothecate this Purchase Warrant.


 






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The securities
evidenced by this Purchase Warrant shall not be transferred unless and until: (a) the Company has received the opinion of counsel for
the Holder that the securities may be transferred pursuant to an exemption from registration under the Securities Act and applicable state
securities laws, the availability of which is established to the reasonable satisfaction of the Company (the Company hereby agreeing that
the opinion of Lowenstein Sandler LLP shall be deemed satisfactory evidence of the availability of an exemption), or (b) a registration
statement or a post-effective amendment to a registration statement relating to the offer and sale of such securities has been filed by
the Company and declared effective by the U.S. Securities and Exchange Commission (the “Commission”) and compliance
with applicable state securities law has been established.


 


4. Registration Rights.


 


4.1 Demand Registration.


 


4.1.1 Grant of Right.
Unless a registration statement covering the exercise of this Purchase Warrant and the sale of the Shares by the Holder is in effect and
available, the Company, upon written demand (a “Demand Notice”) of the Holder(s) of at least 51% of the Purchase Warrants
and/or the underlying Shares (“Majority Holders”), agrees to register, on one occasion, all or any portion of the Shares
underlying the Purchase Warrants (collectively, the “Registrable Securities”). On such occasion, the Company will file
a registration statement with the Commission covering the Registrable Securities within sixty (60) days after receipt of a Demand Notice
and use its reasonable best efforts to have the registration statement declared effective promptly thereafter, subject to compliance with
review by the Commission; provided, however, that the Company shall not be required to comply with a Demand Notice if the
Company has filed a registration statement with respect to which the Holder is entitled to piggyback registration rights pursuant to Section
4.2 hereof and either: (i) the Holder has elected to participate in the offering covered by such registration statement or (ii) if such
registration statement relates to an underwritten primary offering of securities of the Company, until the offering covered by such registration
statement has been withdrawn or until thirty (30) days after such offering is consummated. The demand for registration may be made at
any time on or after the Commencement Date and for a period of no more than five (5) years from the Effective Date or the commencement
of sales of the Offering in accordance with FINRA Rule 5110(f)(2)(G)(iv). The Company covenants and agrees to give written notice of its
receipt of any Demand Notice by any Holder(s) to all other registered Holders of the Purchase Warrants and/or the Registrable Securities
within ten (10) days after the date of the receipt of any such Demand Notice. Notwithstanding the foregoing, the Company shall not be
required to register any Registrable Securities pursuant to this Section that are subject of a then effective registration statement.


 


4.1.2 Terms. The Company
shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section 4.1.1, but the Holders
shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection
with the sale of the Registrable Securities. The Company agrees to use its commercially reasonable efforts to cause the filing required
herein to become effective promptly and to qualify or register the Registrable Securities in such States as are reasonably requested by
the Holder(s); provided, however, that in no event shall the Company be required to register the Registrable Securities
in a State in which such registration would cause: (i) the Company to be obligated to register or license to do business in such State
or submit to general service of process in such State, or (ii) the principal shareholders of the Company to be obligated to escrow their
shares of capital stock of the Company. The Company shall cause any registration statement filed pursuant to the demand right granted
under Section 4.1.1 to remain effective until the earlier of: (i) the one (1) year anniversary of the effective date of the registration
statement or (ii) the date when all Registrable Securities covered by such registration statement have been sold. The Holders shall only
use the prospectuses provided by the Company to sell the Registrable Securities covered by such registration statement, and will immediately
cease to use any prospectus furnished by the Company if the Company advises the Holder that such prospectus may no longer be used due
to a material misstatement or omission. Notwithstanding the provisions of this Section 4.1.2, the Holder shall be entitled to a demand
registration under this Section 4.1.2 on only one (1) occasion and such demand registration right shall terminate on the fifth (5th)
anniversary of the Transferability Date.


 






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4.2 “Piggy-Back”
Registration.


 


4.2.1 Grant of Right.
In addition to the demand right of registration described in Section 4.1 hereof, unless a registration statement covering the exercise
of this Purchase Warrant and the sale of the Shares by the Holder is in effect and available, the Holder shall have the right, for a period
of no more than seven (7) years from the Transferability Date, to include the Registrable Securities as part of any other registration
of securities filed by the Company (other than in connection with a transaction contemplated by Rule 145(a) promulgated under the Securities
Act, or pursuant to Form S-8 or any equivalent form); provided, however, that if, solely in connection with any primary
underwritten public offering for the account of the Company, the managing underwriter(s) thereof shall, in its reasonable discretion,
impose a limitation on the number of shares of Common Stock which may be included in the registration statement because, in such underwriter(s)’
judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall be
obligated to include in such registration statement only such limited portion of the Registrable Securities with respect to which the
Holder requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable Securities shall be made
pro rata among the Holders seeking to include Registrable Securities in proportion to the number of Registrable Securities sought to be
included by such Holders; provided, however, that the Company shall not exclude any Registrable Securities unless the Company
has first excluded all outstanding securities, the holders of which are not entitled to inclusion of such securities in such registration
statement or are not entitled to pro rata inclusion with the Registrable Securities. Notwithstanding the foregoing, the Company shall
not be required to register any Registrable Securities pursuant to this Section that are subject of a then effective registration statement.


 


4.2.2 Terms. The Company
shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 4.2.1 hereof, but the Holders
shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection
with the sale of the Registrable Securities. In the event of such a proposed registration, the Company shall furnish the then Holders
of outstanding Registrable Securities with not less than fifteen (15) days written notice prior to the proposed date of filing of such
registration statement. Such notice to the Holders shall continue to be given for each registration statement filed by the Company until
such time as all of the Registrable Securities have been sold by the Holder. The holders of the Registrable Securities shall exercise
the “piggy-back” rights provided for herein by giving written notice within five (5) days of the receipt of the Company’s
notice of its intention to file a registration statement. Except as otherwise provided in this Purchase Warrant, there shall be no limit
on the number of times the Holder may request registration under this Section 4.2.2; provided, however, that such registration
rights shall terminate on the seventh (7th) anniversary of the Transferability Date.


 


4.3 General Terms.


 


4.3.1 Indemnification.
The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder and
each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or Section 20(a) of the Securities
Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or liability (including
all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any claim
whatsoever) to which any of them may become subject under the Securities Act, the Exchange Act or otherwise, arising from such registration
statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify
the Underwriters (as defined in the Underwriting Agreement) contained in Section 7(a) of the Underwriting Agreement between Laidlaw &
Company (UK) Ltd., as the representative of the several Underwriters named on Schedule I thereto, and the Company, dated as of September
26, 2022 (the “Underwriting Agreement”). The Holder(s) of the Registrable Securities to be sold pursuant to such registration
statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, against all loss, claim, damage,
expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing
or defending against any claim whatsoever) to which they may become subject under the Securities Act, the Exchange Act or otherwise, arising
from information furnished by or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion in such
registration statement to the same extent and with the same effect as the provisions contained in Section 7(b) of the Underwriting Agreement
pursuant to which the Underwriters have agreed to indemnify the Company.


 






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4.3.2 Exercise of Purchase
Warrants. Nothing contained in this Purchase Warrant shall be construed as requiring the Holder(s) to exercise their Purchase Warrants
prior to or after the initial filing of any registration statement or the effectiveness thereof.


 


4.3.3 Documents Delivered
to Holders. The Company shall furnish to each Holder participating in any of the foregoing offerings and to each underwriter of any
such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) if such registration includes an underwritten
public offering, an opinion of counsel to the Company, dated the date of the closing under any underwriting agreement related thereto,
and (ii) if such registration includes an underwritten public offering, a “cold comfort” letter dated the effective date of
such registration statement and a letter dated the date of the closing under the underwriting agreement, signed by the independent registered
public accounting firm which has issued a report on the Company’s financial statements included in such registration statement,
in each case covering substantially the same matters with respect to such registration statement (and the prospectus included therein)
and, in the case of such accountants’ letter, with respect to events subsequent to the date of such financial statements, as are
customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriters in underwritten
public offerings of securities. The Company shall also deliver promptly to each Holder participating in the offering requesting the correspondence
and memoranda described below and to the managing underwriter, if any, copies of all correspondence between the Commission and the Company,
its counsel or auditors and all memoranda relating to discussions with the Commission or its staff with respect to the registration statement
and permit each Holder and underwriter to do such investigation, upon reasonable advance notice, with respect to information contained
in or omitted from the registration statement as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA.
Such investigation shall include access to books, records and properties and opportunities to discuss the business of the Company with
its officers and independent auditors, all to such reasonable extent and at such reasonable times as any such Holder shall reasonably
request in connection with the underwritten offering.


 


4.3.4 Underwriting Agreement.
The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any Holders whose Registrable
Securities are being registered pursuant to this Section 4, which managing underwriter shall be reasonably satisfactory to the Company.
Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing underwriters, and
shall contain such representations, warranties and covenants by the Company and such other terms as are customarily contained in agreements
of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten
sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties and covenants of
the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall not
be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate
to such Holders, their Shares and their intended methods of distribution.


 


4.3.5 Documents to be Delivered
by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company a completed and executed
questionnaire provided by the Company requesting information customarily sought of selling security holders. The
Holder further agrees that it shall not be entitled to be named in a registration statement filed under this Section 4 or use the related
prospectus for offers and resales of Registrable Securities at any time, unless such Holder has returned to the Company a response to
any requests for information as described in the previous sentence. If the Holder returns a request for information after its deadline,
the Company shall use its commercially reasonable efforts to take such actions as are required to name such Holder as a selling security
holder in the registration statement or any pre-effective or post-effective amendment thereto and to include (to the extent not theretofore
included) in the registration statement the Registrable Securities identified in such late request for information. The Holder acknowledges
and agrees that the information in any request for information as described in this Section will be used by the Company in the preparation
of the registration statement registering for resale the Registrable Securities and hereby consents to the inclusion of such information
in such registration statement.


 


4.3.6 Damages. Should
the registration or the effectiveness thereof required by Sections 4.1 and 4.2 hereof be delayed by the Company or the Company otherwise
fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to the Holder(s),
be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened breach of such provisions
or the continuation of any such breach, without the necessity of proving actual damages and without the necessity of posting bond or other
security.


 






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5. New Purchase Warrants to be Issued.


 


5.1    Partial
Exercise. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised in whole or in part. In the event
of the exercise hereof in part only, upon surrender of this Purchase Warrant for cancellation, the Company shall cause to be delivered
to the Holder without charge a new Purchase Warrant of like tenor to this Purchase Warrant in the name of the Holder evidencing the right
of the Holder to purchase the number of Shares purchasable hereunder as to which this Purchase Warrant has not been exercised.


 


5.2   Lost Certificate.
Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Warrant and
of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Warrant of like
tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft, mutilation or destruction shall
constitute a substitute contractual obligation on the part of the Company.


 


6. Adjustments.


 


6.1    Adjustments
to Exercise Price and Number of Securities. The Exercise Price and the number of Shares underlying the Purchase Warrant shall be subject
to adjustment from time to time as hereinafter set forth:


 


6.1.1 Share Dividends; Split
Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Shares is increased
by a stock dividend payable in Shares or by a split up of Shares or other similar event, then, on the effective day thereof, the number
of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Shares, and the Exercise Price shall
be proportionately decreased.


 


6.1.2 Aggregation of Shares.
If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Shares is decreased by a consolidation,
combination, reverse stock split or reclassification of Shares or other similar event, then, on the effective date thereof, the number
of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding Shares, and the Exercise Price shall
be proportionately increased.


 


6.1.3 Replacement of Securities
upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares other than a change covered
by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such Shares, or in the case of any merger or consolidation of
the Company with or into another corporation (other than a merger or consolidation in which the Company is the continuing corporation
and that does not result in any reclassification or reorganization of the outstanding Shares), or in the case of any sale or conveyance
to another corporation or entity of the property of the Company as an entirety or substantially as an entirety in connection with which
the Company is dissolved, the Holder of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise
of this Purchase Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder (as adjusted pursuant
to this Section 6.1.3) immediately prior to such event, the kind and amount of shares of stock or other securities or property (including
cash) receivable upon such reclassification, reorganization, share reconstruction or amalgamation, or consolidation, or upon a dissolution
following any such sale or transfer, by a Holder of the number of Shares of the Company obtainable upon exercise of this Purchase Warrant
immediately prior to such event; and if any reclassification also results in a change in Shares covered by Section 6.1.1 or 6.1.2, then
such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly
apply to successive reclassifications, reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers.


 


6.1.4 Changes in Form of
Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this Section 6.1, and Purchase
Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated in the Purchase Warrants
initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Warrants reflecting a required
or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement Date or the computation
thereof.


 






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6.2 Substitute Purchase
Warrant. In case of any merger or consolidation of the Company with or into another corporation (other than a merger or consolidation
which does not result in any reclassification or change of the outstanding Shares), the corporation formed by such merger or consolidation
shall execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then outstanding
or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise
of such Purchase Warrant, the kind and amount of shares of stock and other securities and property receivable upon such merger or consolidation,
by a holder of the number of Shares of the Company for which such Purchase Warrant might have been exercised immediately prior to such
merger or consolidation, sale or transfer. Such supplemental Purchase Warrant shall provide for adjustments which shall be identical to
the adjustments provided for in this Section 6. The above provision of this Section shall similarly apply to successive mergers or consolidations.


 


6.3 Elimination of Fractional
Interests. The Company shall not be required to issue certificates representing fractions of Shares upon the exercise of the Purchase
Warrant, nor shall it be required to issue scrip it being the intent of the parties that all fractional interests shall be eliminated
by paying cash in lieu of any fractional interests.


 


7. Reservation and Listing. The Company
shall at all times reserve and keep available out of its authorized Shares, solely for the purpose of issuance upon exercise of the Purchase
Warrants, such number of Shares or other securities, properties or rights as shall be issuable upon the exercise thereof. The Company
covenants and agrees that, upon exercise of the Purchase Warrants and payment of the Exercise Price therefor, in accordance with the terms
hereby, all Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and
not subject to preemptive rights of any shareholder. As long as the Purchase Warrants shall be outstanding, the Company shall use its
commercially reasonable efforts to cause all Shares issuable upon exercise of the Purchase Warrants to be listed (subject to official
notice of issuance) on all national securities exchanges (or, if applicable, on the OTC Markets or any successor trading market) on which
the Shares issued to the public in the Offering may then be listed and/or quoted.


 


8. Certain Notice Requirements.


 


8.1 Holder’s Right
to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to receive notice
as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder of the Company.
If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the events described in Section 8.2
shall occur, then, in one or more of said events, the Company shall give written notice of such event at least ten (10) days prior to
the date fixed as a record date or the date of closing the transfer books for the determination of the shareholders entitled to such dividend,
distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation,
winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding
the foregoing, the Company shall deliver to each Holder a copy of each notice given to the other shareholders of the Company at the same
time and in the same manner that such notice is given to the shareholders.


 


8.2 Events Requiring Notice.
The Company shall be required to give the notice described in this Section 8 upon one or more of the following events: (i) if the Company
shall take a record of the holders of its Shares for the purpose of entitling them to receive a dividend or distribution payable otherwise
than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated by the accounting treatment
of such dividend or distribution on the books of the Company, (ii) the Company shall offer to all the holders of its Shares any additional
shares of capital stock of the Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any
option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the Company (other than in connection
with a consolidation or share reconstruction or amalgamation) or a sale of all or substantially all of its property, assets and business
shall be proposed. Failure to give such notice shall not invalidate any such action.


 






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8.3 Notice of Change in
Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section 6 hereof,
send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall describe the event causing
the change and the method of calculating same and shall be certified as being true and accurate by the Company’s Principal Financial
Officer.


 


8.4 Transmittal of Notices.
All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall be deemed to have been
duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered Holder of the Purchase Warrant,
to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to following address or to such other address
as the Company may designate by notice to the Holders:


 


If to the Holder:


 


Laidlaw & Company (UK) Ltd.


521 Fifth Avenue, 12th Floor


New York, NY 10175


Attention: Francis Ryan Smith


Fax No.: (212) 354-8783


 


Copy to:


 


Sichenzia Ross Ference LLP


1185 Avenue of the Americas, 31st Floor


New York, NY 10036


Facsimile: (212) 930-9725 or e-mail: bdipaolo@srf.law


Attention: Barret S. DiPaolo, Esq.


 


If to the Company:


 


560 Sylvan Avenue, Suite 3160


Englewood Cliffs, NJ 07632 Attn: Chief Executive Officer


E-mail: eric@silopharma.com


 


Copy to:


 


Sheppard, Mullin, Richter & Hampton LLP


30 Rockefeller Plaza


New York, NY 10112


Facsimile: (212) 653-8700 or e-mail: rafriedman@sheppardmullin.com


Attention: Richard A. Friedman, Esq.


 


9. Miscellaneous.


 


9.1 Amendments. The
Company and Laidlaw may from time to time supplement or amend this Purchase Warrant without the approval of any of the Holders in order
to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with any other provisions
herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and Laidlaw may deem necessary
or desirable and that the Company and Laidlaw deem shall not adversely affect the interest of the Holders. All other modifications or
amendments shall require the written consent of and be signed by the party against whom enforcement of the modification or amendment is
sought.


 






    8


     


    

 


9.2 Headings. The headings
contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation
of any of the terms or provisions of this Purchase Warrant.


 


9.3. Entire Agreement.
This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection with this Purchase
Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements
and understandings of the parties, oral and written, with respect to the subject matter hereof.


 


9.4 Binding Effect.
This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their respective
successors, assigns and legal representatives, and no other person shall have or be construed to have any legal or equitable right, remedy
or claim under or in respect of or by virtue of this Purchase Warrant or any provisions herein contained.


 


9.5 Governing Law; Submission
to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed and enforced in accordance with the laws
of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees that any action, proceeding
or claim against it arising out of, or relating in any way to this Purchase Warrant shall be brought and enforced in the New York Supreme
Court, County of New York, or in the United States District Court for the Southern District of New York, and irrevocably submits to such
jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such
courts represent an inconvenient forum. The Company and the Holder agree that the prevailing party(ies) in any such action shall be entitled
to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or
incurred in connection with the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable law, on behalf
of its stockholders and affiliates) and the Holder hereby irrevocably waive, to the fullest extent permitted by applicable law, any and
all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.


 


9.6 Waiver, etc. The
failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not be deemed or construed
to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any provision hereof or the right
of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver of any breach, non-compliance
or non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set forth in a written instrument executed
by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or
non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.


 


9.7 Execution in Counterparts.
This Purchase Warrant may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each
of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become
effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto.
Such counterparts may be delivered by facsimile transmission or other electronic transmission.


 


9.8 Exchange Agreement.
As a condition of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that, at any time prior to the complete
exercise of this Purchase Warrant by Holder, if the Company and Laidlaw enter into an agreement (“Exchange Agreement”)
pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities or cash or a combination of both,
then Holder shall agree to such exchange and become a party to the Exchange Agreement.


 


[Signature Page Follows]


 




    9


     


    

 


IN WITNESS WHEREOF, the Company has caused this
Purchase Warrant to be signed by its duly authorized officer as of the 29th day of September, 2022.


 


	SILO PHARMA, INC.	 
	 	 	 
	By:	/s/
Eric Weisblum	 
	 	Name:  	Eric Weisblum	 
	 	Title: 	Chief Executive Officer	 


 




    10


     


    

 


[Form to be used to exercise Purchase Warrant]


 


Date: __________, 20___


 


The undersigned
hereby elects irrevocably to exercise the Purchase Warrant for ______ shares of Common Stock (the “Shares”) of Silo
Pharma, Inc., a Delaware corporation (the “Company”), and hereby makes payment of $____ (at the rate of $____ per Share)
in payment of the Exercise Price pursuant thereto. Please issue the Shares as to which this Purchase Warrant is exercised in accordance
witsh the instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares for which this Purchase
Warrant has not been exercised.


 


or


 


The undersigned
hereby elects irrevocably to convert its right to purchase ___ Shares of the Company under the Purchase Warrant for ______ Shares, as
determined in accordance with the following formula:


 


	 	X	=	Y(A-B)	 
	A	 
	Where,	 	 	 
	 	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share which is equal to $_____; and
	 	B	=	The Exercise Price which is equal to $______ per share
	 	 	 	 	 	 	 


The undersigned
agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with respect
to the calculation shall be resolved by the Company in its sole discretion.


 


Please issue the
Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase
Warrant representing the number of Shares for which this Purchase Warrant has not been converted.


 


Signature  ________________________________________


  


INSTRUCTIONS FOR REGISTRATION OF SECURITIES


 


Name:  ___________________________________________


(Print in Block Letters)


 


	Address:	 	 
	 	 	 
	 	 	 


 


NOTICE: The signature to this form must correspond
with the name as written upon the face of the Purchase Warrant without alteration or enlargement or any change whatsoever, and must be
guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national securities
exchange.


 




    


     


    

 


 


ASSIGNMENT FORM


 


(To assign the foregoing
Purchase Warrant, execute this form and supply required information. Do not use this form to purchase Shares.)


 


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


 


	Name:	 	 
	 	 	(Please Print)
	 	 	 
	Address:	 	 
	 	 	(Please Print)
	 	 	 
	Phone Number:	 	 
	Email Address:	 	 
	 	 	 
	Dated: _______________ __, ______	 	 
	 	 	 
	Holder’s Signature: _____________________	 	 
	 	 	 
	Holder’s Address: _____________________