EXHIBIT 10.03


 


NON-TRANSFERABLE CLASS B WARRANT


 


	NO. ______	TONIX PHARMAECUTICAL HOLDING CORP.	________ Shares


 


WARRANT TO PURCHASE COMMON STOCK


 


VOID AFTER 5:30 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.


 


FOR VALUE RECEIVED, TONIX
PHARMACEUTICAL HOLDING CORP., a Nevada corporation (the “Company”), hereby agrees to sell upon the terms and
on the conditions hereinafter set forth, commencing on Trigger Date (as defined herein), but no later than 5:30 p.m., Eastern Time,
on the Expiration Date (as hereinafter defined) to ________________ or registered assigns (the “Holder”),
under the terms as hereinafter set forth, such number of fully paid and non-assessable shares of the Company’s Common Stock,
par value $0.001 per share, as equals the Warrant Share Number (as defined below) (the “Warrant Stock”), at
a purchase price of $0.01 per share (the “Warrant Price”), pursuant to this warrant (this “Warrant”).
The Warrant Price is subject to adjustment as provided in Section 5 of this Warrant. The term “Common Stock”
shall mean, when used herein, unless the context otherwise requires, the stock and other securities at the time receivable upon
the exercise of this Warrant.


 


1.            Exercise
of Warrant.


 


a.           For
purposes of this Warrant, the following terms shall have the following meanings:


 


(i)          “Announcement
Date” means the earlier of (1) the date on which the Company announces via press release the results of the pharmacokinetic
study of its TNX-102 drug formulation; or (2) June 1, 2012.


 


(ii)         “Expiration
Date” means the Trading Day after the Trigger Date.


 


(iii)        “Initial
Purchase Price” means $1.00, subject to adjustment as provided in Section 5 of this Warrant.


 


(iv)        “Offering”
means the private placement of units of the Company consisting of Common Stock, this Warrant and a Class A warrant (“Units”)


 



    	 



    	 



    



 


(v)         “Trading
Day” means any day on which the Common Stock is traded on the Trading Market (as defined below), provided that “Trading
Day” shall not include any day on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5
hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or market.


 


(vi)        “Trigger
Date” means the date that is eleven (11) Trading Days after the Announcement Date (but not including the Announcement
Date).


 


(vii)       “Unit
Common Stock” means the number of shares of Common Stock underlying the Units acquired by the Holder from the Company
in the Offering that have been continuously owned by the Holder since such acquisition and through the Trigger Date (as adjusted
for any stock dividends, stock splits or similar events); provided that the Holder shall be deemed to have continuously owned the
Common Stock if the Common Stock has been transferred (1) to a beneficiary of the Holder pursuant to a will or other testamentary
document or applicable laws of descent or (2) without consideration to any trust for the direct or indirect benefit of the Holder
or the immediate family of the Holder.


 


(viii)      “VWAP”
means the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted
on a Trading Market (as defined below), the average of the daily volume weighted average price of the Common Stock for the ten
(10) Trading Days after the Announcement Date (but not including the Announcement Date) on the Trading Market on which the Common
Stock is then listed or quoted as reported by Bloomberg L.P. (based on a trading Day from 9:30 a.m. New York City time to 4:00
p.m. New York City time); (b) if the Common Stock is not then listed or quoted on a Trading Market and if prices for the Common
Stock are then reported in the “Pink Sheets” published by Pink Sheets, LLC (or a similar organization or agency succeeding
to its functions of reporting prices), the average bid price per share of the Common Stock so reported for the ten (10) Trading
Days after the Announcement Date (but not including the Announcement Date); or (c) in all other cases, the fair market value of
a share of Common Stock as determined in good faith by the Company’s board of directors. For purposes of this Warrant, “Trading
Market” means the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the New York Stock Exchange, NYSE Amex, NASDAQ Capital Market, NASDAQ Global Market, NASDAQ Global Select Market,
or OTC Bulletin Board. Notwithstanding the above, 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 shall be effected (a “Fundamental Transaction”), then the VWAP shall be determined by reference to the
ten (10) Trading Days prior to the date of the Fundamental Transaction.


 


(ix)         “Warrant
Share Number” means the number determined in accordance with the following formula:


 


Warrant Share Number =
[(Initial Purchase Price -VWAP) * Unit Common Stock] / VWAP


 



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Notwithstanding the above,
(1) to the extent that the VWAP is less than $0.50, the VWAP for the purposes of the above calculation shall be $0.50; and (2)
to the extent the VWAP is greater than $0.75, the Warrant Share Number shall be deemed to equal zero shares. The foregoing amounts
are subject to adjustment as provided in Section 5 of this Warrant.


 


b.           On
the Expiration Date, this Warrant shall be automatically be exercised via cashless exercise as described in this section. On the
Expiration Date, the Holder shall be deemed to have exercised this Warrant in whole by means of a “cashless exercise”
in lieu of making a cash payment, and the Holder shall then be entitled to receive a certificate for the number of shares of Warrant
Stock equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:


 


	 	(A) =	VWAP;
	 	 	 
	 	(B) =	the Warrant Price of this Warrant, as adjusted; and
	 	 	 
	 	(X) =	Warrant Share Number.


 


c.           No
fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. The Company shall
pay cash in lieu of fractions with respect to the Warrants based upon the fair market value of such fractional shares of Common
Stock (which shall be the closing price of such shares on the exchange or market on which the Common Stock is then traded) at the
time of exercise of this Warrant.


 


d.           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.


 






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This Warrant is transferable
only in connection with the transfer of the Unit Common Stock. To the extent the Warrant Stock has not been registered for resale
pursuant to the Act, the Holder hereby agrees that it will not sell or transfer all or any 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.


 


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.


 



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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.


 


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


 


a.           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 Initial Purchase Price, VWAP and the Warrant Price shall be proportionately adjusted.


 


b.           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 Initial Purchase Price, VWAP and the Warrant Price shall be
proportionately adjusted.


 


c.           Stock
and Rights Offering to Stockholders. 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.


 


d.           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.


 


e.           Duration
of Adjustment. Following each computation or readjustment as provided in this Section 5, the new adjusted Initial Purchase
Price, VWAP and Warrant Price shall remain in effect until a further computation or readjustment thereof is required.


 



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6.          
Limitation on Exercises. The Company shall not affect the exercise of this Warrant, and the Holder shall not have the right
to exercise this Warrant, to the extent that after giving effect to such exercise, the Holder (together with such Holder’s
affiliates) would beneficially own in excess of 4.99% of the shares of Common Stock outstanding immediately after giving effect
to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by
such Holder and its affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect
to which the determination of such sentence is being made, but shall exclude shares of Common Stock which would be issuable upon
(A) exercise of the remaining, unexercised portion of this Warrant beneficially owned by such Holder and its affiliates and (B)
exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such
Person and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject
to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence,
for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange
Act of 1934, as amended. To the extent that the limitation contained in this Section 6 applies, the determination of whether this
Warrant is exercisable (in relation to other securities owned by the Holder together with any affiliate) and of which portion of
this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be
deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by
the Holder together with any affiliate) and of which portion of this Warrant is exercisable, in each case subject to such aggregate
percentage limitation, and the Company shall have no obligation to verify or confirm the accuracy of the determination. For purposes
of this Warrant, in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding
shares of Common Stock as reflected in (1) the Company's most recent Form 10-K, Form 10-Q, Current Report on Form 8-K or other
public filing with the Securities and Exchange Commission, as the case may be, (2) a more recent public announcement by the Company
or (3) any other notice by the Company setting forth the number of shares of Common Stock outstanding. For any reason at any time,
upon the written or oral request of the Holder, the Company shall within one (1) business day confirm orally and in writing to
the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock
shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by
the Holder and its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The restriction
described in this Section 6 may be waived, in whole or in part, upon sixty-one (61) days prior notice from the Holder to the Company
to increase such percentage up to 9.99%, but not in excess of 9.99%. The provisions of this paragraph
shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 6 to correct
this paragraph (or any portion hereof) which may be defective or inconsistent with the intended beneficial ownership limitation
herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation.


 



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7.            Noncircumvention.
The Company hereby covenants and agrees that the Company will not, by amendment of its Articles of Incorporation, Bylaws or through
any stock dividend, combination of shares, reverse or forward stock split, reorganization, transfer of assets, consolidation, merger,
scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms of this Warrant, and will at all times in good faith carry out all the provisions of this Warrant
and take all action as may be required to protect the rights of the Holder. Without limiting the generality of the foregoing, the
Company shall not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Warrant
Price then in effect.


 


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;


 


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.


 






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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 509 Madison Avenue, Suite 306, New York, New York 10022, Attention: Seth Lederman, 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 NEW YORK, 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 New York County, New York and they hereby submit to the exclusive
jurisdiction of the federal and state courts of the State of York located in New York County 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
__ day of _____________________, 201_.


 


	 	TONIX PHARMACEUTICALS HOLDINGS CORP.
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:


 



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NOTICE OF EXERCISE


 


	TO:	Tonix Pharmaceuticals Holding Corp.
	 	509 Madison Avenue
	 	Suite 306
	 	New York, New York 10022
	 	Attn:  Seth Lederman
	 	Tel: (212) 980-9155
	 	Fax: (212) 923-5700


 


(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 in full, together with all applicable transfer
taxes, if any.


 


(2)           Payment
shall take the form of (check applicable box):


 


 ̈           in
lawful money of the United States; or


 


 ̈           if
permitted, the cancellation of __________ shares of Warrant Stock in order to exercise this Warrant with respect to ____________
shares of Warrant Stock (using a VWAP of $______ for this calculation), in accordance with the formula and procedure set forth
in subsection 1(b).


 


 ̈           if
permitted, the cancellation of such number of shares of Warrant Stock as is necessary, in accordance with the formula and procedure
set forth in subsection 1(b), to exercise this Warrant with respect to the maximum number of shares of Warrant Stock purchasable
pursuant to a cashless exercise.


 


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


 







 


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.






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