Exhibit 4.01


 


THE WARRANT EVIDENCED OR CONSTITUTED HEREBY, AND ALL SHARES OF COMMON
STOCK ISSUABLE HEREUNDER, HAVE BEEN AND WILL BE ISSUED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) AND MAY NOT BE SOLD, OFFERED FOR SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED WITHOUT REGISTRATION UNDER THE ACT
UNLESS EITHER (i) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL, IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY,
TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED IN CONNECTION WITH SUCH DISPOSITION OR (ii) THE SALE OF SUCH SECURITIES IS MADE
PURSUANT TO SEC RULE 144.


 


WARRANT TO PURCHASE COMMON STOCK


 


OF


 


LIXTE BIOTECHNOLOGY HOLDINGS, INC.


 


September 14, 2015


 


THIS CERTIFIES THAT, for value received BioPharmaWorks LLC (“Holder”)
is entitled, subject to the terms and conditions of this Warrant, at any time or from time to time after the first anniversary
of the issuance date of this Warrant (the “Effective Date”), and before 5:00 p.m., Eastern Time, on the fifth
(5th) anniversary of the date hereof (the “Expiration Date”), to purchase from the Company, 500,000
shares of Common Stock of Lixte Biotechnology Holdings, Inc. (the “Company”) at a price per share equal to $1.00 (the
“Purchase Price”). Both the number of shares of Common Stock purchasable upon exercise of this Warrant and the
Purchase Price are subject to adjustment and change as provided herein.


 


1.CERTAIN DEFINITIONS. As used in
this Warrant the following terms shall have the following respective meanings:


 


1.1“Fair Market Value”
of a share of Common Stock as of a particular date shall mean:


 


(a)If traded on a securities exchange or
the Nasdaq National Market, the Fair Market Value shall be deemed to be the average of the closing prices of the Common Stock of
the Company on such exchange or market over the five (5) trading days ending immediately prior to the applicable date of valuation;


 


(b)If actively traded over-the-counter,
the Fair Market Value shall be deemed to be the average of the closing bid prices over the thirty (30)-day period ending immediately
prior to the applicable date of valuation; and


 


(c)If there is no active public market,
the Fair Market Value shall be the value thereof, as agreed upon by the Company and the Holder; provided, however, that
if the Company and the Holder cannot agree on such value, such value shall be determined by an independent valuation firm experienced
in valuing businesses such as the Company and jointly selected in good faith by the Company and the Holder. Fees and expenses of
the valuation firm shall be paid for by the Company.


 


1.2“Registered Holder”
shall mean any Holder in whose name this Warrant is registered upon the books and records maintained by the Company.


 






    	 	Exhibit 4.01 - Page 1	Warrant No. 1



     


    

 


1.3“Warrant” as used herein,
shall include this Warrant and any warrant delivered in substitution or exchange therefor as provided herein.


 


1.4“Common Stock” shall
mean the Common Stock of the Company and any other securities at any time receivable or issuable upon exercise of this Warrant.


 


2.EXERCISE OF WARRANT.


 


2.1Payment. Subject to compliance with
the terms and conditions of this Warrant and applicable securities laws, this Warrant may be exercised, in whole or in part at
any time or from time to time, on or before the Expiration Date by (a) the delivery (including, without limitation, delivery by
facsimile) of the form of Notice of Exercise attached hereto as Exhibit A (the “Notice of Exercise”),
duly executed by the Holder, at the principal office of the Company, and (b) as soon as practicable after such date, surrendering.


 


(a)this Warrant at the principal office
of the Company, and


 


(b)payment, in cash (by check) or by wire
transfer, of an amount equal to the product obtained by multiplying the number of shares of Common Stock being purchased upon such
exercise by the then effective Purchase Price (the “Exercise Amount”).


 


2.2Net Issue Exercise. In lieu of the
payment methods set forth in Section 2.1(b) above, the Holder may elect to exchange all or some of this Warrant for shares
of Common Stock equal to the value of the amount of the Warrant being exchanged on the date of exchange. If Holder elects to exchange
this Warrant as provided in this Section 2.2, Holder shall tender to the Company the Warrant for the amount being exchanged, along
with written notice of Holder’s election to exchange some or all of the Warrant, and the Company shall issue to Holder the
number of shares of the Common Stock computed using the following formula:


 


	 	X =	Y (A-B)	 
	 	 	A	 


 


	Where:   	 X =	the number of shares of Common Stock to be issued to Holder.
	 	 	 
	 	Y =	the number of shares of Common Stock purchasable under the amount of the Warrant being exchanged (as adjusted to the date of such calculation).
	 	 	 
	 	A =	the Fair Market Value of one share of the Common Stock.
	 	 	 
	 	B =	Purchase Price (as adjusted to the date of such calculation).


 


2.3“Easy Sale”
Exercise. In lieu of the payment methods set forth in Section 2.1(b) above, when permitted by law and applicable regulations
(including Nasdaq and NASD rules), the Holder may pay the Purchase Price through a “same day sale” commitment from
the Holder (and if applicable a broker-dealer (a “Dealer”)), whereby the Holder irrevocably elects to exercise
this Warrant and to sell a portion of the shares so purchased to pay the Purchase Price and the Holder (or, if applicable, a Dealer)
commits upon sale (or, in the case of a Dealer, upon receipt) of such shares to forward the Purchase Price directly to the Company.


 


2.4Stock Certificates; Fractional Shares.
As soon as practicable on or after the date of any exercise of this Warrant, the Company shall issue and deliver to the person
or persons entitled to receive the same a certificate or certificates for the number of whole shares of Common Stock issuable upon
such exercise. No fractional shares or scrip representing fractional shares shall be issued upon an exercise of this Warrant.


 






    	 	Exhibit 4.01 - Page 2	Warrant No. 1



     


    

 


2.5Partial Exercise; Effective Date of
Exercise. In case of any partial exercise of this Warrant, the Company shall cancel this Warrant upon surrender hereof and
shall execute and deliver a new Warrant of like tenor and date for the balance of the shares of Common Stock purchasable hereunder.
This Warrant shall be deemed to have been exercised immediately prior to the close of business on the date of its surrender for
exercise as provided above. The person entitled to receive the shares of Common Stock issuable upon exercise of this Warrant shall
be treated for all purposes as the holder of record of such shares as of the close of business on the date the Holder is deemed
to have exercised this Warrant.


 


2.6Vesting. This Warrant shall vest
fully upon the first anniversary of the date of issuance.


 


3.VALID ISSUANCE: TAXES. All shares
of Common Stock issued upon the exercise of this Warrant shall be validly issued, fully paid and nonassessable, and the Company
shall pay all taxes and other governmental charges that may be imposed in respect of the issue or delivery thereof. The Company
shall not be required to pay any tax or other charge imposed in connection with any transfer involved in the issuance of any certificate
for shares of Common Stock in any name other than that of the Registered Holder of this Warrant, and in such case the Company shall
not be required to issue or deliver any stock certificate or security until such tax or other charge has been paid, or it has been
established to the Company’s reasonable satisfaction that no tax or other charge is due.


 


4.ADJUSTMENT OF PURCHASE PRICE AND NUMBER
OF SHARES. The number of shares of Common Stock issuable upon exercise of this Warrant (or any shares of stock or other securities
or property receivable or issuable upon exercise of this Warrant) and the Purchase Price are subject to adjustment upon occurrence
of the following events:


 


4.1Adjustment for Stock Splits, Stock Subdivisions
or Combinations of Shares. The Purchase Price of this Warrant shall be proportionally decreased and the number of shares of
Common Stock issuable upon exercise of this Warrant (or any shares of stock or other securities at the time issuable upon exercise
of this Warrant) shall be proportionally increased to reflect any stock split or subdivision of the Company’s Common Stock.
The Purchase Price of this Warrant shall be proportionally increased and the number of shares of Common Stock issuable upon exercise
of this Warrant (or any shares of stock or other securities at the time issuable upon exercise of this Warrant) shall be proportionally
decreased to reflect any combination of the Company’s Common Stock.


 


4.2Adjustment for Dividends or Distributions
of Stock or Other Securities or Property. In case the Company shall make or issue, or shall fix a record date for the determination
of eligible holders entitled to receive, a dividend or other distribution with respect to the Common Stock (or any shares of stock
or other securities at the time issuable upon exercise of the Warrant) payable in (a) securities of the Company or (b) assets (excluding
cash dividends paid or payable solely out of retained earnings), then, in each such case, the Holder of this Warrant on exercise
hereof at any time after the consummation, effective date or record date of such dividend or other distribution, shall receive,
in addition to the shares of Common Stock (or such other stock or securities) issuable on such exercise prior to such date, and
without the payment of additional consideration therefor, the securities or such other assets of the Company to which such Holder
would have been entitled upon such date if such Holder had exercised this Warrant on the date hereof and had thereafter, during
the period from the date hereof to and including the date of such exercise, retained such shares and all such additional securities
or other assets distributed with respect to such shares as aforesaid during such period giving effect to all adjustments called
for by this Section 4.


 






    	 	Exhibit 4.01 - Page 3	Warrant No. 1



     


    

 


4.3Reclassification. If the Company,
by reclassification of securities or otherwise, shall change any of the securities as to which purchase rights under this Warrant
exist into the same or a different number of securities of any other class or classes, this Warrant shall thereafter represent
the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to
the securities that were subject to the purchase rights under this Warrant immediately prior to such reclassification or other
change, and the Purchase Price therefor shall be appropriately adjusted, all subject to further adjustment as provided in this
Section 4. No adjustment shall be made pursuant to this Section 4.3 upon any conversion or redemption of the Common
Stock, which is the subject of Section 4.5.


 


4.4Adjustment for Capital Reorganization,
Merger or Consolidation. In case of any capital reorganization of the capital stock of the Company (other than a combination,
reclassification, exchange or subdivision of shares otherwise provided for herein), or any merger or consolidation of the Company
with or into another corporation, or the sale of all or substantially all the assets of the Company then, and in each such case,
as a part of such reorganization, merger, consolidation, sale or transfer, lawful provision shall be made so that the Holder of
this Warrant shall thereafter be entitled to receive upon exercise of this Warrant, during the period specified herein and upon
payment of the Purchase Price then in effect, the number of shares of stock or other securities or property of the successor corporation
resulting from such reorganization, merger, consolidation, sale or transfer that a holder of the shares deliverable upon exercise
of this Warrant would have been entitled to receive in such reorganization, consolidation, merger, sale or transfer if this Warrant
had been exercised immediately before such reorganization, merger, consolidation, sale or transfer, all subject to further adjustment
as provided in this Section 4. The foregoing provisions of this Section 4.4 shall similarly apply to successive reorganizations,
consolidations, mergers, sales and transfers and to the stock or securities of any other corporation that are at the time receivable
upon the exercise of this Warrant. If the per-share consideration payable to the Holder hereof for shares in connection with any
such transaction is in a form other than cash or marketable securities, then the value of such consideration shall be determined
in good faith by the Company’s Board of Directors. In all events, appropriate adjustment (as determined in good faith by
the Company’s Board of Directors) shall be made in the application of the provisions of this Warrant with respect to the
rights and interests of the Holder after the transaction, to the end that the provisions of this Warrant shall be applicable after
that event, as near as reasonably may be, in relation to any shares or other property deliverable after that event upon exercise
of this Warrant.


 


4.5Conversion of Common Stock. In case
all or any portion of the authorized and outstanding shares of Common Stock of the Company are redeemed or converted or reclassified
into other securities or property pursuant to the Company’s Certificate of Incorporation or otherwise, or the Common Stock
otherwise ceases to exist, then, in such case, the Holder of this Warrant, upon exercise hereof at any time after the date on which
the Common Stock is so redeemed or converted, reclassified or ceases to exist (the “Termination Date”), shall
receive, in lieu of the number of shares of Common Stock that would have been issuable upon such exercise immediately prior to
the Termination Date, the securities or property that would have been received if this Warrant had been exercised in full and the
Common Stock received thereupon had been simultaneously converted immediately prior to the Termination Date, all subject to further
adjustment as provided in this Warrant. Additionally, the Purchase Price shall be immediately adjusted to equal the quotient obtained
by dividing (x) the aggregate Purchase Price of the maximum number of shares of Common Stock for which this Warrant was exercisable
immediately prior to the Termination Date by (y) the number of shares of Common Stock of the Company for which this Warrant is
exercisable immediately after the Termination Date, all subject to further adjustment as provided herein.


 






    	 	Exhibit 4.01 - Page 4	Warrant No. 1



     


    

 


5.CERTIFICATE AS TO ADJUSTMENTS.
In each case of any adjustment in the Purchase Price, or number or type of shares issuable upon exercise of this Warrant, the Chief
Financial Officer or Controller of the Company shall compute such adjustment in accordance with the terms of this Warrant and prepare
a certificate setting forth such adjustment and showing in detail the facts upon which such adjustment is based, including a statement
of the adjusted Purchase Price. The Company shall promptly send (by facsimile and by either first class mail, postage prepaid or
overnight delivery) a copy of each such certificate to the Holder.


 


6.LOSS OR MUTILATION. Upon receipt
of evidence reasonably satisfactory to the Company of the ownership of and the loss, theft, destruction or mutilation of this Warrant,
and of indemnity reasonably satisfactory to it, and (in the case of mutilation) upon surrender and cancellation of this Warrant,
the Company will execute and deliver in lieu thereof a new Warrant of like tenor as the lost, stolen, destroyed or mutilated Warrant.


 


7.RESERVATION OF COMMON STOCK. The
Company hereby covenants that at all times there shall be reserved for issuance and delivery upon exercise of this Warrant such
number of shares of Common Stock or other shares of capital stock of the Company as are from time to time issuable upon exercise
of this Warrant and, from time to time, will take all steps necessary to amend its Certificate of Incorporation to provide sufficient
reserves of shares of Common Stock issuable upon exercise of this Warrant. All such shares shall be duly authorized, and when issued
upon such exercise, shall be validly issued, fully paid and non-assessable, free and clear of all liens, security interests, charges
and other encumbrances or restrictions on sale and free and clear of all preemptive rights, except encumbrances or restrictions
arising under federal or state securities laws. Issuance of this Warrant shall constitute full authority to the Company’s
Officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for shares
of Common Stock upon the exercise of this Warrant.


 


8.TRANSFER AND EXCHANGE. Subject
to the terms and conditions of this Warrant and compliance with all applicable securities laws, this Warrant and all rights hereunder
may be transferred to any Registered Holder’s parent, subsidiary or affiliate, in whole or in part, on the books of the Company
maintained for such purpose at the principal office of the Company referred to above, by the Registered Holder hereof in person,
or by duly authorized attorney, upon surrender of this Warrant properly endorsed and upon payment of any necessary transfer tax
or other governmental charge imposed upon such transfer. Upon any permitted partial transfer, the Company will issue and deliver
to the Registered Holder a new Warrant or Warrants with respect to the shares of Common Stock not so transferred. Each taker and
holder of this Warrant, by taking or holding the same, consents and agrees that when this Warrant shall have been so endorsed,
the person in possession of this Warrant may be treated by the Company, and all other persons dealing with this Warrant, as the
absolute owner hereof for any purpose and as the person entitled to exercise the rights represented hereby, any notice to the contrary
notwithstanding; provided, however, that until a transfer of this Warrant is duly registered on the books of the Company,
the Company may treat the Registered Holder hereof as the owner for all purposes. Any other transfer shall require the approval
of the Company in its sole discretion.


 


9.RESTRICTIONS ON TRANSFER. The Holder,
by acceptance hereof, agrees that, absent an effective registration statement filed with the Securities and Exchange Commission
(the “SEC”) under the Securities Act of 1933, as amended (the “Securities Act”) covering
the disposition or sale of this Warrant or the Common Stock issued or issuable upon exercise hereof, as the case may be, and registration
or qualification under applicable state securities laws, such Holder will not sell, transfer, pledge, or hypothecate any or all
of this Warrant or such Common Stock, as the case may be, unless either (i) the Company has received an opinion of counsel, in
form and substance reasonably satisfactory to the Company, to the effect that such registration is not required in connection with
such disposition or (ii) the sale of such securities is made pursuant to SEC Rule 144. Notwithstanding the foregoing, it is understood
that the Holder may transfer a portion of this Warrant to employees or consultants of Holder.


 






    	 	Exhibit 4.01 - Page 5	Warrant No. 1



     


    

 


10.COMPLIANCE WITH SECURITIES LAWS.
By acceptance of this Warrant, the Holder hereby represents, warrants and covenants that any shares of stock purchased upon exercise
of this Warrant shall be acquired for investment only and not with a view to, or for sale in connection with, any distribution
thereof; that the Holder has had such opportunity as such Holder has deemed adequate to obtain from representatives of the Company
such information as is necessary to permit the Holder to evaluate the merits and risks of its investment in the Company; that the
Holder is able to bear the economic risk of holding such shares as may be acquired pursuant to the exercise of this Warrant for
an indefinite period; that the Holder understands that the shares of stock acquired pursuant to the exercise of this Warrant will
not be registered under the Securities Act (unless otherwise required pursuant to exercise by the Holder of the registration rights,
if any, granted to the Registered Holder) and will be “restricted securities” within the meaning of Rule 144 under
the Securities Act and that the exemption from registration under Rule 144 will not be available for at least one (1) year from
the date of exercise of this Warrant, subject to any special treatment by the SEC for exercise of this Warrant pursuant to Section
2.2, and even then will not be available unless a public market then exists for the stock, adequate information concerning the
Company is then available to the public, and other terms and conditions of Rule 144 are complied with; and that all stock certificates
representing shares of stock issued to the Holder upon exercise of this Warrant or upon conversion of such shares may have affixed
thereto a legend substantially in the following form:


 


THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE
SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER
THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT
THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES
MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR
RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.


 


11.NO RIGHTS OR LIABILITIES AS STOCKHOLDERS.
This Warrant shall not entitle the Holder to any voting rights or other rights as a stockholder of the Company. In the absence
of affirmative action by such Holder to purchase Common Stock by exercise of this Warrant or Common Stock upon conversion thereof,
no provisions of this Warrant, and no enumeration herein of the rights or privileges of the Holder hereof shall cause such Holder
hereof to be a stockholder of the Company for any purpose.


 


12.REPRESENTATIONS AND WARRANTIES OF
THE COMPANY. The Company hereby represents and warrants to Holder that:


 


12.1Due Authorization; Consents. All
corporate action on the part of the Company, its officers, directors and stockholders necessary for (a) the authorization, execution
and delivery of, and the performance of all obligations of the Company under, this Warrant, and (b) the authorization, issuance,
reservation for issuance and delivery of all of the Common Stock issuable upon exercise of this Warrant, has been duly taken. This
Warrant constitutes a valid and binding obligation of the Company enforceable in accordance with its terms, subject, as to enforcement
of remedies, to applicable bankruptcy, insolvency, moratorium, reorganization and similar laws affecting creditors’ rights
generally and to general equitable principles. All consents, approvals and authorizations of, and registrations, qualifications
and filings with, any federal or state governmental agency, authority or body, or any third party, required in connection with
the execution, delivery and performance of this Warrant and the consummation of the transactions contemplated hereby and thereby
have been obtained.


 






    	 	Exhibit 4.01 - Page 6	Warrant No. 1



     


    

 


12.2Organization. The Company is a
corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite
corporate power to own, lease and operate its property and to carry on its business as now being conducted and as currently proposed
to be conducted.


 


12.3Valid Issuance of Stock. The outstanding
shares of the capital stock of the Company are duly and validly issued, fully paid and nonassessable, and such shares, and all
outstanding options and other securities of the Company, have been issued in full compliance with the registration and prospectus
delivery requirements of the Securities Act and the registration and qualification requirements of all applicable state securities
laws, or in compliance with applicable exemptions therefrom, and all other provisions of applicable federal and state securities
laws, including without limitation, anti-fraud provisions.


 


12.4Governmental Consents. All consents,
approvals, orders, authorizations or registrations, qualifications, declarations or filings with any federal or state governmental
authority on the part of the Company required in connection with the consummation of the transactions contemplated herein shall
have been obtained prior to and be effective as of the Effective Date.


 


13.NOTICES. Except as may be otherwise
provided herein, all notices, requests, waivers and other communications made pursuant to this Agreement shall be in writing and
shall be conclusively deemed to have been duly given (a) when hand delivered to the other party; (b) when received when sent by
facsimile at the address and number set forth below; (c) three business days after deposit in the U.S. mail with first class or
certified mail receipt requested postage prepaid and addressed to the other party as set forth below; or (d) the next business
day after deposit with a national overnight delivery service, postage prepaid, addressed to the parties as set forth below with
next-business-day delivery guaranteed, provided that the sending party receives a confirmation of delivery from the delivery service
provider.


 


	To the Company:	To the Holder:
	 	 
	Lixte Biotechnology Holdings, Inc.	The address on the signature page hereto
	248 Route 25A, No. 2	 
	East Setauket, New York 11733	 
	Attn: John S. Kovach	 


 


Each person making a communication hereunder
by facsimile shall promptly confirm by telephone to the person to whom such communication was addressed each communication made
by it by facsimile pursuant hereto but the absence of such confirmation shall not affect the validity of any such communication.
A party may change or supplement the addresses given above, or designate additional addresses, for purposes of this Section
13 by giving the other party written notice of the new address in the manner set forth above.


 


14.HEADINGS. The headings in this
Warrant are for purposes of convenience in reference only, and shall not be deemed to constitute a part hereof.


 


15.LAW GOVERNING. This Warrant shall
be construed and enforced in accordance with, and governed by, the laws of the State of Delaware, with regard to conflict of law
principles of such state.


  


16.NO IMPAIRMENT. The Company will
not, by amendment of its Certificate of Incorporation or bylaws, or through reorganization, consolidation, merger, dissolution,
issue or sale of securities, sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the
taking of all such action as may be necessary or appropriate in order to protect the rights of the Registered Holder of this Warrant
against impairment. Without limiting the generality of the foregoing, the Company (a) will not increase the par value of any shares
of stock issuable upon the exercise of this Warrant above the amount payable therefor upon such exercise, and (b) will take all
such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable
shares of Common Stock upon exercise of this Warrant.


 






    	 	Exhibit 4.01 - Page 7	Warrant No. 1



     


    

 


17.NOTICES OF RECORD DATE. In case:


 


17.1the 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 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; or


 


17.2of any consolidation or merger of the
Company with or into another corporation, any capital reorganization of the Company, any reclassification of the capital stock
of the Company, or any conveyance of all or substantially all of the assets of the Company to another corporation in which holders
of the Company’s stock are to receive stock, securities or property of another corporation; or


 


17.3of any voluntary dissolution, liquidation
or winding-up of the Company; or


 


17.4of any redemption or conversion of all
outstanding Common Stock;


 


then, and in each such case, the Company will mail or cause to be
mailed to the Registered Holder of this Warrant 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, or (ii) the date on which such reorganization, reclassification,
consolidation, merger, conveyance, dissolution, liquidation, winding-up, redemption or conversion 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 as at the time are 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,
liquidation or winding-up. The Company shall use all reasonable efforts to ensure such notice shall be delivered at least thirty
(30) days prior to the date therein specified.


 


18.SEVERABILITY. If any term, provision,
covenant or restriction of this Warrant is held by a court of competent jurisdiction to be invalid, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions of this Warrant shall remain in full force and effect and shall
in no way be affected, impaired or invalidated.


 


19.COUNTERPARTS. For the convenience
of the parties, any number of counterparts of this Warrant may be executed by the parties hereto and each such executed counterpart
shall be, and shall be deemed to be, an original instrument.


 


20.NO INCONSISTENT AGREEMENTS. The
Company will not on or after the date of this Warrant enter into any agreement with respect to its securities which is inconsistent
with the rights granted to the Holders of this Warrant or otherwise conflicts with the provisions hereof. The rights granted to
the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to holders of the Company’s
securities under any other agreements, except rights that have been waived.


 


21.SATURDAYS, SUNDAYS AND HOLIDAYS.
If the Expiration Date falls on a Saturday, Sunday or legal holiday, the Expiration Date shall automatically be extended until
5:00 p.m. the next business day.


 


22.ENTIRE AGREEMENT. This Warrant
contains the sole and entire agreement and understanding of the parties with respect to the entire subject matter of this Warrant,
and any and all prior discussions, negotiations, commitments and understandings, whether oral or otherwise, related to the subject
matter of this Warrant are hereby merged herein.


 


[Signatures appear on following page.]


 




    	 	Exhibit 4.01 - Page 8	Warrant No. 1



     


    


 


IN WITNESS WHEREOF, the parties hereto
have executed this Warrant as of the Effective Date.


 


	Holder:	 	Lixte Biotechnology Holdings, Inc.
	 	 	 
	BioPharmaWorks LLC	 	 
	 	 	 
	By:	 	 	By:	 
	 	Robert Volkmann	 	 	John S. Kovach
	 	Manager	 	 	President



 


	Address:	1084 Shennecossett Road
	 	Groton, Connecticut 06340


 


SIGNATURE PAGE TO WARRANT TO PURCHASE COMMON
STOCK


 




    	 	Exhibit 4.01 - Page 9	Warrant No. 1



     


    


 


Exhibit A


 


NOTICE OF EXERCISE


 


(To be executed upon exercise of Warrant)


 


LIXTE BIOTECHNOLOGY HOLDINGS, INC.


 


The undersigned hereby irrevocably elects to exercise the right
of purchase represented by the within Warrant Certificate for, and to purchase thereunder, the securities of the Company, as provided
for therein, and (check the applicable box):


 


	[  ]	tenders herewith payment of the exercise price in full in the form of cash or a certified or official bank check in same-day funds in the amount of $____________ for _________ such securities.
	 	 
	[  ]	elects the [Net Issue Exercise][Easy Sale Exercise] option pursuant to Section 2.2 or 2.3 of the Warrant, and accordingly requests delivery of a net of ______________ of such securities.


  


Please issue a certificate or certificates for such securities in
the name of, and pay any cash for any fractional share to (please print name, address and social security number):


 


	Name:	 
	 	 
	Address:	 
	 	 
	Signature:	 


 


Note: The above signature should correspond exactly with the name
on the first page of this Warrant Certificate or with the name of the assignee appearing in the assignment form below.


 


If said number of shares shall not be all the shares purchasable
under the within Warrant Certificate, a new Warrant Certificate is to be issued in the name of said undersigned for the balance
remaining of the shares purchasable thereunder rounded up to the next higher whole number of shares.


 




    	 	Exhibit A to
 Exhibit 4.01 - Page 1	Warrant No. 1



     


    


 


Exhibit B


 


ASSIGNMENT


 


(To be executed only upon assignment of Warrant
Certificate)


 


For value received, hereby sells, assigns and transfers unto ____________________________
the within Warrant Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and
appoint ____________________________ attorney, to transfer said Warrant Certificate on the books of the within-named Company with
respect to the number of Warrants set forth below, with full power of substitution in the premises:


 


	Name(s) of Assignee(s)	 	Address	 	# of Warrants
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 


 


And if said number of Warrants shall not be all the Warrants represented
by the Warrant Certificate, a new Warrant Certificate is to be issued in the name of said undersigned for the balance remaining
of the Warrants registered by said Warrant Certificate.


 


	Dated:	 
	 	 
	Signature:	 


 


Notice: The signature to the foregoing Assignment
must correspond to the name as written upon the face of this security in every particular, without alteration or any change whatsoever;
signature(s) must be guaranteed by an eligible guarantor institution (banks, stock brokers, savings and loan associations and credit
unions with membership in an approved signature guarantee medallion program) pursuant to Securities and Exchange Commission Rule
17Ad-15.


 




    	 	Exhibit B to
 Exhibit 4.01 - Page 1	Warrant No. 1