NEITHER THIS WARRANT NOR THE UNDERLYING
SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT 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. 


 


 


WARRANT TO PURCHASE COMMON STOCK


 


OF


 


Manhattan Pharmaceuticals, Inc.


 


	Warrant No. W-	
        _____, 201_

         



THIS CERTIFIES THAT,
for value received, [Name of Holder], having an address at [_______________________] (the “Investor”), is entitled
to subscribe for and purchase at the Exercise Price (defined below) from Manhattan Pharmaceuticals, Inc., a Delaware corporation,
(the “Company”) at any time during the period commencing on the Initial Exercise Date (as herein defined) and
ending at 5:00 p.m., Eastern time, on _____, 201_ (the “Expiration Date”), [________] shares of the Common
Stock (as herein defined), in accordance with the terms thereof (as such number may be adjusted as provided herein, the “Warrant
Shares”), subject to the provisions and upon the terms and conditions hereinafter set forth in this Warrant (“Warrant”).
This Warrant is being issued pursuant to the terms of the Subscription Agreement, dated as of _____, 201_, as amended, by and among
the Company, the original Investor and the other parties named therein (the “Purchase Agreement”).


 


1.Definitions. As used in this
Warrant, the following terms have the meanings set forth below:


 


“Aggregate
Number” shall mean, at any time to be determined, the number of Warrant Shares for which this Warrant may be exercised
at such time.


 


“Business
Day” shall mean any day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are
authorized or required by law or executive order to close.


 


“Common Stock”
shall mean the common stock, par value $.001 per share, of the Company (and any other securities into which or for which the Common
Stock may be converted or exchanged pursuant to a dividend, stock split, plan of recapitalization, reorganization, merger, sale
of assets or otherwise) into which this Warrant will be exercisable.


 


“Company”
shall have the meaning set forth in the introductory paragraph hereto.



    	1



    	 



    

“Exercise
Price” shall mean $0.04 per share of Common Stock, subject to adjustment pursuant to Section 6 below.


 


“Expiration
Date” shall have the meaning set forth in the introductory paragraph hereto.


 


“Fair Market
Value” shall mean, with respect to a share of Common Stock on any date: (i) the fair market value of the outstanding
Common Stock over the ten (10) trading days immediately prior to the date of calculation based upon the closing price per
share of Common Stock on each such day, as officially reported on the principal national securities exchange on which the Common
Stock is then listed or admitted to trading; or (ii) if subsection (i) is not applicable, a market price per share determined
in good faith by the Board of Directors of the Company, which shall be deemed to be “Fair Market Value.”


 


“Holder”
shall mean the Investor or any holder of an interest in the Warrant or the outstanding Warrant Shares who becomes a holder in compliance
with Section 4 hereof.


 


“Initial Exercise
Date” shall mean _____, 201_.


 


“Investor”
shall have the meaning set forth in the introductory paragraph hereto.


 


“Person”
shall mean any individual, corporation, partnership, firm, limited liability company, joint venture, trust, association, unincorporated
organization, university, group, joint-stock company or other entity.


 


“Securities
Act” shall mean the Securities Act of 1933, as amended, or any similar federal statute, and the rules and regulations
promulgated thereunder as the same shall be in effect at the time.


 


“Stock Combination”
shall have the meaning set forth in Section 6(a)(i).


 


“Stock Dividend”
shall have the meaning set forth in Section 6(a)(i).


 


“Stock Subdivision”
shall have the meaning set forth in Section 6(a)(i).


 


“Transaction”
shall have the meaning set forth in Section 6(b).


 


“Warrant Register”
shall have the meaning set forth in Section 8.


 


“Warrant Shares”
shall have the meaning set forth in the preamble.


 


2.Exercise of Warrant.


 


(a)Beginning on the Initial Exercise
Date, the rights represented by this Warrant may be exercised by the Holder hereof, in whole or in part (but not as to a fractional
share of Common Stock), by (A) the delivery of this Warrant, together with a properly completed Notice of Exercise in the
form attached hereto, to the principal office of the Company at 787 Seventh Avenue, 48th Floor, New York, New York 10019
(or to such other address as the Company may designate by notice in writing to the Holder) and (B) payment to the Company
of the Exercise Price for the Warrant Shares being purchased by cash or by certified check or bank draft. The Company agrees that
the shares so purchased shall be deemed to be issued to the Holder as the record owner of such shares as of the close of business
on the date on which this Warrant shall have been delivered to the Company and payment made for such shares as aforesaid. Certificates
for the shares so purchased shall be delivered to the Holder within ten (10) Business Days after the rights represented by
this Warrant shall have been so exercised, and, unless this Warrant has expired, a new Warrant representing, and with an Aggregate
Number equal to, the number of Warrant Shares, if any, with respect to which this Warrant shall not then have been exercised, in
all other respects identical with this Warrant, shall also be issued and delivered to the Holder within such time, or, at the request
of such Holder, appropriate notation may be made on this Warrant and signed by the Company and the same returned to such Holder.
The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery
of the Exercise Notice shall have the same effect as cancellation of the original Warrant and issuance of a new Warrant evidencing
the right to purchase the remaining number of Warrant Shares. The Company shall, upon request of the Holder, use its reasonable
best efforts to deliver Warrant Shares hereunder electronically through The Depository Trust Company or another established clearing
corporation performing similar functions.


 



    	2



    	 



    

(b)Transfer Restriction Legend.
Each certificate for Warrant Shares issued upon exercise of this Warrant, unless at the time of exercise the offer and sale of
such Warrant Shares are registered under the Securities Act, shall bear the following legend (and any additional legend required
by applicable law or rule) on the face thereof:


 


THE OFFER AND SALE OF THE SHARES OF
STOCK REPRESENTED HEREBY HAVE NOT BEEN REGISTERED PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAW.
NEITHER THESE SHARES, NOR ANY PORTION THEREOF OR INTEREST THEREIN, MAY BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS THE
SAME ARE REGISTERED AND QUALIFIED IN ACCORDANCE WITH SAID ACT AND ANY APPLICABLE STATE SECURITIES LAW, OR, IN THE OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE COMPANY, SUCH REGISTRATION AND QUALIFICATION ARE NOT REQUIRED.


 


The provisions of Section 4
shall be binding upon all holders of certificates for Warrant Shares bearing the above legend and shall also be applicable to all
holders of this Warrant. The legend endorsed on the certificates for Warrant Shares shall be removed and the Company shall issue
a certificate without such legend to the holder thereof at such time as the securities evidenced thereby cease to be restricted
securities upon the earliest to occur of (i) a registration statement with respect to the resale of such securities shall have
become effective under the Securities Act and such securities shall have been disposed of in accordance with such registration
statement, or (ii) the securities shall have been resold to the public pursuant to Rule 144 (or any successor provision) under
the Securities Act.


 



    	3



    	 



    

(c)Expenses and Taxes on Exercise.
The Company shall pay all expenses, taxes and other charges payable in connection with the preparation, execution and delivery
of any stock certificates and substitute Warrants pursuant to this Section 2, except that, in case such stock certificates
or Warrants shall be registered in a name or names other than the name of the Holder of this Warrant, funds sufficient to pay all
stock transfer taxes which shall be payable upon the execution and delivery of such stock certificates or Warrants shall be paid
by the Holder to the Company at the time the Company delivers such stock certificates or Warrants to the Company for exercise.
The Holder shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant
or receiving Warrant Shares upon exercise hereof.


 


(d)Company Obligations. The
Company’s obligations to issue and deliver Warrant Shares in accordance with the terms hereof are absolute and unconditional,
irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof,
the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation
or termination, or any breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation
or alleged violation of law by the Holder or any other Person, and irrespective of any other circumstance which might otherwise
limit such obligation of the Company to the Holder in connection with the issuance of Warrant Shares. Nothing herein shall limit
a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to deliver certificates representing
shares of Common Stock upon exercise of this Warrant as required pursuant to the terms hereof.


 


3.Redemption.


 


Each Warrant shall be
redeemable at the option of the Company at a redemption price equal to $0.001 per share of Common Stock purchasable under such
Warrant at any time after the Common Stock of the Company is traded on an Over-the-Counter Bulletin Board or on a national securities
exchange and the per share average closing price of the Common Stock equals or exceeds an amount that is twice the Exercise Price
under such Warrant for a period of 30 consecutive trading days; provided that Warrants may not be redeemed by the Company unless
the resale of the shares of Common Stock purchasable under the Warrants has been registered under the Securities Act or such shares
of Common Stock are otherwise freely tradable.


 


4.Warrants and Warrant Shares Not
Registered; Transferee Restrictions.


 


(a)Each Holder, by acceptance thereof,
represents and acknowledges that the offer and sale of this Warrant and the Warrant Shares which may be purchased upon exercise
of this Warrant are not being registered under the Securities Act, that the issuance of this Warrant and the offering and sale
of such Warrant Shares are being made in reliance on the exemption from registration under Section 4(2) of the Securities
Act as not involving any public offering and that the Company’s reliance on such exemption is predicated in part on the representations
made by the initial Holder of this Warrant to the Company that such Holder (i) is acquiring this Warrant for investment purposes
for its own account, with no present intention of reselling or otherwise distributing the same in violation of the Securities Act,
subject, nevertheless, to any requirement of law that the disposition of its property shall at all times be within its control,
(ii) is an “accredited investor” as defined in Regulation D under the Securities Act, and (iii) has
such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the investments
made or to be made in connection with the acquisition and exercise of this Warrant. Neither this Warrant nor the related Warrant
Shares may be transferred except pursuant to an effective registration statement under the Securities Act or upon the conditions
specified in Section 4(b).


 



    	4



    	 



    

(b)Notice of Transfer, Opinion of
Counsel. Each Holder, by acceptance hereof, agrees that prior to the disposition of this Warrant or of any Warrant Shares,
other than pursuant to an effective registration under the Securities Act, such Holder will give written notice to the Company
expressing such Holder’s intention to effect such disposition and describing briefly such Holder’s intention as to
the manner in which this Warrant or the Warrant Shares theretofore issued or thereafter issuable upon exercise hereof, are to be
disposed together with an opinion of counsel as may be designated by such Holder and reasonably satisfactory to the Company as
to the necessity or non-necessity of registration under the Securities Act. If in the opinion of such counsel, the proposed disposition
does not require registration under the Securities Act of the disposition of this Warrant and/or the Warrant Shares issuable or
issued upon the exercise of this Warrant, such Holder shall be entitled to dispose of this Warrant and/or the Warrant Shares theretofore
issued upon the exercise hereof, all in accordance with the terms of the notice delivered by such Holder to the Company. The Company
is entitled to rely on the most recent written notice from the Holder with respect to the ownership of the Warrant.


 


5.Representations, Warranties and
Covenants of the Company.


 


(a)The Company hereby represents and
warrants that (i) it has full corporate power and authority to execute and deliver this Warrant, (ii) the execution and delivery
of this Warrant and the consummation by the Company of the transactions contemplated hereby have been duly and validly approved
by all necessary corporate action on the part of the Company and (iii) this Warrant has been duly executed and delivered by the
Company and constitutes the legal, valid and binding obligation of the Company, enforceable in accordance with its terms.


 


(b)The Company covenants and agrees
that (i) during the period within which the rights represented by this Warrant may be exercised, the Company will have at all times
authorized, and reserved for the purpose of issue or transfer upon exercise of the rights evidenced by this Warrant, a sufficient
number of shares of Common Stock to provide therefore, (ii) the Warrant Shares issued pursuant to the exercise of this Warrant
will, upon issuance, be duly and validly issued, fully paid and non-assessable and (iii) the Company shall use its commercially
reasonable efforts to procure at its sole expense the listing of all Warrant Shares then registered for public sale (subject to
issuance or notice of issuance) on all stock exchanges on which the shares of Common Stock are then listed.


 


6.Adjustments of Aggregate Number.


 


(a)Adjustments. The Aggregate
Number, after taking into consideration any prior adjustments pursuant to this Section 6, shall be subject to adjustment
from time to time as follows and, thereafter, as adjusted, shall be deemed to be the Aggregate Number hereunder. No adjustments
shall be made under this Section 6 as a result of the issuance by the Company of the Warrant Shares upon exercise of
this Warrant.


 



    	5



    	 



    

(i)Stock Dividends;
Subdivisions and Combinations. In case at any time or from time to time the Company shall:


 


(A)issue to the holders
of the Common Stock a dividend payable in, or other distribution of, Common Stock (a “Stock Dividend”),


 


(B)subdivide its
outstanding shares of Common Stock into a larger number of shares of Common Stock, including, without limitation, by means of a
stock split (a “Stock Subdivision”), or


 


(C)combine its outstanding
shares of Common Stock into a smaller number of shares of Common Stock (a “Stock Combination”),


 


then the Aggregate Number in effect immediately
prior thereto shall be (1) proportionately increased in the case of a Stock Dividend or a Stock Subdivision and (2) proportionately
decreased in the case of a Stock Combination. In the event the Company shall declare or pay, without consideration, any dividend
on the Common Stock payable in any right to acquire Common Stock for no consideration, then the Company shall be deemed to have
made a Stock Dividend in an amount of shares equal to the maximum number of shares issuable upon exercise of such rights to acquire
Common Stock.


 


(ii)Miscellaneous.
The following provisions shall be applicable to the making of adjustments of the Aggregate Number provided above in this Section 6(a):


 


(A)Whenever the Aggregate
Number is adjusted pursuant to this Section 6(a), the Exercise Price per Warrant Share payable upon exercise of this
Warrant shall be adjusted by multiplying the Exercise Price immediately prior to such adjustment by a fraction, the numerator of
which shall be the Aggregate Number prior to such adjustment, and the denominator of which shall be the Aggregate Number following
such adjustment.


 


(B)If the Company
shall take a record of the holders of the Common Stock for the purpose of entitling them to receive a dividend or distribution
or subscription or purchase rights and shall, thereafter and before the distribution to stockholders thereof, legally abandon its
plan to pay or deliver such dividend, distribution, subscription or purchase rights, then no adjustment shall be required by reason
of the taking of such record and any such adjustment previously made in respect thereof shall be rescinded and annulled.


 


(b)Changes in Common Stock.
In case at any time the Company shall initiate any transaction or be a party to any transaction (including, without limitation,
a merger, consolidation, share exchange, sale, lease or other disposition of all or substantially all of the Company’s assets,
liquidation, recapitalization or reclassification of the Common Stock or other transaction) in connection with which the previous
outstanding Common Stock shall be changed into or exchanged for different securities of the Company or securities of another corporation
or interests in a non-corporate entity or other property (including cash) or any combination of the foregoing (each such transaction
being herein called a “Transaction”), then, as a condition of the consummation of the Transaction and without
duplication of any adjustment made pursuant to Section 6(a)(i), lawful, enforceable and adequate provision shall be
made so that the Holder shall be entitled to receive upon exercise of this Warrant at any time on or after the consummation of
the Transaction, in lieu of the Warrant Shares issuable upon such exercise prior to such consummation, the securities or other
property (including cash) to which such Holder would have been entitled upon consummation of the Transaction if such Holder had
exercised this Warrant immediately prior thereto (subject to adjustments from and after the consummation date as nearly equivalent
as possible to the adjustments provided for in this Section 6). The foregoing provisions of this Section 6(b)
shall similarly apply to successive Transactions. If holders of Common Stock are given any choice as to the securities, cash or
property to be received in a Transaction, then the Holder shall be given the same choice as to the consideration it receives upon
any exercise of this Warrant following such Transaction. At the Holder’s request, any successor to the Company or surviving
entity in such Transaction shall issue to the Holder a new warrant consistent with the foregoing provisions.


 



    	6



    	 



    

(c)Public Financing Adjustment.
Notwithstanding the adjustments in Section 6(a)(i), if the Common Stock of Company is not traded on an Over-the-Counter Bulletin
Board or a national securities exchange on or before the first anniversary of the Initial Exercise Date, then the Warrant Shares
will be adjusted by multiplying the Warrant Shares immediately prior to the first anniversary by two (2). For adjustments made
to the number of Warrant Shares pursuant to this Section 6(c), the Exercise Price immediately prior to such adjustment will remain
unchanged.


 


(d)Notices.


 


(i)Notice of Proposed
Actions. In case the Company shall propose (A) to pay any Stock Dividend payable in stock of any class to the holders
of the Common Stock or to make any other distribution to the holders of the Common Stock, (B) to effect any reclassification
of the Common Stock, (C) to effect any recapitalization, Stock Subdivision, Stock Combination or other capital reorganization,
(D) to effect any consolidation or merger, share exchange, or sale, lease or other disposition of all or substantially all
of its property, assets or business, (E) to effect a Transaction, or any other liquidation, dissolution or winding up of the
Company, or (F) to effect any other action which would require an adjustment under this Section 6, then in each
such case the Company shall give to the Holder written notice of such proposed action, which shall specify the date on which a
record is to be taken for the purposes of such Stock Dividend, Stock Subdivision, Stock Combination, or distribution, or the date
on which such Transaction, reclassification, recapitalization, reorganization, consolidation, merger, share exchange, sale, lease,
transfer, disposition, liquidation, dissolution, winding up or other transaction is to take place and the date of participation
therein by the holders of Common Stock, if any such date is to be fixed, or the date on which the transfer of Common Stock is to
occur, and shall also set forth such facts with respect thereto as shall be reasonably necessary to indicate the effect of such
action on the Common Stock and on the Aggregate Number after giving effect to any adjustment which will be required as a result
of such action. Such notice shall be so given in the case of any action covered by clause (A) or (B) above at least ten (10)
days prior to the record date for determining holders of the Common Stock for purposes of such action and, in the case of any other
such action, at least ten (10) days prior to the earlier of the date of the taking of such proposed action or the date of participation
therein by the holders of Common Stock.


 



    	7



    	 



    

(ii)Adjustment
Notice. Whenever the Aggregate Number is to be adjusted pursuant to this Section 6, unless otherwise agreed by
the Holder, the Company shall promptly (and in any event within twenty (20) Business Days after the event requiring the adjustment)
prepare a certificate signed by the principal executive officer or the principal financial officer of the Company, setting forth,
in reasonable detail, the event requiring the adjustment and the method by which such adjustment is to be calculated. The Company
shall keep at its principal office copies of all such certificates and cause the same to be available for inspection at said office
during normal business hours by the Holder or any prospective purchaser of the Warrant (in whole or in part) if so designated by
the Holder.


 


7.Exchange, Replacement and Assignability.
This Warrant is exchangeable, upon the surrender hereof by the Holder at the office or agency of the Company described in Section 2,
for new Warrants of like tenor and date representing in the aggregate the right to purchase the number of Warrant Shares which
may be purchased hereunder, each of such new Warrants to represent the right to purchase such number of Warrant Shares as shall
be designated by such Holder at the time of such surrender. Upon receipt of evidence satisfactory to the Company of the loss, theft,
destruction or mutilation of Warrants and, in the case of any such loss, theft or destruction, of an indemnity letter (reasonably
satisfactory to the Company) of an institutional holder of such Warrants, or in other cases, of a bond of indemnity or other security
satisfactory to the Company, or, in the case of any such mutilation, upon surrender or cancellation of Warrants, the Company will
issue to the Holder a new Warrant of like tenor and date, in lieu of this Warrant or such new Warrants, representing the right
to purchase the number of Warrant Shares which may be purchased hereunder. Subject to compliance with Section 4, this
Warrant and all rights hereunder are transferable in whole or in part upon the books of the Company by the registered Holder hereof
in person or by duly authorized attorney, and new Warrants shall be made and delivered by the Company, of the same tenor and date
as this Warrant but registered in the name of the transferees, upon surrender of this Warrant, duly endorsed, to the appropriate
office or agency of the Company. All expenses, taxes (other than stock transfer taxes) and other charges payable in connection
with the preparation, execution and delivery of Warrants pursuant to this Section 7 shall be paid by the Company.


 


8.Registration of Warrant. The
Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”),
in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of record of this
Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other
purposes, absent actual notice to the contrary.


 


9.Warrant Agent. The Company
shall serve as warrant agent under this Warrant. Upon 30 days’ notice to the Holder, the Company may appoint a new warrant
agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting from any consolidation
to which the Company or any new warrant agent shall be a party or any corporation to which the Company or any new warrant agent
transfers substantially all of its corporate trust or stockholder services business shall be a successor warrant agent under this
Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession as warrant agent
to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register.


 



    	8



    	 



    

10.Transfer Books, No Rights as
Shareholder, Survival of Rights. The Company will at no time close its transfer books against the transfer of this Warrant
or any Warrant Shares in any manner which interferes with the timely exercise of this Warrant. This Warrant shall not entitle the
Holder to any voting rights or any rights as a shareholder of the Company. The rights and obligations of the Company, of the Holder
of this Warrant and of any Holder of Warrant Shares issued upon exercise of this Warrant pursuant to the terms of this Warrant
shall survive the exercise of this Warrant.


 


11.No Inconsistent Agreements.
The Company shall not hereafter enter into any agreement with respect to its securities which is inconsistent with or violates
the rights granted to the Holders in this Warrant.


 


12.Amendment and Waiver.


 


(a)It is agreed that any waiver, permit,
consent or approval of any kind or character on the Holder’s part of any breach or default under this Warrant, or any waiver
on the Holder’s part of any provisions or conditions of this Warrant must be in writing.


 


(b)Any amendment, supplement or modification
of or to any provision of this Warrant, any waiver of any provision of this Warrant and any consent to any departure by any party
from the terms of any provision of this Warrant shall be effective only if it is made or given in writing and signed by the Company
and the Holder.


 


(c)Any amendment or waiver consented
to as provided in this Section 12 is binding upon each future Holder of this Warrant and upon the Company without regard
to whether this Warrant has been marked to indicate such amendment or waiver.


 


13.Rights of Transferees. Subject
to compliance with Section 4, the rights granted to the Holder hereunder of this Warrant shall pass to and inure to
the benefit of all subsequent transferees of all or any portion of the Warrant (provided that the Holder and any transferee shall
hold such rights in proportion to their respective ownership of the Warrant and Warrant Shares) until extinguished pursuant to
the terms hereof.


 


14.Headings. The headings in
this Warrant are for convenience of reference only and shall not constitute a part of this Warrant, nor shall they affect their
meaning, construction or effect.


 


15.Notices. All notices, demands
and other communications provided for or permitted hereunder shall be in writing and shall be deemed to have been given: (a) when
delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized
overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document (with confirmation of transmission)
if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the
recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid.
Such communications must be sent to the respective parties at the addresses indicated below (or at such other address for a party
as shall be specified in a notice given in accordance with this Section 15).  


 



    	9



    	 



    

 


	If to the Company:	
        Manhattan Pharmaceuticals, Inc.

        787 Seventh Avenue, 48th Floor

        New York, NY 10019

        Attn: Chief Executive Officer

         

         

	with a copy to:	
        Alston & Bird LLP

        90 Park Avenue

        New York, NY 10016

        Attn: Mark McElreath, Esq.

         

	If to the Holder:	
        ____________________

        ____________________

        ____________________

        ____________________

        

         

	 	 


16.Successors and Assigns. This
Warrant shall be binding upon and inure to the benefit of the parties hereto and their respective successors or heirs and personal
representatives and permitted assigns; provided, that the Company shall have no right to assign its rights, or to delegate
its obligations, hereunder without the prior written consent of the Holder.


 


17.Governing
Law. This Agreement and (unless otherwise provided) all amendments hereof and waivers and consents hereunder shall be governed
by the laws of the State of New York, notwithstanding any conflict of law provision to the contrary. THE
COMPANY HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK COUNTY, CITY OF NEW YORK, NEW YORK, SHALL
HAVE EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN THE COMPANY AND THE HOLDER PERTAINING TO THIS
WARRANT OR ANY OF THE OTHER TRANSACTION DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS WARRANT OR ANY OF THE OTHER
TRANSACTION DOCUMENTS, PROVIDED, THAT THE HOLDER AND THE COMPANY ACKNOWLEDGE THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE
HEARD BY A COURT LOCATED OUTSIDE OF NEW YORK COUNTY, AND, PROVIDED, FURTHER, NOTHING IN THIS WARRANT SHALL BE DEEMED OR OPERATE
TO PRECLUDE THE HOLDER FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL OR
ANY OTHER SECURITY FOR THE OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF THE HOLDER. THE COMPANY EXPRESSLY
SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND THE COMPANY HEREBY
WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY
CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. THE COMPANY HEREBY WAIVES PERSONAL
SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS,
COMPLAINTS AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH PERSON AT THE ADDRESS SET FORTH IN SECTION
15 OF THIS WARRANT AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF ACTUAL RECEIPT THEREOF OR THREE (3) DAYS
AFTER DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE PREPAID.


 



    	10



    	 



    

18.Severability. If any one
or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable
in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the
remaining provisions hereof shall not be in any way impaired, unless the provisions held invalid, illegal or unenforceable shall
substantially impair the benefits of the remaining provisions hereof. The parties hereto further agree to replace such invalid,
illegal or unenforceable provision of this Warrant with a valid, legal and enforceable provision that will achieve, to the extent
possible, the economic, business and other purposes of such invalid, illegal or unenforceable provision.


 


19.WAIVER OF JURY TRIAL. BECAUSE
DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED
AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES
DESIRE THAT DISPUTES ARISING HEREUNDER OR RELATING HERETO BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE
THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY
JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, AMONG
THE COMPANY AND HOLDER ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED IN CONNECTION
WITH, THIS WARRANT OR ANY OF THE OTHER TRANSACTION DOCUMENTS OR THE TRANSACTIONS RELATED HERETO OR THERETO.


 


20.Entire Agreement. This Warrant,
together with the Purchase Agreement, contains the entire agreement among the parties with respect to the subject matter hereof
and supersedes all prior and contemporaneous agreements or understandings with respect thereto.


 


[signature page follows]


 



    	11



    	 



    

IN WITNESS WHEREOF, the Company has caused
this Warrant to be signed by its duly authorized officer, duly attested by its authorized officer, as of the date first set forth
above.


 


 


	 	
        Manhattan Pharmaceuticals, Inc.

         

        By:

        Name: ____________________________

        Title: _____________________________

         

	
        ATTEST:

         

        By:

        Name: ____________________________

        Title: _____________________________

         
	 



    	[Signature Page]



    	 



    

 





NOTICE OF EXERCISE


 


	To:	
        Manhattan Pharmaceuticals, Inc.

        787 Seventh Ave.

        48th Floor

        New York, New York 10019



1.The undersigned,
pursuant to the provisions of the attached Warrant, hereby elects to exercise this Warrant with respect to ________ shares of Common
Stock (the “Exercise Amount”). Capitalized terms used but not otherwise defined herein have the meanings ascribed
thereto in the attached Warrant.


 


2.Please issue a certificate or certificates
representing the shares issuable in respect hereof under the terms of the attached Warrant, as follows:


 


	 	
         

        (Name of Record Holder/Transferee)



 


and deliver
such certificate or certificates to the following address:


 


	 	
        (Address of Record Holder/Transferee)

         



3.If the Exercise Amount is less than
all of the shares of Common Stock purchasable hereunder, please issue a new warrant representing the remaining balance of such
shares, as follows:


	 	
         

        (Name of Record Holder/Transferee)



and deliver
such warrant to the following address:


 


	 	
        (Address of Record Holder/Transferee)

         



 


	Date:	
        Name of Record Holder

         

        _______________________________________

         

        By:

        Name: ____________________________

        Title: _____________________________








 



    	[Notice of Exercise]