Form of Common Stock Purchase Warrant dated May 15, 2006



 Exhibit 10.3 
 VOID AFTER 5:00 P.M., NEW YORK CITY 
 TIME, ON MAY 14, 2011 
 (UNLESS EXTENDED PURSUANT TO SECTION 2 HEREOF) 
 THIS WARRANT AND THE SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
JURISDICTION. THE SECURITIES REPRESENTED HEREBY MAY NOT BE OFFERED, SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER APPLICABLE SECURITIES LAWS UNLESS OFFERED, SOLD OR TRANSFERRED PURSUANT TO AN
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THOSE LAWS. 
  

	
	 Right to Purchase Shares of
 Common Stock, par value $0.001 per share



 Date: May 15, 2006 
 ACCENTIA BIOPHARMACEUTICALS, INC. 
 STOCK PURCHASE WARRANT 
 THIS CERTIFIES THAT, for value received,
[                    ], or its registered assigns, is entitled to purchase from Accentia Biopharmaceuticals, Inc., a corporation organized
under the laws of the State of Florida (the “Company”), at any time or from time to time during the period specified in Section 2 hereof,
[                     (            )] fully paid and nonassessable shares
(the “Warrant Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at an exercise price per share (the “Exercise Price”) equal to $6.59. The number of
Warrant Shares and the Exercise Price are subject to adjustment as provided in Section 4 hereof. The term “Warrant” and all references thereto, as used throughout this instrument, shall mean this instrument as originally
executed, or if later amended or supplemented, then as so amended or supplemented, including all Warrants issued upon transfer or exchange of this Warrant as provided herein, and the term “Warrants” means this Warrant and the other
warrants of the Company issued pursuant to that certain Securities Purchase Agreement, dated as of May 15, 2006, by and among the Company and the other signatories thereto (the “Securities Purchase Agreement”). 
 This Warrant is subject to the following terms, provisions and conditions: 
 1. Exercise of Warrant. 
 (a) Subject to the provisions hereof, including, without limitation, the
limitations contained in Section 10 hereof, this Warrant may be exercised by the holder hereof, in whole or in part and from time to time, by the surrender of this Warrant, together with a completed 
  

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 exercise agreement in the form attached hereto (the “Exercise Agreement”), to the Company during normal
business hours on any business day at the Company’s principal executive offices (or such other office or agency of the Company as it may designate by written notice to the holder hereof), and upon (i) payment to the Company in cash, by
certified or official bank check or by wire transfer for the account of the Company, of the Exercise Price for the Warrant Shares specified in the Exercise Agreement or (ii) if the holder is effectuating a Cashless Exercise (as defined in
Section 9 hereof) pursuant to Section 9 hereof, delivery to the Company of a written notice of an election to effect a Cashless Exercise for the Warrant Shares specified in the Exercise Agreement. 
 (b) The Warrant Shares purchased upon exercise of this Warrant in accordance with this Section 1 shall be deemed to be issued to the holder hereof
or the holder’s designee, as the record owner of such shares, and shall be deemed to be outstanding, in each case, as of the close of business on the date on which this Warrant shall have been surrendered, the completed Exercise Agreement shall
have been delivered, and payment shall have been made for such shares as set forth above or, if such date is not a business day, on the next succeeding business day. The Warrant Shares so purchased, representing the aggregate number of shares
specified in the Exercise Agreement, shall be delivered to the holder hereof or the holder’s designee within a reasonable time, not exceeding two business days, after this Warrant shall have been so exercised (the “Delivery
Period”). If the Company’s transfer agent is participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer program, and so long as the certificates therefor do not bear a legend pursuant to
the terms of the Securities Purchase Agreement and are not required to bear legend pursuant to the Securities Purchase Agreement, the Company shall cause its transfer agent to electronically transmit the Warrant Shares so purchased to the holder or
the holder’s designee by crediting the account of the holder or the holder’s designee or its respective nominee with DTC through its Deposit Withdrawal Agent Commission system (“DTC Transfer”). If the aforementioned
conditions to a DTC Transfer are not satisfied, the Company shall deliver to the holder or the holder’s designee physical certificates representing the Warrant Shares so purchased. Notwithstanding the foregoing, the holder or the holder’s
designee may instruct the Company to deliver to the holder or such designee physical certificates representing the Warrant Shares so purchased in lieu of delivering such shares by way of DTC Transfer. Any certificates so delivered shall be in such
denominations as may be reasonably requested by the holder hereof or the holder’s designee, shall be registered in the name of the holder or such other name as shall be designated by the holder and, following the date on which the Warrant
Shares have been registered under the Securities Act pursuant to that certain Registration Rights Agreement, dated as of May 15, 2006, by and among the Company and the other signatories thereto (the “Registration Rights
Agreement”) or otherwise may be sold by the holder without limitation as to volume pursuant to Rule 144 promulgated under the Securities Act (or a successor rule), shall not bear any restrictive legend. If this Warrant shall have been
exercised only in part, then the Company shall, at its expense, at the time of delivery of such certificates, deliver to the holder a new Warrant representing the number of shares with respect to which this Warrant shall not then have been
exercised. 
 (c) If, at any time, a holder of this Warrant submits this Warrant, an Exercise Agreement and payment to the Company of the
Exercise Price for each of the Warrant Shares specified in the Exercise Agreement (including pursuant to a Cashless Exercise), and the Company fails for any reason (other than the reasons contemplated by Section 10 hereof) to 
  

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 deliver, on or prior to the fourth business day following the expiration of the Delivery Period for such exercise, the
number of shares of Common Stock to which the holder is entitled upon such exercise (an “Exercise Default”), then the Company shall pay to the holder payments (“Exercise Default Payments”) for an Exercise Default in
the amount of (i) (N/365), multiplied by (ii) the amount by which the Market Price (as defined in Section 11 hereof) of the Common Stock on the date the Exercise Agreement giving rise to the Exercise Default is transmitted in
accordance with this Section 1 (the “Exercise Default Date”) exceeds the Exercise Price in respect of such Warrant Shares, multiplied by (iii) the number of shares of Common Stock the Company failed to so deliver in such
Exercise Default, multiplied by (iv) .18, where N equals the number of days from the Exercise Default Date to the date that the Company effects the full exercise of this Warrant which gave rise to the Exercise Default. The accrued Exercise
Default Payment for each calendar month shall be paid in cash and shall be made to the holder by the fifth day of the month following the month in which it has accrued. Nothing herein shall limit the holder’s right to pursue actual damages for
the Company’s failure to maintain a sufficient number of authorized shares of Common Stock as required pursuant to the terms of Section 3(b) hereof or to otherwise issue shares of Common Stock upon exercise of this Warrant in accordance
with the terms hereof, and the holder shall have the right to pursue all remedies available at law or in equity (including a decree of specific performance and/or injunctive relief). 
 2. Period of Exercise. This Warrant shall be exercisable at any time or from time to time during the period (the “Exercise Period”) commencing on the date of initial issuance of this Warrant
(the “Issue Date”) and ending at 5:00 p.m., New York City time, on the fifth anniversary of the Issue Date. The Exercise Period shall automatically be extended by one day for each day on which (a) the Company does not have a
number of shares of Common Stock reserved for issuance upon exercise hereof at least equal to the number of shares of Common Stock issuable upon exercise hereof or otherwise fails to deliver shares of Common Stock in the names set forth in
Section 1 hereof upon exercise hereof, or (b) there is no effective registration statement covering the resale of all the Warrant Shares to the extent such effective registration is required by the Registration Rights Agreement or a
registration statement is available but the Company cannot use it as required pursuant to the terms of the Registration Rights Agreement. Not less than thirty days prior to the expiration of the Expiration Period, the Company shall notify the Holder
in writing of the upcoming expiration of the Expiration Period. 
 3. Certain Agreements of the Company. The Company hereby covenants and agrees as
follows: 
 (a) Shares to be Fully Paid. All Warrant Shares shall, upon issuance in accordance with the terms of this Warrant, be
validly issued, fully paid and non-assessable and free from all taxes, liens, claims, charges and other encumbrances or restrictions. 
 (b)
Reservation of Shares. During the Exercise Period, the Company shall at all times have authorized, and reserved for the purpose of issuance upon exercise of this Warrant, a sufficient number of shares of Common Stock to provide for the
exercise in full of this Warrant (without giving effect to the limitations on exercise set forth in Section 10 hereof). 
 (c)
Listing. The Company shall promptly secure the listing or quotation of the shares of Common Stock issuable upon exercise of this Warrant upon each national securities exchange 
  

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 or automated or electronic quotation system, if any, upon which shares of Common Stock are then listed or quoted or
become listed or quoted (subject to official notice of issuance upon exercise of this Warrant) and shall maintain, so long as any other shares of Common Stock shall be so listed or quoted, such listing or quotation of all shares of Common Stock from
time to time issuable upon the exercise of this Warrant; and the Company shall so list or apply for quotation on each national securities exchange or automated or electronic quotation system, as the case may be, and shall maintain such listing or
quotation of, any other shares of capital stock of the Company issuable upon the exercise of this Warrant if and so long as any shares of the same class shall be listed or quoted on such national securities exchange or automated or electronic
quotation system. 
 (d) Certain Actions Prohibited. The Company shall not, by amendment of its charter or through any reorganization,
transfer of assets, consolidation, merger, 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 to be observed or performed by it hereunder, but will at all
times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may reasonably be requested by the holder of this Warrant in order to protect the economic benefit inuring to the holder
hereof and the exercise privilege of the holder of this Warrant against dilution or other impairment, consistent with the tenor and purpose of this Warrant. Without limiting the generality of the foregoing, the Company (i) shall not increase
the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, and (ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and non-assessable shares of Common Stock upon the exercise of this Warrant free and clear of all taxes, liens and encumbrances. 
 (e) Successors and Assigns. This Warrant shall be binding upon any entity succeeding to the Company by merger, consolidation, or acquisition of all or substantially all of the Company’s assets. 

(f) Blue Sky Laws. The Company shall, on or before the date of issuance of any Warrant Shares, take such actions as the Company shall
reasonably determine are necessary to qualify the Warrant Shares for, or obtain exemption for the Warrant Shares for, sale to the holder of this Warrant upon the exercise hereof under applicable securities or “blue sky” laws of the states
of the United States, and shall provide evidence of any such action so taken to the holder of this Warrant prior to such date; provided, however, that the Company shall not be required in connection therewith or as a condition thereto
to (i) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(f), (ii) subject itself to general taxation in any such jurisdiction, or (iii) file a general consent to
service of process in any such jurisdiction. 
 (g) Payment of Taxes and Expenses. The Company shall pay any recording, filing, stamp
or similar tax which may be payable in respect of any transfer involved in the issuance of, and the preparation and delivery of the certificates (if applicable) representing (i) any Warrant Shares purchased upon exercise of this Warrant and/or
(ii) new or replacements warrants in the holder’s name or the name of any transferee of all or any portion of this Warrant. 
  

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 (h) No Impairment. The Company will not, by amendment of its Articles of Incorporation or Bylaws
or through any reorganization, transfer of assets, consolidation, merger, 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. 

4. Antidilution Provisions. During the Exercise Period, the Exercise Price and the number of Warrant Shares issuable hereunder shall be subject to adjustment
from time to time as provided in this Section 4. 
 (a) Stock Splits, Stock Dividends, Etc. If, at any time during the Exercise
Period, the number of outstanding shares of Common Stock is increased by a stock split, stock dividend, combination, reclassification or other similar event, the Exercise Price in effect immediately prior to such increase shall be proportionately
reduced, or if the number of outstanding shares of Common Stock is decreased by a reverse stock split, combination, reclassification or other similar event, the Exercise Price in effect immediately prior to such decrease shall be proportionately
increased. In such event, the Company shall notify its transfer agent of such change on or before the effective date thereof. The Exercise Price and the number of Warrant Shares as so adjusted shall be readjusted in the same manner upon the
occurrence of successive event or events described in this Section 4(a). 
 (b) Merger, Consolidation, Etc. If, at any time
during the Exercise Period, there shall be (i) any reorganization, reclassification or change of the outstanding shares of Common Stock (other than a change in par value, or from par value to no par value, or from no par value to par value, or
as a result of a subdivision or combination), (ii) any consolidation or merger of the Company with any other entity (other than a merger in which the Company is the surviving or continuing entity and its capital stock is unchanged),
(iii) any sale or transfer of all or substantially all of the assets of the Company or more than 50% of the voting capital stock of the Company (whether issued and outstanding, newly issued, from treasury or any combination thereof) to any
other person under any plan or arrangement contemplating the consolidation or merger or sale or transfer, or dissolution of the Company, or (iv) any share exchange or other transaction pursuant to which all of the outstanding shares of Common
Stock are converted into other securities or property (each of (i) - (iv) above being a “Corporate Change”), then, in each case, the holder hereof shall thereafter have the right to receive upon exercise of this Warrant, in lieu of
the Warrant Shares otherwise issuable, such shares of stock, securities and/or other property to which the holder would have been entitled upon the consummation of such Corporate Change if such holder had so exercised this Warrant immediately prior
to such Corporate Change (without giving effect to the limitations contained in Section 10), and in any such case, appropriate provisions (in form and substance reasonably satisfactory to the holder hereof) shall be made with respect to the
rights and interests of the holder to the end that the economic value of this Warrant is in no way diminished by such Corporate Change and that the provisions hereof (including, without limitation, in the case of any such consolidation, merger or
sale in which the successor entity or purchasing entity is not the Company, an immediate adjustment of the Exercise Price and Warrant Shares so that the Exercise Price and Warrant Shares immediately after the Corporate Change reflects the same
relative value as compared to the value of the surviving entity’s common stock that existed between the Exercise Price and the Warrant Shares and the value of the Company’s Common Stock immediately prior to such Corporate Change) shall
thereafter be applicable, as nearly as may be practicable in relation to any shares of stock or 
  

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 securities thereafter deliverable upon the exercise thereof. Notwithstanding anything to the contrary set forth in this
Section 4(b), in the event of a Corporate Change and in lieu of the foregoing, the holder of this Warrant may, at its sole option, surrender this Warrant to the Company and require the Company to pay such holder in cash an amount equal to the
value of the unexercised portion of this Warrant determined using the Black-Scholes Option Pricing Model reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of this Warrant
as of the date on which the holder notifies the Company of such election and (ii) an expected volatility equal to the greater of 60% and the 100 day volatility obtained from the HVT function on Bloomberg (as defined in Section 11(b)
hereof). The Company shall not effect any Corporate Change unless (A) the holder hereof has received written notice of such transaction at least 45 days prior thereto, but in no event later than 15 days prior to the record date for the
determination of shareholders entitled to vote with respect thereto, (B) if required by the Securities Purchase Agreement, the consent of the Buyers (as such term is defined in the Securities Purchase Agreement) shall have been obtained in
accordance with the Securities Purchase Agreement, and (C) the resulting successor or acquiring entity (if not the Company) and, if an entity other than the successor or acquiring entity is the entity whose capital stock or assets the holders
of the Common Stock are entitled to receive as a result of such Corporate Change, such other entity, assumes by written instrument (in form and substance reasonable satisfactory to the holder hereof) the obligations of the Company under this
Warrant. The above provisions shall apply regardless of whether or not there would have been a sufficient number of shares of Common Stock authorized and available for issuance upon exercise hereof as of the date of such transaction, and shall
similarly apply to successive reclassifications, consolidations, mergers, sales, transfers or share exchanges. Upon any Corporate Change, this Warrant shall continue in full force and effect. 
 (c) Distributions. Other than in respect of adjustments to the Exercise Price that have otherwise been effected pursuant to Section 4(a)
hereof, if, at any time during the Exercise Period, the Company shall declare or make any distribution of its assets (or rights to acquire its assets) to holders of Common Stock as a partial liquidating dividend, by way of return of capital or
otherwise (including any dividend or distribution to the Company’s shareholders in cash or shares (or rights to acquire shares) of capital stock of a subsidiary (i.e., a spin-off)) (a “Distribution”), then the holder
hereof shall be entitled, upon any exercise of this Warrant after the date of record for determining shareholders entitled to such Distribution (or if no such record is taken, the date on which such Distribution is declared or made), to receive the
amount of such assets which would have been payable to the holder with respect to the Warrant Shares issuable upon such exercise (without giving effect to the limitations contained in Section 10) had the holder hereof been the holder of such
Warrant Shares on the record date for the determination of shareholders entitled to such Distribution (or if no such record is taken, the date on which such Distribution is declared or made 
 (d) Convertible Securities and Purchase Rights. Other than in respect of adjustments to the Exercise Price that have otherwise been effected pursuant to
Section 4(a) hereof, if, at any time during the Exercise Period, the Company issues any securities or other instruments which are convertible into or exercisable or exchangeable for Common Stock (“Convertible Securities”) or options,
warrants or other rights to purchase or subscribe for Common Stock or Convertible Securities (“Purchase Rights”) pro rata to the record holders of any class of Common Stock, whether or not such Convertible Securities or Purchase Rights are
immediately 
  

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 convertible, exercisable or exchangeable, then the holder hereof shall be entitled, upon any exercise of this Warrant
after the date of record for determining shareholders entitled to receive such Convertible Securities or Purchase Rights (or if no such record is taken, the date on which such Convertible Securities or Purchase Rights are issued), to receive the
aggregate number of Convertible Securities or Purchase Rights which the holder would have received with respect to the Warrant Shares issuable upon such exercise (without giving effect to the limitations contained in Section 10) had the holder
hereof been the holder of such Warrant Shares on the record date for the determination of shareholders entitled to receive such Convertible Securities or Purchase Rights (or if no such record is taken, the date on which such Convertible Securities
or Purchase Rights were issued). If the right to exercise or convert any such Convertible Securities or Purchase Rights would expire in accordance with their terms prior to the exercise of this Warrant, then the terms of such Convertible Securities
or Purchase Rights shall provide that such exercise or convertibility right shall remain in effect until 30 days after the date the holder receives such Convertible Securities or Purchase Rights pursuant to the exercise hereof. 
 (e) Other Action Affecting Exercise Price. If, at any time during the Exercise Period, the Company takes any action affecting the Common Stock
that would be covered by Section 4(a) through (d), but for the manner in which such action is taken or structured, which would in any way diminish the value of this Warrant, then the Exercise Price shall be adjusted in such manner as the Board
of Directors of the Company shall in good faith determine to be equitable under the circumstances. 
 (f) Adjustment in Number of
Shares. Upon each adjustment of the Exercise Price pursuant to the provisions of this Section 4, the number of shares of Common Stock issuable upon exercise of this Warrant at each such Exercise Price shall be adjusted by multiplying a
number equal to the Exercise Price in effect immediately prior to such adjustment by the number of shares of Common Stock issuable upon exercise of this Warrant at such Exercise Price immediately prior to such adjustment and dividing the product so
obtained by the adjusted Exercise Price. 
 (g) Notice of Adjustment. Upon the occurrence of any event which requires any adjustment
or readjustment of the Exercise Price or change in number or type of stock, securities and/or other property issuable upon exercise of this Warrant, then, and in each such case, the Company shall promptly make a public announcement of such
adjustment or readjustment and shall give notice thereof to the holder hereof, which notice shall state the Exercise Price resulting from such adjustment or readjustment and any change in the number or type of stock, securities and/or other property
issuable upon exercise of this Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Such calculation shall be certified by the chief financial officer of the Company. 

(h) No Fractional Shares. No fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but the Company shall pay a
cash adjustment in respect of any fractional share which would otherwise be issuable in an amount equal to the same fraction of the Market Price of a share of Common Stock on the date of such exercise. 
  

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 (i) Other Notices. In case at any time: 
 (i) the Company shall declare any dividend upon the Common Stock payable in shares of stock of any class or make any other distribution (other than
dividends or distributions payable in cash out of retained earnings consistent with the Company’s past practices with respect to declaring dividends and making distributions) to the holders of the Common Stock;
 (ii) the Company shall offer for subscription pro rata to the holders of the Common Stock any additional shares of stock of any class or other rights;

 (iii) there shall be any capital reorganization of the Company, or reclassification of the Common Stock, or consolidation or merger of the
Company with or into, or sale of all or substantially all of its assets to, another corporation or entity; or 
 (iv) there shall be a
voluntary or involuntary dissolution, liquidation or winding up of the Company; 
 then, in each such case, the Company shall give to the holder of this
Warrant (A) notice of the date or estimated date on which the books of the Company shall close or a record shall be taken for determining the holders of Common Stock entitled to receive any such dividend, distribution, or subscription rights or
for determining the holders of Common Stock entitled to vote in respect of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up and (B) in the case of any such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, notice of the date (or, if not then known, a reasonable estimate thereof by the Company) when the same shall take place. Such notice shall also specify the date
on which the holders of Common Stock shall be entitled to receive such dividend, distribution, or subscription rights or to exchange their Common Stock for stock or other securities or property deliverable upon such reorganization, reclassification,
consolidation, merger, sale, dissolution, liquidation, or winding-up, as the case may be. Such notice shall be given at least thirty (30) days prior to the record date or the date on which the Company’s books are closed in respect thereto.
Failure to give any such notice or any defect therein shall not affect the validity of the proceedings referred to in clauses (i), (ii), (iii) and (iv) above. Notwithstanding the foregoing, the Company shall publicly disclose the substance
of any notice delivered hereunder prior to delivery of such notice to the holder hereof. 
 5. Issue Tax. The issuance of certificates for Warrant
Shares upon the exercise of this Warrant shall be made without charge to the holder of this Warrant or such shares for any issuance tax or other costs in respect thereof, provided that the Company shall not be required to pay any tax which may be
payable in respect of any transfer involved in the issuance and delivery of any certificate in a name other than the holder of this Warrant. 
 6. No
Rights or Liabilities as a Shareholder. This Warrant shall not entitle the holder hereof to any voting rights or other rights as a shareholder of the Company. No provision of this Warrant, in the absence of affirmative action by the holder
hereof to purchase Warrant Shares, and no mere enumeration herein of the rights or privileges of the holder hereof, shall give rise to any liability of such holder for the Exercise Price or as a shareholder of the Company, whether such liability is
asserted by the Company or by creditors of the Company. 
  

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 7. Transfer, Exchange, Redemption and Replacement of Warrant. 
 (a) Restriction on Transfer. This Warrant and the rights granted to the holder hereof are transferable, in whole or in part, upon surrender of this
Warrant, together with a properly executed assignment in the form attached hereto, at the office or agency of the Company referred to in Section 7(e) below, provided, however, that any transfer or assignment shall be subject to
the conditions set forth in Sections 7(f) and 10 hereof and to the provisions of the Securities Purchase Agreement. Until due presentment for registration of transfer on the books of the Company, the Company may treat the registered holder hereof as
the owner and holder hereof for all purposes, and the Company shall not be affected by any notice to the contrary. Notwithstanding anything to the contrary contained herein, the registration rights described in Section 8 hereof are assignable
only in accordance with the provisions of the Registration Rights Agreement. 
 (b) Warrant Exchangeable for Different Denominations.
This Warrant is exchangeable, upon the surrender hereof by the holder hereof at the office or agency of the Company referred to in Section 7(e) below, for new Warrants of like tenor of different denominations representing in the aggregate the
right to purchase the number of shares of Common Stock which may be purchased hereunder, each of such new Warrants to represent the right to purchase such number of shares (at the Exercise Price therefor) as shall be designated by the holder hereof
at the time of such surrender. 
 (c) Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the
loss, theft, destruction, or mutilation of this Warrant and, in the case of any such loss, theft, or destruction, upon delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company, or, in the case of any such
mutilation, upon surrender and cancellation of this Warrant, the Company, at its expense, will execute and deliver, in lieu thereof, a new Warrant of like tenor. 
 (d) Cancellation; Payment of Expenses. Upon the surrender of this Warrant in connection with any transfer, exchange, or replacement as provided in this Section 7, this Warrant shall be promptly canceled by
the Company. The Company shall pay all taxes (other than securities transfer taxes) and all other expenses (other than legal expenses, if any, incurred by the holder of this Warrant or transferees) and charges payable in connection with the
preparation, execution, and delivery of Warrants pursuant to this Section 7. The Company shall indemnify and reimburse the holder of this Warrant for all losses and damages arising as a result of or related to any breach of the terms of this
Warrant, including costs and expenses (including legal fees) incurred by such holder in connection with the enforcement of its rights hereunder. 
 (e) Warrant Register. The Company shall maintain, at its principal executive offices (or such other office or agency of the Company as it may designate by notice to the holder hereof), a register for this Warrant, in which the
Company shall record the name and address of the person in whose name this Warrant has been issued, as well as the name and address of each transferee and each prior owner of this Warrant. 
  

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 (f) Transfer or Exchange Without Registration. If, at the time of the surrender of this Warrant in
connection with any transfer or exchange of this Warrant, this Warrant (or, in the case of any exercise, the Warrant Shares issuable hereunder) shall not be registered under the Securities Act and under applicable state securities or blue sky laws,
the Company may require, as a condition of allowing such transfer or exchange, (i) that the holder or transferee of this Warrant, as the case may be, furnish to the Company a written opinion of counsel (which opinion shall be in form, substance
and scope customary for opinions of counsel in comparable transactions) to the effect that such transfer or exchange may be made without registration under the Securities Act and under applicable state securities or blue sky laws (the cost of which
shall be borne by the Company if the Company’s counsel renders such an opinion, and up to $1,000 of such cost shall be borne by the Company if the holder’s counsel is required to render such opinion), (ii) that the holder or
transferee execute and deliver to the Company an investment letter in form and substance acceptable to the Company, and (iii) that the transferee be an “accredited investor” as defined in Rule 501(a) promulgated under the
Securities Act; provided, however, that no such opinion, letter, or status as an “accredited investor” shall be required in connection with a transfer pursuant to Rule 144 under the Securities Act.
 8. Registration Rights. The initial holder of this Warrant (and certain assignees thereof) is entitled to the benefit of such registration rights in respect of
the Warrant Shares as are set forth in the Registration Rights Agreement, including the right to assign such rights to certain assignees, as set forth therein. 
 9. Cashless Exercise. This Warrant may be exercised at any time during the Exercise Period by delivering a completed Exercise Agreement in the form attached hereto to the Company at its principal executive offices with a written
notice of the holder’s intention to effect a cashless exercise, including a calculation of the number of shares of Common Stock to be issued upon such exercise in accordance with the terms hereof (a “Cashless Exercise”). In the
event of a Cashless Exercise, in lieu of paying the Exercise Price in cash, the holder shall surrender this Warrant for that number of shares of Common Stock determined by multiplying the number of Warrant Shares to which it would otherwise be
entitled by a fraction, the numerator of which shall be the difference between the then current Market Price of a share of the Common Stock on the date of exercise and the Exercise Price, and the denominator of which shall be the then current Market
Price per share of Common Stock. 
 10. Additional Restrictions on Exercise and Transfer. The exercise and transfer of this Warrant shall be subject
to the following limitations (each of which limitations shall be applied independently): 
 (a) Cap Amount. If the Company is
prohibited by Rule 4350(i) of the National Association of Securities Dealers, Inc. (“NASD”), or any successor or similar rule, or the rules or regulations of any other securities exchange on which the Common Stock is then listed or
traded, from issuing a number of shares of Common Stock upon exercise of this Warrant (together with any shares of Common Stock issued pursuant to the Securities Purchase Agreement or other agreements entered in connection therewith) in excess of a
prescribed amount (the “Cap Amount”) (without shareholder approval or otherwise), then the Company shall not issue shares upon any such exercise in excess of the Cap Amount. Assuming solely for purposes of this Section 10(a)
that such Rule 4350(i) or similar rule is applicable, the Cap Amount shall be 
  

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 5,828,434 shares. The Cap Amount shall be allocated pro rata to the holders of Warrants as provided in
Section 12(h). In the event that the Company is prohibited from issuing shares of Common Stock upon any exercise of this Warrant as a result of the operation of this Section 10(a), the Company shall immediately notify the holder hereof of
such occurrence and the holder shall thereafter have the option, exercisable in whole or in part at any time and from time to time, by delivery of written notice to such effect (a “Redemption Notice”) to the Company, to require the
Company to redeem for cash, at an amount per share equal to the Redemption Amount (as defined below), a portion of this Warrant such that, after giving effect to such redemption, the then unissued portion of the holder’s Cap Amount is at least
equal to one hundred percent (100%) of the total number of shares of Common Stock issuable upon exercise of this Warrant in full. If the Company fails to redeem such portion of this Warrant within five business days after its receipt of such
Redemption Notice, then the holder hereof shall be entitled to interest on the Redemption Amount at a per annum rate equal to the lower of 18% and the highest interest rate permitted by applicable law from the date on which such Redemption Amount is
required to be paid hereunder until the actual date of payment of the Redemption Amount hereunder. For purposes of this Section 10(a), the “Redemption Amount” equals the value of the unexercised portion of this Warrant
determined using the Black-Scholes Option Pricing Model reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of this Warrant as of the date on which the holder notifies the
Company of such election and (ii) an expected volatility equal to the greater of 60% and the 100 day volatility obtained from the HVT function on Bloomberg (as defined in Section 11(b) hereof). 
 (b) Additional Restrictions on Exercise and Transfer. In no event shall the holder hereof have the right to exercise any portion of this Warrant
for shares of Common Stock or to dispose of any portion of this Warrant to the extent that such right to effect such exercise or disposition would result in the holder and its affiliates together beneficially owning more than 4.99% of the
outstanding shares of Common Stock. For purposes of this Section 10(b), beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation 13D-G thereunder. The
restriction contained in this Section 10(b) may not be altered, amended, deleted or changed in any manner whatsoever unless the holders of a majority of the outstanding shares of Common Stock and the holder hereof shall approve, in writing,
such alteration, amendment, deletion or change. 
 11. Certain Definitions. For purposes of this Warrant, the following capitalized terms shall have
the respective meanings assigned to them: 
 (a) “business day” means any day, other than a Saturday or Sunday or a day on
which banking institutions in the State of New York are authorized or obligated by law, regulation or executive order to close. 
 (b)
“Market Price” means, for any security as of any date, the last sales price of such security on the principal trading market where such security is listed or traded as reported by Bloomberg Financial Markets (or a comparable
reporting service of national reputation selected by the Company and reasonably acceptable to the holder hereof if Bloomberg Financial Markets is not then reporting closing sales prices of such security) (in any case, “Bloomberg”),
or if the foregoing does not apply, the last reported sales price of such security on a national exchange or in the over-the-counter market on the electronic bulletin board for such security as reported by 
  

 11 








 Bloomberg, or, if no such price is reported for such security by Bloomberg, the average of the bid prices of all market
makers for such security as reported in the “pink sheets” by the National Quotation Bureau, Inc., in each case for such date or, if such date was not a trading day for such security, on the next preceding date which was a trading day. If
the Market Price cannot be calculated for such security as of either of such dates on any of the foregoing bases, the Market Price of such security on such date shall be the fair market value as reasonably determined by an investment banking firm
selected by the Company and reasonably acceptable to the holder hereof, with the costs of such appraisal to be borne by the Company. 
 (c)
“trading day” means any day on which principal United States securities exchange or trading market where the Common Stock is then listed or traded, is open for trading. 
 12. Miscellaneous. 
 (a) Governing Law; Jurisdiction. This Warrant shall be governed by and
construed in accordance with the laws of the State of New York applicable to contracts made and to be performed in the State of New York. The Company irrevocably consents to the jurisdiction of the United States federal courts and the state courts
located in the City of New York, Borough of Manhattan, in any suit or proceeding based on or arising under this Warrant and irrevocably agrees that all claims in respect of such suit or proceeding may be determined in such courts. The Company
irrevocably waives the defense of an inconvenient forum to the maintenance of such suit or proceeding in such forum. The Company further agrees that service of process upon the Company mailed by first class mail shall be deemed in every respect
effective service of process upon the Company in any such suit or proceeding. Nothing herein shall affect the right of the holder to serve process in any other manner permitted by law. The Company agrees that a final non-appealable judgment in any
such suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on such judgment or in any other lawful manner. 
 (b) Construction. Whenever the context requires, the gender of any word used in this Warrant includes the masculine, feminine or neuter, and the number of any word includes the singular or plural. Unless the context otherwise
requires, all references to articles and sections refer to articles and sections of this Warrant, and all references to schedules are to schedules attached hereto, each of which is made a part hereof for all purposes. The descriptive headings of the
several articles and sections of this Warrant are inserted for purposes of reference only, and shall not affect the meaning or construction of any of the provisions hereof. 
 (c) Severability. If any provision of this Warrant shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability
shall not affect the validity or enforceability of the remainder of this Warrant or the validity or enforceability of this Warrant in any other jurisdiction. 
 (d) Entire Agreement; Amendments. This Warrant contains the entire understanding of the Company and the holder hereof with respect to the matters covered herein. Subject to any additional express provisions of
this Warrant, no provision of this Warrant may be waived other than by an instrument in writing signed by the party to be charged with enforcement, and no provision of this Warrant may be amended other than by an instrument in writing signed by the
Company and the holder. 
  

 12 








 (e) Notices. Any notices required or permitted to be given under the terms of this Warrant shall
be sent by certified or registered mail (return receipt requested) or delivered personally, by nationally recognized overnight carrier or by confirmed facsimile transmission, and shall be effective five days after being placed in the mail, if
mailed, or upon receipt or refusal of receipt, if delivered personally or by nationally recognized overnight carrier or confirmed facsimile transmission, in each case addressed to a party. The initial addresses for such communications shall be as
follows, and each party shall provide notice to the other parties of any change in such party’s address: 
 (i) If to the Company:

  

			
	Accentia Biopharmaceuticals, Inc..
	2324 South Hyde Park Avenue
	Suite 350
	Tampa, Florida, 33606
	Telephone:	 	 (813) 864-2554

	Facsimile:	 	 (813) 258-6912

	Attention: James A. McNulty, CPA
	
	with a copy simultaneously transmitted by like means (which transmittal shall not constitute notice hereunder) to:
	
	 Name: Foley & Lardner LLP

	 100 North Tampa Street

	 Suite 2700

	 Tampa, Florida 33602

	 Telephone:
	 	 (813) 225-4122

	 Facsimile:
	 	 (813) 221-4210

	 Attention: Curt P. Creely, Esq.


 (ii) If to the holder, at such address as shall be set forth in the Warrant Register from time to
time. 
 (f) Successors and Assigns. This Warrant shall be binding upon and inure to the benefit of the parties and their successors
and assigns. Except as provided herein, the Company shall not assign this Warrant or its obligations hereunder. The holder hereof may assign or transfer this Warrant and such holders rights hereunder in accordance with Section 7 hereof.

 (g) Equitable Relief. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the
holder by vitiating the intent and purpose of this Warrant. Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations hereunder will be inadequate and agrees, in the event of a breach or threatened breach by the
Company of the provisions of this Warrant, that the holder shall be entitled, in addition to all other available remedies, to an injunction restraining any breach, without the necessity of showing economic loss and without any bond or other security
being required. 
  

 13 








 (h) Allocation of Cap Amount. The initial Cap Amount shall be allocated pro rata among the holders
of the Warrants based on the number of Warrant Shares issuable upon exercise of the Warrants issued to each such holder. Each increase to the Cap Amount shall be allocated pro rata among the holders of the Warrants based on the number of Warrant
Shares issuable upon exercise of the Warrants held by each holder at the time of the increase in the Cap Amount. In the event the holder shall sell or otherwise transfer any of the holder’s Warrants, each transferee shall be allocated a pro
rata portion of such transferor’s Cap Amount. Any portion of the Cap Amount which remains allocated to any person or entity which does not hold any Warrants shall be allocated to the remaining holders of the Warrants pro rata based on the
number of Warrant Shares issuable upon exercise of the Warrants then held by such holders. 
 (i) Remedies Cumulative. The remedies
provided in this Warrant shall be cumulative and in addition to all other remedies available under this Warrant, at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit a
holder’s right to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the holders hereof and
that the remedy at law for any such breach may be inadequate. The Company therefore agrees, in the event of any such breach or threatened breach, that the holders hereof shall be entitled, in addition to all other available remedies, to an
injunction restraining any breach, without the necessity of showing economic loss and without any bond or other security being required. 
 [REMAINDER OF THIS PAGE LEFT BLANK INTENTIONALLY] 
  

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 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly authorized
officer. 
  

			
	ACCENTIA BIOPHARMACEUTICALS, INC.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	


  

 15 








 FORM OF EXERCISE AGREEMENT 
 (To be Executed by the Holder in order to Exercise the Warrant) 
  

	To:	  Accentia Biopharmaceuticals, Inc. 

   324 South Hyde Park Avenue 
   Suite 350 
   Tampa, FL 33606 
   Facsimile: (813) 258-6912 
   Attention: Chief Executive Officer 
 The undersigned hereby irrevocably exercises the right to purchase
                     shares of the Common Stock of Accentia Biopharmaceuticals, Inc., a corporation organized under the laws of the State of
Florida (the “Company”), evidenced by the attached Warrant, and herewith [makes payment of the Exercise Price with respect to such shares in full][elects to effect a Cashless Exercise (as defined in Section 9 of such Warrant)],
all in accordance with the conditions and provisions of said Warrant. 
 The undersigned agrees not to offer, sell, transfer or otherwise
dispose of any Common Stock obtained on exercise of the Warrant, except under circumstances that will not result in a violation of the Securities Act of 1933, as amended, or any state securities laws. 
  ̈ The undersigned requests that the Company cause
its transfer agent to electronically transmit the Common Stock issuable pursuant to this Exercise Agreement to the account of the undersigned or its nominee (which is
                    ) with DTC through its Deposit Withdrawal Agent Commission System (“DTC Transfer”), provided that such
transfer agent participates in the DTC Fast Automated Securities Transfer program. 
  ̈ In lieu of receiving the shares of Common Stock issuable pursuant to this Exercise Agreement by way of DTC Transfer, the undersigned hereby requests that the Company cause its
transfer agent to issue and deliver to the undersigned physical certificates representing such shares of Common Stock. 
 The undersigned requests that a
Warrant representing any unexercised portion hereof be issued, pursuant to the Warrant, in the name of the Holder and delivered to the undersigned at the address set forth below: 
  

			
	 Dated:
                            
	  	  

		  	Signature of Holder
		
		  	  

		  	Name of Holder (Print)
		
		  	 Address:

		  	  

		
		  	  

		
		  	  









 FORM OF ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers all the rights of the undersigned under the within Warrant, with respect to the number of shares of Common Stock covered thereby set forth
herein below, to: 
  

									
	 Name of Assignee
	  	 	  	 Address
	  	 	  	 No. of Shares


 , and hereby irrevocably constitutes and appoints
                                        
as agent and attorney-in-fact to transfer said Warrant on the books of the within-named corporation, with full power of substitution in the premises. 
 Dated:                     ,          
 In the presence of 
  

			
	  
	 	

  

			
	Name:	 	  

		
	Signature:	 	  

	Title of Signing Officer or Agent (if any):
	
	  

		
	Address:	 	  

		
		 	  

		
		 	  

		
	Note:	 	The above signature should correspond exactly with the name on the face of the within Warrant.