Document:

Exhibit 10.1

 

CATABASIS PHARMACEUTICALS, INC.

 

Amended and Restated Severance Benefits
Plan

 

1.                 
Establishment of Plan. Catabasis Pharmaceuticals, Inc., a Delaware corporation, hereby
establishes this amended and restated unfunded severance benefits plan (the “Plan”) that is intended to be a
welfare benefit plan within the meaning of Section 3(1) of ERISA. The Plan is in effect for Covered Employees who experience a
Covered Termination occurring after the Effective Date and before the termination of this Plan. This Plan supersedes any and all
(i) severance plans and separation policies applying to Covered Employees that may have been in effect before the Effective Date
with respect to any termination that would, under the terms of this Plan, constitute a Covered Termination and (ii) the provisions
of any agreements between any Covered Employee and the Company that provide for severance benefits solely as such agreements relate
to severance benefits.

 

2.                 
Purpose. The purpose of the Plan is to establish the conditions under which Covered Employees
will receive the severance benefits described herein if employment with the Company (or its successor in a Change in Control (as
defined below)) terminates under the circumstances specified herein. The severance benefits paid under the Plan are intended to
assist employees in making a transition to new employment and are not intended to be a reward for prior service with the Company.

 

3.                 
Definitions. For purposes of this Plan,

 

(a)                       
“Base Salary” shall mean, for any Covered Employee, such Covered Employee’s base rate of pay as
in effect immediately before a Covered Termination (or prior to the Change of Control, if greater) and exclusive of any bonuses,
overtime pay, shift differentials, “adders,” any other form of premium pay, or other forms of compensation.

 

(b)                       
“Benefits Continuation” shall have the meaning set forth in Section 8(a) hereof.

 

(c)                       
“Board” shall mean the Board of Directors of the Company.

 

(d)                       
“Cause” shall mean any of: (a) your conviction of, or plea of guilty or nolo contendere to, any crime
involving dishonesty or moral turpitude or any felony; or (b) a good faith finding by the Board that you have (i) engaged in dishonesty,
willful misconduct or gross negligence that has a material adverse effect on the Company, (ii) committed an act that materially
injures or would reasonably be expected to materially injure the reputation, business or business relationships of the Company,
(iii) materially breached the terms of any restrictive covenants or confidentiality agreement with the Company (and not cured the
same within any cure period applicable to such covenants or confidentiality agreement), or (iv) failed or refused to comply in
any material respect with the Company’s material policies or procedures and in a manner that materially injures or would
reasonably be expected to materially injure the reputation, business or business relationships of the Company, provided that in
the case of clause (iv) you were given written notice of such violation or failure by the Board and a period of 30 days to cure
(provided that the Board reasonably determines that such violation or failure is curable).

 

     

     

    

 

(e)                       
“Change in Control” shall mean the occurrence of any of the following events, provided that such event
or occurrence constitutes a change in the ownership or effective control of the Company, or a change in the ownership of a substantial
portion of the assets of the Company, as defined in Treasury Regulation §§1.409A-3(i)(5)(v), (vi) and (vii): (i) the
acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act
of 1934 (the “Exchange Act”)) (a “Person”) of beneficial ownership of any capital stock of
the Company if, after such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 under the Exchange Act)
50% or more of either (x) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common
Stock”) or (y) the combined voting power of the then-outstanding securities of the Company entitled to vote generally
in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes
of this subsection (i), the following acquisitions shall not constitute a Change in Control: (1) any acquisition directly from
the Company or (2) any acquisition by any entity pursuant to a Business Combination (as defined below) which complies with clauses
(x) and (y) of subsection (iii) of this definition; or (ii) a change in the composition of the Board that results in the Continuing
Directors (as defined below) no longer constituting a majority of the Board (or, if applicable, the Board of Directors of a successor
corporation to the Company), where the term “Continuing Director” means at any date a member of the Board (x)
who was a member of the Board on the date of the initial adoption of the Plan by the Board or (y) who was nominated or elected
subsequent to such date by at least a majority of the directors who were Continuing Directors at the time of such nomination or
election or whose election to the Board was recommended or endorsed by at least a majority of the directors who were Continuing
Directors at the time of such nomination or election; provided, however, that there shall be excluded from this clause (y) any
individual whose initial assumption of office occurred as a result of an actual or threatened election contest with respect to
the election or removal of directors or other actual or threatened solicitation of proxies or consents, by or on behalf of a person
other than the Board; or (iii) the consummation of a merger, consolidation, reorganization, recapitalization or share exchange
involving the Company or a sale or other disposition of all or substantially all of the assets of the Company (a “Business
Combination”), unless, immediately following such Business Combination, each of the following two conditions is satisfied:
(x) all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Common Stock
and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly,
more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding securities entitled
to vote generally in the election of directors, respectively, of the resulting or acquiring corporation in such Business Combination
(which shall include, without limitation, a corporation which as a result of such transaction owns the Company or substantially
all of the Company’s assets either directly or through one or more subsidiaries) (such resulting or acquiring corporation
is referred to herein as the “Acquiring Corporation”) in substantially the same proportions as their ownership
of the Outstanding Company Common Stock and Outstanding Company Voting Securities, respectively, immediately prior to such Business
Combination and (y) no Person (excluding any employee benefit plan (or related trust) maintained or sponsored by the Company or
by the Acquiring Corporation) beneficially owns, directly or indirectly, 50% or more of the then-outstanding shares of common stock
of the Acquiring Corporation, or of the combined voting power of the then-outstanding securities of such corporation entitled to
vote generally in the election of directors (except to the extent that such ownership existed prior to the Business Combination);
or (iv) the liquidation or dissolution of the Company.

 

    2

     

    

 

(f)                       
“Change in Control Termination” shall mean a termination of the Covered Employee’s employment by
the Company without Cause or by the Covered Employee for Good Reason, in either case within the 12 months following a Change in
Control.

 

(g)                       
“COBRA” shall mean the Consolidated Omnibus Budget Reconciliation Act.

 

(h)                       
“Code” shall mean the Internal Revenue Code of 1986, as amended.

 

(i)                       
“Company” shall mean Catabasis Pharmaceuticals, Inc. or, following a Change in Control, any successor
thereto.

 

(j)                       
“Compensation Committee” shall mean the Compensation Committee of the Board.

 

(k)                       
“Covered Employees” shall mean all Regular Full-Time Employees (both exempt and non-exempt) who (i) are
Executives as of the Effective Date or (ii) become Executives after the Effective Date and are designated by the Board or the Compensation
Committee to be a Covered Employee under this Plan, who experience a Covered Termination and who are not designated as ineligible
to receive severance benefits under the Plan as provided in Section 5 hereof. For the avoidance of doubt, neither Temporary Employees
nor Part-Time Employees are eligible for severance benefits under the Plan. An employee’s full-time, part-time or temporary
status for the purpose of this Plan is determined by the Plan Administrator upon review of the employee’s status immediately
before termination. Any person who is classified by the Company as an independent contractor or third party employee is not eligible
for severance benefits even if such classification is modified retroactively.

 

(l)                       
“Covered Termination” shall mean (i) a Non-Change in Control Termination or (ii) a Change in Control
Termination.

 

(m)                     
“Effective Date” shall mean October 7, 2020.

 

    3

     

    

 

(n)                       
“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended.

 

(o)                       
“Executive” shall mean any employee of the Company holding the title of Vice President or above.

 

(p)                       
“Good Reason” is defined as: (i) a material diminution in the employee’s base compensation; (ii)
a material diminution in the employee’s authority, duties, or responsibilities; (iii) a material change in the geographic
location at which the employee must perform the services; or (iv) any other action or inaction that constitutes a material breach
by the Company of any agreement under which the employee provides services; provided, however, that in any case the employee has
not consented to the condition which would otherwise give rise to a Good Reason. In order to establish a “Good Reason”
for terminating employment, an employee must provide written notice to the Company of the existence of the condition giving rise
to the Good Reason, which notice must be provided within 90 days of the initial existence of such condition, the Company must fail
to cure the condition within 30 days thereafter, and an employee’s termination of employment must occur no later than one
year following the initial existence of the condition giving rise to Good Reason.

 

(q)                       
“Non-Change in Control Termination” shall mean a termination of the Covered Employee’s employment
by the Company without Cause or by the Covered Employee for Good Reason prior to or more than 12 months following a Change in Control.

 

(r)                       
“Other C-Level Officer” shall mean any Executive (other than the Chief Executive Officer) designated
by the Board or the Compensation Committee as an Other C-Level Officer for purposes of the Plan, including Other C-Level Officers
who were designated as such prior to the Effective Date.

 

(s)                       
“Part-Time Employees” shall mean employees who are not Regular Full-Time Employees and are treated as
such by the Company.

 

(t)                       
“Participants” shall mean Covered Employees.

 

(u)                       
“Plan Administrator” shall have the meaning set forth in Section 15 hereof.

 

(v)                       
“Release” shall have the meaning set forth in Section 6 hereof.

 

(w)                       
“Release Effective Date” shall have the meaning set forth in Section 13(c)(i) hereof.

 

(x)                       
“Regular Full-Time Employees” shall mean employees, other than Temporary Employees, normally scheduled
to work at least 40 hours a week unless the Company’s local practices, as from time to time in force, whether or not in writing,
establish a different hours threshold for regular full-time employees.

 

    4

     

    

 

(y)                       
“Severance Pay” shall have the meaning set forth in Section 7 hereof.

 

(z)                       
“Severance Period” shall mean the applicable severance period determined under the chart in Section 7
hereof based on the type of Covered Termination and the title/role of the Covered Employee.

 

(aa)                       
“Temporary Employees” are employees treated as such by the Company, whether or not in writing.

 

4.                 
Coverage.A Covered Employee may be entitled to receive severance benefits under the
Plan if such employee experiences a Covered Termination. In order to receive severance benefits under the Plan, Covered Employees
must meet the eligibility and other requirements provided below in Sections 5 and 6 of the Plan.

 

5.                 
Eligibility for Severance Benefits. The following employees will not be eligible
for severance benefits, except to the extent specifically determined otherwise by the Plan Administrator: (a) an employee who is
terminated for Cause; (b) an employee who retires, terminates employment as a result of an inability to perform his or her duties
due to physical or mental disability or dies; (c) an employee who voluntarily terminates his or her employment, except in the case
of a Covered Termination for Good Reason; (d) an employee who is employed for a specific period of time in accordance with the
terms of a written employment agreement; and (e) an employee who promptly becomes employed by another member of the controlled
group of entities of which the Company (or its successor in the Change in Control) is a member as defined in Sections 414(b) and
(c) of the Code. 

 

6.                 
Release; Timing of Severance Benefits. Receipt of any severance benefits under the Plan
requires that the Covered Employee: (a) comply with the provisions of any applicable noncompetition, nonsolicitation, and other
obligations to the Company; and (b) execute and deliver a suitable waiver and release under which the Covered Employee releases
and discharges the Company and its affiliates from and on account of any and all claims that relate to or arise out of the employment
relationship between the Company and the Covered Employee (the “Release”) which Release becomes binding within
60 days following the Covered Employee’s termination of employment. The Severance Pay will be paid in accordance with
the terms of the Plan and the Company’s regular pay practices in effect from time to time and the Benefits Continuation will
be paid in the amount and at the time premium payments are made by other participants in the Company’s health benefit plans
with the same coverage. The payments shall be made or commence on the first payroll date after the Release Effective Date. 

 

7.                 
Cash Severance. A Covered Employee entitled to severance benefits under this Plan shall
be entitled to the continuation of such employee’s monthly Base Salary for the Severance Period indicated below (“Severance
Pay”), based upon his or her title/role.

 

    5

     

    

 

	Title/Role of Covered Employee	Non-Change in Control Termination Severance Period	Change in Control Termination Severance Period
	Chief Executive Officer	12 months	18 months
	Other C-Level Officer 	12 months	12 months
	
        Vice Presidents (of any level) who are not Other C-Level Officers

         
	Six months	Nine months

 

For purposes of this Section 7 and Section 8 below, a Covered
Employee’s title/role shall be such employee’s title/role immediately prior to the Covered Termination or, if such
employee’s title/role was changed in connection with the Change in Control, immediately prior to the Change in Control.

 

8.                 
Other Severance Benefits. In addition to the foregoing Severance Pay, the severance benefits
under the Plan shall include the following benefits:

 

(a)                       
Company contributions to the cost of COBRA coverage on behalf of the Covered Employee and any applicable dependents for
no longer than the Covered Employee’s applicable Severance Period if the Covered Employee elects COBRA coverage, and only
so long as such coverage continues in force. Such costs shall be determined on the same basis as the Company’s contribution
to Company-provided health and dental insurance coverage in effect for an active employee with the same coverage elections; provided
that if the Covered Employee commences new employment and is eligible for a new group health plan, the Company’s continued
contributions toward health and dental coverage shall end when the new employment begins (“Benefits Continuation”).

 

(b)                       
Any unpaid annual bonus in respect to any completed bonus period which has ended prior to the date of the Participant’s
Covered Termination and which the Board or the Compensation Committee deems granted to the Participant in its discretion pursuant
to the Company’s contingent compensation program, payable at the same time as annual bonuses are paid to other employees
of the Company or, if later, upon the Release Effective Date.

 

(c)                       
In the case of the Chief Executive Officer upon a Covered Termination, a bonus amount equal to one-half of the average annual
bonus paid to the Chief Executive by the Company over the three calendar years preceding the calendar year in which such Covered
Termination occurs, which bonus shall be prorated by multiplying the amount by a fraction, the numerator of which is the number
of days in the calendar year in which such termination of employment occurs that have elapsed since January 1 through the date
of such termination and the denominator of which is 365, payable in a lump sum on the Release Effective Date.

 

    6

     

    

 

9.                 
Equity Awards. In the case of a Change in Control Termination, any unvested equity awards
shall become fully vested and exercisable, or free from forfeiture or repurchase, effective upon the Release Effective Date. Except
as set forth in the foregoing sentence, the treatment of a Covered Employee’s equity awards with the Company upon a Covered
Termination shall be dictated by the terms of the applicable award agreements. 

 

10.             
Recoupment. If a Covered Employee fails to comply with the terms of the Plan, including
the provisions of Section 6 above, the Company may require payment to the Company of any benefits described in Sections 7 and 8
above that the Covered Employee has already received to the extent permitted by applicable law and with the “value”
determined in the sole discretion of the Plan Administrator.  Payment is due in cash or by check within 10 days after the
Company provides notice to a Covered Employee that it is enforcing this provision.  Any benefits described in Sections 7 and
8 above not yet received by such Covered Employee will be immediately forfeited.

 

11.             
Death. If a Participant dies after the date of his or her Covered Termination but
before all payments or benefits to which such Participant is entitled pursuant to the Plan have been paid or provided, payments
will be made to any beneficiary designated by the Participant prior to or in connection with such Participant’s Covered Termination
or, if no such beneficiary has been designated, to the Participant’s estate. For the avoidance of doubt, if a Participant
dies during such Participant’s applicable Severance Period, Benefits Continuation will continue for the Participant’s
applicable dependents for the remainder of the Participant’s Severance Period.

 

12.             
Withholding. The Company may withhold from any payment or benefit under the Plan: (a)
any federal, state, or local income or payroll taxes required by law to be withheld with respect to such payment; (b) such sum
as the Company may reasonably estimate is necessary to cover any taxes for which the Company may be liable and which may be assessed
with regard to such payment; and (c) such other amounts as appropriately may be withheld under the Company’s payroll policies
and procedures from time to time in effect.

 

13.             
Section 409A. It is expected that the payments and benefits provided under this Plan will
be exempt from the application of Section 409A of the Code, and the guidance issued thereunder (“Section 409A”).
The Plan shall be interpreted consistent with this intent to the maximum extent permitted and generally, with the provisions of
Section 409A. A termination of employment shall not be deemed to have occurred for purposes of any provision of this Plan providing
for the payment of any amounts or benefits upon or following a termination of employment (which amounts or benefits constitute
nonqualified deferred compensation within the meaning of Section 409A) unless such termination is also a “separation from
service” within the meaning of Section 409A and, for purposes of any such provision of this Plan, references to a “termination,”
 “termination of employment” or like terms shall mean “separation from service”. Neither the Participant
nor the Company shall have the right to accelerate or defer the delivery of any payment or benefit except to the extent specifically
permitted or required by Section 409A.

 

    7

     

    

 

Notwithstanding the foregoing, to the extent
the severance payments or benefits under this Plan are subject to Section 409A, the following rules shall apply with respect to
distribution of the payments and benefits, if any, to be provided to Participants under this Plan:

 

(a)                       
Each installment of the payments and benefits provided under this Plan will be treated as a separate “payment”
for purposes of Section 409A. Whenever a payment under this Plan specifies a payment period with reference to a number of days
(e.g., “payment shall be made within 10 days following the date of termination”), the actual date of payment
within the specified period shall be in the Company’s sole discretion. Notwithstanding any other provision of this Plan to
the contrary, in no event shall any payment under this Plan that constitutes “non-qualified deferred compensation”
for purposes of Section 409A be subject to transfer, offset, counterclaim or recoupment by any other amount unless otherwise permitted
by Section 409A.

 

(b)                       
Notwithstanding any other payment provision herein to the contrary, if the Company or appropriately-related affiliates become
publicly-traded and a Covered Employee is deemed on the date of termination to be a “specified employee” within the
meaning of that term under Code Section 409A(a)(2)(B) with respect to such entity, then each of the following shall apply:

 

(i)                
With regard to any payment that is considered “non-qualified deferred compensation” under Section 409A payable
on account of a “separation from service,” such payment shall be made on the date which is the earlier of (A) the day
following the expiration of the six month period measured from the date of such “separation from service” of the Covered
Employee, and (B) the date of the Covered Employee’s death (the “Delay Period”) to the extent required
under Section 409A. Upon the expiration of the Delay Period, all payments delayed pursuant to this provision (whether otherwise
payable in a single sum or in installments in the absence of such delay) shall be paid to or for the Covered Employee in a lump
sum, and all remaining payments due under this Plan shall be paid or provided for in accordance with the normal payment dates specified
herein; and

 

(ii)             
To the extent that any benefits to be provided during the Delay Period are considered “non-qualified deferred compensation”
under Section 409A payable on account of a “separation from service,” and such benefits are not otherwise exempt from
Section 409A, the Covered Employee shall pay the cost of such benefits during the Delay Period, and the Company shall reimburse
the Covered Employee, to the extent that such costs would otherwise have been paid by the Company or to the extent that such benefits
would otherwise have been provided by the Company at no cost to the Covered Employee, the Company’s share of the cost of
such benefits upon expiration of the Delay Period. Any remaining benefits shall be reimbursed or provided by the Company in accordance
with the procedures specified in this Plan.

 

    8

     

    

 

(c)                       
To the extent that severance benefits pursuant to this Plan are conditioned upon a Release, the Covered Employee shall forfeit
all rights to such payments and benefits unless such release is signed and delivered (and no longer subject to revocation, if applicable)
within 60 days following the date of the termination of the Covered Employee’s employment with the Company. If the Release
is no longer subject to revocation as provided in the preceding sentence, then the following shall apply:

 

(i)          
To the extent any severance benefits to be provided are not “non-qualified deferred compensation” for purposes
of Section 409A, then such benefits shall commence upon the first scheduled payment date immediately after the date the Release
is executed and no longer subject to revocation (the “Release Effective Date”). The first such cash payment
shall include all amounts that otherwise would have been due prior thereto under the terms of this Agreement applied as though
such payments commenced immediately upon the termination of the Covered Employee’s employment with the Company, and any payments
made after the Release Effective Date shall continue as provided herein. The delayed benefits shall in any event expire at the
time such benefits would have expired had such benefits commenced immediately following the termination of the Covered Employee’s
employment with the Company.

 

(ii)             
To the extent any such severance benefits to be provided are “non-qualified deferred compensation” for purposes
of Section 409A, then the Release must become irrevocable within 60 days of the date of termination and benefits shall be made
or commence upon the date provided in Section 6, provided that if the 60th day following the termination of the Covered Employee’s
employment with the Company falls in the calendar year following the calendar year containing the date of termination, the benefits
will be made no earlier than the first business day of that following calendar year. The first such cash payment shall include
all amounts that otherwise would have been due prior thereto under the terms of this Agreement had such payments commenced immediately
upon the termination of Covered Employee’s employment with the Company, and any payments made after the first such payment
shall continue as provided herein. The delayed benefits shall in any event expire at the time such benefits would have expired
had such benefits commenced immediately following the termination of the Covered Employee’s employment with the Company.

 

(d)                       
The Company makes no representations or warranties and shall have no liability to any Participant or any other person, other
than with respect to payments made by the Company in violation of the provisions of this Plan, if any provisions of or payments
under this Plan are determined to constitute deferred compensation subject to Section 409A of the Code but not to satisfy the conditions
of that section.

 

    9

     

    

 

14.             
Section 280G. Notwithstanding any other provision of this Plan, except as set forth in
Section 14(b), in the event that the Company undergoes a “Change in Ownership or Control” (as defined below), the following
provisions shall apply:

 

(a)                       
The Company shall not be obligated to provide to the Covered Employee any portion of any “Contingent Compensation
Payments” (as defined below) that the Covered Employee would otherwise be entitled to receive to the extent necessary to
eliminate any “excess parachute payments” (as defined in Section 280G(b)(1) of the Code) for the Covered Employee.
For purposes of this Section 14, the Contingent Compensation Payments so eliminated shall be referred to as the “Eliminated
Payments” and the aggregate amount (determined in accordance with Treasury Regulation Section 1.280G-1, Q/A-30 or any successor
provision) of the Contingent Compensation Payments so eliminated shall be referred to as the “Eliminated Amount.”

 

(b)                       
Notwithstanding the provisions of Section 14(a), no such reduction in Contingent Compensation Payments shall be made if
(1) the Eliminated Amount (computed without regard to this sentence) exceeds (2) 100% of the aggregate present value (determined
in accordance with Treasury Regulation Section 1.280G-1, Q/A-31 and Q/A-32 or any successor provisions) of the amount of any additional
taxes that would be incurred by the Covered Employee if the Eliminated Payments (determined without regard to this sentence) were
paid to the Covered Employee (including state and federal income taxes on the Eliminated Payments, the excise tax imposed by Section
4999 of the Code payable with respect to all of the Contingent Compensation Payments in excess of the Covered Employee’s
 “base amount” (as defined in Section 280G(b)(3) of the Code), and any withholding taxes). The override of such reduction
in Contingent Compensation Payments pursuant to this Section 14(b) shall be referred to as a “Section 14(b) Override.”
For purpose of this paragraph, if any federal or state income taxes would be attributable to the receipt of any Eliminated Payment,
the amount of such taxes shall be computed by multiplying the amount of the Eliminated Payment by the maximum combined federal
and state income tax rate provided by law.

 

(c)                       
For purposes of this Section 14 the following terms shall have the following respective meanings:

 

(i)                
“Change in Ownership or Control” shall mean a change in the ownership or effective control of the Company
or in the ownership of a substantial portion of the assets of the Company determined in accordance with Section 280G(b)(2) of the
Code.

 

(ii)             
“Contingent Compensation Payment” shall mean any payment (or benefit) in the nature of compensation that
is made or made available (under this Agreement or otherwise) to a “disqualified individual” (as defined in Section
280G(c) of the Code) and that is contingent (within the meaning of Section 280G(b)(2)(A)(i) of the Code) on a Change in Ownership
or Control of the Company.

 

    10

     

    

 

(d)                       
Any payments or other benefits otherwise due to the Covered Employee following a Change in Ownership or Control that could
reasonably be characterized (as determined by the Company) as Contingent Compensation Payments (the “Potential Payments”)
shall not be made until the dates provided for in this Section 14(d). Within 30 days after each date on which the Covered Employee
first becomes entitled to receive (whether or not then due) a Contingent Compensation Payment relating to such Change in Ownership
or Control, the Company shall determine and notify the Covered Employee (with reasonable detail regarding the basis for its determinations)
(1) which Potential Payments constitute Contingent Compensation Payments, (2) the Eliminated Amount and (3) whether the Section
14(b) Override is applicable. Within 30 days after delivery of such notice to the Covered Employee, the Covered Employee shall
deliver a response to the Company (the “Covered Employee Response”) stating either (A) that the Covered Employee
agrees with the Company’s determination pursuant to the preceding sentence or (B) that the Covered Employee disagrees with
such determination, in which case the Covered Employee shall set forth (x) which Potential Payments should be characterized as
Contingent Compensation Payments, (y) the Eliminated Amount, and (z) whether the Section 14(b) Override is applicable. In the event
that the Covered Employee fails to deliver a Covered Employee Response on or before the required date, the Company’s initial
determination shall be final. If the Covered Employee states in the Covered Employee Response that the Covered Employee agrees
with the Company’s determination, the Company shall make the Potential Payments to the Covered Employee within three business
days following delivery to the Company of the Covered Employee Response (except for any Potential Payments which are not due to
be made until after such date, which Potential Payments shall be made on the date on which they are due). If the Covered Employee
states in the Covered Employee Response that the Covered Employee disagree with the Company’s determination, then, for a
period of 60 days following delivery of the Covered Employee Response, the Covered Employee and the Company shall use good faith
efforts to resolve such dispute. If such dispute is not resolved within such 60-day period, such dispute shall be settled exclusively
by arbitration in Boston, Massachusetts, in accordance with the rules of the American Arbitration Association then in effect. Judgment
may be entered on the arbitrator’s award in any court having jurisdiction. The Company shall, within three business days
following delivery to the Company of the Covered Employee Response, make to the Covered Employee those Potential Payments as to
which there is no dispute between the Company and the Covered Employee regarding whether they should be made (except for any such
Potential Payments which are not due to be made until after such date, which Potential Payments shall be made on the date on which
they are due). The balance of the Potential Payments shall be made within three business days following the resolution of such
dispute.

 

    11

     

    

 

(e)                       
The Contingent Compensation Payments to be treated as Eliminated Payments shall be determined by the Company by determining
the Contingent Compensation Payment Ratio (as defined below) for each Contingent Compensation Payment and then reducing the Contingent
Compensation Payments in order beginning with the Contingent Compensation Payment with the highest Contingent Compensation Payment
Ratio. For Contingent Compensation Payments with the same Contingent Compensation Payment Ratio, such Contingent Compensation Payment
shall be reduced based on the time of payment of such Contingent Compensation Payments with amounts having later payment dates
being reduced first. For Contingent Compensation Payments with the same Contingent Compensation Payment Ratio and the same time
of payment, such Contingent Compensation Payments shall be reduced on a pro rata basis (but not below zero) prior to reducing Contingent
Compensation Payment with a lower Contingent Compensation Payment Ratio. The term “Contingent Compensation Payment Ratio”
shall mean a fraction the numerator of which is the value of the applicable Contingent Compensation Payment that must be taken
into account by the Covered Employee for purposes of Section 4999(a) of the Code, and the denominator of which is the actual amount
to be received by the Covered Employee in respect of the applicable Contingent Compensation Payment. For example, in the case of
an equity grant that is treated as contingent on the Change in Ownership or Control because the time at which the payment is made
or the payment vests is accelerated, the denominator shall be determined by reference to the fair market value of the equity at
the acceleration date, and not in accordance with the methodology for determining the value of accelerated payments set forth in
Treasury Regulation Section 1.280G-1 Q/A-24(b) or (c)).

 

(f)                       
The provisions of this Section 14 are intended to apply to any and all payments or benefits available to the Covered Employee
under this Plan or any other agreement or plan of the Company under which the Covered Employee receives Contingent Compensation
Payments

 

15.             
Plan Administration.

 

(a)                       
Plan Administrator. The Plan Administrator shall be the Board or the Compensation Committee; provided, however,
that the Board or the Compensation Committee may in its sole discretion appoint a new Plan Administrator to administer the Plan
following a Change in Control. The Plan Administrator shall also serve as the Named Fiduciary of the Plan under ERISA. The Plan
Administrator shall be the “administrator” within the meaning of Section 3(16) of ERISA and shall have all the responsibilities
and duties contained therein.

 

The Plan Administrator can be contacted
at the following address:

 

Catabasis Pharmaceuticals, Inc.

100 High Street, 28th
Floor

Boston, MA 02110

 

    12

     

    

 

(b)                       
Decisions, Powers and Duties. The general administration of the Plan and the responsibility for carrying out its
provisions shall be vested in the Plan Administrator. The Plan Administrator shall have such powers and authority as are necessary
to discharge such duties and responsibilities which also include, but are not limited to, interpretation and construction of the
Plan, the determination of all questions of fact, including, without limit, eligibility, participation and benefits, the resolution
of any ambiguities and all other related or incidental matters, and such duties and powers of the plan administration which are
not assumed from time to time by any other appropriate entity, individual or institution. The Plan Administrator may adopt rules
and regulations of uniform applicability in its interpretation and implementation of the Plan.

 

The Plan Administrator shall discharge
its duties and responsibilities and exercise its powers and authority in its sole discretion and in accordance with the terms of
the controlling legal documents and applicable law, and its actions and decisions that are not arbitrary and capricious shall be
binding on any employee, any employee’s spouse or other dependent or beneficiary and any other interested parties whether
or not in being or under a disability.

 

16.             
Indemnification. To the extent permitted by law, all employees, officers, directors, agents
and representatives of the Company shall be indemnified by the Company and held harmless against any claims and the expenses of
defending against such claims, resulting from any action or conduct relating to the administration of the Plan, whether as a member
of the Compensation Committee or otherwise, except to the extent that such claims arise from gross negligence, willful neglect,
or willful misconduct.

 

17.             
Plan Not an Employment Contract. The Plan is not a contract between the Company and any
employee, nor is it a condition of employment of any employee. Nothing contained in the Plan gives, or is intended to give,
any employee the right to be retained in the service of the Company, or to interfere with the right of the Company to discharge
or terminate the employment of any employee at any time and for any reason. No employee shall have the right or claim to benefits
beyond those expressly provided in this Plan, if any. All rights and claims are limited as set forth in the Plan.

 

18.             
Severability. In case any one or more of the provisions of this Plan (or part thereof)
shall be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not
affect the other provisions hereof, and this Plan shall be construed as if such invalid, illegal or unenforceable provisions (or
part thereof) never had been contained herein.

 

19.             
Non-Assignability. No right or interest of any Covered Employee in the Plan shall be assignable
or transferable in whole or in part either directly or by operation of law or otherwise, including, but not limited to, execution,
levy, garnishment, attachment, pledge or bankruptcy.

 

    13

     

    

 

20.             
Integration with Other Pay or Benefits Requirements. The severance payments and benefits
provided for in the Plan are the maximum benefits that the Company will pay to Covered Employees on a Covered Termination, except
to the extent otherwise specifically provided in a separate agreement. To the extent that the Company owes any amounts in the nature
of severance benefits under any other program, policy or plan of the Company that is not otherwise superseded by this Plan, or
to the extent that any federal, state or local law, including, without limitation, so-called “plant closing” laws,
requires the Company to give advance notice or make a payment of any kind to an employee because of that employee’s involuntary
termination due to a layoff, reduction in force, plant or facility closing, sale of business, or similar event, the benefits provided
under this Plan or the other arrangement shall either be reduced or eliminated to avoid any duplication of payment. The Company
intends for the benefits provided under this Plan to partially or fully satisfy any and all statutory obligations that may arise
out of an employee’s involuntary termination for the foregoing reasons and the Company shall so construe and implement the
terms of the Plan.

 

21.             
Amendment or Termination. The Board may amend, modify, or terminate the Plan at any time
in its sole discretion; provided, however, that (a) any such amendment, modification or termination made prior to a Change in Control
that adversely affects the rights of any Covered Employee shall be unanimously approved by the Board, (b) no such amendment, modification
or termination may affect the rights of a Covered Employee then receiving payments or benefits under the Plan without the consent
of such person, and (c) no such amendment, modification or termination made after a Change in Control shall be effective until
the date that is one year following such Change in Control. The Board, with the support of the Compensation Committee, intends
to review the Plan at least annually. 

 

22.             
Governing Law. The Plan and the rights of all persons under the Plan shall be construed
in accordance with and under applicable provisions of ERISA, and the regulations thereunder, and the laws of the Commonwealth of
Massachusetts (without regard to conflict of laws provisions) to the extent not preempted by federal law.

 

    14Exhibit 10.7

 

NEITHER THIS SECURITY
NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE
OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON STOCK PURCHASE WARRANT

 

CONTRAVIR
PHARMACEUTICALS, INC.

 

	Warrant Shares:  	Original Issue Date: June 14, 2018
	 	Initial Exercise Date: December
14, 2018

 

THIS COMMON STOCK
PURCHASE WARRANT (the “Warrant”) certifies that, for value received,                       
or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and
the conditions hereinafter set forth, at any time on or after the six month anniversary of the Original Issue Date (the
 “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on June 14, 2023 (the
 “Termination Date”) but not thereafter, to subscribe for and purchase from ContraVir Pharmaceuticals,
Inc., a Delaware corporation (the “Company”), up to                
shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of
one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1.              Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Dealer Manager Agreement
(the “Dealer Manager Agreement”), dated June 14, 2018, among the Company and the purchasers’ signatory
thereto.

 

Section 2.              Exercise.

 

a)            Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or
times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly
executed facsimile copy (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of
Exercise”). Within the earlier of (i) two (2) Trading Days (as hereinafter defined) and (ii) the number of Trading
Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as
aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of
Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure
specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall
be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be
required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this
Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been
exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3)
Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant
resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of
lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of
Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased
and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) business day
of receipt of such notice. For purposes of this Warrant, “Trading Day” means a day on which the Trading
Market is open for trading and “Trading Market” means any of the following markets or exchanges on which
the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the
Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, OTCQX or OTCQB (or any successors to any
of the foregoing). The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of
the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant
Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof. 

 

    1

     

    

 

b)         
Exercise Price. The exercise price per share of Common Stock under this Warrant shall be $1.705, subject to
adjustment hereunder (the “Exercise Price”).

 

c)          
Cashless Exercise. If at any time after the Initial Exercise Date there is no effective registration statement registering,
or the prospectus contained therein is not available for the issuance or resale of, the Warrant Shares to the Holder, then this
Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder
shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A)
=    as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such
Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or
(2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular
trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such
Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the
applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by
Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise
is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter
(including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section
2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a
Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of
 “regular trading hours” on such Trading Day;

 

    2

     

    

 

(B) =     the
Exercise Price of this Warrant, as adjusted hereunder; and

 

(X) =
    the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period
of the Warrants being exercised may be tacked on to the holding period of the Warrant Shares.  The Company agrees not
to take any position contrary to this Section 2(c).

 

Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c).

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on
a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as
applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock
are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all
other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith
by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the
nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg
L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or
OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and
if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a
similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the
Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by
an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company, the fees and expenses
of which shall be paid by the Company.

 

    3

     

    

 

d)           
Mechanics of Exercise.

 

i.            Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the
Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The
Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”), provided
Holder’s broker has properly initiated said DWAC, and if the Company is then a participant in such system and either
(A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant
Shares by Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a
certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of
Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice
of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of
Exercise, provided that the Holder has then delivered the aggregate Exercise Price to the Company, if applicable, (ii) one
(1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising
the Standard Settlement Period after the delivery to the Company of the Notice of Exercise, provided that the Holder has then
delivered the aggregate Exercise Price to the Company, if applicable (such date, the “Warrant Share Delivery
Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have
become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the
date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a
cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising
the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver
to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to
the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise
(based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to
$20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such
Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to
maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and
exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed
in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on
the date of delivery of the Notice of Exercise.

 

    4

     

    

 

ii.          
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at
the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver
to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant,
which new Warrant shall in all other respects be identical with this Warrant.

 

iii.         
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares
pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.          Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder
is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise
purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated
receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount,
if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common
Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required
to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such
purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent
number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver
to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise
and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000
to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to
such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay
the Holder $1,000. The Holder shall provide the
Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company,
evidence of the amount of such loss. 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 timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant
to the terms hereof.

 

    5

     

    

 

v.         
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon
the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such
exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal
to such fraction multiplied by the Exercise Price or round up to the next whole share.

 

vi.         
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue
or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses
shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may
be directed by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other
than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto
duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it
for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any
Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar
functions) required for same-day electronic delivery of the Warrant Shares.

 

vii.       
Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely
exercise of this Warrant, pursuant to the terms hereof.

 

    6

     

    

 

e)            Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to
exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such
issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such
Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation
(as defined below).  For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by
the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon
exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of
Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially
owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or
nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock
Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for
purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act
and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not
representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is
solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation
contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other
securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is
exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be
the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder
together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case
subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of
such determination. In addition, a determination as to any group status as contemplated above shall be determined in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this
Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding
shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the
Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by
the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or
oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of
shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be
determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the
Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock
was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common
Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this
Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of
this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the
Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this
Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial
Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The
provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the
terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the
intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to
properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of
this Warrant.

 

    7

     

    

 

Section 3.              Certain
Adjustments.

 

a)           
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a)
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b)          
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company
grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata
to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be
entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have
acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the
date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase
Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right
would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate
in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right
to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its
right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

    8

     

    

 

c)          
 Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or
make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock,
by way of return of capital or otherwise, other than cash (including, without limitation, any distribution of stock or other securities,
property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other
similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such
case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated
therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before
the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders
of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, to
the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial
Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial
ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution
shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the
Holder exceeding the Beneficial Ownership Limitation).

 

    9

     

    

 

d)           Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more
related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or
substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer,
tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common
Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by
the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related
transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share
exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or
property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share
purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off
or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50%
of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons
making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase
agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable
upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without
regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the
successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the
number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction
(without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the
determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the
amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the
Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the
securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as
to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The
Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the
 “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the
Dealer Manager Agreement in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and
substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such
Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security
of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which
is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity)
equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any
limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies
the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of
Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of
capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately
prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the
Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the Dealer Manager
Agreement referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right
and power of the Company and shall assume all of the obligations of the Company under this Warrant and the Dealer Manager
Agreement with the same effect as if such Successor Entity had been named as the Company herein.

 

e)           
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a
share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding
as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

  

    10

     

    

 

 

 

f)            
Notice to Holder.

 

i.           
  Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section
3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such
adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring
such adjustment.

 

ii.           Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email
to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least
20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which
a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not
to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer
or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common
Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such
notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the
date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

    11

     

    

 

Section 4.              Transfer
of Warrant.

 

a)            Transferability. Pursuant to FINRA Rule 5110(g)(1) and the Dealer Manager
Agreement, neither this Warrant nor any Warrant Shares issued upon exercise of this Warrant shall be sold, transferred, assigned,
pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in
the effective economic disposition of the securities by any person for a period of six (6) months immediately following the date
of effectiveness or commencement of sales of the offering pursuant to which this Warrant is being issued, except the transfer
of any security:

 

		(i)	by
                                         operation of law or by reason of reorganization of the Company; 

 

		(ii)	to
                                         any FINRA member firm participating in the offering and the officers and partners thereof,
                                         if all securities so transferred remain subject to the lock-up restriction in this Section
                                         4(a) for the remainder of the time period;

 

		(iii)	that
                                         is beneficially owned on a pro-rata basis by all equity owners of an investment fund,
                                         provided that no participating member manages or otherwise directs investments by the
                                         fund, and participating members in the aggregate do not own more than 10% of the equity
                                         in the fund; or 

 

		(iv)	the
                                         exercise or conversion of any security, if all securities received remain subject to
                                         the lock-up restriction in this Section 4(a) for the remainder of the time period.

 

Subject
to the foregoing restrictions, compliance with any applicable securities laws, and the conditions set forth in Section 4(d) hereof,
this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole
or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written
assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and
funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such
payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable,
and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything
herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder
has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading
Days of the date the Holder delivers an assignment form to the Company assigning this Warrant in
full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant
Shares without having a new Warrant issued.

 

b)            New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of
the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be
involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the
Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges
shall be dated the Original Issue Date and shall be identical with this Warrant except as to the number of Warrant Shares
issuable pursuant thereto.

 

    12

     

    

 

c)           
Warrant Register. 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 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.

 

d)            Representation
by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any
exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for
distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities
law, except pursuant to sales registered or exempted under the Securities Act.

 

Section 5.               Piggy-Back
Registration Rights.

 

(a)           If,
at any time on or after the Closing through the Termination Date, the Company proposes to file any Registration Statement
under the Securities Act (a “Registration Statement”) with respect to any offering of equity securities,
or securities or other obligations exercisable or exchangeable for, or convertible into, equity securities, by the Company
for its own account or for shareholders of the Company for their account (or by the Company and by shareholders of the
Company), other than a Registration Statement in connection with a merger or acquisition, then the Company shall (x) give
written notice of such proposed filing to the Holder as soon as practicable but in no event less than ten (10) days before
the anticipated filing date of the Registration Statement, which notice shall describe the amount and type of securities to
be included in such Registration Statement, the intended method(s) of distribution, and the name of the proposed managing
underwriter or underwriters, if any, of the offering, and offer to the Holder in such notice the opportunity to register the
sale of up to such number of shares of Common Stock equal to the number of shares of Common Stock issuable upon exercise of
this Warrant as such Holder may request in writing within five (5) days following receipt of such notice (a
 “Piggy-Back Registration” and such shares of Common Stock, the “Registrable
Securities”). The Company shall cause the Registrable Securities to be included in such registration and shall
cause the managing underwriter or underwriters of a proposed underwritten offering to permit the Registrable Securities
requested to be included in a Piggy-Back Registration on the same terms and conditions as any similar securities of the
Company and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s)
of distribution thereof. A Holder proposing to distribute its securities through a Piggy-Back Registration that involves an
underwriter or underwriters shall enter into an underwriting agreement in customary form with the underwriter or underwriters
selected for such Piggy-Back Registration. Notwithstanding anything to the contrary in this Section 5(a), the Company
shall not be required to register such Registrable Securities pursuant to this Section 5(a) that are eligible for
resale pursuant to Rule 144 promulgated under the Securities Act or that are the subject of a then effective Registration
Statement.

 

    13

     

    

 

(b)           Any
Holder may elect to withdraw its request for inclusion of Registrable Securities in any Piggy-Back Registration by giving written
notice to the Company of such request to withdraw prior to the effectiveness of the Registration Statement. The Company (whether
on its own determination or as the result of a withdrawal by persons making a demand pursuant to written contractual obligations)
may withdraw a Registration Statement at any time prior to the effectiveness of such Registration Statement. Notwithstanding any
such withdrawal, the Company shall pay all expenses incurred by the Holder in connection with such Piggy-Back Registration (including
but not limited to any legal fees).

 

(c)           The
Company shall notify the Holder at any time when a prospectus relating to its Registrable Securities is required to be delivered
under the Securities Act, upon discovery that, or upon the happening of any event as a result of which, the prospectus included
in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state any material
fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then
existing. At the request of Holder, the Company shall also prepare, file and furnish to Holder a reasonable number of copies of
a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of the
Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing.
The Holder shall not offer or sell any Registrable Securities covered by the Registration Statement after receipt of such notification
until the receipt of such supplement or amendment.

 

(d)           The
Company may request Holder to furnish the Company such information with respect to such Holder and such Holder’s proposed
distribution of the Registrable Securities pursuant to the Registration Statement as the Company may from time to time reasonably
request in writing or as shall be required by law or by the Commission in connection therewith, and such Holders shall furnish
the Company with such information.

 

(e)           All
fees and expenses incident to the performance of or compliance with this Section 5 by the Company shall be borne by
the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses
referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including,
without limitation, fees and expenses of the Company’s counsel and independent registered public accountants) (A) with
respect to filings made with the Commission, (B) with respect to filings required to be made with any trading market on which
the Common Stock are then listed for trading, (C) in compliance with applicable state securities or Blue Sky laws reasonably
agreed to by the Company in writing (including, without limitation, fees and disbursements of counsel for the Company in
connection with Blue Sky qualifications or exemptions of the Registrable Securities) and (D) with respect to any filing that
may be required to be made by any broker through which Holder intends to make sales of Registrable Securities with FINRA,
(ii) printing expenses, (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the
Company, (v) Securities Act liability insurance, if the Company so desires such insurance, and (vi) fees and expenses of all
other persons or entities retained by the Company in connection with the actions contemplated by this Section 5.

 

    14

     

    

 

(f)            The
Company and its successors and assigns shall indemnify and hold harmless Holder, the officers, directors, members, partners,
agents and employees (and any other individuals or entities with a functionally equivalent role of a person holding such
titles, notwithstanding a lack of such title or any other title) of each of them, each individual or entity who controls
Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers,
directors, members, stockholders, partners, agents and employees (and any other individuals or entities with a functionally
equivalent role of a person holding such titles, notwithstanding a lack of such title or any other title) of each such
controlling individual or entity (each, an “Indemnified Party”), to the fullest extent permitted by
applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation,
reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred, arising out of or
relating to (1) any untrue or alleged untrue statement of a material fact contained in a Registration Statement, any related
prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising
out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make
the statements therein (in the case of any such prospectus or supplement thereto, in light of the circumstances under which
they were made) not misleading or (2) any violation or alleged violation by the Company of the Securities Act, the Exchange
Act or any state securities law, or any rule or regulation thereunder, in connection with the performance of its obligations
under this Section 5, except to the extent, but only to the extent, that such untrue statements or omissions are based
upon information regarding Holder furnished to the Company by such party for use therein. The Company shall notify Holder
promptly of the institution, threat or assertion of any proceeding arising from or in connection with the transactions
contemplated by this Section 5 of which the Company is aware. If the indemnification hereunder is unavailable to an
Indemnified Party or insufficient to hold an Indemnified Party harmless for any Losses, then the Company shall contribute to
the amount paid or payable by such Indemnified Party, in such proportion as is appropriate to reflect the relative fault of
the Company and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as
well as any other relevant equitable considerations. The relative fault of the Company and Indemnified Party shall be
determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue
statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to
information supplied by, the Company or the Indemnified Party, and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a party
as a result of any Losses shall be deemed to include any reasonable attorneys’ or other fees or expenses incurred by
such party in connection with any proceeding to the extent such party would have been indemnified for such fees or expenses
if the indemnification provided for herein was available to such party in accordance with its terms. It is agreed that it
would not be just and equitable if contribution pursuant to this Section 5(f) were determined by pro rata allocation
or by any other method of allocation that does not take into account the equitable considerations referred to in the
immediately preceding sentence. Notwithstanding the provisions of this Section 5(f), Holder shall not be required to
contribute, in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such party
from the sale of all of their Registrable Securities pursuant to such Registration Statement or related prospectus exceeds
the amount of any damages that such party has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission.

 

    15

     

    

 

Section 6.              Miscellaneous.

 

a)            No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends
or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly
set forth in Section 3.

 

b)            Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case
of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

c)            Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of
any right required or granted herein shall not be a business day, then, such action may be taken or such right may be exercised
on the next succeeding business day.

 

d)            Authorized Shares.

 

The Company
covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a
sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under
this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this
Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be
issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market
upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the
exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this
Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and
nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than
taxes in respect of any transfer occurring contemporaneously with such issue).

 

    16

     

    

 

Except and
to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation 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, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such
actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without
limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount
payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary
or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise
of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any
public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under
this Warrant.

 

Before taking
any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.

 

e)             Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Dealer Manager Agreement.

 

f)             Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder
does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g)            Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision
of this Warrant or the Dealer Manager Agreement, if the Company willfully and knowingly fails to comply with any provision of
this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be
sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of
appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its
rights, powers or remedies hereunder.

 

    17

     

    

 

h)            Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the
Company shall be delivered in accordance with the notice provisions of the Dealer Manager Agreement.

 

i)             Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase
Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder
for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

 

j)             Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would
not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

k)            Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant Shares.

 

l)             Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the
Company and the Holder.

 

m)           Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

n)            Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

********************

 

(Signature Page Follows)

 

    18

     

    

 

 

IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	CONTRAVIR PHARMACEUTICALS, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    19

     

    

 

NOTICE OF EXERCISE

 

To:    CONTRAVIR
PHARMACEUTICALS, INC.

 

(1)  
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.

 

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

 

[ ] in lawful
money of the United States; or

 

[ ] if permitted
the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c),
to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure
set forth in subsection 2(c).

 

(3)  
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

The Warrant Shares shall be delivered to
the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: _____________________________________________________________________________________________________

Signature of Authorized Signatory of
Investing Entity: _______________________________________________________________________________

Name of Authorized Signatory: _________________________________________________________________________________________________

Title of Authorized Signatory: __________________________________________________________________________________________________

Date: _____________________________________________________________________________________________________________________

 

     

     

    

 

EXHIBIT B

 

ASSIGNMENT
FORM

 

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

 

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

 

	Name:	 
	 	(Please Print)
	Address:	 
	 	(Please Print)
	 	 
	Phone Number:	 
	 	 
	Email Address: 	 
	 	 
	Dated: _______________ __, ______	 

 

	Holder’s Signature:	 	 
	 	 	 
	Holder’s Address:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00316-of-00352.parquet"}]]