Document:

EXHIBIT 4.8

GERON CORPORATION 

AND

_____________, AS WARRANT AGENT

FORM OF DEBT SECURITIES 
WARRANT AGREEMENT

DATED AS OF __________

GERON CORPORATION
FORM OF DEBT SECURITIES WARRANT AGREEMENT

THIS DEBT SECURITIES WARRANT AGREEMENT (this “ Agreement ”), dated as of [●], between GERON CORPORATION , a Delaware corporation (the “ Company ”) and [●], a [corporation] [national banking association]organized and existing under the laws of [●] and having a corporate trust office in [●], as warrant agent (the “ Warrant Agent ”).

WHEREAS , the Company has entered into an indenture dated as of [[●] (the “ Senior Indenture ”), with [●], as trustee (such trustee, and any successors to such trustee, herein called the “ Senior Trustee ”), providing for the issuance from time to time of its [unsubordinated[subordinated] debt securities, to be issued in one or more series as provided in the Senior Indenture (the “ Debt Securities ”);] 

WHEREAS , the Company proposes to sell [ If Warrants are sold with other securities — title of such other securities being offered (the “ Other Securities ”) with] warrant certificates evidencing one or more warrants (the “ Warrants ” or, individually, a “ Warrant ”) representing the right to purchase [title of Debt Securities purchasable through exercise of Warrants] (the “ Warrant Debt Securities ”), such warrant certificates and other warrant certificates issued pursuant to this Agreement being herein called the “ Warrant Certificates ”; and 

WHEREAS , the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with the issuance, registration, transfer, exchange, exercise and replacement of the Warrant Certificates, and in this Agreement wishes to set forth, among other things, the form and provisions of the Warrant Certificates and the terms and conditions on which they may be issued, registered, transferred, exchanged, exercised and replaced.

NOW THEREFORE , in consideration of the premises and of the mutual agreements herein contained, the parties hereto agree as follows:

ARTICLE 1

ISSUANCE OF WARRANTS AND EXECUTION AND
DELIVERY OF WARRANT CERTIFICATES

1.1 Issuance Of Warrants. [ If Warrants alone — Upon issuance, each Warrant Certificate shall evidence one or more Warrants.] [ If Other Securities and Warrants — Warrant Certificates shall be issued in connection with the issuance of the Other Securities but shall be separately transferable and each Warrant Certificate shall evidence one or more Warrants.] Each Warrant evidenced thereby shall represent the right, subject to the provisions contained herein and therein, to purchase one Warrant Debt Security. [ If Other Securities and Warrants — Warrant Certificates shall be issued with the Other Securities and each Warrant Certificate shall evidence [●] Warrants for each [$[●] principal amount] [[●] shares] of Other Securities issued.]

1.2 Execution And Delivery Of Warrant Certificates. Each
Warrant Certificate, whenever issued, shall be in registered form substantially in the form set forth in Exhibit
A hereto, shall be dated the date of its countersignature by the Warrant
Agent and may have such letters, numbers, or other marks of identification or designation and such legends or endorsements
printed, lithographed or engraved thereon as the officers of the Company executing the same may approve (execution thereof to
be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Agreement, or as may be
required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any
securities exchange on which the Warrants may be listed, or to conform to usage. The Warrant Certificates shall be signed on
behalf of the Company by any of its present or future chief executive officers, presidents, senior vice presidents, vice
presidents, chief financial officers, chief legal officers, treasurers, assistant treasurers, controllers, assistant
controllers, secretaries or assistant secretaries under its corporate seal reproduced thereon. Such signatures may be manual
or facsimile signatures of such authorized officers and may be imprinted or otherwise reproduced on the Warrant Certificates.
The seal of the Company may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise
reproduced on the Warrant Certificates.

No Warrant Certificate shall be valid for any purpose, and no Warrant evidenced thereby shall be exercisable, until such Warrant Certificate has been countersigned by the manual signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed by the Company shall be conclusive evidence that the Warrant Certificate so countersigned has been duly issued hereunder.

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In case any officer of the Company who shall have signed any of the Warrant Certificates either manually or by facsimile signature shall cease to be such officer before the Warrant Certificates so signed shall have been countersigned and delivered by the Warrant Agent, such Warrant Certificates may be countersigned and delivered notwithstanding that the person who signed Warrant Certificates ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Warrant Certificate, shall be the proper officers of the Company, although at the date of the execution of this Agreement any such person was not such officer.

The term “holder” or “holder of a Warrant Certificate” as used herein shall mean any person in whose name at the time any Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose.

1.3 Issuance Of Warrant Certificates. Warrant Certificates evidencing the right to purchase Warrant Debt Securities may be executed by the Company and delivered to the Warrant Agent upon the execution of this Warrant Agreement or from time to time thereafter. The Warrant Agent shall, upon receipt of Warrant Certificates duly executed on behalf of the Company, countersign such Warrant Certificates and shall deliver such Warrant Certificates to or upon the order of the Company.

ARTICLE 2

WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS

2.1 Warrant Price. During the period specified in Section 2.2, each Warrant shall, subject to the terms of this Warrant Agreement and the applicable Warrant Certificate, entitle the holder thereof, to purchase the principal amount of Warrant Debt Securities specified in the applicable Warrant Certificate at an exercise price of [●]% of the principal amount thereof [plus accrued amortization, if any, of the original issue discount of the Warrant Debt Securities] [plus accrued interest, if any, from the most recent date from which interest shall have been paid on the Warrant Debt Securities or, if no interest shall have been paid on the Warrant Debt Securities, from the date of their initial issuance.] [The original issue discount ($[●] for each $1,000
principal amount of Warrant Debt Securities) will be amortized at a [●]% annual rate, computed on a[n]
[semi-] annual basis [using a 360-day year consisting of twelve 30-day months].]
Such purchase price for the Warrant Debt Securities is referred to in this Agreement as the “ Warrant
Price. ” 

2.2 Duration Of Warrants. Each Warrant may be exercised in whole or in part at any time, as
specified herein, on or after [the date thereof] [●] and at or before
[●] p.m., [City] time, on [●] or such later date as the Company may designate
by notice to the Warrant Agent and the holders of Warrant Certificates mailed to their addresses as set forth in the record
books of the Warrant Agent (the “ Expiration Date ”).
Each Warrant not exercised at or before [●] p.m., [City] time, on the Expiration Date shall become void, and all rights
of the holder of the Warrant Certificate evidencing such Warrant under this Agreement shall cease.

2.3 Exercise Of Warrants.

(a) During the period specified in Section 2.2, the Warrants may be exercised to purchase a whole number of Warrant Debt Securities in registered form by providing certain information as set forth on the reverse side of the Warrant Certificate and by paying in full, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds] the Warrant Price for each Warrant Debt Security with respect to which a Warrant is being exercised to the Warrant Agent at its corporate trust office, provided that such exercise is subject to receipt within five business days of such payment by the Warrant Agent of the Warrant Certificate with the form of election to purchase Warrant Debt Securities set forth on the reverse side of the Warrant Certificate properly completed and duly executed. The date on which payment in full of the Warrant Price is received by the Warrant Agent shall, subject to receipt of the Warrant Certificate as aforesaid, be deemed to be the date on which the Warrant is exercised; provided, however, that if, at the date of receipt of such Warrant Certificates and payment in full of the Warrant Price, the transfer books for the Warrant Debt Securities purchasable upon the exercise of such Warrants shall be closed, no such receipt of such Warrant Certificates and no such payment of such Warrant Price shall be effective to constitute the person so designated to be named as the holder of record of such Warrant Debt Securities on such date, but shall be effective to constitute such person as the holder of record of such Warrant Debt Securities for all purposes at the opening of business on the next succeeding day on which the transfer books for the Warrant Debt Securities purchasable upon the exercise of such Warrants shall be opened, and the certificates for the Warrant Debt Securities in respect of which such Warrants are then exercised shall be issuable as of the date on such next succeeding day on which the transfer books shall next be opened, and until such date the Company shall be under no duty to deliver any certificate for such Warrant Debt Securities. The Warrant Agent shall deposit all funds received by it in payment of the Warrant Price in an account of the Company maintained with it and shall advise the Company by telephone at the end of each day on which a payment for the exercise of Warrants is received of the amount so deposited to its account. The Warrant Agent shall promptly confirm such telephone advice to the Company in writing.

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(b) The Warrant Agent shall, from time to time, as promptly as practicable, advise the Company of (i) the number of Warrant Debt Securities with respect to which Warrants were exercised, (ii) the instructions of each holder of the Warrant Certificates evidencing such Warrants with respect to delivery of the Warrant Debt Securities to which such holder is entitled upon such exercise, (iii) delivery of Warrant Certificates evidencing the balance, if any, of the Warrants for the remaining Warrant Debt Securities after such exercise, and (iv) such other information as the Company or the Trustee shall reasonably require.

(c) As soon as practicable after the exercise of any Warrant, the Company shall issue, pursuant to the Indenture, in authorized denominations, to or upon the order of the holder of the Warrant Certificate evidencing such Warrant, the Warrant Debt Securities to which such holder is entitled, in fully registered form, registered in such name or names as may be directed by such holder. If fewer than all of the Warrants evidenced by such Warrant Certificate are exercised, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, a new Warrant Certificate evidencing Warrants for the number of Warrant Debt Securities remaining unexercised.

(d) The Company shall not be required to pay any stamp or other tax or other governmental charge required to be paid in connection with any transfer involved in the issue of the Warrant Debt Securities, and in the event that any such transfer is involved, the Company shall not be required to issue or deliver any Warrant Debt Securities until such tax or other charge shall have been paid or it has been established to the Company’s satisfaction that no such tax or other charge is due.

(e) Prior to the issuance of any Warrants there shall have been reserved, and the Company shall at all times through the Expiration Date keep reserved, out of its authorized but unissued Warrant Debt Securities, a number of shares sufficient to provide for the exercise of the Warrants.

ARTICLE 3

OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF
WARRANT CERTIFICATES

3.1 No Rights As Holders of Warrant Debt Securities Conferred By Warrants or Warrant Certificates. No Warrant Certificate or Warrant evidenced thereby shall entitle the holder thereof to any of the rights of a holder of Warrant Debt Securities, including, without limitation, the right to receive the payment of principal of (or premium, if any) or interest, if any, on the Warrant Debt Securities or to enforce any of the covenants in the Indenture.

3.2 Lost, Stolen, Mutilated Or Destroyed Warrant Certificates. Upon receipt by the Warrant Agent of evidence reasonably satisfactory to it and the Company of the ownership of and the loss, theft, destruction or mutilation of any Warrant Certificate and/or indemnity reasonably satisfactory to the Warrant Agent and the Company and, in the case of mutilation, upon surrender of the mutilated Warrant Certificate to the Warrant Agent for cancellation, then, in the absence of notice to the Company or the Warrant Agent that such Warrant Certificate has been acquired by a bona fide purchaser, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, in exchange for or in lieu of the lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant Certificate of the same tenor and evidencing Warrants for a like principal amount of Warrant Debt Securities. Upon the issuance of any new Warrant Certificate under this Section 3.2, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Warrant Agent) in connection therewith. Every substitute Warrant Certificate executed and delivered pursuant to this Section 3.2 in lieu of any lost, stolen or destroyed Warrant Certificate shall represent an additional contractual obligation of the Company, whether or not the lost, stolen or destroyed Warrant Certificate shall be at any time enforceable by anyone, and shall be entitled to the benefits of this Agreement equally and proportionately with any and all other Warrant Certificates duly executed and delivered hereunder. The provisions of this Section 3.2 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement of mutilated, lost, stolen or destroyed Warrant Certificates.

3.3 Holder Of Warrant Certificate May Enforce Rights. Notwithstanding any of the provisions of this Agreement, any holder of any Warrant Certificate, without the consent of the Warrant Agent, the Trustee, the holder of any Warrant Debt Securities or the holder of any other Warrant Certificate, may, in such holder’s own behalf and for such holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such holder’s right to exercise the Warrants evidenced by such holder’s Warrant Certificate in the manner provided in such holder’s Warrant Certificates and in this Agreement.

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3.4 Merger, Sale, Conveyance or Lease. In case of (a) any share exchange, merger or similar transaction of the Company with or into another person or entity (other than a share exchange, merger or similar transaction in which the Company is the acquiring or surviving corporation) or (b) the sale, exchange, lease, transfer or other disposition of all or substantially all of the properties and assets of the Company as an entirety (in any such case, a “ Reorganization Event ”), then, as a condition of such Reorganization Event, lawful provisions shall be made, and duly executed documents evidencing the same from the Company’s successor shall be delivered to the holders of the Warrants, so that such successor shall succeed to and be substituted for the Company, and assume all the Company’s obligations under, this Agreement and the Warrants. The Company shall thereupon be relieved of any further obligation hereunder or under the Warrants, and the Company as the predecessor corporation may thereupon or at any time thereafter be dissolved, wound up or liquidated. Such successor or assuming entity thereupon may cause to be signed, and may issue either in its own name or in the name of the Company, any or all of the Warrants issuable hereunder which heretofore shall not have been signed by the Company, and may execute and deliver securities in its own name, in fulfillment of its obligations to deliver Warrant Debt Securities upon exercise of the Warrants. All the Warrants so issued shall in all respects have the same legal rank and benefit under this Agreement as the Warrants theretofore or thereafter issued in accordance with the terms of this Agreement as though all of such Warrants had been issued at the date of the execution hereof. In any case of any such Reorganization Event, such changes in phraseology and form (but not in substance) may be made in the Warrants thereafter to be issued as may be appropriate. The Warrant Agent may receive a written opinion of legal counsel as conclusive evidence that any such Reorganization Event complies with the provisions of this Section 3.4.

3.5 Notice to Warrantholders. In case the Company shall (a) effect any Reorganization Event or (b) make any distribution on or in respect of the [title of Warrant Debt Securities] in connection with the dissolution, liquidation or winding up of the Company, then the Company shall mail to each holder of Warrants at such holder’s address as it shall appear on the books of the Warrant Agent, at least ten days prior to the applicable date hereinafter specified, a notice stating the date on which such Reorganization Event, dissolution, liquidation or winding up is expected to become effective, and the date as of which it is expected that holders of [title of Warrant Debt Securities] of record shall be entitled to exchange their shares of [title of Warrant Debt Securities] for securities or other property deliverable upon such Reorganization Event, dissolution, liquidation or winding up. No failure to mail such notice nor any defect therein or in the mailing thereof shall affect any such transaction.

ARTICLE 4

EXCHANGE AND TRANSFER OF WARRANT CERTIFICATES

4.1 Exchange And Transfer Of Warrant Certificates. Upon surrender at the corporate trust office of the Warrant Agent, Warrant Certificates evidencing Warrants may be exchanged for Warrant Certificates in other denominations evidencing such Warrants or the transfer thereof may be registered in whole or in part; provided that such other Warrant Certificates evidence Warrants for the same aggregate principal amount of Warrant Debt Securities as the Warrant Certificates so surrendered. The Warrant Agent shall keep, at its corporate trust office, books in which, subject to such reasonable regulations as it may prescribe, it shall register Warrant Certificates and exchanges and transfers of outstanding Warrant Certificates, upon surrender of the Warrant Certificates to the Warrant Agent at its corporate trust office for exchange or registration of transfer, properly endorsed or accompanied by appropriate instruments of registration of transfer and written instructions for transfer, all in form satisfactory to the Company and the Warrant Agent. No service charge shall be made for any exchange or registration of transfer of Warrant Certificates, but the Company may require payment of a sum sufficient to cover any stamp or other tax or other governmental charge that may be imposed in connection with any such exchange or registration of transfer. Whenever any Warrant Certificates are so surrendered for exchange or registration of transfer, an authorized officer of the Warrant Agent shall manually countersign and deliver to the person or persons entitled thereto a Warrant Certificate or Warrant Certificates duly authorized and executed by the Company, as so requested. The Warrant Agent shall not be required to effect any exchange or registration of transfer which will result in the issuance of a Warrant Certificate evidencing a Warrant for a fraction of a Warrant Debt Security or a number of Warrants for a whole number of Warrant Debt Securities and a fraction of a Warrant Debt Security. All Warrant Certificates issued upon any exchange or registration of transfer of Warrant Certificates shall be the valid obligations of the Company, evidencing the same obligations and entitled to the same benefits under this Agreement as the Warrant Certificate surrendered for such exchange or registration of transfer.

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4.2 Treatment Of Holders Of Warrant Certificates. The Company, the Warrant Agent and all other persons may treat the registered holder of a Warrant Certificate as the absolute owner thereof for any purpose and as the person entitled to exercise the rights represented by the Warrants evidenced thereby, any notice to the contrary notwithstanding.

4.3 Cancellation Of Warrant Certificates. Any Warrant Certificate surrendered for exchange, registration of transfer or exercise of the Warrants evidenced thereby shall, if surrendered to the Company, be delivered to the Warrant Agent and all Warrant Certificates surrendered or so delivered to the Warrant Agent shall be promptly canceled by the Warrant Agent and shall not be reissued and, except as expressly permitted by this Agreement, no Warrant Certificate shall be issued hereunder in exchange therefor or in lieu thereof. The Warrant Agent shall deliver to the Company from time to time or otherwise dispose of canceled Warrant Certificates in a manner satisfactory to the Company.

ARTICLE 5

CONCERNING THE WARRANT AGENT

5.1 Warrant Agent. The
Company hereby appoints [●] as Warrant Agent of the Company in respect of the Warrants and the Warrant Certificates
upon the terms and subject to the conditions herein set forth, and [●] hereby accepts such appointment.
The Warrant Agent shall have the powers and authority granted to and conferred upon it in the Warrant Certificates and hereby
and such further powers and authority to act on behalf of the Company as the Company may hereafter grant to or confer upon
it. All of the terms and provisions with respect to such powers and authority contained in the Warrant Certificates are
subject to and governed by the terms and provisions hereof.

5.2 Conditions Of Warrant Agent’s Obligations. The Warrant Agent accepts its obligations herein set forth upon the terms and conditions hereof, including the following to all of which the Company agrees and to all of which the rights hereunder of the holders from time to time of the Warrant Certificates shall be subject: 

(a) Compensation And Indemnification. The Company agrees promptly to pay the Warrant Agent the compensation to be agreed upon with the Company for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including reasonable counsel fees) incurred without negligence, bad faith or willful misconduct by the Warrant Agent in connection with the services rendered hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense incurred without negligence, bad faith or willful misconduct on the part of the Warrant Agent, arising out of or in connection with its acting as Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim of such liability.

(b) Agent For The Company. In acting under this Warrant Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any of the holders of Warrant Certificates or beneficial owners of Warrants.

(c) Counsel. The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for the Company, and the written advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice of such counsel.

(d) Documents. The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented or signed by the proper parties.

(e) Certain Transactions. The Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire any interest in, Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted by applicable law, it or they may engage or be interested in any financial or other transaction with the Company and may act on, or as depositary, trustee or agent for, any committee or body of holders of Warrant Debt Securities or other obligations of the Company as freely as if it were not the Warrant Agent hereunder. Nothing in this Warrant Agreement shall be deemed to prevent the Warrant Agent from acting as Trustee under the Indenture.

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(f) No Liability For Interest. Unless otherwise agreed with the Company, the Warrant Agent shall have no liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates.

(g) No Liability For Invalidity. The Warrant Agent shall have no liability with respect to any invalidity of this Agreement or any of the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon).

(h) No Responsibility For Representations. The Warrant Agent shall not be responsible for any of the recitals or representations herein or in the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon), all of which are made solely by the Company.

(i) No Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are herein and in the Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds of the Warrant Certificates. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the receipt of any written demand from a holder of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or, except as provided in Section 6.2 hereof, to make any demand upon the Company.

5.3 Resignation, Removal And Appointment Of Successors.

(a) The Company agrees, for the benefit of the holders from time to time of the Warrant Certificates, that there shall at all times be a Warrant Agent hereunder until all the Warrants have been exercised or are no longer exercisable.

(b) The Warrant Agent may at any time resign as agent by giving written notice to the Company of such intention on its part, specifying the date on which its desired resignation shall become effective; provided that such date shall not be less than three months after the date on which such notice is given unless the Company otherwise agrees. The Warrant Agent hereunder may be removed at any time by the filing with it an instrument in writing signed by or on behalf of the Company and specifying such removal and the intended date when it shall become effective. Such resignation or removal shall take effect upon the appointment by the Company, as hereinafter provided, of a successor Warrant Agent (which shall be a bank or trust company authorized under the laws of the jurisdiction of its organization to exercise corporate trust powers) and the acceptance of such appointment by such successor Warrant Agent. The obligation of the Company under Section 5.2(a) shall continue to the extent set forth therein notwithstanding the resignation or removal of the Warrant Agent.

(c) In case at any time the Warrant Agent shall resign, or shall be removed, or shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or shall commence a voluntary case under the Federal bankruptcy laws, as now or hereafter constituted, or under any other applicable Federal or state bankruptcy, insolvency or similar law or shall consent to the appointment of or taking possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant Agent or its property or affairs, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall take corporate action in furtherance of any such action, or a decree or order for relief by a court having jurisdiction in the premises shall have been entered in respect of the Warrant Agent in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or state bankruptcy, insolvency or similar law, or a decree or order by a court having jurisdiction in the premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar official) of the Warrant Agent or of its property or affairs, or any public officer shall take charge or control of the Warrant Agent or of its property or affairs for the purpose of rehabilitation, conservation, winding up or liquidation, a successor Warrant Agent, qualified as aforesaid, shall be appointed by the Company by an instrument in writing, filed with the successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by the successor Warrant Agent of such appointment, the Warrant Agent shall cease to be Warrant Agent hereunder.

(d) Any successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Company an instrument accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with like effect as if originally named as Warrant Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become obligated to transfer, deliver and pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such predecessor, as Warrant Agent hereunder.

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(e) Any corporation into which the Warrant Agent hereunder may be merged or converted or any corporation with which the Warrant Agent may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any corporation to which the Warrant Agent shall sell or otherwise transfer all or substantially all the assets and business of the Warrant Agent, provided that it shall be qualified as aforesaid, shall be the successor Warrant Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto.

ARTICLE 6 

MISCELLANEOUS

6.1 Amendment. This Agreement may be amended by the parties hereto, without the consent of the holder of any Warrant Certificate, for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein, or making any other provisions with respect to matters or questions arising under this Agreement as the Company and the Warrant Agent may deem necessary or desirable; provided that such action shall not materially adversely affect the interests of the holders of the Warrant Certificates.

6.2 Notices And Demands To The Company And Warrant Agent. If the Warrant Agent shall receive any notice or demand addressed to the Company by the holder of a Warrant Certificate pursuant to the provisions of the Warrant Certificates, the Warrant Agent shall promptly forward such notice or demand to the Company.

6.3 Addresses. Any communication from the Company to the Warrant Agent with respect to this Agreement shall be addressed to [●], Attention: [●] and any communication from the Warrant Agent to the Company with respect to this Agreement shall be addressed to Geron Corporation, 919 E. Hillsdale Blvd., Suite 250, Foster City, CA 94404, Attention: [●] (or such other address as shall be specified in writing by the Warrant Agent or by the Company).

6.4 Governing Law. This Agreement and each Warrant Certificate issued hereunder, and any claim, controversy or dispute arising under or related to this Agreement or any Warrant Certificate, shall be governed by and construed in accordance with the laws of the State of New York.

6.5 Delivery Of Prospectus. The Company shall furnish to the Warrant Agent sufficient copies of a prospectus meeting the requirements of the Securities Act of 1933, as amended, relating to the Warrant Debt Securities deliverable upon exercise of the Warrants (the “ Prospectus ”), and the Warrant Agent agrees that upon the exercise of any Warrant, the Warrant Agent will deliver to the holder of the Warrant Certificate evidencing such Warrant, prior to or concurrently with the delivery of the Warrant Debt Securities issued upon such exercise, the Prospectus. The Warrant Agent shall not, by reason of any such delivery, assume any responsibility for the accuracy or adequacy of such Prospectus.

6.6 Obtaining Of Governmental Approvals. The Company will from time to time take all action which may be necessary to obtain and keep effective any and all permits, consents and approvals of governmental agencies and authorities and securities act filings under United States Federal and state laws (including without limitation a registration statement in respect of the Warrants and Warrant Debt Securities under the Securities Act of 1933, as amended), which may be or become requisite in connection with the issuance, sale, transfer, and delivery of the Warrant Debt Securities issued upon exercise of the Warrants, the issuance, sale, transfer and delivery of the Warrants or upon the expiration of the period during which the Warrants are exercisable.

6.7 Persons Having Rights Under Warrant Agreement. Nothing in this Agreement shall give to any person other than the Company, the Warrant Agent and the holders of the Warrant Certificates any right, remedy or claim under or by reason of this Agreement.

6.8 Headings. The descriptive headings of the several Articles and Sections of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.

6.9 Counterparts. This Agreement may be executed in any number of counterparts, each of which as so executed shall be deemed to be an original, but such counterparts shall together constitute one and the same instrument.

6.10 Inspection Of Agreement. A copy of this Agreement shall be available at all reasonable times at the principal corporate trust office of the Warrant Agent for inspection by the holder of any Warrant Certificate. The Warrant Agent may require such holder to submit his Warrant Certificate for inspection by it.

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IN WITNESS WHEREOF , the parties hereto have caused this Agreement to be duly executed, all as of the day and year first above written.

GERON CORPORATION , as Company

	By:	 
	Name:          	 
	Title:	 

[●], as Warrant Agent

	By:	 
	Name:          	 
	Title:	 

[SIGNATURE PAGE TO DEBT SECURITIES WARRANT AGREEMENT]

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EXHIBIT A

FORM OF WARRANT CERTIFICATE
[FACE OF WARRANT CERTIFICATE]

	[Form of Legend if Warrants are not immediately	     	[Prior to [●] Warrants evidenced by this Warrant
	exercisable.]		Certificate cannot be exercised.]

EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT AGENT AS
 PROVIDED HEREIN

VOID AFTER [●] P.M., [City] time, ON [●].

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GERON CORPORATION
WARRANT CERTIFICATE REPRESENTING
WARRANTS TO PURCHASE
[TITLE OF WARRANT DEBT SECURITIES]

	No. [●]	[●] Warrants

This certifies that [●] or
registered assigns is the registered owner of the above indicated number of Warrants,
each Warrant entitling such owner to purchase, at any time [after [●] p.m.,
[City] time, [on [●] and] on or before [●] p.m., [City] time, on, $[●] principal amount of [Title of
Warrant Debt Securities] (the “ Warrant Debt Securities ”)
of Geron Corporation (the “ Company ”)
issued or to be issued under the Indenture (as hereinafter defined), on the following basis:
during the period from [●], through and including [●], each Warrant shall entitle the Holder thereof, subject to the
provisions of this Agreement, to purchase the principal amount of Warrant Debt Securities stated in the Warrant Certificate
at the warrant price (the “ Warrant Price ”)
of [●]% of the principal amount thereof [plus accrued amortization,
if any, of the original issue discount of the Warrant Debt Securities] [plus accrued interest, if any, from the most recent
date from which interest shall have been paid on the Warrant Debt Securities or, if no interest shall have been paid on the
Warrant Debt Securities, from the date of their original issuance]. [The original issue discount ($[●]
for each $1,000 principal amount of Warrant Debt Securities) will be amortized at a [●]% annual
rate, computed on a[n] [semi-]annual basis [using a 360-day year consisting of twelve 30-day months]. The Holder may exercise
the Warrants evidenced hereby by providing certain information set forth on the back hereof and by paying in full, in lawful
money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House
funds] [by bank wire transfer in immediately available funds], the Warrant Price for each Warrant Debt Security with respect
to which this Warrant is exercised to the Warrant Agent (as hereinafter defined) and by surrendering this Warrant
Certificate, with the purchase form on the back hereof duly executed, at the corporate trust office of [name of Warrant
Agent], or its successor as warrant agent (the “ Warrant Agent ”),
which is, on the date hereof, at the address specified on the reverse hereof, and upon compliance with and subject to the
conditions set forth herein and in the Warrant Agreement (as hereinafter defined).

The term “ Holder ” as used herein shall mean the person in whose name at the time this Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose pursuant to Section 4 of the Warrant Agreement.

The Warrants evidenced by this Warrant Certificate may be exercised to purchase Warrant Debt Securities in the principal amount of $1,000 or any integral multiple thereof in registered form. Upon any exercise of fewer than all of the Warrants evidenced by this Warrant Certificate, there shall be issued to the Holder hereof a new Warrant Certificate evidencing Warrants for the aggregate principal amount of Warrant Debt Securities remaining unexercised.

This Warrant Certificate is issued under and in accordance with the Warrant Agreement dated as of [●] (the “ Warrant Agreement ”), between the Company and the Warrant Agent and is subject to the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions the Holder of this Warrant Certificate consents by acceptance hereof. Copies of the Warrant Agreement are on file at the above-mentioned office of the Warrant Agent.

The Warrant Debt Securities to be
issued and delivered upon the exercise of Warrants evidenced by this Warrant Certificate
will be issued under and in accordance with an Indenture,dated as of [●] (the “ Indenture ”),
between the Company and [●], as trustee
(such trustee, and any successors to such trustee, the “ Trustee ”)]
and will be subject to the terms and provisions contained in the Warrant Debt Securities and in the Indenture. Copies of the
Indenture, including the form of the Warrant Debt Securities, are on file at the corporate trust office of the
Trustee.

Transfer of this Warrant Certificate may be registered when this Warrant Certificate is surrendered at the corporate trust office of the Warrant Agent by the registered owner or such owner’s assigns, in the manner and subject to the limitations provided in the Warrant Agreement.

After countersignature by the Warrant Agent and prior to the expiration of this Warrant Certificate, this Warrant Certificate may be exchanged at the corporate trust office of the Warrant Agent for Warrant Certificates representing Warrants for the same aggregate principal amount of Warrant Debt Securities.

2

This Warrant Certificate shall not entitle the Holder hereof to any of the rights of a holder of the Warrant Debt Securities, including, without limitation, the right to receive payments of principal of (and premium, if any) or interest, if any, on the Warrant Debt Securities or to enforce any of the covenants of the Indenture.

Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

This Warrant Certificate shall not be valid or obligatory for any purpose until countersigned by the Warrant Agent.

IN WITNESS WHEREOF , the Company has caused this Warrant to be executed in its name and on its behalf by the facsimile signatures of its duly authorized officers.

	Dated:         	 

GERON CORPORATION , as Company

	By:	 
	Name:          	 
	Title:	 

[●], as Warrant Agent

	By:	 
	Name:          	 
	Title:	 

3

[REVERSE OF WARRANT CERTIFICATE] 

(Instructions for Exercise of Warrant)

To exercise any Warrants evidenced hereby for Warrant Debt Securities (as hereinafter defined), the Holder must pay, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price in full for Warrants exercised, to [●] [address of Warrant Agent], Attention: [●], which payment must specify the name of the Holder and the number of Warrants exercised by such Holder. In addition, the Holder must complete the information required below and present this Warrant Certificate in person or by mail (certified or registered mail is recommended) to the Warrant Agent at the appropriate address set forth above. This Warrant Certificate, completed and duly executed, must be received by the Warrant Agent within five business days of the payment.

(To be executed upon exercise of Warrants)

The undersigned hereby irrevocably
elects to exercise [●] Warrants, represented by this Warrant Certificate, to purchase $[●] principal
amount of the [Title of Warrant Debt Securities] (the “ Warrant
Debt Securities ”) of Geron Corporation and represents that he has
tendered payment for such Warrant Debt Securities, in lawful money of the United States of America, [in cash or by certified
check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], to the
order of Geron Corporation, c/o [insert name and address of Warrant Agent], in the
amount of $[●] in accordance with the terms hereof. The undersigned requests
that said principal amount of Warrant Debt Securities be in fully registered form in the authorized denominations, registered
in such names and delivered all as specified in accordance with the instructions set forth below.

If the number of Warrants exercised is less than all the Warrants evidenced hereby, the undersigned requests that a new Warrant Certificate evidencing the Warrants for the aggregate principal amount of Warrant Debt Securities remaining unexercised be issued and delivered to the undersigned unless otherwise specified in the instructions below.

	Dated:	
	 
	Name:         	
	 	       Please Print

	Address:
	 
	(Insert Social Security or Other Identifying Number of Holder)

	Signature	
	Guaranteed:         	
		       Signature

(Signature must conform in all respects to name of holder as specified on the face of this Warrant Certificate and must bear a signature guarantee by a FINRA member firm).

This Warrant may be exercised at the following addresses:

By hand at:

By mail at:

[Instructions as to form and delivery of Warrant Debt Securities and, if applicable, Warrant Certificates evidencing Warrants for the number of Warrant Debt Securities remaining unexercised—complete as appropriate.]

4

ASSIGNMENT

[Form of assignment to be executed if Warrant Holder desires to transfer Warrant]

FOR VALUE RECEIVED , [●] hereby sells, assigns and transfers unto:

	 
	(Please print name and address including zip code)
	 
	Please print Social Security or other identifying number

the right represented by the within Warrant to
purchase $[●] aggregate principal amount of shares [Title of Warrant Debt
Securities] of Geron Corporation to which the within Warrant relates and appoints attorney to transfer such right on the
books of the Warrant Agent with full power of substitution in the premises.

	Dated:          	 

	 
	 
	Signature

(Signature must conform in all respects to name of holder as specified on the face of the Warrant)

	Signature Guaranteed
	 

5Exhibit
4.1

 

THIS
WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR ANY STATE SECURITIES LAWS. NO SALE OR DISPOSITION
MAY BE EFFECTED WITHOUT (i) EFFECTIVE REGISTRATION STATEMENTS RELATED THERETO, (ii) AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY
SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATIONS ARE NOT REQUIRED, (iii) RECEIPT OF NO-ACTION LETTERS FROM THE APPROPRIATE
GOVERNMENTAL AUTHORITIES, OR (iv) OTHERWISE COMPLYING WITH THE PROVISIONS OF SECTION 7 OF THIS WARRANT.

 

CELSION
CORPORATION

 

AMENDED
AND RESTATED WARRANT TO PURCHASE SHARES OF COMMON STOCK

 

(Loan
B)

 

THIS
CERTIFIES THAT, for value received, HORIZON FUNDING TRUST 2019-1 (“Horizon”) and its assignees are entitled to subscribe
for and purchase 123,762 fully paid and nonassessable shares of Common Stock (as adjusted pursuant to Section 4 hereof, the “Shares”)
of CELSION CORPORATION, a Delaware corporation (the “Company”), at the price per share of $1.01 (such price and such
other price as shall result, from time to time, from the adjustments specified in Section 4 hereof is herein referred to as the
“Warrant Price”), subject to the provisions and upon the terms and conditions hereinafter set forth. As used herein,
(a) the term “Date of Grant” shall mean August 1, 2020, and (b) the term “Other Warrants” shall mean any
other warrants issued by the Company in connection with the transaction with respect to which this Warrant was issued, and any
warrant issued upon transfer or partial exercise of or in lieu of this Warrant. The term “Warrant” as used herein
shall be deemed to include Other Warrants unless the context clearly requires otherwise. This Warrant hereby amends and restates
in its entirety a certain Warrant to Purchase Shares of Common Stock (Loan B) issued by the Company to Horizon Technology Finance
Corporation with a date of grant of June 27, 2018 (the “Original Warrant”). Upon execution and delivery of this Amended
and Restated Warrant such Original Warrant shall be terminated, and shall no longer be valid or have any force or effect.

 

1.
Term. The purchase right represented by this Warrant is exercisable, in whole or in part, at any time and from time to
time from the Date of Grant through ten (10) years after the Date of Grant (the “Term”).

 

    	 

     

    

 

2.
Method of Exercise; Payment; Issuance of New Warrant. Subject to Section 1 hereof, the purchase right represented by this
Warrant may be exercised by the holder hereof, in whole or in part and from time to time, at the election of the holder hereof,
by (a) the surrender of this Warrant (with the notice of exercise substantially in the form attached hereto as Exhibit A-1 duly
completed and executed) at the principal office of the Company and by the payment to the Company, by certified or bank check,
or by wire transfer to an account designated by the Company (a “Wire Transfer”) of an amount equal to the then applicable
Warrant Price multiplied by the number of Shares then being purchased; (b) if in connection with a registered public offering
of the Company’s securities, the surrender of this Warrant (with the notice of exercise form attached hereto as Exhibit
A-2 duly completed and executed) at the principal office of the Company together with notice of arrangements reasonably satisfactory
to the Company for payment to the Company either by certified or bank check or by Wire Transfer from the proceeds of the sale
of shares to be sold by the holder in such public offering of an amount equal to the then applicable Warrant Price per share multiplied
by the number of Shares then being purchased; or (c) exercise of the “net issuance” right provided for in Section
10.2 hereof. The person or persons in whose name(s) any certificate(s) representing the Shares shall be issuable upon exercise
of this Warrant shall be deemed to have become the holder(s) of record of, and shall be treated for all purposes as the record
holder(s) of, the shares represented thereby (and such shares shall be deemed to have been issued) immediately prior to the close
of business on the date or dates upon which this Warrant is exercised. In the event of any exercise of the rights represented
by this Warrant, certificates for the shares of stock so purchased shall be delivered to the holder hereof as soon as possible
and in any event within thirty (30) days after such exercise and, unless this Warrant has been fully exercised or expired, a new
Warrant representing the portion of the Shares, if any, with respect to which this Warrant shall not then have been exercised
shall also be issued to the holder hereof as soon as possible and in any event within such thirty-day period; provided, however,
at such time as the Company is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, if requested
by the holder of this Warrant, the Company shall cause its transfer agent to deliver the certificate representing Shares issued
upon exercise of this Warrant to a broker or other person (as directed by the holder exercising this Warrant) within the time
period required to settle any trade made by the holder after exercise of this Warrant.

 

3.
Stock Fully Paid; Reservation of Shares. All Shares that may be issued upon the exercise of the rights represented by this
Warrant will, upon issuance pursuant to the terms and conditions herein, be fully paid and nonassessable, and free from all preemptive
rights and taxes, liens and charges with respect to the issue thereof. During the period within which the rights represented by
this Warrant may be exercised, the Company will at all times have authorized, and reserved for the purpose of the issue upon exercise
of the purchase rights evidenced by this Warrant, a sufficient number of shares of its Common Stock to provide for the exercise
of the rights represented by this Warrant.

 

4.
Adjustment of Warrant Price and Number of Shares. The number and kind of securities purchasable upon the exercise of this
Warrant and the Warrant Price shall be subject to adjustment from time to time upon the occurrence of certain events, as follows:

 

    	-2-

     

    

 

(a)
Reclassification or Merger. In case of any reclassification or change of securities of the class issuable upon exercise
of this Warrant (other than a change in par value, or from par value to no par value, or from no par value to par value, or as
a result of a subdivision or combination), or in case of any merger of the Company with or into another corporation (other than
a merger with another corporation in which the Company is the acquiring and the surviving corporation and which does not result
in any reclassification or change of outstanding securities issuable upon exercise of this Warrant), or in case of any sale of
all or substantially all of the assets of the Company, the Company, or such successor or purchasing corporation, as the case may
be, shall duly execute and deliver to the holder of this Warrant a new Warrant (in form and substance satisfactory to the holder
of this Warrant), so that the holder of this Warrant shall have the right to receive upon exercise of this Warrant, at a total
purchase price not to exceed that payable upon the exercise of the unexercised portion of this Warrant, and in lieu of the shares
of Common Stock theretofore issuable upon exercise of this Warrant, (i) the kind and amount of shares of stock, other securities,
money and property receivable upon such reclassification, change, merger or sale by a holder of the number of shares of Common
Stock then purchasable under this Warrant, or (ii) in the case of such a merger or sale in which the consideration paid consists
all or in part of assets other than securities of the successor or purchasing corporation, at the option of the holder of this
Warrant, the securities of the successor or purchasing corporation having a value at the time of the transaction equivalent to
the value of the Common Stock purchasable upon exercise of this Warrant at the time of the transaction. Any new Warrant shall
provide for adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section
4. The provisions of this Section 4(a) shall similarly apply to successive reclassifications, changes, mergers and sales.

 

(b)
Subdivision or Combination of Shares. If the Company at any time while this Warrant remains outstanding and unexpired shall
subdivide or combine its outstanding shares of Common Stock, the Warrant Price shall be proportionately decreased and the number
of Shares issuable hereunder shall be proportionately increased in the case of a subdivision and the Warrant Price shall be proportionately
increased and the number of Shares issuable hereunder shall be proportionately decreased in the case of a combination.

 

(c)
Stock Dividends and Other Distributions. If the Company at any time while this Warrant is outstanding and unexpired shall
(i) pay a dividend with respect to its Common Stock payable in Common Stock, then the Warrant Price shall be adjusted, from and
after the date of determination of shareholders entitled to receive such dividend or distribution, to that price determined by
multiplying the Warrant Price in effect immediately prior to such date of determination by a fraction (A) the numerator of which
shall be the total number of shares of Common Stock outstanding immediately prior to such dividend or distribution, and (B) the
denominator of which shall be the total number of shares of Common Stock outstanding immediately after such dividend or distribution;
or (ii) make any other distribution with respect to Common Stock (except any distribution specifically provided for in Sections
4(a) and 4(b)), then, in each such case, provision shall be made by the Company such that the holder of this Warrant shall receive
upon exercise of this Warrant a proportionate share of any such dividend or distribution as though it were the holder of the Shares
as of the record date fixed for the determination of the shareholders of the Company entitled to receive such dividend or distribution.

 

(d)
Adjustment of Number of Shares. Upon each adjustment in the Warrant Price, the number of Shares purchasable hereunder shall
be adjusted, to the nearest whole share, to the product obtained by multiplying the number of Shares purchasable immediately prior
to such adjustment in the Warrant Price by a fraction, the numerator of which shall be the Warrant Price immediately prior to
such adjustment and the denominator of which shall be the Warrant Price immediately thereafter.

 

    	-3-

     

    

 

5.
Notice of Adjustments. Whenever the Warrant Price or the number of Shares purchasable hereunder shall be adjusted pursuant
to Section 4 hereof, the Company shall make a certificate signed by its chief financial officer setting forth, in reasonable detail,
the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the
Warrant Price and the number of Shares purchasable hereunder after giving effect to such adjustment, and shall cause copies of
such certificate to be mailed (without regard to Section 13 hereof, by first class mail, postage prepaid) to the holder of this
Warrant.

 

6.
Fractional Shares. No fractional shares of Common Stock will be issued in connection with any exercise hereunder, but in
lieu of such fractional shares the Company shall make a cash payment therefor based on the fair market value of the Common Stock
on the date of exercise as reasonably determined in good faith by the Company’s Board of Directors.

 

7.
Compliance with Securities Act; Disposition of Warrant or Shares of Common Stock.

 

(a)
Compliance with Securities Act. The holder of this Warrant, by acceptance hereof, agrees that this Warrant, and the Shares
to be issued upon exercise hereof are being acquired for investment and that such holder will not offer, sell or otherwise dispose
of this Warrant, or any Shares except under circumstances which will not result in a violation of the Securities Act of 1933,
as amended (the “Act”) or any applicable state securities laws. Upon exercise of this Warrant, unless the Shares being
acquired are registered under the Act and any applicable state securities laws or an exemption from such registration is available,
the holder hereof shall confirm in writing that the Shares so purchased are being acquired for investment and not with a view
toward distribution or resale in violation of the Act and shall confirm such other matters related thereto as may be reasonably
requested by the Company. This Warrant and all Shares issued upon exercise of this Warrant (unless registered under the Act and
any applicable state securities laws) shall be stamped or imprinted with a legend in substantially the following form:

 

“THE
SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS.
NO SALE OR DISPOSITION MAY BE EFFECTED WITHOUT (i) EFFECTIVE REGISTRATION STATEMENTS RELATED THERETO, (ii) AN OPINION OF COUNSEL
OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATIONS ARE NOT REQUIRED, (iii) RECEIPT OF NO-ACTION
LETTERS FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES, OR (iv) OTHERWISE COMPLYING WITH THE PROVISIONS OF SECTION 7 OF THE WARRANT
UNDER WHICH THESE SECURITIES WERE ISSUED, DIRECTLY OR INDIRECTLY.”

 

Said
legend shall be removed by the Company, upon the request of a holder, at such time as the restrictions on the transfer of the
applicable security shall have terminated. In addition, in connection with the issuance of this Warrant, the holder specifically
represents to the Company by acceptance of this Warrant as follows:

 

    	-4-

     

    

 

(1)
The holder is aware of the Company’s business affairs and financial condition, and has acquired information about the Company
sufficient to reach an informed and knowledgeable decision to acquire this Warrant. The holder is acquiring this Warrant for its
own account for investment purposes only and not with a view to, or for the resale in connection with, any “distribution”
thereof in violation of the Act.

 

(2)
The holder understands that this Warrant has not been registered under the Act in reliance upon a specific exemption therefrom,
which exemption depends upon, among other things, the bona fide nature of the holder’s investment intent as expressed herein.

 

(3)
The holder further understands that this Warrant must be held indefinitely unless subsequently registered under the Act and qualified
under any applicable state securities laws, or unless exemptions from registration and qualification are otherwise available.
The holder is aware of the provisions of Rule 144, promulgated under the Act.

 

(4)
The holder is an “accredited investor” as such term is defined in Rule 501 of Regulation D promulgated under the Act.

 

(b)
Disposition of Warrant or Shares. With respect to any offer, sale or other disposition of this Warrant or any Shares acquired
pursuant to the exercise of this Warrant prior to registration of such Warrant or Shares, the holder hereof agrees to give written
notice to the Company prior thereto, describing briefly the manner thereof, together with a written opinion of such holder’s
counsel, or other evidence, if reasonably satisfactory to the Company, to the effect that such offer, sale or other disposition
may be effected without registration or qualification (under the Act as then in effect or any federal or state securities law
then in effect) of this Warrant or the Shares and indicating whether or not under the Act certificates for this Warrant or the
Shares to be sold or otherwise disposed of require any restrictive legend as to applicable restrictions on transferability in
order to ensure compliance with such law. Upon receiving such written notice and reasonably satisfactory opinion or other evidence,
the Company, as promptly as practicable but no later than fifteen (15) days after receipt of the written notice, shall notify
such holder that such holder may sell or otherwise dispose of this Warrant or such Shares, all in accordance with the terms of
the notice delivered to the Company. If a determination has been made pursuant to this Section 7(b) that the opinion of counsel
for the holder or other evidence is not reasonably satisfactory to the Company, the Company shall so notify the holder promptly
with details thereof after such determination has been made. Notwithstanding the foregoing, this Warrant or such Shares may, as
to such federal laws, be offered, sold or otherwise disposed of in accordance with Rule 144 or 144A under the Act, provided that
the Company shall have been furnished with such information as the Company may reasonably request to provide a reasonable assurance
that the provisions of Rule 144 or 144A have been satisfied. Each certificate representing this Warrant or the Shares thus transferred
(except a transfer pursuant to Rule 144 or 144A) shall bear a legend as to the applicable restrictions on transferability in order
to ensure compliance with such laws, unless in the aforesaid opinion of counsel for the holder, such legend is not required in
order to ensure compliance with such laws. The Company may issue stop transfer instructions to its transfer agent in connection
with such restrictions.

 

    	-5-

     

    

 

(c)
Applicability of Restrictions. Neither any restrictions of any legend described in this Warrant nor the requirements of
Section 7(b) above shall apply to any transfer of, or grant of a security interest in, this Warrant (or the Common Stock obtainable
upon exercise thereof) or any part hereof (i) to a partner of the holder if the holder is a partnership or to a member of the
holder if the holder is a limited liability company, (ii) to a partnership of which the holder is a partner or to a limited liability
company of which the holder is a member, (iii) to any affiliate of the holder if the holder is a corporation, (iv) notwithstanding
the foregoing, to any corporation, company, limited liability company, limited partnership, partnership, or other person managed
or sponsored by Horizon or in which Horizon has an interest, (v) or to a lender to the holder or any of the foregoing; provided,
however, in any such transfer, if applicable, the transferee shall on the Company’s request agree in writing to be
bound by the terms of this Warrant as if an original holder hereof.

 

8.
Rights as Shareholders; Information. No holder of this Warrant, as such, shall be entitled to vote or receive dividends
or be deemed the holder of Common Stock which may at any time be issuable upon the exercise hereof for any purpose, nor shall
anything contained herein be construed to confer upon the holder of this Warrant, as such, any of the rights of a shareholder
of the Company or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting
thereof, or to receive notice of meetings, or to receive dividends or subscription rights or otherwise until this Warrant shall
have been exercised and the Shares purchasable upon the exercise hereof shall have become deliverable, as provided herein. Notwithstanding
the foregoing, the Company will transmit to the holder of this Warrant such information, documents and reports as are generally
distributed to the holders of any class or series of the securities of the Company concurrently with the distribution thereof
to the shareholders.

 

9.
Registration Rights. The Shares issuable hereunder initially shall be exempt from registration under the Securities Act.
Following the Date of Grant, and in any case within ninety (90) days thereof, Company shall promptly prepare, file and use its
reasonable efforts to cause to become effective as soon as practicable thereafter, a registration statement on Form S-1 or such
other form as may be appropriate to be filed with the SEC by Company under the Act (together with any amendments or supplements
thereto, whether prior to or after the effective date thereof, the “Registration Statement”) covering the public resale
in the United States of the Shares to be issued pursuant to this Warrant, and Company shall use its reasonable efforts to keep
the Registration Statement continuously effective during the Term. Any such registration shall be subject to the customary terms
and conditions used in connection with resale prospectuses. Company’s obligations under this Section are contingent upon
Holder providing promptly all information concerning such Holder and its proposed plan of distribution as Company may reasonably
request in connection with any of the foregoing. Company may by written notice to the Holder immediately suspend the use of any
resale prospectus for a period not to exceed sixty consecutive days in any one instance and for a period not to exceed one hundred
twenty calendar days in any twelve-month period (each, a “Suspension Period”) at any time that (i) Company becomes
engaged in a business activity or negotiation or any other event has occurred or is anticipated which is not disclosed in that
prospectus which Company reasonably believes should be disclosed therein under applicable law and which Company desires to keep
confidential for business purposes or (ii) Company determines that a particular disclosure so determined to be required to be
disclosed therein be premature or would adversely affect Company or its business or prospects. Company will use its commercially
reasonable efforts to ensure that the use of the Registration Statement may be resumed as soon as practicable. Company shall bear
all costs and expenses associated with the registration of the Shares as specified in this Section and the preparation and filing
of the Registration Statement, including, without limitation, all printing expenses, legal fees and disbursement of Company’s
outside counsel, commissions, NASDAQ and blue sky registration filing fees and transfer agents’ and registrars’ fees,
but not including underwriting commissions or similar charges and legal fees and disbursements of counsel to Holder.

 

    	-6-

     

    

 

10.
Additional Rights.

 

10.1
Acquisition Transactions. The Company shall provide the holder of this Warrant with at least twenty (20) days’ written
notice prior to closing thereof of the terms and conditions of any of the following transactions (to the extent the Company has
notice thereof): (i) the sale, lease, exchange, conveyance or other disposition of all or substantially all of the Company’s
property or business, or (ii) its merger into or consolidation with any other corporation (other than a wholly-owned subsidiary
of the Company), or any transaction (including a merger or other reorganization) or series of related transactions, in which more
than 50% of the voting power of the Company is disposed of.

 

10.2
Right to Convert Warrant into Stock: Net Issuance.

 

(a)
Right to Convert. In addition to and without limiting the rights of the holder under the terms of this Warrant, the holder
shall have the right to convert this Warrant or any portion thereof (the “Conversion Right”) into shares of Common
Stock as provided in this Section 10.2 at any time or from time to time during the term of this Warrant. Upon exercise of the
Conversion Right with respect to a particular number of shares subject to this Warrant (the “Converted Warrant Shares”),
the Company shall deliver to the holder (without payment by the holder of any exercise price or any cash or other consideration)
that number of shares of fully paid and nonassessable Common Stock as is determined according to the following formula:

 

X
= B - A 

          Y

 

	 	Where:	X
    =	the
    number of shares of Common Stock that shall be issued to holder
	 	 	 	 
	 	 	Y
    =	the
    fair market value of one share of Common Stock

 

    	-7-

     

    

 

	 	 	A
    =	the
    aggregate Warrant Price of the specified number of Converted Warrant Shares immediately prior to the exercise of the Conversion
    Right (i.e., the number of Converted Warrant Shares multiplied by the Warrant Price)
	 	 	 	 
	 	 	B
    =	the
    aggregate fair market value of the specified number of Converted Warrant Shares (i.e., the number of Converted Warrant
    Shares multiplied by the fair market value of one Converted Warrant Share)

 

No
fractional shares shall be issuable upon exercise of the Conversion Right, and, if the number of shares to be issued determined
in accordance with the foregoing formula is other than a whole number, the Company shall pay to the holder an amount in cash equal
to the fair market value of the resulting fractional share on the Conversion Date (as hereinafter defined). For purposes of Section
10 of this Warrant, shares issued pursuant to the Conversion Right shall be treated as if they were issued upon the exercise of
this Warrant.

 

(b)
Method of Exercise. The Conversion Right may be exercised by the holder by the surrender of this Warrant at the principal
office of the Company together with a written statement (which may be in the form of Exhibit A-1 or Exhibit A-2 hereto) specifying
that the holder thereby intends to exercise the Conversion Right and indicating the number of shares subject to this Warrant which
are being surrendered (referred to in Section 10.2(a) hereof as the Converted Warrant Shares) in exercise of the Conversion Right.
Such conversion shall be effective upon receipt by the Company of this Warrant together with the aforesaid written statement,
or on such later date as is specified therein (the “Conversion Date”), and, at the election of the holder hereof,
may be made contingent upon the closing of the sale of the Company’s Common Stock to the public in a public offering pursuant
to a Registration Statement under the Act (a “Public Offering”). Certificates for the shares issuable upon exercise
of the Conversion Right and, if applicable, a new warrant evidencing the balance of the shares remaining subject to this Warrant,
shall be issued as of the Conversion Date and shall be delivered to the holder within thirty (30) days following the Conversion
Date.

 

(c)
Determination of Fair Market Value. For purposes of this Section 10.2, “fair market value” of a share of Common
Stock as of a particular date (the “Determination Date”) shall mean:

 

(i)
If the Conversion Right is exercised in connection with and contingent upon a Public Offering, and if the Company’s Registration
Statement relating to such Public Offering (“Registration Statement”) has been declared effective by the Securities
and Exchange Commission, then the initial “Price to Public” specified in the final prospectus with respect to such
offering.

 

(ii)
If the Conversion Right is not exercised in connection with and contingent upon a Public Offering, then as follows:

 

    	-8-

     

    

 

(A)
If traded on a securities exchange, the fair market value of the Common Stock shall be deemed to be the average of the closing
prices of the Common Stock on such exchange over the five trading days immediately prior to the Determination Date;

 

(B)
If traded on the NASDAQ Stock Market or other over-the-counter system, the fair market value of the Common Stock shall be deemed
to be the average of the closing prices of the Common Stock over the five trading days immediately prior to the Determination
Date; and

 

(C)
If there is no public market for the Common Stock, then fair market value shall be determined by mutual agreement of the holder
of this Warrant and the Company.

 

If
closing prices or closing bid prices are no longer reported by a securities exchange or other trading system, the closing price
or closing bid price shall be that which is reported by such securities exchange or other trading system at 4:00 p.m. New York
City time on the applicable trading day.

 

10.3
Exercise Prior to Expiration. To the extent this Warrant is not previously exercised as to all of the Shares subject hereto,
and if the fair market value of one share of the Common Stock is greater than the Warrant Price then in effect, this Warrant shall
be deemed automatically exercised pursuant to Section 10.2 above (even if not surrendered) immediately before its expiration.
For purposes of such automatic exercise, the fair market value of one share of the Common Stock upon such expiration shall be
determined pursuant to Section 10.2(c). To the extent this Warrant or any portion thereof is deemed automatically exercised pursuant
to this Section 10.3, the Company agrees to promptly notify the holder hereof of the number of Shares, if any, the holder hereof
is to receive by reason of such automatic exercise.

 

11.
Representations and Warranties. The Company represents and warrants to the holder of this Warrant as follows:

 

(a)
This Warrant has been duly authorized and executed by the Company and is a valid and binding obligation of the Company enforceable
in accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors
and the rules of law or principles at equity governing specific performance, injunctive relief and other equitable remedies.

 

(b)
The Shares have been duly authorized and reserved for issuance by the Company and, when issued in accordance with the terms hereof,
will be validly issued, fully paid and nonassessable and free from preemptive rights.

 

(c)
A true and correct copy of the Company’s Certificate of Incorporation, as amended through the Date of Grant has been provided
to Holder (the “Charter”). The rights, preferences, privileges and restrictions granted to or imposed upon the classes
and series of the Company’s capital stock and the holders thereof are as set forth in the Charter.

 

    	-9-

     

    

 

(d)
The execution and delivery of this Warrant are not, and the issuance of the Shares upon exercise of this Warrant in accordance
with the terms hereof will not be, inconsistent with the Company’s Charter or by-laws, do not and will not contravene any
law, governmental rule or regulation, judgment or order applicable to the Company, and do not and will not conflict with or contravene
any provision of, or constitute a default under, any indenture, mortgage, contract or other instrument of which the Company is
a party or by which it is bound or require the consent or approval of, the giving of notice to, the registration or filing with
or the taking of any action in respect of or by, any Federal, state or local government authority or agency or other person, except
for the filing of notices pursuant to federal and state securities laws, which filings will be effected by the time required thereby.

 

(e)
There are no actions, suits, audits, investigations or proceedings pending or, to the knowledge of the Company, threatened against
the Company in any court or before any governmental commission, board or authority which, if adversely determined, could have
a material adverse effect on the ability of the Company to perform its obligations under this Warrant.

 

(f)
The number of shares of Common Stock of the Company outstanding on the date hereof, on a fully diluted basis (assuming the conversion
of all outstanding convertible securities and the exercise of all outstanding options and warrants), does not exceed 24,200,000
shares.

 

12.
Modification and Waiver. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by
an instrument in writing signed by the party against which enforcement of the same is sought.

 

13.
Notices. Any notice, request, communication or other document required or permitted to be given or delivered to the holder
hereof or the Company shall be delivered, or shall be sent by certified or registered mail, postage prepaid, to each such holder
at its address as shown on the books of the Company or to the Company at the address indicated therefor on the signature page
of this Warrant.

 

14.
Binding Effect on Successors. This Warrant shall be binding upon any corporation succeeding the Company by merger, consolidation
or acquisition of all or substantially all of the Company’s assets, and all of the obligations of the Company relating to
the Shares issuable upon the exercise or conversion of this Warrant shall survive the exercise, conversion and termination of
this Warrant and all of the covenants and agreements of the Company shall inure to the benefit of the successors and assigns of
the holder hereof.

 

15.
Lost Warrants or Stock Certificates. The Company covenants to the holder hereof that, upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant or any stock certificate and, in the
case of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to the Company, or in the case
of any such mutilation upon surrender and cancellation of such Warrant or stock certificate, the Company will make and deliver
a new Warrant or stock certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant or stock certificate.

 

    	-10-

     

    

 

16.
Descriptive Headings. The descriptive headings of the various Sections of this Warrant are inserted for convenience only
and do not constitute a part of this Warrant. The language in this Warrant shall be construed as to its fair meaning without regard
to which party drafted this Warrant.

 

17.
Governing Law. This Warrant shall be construed and enforced in accordance with, and the rights of the parties shall be
governed by, the laws of the State of Delaware.

 

18.
Survival of Representations, Warranties and Agreements. All representations and warranties of the Company and the holder
hereof contained herein shall survive the Date of Grant, the exercise or conversion of this Warrant (or any part hereof) or the
termination or expiration of rights hereunder. All agreements of the Company and the holder hereof contained herein shall survive
indefinitely until, by their respective terms, they are no longer operative.

 

19.
Remedies. In case any one or more of the covenants and agreements contained in this Warrant shall have been breached, the
holders hereof (in the case of a breach by the Company), or the Company (in the case of a breach by a holder), may proceed to
protect and enforce their or its rights either by suit in equity and/or by action at law, including, but not limited to, an action
for damages as a result of any such breach and/or an action for specific performance of any such covenant or agreement contained
in this Warrant.

 

20.
No Impairment of Rights. The Company will not, by amendment of its Charter or through any other means, avoid or seek to
avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying
out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of
the holder of this Warrant against impairment.

 

21.
Severability. The invalidity or unenforceability of any provision of this Warrant in any jurisdiction shall not affect
the validity or enforceability of such provision in any other jurisdiction, or affect any other provision of this Warrant, which
shall remain in full force and effect.

 

22.
Recovery of Litigation Costs. If any legal action or other proceeding is brought for the enforcement of this Warrant, or
because of an alleged dispute, breach, default, or misrepresentation in connection with any of the provisions of this Warrant,
the successful or prevailing party or parties shall be entitled to recover reasonable attorneys’ fees and other costs incurred
in that action or proceeding, in addition to any other relief to which it or they may be entitled.

 

23.
Entire Agreement; Modification. This Warrant constitutes the entire agreement between the parties pertaining to the subject
matter contained in it and supersedes all prior and contemporaneous agreements, representations, and undertakings of the parties,
whether oral or written, with respect to such subject matter.

 

[Remainder
of page intentionally blank. Signature page follows.]

 

    	-11-

     

    

 

Exhibit
4.1

 

The
Company has caused this Warrant to be duly executed and delivered as of the Date of Grant specified above.

 

	 	CELSION
    CORPORATION
	 	 	 
	 	By:
    	 
	 	Name:
    	Michael
    H. Tardugno
	 	Title:
    	Chairman,
    President and Chief Executive Officer

 

	 	Address:
    	997
    Lenox Drive, Suite 100
	 	 	Lawrenceville,
    NJ 08648

 

[SIGNATURE
PAGE TO AR COMMON STOCK WARRANT (LOAN B)]

 

    	-12-

     

    

 

Exhibit
4.1

 

EXHIBIT
A-1

 

NOTICE
OF EXERCISE

 

	To:	Celsion
    Corporation (the “Company”)

 

 1. The undersigned hereby:

 

	 	[  ]	elects
    to purchase________ shares of Common Stock of the Company pursuant to the terms of the attached Warrant, and tenders herewith
    payment of the purchase price of such shares in full, or
	 	 	 
	 	[  ]	elects
    to exercise its net issuance rights pursuant to Section 10.2 of the attached Warrant with respect to________shares of Common
    Stock.

 

2.
Please issue a certificate or certificates representing ________ shares in the name of the undersigned or in such other name or
names as are specified below:

 

	 	 	 
	 	(Name)	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	(Address)	 

 

3.
The undersigned represents that the aforesaid shares are being acquired for the account of the undersigned for investment and
not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention
of distributing or reselling such shares, all except as in compliance with applicable securities laws.

 

	 	 
	 	(Signature)

 

	 	 	 
	(Date)	 	 

 

    	 

     

    

 

EXHIBIT
A-2

 

NOTICE
OF EXERCISE

 

To:
Celsion Corporation (the “Company”)

 

1.
Contingent upon and effective immediately prior to the closing (the “Closing”) of the Company’s public offering
contemplated by the Registration Statement on Form S___, filed________, 20__, the undersigned hereby:

 

[  ]
elects to purchase________shares of Common Stock of the Company (or such lesser number of shares as may be sold on behalf of the
undersigned at the Closing) pursuant to the terms of the attached Warrant, or

 

[  ]
elects to exercise its net issuance rights pursuant to Section 10.2 of the attached Warrant with respect to________shares of Common
Stock.

 

2.
Please deliver to the custodian for the selling shareholders a stock certificate representing such________shares.

 

3.
The undersigned has instructed the custodian for the selling shareholders to deliver to the Company $________or, if less, the
net proceeds due the undersigned from the sale of shares in the aforesaid public offering. If such net proceeds are less than
the purchase price for such shares, the undersigned agrees to deliver the difference to the Company prior to the Closing.

 

	 	 
	 	(Signature)

 

	 	 	 
	(Date)

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