Document:

Exhibit
4.5

     

    Form
of Placement Agent Warrant

     

    NEITHER
THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH
THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE SECURITIES
LAWS.  THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED
OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE
SECURITIES UNDER THE SECURITIES ACT, OR (B) IF REASONABLY REQUESTED BY THE
COMPANY, AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO THE COMPANY THAT
REGISTRATION IS NOT REQUIRED UNDER SAID THE SECURITIES ACT.

     

    ARNO
THERAPEUTICS, INC.

     

    CONVERTIBLE
PREFERRED STOCK/COMMON STOCK  PURCHASE WARRANT

    (PLACEMENT
AGENT WARRANT)

     

    
      
        	
                Warrant
      No. PA-[___] 

              	
                Dated:  [________],
      2010

              

      

    

     

    Arno
Therapeutics, Inc., a Delaware corporation (the “Company”), hereby certifies
that, for value received, [________________________], or its registered assigns
(the “Holder”), is
entitled, subject to the terms and conditions of this Warrant (this “Warrant”):

     

    (i) prior
to the time that all shares of the Company’s Series A Convertible Preferred
Stock, par value $0.0001 per share (the “Preferred Stock”), the terms,
rights, preferences and privileges of which are set forth in that Certificate of
Designation filed with the Secretary of State of Delaware on September 3, 2010
(the “Certificate of
Designation”), shall have automatically converted into Common Stock in
accordance with the terms of such Certificate of Designation (the “Automatic Conversion”), to
purchase from the Company, up to a total of
[______________________________________] shares of Preferred Stock (each such
share, a “Preferred Warrant
Share” and all such shares, the “Preferred Warrant Shares”) at
an exercise price initially equal to 110% of the then-effective Conversion Price
(as defined in the Certificate of Designation) of the Preferred Stock (the
“PW Exercise Price”);
or

     

    (ii) from
and after the Automatic Conversion, to purchase from the Company, up to a total
number of shares of common stock of the Company, $0.0001 par value per share
(the “Common Stock”),
equal to the number of shares of Common Stock that would have been issuable on
the Automatic Conversion of the Preferred Warrant Shares described above, less
the number of Preferred Warrant Shares already issued pursuant to an actual
exercise of this Warrant prior to the Automatic Conversion, had such net number
of Preferred Warrant Shares been issued and outstanding at the time of the
Automatic Conversion (each such share, a “Common Warrant Share,” and all such
shares, the “Common Warrant
Shares”), at an exercise price initially equal to 110% of the Conversion
Price of the Preferred Stock in effect on the date of the Automatic Conversion,
and thereafter as adjusted from time to time as provided in Section 9 hereof
(the “CW Exercise
Price”).

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    For the avoidance of doubt, and to
further clarify the anti-dilutive protections afforded to the Holder of this
Warrant prior to the Automatic Conversion, upon the occurrence of a dilutive
event prior to the Automatic Conversion, the Company and the Holder acknowledge
and agree that the Conversion Price, and thereby the number of shares of Common
Stock into which each Preferred Warrant Share may be converted, shall be
adjusted in accordance with the terms of the Certificate of
Designation.

     

    Except as
otherwise specified herein, (i) at any time that any of the Preferred
Stock  purchased by the Holder has not been converted to Common Stock,
references in this Warrant to “Warrant Shares” shall mean
Preferred Warrant Shares and to “Exercise Price” shall mean PW
Exercise Price; and (ii) at any time that all of the Preferred Stock has been
converted to Common Stock, references in this Warrant to “Warrant Shares” shall
mean  Common Warrant Shares and to “Exercise Price” shall mean CW
Exercise Price.

     

    This
Warrant is one of a series of similar warrants (collectively, the “Warrants”) issued pursuant to
that certain [[Amended and Restated Introduction Agreement, dated as of March
26, 2010, by and between the Company and Riverbank Capital Securities, Inc.]
OR [Selected
Dealer Agreement, dated as of March 26, 2010, by and among the Company,
Riverbank Capital Securities, Inc. and I-Bankers Securities, Inc.]] in
connection with that certain Securities Purchase and Registration Rights
Agreement, dated as of September 3, 2010, by and among the Company and the
Purchasers identified therein (the “Purchase
Agreement”).

     

    1.           Definitions.  In
addition to the terms defined elsewhere in this Warrant, capitalized terms that
are not otherwise defined herein have the meanings given to such terms in the
Purchase Agreement.

     

    2.           Registration of
Warrant.  The Company shall register this Warrant, upon records
to be maintained by the Company for that purpose (the “Warrant Register”), in the
name of the record Holder hereof from time to time.  The Company may
deem and treat the registered Holder of 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.

     

    3.           Registration of
Transfers.

     

    (a)           Notwithstanding
anything to the contrary contained herein, this Warrant and the Warrant Shares
shall not be sold or transferred unless either (i) they first shall have been
registered under the Securities Act, or (ii) such sale or transfer shall be
exempt from the registration requirements of the Securities Act and the Company
shall have been furnished with an opinion of legal counsel, reasonably
satisfactory to the Company, to the effect that such sale or transfer is exempt
from the registration requirements of the Securities
Act.  Notwithstanding the foregoing, no registration or opinion of
counsel shall be required for (i) a transfer to any of the officers, employees,
associates or affiliated companies of [[Riverbank Capital Securities, Inc.]
OR [I-Bankers
Securities, Inc.]], or of any such successor firm; a transfer by a Holder which
is an entity to a wholly owned subsidiary of such entity; a transfer by a Holder
which is a partnership to a partner of such partnership or a retired partner of
such partnership or to the estate of any such partner or retired partner; or a
transfer by a Holder which is a limited liability company to a member of such
limited liability company or a retired member or to the estate of any such
member or retired member, provided that the
transferee in each case agrees in writing to be subject to the terms of this
Section 3, or
(ii) a transfer made in accordance with Rule 144 under the Securities
Act.

    
      
         

      

      
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    (b)           The
Company shall register the transfer of any portion of this Warrant in the
Warrant Register, upon surrender of this Warrant, with the Form of Assignment
attached hereto as Annex A duly
completed and signed, to the transfer agent or to the Company at its address
specified herein.  Upon any such registration or transfer, a new
warrant to purchase Preferred Stock and/or Common Stock, as the case may be, in
substantially the form of this Warrant (any such new warrant, a “New Warrant”), evidencing the
portion of this Warrant so transferred shall be issued to the transferee and a
New Warrant evidencing the remaining portion of this Warrant not so transferred,
if any, shall be issued to the transferring Holder.  The acceptance of
the New Warrant by the transferee thereof shall be deemed the acceptance by such
transferee of all of the rights and obligations of a holder of a
Warrant.

     

    4.           Exercise and Duration of
Warrants.

     

    (a)           Subject
to the terms and conditions of this Warrant, this Warrant shall be exercisable
by the registered Holder at any time and from time to time on or after the date
hereof, up to and including the Expiration Date (as defined
below).  Subject to paragraphs (b) and (c) of this Section 4,
on  [_____________], 2015, at 6:30 P.M., New York City time, the
portion of this Warrant not exercised prior thereto shall be and become void and
of no value (the “Expiration
Date”).

     

    (b)           A
Holder may exercise this Warrant by delivering to the Company (i) an exercise
notice, in the form attached hereto as Annex B (the “Exercise Notice”),
appropriately completed and duly signed along with the Warrant, and
(ii) payment of the Exercise Price for the number of Warrant Shares, as to
which this Warrant is being exercised (which may take the form of a “cashless
exercise” if so indicated in the Exercise Notice), and the date such items are
delivered to the Company (as determined in accordance with the notice provisions
hereof) is an “Exercise
Date.”  Execution and delivery of the Exercise Notice shall
have the same effect as cancellation of the original Warrant and issuance of a
New Warrant evidencing the right to purchase the remaining number of Warrant
Shares.

     

    (c)           Insufficient Authorized
Shares.  If at any time while this Warrant is outstanding, the
Company does not have a sufficient number of authorized and unreserved shares of
Preferred Stock or Common Stock to satisfy its obligation to reserve for
issuance upon exercise of this Warrant and Warrants of like tenor at least a
number of shares of Preferred Stock and Common Stock equal to 120% (the “Required Reserve Amount”) of
the number of shares of Preferred Stock and Common Stock as shall from time to
time be necessary to effect the exercise of all of the Warrants of like tenor
then outstanding (an “Authorized Share Failure”),
then the Company shall immediately take all action necessary to increase the
Company’s authorized shares of Preferred Stock and Common Stock to an amount
sufficient to allow the Company to reserve the Required Reserve Amount for the
Warrants of like tenor then outstanding.  Without limiting the
generality of the foregoing sentence, as soon as practicable after the date of
the occurrence of an Authorized Share Failure, but in no event later than sixty
(60) days after the occurrence of such Authorized Share Failure, the Company
shall hold a meeting of its stockholders for the approval of an increase in the
number of authorized shares of Preferred Stock and Common Stock.  In
connection with such meeting, the Company shall provide each stockholder with a
proxy or information statement, to the extent required by applicable law, and
shall use its reasonable best efforts to solicit its stockholders’ approval of
such increase in authorized shares of Preferred Stock and Common Stock and to
cause its board of directors to recommend to the stockholders that they approve
such proposal.

    
      
         

      

      
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    5.           Delivery of Warrant
Shares.

     

    (a)           The
Holder shall not be required to physically surrender this Warrant unless this
Warrant is being exercised in full.  To effect exercises hereunder,
the Holder shall duly execute and deliver to the Company at its address for
notice set forth herein, an Exercise Notice in the form of Annex B hereto, along
with the Warrant Share Exercise Log in the form of Annex C hereto, and
shall pay the Exercise Price, multiplied by the number of Warrant Shares that
the Holder intends to purchase hereunder.  The Company shall promptly
(but in no event later than three (3) Trading Days after the date of exercise)
issue or cause to be issued and cause to be delivered to or upon the written
order of the Holder a certificate for the Warrant Shares issuable upon such
exercise.  The Company shall, upon request of the Holder, and
subsequent to the date on which a registration statement covering the resale of
the Warrant Shares has been declared effective by the SEC and provided such
registration statement continues to be effective and the prospectus included
therein continues to remain current, use its best efforts to deliver
Warrant Shares hereunder electronically through the Depository Trust Corporation
or another established clearing corporation performing similar
functions.  If by the third (3rd)
Trading Day after exercise of this Warrant, the Company fails to deliver the
required number of Warrant Shares, the Holder will have the right to rescind the
exercise.  If by the third (3rd)
Trading Day after exercise, the Company fails to deliver the required number of
Warrant Shares, and if after such third Trading Day (3rd) and
prior to the receipt of such Warrant Shares, the Holder purchases (in an open
market transaction or otherwise) shares of Common Stock to deliver in
satisfaction of a sale by the Holder of Warrant Shares which the Holder
anticipated receiving upon such exercise (a “Buy In”), then the Company
shall (i) pay in cash to the Holder the amount 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 (A) the
number of Warrant Shares that the Company was required to deliver to the Holder
in connection with the exercise at issue by (B) the closing bid price of the
Common Stock on the exercise date and (ii) 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 or deliver to the Holder the number of
shares of Warrant Shares that would have been issued had the Company timely
complied with its exercise and delivery obligations hereunder.  The
Holder shall provide the Company written notice indicating the amounts payable
to the Holder in respect of the Buy In.

     

    (b)           Upon
surrender of this Warrant following one or more partial exercises, the Company
shall issue or cause to be issued, at its expense, a new Warrant evidencing the
right to purchase the remaining number of Warrant Shares.

    
      
         

      

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

     

    6.           Charges, Taxes and
Expenses.  Initial issuance and delivery of certificates for
shares of Preferred Stock or Common Stock, as the case may be, upon exercise of
this Warrant shall be made without charge to the Holder for any issue or
transfer tax, withholding tax, transfer agent fee or other incidental tax or
expense in respect of the issuance of such certificates, all of which taxes and
expenses shall be paid by the Company; provided, however, that the
Company shall not be required to pay any tax which may be payable in respect of
any transfer involved in the registration of any certificates for Warrant Shares
or Warrants in a name other than that of the Holder.

     

    7.           Replacement of
Warrant.  If this Warrant is mutilated, lost, stolen or
destroyed, the Company shall issue or cause to be issued in exchange and
substitution for and upon cancellation hereof, or in lieu of and substitution
for this Warrant, a new Warrant, but only upon receipt of evidence reasonably
satisfactory to the Company of such loss, theft or destruction and customary and
reasonable bond or indemnity, if requested.  Applicants for a new
Warrant under such circumstances shall also comply with such other reasonable
regulations and procedures and pay such other reasonable third-party costs as
the Company may prescribe.

     

    8.           Reservation of Warrant
Shares.  The Company covenants that it will at all times
reserve and keep available out of the aggregate of its authorized but unissued
and otherwise unreserved Preferred Stock and Common Stock, solely for the
purpose of enabling it to issue Warrant Shares upon exercise of this Warrant as
herein provided, the number of Warrant Shares that are then issuable and
deliverable upon the exercise of this entire Warrant, free from preemptive
rights or any other contingent purchase rights of persons other than the Holder
(after giving effect to the adjustments and restrictions of Section 9, if
any).  The Company covenants that all Warrant Shares so issuable and
deliverable shall, upon issuance and the payment of the applicable Exercise
Price in accordance with the terms hereof, be duly and validly authorized,
issued and fully paid and nonassessable.  The Company will take all
such action as may be necessary to assure that such shares of Preferred Stock or
Common Stock, as the case may be, may be issued as provided herein without
violation of any applicable law or regulation, or of any requirements of any
securities exchange or automated quotation system upon which the Preferred Stock
or the Common Stock may be listed.  The Company will notify its
transfer agent for the Preferred Stock and for the Common Stock of the
reservation of shares of Preferred Stock and Common Stock as required under this
provision.

    
      
         

      

      
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    9.           Certain
Adjustments.  The CW Exercise Price and number of Common
Warrant Shares issuable upon exercise of this Warrant are subject to adjustment
from time to time as set forth in this Section 9 following
any Automatic Conversion. The Company and the Holder acknowledge and agree that
comparable adjustments in the PW Exercise Price and number of Preferred Warrant
Shares for the events and matters described below are to be addressed by the
terms of the Certificate of Designation relating to the Series A Preferred Stock
prior to any Automatic Conversion.

     

    (a)           Stock Dividends and
Splits.  If after the date hereof, the number of outstanding
shares of Common Stock is increased by a stock dividend payable in shares of
Common Stock or by a split-up of shares of Common Stock or other similar event,
then, on the effective date thereof, the number of Warrant Shares issuable on
exercise of this Warrant shall be increased in proportion to such increase in
outstanding shares and the then applicable Exercise Price shall be
correspondingly decreased.

     

    (b)           Aggregation of
Shares.  If after the date hereof, the number of outstanding
shares of Common Stock is decreased by a consolidation, combination or
reclassification of shares of Common Stock or other similar event, then, upon
the effective date of such consolidation, combination or reclassification, the
number of Warrant Shares issuable on exercise of this Warrant shall be decreased
in proportion to such decrease in outstanding shares and the then applicable
Exercise Price shall be correspondingly increased.

     

    (c)           Replacement of Securities
Upon Reorganization, etc.  If after the date hereof any capital
reorganization or reclassification of the Common Stock of the Company, or
consolidation or merger of the Company with another corporation, or the sale of
all or substantially all of its assets to another corporation or other similar
event (each, a “Fundamental
Transaction”) shall be effected, then, as a condition of such Fundamental
Transaction, lawful and fair provision shall be made whereby the Holder of this
Warrant shall thereafter have the right to purchase and receive, upon the basis
and upon the terms and conditions specified in this Warrant and in lieu of the
shares of Common Stock of the Company immediately theretofore purchasable and
receivable upon the exercise of the rights represented thereby, such shares of
stock, securities, or assets as may be issued or payable with respect to or in
exchange for the number of outstanding shares of such Common Stock equal to the
number of shares of such stock immediately theretofore purchasable and
receivable upon the exercise of the rights represented by this Warrant, had such
Fundamental Transaction not taken place and in such event appropriate provision
shall be made with respect to the rights and interests of the Holder of this
Warrant to the end that the provisions hereof (including, without limitation,
provisions for adjustments of the Exercise Price and of the number of shares
purchasable upon the exercise of this Warrant) shall thereafter be applicable,
as nearly as may be in relation to any share of stock, securities, or assets
thereafter deliverable upon the exercise hereof.  The Company shall
not effect any such Fundamental Transaction unless prior to the consummation
thereof the successor corporation (if other than the Company) resulting from
such Fundamental Transaction, or the corporation purchasing such assets in a
Fundamental Transaction, shall assume by written instrument executed and
delivered to the Holder of this Warrant the obligation to deliver to the Holder
of this Warrant such shares of stock, securities, or assets as, in accordance
with the foregoing provisions, such holders may be entitled to
purchase.

    
      
         

      

      
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    (d)           Treasury
Shares.  In making any adjustment in the Exercise Price
hereinbefore provided in this Section 9, the number of shares of Common Stock at
any time outstanding shall not include any shares thereof then directly or
indirectly owned or held by or for the account of the Company.

     

    (e)           Calculations.  All
calculations under this Section 9 shall be
made to the nearest cent or the nearest 1/100th of a share, as
applicable.  The number of shares of Common Stock outstanding at any
given time shall not include shares owned or held by or for the account of the
Company, and the disposition of any such shares shall be considered an issue or
sale of Common Stock.

     

    (f)           Notice of
Adjustments.  Upon the occurrence of each adjustment pursuant
to this Section
9, the Company at its expense will promptly compute such adjustment in
accordance with the terms of this Warrant and prepare a certificate setting
forth such adjustment, including a statement of the adjusted Exercise Price and
adjusted number or type of Warrant Shares or other securities, cash or property
issuable upon exercise of this Warrant (as applicable), describing the
transactions giving rise to such adjustments and showing in detail the facts
upon which such adjustment is based.  Upon written request, the
Company will promptly deliver a copy of each such certificate to the Holder and
to the Company’s transfer agent.

     

    (g)           Notice of Corporate
Events.  If the Company (i) declares a dividend or any other
distribution of cash, securities or other property in respect of its capital
stock, including without limitation any granting of rights or warrants to
subscribe for or purchase any capital stock of the Company or any Subsidiary,
(ii) authorizes or approves, enters into any agreement contemplating or solicits
stockholder approval for  (x) any sale of all or substantially all of
its assets in one or a series of related transactions, (y) any tender offer or
exchange offer (whether by the Company or another person) pursuant to which
holders of capital stock are permitted to tender or exchange their shares for
other securities, cash or property, or (z) any reclassification of the capital
stock or any compulsory share exchange pursuant to which the capital stock is
effectively converted into or exchanged for other securities, cash or property
or (iii) authorizes the voluntary dissolution, liquidation or winding up of the
affairs of the Company, then the Company shall deliver to the Holder a notice
describing the material terms and conditions of such transaction, at least ten
business days prior to the applicable record or effective date on which a Person
would need to hold capital stock in order to participate in or vote with respect
to such transaction, and the Company will take all steps reasonably necessary in
order to insure that the Holder is given the practical opportunity to exercise
this Warrant prior to such time so as to participate in or vote with respect to
such transaction; provided, however, that the failure to deliver such notice or
any defect therein shall not affect the validity of the corporate action
required to be described in such notice.

     

    10.          Payment of Exercise
Price.  The Holder shall pay the Exercise Price in immediately
available funds; provided, however, that in the
event the Registration Statement is not then effective and available for resale
by the Holder of the Warrant Shares, the Holder may satisfy its obligation to
pay the Exercise Price through a “cashless exercise,” in which event the Company
shall issue to the Holder the number of Warrant Shares determined as
follows:

    
      
         

      

      
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              X =
      Y [(A-B)/A]

            
	
              where:

            	 
      
	 
      	
              X =
      the number of Warrant Shares to be issued to the
Holder.

            
	 
      	 
      
	 
      	
              Y =
      the number of Warrant Shares with respect to which this Warrant is being
      exercised.

            
	 
      	 
      
	 
      	
              A =
      the average of the Closing Prices for the five Trading Days immediately
      prior to (but not including) the Exercise Date.

            
	 
      	 
      
	 
      	
              B =
      the Exercise Price.

            

    

    

    “Closing Price” on any
Trading Day (as defined below) shall mean the closing bid price for the Common
Stock on its primary Trading Market (as defined below), and, in the absence of
any Trading Market, shall mean the fair market value of the Common Stock, as
determined in good faith by the Company's Board of Directors.

     

    “Trading Day” means
(i) a day on which the Common Stock is eligible to be traded on a Trading Market
(other than the OTC Bulletin Board), or (ii) if the Common Stock is not listed
on a Trading Market (other than the OTC Bulletin Board), a day on which the
Common Stock is eligible to be traded in the over-the-counter market, as
reported by the OTC Bulletin Board, or (iii) if the Common Stock is not quoted
on any Trading Market, a day on which the Common Stock is quoted in the
over-the-counter market as reported by the Pink Sheets LLC (or any similar
organization or agency succeeding to its functions of reporting prices);
provided, that in the event that the Common Stock is not listed or quoted as set
forth in (i), (ii) and (iii) hereof, then Trading Day shall mean a Business
Day.

     

    "Trading Market" shall
mean any regulated or self-regulated exchange or organized trading market,
including the NASDAQ Global Market, the NASDAQ Capital Market, the American
Stock Exchange, OTC Bulletin Board or Pink Sheets LLC, on which the Common Stock
is listed or quoted for trading on the date in question, as
applicable.

     

    For
purposes of Rule 144 promulgated under the Securities Act, it is intended,
understood and acknowledged that the Warrant Shares issued in a cashless
exercise transaction shall be deemed to have been acquired by the Holder, and
the holding period for the Warrant Shares shall be deemed to have commenced, on
the date this Warrant was originally issued.

     

    11.          Fractional
Shares.  The Company shall not be required to issue or cause to
be issued fractional Warrant Shares on the exercise of this
Warrant.  If any fraction of a Warrant Share would, except for the
provisions of this Section, be issuable upon exercise of this Warrant, the
number of Warrant Shares to be issued will be rounded up to the nearest whole
share.

    
      
         

      

      
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    12.          Notices.  Any
and all notices or other communications or deliveries hereunder (including
without limitation any Exercise Notice) shall be in writing and shall be deemed
given and effective on the earliest of (i) the date of transmission, if such
notice or communication is delivered via facsimile at the facsimile number
specified in the Purchase Agreement prior to 6:30 p.m. (New York City time) on a
Trading Day, (ii) the next Trading Day after the date of transmission, if such
notice or communication is delivered via facsimile at the facsimile number
specified in the Purchase Agreement on a day that is not a Trading Day or later
than 6:30 p.m. (New York City time) on any Trading Day, (iii) the Trading Day
following the date of mailing, if sent by nationally recognized overnight
courier service or (iv) upon actual receipt by the party to whom such notice is
required to be given.  Notices or communications hereunder shall be
addressed to:

     

    (a)           the
Company at Arno Therapeutics, Inc., 4 Campus Drive, 2nd Floor, Parsippany, NJ
07054, Attention: President, Facsimile: (973) 267-0101, or at such other address
as the Company has designed in writing to the Holder.

     

    (b)           the
Holder at [                                                       ]
or such other address as the Holder has designed in writing to the
Company.

     

    13.          Registration Under
Securities Act of 1933.  The Holder shall have the right to
participate in the registration rights granted to the Purchasers pursuant to
Section 9 of the Purchase Agreement.  By acceptance of this Warrant,
the Holder agrees to comply with the provisions in Section 9 of the Purchase
Agreement to the same extent as if it were a party thereto.

     

    14.          Miscellaneous.

     

    (a)           Subject
to the restrictions on transfer set forth herein, this Warrant and the
registration rights set forth in the Purchase Agreement may be assigned by the
Holder in part or in its entirety.  This Warrant may not be assigned
by the Company except to a successor in the event of a sale of all or
substantially all of the Company’s assets or a merger or acquisition of the
Company.  This Warrant shall be binding on and inure to the benefit of
the parties hereto and their respective successors and
assigns.  Subject to the preceding sentences, nothing in this Warrant
shall be construed to give to any Person other than the Company and the Holder
any legal or equitable right, remedy or cause of action under this
Warrant.  This Warrant may be amended only in writing signed by the
Company and the Holder and their successors and assigns.

     

    (b)           The
Company will not, by amendment of its governing documents 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 action as may be reasonably necessary or appropriate in order
to protect the rights of the Holder against impairment.  Without
limiting the generality of the foregoing, the Company (i) will not increase the
par value of any Warrant Shares above the amount payable therefor on such
exercise, (ii) will take all such action as may be reasonably necessary or
appropriate in order that the Company may validly and legally issue fully paid
and nonassessable Warrant Shares on the exercise of this Warrant, and (iii) will
not close its stockholder books or records in any manner which interferes with
the timely exercise of this Warrant.

    
      
         

      

      
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    (C)           GOVERNING LAW; VENUE; WAIVER
OF JURY TRIAL.  ALL QUESTIONS CONCERNING THE CONSTRUCTION,
VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY
AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
WITHOUT GIVING REGARD TO ANY APPLICABLE PRINCIPLES OF CONFLICTS OF
LAW.  EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK,
BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED
HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF ANY OF THE TRANSACTION
DOCUMENTS), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT,
ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE
JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS
IMPROPER.  EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF
PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR
PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR
OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN
EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL
CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE
THEREOF.  NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY
ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.  THE
COMPANY HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY.

     

    (c)           The
headings herein are for convenience only, do not constitute a part of this
Warrant and shall not be deemed to limit or affect any of the provisions
hereof.

     

    (d)           In
case any one or more of the provisions of this Warrant shall be invalid or
unenforceable in any respect, the validity and enforceability of the remaining
terms and provisions of this Warrant shall not in any way be affected or
impaired thereby and the parties will attempt in good faith to agree upon a
valid and enforceable provision which shall be a commercially reasonable
substitute therefor, and upon so agreeing, shall incorporate such substitute
provision in this Warrant.

     

    [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK,

    SIGNATURE
PAGE FOLLOWS]

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

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

     

    
      
        
          	
                  ARNO
      THERAPEUTICS, INC.

                
	 
      
	
                  By:

                	  
      
	
                  Name:

                	
                  David
      M. Tanen

                
	
                  Title:

                	
                  President

                

        

      

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    ANNEX
A

     

    FORM
OF ASSIGNMENT

     

    [To be
completed and signed only upon transfer of Warrant]

     

    FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers unto
________________________________ the right represented by the within Warrant to
purchase  ____________ shares of Preferred Stock or Common Stock of
Arno Therapeutics, Inc.,
to which the within Warrant relates and appoints ________________ attorney to
transfer said right on the books of Arno Therapeutics, Inc., with full power of
substitution in the premises.

     

    
      
        	
                Dated:

              	
                  

              	
                ,

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

              
	 
      	 
      
	 
      	
                Address
      of Transferee

              
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
                In
      the presence of:

              	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    ANNEX
B

     

    FORM
OF EXERCISE NOTICE

     

    [To be
executed by the Holder to exercise the right to purchase shares of Preferred
Stock or Common Stock under the foregoing Warrant]

     

    To:  ARNO
THERAPEUTICS, INC.

     

    The
undersigned is the Holder of Warrant No. _______ (the “Warrant”) issued by Arno
Therapeutics, Inc., a Delaware corporation (the “Company”).  Capitalized
terms used herein and not otherwise defined have the respective meanings set
forth in the Warrant.

     

    
      	
               
      

            	
              1.

            	
              The
      Warrant is currently exercisable to purchase a total of ______________
      Warrant Shares.

            

    

     

    
      	
               
      

            	
              2.

            	
              The
      undersigned Holder hereby exercises its right to purchase
      _________________ Warrant Shares pursuant to the
  Warrant.

            

    

     

    
      	
               
      

            	
              3.

            	
              The
      Holder intends that payment of the Exercise Price shall be made as (check
      one):

            

    

     

    ____    “Cash
Exercise”

     

    ____    “Cashless
Exercise”

     

    
      	
               
      

            	
              4.

            	
              If
      the holder has elected a Cash Exercise, the holder shall pay the sum of
      $____________ to the Company in accordance with the terms of the
      Warrant.

            

    

     

    
      	
               
      

            	
              5.

            	
              Pursuant
      to this exercise, the Company shall deliver to the holder _______________
      Warrant Shares in accordance with the terms of the
  Warrant.

            

    

     

    
      	
               
      

            	
              6.

            	
              Following
      this exercise, the Warrant shall be exercisable to purchase a total of
      ______________ Warrant Shares.

            

    

     

    
      
        
          	 
      	 
      
	 
      	 
      
	
                  Dated:

                	  
      	
                  ,

                	
                  Name
      of Holder:

                
	 
      	 
      
	 
      	
                  (Print)

                
	 
      	 
      
	 
      	
                  By:

                
	 
      	
                  Name:

                
	 
      	
                  Title:

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

                

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    ANNEX
C

     

    WARRANT
SHARES EXERCISE LOG

    

    
      
        
          
            
              
                
                  
                    
                      
                        	
                                DATE

                              	 	
                                NUMBER OF

                                WARRANT SHARES

                                AVAILABLE TO BE

                                EXERCISED

                              	 	 	
                                NUMBER OF

                                WARRANT SHARES

                                EXERCISED

                              	 	 	
                                NUMBER OF WARRANT

                                SHARES REMAINING TO

                                BE EXERCISEDExhibit
10.11

      

      SERVICES
AGREEMENT

      

      THIS
SERVICES AGREEMENT ("Agreement") is entered into effective as of June 1, 2009
(the “Effective Date”), by and between ARNO THERAPEUTICS, INC., a Delaware
corporation ("ARNO") having a place of business at 4 Campus Dr., 2nd Floor,
Parsippany, NJ 07054 and TWO RIVER CONSULTING, LLC, a Delaware limited liability
corporation ("CONSULTANT"), having a business address at 689 Fifth Avenue, New
York, NY 10022.

      

      RECITALS:

      

      WHEREAS,
ARNO is a development stage biotechnology company that is developing certain
pharmaceutical technologies for the treatment of selected cancers;

      

      WHEREAS,
CONSULTANT has substantial experience in the management and oversight of
development stage biotechnology companies; and

      

      WHEREAS,
ARNO desires to retain the services of CONSULTANT and CONSULTANT is willing to
provide such services.

      

      NOW,
THEREFORE, in consideration of the foregoing and the mutual agreements,
provisions and covenants contained herein, the parties hereby agree as
follows:

      

      
        	
                1.

              	
                Services.

              

      

      

      
        	
              	
                1.1.

              	
                Services.  ARNO
      retains CONSULTANT and CONSULTANT agrees to provide Services to ARNO (the
      “Services”) as it may from time to time reasonably request, which shall
      include the Services set forth on Exhibit A
      attached to this Agreement.

              

      

      

      
        	
              	
                1.2.

              	
                Performance. CONSULTANT
      agrees to render the Services to ARNO, or to its designee, (a) at such
      reasonably convenient times and places as ARNO may direct, (b) under the
      general supervision of ARNO, (c) on a “best efforts” basis, and (d) in
      compliance with all applicable government laws and regulations in the
      jurisdiction in which the Services are being
      conducted.  CONSULTANT represents and warrants that it has the
      necessary experience and knowledge to perform the
      Services.  CONSULTANT will comply with all rules, procedures and
      standards promulgated from time to time by ARNO with regard to
      CONSULTANT’s access to and use of ARNO’s property, information, equipment
      and facilities.  CONSULTANT agrees to furnish ARNO with written
      reports with respect to the Services if and when requested by
      ARNO.

              

      

      

      
        	
              	
                1.3.

              	
                Third Party Confidential
      Information.  CONSULTANT agrees not to use any trade
      secrets or other confidential information of any other person, firm,
      corporation, institution or other entity in connection with any of the
      Services.

              

      

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      

      
        	
              	
                1.4.

              	
                No Conflicts. CONSULTANT
      is under no contractual or other obligation or restriction that is
      inconsistent with CONSULTANT’s execution of this Agreement or the
      performance of the Services.  During the Term (defined below),
      CONSULTANT will not enter into any agreement, either written or oral, in
      conflict with CONSULTANT’s obligations under this
      Agreement.  CONSULTANT will arrange to provide the Services in
      such manner and at such times that the Services will not conflict with
      CONSULTANT’s responsibilities under any other agreement, arrangement or
      understanding or pursuant to any employment relationship CONSULTANT has at
      any time with any third party.  Subject to the foregoing,
      nothing contained herein shall be deemed to restrict CONSULTANT or its
      directors, officers or employees from engaging in any business or from
      contracting with other parties for similar or different
      services.

              

      

      

      
        	
                2.

              	
                Compensation.  In
      consideration for the Services rendered by CONSULTANT to ARNO, ARNO
      agrees:

              

      

      

      
        	
              	
                2.1.

              	
                To
      pay CONSULTANT an amount equal to Fifty Thousand Dollars ($50,000.00) per
      month during the Term.   Undisputed
      payments will be made by ARNO within 30 days from ARNO’s receipt of
      CONSULTANT’s invoice.  Invoices will contain such detail as ARNO
      may reasonably require and will be payable in U.S.
  Dollars.

              

      

      

      
        	
              	
                2.2.

              	
                ARNO
      shall reimburse CONSULTANT for all normal, usual and necessary expenses
      incurred by the CONSULTANT in performing the Services, including
      reasonable travel and entertainment, upon timely receipt by ARNO of
      appropriate vouchers or other proof of the CONSULTANT’s expenditures and
      otherwise in accordance with any expense reimbursement policy as may from
      time to time be adopted by ARNO.

              

      

      

      
        	
                3.

              	
                Term
      and Termination.
    

              

      

      

      
        	
              	
                3.1.

              	
                Term.  This
      Agreement will commence on the Effective Date and continue for a period of
      one (1) year from the Effective Date (the “Term”), unless sooner
      terminated pursuant to the express terms of this Section 3 or extended by mutual agreement of the
      parties.  The Term may be extended for additional periods upon
      the mutual written agreement of ARNO and
  CONSULTANT.

              

      

      

      
        	
              	
                3.2.

              	
                Termination Either ARNO
      or CONSULTANT may terminate this Agreement for any reason upon 30 days
      prior written notice to the other
party.

              

      

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      
        	
              	
                3.3.

              	
                Effect of
      Expiration/Termination.  Upon expiration or termination,
      neither ARNO nor CONSULTANT will have any further obligations under this
      Agreement, except the liabilities accrued through the date of
      termination.  Upon expiration or termination, and in any case
      upon ARNO’s request, CONSULTANT will return immediately to ARNO all
      tangible Confidential Information, including all copies and reproductions
      thereof, except for one (1) copy which may be retained solely for archival
      purposes.  In the event this Agreement is terminated by either
      party pursuant to Section 3.4 or by CONSULTANT pursuant to Section 3.2,
      then all unvested portions of the Options shall accelerate and be deemed
      vested as of the effective date of such
  termination.

              

      

      

      
        	
                4.

              	
                Confidentiality.

              

      

      

      
        	
              	
                4.1.

              	
                Definition.  “Confidential
      Information” means all trade secrets
      and confidential or proprietary information owned, possessed or used by
      ARNO, learned of by CONSULTANT or developed by CONSULTANT in connection
      with the Services, whether or not in written form, including but not
      limited to data, know-how, unpublished findings, compounds, product
      information, processes, patent applications, business plans and
      strategies, financial data, proprietary software, technology under
      development, and marketing information, regardless of whether such
      disclosures are marked or otherwise designated as “Confidential,” or if
      such confidential information is disclosed in non-written form, such
      disclosure shall be identified as Confidential Information when first
      disclosed; and (b) any information, software, or other materials created
      by the CONSULTANT including any part of the information described in
      clause (a) of this sentence.

              

      

      

      
        	
              	
                4.2.

              	
                Obligation.  CONSULTANT
      agrees that during the course of the Term and for a period of five (5)
      years thereafter, it will keep in strictest confidence and will not
      disclose or make accessible to any other person without the prior written
      consent of ARNO, ARNO’s Confidential
  Information.

              

      

      

      
        	
              	
                4.3.

              	
                Exclusion.  Confidential
      Information does not include information that (a) is in the public domain
      or which becomes part of the public domain through no wrongful act on
      CONSULTANT’s part but only after it becomes so publicly known, (b) is
      already in CONSULTANT’s possession at the time of disclosure by ARNO,
      other than by previous disclosure by ARNO, as evidenced by written or
      electronic records, or (c) that becomes known to CONSULTANT through
      disclosure by a third party having the right to disclose the information,
      as evidenced by written or electronic records. In addition, the CONSULTANT
      may disclose Confidential Information to the extent such information is
      required to be disclosed by law, regulation or order of a court of
      competent jurisdiction or regulatory authority, provided that CONSULTANT
      shall promptly notify ARNO when such requirement to disclose arises, and
      shall cooperate with ARNO so as to enable ARNO to: (1) seek an appropriate
      protective order; and (2) make any applicable claim of confidentiality in
      respect of such  Confidential Information; and provided,
      further, that CONSULTANT shall disclose Confidential Information only to
      the extent required by the protective order or other similar order, if
      such an order is obtained, and, if no such order is obtained, the
      receiving party shall disclose only the minimum amount of such
      Confidential Information required to be disclosed in order to comply with
      the applicable law, regulation or
order.

              

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      

      
        	
                5.

              	
                Insider
      Trading.  ARNO is a public company that is subject to the
      reporting requirements of the Securities and Exchange Act of 1934, as
      amended, and as such, in the course of his duties hereunder, CONSULTANT
      may receive from ARNO or others information that may be considered
      material, nonpublic information concerning.  Accordingly,
      CONSULTANT agrees NOT
      to:

              

      

      

      
        	
              	
                5.1.

              	
                buy
      or sell any security, option, bond or warrant while in possession of
      relevant material, nonpublic information received from ARNO or others in
      connection herewith; or

              

      

      

      
        	
              	
                5.2.

              	
                provide
      any person with material, nonpublic information, received from ARNO,
      including any relative, associate, or other individual who intends to, or
      may, (i) trade securities with respect to ARNO which is the subject of
      such information, or (ii) otherwise directly or indirectly benefit from
      such information.

              

      

      

      CONSULTANT
agrees to comply with ARNO’s insider trading policies in effect from time to
time.

      

      
        	
                6.

              	
                Inventions.

              

      

      

      
        	
              	
                6.1.

              	
                Definition.  CONSULTANT
      will promptly disclose in confidence to ARNO all inventions, discoveries,
      improvements, ideas, designs, processes, products, computer programs,
      works of authorship, databases, mask works, trade secrets, know-how,
      research and creations (whether or not patentable or subject to copyright
      or trade secret protection) that CONSULTANT makes, conceives or reduces to
      practice, either alone or jointly with others, and that result from the
      performance of the Services
(“Inventions”).

              

      

      

      
        	
              	
                6.2.

              	
                Ownership.  All
      Inventions will be the exclusive property of ARNO.  For purposes
      of the copyright laws of the United States, all Inventions will constitute
      “works made for hire”, except to the extent such Inventions cannot by law
      be “works made for hire”.  To the extent Inventions have not
      been previously assigned to ARNO, CONSULTANT hereby assigns and, to the
      extent any such assignment cannot be made at present, hereby agrees to
      assign to ARNO, without further compensation, all right, title and
      interest in and to all Inventions and any and all related patents, patent
      applications, copyrights, copyright applications, trademarks, trade names,
      trade secrets and other proprietary rights in the United States and
      throughout the world.  CONSULTANT agrees to cause its employees
      and other personnel performing Services to assign all Inventions to
      ARNO.

              

      

      

      
        	
              	
                6.3.

              	
                Records. CONSULTANT
      shall make and maintain adequate and current written records of all
      Inventions, which records shall be available to and remain the property of
      ARNO at all times.

              

      

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      

      
        	
                7.

              	
                Liability &
      Indemnity

              

      

      

      
        	
              	
                7.1.

              	
                Disclaimer of
      Warranty.  CONSULTANT makes no express or implied
      representations, warranties or guarantees relating to the Services or the
      quality or results of Services to be performed under this
      Agreement.  CONSULTANT will provide the Services with reasonable
      care and skill; provided, however, that CONSULTANT shall not be liable to
      ARNO or any other person for any loss, damage or expense which may result
      therefrom or from any change in the manner in which CONSULTANT renders the
      Services, so long as CONSULTANT deems such change necessary or desirable
      in the conduct of its own operations. CONSULTANT shall not be liable to
      ARNO for the consequences of any failure or delay to perform any of
      CONSULTANT's obligations under this Agreement, other than for damages
      arising from CONSULTANT's gross negligence or willful misconduct; provided, however, that
      CONSULTANT shall provide reasonably prompt notice to ARNO of such
      liability and the reasons therefor.

              

      

      

      
        	
              	
                7.2.

              	
                Indemnification.  ARNO hereby agrees to
      indemnify CONSULTANT and its officers, directors, employees
      (“Indemnitees”) and protect, defend, save and hold each Indemnitee
      harmless from and against, on an after-tax basis, any and all liabilities,
      damages, losses, settlements, claims, actions, suits, penalties, fines,
      costs or expenses (“Loss”) arising from any claim, demand, assessment,
      action, suit or proceeding (“Claim”) of whatever kind or nature,
      including, without limitation, any claim or liability based upon
      negligence, warranty, strict liability, violation of government regulation
      or infringement of patent or other proprietary rights, arising from, in
      connection with or occurring as a result of this Agreement and any and all
      transactions contemplated hereby; provided that if such Loss or Claim
      arises in whole or in part from the gross negligence or intentional
      misconduct of an Indemnitee, then the amount of the Loss that ARNO shall
      indemnify CONSULTANT for shall be reduced by an amount in proportion to
      the percentage of CONSULTANT’s responsibilities for such Loss as
      determined by a court of competent jurisdiction in a final and
      non-appealable decision or in a binding settlement between the
      parties.  Additionally, ARNO shall indemnify, defend, and hold
      harmless each Indemnitee for any and all Loss and Claims made or brought
      (whether successfully or otherwise) within the relevant limitation period
      by or on behalf of subjects taking part in a clinical study being
      conducted by ARNO seeking damages for personal injury (including death),
      directly caused or attributed to any substance dispensed or administered
      in accordance with the provisions of a clinical protocol to which the
      subjects would not have been exposed but for their participation in such
      study

              

      

      

      
        	
              	
                7.3.

              	
                Obligations of the
      Parties. Each Indemnitee
      seeking indemnification under this Section
must:

              

      

      

      
        	
              	
                7.3.1.

              	
                promptly
      notify ARNO of any such Claims against
it.

              

      

      

      
        
          	
                	
                  7.3.2.

                	
                  authorize
      and permit the ARNO to conduct and exercise sole control of the defense
      and disposition (including all decisions relative to litigation, appeal or
      settlement) of such Claims (including access to pertinent records and
      documents and provision of relevant testimony) and to determine the scope
      of its obligations
hereunder.

                

        

      

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      

      
        
          	
                	
                  7.3.3.

                	
                  subject
      to the foregoing, be permitted to participate in the defense of any such
      Claims at its own cost and expense and, notwithstanding the foregoing, the
      Indemnitee’s consent shall be required for any settlement involving
      injunctive or other equitable relief against it, its assets, employees or
      business, which consent shall not be unreasonably withheld or
      delayed.

                

        

      

      

      
        	
              	
                7.4.

              	
                Notice of
      Claim.  Each Indemnitee will tender to ARNO the defense
      of any Claim by giving ARNO notice of such Claim (including a copy of any
      such Claim served upon indemnitee), within 10 business days after such
      Claim was served upon Indemnitee; provided, however, that the failure of a
      party to provide notice within the specified time period will not relieve
      ARNO from its obligations hereunder except to the extent it has been
      prejudiced by the failure to give timely notice. ARNO shall defend
      Indemnitee from any Claim so tendered to it at its sole cost and expense
      and shall keep Indemnitee informed as to the progress of its defense and
      disposition (including without limitation, settlement, litigation or
      appeal) or any such Claims.

              

      

      

      
        	
              	
                7.5.

              	
                Limitations of
      liability.

              

      

      

      
        	
              	
                7.5.1.

              	
                Neither
      party shall be liable to the other for loss, damage, or liability in
      respect of loss of profits, business or revenue loss, special, indirect or
      consequential loss (even if foreseeable or in the contemplation of either
      party).

              

      

      

      
        	
              	
                7.5.2.

              	
                ARNO
      shall be responsible for any errors or omissions made by its own employees
      in connection with its performance of its obligations pursuant to this
      Agreement.

              

      

      

      
        	
              	
                7.5.3.

              	
                CONSULTANT
      shall be responsible for liabilities arising from errors or omissions made
      by it in the transmission of information to ARNO, and ARNO shall be
      entitled to assume the accuracy of all information transmitted to it by
      CONSULTANT, and to rely on such information, for all purposes under this
      Agreement.

              

      

      

      
        	
              	
                7.5.4.

              	
                CONSULTANT
      shall not be responsible for a failure to meet its obligations under this
      Agreement to the extent caused by the following: (a) materially inaccurate
      data submitted by ARNO; (b) any failure by ARNO to meet its obligations
      stated in this Agreement; (c) any failure of equipment, facilities or
      services not controlled or supplied by CONSULTANT. It is understood that
      CONSULTANT shall not be liable to ARNO nor be deemed to have breached this
      Agreement for delays arising from ARNO’s failure to timely provide such
      required data, documents, materials or information, in order for
      CONSULTANT to perform the Services in accordance with agreed upon
      timelines or deadlines.  ARNO acknowledges that if such delays
      occur, then performance of the Services by CONSULTANT shall be extended by
      the length of time of such
delays.

              

      

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      

      
        	
              	
                7.5.5.

              	
                In
      no event will CONSULTANT have any liability, whether based in contract,
      tort (including, without limitation, negligence) warranty or any other
      legal or equitable grounds as a result of data, documents, information,
      materials, or the like received from ARNO for use by CONSULTANT in the
      performance of the Services.

              

      

      

      
        	
              	
                7.6.

              	
                Personal
      Injury.   Nothing herein shall purport to exclude or
      restrict liability of either party for death or personal injury howsoever
      occasioned.

              

      

      

      
        	
              	
                7.7.

              	
                Maintenance of
      Insurance.   ARNO shall at all times obtain and
      maintain insurance of a type and amount adequate to cover all loss,
      damage, liability or costs in respect of which it is liable to indemnify
      Indemnitees under the provisions of this Section and shall not do or omit
      any act, matter or thing which may prejudice or render voidable any such
      insurance.

              

      

      

      
        	
              	
                7.8.

              	
                Survival of
      Obligations.  The terms of this Section 7 and the parties’ obligations hereunder shall
      survive termination or expiration of this
  Agreement.

              

      

      

      
        	
                8.

              	
                Independent
      Contractor.  In undertaking to perform its Services
      hereunder, CONSULTANT is doing so as an independent contractor, and
      nothing in this Agreement shall be construed as creating any relationship
      of partnership, joint venture or agency as and between the parties hereto.
      No relationship of employer or employee shall arise or be created under
      this Master Agreement as and between ARNO and CONSULTANT and/or any
      personnel engaged by CONSULTANT to perform the Services (“CONSULTANT
      Personnel”). CONSULTANT Personnel shall not be eligible for any ARNO
      employee benefits, nor shall ARNO be obliged to make any deductions from
      CONSULTANT’S fees for taxes, such taxes being the sole responsibility of
      CONSULTANT. Neither party shall have any authority by virtue of this
      Agreement to contract or otherwise act on behalf of the
    other.

              

      

      

      
        	
                9.

              	
                Governing
      Law; Dispute Resolution.

              

      

      

      
        	
              	
                9.1.

              	
                Governing Law. This
      Agreement and the rights and obligations of both parties shall be governed
      and construed in accordance with the laws of the State of New York,
      without giving effect to its choice of law or conflict of laws
      rules.

              

      

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      
        	
              	
                9.2.

              	
                Dispute
      Resolution.  The appropriate managers or other designated
      individuals representing both parties shall meet and attempt in good faith
      to settle any dispute, claim or controversy arising out of or relating to
      the interpretation, performance or breach of this Agreement (the
      “Dispute”).  However, if such representatives fail to resolve
      the Dispute within 10 business days (the “Initial Period”), then such
      Dispute shall be referred for resolution to a designated senior executive
      of each party who has the authority to settle the Dispute but who is not
      directly involved in the Dispute.  At the conclusion of the
      Initial Period, the disputing party invoking this dispute resolution
      procedure shall give written notice to the other party and the receiving
      party shall, within 10 business days submit a written
      response.  The notice and response shall include:  (a)
      a statement of that party’s position and a summary of evidence and
      arguments supporting its position; and (b) the name and title of the
      senior executive who shall represent the party.  The designated
      senior executive of each party shall attempt in good faith to settle such
      Dispute within 30 days from the date the disputing party receives the
      above written response. Notwithstanding anything herein to the contrary,
      nothing in this Section 9 shall preclude
      either party from seeking interim or provisional relief, including,
      without limitation, a temporary restraining order, preliminary injunction
      or other interim equitable relief concerning a Dispute if necessary to
      protect the interests of such
party.

              

      

      

      
        	
              	
                9.3.

              	
                Arbitration. All Disputes
      between CONSULTANT and ARNO arising from their dealings under this
      Agreement (either during or after the term of this Agreement) and not
      resolved by the methods defined in Section 9.2 of this Agreement, shall be settled by
      binding Arbitration in the State of New York, borough of Manhattan under
      the rules of the American Arbitration
  Association.

              

      

      

      
        	
                10.

              	
                General
      Provision.

              

      

      

      
        	
                 
      

              	
                10.1.

              	
                Assignment. This
      Agreement may not be assigned by either party without the prior written
      consent of the other party except in the event of a purchase, sale, merger
      or other or transfer of all, or substantially all of the business assets
      of such party.

              

      

      

      
        	
                 
      

              	
                10.2.

              	
                Subcontracting.
      CONSULTANT shall be entitled to use agents and subcontractors in the
      provision of Services under this Agreement, provided that CONSULTANT will
      be responsible for the acts and omissions of such agents and
      subcontractors as if the Services were performed by
      CONSULTANT.

              

      

      

      
        	
                 
      

              	
                10.3.

              	
                Notices. Any notice or
      other communication to be given under this Master Agreement shall be in
      writing and shall be delivered personally or sent by first-class pre-paid
      U.S. Mail, overnight delivery service or facsimile transmission (confirmed
      by first-class pre-paid U.S. Mail) addressed as
  follows:

              

      

      

      If to
ARNO:

      Brian Lenz

      Chief Financial Officer

      4 Campus Dr., 2nd
Floor

      Parsippany, NJ 07054

      Phone: 862-703-7175

      FAX:  
973-267-0101

      

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      If to
CONSULTANT to:

      Two River
Consulting, LLC

      Attn.:  President

      689
5th
Avenue, 12th
Floor

      New York, NY 10022

      Phone: 212-871-7900

      FAX:   212-871-7929

      

      or to
such other designation as either party may hereafter notify the other in
accordance with other provisions in this Section. This Notices section is not
intended to govern day-to-day business communications necessary for the
performance of routine duties arising under a separate Project
Contract.

      

      
        	
                 
      

              	
                10.4.

              	
                Delivery.  All
      such notices or other communications shall be deemed to have been served
      as follows:

              

      

      

      
        	
                
                

              	
                10.4.1.

              	
                if
      delivered personally, at the time of such delivery;
  or

              

      

      

      
        	
                
                

              	
                10.4.2.

              	
                if
      sent by first-class pre-paid U.S. Mail, three business days (Saturday,
      Sundays and Bank or other public holidays excluded) after being
      postmarked; or

              

      

      

      
        	
                
                

              	
                10.4.3.

              	
                if
      sent by overnight delivery service, the next business day;
    or

              

      

      

      
        	
                
                

              	
                10.4.4.

              	
                if
      sent by facsimile three business days after the postal confirmation has
      been postmarked.

              

      

      

      
        	
                 
      

              	
                10.5.

              	
                Modification and
      Waiver.  No modification of this Agreement shall be
      deemed effective unless in writing and signed by each of the parties
      hereto, and no waiver of any right set forth herein shall be deemed
      effective unless in writing and signed by the party against whom
      enforcement of the waiver is
sought.

              

      

      

      
        	
                 
      

              	
                10.6.

              	
                Survival.  The
      expiration or earlier termination of this Agreement, (howsoever caused)
      shall not affect any of the terms, provisions, representations or
      warranties hereof, including, but not limited to, Sections 4, 5, 6, 7, 9
      and 10, which are expressed to continue after such expiration or
      termination, nor shall any such expiration or termination affect the
      rights or obligations of either party hereto in respect of any antecedent
      breach of this Agreement.

              

      

      

      
        	
                 
      

              	
                10.7.

              	
                Severability.  If
      any provision of this Agreement or portion thereof is held to be
      unenforceable or invalid by a court of competent jurisdiction, the
      validity and enforceability of the enforceable portion of any such
      provision and/or the remaining provisions shall not be affected
      thereby.

              

      

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      

      
        	
                 
      

              	
                10.8.

              	
                Integration of
      Agreement.  This Agreement represents the entire
      agreement between the parties and supersedes all prior negotiations,
      representations or agreements, written or oral, regarding the terms
      described herein. All exhibits, Schedules and addenda attached hereto
      shall be deemed to be fully incorporated into this
    Agreement.

              

      

      

      
        	
                 
      

              	
                10.9.

              	
                Descriptive
      Headings.  The descriptive headings of the sections of
      this Agreement are inserted for convenience only and shall not control or
      affect the meaning or construction of any provision
  hereof.

              

      

      

      
        	
                 
      

              	
                10.10.

              	
                Force
      Majeure.  Neither party shall be liable for any failure
      to perform or delay in performing any obligations under this Agreement if
      such failure or delay is due to fire, flood, earthquake, strike or any
      other industrial disturbance, war (declared or undeclared), embargo,
      blockade, legal prohibition, riot, insurrection or any other cause beyond
      the control of such defaulting party preventing or delaying the
      performance of such obligations; provided that such obligations shall be
      performed immediately upon the termination of such cause and provided
      further that in the event of such failure or delay continuing for more
      than two (2) months either party may, without incurring liability to the
      other, terminate this Master Agreement immediately by written notice to
      the other party.

              

      

      

      
        	
                 
      

              	
                10.11.

              	
                Use of Name.  Each party, on
      behalf of itself, its employees and agents, agrees not to use the name of
      the other party or its employees or agents in any publication, promotional
      material or other written or oral statement for public distribution,
      relative to the subject matter or existence of this Agreement, except as
      otherwise required by applicable law, regulations, guidelines and
      standards or previously consented to in writing by the other
      party.

              

      

      

      
        	
                 
      

              	
                10.12.

              	
                Governing
      Law.    Any litigation commenced under this
      Agreement shall be resolved in the trial courts of New York County, State
      of New York. The prevailing party in any legal proceeding to enforce this
      Agreement shall be entitled to recover its reasonable attorneys’ fees and
      costs of litigation.

              

      

      

      
        	
                 
      

              	
                10.13.

              	
                Counterparts.  This
      Agreement may be executed in two (2) counterparts each of which shall be
      deemed an original, but both of which together shall constitute one and
      the same instrument. This Agreement shall not be binding until CONSULTANT
      receives a signed original from
ARNO.

              

      

      

      
        	
                 
      

              	
                10.14.

              	
                Transfer of Electronic
      Data.  Notwithstanding any provision herein to the
      contrary, the parties acknowledge that any information of ARNO that will
      be transmitted electronically to CONSULTANT will be done so in a format
      dictated by ARNO unless otherwise stated.  CONSULTANT is under
      no obligation to verify or confirm how ARNO’s information will be
      transmitted electronically to
CONSULTANT.

              

      

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      

      
        	
                 
      

              	
                10.15.

              	
                No Third Party
      Beneficiaries.  This Agreement is solely for the benefit
      of the parties hereto and should not be deemed to confer upon third
      parties any remedy, claim, liability, reimbursement, claim of action or
      other right in excess of those existing without reference to this
      Agreement.

              

      

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be duly executed
as of the date and year first above written.

      

      
        
          
            	
                    ARNO
      THERAPRUTICS, INC.

                  
	 
      
	
                    By:

                  	
                    /s/ Brian Lenz

                  
	
                    Name:

                  	
                    Brian
      Lenz

                  
	
                    Title:

                  	
                    Chief
      Financial Officer

                  
	 
      	 
      
	
                    TWO
      RIVER CONSULTING, LLC

                  
	 
      
	
                    By:

                  	
                    /s/ Scott Navins

                  
	
                    Name:

                  	
                    Scott
      Navins

                  
	
                    Title:

                  	
                    Vice
      President – Finance

                  

          

        

      

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      EXHIBIT
A

      Services

      

      Executive
Management

      
        	
                ·

              	
                Mr.
      David Tanen to serve as President and
CEO

              

      

      
        	
                ·

              	
                Management
      of ARNO employees and consultants

              

      

      
        	
                ·

              	
                Review,
      design and execution of corporate and development
  strategy

              

      

      
        	
                ·

              	
                Preparation
      and presentation of materials to the Board of
  Directors

              

      

      
        	
                ·

              	
                Investor
      relations

              

      

      

      Operations

      
        	
                ·

              	
                Identification,
      selection and management of vendors and consultants to implement drug
      development strategy, including clinical, preclinical, manufacturing &
      controls, and regulatory activities

              

      

      
        	
                ·

              	
                Guide,
      review work product and provide sign-off on global clinical operations
      activities, central laboratories, biostatistics, and clinical study report
      writing

              

      

      
        	
                ·

              	
                Manage
      drug distribution logistics and other CMC
  activities

              

      

      
        	
                ·

              	
                Compile
      and review interim clinical study data for medical review and for
      corporate presentations

              

      

      
        	
                ·

              	
                Manage
      regulatory interactions and
strategy

              

      

      

      Business
Development

      
        	
                ·

              	
                Review,
      preparation and presentation of materials to potential
      partners

              

      

      
        	
                ·

              	
                Representation
      of ARNO at conferences

              

      

      
        	
                ·

              	
                Lead
      partnering process

              

      

      

      Medical

      
        	
                ·

              	
                Review
      of study design, endpoints and patient
data

              

      

      
        	
                ·

              	
                Guide
      strategy for competitive positioning of
products

              

      

      
        	
                ·

              	
                Interacting
      with thought leaders and members of the scientific advisory
      board(s)

              

      

      

      General &
Administrative

      
        	
                ·

              	
                Provide
      legal review for contracts and other
documents

              

      

      
        	
                ·

              	
                Processing
      of invoices and management of accounts
payable

              

      

      
        	
                ·

              	
                General
      accounting/finance oversight

              

      

      
        	
                ·

              	
                Archival
      of reports, data and contracts

              

      

      
        
           

        

        
          13

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