Document:

Epcylon Technologies, Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

Statement of Work

 

	Prepared for: 	Prepared by: 
	  	  
	Epcylon Technologies, Inc. 	Black Swan Diagnostics Inc. 
	34 King St. E. 	The World Trade Centre 
	Suite 1010 	10 Yonge St. 
	Toronto, ON 	Suite 604 
	M5C 2X8 	Toronto, ON M5E 1R4 

	This Statement of Work is the Confidential
      Information of Black Swan Diagnostics Inc.

All information in this document is provided in confidence and
shall not be published or disclosed, wholly or in part to any other party
without BLACK SWAN DIAGNOSTICS INC.’s written permission. 

	Black Swan
      Diagnostics Inc. 	Statement of Work 

Table of Contents 

	1. 	 
       Executive Summary 	1
	  	1.1 	Background and Requirements 	 1
	  	1. 	Objectives 	1 
	2. 	   Project Scope 	2
	  	2.1 	Services 	2 
	  	2.2 	Location 	2 
	  	2. 	Primary BLACK SWAN
      DIAGNOSTICS INC. and EPCYLON Contacts 	3
	3. 	   Project Approach and
      Organization 	3 
	  	3.1 	Risk Management
      Services 	3 
	  	3.2 	Summary of Deliverables 	4
	  	3.3 	Project Staffing 	4
	4. 	   Project Guidelines
      	5
	  	4.1 	EPCYLON’s
      Responsibilities 	5
	  	4.2 	Mutual Responsibilities 	5
	  	4.3 	Change in Scope 	6
	  	4.4 	Progress Reports and Time Records 	6
	  	4.5 	Completion Criteria
    	6
	  	4.6 	Assumptions 	7
	5. 	   Terms
      and Conditions 	7
	  	5.1 	Term and Termination 	7
	  	5.2 	Proprietary Rights
	7
	  	   5.2.1 	Proprietary Rights 	7
	  	   5.2.2
      	Customer Furnished Materials
      	7
	  	   5.2.3 	Work Product License 	7
	  	5.3 	Confidential
      Information 	8
	  	5.4 	Warranty 	8
	  	   5.4.1
      	Warranty 	8 
	  	   5.4.2 	Disclaimer and Exclusions 	8 
	  	5.5 	LIMITATIONS OF
      LIABILITY 	8
	  	5.6 	Independent Contractors 	9
	  	5.7 	Compliance with Laws
      and Governing Law 	9
	6. 	   Project Fees and
      Payment 	9
	  	6.1 	Notices 	9
	  	6.2 	Fees and Invoicing 	9
	7. 	 
       Authorization 	10
	8. 	   Acknowledgment of
      Milestone Completion 	11

	SOW#: EPCYLON 01-2015 	Strictly Confidential 	Page ii 
	#: EPCYLON 0096 	Black Swan Diagnostics Inc. [01262015
      0069].anx 	January 26, 2015 

	Black Swan
      Diagnostics Inc. 	Statement of Work 

	1. 	
      Executive Summary

This Statement of Work
(“SOW”) sets forth the terms under which EPCYLON
TECHNOLOGIES INC. referred to as “EPCYLON ” throughout this document) has
formally engaged BLACK SWAN DIAGNOSTICS INC. to provide the project consulting
and implementation services (“Consulting Services”) described in this
SOW. 

	 	1.1 	
      Background and
  Requirements

EPCYLON has requested BLACK SWAN
DIAGNOSTICS INC. to provide certain specified services described within this
SOW. 

This Statement of Work outlines the
detailed scope and high-level tasks as well as both the EPCYLON and BLACK SWAN
DIAGNOSTICS INC. resources required to complete this effort. 

	 	1.2 	
      Objectives

The objectives for this SOW are
summarized as follows over a 3-month period and are strictly confined Stealth
Trader Analytics division: 

	 	1. 	
      Custom Tailor Risk Management Manual - to complete
      and custom-tailor products and services for Stealth Trader Analytics
      division as part of EPCYLON.

	 	 	 
	 	2. 	
      Implement Risk Management Policies & Procedures to
      mitigate trading risk for proprietary traders retained by EPCYLON to trade
      on behalf of investor (client) capital using Stealth Trader
    Analytics;

	 	 	 
	 	3. 	
      Assist with Stealth Trader reseller program in the
      management and oversight of resellers concerning the
  following:

	 	(i) 	
      Pricing;

	 	(ii) 	
      Distribution channels;

	 	(iii) 	
      Channel partnerships;

	 	(iv) 	
      Reseller commission or payouts;

	 	(v) 	
      Oversight over proper training & development of
      Stealth Analytics platform;

	 	4. 	
      Initiate a public relations campaign to create brand
      awareness and positioning of Stealth Trader Analytics;

	 	 	 
	 	5. 	
      Corporate website – assist in providing feedback,
      guidance, insight, analysis concerning image, rebranding, and video
      overhaul.

	 	 	 
	 	6. 	
      Assist with existing documentation in moving forward in
      securing EPCYLON a listing on the Canadian Stock Exchange (CSE) listing
      platform in light of significant delays since June 2014;

	 	 	 
	 	7. 	
      Assist with corporate presentations for various purposes,
      which may include but not be limited to the
following:

	 	(i) 	
      Capital raising;

	 	(ii) 	
      Marketing and branding via private placement;

	 	(iii) 	
      Trader recruitment;

	 	(iv) 	
      Press releases;

	Black Swan
      Diagnostics Inc. 	Statement of Work 

	 	(v) 	
      Capital restructuring (i.e., sale of share control block)
      to generate liquidity, and injection of trading capital into company to
      generate additional revenue and free cash flow.

	 	(vi) 	
      Investor related information in compliance with SEC/OSC
      securities statutes;

	 	8. 	
      Assist with recruiting three (3) qualified and competent
      traders that can quickly adapt and learn the Stealth Trading system from
      internal training & development resources provided by
  EPCYLON;

	 	 	 
	 	9. 	
      Respond to OSC Comments/Inquiries in relation to CSE
      listing, where required - to ensure there is sufficient and timely
      feedback given to the OSC before and after submission of documents, up
      until the CSE listing is finalized and confirmed via receipt from the
      OSC.

Activity Strategy and Plan 

Develop and implement risk management
manual to mitigate and manage trading risks, trading personnel, and securities
regulatory risk exposure.

	2. 	
      Project Scope

	 	2.1 	
      Services

Components of the Risk
Management Compliance Engagement 

This is outlined as per s. 1.2
above.

Activity Plan and Strategy

BLACK SWAN DIAGNOSTICS INC. personnel
will work in concert with EPCYLON staff to deliver the following services with
respect to the activity of EPCYLON in relation to the Stealth Trader
Analytics.

Deliver a custom-tailored manual of
EPCYLON’s Risk Management Manual required for recruiting, retaining, and
training traders. 

	 	2.2 	
      Location

The Consulting Services, to the extent
of testing and any required on-site work, shall be performed primarily at the
EPCYLON facility located at Toronto, Ontario (work site). However, BLACK SWAN
DIAGNOSTICS INC. shall have the option of performing appropriate portions such
as planning and documentation at a BLACK SWAN DIAGNOSTICS INC. selected location
(the “BLACK SWAN DIAGNOSTICS INC. site”). 

	Black Swan
      Diagnostics Inc. 	Statement of Work 

	 	2.3 	
      Primary BLACK SWAN DIAGNOSTICS INC. and EPCYLON
      Contacts

Refer to the following table for the
BLACK SWAN DIAGNOSTICS INC. and BLACK SWAN DIAGNOSTICS INC. primary contacts and
the method to contact them. 

Table 1. Primary Contacts 

	
	BLACK SWAN DIAGNOSTICS 
INC.
      Contact 	EPCYLON Contact 

	
Name 	Jack Bensimon, LL.M. (Sec), LL.M.
      
(Gen), LL.M. (Bus) 	
Doug McKay 
	Title 	Managing Director 	Director, Trading and Operations 
	Office Number 	  	(416) 479-0880 
	Mobile Number 	(416) 985-0757 	(519) 919-8065 
	E-mail Address 	jbensimon@rogers.com 	d.mckay@stealthtrader.com

	3. 	
      Project Approach and
Organization

BLACK SWAN DIAGNOSTICS INC. will use
the following phased approach to manage this project: 

	 	3.1 	
      Risk Management
Services

During the Documentation, Final
Report, Presentation and Acceptance Phase, BLACK SWAN DIAGNOSTICS INC.: 

	 	
      	 

	
      Perform detailed analysis from results of the
      following:

	 	 	 	 
	 		
      	 

	
      Internal Controls (manual / automated)

	 	 	 	 
	 		
      	 

	
      Policies and Procedures

	 	 	 	 
	 		
      	 

	
      Management Interviews

	 	 	 	 
	 	
      	 

	
      Deliver a Final Report and Executive Summary Presentation
      to EPCYLON management based on the team's findings and
    recommendations.

	 	 	 	 
	 	
      	 

	
      Presents and reviews the Final Report with EPCYLON via an
      Executive Summary Presentation.

	 	 	 	 
	 	
      	 

	
      Obtains EPCYLON acceptance and sign-off of the
      project.

	Black Swan
      Diagnostics Inc. 	Statement of Work 

	 	3.2 	
      Summary of
Deliverables

BLACK SWAN DIAGNOSTICS INC. provides
EPCYLON with the deliverables specified in the following table. 

Table 2. Project Deliverables 

	Phase 	Deliverable 
	  	Assist with Stealth Trader reseller program in the
      management and 
	  	oversight of resellers concerning the following:
  
	 
    	  
	  	             
                         
                         
             Pricing; 
	  	             
                         
                         
             Distribution channels; 
	  	             
                         
                         
             Channel partnerships; 
	  	             
                         
                         
             Reseller commission or payouts; 
	Phase I – Initiate
      and 	             
                         
                         
             Oversight over proper training &
      development 
	Implement Reseller 	             
                         
                         
             of Stealth Analytics platform; 
	Program 	  
	  	 Initiate a public relations campaign to
      create brand awareness and 
	  	             
                         
                         
               positioning of Stealth Trader Analytics;
    
	 
    	  
	  	Corporate website – assist in providing feedback,
      guidance, insight, 
	  	analysis concerning image, rebranding, and video
      overhaul. 
	 
    	  
	 
    	  
	 
    	  
	  	   Assist with recruiting three (3)
      qualified and competent traders that 
	Phase II – Trader 	   can quickly adapt and learn the
      Stealth Trading system from internal 
	Traning and 	   training & development resources
      provided by EPCYLON; 
	Recruitment 	  
	 
    	  
	  	   Custom Tailor Risk Management
      Manual - to complete and custom- 
	  	   tailor products and services for
      Stealth Trader Analytics division as 
	  	   part of EPCYLON. 
	 
    	  
	  	   Implement Risk Management Policies
      & Procedures to mitigate 
	  	   trading risk for proprietary traders
      retained by EPCYLON to trade on 
	Phase III – Risk 	   behalf of investor (client) capital
      using Stealth Trader Analytics; 
	Management Manual 	  
	  	   Respond to OSC Comments/Inquiries
      in relation to CSE listing, 
	  	   where required - to ensure
      there is sufficient and timely feedback 
	  	   given to the OSC before and after
      submission of documents, up until 
	  	   the CSE listing is finalized and
      confirmed via receipt from the OSC. 

	 	3.3 	
      Project Staffing

BLACK SWAN DIAGNOSTICS INC. will
deploy a project team made up of the following technical and management
expertise: 

Managing Director (Jack J.
Bensimon—on site personnel) 

BLACK SWAN DIAGNOSTICS INC. will
provide a Project Manager to supervise the activities associated with this
engagement, as well as the following responsibilities:

	
  Preparing aggregate initial findings and
  recommendations. 

	Black Swan
      Diagnostics Inc. 	Statement of Work 

	
  Acting in concert with EPCYLON through TBD to
  incorporate their experience and understandings into the Activity Plan and
  Strategy. 

  
	
  Leading status meetings, as required 

  
	
  Preparing the final report and assessment.
  

	4. 	
      Project Guidelines

	 	4.1 	
      EPCYLON’s
      Responsibilities

EPCYLON shall afford BLACK SWAN
DIAGNOSTICS INC. access to EPCYLON ’s staff at various times in the project but
BLACK SWAN DIAGNOSTICS INC. is also aware that EPCYLON ’s through Doug McKay is
dedicated to the daily operations of the facilities. BLACK SWAN DIAGNOSTICS INC.
will make every reasonable effort to limit the demands on these people but
EPCYLON ’s through Doug McKay may have critical knowledge of the operations and
the business itself. This knowledge must be made available to BLACK SWAN
DIAGNOSTICS INC. in a timely fashion, and is invaluable to the project’s
success. Prior to and/or during the engagement, EPCYLON must: 

	 	
      	 

	
      Ensure working conditions that are conducive for the
      successful completion of the project for the duration of this engagement,
      including:

	 	 	 	 
	 		
      	 

	
      Suitable office space.

	 	 	 	 
	 		
      	 

	
      Telephone access.

	 	 	 	 
	 		
      	 

	
      Meeting facilities.

	 	 	 	 
	 	
      	 

	
      Assign Doug McKay as the single point of contact for
      issue resolution, activity scheduling, interview scheduling, and
      information collection and dissemination. Doug McKay is responsible to
      ensure compliance with BLACK SWAN DIAGNOSTICS INC.'s
obligations.

	 	 	 	 
	 	
      	 

	
      Ensure that Doug McKay attend and participate in the
      required interviews and are able to discuss the active topics
      presented.

	 	4.2 	
      Mutual
Responsibilities

In support of this effort, both
EPCYLON and BLACK SWAN DIAGNOSTICS INC. shall: 

	
  Conduct project review meetings at a mutually
  agreed upon time and location to discuss the project status, issues, new
  requirements and overall project satisfaction. 

  
	
  Support and provide representation at these
  meetings, which will cover performance status update, schedule update, pending
  changes, open issues and action items. 

  
	
  Support Project Issue and Tracking Resolution, by
  using the BLACK SWAN DIAGNOSTICS INC. Project Issue Report to track and review
  issues. 

  
	
  Coordinate any change to this SOW (whether cost
  impacting or not) with EPCYLON’s Project Sponsor, and process them using the
  BLACK SWAN DIAGNOSTICS INC. Project Change Request Form supplied in a separate
  document. 

  
	
  Collaborate with BLACK SWAN DIAGNOSTICS INC. to
  adjust project schedules and re-deploy resources in an expeditious manner in
  the event of schedule delays that are beyond the control of either party. 

  
	
  Meet at the conclusion of this project to bring to
  closure the project and capture, discuss and resolve any project issues that
  may have arisen. 

	Black Swan
      Diagnostics Inc. 	Statement of Work 

	 	4.3 	
      Change in Scope

Process 

Any deviation or change in the scope
of the consulting and implementation services must be approved by BLACK SWAN
DIAGNOSTICS INC. or an authorized designee thereof. 

The BLACK SWAN DIAGNOSTICS INC.
Primary Contact has overall responsibility for the change process. When a change
is desired, the requestor (EPCYLON or BLACK SWAN DIAGNOSTICS INC.) notifies the
BLACK SWAN DIAGNOSTICS INC. Primary Contact who will: 

	
  Prepare a preliminary Project Change Request Form
  to identify the nature of the requested change 

  
	
  Acknowledge receipt of the Change Request 

  
	
  Conduct an initial Impact Assessment to determine
  the effects, if any on the consulting and implementation service’s schedule as
  well as any costs associated with utilizing resources to perform a full Change
  Request analysis. If the Impact Assessment indicates using resources to
  analyze how the Change Request affects the consulting and implementation
  services schedule or costs, BLACK SWAN DIAGNOSTICS INC. shall obtain EPCYLON
  ’s approval before performing the Change Request analysis 

  
	
  Report the Change Request status in the Progress
  Reports 

Review and Approval 

If EPCYLON approves a full Change
Request analysis, BLACK SWAN DIAGNOSTICS INC. shall prepare a Project Change
Request Form detailing the change and its justification for the change,
directing the analysis effort to the appropriate resources. This analysis shall
result in a final Project Change Request Form containing estimated cost,
schedule and resource requirements, technical feasibility, and recommended
disposition such as: 

	
  Implementation without adjusting current cost or
  delivery schedule 

  
	
  Implementation with impact to EPCYLON cost of
  delivery schedule 

  
	
  Recommendation as a follow-on project 

If BLACK SWAN DIAGNOSTICS INC. finds
the project not technically or economically feasible, an explanation will be
provided detailing the reason. 

BLACK SWAN DIAGNOSTICS INC. reviews
the Project Change Request Form with EPCYLON and it is marked as
“accepted” or “withdrawn,” and signed by both parties. If “accepted”, consulting
and implementation services are revised to include the agreed change(s) and the
invoicing process is appropriately modified. 

	 	4.4 	
      Progress Reports and Time
  Records

Unless otherwise agreed, BLACK SWAN
DIAGNOSTICS INC. may send EPCYLON a weekly report summarizing the work completed
during such period, and the status of the work then in process, the status of
any known problems or outstanding issues, and the status of open change
requests, if any. 

	 	4.5 	
      Completion Criteria

The services to be performed during
each Phase and the deliverable, if any associated with the Phase are described
above. Unless specifically stated otherwise, the acceptance criteria for each
Phase will be successful completion of the applicable portion of the services
and presentation of a conforming deliverable. 

If at that time BLACK SWAN DIAGNOSTICS
INC., in its reasonable opinion, has fulfilled the acceptance for each Phase,
BLACK SWAN DIAGNOSTICS INC. shall send EPCYLON a written notification indicating
Phase completion and requesting EPCYLON ’s signature. If EPCYLON is satisfied
with the performance for that phase, its signature will indicate acceptance. If
EPCYLON indicates that BLACK SWAN DIAGNOSTICS INC. has not satisfactorily
completed the phase, the 

	Black Swan
      Diagnostics Inc. 	Statement of Work 

parties will meet and use good faith
to resolve difficulties. If EPCYLON does not respond within seven (7) business
days, the consulting services for the applicable Phase will be considered
accepted. 

	 	4.6 	
      Assumptions

Services for this engagement are
contingent upon the following assumptions: 

	
  A completed and signed Statement of Work. 

  
	
  An initial retainer or deposit fee of 33% or 1/3
  of the total estimated fee (i.e., 1/3 * 30,000) = $10,000 with the signing of
  the Statement of Work 

	5. 	
      Terms and Conditions

The following paragraphs detail the
Terms and Conditions of this Statement of Work. 

	 	5.1 	
      Term and
Termination

This SOW begins on the date stated
herein, and, unless terminated for breach, continues in accordance with its
terms. Each party shall notify the other in writing in case of the other's
alleged violation of a material provision herein. Each party shall have, except
to the extent specifically provided otherwise, thirty (30) calendar days from
the date of receipt of such notice to affect a cure (the "Cure Period"). If the
recipient of such notice fails to affect such cure within the Cure Period, then
the sender of such notice shall have the option of sending a written notice of
termination, which notice shall take effect upon receipt, and such sender shall
thereafter have such remedies as are provided at law and this SOW. 

	 	5.2 	
      Proprietary
Rights

	 	5.2.1 	
      Proprietary Rights

All patents, copyrights, trade
secrets, methodologies, ideas, inventions, concepts, know-how, techniques or
other intellectual property developed or provided by BLACK SWAN DIAGNOSTICS INC.
are and remain EPCYLON property. All written reports, analyses and other working
papers delivered by BLACK SWAN DIAGNOSTICS INC. to EPCYLON in the performance of
BLACK SWAN DIAGNOSTICS INC.’s obligations under this SOW (“Work Product”) belong
to EPCYLON. Nothing herein shall preclude BLACK SWAN DIAGNOSTICS INC. from
developing, using or marketing services or materials that are similar or related
to such Work Product. 

	 	5.2.2 	
      Customer Furnished
Materials

Any tangible materials furnished by
BLACK SWAN DIAGNOSTICS INC. for use by 

EPCYLON remain EPCYLON property. BLACK
SWAN DIAGNOSTICS INC. shall defend at its expense, and indemnify BLACK SWAN
DIAGNOSTICS INC. against any costs and any award or settlement of damages
resulting from a claim that any materials provided by BLACK SWAN DIAGNOSTICS
INC. to EPCYLON infringe or misappropriate the intellectual property rights of
any third party. 

	 	5.2.3 	
      Work Product License

Upon EPCYLON ’s payment in full for
Work Product, and to the extent that BLACK SWAN DIAGNOSTICS INC. Proprietary
Rights are contained in the Work Product, EPCYLON is licensed to use such BLACK
SWAN DIAGNOSTICS INC. Proprietary Rights internally, for the purpose for which
the Work Product was provided, on a non-exclusive, non-transferable,
royalty-free, worldwide basis. EPCYLON shall not sublicense or otherwise
transfer to any third party any BLACK SWAN DIAGNOSTICS INC. Proprietary Rights.

	Black Swan
      Diagnostics Inc. 	Statement of Work 

	 	5.3 	
      Confidential
Information

“Confidential Information” shall mean
any and all information or materials provided by one party to the other which
are in tangible form and labeled “confidential”, or, if disclosed orally, are
identified as being confidential at the time of disclosure, or any other
information, observed when at a facility of the other or a third party, that a
reasonable business person would understand to be not publicly available, but
shall not include information or materials that (i) were, on the effective date
of this SOW, generally known to the public; or (ii) become generally known to
the public after such effective date other than as a result of the act or
omission of the receiving party; or (iii) were rightfully known to the receiving
party prior to that party receiving same from the disclosing party; or (iv) are
or were disclosed by the disclosing party to a third party generally without
restriction on disclosure; or (v) the receiving party lawfully received from a
third party without that third party’s breach of agreement or obligation of
trust; or (vi) are independently developed by the receiving party. 

The receiving party shall protect the
other’s Confidential Information for three (3) years after receipt thereof, by
means of the same standard of care as used by the receiving party to protect its
own information of a similar nature and importance, and no less than reasonable
care. The receiving party shall use Confidential Information only to fulfill its
obligations or to exercise its rights hereunder, and shall disclose Confidential
Information only to those persons in its organization who have a need to know
such Confidential Information in the performance of their duties in connection
herewith and who are bound by a written agreement to protect the confidentiality
of such Confidential Information, and will promptly report to the disclosing
party any actual or suspected breach hereof. 

Each party shall not, and shall not
authorize or assist another to, originate or produce any written publicity, news
release, marketing collateral or other publication or public announcement,
relating in any way to this SOW, without the prior written approval of the
other, which approval shall not be unreasonably withheld. The terms of this SOW
are Confidential Information. 

	 	5.4 	
      Warranty

	 	 	 
	 	5.4.1 	
      Warranty

BLACK SWAN DIAGNOSTICS INC. shall
perform the Services hereunder in a workmanlike manner in accordance with
generally accepted industry standards. EPCYLON must notify BLACK SWAN
DIAGNOSTICS INC. of any failure to so perform within ten (10) days after the
date on which such failure first occurs. BLACK SWAN DIAGNOSTICS INC.’s entire
liability and EPCYLON ’s sole remedy for BLACK SWAN DIAGNOSTICS INC.’s failure
to so perform shall be for BLACK SWAN DIAGNOSTICS INC. to, at its option, (i)
use reasonable effects to correct such failure, and/or (ii) terminate the SOW
and refund that portion of any fees received that correspond to such failure to
perform. 

	 	5.4.2 	
      Disclaimer and Exclusions

EXCEPT AS EXPRESSLY STATED IN THIS
WARRANTY SECTION, BLACK SWAN DIAGNOSTICS INC. PROVIDES SERVICES “AS IS” AND
MAKES NO OTHER EXPRESS WARRANTIES, WRITTEN OR ORAL, AND ALL OTHER WARRANTIES ARE
SPECIFICALLY EXCLUDED, INCLUDING, BUT NOT LIMITED TO THE IMPLIED WARRANTY OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT, AND ANY
WARRANTY ARISING BY STATUTE, OPERATION OF LAW, COURSE OF DEALING OR PERFORMANCE,
OR USAGE OF TRADE. 

	 	5.5 	
      LIMITATIONS OF
LIABILITY

EXCEPT AS OTHERWISE PROVIDED UNDER
WARRANTY, BLACK SWAN DIAGNOSTICS INC.’S TOTAL LIABILITY AND EPCYLON ’s SOLE AND
EXCLUSIVE REMEDY FOR ANY CLAIM WHATSOEVER, INCLUDING BUT NOT LIMITED TO CLAIMS
BASED UPON CONTRACT, WARRANTY, NEGLIGENCE, OR STRICT LIABILITY IN TORT, THAT
ARISES 

	Black Swan
      Diagnostics Inc. 	Statement of Work 

OUT OF OR IN CONNECTION WITH SERVICES
PROVIDED HEREUNDER, SHALL BE LIMITED TO PROVEN DIRECT DAMAGES CAUSED BY BLACK
SWAN DIAGNOSTICS INC.’S SOLE NEGLIGENCE IN AN AMOUNT NOT TO EXCEED AN AMOUNT
EQUAL TO TWICE THE PRICE PAID BY EPCYLON TO BLACK SWAN DIAGNOSTICS INC. FOR
SERVICES RENDERED HEREUNDER. NEITHER PARTY SHALL HAVE LIABILITY TO THE OTHER FOR
ANY SPECIAL, CONSEQUENTIAL, EXEMPLARY, INCIDENTAL, OR INDIRECT DAMAGES
(INCLUDING, BUT NOT LIMITED TO, LOSS OF PROFITS, REVENUES, DATA AND/OR USE),
EVEN IF ADVISED OF THE POSSIBILITY THEREOF. 

	 	5.6 	
      Independent
Contractors

The parties shall act as independent
contractors for all purposes under this SOW. Nothing contained herein shall be
deemed to constitute either party as an agent or representative of the other
party, or both parties as joint ventures or partners for any purpose. Neither
party shall be responsible for the act or omissions of the other party, and
neither party will have authority to speak for, represent or obligate the other
party in any way without the prior written approval of the other party. 

	 	5.7 	
      Compliance with Laws and Governing
    Law

Each party shall comply with all
applicable export laws, orders and regulations and obtain all necessary
governmental permits, licenses and clearances. This SOW shall be governed by the
laws of the Province of Ontario. 

	6. 	
      Project Fees and
Payment

	 	6.1 	
      Notices

With the exception of Purchase
Orders, acknowledgements, invoices, payments and other usual and routine
communications, all other notices or writings required or permitted under this
SOW, including but not limited to notices of default or breach, shall be
signed by an authorized representative of the sender, sent to the respective
individuals identified below (which may be changed by written notice to the
other), and shall be deemed to have been received (i) when hand delivered to
such individuals by a representative of the sender, or (ii) three (3) days after
having been sent postage prepaid, by registered or certified first class mail,
return receipt requested, or (iii) when sent by electronic transmission, with
written confirmation by the method of transmission, or (iv) one (1) day after
deposit with an overnight carrier, with written verification of delivery. 

Table 3. Responsible Parties 

	For BLACK
      SWAN DIAGNOSTICS INC. 	For EPCYLON 
	Jack J.
      Bensimon, Managing Director 	Doug
      McKay, Director, Trading and Operations 
	 	 
	 	 
	 	 

	 	6.2 	
      Fees and Invoicing

The total estimated fee for the
Consulting Services identified in this Statement of Work (exclusive of
any and all registration expenses involved in the normal course with the OSC for
an EMD registration) is $30,000 + HST. See the Appendix for detailed
breakdown of cost by project phase, including timelines for completion. 

	Black Swan
      Diagnostics Inc. 	Statement of Work 

BLACK SWAN DIAGNOSTICS INC. shall
invoice EPCYLON in accordance with the information provided in the following
Schedule. 

Table 4. Milestone / Event Schedule 

	Milestone / Event 
	Amount Due 
(CAD) 
	EPCYLON Signature of this Statement of Work – First Tranche
      (based on 
estimated 3-month engagement) – by Friday, January 30, 2015.
    	
$10,000 
	BLACK SWAN DIAGNOSTICS INC. - Second Tranche – March 6,
      2015 	$10,000 
	BLACK SWAN DIAGNOSTICS INC.- Balance owed is subject to the
      estimates 
provided in the SOW, plus applicable HST.- Third Tranche –
      May 1, 2015 	$10,000 
+ HST 
	  	  
	               
                         
                         
                         
                       Total
      (Please see Appendix for breakdown) 	  

BLACK SWAN DIAGNOSTICS INC. uses a
standard Milestone Completion Form (MCF) as the basis for all services
invoicing. If EPCYLON signs the Milestone Completion Form, or does not file a
written notice outlining any issues with work performed within seven (7) days
after receipt of the MCF, the Services shall be deemed to be delivered. BLACK
SWAN DIAGNOSTICS INC. is authorized to issue the applicable invoice upon
delivery of a signed MCF. Payment is due within thirty (30) days after the date
of the invoice. 

The results, accuracy, and contents of
BLACK SWAN DIAGNOSTICS INC.’s deliverables are dependent upon the content and
accuracy of information provided by EPCYLON Once a schedule has been mutually
agreed upon, BLACK SWAN DIAGNOSTICS INC. shall make reasonable efforts to
accommodate changes requested by EPCYLON

BLACK SWAN DIAGNOSTICS INC. shall send
EPCYLON notice of postponements or delays at least ten business days in advance
of the scheduled event. If BLACK SWAN DIAGNOSTICS INC. is not reasonably able to
“work-around” the postponement or delay, especially in instances where the
consulting and implementation services require participation by EPCYLON
personnel that become unavailable, BLACK SWAN DIAGNOSTICS INC. is authorized to
charge EPCYLON for time lost and additional expenses incurred due to such delays
or postponements at BLACK SWAN 

DIAGNOSTICS INC.’s then standard
hourly rates. 

	7. 	
      Authorization

This Statement of Work is the
complete and exclusive agreement between BLACK SWAN DIAGNOSTICS INC. and EPCYLON
with regard to its subject matter, and supersedes all prior oral or written
proposals, agreements, representations and other communications between the
parties with respect to the consulting and implementation services and shall
prevail notwithstanding any different, conflicting or additional terms and
conditions which may appear on any order or other document submitted by BLACK
SWAN DIAGNOSTICS INC. 

All parties hereby acknowledge that
they have read and do understand this SOW and all attachments hereto, and agree
to all terms and conditions stated herein. 

IN WITNESS WHEREOF, the parties have
caused the Statement of Work to be signed on the respective dates
indicated below. 

	Black Swan
      Diagnostics Inc. 	Statement of Work 

	Acceptance of Statement of Work - Number
  
	For BLACK SWAN DIAGNOSTICS INC. 	For EPCYLON 
	 
    	   
	 	  
	Signature 	Signature 
		  
	Jack J. Bensimon 	Doug McKay 
	Printed Name 	Printed Name 
		  
	Managing Director 	Director, Trading and Operations 
	Title 	Title 
	 
    	    
	Date 	Date 
	 	  

	8. 	
      Acknowledgment of Milestone
  Completion

The acknowledgement of milestone
completion is official notice that BLACK SWAN DIAGNOSTICS INC. has completed a
specific milestone. A signed milestone completion form by BLACK SWAN DIAGNOSTICS
INC. will indicate successful completion of a milestone and will allow BLACK
SWAN DIAGNOSTICS INC. to invoice EPCYLON for the agreed value of the milestone.
If the entire price for the services was pre-paid in full, no invoice will be
generated. Acknowledgement below indicates that the current milestone has been
satisfactorily completed by BLACK SWAN DIAGNOSTICS INC. If EPCYLON is satisfied
with the performance for this milestone, its signature indicates acceptance. If
EPCYLON indicates that BLACK SWAN DIAGNOSTICS INC. has not satisfactorily
completed this milestone, the parties will meet and use good faith to resolve
difficulties. If EPCYLON does not respond within seven (7) business days, the
consulting services for this milestone will be considered accepted. 

	Milestone
      Recognition and Acceptance 

	Customer Name: 	EPCYLON 
	 	 
	Project Name: 	Risk Management Advisory Services 
	 	 
	SOW Number: 	EPCYLON -01-2015 
	 	 
	BLACK SWAN 	EPCYLON 0069 
	DIAGNOSTICS INC. 	  
	PAS Number: 	  
	 	 
	Completed Milestone: 	Inception: Signing of this Statement of Work
  
	 	 
	Date Completed: 	  
	 	 
	Deliverable: 	Statement of Work (SOW)

	Black Swan
      Diagnostics Inc. 	Statement of Work 

	BLACK SWAN DIAGNOSTICS INC. 	EPCYLON 
	 
    	   
	 	  
	Signature 	Signature 
		  
	Jack J. Bensimon 	Doug McKay 
	Printed Name 	Printed Name 
		  
	Managing Director 	Director, Trading and Operations 
	Title 	Title 
	 	 
	Monday,
      January 26, 2015	Monday, January 26, 2015
	Date 	Date 
	 	  

	Black Swan
      Diagnostics Inc. 	Statement of Work 

Deliverables / Scope
Document

	Prepared By: Black Swan Diagnostics, Inc. 
	From: Jack J. Bensimon 
	Date: January 26, 2015 
	Engagement Client: Epcylon Technologies Inc. 
	Engagement Sponsor: Doug McKay, Director, Trading &
      Operations 
	Engagement: Management / Risk Management Oversight
    

	
Phase 	
Due Date 	Completion 
Date
    	
Est Hrs 	
Actual Hrs 	
Variance 
	   1 	Phase I - Reseller Program
    	27-Mar-15 	  	  	  	  
	  	Initiate PR campaign 	20-Feb-15 	  	  	  	  
	  	Revamp Corporate website 	13-Feb-15 	  	  	  	  
	  	Launch reseller program - test
      basis 	13-Feb-15 	  	  	  	  
	  	  	  	  	  	  	  
	   2 	Phase II - Trader
      Recruitment 	16-Mar-15 	  	  	  	  
	  	Place ads, interview, and start
      recruitment process 	13-Feb-15 	  	  	  	  
	  	Hire traders and start trader
      training 	16-Mar-15 	  	  	  	  
	   3 	Phase III - Risk Management
      Manual + Interface Metrics 	09-Apr-15 	  	  	  	  
	  	Development of Policies,
      Procedures, and Risk Metrics 	05-Mar-15 	  	  	  	  
	  	Implementation of Risk Metrics into
      Stealth Analytics Platform 	26-Mar-15 	  	  	  	  
	  	Total Estimated Hrs:
	  	  	  	  	  
	  	Hourly Rate	 	 	 	 	 
	  	  	  	  	  	Deposit 	  
	  	Cost: 	  	  	$30,000.00 	Required: 	$10,000.00 
	  	HST @ 13% 	  	  	$3,900.00 	 	  
	  	Total Cost: 	  	  	$33,900.00 	 	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	Total: 	  	  	$33,900.00 	Paid: 	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	As per the SOW, the above figures
      are estimates based on previous 	  	  	  	  	  
	experience and similar
      engagements. Black Swan Diagnostics makes every 	  	  	  	  Client Initials: 	  
	effort to inform Epcylon of
      variances that exceed stated estimates. 	  	  	  	Date:Exhibit 4.2

 

Form of Underwriters’ Warrant Agreement

 

THE REGISTERED HOLDER
OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT
AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR
HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE
OTHER THAN (I) AEGIS CAPITAL CORP., CHARDAN CAPITAL MARKETS, LLC OR AN UNDERWRITER OR A SELECTED DEALER PARTICIPATING IN THE OFFERING,
OR (II) A BONA FIDE OFFICER OR PARTNER OF AEGIS CAPITAL CORP., CHARDAN CAPITAL MARKETS, LLC OR OF ANY SUCH UNDERWRITER OR SELECTED
DEALER.

 

THIS PURCHASE WARRANT
IS NOT EXERCISABLE PRIOR TO [________________] [DATE THAT IS ONE YEAR FROM THE EFFECTIVE DATE OF THE OFFERING]. VOID AFTER
5:00 P.M., EASTERN TIME, [___________________] [DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE OFFERING].

 

COMMON STOCK PURCHASE WARRANT

 

For the Purchase of [_____] Shares of Common
Stock

of

Eyegate
Pharmaceuticals, Inc.

 

1.          Purchase
Warrant. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of [Aegis Capital Corp./ Chardan
Capital Markets, LLC] (“Holder”), as registered owner of this Purchase Warrant, to Eyegate
Pharmaceuticals, Inc., a Delaware corporation (the “Company”), Holder is entitled, at any time or from
time to time from [________________] [DATE THAT IS ONE YEAR FROM THE EFFECTIVE DATE OF THE OFFERING] (the
“Commencement Date”), and until at or before 5:00 p.m., Eastern time, [____________] [DATE THAT IS FIVE
YEARS FROM THE EFFECTIVE DATE OF THE OFFERING] (the ”Expiration Date”), but not thereafter,
to subscribe for, purchase and receive, in whole or in part, up to [____] shares of common stock of the Company, par value
$0.01 per share (the “Shares”), subject to adjustment as provided in Section 6 hereof. If the
Expiration Date is a day on which banking institutions are authorized by law to close, then this Purchase Warrant may be
exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the period
commencing on the Effective Date and ending on the Expiration Date, the Company agrees not to take any action that would
terminate this Purchase Warrant. This Purchase Warrant is initially exercisable at $[___] per Share [125% of the price of
the Company’s common stock sold in the Offering or 100% of the price of the Company’s common stock sold in the
Offering to the Company’s insiders]; provided, however, that upon the occurrence of any of the events
specified in Section 6 hereof, the rights granted by this Purchase Warrant, including the exercise price per Share and the
number of Shares to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise
Price” shall mean the initial exercise price or the adjusted exercise price, depending on the context. The term “Effective
Date” shall mean [        ], the date on which the Registration Statement
on Form S-1 (File No. 333-197725) of the Company was declared effective by the Securities and Exchange Commission.

 

    	 

    	 

    

 

		2.	Exercise.

 

2.1           Exercise
Form. In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed and
delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased
payable in cash by wire transfer of immediately available funds to an account designated by the Company or by certified check or
official bank check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time,
on the Expiration Date, this Purchase Warrant shall become and be void without further force or effect, and all rights represented
hereby shall cease and expire.

 

2.2           Cashless
Exercise.  If at any time after the Commencement Date there is no effective registration statement registering, or no
current prospectus available for, the resale of the Shares by the Holder, then in lieu of exercising this Purchase Warrant by payment
of cash or check payable to the order of the Company pursuant to Section 2.1 above, Holder may elect to receive the number of Shares
equal to the value of this Purchase Warrant (or the portion thereof being exercised), by surrender of this Purchase Warrant to
the Company, together with the exercise form attached hereto, in which event the Company shall issue to Holder Shares in accordance
with the following formula:

 

	 	 	Y(A-B)	 
	X	=	A	 

 

	Where,	 	 	 
	 	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share; and
	 	B	=	The Exercise Price.

 

For purposes of this
Section 2.2, the fair market value of a Share is defined as follows:

 

		(i)	if the Company’s common stock is traded on a securities exchange, the value shall be deemed
to be the closing price on such exchange on the trading day prior to the exercise form being submitted in connection with the exercise
of the Purchase Warrant; or

 

		(ii)	if the Company’s common stock is actively traded over-the-counter, the value shall be deemed
to be the closing bid price on the trading day prior to the exercise form being submitted in connection with the exercise of the
Purchase Warrant; or

 

		(iii)	if there is no active public market, the value shall be the fair market value thereof, as determined
in good faith by the Company’s Board of Directors.

 

    	 

    	 

    

 

2.3           Legend.
Each certificate representing Shares shall bear a legend as follows unless such securities have been registered under the Securities
Act of 1933, as amended (the “Securities Act”):

 

“The securities
represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), or applicable state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise
transferred except pursuant to an effective registration statement under the Securities Act, or pursuant to an exemption from registration
under the Securities Act and applicable state law which, in the opinion of counsel to the Company, is available.”

 

		3.	Transfer.

 

3.1           General Restrictions.
The Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder will not: (a) sell, transfer,
assign, pledge or hypothecate this Purchase Warrant for a period of one hundred eighty (180) days following the Effective Date
to anyone other than: (i) Aegis Capital Corp. (“Aegis”), Chardan Capital Markets, LLC (“Chardan”)
or an underwriter or a selected dealer participating in the offering contemplated by the Underwriting Agreement (the “Offering”),
or (ii) a bona fide officer or partner of Aegis, Chardan or of any such underwriter or selected dealer, provided that, in each
case (i) or (ii), such transfer shall be in accordance with FINRA Rules 5110(g)(1) and 5110(g)(2)(A)(ii), or (b) cause this Purchase
Warrant or the securities issuable hereunder to be the subject of any hedging, short sale, derivative, put or call transaction
that would result in the effective economic disposition of this Purchase Warrant or the securities hereunder, except as provided
for in FINRA Rule 5110(g)(2). On and after 180 days after the Effective Date, transfers of this Purchase Warrant to others may
be made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment hereof,
the Holder must deliver to the Company the assignment form attached hereto duly executed and completed, together with the Purchase
Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within five (5) business
days transfer this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase Warrant or Purchase
Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Shares
purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

 

3.2           Restrictions
Imposed by the Securities Act. The securities evidenced by this Purchase Warrant, shall not be transferred unless and until:
(i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption
from registration under the Securities Act and applicable state securities laws, the availability of which is established to the
reasonable satisfaction of the Company (the Company hereby agreeing that the opinion of Mintz, Levin, Cohn, Ferris, Glovsky and
Popeo, P.C. shall be deemed satisfactory evidence of the availability of an exemption), or (ii) a registration statement or a post-effective
amendment to the Registration Statement relating to the offer and sale of such securities has been filed by the Company and declared
effective by the U.S. Securities and Exchange Commission (the “Commission”) and compliance with applicable
state securities law has been established.

 

    	 

    	 

    

 

		4.	Registration Rights.

 

		4.1	Demand Registration.

 

4.1.1           Grant of
Right. The Company, upon written demand (a “Demand Notice”) of the Holder(s) of at least 51% of the Purchase
Warrants and/or the underlying Shares (“Majority Holders”), agrees to register, on one occasion, all or any
portion of the Shares underlying the Purchase Warrants (collectively, the “Registrable Securities”). On such
occasion, the Company will file a registration statement with the Commission covering the Registrable Securities within sixty (60)
days after receipt of a Demand Notice and use its reasonable best efforts to have the registration statement declared effective
promptly thereafter, subject to compliance with review by the Commission; provided, however, that the Company shall
not be required to comply with a Demand Notice if the Company has filed a registration statement with respect to which the Holder
is entitled to piggyback registration rights pursuant to Section 4.2 hereof and either: (i) the Holder has elected to participate
in the offering covered by such registration statement or (ii) if such registration statement relates to an underwritten primary
offering of securities of the Company, until the offering covered by such registration statement has been withdrawn or until thirty
(30) days after such offering is consummated. The demand for registration may be made at any time during a period of four (4) years
beginning on the Commencement Date. The Company covenants and agrees to give written notice of its receipt of any Demand Notice
by any Holder(s) to all other registered Holders of the Purchase Warrants and/or the Registrable Securities within ten (10) days
after the date of the receipt of any such Demand Notice.

 

4.1.2           Terms.
The Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section 4.1.1,
but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to
represent them in connection with the sale of the Registrable Securities. The Company agrees to use its reasonable best efforts
to cause the filing required herein to become effective promptly and to qualify or register the Registrable Securities in such
states as are reasonably requested by the Holder(s); provided, however, that in no event shall the Company be required
to register the Registrable Securities in a State in which such registration would cause: (i) the Company to be obligated to register
or license to do business in such State or submit to general service of process in such state, or (ii) the principal shareholders
of the Company to be obligated to escrow their shares of capital stock of the Company. The Company shall cause any registration
statement filed pursuant to the demand right granted under Section 4.1.1 to remain effective for a period of at least twelve (12)
consecutive months after the date that the Holders of the Registrable Securities covered by such registration statement are first
given the opportunity to sell all of such securities. The Holders shall only use the prospectuses provided by the Company to sell
the shares covered by such registration statement, and will immediately cease to use any prospectus furnished by the Company if
the Company advises the Holder that such prospectus may no longer be used due to a material misstatement or omission. Notwithstanding
the provisions of this Section 4.1.2, the Holder shall be entitled to a demand registration under this Section 4.1.2 on only one
(1) occasion and such demand registration right shall terminate on the fifth anniversary of the Effective Date in accordance with
FINRA Rule 5110(f)(2)(G)(iv).

 

		4.2	“Piggy-Back” Registration.

 

4.2.1           Grant of
Right. In addition to the demand right of registration described in Section 4.1 hereof, the Holder shall have the right, for
a period of no more than seven (7) years from the Effective Date in accordance with FINRA Rule 5110(f)(2)(G)(v), to include the
Registrable Securities as part of any other registration of securities filed by the Company (other than in connection with a transaction
contemplated by Rule 145(a) promulgated under the Securities Act or pursuant to Form S-8 or any equivalent form); provided,
however, that if, solely in connection with any primary underwritten public offering for the account of the Company, the
managing underwriter(s) thereof shall, in its reasonable discretion, impose a limitation on the number of shares of common stock
which may be included in the Registration Statement because, in such underwriter(s)’ judgment, marketing or other factors
dictate such limitation is necessary to facilitate public distribution, then the Company shall be obligated to include in such
Registration Statement only such limited portion of the Registrable Securities with respect to which the Holder requested inclusion
hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable Securities shall be made pro rata among the
Holders seeking to include Registrable Securities in proportion to the number of Registrable Securities sought to be included by
such Holders; provided, however, that the Company shall not exclude any Registrable Securities unless the Company
has first excluded all outstanding securities, the holders of which are not entitled to inclusion of such securities in such Registration
Statement or are not entitled to pro rata inclusion with the Registrable Securities.

 

    	 

    	 

    

 

4.2.2           Terms.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 4.2.1 hereof,
but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to
represent them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company
shall furnish the then Holders of outstanding Registrable Securities with not less than thirty (30) days written notice prior to
the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for each registration
statement filed by the Company until such time as all of the Registrable Securities have been sold by the Holder. The holders of
the Registrable Securities shall exercise the “piggy-back” rights provided for herein by giving written notice within
ten (10) days of the receipt of the Company’s notice of its intention to file a registration statement. Except as otherwise
provided in this Purchase Warrant, there shall be no limit on the number of times the Holder may request registration under this
Section 4.2.2; provided, however, that such registration rights shall terminate on the sixth anniversary of the Commencement
Date.

 

4.3           General Terms.

 

4.3.1           Indemnification.
The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder
and each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or Section 20 (a) of
the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or
liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or
defending against any claim whatsoever) to which any of them may become subject under the Securities Act, the Exchange Act or otherwise,
arising from such registration statement but only to the same extent and with the same effect as the provisions pursuant to which
the Company has agreed to indemnify the Underwriters contained in Section 5.1 of the Underwriting Agreement between Aegis (as Representative
of the several Underwriters named on Schedule 1 attached thereto) and the Company, dated as of [___________], 2015. The Holder(s)
of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall severally,
and not jointly, indemnify the Company, its directors, its officers who signed the registration statement and persons who control
the Company within the meaning of Section 15 of the Securities Act of Section 20 of the Exchange Act, against all loss, claim,
damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating,
preparing or defending against any claim whatsoever) to which they may become subject under the Securities Act, the Exchange Act
or otherwise, arising from information furnished by or on behalf of such Holders, or their successors or assigns, in writing, for
specific inclusion in such registration statement to the same extent and with the same effect as the provisions contained in Section
5.2 of the Underwriting Agreement pursuant to which the Underwriters have hereby agreed to indemnify the Company and such persons.

 

4.3.2           Exercise
of Purchase Warrants. Nothing contained in this Purchase Warrant shall be construed as requiring the Holder(s) to exercise
their Purchase Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof.

 

    	 

    	 

    

 

4.3.3           Documents
Delivered to Holders. The Company shall furnish to each Holder participating in any of the foregoing offerings and to each
underwriter of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) an opinion of
counsel to the Company, dated the effective date of such registration statement (and, if such registration includes an underwritten
public offering, an opinion dated the date of the closing under any underwriting agreement related thereto), and (ii) a “cold
comfort” letter dated the effective date of such registration statement (and, if such registration includes an underwritten
public offering, a letter dated the date of the closing under the underwriting agreement) signed by the independent registered
public accounting firm which has issued a report on the Company’s financial statements included in such registration statement,
in each case covering substantially the same matters with respect to such registration statement (and the prospectus included therein)
and, in the case of such accountants’ letter, with respect to events subsequent to the date of such financial statements,
as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriters in
underwritten public offerings of securities. The Company shall also deliver promptly to each Holder participating in the offering
requesting the correspondence and memoranda described below and to the managing underwriter, if any, copies of all correspondence
between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or
its staff with respect to the registration statement and permit each Holder and underwriter to do such investigation, upon reasonable
advance notice, with respect to information contained in or omitted from the registration statement as it deems reasonably necessary
to comply with applicable securities laws or rules of FINRA. Such investigation shall include access to books, records and properties
and opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent
and at such reasonable times as any such Holder shall reasonably request.

 

4.3.4           Underwriting
Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any
Holders whose Registrable Securities are being registered pursuant to this Section 4, which managing underwriter shall be reasonably
satisfactory to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder
and such managing underwriters, and shall contain such representations, warranties and covenants by the Company and such other
terms as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be parties to
any underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option, require that
any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters shall also be
made to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties to or
agreements with the Company or the underwriters except as they may relate to such Holders, their Shares and their intended methods
of distribution.

 

4.3.5           Documents
to be Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company
a completed and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.

 

4.3.6           Damages.
Should the registration or the effectiveness thereof required by Sections 4.1 and 4.2 hereof be delayed by the Company or the Company
otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to
the Holder(s), be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened
breach of such provisions or the continuation of any such breach, without the necessity of proving actual damages and without the
necessity of posting bond or other security.

 

    	 

    	 

    

 

5.           New Purchase Warrants to be Issued.

 

5.1           Partial Exercise
or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned in whole or
in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay the Exercise Price and/or transfer tax
if exercised pursuant to Section 2.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase
Warrant of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number
of Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

 

5.2           Lost Certificate.
Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Warrant
and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Warrant
of like tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft, mutilation or destruction
shall constitute a substitute contractual obligation on the part of the Company.

 

6.           Adjustments.

 

6.1           Adjustments
to Exercise Price and Number of Securities. The Exercise Price and the number of Shares underlying the Purchase Warrant shall
be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1          Share Dividends;
Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Shares
is increased by a stock dividend payable in Shares or by a split up of Shares or other similar event, then, on the effective day
thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Shares, and
the Exercise Price shall be proportionately decreased.

 

6.1.2           Aggregation
of Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Shares
is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective date
thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding Shares, and
the Exercise Price shall be proportionately increased.

 

6.1.3           Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares other than
a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such Shares, or in the case of any share
reconstruction or amalgamation or consolidation of the Company with or into another corporation (other than a consolidation or
share reconstruction or amalgamation in which the Company is the continuing corporation and that does not result in any reclassification
or reorganization of the outstanding Shares), or in the case of any sale or conveyance to another corporation or entity of the
property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder
of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant)
to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the
kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by a Holder
of the number of Shares of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event; and if
any reclassification also results in a change in Shares covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant
to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications,
reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers.

 

    	 

    	 

    

 

6.1.4           Changes
in Form of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this Section
6.1, and any Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are
stated in the Purchase Warrants initially issued. The acceptance by any Holder of the issuance of new Purchase Warrants reflecting
a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement Date
or the computation thereof.

 

6.2           Substitute
Purchase Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company
with or into, another corporation (other than a consolidation or share reconstruction or amalgamation which does not result in
any reclassification or change of the outstanding Shares), the corporation formed by such consolidation or share reconstruction
or amalgamation shall execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase
Warrant then outstanding or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant)
to receive, upon exercise of such Purchase Warrant, the kind and amount of shares of stock and other securities and property receivable
upon such consolidation or share reconstruction or amalgamation, by a holder of the number of Shares of the Company for which such
Purchase Warrant might have been exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale
or transfer. Such supplemental Purchase Warrant shall provide for adjustments which shall be identical to the adjustments provided
for in this Section 6. The above provision of this Section shall similarly apply to successive consolidations or share reconstructions
or amalgamations.

 

6.3           Elimination of Fractional
Interests. The Company shall not be required to issue certificates representing fractions of Shares upon the exercise of the
Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent
of the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may be, to the
nearest whole number of Shares or other securities, properties or rights.

 

7.           Reservation and Listing.
The Company shall at all times reserve and keep available out of its authorized Shares, solely for the purpose of issuance upon
exercise of the Purchase Warrants, such number of Shares or other securities, properties or rights as shall be issuable upon the
exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Warrants and payment of the Exercise Price
therefor (or upon cashless exercise, as the case may be), in accordance with the terms hereby, all Shares and other securities
issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights
of any shareholder. The Company further covenants and agrees that upon exercise of the Purchase Warrants and payment of the exercise
price therefor, all Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable
and not subject to preemptive rights of any shareholder. As long as the Purchase Warrants shall be outstanding, the Company shall
use its commercially reasonable efforts to cause all Shares issuable upon exercise of the Purchase Warrants to be quoted on the
OTCQB Venture Stage Marketplace or any successor trading market (or, if applicable, on all national securities exchanges on which
the Shares issued to the public in the Offering may then be quoted and/or listed).

 

    	 

    	 

    

 

8.          Certain Notice Requirements.

 

8.1          Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to
receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder
of the Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the events
described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event
at least fifteen days prior to the date fixed as a record date or the date of closing the transfer books for the determination
of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled
to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of
the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder
a copy of each notice given to the other shareholders of the Company at the same time and in the same manner that such notice is
given to the shareholders.

 

8.2           Events Requiring
Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the following events:
(i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them to receive a dividend or
distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings,
as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer
to all the holders of its Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable
for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation
or winding up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a sale
of all or substantially all of its property, assets and business shall be proposed.

 

8.3           Notice of
Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section
6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall describe
the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company’s
Chief Executive Officer.

 

8.4           Transmittal
of Notices. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall
be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered
Holder of the Purchase Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company,
to following address or to such other address as the Company may designate by notice to the Holders:

 

If to the Holder:

 

Aegis Capital Corp.

810 Seventh Avenue, 18th Floor

New York, New York 10019

Attention: Mr. David Bocchi, Managing Director of Investment Banking

Fax No.: (212) 813-1047

 

If to Chardan:

 

Chardan Capital Markets, LLC

17 State Street, Suite 1600

New York, NY 10004

Attention: Mr. Jonas Grossman, Managing Partner, Head
of Global Capital Markets

Fax No.: (646) 465-9091

 

    	 

    	 

    

 

In each case with a copy (which shall not constitute
notice) to:

 

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Chrysler Center

666 Third Avenue

New York, New York 10017

Attention: Ivan K. Blumenthal, Esq.

Fax No: (212) 983-3115

 

If to the Company:

 

Eyegate Pharmaceuticals, Inc.

271 Waverley Oaks Road

Suite 108

Waltham, Massachusetts 02452

Attention: Stephen From

Fax No: (781) 788-9047

 

with a copy (which shall not constitute notice) to:

 

Burns and Levinson LLP

125 Summer Street

Boston, Massachusetts 02110

Attention: Josef B. Volman, Esq.

Fax No: (617) 345-3299

 

9.           Miscellaneous.

 

9.1          Amendments.
The Company, Aegis and Chardan may from time to time supplement or amend this Purchase Warrant without the approval of any of the
Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent
with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the
Company, Aegis and Chardan may deem necessary or desirable and that the Company, Aegis and Chardan deem shall not adversely affect
the interest of the Holders. All other modifications or amendments shall require the written consent of and be signed by the party
against whom enforcement of the modification or amendment is sought.

 

9.2           Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Purchase Warrant.

 

9.3.           Entire
Agreement. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection
with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and
supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4           Binding
Effect. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and
their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed
to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions
herein contained.

 

    	 

    	 

    

 

9.5           Governing
Law; Submission to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed and enforced in accordance
with the laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees
that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant shall be brought
and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District
of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any
objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served
upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage
prepaid, addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service and shall
be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing
party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees
and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on
its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and the Holder hereby
irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby.

 

9.6           Waiver,
etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not
be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or
any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase
Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be
effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver
is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any
other or subsequent breach, non-compliance or non-fulfillment.

 

9.7           Execution
in Counterparts. This Purchase Warrant may be executed in one or more counterparts, and by the different parties hereto in
separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and
the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and
delivered to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic
transmission.

 

9.8           Exchange
Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that, at any
time prior to the complete exercise of this Purchase Warrant by Holder, if the Company, Aegis and Chardan enter into an agreement
(“Exchange Agreement”) pursuant to which they agree that all outstanding Purchase Warrants will be exchanged
for securities or cash or a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

[Signature Page
Follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the Company has caused
this Purchase Warrant to be signed by its duly authorized officer as of the ____ day of _______, 2015.

 

	EYEGATE PHARMACEUTICALS, INC.	 
	 	 	 
	By:	 	 
	 	Name: 	 
	 	Title: 	 

 

    	 

    	 

    

 

[Form to be used to exercise Purchase
Warrant]

 

Date: __________, 20___

 

The undersigned
hereby elects irrevocably to exercise the Purchase Warrant for ______ shares of common stock, par value $0.01 per share (the “Shares”),
of Eyegate Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and hereby makes payment of $____
(at the rate of $____ per Share) in payment of the Exercise Price pursuant thereto. Please issue the Shares as to which this Purchase
Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the
number of Shares for which this Purchase Warrant has not been exercised.

 

or

 

The undersigned
hereby elects irrevocably to convert its right to purchase ___ Shares of the Company under the Purchase Warrant for ______ Shares,
as determined in accordance with the following formula:

 

	 	 	 	Y(A-B)	 
	 	X	=	A	 

 

	Where,	 	 	 
	 	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share which is equal to $_____; and
	 	B	=	The Exercise Price which is equal to $______ per share

 

The undersigned
agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with
respect to the calculation shall be resolved by the Company in its sole discretion.

 

Please issue
the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a
new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been exercised.

 

	Signature	 	 

 

	Signature Guaranteed	 	 

 

    	 

    	 

    

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

	Name:	 	 
	 	(Print in Block Letters)	 

 

	Address:	 	 
	 	 	 
	 	 	 

 

NOTICE: The signature
to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement or
any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership
on a registered national securities exchange.

 

    	 

    	 

    

 

[Form to be used to assign Purchase Warrant]

 

ASSIGNMENT

 

(To be executed by the registered Holder
to effect a transfer of the within Purchase Warrant):

 

FOR VALUE RECEIVED, __________________
does hereby sell, assign and transfer unto the right to purchase shares of common stock, par value $0.01 per share, of Eyegate
Pharmaceuticals, Inc., a Delaware corporation (the “Company”), evidenced by the Purchase Warrant and does hereby
authorize the Company to transfer such right on the books of the Company.

 

	Dated: __________, 20__	 

 

	Signature	 	 

 

	Signature Guaranteed	 	 

 

NOTICE: The signature to this form must correspond with the
name as written upon the face of the within Purchase Warrant without alteration or enlargement or any change whatsoever, and must
be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national
securities exchange.

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