Document:

Exhibit 10.2

 

EXCHANGE AGREEMENT

 

EXCHANGE AGREEMENT
(the "Agreement"), dated as of January 27, 2020 by and between NanoViricides, Inc., a Nevada corporation (the "Company"),
the investor listed on the signature page attached hereto under the heading "Holder" (the "Holder" and
together with the Company, the "Parties"). Capitalized terms used herein and not otherwise defined herein shall
have the respective meanings set forth in the Securities Purchase Agreement or the Existing Warrants (each as defined below), as
applicable.

 

WHEREAS:

 

A.   
Pursuant to a Securities Purchase Agreement dated as of February 27, 2019 by and among the Company, the Holder and a certain
other buyer party thereto (the "Securities Purchase Agreement"), the Company sold to the Holder and such other
buyers: (i) shares (the "Common Shares") of the Company’s common stock, par value $0.001 per share (the
 "Common Stock") pursuant to the Company’s registration statement on Form S-3, as amended (File No. 333-216345),
which became effective on April 25, 2017 and (ii) warrants to purchase 173,611 shares of Common Stock in the form attached as Exhibit
A to the Securities Purchase Agreement (the "Existing Warrants").

 

B.    
The Company offered and sold 2,500,000 shares of Common Stock for $3.00 per share pursuant to the Company’s registration
statement on Form S-1, as amended (File No. 333-235306), which became effective on January 9, 2020 (the "Underwritten Offering").

 

C.    
The Parties entered into a Settlement Agreement and Mutual Release on January 24, 2020 with respect to the Underwritten
Offering (the "Settlement Agreement"), which includes a binding terms sheet as Exhibit I attached thereto, which
contemplates the entry into this Agreement to fully implement the agreements described in such binding term sheet.

 

D.   
Subject to the terms and conditions set forth in this Agreement and in reliance on Section 3(a)(9) of the Securities Act,
the Company desires to exchange with the Holder, and the Holder desires to exchange with the Company, all of the Holder's Existing
Warrants for (i) the number of shares of Common Stock set forth on the Holder's signature page attached hereto (the "New
Common Shares") and (ii) warrants in the form attached as Exhibit A to this Agreement to purchase a number of shares
of Common Stock set forth on the Holder's signature page attached hereto (the "New Warrants").

 

    

     

    

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in consideration of the
premises and the mutual agreements, representations and warranties, provisions and covenants contained herein, the parties hereto,
intending to be legally bound hereby, agree as follows:

 

(1)           
Exchange.

 

		a.	On the Closing Date (as defined below), subject to the terms
and conditions of this Agreement, the Holder shall, and the Company shall, pursuant to Section 3(a)(9) of the Securities Act, exchange
the Holder's Existing Warrants for (i) the number of New Common Shares set forth on the Holder's signature page attached hereto
and (ii) New Warrants to purchase the number of shares of Common Stock set forth on the Holder's signature page attached hereto.
The date and time of the closing (the "Closing") of the transactions specified in this Section 1 (the "Closing
Date") shall be 10:00 a.m., New York City Time, on January 29, 2020 (or such other date and time as is mutually agreed
to by the Company and the Holder in writing) provided that the conditions to Closing set forth in Sections 4 and 5 hereof are satisfied.
The Closing shall occur at the offices of ________________ or at such other time and place as the Company and the Holder mutually
agree (the "Closing" and such date, the "Closing Date"). The Closing may also be undertaken remotely
by electronic transfer of Closing documentation At the Closing, the following transactions shall occur (such transaction the "Exchange"):

 

i)          
On the Closing Date, in exchange for the Existing Warrants, the Company shall (x) credit to the balance account of the Holder
with The Depository Trust Company through its Deposit / Withdrawal at Custodian system (with such DWAC Instructions as specified
on the Holder's signature page attached hereto or as otherwise specified in writing by the Holder to the Company prior to the Closing),
the number of New Common Shares as set forth on the Holder's signature page attached hereto, and (y) deliver the New Warrants to
purchase the number of shares of Common Stock as set forth on the Holder's signature page attached hereto to the Holder or its
designee in accordance with the Holder's delivery instructions set forth on the Holder's signature page attached hereto. Upon receipt
of the New Common Shares and the New Warrants, all of the Holder's rights under the Existing Warrants and, except as set forth
in Section 6, the Securities Purchase Agreement shall be extinguished. The Holder shall tender to the Company the Existing Warrants
as soon as practicable following the Closing Date for cancellation.

 

ii)          
On the Closing Date, the Holder shall be deemed for all corporate purposes to have become the holder of record of the New
Common Shares and the New Warrants, irrespective of the date such New Warrants are delivered to the Holder in accordance herewith.

 

(2)           
Holder Representations, Warranties and Covenants. The
Holder hereby represents and warrants to the Company:

 

a.                  
Organization; Authorization; Enforcement. The Holder is an entity
duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, with full right,
corporate or partnership power and authority to enter into and consummate the transactions contemplated by this Agreement and
otherwise carry out its obligations hereunder. This Agreement has been duly and validly authorized, executed and delivered on
behalf of the Holder and shall constitute the legal, valid and binding obligations of the Holder enforceable against the Holder
in accordance with its terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement
of applicable creditors' rights and remedies.

 

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b.                 
No Conflicts. The execution, delivery and performance by the Holder of
this Agreement and the consummation by the Holder of the transactions contemplated hereby will not (i) result in a violation of
the organizational documents of the Holder or (ii) conflict with, or constitute a default (or an event which with notice or lapse
of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
of, any agreement, indenture or instrument to which the Holder is a party, or (iii) result in a violation of any law, rule, regulation,
order, judgment or decree (including federal and state securities laws) applicable to the Holder, except in the case of clauses
(ii) and (iii) above, for such conflicts, defaults, rights or violations which would not, individually or in the aggregate, reasonably
be expected to have a material adverse effect on the ability of the Holder to perform its obligations hereunder.

 

c.                  
Title. The Holder is the beneficial owner and sole legal owner of, and has good and valid title to, the Existing
Warrants, free and clear of any mortgage, lien, pledge, charge, security interest, encumbrance, title retention agreement, option,
equity or other adverse claim thereto other than encumbrances by one or more brokers of the Holder, which shall terminate upon
the Closing, and encumbrances under federal or state securities laws ("Claims"). Except as set forth herein, the
Holder has not, in whole or in part, (i) assigned, transferred, hypothecated, pledged or otherwise disposed of the Existing Warrants
or its rights in the Existing Warrants, or (ii) given any person or entity any transfer order, power of attorney or other
authority of any nature whatsoever with respect to the Existing Warrants. Good and valid title to the Existing Warrants, free and
clear of any Claims, will pass to the Company upon consummation of the transaction contemplated hereby.

 

d.                 
Certain Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, the Holder
has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed
any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that
the Holder was first contacted regarding the transactions contemplated hereunder and ending immediately prior to the execution
hereof. Notwithstanding the foregoing, in the case the Holder is a multi-managed investment vehicle whereby separate portfolio
managers manage separate portions of its assets and the portfolio managers have no direct knowledge of the investment decisions
made by the portfolio managers managing other portions of its assets, the representation set forth above shall only apply with
respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the New Common
Shares and the New Warrants covered by this Agreement. Other than to the Holder's representatives, including, without limitation,
its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, the Holder has maintained the confidentiality
of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction). Notwithstanding
the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude
any actions, with respect to locating, reserving or borrowing shares in order to effect Short Sales or similar transactions in
the future.

 

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(3)           
Company Representations, Warranties and Covenants. The Company hereby represents, warrants and covenants, as applicable,
to the Holder that:

 

a.                  
Organization and Qualification. The Company is an entity
duly organized and validly existing and in good standing under the laws of the jurisdiction in which it is formed, and has the
requisite power and authorization to own their properties and to carry on their business as now being conducted. The Company is
duly qualified as a foreign entity to do business and is in good standing in every jurisdiction in which its ownership of property
or the nature of the business conducted by it makes such qualification necessary, except to the extent that the failure to be
so qualified or be in good standing would not reasonably be expected to have a Material Adverse Effect. As used in this Agreement,
 "Material Adverse Effect" shall have the meaning ascribed to such term in the Securities Purchase Agreements,
except that it shall also include any material adverse effect on the authority or ability of the Company to perform its obligations
under this Agreement and the New Warrants (collectively, the "Exchange Transaction Documents").

 

b.                 
Authorization; Enforcement; Validity. The Company
has the requisite corporate power and authority to enter into and perform its obligations under this Agreement and the other Exchange
Transaction Document and to issue the New Common Shares and the New Warrants in accordance with the terms hereof and thereof.
The execution and delivery of this Agreement and the other Exchange Transaction Document by the Company and the consummation by
the Company of the transactions contemplated hereby and thereby, including, without limitation, the issuance of the New Common
Shares and the New Warrants, have been duly authorized by the Company's Board of Directors and no
further filing, consent, or authorization is required by the Company, its Board of Directors or its stockholders.
Each Exchange Transaction Document has been duly executed and delivered by the Company, and constitutes the legal, valid and binding
obligations of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be
limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar
laws relating to, or affecting generally, the enforcement of applicable creditors' rights and remedies.

 

c.                  
Issuance of Securities. The issuances of the New Common Shares
and the New Warrants are duly authorized and, upon issuance in accordance with the terms of this Agreement, shall be validly issued
and free from all taxes, liens and charges with respect to the
issue thereof. To the extent the Company increases its authorized shares of Common Stock at any time after the date hereof, it
shall reserve for issuance upon exercise of the New Warrants no less than the maximum number shares of Common Stock issuable upon
exercise of the New Warrants (the "New Warrant Shares") (or such lesser number of shares that is then authorized)
and any such increase of authorized shares of Common Stock shall be allocated pro rata among the Holder and the Other Holder(s)
based on the number of shares of Common Stock underlying the New Warrant issued to the Holder and the New Warrant (as defined
in the Other Agreement(s)) issued to the Other Holder(s)), without giving effect to any limitation on exercise set forth therein.
The New Common Shares and, upon exercise of the New Warrants in accordance with the terms thereof, the New Warrant Shares will
be validly issued, fully paid and nonassessable and free from all preemptive or similar rights, taxes, liens and charges with
respect to the issue thereof, with the holders being entitled to all rights accorded to a holder of Common Stock. The
offer and issuance by the Company of New Common Shares and the New Warrants in conformity with this Agreement constitute transactions
exempt from registration under the Securities Act pursuant to Section 3(a)(9) of the Securities Act. The Company
acknowledges and agrees that in accordance with Rule 144 under the Securities
Act, the holding period of (i) the New Common Shares and the New Warrants may be tacked onto the holding period
of the Existing Warrants and (ii) the New Warrant Shares may be tacked onto the holding period of the New Warrants if and only
if the New Warrants are exercised on a cashless basis. The Company agrees not to take any position contrary to this Section 3(c).
The Company shall take all actions, including, without limitation, the issuance by its legal counsel of any necessary legal opinions,
necessary to issue the New Common Shares, the New Warrants and, if the New Warrants are exercised on a cashless basis, the New
Warrant Shares that are freely tradable on the Trading Market without restriction and not containing any restrictive legend without
the need for any action by the Holder.

 

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d.         
Blue Sky. The Company shall make all filings and reports relating
the Exchange required under applicable securities or "Blue Sky" laws of the states of the United States following the
date hereof, if any.

 

e.         
No Conflicts. The execution, delivery and performance of this Agreement and the other Exchange Transaction
Document by the Company and the consummation by the Company of the transactions contemplated hereby and thereby including, without
limitation, the issuance of the New Common Shares and the New Warrants and reservation for issuance and issuance of the New Warrant
Shares upon increase of the Company's authorized shares of Common Stock) will not (i) result in a violation of the Articles of
Incorporation or Bylaws of the Company, any memorandum of association, certificate of incorporation, certificate of formation,
any certificate of designations or other constituent documents of the Company or any of its Subsidiaries,
any capital stock of the Company or any of its Subsidiaries or the articles of association or bylaws of the Company or any of its
Subsidiaries or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become
a default) in any respect under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement,
indenture or instrument to which the Company or any of its Subsidiaries is a party, or (iii) result in a violation of any law,
rule, regulation, order, judgment or decree (including federal and state securities laws and regulations and the rules and regulations
of the Trading Market and applicable laws of the State of Nevada and any other state laws) applicable to the Company or any of
its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected.

 

f.                 
Consents. The Company is not required to obtain any consent,
authorization or order of, or make any filing or registration with, any court, governmental agency or any regulatory or self-regulatory
agency or any other Person in order for it to execute, deliver or perform
any of its obligations under or contemplated by this Agreement in accordance with the terms hereof. All consents, authorizations,
orders, filings and registrations which the Company is required to obtain pursuant to the preceding sentence have been obtained
or effected on or prior to the Closing Date, and the Company and its Subsidiaries are unaware of any facts or circumstances that
might prevent the Company or any of its Subsidiaries from obtaining or effecting any of the consent, registration, application
or filings pursuant to the preceding sentence.

 

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g.                 
Absence of Litigation. There are no legal or governmental investigations, actions, suits or proceedings pending or,
to the Company's knowledge, threatened against or affecting the Company, its Subsidiaries or any of its properties or to which
the Company or its Subsidiaries is or may be a party or to which
any property of the Company is or may be the subject that, if determined
adversely to the Company, would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

h.                 
Application of Takeover Protections; Rights Agreement. The Company and its board of directors have taken all necessary
action, if any, in order to render inapplicable the Company's issuance of the New Common Shares, the New Warrants and the New Warrant
Shares and the Holder's ownership of such securities from the provisions of any control share acquisition, interested stockholder,
business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision
under the Articles of Incorporation of the Company or the laws of the state of its incorporation which is or could become applicable
to the Holder as a result of the transactions contemplated by this Agreement, including, without limitation, the Company's issuance
of the New Common Shares, the New Warrants and the New Warrant Shares and the Holder's ownership of such securities. The Company
does not have any stockholder rights plan or similar arrangement relating to accumulations of beneficial ownership of Common Stock
or a change in control of the Company.

 

i.                   
Company Representations and Warranties. The Company specifically acknowledges that the Holder would not enter into
this Agreement or any related documents in the absence of the Company's representations, warranties and acknowledgments set out
in this Agreement, and that this Agreement, including such representations, warranties and acknowledgments, are a fundamental inducement
to the Holder, and a substantial portion of the consideration provided by the Company in this transaction, and that the Holder
would not enter into this transaction but for this inducement. The Company understands that, unless the Company notifies the Holder
in writing to the contrary before the Closing, each of the Company's representations and warranties contained in this Agreement
will be deemed to have been reaffirmed and confirmed as of the Closing Date.

 

j.                   
Disclosure of Transactions and Other Material Information. The Company shall file a current report on Form 8-K on
or before 8:30 a.m., New York City time, on January 28, 2020, describing the terms of the transactions contemplated by the Settlement
Agreement and this Agreement, all in the form required by the Exchange Act and attaching
the form of the Settlement Agreement, the form of this Agreement, the form of the New Warrants (and all schedules
and exhibits thereto not otherwise attached), as exhibits to such filing (including all attachments, the "8-K Filing").
As of immediately following the filing of the 8-K Filing with the Commission, the Holder shall not be in possession of any material,
nonpublic information received from the Company, any of its Subsidiaries or any of their respective officers, directors, employees,
affiliates or agents, that is not disclosed in the 8-K Filing or in prior filings with the Commission. In addition, effective upon
the filing of the 8-K Filing, the Company acknowledges and agrees that any and all confidentiality or similar obligations under
any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors,
employees, affiliates or agents, on the one hand, and the Holder or any of its affiliates, on the other hand, shall terminate and
be of no further force or effect. The Company understands and confirms that the Holder will rely on the foregoing in effecting
transactions in securities of the Company. The Company shall not, and shall cause its officers, directors, employees, affiliates
and agents, not to, provide the Holder with any material, nonpublic information regarding the Company or any of its Subsidiaries
from and after the date hereof without the express prior written consent of the Holder. To the extent that the Company, its Subsidiaries
or any of its or their respective officers, directors, employees, affiliates or agents delivers any material, non-public information
to the Holder without the Holder's prior written consent, the Company hereby covenants and agrees that the Holder shall not have
any duty of confidentiality to the Company, any of its Subsidiaries or any of their respective officers, directors, employees,
affiliates or agents with respect to, or a duty to the Company, any of its Subsidiaries or any of their respective officers, directors,
employees, affiliates or agents not to trade on the basis of, such material, non-public information.

 

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k.                 
Shell Company Status. The Company is not, and since June 1, 2005 has not been, an issuer identified in, or subject
to, Rule 144(i). More than one (1) year has elapsed from the date that the Company filed its "Form 10 information" with
the Commission reflecting its status as an entity that is no longer described in Rule 144(i)(1)(i).

 

l.                  
Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by this
Agreement and the Other Agreements (as defined in Section 7(h)), the Company confirms that neither it nor any other Person acting
on its behalf has provided the Holder or its agents or counsel with any information that it believes constitutes or might constitute
material, non-public information. The Company understands and confirms that the Holder will rely on the foregoing representation
in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Holder
regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including but
not limited to the disclosure set forth in the SEC Reports, is true and correct and does not contain any untrue statement of a
material fact or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances
under which they were made, not misleading. As used herein, "SEC Reports" means all reports, schedules, forms,
statements and other documents required to be filed by the Company with the Commission pursuant to the reporting requirements of
the Exchange Act, including all exhibits included therein and financial statements, notes and schedules thereto and documents incorporated
by reference therein.

 

m.                 
Fees and Expenses. The Company shall reimburse the Holder for its legal fees and expenses in connection with the
preparation and negotiation of this Agreement and transactions contemplated thereby, by paying any such amount, which shall not
exceed $_________ provided that the Closing occurs on or prior to January 29, 2020 and_absent any breach by the Company of any
agreement between the Company and the Holder, to _________ (the "Holder Counsel Expense") within four (4) Business
Days of receiving the invoice of _________by wire transfer of immediately available funds in accordance with the written instructions
of _________. The Holder Counsel Expense shall be paid by the Company whether or not the transactions contemplated by this Agreement
are consummated. Except as otherwise set forth above, each party to this Agreement shall pay the fees and expenses of its advisers,
counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation,
execution, delivery and performance of this Agreement.

 

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		(4)	Conditions to Company's Obligations Hereunder.

 

The obligations of
the Company to the Holder hereunder are subject to the satisfaction of each of the following conditions, provided that these conditions
are for the Company's sole benefit and may be waived by the Company at any time in its sole discretion by providing the Holder
with prior written notice thereof:

 

a.           
The Holder shall have executed this Agreement and delivered the same to the Company; and

 

b.          
The representations and warranties of the Holder shall be true and correct as of the date when made and as of the Closing
Date as though made at that time (except for representations and warranties that speak as of a specific date, which shall be true
and correct as of such specified date) and the Holder shall have performed, satisfied and complied in all material respects with
the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Holder at
or prior to the Closing Date.

 

		(5)	Conditions to Holder's Obligations Hereunder.

 

The obligations of
the Holder hereunder are subject to the satisfaction of each of the following conditions, provided that these conditions are for
the Holder's sole benefit and may be waived by the Holder in respect of itself at any time in its sole discretion by providing
the Company with prior written notice thereof:

 

a.           
The Company shall have executed this Agreement and delivered the same to the Holder;

 

b.            The Company shall have delivered an instruction letter to the Company's transfer agent instructing the transfer agent to
deliver the New Common Shares to the Holder by crediting such New Common Shares to the Holder's balance account with The Depository
Trust Company through its Deposit / Withdrawal at Custodian system in accordance with the provisions of Section 1(b) hereof, counsel
for the Company shall have delivered any legal opinion to the Company's transfer agent requested by the transfer agent in connection
with such delivery and the Company's transfer agent shall have delivered such New Common Shares to such balance account;

 

c.           
The Company shall have duly executed and delivered to the Holder the New Warrants (allocated in such amounts as the Holder
shall request) being acquired by the Holder at the Closing pursuant to this Agreement, as set forth on the Holder's signature page
attached hereto;

 

d.       
     The Company shall have obtained the listing of the New Common Shares and the New Warrant Shares on each Trading Market on
which the Common Stock is then listed for trading;

 

e.           
The representations and warranties of the Company under this Agreement shall be true and correct in all respects as of the
date when made and as of the Closing Date as though made at that time (except for representations and warranties that speak as
of a specific date, which shall be true and correct as of such specified date) and the Company shall have performed, satisfied
and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed,
satisfied or complied with by the Company at or prior to the Closing Date;

 

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f.            
The Common Stock (I) shall be designated for quotation or listed on the Trading Market and (II) shall not have been suspended,
as of the Closing Date, by the Commission or the Trading Market from trading on the Trading Market as of the Closing Date, in writing
by the Commission or the Trading Market; and

 

g.           
The Company shall have delivered to the Holder such other documents relating to the transactions contemplated by this Agreement
as the Holder or its counsel may reasonably request.

 

(6)           Securities
Purchase Agreement. The Company and the Holder agree that the following sections
of the Securities Purchase Agreement shall survive and be amended as follows:

 

a.            Section 4.1 of the Securities Purchase Agreement (Removal of Legends), which shall apply to the New Warrant
Shares if and only if the New Warrants are being exercised by paying the Exercise Price (as defined in the New Warrants) in cash;

 

b.            Section 4.2 of the Securities Purchase Agreement (Furnishing of Information);

 

c.            Section
4.3 of the Securities Purchase Agreement (Integration);

 

d.            Section 4.5 of the Securities Purchase Agreement (Shareholder Rights Plan);

 

e.           
Section 4.8 of the Securities Purchase Agreement (Indemnification of Purchasers);

 

f.             Section
4.11 of the Securities Purchase Agreement (Participation in Future Financing). Notwithstanding anything to the contrary, the Holder
acknowledges that the rights set forth in Section 4.11 of the Securities Purchase Agreement expire on March 1, 2020;

 

g.            Section 4.15 of the Securities Purchase Agreement (Capital Changes); and

 

h.            Section
4.16 of the Securities Purchase Agreement (Exercise Procedures).

 

From and after the
Closing Date, any reference in the foregoing sections of the Securities Purchase Agreement to (i) "Purchaser" shall include
the Holder, (ii) the "Warrants", shall include the New Warrants, (iii) the "Warrant Shares", shall include
the New Warrant Shares, (iv) the "Shares", shall include the "New Common Shares", (v) the "Securities",
shall include the New Common Shares, the New Warrants and the New Warrant Shares, (vi) "this Agreement" shall include
this Agreement and (vii) the "Transaction Documents" shall include the Exchange Transaction Documents.

 

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Except as expressly
set forth in this Section 6 and all related definitions set forth in the aforementioned section of the Securities Purchase Agreement
or otherwise referenced in this Agreement, the Securities Purchase Agreement is hereby terminated as of the Closing Date and will
be of no further force or effect, and all provisions of, rights granted, covenants, and obligations of the Parties made in the
Securities Purchase Agreement are hereby waived, released and superseded in their entirety and shall have no further force and
effect.

 

		(7)	Termination.

 

In the event that the
Closing shall not have occurred on or before the fifth (5th) Business Day from the date hereof due to the Company's
or the Holder's failure to satisfy the conditions set forth in Sections 4 and 5 above (and the nonbreaching party's failure to
waive such unsatisfied condition(s)), the nonbreaching party shall have the option to terminate this Agreement with respect to
such breaching party at the close of business on such date by delivering a written notice to that effect to the other party to
this Agreement and without liability of such party to the other party. Without limiting the generality of the foregoing, if the
Closing does not occur on or prior to January 29, 2020 due to the Company's failure to satisfy the conditions set forth in Sections
5 (and the Holder does not elect to waive such unsatisfied condition(s)), (i) the Company shall promptly, but in any event within
two (2) Business Days of the delivery by the Holder of a written termination notice to the Company, pay to the Holder an amount
in cash equal to $2,750,000 by wire transfer of immediately available funds in accordance with the Holder's wire instructions set
forth in such termination notice and (ii) the Exercise Price (as defined in the Existing Warrants) shall automatically and without
any action by the Company or the Holder be deemed amended to equal $3.00 per share (as adjusted for any stock dividend, stock split,
stock combination, reclassification or similar transaction relating to the Common Stock occurring after the date hereof).

 

		(8)	Miscellaneous.

 

a.            
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder
shall be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature
pages attached hereto at or prior to 8:00 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of
transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email
address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 8:00 p.m. (New York
City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized
overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for
such notices and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice provided
constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously
file such notice with the Commission pursuant to a Current Report on Form 8-K.

 

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b.            Survival;
Successors and Assigns. All warranties and representations (as of the date such warranties and representations were made)
made herein or in any certificate or other instrument delivered by it or on its behalf under this Agreement shall be considered
to have been relied upon by the parties hereto and shall survive the issuance of the New Common Shares and the New Warrants. This
Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties; provided
however that no party may assign this Agreement or the obligations and rights of such party hereunder without the prior written
consent of the other parties hereto.

 

c.            Counterparts.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission,
such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed)
with the same force and effect as if such facsimile signature page were an original thereof.

 

d.            Severability.
If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to express, without
material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity
or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations
of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will
endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s),
the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

e.            Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of the Exchange Transaction Documents
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard
to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Exchange Transaction Documents (whether brought against
a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall
be commenced exclusively in the state and federal courts sitting in the City of New York. 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 Exchange Transaction Documents), and hereby irrevocably waives, and agrees not to
assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such
action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such 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 other manner permitted by law. If any party
shall commence an action or proceeding to enforce any provisions of the Exchange Transaction Documents, then, the prevailing party
in such action or proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys’ fees and other
costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

    -11 -

     

    

 

f.             
Entire Agreement. The Agreement, together with the exhibits and schedules thereto, contain the entire understanding
of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written,
with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

g.           
 Construction. The headings herein are for convenience only, do not constitute a part of this Agreement and
shall not be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the
language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any
party.

 

h.            
Independent Nature of Holders' Obligations And Rights. The obligations of the Holder under this Agreement and any
other holder (collectively, the "Other Holders") of Existing Warrant under any other agreement substantially similar
to this Agreement (the "Other Agreements") are several and not joint with the obligations of any of the Holders,
and the Holder shall not be responsible in any way for the performance of the obligations of any Other Holder under any Other Agreement.
Nothing contained herein or in any Other Agreement, and no action taken by the Holder pursuant hereto or any Other Holder pursuant
to thereto, shall be deemed to constitute the Holders as, and the Company acknowledges that the Holders do not so constitute, a
partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Holders are in any way
acting in concert or as a group, and the Company shall not assert any such claim with respect to such obligations or the transactions
contemplated by this Agreement or any Other Agreement and the Company acknowledges that the Holders are not acting in concert or
as a group with respect to such obligations or the transactions contemplated by this Agreement and any Other Agreement. The Company
acknowledges and the Holder confirms that it has independently participated in the negotiation of the transaction contemplated
hereby with the advice of its own counsel and advisors. The Holder shall be entitled to independently protect and enforce its rights,
including, without limitation, the rights arising out of this Agreement, and it shall not be necessary for any Other Holder to
be joined as an additional party in any proceeding for such purpose.

 

i.          
Amendment. This Agreement may not be changed, amended, terminated, augmented, rescinded or discharged (other than
in accordance with its terms), in whole or in part, except by a writing executed by the parties hereto.

 

[Signature Pages Follow]

 

    -12 -

     

    

 

 

IN WITNESS WHEREOF,
the Holder and the Company have caused their respective signature pages to this Agreement to be duly executed as of the date first
written above.

 

	 	COMPANY:
	 	 	 
	 	NANOVIRICIDES, INC.

 

 

	 	By:	 
	 	 	Name:
	 	 	Title:  

 

	 	Address for delivery of
    Existing Warrants:
	 	     
	 	 
    NanoViricides, Inc.
	 	 
    1 Controls Drive
	 	 
    Shelton, Connecticut 06484
	 	 

 

     

     

    

 

IN WITNESS WHEREOF,
the Holder and the Company have caused their respective signature pages to this Agreement to be duly executed as of the date first
written above.

 

	 	HOLDER:
	 	 
	 	 

 

 

		By:	 
	 	 	Name:
	 	 	Title:  

 

	 	Number of Existing Warrants to be

surrendered in the Exchange: 173,611
	 	 
	 	Number of New Common Shares to be

issued in the Exchange: 338,612
	 	 
	 	Number of New Warrants to be issued in the Exchange: 173,611
	 	 
	 	 
	 	Address for delivery of New Warrants:

 

     

     

    

  

EXHIBIT A

 

Form of New Warrant

 

See attached.Exhibit 10.3

 

COMMON STOCK PURCHASE
WARRANT

 

Nanoviricides,
inc.

 

	Warrant Shares: 173,611	 	Issue Date: February 27, 2019
	 	 	Exchange Date: January 29, 2020

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, ______________________. or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the Exchange Date, subject to the availability of authorized shares of Common Stock, and on or prior to 5:00 p.m. (New
York City time) on August 27, 2024 (the “Termination Date”) but not thereafter, to subscribe for and purchase
from NanoViricides, Inc., a Nevada corporation (the “Company”), up to 173,611 shares (as subject to adjustment
hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this
Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1.              Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement
(the “Purchase Agreement”), dated February 27, 2019, among the Company and the purchasers signatory thereto.

 

Section 2.              Exercise.

 

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

 

    1

     

    

 

b)             Exercise Price. The exercise price per share of Common Stock under this Warrant shall be $3.00, subject to
adjustment hereunder (the “Exercise Price”).

 

c)             Cashless Exercise. At the Holder's election, this Warrant may also be exercised, in whole or in part, at such time
by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal
to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

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

 

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

 

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

 

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

 

    2

     

    

 

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

 

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

 

“Closing
Bid Price” means, for any date, the price determined by the first of the following clauses that applies: (a) the last
closing bid price of the Common Stock on a Trading Market, as reported by Bloomberg, at 4:02:00 p.m. (New York City time), (b)
if OTCQB or OTCQX is not a Trading Market, the last bid price of the Common Stock for such date on OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent closing bid price per share of the Common Stock so reported or (d) in all
other cases, the closing bid price of a share of Common Stock as determined by an independent appraiser selected in good faith
by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees
and expenses of which shall be paid by the Company.

 

    3

     

    

 

“Convertible
Securities” means any stock or other security (other than Options) that is at any time and under any circumstances, directly
or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any
shares of Common Stock.

 

“Options”
means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.

 

“Option
Value” means the value of an Option based on the Black-Scholes Option Pricing Model obtained from the "OV"
function on Bloomberg determined based on the Closing Bid Price of the Common Stock on the Trading Day immediately prior to the
public announcement of the pricing of the applicable Option (or, if the pricing is not publicly announced, the Closing Bid Price
of the Common Stock on the Trading Day immediately prior to the pricing of the applicable Option) and reflecting (A) a risk-free
interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of the applicable Option as of the
applicable date of determination, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from
the HVT function on Bloomberg as of the Trading Day immediately preceding the public announcement of the pricing of the applicable
Option, (C) an underlying price per share equal to the Closing Bid Price of the Common Stock as of the Trading Day immediately
prior to the public announcement of the pricing of the applicable Option (or, if the pricing is not publicly announced, the most
recent Closing Bid Price of the Common Stock prior to the pricing of the applicable Option), and (D) a remaining option time equal
to the time between the date of the public announcement of the pricing of the applicable Option (or, if the pricing is not publicly
announced, the Trading Day immediately prior to the pricing of the applicable Option) and the expiration date of such Option.

 

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

 

    4

     

    

 

 d)             Mechanics of Exercise.

 

i.           
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted
by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with
The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is
then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant
Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without
volume or manner-of-sale limitations pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise by physical
delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the
number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the
Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice
of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading
Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant
Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes
to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of
the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a
cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the
Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the
Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder,
in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP
of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on
the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date
until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that
is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard
Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s
primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

 

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

 

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

 

    5

     

    

 

iv.          Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights
available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance
with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after
such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage
firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which
the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to
the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for
the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the
Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order
giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the
Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed
rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied
with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase
price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price
giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be
required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder
in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s
right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon
exercise of the Warrant as required pursuant to the terms hereof.

 

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

 

    6

     

    

 

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

 

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

 

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

 

    7

     

    

 

Section 3.               Certain
Adjustments.

 

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

 

    8

     

    

 

b)            Subsequent Equity Sales. If and whenever on or after January 24, 2020, the Company publicly announces or the Company
issues or sells, enters into a definitive, binding agreement pursuant to which the Company is required to issue or sell, or, in
accordance with clauses (i) or (ii) of this Section 3(b), is deemed to have issued or sold, any shares of Common Stock (including
the issuance or sale of shares of Common Stock owned or held by or for the account of the Company, but excluding shares of Common
Stock deemed to have been issued or sold by the Company in connection with any Excluded Securities) for a consideration per share
(the “New Issuance Price”) less than a price (the “Applicable Price”) equal to the Exercise
Price in effect immediately prior to such public announcement, issue or sale or deemed issuance or sale or entry into such a definitive
binding agreement (the foregoing a “Dilutive Issuance”), then immediately after such Dilutive Issuance the Exercise
Price then in effect shall be reduced to an amount equal to the New Issuance Price. For purposes of determining the adjusted Exercise
Price under this Section 3(b), the following shall be applicable:

 

		(i)	Issuance of Options If the Company in any manner grants or sells or enters into a definitive,
binding agreement pursuant to which is required to grant or sell, or the Company publicly announces the issuance or sale of, any
Options and the lowest price per share for which one share of Common Stock is issuable upon the exercise of any such Option or
upon conversion or exchange or exercise of any Convertible Securities issuable upon exercise of any such Option is less than the
Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company
at the time of the granting or sale of such Option for such price per share. For purposes of this Section 3(b)(i), the “lowest
price per share for which one share of Common Stock is issuable upon the exercise of any such Options or upon conversion or exchange
or exercise of any Convertible Securities issuable upon exercise of such Option” shall be equal to the sum of the lowest
amounts of consideration (if any) received or receivable by the Company with respect to any one share of Common Stock upon granting
or sale of the Option, upon exercise of the Option and upon conversion or exchange or exercise of any Convertible Security issuable
upon exercise of such Option less any consideration paid or payable by the Company with respect to such one share of Common Stock
upon the granting or sale of such Option, upon exercise of such Option and upon conversion exercise or exchange of any Convertible
Security issuable upon exercise of such Option. No further adjustment of the Exercise Price shall be made upon the actual issuance
of such shares of Common Stock or of such Convertible Securities upon the exercise of such Options or upon the actual issuance
of such shares of Common Stock upon conversion or exchange or exercise of such Convertible Securities.

 

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		(ii)	Issuance of Convertible Securities. If the Company in any manner issues or sells, or enters
into a definitive, binding agreement pursuant to which is required to grant or sell or the Company publicly announces the issuance
or sale of, any Convertible Securities and the lowest price per share for which one share of Common Stock is issuable upon the
conversion or exchange or exercise thereof is less than the Applicable Price, then such share of Common Stock shall be deemed to
be outstanding and to have been issued and sold by the Company at the time of the issuance or sale of such Convertible Securities
for such price per share. For the purposes of this Section 3(b)(ii), the “lowest price per share for which one share of Common
Stock is issuable upon the conversion or exchange or exercise thereof” shall be equal to the sum of the lowest amounts of
consideration (if any) received or receivable by the Company with respect to any one share of Common Stock upon the issuance or
sale of the Convertible Security and upon the conversion or exchange or exercise of such Convertible Security less any consideration
paid or payable by the Company with respect to such one share of Common Stock upon the issuance or sale of the Convertible Security
and upon the conversion or exchange or exercise of such Convertible Security. No further adjustment of the Exercise Price shall
be made upon the actual issuance of such shares of Common Stock upon conversion or exchange or exercise of such Convertible Securities,
and if any such issue or sale of such Convertible Securities is made upon exercise of any Options for which adjustment of the Exercise
Price has been or is to be made pursuant to other provisions of this Section 3(b), no further adjustment of the Exercise Price
shall be made by reason of such issue or sale.

 

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		(iii)	Change in Option Price or Rate of Conversion. If the purchase price provided for in any
Options, the additional consideration, if any, payable upon the issue, conversion, exchange or exercise of any Convertible Securities,
or the rate at which any Convertible Securities are convertible into or exchangeable or exercisable for shares of Common Stock
increases or decreases at any time, the Exercise Price in effect at the time of such increase or decrease shall be adjusted to
the Exercise Price which would have been in effect at such time had such Options or Convertible Securities provided for such increased
or decreased purchase price, additional consideration or increased or decreased conversion rate, as the case may be, at the time
initially granted, issued or sold. For purposes of this Section 3(b)(iii), if the terms of any Option or Convertible Security that
was outstanding as of January 24, 2020 are increased or decreased in the manner described in the immediately preceding sentence,
then such Option or Convertible Security and the shares of Common Stock deemed issuable upon exercise, conversion or exchange thereof
shall be deemed to have been issued as of the date of such increase or decrease. No adjustment pursuant to this Section 3(b) shall
be made if such adjustment would result in an increase of the Exercise Price then in effect.

 

		(iv)	Calculation of Consideration Received. If any Option and/or Convertible Security and/or
Adjustment Right is issued in connection with the issuance or sale or deemed issuance or sale of any other securities of the Company
(as determined by the Holder, the “Primary Security”, and such Option and/or Convertible Security and/or Adjustment
Right, the “Secondary Securities”, and together with the Primary Security, each a “Unit”),
together comprising one integrated transaction, the aggregate consideration per share of Common Stock with respect to such Primary
Security shall be deemed to be the lower of (x) the purchase price of such Unit, (y) if such Primary Security is an Option and/or
Convertible Security, the lowest price per share for which one share of Common Stock is at any time issuable upon the exercise
or conversion of the Primary Security in accordance with Section 3(b)(i) or Section 3(b)(ii) above and (z) the lowest VWAP of the
Common Stock on any Trading Day during the five Trading Day period (or, if this Warrant is exercised, in whole or in part, prior
to the end of such five (5) Trading Day Period, with respect to any given portion of this Warrant so exercised, such shorter period
ending on the applicable Exercise Date thereof) immediately following the public announcement of such Dilutive Issuance (for the
avoidance of doubt, if such public announcement is released prior to the opening of the Principal Market on a Trading Day, such
Trading Day shall be the first Trading Day in such four Trading Day period). If any shares of Common Stock, Options or Convertible
Securities are issued or sold or deemed to have been issued or sold for cash, the consideration received therefor will be deemed
to be the net amount of consideration received by the Company therefor. If any shares of Common Stock, Options or Convertible Securities
are issued or sold for a consideration other than cash, the amount of such consideration received by the Company will be the fair
value of such consideration, except where such consideration consists of publicly traded securities, in which case the amount of
consideration received by the Company for such securities will be the arithmetic average of the VWAPs of such security for each
of the five (5) Trading Days immediately preceding the date of receipt. If any shares of Common Stock, Options or Convertible Securities
are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity,
the amount of consideration therefor will be deemed to be the fair value of such portion of the net assets and business of the
non-surviving entity as is attributable to such shares of Common Stock, Options or Convertible Securities (as the case may be).
The fair value of any consideration other than cash or publicly traded securities will be determined jointly by the Company and
the Holder. If such parties are unable to reach agreement within ten (10) days after the occurrence of an event requiring valuation
(the “Valuation Event”), the fair value of such consideration will be determined within five (5) Trading Days
after the tenth (10th) day following such Valuation Event by an independent, reputable appraiser jointly selected by
the Company and the Holder. The determination of such appraiser shall be final and binding upon all parties absent manifest error
and the fees and expenses of such appraiser shall be borne by the Company.

 

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		(v)	Record Date. If the Company takes a record of the holders of shares of Common Stock for
the purpose of entitling them (A) to receive a dividend or other distribution payable in shares of Common Stock, Options or in
Convertible Securities or (B) to subscribe for or purchase shares of Common Stock, Options or Convertible Securities, then such
record date will be deemed to be the date of the issue or sale of the shares of Common Stock deemed to have been issued or sold
upon the declaration of such dividend or the making of such other distribution or the date of the granting of such right of subscription
or purchase, as the case may be.

 

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		(vi)	No Readjustments. For the avoidance of doubt, in the event the Exercise Price has been adjusted
pursuant to this Section 3(b) and the Dilutive Issuance that triggered such adjustment does not occur, is not consummated, is unwound
or is cancelled after the facts for any reason whatsoever, in no event shall the Exercise Price be readjusted to the Exercise Price
that would have been in effect if such Dilutive Issuance had not occurred or been consummated.

 

		(vii)	Defined Terms. As used here, (x) “Adjustment Right” means any right granted
with respect to any securities issued in connection with, or with respect to, any issuance or sale (or deemed issuance or sale
in accordance with Section 3(b)) of shares of Common Stock that could result in a decrease in the net consideration received
by the Company in connection with, or with respect to, such securities (including, without limitation, any cash settlement rights,
cash adjustment or other similar rights), and (y) "Excluded Securities" means any shares of Common Stock issued
or issuable: (i) in connection with any employee benefit plan which has been approved by the Board of Directors of the Company,
pursuant to which the Company's securities may be issued to any employee, officer or director for services provided to the Company,
(ii) pursuant to the terms of the Warrants; provided that the terms of such Warrants are not amended, modified or changed on or
after January 24, 2020; (iii) upon exchange, conversion or exercise of any Options or Convertible Securities which are outstanding
on the day immediately preceding January 24, 2020, provided that the terms of such Options or Convertible Securities are
not amended, modified or changed on or after the January 24, 2020, (iv) in the Company's underwritten offering of up to 2,875,000
shares of Common Stock for $3.00 per share pursuant to the Company’s shelf registration statement on Form S-1, as amended
(File No. 333-235306), which became effective on January 9, 2020 and (v) in payment of licenses or other business arrangements
to related parties, affiliates, consultants or contractors of the Company in an amount not to exceed 50,000 shares of Common Stock
(as adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction related to the Common
Stock occurring after January 27, 2020) provided that such shares of Common Stock bear a restrictive legend, are not freely tradable
upon issuance and are not subject to resale registration rights.

 

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

 

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

 

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e)             Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly,
in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the
outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more
related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby
such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common
Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or
party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the
Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock
of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number
of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard
to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the
Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise
Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the
Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of
a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable
at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date
of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder
an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the
date of the consummation of such Fundamental Transaction; provided, however, if the Fundamental Transaction is not
within the Company's control, including not approved by the Company's Board of Directors, Holder shall only be entitled to receive
from the Company or any Successor Entity, as of the date of consummation of such Fundamental Transaction, the same type or form
of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of this Warrant, that is being
offered and paid to the holders of Common Stock of the Company in connection with the Fundamental Transaction, whether that consideration
be in the form of cash, stock or any combination thereof, or whether the holders of Common Stock are given the choice to receive
from among alternative forms of consideration in connection with the Fundamental Transaction. “Black Scholes Value”
means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV” function on
Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction
for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to
the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an
expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the
Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per
share used in such calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the
value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (ii) the greater of (x) the last
VWAP immediately prior to the public announcement of such Fundamental Transaction and (y) the last VWAP immediately prior to the
consummation of such Fundamental Transaction, (D) a remaining option time equal to the time between the date of the public announcement
of the applicable Fundamental Transaction and the Termination Date and (E) a zero cost of borrow. The payment of the Black Scholes
Value will be made by wire transfer of immediately available funds within five Business Days of the Holder’s election (or,
if later, on the effective date of the Fundamental Transaction). The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the
obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section
3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without
unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange
for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance
to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent
entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any
limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the
exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock
pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock
and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation
of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence
of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the
date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the
obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity
had been named as the Company herein.

 

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

 

g)            Notice
to Holder.

 

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

 

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

 

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Section 4.               Transfer
of Warrant.

 

a)             Transferability.
Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions
of Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration
rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated
agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder
or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender
and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or
assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.
Notwithstanding anything herein to the contrary, the Holder shall not be required to
physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder
shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment
form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised
by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

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

 

c)             Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that
purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may
deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

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d)            Transfer Restrictions. If, at the time
of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be either
(i) registered pursuant to an effective registration statement under the Securities
Act and under applicable state securities or blue sky laws or (ii) eligible
for resale without volume or manner-of-sale restrictions or current public information requirements pursuant to Rule 144, the
Company may require, as a condition of allowing such transfer, that the Holder or transferee of this Warrant, as the case may
be, comply with the provisions of Section 5.7 of the Purchase Agreement.

 

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

 

Section 5.               Miscellaneous.

 

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

 

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

 

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

 

d)            Authorized Shares.

 

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

 

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

 

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

 

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

 

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

 

    19

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    20

     

    

 

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

 

o)            No Net Cash Settlement. Without limiting the rights of a Holder to receive Warrant Shares on a cashless exercise
pursuant to Section 2(c), and without limiting the rights of a Holder under Section 2(d)(i) and Section 2(d)(iv), in no event will
the Company be required to net cash settle an exercise of this Warrant.

 

p)            Voluntary Adjustment By Company. The Company may at any time during the term of this Warrant reduce the then current
Exercise Price to any amount and for any period of time deemed appropriate by the board of directors of the Company.

 

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

 

(Signature Page Follows)

 

    21

     

    

 

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

 

		NANOVIRICIDES, INC.
	 	 
	 	By:	                        
	 	Name: Anil Diwan 
	 	Title: President, Chairman 

 

    22

     

    

 

NOTICE OF EXERCISE

 

To:        nANOVIRICIDES,
INC.

 

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

 

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

 

[ ] in lawful
money of the United States; or

 

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

 

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

 

_______________________________

 

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

 

_______________________________

 

_______________________________

 

_______________________________

 

(4) Accredited Investor.
The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933,
as amended.

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: _____________________________________________________________________________________________________

Signature of Authorized Signatory of
Investing Entity: _______________________________________________________________________________

Name of Authorized Signatory: _________________________________________________________________________________________________

Title of Authorized Signatory: __________________________________________________________________________________________________

Date: _____________________________________________________________________________________________________________________

 

    

     

    

 

EXHIBIT B

 

ASSIGNMENT
FORM

 

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

 

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

 

	Name:	 
	 	(Please Print)
	 	 
	Address:	 
	 	(Please
                                         Print)
	 	 
	Phone
                                         Number:	 
	 	 
	Email
                                         Address: 	 
	 	 
	Dated: _______________ __, ______	 
	 	 
	Holder’s Signature:	 	 	 
	 	 	 	 
	Holder’s Address:

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