Document:

Exhibit 10.7

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (this “Agreement”), dated March 10, 2018 (the “Effective Date”), is
by and between DERMAdoctor, LLC, a Missouri limited liability company (the “Company”), with a principal business
address at 1901 McGee, Kansas City, Missouri 64108, and the undersigned employee (the “Employee”), an individual
with a residential address as set forth below the Employee’s signature block. This Agreement supersedes and replaces in
its entirety that certain Employment Agreement dated January 1, 2016 entered into by and between the Company and the Employee.

 

1.            EMPLOYMENT;
DUTIES

 

(a)       The
Company hereby engages and employs Employee as Chief Creative Officer of the Company, and Employee hereby accepts such engagement
and employment as the Chief Creative Officer of the Company, for the term of this Agreement as long as Employee desires to serve.
It is expected that the employment duties will be reporting directly to the Board of Directors of the Company and Employee shall
have such duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities of persons in
similar capacities in similarly sized companies.

 

(b)       Employee
shall devote substantially all of her professional time under this Agreement attending to the business of the Company. Executive’s
services shall be performed principally at the Company’s headquarters in Kansas City, Missouri. However, from time to time,
Executive may also be required by her job responsibilities to travel on Company business, and Executive agrees to do so. Executive
shall not be required to relocate from the Kansas City, Missouri area. Executive’s employment under this Agreement shall
be Executive’s exclusive employment during the term of this Agreement. Employee may not engage, directly or indirectly,
in any other business, investment, or activity that interferes with Employee’s performance of Employee’s duties hereunder,
is contrary to the interest of the Company or any of its subsidiaries, or requires any significant portion of Employee’s
business time.  The foregoing notwithstanding, the parties recognize and agree that Employee may engage in personal
investments, other business activities and civic, charitable or religious activities which do not conflict with the business and
affairs of the Company or interfere with Employee’s performance of her duties hereunder.  Employee may not serve
on the board of directors of any entity other than the Company without the written approval of the Board of Directors with such
approval not to be unreasonably withheld.  Employee shall be permitted to retain any compensation received for approved
service on any unaffiliated corporation’s board of directors.

 

(c)       The
Company shall provide a computer and office for Employee.

 

2.            TERM

 

The
initial term (the “Initial Term”) of this Agreement shall commence on the Effective Date and, subject to the
further provisions of this Agreement, shall end on the earlier of: (i) four (4) years from the Effective
Date of this Agreement or (ii) termination under Section 8 of this Agreement (the “Expiration Date”); provided,
however, this Agreement shall be automatically renewed for successive one (1) year periods (“Renewal Term”)
unless, at least ninety (90) days prior to the expiration of the Initial Term or any Renewal Term, either party gives written
notice to the other party specifically electing to terminate this Agreement at the end of the Initial Term or any such Renewal
Term. Employee acknowledges that he is an employee “at-will” and, as such, is free to resign at any time without reason.
The Company, likewise, retains the right to terminate Employee’s employment at any time with or without reason or notice.
Nothing contained in this Agreement or any oral statement made by any Company representatives or any other document provided to
the Employee is intended to be, nor should it be, construed as a guarantee that employment or any benefit will be continued for
any period of time.

 

     

     

    

 

3.            COMPENSATION

 

(a)       As
compensation for the performance of her duties on behalf of the Company, Employee shall receive the following:

 

(i)      BASE SALARY. Employee shall receive an annual base salary of One Hundred Fifty Thousand Dollars ($150,000) for the Term (the
“Base Salary”), payable in biweekly installments; provided, however, that from and after the
consummation of an initial public offering by the Company, the Base Salary for the remainder of the Term shall increase to Two
Hundred Thousand Dollars ($200,000) .

 

(ii)     BONUS.
Employee shall be eligible for (a) an annual performance bonus of up to 150% of her Base Salary, which bonus shall be payable
in cash; and (b) an annual performance bonus in an amount determined in the discretion of both the Compensation Committee and
the Board of Directors of the Company, which bonus shall be payable in equity. Any bonus that may be awarded will be in the sole
and absolute discretion of both the Compensation Committee and the Board of Directors of the Company. The amount of any such bonus
shall depend on the achievement by the Employee and/or the Company of certain objectives to be established by the Board of Directors
in consultation with the Employee, along with such other factors the Board of Directors and Compensation Committee deem relevant.
Any such bonus for a given fiscal year shall be payable in no more than two payments (i.e., one payment in cash and one payable
in equity) upon approval by the Board of Directors of the Company or the Compensation Committee, which shall be obtained at the
same time as the bonuses paid to other executive officers of the Company.    

 

(b)       The
Company shall reimburse Employee for all normal, usual and necessary expenses incurred by Employee, including all travel, lodging
and entertainment, against receipt by the Company, as the case may be, of appropriate vouchers or other proof of Employee’s
expenditures and otherwise in accordance with such expense reimbursement policy as may from time to time be adopted by the Company.

 

(c)       Employee
shall be entitled to six (6) weeks paid vacation and sick leave in accordance with the Company’s policies. The Company shall
provide Employee and her family with healthcare coverage pursuant to the Company’s healthcare insurance policy plan as well
as any other benefits provided to the Company’s officers.

 

(d)       In
addition to the foregoing payments, if the Company terminates Employee’s employment without Just Cause (as defined in Section
8 below) or Employee terminates employment with the Company for Good Reason (as defined in Section 8 below) at any time after
the initial six months of the Term, the Company shall pay to the Employee as a severance benefit, an amount as set forth in Section
8(g).

 

(e)
       At the first meeting of the Board of Directors after the consummation of the Company’s
initial public offering, upon recommendation of the Compensation Committee, the Company shall grant to Executive an incentive
stock option to purchase a number of shares of the Company’s publicly traded common stock as determined by the Board of
Directors in its discretion (the “Option”) pursuant to the Company’s equity incentive plan to be adopted
in (the “Plan”) with an exercise price per share equal to the closing price of the common stock on the grant
date, vesting monthly on a pro rata basis over a four (4) year period; provided, however, that if a Change of Control (as
defined in the Plan) should occur within the first twelve months of employment, the Option shall fully vest upon the occurrence
of the Change of Control.  Any vested portion of the Option will remain exercisable for a period of ten (10) years from the
grant date, unless such exercise rights are terminated earlier per the Plan. Other terms of the Option, including the period to
exercise vested options following termination of employment with the Company, shall be according to the Plan and the Company’s
stock option agreement.

 

    	 	2	 

     

    

 

4.            REPRESENTATIONS
AND WARRANTIES BY EMPLOYEE

 

Employee
hereby represents and warrants to the Company as follows:

 

(a)       Neither
the execution and delivery of this Agreement nor the performance by Employee of her duties and other obligations hereunder violates
or will violate any statute, law, determination or award, or conflict with or constitute a default under (whether immediately,
upon the giving of notice or lapse of time or both) any prior employment agreement, contract, or other instrument to which Employee
is a party or by which he is bound.

 

(b)       Employee
has the full right, power and legal capacity to enter and deliver this Agreement and to perform her duties and other obligations
hereunder. This Agreement constitutes the legal, valid and binding obligation of Employee enforceable against her in accordance
with its terms. No approvals or consents of any persons or entities are required for Employee to execute and deliver this Agreement
or perform her duties and other obligations hereunder.

 

5.            CONFIDENTIAL
INFORMATION

 

(a)       Employee
agrees that during the course of her employment or at any time thereafter, he will not disclose or make accessible to any other
person, the Company’s products, services and technology, both current and under development, promotion and marketing programs,
lists, trade secrets and other confidential and proprietary business information of the Company or any affiliates or any of their
clients. Employee agrees: (i) not to use any such information for herself or others, and (ii) not to take any such material or
reproductions thereof from the Company’s facilities at any time during her employment by the Company other than to perform
her duties hereunder. Employee agrees immediately to return all such material and reproductions thereof in her possession to the
Company upon request and in any event upon termination of employment.

 

(b)        Except
within the scope of her duties as Chief Creative Officer or with the prior written authorization by the Company, Employee agrees
not to disclose or publish any of the confidential, technical or business information or material of the Company, its clients
or any other party to whom the Company owes an obligation of confidence, at any time during or after her employment with the Company.

 

(c)      In
the event that Employee breaches any provisions of this Section 5 or there is a threatened breach, then, in addition to any other
rights which the Company may have, the Company shall be entitled, without the posting of a bond or other security, to injunctive
relief to enforce the restrictions contained herein. In the event that an actual proceeding is brought in equity to enforce the
provisions of this Section 5, Employee shall not urge as a defense that there is an adequate remedy at law, nor shall the Company
be prevented from seeking any other remedies which may be available. In addition, Employee agrees that in the event that her breaches
the covenants in this Section 5, in addition to any other rights that the Company may have, Employee shall be required to pay
to the Company any amounts he receives in connection with such breach. This Section 5 shall survive the termination of this Agreement.

 

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(d)      Employee
recognizes that in the course of her duties hereunder, he may receive from the Company or others information which may be considered
“material, non-public information” concerning a public company that is subject to the reporting requirements of the
United States Securities and Exchange Act of 1934, as amended. Employee agrees not to:

 

(i)       Buy
or sell any security, option, bond or warrant while in possession of relevant material, non-public information received from the
Company or others in connection herewith, and

 

(ii)      Provide
the Company with information with respect to any public company that may be considered material, non-public information, unless
first specifically agreed to in writing by the Company.

 

Notwithstanding
the foregoing, pursuant to 18 U.S.C. Section 1833(b), Employee shall not be held criminally or civilly liable under any Federal
or State trade secret law for the disclosure of a trade secret that: (1) is made in confidence to a Federal, State, or local government
official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected
violation of law; or (2) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made
under seal.

 

Notwithstanding
the above, or any other provision in this Agreement, Employee may report possible violations of federal law or regulation to any
governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission,
the Congress, and any agency Inspector General, or make other disclosures that are protected under the whistleblower provisions
of federal law or regulation. Employee may also provide confidential information in connection with an administrative or regulatory
proceeding commenced by a Wells Notice or non-party proceeding and to respond to subpoenas issued in connection therewith. Employee
understands that he does not need the prior authorization of the Company to make any such reports or disclosures and Employee
is not required to notify the Company that Employee has made such reports or disclosures. In addition, notwithstanding the above,
or any other provision in this Agreement pursuant to 18 U.S.C. Section 1833(b), Employee shall not be held criminally or civilly
liable under any Federal or State trade secret law for the disclosure of a trade secret that: (1) is made in confidence to a Federal,
State, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting
or investigating a suspected violation of law; or (2) is made in a complaint or other document filed in a lawsuit or other proceeding,
if such filing is made under seal.

 

6.            INVENTIONS
DISCOVERED BY EMPLOYEE

 

Employee
shall promptly disclose to the Company any invention, improvement, discovery, process, formula, or method or other intellectual
property, whether or not patentable or copyrightable (collectively, “Inventions”), conceived or first reduced
to practice by Employee, either alone or jointly with others, while performing services hereunder (or, if based on any Confidential
Information, within one (1) year after the Term), (a) which pertain to any line of business activity of the Company, whether then
conducted or then being actively planned by the Company, with which Employee was or is involved, (b) which is developed using
time, material or facilities of the Company, whether or not during working hours or on the Company premises, or (c) which directly
relates to any of Employee’s work during the Term, whether or not during normal working hours. Employee hereby assigns and
agrees to assign to the Company all of Employee’s right, title and interest in and to any such Inventions. Employee agrees
to cooperate fully with the Company, both during and after her employment with the Company, with respect to the procurement, maintenance
and enforcement of copyrights and patents (both in the United States and foreign countries) relating to Inventions. During and
after the Term, Employee shall execute any documents necessary to perfect the assignment of such Inventions to the Company and
to enable the Company to apply for, obtain and enforce patents, trademarks and copyrights in any and all countries on such Inventions,
including, without limitation, the execution of any instruments and the giving of evidence and testimony, without further compensation
beyond Employee’s agreed compensation during the course of Employee’s employment (i.e., Employee will be compensated
at the equivalent hourly rate in place at the time of termination and all related out of pocket expenses will be reimbursed in
accordance with the Company’s policies and procedures). Without limiting the foregoing, Employee further acknowledges that
all original works of authorship by Employee, whether created alone or jointly with others, related to Employee’s employment
with the Company and which are protectable by copyright, are “works made for hire” within the meaning of the United
States Copyright Act, 17 U. S. C. (S) 101, as amended, and the copyright of which shall be owned solely, completely and exclusively
by the Company. If any Invention is considered to be work not included in the categories of work covered by the United States
Copyright Act, 17 U. S. C. (S) 101, as amended, such work is hereby assigned or transferred completely and exclusively to the
Company. Employee hereby irrevocably designates counsel to the Company as Employee’s agent and attorney-in-fact to do all
lawful acts necessary to apply for and obtain patents and copyrights and to enforce the Company’s rights under this Section.
This Section 6 shall survive the termination of this Agreement. Any assignment of copyright hereunder includes all rights of paternity,
integrity, disclosure and withdrawal and any other rights that may be known as or referred to as “moral rights” (collectively
“Moral Rights”). To the extent such Moral Rights cannot be assigned under applicable law and to the extent
the following is allowed by the laws in the various countries where Moral Rights exist, Employee hereby waives such Moral Rights
and consents to any action of the Company that would violate such Moral Rights in the absence of such consent. Employee agrees
to confirm any such waivers and consents from time to time as requested by the Company.

 

    	 	4	 

     

    

 

7.            NON-COMPETE;
NON-SOLICITATION

 

(a)       NON-COMPETE.  For
a period commencing on the date hereof and ending one (1) year after the date Employee ceases to be employed by the Company (the
“Non-Competition Period”), Employee shall not, directly or indirectly, either for herself or any other person,
own, manage, control, materially participate in, invest in, permit her name to be used by, act as consultant or advisor to, render
material services for (alone or in association with any person, firm, corporation or other business organization) or otherwise
assist in any manner any business which develops, markets or sells products that are directly competitive with the products being
sold by the Company at the time of termination (collectively, a “Competitor”).  Nothing herein shall
prohibit Employee from being a passive owner of not more than five percent (5%) of the equity securities of a Competitor which
is publicly traded, so long as he has no active participation in the business of such Competitor.

 

(b)       NON-SOLICITATION.  During
the Non-Competition Period, Employee shall not, directly or indirectly, (i) induce or attempt to induce or aid others in inducing
anyone working at or for the Company to cease working at or for the Company, or in any way interfere with the relationship between
the Company and anyone working at or for the Company except in the proper exercise of Employee’s authority or (ii) in any
way interfere with the relationship between the Company and any customer, supplier, licensee or other business relation of the
Company.

 

(c)       SCOPE.  If,
at the time of enforcement of this Section 7, a court shall hold that the duration, scope, area or other restrictions stated herein
are unreasonable under circumstances then existing, the parties agree that the maximum duration, scope, area or other restrictions
reasonable under such circumstances shall be substituted for the stated duration, scope, area or other restrictions.

 

(d)       INDEPENDENT
AGREEMENT.  The covenants made in this Section 7 shall survive the termination of this Agreement.

 

    	 	5	 

     

    

 

8.            TERMINATION

 

Employee’s
employment hereunder shall continue as set forth in Section 2 hereof unless terminated upon the first to occur of the following
events:

 

(a)       Employee’s
death.

 

(b)       Employee’s
“Disability”, meaning Employee’s incapacity, due to physical or mental illness, which results in Employee
having been absent from fully performing her duties with the Company for a continuous period of more than thirty (30) days or
more than sixty (60) days in any period of three hundred sixty-five (365) consecutive days, subject to applicable law. In the
event that the Company intends to terminate the employment of Employee by reason of Disability, the Company shall give Employee
no less than thirty (30) days’ prior written notice of the Company’s intention to terminate Employee’s employment.  The
Employee agrees, in the event of any dispute hereunder as to whether a Disability exists, and if requested by the Company, to
submit to a physical examination in the state of the Company’s Employee offices by a licensed physician selected by mutual
agreement between the Company and the Employee, the cost of such examination to be paid by the Company. The written medical opinion
of such physician shall be conclusive and binding upon each of the parties hereto as to whether a Disability exists and the date
when such Disability arose. If Employee refuses to submit to appropriate examinations by such physician at the request of the
Company, the determination of the Employee’s Disability by the Company in good faith will be conclusive as to whether such
Disability exists. This Agreement shall be interpreted and applied so as to comply with the provisions of the Americans with Disabilities
Act (to the extent that it is applicable) and any other applicable laws regarding disability.

 

(c)     
“Just Cause”, meaning the Employee’s:

 

(i)       acts
of embezzlement or misappropriation of funds, or fraud;

 

(ii)      conviction
of a felony or other crime involving moral turpitude, dishonesty or theft;

 

(iii)     willful
unauthorized disclosure of confidential information belonging to the Company or entrusted to the Company by a client;

 

(iv)     material violation of any provision of the Agreement, which is not cured by Employee within thirty (30) days of receiving
written notice of such violation by the Company;

 

(v)      being under the influence of drugs (other than prescription medicine or other medically-related drugs to the extent that
they are taken in accordance with their directions) during the performance of Employee’s duties under this Agreement;

 

(vi)     engaging in conduct that violates the Company’s non- discrimination/harassment policy and warrants termination; or

 

(vii)    willful failure to perform her written assigned tasks, where such failure is attributable
to the fault of Employee, gross insubordination, or dereliction of fiduciary obligations which are not cured by Employee within
thirty (30) days of receiving written notice of such violation by the Company.

 

In
the event that the Company intends to terminate the employment of Employee by reason of Just Cause, the Company shall give Employee
written notice of the Company’s intention to terminate Employee’s employment, and such termination may be effective
immediately, unless a cure period applies, in which case the termination date may not precede the expiration date of the applicable
cure period.

 

    	 	6	 

     

    

 

(d)     “Without
Just Cause”, meaning written notice by the Company to Employee of a termination without Just Cause and other than due
to death or Disability.

 

(e)       “Good
Reason”, meaning a material breach by the Company of the terms of this Agreement, which breach is not cured within thirty
(30) days after notice thereof from Employee or the relocation of the Company’s headquarters outside of the Kansas City,
Missouri area. In the event that Employee intends to terminate her employment for Good Reason, Employee shall give the Company
written notice of her intention to terminate her employment, and such termination may be effective immediately, unless a cure
period applies, in which case the termination date may not precede the expiration date of the applicable cure period.

 

(f)       “Without
Good Reason”, meaning written notice by Employee to the Company of a termination without Good Reason.

 

(g)       If
Employee’s employment hereunder is terminated for any reason under this Section 8, Employee or her estate, as the case may
be, will only be entitled to receive the accrued Base Salary, vacation pay, expense reimbursement, to the extent not previously
paid (the sum of the amounts described in this subsection shall be hereinafter referred to as the “Accrued Obligations”);
provided, however, that if Employee’s employment is terminated by the Company Without Just Cause or by the Employee for
Good Reason, then in addition to paying Accrued Obligations, the Company shall pay to the Employee as a severance benefit, an
amount equal to one year Base Salary provided that Employee first executes and does not revoke a release and settlement agreement
in form acceptable to the Company releasing the Company from all claims arising for her employment. The severance shall be paid
to the Employee in substantially equal monthly payments on the same payroll schedule that was applicable to Employee immediately
prior to her separation from service commencing on the first such payroll date on or following the date the required release of
claims becomes effective.

 

(h)
       The Company may do all permissible things, and take all permissible action, necessary
or advisable, in the Company’s discretion, to protect its rights under Sections 5, 6 and 7, including without limitation
notifying any subsequent employer of Employee of the existence of (and furnishing to any such employer) the provisions of this
Agreement.

 

9.            NO
DISPARAGEMENT

 

Employee
agrees that during the course of her employment or at any time thereafter, he shall refrain and cause her agents, family and/or
representatives to refrain from (a) all conduct, verbal or otherwise, which would materially damage the reputation, goodwill or
standing in the community of the Company, its affiliates, subsidiaries, divisions, agents and related parties and their respective
principals, owners (direct or indirect), members, directors, officers, agents, servants, employees, successors and assigns (collectively,
the “Corporation Related Parties”) and (b) referring to or in any way commenting on the Company and/or any
of the other the Company Related Parties in or through the general media or any public domain (including without limitation, internet
websites, blogs, chat rooms and the like), which would materially damage, the reputation, goodwill or standing in the community
of the Company and/or any of the Company Related Parties. The Company agrees that during the course of Employee’s employment
or at any time thereafter, it shall refrain from (i) all conduct, verbal or otherwise, which would materially damage the reputation,
goodwill or standing in the community of the Employee and (ii) referring to or in any way commenting on the Employee in or through
the general media or any public domain (including without limitation, internet websites, blogs, chat rooms and the like), which
would materially damage, the reputation, goodwill or standing in the community of the Employee.

 

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10.          NOTICES

 

Any
notice or other communication under this Agreement shall be in person or in writing and shall be deemed to have been given: (i)
when delivered personally against receipt therefor, (ii) one (1) day after being sent by Federal Express or similar overnight
delivery, (iii) three (3) days after being mailed registered or certified mail, postage prepaid, return receipt requested, to
either party at the address set forth above, or to such other address as such party shall give by notice hereunder to the other
party, or (iv) when sent by electronic mail, facsimile, followed by oral confirmation and with a hard copy sent as in (ii) or
(iii) above.

 

11.          SEVERABILITY
OF PROVISIONS

 

If
any provision of this Agreement shall be declared by a court of competent jurisdiction to be invalid, illegal or incapable of
being enforced in whole or in part, such provision shall be interpreted so as to remain enforceable to the maximum extent permissible
consistent with applicable law and the remaining conditions and provisions or portions thereof shall nevertheless remain in full
force and effect and enforceable to the extent they are valid, legal and enforceable, and no provision shall be deemed dependent
upon any other covenant or provision unless so expressed herein.

 

12.          ENTIRE
AGREEMENT MODIFICATION

 

This
Agreement contains the entire agreement of the parties relating to the subject matter hereof, and the parties hereto have made
no agreements, representations or warranties relating to the subject matter of this Agreement which are not set forth herein.
No modification of this Agreement shall be valid unless made in writing and signed by the parties hereto.

 

13.          BINDING
EFFECT

 

The
rights, benefits, duties and obligations under this Agreement shall inure to, and be binding upon, the Company, its successors
and assigns, and upon Employee and her legal representatives. This Agreement constitutes a personal service agreement, and the
performance of Employee’s obligations hereunder may not be transferred or assigned by Employee. This Agreement cannot be
assigned by Employer without the written consent of Employee, except in corporate reorganization in which the Company either converts
from a Missouri limited liability company to a Delaware corporation or merge directly or indirectly into a Delaware corporation
in which case the rights, benefits, duties and obligations under this Agreement shall inure to, and be binding upon, the Company,
its successors and assigns, and upon Employee and her legal representatives.

 

14.          NON-WAIVER

 

The
failure of either party to insist upon the strict performance of any of the terms, conditions and provisions of this Agreement
shall not be construed as a waiver or relinquishment of future compliance therewith, and said terms, conditions and provisions
shall remain in full force and effect. No waiver of any term or condition of this Agreement on the part of either party shall
be effective for any purpose whatsoever unless such waiver is in writing and signed by such party.

 

    	 	8	 

     

    

 

15.          RIGHT
TO INJUNCTION 

 

The
Employee recognizes that the services to be rendered by her hereunder are of a special, unique, unusual, extraordinary and intellectual
character involving skill of the highest order and giving them peculiar value, the loss of which cannot be adequately compensated
for in damages. In the event of a breach of this Agreement by Employee, subject to Section 16 below the Company shall be entitled
to injunctive relief or any other legal or equitable remedies. Employee agrees that the Company may recover by appropriate action
the amount of the actual damage caused the Company by any failure, refusal or neglect of Employee to perform her agreements, representations
and warranties herein contained. The remedies provided in this Agreement shall be deemed cumulative and the exercise of one shall
not preclude the exercise of any other remedy at law or in equity for the same event or any other event.

 

16.          GOVERNING
LAW, DISPUTE RESOLUTION

 

This
Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of Missouri of the United
States of America without regard to principles of conflict of laws. To ensure the rapid and economical resolution of disputes
that may arise in connection with the Employee’s employment with the Company, the Employee and the Company both agree that
any and all disputes, claims, or causes of action, in law or equity, including but not limited to statutory claims, arising from
or relating to the enforcement, breach, performance, or interpretation of this Agreement, the Employee’s employment with
the Company, or the termination of the Employee’s employment from the Company will be resolved pursuant to the Federal Arbitration
Act, 9 U.S.C. §1-16, and to the fullest extent permitted by law, by final, binding and confidential arbitration conducted
in Delaware by JAMS, Inc. (“JAMS”) or its successors. Both the Employee and the Company acknowledge that
by agreeing to this arbitration procedure, each waives the right to resolve any such dispute through a trial by jury or judge
or administrative proceeding. Any such arbitration proceeding will be governed by JAMS’ then applicable rules and procedures
for employment disputes, which can be found at http://www.jamsadr.com/rules-clauses/,
and which will be provided to the Employee upon request. In any such proceeding, the arbitrator shall: (i) have the authority
to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law;
and (ii) issue a written arbitration decision including the arbitrator’s essential findings and conclusions and a statement
of the award. The Employee and the Company each shall be entitled to all rights and remedies that either would be entitled to
pursue in a court of law; provided, however, that in no event shall the arbitrator be empowered to hear or determine any
class or collective claim of any type. Nothing in this Agreement is intended to prevent either the Company or the Employee from
obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration pursuant to applicable
law. Notwithstanding the foregoing, nothing in this Section 16 shall prevent the Company from seeking and obtaining a judicial
junction in a court of competent jurisdiction to enforce a violation of Section 6,7 or 8 or 9 of this Agreement. Employee hereby
agrees to waive a jury and filing of a bond for any such action by the Company.

 

The
state or federal courts in the State of Missouri, County of Jackson, shall be the exclusive jurisdiction for any disputes arising
under this Agreement and the parties hereby consent to such jurisdiction. The prevailing party in any legal proceeding to enforce
the terms and conditions of this Agreement shall be entitled to receive its reasonable attorney’s fees, expert witness fees,
and out-of-pocket costs incurred in connection with such proceeding, in addition to any other relief it may be granted.

 

17.          HEADINGS

 

The
headings of paragraphs are inserted for convenience and shall not affect any interpretation of this Agreement.

 

18.          FACSIMILE SIGNATURES

 

The
parties hereby agree that, for purposes of the execution of this Agreement, facsimile or pdf. signatures shall constitute original
signatures.

 

[Signature
page follows]

 

    	 	9	 

     

    

 

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

 

Corporation:

 

DERMADOCTOR,
LLC

 

	By:	/s/ Jeff kunin	 
	 	Title:       Authorized
    agent	 

 

Employee:

 

	 	/s/ Audrey Kunin, M.D.	 
	Name: 	Audrey
Kunin, M.D.	 

 

 

10Exhibit
4.1

 

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

 

THIS
PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO [________________]. VOID AFTER 5:00 P.M., EASTERN TIME, [___________________].

 

COMMON
STOCK PURCHASE WARRANT

 

For
the Purchase of [_____] Shares of Common Stock

of

COCRYSTAL
PHARMA, INC.

 

1.
Purchase Warrant. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of A.G.P./Alliance Global Partners
(“Holder”), as registered owner of this Purchase Warrant, to Cocrystal Pharma, Inc., a Delaware corporation
(the “Company”), Holder is entitled, at any time or from time to time from [________________] (the “Commencement
Date”), and at or before 5:00 p.m., Eastern time, [____________] (the “Expiration Date”), but not
thereafter, to subscribe for, purchase and receive, in whole or in part, up to [____] shares of common stock of the Company, par
value $0.001 per share (the “Shares”), subject to adjustment as provided in Section 6 hereof. If the Expiration
Date is a day on which banking institutions are authorized by law to close, then this Purchase Warrant may be exercised on the
next succeeding day which is not such a day in accordance with the terms herein. During the period ending on the Expiration Date,
the Company agrees not to take any action that would terminate this Purchase Warrant. This Purchase Warrant is initially exercisable
at $[___] per Share; provided, however, that upon the occurrence of any of the events specified in Section 6 hereof,
the rights granted by this Purchase Warrant, including the exercise price per Share and the number of Shares to be received upon
such exercise, shall be adjusted as therein specified. The term “Exercise Price” shall mean the initial exercise
price or the adjusted exercise price, depending on the context.

 

    	 

    	 

    

 

2.
Exercise.

 

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

 

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

 

	 	 	Y(A-B)
	X	=	A

 

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

 

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

 

	 	(i)	if
    the Company’s common stock is traded on a securities exchange, the value shall be deemed to be the closing price on
    such exchange prior to the exercise form being submitted in connection with the exercise of the Purchase Warrant; or
	 	 	 
	 	(ii)	if
    the Company’s common stock is actively traded over-the-counter, the value shall be deemed to be the closing bid prior
    to the exercise form being submitted in connection with the exercise of the Purchase Warrant; if there is no active public
    market, the value shall be the fair market value thereof, as determined in good faith by the Company’s Board of Directors.

 

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 registered characteristics of the Warrants being exercised,
and the holding period of the Warrants being exercised may be tacked on to the holding period of the Warrant Shares. The Company
agrees not to take any position contrary to this Section 2.2.

 

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

 

    	 

    	 

    

 

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

 

3.
Transfer.

 

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

 

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

 

4.
Registration Rights.

 

4.1
Demand Registration.

 

4.1.1
Grant of Right. The Company, upon written demand (a “Demand Notice”) of the Holder(s) of at least 51%
of the Purchase Warrants and/or the underlying Shares (“Majority Holders”), agrees to register, on one occasion, all
or any portion of the Shares underlying the Purchase Warrants (collectively, the “Registrable Securities”).
On such occasion, the Company will file a registration statement with the Commission covering the Registrable Securities within
thirty (30) days after receipt of a Demand Notice and use its reasonable best efforts to have the registration statement declared
effective promptly thereafter, subject to compliance with review by the Commission; provided, however, that if the
Demand Notice is issued within 50 days prior to the beginning of the Company’s fiscal year, the 30 day period shall be extended
until 80 days after the last day of the prior fiscal year; and provided further that the Company shall not be required
to comply with a Demand Notice if the Company has filed a registration statement with respect to which the Holder is entitled
to piggyback registration rights pursuant to Section 4.2 hereof and the Holder has elected to participate in the offering covered
by such registration statement. The demand for registration may be made at any time during a period of four (4) years beginning
on the Commencement Date. The Company covenants and agrees to give written notice of its receipt of any Demand Notice by any Holder(s)
to all other registered Holders of the Purchase Warrants and/or the Registrable Securities within ten (10) days after the date
of the receipt of any such Demand Notice.

 

    	 

    	 

    

 

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

 

4.2
“Piggy-Back” Registration.

 

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

 

    	 

    	 

    

 

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

 

4.3
General Terms.

 

4.3.1
Indemnification. The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration
statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act
or Section 20 (a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim,
damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating,
preparing or defending against any claim whatsoever) to which any of them may become subject under the Securities Act, the Exchange
Act or otherwise, arising from such registration statement but only to the same extent and with the same effect as the provisions
pursuant to which the Company has agreed to indemnify the Underwriters contained in Section 5.1 of the Underwriting Agreement
between the Underwriters and the Company, dated as of [___________], 2018. The Holder(s) of the Registrable Securities to be sold
pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company,
against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably
incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Securities
Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or their successors or
assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect as the
provisions contained in Section 5.2 of the Underwriting Agreement pursuant to which the Underwriters have agreed to indemnify
the Company.

 

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

 

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

 

    	 

    	 

    

 

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

 

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

 

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

 

5.
New Purchase Warrants to be Issued.

 

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

 

    	 

    	 

    

 

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

 

6.
Adjustments.

 

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

 

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

 

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

 

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

 

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

 

    	 

    	 

    

 

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

 

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

 

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

 

8.
Certain Notice Requirements.

 

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

 

    	 

    	 

    

 

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

 

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

 

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

 

If
to the Holder:

 

A.G.P./Alliance
Global Partners

590 Madison Avenue, 36th Floor

New York, New York 10022

Attn: Mr. Thomas Higgins, Managing Director, Investment Banking

Email:
thiggins@Allianceg.com

 

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

 

Sichenzia Ross Ference Kesner LLP

1185
Avenue of the Americas, 37th Floor

New
York, NY 10036

Attn:
Marc Ross, Esq.

Email:
mross@srfkllp.com

 

If
to the Company:

 

Cocrystal
Pharma, Inc.]

1860
Montreal Road

Tucker
Georgia 30084 Attention: Gary Wilcox, Interim Chief Executive Officer

Email:
gwilcox@cocrystalpharma.com

 

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

 

Nason,
Yeager, Gerson, White & Lioce, P.A.

3001
PGA Boulevard

Suite
305

Palm
Beach Gardens, FL 33410

Attention:
Michael D. Harris, Esq.

Email:
MHarris@nasonyeager.com

 

    	 

    	 

    

 

9.
Miscellaneous.

 

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

 

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

 

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

 

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

 

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

 

    	 

    	 

    

 

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

 

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

 

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

 

[Signature
Page Follows]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Purchase Warrant to be signed by its duly authorized officer as of the ____ day of
_______, 2018.

 

	Cocrystal
    Pharma, Inc.	 
	 	          	 
	By:	 	 
	Name:
    	 	 
	Title:
    	 	 

 

    	 

    	 

    

 

[Form
to be used to exercise Purchase Warrant]

 

Date:
__________, 20___

 

The
undersigned hereby elects irrevocably to exercise the Purchase Warrant for ______ shares of common stock, par value $0.001 per
share (the “Shares”), of Cocrystal Pharma, Inc., a Delaware corporation (the “Company”),
and hereby makes payment of $____ (at the rate of $____ per Share) in payment of the Exercise Price pursuant thereto. Please issue
the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable,
a new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been exercised.

 

or

 

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

 

	X	=	Y(A-B)
	A

 

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

 

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

 

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

 

Signature
 __________________________________________

 

Signature
Guaranteed __________________________________

 

    	 

    	 

    

 

INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

 

	Name:
    	 	 
		(Print
    in Block Letters) 	 
	 	 	 
	Address:
    	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

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

 

    	 

    	 

    

 

[Form
to be used to assign Purchase Warrant]

 

ASSIGNMENT

 

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

 

FOR
VALUE RECEIVED, __________________ does hereby sell, assign and transfer unto the right to purchase shares of common stock, par
value $0.001 per share, of Cocrystal Pharma, Inc., a Delaware corporation (the “Company”), evidenced by the
Purchase Warrant and does hereby authorize the Company to transfer such right on the books of the Company.

 

Dated:
__________, 20__

 

Signature
________________________________

 

Signature
Guaranteed _______________________

 

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

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