Document:

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                                                                     Exhibit 4.7

THIS WARRANT AND THE SHARES OF CAPITAL STOCK ISSUED UPON ANY EXERCISE HEREOF
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD
OR OTHERWISE TRANSFERRED BY ANY PERSON, INCLUDING A PLEDGEE, UNLESS (1) EITHER
(A) A REGISTRATION WITH RESPECT TO THERETO SHALL BE EFFECTIVE UNDER THE
SECURITIES ACT, OR (B) THE COMPANY SHALL HAVE RECEIVED AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT IS AVAILABLE, AND (2) THERE SHALL HAVE BEEN COMPLIANCE WITH ALL
APPLICABLE STATE SECURITIES OR "BLUE SKY" LAWS.

                                                               ___________, 2006

                            WARRANT TO PURCHASE STOCK
                                       OF

                          INTELLECT NEUROSCIENCES, INC.

                            (A DELAWARE CORPORATION)

     INTELLECT NEUROSCIENCES, INC., a Delaware corporation (the "Company"), for
value received, hereby certifies that ___________ (the "Holder"), is entitled,
subject to the terms set forth below, to purchase from the Company, at any time
or from time to time at or before the earlier of 5:00 p.m. New York City time on
___________, 2011 (the "Expiration Date") and the termination of this Warrant as
provided in Section 8 hereof, ___________ shares of Common Stock, par value
$0.001 per share, of the Company (the "Common Stock"), at a purchase price (the
"Exercise Price") equal to $___________ per share, as adjusted upon the
occurrence of certain events as set forth in Section 3 of this Warrant. The
shares of stock issuable upon exercise of this Warrant are hereinafter referred
to as the "Warrant Stock".

     1. Exercise.

          1.1 Manner of Exercise: Payment in Cash. This Warrant may be exercised
     by the Holder, in whole or in part, by surrendering this Warrant, with the
     purchase form appended hereto as Exhibit A duly executed by the Holder, at
     the principal office of the Company, or at such other place as the Company
     may designate, accompanied by payment in full of the Exercise Price payable
     in respect of the number of shares of Warrant Stock purchased upon such
     exercise. Payment of the Exercise Price shall be in cash or by certified or
     official bank check payable to the order of the Company.

          1.2 Automatic Exercise. Immediately before the expiration or
     termination of this Warrant, to the extent this Warrant is not previously
     exercised, and at such time the

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     fair market value of one share of the Company's Common Stock subject to
     this Warrant is greater than the Exercise Price, then in effect as adjusted
     pursuant to this Warrant, this Warrant shall be deemed automatically
     exercised pursuant to Section 1.1 above, even if not surrendered. For
     purposes of such automatic exercise, the fair market value of the Company's
     Common Stock upon such expiration shall be determined pursuant to Section
     3.4 herein. To the extent this Warrant or any portion thereof is deemed
     automatically exercised pursuant to this Section 1.2, the Company agrees to
     promptly notify the Holder of the number of shares of Warrant Stock, if
     any, the Holder hereof is to receive by reason of such automatic exercise.

          1.3 Effectiveness. Each exercise of this Warrant shall be deemed to
     have been effected immediately prior to the close of business on the day on
     which this Warrant shall have been surrendered to the Company as provided
     in Section 1.1 above. At such time, the person or persons in whose name or
     names any certificates for Warrant Stock shall be issuable upon such
     exercise as provided in Section 1.5 below shall be deemed to have become
     the holder or holders of record of the Warrant Stock represented by such
     certificates.

          1.4. Delivery of Certificates. As soon as practicable after the
     exercise of this Warrant in full or in part, and in any event within ten
     (10) business days thereafter, the Company at its sole expense will cause
     to be issued in the name of, and delivered to, the Holder, or, subject to
     the terms and conditions hereof, as such Holder (upon payment by such
     Holder of any applicable transfer taxes) may direct:

               (a) A certificate or certificates for the number of full shares
          of Warrant Stock to which such Holder shall be entitled upon such
          exercise plus, in lieu of any fractional share to which such Holder
          would otherwise be entitled, cash in an amount determined pursuant to
          Section 2 hereof, and

               (b) In case such exercise is in part only, a new warrant or
          warrants (dated the date hereof) of like tenor, calling in the
          aggregate on the face or faces thereof for the number of shares of
          Warrant Stock (without giving effect to any adjustment therein) equal
          to the number of such shares called for on the face of this Warrant
          minus the number of such shares purchased by the Holder upon such
          exercise as provided in Section 1.1 above.

     2. Fractional Shares. The Company shall not be required upon the exercise
of this Warrant to issue any fractional shares. As to any fraction of a share
which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall pay a cash adjustment in respect of such final fraction in an
amount equal to such fraction multiplied by the Exercise Price.

     3. Certain Adjustments.

          3.1 Changes in Common Stock. If, after the Determination Date, the
     Company shall (i) combine the outstanding shares of Common Stock into a
     lesser number of shares, (ii) subdivide the outstanding shares of Common
     Stock into a greater number of shares, or

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     (iii) issue additional shares of Common Stock as a dividend or other
     distribution with respect to the Common Stock, the number of shares of
     Warrant Stock shall be equal to the number of shares which the Holder would
     have been entitled to receive after the happening of any of the events
     described above if such shares had been issued immediately prior to the
     happening of such event, such adjustment to become effective concurrently
     with the effectiveness of such event. The Exercise Price in effect
     immediately prior to any such combination of Common Stock shall, upon the
     effectiveness of such combination, be proportionately increased. The
     Exercise Price in effect immediately prior to any such subdivision of
     Common Stock or at the record date of such dividend shall upon the
     effectiveness of such subdivision or immediately after the record date of
     such dividend be proportionately reduced.

          3.2 Reorganizations and Reclassifications. If, after the Determination
     Date, there shall occur any capital reorganization or reclassification of
     the Common Stock (other than a change in par value or a subdivision or
     combination as provided for in Section 3.1), then, as part of any such
     reorganization or reclassification, lawful provision shall be made so that
     the Holder shall have the right thereafter to receive upon the exercise
     hereof the kind and amount of shares of stock or other securities or
     property which such Holder would have been entitled to receive if,
     immediately prior to any such reorganization or reclassification, such
     Holder had held the number of shares of Common Stock which were then
     purchasable upon the exercise of this Warrant. In any such case,
     appropriate adjustment (as reasonably determined by the Board of Directors
     of the Company) shall be made in the application of the provisions set
     forth herein with respect to the rights and interests thereafter of the
     Holder such that the provisions set forth in this Section 3 (including
     provisions with respect to adjustment of the Exercise Price) shall
     thereafter be applicable, as nearly as is reasonably practicable, in
     relation to any shares of stock or other securities or property thereafter
     deliverable upon the exercise of this Warrant.

          3.3 Merger, Consolidation or Sale of Assets. If, after the
     Determination Date, there shall be a merger or consolidation of the Company
     with or into another corporation (other than a merger or reorganization
     involving only a change in the state of incorporation of the Company or the
     acquisition by the Company of other businesses where the Company survives
     as a going concern), or the sale of all or substantially all of the
     Company's capital stock or assets to any other person, then as a part of
     such transaction, provision shall be made so that the Holder shall
     thereafter be entitled to receive the number of shares of stock or other
     securities or property of the Company, or of the successor corporation
     resulting from the merger, consolidation or sale (and at a total purchase
     price not to exceed that payable upon the exercise in full of this
     Warrant), to which the Holder would have been entitled if the Holder had
     exercised its rights pursuant to the Warrant immediately prior thereto. In
     any such case, appropriate adjustment shall be made in the application of
     the provisions of this Section 3 to the end that the provisions of this
     Section 3 shall be applicable after that event in as nearly equivalent a
     manner as may be practicable.

          3.4 Certain Anti-Dilution Adjustments. If at any time after the
     Determination Date while any portion of this Warrant remains outstanding,
     the Company shall issue

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     shares of Common Stock (or rights, warrants, or other securities
     convertible into or exchangeable for shares of Common Stock, other than
     issuances covered by Sections 3.1, 3.2 or 3.3 above, at a price per share
     (or having an exercise, conversion, or exchange price per share) less than
     the Exercise Price in effect as of the date of issuance of such shares or
     of such rights, warrants, or other convertible or exchangeable securities,
     then, and in each such case, the Exercise Price shall be reduced (but not
     increased) to a price determined by dividing (A) an amount equal to the sum
     of (x) the number of shares of Common Stock outstanding immediately prior
     to such issue (determined on a fully-diluted basis; i.e., treating as
     outstanding all shares of Common Stock issuable upon exercise, exchange or
     conversion of all outstanding options (to the extent then vested and
     exercisable), warrants, or other securities exercisable or exchangeable for
     or convertible into, directly or indirectly, shares of Common Stock)
     multiplied by the then existing Exercise Price, plus (y) the consideration,
     if any received by the Company upon such issue, by (B) the total number of
     shares of Common Stock outstanding immediately after such issue or sale
     (determined on a fully-diluted basis as aforesaid). For the purpose of
     determining the consideration received by the Company upon any such issue
     pursuant to clause (y) above, if the consideration received by the Company
     is other than cash, its value will be deemed its fair market value, which
     if not readily determinable shall be determined in good faith by the Board
     of Directors of the Company. An adjustment made pursuant to the paragraph
     shall be made on the next business day following the date on which any such
     issuance is made and shall be effective retroactively immediately after the
     close of business on such date. Notwithstanding anything contrary in this
     Section, there shall be no reduction to the Exercise Price pursuant to this
     Section with respect to (i) the issuance or sale of options to purchase
     shares of Common Stock to employees, consultants and directors, pursuant to
     a stock option plan approved by the Board of Directors, (ii) securities
     issued in connection with the Company's initial public offering of its
     securities pursuant to a registration statement declared effective by the
     Securities and Exchange Commission which raises gross proceeds to the
     Company of at least Ten Million Dollars ($10,000,000) or any securities
     issued by the Company thereafter, (iii) the issuance of securities pursuant
     to the conversion or exercise of convertible or exercisable securities as
     of the date of this Warrant, (as adjusted for recapitalizations, stock
     splits, and the like) which are currently outstanding as of the date of
     this Warrant or (iv) the issuance of securities as consideration for a bona
     fide business acquisition of or by the Company, whether by merger,
     consolidation, sale of assets, sale or exchange of stock or otherwise,
     which involves a third party which is not affiliated with the Company or
     its current stockholders or in a strategic allowance.

          3.5 No Impairment. The Company will not, by amendment of its Articles
     of Incorporation or any other organizational or shareholder rights
     documents of the Company, or through any reorganization, recapitalization,
     transfer of assets, consolidation, merger, dissolution, issue or sale of
     securities or any other voluntary action, seek to avoid the observance or
     performance of any of the terms to be observed or performed hereunder by
     the Company, but will at all times in good faith assist in the carrying out
     of all the provisions of this Section 3 and in the taking of all such
     action as may be necessary or appropriate in order to protect the rights of
     the holder of this Warrant against impairment.

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          3.6 Certificate of Adjustment. When any adjustment is required to be
     made in the Exercise Price, the Company shall promptly mail to the Holder a
     certificate setting forth the Exercise Price after such adjustment and
     setting forth a brief statement of the facts requiring such adjustment.
     Delivery of such certificate shall be deemed to be a final and binding
     determination with respect to such adjustment unless challenged by the
     Holder within ten (10) days of receipt thereof. Such certificate shall also
     set forth the kind and amount of stock or other securities or property into
     which this Warrant shall be exercisable following the occurrence of any of
     the events specified in this Section 3.

     4. Compliance with Securities Act.

          4.1 Unregistered Securities. The Holder acknowledges that this Warrant
     and the Warrant Stock have not been registered under the Securities Act of
     1933, as amended, and the rules and regulations thereunder, or any
     successor legislation, and agrees not to sell, pledge, distribute, offer
     for sale, transfer or otherwise dispose of this Warrant or any Warrant
     Stock in the absence of (i) an effective registration statement under the
     Securities Act covering this Warrant or such Warrant Stock and registration
     or qualification of this Warrant or such Warrant Stock under any applicable
     "blue sky" or state securities law then in effect, or (ii) an opinion of
     counsel, reasonably satisfactory to the Company, that such registration and
     qualification are not required. The Company may delay issuance of the
     Warrant Stock until completion of any action or obtaining of any consent,
     which the Company reasonably deems necessary under any applicable law
     (including without limitation state securities or "blue sky" laws);
     provided, that the Company will use reasonable best efforts to complete
     such action or obtain such consent as soon as practicable.

          4.2 Investment Letter. Without limiting the generality of Section 4.1,
     unless the offer and sale of any shares of Warrant Stock shall have been
     effectively registered under the Securities Act, the Company shall be under
     no obligation to issue the Warrant Stock unless and until the Holder shall
     have executed a customary investment letter in form and substance
     reasonably satisfactory to the Company, including a warranty at the time of
     such exercise that the Holder is acquiring such shares for its own account,
     for investment and not with a view to, or for sale in connection with, the
     distribution of any such shares.

          4.3 Legend. Certificates delivered to the Holder pursuant to Section
     1.3 shall bear the following legend or a legend in substantially similar
     form:

     "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN TAKEN FOR INVESTMENT
     AND THEY MAY NOT BE SOLD OR OTHERWISE TRANSFERRED BY ANY PERSON, INCLUDING
     A PLEDGEE, IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE
     SHARES UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),
     OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY, THAT AN EXEMPTION
     FROM REGISTRATION IS THEN AVAILABLE."

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     5. Registration Rights.

          5.1 Certain Definitions. As used in this Section 5, the following
     terms shall have the following respective meanings:

          "Holder" shall mean the record owner of Registrable Securities.

          The terms "Register" "Registered" and "Registration" refer to a
          registration effected by preparing and filing a registration statement
          in compliance with the Securities Act ("Registration Statement"), and
          the declaration or ordering of the effectiveness of such Registration
          Statement.

          "Registrable Securities" shall mean all Common Stock not previously
          sold to the public and issued to the Holder pursuant to the exercise
          of this Warrant, or Common Stock issued with respect to such shares
          pursuant to stock splits, stock dividends and similar distributions
          with respect to such shares, provided, however, that shares of Common
          Stock which are Registrable Securities shall cease to be Registrable
          Securities at such time, and for so long as, such shares are eligible
          for sale pursuant to Rule 144(k) under the Securities Act.

          "Registration Expenses" shall mean all expenses incurred by the
          Company in complying with Section 5.2 of this Agreement, including,
          without limitation, all federal and state registration, qualification
          and filing fees, printing expenses, fees and disbursements of counsel
          for the Company, blue sky fees and the expense of any special audits
          incident to or required by any such registration, but shall not
          include Selling Expenses.

          "Selling Expenses" shall mean all underwriting discounts and selling
          commissions applicable to the sale of Registrable Securities pursuant
          to this Agreement and all expenses of any special counsel for the
          Holder.

     5.2  Piggyback Registration.

               5.2.1 Notice of Piggyback Registration and Inclusion of
          Registrable Securities. Subject to the terms of this Agreement, in the
          event the Company decides to Register any of its Common Stock for cash
          (either for its own account or the account of a security holder),
          other than pursuant to a Registration Statement which exclusively
          relates to the Registration of securities under an employee stock
          option, purchase, bonus or other benefit plan, then for so long as the
          Holder holds Registrable Securities, the Company will: (1) promptly
          give the Holder written notice thereof (which shall include a list of
          the jurisdictions in which the Company intends to attempt to qualify
          such securities under the applicable Blue Sky or other state
          securities laws) and (2) include in such Registration (and any related
          qualification under Blue Sky laws or other compliance), and in any
          underwriting

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          involved therein, all the Registrable Securities specified in a
          written request delivered to the Company by the Holder within 10 days
          after delivery of such written notice from the Company. The right of
          the Holder to have Registrable Securities included in any Registration
          Statement shall be conditioned upon the provision by the Holder of any
          information reasonably requested by the Company within ten (10) days
          of such request.

               5.2.2 Underwriting in Piggyback Registration. If the Registration
          of which the Company gives notice is a Registered public offering
          involving an underwriting, the Company shall so advise the Holder as a
          part of the written notice given pursuant to Subsection 5.2.1. In such
          event the right of the Holder to Registration shall be conditioned
          upon such underwriting. The Holder shall, together with the Company,
          enter into an underwriting agreement with the Underwriter's
          Representative for such offering. The Holder shall have no right to
          participate in the selection of the underwriters for an offering
          pursuant to this Section.

               5.2.3 Withdrawal in Piggyback Registration. If the Holder
          disapproves of the terms of any such underwriting, it may elect to
          withdraw therefrom by written notice to the Company and the
          underwriter delivered at least seven (7) days prior to the effective
          date of the Registration Statement. Any Registrable Securities or
          other securities excluded or withdrawn from such underwriting shall be
          withdrawn from such Registration.

     5.3  Obligations of the Company and the Holder.

               5.3.1 Underwriting Requirements. In connection with any offering
          involving an underwriting of shares pursuant to Section 5.2 the
          Company shall not be required to include any of the Holder's
          Registrable Securities in such underwriting unless they accept the
          terms of the underwriting as agreed upon between the Company and the
          underwriters selected by it.

               5.3.2 Expenses of Registration. All Registration Expenses
          incurred in connection with all Registrations pursuant to Section 5.2
          shall be borne by the Company. Selling Expenses to be borne by the
          holders of the Registrable Securities Registered shall be borne pro
          rata on the basis of the number of Registrable Securities being
          Registered.

     5.4  Indemnification.

               5.4.1 Company's Indemnification of the Holder. The Company will
          indemnify the Holder, and each of its directors, officers,
          stockholders, partners or other beneficial owners, and each person
          controlling the Holder, with respect to which Registration,
          qualification or compliance of Registrable Securities has been
          effected pursuant to this Warrant, and each underwriter, if any, and
          each person who controls any underwriter against all claims, losses,
          damages or liabilities,

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          including reasonable legal fees and expenses (or actions in respect
          thereof) to the extent such claims, losses, damages or liabilities
          arise out of or are based upon any untrue statement (or alleged untrue
          statement) of a material fact contained in any prospectus or other
          document (including any related Registration Statement) incident to
          any such Registration, qualification or compliance, or are based on
          any omission (or alleged omission) to state therein a material fact
          required to be stated therein or necessary to make the statements
          therein not misleading, or any violation by the Company of any rule or
          regulation promulgated under the Securities Act applicable to the
          Company and relating to action or inaction required of the Company in
          connection with any such Registration, qualification or compliance;
          and the Company will reimburse the Holder, each of its directors,
          officers, stockholders, partners or other beneficial owners, each such
          underwriter and each person who controls the Holder or underwriter for
          any legal and any other expenses reasonably incurred in connection
          with investigating or defending any such claim, loss, damage,
          liability or action; provided, however, that the indemnity contained
          in this Section 5.4 shall not apply to amounts paid in settlement of
          any such claim, loss, damage, liability or action if settlement is
          effected without the consent of the Company (which consent shall not
          unreasonably be withheld); and provided, further, that the Company
          will not be liable in any such case to the extent that any such claim,
          loss, damage, liability or expense arises out of or is based upon any
          untrue statement or omission based upon written information furnished
          to the Company by the Holder, underwriter or controlling person and
          stated to be for use in connection with the offering of securities of
          the Company.

               5.4.2 The Holder's Indemnification of Company. The Holder will,
          if Registrable Securities held by the Holder are included in the
          securities as to which such Registration, qualification or compliance
          is being effected pursuant to this Warrant, indemnify the Company,
          each of its directors and officers, each legal counsel and independent
          accountant of the Company, each underwriter, if any, of the Company's
          securities covered by such a Registration Statement, and each person
          who controls the Company or such underwriter within the meaning of the
          Securities Act against all claims, losses, damages or liabilities,
          including reasonable legal fees and expenses (or actions in respect
          thereof), to the extent such claims, losses, damages or liabilities
          arise out of or based upon any untrue statement (or alleged untrue
          statement) of a material fact furnished in writing by the Holder or on
          the Holder's behalf expressly for use in any such Registration
          Statement, prospectus, offering circular or other document, or any
          omission (or alleged omission) to state therein a material fact
          required to be stated therein or necessary to make the statements
          therein not misleading, or any violation by the Holder of any rule or
          regulation promulgated under the Securities Act applicable to the
          Holder and relating to action or inaction required of the Holder in
          connection with any such Registration, qualification or compliance;
          and will reimburse the Company, such directors, officers, partners,
          persons, law and accounting firms, underwriters or control persons for
          any legal and any other expenses reasonably incurred in connection
          with investigating or defending any such claim, loss, damage,
          liability or action, in each case to the extent, but only to the
          extent, that

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          such untrue statement (or alleged untrue statement) or omission (or
          alleged omission) is made in such Registration Statement, prospectus,
          offering circular or other document in reliance upon and in conformity
          with written information furnished to the Company by the Holder and
          stated to be specifically for use in connection with the offering of
          securities of the Company; provided, however, that the Holders'
          liability under this Section 5.4 shall not exceed the Holder's
          proceeds from the offering of securities made in connection with such
          Registration.

               5.4.3 Indemnification Procedure. Promptly after receipt by an
          indemnified party under this Section 5.4 of notice of the commencement
          of any action, such indemnified party will, if a claim in respect
          thereof is to be made against an indemnifying party under this Section
          5.4, notify the indemnifying party in writing of the commencement
          thereof and generally summarize such action. The indemnifying party
          shall have the right to participate in and to assume the defense of
          such claim; provided, however, that the indemnifying party shall be
          entitled to select counsel for the defense of such claim with the
          approval of any parties entitled to indemnification, which approval
          shall not be unreasonably withheld; provided further, however, that if
          either party reasonably determines that there may be a conflict
          between the position of the Company and the Holders in conducting the
          defense of such action, suit or proceeding by reason of recognized
          claims for indemnity under this Section 5.4, then counsel for such
          party shall be entitled to conduct the defense to the extent
          reasonably determined by such counsel to be necessary to protect the
          interest of such party. The failure to notify an indemnifying party
          promptly of the commencement of any such action, if prejudicial to the
          ability of the indemnifying party to defend such action, shall relieve
          such indemnifying party, to the extent so prejudiced, of any liability
          to the indemnified party under this Section 5.4, but the omission so
          to notify the indemnifying party will not relieve such party of any
          liability that such party may have to any indemnified party otherwise
          other than under this Section 5.4.

               5.4.4 Subsequent Transferees. The provisions of this Section 5.4
          applicable to the Holder shall apply with equal force and effect to
          each subsequent transferee to whom any of the Registrable Securities
          are transferred with the consent of the Company.

     6. Reservation of Stock. The Company will at all times thereafter reserve
and keep available, solely for issuance and delivery upon the exercise of this
Warrant, such shares of Warrant Stock and other stock, securities and property,
as from time to time shall be issuable upon the exercise of this Warrant. The
Company covenants that all shares of Warrant Stock so issuable will, when
issued, be duly and validly issued and fully paid and nonassessable.

     7. Replacement of Warrants. Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and (in the case of loss, theft or destruction) upon delivery of an
indemnity agreement (with surety if reasonably required) in an amount reasonably
satisfactory to the Company, or (in the case of mutilation) upon surrender and
cancellation of this Warrant, the Company will issue, in lieu thereof, a new
Warrant of like tenor.

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     8. Termination upon Certain Events. If there shall be a merger or
consolidation of the Company with or into another corporation (other than a
merger or reorganization involving only a change in the state of incorporation
of the Company or the acquisition by the Company of other businesses where the
Company survives as a going concern), or the sale of all or substantially all of
the Company's capital stock or assets to any other person, or the liquidation or
dissolution of the Company, then as a part of such transaction, at the Company's
option, either:

          (a) provision shall be made so that the Holder shall thereafter be
     entitled to receive the number of shares of stock or other securities or
     property of the Company, or of the successor corporation resulting from the
     merger, consolidation or sale, to which the Holder would have been entitled
     if the Holder had exercised its rights pursuant to the Warrant immediately
     prior thereto (and, in such case, appropriate adjustment shall be made in
     the application of the provisions of this Section 8(a) to the end that the
     provisions of Section 3 shall be applicable after that event in as nearly
     equivalent a manner as may be practicable); or

          (b) this Warrant shall terminate on the effective date of such merger,
     consolidation or sale (the "TERMINATION DATE") and become null and void,
     provided that if this Warrant shall not have otherwise terminated or
     expired, (1) the Company shall have given the Holder written notice of such
     Termination Date at least ten (10) business days prior to the occurrence
     thereof and (2) the Holder shall have the right until 5:00 p.m., Eastern
     Standard Time, on the day immediately prior to the Termination Date to
     exercise its rights hereunder to the extent not previously exercised.

     9. Transferability. Without the prior written consent of the Company, which
consent shall not be unreasonably withheld or delayed, the Warrant shall not be
assigned, pledged or hypothecated in any way (whether by operation of law or
otherwise) and shall not be subject to execution, attachment or similar process.
Any attempted transfer, assignment, pledge, hypothecation or other disposition
of the Warrant or of any rights granted hereunder contrary to the provisions of
this Section 8, or the levy of any attachment or similar process upon the
Warrant or such rights, shall be null and void.

     10. No Rights as Stockholder. Until the exercise of this Warrant, the
Holder shall not have or exercise any rights by virtue hereof as a stockholder
of the Company.

     11. Company's Representations.

     As a material inducement to the Holder to purchase this Warrant, the
Company hereby represents and warrants that:

          (a) The Company shall have made all filings under applicable federal
     and state securities laws necessary to consummate the issuance of this
     Warrant pursuant to this Agreement in compliance with such laws, except for
     such filings as may be made properly after the Grant Date.

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          (b) If there are parties to any stock purchase agreements whose
     consent or approval is required prior to the execution and delivery of this
     Warrant, the Company and any such parties shall have entered into an
     amendment to each such stock purchase agreement to provide for such consent
     and any required waivers, in such form and substance acceptable to the
     Holder, and such amendment shall be in full force and effect as of the date
     hereof.

          (c) If there are parties to any investor's rights agreements whose
     consent or approval is required prior to the execution and delivery of this
     Warrant, the Company and any such parties shall have entered into an
     amendment to each such investor's rights agreement providing for such
     consent and any required waivers, in such form and substance acceptable to
     Holder, and such amendment shall be in full force and effect as of the date
     hereof.

          (d) The copies of any existing stock purchase agreements and
     investor's rights agreements and the Company's charter documents and bylaws
     which have been furnished to Holder or the Holder's counsel reflect all
     amendments made thereto at any time prior to the date hereof and are
     correct and complete.

          (e) As of the date hereof, all of the outstanding shares of the
     Company's capital stock shall be validly issued, fully paid and
     nonassessable.

          (f) With respect to the issuance of this Warrant or the issuance of
     the Common Stock upon exercise of the Warrant, there are no statutory or
     contractual stockholders preemptive rights or rights of refusal, except for
     any such rights contained in any stock purchase agreement and/or investor's
     rights agreements which have been waived. The Company has not violated any
     applicable federal or state securities laws in connection with the offer,
     sale or issuance of any of its capital stock, and the offer, sale and
     issuance of this Warrant does not require registration under the Securities
     Act or any applicable state securities laws. To the best of the Company's
     knowledge, there are no agreements between the Company's stockholders with
     respect to the voting or transfer of the Company's capital stock or with
     respect to any other aspect of the Company's affairs, except for any stock
     purchase agreements and any investor's rights agreements identified on the
     attached Capitalization Schedule.

          (g) The execution, delivery and performance of this Warrant has been
     duly authorized by the Company. This Warrant constitutes a valid and
     binding obligation of the Company, enforceable in accordance with its
     terms. The execution and delivery by the Company of this Warrant, the
     issuance of the Common Stock upon exercise of the Warrant, and the
     fulfillment of and compliance with the respective terms hereof and thereof
     by the Company, do not and shall not (i) conflict with or result in a
     breach of the terms, conditions or provisions of, (ii) constitute a default
     under, (iii) result in the creation of any lien, security interest, charge
     or encumbrance upon the Company's capital stock or assets pursuant to, (iv)
     give any third party the right to modify, terminate or accelerate any
     obligation under, (v) result in a violation of, or (vi) require any
     authorization, consent, approval, exemption or other action by or notice or
     declaration to, or filing with, any court

                                       11

<PAGE>

     or administrative or governmental body or agency pursuant to, the charter
     or bylaws of the Company or any subsidiary, or any law, statute, rule or
     regulation to which the Company or any subsidiary is subject, or any
     agreement, instrument, order, judgment or decree to which the Company or
     any subsidiary is subject, except for any such filings required under
     applicable "blue sky" or state securities laws or required under Regulation
     D promulgated under the Securities Act.

     12. Notices. All notices, requests and other communications hereunder shall
be in writing, shall be (i) delivered by hand, (ii) made by telex, telecopy or
facsimile transmission, (iii) sent by overnight courier, or (iv) sent by
registered mail, postage prepaid, return receipt requested. In the case of
notices from the Company to the Holder, they shall be sent to the address
furnished to the Company in writing by the last Holder who shall have furnished
an address to the Company in writing. All notices from the Holder to the Company
shall be delivered to the Company at its offices at 7 West 18th Street, New
York, NY 10011 or such other address as the Company shall so notify the Holder.
All notices, requests and other communications hereunder shall be deemed to have
been given (i) by hand, at the time of the delivery thereof to the receiving
party at the address of such party described above, (ii) if made by telex,
telecopy or facsimile transmission, at the time that receipt thereof has been
acknowledged by electronic confirmation or otherwise, (iii) if sent by overnight
courier, on the next business day following the day such notices is delivered to
the courier service, or (iv) if sent by registered mail, on the fifth business
day following the day such mailing is made.

     13. Waivers and Modifications. Any term or provision of this Warrant may be
waived only by written document executed by the party entitled to the benefits
of such terms or provisions. The terms and provisions of this Warrant may be
modified or amended only by written agreement executed by the parties hereto.

     14. Headings. The headings in this Warrant are for convenience of reference
only and shall in no way modify or affect the meaning or construction of any of
the terms or provisions of this Warrant.

     15. Governing Law. This Warrant will be governed by and construed in
accordance with and governed by the laws of the State of New York, without
giving effect to the conflict of law principles thereof.

     16. Consent to Jurisdiction. Each party hereto hereby irrevocably and
unconditionally submits to the jurisdiction of any federal or state court
sitting in the County of New York in the State of New York and irrevocably
agrees that all actions or proceedings arising out of or relating to this Note
shall be litigated exclusively in such court. Each party hereto agrees not to
commence any legal proceeding related hereto or thereto except in such courts.
Each party hereto irrevocably waives any objection which it may now or hereafter
have to the laying of the venue of any such proceeding in any such court and
hereby further irrevocably and unconditionally waives and agrees not to plead or
claim in any such court that any such action, suit or proceeding brought in any
such court has been brought in an inconvenient forum. Each party hereto consents
to process being served in any such action or proceeding by mailing a copy
thereof by registered or certified mail.

                                       12

<PAGE>

     17. Waiver of Jury Trial. Each party hereto hereby waives, to the fullest
extent permitted by applicable law, any right it may have to a trial by jury in
respect of any litigation directly or indirectly arising out of, under or in
connection with this Note. Each party hereto (1) certifies that no
representative, agent or attorney of any of the other parties has represented,
expressly or otherwise, that any of the other parties would not, in the event of
litigation, seek to enforce the foregoing waiver and (2) acknowledges that it
and the other parties hereto have been induced to enter into this agreement, by,
among other things, the mutual waivers and certifications in this Section 17.

     18. Severability. If any term, provision, covenant or restriction of this
Warrant is held by a court of competent jurisdiction to be invalid, void or
unenforceable, it shall be deemed replaced with a valid and enforceable
provision that comes as close as possible to the economic purpose of the
invalid, void or unenforceable provision, and the remainder of the terms,
provisions, covenants and restrictions of this Warrant shall remain in full
force and effect and shall in no way be affected, impaired or invalidated.

            [THE REMAINDER OF THIS PAGE is INTENTIONALLY LEFT BLANK.]

                                       13

<PAGE>

     IN WITNESS WHEREOF, this Warrant has been executed and delivered on the
date first written above by the duly authorized representative of the Company.

                                        INTELLECT NEUROSCIENCES, INC.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                       14

<PAGE>

                                    EXHIBIT A

                                  PURCHASE FORM

To: INTELLECT NEUROSCIENCES, INC.

     The undersigned pursuant to the provisions set forth in the attached
Warrant (No. ____), hereby irrevocably elects to purchase shares of the Common
Stock, par value $0.01 per share, of INTELLECT NEUROSCIENCES, INC. (the "COMMON
STOCK"), covered by such Warrant and herewith makes payment of $_____,
representing the full purchase price for such shares at the price per share
provided for in such Warrant.

     The Common Stock for which the Warrant may be exercised or converted shall
be known herein as the "Warrant Stock".

     The undersigned is aware that the Warrant Stock has not been and will not
be registered under the Securities Act of 1933, as amended (the "SECURITIES
ACT") or any state securities laws. The undersigned understands that reliance by
the Company on exemptions under the Securities Act is predicated in part upon
the truth and accuracy of the statements of the undersigned in this Purchase
Form.

     The undersigned represents and warrants that (1) it has been furnished with
all information which it deems necessary to evaluate the merits and risks of the
purchase of the Warrant Stock, (2) it has had the opportunity to ask questions
concerning the Warrant Stock and the Company and all questions posed have been
answered to its satisfaction, (3) it has been given the opportunity to obtain
any additional information it deems necessary to verify the accuracy of any
information obtained concerning the Warrant Stock and the Company and (4) it has
such knowledge and experience in financial and business matters that it is able
to evaluate the merits and risks of purchasing the Warrant Stock and to make an
informed investment decision relating thereto.

     The undersigned hereby represents and warrant that it is purchasing the
Warrant Stock for its own account for investment and not with a view to the sale
or distribution of all or any part of the Warrant Stock.

     The undersigned understands that because the Warrant Stock has not been
registered under the Securities Act, it must continue to bear the economic risk
of the investment for an indefinite period of time and the Warrant Stock cannot
be sold unless it is subsequently registered under applicable federal and state
securities laws or an exemption from such registration is available.

     The undersigned agrees that it will in no event sell or distribute or
otherwise dispose of all or any part of the Warrant Stock unless (1) there is an
effective registration statement under the Securities Act and applicable state
securities laws covering any such transaction involving the Warrant Stock, or
(2) the Company receives an opinion satisfactory to the Company of the
undersigned's legal counsel stating that such transaction is exempt from
registration. The undersigned consents to the placing of a legend on its
certificate for the Warrant Stock stating that

                                       15

<PAGE>

the Warrant Stock has not been registered and setting forth the restriction on
transfer contemplated hereby and to the placing of a stop transfer order on the
books of the Company and with any transfer agents against the Warrant Stock
until the Warrant Stock may be legally resold or distributed without
restriction.

     The undersigned has considered the federal and state income tax
implications of the exercise of the Warrant and the purchase and subsequent sale
of the Warrant Stock.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

                                       16exv10w1

 

Exhibit 10.1

[ Form
of ]

INDEMNIFICATION AGREEMENT

     This Agreement, made and entered into as of this ___ day of                     , 2007
(“Agreement”), by and between Intellect Neurosciences, Inc., a Delaware corporation (the
“Company”), and                      (the “Indemnitee”).

     WHEREAS, highly competent persons are reluctant to serve corporations as directors, officers
or in other capacities unless they are provided with adequate protection through insurance or
adequate indemnification against inordinate risks of claims and actions against them arising out of
their service to and activities on behalf of the corporation;

     WHEREAS, the current impracticability of obtaining adequate insurance and the uncertainties
relating to indemnification have increased the difficulty of attracting and retaining such persons;

     WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate
itself to indemnify such persons to the fullest extent permitted by applicable law so that they
will serve or continue to serve the Company free from undue concern that they will not be so
indemnified; and

     WHEREAS, Indemnitee is willing to serve, continue to serve and to take on additional service
for or on behalf of the Company on the condition that Indemnitee be indemnified to the fullest
extent permitted.

     NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the
Company and Indemnitee do hereby covenant and agree as follows:

ARTICLE I

Definitions

     For purposes of this Agreement the following terms shall have the meanings indicated:

     1.01 “Board” shall mean the Board of Directors of the Company.

     1.02 “Corporate Status” describes the status of a person who is or was a director,
officer, employee, agent, trustee or fiduciary of the Company or of any other corporation,
partnership, joint venture, trust, employee benefit plan or other Enterprise which such person is
or was serving at the request or on behalf of the Company.

     1.03 “Court” means the Court of Chancery of the State of Delaware, the court in which
the Proceeding in respect of which indemnification is sought by the Indemnitee shall have been
brought or is pending, or another court having subject matter jurisdiction and personal
jurisdiction over the parties.

     1.04 “Disinterested Director” means a director of the Company who is not and was not a
party to the Proceeding in respect of which indemnification is sought by Indemnitee.

     1.05 “Enterprise” shall mean the Company and any other corporation, partnership, joint
venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at
the express written request of the Company as a director, officer, employee, agent, trustee or
fiduciary.

     1.06 “Expenses” shall include, without limitation, all reasonable attorneys’ fees,
retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses,
duplicating

 

 

costs, printing and binding costs, telephone charges, postage, delivery service fees, facsimile
transmission charges, and all other disbursements or expenses of the types customarily incurred in
connection with prosecuting, defending, preparing to prosecute or defend, investigating or being or
preparing to be a witness in a Proceeding.

     1.07 “Good Faith” shall mean Indemnitee having acted in good faith and in a manner
Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, in
the case of an Enterprise which is an employee benefit plan, the best interests of the participants
or beneficiaries of said plan, as the case may be, and, with respect to any Proceeding which is
criminal in nature, having had no reasonable cause to believe Indemnitee’s conduct was unlawful.

     1.08 “Improper Personal Benefit” shall include, but not be limited to, the personal
gain in fact by reason of a person’s Corporate Status of a financial profit, monies or other
advantage not also accruing to the benefit of the Company or to the stockholders generally and
which is unrelated to his usual compensation including, but not limited to, (i) in exchange for the
exercise of influence over the Company’s affairs, (ii) as a result of the diversion of corporate
opportunity, or (iii) pursuant to the use or communication of confidential or inside information
for the purpose of generating a profit from trading in the Company’s securities. Notwithstanding
the foregoing, “Improper Personal Benefit” shall not include any benefit, directly or indirectly,
related to actions taken in order to evaluate, discourage, resist, prevent or negotiate any
transaction with or proposal from any person or entity seeking control of, or a controlling
interest in, the Company.

     1.09 “Independent Counsel” means a law firm, or a member of a law firm, that is
experienced in matters of corporation law and may include law firms or members thereof that are
regularly retained by the Company but not any other party to the Proceeding giving rise to a claim
for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall
not include any person who, under the standards of professional conduct then prevailing and
applicable to such counsel, would have a conflict of interest in representing either the Company or
Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

     1.10 “Officer” means the president, vice presidents, treasurer, assistant
treasurer(s), secretary, assistant secretary and such other executive officers as are appointed by
the board of directors of the Company or Enterprise, as the case may be.

     1.11 “Proceeding” includes any action, suit, arbitration, alternate dispute resolution
mechanism, investigation (including any internal corporate investigation), administrative hearing
or any other actual, threatened or completed proceeding, whether civil, criminal, administrative or
investigative, other than one initiated by Indemnitee. For purposes of the foregoing sentence, a
“Proceeding” shall not be deemed to have been initiated by Indemnitee where Indemnitee seeks,
pursuant to Article VIII of this Agreement, to enforce Indemnitee’s rights under this Agreement.

ARTICLE II

Term of Agreement

     This Agreement shall continue until and terminate upon the later of: (i) ten (10) years after
the date that Indemnitee shall have ceased to serve as a director, officer, employee, agent,
trustee or fiduciary of the Company or of any other Enterprise; or (ii) the final termination of
all pending Proceedings in respect of which Indemnitee is granted rights of indemnification or
advancement of expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Article
VIII of this Agreement relating thereto.

-2-

 

ARTICLE III

Services by Indemnitee, Notice of Proceedings

     3.01 Services. Indemnitee agrees to serve or continue to serve as a Director or
Officer of the Company for so long as he is duly elected or appointed. Indemnitee may at any time
and for any reason resign from such position (subject to any other contractual obligation or any
obligation imposed by operation of law).

     3.02 Notice of Proceeding. Indemnitee agrees promptly to notify the Company in
writing upon being served with any summons, citation, subpoena, complaint, indictment, information
or other document relating to any Proceeding or matter which may be subject to indemnification or
advancement of Expenses covered hereunder, but the omission so to notify the Company shall not
relieve the Company from its obligations hereunder.

ARTICLE IV

Indemnification

     4.01 In General. To the fullest extent permitted by applicable law, in connection
with any Proceeding, the Company shall indemnify, and advance Expenses, to Indemnitee as provided
in this Agreement.

     4.02 Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee
shall be entitled to the rights of indemnification provided in this Section 4.02 if, by reason of
Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be made, a party to or is
otherwise involved in any Proceeding, other than a Proceeding by or in the right of the Company.
Indemnitee shall be indemnified against Expenses, judgments, penalties, fines and amounts paid in
settlement, actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in Good Faith and
such Indemnitee has not been adjudged during the course of such Proceeding to have derived an
Improper Personal Benefit from the transaction or occurrence forming the basis of such Proceeding.

     4.03 Proceedings by or in the Right of the Company.

     (a) Indemnitee shall be entitled to the rights of indemnification provided in this Section
4.03 if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be made, a
party to or is otherwise involved in any Proceeding brought by or in the right of the Company to
procure a judgment in its favor. Indemnitee shall be indemnified against Expenses, judgments,
penalties, and amounts paid in settlement, actually and reasonably incurred by Indemnitee or on
Indemnitee’s behalf in connection with such Proceeding if Indemnitee acted in Good Faith and such
Indemnitee has not been adjudged during the course of such Proceeding to have derived an Improper
Personal Benefit from the transaction or occurrence forming the basis of such Proceeding.
Notwithstanding the foregoing, no such indemnification shall be made in respect of any claim, issue
or matter in such Proceeding as to which Indemnitee shall have been adjudged to be liable to the
Company if applicable law prohibits such indemnification; provided, however, that, if applicable
law so permits, indemnification shall nevertheless be made by the Company in such event if and only
to the extent that the Court which is considering the matter shall so determine.

     4.04 Indemnification of a Party Who is Wholly or Partly Successful. Notwithstanding
any other provision of this Agreement, to the extent that Indemnitee is, by reason of Indemnitee’s
Corporate Status, a party to or is otherwise involved in and is successful, on the merits or
otherwise, in any Proceeding, Indemnitee shall be indemnified, to the maximum extent permitted by
law, against all Expenses, judgments, penalties, fines, and amounts paid in settlement,

-3-

 

actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.
If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or
otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the
Company shall indemnify Indemnitee, to the maximum extent permitted by law, against all Expenses,
judgments, penalties, fines, and amounts paid in settlement, actually and reasonably incurred by
Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or
matter. For purposes of this Section 4.04 and without limitation, the termination of any claim,
issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be
a successful result as to such claim, issue or matter.

     4.05 Indemnification for Expenses of a Witness. Notwithstanding any other provision
of this Agreement, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a
witness in any Proceeding, Indemnitee shall be indemnified against all Expenses actually and
reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

ARTICLE V

Advancement of Expenses

     Notwithstanding any provision to the contrary in Article VI and to the fullest extent provided
by applicable law, the Company (acting through the Chief Executive Officer) shall advance all
reasonable Expenses which, by reason of Indemnitee’s Corporate Status, were incurred by or on
behalf of Indemnitee in connection with any Proceeding, within thirty (30) days after the receipt
by the Company of a statement or statements from Indemnitee requesting such advance or advances,
whether prior to or after final disposition of such Proceeding. Such statement or statements shall
reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or
accompanied by an undertaking by or on behalf of Indemnitee to repay any Expenses if it shall
ultimately be determined that Indemnitee is not entitled to be indemnified against such Expenses.
Any advance and undertakings to repay pursuant to this Article V shall be unsecured and interest
free. Advancement of Expenses pursuant to this Article V shall not require approval of the Board
of Directors or the stockholders of the Company, or of any other person or body. The Secretary of
the Company shall promptly advise the Board in writing of the request for advancement of Expenses,
of the amount and other details of the advance and of the undertaking to make repayment pursuant to
this Article V.

ARTICLE VI

Procedures for Determination of Entitlement

to Indemnification and Defense of Claims

     6.01 Initial Request. To obtain indemnification under this Agreement (other than
advancement of Expenses pursuant to Article V), Indemnitee shall submit to the Company a written
request, including therein or therewith such documentation and information as is reasonably
available to Indemnitee and is reasonable necessary to determine whether and to what extent
Indemnitee is entitled to indemnification. The Secretary of the Company shall promptly advise the
Board in writing that Indemnitee has requested indemnification.

     6.02 Method of Determination. A determination (if required by applicable law in the
specific case) with respect to Indemnitee’s entitlement to indemnification shall be made (a) by the
Board by a majority vote of a quorum consisting of Disinterested Directors, or (b) in the event
that a quorum of the Board consisting of Disinterested Directors is not obtainable or, even if
obtainable, such quorum of Disinterested Directors so directs, by Independent Counsel in a written
opinion to the Board, a copy of which shall be delivered to Indemnitee, or (c) by the holders of a
majority of the votes of the outstanding stock at the time entitled to vote on matters other than
the election or removal of directors, voting as a single class, including the stock of the
Indemnitee.

-4-

 

     6.03 Selection, Payment, Discharge, of Independent Counsel. In the event the
determination of entitlement to indemnification is to be made by Independent Counsel pursuant to
Section 6.02 of this Agreement, the Independent Counsel shall be selected, paid, and discharged in
the following manner:

(a) The Independent Counsel shall be selected by the Board, and the
Company shall give written notice to Indemnitee advising Indemnitee of the
identity of the Independent Counsel so selected.

(b) Following the initial selection described in clause (a) of this
Section 6.03, Indemnitee may, within seven (7) days after such written notice
of selection has been given, deliver to the Company a written objection to
such selection. Such objection may be asserted only on the ground that the
Independent Counsel so selected does not meet the requirements of “Independent
Counsel” as defined in Section 1.09 of this Agreement, and the objection shall
set forth with particularity the factual basis of such assertion. Absent a
proper and timely objection, the person so selected shall act as Independent
Counsel. If such written objection is made, the Independent Counsel so
selected may not serve as Independent Counsel unless and until a court has
determined that such objection is without merit.

(c) Either the Company or Indemnitee may petition a Court if the parties
have been unable to agree on the selection of Independent Counsel within
twenty (20) days after submission by Indemnitee of a written request for
indemnification pursuant to Section 6.01 of this Agreement. Such petition may
request a determination whether an objection to the party’s selection is
without merit and/or seek the appointment as Independent Counsel of a person
selected by the Court or by such other person as the Court shall designate. A
person so appointed shall act as Independent Counsel under Section 6.03 of
this Agreement.

(d) The Company shall pay any and all reasonable fees of Independent
Counsel and expenses incurred by such Independent Counsel in connection with
acting pursuant to this Agreement, and the Company shall pay all reasonable
fees and expenses incident to the procedures of this Section 6.03, regardless
of the manner in which such Independent Counsel was selected or appointed.

(e) Upon the due commencement of any judicial proceeding or arbitration
pursuant to Section 8.02 of this Agreement, Independent Counsel shall be
discharged and relieved of any further responsibility in such capacity
(subject to the applicable standards of professional conduct then prevailing).

     6.04 Cooperation. Indemnitee shall cooperate with the person, persons or entity
making the determination with respect to Indemnitee’s entitlement to indemnification under this
Agreement, including providing to such person, persons or entity upon reasonable advance request
any documentation or information which is not privileged or otherwise protected from disclosure and
which is reasonably available to Indemnitee and reasonably necessary to such determination. Any
costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so
cooperating with the person, persons or entity making such determination shall be borne by the
Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and
the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

-5-

 

     6.05 Defense of Claim. With respect to any Proceeding to which Indemnitee shall have
requested indemnification in accordance with Section 6.01:

(a) The Company will be entitled to participate in the defense at its own
expense.

(b) Except as otherwise provided below, the Company jointly with any
other indemnifying party will be entitled to assume the defense with counsel
reasonably satisfactory to Indemnitee. After notice from the Company to the
Indemnitee of its election to assume the defense of a suit, the Company will
not be liable to the Indemnitee under this Agreement for any legal or other
expenses subsequently incurred by the Indemnitee in connection with the
defense of the Proceeding other than reasonable costs of investigation or as
otherwise provided below. The Indemnitee shall have the right to employ his
own counsel in such Proceeding but the fees and expenses of such counsel
incurred after notice from the Company of its assumption of the defense shall
be at the expense of the Indemnitee unless (i) the employment of counsel by
the Indemnitee has been authorized by the Company, (ii) the Indemnitee shall
have concluded reasonably that there may be a conflict of interest between the
Company and the Indemnitee in the conduct of the defense of such action and
such conclusion is confirmed in writing by the Company’s outside counsel
regularly employed by it in connection with corporate matters or (iii) the
Company shall not in fact have employed counsel to assume the defense of such
Proceeding, in each of which cases the fees and expenses of counsel shall be
at the expense of the Company. The Company shall not be entitled to assume
the defense of any Proceeding brought by or in the right of the Company or as
to which the Indemnitee shall have made the conclusion provided for in (ii)
above and such conclusion shall have been so confirmed by the Company’s said
outside counsel.

(c) Notwithstanding any provision of this Agreement to the contrary, the
Company shall not be liable to indemnify the Indemnitee under this Article of
any amounts paid in settlement of any Proceeding or claim effected without its
written consent. The Company shall not settle any Proceeding or claim in any
manner which would impose any penalty, limitation or disqualification of the
Indemnitee for any purpose without the Indemnitee’s written consent. Neither
the Company nor the Indemnitee will unreasonably withhold their consent to any
proposed settlement.

     6.06 Payment. If it is determined that Indemnitee is entitled to indemnification not
covered by defense of the claim afforded under Section 6.05 above, payment to Indemnitee shall be
made within ten (10) days after such determination.

ARTICLE VII

Presumptions and Effect of Certain Proceedings

     7.01 Burden of Proof. In making a determination with respect to entitlement to
indemnification hereunder, the person or persons or entity making such determination shall presume
that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a
request for indemnification in accordance with Section 6.01 of this Agreement, and the Company
shall have the burden of proof to overcome that presumption in connection with the making by any
person, persons or entity of any determination contrary to that presumption.

-6-

 

     7.02 Effect of Other Proceedings. The termination of any Proceeding or of any claim,
issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of guilty or
of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in
this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a
presumption that Indemnitee did not act in Good Faith.

     7.03 Reliance as Safe Harbor. For purposes of any determination of Good Faith,
Indemnitee shall be deemed to have acted in Good Faith if Indemnitee’s action is based on the
records or books of account of the Enterprise, including financial statements, or on information
supplied to Indemnitee by the Officers of the Enterprise in the course of their duties, or on the
advice of legal counsel for the Enterprise or on information or records given or reports made to
the Enterprise by an independent certified public accountant or by an appraiser or other expert
selected with reasonable care by the Enterprise. The provisions of this Section 7.03 shall not be
deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may
be deemed to have met the applicable standard of conduct set forth in this Agreement.

     7.04 Actions of Others. The knowledge and/or actions, or failure to act, of any
director, Officer, employee, agent, trustee or fiduciary of the Enterprise shall not be imputed to
Indemnitee for purposes of determining the right to indemnification under this Agreement.

ARTICLE VIII

Remedies of Indemnitee

     8.01 Application. This Article VIII shall apply in the event of a Dispute. For
purposes of this Article, “Dispute”, shall mean any of the following events:

(a) a determination is made pursuant to Article VI of this Agreement that
Indemnitee is not entitled to indemnification under this Agreement;

(b) advancement of Expenses is not timely made pursuant to Article V of
this Agreement;

(c) the determination of entitlement to be made pursuant to Section 6.02
of this Agreement has not been made within sixty (60) days after receipt by
the Company of the request for indemnification;

(d) payment of indemnification is not made pursuant to Section 4.05 of
this Agreement within ten (10) days after receipt by the Company of a written
request therefor; or

(e) notice of election by the Company to assume defense of a claim as
provided for in Section 6.05 or payment of indemnification, as the case may
be, is not given or made within ten (10) days after a determination has been
made that Indemnitee is entitled to indemnification or such determination is
deemed to have been made pursuant to Article VI of this Agreement.

     8.02 Adjudication. In the event of a Dispute, Indemnitee shall be entitled to an
adjudication in an appropriate Court of Indemnitee’s entitlement to such indemnification or
advancement of Expenses. Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in
arbitration to be conducted by a single arbitrator pursuant to the rules of the American
Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an
award in arbitration within one hundred eighty (180) days following the date on which Indemnitee
first has the right to commence such proceeding pursuant to this Section 8.02. The Company shall
not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

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     8.03 De Novo Review. In the event that a determination shall have been made pursuant
to Article VI of this Agreement that Indemnitee is not entitled to indemnification, any judicial
proceeding or arbitration commenced pursuant to this Article VIII shall be conducted in all
respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be
prejudiced by reason of that adverse determination. In any such proceeding or arbitration, the
Company shall have the burden of proving that Indemnitee is not entitled to indemnification or
advancement of Expenses, as the case may be.

     8.04 Company Bound. If a determination shall have been made or deemed to have been
made pursuant to Article VI of this Agreement that Indemnitee is entitled to indemnification, the
Company shall be bound by such determination in any judicial proceeding or arbitration absent (i) a
misstatement by Indemnitee of a material fact, or any omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for
indemnification, or (ii) a prohibition of such indemnification under applicable law.

     8.05 Procedures Valid. The Company shall be precluded from asserting in any judicial
proceeding or arbitration commenced pursuant to this Article VIII that the procedures and
presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any
such court or before any such arbitrator that the Company is bound by all the provisions of this
Agreement.

     8.06 Expenses of Adjudication. In the event that Indemnitee, pursuant to this Article
VIII, seeks a judicial adjudication of or an award in arbitration to enforce Indemnitee’s rights
under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover
from the Company, and shall be indemnified by the Company against, any and all expenses (of the
types described in the definition of Expenses in Section 1.06 of this Agreement) actually and
reasonably incurred by Indemnitee in such adjudication or arbitration, but only if Indemnitee
prevails therein. If it shall be determined in such adjudication or arbitration that Indemnitee is
entitled to receive part but not all of the indemnification or advancement of Expenses sought, the
expenses incurred by Indemnitee in connection with such adjudication or arbitration shall be
appropriately prorated.

ARTICLE IX

Non-Exclusivity, Insurance, Subrogation

     9.01 Non-Exclusivity. The rights of indemnification and to receive advancement of
Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which
Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the
By-Laws, any agreement, a vote of shareholders or a resolution of directors, or otherwise. No
amendment, alteration, rescission or replacement of this Agreement or any provision hereof shall be
effective as to Indemnitee with respect to any action taken or omitted by such Indemnitee in
Indemnitee’s Corporate Status prior to such amendment, alteration, rescission or replacement.

     9.02 Insurance. The Company may maintain an insurance policy or policies against
liability arising out of this Agreement or otherwise.

     9.03 Subrogation. In the event of any payment under this Agreement, the Company shall
be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who
shall execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring suit to enforce such
rights.

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     9.04 No Duplicative Payment. The Company shall not be liable under this Agreement to
make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee
has otherwise actually received such payment under any insurance policy, contract, agreement or
otherwise.

ARTICLE X

General Provisions

     10.01 Successors and Assigns. This Agreement shall be binding upon the Company and
its successors and assigns and shall inure to the benefit of Indemnitee and Indemnitee’s legal
representatives, heirs, executors and administrators.

     10.02 Severability. If any provision or provisions of this Agreement shall be held to
be invalid, illegal or unenforceable for any reason whatsoever:

(a) the validity, legality and enforceability of the remaining provisions
of this Agreement (including without limitation, each portion of any Section
of this Agreement containing any such provision held to be invalid, illegal or
unenforceable, that is not itself invalid, illegal or unenforceable) shall not
in any way be affected or impaired thereby; and

(b) to the fullest extent possible, the provisions of this Agreement
(including, without limitation, each portion of any Section of this Agreement
containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall be construed so as
to give effect to the intent manifested by the provision held invalid, illegal
or unenforceable.

     10.03 No Adequate Remedy. The parties declare that it is impossible to measure in
money the damages which will accrue to either party by reason of a failure to perform any of the
obligations under this Agreement. Therefore, if either party shall institute any action or
proceeding to enforce the provisions hereof, such party against whom such action or proceeding is
brought hereby waives the claim or defense that the other party has an adequate remedy at law, and
such party shall not urge in any such action or proceeding the claim or defense that the other
party has an adequate remedy at law.

     10.04 Headings. The headings of the paragraphs of this Agreement are inserted for
convenience only and shall not be deemed to constitute part of this Agreement or to affect the
construction thereof.

     10.05 Modification and Waiver. No supplement, modification or amendment of this
Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of
any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other
provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

     10.06 Notices. All notices, requests, demands and other communications hereunder
shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and
receipted for by the party to whom said notice or other communication shall have been directed,
(ii) sent by prepaid commercial overnight courier, or (iii) mailed by certified or registered mail
with postage prepaid, on the third business day after the date on which it is so mailed:

-9-

 

	 	 	 	 	 
	 

	 	If to Indemnitee, to:
	 	As shown with Indemnitee’s Signature below.
	 
	 	 	 	 
	 

	 	If to the Company, to:
	 	Intellect Neurosciences, Inc.
	 

	 	 	 	7 West 18th Street
	 

	 	 	 	New York, NY 10011
	 

	 	 	 	Attention: President

or to such other address as may have been furnished to Indemnitee by the Company or to the Company
by Indemnitee, as the case may be.

     10.07 Governing Law. The parties agree that this Agreement shall be governed by, and
construed and enforced in accordance with, the laws of the State of Delaware without application of
the conflict of laws principles thereof.

     10.08 Entire Agreement. This Agreement constitutes the entire agreement and
understanding between the parties hereto in reference to all the matters herein agreed upon. This
Agreement replaces in full all prior indemnification agreements or understandings of the parties
hereto, and any all such prior agreements or understandings are hereby rescinded by mutual
agreement.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set
forth above.

	 	 	 	 	 	 	 
	 	 	INTELLECT NEUROSCIENCES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 	 	Name: Elliot Maza	 	 
	 	 	Title: Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	INDEMNITEE	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	Address:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 

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