Document:

Exhibit 4.5

 

COMMON STOCK PURCHASE WARRANT

 

NEUBASE THERAPEUTICS, INC.

 

	Warrant Shares: 	
    Issue Date: July ____, 2020

     

    Initial Exercise Date: August ___, 2020

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, or its assigns (the “Holder”) is entitled,
upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the Issue
Date (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on July ___, 20231
(the “Termination Date”) but not thereafter, to subscribe for and purchase from NeuBase Therapeutics, Inc., a Delaware
corporation (the “Company”), up to 105,000 shares of the Company’s Common Stock (as subject to adjustment
hereunder, the “Warrant Shares”); provided that this Warrant may only be exercised for Warrant Shares that are deemed
Vested under this Warrant. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as
defined in Section 2(b).

 

Section 1.               
Agreement. This Warrant is being issued pursuant to that certain Investment Banking Advisory Engagement Agreement, dated
July ___, 2020, by and between the Company and Holder (as may be amended or restated from time to time, the “Agreement”).

 

Section 2.               
Exercise.

 

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

 

 

1
Three years from issue date.

 

    1 

     

    

 

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

 

c)              Mechanics of Exercise.

 

i.                   
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted
by the Transfer Agent to the Holder by physical delivery of a certificate, registered in the Company’s share register in the name
of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address
specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery
to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company
and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of
Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall
be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has
been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price is received
within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period
following delivery of the Notice of Exercise. As used herein, “Standard Settlement Period” means the standard settlement
period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect
on the date of delivery of the Notice of Exercise.

 

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

 

    2 

     

    

 

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

 

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

 

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

 

d)                 
Vested Warrants. The Warrant Shares shall vest and be deemed vested as follows (“Vested”): on the Initial
Exercise Date, 17,500 of the Warrant Shares shall vest and on the [___] day of each month thereafter, an additional 17,500 of
the Warrant Shares shall vest; provided that Warrant Shares shall only vest on a scheduled vesting date if the Agreement has not
been terminated by Holder prior to such scheduled vesting date, as applicable.

 

Section 3.               
Certain Adjustments.

 

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

 

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

 

c)                 
Notice to Holder.

 

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

 

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

 

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Section 4.               
Transfer of Warrant.

 

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

 

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

 

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

 

Section 5.               
Miscellaneous.

 

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

 

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

 

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

 

d)                 
Authorized Shares.

 

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

 

    5 

     

    

 

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

 

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

 

e)                 
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be governed by and construed and enforced in accordance with the internal laws of the State of Pennsylvania, without regard to the principles
of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the
transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers,
shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City
of Pittsburgh. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City
of Pittsburgh, State of Pennsylvania for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that
it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient
venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant,
the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees
and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

    6 

     

    

 

f)                  
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant will have restrictions
upon resale imposed by state and federal securities laws.

 

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

 

h)                 
Notices. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without
limitation, any Notice of Exercise, shall be in writing and delivered personally, by email, or sent by a nationally recognized overnight
courier service, addressed to the Company, at NeuBase Therapeutics, Inc., 700 Technology Drive, Pittsburgh, PA 15219, Attention:
Chief Financial Officer, email address: sbackenroth@neubasetherapeutics.com, or such other number, email address or address as the Company
may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the
Company hereunder shall be in writing and delivered personally, by email, or sent by a nationally recognized overnight courier service
addressed to each Holder at the email address or address of such Holder appearing on the books of the Company. Any notice or other communication
or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication
is delivered via email at the email address set forth in this Section prior to 5:30 p.m. (New York City) on any date, (ii) the
next Trading Day after the time of transmission, if such notice or communication is delivered via email at the email address set forth
in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City) on any Trading Day, (iii) the second
Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual
receipt by the party to whom such notice is required to be given.

 

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

 

    7 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

(Signature Page Follows)

 

    8 

     

    

 

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

 

	 	NEUBASE THERAPEUTICS, INC.
	 	 	 
	 	 	 
	 	By: 	                 
	 	Name: Dietrich Stephan, Ph.D.
	 	Title: Chief Executive Officer

  

    9 

     

    

 

NOTICE OF EXERCISE

TO:NEUBASE THERAPEUTICS, INC.

 

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

 

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

 

_______________________________

 

The Warrant Shares shall be delivered to the following
address:

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity: _______________________________________________________

Signature of Authorized Signatory of Investing Entity: _________________________________

Name of Authorized Signatory: ___________________________________________________

Title of Authorized Signatory: ____________________________________________________

Date: ________________________________________________________________________

 

    10 

     

    

 

ASSIGNMENT FORM

 

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

 

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

 

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

 

    11Exhibit 4.1

 

BLUE
STAR FOODS CORP.

 

COMMON
STOCK PURCHASE WARRANT

 

THE
WARRANT REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
AND IS SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AS SET FORTH IN THIS CERTIFICATE. THIS WARRANT MAY NOT BE SOLD, TRANSFERRED, OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN OPINION OF COUNSEL, REASONABLY ACCEPTABLE TO COUNSEL
FOR THE COMPANY, TO THE EFFECT THAT THE PROPOSED SALE, TRANSFER, OR DISPOSITION MAY BE EFFECTUATED WITHOUT REGISTRATION UNDER THE ACT.

 

WARRANT
CERTIFICATE

 

THIS
WARRANT CERTIFICATE (the “Warrant Certificate”) certifies that for value received, ___________________ (the
“Holder”), is the owner of this warrant (the “Warrant”), which entitles the Holder to purchase
at any time on or before the Expiration Date (as defined below) ________________________ (__________) shares (the “Warrant Shares”)
of fully paid non-assessable shares of the common stock, par value $0.0001 per share (the “Common Stock”) of BLUE
STAR FOODS CORP., a Delaware corporation (the “Company”), at a purchase price per Warrant Share of Two Dollars ($2.00)
(the “Exercise Price”), in lawful money of the United States of America by bank or certified check, subject to adjustment
as hereinafter provided. This Warrant Certificate is issued in accordance with, and as required by, the terms of that certain Subscription
Agreement dated the date hereof by and between the Company and the Holder.

 

1.
WARRANT; EXERCISE PRICE.

 

This
Warrant shall entitle the Holder to purchase the Warrant Shares at the Exercise Price. The Exercise Price and the number of Warrant Shares
evidenced by this Warrant Certificate are subject to adjustment as provided in Article 6.

 

2.
EXERCISE; EXPIRATION DATE.

 

(a)
This Warrant is exercisable, at the option of the Holder, at any time after the date of issuance and on or before the Expiration Date
(as defined below) by delivering to the Company written notice of exercise (the “Exercise Notice”), stating the number
of Warrant Shares to be purchased thereby, accompanied by bank or certified check payable to the order of the Company or by bank wire
transfer in immediately available funds for the Warrant Shares being purchased. Within ten (10) business days of the Company’s
receipt of the Exercise Notice accompanied by the consideration for the Warrant Shares being purchased, the Company shall instruct its
transfer agent to issue and deliver to the Holder a certificate representing the Warrant Shares being purchased. In the case of exercise
for less than all of the Warrant Shares represented by this Warrant Certificate, the Company shall cancel this Warrant Certificate upon
the surrender thereof and shall execute and deliver a new Warrant Certificate for the balance of such Warrant Shares. The Company, or
its designee, shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. Upon delivery of
the Exercise Notice to the Company pursuant to this Section 2(a), the Holder shall be deemed for all corporate purposes to have become
the holder of record of the Warrant Shares with respect to which this Warrant has been exercised pursuant to such Exercise Notice.

 

    	 

     

    

 

(b)
Expiration. The term “Expiration Date” shall mean 5:00 p.m., New York time, on ____ ___, 2024, or if such date
in the State of New York shall be a holiday or a day on which banks are authorized to close, then 5:00 p.m., eastern standard time, the
next following day which in the State of New York is not a holiday or a day on which banks are authorized to close.

 

3.
RESTRICTIONS ON TRANSFER.

 

(a)
Restrictions. This Warrant, and the Warrant Shares or any other security issuable upon exercise of this Warrant may not be assigned,
transferred, sold, or otherwise disposed of unless (i) there is in effect a registration statement under the Securities Act of 1933,
as amended (the “Act”) covering such sale, transfer, or other disposition or (ii) the Holder furnishes to the Company
an opinion of counsel, reasonably acceptable to counsel for the Company, to the effect that the proposed sale, transfer, or other disposition
may be effected without registration under the Act, as well as such other documentation incident to such sale, transfer, or other disposition
as the Company’s counsel shall reasonably request.

 

(b)
Legend. Any Warrant Shares issued upon the exercise of this Warrant shall bear substantially the following legend:

 

“THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THE SHARES HAVE BEEN ACQUIRED
FOR INVESTMENT AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AND WITH RESPECT
TO THE SHARES OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SAID ACT THAT IS THEN APPLICABLE TO THE SHARES, AS TO WHICH A PRIOR
OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER OR TRANSFER AGENT MAY BE REQUIRED.”

 

(c)
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company or on behalf of the Company
for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company
may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder, and for all other purposes, absent actual written notice to the contrary from the Holder. Upon thirty (30) days’
prior written notice to the Holder, the Company may appoint a warrant agent (the “Warrant Agent”) to maintain the
Warrant Register. Either the transfer agent for the Company or a third party may be appointed by the Company as the Warrant Agent, at
the Company’s sole discretion. The Company shall remain responsible for the contents of the Warrant Register, notwithstanding the
appointment of a Warrant Agent.

 

4.
RESERVATION OF SHARES.

 

The
Company covenants that it will at all time reserve and keep available out of its authorized Common Stock, solely for the purpose of issuance
upon exercise of this Warrant, such number of shares of Common Stock as shall then be issuable upon the exercise of this Warrant. The
Company covenants that all shares of Common Stock which shall be issuable upon exercise of this Warrant shall be duly and validly issued
and fully paid and non-assessable and free from all taxes, liens, and charges with respect to the issue thereof.

 

    	 

     

    

 

5.
LOSS OR MUTILATION.

 

If
the Holder loses this Warrant, or if this Warrant is stolen, destroyed or mutilated, the Company shall issue an identical replacement
Warrant upon the Holder’s delivery to the Company of a customary agreement to indemnify the Company for any losses resulting from
the issuance of the replacement Warrant.

 

6.
PROVISIONS REGARDING ADJUSTMENTS TO STOCK.

 

(a)
Stock Dividends, Subdivisions and Combinations. If at any time the Company shall:

 

(i)
take a record of the holders of its Common Stock for the purpose of entitling them to receive a dividend payable in, or other distribution
of, additional shares of Common Stock,

 

(ii)
subdivide its outstanding shares of Common Stock into a larger number of shares of Common Stock, or

 

(iii)
combine its outstanding shares of Common Stock into a smaller number of shares of Common Stock,

 

then
(A) the number of shares of Common Stock for which this Warrant is exercisable into immediately after the occurrence of any such event
shall be adjusted to equal the number of shares of Common Stock which a record holder of the same number of shares of Common Stock for
which this Warrant is exercisable into immediately prior to the occurrence of such event would own or be entitled to receive after the
happening of such event, and (B) the Exercise Price shall be adjusted to equal (x) the current Exercise Price immediately prior to the
adjustment multiplied by the number of shares of Common Stock for which this Warrant is exercisable into immediately prior to the adjustment
divided by (y) the number of shares of Common Stock for which this Warrant is exercisable into immediately after such adjustment.

 

(b)
Certificate as to Adjustments. Upon the occurrence of each adjustment or readjustment of the Exercise Price, the Company, at its
expense, shall promptly, and in any event within two (2) business days, compute such adjustment or readjustment in accordance with the
terms hereof and prepare and furnish to the Holder a certificate setting forth such adjustment or readjustment and showing in detail
the facts upon which such adjustment or readjustment is based. The Company shall, upon the written request at any time of the Holder,
furnish or cause to be furnished to such holder a like certificate setting forth (i) such adjustments and readjustments, (ii) the Exercise
Price at the time in effect for this Warrant and (iii) the number of shares of Common Stock and the amount, if any, or other property
which at the time would be received upon the exercise of this Warrant.

 

(c)
Notices of Record Date. In the event of any fixing by the Company of a record date for the holders of any class of securities
for the purpose of determining the holders thereof who are entitled to receive any dividend (other than a cash dividend) or other distribution,
any shares of Common Stock or other securities, or any right to subscribe for, purchase or otherwise acquire, or any option for the purchase
of, any shares of stock of any class or any other securities or property, or to receive any other right, the Company shall mail to the
Holder at least thirty (30) days prior to the date specified therein, a notice specifying the date on which any such record is to be
taken for the purpose of such dividend, distribution or rights, and the amount and character of such dividend, distribution or right.

 

    	 

     

    

 

(d)
Merger, Consolidation, etc. In case of any capital reorganization or any reclassification of the capital stock of the Company
or in case of the consolidation or merger of the Company with another corporation (or in the case of any sale, transfer, or other disposition
to another corporation of all or substantially all the property, assets, business, and goodwill of the Company), the Holder of this Warrant
shall thereafter be entitled to purchase the kind and amount of shares of capital stock which this Warrant entitled the Holder to purchase
immediately prior to such capital reorganization, reclassification of capital stock, consolidation, merger, sale, transfer, or other
disposition; and in any such case appropriate adjustments shall be made in the application of the provisions of this Section 6 with respect
to rights and interests thereafter of the Holder of this Warrant to the end that the provisions of this Section 6 shall thereafter be
applicable, as near as reasonably may be, in relation to any shares or other property thereafter purchasable upon the exercise of this
Warrant.

 

(e)
Fractional Shares. No certificate for fractional shares shall be issued upon the exercise of this Warrant, but in lieu thereof
the Company shall purchase any such fractional shares calculated to the nearest cent or round up the fraction to the next whole share.

 

(f)
Rights of the Holder. The Holder of this Warrant shall not be entitled to any rights of a shareholder of the Company in respect
of any Warrant Shares purchasable upon the exercise hereof until such Warrant Shares have been paid for in full and issued to it. As
soon as practicable after such exercise, the Company shall deliver a certificate or certificates for the number of full shares of Common
Stock issuable upon such exercise, to the person or persons entitled to receive the same. The Company will not close its shareholder
books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

 

7.
RepResentations and Warranties.

 

The
Holder, by acceptance of this Warrant, represents and warrants to, and covenants and agrees with, the Company as follows:

 

(a)
The Warrant is being acquired for the Holder’s own account for investment and not with a view toward resale or distribution of
any part thereof, and the Holder has no present intention of selling, granting any participation in, or otherwise distributing the same.

 

(b)
The Holder is aware that the Warrant is not registered under the Act or any state securities or blue sky laws and, as a result, substantial
restrictions exist with respect to the transferability of the Warrant and the Warrant Shares to be acquired upon exercise of the Warrant.

 

(c)
The Holder is an accredited investor as defined in Rule 501(a) of Regulation D under the Act and is a sophisticated investor familiar
with the type of risks inherent in the acquisition of securities such as the Warrant, and its financial position is such that it can
afford to retain the Warrant and the Warrant Shares for an indefinite period of time without realizing any direct or indirect cash return
on this investment.

 

8.
NO IMPAIRMENT.

 

The
Company shall not by any action including, without limitation, amending its certificate of incorporation or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of
all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder against impairment.
Without limiting the generality of the foregoing, the Company will (a) not increase the par value of any shares of Common Stock receivable
upon the exercise of this Warrant above the amount payable therefore upon such exercise immediately prior to such increase in par value,
(b) take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non
assessable shares of Common Stock upon the exercise of this Warrant, and (c) use its best efforts to obtain all such authorizations,
exemptions or consents from any public regulatory body having jurisdiction thereof as may be necessary to enable the Company to perform
its obligations under this Warrant. Upon the request of Holder, the Company will at any time during the period this Warrant is outstanding
acknowledge in writing, in form satisfactory to Holder, the continuing validity of this Warrant and the obligations of the Company hereunder.

 

    	 

     

    

 

9.
LIMITATION OF LIABILITY.

 

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

 

10.
MISCELLANEOUS.

 

(a)
Transfer Taxes; Expenses. The Holder shall pay any and all underwriters’ discounts, brokerage fees, and transfer taxes incident
to the sale or exercise of this Warrant or the sale of the underlying shares issuable hereunder, and shall pay the fees and expenses
of any special attorneys or accountants retained by it.

 

(b)
Successors and Assigns. Subject to compliance with the provisions of Section 3, this Warrant and the rights evidenced hereby shall
inure to the benefit of and be binding upon the successors of the Company and the successors and assigns of Holder. The provisions of
this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant and shall be enforceable by any such
Holder.

 

(c)
Certain Covenants. The Company covenants that all shares of Common Stock issued upon exercise of this Warrant will be fully paid
and non-assessable by the Company and free from all taxes, liens and charges with respect to the issue thereof. If any shares of Common
Stock issuable upon the exercise hereof require registration with or approval of any governmental authority under any federal or state
law before such shares of Common Stock may be validly issued upon exercise, the Company will, to the extent then permitted by the rules
and interpretations of the applicable government authority, use its best efforts to secure such registration or approval, as the case
may be. The Company further covenants that if at any time the Common Stock shall be listed on any national securities exchange or automated
quotation system, the Company will list and keep listed, so long as the Common Stock shall be so listed on such exchange or automated
quotation system, any Common Stock issuable upon exercise of this Warrant.

 

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

 

(e)
Notice. Any notice or other communication required or permitted to be given to the Company shall be in writing and shall be delivered
by certified mail with return receipt or delivered in person against receipt, addressed to the Company at its address listed in its filings
with the Securities and Exchange Commission.

 

(f)
Governing Law. This Warrant shall be governed by, and construed in accordance with, the internal laws of the State of Delaware,
without reference to the conflicts of laws provisions thereof.

 

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

 

    	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed as of the date set forth below.

 

	 	BLUE
    STAR FOODS CORP.
	 	 	 
	 	By:
    	 
	 	Name:
    	John
    R. Keeler
	 	Title:	Executive
    Chairman and Chief Executive Officer

 

    	 

     

    

 

BLUE
STAR FOODS CORP.

 

FORM
OF EXERCISE OF WARRANT

 

[  ]
The undersigned hereby elects to exercise this Warrant as to _____________ shares of the Common Stock of BLUE STAR FOODS CORP., a Delaware
corporation, covered thereby. Enclosed herewith is a bank or certified check in the amount of $_____________ payable to the Company.

 

The
shares should be sent to me at the address provided below.

 

	Date:_______________
     	 	____________________________________________
	 	 	(Signature)
	 	 	 
	 	 	Name
    (Printed): _______________________________
	 	 	 
	 	 	Address:
    ____________________________________
	 	 	 
	 	 	____________________________________________
	 	 	 
	 	 	Social
    Security Number (for individual holder) or Employer Identification Number (Tax ID) (for entity):

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