Document:

Form of Restricted Stock Award Agreement to Non-Employee

 Exhibit 10.2 
 KORN/FERRY INTERNATIONAL PERFORMANCE AWARD PLAN 
 NON-EMPLOYEE DIRECTOR 
 NOTICE OF RESTRICTED STOCK AWARD 
 Grantee’s Name and Office:                                 

             Board of Directors 
 You have been granted shares of restricted Common Stock of the Company (the “Shares”), subject to the terms and conditions of this Notice of
Restricted Stock Award (this “Notice”), the Korn/Ferry International Performance Award Plan, as amended from time to time (the “Plan”) and the Restricted Stock Award Agreement (the “Agreement”) attached hereto.
Capitalized terms used in this Notice and not otherwise defined shall have the same meanings as set forth in the Plan. 
  

				
	 Date of Award
	  	 	____
	 Vesting Commencement Date
	  	 	____
	 Total Number of Shares of Common Stock Awarded
	  	 	____
	 Aggregate Fair Market Value of Shares on Date of Grant
	  	$	____
		  	 	 

 Vesting Schedule: 
 Subject to the Grantee’s continued service with the Company and other limitations set forth in this Notice, the Agreement and the Plan, the Shares
will “vest” in accordance with the following schedule: 
 [Insert vesting schedule.] 
 For purposes of this Notice and the Agreement, the term “vest” shall mean, with respect to any Shares, that such Shares are no longer subject
to forfeiture to the Company; provided, however, that such Shares shall remain subject to other restrictions on transfer set forth in the Agreement or the Plan. Shares that have not vested are deemed “Restricted Shares.” Per the vesting
schedule, the Grantee may become vested in a fraction of a Restricted Share. However, such fraction shall remain a Restricted Share until the Grantee becomes vested in the entire Share. Notwithstanding the foregoing, the Shares subject to this
Notice will be subject to the provisions of the Agreement and Section 6.2.2 of the Plan relating to the release of repurchase and forfeiture provisions in the event of a Change in Control Event. 

 Grantee: ___________ 
 Termination of Service; Forfeiture: 
 Vesting shall cease upon the date of termination of the Grantee’s continued service with the Company for any reason, including death or Total Disability. If the Grantee’s continued service with the Company
terminates for any reason when the Grantee holds any Restricted Shares (including fractional Restricted Shares), such Restricted Shares shall be deemed reconveyed to the Company and the Company shall thereafter be the legal and beneficial owner of
the Restricted Shares and shall have all rights and interest in or related thereto without further action by the Grantee. In the event Restricted Shares are reconveyed to the Company, the Company shall only pay the Grantee the par value of the
Restricted Shares which are reconveyed to the Company (and no more) and the Company shall have no further obligation or liability to the Grantee with respect to such Restricted Shares. The foregoing forfeiture provisions set forth in this Notice as
to Restricted Shares shall also apply to the new capital stock or other property (including cash paid other than as a regular cash dividend) received in exchange for the Shares in connection with the consummation of any Change in Control Event and
such stock or property shall be deemed Additional Securities for purposes of the Agreement, but only to the extent the Shares are at the time covered by such forfeiture provisions. 
 IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the Award is to be governed by the terms and conditions of this
Notice, the Plan, and the Agreement. 
  

									
		 		 	 Korn/Ferry International
 a Delaware corporation

					
		 		 		 	 By:
	 	 /s/ Gary D. Burnison

		 		 		 		 	 Gary D. Burnison
 Title: Chief Operating Officer and
           Chief Financial Officer

 THE GRANTEE ACKNOWLEDGES AND AGREES THAT THE SHARES SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF
GRANTEE’S CONTINUED SERVICE WITH THE COMPANY (NOT THROUGH THE ACT OF BEING RETAINED AS A DIRECTOR, BEING GRANTED THIS AWARD OR ACQUIRING SHARES HEREUNDER). THE GRANTEE FURTHER ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE, THE AGREEMENT,
NOR IN THE PLAN, SHALL CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO CONTINUATION OF GRANTEE’S SERVICE WITH THE COMPANY, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE GRANTEE’S
SERVICE WITH THE COMPANY AT ANY TIME, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE. 

 Grantee: ___________ 
 The Grantee acknowledges receipt of a copy of the Plan and the Agreement and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts the Award subject to all of the terms and
provisions hereof and thereof. The Grantee has reviewed this Notice, the Agreement and the Plan in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice and fully understands all provisions of this
Notice, the Agreement and the Plan. The Grantee hereby agrees that all disputes arising out of or relating to this Notice, the Plan and the Agreement shall be resolved in accordance with Sections 12 and 19 of the Agreement. The Grantee further
agrees to notify the Company upon any change in the residence address indicated in this Notice. 
  

					
			
	 Dated: ____________________
	 	 Signed:
	 	   

 Grantee: ___________ 
 KORN/FERRY INTERNATIONAL PERFORMANCE AWARD PLAN 
 RESTRICTED STOCK AWARD AGREEMENT 

1. Issuance of Shares. Korn/Ferry International, a Delaware corporation (the “Company”), hereby issues to the Grantee (the
“Grantee”) named in the Notice of Restricted Stock Award (the “Notice”), the Total Number of restricted Shares of Common Stock Awarded as set forth in the Notice (the “Shares”), subject to the Notice, this Restricted
Stock Award Agreement (this “Agreement”) and the terms and provisions of the Company’s Performance Award Plan, as amended from time to time (the “Plan”), which is incorporated herein by reference. Capitalized terms used in
this Agreement and not otherwise defined shall have the same meanings as set forth in the Plan. All Shares issued hereunder will be deemed issued to the Grantee as fully paid and nonassessable shares, and the Grantee will have the right to vote the
Shares at meetings of the Company’s shareholders. The Company shall pay any applicable stock transfer taxes imposed upon the issuance of the Shares to the Grantee hereunder. 
 2. Consideration. The Grantee agrees to pay the par value of $0.01 for each Share issued in the total amount of
$            , which consideration may be paid in any form deemed appropriate by the Company’s Board of Directors or an appropriate committee thereof, to the extent permitted by
applicable law. 
 3. Transfer Restrictions. The Shares issued to the Grantee hereunder may not be sold, transferred by gift, pledged,
hypothecated, or otherwise transferred or disposed of by the Grantee prior to the date when the Shares become “vested” pursuant to the Vesting Schedule set forth in the Notice. Any attempt to transfer Shares in violation of this
Section 3 will be null and void and will be disregarded. 
 4. Termination of Service; Forfeiture. Vesting shall cease upon the
date of termination of the Grantee’s continued service with the Company for any reason, including death or Total Disability. If the Grantee’s continued service with the Company terminates for any reason while the Grantee holds any Shares
that have not vested (“Restricted Shares”), including fractional Restricted Shares, such Restricted Shares shall be deemed reconveyed to the Company and the Company shall thereafter be the legal and beneficial owner of the Restricted
Shares and shall have all rights and interest in or related thereto without further action by the Grantee. In the event Restricted Shares are reconveyed to the Company, the Company shall only pay the Grantee the par value of the Restricted Shares
which are reconveyed to the Company (and no more) and the Company shall have no further obligation or liability to the Grantee with respect to such Restricted Shares. The foregoing forfeiture provisions set forth in this Agreement as to Restricted
Shares shall also apply to the new capital stock or other property (including cash paid other than as a regular cash dividend) received in exchange for the Shares in connection with the consummation of any Change in Control Event and such stock or
property shall be deemed Additional Securities for purposes of this Agreement, but only to the extent the Shares are at the time covered by such forfeiture provisions. 
 5. Escrow of Stock. For purposes of facilitating the enforcement of the provisions of this Agreement, the Grantee agrees, immediately upon receipt of the certificate(s) for the Restricted Shares, to
deliver such certificate(s), together with an Assignment Separate from Certificate in the form attached hereto as Exhibit A, executed in blank by the Grantee and the Grantee’s spouse (if required for transfer) with respect to each such
stock certificate, to the 

 Grantee: ___________ 
 Secretary or Assistant Secretary of the Company, or their designee, to hold in escrow for so long as such Restricted Shares have not vested pursuant to the Vesting Schedule set forth in the Notice, with the authority to take all such
actions and to effectuate all such transfers and/or releases as may be necessary or appropriate to accomplish the objectives of this Agreement in accordance with the terms hereof. The Grantee hereby acknowledges that the appointment of the Secretary
or Assistant Secretary of the Company (or their designee) as the escrow holder hereunder with the stated authorities is a material inducement to the Company to make this Agreement and that such appointment is coupled with an interest and is
accordingly irrevocable. The Grantee agrees that such escrow holder shall not be liable to any party hereto (or to any other party) for any actions or omissions unless such escrow holder is grossly negligent relative thereto. The escrow holder may
rely upon any letter, notice or other document executed by any signature purported to be genuine and may resign at any time. Upon the vesting of all Restricted Shares, the escrow holder will, without further order or instruction, transmit to the
Grantee the certificate evidencing such Shares, subject, however, to satisfaction of any withholding obligations provided in Section 7 below. 
 6. Distributions. The Company shall disburse to the Grantee all regular cash dividends with respect to the Shares and Additional Securities (whether vested or not), less any applicable withholding obligations. 
 7. Withholding of Taxes. The Grantee shall, as Restricted Shares shall vest or at the time withholding is otherwise required by any applicable
provisions of federal or state law, pay the Company the amount necessary to satisfy any applicable foreign, federal, state, and local income tax withholding obligations. 
 8. Additional Securities. Any securities or cash received (other than a regular cash dividend) as the result of ownership of the Restricted Shares (the “Additional Securities”), including, but not by
way of limitation, warrants, options and securities received as a stock dividend or stock split, or as a result of a recapitalization or reorganization or other similar change in the Company’s capital structure, shall be retained in escrow in
the same manner and subject to the same conditions and restrictions as the Restricted Shares with respect to which they were issued, including, without limitation, the Vesting Schedule set forth in the Notice. The Grantee shall be entitled to direct
the Company to exercise any warrant or option received as Additional Securities upon supplying the funds necessary to do so, in which event the securities so purchased shall constitute Additional Securities, but the Grantee may not direct the
Company to sell any such warrant or option. If Additional Securities consist of a convertible security, the Grantee may exercise any conversion right, and any securities so acquired shall constitute Additional Securities. In the event of any change
in certificates evidencing the Shares or the Additional Securities by reason of any recapitalization, reorganization or other transaction that results in the creation of Additional Securities, the escrow holder is authorized to deliver to the issuer
the certificates evidencing the Shares or the Additional Securities in exchange for the certificates of the replacement securities. 
 9.
Stop-Transfer Notices. In order to ensure compliance with the restrictions on transfer set forth in this Agreement, the Notice or the Plan, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if
any, and, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. 
 10.
Refusal to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this 

 Grantee: ___________ 
 Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred. 
 11. Limitation on Rights; No Right to Future Grants; Extraordinary Item. By entering into this Agreement and accepting the Award, Grantee
acknowledges that: (i) Grantee’s participation in the Plan is voluntary; (ii) the value of the Award is an extraordinary item which is outside the scope of any contract with Grantee; (iii) the Award is not part of normal or
expected compensation for any purpose, including without limitation for calculating any benefits, severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar
payments, and Grantee will not be entitled to compensation or damages as a consequence of Grantee’s forfeiture of any unvested portion of the Award as a result of Grantee’s termination of service with the Company for any reason; and
(iv) in the event that Grantee is not a direct employee of Company, the grant of the Award will not be interpreted to form an employment relationship with the Company and the grant of the Award will not be interpreted to form an employment
contract with the Grantee’s employer or the Company. The Company shall be under no obligation whatsoever to advise the Grantee of the existence, maturity or termination of any of Grantee’s rights hereunder and Grantee shall be responsible
for familiarizing himself or herself with all matters contained herein and in the Plan which may affect any of Grantee’s rights or privileges hereunder. 
 12. Company Authority. Any question concerning the interpretation of this Agreement or the Plan, any adjustments required to be made under the Plan, and any controversy that may arise under the Plan or this
Agreement shall be determined by the Company (including any person(s) to whom the Company has delegated its authority) in its sole and absolute discretion. Such decision by the Company shall be final and binding. 
 13. Undertaking. Grantee hereby agrees to take whatever additional action and execute whatever additional documents the Company may deem necessary
or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on either the Grantee or the Grantee’s interest pursuant to the express provisions of this Agreement. 
 14. Entire Agreement: Governing Law. The Notice, the Plan and this Agreement constitute the entire agreement of the parties with respect to the
subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by means of
a writing signed by the Company and the Grantee. These agreements are to be construed in accordance with and governed by the internal laws of the State of California (as permitted by Section 1646.5 of the California Civil Code, or any similar
successor provision) without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of California to the rights and duties of the parties. Should any
provision of the Notice or this Agreement be determined by a court of law to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable. 
 15. Successors and Assigns. The provisions of this Agreement will inure to the benefit of, and be binding on, the Company and its successors and
assigns and Grantee and Grantee’s legal representatives, heirs, legatees, distributees, assigns and transferees by operation of law, whether or not any such person will have become a party to this Agreement and agreed in writing to join herein
and be bound by the terms and conditions hereof. 

 Grantee: ___________ 
 16. Securities Law Compliance. The Company may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by the Grantee or other subsequent
transfers by the Grantee of any Shares issued as a result of or under this Award, including without limitation (a) restrictions under an insider trading policy, (b) restrictions that may be necessary in the absence of an effective
registration statement under the Securities Act of 1933, as amended, covering the Award and/or the Shares underlying the Award and (c) restrictions as to the use of a specified brokerage firm or other agent for such resales or other transfers.
Any sale of the Shares must also comply with other applicable laws and regulations governing the sale of such shares. 
 17. Information
Confidential. As partial consideration for the granting of the Award, the Grantee agrees that he or she will keep confidential all information and knowledge that the Grantee has relating to the manner and amount of his or her participation in
the Plan; provided, however, that such information may be disclosed as required by law and may be given in confidence to the Grantee’s spouse, tax and financial advisors, or to a financial institution to the extent that such information is
necessary to secure a loan. 
 18. Headings. The captions used in this Agreement are inserted for convenience and shall not be deemed
a part of this Agreement for construction or interpretation. 
 19. Dispute Resolution The provisions of this Section 19 shall be
the exclusive means of resolving disputes arising out of or relating to the Notice, the Plan and this Agreement. The Company, the Grantee, and the Grantee’s assignees (the “parties”) shall attempt in good faith to resolve any disputes
arising out of or relating to the Notice, the Plan and this Agreement by negotiation between individuals who have authority to settle the controversy. Negotiations shall be commenced by either party by notice of a written statement of the
party’s position and the name and title of the individual who will represent the party. Within thirty (30) days of the written notification, the parties shall meet at a mutually acceptable time and place, and thereafter as often as they
reasonably deem necessary, to resolve the dispute. If the dispute has not been resolved by negotiation, the parties agree that any suit, action, or proceeding arising out of or relating to the Notice, the Plan or this Agreement shall be brought in
the United States District Court for the Central District of California (or should such court lack jurisdiction to hear such action, suit or proceeding, in a California state court in the County of Los Angeles) and that the parties shall submit to
the jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such court. THE PARTIES ALSO EXPRESSLY
WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or more provisions of this Section 19 shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that
such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable. 
 20. Notices.
Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the United States mail by certified mail (if the parties are within the United States) or upon
deposit for delivery by an internationally recognized express mail courier service (for international delivery of notice), with postage and fees prepaid, addressed to the other party at its address as shown beneath its signature in the Notice, or to
such other address as such party may designate in writing from time to time to the other party. 

 EXHIBIT A 
 STOCK ASSIGNMENT SEPARATE FROM CERTIFICATE 
 [Please sign this document but do not date it. The date and
information of the transferee will be completed if and when the shares are assigned.] 
 FOR VALUE RECEIVED,
                         hereby sells, assigns and transfers unto
                        ,
                 (            ) shares of the Common Stock of Korn/Ferry International, a
Delaware corporation (the “Company”), standing in his name on the books of, the Company represented by Certificate
No.                          herewith, and does hereby irrevocably constitute and appoint the Secretary of the
Company attorney to transfer the said stock in the books of the Company with full power of substitution. 
 DATED:
             
  

 The undersigned spouse of
                         joins in this assignment. 
  

			
	 Dated: ___________________
	  	 ___________________________________

		  	 Spouse of __________________

 Grantee: ___________ 
 EXHIBIT B 
 CONSENT OF SPOUSE 
 In consideration of the execution of the foregoing Restricted Stock Award Agreement by Korn/Ferry International, the undersigned, the spouse of
                        , the Participant named therein, do hereby agree to be bound by all of the terms and provisions
thereof, the terms and conditions attached thereto, and those set forth in the Plan. 
  

					
			
	   	 		 	   
	 Signature of Spouse
	 		 	 Date

			
	   	 		 	 
	 Print Spouse’s Name
	 		 	

 [DECLARATION BELOW TO BE COMPLETED BY UNMARRIED INDIVIDUALS] 
 I,
                                , the undersigned, hereby declare that I am
not married as of the date hereof. 
  

					
			
	   	 		 	   
	 Name:
	 		 	 Date:Form of Warrant by and between Genaera Corporation and certain purchasers

 Exhibit 4.1 
 FORM OF WARRANT 
 GENAERA CORPORATION 
 WARRANTS FOR THE PURCHASE OF SHARES OF COMMON STOCK 
  

			
	No. W-[    ]	 	[            ] Shares

 THIS CERTIFIES that, for value received, Genaera Corporation, a Delaware corporation (the
“Company”), upon the surrender of this Warrant to the Company at the address specified herein, at any time during the Exercise Period (as defined below) will upon receipt of the Exercise Price (as defined below), sell and deliver to
[                    ] (the “Holder”) up to the number of duly authorized, validly issued and fully paid and nonassessable shares of common
stock of the Company, par value $0.002 per share, set forth above. The term “Common Stock” shall mean the aforementioned common stock of the Company together with any other equity securities that may be issued by the Company in connection
therewith or in substitution therefor, as provided herein, that is not limited as to final sum or percentage in respect of the rights of the holders thereof to participate in dividends or in distribution of assets upon the voluntary or involuntary
liquidation, dissolution or winding up of the Company. The “Exercise Period” shall begin on December 29, 2006 and shall end on December 29, 2011. During the Exercise Period, the Holder may purchase such number of shares of Common
Stock at a purchase price per share equal to $.6101 as appropriately adjusted pursuant to Section G hereof (the “Exercise Price”). 
 The number of shares of Common Stock to be received upon the exercise of this Warrant and the price to be paid for a share of Common Stock are subject to adjustment from time to time as hereinafter set forth. The shares of Common Stock
deliverable upon such exercise, as adjusted from time to time, are hereinafter sometimes referred to as “Warrant Shares.” 
 Section A. Exercise of Warrant. This Warrant may be exercised in whole or in part, at any time or from time to time, during the Exercise Period by presentation and surrender hereof to the Company at its principal office
at 5110 Campus Drive, Plymouth Meeting, Pennsylvania 19462 (or at such other address as the Company or its agent may hereafter designate in writing to the Holder), or at the office of its warrant agent, with the Notice of Exercise Form contained
herein duly executed and accompanied by a wire transfer of immediately available funds, cash or a certified or official bank check drawn to the order of “Genaera Corporation” in the amount of the Exercise Price multiplied by the number of
Warrant Shares specified in such form. If this Warrant should be exercised in part only, the Company shall, upon surrender of this Warrant, promptly execute and deliver a new Warrant evidencing the rights of the Holder thereof to purchase the
balance of the Warrant Shares purchasable hereunder. Upon receipt by the Company during the Exercise Period of this Warrant and such Notice of Exercise Form, in proper form for exercise, together with proper payment of the Exercise Price, at such
office, or by the warrant agent of the Company at its office, the Holder shall be deemed to be the holder of record of the number of Warrant Shares specified in such form; provided, however, that if the date of such receipt by the
Company or its agent is a date on which the stock transfer books of the Company are closed, such person shall be deemed to have become the record holder of such shares on, and such certificate shall be dated, the next succeeding business day on
which the stock transfer books of the Company are open. The Company shall pay any and all documentary, stamp or similar issue or transfer taxes payable in respect of the issue or delivery of such Warrant Shares. Any new or substitute Warrant issued
under this Section A or any other provision of this Warrant shall be dated the date of this Warrant. Upon exercise of this Warrant, the Company or its warrant agent shall, within 3 business days, cause to be issued and shall promptly deliver upon
written order of the Holder of this Warrant, and in such name or names as such Holder may designate, a certificate or certificates for the Warrant Shares, which Warrant 

 Shares shall be issued unlegended and free of any resale restrictions, except as otherwise provided herein. If the
Company’s transfer agent is a participant in the DTC FAST system, then such Warrant Shares shall be delivered electronically by crediting the broker account designated by the Holder pursuant to the DWAC system. 
 At any time during the Exercise Period, the Holder may elect to exercise all or any part of this Warrant by means of a “cashless exercise” in
which the Holder shall be entitled to receive a certificate (unlegended and free of any resale restrictions when there is an effective registration statement permitting the sale of the Warrant Shares by the Company to the Holder in effect or with
appropriate legends and subject to resale restrictions when there is no effective registration statement permitting the sale of the Warrant Shares by the Company to the Holder) for the number of Warrant Shares equal to the quotient obtained by
dividing [(A-B) (X)] by (A), where: 
 (A) = the volume weighted average share price on the business day during normal trading hours (9:30
a.m. to 4:00 p.m. NY time) immediately preceding the date of such election as reported by Bloomberg, L.P.; 
 (B) = the Exercise Price of this
Warrant, as adjusted; and 
 (X) = the number of Warrant Shares issuable upon exercise of this Warrant in accordance with the terms of this
Warrant by means of a cash exercise rather than a cashless exercise. 
 If the Holder elects to exercise all or any part of this Warrant
other than by means of a “cashless exercise” as provided above when there is no effective registration statement permitting the sale of the Warrant Shares by the Company to the Holder, then the Company may, upon any such exercise, issue
Warrant Shares to the Holder with appropriate legends and subject to resale restrictions. 
 If the Company fails to deliver to the Holder a
certificate or certificates representing the Warrant Shares pursuant to this Section A by the 5th business day after exercise hereof, then the Holder will have the right to rescind such exercise. In addition to any other rights available to the
Holder, if the Company fails to cause its transfer agent to transmit to the Holder a certificate or certificates representing the Warrant Shares pursuant to an exercise on or before the fifth business day following a Warrant exercise, and if after
such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such
exercise (a “Buy-In”), then the Company shall (1) pay in cash to the Holder the amount by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased
exceeds (y) the amount obtained by multiplying (A) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (B) the price at which the sell order giving rise to
such purchase obligation was executed, and (2) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored or deliver to the Holder the number of
shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In
with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (1) of the immediately preceding sentence the Company shall be required to pay the
Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In, together with applicable confirmations and other evidence reasonably requested by the Company. Nothing herein
shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to
timely deliver certificates representing shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof. 

 Notwithstanding anything herein to the contrary, the Holder shall not have the right to exercise any
portion of this Warrant, pursuant to Section A or otherwise, to the extent that after giving effect to such issuance after exercise, (1) the Holder (together with the Holder’s affiliates), as set forth on the applicable Notice of Exercise,
would beneficially own in excess of 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to such issuance or (2) the Holder (together with the Holder’s affiliates), as set forth on the applicable
Notice of Exercise, would beneficially own in excess of 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to such issuance; provided that the foregoing limitation in this clause 2 is waivable by the Holder
upon 61 days notice to the Company. For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its affiliates shall include the number of shares of Common Stock issuable upon exercise of this
Warrant with respect to which the determination of such sentence is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (A) exercise of the remaining, nonexercised portion of this Warrant beneficially
owned by the Holder or any of its affiliates and (B) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Warrants) subject to a limitation on
conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its affiliates. Except as set forth in the preceding sentence, for purposes of this provision, beneficial ownership shall be calculated in
accordance with Section 13(d) of the Exchange Act. To the extent that the limitation contained in this provision applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder) and of
which a portion of this Warrant is exercisable shall be in the sole discretion of such Holder, and the submission of a Notice of Exercise shall be deemed to be such Holder’s determination of whether this Warrant is exercisable (in relation to
other securities owned by such Holder) and of which portion of this Warrant is exercisable, in each case subject to such aggregate percentage limitation, and the Company shall have no obligation to verify or confirm the accuracy of such
determination. For purposes of this provision, in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company’s most recent Form 10-Q
or Form 10-K, as the case may be, (y) a more recent public announcement by the Company or (z) any other notice by the Company or the Company’s Transfer Agent setting forth the number of shares of Common Stock outstanding. In any case,
the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its affiliates since the date as of which such number of
outstanding shares of Common Stock was reported. 
 Section B. Warrant Register. This Warrant will be registered
in a register (the “Warrant Register”) to be maintained by the Company or its agent at its principal office in the name of the recordholder to whom it has been distributed. The Company may deem and treat the registered holder of this
Warrant as the absolute owner thereof (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise thereof or any distribution to the holder thereof and for all other purposes, and the Company
shall not be affected by any notice to the contrary. 
 Section C. Reservation of Shares. The Company hereby
agrees that at all times there shall be reserved for issuance and delivery upon exercise of this Warrant all shares of its Common Stock or other shares of capital stock of the Company from time to time issuable upon exercise of this Warrant. All
such shares shall be duly authorized and, when issued upon such exercise in accordance with the terms of this Warrant, shall be validly issued, fully paid and nonassessable, free and clear of all liens, security interests, charges and other
encumbrances or restrictions on sale and free and clear of all preemptive rights. 

 Section D. Transfer of Warrant. Subject to compliance with applicable federal
and state securities laws, this Warrant and all rights hereunder are transferable, in whole or in part, without charge to the Holder hereof (except for transfer taxes), upon surrender of this Warrant properly endorsed. 
 Section E. Lost, Mutilated or Missing Warrant. Upon receipt by the Company of evidence reasonably satisfactory to it of the
loss, theft, destruction or mutilation of this Warrant, and (in the case of loss, theft or destruction) of reasonably satisfactory indemnification, and upon surrender and cancellation of this Warrant, if mutilated, the Company, at its expense, shall
execute and deliver a new Warrant of like tenor and date. 
 Section F. Rights of the Holder. Subject to
applicable law, the Holder shall not, by virtue hereof, be entitled to any rights or subject to any obligation or liability of a shareholder in the Company, either at law or equity, and the rights of the Holder are limited to those expressed in this
Warrant. 
 Section G. Adjustments. The Exercise Price and the number of shares purchasable hereunder are subject
to adjustment from time to time as follows: 
 1. Stock Dividend, Split or Subdivision of Shares. If the number of
shares of Common Stock outstanding at any time after the date hereof is increased by a stock dividend payable to all holders of Common Stock in shares of Common Stock or by a subdivision or split-up of shares of Common Stock, then, following the
record date fixed for the determination of holders of Common Stock entitled to receive such stock dividend, subdivision or split-up, the Exercise Price shall be appropriately decreased and the number of shares of Common Stock issuable on exercise of
each Warrant shall be increased in proportion to such increase in outstanding shares. 
 2. Combination of Shares. If,
at any time after the date hereof, the number of shares of Common Stock outstanding is decreased by a combination or consolidation of the outstanding shares of Common Stock, by reclassification, reverse stock split or otherwise, then, following the
record date for such combination, the Exercise Price shall be appropriately increased and the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares. 

3. Calculations. All calculations under this Section shall be made to the nearest one-tenth of a cent ($.001), or to the nearest
one-tenth of a share, as the case may be. 
 4. Merger and Consolidation. If at any time there is a capital
reorganization or reclassification of shares of Common Stock, or a merger or consolidation of the Company with or into another corporation where the Company is not the surviving corporation, or the sale of all or substantially all of the
Company’s properties and assets to any other person, then as part of such reorganization, merger, consolidation or sale, lawful provision shall be made so that the Holder shall thereafter be entitled to receive upon exercise of its rights to
purchase Common Stock, the number of shares of Common Stock, cash, property or shares of the successor corporation resulting from such merger or consolidation, to which a holder of Common Stock, deliverable upon exercise of the rights to purchase
Common Stock hereunder, would have been entitled in such capital reorganization, merger or consolidation or sale if the right to purchase such Common Stock hereunder had been exercised immediately prior to such capital reorganization, merger,
consolidation or sale. In any such event, appropriate adjustment shall be made in the application of the provisions of this Warrant with respect to the rights and interests of the Holder after such capital reorganization, merger, consolidation or
sale so that the provisions of this Warrant (including Exercise Price and the number of shares of 

 Common Stock purchasable pursuant to the terms and conditions of this Warrant) shall be applicable after
that event as near as reasonably may be, in relation to any shares deliverable upon the exercise of the Holder’s rights to purchase Common Stock pursuant to this Warrant. 
 5. Certificate as to Adjustments. Upon the occurrence of each adjustment or readjustment pursuant to this Section G, the Company,
at its own expense, shall promptly compute such adjustment or readjustment in accordance with the terms hereof and furnish to each 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 any such Holder, furnish or cause to be furnished to such Holder a like certificate setting forth: (a) such adjustments and readjustments;
(b) the Exercise Price at the time in effect; and (c) the number of shares and the amount, if any of other property that at the time would be received upon the exercise of the Warrant. 
 Section H. Fractional Shares. No fractional shares of the Company’s Common Stock will be issued in connection with any
purchase hereunder but in lieu of such fractional shares the Company shall make a cash refund therefor equal in amount to the product of the applicable fraction multiplied by the Exercise Price paid by the Holder for one Warrant Share upon such
exercise. 
 Section I. Notices of Certain Events. In the event: 
 1. the Company authorizes the issuance to all holders of its Common Stock of rights or warrants to subscribe for or purchase shares of its
Common Stock or of any other subscription rights or warrants; or 
 2. the Company authorizes the distribution to all holders
of its Common Stock of evidences of its indebtedness or assets (other than cash dividends or distributions except extraordinary cash dividends or distributions); or 
 3. of any capital reorganization or reclassification of the Common Stock (other than a subdivision or combination of the outstanding
Common Stock and other than a change in par value of the Common Stock) or of any consolidation or merger to which the Company is a party or of the conveyance or transfer of all or substantially all of the properties and assets of the Company; or

 4. of the voluntary or involuntary dissolution, liquidation or winding-up of the Company; or 
 5. any other actions would require an adjustment under Section G hereof; 
 then the Company will cause to be mailed to the Holder, at least 5 days before the applicable record or effective date hereinafter specified, a notice stating (A) the date as of which the holders of Common Stock
of record entitled to receive any such rights, warrants or distributions are to be determined, or (B) the date on which any such consolidation, merger, conveyance, transfer, dissolution, liquidation or winding-up is expected to become
effective, and the date as of which it is expected that holders of Common Stock of record will be entitled to exchange their shares of Common Stock for securities or other property, if any, deliverable upon such reorganization, reclassification,
consolidation, merger, conveyance, transfer, dissolution, liquidation or winding-up. 
 Section J. Listing on Securities
Exchanges. The Company will list on the Nasdaq Capital Market System and each national securities exchange on which any Common Stock may at any time be listed all shares of Common Stock from time to time issuable upon the 

 exercise of this Warrant, subject to official notice of issuance upon the exercise of this Warrant, and will maintain
such listing so long as any other shares of its Common Stock are so listed; and the Company shall so list on the Nasdaq Capital Market System and each national securities exchange, and shall maintain such listing of, any other shares of capital
stock of the Company issuable upon the exercise of this Warrant if and so long as any shares of capital stock of the same class are listed on the Nasdaq Capital Market System and such national securities exchange by the Company. Any such listing
will be at the Company’s expense. 
 Section K. Successors. All the provisions of this Warrant by or for the
benefit of the Company shall bind and inure to the benefit of its respective successors and assigns. 
 Section L.
Headings. The headings of sections of this Warrant have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 

Section M. Amendments. The terms and provisions of this Warrant may not be modified or amended, or any provisions hereof
waived, temporarily or permanently, except by written consent of the Company and the Holder hereof. 
 Section N.
Notices. Unless otherwise provided in this Warrant, all notices, requests, consents and other communications hereunder shall be in writing, shall be sent by U.S. Mail or a nationally recognized overnight express courier postage
prepaid, and shall be deemed given one day after being so sent, or if delivered by hand shall be deemed given on the date of such delivery to such party, or if sent to such party (in the case of a Holder) at its address in the Warrant Register that
will be maintained by the Company or its agent in accordance with Section B hereof or (in the case of the Company) at its address set forth above, Attention: Chief Financial Officer, or to such other address as is designated by written notice,
similarly given to each other party hereto. 
 Section O. Governing Law. This Warrant shall be deemed to be a
contract made under the laws of the State of New York and for all purposes shall be construed in accordance with the laws of said State as applied to contracts made and to be performed in New York between New York residents. 
 IN WITNESS WHEREOF, the Company has duly caused this Warrant to be signed and attested by its duly authorized officer and to be dated as of June
    , 2006. 
  

			
	GENAERA CORPORATION
		
	By:	 	 /s/ John L. Armstrong, Jr.

	Name:	 	John L. Armstrong, Jr.
	Title:	 	President and Chief Executive Officer

 NOTICE OF EXERCISE 
 Date:                     , 20     
 The undersigned hereby elects to exercise this Warrant to purchase              shares
of Common Stock and hereby makes payment of $                     in payment of the exercise price thereof. 
 Warrant Shares shall be delivered to the following address: 
  

			
	  

	 [Holder’s Name]

		
	 By:
	 	  

	 Name:
	 	
	Title:

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