Document:

Exhibit 4.3

 

Warrant Certificate No. W-[●]

 

 

NEITHER THE SECURITIES REPRESENTED BY THIS
CERTIFICATE NOR THE SECURITIES ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN
MAY BE OFFERED, SOLD, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER
THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY
RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE SATISFACTORY TO THE COMPANY, THAT
SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR APPLICABLE STATE SECURITIES LAWS.

 

Effective Date: [•], 2020Void After:
[•], 2030

 

 

VIRPAX PHARMACEUTICALS, INC.

 

WARRANT TO PURCHASE COMMON STOCK

 

Virpax Pharmaceuticals,
Inc., a Delaware corporation (the “Company”), effective [●] (the “Effective Date”),
hereby issues to Forbes Tate Partners, LLC, (the “Holder” or “Warrant Holder”) this
Warrant (the “Warrant”) to purchase 25,000 shares (each such share as from time to time adjusted as hereinafter
provided being a “Warrant Share” and all such shares being the “Warrant Shares”) of the Company’s
Common Stock (as defined below), at the Exercise Price (as defined below), as adjusted from time to time as provided herein, on
or before [•], 2030 (the “Expiration Date”), all subject to the following terms and conditions. This Warrant
has been issued in connection with that certain Contractor Agreement, dated March 25, 2019, between the Company and the Holder,
as the same may have been amended and supplemented from time to time (the “Contractor Agreement”). This Warrant
is granted to the Holder as full and complete compensation pursuant to the Contractor Agreement and supersedes any other equity
compensation issued to the Holder by the Company including the Nonqualified Stock Option Grant Agreement, dated May 5, 2020.

 

As used in this Warrant,
(i) “Business Day” means any day other than Saturday, Sunday or any other day on which commercial banks in the
City of New York, New York, are authorized or required by law or executive order to close; (ii) “Common Stock”
means the common stock of the Company, par value $0.00001 per share, including any securities issued or issuable with respect thereto
or into which or for which such shares may be exchanged for, or converted into, pursuant to any stock dividend, stock split, stock
combination, recapitalization, reclassification, reorganization or other similar event; (iii) “Exercise Price”
means $2.00 per share of Common Stock, subject to adjustment as provided herein; (iv) “Trading Day” means any
day on which the Common Stock is traded (or available for trading) on its principal trading market; and (v) “Affiliate”
means any person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common
control with, a person, as such terms are used and construed in Rule 144 promulgated under the Securities Act of 1933, as amended
(the “Securities Act”).

 

    

     

    

 

		1.	DURATION AND EXERCISE OF WARRANTS

 

(a)       Exercise
Period. The Holder may exercise this Warrant in whole or in part on any Business Day on or before 5:00 P.M., Eastern Time,
on the Expiration Date, at which time this Warrant shall become void and of no value.

 

		(b)	Exercise Procedures.

 

(i)       While
this Warrant remains outstanding and exercisable in accordance with Section 1(a), the Holder may exercise this Warrant in whole
or in part at any time and from time to time for Warrant Shares that have become exercisable pursuant to Section 1(a) by:

 

(A)       delivery
to the Company of a duly executed copy of the Notice of Exercise attached as Exhibit A;

 

(B)       surrender
of this Warrant to the Secretary of the Company at its principal offices or at such other office or agency as the Company may specify
in writing to the Holder; and

 

(C)       payment
of the then-applicable Exercise Price per share multiplied by the number of Warrant Shares being purchased upon exercise of the
Warrant (such amount, the “Aggregate Exercise Price”) made in the form of cash, or by certified check, bank
draft or money order payable in lawful money of the United States of America.

 

(ii)       Upon
the exercise of this Warrant in compliance with the provisions of this Section 1(b) the Company shall promptly issue and cause
to be delivered to the Holder a certificate for the Warrant Shares purchased by the Holder. Each exercise of this Warrant shall
be effective immediately prior to the close of business on the date (the “Date of Exercise”) that the conditions
set forth in Section 1(b) have been satisfied, as the case may be. On the first Business Day following the date on which the Company
has received each of the Notice of Exercise and the Aggregate Exercise Price (the “Exercise Delivery Documents”),
the Company shall transmit an acknowledgment of receipt of the Exercise Delivery Documents to the Company’s transfer agent
(the “Transfer Agent”). On or before the third Business Day following the date on which the Company has received
all of the Exercise Delivery Documents (the “Share Delivery Date”), the Company shall (X) provided that the
Transfer Agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program,
upon the request of the Holder, credit such aggregate number of shares of Common Stock to which the Holder is entitled pursuant
to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit Withdrawal Agent Commission
system, or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and dispatch
by overnight courier to the address as specified in the Notice of Exercise, a certificate, registered in the Company’s share
register in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant
to such exercise. Upon delivery of the Exercise Delivery Documents, 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 certificates evidencing such Warrant Shares.

 

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(c)       Partial
Exercise. This Warrant shall be exercisable for Warrant Shares that have become exercisable pursuant to Section 1(a), either
in its entirety or, from time to time, for part only of the number of Warrant Shares referenced by this Warrant. If this Warrant
is submitted in connection with any exercise pursuant to Section 1 and the number of Warrant Shares represented by this Warrant
submitted for exercise is greater than the actual number of Warrant Shares being acquired upon such an exercise, then the Company
shall as soon as practicable and in no event later than five (5) Business Days after any exercise and at its own expense, issue
a new Warrant of like tenor representing the right to purchase the number of Warrant Shares purchasable immediately prior to such
exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised.

 

(d)       Disputes.
In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the
Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute in accordance
with Section 15.

 

		2.	ISSUANCE OF WARRANT SHARES

 

(a)       The
Company covenants that all Warrant Shares will, upon issuance in accordance with the terms of this Warrant, be (i) duly authorized,
fully paid and non-assessable, and (ii) free from all liens, charges and security interests, with the exception of claims arising
through the acts or omissions of any Holder and except as arising from applicable Federal and state securities laws.

 

(b)       The
Company shall register this Warrant upon records to be maintained by the Company for that purpose in the name of the record holder
of such Warrant from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner thereof
for the purpose of any exercise thereof, any distribution to the Holder thereof and for all other purposes.

 

(c)       The
Company will not, by amendment of its certificate of incorporation, by-laws 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 to be observed or performed hereunder by the Company, but will at all times in good faith assist
in the carrying out of all the provisions of this Warrant and in the taking of all action necessary or appropriate in order to
protect the rights of the Holder to exercise this Warrant, or against impairment of such rights.

 

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	3.		ADJUSTMENTS OF EXERCISE PRICE, NUMBER AND TYPE OF WARRANT SHARES

 

(a)       The
Exercise Price and the number of shares purchasable upon the exercise of this Warrant shall be subject to adjustment from time
to time upon the occurrence of certain events described in this Section 3; provided, that notwithstanding the provisions
of this Section 3, the Company shall not be required to make any adjustment if and to the extent that such adjustment would require
the Company to issue a number of shares of Common Stock in excess of its authorized but unissued shares of Common Stock, less all
amounts of Common Stock that have been reserved for issue upon the conversion of all outstanding securities convertible into shares
of Common Stock and the exercise of all outstanding options, warrants and other rights exercisable for shares of Common Stock.
If the Company does not have the requisite number of authorized but unissued shares of Common Stock to make any adjustment, the
Company shall use its commercially reasonable efforts to obtain the necessary stockholder consent to increase the authorized number
of shares of Common Stock to make such an adjustment pursuant to this Section 3.

 

(i)       Subdivision
or Combination of Stock. In case the Company shall at any time subdivide (whether by way of stock dividend, stock split or
otherwise) its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior
to such subdivision shall be proportionately reduced and the number of Warrant Shares shall be proportionately increased, and conversely,
in case the outstanding shares of Common Stock of the Company shall be combined (whether by way of stock combination, reverse stock
split or otherwise) into a smaller number of shares, the Exercise Price in effect immediately prior to such combination shall be
proportionately increased and the number of Warrant Shares shall be proportionately decreased. The Exercise Price and the Warrant
Shares, as so adjusted, shall be readjusted in the same manner upon the happening of any successive event or events described in
this Section 3(a)(i).

 

(ii)       Dividends
in Stock, Property, Reclassification. If at any time, or from time to time, all of the holders of Common Stock (or any shares
of stock or other securities at the time receivable upon the exercise of this Warrant) shall have received or become entitled to
receive, without payment therefore:

 

(A)       any
shares of stock or other securities that are at any time directly or indirectly convertible into or exchangeable for Common Stock,
or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other distribution,
or

 

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(B)       additional
stock or other securities or property (including cash) by way of spin-off, split-up, reclassification, combination of shares
or similar corporate rearrangement (other than shares of Common Stock issued as a stock split or adjustments in respect of
which shall be covered by the terms of Section 3(a)(i) above), then and in each such case, the Exercise Price and the number
of Warrant Shares to be obtained upon exercise of this Warrant shall be adjusted proportionately, and the Holder hereof
shall, upon the exercise of this Warrant, be entitled to receive, in addition to the number of shares of Common Stock
receivable thereupon, and without payment of any additional consideration therefor, the amount of stock and other securities
and property (including cash in the cases referred to above) that such Holder would hold on the date of such exercise had
such Holder been the holder of record of such Common Stock as of the date on which holders of Common Stock received or became
entitled to receive such shares or all other additional stock and other securities and property. The Exercise Price and the
Warrant Shares, as so adjusted, shall be readjusted in the same manner upon the happening of any successive event or events
described in this Section 3(a)(ii).

 

(iii)       Reorganization,
Reclassification, Consolidation, Merger or Sale. If any recapitalization, reclassification or reorganization of the capital
stock of the Company, or any consolidation or merger of the Company with another corporation, or the sale of all or substantially
all of its assets or other transaction shall be effected in such a way that holders of Common Stock shall be entitled to receive
stock, securities, or other assets or property (an “Organic Change”), then, as a condition of such Organic Change,
lawful and adequate provisions shall be made by the Company whereby the Holder hereof shall thereafter have the right to purchase
and receive (in lieu of the shares of the Common Stock of the Company immediately theretofore purchasable and receivable upon the
exercise of the vested rights represented by this Warrant) such shares of stock, securities or other assets or property as may
be issued or payable with respect to or in exchange for a number of outstanding shares of such Common Stock equal to the number
of shares of such stock immediately theretofore purchasable and receivable assuming the full exercise of the vested rights represented
by this Warrant. In the event of any Organic Change, appropriate provision shall be made by the Company with respect to the rights
and interests of the Holder of this Warrant to the end that the provisions hereof (including, without limitation, provisions for
adjustments of the Exercise Price and of the number of shares purchasable and receivable upon the exercise of this Warrant) shall
thereafter be applicable, in relation to any shares of stock, securities or assets thereafter deliverable upon the exercise hereof.
The Company will not affect any such consolidation, merger or sale unless, prior to the consummation thereof, the successor corporation
(if other than the Company) resulting from such consolidation or merger or the corporation purchasing such assets shall assume
by written instrument reasonably satisfactory in form and substance to the Holder executed and mailed or delivered to the registered
Holder hereof at the last address of such Holder appearing on the books of the Company, the obligation to deliver to such Holder
such shares of stock, securities or assets as, in accordance with the foregoing provisions, such Holder may be entitled to purchase.
If there is an Organic Change, then the Company shall cause to be mailed to the Holder at its
last address as it shall appear on the books and records of the Company, at least 10 calendar days before the effective date of
the Organic Change, a notice stating the date on which such Organic Change 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 for securities,
cash, or other property delivered upon such Organic Change; provided, that the failure to mail such notice or any defect therein
or in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. The Holder
is entitled to exercise this Warrant, with respect to Warrant Shares that have become exercisable pursuant to Section 1(a), during
the 10-day period commencing on the date of such notice to the effective date of the event triggering such notice. In any
event, the successor corporation (if other than the Company) resulting from such consolidation or merger or the corporation purchasing
such assets shall be deemed to assume such obligation to deliver to such Holder such shares of stock, securities or assets even
in the absence of a written instrument assuming such obligation to the extent such assumption occurs by operation of law.

 

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(b)       Certificate
as to Adjustments. Upon the occurrence of each adjustment or readjustment pursuant to this Section 3, the Company at its expense
shall promptly compute such adjustment or readjustment in accordance with the terms hereof and furnish to each Holder of this Warrant
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 promptly furnish or cause to be furnished to such Holder a like certificate setting forth: (i) such
adjustments and readjustments; and (ii) the number of shares and the amount, if any, of other property which at the time would
be received upon the exercise of the Warrant.

 

(c)       Certain
Events. If any event occurs as to which the other provisions of this Section 3 are not strictly applicable but the lack of
any adjustment would not fairly protect the purchase rights of the Holder under this Warrant in accordance with the basic intent
and principles of such provisions, or if strictly applicable would not fairly protect the purchase rights of the Holder under this
Warrant in accordance with the basic intent and principles of such provisions, then the Company's Board of Directors will, in good
faith, make an appropriate adjustment to protect the rights of the Holder; provided, that no such adjustment pursuant to
this Section 3(c) will increase the Exercise Price or decrease the number of Warrant Shares as otherwise determined pursuant to
this Section 3.

 

4.       REPRESENTATIONS,
WARRANTIES OF THE HOLDER.

The Holder represents
and warrants to the Company as follows:

(a)        Purchase
for Own Account. This Warrant and the Warrant Shares to be acquired upon exercise of this Warrant by Holder are being acquired
for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution
within the meaning of the Securities Act. Holder also represents that it has not been formed for the specific purpose of acquiring
this Warrant or the Warrant Shares.

(b)       Disclosure
of Information. Holder is aware of the Company’s business affairs and financial condition and has received or has had
full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to
the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions and receive
answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to
obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort
or expense) necessary to verify any information furnished to Holder or to which Holder has access.

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(c)        Investment
Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk. Holder
has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic
risk of such Holder’s investment in this Warrant and its underlying securities and has such knowledge and experience in financial
or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying
securities and/or has a preexisting personal or business relationship with the Company and certain of its officers, directors or
controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances
of such persons.

(d)        Accredited
Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Securities
Act.

(e)       The
Securities Act. Holder understands that this Warrant and the Warrant Shares issuable upon exercise hereof have not been registered
under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the
bona fide nature of the Holder’s investment intent as expressed herein. Holder understands that this Warrant and the Warrant
Shares issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Securities Act and qualified
under applicable state securities laws, or unless exemption from such registration and qualification are otherwise available. Holder
is aware of the provisions of Rule 144 promulgated under the Securities Act.

(f)       Lock-Up Agreement.
If requested by the Company and the representative underwriter, Holder agrees to enter into a lock-up agreement (the
“Lock-Up Agreement”) pursuant to which it will not, for a period set forth in the Lock-up Agreement
following the effective date of the first registration statement of the Company’s initial public offering, offer, sell or
otherwise dispose of the Warrant Shares or any other equity securities of the Company held.

		5.	TRANSFERS AND EXCHANGES OF WARRANT AND WARRANT SHARES

 

(a)       Registration
of Transfers and Exchanges. Subject to Section 5(c), upon the Holder’s surrender of this Warrant, with a duly executed
copy of the Form of Assignment attached as Exhibit B, to the Secretary of the Company at its principal offices or at such
other office or agency as the Company may specify in writing to the Holder, the Company shall register the transfer of all or any
portion of this Warrant. Upon such registration of transfer, the Company shall issue a new Warrant, in substantially the form of
this Warrant, evidencing the acquisition rights transferred to the transferee and a new Warrant, in similar form, evidencing the
remaining acquisition rights not transferred, to the Holder requesting the transfer.

 

(b)       Warrant
Exchangeable for Different Denominations. The Holder may exchange this Warrant for a new Warrant or Warrants, in substantially
the form of this Warrant, evidencing in the aggregate the right to purchase the number of Warrant Shares which may then be purchased
hereunder, each of such new Warrants to be dated the date of such exchange and to represent the right to purchase such number of
Warrant Shares as shall be designated by the Holder. The Holder shall surrender this Warrant with duly executed instructions regarding
such re-certification of this Warrant to the Secretary of the Company at its principal offices or at such other office or agency
as the Company may specify in writing to the Holder.

 

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(c)       Restrictions
on Transfers. This Warrant may not be transferred at any time without (i) registration under the Securities Act or (ii) an
exemption from such registration and a written opinion of legal counsel addressed to the Company that the proposed transfer of
the Warrant may be effected without registration under the Securities Act, which opinion will be in form and from counsel reasonably
satisfactory to the Company.

 

(d)       Permitted
Transfers and Assignments. Notwithstanding any provision to the contrary in this Section 5, the Holder may transfer, with or
without consideration, this Warrant or any of the Warrant Shares (or a portion thereof) to the Holder’s Affiliates (as such
term is defined under Rule 144 of the Securities Act) without obtaining the opinion from counsel that may be required by Section
5(c)(ii), provided, that the Holder delivers to the Company and its counsel certification, documentation, and other assurances
reasonably required by the Company’s counsel to enable the Company’s counsel to render an opinion to the Company’s
Transfer Agent that such transfer does not violate applicable securities laws.

 

		6.	MUTILATED OR MISSING WARRANT CERTIFICATE

 

If this Warrant is mutilated,
lost, stolen or destroyed, upon request by the Holder, the Company will, at its expense, issue, in exchange for and upon cancellation
of the mutilated Warrant, or in substitution for the lost, stolen or destroyed Warrant, a new Warrant, in substantially the form
of this Warrant, representing the right to acquire the equivalent number of Warrant Shares; provided, that, as a prerequisite
to the issuance of a substitute Warrant, the Company may require satisfactory evidence of loss, theft or destruction as well as
an indemnity from the Holder of a lost, stolen or destroyed Warrant.

 

		7.	PAYMENT OF TAXES

 

The Company will pay all
transfer and stock issuance taxes attributable to the preparation, issuance and delivery of this Warrant and the Warrant Shares
(and replacement Warrants) including, without limitation, all documentary and stamp taxes; provided, however, that
the Company shall not be required to pay any tax in respect of the transfer of this Warrant, or the issuance or delivery of certificates
for Warrant Shares or other securities in respect of the Warrant Shares to any person or entity other than to the Holder.

 

8.       FRACTIONAL
WARRANT SHARES

 

No fractional Warrant Shares
shall be issued upon exercise of this Warrant. The Company, in lieu of issuing any fractional Warrant Share, shall round up the
number of Warrant Shares issuable to nearest whole share.

 

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		9.	NO STOCK RIGHTS AND LEGEND

 

No holder of this Warrant,
as such, shall be entitled to vote or be deemed the holder of any other securities of the Company that may at any time be issuable
on the exercise hereof, nor shall anything contained herein be construed to confer upon the holder of this Warrant, as such, the
rights of a stockholder of the Company or the right to vote for the election of directors or upon any matter submitted to stockholders
at any meeting thereof, or give or withhold consent to any corporate action or to receive notice of meetings or other actions affecting
stockholders (except as provided herein), or to receive dividends or subscription rights or otherwise (except as provide herein).

 

Each certificate for Warrant
Shares initially issued upon the exercise of this Warrant, and each certificate for Warrant Shares issued to any subsequent transferee
of any such certificate, shall be stamped or otherwise imprinted with a legend in substantially the following form:

 

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE
TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE
SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER
OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED,
SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR APPLICABLE STATE SECURITIES LAWS.”

 

10.       NOTICES

 

All notices, consents,
waivers, and other communications under this Warrant must be in writing and will be deemed given to a party when (a) delivered
to the appropriate address by hand or by nationally recognized overnight courier service (costs prepaid); (b) sent by facsimile
or e-mail with confirmation of transmission by the transmitting equipment; (c) received or rejected by the addressee, if sent by
certified mail, return receipt requested, if to the registered Holder hereof; or (d) seven days after the placement of the notice
into the mails (first class postage prepaid), to the Holder at the address, facsimile number, or e-mail address furnished by the
registered Holder to the Company from time to time, or if to the Company, to it at 150 Union Square Drive, New Hope, PA 18938,
Attn: Mark Pomeranz (or to such other address, facsimile number, or e-mail address as the Holder or the Company as a party may
designate by notice the other party).

 

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		11.	SEVERABILITY

 

If a court of competent
jurisdiction holds any provision of this Warrant invalid or unenforceable, the other provisions of this Warrant will remain in
full force and effect. Any provision of this Warrant held invalid or unenforceable only in part or degree will remain in full force
and effect to the extent not held invalid or unenforceable.

 

 

12.       BINDING
EFFECT

 

This Warrant shall be binding
upon and inure to the sole and exclusive benefit of the Company, its successors and assigns, the registered Holder or Holders from
time to time of this Warrant and the Warrant Shares.

 

13.       SURVIVAL
OF RIGHTS AND DUTIES

 

This Warrant shall terminate
and be of no further force and effect on the earlier of 5:00 P.M., Eastern Time, on the Expiration Date or the date on which this
Warrant has been exercised in full.

 

		14.	GOVERNING LAW

 

This Warrant will be governed
by and construed under the laws of the State of Delaware without regard to conflicts of laws principles that would require the
application of any other law.

 

		15.	DISPUTE RESOLUTION

 

In the case of a dispute
as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall submit the
disputed determinations or arithmetic calculations via facsimile within two Business Days of receipt of the Notice of Exercise
giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company are unable to agree upon such determination
or calculation of the Exercise Price or the Warrant Shares within three Business Days of such disputed determination or arithmetic
calculation being submitted to the Holder, then the Company shall, within two Business Days, submit via facsimile (a) the disputed
determination of the Exercise Price to an independent, reputable investment bank selected by the Company and approved by the Holder
or (b) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant. The Company
shall cause at its expense the investment bank or the accountant, as the case may be, to perform the determinations or calculations
and notify the Company and the Holder of the results no later than ten (10) Business Days from the time it receives the disputed
determinations or calculations. Such investment bank’s or accountant’s determination or calculation, as the case may
be, shall be binding upon all parties absent demonstrable error.

 

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		16.	NOTICES OF RECORD DATE

 

Upon (a) any establishment
by the Company of a record date of the holders of any class of securities for the purpose of determining the holders thereof who
are entitled to receive any dividend or other distribution, or right or option to acquire securities of the Company, or any other
right, or (b) any capital reorganization, reclassification, recapitalization, merger or consolidation of the Company with or into
any other corporation, any transfer of all or substantially all the assets of the Company, or any voluntary or involuntary dissolution,
liquidation or winding up of the Company, or the sale, in a single transaction, of a majority of the Company’s voting stock
(whether newly issued, or from treasury, or previously issued and then outstanding, or any combination thereof), the Company shall
mail to the Holder at least ten (10) Business Days, or such longer period as may be required by law, prior to the record date specified
therein, a notice specifying (i) the date established as the record date for the purpose of such dividend, distribution, option
or right and a description of such dividend, option or right, (ii) the date on which any such reorganization, reclassification,
transfer, consolidation, merger, dissolution, liquidation or winding up, or sale is expected to become effective and (iii) the
date, if any, fixed as to when the holders of record of Common Stock shall be entitled to exchange their shares of Common Stock
for securities or other property deliverable upon such reorganization, reclassification, transfer, consolation, merger, dissolution,
liquidation or winding up.

 

		17.	RESERVATION OF SHARES

 

The Company shall reserve
and keep available out of its authorized but unissued shares of Common Stock for issuance upon the exercise of this Warrant, free
from pre-emptive rights, such number of shares of Common Stock for which this Warrant shall from time to time be exercisable. 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. Without limiting the generality of the foregoing, the Company covenants
that it will use commercially reasonable efforts to 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 use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents, including but not limited to consents from the Company’s
stockholders or Board of Directors or any public regulatory body, as may be necessary to enable the Company to perform its obligations
under this Warrant.

 

		18.	NO THIRD PARTY RIGHTS

 

This Warrant is not intended,
and will not be construed, to create any rights in any parties other than the Company and the Holder, and no person or entity may
assert any rights as third-party beneficiary hereunder.

 

 

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    -11-

     

    

 

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

 

 

VIRPAX PHARMACEUTICALS, INC.

 

 

By: ___________________________

Name: Anthony Mack

Title: Chief Executive Officer

 

 

 

[Signature Page to Warrant]

    

     

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

(To be executed by the Holder of Warrant if
such Holder desires to exercise Warrant)

 

To Virpax Pharmaceuticals, Inc.:

 

The undersigned hereby
irrevocably elects to exercise this Warrant and to purchase thereunder, ___________________ full shares of Virpax Pharmaceuticals,
Inc. common stock issuable upon exercise of the Warrant and delivery of:

 

(1)       $_________
(in cash as provided for in the foregoing Warrant) and any applicable taxes payable by the undersigned pursuant to such Warrant;
and

 

(2)       __________
shares of Common Stock (pursuant to a Cashless Exercise in accordance with Section 1(b)(ii) of the Warrant) (check here if the
undersigned desires to deliver an unspecified number of shares equal the number sufficient to effect a Cashless Exercise [___]).

 

The undersigned requests
that certificates for such shares be issued in the name of:

 

_________________________________________

(Please print name, address and social security
or federal employer

identification number (if applicable))

 

_________________________________________

 

_________________________________________

 

The undersigned hereby
affirms that the undersigned is an accredited investor as defined under Rule 501 of Regulation D of the Securities Act of 1933.  
If the Holder cannot make the foregoing affirmation because it is factually incorrect, it shall be a condition to the exercise
of the Warrant that the Company receive such other representations as the Company considers necessary, acting reasonably, to assure
the Company that the issuance of securities upon exercise of this Warrant shall not violate any United States or other applicable
securities laws.

 

If the shares issuable
upon this exercise of the Warrant are not all of the Warrant Shares which the Holder is entitled to acquire upon the exercise of
the Warrant, the undersigned requests that a new Warrant evidencing the rights not so exercised be issued in the name of and delivered
to:

 

_________________________________________

(Please print name, address and social security
or federal employer

identification number (if applicable))

_________________________________________

 

_________________________________________

 

Name of Holder (print): ________________________

(Signature): ___________________________________

(By:) _________________________________________

(Title:) ________________________________________

Dated: ________________________________________

 

 

 

    

     

    

EXHIBIT B

 

FORM OF ASSIGNMENT

 

FOR VALUE RECEIVED, ___________________________________
hereby sells, assigns and transfers to each assignee set forth below all of the rights of the undersigned under the Warrant (as
defined in and evidenced by the attached Warrant) to acquire the number of Warrant Shares set opposite the name of such assignee
below and in and to the foregoing Warrant with respect to said acquisition rights and the shares issuable upon exercise of the
Warrant:

 

 

	Name of Assignee	Address	Number of Shares
	
         

         
	 	 
	
         

         
	 	 
	
         

         
	 	 
	
         

         
	 	 

 

 

If the total of the Warrant
Shares are not all of the Warrant Shares evidenced by the foregoing Warrant, the undersigned requests that a new Warrant evidencing
the right to acquire the Warrant Shares not so assigned be issued in the name of and delivered to the undersigned.

 

 

Name of Holder (print): ________________________

(Signature): ___________________________________

(By:) _________________________________________

(Title:) ________________________________________

Dated: ________________________________________Exhibit
 10.5

 

EMPLOYMENT
AGREEMENT

 

EMPLOYMENT
AGREEMENT effective as of September 18, 2018 (this “Agreement”) between Virpax Pharmaceuticals, Inc. (the “Company”),
a Delaware corporation, and Anthony P. Mack (the “Executive”).

 

Background:

 

The parties desire to enter into this Agreement
to provide for the employment of the Executive by the Company and for certain other matters in connection with such employment,
all as set forth more fully in this Agreement. Certain capitalized terms used in this Agreement have the respective meanings given
to them in Exhibit A hereto.

 

Terms:

 

NOW, THEREFORE,
in consideration of the premises and covenants set forth herein, and intending to be legally bound hereby, the parties to this
Agreement hereby agree as follows:

 

1. Position and Duties; Board Seat.

 

(a) Position
and Duties. The Company agrees that the Executive shall be employed by the Company to serve as Chairman and Chief Executive
Officer of the Company. The Executive shall report to the Board of Directors of the Company (the “Board”). The Executive
agrees to be so employed by the Company and agrees to devote substantially all of his business time, attention, skill and efforts
to perform services for the Company and to faithfully and diligently discharge and fulfill his duties hereunder to the best of
his abilities. In so doing, the Executive shall perform such executive, managerial, administrative and financial functions as are
required to develop the Company’s business and to perform other duties assigned to the Executive by the Board that are consistent
with the Executive’s title as Chairman and Chief Executive Officer. The Executive shall perform his duties hereunder primarily
at the Company’s principal offices. In the performance of his duties, the Executive shall travel to such other places at
such times as the needs of the Company may from time-to-time dictate or be desirable

 

(b) Other
Activities. Notwithstanding Section 1(a), the Executive may continue to serve as director on the boards of Cyril Pharmaceuticals,
IACTA Pharmaceuticals, The House of Ann (501c) and DAM Fashions, acting reasonably and in good faith, provided that such board
services will not and do not interfere materially with the Executive’s duties to the Company.

 

(c) Board
Seat.  The Executive will continue to be nominated for election to a seat on the Board, which the Executive shall occupy for
as long as the Executive continues to serve as Chief Executive Officer of the Company.

 

2.
Term. The Executive’s employment under this Agreement shall commence on the Commencement Date and shall end
when terminated pursuant to Section 4.

 

    

     

    

 

 

3. Compensation.

 

(a) Base
Salary. During the term of the Executive’s employment under this Agreement, the Executive shall be paid an annual salary
at the rate of $375,000 (the “Base Salary”), payable in accordance with the Company’s payroll practices and policies
in effect from time to time and subject to applicable withholding of income taxes, social security taxes and other such other payroll
deductions as are required by law or applicable employee benefit programs. The Board shall review the Executive’s Base Salary
for annual increases, commencing with the Base Salary for the 2020 calendar year.

 

(b) Cash
Bonus. With respect to each fiscal year of the Company during the continued full-time employment of the Executive hereunder,
the Executive will be eligible to be considered for an annual performance bonus (the “Cash Bonus”) in an amount of
up to 50% of the Executive’s Base Salary, which shall be prorated for 2018 based on the number of days during such year that
the Executive was employed by the Company. The Cash Bonus, if any, will be awarded by the Board in its sole discretion based on
the achievement of Company and personal performance metrics established by the Board on an annual basis, following consultation
with the Executive. Any Cash Bonus awarded to the Executive hereunder will be payable in a single lump sum cash payment, less applicable
taxes and withholdings, not later than two and one-half months after the end of the fiscal year to which it relates in accordance
with the Company’s customary practices for annual bonus payments.

 

(c) Equity
Incentives. The Executive shall be eligible to participate in equity incentive programs established by the Company from time
to time in accordance with the terms of those programs.

 

(d) Vacation
and Fringe Benefits. The Executive shall be entitled to participate in all vacation and other fringe benefit programs of the
Company to the extent and on the same terms and conditions as are accorded to other senior management employees of the Company.

 

(e) Reimbursement
of Other Expenses. The Company shall reimburse the Executive for the reasonable and necessary out-of-pocket business expenses
incurred by the Executive for or on behalf of the Company in furtherance of the performance of the Executive’s duties hereunder
in accordance with the Company’s policies as approved by the Board from time to time, subject in all cases to the Company’s
requirements with respect to reporting and documentation of such expenses.

 

(f) Section
409A. If any reimbursement under this Section 3 is not exempt from Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”) then (i) any reimbursement in one calendar year shall not affect the amount that may be reimbursed in
any other calendar year; (ii) a reimbursement (or right thereto) may not be exchanged or liquidated for another benefit or payment;
and (iii) a reimbursement shall be made no later than the end of the calendar year following the calendar year in which the Executive
incurred the related expense.

 

    2

     

    

 

4. Termination.

 

(a) Death.
The Executive’s employment with the Company shall automatically terminate effective as of the date of the Executive’s
death, in which event the Company shall not have any further obligation or liability under this Agreement except that the Company
shall pay to the Executive’s estate: (i) any portion of the Executive’s Base Salary for the period up to the Executive’s
date of death that has been earned but remains unpaid; (ii) any expenses properly incurred but not yet reimbursed, including, without
limitation, the reimbursements provided for in sub-sections (d) and (f) of Section 3; (iii) any benefits that have accrued to the
Executive under the terms of the employee benefit plans of the Company, which benefits shall be paid in accordance with the terms
of those plans (the payments in clauses (i) through (iii) collectively, the “Accrued Obligations”); and (iv) the Cash
Bonus awarded pursuant to Section 3(b), if any, with respect to the fiscal year prior to the fiscal year of termination, to the
extend unpaid (the “Earned Bonus”). The Accrued Obligations shall be paid on the first payroll date following the last
date of employment to the extent administratively feasible and, if not, then on the second payroll date following the last date
of employment. The Earned Bonus, if any, will be paid when it would have been paid had Executive remained employed with the Company.

 

(b) Disability.
The Company may terminate the employment of the Executive immediately upon written notice to the Executive in the event of the
Disability of the Executive, in which event the Company shall not have any further obligation or liability under this Agreement
except for the Accrued Obligations and the Earned Bonus. The Accrued Obligations shall be paid on the first payroll date following
the last date of employment to the extent administratively feasible and, if not, then on the second payroll date following the
last date of employment. The Earned Bonus, if any, will be paid when it would have been paid had Executive remained employed with
the Company.

 

(c) Termination
of the Executive’s Employment for Cause. The Company may terminate the employment of the Executive for Cause immediately
upon providing written notice of such termination to the Executive. If the Executive’s employment with the Company is terminated
by the Company for Cause, the Company shall not have any further obligation or liability under this Agreement except for the Accrued
Obligations. The Accrued Obligations shall be paid on the first payroll date following the last date of employment to the extent
administratively feasible and, if not, then on the second payroll date following the last date of employment.

 

    3

     

    

 

(d) Other Termination by the Company. The
Company may terminate the employment of the Executive for any reason other than one specified in Section 4(b) or Section 4(c)
immediately upon written notice of termination to the Executive. If the Executive’s employment with the Company is
terminated by the Company for any reason other than one specified in Section 4(b) or Section 4(c), in addition to the Accrued
Obligations, and subject to the execution by the Executive of a release in the form of Exhibit B hereto (the
“Release”) and the compliance by the Executive with the Release and all terms and provisions of this Agreement
and the Executive Confidentiality Agreement (as defined in Section 5) that survive the termination of the Executive’s
employment by the Company the Executive shall be entitled to receive (i) severance payments in an amount equal to the Base
Salary for the Severance Period, payable in accordance with the Company’s payroll practices and policies then in effect
(except as provided below regarding the commencement of payments); plus (ii) monthly reimbursement (upon presentation of
proof of payment) for the medical insurance premiums under the Company’s group insurance plan (currently Independence
Blue Cross Personal Choice Flex, Group #10402187) for the Executive and his eligible dependents at the same level as was in
effect on the termination date until the earlier of (1) the end of the Severance Period or (2) the date the
Executive becomes eligible for medical benefits through another employer. Any payments due pursuant to Section 4(d), other
than the Accrued Obligations, shall commence as soon as administratively feasible within 60 days after the date of the
Executive’s termination of employment provided the Executive has timely executed and returned the Release and, if a
revocation period is applicable, the Executive has not revoked the Release; provided, however, that if the 60-day period
begins in one calendar year and ends in a second calendar year, the severance payments shall begin to be paid in the second
calendar year. The Accrued Obligations will be paid on the first payroll date following last date of employment to the extent
administratively feasible and, if not, then on the second payroll date following the last date of employment. If the
Executive’s employment with the Company is terminated by the Company pursuant to this Section 4(d), the Company shall
not have any further obligation or liability under this Agreement except for the payments specified in clauses (i) and (ii)
of this Section 4(d) and payment of the Accrued Obligations.

 

(e) Termination by the Executive for
Good Reason. The Executive may terminate his employment with the Company for Good Reason immediately upon providing
written notice of such termination to the Company. If the Executive shall terminate the Executive’s employment with the
Company for Good Reason, the Executive shall be entitled to receive the same payments and benefits on the same terms and
conditions as would be applicable upon a termination of the Executive’s employment by the Company as provided in
Section 4(d) and subject to the satisfaction of the other provisions of such Section 4(d) and this Section 4(e). If the
Executive’s employment with the Company is terminated by the Executive for Good Reason pursuant to this Section 4(e),
the Company shall not have any further obligation or liability under this Agreement except for the payments specified in
clauses (i) and (ii) of Section 4(d) and payment of the Accrued Obligations. The Executive may not terminate his employment
with the Company for Good Reason pursuant to this Section 4(e), and shall not be considered to have done so for any purpose
of this Agreement, unless (I) the Executive, within 60 days after the initial existence of the act or failure to act by the
Company that constitutes “Good Reason” within the meaning of this Agreement, provides the Company with written
notice that describes, in particular detail, the act or failure to act that the Executive believes to constitute “Good
Reason” and identifies the particular clause of this Section 4(e) that the Executive contends is applicable to such act
or failure to act; (II) the Company, within 30 days after its receipt of such notice, fails or refuses to rescind such act or
remedy such failure to act so as to eliminate “Good Reason” for the termination by the Executive of the
Executive’s employment relationship with the Company; and (III) the Executive actually resigns from the employ of the
Company on or before that date that is 12 calendar months after the initial existence of the act or failure to act by the
Company that constitutes “Good Reason.” If the requirements of the immediately preceding sentence are not fully
satisfied on a timely basis, then the resignation by the Executive from the employ of the Company shall not be deemed to have
been for “Good Reason,” the Executive shall not be entitled to any of the benefits to which the Executive would
have been entitled if the Executive had resigned from the employ of the Company for “Good Reason,” and the
Company shall not be required to pay any amount or provide any benefit that would otherwise have been due to the Executive
under this Section 4(e) had the Executive resigned with “Good Reason.”

 

    4

     

    

 

(f) Other
Termination by the Executive. The Executive may terminate the Executive’s employment for any reason other than one specified
in Section 4(e) upon 30 days’ prior written notice of termination to the Company. In the event the Executive shall terminate
the Executive’s employment pursuant to this Section 4(f), the Company shall not have any further obligation or liability
under this Agreement, except for the Accrued Obligations, which shall be paid on the first payroll date following last date of
employment to the extent administratively feasible and if not, then on the second payroll date following the last date of employment.
The Company shall not have the right following Executive’s provision of notice to terminate the Executive’s employment
prior to the end of the notice period unless the Company pays the Executive for the full notice period.

 

(g) Base
Salary Continuation. The Base Salary continuation set forth in Sections 4(d) and (e) above shall be intended either (i) to
satisfy the safe harbor set forth in the Treas. Regs. 1.409A-1(b)(9)(iii), or (ii) be treated as a Short-term Deferral as that
term is defined Treas. Regs. 1.409A-1(b)(4). To the extent such continuation payments exceed the applicable safe harbor amount
or do not constitute a Short-term Deferral, the excess amount shall be treated as deferred compensation under Code section 409A
and as such shall be payable pursuant to the following schedule: such excess amount shall be paid via standard payroll in periodic
installments in accordance with the Company’s usual practice for its senior executives. Solely for purposes of Code section
409A, each installment payment is considered a separate payment. Notwithstanding any provision in this Agreement to the contrary,
in the event that the Executive is a “specified employee” as defined in Code section 409A, any continuation payment,
continuation benefits or other amounts payable under this Agreement that would be subject to the special rule regarding payments
to “specified employees” under Section 409A(a)(2)(B) of the Code shall not be paid before the expiration of a period
of six months following the date of the Executive’s termination of employment or before the date of the Executive’s
death, if earlier.

 

(h) Parachute
Provisions. In the event a Change of Control occurs, the Company will engage an independent accounting firm (the “Accounting
Firm”) at its expense to determine whether the Executive received, is entitled to receive or will become entitled to receive
any benefits or payments in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) (the “Total
Payments”), and whether the Total Payments will be subject to the tax (the “Excise Tax”) imposed by Section 4999
of the Code. If the Total Payments will be subject to the Excise Tax, at the Executive’s election, (i) the Company shall
use reasonable efforts to obtain the approval of Company’s stockholders in the manner contemplated by Q&A 7 of Treas.
Reg. Section 1.280G such that the Excise Tax shall not apply to any portion of the Total Payments, or (ii) the aggregate present
value of the Total Payments shall be reduced (but not below $1) if reducing the Total Payments will provide the Executive with
a greater net after-tax amount than would be the case if no reduction was made. Any reduction shall be done in accordance with
Section 409A of the Code.

 

5. Confidentiality and
Restrictive Covenants. Concurrently with the execution hereof, and as a condition of
employment, the Executive shall execute and deliver an Employee Confidential Disclosure, Invention Assignment,
Non-Competition, Non-Solicitation and Non-Interference Agreement (the “Executive Confidentiality
Agreement”).

 

    5

     

    

 

6. No Conflicts. The
Executive represents and warrants that the Executive is not party to any agreement, contract or understanding, whether of employment,
consultancy or otherwise, in conflict with this Agreement or which would in any way restrict or prohibit the Executive from undertaking
or performing services for the Company or otherwise from entering into or performing this Agreement or the Invention Assignment
Agreement.

 

7. Full Agreement. This
Agreement (including the Exhibits hereto) and the Executive Confidentiality Agreement, constitute the entire agreement of the
parties concerning its subject matter and supersedes all other oral or written understandings, discussions, and agreements, and
may be modified only in a writing signed by both parties; provided that neither this Agreement nor the Executive Confidentiality
Agreement shall not supersede any prior confidentiality, nondisclosure or invention assignment agreements executed by the Executive
in favor of the Company. The parties acknowledge that they have read and fully understand the contents of this Agreement and execute
it after having an opportunity to consult with legal counsel.

 

8. Amendments. Any
amendment to this Agreement shall be made in writing and signed by the parties hereto.

 

9. Enforceability. If
any provision of this Agreement shall be invalid or unenforceable, in whole or in part, then such provision shall be deemed to
be modified or restricted to the extent and in the manner necessary to render the same valid and enforceable, or shall be deemed
excised from this Agreement, as the case may require, and this Agreement shall be construed and enforced to the maximum extent
permitted by law as if such provision had been originally incorporated herein as so modified or restricted or as if such provision
had not been originally incorporated herein, as the case may be.

 

10. Construction. This
Agreement shall be construed and interpreted in accordance with the internal laws of the Commonwealth of Pennsylvania.

 

11. Assignment.

 

(a) By
the Company. The rights and obligations of the Company under this Agreement shall inure to the benefit of, and shall be binding
upon, the successors and assigns of the Company. This Agreement may be assigned by the Company without the consent of the Executive.

 

(b) By
the Executive. This Agreement and the obligations created hereunder may not be assigned by the Executive, but all rights of
the Executive hereunder shall inure to the benefit of and be enforceable by the Executive’s heirs, devisees, legatees, executors,
administrators and personal representatives. Any attempted assignment in violation of this Section 11(b) shall be null and void.

 

    6

     

    

 

12. Notices. All
notices required or permitted to be given hereunder shall be in writing and shall be deemed to have been given when mailed by
certified mail, return receipt requested, or delivered by a national overnight delivery service addressed to the intended recipient
as follows:

 

If to the Company:

Virpax Pharmaceuticals, Inc.

101 Lindenwood Drive, Suite 225

Malvern PA 19355

Attention: General Counsel

 

If to the Executive:

 

Anthony P. Mack

[**]

 

Any party may from time to time change its address for the purpose
of notices to that party by a similar notice specifying a new address, but no such change shall be deemed to have been given until
it is actually received by the party sought to be charged with its contents.

 

13. Waivers. No
claim or right arising out of a breach or default under this Agreement shall be discharged in whole or in part by a waiver of
that claim or right unless the waiver is supported by consideration and is in writing and executed by the aggrieved party hereto
or such party’s duly authorized agent. A waiver by any party hereto of a breach or default by the other party hereto of
any provision of this Agreement shall not be deemed a waiver of future compliance therewith, and such provisions shall remain
in full force and effect.

 

14. Survival of Covenants. The
provisions of Section 4 through this Section 14 shall survive the termination of the Executive’s employment shall continue
in effect thereafter.

 

15. Counterparts; Facsimile or Electronic
Transmission. This Agreement may be executed by the parties on separate
counterparts, both of which shall be an original and both of which together shall constitute one and the same agreement. A facsimile
or electronic transmission of a scanned copy of a signed counterpart signature page hereto shall be deemed to be an originally
executed copy for purposes of this Agreement.

 

(Signature page follows.)

 

    7

     

    

 

IN WITNESS
WHEREOF, this Agreement has been executed by the parties as of the date first above written.

 

	 	VIRPAX PHARMACEUTICALS, INC.

 

	 	By: 	/s/ Michele Linde
	 	 	Michele C. Linde
	 	 	Secretary of the Board

 

	 	/s/
    Anthony P. Mack
	 	Anthony P. Mack

 

    8

     

    

 

EXHIBIT A

 

Certain Definitions

 

The following terms have the meaning set
forth below wherever they are used in this Agreement:

 

“Cause” for the Company (or
a successor, if appropriate) to terminate the Executive’s employment will exist upon the occurrence of any of the following
events: (i) the Executive’s continued failure to substantially perform the Executive’s duties and obligations to the
Company, including but not limited to any material breach of this Agreement or any material violation of the Company’s written
policies or rules, and failure to cure the same within ten business days after being notified by the Board; (ii) the Executive’s
having committed willful fraud or willful misconduct, in any such case which is materially injurious to the Company; (iii) the
Executive’s having been convicted of a felony involving moral turpitude that results in material harm to the standing or
reputation of the Company; or (iv) the Executive’s material breach of the terms of the Invention Assignment Agreement.

 

“Change of Control” means (i)
any merger or consolidation in which voting securities of the Company possessing more than 50% of the total combined voting power
of the Company’s outstanding securities are transferred to a person or persons different from the person holding those securities
immediately prior to such transaction and the composition of the Board following such transaction is such that the directors of
the Company prior to the transaction constitute less than 50% of the Board membership following the transaction; or (ii) any acquisition,
directly or indirectly, by a person or related group of persons (other than the Company or a person that directly or indirectly
controls, is controlled by, or is under common control with, the Company) of beneficial ownership of voting securities of the Company
possessing more than 50% of the total combined voting power of the Company’s outstanding securities; provided, however, that,
no Change of Control shall be deemed to occur by reason of the acquisition of shares of the Company’s capital stock by an
investor or group of investors in the Company in a capital-raising transaction.

 

“Code” means the Internal Revenue
Code of 1986, as amended.

 

“Commencement Date” means ___________
__, 2018.

 

“Competitive Business” means
the commercialization, manufacturing, marketing, distribution, licensing and/or sale of devices, systems, methodologies or technologies
for the delivery, transmission or administration of one or more drugs or other substances used for the prevention and/or treatment
of pain, or any other technology, product or service being developed, manufactured, marketed, distributed, offered, sold or planned
in writing by the Company.

 

“Disability” means an illness,
incapacity or a mental or physical condition that renders the Executive unable or incompetent, with or without a reasonable accommodation,
to carry out the job responsibilities that the Executive held or the tasks that the Executive was assigned at the time the disability
commenced for a period of 90 consecutive days, or 180 non-consecutive days in any rolling 12-month period.

 

    A-1

     

    

 

“Good Reason” for the Executive
to resign from the employ of the Company will exist upon the occurrence of any of the following events, subject to compliance with
the other provisions of Section 4(e): (a) a reduction in the Base Salary, as then in effect; (b) a material reduction of the Executive’s
authority, position, responsibilities or duties unless such reduction is part of a Company-wide reduction in compensation and/or
benefits for all of its senior executives, and except that, following a Change of Control, a reduction in authority, position,
responsibilities or duties solely by virtue of the Company being acquired and becoming part of a larger entity or operated as a
subsidiary or division of a larger company shall not constitute Good Reason; (c) the Company’s material breach of this Agreement;
or (d) a relocation of the Executive’s principal workplace by more than 50 miles from the Company’s principal offices
as of the Commencement Date.

 

“Severance Period” shall mean
a period of twelve months after the effective date of the termination of the Executive’s employment.

 

    A-2

     

    

 

EXHIBIT B

 

Release of Claims

 

1. Termination
of Employment. Anthony P. Mack (“Executive”) hereby agrees and recognizes that, as of __________, 20__, Executive’s
employment relationship with Virpax Pharmaceuticals, Inc., a Delaware corporation (the “Company”), will be permanently
and irrevocably severed.

 

2. Release of Claims. In
consideration of the payments and benefits described in Section 4(d) and Section 4(e) of the employment agreement (the
“Employment Agreement”), effective October 11, 2016, by and between Executive and the Company, to which Executive
agrees Executive is not entitled until and unless Executive executes and does not revoke this Release, Executive, for and on
behalf of himself and his heirs, executors, administrators and assigns, hereby waives and releases any and all complaints,
claims, suits, controversies, and actions, whether known or unknown, suspected or claimed, which Executive, or any of the
Executive’s heirs, executors, administrators or assigns ever had, now has or may have against the Company and/or its
respective predecessors, successors, past or present parents or subsidiaries, affiliates, investors, branches or related
entities (collectively, including the Company, the “Entities”) and/or the Entities’ past or present
stockholders, insurers, assigns, trustees, directors, officers, limited and general partners, managers, joint venturers,
members, employees or agents in their respective capacities as such (collectively with the Entities, the
“Releasees”) by reason of circumstances, acts or omissions which have occurred on or prior to the date that this
Release becomes effective, including, without limitation, (a) any complaint, charge or cause of action arising under (i)
federal, state or local laws pertaining to employment or termination of employment, including the Age Discrimination in
Employment Act of 1967 (the “ADEA,” a law which prohibits discrimination on the basis of age), the National Labor
Relations Act, as amended, the Civil Rights Act of 1991, as amended, the Americans with Disabilities Act of 1990, as amended,
Title VII of the Civil Rights Act of 1964, as amended, the Equal Pay Act of 1963, as amended, the Family and Medical Leave
Act of 1993, as amended, the Worker Adjustment Retraining and Notification Act, as amended, the Executive Retirement Income
Security Act of 1974, as amended, any applicable Executive Order Programs, the Fair Labor Standards Act, or their state or
local counterparts (including, but not limited to, the Pennsylvania Human Relations Act); (ii) any other federal, state or
local civil or human rights law; (iii) any other local, state, or federal law, regulation or ordinance; (iv) any public
policy, contract and/or quasi-contract or tort (including, but not limited to, claims of breach of the Employment Agreement,
an expressed or implied contract, tortious interference with contract or prospective business advantage, breach of the
covenant of good faith and fair dealing, promissory estoppel, detrimental reliance, invasion of privacy, nonphysical injury,
personal injury or sickness or any other harm, wrongful or retaliatory discharge, fraud, defamation, slander, libel, false
imprisonment, negligent or intentional infliction of emotional distress); (v) common law; or (vi) any policies, practices or
procedures of the Company; or (b) any claim for costs, fees, or other expenses, including attorneys’ fees incurred in
these matters (the “Released Claims”). By signing this Release, Executive acknowledges that he intends to waive
and release any rights known or unknown that he may have against the Releasees under these and any other laws.
Notwithstanding the foregoing, Executive does not release, discharge or waive: any rights to indemnification that he may have
under the certificate of incorporation, the by-laws or equivalent governing documents of the Company or its subsidiaries or
affiliates, the laws of the State of Delaware or any other state of which any such subsidiary or affiliate is a domiciliary,
the Employment Agreement or any indemnification agreement between Executive and the Company; any rights to insurance coverage
under any directors’ and officers’ personal liability insurance or fiduciary insurance policy; any rights he may
have in his capacity as a stockholder of the Company; any rights he may have to enforce the vested terms of any equity or
other incentive agreement previously provided to him; any rights he may have to severance benefits and payment of Accrued
Obligations under the Employment Agreement (the “Excluded Claims”). The Executive acknowledges that he has made
no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by this Section 1.

 

    B-1

     

    

 

3. Proceedings.
Executive acknowledges that he has not filed any complaint, charge, claim or proceeding, if any, or assigned to any other person
the right to bring any such complaint, charge, claim, or proceeding, relating to the Released Claims against any of the Releasees
before any local, state or federal agency, court or other body (each individually a “Proceeding”). Executive (i) acknowledges
that he will not initiate or cause to be initiated on her behalf any Proceeding and will not participate in any Proceeding, in
each case, except as required by law and (ii) waives any right he may have to benefit in any manner from any relief (whether monetary
or otherwise) arising out of any Proceeding, including any Proceeding conducted by the Equal Employment Opportunity Commission
(the “EEOC”). Further, Executive understands that, by executing this Release, he will be limiting the availability
of certain remedies that she may have against the Releasees and limiting also his ability to pursue certain claims against the
Releasees. Notwithstanding the above, nothing in Section 1 of this Release shall prevent Executive from (i) initiating or
causing to be initiated on his behalf any complaint, charge, claim or proceeding against any Releasee before any local, state or
federal agency, court or other body challenging the validity of the waiver of his claims under the ADEA contained in Section 1
of this Release (but no other portion of such waiver), (ii) initiating or participating in an investigation or proceeding conducted
by the EEOC or (iii) reporting possible violations of federal, state or local law, ordinance or regulation to any governmental
agency or entity, including, but not limited to, the Department of Justice, the U.S. Securities and Exchange Commission (the “SEC”),
the Congress and any agency Inspector General, or otherwise taking action or making disclosures that are protected under the whistleblower
provisions of any federal, state or local law, ordinance or regulation, including, but not limited to, Rule 21F-17 promulgated
under the Securities Exchange Act of 1934, as amended; or (iv) receiving a monetary award for information provided to the SEC pursuant
to Rule 21F-17 promulgated under the Securities Exchange Act of 1934, as amended. The Executive acknowledges and agrees that the
Executive’s separation from employment with the Company in compliance with the terms of the Employment Agreement shall not
serve as the basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment
Act of 1967).

 

4. Time
to Consider. Executive acknowledges that he has been advised that he has [twenty-one (21)]/[forty-five (45)]1 days
from the date of receipt of this Release to consider all the provisions of this Release and, further, that if Executive signs
this Release prior to the expiration of such [twenty-one (21)]/[forty-five (45)] day period, he does hereby knowingly and
voluntarily waive said given [twenty-one (21)]/[forty-five (45)] day period. EXECUTIVE FURTHER
ACKNOWLEDGES THAT HE HAS READ THIS RELEASE CAREFULLY, HAS BEEN ADVISED BY THE COMPANY TO, AND HAS IN FACT, CONSULTED AN
ATTORNEY, AND FULLY UNDERSTANDS THAT BY SIGNING BELOW HE IS GIVING UP CERTAIN RIGHTS WHICH HE MAY HAVE TO SUE OR ASSERT A
CLAIM AGAINST ANY OF THE RELEASEES, AS DESCRIBED IN SECTION 1 OF THIS RELEASE AND THE OTHER PROVISIONS HEREOF. EXECUTIVE
ACKNOWLEDGES THAT HE HAS NOT BEEN FORCED OR PRESSURED IN ANY MANNER WHATSOEVER TO SIGN THIS RELEASE, AND EXECUTIVE AGREES TO
ALL OF ITS TERMS VOLUNTARILY. [EXECUTIVE ALSO ACKNOWLEDGES THAT HE HAS RECEIVED ALL INFORMATION REQUIRED TO BE DISCLOSED IN
CONNECTION WITH AN EXIT INCENTIVE OR OTHER EMPLOYMENT TERMINATION PROGRAM.]

 

 

		1	NTD: To be selected based on whether applicable termination
was “in connection with an exit incentive or other employment termination program” (as such phrase is defined in the
Age Discrimination in Employment Act of 1967).

 

    B-2

     

    

 

5. Revocation.
Executive hereby acknowledges and understands that Executive shall have seven (7) days from the date of his execution of this Release
to revoke this Release (including, without limitation, any and all claims arising under the ADEA) and that neither the Company
nor any other person is obligated to provide any benefits to Executive pursuant to Section 4(d) or Section 4(e) of the Employment
Agreement until eight (8) days have passed since Executive’s signing of this Release without Executive having revoked this
Release, in which event the Company immediately shall arrange and/or pay for any such benefits otherwise attributable to said eight-(8)
day period, consistent with the terms of the Employment Agreement. If Executive revokes this Release, Executive will be deemed
not to have accepted the terms of this Release, no action or forbearance of action will be required of the Company under any section
of this Release, and Executive shall not be entitled to receive any portion of the severance compensation and benefits which are
conditioned on the delivery of this Release.

 

6. No
Admission. This Release does not constitute an admission of liability or wrongdoing of any kind by Executive or the Company.

 

7. Confidentiality.
Executive agrees that Executive will not communicate or disclose the terms of this Release to any persons with the exception of
members of Executive’s immediate family and Executive’s attorney and financial advisor, or as permitted by Section
3 above.

 

8. Return
of Company Property. Executive represents that all equipment and other property of the Company, including any documents and
files, whether electronically stored or maintained in hard copy, have been returned to the Company, and that Executive has not
retained any copies of the same.

 

9. Non-Disparagement.
Executive will not disparage any Releasee or otherwise take any action which could reasonably be expected to adversely affect the
personal or professional reputation of any Releasee. The Company’s directors, officers and senior executives shall not disparage
or otherwise take any action which could reasonably be expected to adversely affect the personal or professional reputation of
the Executive.

 

10. Post-Employment
Obligations. Executive reaffirms that he will comply with all of his post-employment obligations as set forth in Section 5
of the Employment Agreement.

 

    B-3

     

    

 

11. Entire
Agreement. This Agreement constitutes the entire agreement between the parties and supersedes any and all prior representations,
agreements, written or oral, expressed or implied, except for Section 5 of the Employment Agreement, which survives the termination
of Executive’s employment and is incorporated herein by reference, and except for any agreements with respect to Executive’s
options to acquire Common Stock of the Company. This Agreement may not be modified or amended other than by an agreement in writing
signed by an officer of the Company.

 

12. Acknowledgement.
Executive acknowledges and agrees that, subsequent to the termination of Executive’s employment, Executive shall not be eligible
for any payments from the Company or Company-paid benefits, except as expressly set forth in this Agreement. Executive also acknowledges
and agrees that Executive has been paid for all time worked and has received all other compensation owed to him.

 

13. Assignment.
This Agreement shall be binding upon and be for the benefit of the parties as well as Executive’s heirs and the Company’s
successors and assigns.

 

14. General
Provisions. A failure of any of the Releasees to insist on strict compliance with any provision of this Release shall not be
deemed a waiver of such provision or any other provision hereof. If any provision of this Release is determined to be so broad
as to be unenforceable, such provision shall be interpreted to be only so broad as is enforceable, and in the event that any provision
is determined to be entirely unenforceable, such provision shall be deemed severable, such that all other provisions of this Release
shall remain valid and binding upon Executive and the Releasees.

 

15. Governing
Law. The validity, interpretations, construction and performance of this Release shall be governed by the laws of the Commonwealth
of Pennsylvania without giving effect to conflict of laws principles.

 

IN
WITNESS WHEREOF, Executive has hereunto set Executive’s hand as of the day and year set forth opposite his signature
below

 

	 	 	 
	Date	 	Anthony P. Mack

 

 

B-4

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