Document:

COMTECH BROADBAND CORPORATION LTD.

 

This Executive Employment
Agreement (this “Agreement”) is dated as of January 31, 2011 by and between FUYA ZHENG, whose HKID number
is R640476(5) (the “Executive”) and COMTECH BROADBAND CORPORATION LTD., a company registered and
incorporated in Hong Kong (the “Company”).

 

The Company believes it is in the best
interests of the Company to employ the Executive and incentive the Executive to serve the Company. Accordingly, the Company and
the Executive agree to enter into this Employment Agreement.

 

Now therefore, in consideration of the
mutual promises, covenants and agreements contained herein, the parties hereto agree as follows:

 

		1.	Term of Agreement

 

This Agreement shall commence
on January 1, 2011 (the “Start Date”) and will end on the third anniversary of the Start Date. Subject to the Company’s
severance payment obligations set forth in Section 6 below, this Agreement may be terminated by either party with cause or by Executive
without cause, on twelve (12) weeks written notice to the other party.

 

		2.	Position and Duties

 

		(a)	Executive shall be employed by the Company as Chief Financial Officer of the holding company of the Company,
Cogo Group, Inc. (the “Holding Company”) and will directly report to the Chief Executive Officer and the Board
of Directors of the Holding Company.

		(b)	Executive shall perform such duties and responsibilities as are normally related to such position
in accordance with the standards of the industry and any additional duties now or hereafter assigned to Executive by the Company.
Executive shall abide by the Company’s rules, regulations, and practices as they may from time-to-time be adopted or modified.

		(c)	Other Activities. Except upon the prior written consent of the Company, Executive will not, during
the term of this Agreement, accept any other employment, or engage, directly or indirectly, in any other business activity (whether
or not pursued for pecuniary advantage) that might interfere with Executive’s duties and responsibilities hereunder or create
a conflict of interest with the Company.

 

		3.	Compensation

 

		(a)	Executive shall receive a base salary of HKD78,000.00 per month and 90,000 shares of common
                                                                 stocks of the Holding Company, traded on NASDAQ under the symbol COGO, that vests in twelve equal installments on a quarterly
                                                                 basis, beginning March 31, 2011.

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		(b)	As determined by the Board of Directors of the Holding Company, Performance Bonus may be
                                                                 granted on a yearly basis of up to an additional (i) 20,000 shares of the Holding Company’s common stock for timely
                                                                 filings of the Holding Company’s Form 10-Ks and Form 10-Qs in each of 2011, 2012 and 2013; (ii) 10,000 shares of the
                                                                 Holding Company’s common stock if the Holding Company’s consolidated pro forma earnings per share compound annual
                                                                 growth rate is at or above 20% and (iii) 10,000 shares of the Company’s common stock if the pro forma earnings per share
                                                                 is 30% or more above the previous year’s pro forma earnings per share.

		(c)	During the continuance of this Agreement, the Executive shall be entitled to participate in and
to receive benefits from all present and future medical and all other benefits made available generally to employees of the Company.

		(d)	In the event that common stock of the Holding Company is changed into or exchanged for a different
number or kind of shares of the Holding Company or other securities of the Holding Company or of any third corporation, by reason
of reorganization, merger, consolidation, recapitalization, reclassification, stock split up, stock dividend or combination of
shares, the Company shall procure to make an appropriate and equitable adjustment to the number of shares to be granted to the
Executive or any appropriate substitution of a different security for such shares as the case may be. Any such adjustment made
shall be final and binding upon the Executive.

 

		4.	Working Hours and Holidays

 

The Executive shall carry out
his duties on a full-time basis, no less than Eight (8) hours each day, from Monday to Friday of every week. The Executive will
be required to work in flexible working hours as needed to fulfill his duties.

 

The Executive shall be entitled
to Fifteen (15) workings days paid leave per year in addition to the gazetted public holidays.

 

		5.	Location of Work

 

The Executive shall be required
to work in such place(s), within or outside the jurisdiction of Hong Kong as assigned by the Company. Such place may includebut
not limit to the premises of the Company’s related companies in Shenzhen of PRC.

 

		6.	Termination of Employment and Severance Benefits

 

		(a)	Termination of Employment. This Agreement may be terminated upon the occurrence of any of
the following events:

 

		(i)	The Company’s determination in good faith to terminate the Executive for Cause (as defined
in Section 8 below);

 

		(ii)	The Company’s determination to terminate the Executive without Cause, which determination
may be made by the Company by the Board of Directors at any time at the Company’s sole discretion, for any or no reason;

 

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		(iii)	The effective date of a written notice sent to the Company from the Executive stating that the
Executive is electing to terminate his employment with the Company (“Voluntary Termination”); provided that
such effective date shall be no earlier than twelve (12) weeks after delivery of written notice to the Company; or

 

		(b)	Effect of Termination; Severance Benefits. Executive
and Company each agrees that the following provisions shall apply in the event of termination of employment:

 

		(i)	Voluntary Termination. If the Executive’s
employment terminates by Voluntary Termination, then the
Executive shall not be entitled to receive payment of any severance benefits. The Company shall have the option, in its sole discretion,
to make Executive’s termination effective at any time prior to the end of such notice period as long as the Company provides
Executive with all compensation to which he would be entitled for continuing employment through the last day of the notice period.
Thereafter, all obligations of the Company under this Agreement shall cease.

 

		(ii)	Involuntary Termination. Except in situations where Executive’s employment is terminated
for Cause, by death or by disability, in the event that the Company terminates Executive’s employment at any time, Executive
will be eligible to receive an amount equal to twelve (12) weeks of Executive’s then-current Base Salary payable in the form
of salary continuation.

 

		(iii)	Termination for Cause. The Company shall pay to
Executive’s all compensation to which Executive is entitled up through the date of termination, and thereafter, all of the
Company’s obligations under this Agreement shall cease.

 

		(c)	Termination Obligations

 

		(i)	Executive agrees that all property, including, without limitation, all equipment, tangible proprietary
information, documents, records, notes, contracts, and computer-generated materials furnished to or prepared by Executive incident
to his employment belong to the Company and shall be promptly returned to the Company upon termination of Executive’s employment.

		(ii)	Upon termination of Executive’s employment, Executive shall be deemed to have resigned from
all offices and directorships then held with the Company and any subsidiary of the Company. Following any termination of employment,
Executive shall cooperate with the Company in the winding up or transferring to other employees of any pending work and shall also
cooperate with the Company in the defense of any action brought by any third party against the Company that relates to Executive’s
employment by the Company.

 

 

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		(iii)	Executive agrees that his obligations under this Section as well as Section 7 shall survive the
termination of employment and the expiration of this Agreement.

 

7. Restrictive Covenants

 

		(a)	Confidentiality Agreement. Executive acknowledges that it is the policy of the Company to
maintain as secret and confidential all Confidential Information (as defined below), and that Confidential Information has been
and will be developed at substantial cost and effort to the Company. Executive shall neither during the employment (except in the
proper performance of his duties) nor at any time (without limit) after its termination, directly or indirectly:

(i) use
for his own purposes or for those of any other person, company, business entity or other organization whatsoever; or

(ii)disclose
to any person, company, business entity or other organization whatsoever:

any trade secrets or confidential
information relating or belonging to the Company or any subsidiary of the Company including but not limited to any such information
relating to customer, customer lists or requirements, price lists or pricing structures, sales and marketing information, business
plans or dealings, employees or officers, source codes and computer systems, software, technical information, financial information
and plans, designs, formula, prototypes, product lines, services, research activities, any document marked 'Confidential' (or with
a similar expression), or any information which Executive has been told is confidential or which he might reasonably expect the
Company would regard as confidential, or any information which has been given to the Company or any subsidiary of the Company in
confidence by customer, supplier or other persons (“Confidential Information”).

The obligations contained in
Section 7(a) shall cease to apply to any information or knowledge which may subsequently come into the public domain after the
termination of employment other than by way of unauthorized disclosure.

 

		(b)	Non-interference. Following termination for any reason, the Executive agrees that he will
not, for a period of Two (2) years following such termination, on behalf of the Executive or on behalf of any other individual,
association or entity:

 

		(i)	call on any of the customers of the Company (or other entity of which 50% or more of the voting
equity is owned or controlled by the Company (an “Affiliate”) for the purpose of soliciting or inducing any
of such customers to acquire (or providing to any of such customers) any product or service provided by the Company or Affiliate,
nor will the Executive in any way, directly or indirectly, as agent or otherwise, in any other or otherwise, in any other manner
solicit, influence or encourage such customers to take away or to divert or direct their business to the Executive or any other
person or entity by or with which the Executive is employed, associated, affiliated or otherwise related (the “Executive
Related Entity”); or

		(ii)	interfere with the relationship of the Company or any of its Affiliates with, or endeavor to entice
away from, the Company any person who or which at any time was a material customer or material supplier of, or maintained a material
business relationship with, the Company or any of its Affiliates.

 

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		(c)	Non-solicitation. Following termination for any reason, for a period of Two (2) years following
such termination, the Executive agrees that he will not directly or indirectly, interfere with or attempt to interfere with any
officers, employees, representatives or agents of the Company or Affiliate, or solicit or recruit or attempt to solicit or recruit
any officers, employee representatives or agents of the Company or Affiliate to work for the Executive or any the Executive Related
Entity, or induce or attempt to induce any of them to violate the terms of their contracts, or any employment arrangements, with
the Company or Affiliate.

 

		(d)	Non-Competition. During the period beginning on the start date of this Agreement and ending
Two (2) years after the termination for any reason (the “Non-compete Period”), the Executive shall not, in the PRC,
Hong Kong, or any other country in the world where, upon the termination, the Company develops, sells, supplies, manufactures or
researches its products or services or where the Company is intending within 3 months following the Termination Date to develop,
sell, supply or manufacture its products or services and in respect of which Executive has been responsible (whether alone or jointly
with others), concerned or active on behalf of the Company during any part of the twelve (12) months immediately preceding the
termination, directly or indirectly, in any capacity, engage or participate in, become employed by, serve as a director of, or
render advisory or consulting or other services in connection with:

		(i)	the research into, development, manufacture, supply or marketing of any product which is of the
same or similar type to any product researched, or developed, or manufactured, or supplied, or marketed by the Company during the
twelve-month period immediately preceding the termination;

		(ii)	the development or provision of any services (including but not limited to product support, or
consultancy, or customer services) which are of the same or similar type to any services provided by the Company during the twelve-month
period immediately preceding the termination;

PROVIDED ALWAYS that the provisions
of this Section 7(d) shall apply only in respect of products or services with which the Executive was either personally concerned
or for which he was responsible whilst employed by the Company during the twelve-month period immediately preceding the termination.

 

		(e)	Executive acknowledges that the covenants contained in Sections 7(a),(b),(c)and(d) are reasonable
in the scope of the activities restricted, the geographic area covered by the restrictions, and the duration of the restrictions,
and that such covenants are reasonably necessary to protect the Company’s legitimate interests in its Confidential Information
and in its relationships with employees, customers and suppliers. The Executive further acknowledges such covenants are essential
elements of this Agreement and that, but for such covenants, the Company would not have entered into this Agreement.

 

		(f)	The Company and the Executive have each consulted with their respective legal counsel and have
been advised concerning the reasonableness and propriety of such covenants.

 

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		8.	Definitions.

		(a)	“Cause” shall mean (i) Executive commits a crime involving dishonesty, breach or trust,
or physical harm to any person; (ii) Executive willfully engages in conduct that is in bad faith and materially injurious to the
Company, including but not limited to, misappropriation of trade secrets, fraud or embezzlement; (iii) Executive commits a material
breach of any Restrictive Covenants under Section 7 (a)(b)(c) or (d) of this agreement, which breach is not cured within Twenty
(20) days after written notice to Executive from the Company; (iv) Executive willfully refuses to implement or follow a reasonable
and lawful policy or directive of the Company, which breach is not cured within Twenty (20) days after written notice to Executive
from the Company.

 

		9.	Conflicts

Executive represents that his
performance of all the terms of this Agreement will not breach any other agreement to which the Executive is a party. Executive
has not, and will not during the term of this Agreement, enter into any oral or written agreement in conflict with any of the provisions
of this Agreement. Executive further represent that he is entering into or has entered into an employment relationship with the
Company of his own free will and that he has not been solicited as an employee in any way by the Company.

 

		10.	Miscellaneous Provisions.

 

		(a)	Amendments and Waivers. Any term of this Agreement may be amended or waived only with the
written consent of the parties.

		(b)	Sole Agreement. This Agreement, constitutes the sole agreement of the parties and supersedes
all oral negotiations and prior writings with respect to the subject matter hereof.

		(c)	Choice of Law. The validity, interpretation, construction and performance of this Agreement
shall be governed by the laws of Hong Kong Special Administrative Region (HKSAR) without giving effect to the principles of conflict
of laws.

		(d)	Severability. If one or more provisions of this Agreement are held to be unenforceable under
applicable law, the appropriate judicial authority will construe such provision by limiting or reducing it to the minimum extent
necessary to make it legally enforceable.

		(e)	Arbitration. In the event that any controversy, claim or dispute arises concerning either
(a) the interpretation or (b) the performance by any party to this Agreement, of any of the terms hereof (a “Controversy”),
the Parties shall promptly conduct negotiations in good faith to resolve such Controversy effecting as nearly as possible the intent
and purposes of the Parties. Any resolution of such Controversy shall be set forth in a writing singed by each Party involved in
such Controversy. If the Parties are unable to settle such Controversy within thirty (30) days, the Controversy or Controversies
remaining shall be finally and exclusively settled by binding arbitration in HKSAR (or such other location as the Parties may mutually
agree) under the rules of the Hong Kong International Arbitration Centre.

 

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		(f)	No Waiver. In no circumstances shall this Agreement be interpreted to mean that Executive
has waived any rights, including due process, to which he is entitled under applicable law.

 

		(g)	Advice of Counsel. Executive acknowledges that he has had the opportunity to consult legal
counsel concerning this Agreement, that he has read and understands the Agreement, that he is fully aware of its legal effect,
and that he has entered into it freely based on his own judgment and not on any representations or promises other than those contained
in this Agreement.

 

[Signature Page Follows]

 

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The parties have executed this Agreement
the date first written above.

 

COMTECH BROADBAND CORPORATION LTD.

 

	By:	 	 
	Title:	Director	 

 

	EXECUTIVE:	 

 

	Signature:	 	 

 

    	8Exhibit 4.1

 

PURSUANT TO THE TERMS
OF SECTION 1 OF THIS WARRANT, ALL OR A PORTION OF THIS WARRANT MAY HAVE BEEN EXERCISED, AND THEREFORE THE ACTUAL NUMBER OF WARRANT
SHARES REPRESENTED BY THIS WARRANT MAY BE LESS THAN THE AMOUNT SET FORTH ON THE FACE HEREOF.

 

NILE
THERAPEUTICS, INC.

 

Warrant
To Purchase Common Stock

 

Warrant No.:             

Number of Shares of Common Stock:_____________

Date of Issuance: April 4, 2012 (“Issuance
Date”)

 

Nile Therapeutics, Inc.,
a Delaware corporation (the “Company”), hereby certifies that, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, [INVESTOR NAME], the registered holder hereof or its permitted assigns (the “Holder”),
is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise Price (as defined below) then
in effect, upon surrender of this Warrant to Purchase Common Stock (including any Warrants to Purchase Common Stock issued in exchange,
transfer or replacement hereof, the “Warrant”), at any time or times on or after the earlier of (i) the date
on which the Additional Registration Statement (as defined in the Subscription Agreement referred to below) is declared effective
by the Securities and Exchange Commission and (ii) one year and one day from the Issuance Date (the earlier of such dates, the
“Exercisability Date”), but not after 11:59 p.m., New York time, on the Expiration Date (as defined below),
[______________ (_____________)] fully paid nonassessable shares of Common Stock (as defined below) (the “Warrant
Shares”). Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings set forth in
Section 15. This Warrant is the Warrant to purchase Common Stock (this “Warrant”) issued pursuant to
(i) Section 2 of that certain Subscription Agreement (the “Subscription Agreement”), dated as of March
30, 2012 (the “Subscription Date”), by and between the Company and the Holder and (ii) the Company’s Registration
Statement on Form S-3 (File number 333-165167) (the “Registration Statement”). This Warrant is one of a series
of warrants containing substantially identical terms and conditions issued pursuant to subscription agreements that are substantially
identical to the Subscription Agreement (collectively, the “Warrants”).

 

    	 

    	 

    

 

1.     EXERCISE
OF WARRANT.

 

(a)Mechanics
of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth in Section
1(g)), this Warrant may be exercised by the Holder on any day on or after the Exercisability Date, in whole or in part (but
not as to fractional shares), by (i) delivery of a written notice, in the form attached hereto as Exhibit A (the “Exercise
Notice”), of the Holder’s election to exercise this Warrant and (ii) if both (A) the Holder is not electing a Cashless
Exercise (as defined below) pursuant to Section 1(d) of this Warrant and (B) a registration statement registering the issuance
of the Warrant Shares under the Securities Act of 1933, as amended (the “Securities Act”), is effective and
available for the issuance of the Warrant Shares, or an exemption from registration under the Securities Act is available for the
issuance of the Warrant Shares, payment to the Company of an amount equal to the applicable Exercise Price multiplied by the number
of Warrant Shares as to which this Warrant is being exercised (the “Aggregate Exercise Price”) in cash or wire
transfer of immediately available funds (a “Cash Exercise”) (the items under (i) and (ii) above, the “Exercise
Delivery Documents”). The Holder shall not be required to surrender this Warrant in order to effect an exercise hereunder;
provided, however, that in the event that this Warrant is exercised in full or for the remaining unexercised portion hereof, the
Holder shall deliver this Warrant to the Company for cancellation within a reasonable time after such exercise. On or before the
first Trading Day following the date on which the Company has received the Exercise Delivery Documents (the date upon which the
Company has received all of the Exercise Delivery Documents, the “Exercise Date”), the Company shall transmit
by facsimile or e-mail transmission an acknowledgment of confirmation of receipt of the Exercise Delivery Documents to the Holder
and the Company’s transfer agent for the Common Stock (the “Transfer Agent”). The Company shall deliver
any objection to the Exercise Delivery Documents on or before the second Trading Day following the date on which the Company has
received all of the Exercise Delivery Documents. On or before the second Trading 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 (the “FAST Program”) and so long as the certificates therefor are not required to bear a legend regarding
restriction on transferability, 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 FAST Program or if the
certificates are required to bear a legend regarding restriction on transferability, issue and dispatch by overnight courier to
the address as specified in the Exercise Notice, 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 such Warrant Shares
are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares, as the
case may be. If this Warrant is submitted in connection with any exercise pursuant to this Section 1(a) and the number of Warrant
Shares represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise,
then the Company shall as soon as practicable and in no event later than three Trading Days after any such submission and at its
own expense, issue a new Warrant (in accordance with Section 7(d)) 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 has been and/or is exercised. The Company shall pay any and all taxes and other expenses of the Company (including overnight
delivery charges) that may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant;
provided, however, that the Company shall not be required to pay any tax which may be payable in respect of any transfer
involved in the registration of any certificates for Warrant Shares or Warrants in a name other than that of the Holder or an affiliate
thereof. The Holder shall be responsible for all other tax liability that may arise as a result of holding or transferring this
Warrant or receiving Warrant Shares upon exercise hereof.

 

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(b)Exercise
Price. For purposes of this Warrant, “Exercise Price” means $0.50, subject to adjustment as provided herein.

 

(c)Company’s
Failure to Timely Deliver Securities. If the Company shall fail for any reason or for no reason to issue to the Holder within
three (3) Business Days of the Exercise Date a certificate for the number of shares of Common Stock to which the Holder is entitled
and register such shares of Common Stock on the Company’s share register or to credit the Holder’s balance account
with DTC for such number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise of this Warrant,
and if on or after such Trading Day the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to
deliver in satisfaction of a sale by the Holder of shares of Common Stock issuable upon such exercise that the Holder anticipated
receiving from the Company (a “Buy-In”), then the Company shall, within three (3) Business Days after the Holder’s
written request and in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s
total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased (the “Buy-In
Price”), at which point the Company’s obligation to deliver such certificate (and to issue such Warrant Shares)
shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such
Warrant Shares and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A)
such number of shares of Common Stock, times (B) the Closing Bid Price on the date of exercise.

 

(d)Cashless
Exercise. Notwithstanding anything contained herein to the contrary, if a registration statement covering the Warrant Shares
that are the subject of the Exercise Notice (the “Unavailable Warrant Shares”), or an exemption from registration,
is not available for the resale of such Unavailable Warrant Shares, the Holder may, in its sole discretion, exercise this Warrant
in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise
in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number” of
shares of Common Stock determined according to the following formula (a “Cashless Exercise”):

	Net Number = (A x B) - (A x C)
	                                    B
	For purposes of the foregoing formula:

  

		A=	the total number of shares with respect to which this Warrant is then being exercised.

 

		B=	the arithmetic average of the Closing Sale Prices of the shares of Common Stock for the five (5)
consecutive Trading Days ending on the date immediately preceding the date of the Exercise Notice.

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		C=	the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 

(e)Rule
144. For purposes of Rule 144(d) promulgated under the Securities Act, as in effect on the date hereof, assuming the Holder
is not an affiliate of the Company, it is intended that the Warrant Shares issued in a Cashless Exercise shall be deemed to have
been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this
Warrant was originally issued pursuant to the Subscription Agreement.

 

(f)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.

 

(g) Beneficial
Ownership. The Company shall not effect the exercise of this Warrant, and the Holder shall not have the right to exercise this
Warrant, to the extent that after giving effect to such exercise, such Person (together with such Person’s affiliates) would
beneficially own in excess of 9.99% (the “Maximum Percentage”) of the shares of Common Stock outstanding immediately
after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially
owned by such Person 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 shares of Common Stock which would be
issuable upon (i) exercise of the remaining, unexercised portion of this Warrant beneficially owned by such Person and its affiliates
and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned
by such Person and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants)
subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding
sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of this Warrant, 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 the most recent of (1) the Company’s most recent Form 10-K, Form 10-Q, Current Report on Form 8-K or other public filing
with the Securities and Exchange Commission, as the case may be, (2) a more recent public announcement by the Company or (3) any
other notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. For any reason
at any time, upon the written or oral request of the Holder, the Company shall within two (2) Business Days confirm to the Holder
the number of shares of Common Stock then 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 and its affiliates
since the date as of which such number of outstanding shares of Common Stock was reported. By written notice to the Company, the
Holder may from time to time increase or decrease the Maximum Percentage to any other percentage not in excess of 9.99% specified
in such notice; provided that (i) any such increase will not be effective until the sixty-first (61st) day after
such notice is delivered to the Company, and (ii) any such increase or decrease will apply only to the Holder. The provisions of
this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section
1(g) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended beneficial
ownership limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such
limitation.

 

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2.       ADJUSTMENT
OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and the number of Warrant Shares shall be adjusted from
time to time as follows:

 

(a)Adjustment
upon Issuance of shares of Common Stock. If and whenever on or after the Subscription Date, the Company issues or sells, or
in accordance with this Section 2 is deemed to have issued or sold, any shares of Common Stock (including the issuance or sale
of shares of Common Stock owned or held by or for the account of the Company, but excluding shares of Common Stock deemed to have
been issued by the Company in connection with any Excluded Securities (as defined below) (the “Additional Shares”)
for a consideration per share (the “New Issuance Price”) less than a price (the “Applicable Price”)
equal to the Exercise Price in effect immediately prior to such issue or sale or deemed issuance or sale (the foregoing a “Dilutive
Issuance”), then immediately after such Dilutive Issuance, the Exercise Price then in effect shall be reduced to the
New Issuance Price.

 

For purposes of determining the adjusted
Exercise Price under this Section 2(a), the following shall be applicable: 

 

(i)
Issuance of Options. If the Company in any manner grants any Options and the lowest price per share for which one share
of Common Stock is issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any Convertible Securities
issuable upon exercise of any such Option is less than the Applicable Price, then such share of Common Stock shall be deemed to
be outstanding and to have been issued and sold by the Company at the time of the granting or sale of such Option for such price
per share. For purposes of this Section 2(a)(i), the “lowest price per share for which one share of Common Stock is issuable
upon exercise of such Options or upon conversion, exercise or exchange of such Convertible Securities issuable upon exercise of
any such Option” shall be equal to the sum of the lowest amounts of consideration (if any) received or receivable by the
Company with respect to any one share of Common Stock upon the granting or sale of the Option, upon exercise of the Option and
upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such Option less any consideration
paid or payable by the Company with respect to such one share of Common Stock upon the granting or sale of such Option, upon exercise
of such Option and upon conversion exercise or exchange of any Convertible Security issuable upon exercise of such Option. No further
adjustment of the Exercise Price shall be made upon the actual issuance of such shares of Common Stock or of such Convertible Securities
upon the exercise of such Options or upon the actual issuance of such shares of Common Stock upon conversion, exercise or exchange
of such Convertible Securities.

 

    	5

    	 

    

 

(ii)
Issuance of Convertible Securities. If the Company in any manner issues or sells any Convertible Securities and the lowest
price per share for which one share of Common Stock is issuable upon the conversion, exercise or exchange thereof is less than
the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the
Company at the time of the issuance or sale of such Convertible Securities for such price per share. For the purposes of this Section
2(a)(ii), the “lowest price per share for which one share of Common Stock is issuable upon the conversion, exercise or exchange
thereof” shall be equal to the sum of the lowest amounts of consideration (if any) received or receivable by the Company
with respect to one share of Common Stock upon the issuance or sale of the Convertible Security and upon conversion, exercise or
exchange of such Convertible Security less any consideration paid or payable by the Company with respect to such one share of Common
Stock upon the issuance or sale of such Convertible Security and upon conversion, exercise or exchange of such Convertible Security.
No further adjustment of the Exercise Price shall be made upon the actual issuance of such shares of Common Stock upon conversion,
exercise or exchange of such Convertible Securities, and if any such issue or sale of such Convertible Securities is made upon
exercise of any Options for which adjustment of this Warrant has been or is to be made pursuant to other provisions of this Section
2(a), no further adjustment of the Exercise Price shall be made by reason of such issue or sale.

 

(iii)
Change in Option Price or Rate of Conversion. If the purchase price provided for in any Options, the additional consideration,
if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities, or the rate at which any Convertible
Securities are convertible into or exercisable or exchangeable for shares of Common Stock increases or decreases at any time, the
Exercise Price in effect at the time of such increase or decrease shall be adjusted to the Exercise Price which would have been
in effect at such time had such Options or Convertible Securities provided for such increased or decreased purchase price, additional
consideration or increased or decreased conversion rate, as the case may be, at the time initially granted, issued or sold. For
purposes of this Section 2(a)(iii), if the terms of any Option or Convertible Security that was outstanding as of the date of issuance
of this Warrant are increased or decreased in the manner described in the immediately preceding sentence, then such Option or Convertible
Security and the shares of Common Stock deemed issuable upon exercise, conversion or exchange thereof shall be deemed to have been
issued as of the date of such increase or decrease. No adjustment pursuant to this Section 2(a) shall be made if such adjustment
would result in an increase of the Exercise Price then in effect.

 

    	6

    	 

    

 

(iv)
Calculation of Consideration Received. In case any Option is issued in connection with the issue or sale of other securities
of the Company, together comprising one integrated transaction, (x) the Options will be deemed to have been issued for the Option
Value of such Options and (y) the other securities issued or sold in such integrated transaction shall be deemed to have been issued
for the difference of (I) the aggregate consideration received by the Company less any consideration paid or payable by the Company
pursuant to the terms of such other securities of the Company, less (II) the Option Value. If any shares of Common Stock, Options
or Convertible Securities are issued or sold or deemed to have been issued or sold for cash, the consideration received therefor
will be deemed to be the net amount received by the Company therefor. If any shares of Common Stock, Options or Convertible Securities
are issued or sold for a consideration other than cash, the amount of such consideration received by the Company will be the fair
value of such consideration, except where such consideration consists of securities, in which case the amount of consideration
received by the Company will be the Closing Sale Price of such security on the date of receipt. If any shares of Common Stock,
Options or Convertible Securities are issued to the owners of the non-surviving entity in connection with any merger in which the
Company is the surviving entity, the amount of consideration therefor will be deemed to be the fair value of such portion of the
net assets and business of the non-surviving entity as is attributable to such shares of Common Stock, Options or Convertible Securities,
as the case may be. The fair value of any consideration other than cash or securities will be determined jointly by the Company
and the Required Holders. If such parties are unable to reach agreement within ten (10) days after the occurrence of an event requiring
valuation (the “Valuation Event”), the fair value of such consideration will be determined within five (5) Trading
Days after the tenth (10th) day following the Valuation Event by an independent, reputable appraiser jointly selected by the Company
and the Required Holders. The determination of such appraiser shall be final and binding upon all parties absent manifest error
and the fees and expenses of such appraiser shall be borne by the Company.

 

(v)
Record Date. If the Company takes a record of the holders of shares of Common Stock for the purpose of entitling them (A)
to receive a dividend or other distribution payable in shares of Common Stock, Options or in Convertible Securities or (B) to subscribe
for or purchase shares of Common Stock, Options or Convertible Securities, then such record date will be deemed to be the date
of the issue or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or
the making of such other distribution or the date of the granting of such right of subscription or purchase, as the case may be.

 

(b)Voluntary
Adjustment By Company. The Company may at any time during the term of this Warrant reduce the then current Exercise Price to
any amount and for any period of time deemed appropriate by the Board of Directors of the Company.

 

(c)Adjustment
upon Subdivision or Combination of Common Stock. If the Company at any time on or after the Subscription Date subdivides (by
any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) one or more classes of its
outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision
will be proportionately reduced and the number of Warrant Shares will be proportionately increased. If the Company at any time
on or after the Subscription Date combines (by any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement
or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price
in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares will be proportionately
decreased. Any adjustment under this Section 2(c) shall become effective at the close of business on the date the subdivision
or combination becomes effective.

 

    	7

    	 

    

 

(d)Other
Events. If any event occurs of the type contemplated by the provisions of this Section 2 but not expressly provided
for by such provisions (including, without limitation, the granting of stock appreciation rights or phantom stock rights), then
the Company’s Board of Directors will make an appropriate adjustment in the Exercise Price and the number of Warrant Shares
(if applicable) so as to protect the rights of the Holder; provided that no such adjustment pursuant to this Section 2(d)
will increase the Exercise Price or decrease the number of Warrant Shares as otherwise determined pursuant to this Section 2.

 

3.    RIGHTS
UPON DISTRIBUTION OF ASSETS.

 

If the Company
shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of
Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other
securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement
or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each
such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated
therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without
regard to any limitations on exercise hereof, including without limitation, the Maximum Percentage) immediately before the date
of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares
of Common Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder’s
right to participate in any such Distribution would result in the Holder exceeding the Maximum Percentage, then the Holder shall
not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock
as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit
of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Maximum Percentage.

 

4.    PURCHASE
RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a)Purchase
Rights.In addition to any adjustments pursuant to Section 2 above, if at any time the Company grants, issues or sells any
Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the record holders
of any class of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the
terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had
held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations
on the exercise of this Warrant) immediately before the date on which a record is taken for the grant, issuance or sale of such
Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined
for the grant, issue or sale of such Purchase Rights.

 

    	8

    	 

    

 

(b)Fundamental
Transactions. The Company shall not enter into or be party to a Fundamental Transaction unless (i) the Successor Entity assumes
in writing (unless the Company is the Successor Entity) all of the obligations of the Company under this Warrant in accordance
with the provisions of this Section (4)(b) pursuant to written agreements in form and substance reasonably satisfactory to the
Required Holders and approved by the Required Holders prior to such Fundamental Transaction, including agreements to deliver to
each holder of the Warrants in exchange for such Warrants a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant, including, without limitation, an adjusted exercise price equal to
the value for the shares of Common Stock reflected by the terms of such Fundamental Transaction, and exercisable for a corresponding
number of shares of capital stock equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant
(without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and reasonably satisfactory
to the Required Holders and (ii) the Successor Entity (including its Parent Entity) is a publicly traded corporation whose common
stock is quoted on or listed for trading on an Eligible Market. Upon the occurrence of any Fundamental Transaction, the Successor
Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions
of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right
and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such
Successor Entity had been named as the Company herein. Upon consummation of the Fundamental Transaction, the Successor Entity shall
deliver to the Holder confirmation that there shall be issued upon exercise of this Warrant at any time after the consummation
of the Fundamental Transaction, in lieu of the shares of Common Stock (or other securities, cash, assets or other property) issuable
upon the exercise of the Warrant prior to such Fundamental Transaction, such shares of the publicly traded common stock or common
shares (or its equivalent) of the Successor Entity (including its Parent Entity) which the Holder would have been entitled to receive
upon the happening of such Fundamental Transaction had this Warrant been exercised immediately prior to such Fundamental Transaction,
as adjusted in accordance with the provisions of this Warrant. In addition to and not in substitution for any other rights hereunder,
prior to the consummation of any Fundamental Transaction pursuant to which holders of shares of Common Stock are entitled to receive
securities or other assets with respect to or in exchange for shares of Common Stock (a “Corporate Event”),
the Company shall make appropriate provision to ensure that the Holder will thereafter have the right to receive upon an exercise
of this Warrant at any time after the consummation of the Corporate Event but prior to the Expiration Date, in lieu of shares of
Common Stock (or other securities, cash, assets or other property) purchasable upon the exercise of this Warrant prior to such
Corporate Event, such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase
or subscription rights) which the Holder would have been entitled to receive upon the happening of such Corporate Event had this
Warrant been exercised immediately prior to such Corporate Event. Provision made pursuant to the preceding sentence shall be in
a form and substance reasonably satisfactory to the Required Holders. The provisions of this Section 4(b) shall apply similarly
and equally to successive Fundamental Transactions and Corporate Events and shall be applied without regard to any limitations
on the exercise of this Warrant.

 

(c)Black
Scholes Value. Notwithstanding the foregoing and the provisions of Section 4(b) above, in the event of the consummation of
a Fundamental Transaction that is (1) an all-cash transaction, (2) a “Rule 13e-3 transaction” as defined in Rule 13e-3
under the Exchange Act or (3) a Fundamental Transaction involving a person or entity not traded on an Eligible Market, at the request
of the Holder delivered at any time commencing on the earliest to occur of (x) the public disclosure of the Fundamental Transaction
or (y) the consummation of the Fundamental Transaction, through the date that is ninety (90) days after the public disclosure of
the consummation of such Fundamental Transaction by the Company pursuant to a Current Report on Form 8-K filed with the SEC, the
Company or the Successor Entity (as the case may be) shall purchase this Warrant from the Holder on the later of (i) the date of
consummation of the Fundamental Transaction and (ii) the fifth Trading Day following the date of such request, in each case by
paying to the Holder cash in an amount equal to the Black Scholes Value.

 

    	9

    	 

    

 

(d)Applicability
to Successive Transactions. The provisions of this Section shall apply similarly and equally to successive Fundamental Transactions
and Corporate Events and shall be applied without regard to any limitations on the exercise of this Warrant.

 

5.NONCIRCUMVENTION.
The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of Incorporation, Bylaws or
through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities,
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will
at all times in good faith comply with all the provisions of this Warrant and take all actions consistent with effectuating the
purposes of this Warrant. Without limiting the generality of the foregoing, the Company (i) shall not increase the par value
of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall
take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and
nonassessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, so long as this Warrant is outstanding,
take all action necessary to reserve and keep available out of its authorized and unissued shares of Common Stock, solely for the
purpose of effecting the exercise of this Warrant, 100% of the number of shares of Common Stock issuable upon exercise of this
Warrant then outstanding (without regard to any limitations on exercise).

 

6.WARRANT
HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in such Person’s
capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital
of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in
such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote,
give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation,
merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to
the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant.
In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities
(upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company
or by creditors of the Company.

 

    	10

    	 

    

 

7.REISSUANCE
OF WARRANTS.

 

(a)Transfer
of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company and deliver the completed
and executed Assignment Form, in the form attached hereto as Exhibit B, whereupon the Company will forthwith issue and deliver
upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered as the Holder may request, representing
the right to purchase the number of Warrant Shares being transferred by the Holder and, if less then the total number of Warrant
Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with Section 7(d)) to the Holder
representing the right to purchase the number of Warrant Shares not being transferred.

 

(b)Lost,
Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking by
the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Warrant, the
Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing the right to
purchase the Warrant Shares then underlying this Warrant.

 

(c)Exchangeable
for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office of the
Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the right to purchase
the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such
portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however, that no Warrants
for fractional shares of Common Stock shall be given. Notwithstanding anything to the contrary herein, in no event shall the original
Warrant be subdivided into more than three (3) separate Warrants and such new Warrants shall not be further subdivided.

 

(d)Issuance
of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant
(i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to
purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Section 7(a)
or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying
the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying this
Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date,
and (iv) shall have the same rights and conditions as this Warrant.

 

8.NOTICES.
Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in accordance
with Section 6 of Annex I to the Subscription Agreement.

 

9.AMENDMENT
AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended and the Company may take any
action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the
written consent of the Required Holders. Any such amendment shall apply to all Warrants and be binding upon all registered holders
of such Warrants.

 

    	11

    	 

    

 

10.GOVERNING
LAW. This Warrant shall be governed by and construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of New York, without
giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the State of New York.

 

11.CONSTRUCTION;
HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against
any person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part of, or
affect the interpretation of, this Warrant.

 

12.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 (2) Business Days
of receipt of the Exercise Notice 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 (2)
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, which approval shall not be unreasonably withheld, or (b) the disputed
arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant. The Company shall cause 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 Business Days from the time it receives the disputed determinations or calculations.
The prevailing party in any dispute resolved pursuant to this Section 12 shall be entitled to the full amount of all reasonable
expenses, including all costs and fees paid or incurred in good faith, in relation to the resolution of such dispute. Such investment
bank’s or accountant’s determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable
error.

 

13.REMEDIES,
OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and in addition
to all other remedies available under this Warrant, at law or in equity (including a decree of specific performance and/or other
injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual damages for any failure by the Company
to comply with the terms of this Warrant.

 

14.TRANSFER.
Subject to applicable laws, this Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company.

 

15.CERTAIN
DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)“Approved
Stock Plan” means any employee benefit plan or other issuance, employment agreement or option grant or similar agreement
which has been approved by the Board of Directors of the Company, pursuant to which the Company’s securities may be issued
to any employee, officer or director for services provided to the Company.

 

    	12

    	 

    

 

(b)“Black
Scholes Value” means the value of the unexercised portion of this Warrant remaining on the date of the Holder’s
request pursuant to Section 4(c), which value is calculated using the Black Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg utilizing (i) an underlying price per share equal to the greater of (1) the highest Closing Sale Price of
the Common Stock during the period beginning on the Trading Day immediately preceding the earlier to occur of (x) the public disclosure
of the applicable Fundamental Transaction or (y) the consummation of the applicable Fundamental Transaction and ending on the Trading
Day of the consummation of the Fundamental Transaction and (2) the sum of the price per share being offered in cash in the applicable
Fundamental Transaction (if any) plus the value of the non-cash consideration being offered in the applicable Fundamental Transaction
(if any), (ii) a strike price equal to the Exercise Price in effect on the date of the Holder’s request pursuant to Section
4(c), (iii) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the greater of (1) the remaining
term of this Warrant as of the date of the Holder’s request pursuant to Section 4(c) and (2) the remaining term of this Warrant
as of the date of consummation of the applicable Fundamental Transaction or as of the date of the Holder’s request pursuant
to Section 4(c) if such request is prior to the date of the consummation of the applicable Fundamental Transaction and (iv) an
expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg (determined
utilizing a 365 day annualization factor) as of the Trading Day immediately following the public disclosure of the applicable Fundamental
Transaction.

 

(c)“Bloomberg”
means Bloomberg Financial Markets.

 

(d)“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed.

 

(e)“Closing
Bid Price” and “Closing Sale Price” means, for any security as of any date, the last closing bid price
and last closing trade price, respectively, for such security on the Principal Market, as reported by Bloomberg, or, if the Principal
Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade price, as
the case may be, then the last bid price or the last trade price, respectively, of such security prior to 4:00:00 p.m., New York
time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such
security, the last closing bid price or last trade price, respectively, of such security on the principal securities exchange or
trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing
bid price or last trade price, respectively, of such security in the over-the-counter market on the electronic bulletin board for
such security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for such security
by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported
in the “pink sheets” by Pink Sheets LLC (formerly the National Quotation Bureau, Inc.). If the Closing Bid Price or
the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid
Price or the Closing Sale Price, as the case may be, of such security on such date shall be the fair market value as mutually determined
by the Company and the Holder. All such determinations to be appropriately adjusted for any stock dividend, stock split, stock
combination or other similar transaction during the applicable calculation period.

 

    	13

    	 

    

 

(f)“Common
Stock” means (i) the Company’s shares of Common Stock, par value $0.001 per share, and (ii) any share
capital into which such Common Stock shall have been changed or any share capital resulting from a reclassification of such Common
Stock.

 

(g)
“Convertible Securities” means any stock or securities (other than Options) directly or indirectly
convertible into or exercisable or exchangeable for shares of Common Stock.

 

(h)“Eligible
Market” means the Principal Market, The New York Stock Exchange, Inc., The NASDAQ Global Market, The NASDAQ Global Select
Market, or The NASDAQ Capital Market.

 

(i)“Expiration
Date” means the fifth anniversary of the Exercisability Date or, if such date falls on a day other than a Trading Day
or on which trading does not take place on the Principal Market, or, if the Principal Market is not the principal trading market
for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded (a
“Holiday”), the next date that is not a Holiday.

 

(j)“Excluded
Securities” means: (i) any equity or equity equivalent security of the Company issued or issuable, including any shares
of Common Stock issued or issuable upon conversion or exercise thereof, in connection with any Approved Stock Plan, (ii) any shares
of Common Stock issued or issuable upon exercise of any Warrants; provided that the terms of such Warrants are not amended, modified
or changed on or after the Subscription Date, (iii) any shares of Common Stock issued or issuable upon conversion of any Options
or Convertible Securities which are outstanding on the day immediately preceding the Subscription Date, provided that the terms
of such Options or Convertible Securities are not amended, modified or changed on or after the Subscription Date, and (iv) capital
stock, Options or Convertible Securities issued as consideration for an acquisition or strategic transaction approved by a majority
of the disinterested directors of the Company, provided that any such issuance shall only be a Person (or to the equityholders
of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic
with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but
shall not, for the purposes of this clause (iv), include a transaction in which the Company is issuing securities primarily for
the purpose of raising capital or to an entity whose primary business is investing in securities.

 

    	14

    	 

    

 

(k)“Fundamental
Transaction” means that the Company shall, directly or indirectly, in one or more related transactions, (i) consolidate
or merge with or into (whether or not the Company is the surviving corporation) another Person (but excluding a migratory merger
effected solely for the purpose of changing the jurisdiction of incorporation of the Company and/or a merger effected solely for
the purpose of changing the Company’s name), or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially
all of the properties or assets of the Company to another Person, or (iii) allow another Person to make a purchase, tender or exchange
offer that is accepted by the holders of more than the 50% of the outstanding shares of Common Stock (not including any shares
of Common Stock held by the Person or Persons making or party to, or associated or affiliated with the Persons making or party
to, such purchase, tender or exchange offer), or (iv) consummate a stock purchase agreement or other business combination (including,
without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other
Person acquires more than the 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the
other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock
purchase agreement or other business combination), (v) reorganize, recapitalize or reclassify its Common Stock, or (vi) any “person”
or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act) is or shall become
the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% of the aggregate
ordinary voting power represented by issued and outstanding Common Stock.

 

(l) “Options”
means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.

 

(m)“Option
Value” means the value of an Option based on the Black and Scholes Option Pricing model obtained from the “OV”
function on Bloomberg determined as of the day prior to the public announcement of the applicable Option for pricing purposes and
reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of the
applicable Option as of the applicable date of determination, (ii) an expected volatility equal to the greater of (a) 100% and
(b) the 100 day volatility obtained from the HVT function on Bloomberg as of the day immediately following the public announcement
of the issuance of the applicable Option, (iii) the underlying price per share used in such calculation shall be the highest Weighted
Average Price of the Common Stock during the period beginning on the day prior to the execution of definitive documentation relating
to the issuance of the applicable Option and the public announcement of such issuance and (iv) a 360 day annualization factor.

 

(n)“Parent
Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and whose common stock
or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity,
the Person or Parent Entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

 

(o)“Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity and a government or any department or agency thereof.

 

(p)“Principal
Market” means the OTCQB Market of the OTC Markets, LLC.

 

(q)“Required
Holders” means, as of any date, the Holders of a majority of the Warrants outstanding on such date.

 

    	15

    	 

    

 

(r)“Successor
Entity” means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting from or surviving
any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction
shall have been entered into.

 

(s)“Trading
Day” means any day on which the Common Stock are traded on the Principal Market, or, if the Principal Market is not the
principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common
Stock are then traded; provided that “Trading Day” shall not include any day on which the Common Stock are scheduled
to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock are suspended from trading during
the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time
of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time).

 

(t)“Weighted
Average Price” means, for any security as of any date, the dollar volume-weighted average price for such security on
the Principal Market during the period beginning at 9:30:01 a.m., New York time (or such other time as the Principal Market publicly
announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such other time as the Principal Market
publicly announces is the official close of trading), as reported by Bloomberg through its “Volume at Price” function
or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on
the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time (or such other time
as the Principal Market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such
other time as the Principal Market publicly announces is the official close of trading), as reported by Bloomberg, or, if no dollar
volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid
price and the lowest closing ask price of any of the market makers for such security as reported in the “pink sheets”
by OTC Markets LLC. If the Weighted Average Price cannot be calculated for a security on a particular date on any of the foregoing
bases, the Weighted Average Price of such security on such date shall be the fair market value as mutually determined by the Company
and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute
shall be resolved pursuant to Section 12 with the term “Weighted Average Price” being substituted for the term “Exercise
Price.” All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or
other similar transaction during the applicable calculation period..

 

[Signature Page Follows]

 

    	16

    	 

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to Purchase Common Stock to be duly executed as of the Issuance Date set out above. 

 

	 	NILE THERAPEUTICS, INC.
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

EXHIBIT A

 

EXERCISE NOTICE

 

TO BE EXECUTED BY THE REGISTERED HOLDER
TO EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

 

NILE
THERAPEUTICS, INC.

 

The undersigned holder
hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of
Nile Therapeutics, Inc., a Delaware corporation (the “Company”), evidenced by the attached Warrant to Purchase
Common Stock (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective
meanings set forth in the Warrant.

 

1. Form of Exercise
Price. The Holder intends that payment of the Exercise Price shall be made as:

 

		____________	a “Cash Exercise” with respect to _________________ Warrant Shares;
and/or

 

		____________	a “Cashless Exercise” with respect to _______________ Warrant
Shares.

 

2. Payment of Exercise
Price. In the event that the holder has elected a Cash Exercise with respect to some or all of the Warrant Shares to be issued
pursuant hereto, the holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the Company in accordance
with the terms of the Warrant.

 

3. Delivery of Warrant
Shares. The Company shall deliver to the holder __________ Warrant Shares in accordance with the terms of the Warrant and,
after delivery of such Warrant Shares, _____________ Warrant Shares remain subject to the Warrant.

 

Date: _______________ __, ______

 

	 	 
	Name of Registered Holder	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	A-1

    	 

    

 

EXHIBIT B

 

ASSIGNMENT FORM

 

NILE THERAPEUTICS, INC.

 

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

 

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

 

	Name:	 
	 	(Please Print)
	 	 
	Address:	 
	 	(Please Print)
	 	 
	Dated: _______________ __, ______	 
	 	 
	Holder’s Signature:	 	 
	 	 	 
	Holder’s Address:	 	 

  

NOTE: The signature to this Assignment
Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatever.
Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority
to assign the foregoing Warrant.

 

    	B-1

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