Document:

English translation of Patent License Agreement, dated June 1, 2009

 Exhibit 10.13 
 Patent License Agreement 
 Licensor: Lai Jianhui 

Address: No. 24, Shuiwei, Xitou Village, Qiling Xiang, Pinghe County, Fujian Province 
 Licensee: Zhengxing Wheel Group Co., Ltd. 
 Address: Right side, 73km stake, North Circle Road
State Highway 319, Zhangzhou, Fujian Province 
 Lai Jianhui, being the legal owner of the following patents: 

 

									
	 No.
	  	Patent Certificate
No.	  	 Name of Design
	  	 Patent No.
	  	 Patent Owner

	1	  	237755	  	 Signboard (3)

标志牌(3)
	  	ZL 01342939.6	  	Lai Jianhui
	2	  	351205	  	 Packing strap (steel wheel – 4) 
 包扎带(钢圈-4)
	  	ZL 033460620	  	Lai Jianhui
	3	  	338820	  	 Section steel

型钢
	  	ZL 03316154.2	  	Lai Jianhui
	4	  	342197	  	 Steel wheel

钢圈
	  	ZL 03316153.4	  	Lai Jianhui
	5	  	330925	  	 Packing strap (steel wheel) (2)
 包扎带(钢圈)(2)
	  	ZL 03316151.8	  	Lai Jianhui
	6	  	357775	  	 Packing strap (steel wheel) (1)
 包扎带(钢圈)(1)
	  	ZL 03316150X	  	Lai Jianhui
	7	  	356170	  	 Packing strap (steel wheel – 3)
 包扎带(钢圈-3)
	  	ZL 033460639	  	Lai Jianhui
	8	  	457636	  	 Nameplate (0401)

标牌(0401)
	  	ZL 200430107914.5	  	Lai Jianhui
	9	  	457627	  	 Nameplate (0402)

标牌(0402)
	  	ZL 200430107913.0	  	Lai Jianhui
	10	  	457643	  	 Nameplate (0403)

标牌(0403)
	  	ZL 200430107908.X	  	Lai Jianhui
	11	  	457669	  	 Nameplate (0401-1)

标牌(0401-1)
	  	ZL 200430107915.X	  	Lai Jianhui
	12	  	459202	  	 Nameplate (0402-1)

标牌(0402-1)
	  	ZL 200430107912.6	  	Lai Jianhui
	13	  	457697	  	 Nameplate (0403-1)

标牌(0403-1)
	  	ZL 200430107909.4	  	Lai Jianhui
	14	  	493019	  	 Signboard (0404)

标志牌(0404)
	  	ZL 200430107910.7	  	Lai Jianhui
	15	  	478289	  	 Display rack (0404-1)

陈列架(0404-1)
	  	ZL 200430107911.1	  	Lai Jianhui
	16	  	478321	  	 Nameplate (0405)

标牌(0405)
	  	ZL 200430107917.9	  	Lai Jianhui
	17	  	457682	  	 Nameplate (0405-1)

标牌(0405-1)
	  	ZL 200430107916.4	  	Lai Jianhui

  
 1 

									
	 No.
	  	Patent Certificate
No.	  	 Name of Utility Model
	  	 Patent No.
	  	 Patent Owner

	1	  	615470	  	 Wheel disc of automotive steel wheel
 汽车钢圈的轮辐
	  	ZL 03221470.7	  	Lai Jianhui
	2	  	618632	  	 Steel wheel

钢圈
	  	ZL 03221464.2	  	Lai Jianhui
	3	  	619772	  	 Steel wheel packing case

钢圈包装件
	  	ZL 03221463.4	  	Lai Jianhui
	4	  	627182	  	 Radiating steel wheel disc

具有散热作用的钢圈轮辐
	  	ZL 03259030.X	  	Lai Jianhui
	5	  	713390	  	 Tire-friendly wheel rim

保胎型轮辋
	  	ZL 03259871.8	  	Lai Jianhui
	6	  	713198	  	 Tire-friendly reinforced wheel rim
 保胎型加强轮辋
	  	ZL 03259870.X	  	Lai Jianhui
	7	  	674923	  	 Widened wheel rim

加宽轮辋
	  	ZL 03259914.5	  	Lai Jianhui
	8	  	675679	  	 Section steel of wheel rim with increased width
 加大腰宽的轮辋型钢
	  	ZL 03277359.5	  	Lai Jianhui
	9	  	641873	  	 Undercut-free tubeless wheel

护边型无內胎车轮
	  	ZL 03277843.0	  	Lai Jianhui
	10	  	642063	  	 Undercut-free tubeless wheel with coolants
 具有冷却剂的护边型无內胎车轮
	  	ZL 03277844.9	  	Lai Jianhui
	11	  	643528	  	 Reinforced tubeless wheel

加强型无內胎车轮
	  	ZL 03252353.X	  	Lai Jianhui
	12	  	666098	  	 Tubeless wheel

无內胎车轮
	  	ZL 2003 2 0120344.3	  	Lai Jianhui
	13	  	666271	  	 Tubeless wheel with reinforced connection between wheel disc and rim
 轮辐与轮辋连接加强的无內胎车轮
	  	ZL 2003 2 0120345.8	  	Lai Jianhui
	14	  	666464	  	 Tubeless wheel with combined wheel disc
 组合式轮辐的无內胎车轮
	  	ZL 2003 2 0120346.2	  	Lai Jianhui
	15	  	672498	  	 Reinforced wheel rim of light-duty automotives
 轻型车的加强轮辋
	  	ZL 200420024221.4	  	Lai Jianhui
	16	  	678172	  	 Wheel rim having expansion formed ribs
 具有胀形成形凸筋的轮辋
	  	ZL 200420024413.5	  	Lai Jianhui
	17	  	733105	  	 Multi-piece reinforced wheel rim
 多件式加强轮辋
	  	ZL 200420079980.0	  	Lai Jianhui
	18	  	786102	  	 New-type inlaid brake drum

新型镶式制动鼓
	  	ZL 200420118568.5	  	Lai Jianhui

  
 2 

									
	 No.
	  	Patent Certificate
No.	  	 Name of Utility Model
	  	 Patent No.
	  	 Patent Owner

	19	  	785783	  	 Embedded brake drum

嵌式制动鼓
	  	ZL 200420118566.6	  	Lai Jianhui
	20	  	795026	  	 Inlaid brake drum

镶式制动鼓
	  	ZL 200420118569.X	  	Lai Jianhui
	21	  	798999	  	 One new type of inlaid brake drum
 一种新型的镶式制动鼓
	  	ZL 200420118567.0	  	Lai Jianhui
	22	  	742358	  	 Multifunctional tool for removal of wheel locking ring
 多功能拆卸车轮挡圈工具
	  	ZL 200420118260.0	  	Lai Jianhui
	23	  	743471	  	 New section steel for 15oDC tubeless wheel rim
 15oDC无內胎车轮轮辋用的新型型钢
	  	ZL 200420118268.7	  	Lai Jianhui
	24	  	743327	  	 Section steel for 15oDC tubeless wheel rim
 15oDC无內胎车轮轮辋用型钢
	  	ZL 200420118267.2	  	Lai Jianhui
	25	  	757103	  	 Tire removing rod

拆胎棒
	  	ZL 200420118261.5	  	Lai Jianhui
	26	  	757254	  	 Tubeless wheel tire installing tool
 无內胎车轮装胎工具
	  	ZL 200420118262.X	  	Lai Jianhui
	27	  	757398	  	 Portable tire removing tool of tubeless wheels
 便携式无內胎车轮轮胎拆胎工具
	  	ZL 200420118263.4	  	Lai Jianhui
	28	  	758368	  	 Portable supplemental inflator of tubeless wheel
 便携式无內胎车轮辅助充气机
	  	ZL 200420118259.8	  	Lai Jianhui
	29	  	867043	  	 Combinational wheel

组合式车轮
	  	ZL 200520019173.4	  	Lai Jianhui
	30	  	794116	  	 15oDC tubeless wheel modified rim
 15oDC无內胎车轮改型轮辋
	  	ZL 200520019175.3	  	Lai Jianhui
	31	  	793366	  	 Tire-friendly locking ring section steel
 护胎型挡圈型钢
	  	ZL 200520019171.5	  	Lai Jianhui
	32	  	793918	  	 New section steels for 15oDC wheel rim
 15oDC车轮轮辋用的新型型钢
	  	ZL 200520019174.9	  	Lai Jianhui
	33	  	793547	  	 Double-channel rim of 15oDC wheel
 15oDC车轮的双糟底轮辋
	  	ZL 200520019172.X	  	Lai Jianhui
	34	  	794959	  	 Tire-friendly wheel

护胎型车轮
	  	ZL 200520019169.8	  	Lai Jianhui
	35	  	794743	  	 Reinforced and tire-friendly wheel rim section steel
 加强及护胎型轮辋型钢
	  	ZL 200520019168.3	  	Lai Jianhui

  
 3 

									
	 No.
	  	Patent Certificate
No.	  	 Name of Utility Model
	  	 Patent No.
	  	 Patent Owner

	36	  	794530	  	 Reinforced and tire-friendly wheel
 加强及护胎型车轮
	  	ZL 200520019167.9	  	Lai Jianhui
	37	  	794308	  	 One type of reinforced and tire-friendly 7.00 wheel
 一种加强及护胎型7.00车轮
	  	ZL 200520019166.4	  	Lai Jianhui
	38	  	794112	  	 One type of reinforced and tire-friendly 7.00 wheel rim section steel
 一种加强及护胎型7.00轮辋型钢
	  	ZL 200520019165.X	  	Lai Jianhui
	39	  	793730	  	 One type of reinforced and tire-friendly 7.00 locking ring section steel
 一种加强及护胎型7.00挡圈型钢
	  	ZL 200520019163.0	  	Lai Jianhui
	40	  	811146	  	 Tire-friendly wheel rim section steel
 护胎型轮辋型钢
	  	ZL 200520019170.0	  	Lai Jianhui
	41	  	917169	  	 One type of automatic balancer of automotive wheels
 一种汽车车轮用的自动平衡器
	  	ZL 200520019176.8	  	Lai Jianhui
	42	  	803709	  	 Wheel rim

车轮轮辋
	  	ZL 200520073169.6	  	Lai Jianhui
	43	  	801753	  	 Wheel rim section steel

车轮轮辋型钢
	  	ZL 200520073170.9	  	Lai Jianhui
	44	  	802193	  	 Bead-seat-reinforced wheel rim section steel
 胎圈座加强的轮辋型钢
	  	ZL 200520073172.8	  	Lai Jianhui
	45	  	801994	  	 Bead-seat-reinforced wheel rim
 胎圈座加强的轮辋
	  	ZL 200520073171.3	  	Lai Jianhui
	46	  	812450	  	 Modified wheel

改型车轮
	  	ZL 200520110475.2	  	Lai Jianhui
	47	  	811963	  	 Radiating reinforced wheel disc
 散热加强型车轮轮辐
	  	ZL 200520110473.3	  	Lai Jianhui
	48	  	812214	  	 Modified wheel rim section steel
 车轮用改型轮辋型钢
	  	ZL 200520110474.8	  	Lai Jianhui
	49	  	826269	  	 New-type automotive section steel wheels
 新型汽车型钢车轮
	  	ZL 200520122073.4	  	Lai Jianhui
	50	  	826496	  	 New-type wheel rim section steel
 新型车轮轮辋型钢
	  	ZL 200520122074.9	  	Lai Jianhui
	51	  	861087	  	 One type of 15oDC tubeless wheel rim
 一种15oDC无內胎车轮轮辋
	  	ZL 200520142290.X	  	Lai Jianhui
	52	  	881941	  	 New-type reinforced tubeless wheel
 新式加强型无內胎车轮
	  	ZL 200620008245.X	  	Lai Jianhui

  
 4 

									
	 No.
	  	Patent Certificate
No.	  	 Name of Utility Model
	  	 Patent No.
	  	 Patent Owner

	53	  	881677	  	 Reinforced tubeless wheel

加强型无內胎车轮
	  	ZL 200620008244.5	  	Lai Jianhui
	54	  	902236	  	 Undercut-free reinforced tubeless wheel
 护边加强型无內胎车轮
	  	ZL 200620070757.9	  	Lai Jianhui
	55	  	944897	  	 Tubeless wheel with a round pipe to avoid undercuts
 圆管护边的无內胎车轮
	  	ZL 200620073247.7	  	Lai Jianhui
	56	  	937753	  	 One type of wheel rim of circular wheel flange for 15o DC tubeless wheel
 一种15o DC无內胎车轮大圆弧状轮缘的轮辋
	  	ZL 200620123862.4	  	Lai Jianhui
	57	  	943272	  	 One type of wheel rim of S-shaped wheel flange for 15o DC tubeless wheel
 一种15o DC无內胎车轮S形轮缘的轮辋
	  	ZL 200620123861.X	  	Lai Jianhui
	58	  	943920	  	 One type of wheel rim of flat-topped circular wheel flange for
 15o DC tubeless wheel
 一种15o
DC无內胎车轮平顶圆弧状轮缘的轮辋
	  	ZL 200620123863.9	  	Lai Jianhui
	59	  	944180	  	 One type of wheel rim of arched wheel flange for 15o DC tubeless wheel
 一种15o DC无內胎车轮拱形轮缘的轮辋
	  	ZL 200620123864.3	  	Lai Jianhui
	60	  	984622	  	 New-type 15o DC deep-grooved magnetic wheel
 新型15o DC深槽磙型车轮
	  	ZL 200620166599.7	  	Lai Jianhui
	61	  	984265	  	 New-type 5o DC deep-grooved magnetic wheel
 新型5o DC深槽磙型车轮
	  	ZL 200620166598.2	  	Lai Jianhui
	62	  	1021326	  	 New-type section steel of tubeless wheel rim
 无內胎车轮轮辋用的新型型钢
	  	ZL 200720002587.5	  	Lai Jianhui
	63	  	1021325	  	 One new type of tubeless wheel of section steels
 一种新型无內胎型钢车轮
	  	ZL 200720002585.6	  	Lai Jianhui
	64	  	1021327	  	 Section steels of tubeless wheel rim
 无內胎车轮轮辋用型钢
	  	ZL 200720002586.0	  	Lai Jianhui
	65	  	1026787	  	 Tubeless wheel of section steels
 无內胎型钢车轮
	  	ZL 200720002584.1	  	Lai Jianhui
	66	  	1124207	  	 Wheel rim forming machine

车轮轮辋滚型机
	  	ZL 200720008773.X	  	Lai Jianhui

  
 5 

									
	 No.
	  	Patent Certificate
No.	  	 Name of Utility Model
	  	 Patent No.
	  	 Patent Owner

	67	  	1081774	  	 Integrated tubeless wheel with outlaid inflating valve
 气门嘴外置一件式无內胎车轮
	  	ZL 200720008774.4	  	Lai Jianhui
	68	  	1186262	  	 Reinforced wheel rim body with irregularly colored coatings
 具有异色涂层的加强型轮辋体
	  	ZL 200820101824.8	  	Lai Jianhui
					
	 No.
	  	Patent Certificate
No.	  	 Name of Invention
	  	 Patent No.
	  	 Patent Owner

	1	  	457560	  	 Tire-friendly wheel rim

保胎型轮辋
	  	ZL 03131762.6	  	Lai Jianhui

 Hereby agree
to license Zhengxing Wheel Group Co., Ltd. to use the foregoing patents free of charge within the license period. This Patent License Agreement shall remain valid from June 1, 2009 until May 31, 2019. 

Lisenser: /s/ Lai Jianhui 
 June 1, 2009 

  
 6Form of Placement Agent Warrant

 Exhibit 4.6 
 THE WARRANTS REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE
OFFERED OR SOLD EXCEPT (i) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, (ii) TO THE EXTENT APPLICABLE, PURSUANT TO RULE 144 UNDER SUCH ACT (OR ANY SIMILAR RULE UNDER SUCH ACT RELATING TO THE DISPOSITION OF SECURITIES), OR
(iii) UPON THE DELIVERY BY THE HOLDER TO THE COMPANY OF AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO COUNSEL FOR THE COMPANY, STATING THAT AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT IS AVAILABLE. 

EXERCISABLE UNTIL ON OR BEFORE     , 2016, 

5:00 P.M., NEW YORK TIME 
  

			
	Warrant No. 1	 	Warrants            

AMPIO PHARMACEUTICALS, INC. 
 This warrant certificate (the “Warrant Certificate”) certifies that
                             or registered assigns, is the registered holder (the “Holder”)
of Warrants to purchase, at any time until 5:00 P.M. New York time on March     , 2016 (the “Expiration Date”), up to
                     fully-paid and non-assessable shares (the "Warrants"), subject to adjustment in accordance with Article 5 hereof (the
“Warrant Shares”), of the common stock, par value $.0001 per share (the “Common Stock”), of AMPIO PHARMACEUTICALS, INC., a Delaware corporation (the “Company”), subject to the terms and conditions set forth herein. The
warrants represented by this Warrant Certificate and any warrants resulting from a transfer or subdivision of the warrants represented by this Warrant Certificate shall sometimes hereinafter be referred to, individually, as a “Warrant”
and, collectively, as the “Warrants.” 
 The term “Warrant” as used herein, shall include this
Warrant, and any warrants delivered in substitution or exchange therefor as provided herein. 
 1. Exercise of Warrants.
This Warrant is initially exercisable to purchase one Warrant Share at an initial exercise price of $          per share, subject to adjustment as set forth in Article 5 hereof, payable in cash or by
check to the order of the Company, or any combination of cash or check, or pursuant to the cashless exercise provisions contained in 1A below. Upon surrender of this Warrant Certificate with the annexed Form of Election to Purchase duly executed,
together with payment of the Exercise Price (as hereinafter defined) for the Warrant Shares purchased, at the Company's principal offices (presently located at 5445 DTC Parkway, P4, Greenwood Village, CO 80111), the registered holder of the Warrant
Certificate (the “Holder” or “Holders”) shall be entitled to receive a certificate or certificates for the Warrant Shares so purchased. The purchase rights represented by this Warrant Certificate are exercisable at the option of
the Holder hereof, in whole or in part (but not as to fractional shares). In the case 

  
 1 

 
of the purchase of less than all the Warrant Shares purchasable under this Warrant Certificate, the Company shall cancel this Warrant Certificate upon its surrender and shall execute and deliver
a new Warrant Certificate of like tenor for the balance of the Warrant Shares purchasable hereunder. 
 1A. Net
Issuance. In addition to the exercise provisions of this Warrant as provided in Section 1 above, the Holder may satisfy its obligation to pay the Exercise Price through a “cashless exercise,” in which event the Company shall
issue to the Holder the number of Warrant Shares determined as follows: 
  

			
	 	  	|X| = Y [(A-B)/A]
		
	 where:
	  	
		
		  	X = the number of Warrant Shares to be issued to the Holder pursuant to the cashless exercise.
		
		  	Y = the number of Warrant Shares with respect to which this Warrant is being exercised (at the time of such calculation).
		
		  	A = the average of the Closing Prices for the five Trading Days immediately prior to (but not including) the Exercise Date.
		
		  	B = the Exercise Price (as adjusted to the date of such calculation).

 For purposes of this Section 1A, “Closing Prices” for any date, shall mean the closing price per share of the Common Stock for such date (or the nearest preceding date) on the primary
trading market on which the Common Stock is then listed or quoted. 
 For purposes of Rule 144 promulgated under the Act (as
defined herein), it is intended, understood and acknowledged that the Warrant Shares issued in a cashless exercise transaction 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. 
 This Warrant shall be deemed to have been exercised immediately
prior to the close of business on the date of its surrender for exercise as provided above, and the person entitled to receive the Warrant Shares issuable upon such exercise shall be treated for all purposes as the holder of record of such
securities as of the close of business on such date. As promptly as practicable on or after such date and in any event within five (5) business days after such date, the Company at its expense shall issue and deliver, to the person or persons
entitled to receive them, certificates and/or instruments representing the Warrant Shares as to which the Holder has so exercised this Warrant in the name of the Holder or its designee. In the event that this Warrant is exercised in part, the
Company at its expense will execute and deliver a new Warrant of like tenor exercisable for the number of Warrant Shares for which this Warrant has not been exercised. 

  
 2 

 The Company hereby represents and warrants that the Warrant Shares issuable upon the
exercise of this Warrant, when issued, sold and delivered, will be duly and validly authorized and issued, fully paid and nonassessable and free from all taxes, liens and charges in respect of the issuance thereof (other than liens or charges
created by or imposed upon the recipient of the Warrant Shares). 
 2. Issuance of Certificates. Upon the exercise of the
Warrants, the issuance of certificates for the Warrant Shares purchased pursuant to such exercise shall be made forthwith without charge to the Holder thereof including, without limitation, any tax which may be payable in respect of the issuance
thereof, and such certificates shall (subject to the provisions of Article 3 hereof) be issued in the name of, or in such names as may be directed by, the Holder thereof; 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 issuance and delivery of any such certificates in a name other than that of the Holder and the Company shall not be required to issue or deliver such certificates unless or until the person
or persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid. 

The Warrant Certificates and, upon exercise of the Warrants, the certificates representing the Warrant Shares shall be executed on behalf
of the Company by the manual or facsimile signature of those officers required to sign such certificates under applicable law. 

This Warrant Certificate and, upon exercise of the Warrants, in part or in whole, certificates representing the Warrant Shares shall bear
a legend substantially similar to the following: 
 The securities represented by this certificate have not been registered under
the Securities Act of 1933, as amended (“Act”), and may not be offered or sold except (i) pursuant to an effective registration statement under the Act, (ii) to the extent applicable, pursuant to Rule 144 under the Act (or any
similar rule under such Act relating to the disposition of securities), or (iii) upon the delivery by the holder to the Company of an opinion of counsel, reasonably satisfactory to counsel to the issuer, stating that an exemption from
registration under such Act is available. 
 3. Restriction on Transfer of Warrants and Warrant Shares. The Holder of
this Warrant Certificate, by its acceptance thereof, represents and warrants to, and covenants and agrees with the Company that the Warrants and the Warrant Shares issuable upon exercise of the Warrants are being acquired for the Holder's own
account as an investment and not with a view to the resale or distribution thereof and that the Warrants and the Warrant Shares are not registered under the Act or any state securities or blue sky laws and, therefore, may not be transferred unless
such securities are either registered under the Act and any applicable state securities law or an exemption from such registration is available. In connection with any purchase of Warrant Shares, the Holder agrees to execute any documents which may
be reasonably required by counsel to the Company to comply with the provisions of the Act and applicable state securities laws. The Placement Agent is an accredited investor as such term is 

  
 3 

 
defined in the Act or Regulation D promulgated by the Securities and Exchange Commission thereunder, and under applicable state securities laws. 

4. Exercise Price 
 4.1 Initial and Adjusted Exercise Price. The initial exercise price of each Warrant shall be $          per Warrant Share. The adjusted exercise price
shall be the price which shall result from time to time from any and all adjustments of the initial exercise price in accordance with the provisions of Article 5 hereof. 
 4.2 Exercise Price. The term “Exercise Price” herein shall mean the initial exercise price or the adjusted exercise price, depending upon the context. 

5. Adjustments of Exercise Price and Number of Warrant Shares. 

5.1 Dividends and Distributions. If at any time prior to the Expiration Date, the Company shall pay a dividend in shares of Common
Stock or make a distribution in shares of Common Stock, then upon such dividend or distribution, the Exercise Price in effect immediately prior to such dividend or distribution shall be reduced to a price determined by dividing an amount equal to
the total number of shares of Common Stock outstanding immediately prior to such dividend or distribution multiplied by the Exercise Price in effect immediately prior to such dividend or distribution, by the total number of shares of Common Stock
outstanding immediately after such dividend or distribution. For purposes of any computation to be made in accordance with the provisions of this Section 5.1, the Common Stock issuable by way of dividend or distribution shall be deemed to have
been issued immediately after the opening of business on the date following the date fixed for determination of shareholders entitled to receive such dividend or distribution. Upon each adjustment of the Exercise Price pursuant to the provisions of
this Article 5.1, the number of Warrant Shares issuable upon the exercise of each Warrant shall be adjusted to the nearest full share of Common Stock by multiplying a number equal to the Exercise Price in effect immediately prior to such adjustment
by the number of Warrant Shares issuable upon exercise of the Warrants immediately prior to such adjustment and dividing the product so obtained by the adjusted Exercise Price. 

5.2 Subdivision and Combination. If at any time prior to the Expiration Date, the Company shall subdivide (by any stock split,
stock dividend, recapitalization, reorganization, reclassification or otherwise) the shares of Common Stock subject to acquisition hereunder into a greater number of shares, then, after the date of record for effecting such subdivision, the Exercise
Price in effect immediately prior to such subdivision will be proportionately reduced and the number of shares of Common Stock subject to acquisition upon exercise of this Warrant will be proportionately increased. If the Company at any time
combines (by reverse stock split, recapitalization, reorganization, reclassification or otherwise) the shares of Common Stock subject to acquisition hereunder into a lesser number of shares, then, after the date of record for effecting such
combination, the Exercise Price in effect immediately prior to such combination will be proportionately increased and the number of shares of Common Stock subject to acquisition upon exercise of this Warrant will be proportionately decreased.

  
 4 

 5.3 Reorganization, Merger or Sale of Assets If, at any time prior to the Expiration
Date, there shall be (i) a reorganization (other than a combination, reclassification, exchange or subdivision of shares otherwise provided for herein), (ii) a merger or consolidation of the Company with or into another corporation in
which the Company is not the surviving entity, or (iii) a sale or transfer of the Company’s properties and assets in, or substantially in, their entirety to any other person, then, as a part of such reorganization, merger, consolidation,
sale or transfer, lawful provision shall be made so that the Holder shall thereafter be entitled to receive upon payment of the Exercise Price then in effect, the number of shares of stock or other securities or property of the successor or
corporation resulting from such reorganization, merger, consolidation, sale or transfer that a holder of the shares of Common Stock deliverable upon exercise of this Warrant would have been entitled to receive in such reorganization, consolidation,
merger, sale or transfer if this Warrant had been exercised immediately before such reorganization, merger, consolidation, sale or transfer. If the per-share consideration payable to the Holder for shares in connection with any such transaction is
in a form other than cash or marketable securities, then the value of such consideration shall be determined in good faith by the Company’s Board of Directors. In all events, appropriate adjustment (as determined in good faith by the
Company’s Board of Directors) shall be made in the application of the provisions of this Warrant with respect to the rights and interests of the Holder after the transaction, to the end that the provisions of this Warrant shall be applicable
after that event, as near as reasonably may be, in relation to any shares or other property deliverable after that event upon exercise of this Warrant. Notwithstanding the above, in the event the sale or merger of the Company is consummated by means
of an all cash transaction whereby the Company’s Common Stock will cease to be outstanding, this Warrant must be exercised prior to the close of such transaction or it will be cashed out for the consideration paid to holders of Common Stock in
the transaction less the Exercise Price. 
 5.4 Notice of Adjustments. Upon any adjustment of the Exercise Price, then
and in each such case the Company shall give notice thereof to the Holder, which notice shall state the Exercise Price resulting from such adjustment and the increase or decrease, if any, in the number of Warrant Shares purchasable at such price
upon the exercise of this Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. 
 5.5 Determination of Outstanding Shares. The number of shares of Common Stock at any one time outstanding shall include the aggregate number of shares issued or issuable upon the exercise of
outstanding options, rights, warrants and upon the conversion or exchange of outstanding convertible or exchangeable securities. 
 6. Exchange and Replacement of Warrant Certificates. This Warrant Certificate is exchangeable without expense, upon the surrender hereof by the registered Holder at the principal executive office
of the Company, for new Warrant Certificates of like tenor and date representing in the aggregate the right to purchase the same number of Warrant Shares in such denominations as shall be designated by the Holder thereof at the time of such
surrender. 
 Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or
mutilation of this Warrant Certificate, and, in case of loss, theft or destruction, of 

  
 5 

 
indemnity or security reasonably satisfactory to it, and reimbursement to the Company of all reasonable expenses incidental thereto, and upon surrender and cancellation of the Warrants, if
mutilated, the Company will make and deliver a new Warrant of like tenor, in lieu thereof. 
 7. Elimination of Fractional
Interests. The Company shall not be required to issue certificates representing fractions of shares of Common Stock and shall not be required to issue scrip or pay cash in lieu of fractional interests, it being the intent of the parties that all
fractional interests shall be eliminated by rounding any fraction up to the nearest whole number of shares of Common Stock. 

8. Reservation of Shares. The Company covenants and agrees that it will at all times reserve and keep available out of its
authorized share capital, solely for the purpose of issuance upon the exercise of the Warrants, such number of shares of Common Stock as shall be equal to the number of Warrant Shares issuable upon the exercise of the Warrants, for issuance upon
such exercise, and that, upon exercise of the Warrants and payment of the Exercise Price therefor, all Warrant Shares issuable upon such exercise shall be duly and validly issued, fully paid, nonassessable and not subject to the preemptive rights of
any shareholder. 
 9. Notices to Warrant Holders. Nothing contained in this Agreement shall be construed as conferring
upon the Holder or Holders the right to vote or to consent or to receive notice as a stockholder in respect of any meetings of stockholders for the election of directors or any other matter, or as having any rights whatsoever as a shareholder of the
Company. If, however, at any time prior to the expiration of the Warrants and their exercise, any of the following events shall occur: 
 (a) the Company shall take a record of the holders of its Common Stock for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or
distribution payable otherwise than out of current or retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company; or 

(b) the Company shall offer to all the holders of its Common Stock any additional shares of Common Stock or other shares of capital stock
of the Company or securities convertible into or exchangeable for shares of Common Stock or other shares of capital stock of the Company, or any option, right or warrant to subscribe therefor; 

(c) a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or merger) or a sale of all or
substantially all of its property, assets and business as an entirety shall be proposed; or 
 (d) the Company or an affiliate
of the Company shall propose to issue any rights to subscribe for shares of Common Stock or any other securities of the Company or of such affiliate to all the stockholders of the Company; 
 then, in any one or more of said events, the Company shall give written notice of such event at least twenty (20) days prior to the date fixed as a record date or the date of closing the transfer

  
 6 

 
books for the determination of the stockholders entitled to such dividend, distribution, convertible or exchangeable securities or subscription rights, options or warrants, or entitled to vote on
such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of closing the transfer books, as the case may be. Failure to give such notice or any defect therein shall not affect the validity of
any action taken in connection with the declaration or payment of any such dividend or distribution, or the issuance of any convertible or exchangeable securities or subscription rights, options or warrants, or any proposed dissolution, liquidation,
winding up or sale. 
 10. Notices. All notices, requests, consents and other communications hereunder shall be in
writing and shall be deemed to have been duly made when delivered, or mailed by registered or certified mail, return receipt requested: 
 (a) If to a registered Holder of the Warrants, to the address of such Holder as shown on the books of the Company; or 
 (b) If to the Company, to the address set forth in Article 1 of this Agreement or to such other address as the Company may designate by notice to the Holders. 

11. Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company and the Holders inure to
the benefit of their respective successors and assigns hereunder. 
 12. Governing Law. 

12.1 Choice of Law. This Agreement shall be deemed to have been made and delivered in the State of New York and shall be governed
as to validity, interpretation, construction, effect and in all other respects by the internal laws of the State of New York. 

12.2 Jurisdiction and Service of Process. The Company and the Holder each (a) agrees that any legal suit, action or
proceeding arising out of or relating to this Warrant Certificate shall be instituted exclusively in the Supreme Court of New York, New York, New York, or in the United States District Court for the Southern District of New York, New York
(b) waives any objection which the Company or such Holder may have now or hereafter based upon forum non conveniens or to the venue of any such suit, action or proceeding, and (c) irrevocably consents to the jurisdiction of the
Supreme Court of New York, New York, New York, or of the United States District Court for the Southern District of New York, New York in any such suit, action or proceeding. The Company and the Holder each further agrees (a) to accept and
acknowledge service of any and all process which may be served in any such suit, action or proceeding in the Supreme Court of New York, New York, New York, or in the United States District Court for the Southern District of New York, New York, and
(b) agrees that service of process upon the Company or the Holder mailed by certified mail to their respective addresses shall be deemed in every respect effective service of process upon the Company or the Holder, as the case may be, in any
suit, action or proceeding. FURTHER, BOTH THE COMPANY AND HOLDER HEREBY WAIVE TRIAL BY JURY IN ANY ACTION TO ENFORCE THE TERMS OF THIS WARRANT CERTIFICATE AND IN CONNECTION WITH ANY 

  
 7 

 
DEFENSE, COUNTERCLAIM OR CROSS-CLAIM ASSERTED IN ANY SUCH ACTION. 
 IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed, as of the      day of             , 2011. 

 

			
	AMPIO PHARMACEUTICALS, INC.
		
	By:	 	  

		 	      Donald B. Wingerter, Jr.
		 	      Chief Executive Officer

 (Corporate Seal) 

  
 8 

 [FORM OF ELECTION TO PURCHASE] 

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

(2) Payment shall take the form of (check applicable box): 
 [    ] in lawful money of the United States; or 

[    ] [if permitted] the cancellation of such number of Warrant Shares as is necessary, in accordance with the
formula set forth in subsection 1A, to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 1A. 

(3) Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as
is specified below: 

                      
                                         
                                         
, whose address is
                                         
                                         
                                         
                                         
                        , and that such certificate be delivered to
                                         
           , whose address is
                                         
                                         
                                  . 

 

									
	Dated:	 	                    	 		  	Signature:	  	  

		 		 		  		  	(Signature must conform in all respects to name of holder as specified on the face of the Warrant Certificate.)

 

					
		 	  
	 	
			
		 	  
	 	
		 	(Insert Social Security or Other	 	
		 	Identifying Number of Holder)	 	

  
 9 

 ASSIGNMENT FORM 
 The undersigned, being the true and lawful owner of Holder Warrants to purchase shares of Common Stock of Ampio Pharmaceuticals, Inc. hereby assigns and transfers unto: 

 

					
	Name:	 	  
	 	
		 	(Please typewrite or print in block letters)	 	
			
	Address:	 	  
	 	
			
		 	  
	 	
			
		 	  
	 	
		
		 	Social Security Number/Federal ID:                  
               

 the right to purchase Common Stock
of                              represented by this Warrant to the extent of
                     shares of Common Stock as to which such right is exercisable and does hereby irrevocably constitute and appoint
                                        
                                         
        Attorney, to transfer the same on the books of Ampio Pharmaceuticals, Inc. with full power of substitution in the premises. 
 Dated:                      

 

					
			
		 	  
	 	
		 	Name of Registered Holder	 	
			
		 	  
	 	
		 	Signature	 	
			
		 	  
	 	
		 	Signature, if held jointly	 	

  
 10

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