Document:

Exhibit 10.12

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (this “Agreement”) is effective as of August 1, 2019, between Scopus BioPharma
Inc., a Delaware corporation (“Company”) and Ashish P. Sanghrajka (“Executive”).

 

RECITALS

 

WHEREAS,
Company desires to provide for the employment of Executive by Company, and Executive desires to accept such employment, in each
case subject to the terms and upon the conditions set forth in this Agreement.

 

NOW, THEREFORE,
in consideration of the promises and the mutual agreements herein contained, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

1.            Definitions.
The following words and terms shall have the meanings set forth below for the purposes of this Agreement:

 

1.1            Cause.
Termination of Executive’s employment for “Cause” shall mean termination based on any of the following:
(a) Executive’s willful misconduct, gross negligence, breach of fiduciary duty or material dishonesty as relates to
the Company or its clients, (b) any conviction of, or the entering of a plea of guilty or nolo contendere to, a crime that
constitutes a felony, (c) Executive’s violation of, or any action that causes the Company to violate, any law, rule or
regulation in connection with Company’s business that has, or is reasonably likely to have, a negative impact on the Company’s
ability to conduct its business in the ordinary course, (d) any conviction of a crime concerning misconduct by Executive
that has or is reasonably likely to have an adverse effect on the property, operations, business or reputation of Company, (e) the
violation by Executive of any other material the Company rule or policy applicable to Executive and of which Executive has
been provided or notified; (f) the breach by Executive of any provision of this Agreement or of any written covenant or agreement
with Company not contained in this Agreement, including not to disclose any confidential information or not to compete or interfere
with Company, which breach Executive fails to cure within ten (10) days after written notice thereof from the Company, or
(g) the failure of Executive to comply with any lawful direction of the Board of Directors (“Board”).

 

1.2            Disability.
Termination by Company of Executive’s employment based on “Disability” shall mean termination because
Executive is unable to perform the essential functions of his position due to a disability (as such term is defined in the Americans
with Disabilities Act) for six (6) months in the aggregate during any consecutive twelve (12) month period. This definition
shall be interpreted and applied consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, and other
applicable law.

 

1.3            Good
Reason. Termination of Executive’s employment by Executive for “Good Reason” shall mean termination
based on any of the following events: (a) a material breach of this Agreement by Company, (b) a reduction in Executive’s
salary or benefits without Executive’s written consent, (c) the relocation of Executive’s position to a location
outside a 50 mile radius of Executive’s current work location without Executive’s written consent, (d) a material
reduction in Executive’s job responsibilities, title, or position without Executive’s written consent, (e) the
failure of the Company to have this Agreement assumed in full by any successor in the case of any merger, consolidation, or sale
of all or substantially all of the assets of the company or (f) the failure of the Company to timely pay to the Executive
any compensation owed to him under this Agreement. To constitute Good Reason under this Section 1.3, Executive must
provide Company with written notice in accordance with Section 7.2 of this Agreement within fifteen (15) days of the
occurrence of the event(s) or circumstances that Executive believes may be grounds for Good Reason. Such notice must provide
Company with thirty (30) calendar days to cure, correct, or mitigate the Good Reason event(s) or circumstances. Any event(s),
circumstances, or alleged grounds that Company cures or remedies within thirty (30) days of such notice shall not constitute Good
Reason for termination.

 

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1.4            Nonrenewal.
This Agreement and Executive’s employment shall terminate upon Nonrenewal by either party. Termination for “Nonrenewal”
shall mean either party providing Notice of Termination in accordance with Section 1.5 of this Agreement at least
sixty (60) calendar days prior to the expiration of the initial, or automatically extended, Term of this Agreement. Nonrenewal
shall not constitute a termination of employment under Section 4 of this Agreement. Notwithstanding any provision
of this Agreement to the contrary, (a) the automatic extension of the Term of this Agreement shall not affect any of the
Company’s rights to terminate Executive’s employment at any time prior to or after such extension and for any reason
whatsoever, and (b) in the event of the termination of Executive’s employment by the Company for any reason (other
than with Cause or due to the death or Disability of Executive, or by Executive for any reason other than Good Reason, which termination
shall be governed by Section 4.2), the Company’s sole obligation to Executive shall be to pay him the amounts
set forth in Sections 4.1(i) - (iv) and such payment shall be Executive’s sole remedy for such termination.

 

1.5            Notice
of Termination. Any purported termination of Executive’s employment by Company for any reason, or by Executive for any
reason shall be communicated by a written “Notice of Termination” to the other party hereto. For purposes of
this Agreement, a “Notice of Termination” shall mean a dated notice that (a) indicates the specific termination
provision in this Agreement relied upon, (b) sets forth in reasonable detail the facts and circumstances claimed to provide
a basis for termination of Executive’s employment under the provision so indicated, (c) specifies a Date of Termination
(as defined below), and (d) is given in the manner specified in Section 7.2. “Date of Termination”
as used in this Agreement shall mean the date on which Executive’s employment with Company terminates.

 

1.6            Definition
of Person. For purposes of this Agreement, “Person” shall have the meaning assigned thereto in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”).

 

2.            Employment.

 

2.1            Position
and Term. Company hereby employs Executive as President and Chief Financial Officer, reporting directly to the Board and Executive
hereby accepts said employment and agrees to render such services to Company, on the terms and conditions set forth in this Agreement.
Executive shall have the duties, authorities, and responsibilities commensurate with these titles. This Agreement shall commence
on the date hereof and, unless sooner terminated in accordance with Section 4, shall remain in effect for a period
of one (1) year (the “Term”). Following the initial Term, the Term will automatically and repetitively
extend for a period of one (1) year on the first-year anniversary of the effective date of this Agreement, and each one-year
anniversary thereafter, unless Notice of Termination is provided by either party in accordance with Sections 1.5 and
7.2 of this Agreement within 60 days prior to the expiration of the Term.

 

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2.2            Duties.
During the Term, Executive shall devote his full working time and attention and agrees to use his reasonable best efforts to further
the interests of Company and to perform such services for Company as is consistent with his position and as directed, from time
to time, by the Board. During the Term, Executive shall not be employed or involved in any other business activity. Notwithstanding
the foregoing, the following activities are permitted activities: (a) services for or on behalf of religious, educational,
charitable, civic, non-profit, or other community organizations, including serving on the boards of these organizations, and (b) such
other activities as may be specifically approved by Company, which such approval shall not be unreasonably withheld or delayed;
provided that such activities do not interfere with Executive’s duties to the Company.

 

2.3            Policies.
Except as otherwise provided herein, during the Term, Executive’s employment shall be subject to the personnel policies
that apply generally to Company’s executive employees as the same may be interpreted, adopted, revised or deleted from time
to time by Company in its sole discretion, provided, that Executive is notified of or provided with said policies.

 

3.            Compensation
and Benefits.

 

3.1            Signing
Bonus. The Company will pay to the Executive in a lump sum the amount of $60,000 as a signing bonus.

 

3.2            Base
Salary. For services rendered hereunder by Executive, Company shall compensate and pay Executive for his services during the
Term a base salary at a rate of $300,000 per year (“Base Salary”), which may be increased, but not decreased,
from time to time in such amounts as may be determined by the Compensation Committee of the Board (“Compensation Committee”).
Such Base Salary shall be payable in accordance with Company’s regular payroll practices.

 

3.3            Annual
Bonus.

 

(i)            The
Executive will be eligible to participate in an annual executive bonus plan pursuant to which he may earn a bonus (“Bonus”)
equal to up to 100% of his Base Salary (such maximum bonus may be referred to as the “Target Bonus”).

 

(ii)           Prior
to the commencement of each calendar year the Company’s Compensation Committee will establish and approve the Target Bonus
for such calendar year. Achievement of the Target Bonus will be based on the Executive meeting individual objectives and the Company
meeting company-wide objectives (collectively, the “Performance Criteria”).

 

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(iii)         The
Compensation Committee may, in its discretion, grant the Executive a Bonus in excess of the Target Bonus if the Performance Criteria
are exceeded.

 

(iv)         Following
the close of each calendar year but in no event later than January 31st, the Compensation Committee will meet and determine
the extent to which the Performance Criteria have been achieved for such year and the amount of the Bonus. Based on that determination,
payment of the Bonus (if any) shall be made by March 15th.

 

3.4            Withholding.
All payments required to be made by Company hereunder to Executive shall be subject to the withholding of such amounts, if any,
relating to tax and other payroll deductions as Company may reasonably determine should be withheld for payment to the applicable
taxing authorities pursuant to any applicable law or regulation. Company shall make such payments to the applicable taxing authority
when due.

 

3.5            Benefits.
Executive shall be entitled to participate in and receive the benefits of any benefit plans, benefits and privileges to which
executive level employees of Company are eligible, to the extent commensurate with his then duties and responsibilities (“Benefit
Plans”) when and if such Benefit Plans are established by Company; provided, however, if the Company does not have a
Benefit Plan for the provision of health insurance, the Company will reimburse Employee for the costs of family health insurance
coverage.

 

3.6            Paid
Time Off. Executive shall be entitled to fifteen (15) days of paid time off during each annual term of this Agreement. Up
to five (5) days of paid time off shall carry over to the following annual term of this Agreement and if not utilized during
such following term shall expire.

 

3.7            Stock
Options. Company agrees to grant Executive 300,000 stock options (“Options”) under the Company’s
2018 Equity Incentive Plan at an exercise price of $3.00 per share. Such Options will be incentive stock options to the maximum
extent allowable by law. Subject to Executive’s continuing employment and the Stock Option Agreement between Executive and
the Company, the Options shall vest quarterly over a 36-month period commencing with the first calendar quarter succeeding the
grant of the Options subject to proration for any period less than a full calendar quarter that the Options are outstanding; provided,
however, all the Options will vest upon a Change in Control. The Company shall register the options and the shares underlying
the Options with the Securities and Exchange Commission on a Form S-8 following the closing of the Company’s initial
public offering and Executive agrees to enter into a customary form option agreement with the Company incorporating the provisions
set forth in this Section 3.7.

 

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3.8            Definition
of Change in Control. For purposes of Section 3.7, a Change of Control shall occur upon (i) any Person (as such
term is used in Sections 13(d) and 14(d) of the Exchange Act) becoming the “beneficial owner” (as defined
in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent
(50%) of the total voting power represented by the Company’s then-outstanding voting securities; (ii) the consummation
of the sale or disposition by the Company of all or substantially all of the Company’s assets; (iii) the consummation
of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result
in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total
voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately
after such merger or consolidation; or (iv) a change in the effective control of the Company that occurs on the date that
a majority of members of the Board is replaced during any twelve (12) month period by members of the Board whose appointment
or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes
of this definition, Persons will be considered to be acting as a group if they are owners of a corporation that enters into a
merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company; provided, that
a Change in Control shall not be deemed to occur unless such event is also a change in the ownership or effective control of the
Company, or in the ownership of a substantial portion of the assets of the Company within the meaning of Section 409A, as
defined below. An IPO shall not be deemed a Change in Control.

 

3.8            Expenses.
Company shall promptly reimburse Executive or otherwise provide for or pay for all reasonable expenses incurred by Executive in
furtherance of, or in connection with the business of Company, subject to such reasonable documentation and other limitations
as may be established from time to time by policies of Company.

 

3.9            Indemnification/Insurance.
Executive will be entitled to (a) indemnification and (b) coverage under Company’s, director’s, and officer’s
insurance policies, if any, to the fullest extent permitted by applicable law and Company’s governing documents and the
terms of such policies, respectively, and in no event, shall the rights to indemnification or such coverage be lesser in any material
respect than any other director or officer of Company.

 

4.             Termination.

 

4.1            Termination
by Company Without Cause or by Executive for Good Reason. Other than in connection with a Change of Control, upon termination
of Executive’s employment by the Company for any reason other than Cause or the death or Disability of Executive, or  by
Executive for Good Reason, Company will pay and provide the following:

 

(i) severance
pay in an amount equal to 1.0 times the Executive’s then-current annual Base Salary, such amount to be paid in equal installments
over the 12-month period immediately following the date of termination in accordance with the Company’s normal payroll practices
with such installments to be no less frequent than monthly and to commence on the first payroll date following the date of termination;

 

(ii) all
accrued but unpaid bonuses for any completed fiscal year and accrued vacation pay, expense reimbursement and other benefits due
to the Executive under any Company-provided benefit plans, policies and arrangements, with such accrued but unpaid bonuses for
any completed fiscal year and vacation pay and expense reimbursements payable no later than thirty (30) days after the date of
termination (sooner to the extent the bonus is payable prior to such time) and any other benefits payable in accordance with the
applicable terms of the benefit plans, policies and arrangements;

 

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(iii) the
Bonus the Executive would have likely earned during the year in which termination occurs prorated for the period of time within
such year the Executive was employed all of which payments will be made in accordance with Company’s then existing bonus
payment practice for Company’s employees; and

 

(iv) if
the Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended
(“COBRA”), then the Company each month will pay for the Executive’s COBRA premiums for such coverage
(at coverage levels in effect immediately prior to the Executive’s termination) until the earlier of: (A) the expiration
of a period of twelve (12) months from the date of termination or (B) the date upon which the Executive becomes covered under
similar plans of any subsequent employer or is otherwise ineligible for COBRA.

 

4.2            Termination
in Connection with or Following a Change of Control.  If the Executive terminates his employment with the Company
for Good Reason or if the Executive’s employment with the Company is terminated by the Company for any reason other than
for Cause, and such termination occurs within ninety days of a Change of Control, then, in lieu of the payments to the Executive
under Section 4.1 hereof:

 

(i) upon
such termination the Company shall pay to the Executive the sum of: (A) a severance payment equal to eighteen months of Executive’s
Base Salary; and (B) a lump-sum payment, payable no later than thirty (30) days after the later of the Change in Control
or the termination of the Executive’s employment, equal to one hundred percent (100%) of the Target Bonus payable in the
year in which the termination of employment occurs or if such Target Bonus has not been established, the Target Bonus for the
prior year;

 

(ii) all
accrued but unpaid bonuses for any completed fiscal year and vacation pay, expense reimbursement and other benefits due to the
Executive under any Company-provided benefit plans, policies and arrangements, with such accrued but unpaid bonuses for any completed
fiscal year and vacation pay and expense reimbursements payable no later than thirty (30) days after the date of termination (sooner
to the extent the bonus is payable prior to such time) and any other benefits payable in accordance with the applicable terms
of the benefit plans, policies and arrangements; and

 

(iii) if the Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended
(“COBRA”), then the Company each month will pay for the Executive’s COBRA premiums for such coverage
(at coverage levels in effect immediately prior to the Executive’s termination) until the earlier of: (A) the expiration
of a period of twelve (12) months from the date of termination or (B) the date upon which the Executive becomes covered under
similar plans of any subsequent employer or is otherwise ineligible for COBRA.

 

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4.3            Other
Termination. Upon termination of Executive’s employment during the Term (a) by Company with Cause or due to the
death or Disability of Executive, or (b) by Executive for any reason other than Good Reason, Executive shall be entitled
to receive the following:

 

(i)            salary
earned and accrued through the Date of Termination payable on or before the next pay day;

 

(ii)            any
reasonable expenses incurred by Executive in furtherance of or in connection with Company’s business that have not already
been paid by Company through the Date of Termination payable on or before the next pay day; and

 

(iii)            any
benefits accrued through the Date of Termination under any applicable benefits plans or programs of Company payable on or before
the next pay day.

 

4.4            Cooperation
with Company After Termination of Employment. Following termination of Executive’s employment for any reason, Executive
shall reasonably cooperate with Company in all matters relating to the winding up of his pending work on behalf of Company including,
but not limited to, any litigation in which Company is involved, and the orderly transfer of any such pending work to other employees
of Company as may be designated by Company. Company agrees to pay Executive for any out-of-pocket expenses Executive incurs in
furtherance of or in connection with winding down activities and to indemnify Executive for all costs associated with any litigation,
arbitration, or dispute in which Company is involved, including attorney’s fees, other than any dispute arising under this
Agreement. To the extent Executive is required to perform work on Company’s behalf following the Date of Termination, Company
agrees to pay Executive a consulting fee at a rate agreed upon in writing by the parties.

 

4.5            Required
Release. All payments and benefits following Executive’s termination of employment are subject to Executive’s
execution of a release. The Company shall deliver to Executive for signature a release within seven (7) days following the
date of termination of employment. Executive shall have until the date that is twenty-one (21) days (or such later date as is
required by applicable law) following the date upon which the Company timely delivers the release to Executive (the expiration
of such applicable period, the “Release Deadline”) to execute the release. Executive shall have seven (7) days
following the execution of the release to revoke the release. If the execution and revocation period crosses calendar years, Company
shall commence payments on the first Payroll Date in the second calendar year (with the first payment containing all of the payments
which should have been paid, but were not paid, prior to such date).

 

4.6           Return
of Company Property. Upon termination of Executive’s employment for any reason, Executive agrees to promptly return
to the Company all equipment and property, including, but not limited to, identification materials, computers, printers, facsimile,
machines, corporate credit cards, Company issued cellular telephone, tablets and other wireless devices, and calling cards that
Executive possesses or controls but that are not in the Company’s offices.

 

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4.7           Cessation
of Payments. In the event Executive breaches any of the covenants set forth in this Agreement that survive Executive’s
termination of employment, the Company will no longer be obligated to make any severance payments or provide payments towards
Executive’s health insurance under COBRA.

 

5.             Covenants
of the Executive.

 

5.1           Confidential
Information.

 

(a)            Executive
acknowledges that, by reason of Executive’s employment by Company, Executive has had and will have access to confidential
information of Company and its subsidiaries, including, without limitation, information and knowledge pertaining to products,
services, benefits, inventions, discoveries, improvements, innovations, designs, ideas, trade secrets, proprietary information,
advertising, marketing, distribution and sales methods, sales and profit figures, pricing policies, supplier, customer and client
lists and relationships between Company (and/or its subsidiaries) and employees, sales representatives, distributors, customers,
clients, suppliers and others who have business dealings with them (collectively, “Confidential Information”).
Executive acknowledges that such Confidential Information is a valuable and unique asset of Company and covenants that, both during
and after the Term, Executive will not disclose any Confidential Information to any third party (except as Executive’s duties
as an employee of Company may require) without the prior written authorization of the Board. The obligation of confidentiality
imposed by this Section 5.1 shall not apply to Confidential Information that otherwise becomes generally known to
the public through no act of Executive in breach of this Agreement or which is required to be disclosed by court order, applicable
law or regulatory requirements. Nothing in this Section 5.1 should be applied or interpreted as restricting Executive
from reporting fraud or violations of federal or state laws to the appropriate authorities.

 

(b)            All
records, designs, business plans, financial statements, customer lists, manuals, memoranda, lists, research and development plans, Intellectual
Property (as defined below) and other property delivered to, compiled by or known to Executive by or on behalf of Company or its
clients or customers that pertain to the business of Company shall be and remain the property of Company and be subject at all
times to its discretion and control. Likewise, all correspondence, reports, records, charts, advertising materials and other similar
data pertaining to the business, activities, research and development, Intellectual Property or future plans of Company that
is collected by Executive shall be delivered promptly to Company without request by it upon termination of Executive’s employment.
For purposes of this Agreement, “Intellectual Property” shall mean patents, copyrights, trademarks, trade dress,
trade secrets, other such rights and any applications for any of the foregoing.

 

5.2            Inventions.
Executive is hereby retained in a capacity such that Executive’s responsibilities may include the making of technical and
managerial contributions of value to Company. Executive hereby assigns to Company all rights, title and interest in such contributions
and inventions made or conceived by Executive alone or jointly with others during the Term which relate to the business of Company.
This assignment shall include (a) the right to file and prosecute patent applications on such inventions in any and all countries,
(b) the patent applications filed and patents issuing thereon, and (c) the right to obtain copyright, trademark or trade
name protection for any such work product. Executive shall promptly and fully disclose all such contributions and inventions to
Company and assist Company in obtaining and protecting the rights therein (including patents thereon), in any and all countries;
provided, however, that said contributions and inventions will be the property of Company, whether or not patented
or registered for copyright, trademark or trade name protection, as the case may be. Notwithstanding the foregoing, Company shall
not have any right, title or interest in any work product or copyrightable work developed by Executive following the Date of Termination,
or developed during the Term of this Agreement by Executive alone or jointly with others outside of Executive’s work hours
and without the use of any of Company’s resources if the work product or copyrightable work does not relate to the business
of Company and does not result from any work performed by Executive for Company.

 

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5.3           Non-Competition;
Non-Solicitation.

 

(a)            Executive
agrees that during the period of his employment with Company and ending on the one-year anniversary of the termination of Executive’s
employment, Executive shall not anywhere within the United States of America (whether directly or indirectly, through any affiliate
or other person, or in the name or on behalf of any affiliate or other Person, whether acting as an officer, director, shareholder,
owner, partner, member, trustee, beneficiary, employee, promoter, consultant, technical adviser, agent, lender, manager or otherwise
or as the assign of any such Person):

 

(i)            engage
or participate in any business, either directly or indirectly, that competes with the Business of the Company; provided,
however, that nothing in Section 5.3(a)(i) shall be construed to preclude Executive from making any investment
in the securities of any business enterprise whether or not engaged in competition with the Company, to the extent that such securities
are actively traded on a national securities exchange or in the over-the-counter market in the United States or on any foreign
securities exchange, but only if such investment does not exceed 5% of the outstanding voting securities of such enterprise

 

(ii)            recruit,
hire or solicit any current or former employee, consultant or independent contractor of the Company, or encourage any such employee,
consultant or independent contractor to leave the employ or service of the Company unless such former employee, consultant, or
independent contractor has not been employed or retained by the Company for a period in excess of six (6) months;

 

(iii)            request,
advise or otherwise induce any Person to withdraw, curtail or cancel its business dealings with the Company;

 

In the event
of a breach by any Executive of any covenant set forth in this Section 5.3(a), the term of such covenant will be extended
for Executive by the period of the duration of such breach. For purposes hereof, the term “Business” shall
mean developing and offering any products of a like-nature to the products and product candidates of the Company. It is agreed
by the parties that the foregoing covenants in this Section 5.3(a) (i) are reasonable in light of the consideration
and other benefits payable or that may become payable to Executive pursuant to this Agreement and (ii) impose a reasonable
restraint on Executive in light of the activities and business of Company on the date of the execution of this Agreement and the
current plans of Company. Notwithstanding the foregoing, it is the intent of Company and Executive that such covenants be construed
and enforced in accordance with the changing activities, business and locations of Company throughout the term of this covenant.

 

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(b)            The
covenants in this Section 5.3 are severable and separate, and the unenforceability of any specific covenant shall
not affect the provisions of any other covenant. In the event any court of competent jurisdiction shall determine that the scope,
time or territorial restrictions set forth herein are unreasonable, then it is the intention of the parties that such restrictions
be enforced to the fullest extent that such court deems reasonable, and this Agreement shall thereby be reformed.

 

(c)            All
of the covenants in this Section 5.3 shall be construed as an agreement independent of any other provision in this
Agreement, and the existence of any claim or cause of action of Executive against Company, whether predicated in this Agreement
or otherwise, shall not constitute a defense to the enforcement by Company of such covenants.

 

5.4           Non-disparagement.
Executive hereby agrees that, during and after his employment with Company, Executive will not directly or indirectly engage in
any communications that would reasonably be interpreted as disparaging Company or any of its subsidiaries, employees, officers,
directors or agents or disseminate, or cause the dissemination of statements that would reasonably be interpreted as derogatory
about Company or any of its subsidiaries or any other employee, officer, director or agent of Company or any of its subsidiaries.
Company hereby agrees that, during and after Executive’s employment with Company, the Board shall not direct any of its
subsidiaries, or the officers, directors, agents, or employees of Company or any of its subsidiaries to directly or indirectly
engage in communications that would reasonably be interpreted as disparaging Executive or disseminate or cause the dissemination
of statements that would reasonably be interpreted as derogatory about Executive. Nothing in Section 5.4 of this Agreement
shall be applied or interpreted as barring or restricting any communication in any litigation or arbitration proceeding or the
exercise of any right of speech or expression protected by applicable federal, state, or local law or interpreted as barring or
restricting the reporting of fraud or violations of federal or state laws to the appropriate authorities.

 

5.5            Breach
of Covenants. The parties agree that a breach or violation of any covenant set forth in Section 5 hereof will
result in immediate and irreparable injury and harm to the innocent party, and that such innocent party shall have, in addition
to any and all remedies of law and other consequences under this Agreement, the right to seek an injunction, specific performance
or other equitable relief to prevent the violation of the obligations hereunder.

 

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6.             Executive’s
Representations, Warranties and Covenants.

 

6.1            No
Conflict of Interest. Executive warrants that he is not involved in any situation that might create, or appear to create,
a conflict of interest with his loyalty to or duties for Company, except as such may have been previously disclosed to Company.
Executive further covenants and agrees that for so long as Executive continues to be employed by Company, he shall not become
involved in any situation that could reasonably be expected to create, a conflict of interest with his loyalty to or duties for
Company.

 

6.2            Notification
of Other Post-Employment Obligations. Executive also understands that, as part of his employment with Company, he is not to
breach any obligation of confidentiality that he has to former employers, and he agrees to honor all such obligations to former
employers during his employment with Company. Executive warrants that he is subject to no employment agreement or restrictive
covenant preventing full performance of his duties under this Agreement.

 

7.             General
Provisions.

 

7.1           Assignment.
Neither party hereto may assign or transfer this Agreement or any rights or obligations hereunder without the prior written consent
of the other party, except that Company may, without the consent of Executive, assign its rights and obligations under this Agreement
to any successor company in the event of a bona fide arm’s length sale of its business to an unrelated third party (whether
by merger, sale of stock, or reorganization).

 

7.2           Notice.
For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and
shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage
prepaid, addressed to the respective addresses set forth below or such other address as a party subsequently provides:

 

To
Company:

 

420
Lexington Avenue

Suite 300

New
York, New York 10170

Attn:
Robert J. Gibson

 

To
Executive:

 

Home
Address as shown in the records of Company at time of Notice

 

7.3           Amendment
and Waiver. No amendment or modification of this Agreement shall be valid or binding upon (a) Company unless made in
writing and signed by an officer of Company designated by the Board, and (b) upon Executive unless made in writing and signed
by Executive.

 

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7.4           Non-Waiver
of Breach. No failure by either party to declare a default due to any breach of any obligation under this Agreement by the
other, nor failure by either party to act quickly with regard thereto, shall be considered to be a waiver of any such obligation,
or of any future breach.

 

7.5           Severability.
In the event that any provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason,
the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect.

 

7.6           Governing
Law. To the extent not preempted by federal law, the validity and effect of this Agreement and the rights and obligations
of the parties hereto shall be construed and determined accordance with the law of the State of New York without regard to its
choice of law principles. Each of the Company and Executive hereby (i) agrees that any legal suit, action or proceeding arising
out of or relating to this Subscription Agreement will be instituted exclusively in New York State Supreme Court, County of New
York, or in the United States District Court for the Southern District of New York, (ii) waives any objection to the venue
of any such suit, action or proceeding and the right to assert that such forum is not a convenient forum for such suit, action
or proceeding, (iii) irrevocably consents to the jurisdiction of the New York State Supreme Court, County of New York, and
the United States District Court for the Southern District of New York in any such suit, action or proceeding, (iv) agrees
to accept and acknowledge service of any and all process that may be served in any such suit, action or proceeding in New York
State Supreme Court, County of New York or in the United States District Court for the Southern District of New York and (v) agrees
that service of process upon it mailed by certified mail to its address set forth in Section 7.2 hereof will be deemed
in every respect effective service of process in any suit, action or proceeding.

 

7.7           Entire
Agreement. This Agreement contains all of the terms agreed upon by Company and Executive with respect to the subject matter
hereof and supersedes all prior agreements, arrangements and communications between the parties dealing with such subject matter,
whether oral or written.

 

7.8           Binding
Effect. This Agreement shall be binding upon and shall inure to the parties’ respective successors and permitted assigns.

 

7.9           Headings.
Numbers and titles to Sections hereof are for information purposes only and, where inconsistent with the text, are to be disregarded.

 

7.10         Survival.
Notwithstanding anything to the contrary contained herein, the provisions of Sections 4 through 7 of this Agreement
shall survive the expiration or termination, for any reason, of this Agreement.

 

7.11         Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which when taken together,
shall be and constitute one and the same instrument.

 

7.12         References
for Prospective Employers. Should a prospective employer call Company concerning Executive, Company’s response will
be limited to verification of employment, position, employment status, dates of employment, and, if asked for verification of
the salary information provided to prospective employer, Executive’s salary.

 

    12

     

    

 

7.13         Section 409A.

 

(a)           The
intent of the parties is that all payments and benefits under this Agreement comply or are exempt from Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”) and the regulations and guidance promulgated thereunder
(“Section 409A”). The parties hereto acknowledge and agree that, to the extent applicable, and to the
extent that any term or provision is ambiguous, this Agreement shall be interpreted in accordance with, and incorporate the terms
and conditions required by, Section 409A of the Code and the Department of Treasury Regulations and other interpretive guidance
issued thereunder. No provision of this Agreement shall be interpreted or construed to transfer any liability for failure to comply
with the requirements of Section 409A from Executive or any other individual to the Company or any of its affiliates, employees
or agents.

 

(b)           Notwithstanding
any provision to the contrary in this Agreement:

 

(i)            no
amount that is “nonqualified deferred compensation” for purposes of Section 409A shall be payable pursuant to
Section 4 unless the termination of Executive’s employment constitutes a “separation from service”
within the meaning of Section 1.409A-1(h) of the Department of Treasury Regulations;

 

(ii)            if
Executive is deemed at the time of his separation from service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of
the Code, to the extent delayed commencement of any portion of the termination benefits to which Executive is entitled under this
Agreement (after taking into account all exclusions applicable to such termination benefits under Section 409A, including,
without limitation, exclusions for separate installment payments and exclusions under Section 1.409A-1(b)(9)(iii) of
the Department of Treasury Regulations) is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of
the Code, such portion of Executive’s termination benefits shall not be provided to Executive prior to the earlier of (x) the
expiration of the six-month period measured from the date of Executive’s separation from service with the Company or (y) the
date of Executive’s death.

 

(iii)            the
determination of whether Executive is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of
the Code as of the time of his separation from service shall be made by the Company in accordance with the terms of Section 409A
of the Code and applicable guidance thereunder (including without limitation Section 1.409A-1(i) of the Department of
Treasury Regulations and any successor provision thereto);

 

(iv)            for
purposes of Section 409A, Executive’s right to receive severance payments shall be treated as a right to receive a
series of separate and distinct payments as described in Treasury Regulation Section 1.409A(2)(b)(2); and

 

    13

     

    

 

(v)            to
the extent that any reimbursement of expenses or in-kind benefits constitutes “deferred compensation” under Section 409A,
such reimbursement or benefit shall be provided no later than December 31 of the year following the year in which the expense
was incurred. The amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent
year. The amount of any in-kind benefits provided in one year shall not affect the amount of in-kind benefits provided in any
other year.

 

[Remainder
of page intentionally left blank.]

 

    14

     

    

 

 

IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be duly executed on the date and year first written above.

 

	 	Company:
	 	 	 
	 	Scopus BioPharma Inc.
	 	 	 
	 	 	 
	 	By:	/s/ Robert J. Gibson
	 	Name:	Robert J.
    Gibson
	 	Title:	Vice Chairman
	 	 	 
	 	 	 
	 	Executive:
	 	 	 
	 	/s/ Ashish
    P. Sanghrajka
	 	Ashish P.
    Sanghrajka

 

Signature Page to Employment AgreementExhibit
10.13

 

NEITHER
THIS WARRANT NOR THE SHARES OF COMMON STOCK FOR WHICH THIS WARRANT IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND
EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

 

COMMON
STOCK PURCHASE WARRANT

 

SCOPUS
BIOPHARMA INC.

 

Warrant
Shares: _______

 

THIS
COMMON STOCK PURCHASE WARRANT (this “Warrant”) certifies that, for value received, _____________ or its
assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the
conditions hereinafter set forth, at any time prior to the close of business on July 31, 2023 (the “Termination
Date”) but not thereafter, to subscribe for and purchase from Scopus BioPharma Inc., a Delaware corporation (the
 “Company”), up to ______ shares (as subject to adjustment hereunder, the “Warrant
Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the
Exercise Price, as defined in Section 2(b). This Warrant is one of a series of warrants issued in a private placement of the
Company's securities (collectively, the “Warrants”).

 

Section1.             
Exercise.

 

a)                               
Exercise of Warrant. Except as otherwise set forth in Section 4, below, exercise of the purchase rights represented by
this Warrant may be made, in whole or in part, at any time up to and including the Termination Date by delivery to the Company
(or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address
of the Holder appearing on the books of the Company) of a duly executed copy of the Notice of Exercise in the form annexed hereto
and this original Warrant being exercised. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee
(or other type of guarantee or notarization of any Notice of Exercise form be required) unless required by the Company’s
Transfer Agent. If this Warrant has not been exercised in full, within ten (10) Trading Days from the Warrant Share Delivery Date,
the Company shall issue a new Warrant, dated as of the date of this Warrant surrendered, for the number of Warrant Shares which
were not purchased under the Warrant which was surrendered. Under no circumstances will the Company be required to net cash settle
this Warrant upon its exercise, or to pay any liquidated damages on account of any failure to satisfy any of its obligations under
this Warrant. 

 

b)                               
Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $1.00, subject to adjustment
hereunder (the “Exercise Price”). 

 

    	 	1	 

    

    

 

		c)	Mechanics
                                         of Exercise.

 

i.           
Delivery of Warrant Shares Upon Exercise. Warrant Shares purchased hereunder shall be transmitted by the Company to the
Holder by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its
designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified
by the Holder in the Notice of Exercise by the date that is ten (10) Trading Days after the delivery to the Company of both the
Notice of Exercise and this original Warrant being exercised (such date, the “Warrant Share Delivery Date”).
Within ten (10) Trading Days of the date said Notice of Exercise and this Warrant are delivered to the Company, the Warrant Shares
shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have
become a holder of record of such shares for all purposes, as of the date this Warrant has been exercised, with payment to the
Company of the Exercise Price by a certified check drawn on a United States Bank or wire transfer and all taxes required to be
paid by the Holder, if any, pursuant to Section 1(c)(vi) prior to the issuance of such shares, having been paid. 

 

ii.            
Rescission Rights. If the Company fails to transmit to the Holder the Warrant Shares pursuant to Section 1(c)(i) by the
Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise. 

 

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

 

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

 

    	 	2	 

    

    

 

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

 

Section
2.             Certain Adjustments.

 

a)    Stock
Dividends and Stock Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions payable in shares of Common Stock on shares of Common Stock (which, for avoidance of doubt,
shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding
shares of Common Stock into a larger number of shares, (iii) combines (including by way of a reverse stock split) outstanding
shares of Common Stock into a smaller number of shares or (iv) issues, in the event of a reclassification of shares of the Common
Stock, any shares of capital stock of the Company, then the Exercise Price shall be multiplied by a fraction of which the numerator
shall be the number of shares of Common Stock (excluding any treasury shares of the Company) outstanding immediately before such
event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and
the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise
Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 2(a) shall become effective immediately
after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become
effective immediately after the effective date in the case of a subdivision, combination or re-classification. 

 

b)    Pro
Rata Distributions. During such time as this Warrant is outstanding, 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, 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. 

 

    	 	3	 

    

    

 

c)    Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of fifty percent (50%) or more of the
outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in
one or more related transactions consummates a stock or share 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 fifty percent (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 or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then,
upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder,
the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation,
and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental
Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such
Fundamental Transaction. For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted
to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not
the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this
Warrant in accordance with the provisions of this Section 3(c) pursuant to written agreements in form and substance reasonably
satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall,
at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by
a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number
of shares of capital stock of such Successor Entity (or its parent entity) 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 with an exercise price which applies the exercise price hereunder to such shares of capital stock
(but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value
of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting
the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably
satisfactory in form and substance to the Holder. Upon the occurrence of any such 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 and the other Transaction Documents 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
and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

    	 	4	 

    

    

 

d)   
Calculations. All calculations under this Section 2 shall be made to the nearest cent or the nearest 1/100th of
a share, as the case may be. For purposes of this Section 2, the number of shares of Common Stock deemed to be issued and outstanding
as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

e)    
Notice to Holder. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 2, the Company shall
promptly deliver to each Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement
of the facts requiring such adjustment. 

 

f)    
Notice to Allow Exercise by Holder. In the event (i) that the Company shall take a record of the holders of its Common
Stock (or other capital stock or securities at the time issuable upon exercise of this Warrant) for the purpose of entitling or
enabling them to receive any dividend or other distribution, to vote at a meeting (or by written consent), to receive any right
to subscribe for or purchase any shares of capital stock of any class or any other securities, to receive any other security or
to participate in any offer made to all holders Common Stock as a class; or (ii) of any capital reorganization of the Company,
any reclassification of the Common Stock of the Company, any consolidation or merger of the Company with or into another Person,
or sale of all or substantially all of the Company's assets to another Person; or (iii) of the voluntary or involuntary dissolution,
liquidation or winding-up of the Company; then, and in each such case, the Company shall send or cause to be sent to the Holder
at least twenty (20) days prior to the applicable record date or the applicable expected effective date, as the case may be, for
the event, a written notice specifying, as the case may be, (A) the record date for such dividend, distribution, meeting or consent
or other right or action, and a description of such dividend, distribution or other right or action to be taken at such meeting
or by written consent, or (B) the effective date on which such reorganization, reclassification, consolidation, merger, sale,
dissolution, liquidation or winding-up is proposed to take place, and the date, if any is to be fixed, as of which the books of
the Company shall close or a record shall be taken with respect to which the holders of record of Common Stock (or such other
capital stock or securities at the time issuable upon exercise of this Warrant) shall be entitled to exchange their shares of
Common Stock (or such other capital stock or securities) for securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, and the amount per share and character
of such exchange applicable to this Warrant and the Warrant Shares.

    	 	5	 

    

    

 

Section
3.             Transfer of Warrant.

 

a)  
Transferability. Upon transfer of this Warrant, the Company shall execute and deliver a new Warrant or Warrants in the
name of the transferee or transferee and in the denominations specified in such instrument of assignment, and shall issue to the
Holder a new Warrant evidencing the portion of this Warrant, if any, not so assigned and this Warrant shall promptly be cancelled.

 

b)  
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office
of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 3(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for this Warrant
or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the Initial Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto. 

 

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

 

d)    
Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant
and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a
view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable
state securities law, except pursuant to sales registered or exempted under the Securities Act. 

 

Section
4.             Exchange Obligation.

 

The
Company shall have the right at any time to provide notice to all Holders of the Warrants that in order to avoid the obligation
to exchange this Warrant as hereinafter set forth, the Warrant must be exercised within ten (10) days from the date of the notice
(“Trigger Date”). If this Warrant is not exercised by the Trigger Date, the right to exercise this Warrant
shall terminate until a Fundamental Transaction occurs whereupon this Warrant shall become exercisable in connection with such
Fundamental Transaction or thereafter until the Termination Date, unless this Warrants has been previously exchanged pursuant
to this Section 4. If prior to the Termination Date, the Company becomes a reporting company either under Rule 257 of the Securities
Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, in both cases after the qualification or effectiveness
of an offering or in conjunction with the filing of a Form 10, and issues warrants in conjunction with the event giving rise to
such reporting obligation, including the initial warrants issued in any private placement following the filing of a Form 10 (“IPO
Warrants”), each of the Warrants will automatically be exchanged for an IPO Warrant upon the issuance thereof.

 

    	 	6	 

    

    

 

Section
5.             Miscellaneous.

 

a)   
No Rights as Stockholder Until Exercise. Except as otherwise provided herein, this Warrant does not entitle the Holder
to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section
1(c)(i). 

 

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

 

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

 

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

 

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

 

    	 	7	 

    

    

 

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

 

e)   
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered
will have restrictions upon resale imposed by state and federal securities laws. 

 

f)   
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder
shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding
the fact that all rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with
any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder. 

 

g)  
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the
Company shall be delivered in accordance with the notice provisions of the Purchase Agreement. 

 

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

 

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

 

    	 	8	 

    

    

 

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

 

k)  
Applicable Law. The validity, interpretation, and performance of this Warrant shall be governed in all respects
by the laws of Delaware, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claims against it arising out of or relating
in any way to this Warrant shall be brought and enforced in the courts of the State of New York or the United States District
Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.

 

l)   
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the holders of Warrants representing at least two-thirds of the shares of Common Stock issuable upon exercise of such Warrants.

 

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

 

n) 
Exchange. If the Company issues additional Warrants in the future in certificated form under a warrant agreement
between the Company and a warrant agent, the Holder agrees, upon notice from the Company, to exchange this Warrant for a warrant
certificate evidencing the rights of the Holders hereunder. 

 

o)  
Lock-Up. This Warrant and the shares of Common Stock issuable upon the exercise hereof are subject to restrictions on transfer,
including a lock-up agreement, in accordance with the terms of the Subscription Agreement pursuant to which this Warrant was issued.

 

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

 

(Signature
Page Follows)

 

    	 	9	 

    

    

 

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

 

 

		SCOPUS
                                                            BIOPHARMA INC.
	 	 
	 	 
	 	By:  	 
	 	 	Name:  Morris C. Laster, M.D.
	 	 	Title:
                  Chief Executive Officer

 

    	 	10	 

    

    

 

NOTICE
OF EXERCISE

 

TO:
SCOPUS BIOPHARMA INC.

 

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

 

		(2)	Payment
                                         shall take the form of in lawful money of the United States; or 

 

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

 

	 	 	 

 

(4)
Accredited Investor. If a U.S. holder, the undersigned is an “accredited investor” as defined in Regulation
D promulgated under the Securities Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity:

 

________________________________________________________________________

Signature
of Authorized Signatory of Investing Entity:

 

_________________________________________________

Name
of Authorized Signatory:

___________________________________________________________________

Title
of Authorized Signatory:

____________________________________________________________________

 

Date:
_______________________________________________________________

 

    	 	1	 

    

    

 

ASSIGNMENT
FORM

 

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

 

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

 

Name:

 

(Please
Print)

 

Address:

 

(Please
Print)

 

Dated:
_______________ __, ______

 

	Holder’s
Signature:	 	 
	 	 
	Holder’s
Address:	 	 

 

    	 	2

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