Document:

Exhibit 10.2

 

THIS CONVERTIBLE PROMISSORY NOTE AND THE
SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND HAVE
BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION
MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO
THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

 

CONVERTIBLE PROMISSORY NOTE

 

	$[——]	February [—], 2019
	 	Rockville, Maryland

 

For value received,
RegeneRx Biopharmaceuticals, Inc., a Delaware corporation (the “Company”), promises to pay to ________________
the “Holder”), the principal sum of $[———]. Interest shall accrue from the date of
this Convertible Promissory Note (this “Note”) on the unpaid principal amount at a rate equal to five percent
(5%) per annum. This Note is one of a series of Convertible Promissory Notes containing substantially identical terms and conditions
issued pursuant to that certain Convertible Note and Warrant Purchase Agreement dated as of February 26, 2019. Such Notes are referred
to herein as the “Notes” and the holders thereof are referred to herein as the “Holders”.
This Note is subject to the following terms and conditions.

 

1.           Maturity.
Unless converted or repaid pursuant to Section 2 or Section 3, the entire unpaid principal sum of this Note, together with accrued
and unpaid interest thereon, will be payable upon the written demand of the Holder at any time after March 1, 2024 (the “Maturity
Date”). Subject to Section 3, interest shall accrue on this Note but shall not be due and payable until the written demand
of the Holder on or after the Maturity Date. Notwithstanding the foregoing, the entire unpaid principal sum of this Note, together
with accrued and unpaid interest thereon, shall become immediately due and payable upon the commission of any act of bankruptcy
by the Company, the execution by the Company of a general assignment for the benefit of creditors, the filing by or against the
Company of a petition in bankruptcy or any petition for relief under the federal bankruptcy act or the continuation of such petition
without dismissal for a period of ninety (90) days or more, or the appointment of a receiver or trustee to take possession of the
property or assets of the Company.

 

2.           Conversion.

 

(a)          Optional
Conversion. At any time prior to repayment of this Note, the outstanding principal amount of this Note and accrued but
unpaid interest on this Note (the “Conversion Amount”) may, at the option of the Holder, be voluntarily converted
into shares of common stock, $0.001 par value per share (the “Common Stock”) of the Company or such other securities
or property for which this Note may become convertible as a result of any adjustment described in Section 2(b). The number of shares
of Common Stock to be issued upon such conversion shall be equal to (i) the Conversion Amount divided by (ii) the Conversion Price
(as defined below). The Conversion Price shall initially be equal to $0.12 per share.

 

     

     

    

 

(b)          Adjustment.

 

(i)          In
the event of changes in the outstanding Common Stock of the Company by reason of stock dividends, split-ups, recapitalizations,
reclassifications, combinations or exchanges of shares, separations, reorganizations, liquidations, consolidation, acquisition
of the Company, or the like, the number, class and type of shares available upon conversion of this Note and the Conversion Price
shall be correspondingly adjusted to give the Holder of the Note, on conversion for the same aggregate Conversion Amount, the total
number, class, and type of shares or other property as the Holder would have owned had the Note been converted prior to the event
and had the Holder continued to hold such shares until the event requiring adjustment. The form of this Note need not be changed
because of any such adjustment.

 

(ii)         If
at any time following delivery by Holder to the Company of a Notice of Conversion but prior to issuance of the applicable shares
upon conversion, the holders of Common Stock of the Company (or any shares of stock or other securities at the time receivable
upon the conversion of this Note) shall have received or become entitled to receive, without payment therefor:

 

(A)         Common
Stock or any shares of stock or other securities which are at any time directly or indirectly convertible into or exchangeable
for Common Stock, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend
or other distribution (other than a dividend or distribution covered in Section 2(b)(i) above),

 

(B)         any
cash paid or payable otherwise than as a cash dividend, or

 

(C)         Common
Stock or additional stock or other securities or property (including cash) by way of spinoff, split-up, reclassification, combination
of shares or similar corporate rearrangement (other than shares of Common Stock pursuant to Section 2(b)(i) above),

 

then and in each such case, the Holder
hereof will be entitled to receive, in addition to the number of shares of Common Stock receivable pursuant to the Notice of Conversion,
and without payment of any additional consideration therefor, the amount of stock and other securities and property (including
cash in the cases referred to in clauses (B) and (C) above) which such Holder would hold on the date of such exercise had such
Holder been the holder of record of such Common Stock as of the date on which holders of Common Stock received or became entitled
to receive such shares or all other additional stock and other securities and property.

 

    	 	-2-	 

     

    

 

(iii)        Upon
the occurrence of each adjustment pursuant to this Section 2(b), the Company at its expense will, at the written request of the
Holder, promptly compute such adjustment in accordance with the terms of this Note and prepare a certificate setting forth such
adjustment, including a statement of the adjusted Conversion Price and adjusted number or type of shares or other securities issuable
upon conversion of this Note (as applicable), describing the transactions giving rise to such adjustments and showing in detail
the facts upon which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate
to the Holder.

 

(c)          Mechanics
and Effect of Conversion. No fractional shares of the Company’s Common Stock will be issued upon conversion of this
Note. In lieu of any fractional share to which the Holder would otherwise be entitled, the Company will pay to the Holder in cash
the amount of the unconverted principal and interest balance of this Note that would otherwise be converted into such fractional
share. Upon conversion of this Note pursuant to this Section 2, the Holder shall surrender this Note at the principal offices of
the Company, along with a duly executed Conversion Notice in the form attached as Appendix A hereto. At its expense, the Company
will, as soon as practicable thereafter, cause to be issued and delivered to such Holder a certificate or certificates for the
number of shares to which such Holder is entitled upon such conversion, together with a check payable to the Holder for any cash
amounts payable as described herein. Upon conversion of this Note, the Company will be forever released from all of its obligations
and liabilities under this Note with regard to that portion of the principal amount and accrued interest being converted including
without limitation the obligation to pay such portion of the principal amount and accrued interest.

 

3.           Payment
Terms. All payments shall be made in lawful money of the United States of America at such place as the Holder hereof may
from time to time designate in writing to the Company. Payment shall be credited first to the accrued interest then due and payable
and the remainder applied to principal. Prepayment of this Note may be made only upon the written consent of a Majority in Interest
(as defined below); provided, that all of the Notes shall be prepaid on a pro rata basis.

 

4.           Transfer;
Successors and Assigns. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective
successors and assigns of the parties. Notwithstanding the foregoing, the Holder may not assign, pledge, or otherwise transfer
this Note without the prior written consent of the Company, except for transfers to affiliates. Subject to the preceding sentence,
this Note may be transferred only upon surrender of the original Note for registration of transfer, duly endorsed, or accompanied
by a duly executed written instrument of transfer in form satisfactory to the Company. Thereupon, a new convertible promissory
note for the same principal amount and interest will be issued to, and registered in the name of, the transferee. Interest and
principal are payable only to the registered holder of this Note.

 

5.           Governing
Law. This Note and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall
be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles
of conflicts of law.

 

    	 	-3-	 

     

    

 

6.           Notices.
Any notice required or permitted by this Note shall be in writing and shall be deemed sufficient upon receipt, when delivered personally
or by courier, overnight delivery service or confirmed facsimile or e-mail, or forty-eight (48) hours after being deposited in
the U.S. mail as certified or registered mail with postage prepaid, if such notice is addressed to the party to be notified at
such party’s address, facsimile number or e-mail as set forth below or as subsequently modified by written notice.

 

7.           Amendments
and Waivers. Any term of this Note may be amended or waived only with the written consent of the Company and the holders
of a majority of the aggregate principal amount of the Notes then outstanding (a “Majority in Interest”). Any
amendment or waiver effected in accordance with this Section 7 shall be binding upon the Company, the Holder and each transferee
of this Note.

 

8.           Stockholders,
Officers and Directors Not Liable. In no event shall any stockholder, officer or director of the Company be liable for
any amounts due or payable pursuant to this Note.

 

9.           Counterparts.
This Note may be executed in two or more counterparts, all of which together shall constitute one and the same instrument. This
Note may also be executed and delivered by facsimile or other electronic delivery of signature.

 

10.         Titles
and Subtitles. The titles and subtitles used in this Note are used for convenience only and are not to be considered
in construing or interpreting this Note.

 

[Signature Page Follows]

 

    	 	-4-	 

     

    

 

This Note is executed
and delivered as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	REGENERX BIOPHARMACEUTICALS,

INC.

 

	 	By:	 

 

	 	Address:	15245 Shady Grove Road
	 	 	Suite 470
	 	 	Rockville, MD 20850

 

	AGREED TO AND ACCEPTED:
	 	 
	 	 
	 	 
	 	 
	(signature)	 
	 	 
	Address:	 

 

    	 	-5-	 

     

    

 

Appendix
A

 

Conversion
Notice

 

To convert this Note in accordance with Section 2(a), check
this box:  ̈

 

If you want the stock certificate made out in another person’s
name fill in the form below:

 

	Print or type other person’s name, address and zip code:	 
	 	 
	 	 
	 	 

 

	Date:	 	 	Your signature:	 

	 	(Sign exactly as your name appears on the Note)

 

Deliver this Notice with the original Note to the offices of
the Company in accordance with Section 2(c) of the Note.

 

    	 	-6-Exhibit 10.3

 

THIS WARRANT AND THE UNDERLYING SECURITIES
HAVE NOT 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”), OR ANY APPLICABLE
STATE SECURITIES LAWS 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 COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS.

 

REGENERX BIOPHARMACEUTICALS, INC.

 

WARRANT TO PURCHASE COMMON STOCK

 

February [—], 2019

 

Void After March 1, 2024

 

THIS CERTIFIES THAT,
for value received, _______________, or his permitted registered assigns (the “Holder”), is entitled
to subscribe for and purchase at the Exercise Price (defined below) from REGENERX BIOPHARMACEUTICALS, INC., a Delaware corporation
(the “Company”) up to 78,125 shares of the common stock of the Company, par value $0.001 per share (the
 “Common Stock”). This Warrant has been issued pursuant to that certain Securities Purchase Agreement
between the Company and the Holder dated of even date herewith (the “Purchase Agreement”).

 

		1.	DEFINITIONS.

 

Capitalized terms used
herein but not otherwise defined herein shall have their respective meanings as set forth in the Purchase Agreement. As used herein,
the following terms shall have the following respective meanings:

 

(a)       “Business
Day” means a day, other than a Saturday or Sunday, on which banks in New York City are open for the general transaction
of business.

 

(b)       “Exercise
Period” shall mean the period commencing with the date that is six months after the date hereof and ending at 5:30
p.m. New York City time on the fifth (5th) anniversary of the date hereof.

 

(c)       “Exercise
Price” shall mean $0.18 per share, subject to adjustment pursuant to Section 5 below.

 

(d)       “Exercise
Date” shall have the meaning set forth in Section 3.1(b) hereof.

 

(e)       “Exercise
Shares” shall mean the shares of Common Stock issuable upon exercise of this Warrant.

 

    	 	1	 

     

    

 

(f)       “Expiration
Date” shall mean 5:30 p.m. New York City time on the fifth (5th) anniversary of the date hereof.

 

(g)       “Trading
Day” shall mean (i) any day on which the Common Stock is listed or quoted and traded on its primary Trading Market,
(ii) if the Common Stock is not then listed or quoted and traded on any Trading Market, then a day on which trading occurs on the
OTC Bulletin Board (or any successor thereto), or (iii) if trading does not occur on the OTC Bulletin Board (or any successor thereto),
any Business Day.

 

(h)       “Trading
Market” means whichever of the New York Stock Exchange, the NYSE Amex, the NASDAQ Global Select Market, the NASDAQ
Global Market, the NASDAQ Capital Market or the OTC Bulletin Board on which the Common Stock is listed or quoted for trading on
the date in question.

 

		2.	Reserved.

 

		3.	EXERCISE OF WARRANT.

 

		3.1.	Exercise of Warrant.

 

(a)       The
rights represented by this Warrant may be exercised in whole or in part at any time during the Exercise Period upon (i) delivery
of an executed Notice of Exercise in the form attached hereto to the Company at its address set forth on the signature page hereto
(or at such other address as it may designate by notice in writing to the Holder), (ii) surrender of this Warrant and (iii) payment
of the Exercise Price for the number of Exercise Shares as to which this Warrant is being exercised. The delivery by (or on behalf
of) the Holder of the Exercise Notice and the applicable Exercise Price as provided above shall constitute the Holder’s certification
to the Company that his/its representations contained in Section 4.2(b), (c) and (d) of the Purchase Agreement are
true and correct as of the Exercise Date as if remade in their entirety (or, in the case of any transferee Holder that is not a
party to the Purchase Agreement, such transferee Holder’s certification to the Company that such representations are true
and correct as to such assignee Holder as of the Exercise Date).

 

(b)       With
respect to each exercise of this Warrant pursuant to Section 3.1(a) above, the Exercise Date shall be deemed to be the date the
Exercise Price is received by the Company. The Exercise 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
Exercise Date. The person in whose name any certificate or certificates for Exercise Shares are to be issued upon exercise of this
Warrant shall be deemed to have become the holder of record of such shares on the Exercise Date, irrespective of the date of delivery
of such certificate or certificates, except that, if the date of such surrender and payment is a date when the stock transfer books
of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business on the
next succeeding date on which the stock transfer books are open.

 

    	 	2	 

     

    

 

(c)       Certificates
for shares purchased hereunder shall be transmitted by the transfer agent of the Company to the Holder by crediting the account
of the Holder’s prime broker with the Depository Trust Company through its Deposit Withdrawal Agent Commission system if
the Company is a participant in such system, and otherwise by physical delivery to the address specified by the Holder in the Notice
of Exercise within three business days from the delivery to the Company of the Notice of Exercise, surrender of this Warrant and
payment of the aggregate Exercise Price as set forth above.

 

3.2.       Issuance
of New Warrants. Upon any partial exercise of this Warrant, the Company, at its expense, will forthwith and, in any event within
five business days, issue and deliver to the Holder a new warrant or warrants of like tenor, registered in the name of the Holder,
exercisable, in the aggregate, for the balance of the number of shares of Common Stock remaining available for purchase under the
Warrant.

 

3.3.       Payment
of Taxes and Expenses. The Company shall pay any recording, filing, stamp or similar tax which may be payable in respect of
any transfer involved in the issuance of, and the preparation and delivery of certificates (if applicable) representing, (i) any
Exercise Shares purchased upon exercise of this Warrant and/or (ii) new or replacement warrants in the Holder’s name or the
name of any transferee of all or any portion of this Warrant.

 

		4.	COVENANTS OF THE COMPANY.

 

4.1.       Covenants
as to Exercise Shares. The Company covenants and agrees that all Exercise Shares that may be issued upon the exercise of the
rights represented by this Warrant will, upon issuance, be validly issued and outstanding, fully paid and nonassessable, and free
from all taxes, liens and charges with respect to the issuance thereof. The Company further covenants and agrees that the Company
will at all times during the Exercise Period, have authorized and reserved, free from preemptive rights, a sufficient number of
shares of Common Stock to provide for the exercise of the rights represented by this Warrant. If at any time during the Exercise
Period the number of authorized but unissued shares of Common Stock shall not be sufficient to permit exercise of this Warrant,
the Company will take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but
unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes.

 

4.2.       No
Impairment. Except to the extent as waived or consented to by the Holder, the Company will not, by amendment of 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 to be observed or performed
hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Warrant
and in the taking of all such action as may be necessary or appropriate in order to protect the exercise rights of the Holder against
impairment.

 

4.3.       Notices
of Record Date and Certain Other Events. In the event of any taking by the Company of a record of the holders of any class
of securities for the purpose of determining the holders thereof who are entitled to receive any dividend (other than a cash dividend
which is the same as cash dividends paid in previous quarters) or other distribution, the Company shall mail to the Holder, at
least 10 days prior to the date on which any such record is to be taken for the purpose of such dividend or distribution, a notice
specifying such date.

 

    	 	3	 

     

    

 

		5.	ADJUSTMENT OF EXERCISE PRICE AND EXERCISE SHARES.

 

(a)         In
the event of changes in the outstanding Common Stock of the Company by reason of stock dividends, split-ups, recapitalizations,
reclassifications, combinations or exchanges of shares, separations, reorganizations, liquidations, consolidation, acquisition
of the Company, or the like, the number, class and type of shares available under the Warrant in the aggregate and the Exercise
Price shall be correspondingly adjusted to give the Holder of the Warrant, on exercise for the same aggregate Exercise Price, the
total number, class, and type of shares or other property as the Holder would have owned had the Warrant been exercised prior to
the event and had the Holder continued to hold such shares until the event requiring adjustment. The form of this Warrant need
not be changed because of any adjustment in the number of Exercise Shares subject to this Warrant.

 

(b)         If
at any time following delivery by Holder to the Company of a Notice of Exercise but prior to issuance of the applicable Exercise
Shares, the holders of Common Stock of the Company (or any shares of stock or other securities at the time receivable upon the
exercise of this Warrant) shall have received or become entitled to receive, without payment therefor:

 

(i)       Common
Stock or any shares of stock or other securities which are at any time directly or indirectly convertible into or exchangeable
for Common Stock, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend
or other distribution (other than a dividend or distribution covered in Section 5(a) above),

 

(ii)       any
cash paid or payable otherwise than as a cash dividend, or

 

(iii)      Common
Stock or additional stock or other securities or property (including cash) by way of spinoff, split-up, reclassification, combination
of shares or similar corporate rearrangement (other than shares of Common Stock pursuant to Section 5(a) above),

 

then and in each such
case, the Holder hereof will be entitled to receive, in addition to the number of shares of Common Stock receivable pursuant to
the Notice of Exercise, and without payment of any additional consideration therefor, the amount of stock and other securities
and property (including cash in the cases referred to in clauses (ii) and (iii) above) which such Holder would hold on the date
of such exercise had such Holder been the holder of record of such Common Stock as of the date on which holders of Common Stock
received or became entitled to receive such shares or all other additional stock and other securities and property.

 

(c)         Upon
the occurrence of each adjustment pursuant to this Section 5, the Company at its expense will, at the written request of the Holder,
promptly compute such adjustment in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment,
including a statement of the adjusted Exercise Price and adjusted number or type of Exercise Shares or other securities issuable
upon exercise of this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing in detail
the facts upon which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate
to the Holder and to the Company’s transfer agent.

 

    	 	4	 

     

    

 

		6.	FRACTIONAL SHARES.

 

No fractional shares
shall be issued upon the exercise of this Warrant as a consequence of any adjustment pursuant hereto. All Exercise Shares (including
fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining whether the exercise would result
in the issuance of any fractional share. If, after aggregation, the exercise would result in the issuance of a fractional share,
the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise entitled to such fraction a sum in cash
equal to the product resulting from multiplying the then current fair market value of an Exercise Share by such fraction.

 

		7.	NO STOCKHOLDER RIGHTS.

 

Other than as provided
in Section 3.1(a) or otherwise herein, this Warrant in and of itself shall not entitle the Holder to any voting rights or other
rights as a stockholder of the Company.

 

		8.	TRANSFER OF WARRANT.

 

Subject to applicable
laws and the restrictions on transfer set forth on the first page of this Warrant and set forth in the Purchase Agreement, including,
without limitation, Section 4 thereof, this Warrant and all rights hereunder are transferable, by the Holder in person or by duly
authorized attorney, upon delivery of this Warrant and the form of assignment attached hereto to any transferee designated by Holder.
The transferee shall sign an investment letter in form and substance reasonably satisfactory to the Company and its counsel.

 

		9.	LOST, STOLEN, MUTILATED OR DESTROYED WARRANT.

 

If this Warrant is
lost, stolen, mutilated or destroyed, the Company may, on such terms as to indemnity or otherwise as it may reasonably impose (which
shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as
the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute an original contractual obligation of
the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone.

 

		10.	NOTICES, ETC.

 

All notices required
or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be
notified, (b) when sent by confirmed telex or facsimile if sent during normal business hours of the recipient, if not, then on
the next business day, (c) five days after having been sent by registered or certified mail, return receipt requested, postage
prepaid, or (d) one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written
verification of receipt. All communications shall be sent to the Company at the address listed on the signature page hereto and
to Holder at the applicable address set forth on the applicable signature page to the Purchase Agreement or at such other address
as the Company or Holder may designate by 10 days advance written notice to the other parties hereto.

 

    	 	5	 

     

    

 

		11.	ACCEPTANCE.

 

Receipt of this Warrant
by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained herein.

 

		12.	GOVERNING LAW.

 

This Warrant and all
rights, obligations and liabilities hereunder shall be governed by the laws of the State of Delaware.

 

		13.	AMENDMENT OR WAIVER.

 

Any term of this Warrant
may be amended or waived (either generally or in a particular instance and either retroactively or prospectively) with the written
consent of the Company and the Holder. No waivers of any term, condition or provision of this Warrant, in any one or more instances,
shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]

 

    	 	6	 

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be executed by its duly authorized officer as of February [—], 2019.

 

	 	REGENERX BIOPHARMACEUTICALS, INC.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	7	 

     

    

 

NOTICE OF EXERCISE

 

TO: REGENERX BIOPHARMACEUTICALS, INC.

 

(1)       The
undersigned hereby elects to purchase shares of the Common Stock of REGENERX BIOPHARMACEUTICALS, INC. (the “Company”)
pursuant to the terms of the attached Warrant, and tenders herewith payment of the exercise price in full, together with all
applicable transfer taxes, if any.

 

(2)       Please
issue a certificate or certificates representing said shares of Common Stock of the Company in the name of the undersigned or in
such other name as is specified below:

 

(Name)

 

(Address)

 

(3)       The
undersigned represents that (i) the aforesaid shares of Common Stock are being acquired for the account of the undersigned and
not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention
of distributing or reselling such shares; (ii) the undersigned is aware of the Company’s business affairs and financial condition
and has acquired sufficient information about the Company to reach an informed and knowledgeable decision regarding his/its investment
in the Company; (iii) the undersigned is experienced in making investments of this type and has such knowledge and background in
financial and business matters that the undersigned is capable of evaluating the merits and risks of this investment and protecting
the undersigned’s own interests; (iv) the undersigned understands that the shares of Common Stock issuable upon exercise
of this Warrant have not been registered under the Securities Act of 1933, as amended (the “Securities Act”),
by reason of a specific exemption from the registration provisions of the Securities Act, which exemption depends upon, among
other things, the bona fide nature of the investment intent as expressed herein, and, because such securities have not been registered
under the Securities Act, they must be held indefinitely unless subsequently registered under the Securities Act or an exemption
from such registration is available; (v) the undersigned is aware that the aforesaid shares of Common Stock may not be sold pursuant
to Rule 144 adopted under the Securities Act unless certain conditions are met and until the undersigned has held the shares for
the number of years prescribed by Rule 144, that among the conditions for use of the Rule is the availability of current information
to the public about the Company; and (vi) the undersigned agrees not to make any disposition of all or any part of the aforesaid
shares of Common Stock unless and until there is then in effect a registration statement under the Securities Act covering such
proposed disposition and such disposition is made in accordance with said registration statement, or the undersigned has provided
upon the Company’s reasonable request, an opinion of counsel satisfactory to the Company, stating that such registration
is not required.

 

	(Date)	(Signature)
	 	 
	 	(Print name)

 

    	 	8	 

     

    

 

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:                         , 20

 

Holder’s Signature:

 

Holder’s Address:

 

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

 

    	 	9

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