Document:

Exhibit 4.1

 

NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY
THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED
(I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR (B) AN OPINION OF COUNSEL SELECTED BY THE HOLDER, IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED
UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD (X) PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT OR (Y) TO AN ACCREDITED
INVESTOR IN A PRIVATE TRANSACTION. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE
MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

LEADING BIOSCIENCES, INC.

 

Warrant To Purchase Common
Stock

 

Warrant No.: [ ]

Initial Maximum Eligibility Number (as defined herein): [ ]

Date of Issuance: [ ], 2020 ("Issuance Date")

 

Leading Biosciences, Inc., a Delaware corporation
(the "Company"), hereby certifies that, for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the registered holder hereof or its permitted assigns (the
"Holder"), is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise Price
(as defined below) then in effect, at any time or times on or after the Issuance Date, but not after 11:59 p.m., New York time,
on the Expiration Date (as defined below), [ ] fully paid nonassessable shares of Common Stock, subject to adjustment as provided
herein (the "Warrant Shares" and such initial number of Warrant Shares, as adjusted pursuant to Section 2 (other
than Section 2(d)), the "Initial Maximum Eligibility Number"). Except as otherwise defined herein, capitalized
terms in this Warrant to Purchase Common Stock (including any Warrants to Purchase Common Stock issued in exchange, transfer or
replacement hereof, this "Warrant"), shall have the meanings set forth in Section 18. This Warrant is one of the
Warrants to purchase Common Stock (which, for the avoidance of doubt, may be issued on a different Closing Date than the Closing
Date that occurred on the Issuance Date, the "Bridge SPA Warrants") issued pursuant to Section 1 of that certain
Securities Purchase Agreement, dated as of December 16, 2020 (the "Subscription Date"), by and among the Company
and the investors (the "Buyers") referred to therein (as may be amended, amended and restated, supplemented or
otherwise modified from time to time in accordance with its terms, the "Bridge Securities Purchase Agreement").
Capitalized terms used herein and not otherwise defined shall have the definitions ascribed to such terms in the Bridge Securities
Purchase Agreement.

 

     

     

    

 

1.                 
EXERCISE OF WARRANT.

 

(a)  
Mechanics of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations
set forth in Section 1(f)), this Warrant may be exercised by the Holder at any time or times on or after the Issuance Date, but
not after 11:59 p.m., New York time, on the Expiration Date, in whole or in part, by (i) delivery of a written notice, in
the form attached hereto as Exhibit A (the "Exercise Notice"), of the Holder's election to exercise this
Warrant and (ii) (A) payment to the Company of an amount equal to the applicable Exercise Price multiplied by the number of
Warrant Shares as to which this Warrant is being exercised (the "Aggregate Exercise Price") in cash by wire transfer
of immediately available funds or (B) if the provisions of Section 1(d) are applicable, by notifying the Company that this Warrant
is being exercised pursuant to a Cashless Exercise (as defined in Section 1(d)(1)). The Holder shall not be required to deliver
the original Warrant in order to effect an exercise hereunder, nor shall any ink-original signature or medallion guarantee (or
other type of guarantee or notarization) with respect to any Exercise Notice be required. Execution and delivery of the Exercise
Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation of the original Warrant and
issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. On or before the first (1st)
Trading Day following the date on which the Holder has delivered the applicable Exercise Notice to the Company, the Company shall
transmit by electronic mail an acknowledgment of confirmation of receipt of the Exercise Notice to the Holder and the Company's
transfer agent, if any (the "Transfer Agent"). On or before the applicable Share Delivery Date, the Company shall
(X) provided that the Transfer Agent is participating in The Depository Trust Company ("DTC") Fast Automated Securities
Transfer Program, credit such aggregate number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the
Holder's or its designee's balance account with DTC through its Deposit / Withdrawal At Custodian system, or (Y) if the Transfer
Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and dispatch by overnight courier to the
address as specified in the Exercise Notice, 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. The Company shall
be responsible for all fees and expenses of the Transfer Agent and all fees and expenses with respect to the issuance of Warrant
Shares via DTC, if any, including, without limitation, for same day processing. Upon delivery of the Exercise Notice, the Holder
shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this
Warrant has been exercised, irrespective of the date such Warrant Shares are credited to the Holder's DTC account or the date of
delivery of the certificates evidencing such Warrant Shares, as the case may be. If this Warrant is submitted in connection with
any exercise pursuant to this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise
is greater than the number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable and
in no event later than two (2) Trading Days after any exercise and at its own expense, issue a new Warrant (in accordance with
Section 7(d)) representing the right to purchase the number of Warrant Shares issuable immediately prior to such exercise under
this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. No fractional Warrant Shares are
to be issued upon the exercise of this Warrant, but rather the number of Warrant Shares to be issued shall be rounded to the nearest
whole number. The Company shall pay any and all taxes which may be payable with respect to the issuance and delivery of Warrant
Shares upon exercise of this Warrant. The Company's obligations to issue and deliver Warrant Shares in accordance with the terms
and subject to the conditions hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce
the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action
to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination. From and after the Public Company Date
and while any Bridge SPA Warrants remain outstanding, the Company shall use a transfer agent
that participates in the DTC Fast Automated Securities Transfer Program. Notwithstanding
any provision of this Warrant to the contrary, no more than the Maximum Eligibility Number of Warrant Shares shall be exercisable
IN the AGGREGATE hereunder.

 

     

     

    

 

(b)  
Exercise Price. For purposes of this Warrant, "Exercise Price" means $0.4816 per share (the "Initial
Exercise Price"), subject to adjustment as provided herein.

 

(c)  
Company's Failure to Timely Deliver Securities. If the Company shall fail for any reason or for no reason to issue
to the Holder on or prior to the applicable Share Delivery Date either (I) if the Transfer Agent is not participating in the DTC
Fast Automated Securities Transfer Program, a certificate for the number of shares of Common Stock to which the Holder is entitled
and register such shares of Common Stock on the Company's share register or if the Transfer Agent is participating in the DTC Fast
Automated Securities Transfer Program, to credit the Holder's balance account with DTC, for such number of shares of Common Stock
to which the Holder is entitled upon the Holder's exercise of this Warrant or (II) if after the Public Company Date, the Warrant
Shares that are the subject of the Exercise Notice (the "Unavailable Warrant Shares") are not eligible for resale
without restriction or limitation (including, for the avoidance of doubt, if the Holder exercises this Warrant by paying the applicable
Exercise Price in cash) and the Company fails to promptly (x) so notify the Holder in writing and (y) deliver the Warrant Shares
electronically without any restrictive legend by crediting such aggregate number of Warrant Shares to which the Holder is entitled
pursuant to such exercise to the Holder's or its designee's balance account with DTC through its Deposit / Withdrawal At Custodian
system (the event described in the immediately foregoing clause (II) is hereinafter referred as a "Notice Failure"
and together with the event described in clause (I) above, an "Exercise Failure"), then, in addition to all other
remedies available to the Holder, (X) from and after the Public Company Date, the Company shall pay in cash to the Holder on each
day after the applicable Share Delivery Date and during such Exercise Failure an amount equal to 1.5% of the product of (A) the
number of shares of Common Stock not issued to the Holder on or prior to the applicable Share Delivery Date and to which the Holder
is entitled, and (B) any trading price of the Common Stock selected by the Holder in writing as in effect at any time during the
period beginning on the applicable date of delivery of the applicable Exercise Notice and ending on the applicable Share Delivery
Date, and (Y) the Holder, upon written notice to the Company, may void its Exercise Notice with respect to, and retain or have
returned, as the case may be, any portion of this Warrant that has not been exercised pursuant to such Exercise Notice; provided
that the voiding of an Exercise Notice shall not affect the Company's obligations to make any payments which have accrued prior
to the date of such notice pursuant to this Section 1(c) or otherwise. In addition to the foregoing, if on or prior to the applicable
Share Delivery Date occurring from and after the Public Company Date either (I) if the Transfer Agent is not participating in the
DTC Fast Automated Securities Transfer Program, the Company shall fail to issue and deliver a certificate to the Holder and register
such shares of Common Stock on the Company's share register or, if the Transfer Agent is participating in the DTC Fast Automated
Securities Transfer Program, credit the Holder's balance account with DTC for the number of shares of Common Stock to which the
Holder is entitled upon the Holder's exercise hereunder or pursuant to the Company's obligation pursuant to clause (ii) below or
(II) a Notice Failure occurs, and if on or after such Trading Day the Holder purchases (in an open market transaction or otherwise)
shares of Common Stock relating to the applicable Exercise Failure (a "Buy-In"), then the Company shall, within
two (2) Trading Days after the Holder's request and in the Holder's discretion, either (i) pay cash to the Holder in an amount
equal to the Holder's total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares
of Common Stock so purchased (the "Buy-In Price"), at which point the Company's obligation to deliver such certificate
(and to issue such shares of Common Stock) or credit the Holder's balance account with DTC for such shares of Common Stock shall
terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such shares
of Common Stock or credit the Holder's balance account with DTC, as applicable, and pay cash to the Holder in an amount equal to
the excess (if any) of the Buy-In Price over the product of (A) such number of shares of Common Stock, times (B) any trading price
of the Common Stock selected by the Holder in writing as in effect at any time during the period beginning on the date of delivery
of the applicable Exercise Notice and ending on the applicable Share Delivery Date. Nothing herein shall limit the Holder's right
to pursue any other remedies available to it hereunder, at law or in equity, including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company's failure to timely deliver certificates representing shares of
Common Stock (or to electronically deliver such shares of Common Stock) upon the exercise of this Warrant as required pursuant
to the terms hereof.

 

     

     

    

 

(d)  
Cashless Exercise. Notwithstanding anything contained herein to the contrary, if from and after the Public Company
Date, the Unavailable Warrant Shares are not eligible for resale without restriction or limitation (including, for the avoidance
of doubt, if the Holder exercises this Warrant by paying the applicable Exercise Price in cash), the Holder may, in its sole discretion,
exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company
upon such exercise in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the "Net Number"
of shares of Common Stock determined according to the following formula (a "Cashless Exercise"):

 

Net Number = (A x B) - (A x C)

B

 

For purposes of the foregoing formula:

 

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

 

B= as applicable: (i) the
Weighted Average Price of the Common Stock on the Trading Day immediately preceding the date of the applicable Exercise Notice
if such Exercise Notice is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that is not a Trading Day or
(2) both executed and delivered pursuant to Section 1(a) hereof on a Trading Day prior to the opening of "regular trading
hours" (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day,
(ii) at the option of the Holder, either (x) the Weighted Average Price of the Common Stock on the Trading Day immediately preceding
the date of the applicable Exercise Notice or (y) the Bid Price of the Common Stock on the principal trading market for the Common
Stock as reported by Bloomberg as of the time of the Holder's execution of the applicable Exercise Notice if such Exercise Notice
is executed during "regular trading hours" on a Trading Day and is delivered within two (2) hours thereafter (including
until two (2) hours after the close of "regular trading hours" on a Trading Day) pursuant to Section 1(a) hereof or (iii)
the Weighted Average Price of the Common Stock on the date of the applicable Exercise Notice if the date of such Exercise Notice
is a Trading Day and such Exercise Notice is both executed and delivered pursuant to Section 1(a) hereof after the close of "regular
trading hours" on such Trading Day.

 

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

 

For purposes of Rule 144(d), the Company hereby
acknowledges and agrees that the Warrant Shares issued in a Cashless Exercise shall be deemed to have been acquired by the Holder,
and the holding period for the Warrant Shares for purposes of Rule 144(d), shall be deemed to have commenced, on the date this
Warrant was originally issued pursuant to the Bridge Securities Purchase Agreement. The Company agrees not to take any position
contrary to this Section 1(d).

 

(e)  
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of
the Warrant Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve
such dispute in accordance with Section 12.

 

     

     

    

 

(f)   
Beneficial Ownership Limitation on Exercises. Notwithstanding anything to the contrary contained herein, from and
after the Public Company Date, the Company shall not effect the exercise of any portion of this Warrant, and the Holder shall not
have the right to exercise any portion of this Warrant, pursuant to the terms and conditions of this Warrant and any such exercise
shall be null and void and treated as if never made, to the extent that after giving effect to such exercise, the Holder together
with the other Attribution Parties collectively would beneficially own in excess of 4.99% (the "Maximum Percentage")
of the number of shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing
sentence, the aggregate number of shares of Common Stock beneficially owned by the Holder and the other Attribution Parties shall
include the number of shares of Common Stock held by the Holder and all other Attribution Parties plus the number of shares of
Common Stock issuable upon exercise of this Warrant with respect to which the determination of such sentence is being made, but
shall exclude the number of shares of Common Stock which would be issuable upon (A) exercise of the remaining, unexercised portion
of this Warrant beneficially owned by the Holder or any of the other Attribution Parties and (B) exercise or conversion of the
unexercised or unconverted portion of any other securities of the Company (including, without limitation, any convertible notes
or convertible preferred stock or warrants) beneficially owned by the Holder or any other Attribution Party subject to a limitation
on conversion or exercise analogous to the limitation contained in this Section 1(f). For purposes of this Section 1(f), beneficial
ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the "1934
Act"). For purposes of this Warrant, in determining the number of outstanding shares of Common Stock the Holder may acquire
upon the exercise of this Warrant without exceeding the Maximum Percentage, the Holder may rely on the number of outstanding shares
of Common Stock as reflected in (x) the Company's most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current
Report on Form 8-K or other public filing with the Securities and Exchange Commission (the "SEC"), as the case
may be, (y) a more recent public announcement by the Company or (z) any other written notice by the Company or the Transfer Agent
setting forth the number of shares of Common Stock outstanding (the "Reported Outstanding Share Number"). If the
Company receives an Exercise Notice from the Holder at a time when the actual number of outstanding shares of Common Stock is less
than the Reported Outstanding Share Number, the Company shall (i) promptly notify the Holder in writing of the number of shares
of Common Stock then outstanding and, to the extent that such Exercise Notice would otherwise cause the Holder's beneficial ownership,
as determined pursuant to this Section 1(f), to exceed the Maximum Percentage, the Holder must notify the Company of a reduced
number of Warrant Shares to be purchased pursuant to such Exercise Notice (the number of shares by which such purchase is reduced,
the "Reduction Shares") and (ii) as soon as reasonably practicable, the Company shall return to the Holder any
exercise price paid by the Holder for the Reduction Shares. For any reason at any time, upon the written or oral request of the
Holder, the Company shall within one (1) Trading Day confirm in writing by electronic mail to the Holder the number of shares of
Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect
to the conversion or exercise of securities of the Company, including this Warrant, by the Holder and any other Attribution Party
since the date as of which the Reported Outstanding Share Number was reported. In the event that the issuance of shares of Common
Stock to the Holder upon exercise of this Warrant results in the Holder and the other Attribution Parties being deemed to beneficially
own, in the aggregate, more than the Maximum Percentage of the number of outstanding shares of Common Stock (as determined under
Section 13(d) of the 1934 Act), the number of shares so issued by which the Holder's and the other Attribution Parties' aggregate
beneficial ownership exceeds the Maximum Percentage (the "Excess Shares") shall be deemed null and void and shall
be cancelled ab initio and any portion of this Warrant so exercised shall be reinstated, and the Holder shall not have the power
to vote or to transfer the Excess Shares. As soon as reasonably practicable after the issuance of the Excess Shares has been deemed
null and void, the Company shall return to the Holder the exercise price paid by the Holder for the Excess Shares. Upon delivery
of a written notice to the Company, the Holder may from time to time increase or decrease the Maximum Percentage to any other percentage
not in excess of 9.99% as specified in such notice; provided that (i) any such increase in the Maximum Percentage will not be effective
until the sixty-first (61st) day after such notice is delivered to the Company and (ii) any such increase or decrease
will apply only to the Holder and the other Attribution Parties and not to any other holder of Bridge SPA Warrants that is not
an Attribution Party of the Holder. For purposes of clarity, the shares of Common Stock issuable pursuant to the terms of this
Warrant in excess of the Maximum Percentage shall not be deemed to be beneficially owned by the Holder for any purpose including
for purposes of Section 13(d) or Rule 16a-1(a)(1) of the 1934 Act. No prior inability
to exercise this Warrant pursuant to this paragraph shall have any effect on the applicability of the provisions of this paragraph
with respect to any subsequent determination of exercisability. The provisions of this paragraph shall be construed and implemented
in a manner otherwise than in strict conformity with the terms of this Section 1(f) to the extent necessary to correct this paragraph
or any portion of this paragraph which may be defective or inconsistent with the intended beneficial ownership limitation contained
in this Section 1(f) or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitation
contained in this paragraph may not be waived and shall apply to a successor holder of this Warrant.

 

     

     

    

 

(g)  
Insufficient Authorized Shares. If at any time while this Warrant remains outstanding the Company does not have a
sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance upon exercise
of this Warrant at least a number of shares of Common Stock equal to: (i) until the Equity Closing Date, the quotient obtained
by dividing (x) the Principal amount of the Note issued to the initial Holder of this Warrant, by (y) the Initial Exercise Price
(as adjusted for stock splits, stock dividends, recapitalizations, reorganizations, reclassification, combinations, reverse stock
splits or other similar events occurring after the Subscription Date), (ii) from and after the Equity Closing Date until the Final
Reset Date, the quotient obtained by dividing (x) the Principal amount of the Note issued to the initial Holder of this Warrant,
by (y) the lower of (1) the Initial Exercise Price (as adjusted for stock splits, stock dividends, recapitalizations, reorganizations,
reclassification, combinations, reverse stock splits or other similar events occurring after the Subscription Date) and (2) 25%
of the Closing Per Share Price and (iii) from and after the Final Reset Date, the maximum number of shares of Common Stock as shall
from time to time be necessary to effect the exercise in full of all of this Warrant then outstanding without regard to any limitation
on exercise set forth herein (the foregoing clauses (i), (ii) and (iii), as applicable, the "Required Reserve Amount"
and the failure to have such sufficient number of authorized and unreserved shares of Common Stock, an "Authorized Share
Failure"), then the Company shall immediately take all action necessary to increase the Company's authorized shares of
Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount for this Warrant then outstanding.
Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized
Share Failure, but in no event later than sixty (60) days after the occurrence of such Authorized Share Failure, the Company shall
hold a meeting of its stockholders for the approval of an increase in the number of authorized shares of Common Stock. In connection
with such meeting, the Company shall provide each stockholder with a proxy statement and shall use its best efforts to solicit
its stockholders' approval of such increase in authorized shares of Common Stock and to cause its board of directors to recommend
to the stockholders that they approve such proposal. Notwithstanding the foregoing, if any such time of an Authorized Share Failure,
the Company is able to obtain the written consent of a majority of the shares of its issued and outstanding shares of Common Stock
to approve the increase in the number of authorized shares of Common Stock, the Company may satisfy this obligation by obtaining
such consent and, from and after the Public Company Date, submitting for filing with the SEC an Information Statement on Schedule
14C. In the event that upon any exercise of this Warrant, the Company does not have sufficient authorized shares to deliver in
satisfaction of such exercise, then unless the Holder elects to void such attempted exercise, the Holder may require the Company
to pay to the Holder within two (2) Trading Days of the applicable exercise, cash in an amount equal to the product of (i) the
number of Warrant Shares that the Company is unable to deliver pursuant to this Section 1(g) and (ii) the highest Weighted Average
Price during the period beginning on the date of such attempted exercise and the date that the Company makes the applicable cash
payment.

 

     

     

    

 

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

 

(a)  
Adjustment Upon Issuance of Shares of Common Stock. If and whenever on or after the Subscription Date until the date
that is the second (2nd) anniversary of the Registration Date, inclusive, the Company publicly announces, issues or
sells, enters into a definitive, binding agreement pursuant to which the Company is required to issue or sell or, in accordance
with this Section 2(a), is deemed to have issued or sold, any shares of Common Stock (including the issuance or sale of shares
of Common Stock owned or held by or for the account of the Company, but excluding shares of Common Stock deemed to have been issued
or sold by the Company in connection with any Excluded Securities) for a consideration per share (the "New Issuance Price")
less than a price (the "Applicable Price") equal to the Exercise Price in effect immediately prior to such public
announcement, issue or sale or deemed issuance or sale or entry into such a definitive, binding agreement (the foregoing a "Dilutive
Issuance"), then immediately after such Dilutive Issuance, the Exercise Price then in effect shall be reduced to an amount
equal to the New Issuance Price. For purposes of determining the adjusted Exercise Price under this Section 2(a), the following
shall be applicable:

 

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

 

     

     

    

 

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

 

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

 

     

     

    

 

(iv)       Calculation
of Consideration Received. If any Option and/or Convertible Security and/or Adjustment Right is issued in connection with the
issuance or sale or deemed issuance or sale of any other securities of the Company (as determined by the Holder, the "Primary
Security", and such Option and/or Convertible Security and/or Adjustment Right, the "Secondary Securities"),
together comprising one integrated transaction, (or one or more transactions if such issuances or sales or deemed issuances or
sales of securities of the Company either (A) have at least one investor or purchaser in common, (B) are consummated in reasonable
proximity to each other and/or (C) are consummated under the same plan of financing) the aggregate consideration per share of Common
Stock with respect to such Primary Security shall be deemed to be equal to the difference of (x) the lowest price per share for
which one share of Common Stock was issued (or was deemed to be issued pursuant to Section 2(a)(i) or Section 2(a)(ii), as applicable)
in such integrated transaction solely with respect to such Primary Security, minus (y) with respect to such Secondary Securities,
the sum of (I) the Black Scholes Consideration Value of each such Option, if any, (II) the fair market value (as determined by
the Holder in good faith) or the Black Scholes Consideration Value, as applicable, of such Adjustment Right, if any, and (III)
the fair market value (as determined by the Holder) of such Convertible Security, if any, in each case, as determined on a per
share basis in accordance with this Section 2(a)(iv). If any shares of Common Stock, Options or Convertible Securities are issued
or sold or deemed to have been issued or sold for cash, the consideration received therefor (for the purpose of determining the
consideration paid for such Common Stock, Option or Convertible Security, but not for the purpose of the calculation of the Black
Scholes Consideration Value) will be deemed to be the net amount of consideration received by the Company therefor. If any shares
of Common Stock, Options or Convertible Securities are issued or sold for a consideration other than cash, the amount of such consideration
received by the Company (for the purpose of determining the consideration paid for such Common Stock, Option or Convertible Security,
but not for the purpose of the calculation of the Black Scholes Consideration Value) will be the fair value of such consideration,
except where such consideration consists of publicly traded securities, in which case the amount of consideration received by the
Company for such securities will be the arithmetic average of the Weighted Average Prices of such security for each of the five
(5) Trading Days immediately preceding the date of receipt. If any shares of Common Stock, Options or Convertible Securities are
issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity, the
amount of consideration therefor (for the purpose of determining the consideration paid for such Common Stock, Option or Convertible
Security, but not for the purpose of the calculation of the Black Scholes Consideration Value) will be deemed to be the fair value
of such portion of the net assets and business of the non-surviving entity as is attributable to such shares of Common Stock, Options
or Convertible Securities (as the case may be). The fair value of any consideration other than cash or publicly traded securities
will be determined jointly by the Company and the Holder. If such parties are unable to reach agreement within ten (10) days after
the occurrence of an event requiring valuation (the "Valuation Event"), the fair value of such consideration will
be determined within five (5) Trading Days after the tenth (10th) day following such Valuation Event by an independent,
reputable appraiser jointly selected by the Company and the Holder. The determination of such appraiser shall be final and binding
upon all parties absent manifest error and the fees and expenses of such appraiser shall be borne by the Company. Notwithstanding
anything to the contrary contained herein, if a calculation pursuant to this Section 2(a)(iv) would result in an Exercise Price
that is lower than the par value of the Common Stock, then the Exercise Price shall be deemed to equal the par value of the Common
Stock.

 

     

     

    

 

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

 

(vi)       No
Readjustments. For the avoidance of doubt, in the event the Exercise Price has been adjusted pursuant to this Section 2(a)
and the Dilutive Issuance that triggered such adjustment does not occur, is not consummated, is unwound or is cancelled after the
facts for any reason whatsoever, in no event shall the Exercise Price be readjusted to the Exercise Price that would have been
in effect if such Dilutive Issuance had not occurred or been consummated.

 

(vi)       Convertible
Securities and Options. For the avoidance of doubt, any shares of Common Stock issued or issuable pursuant to the terms of
any Options and/or Convertible Securities issued by the Company that qualify as Excluded Securities shall not trigger an adjustment
to the Exercise Price pursuant to this Section 2(a).

 

(b)  
[Reserved]

 

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

 

(d)  
Resets. On each Reset Date (i) the Exercise Price shall be adjusted (downward
only) to equal the Reset Price related to such Reset Date and (ii) the Maximum Eligibility Number shall be increased (but
not decreased) by the applicable Reset Share Amount.

 

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

 

     

     

    

 

3.                 
RIGHTS UPON DISTRIBUTION OF ASSETS. If the Company shall declare or make any dividend or other distribution of its
assets (or rights to acquire its assets) to any or all 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, Options, evidence of indebtedness
or any other assets by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar
transaction) (a "Distribution"), at any time after the Subscription Date, 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 as if
the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any
limitations or restrictions on exercise of this Warrant, including without limitation, the Maximum Percentage if applicable) immediately
before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record
holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however,
that to the extent that the Holder's right to participate in any such Distribution would result in the Holder and the other Attribution
Parties exceeding the Maximum Percentage if applicable, then the Holder shall not be entitled to participate in such Distribution
to such extent (and shall not be entitled to beneficial ownership of such shares of Common Stock as a result of such Distribution
(and beneficial ownership) to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the
Holder until such time or times as its right thereto would not result in the Holder and the other Attribution Parties exceeding
the Maximum Percentage if applicable, at which time or times the Holder shall be granted such Distribution (and any Distributions
declared or made on such initial Distribution or on any subsequent Distribution held similarly in abeyance) to the same extent
as if there had been no such limitation).

 

4.     
PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a)  
Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if at any time following the Subscription
Date the Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities
or other property pro rata to the record holders of any class of Common Stock (the "Purchase Rights"), then the
Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the
Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this
Warrant (without regard to any limitations or restrictions on exercise of this Warrant, including without limitation, the Maximum
Percentage if applicable) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase
Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined
for the grant, issue or sale of such Purchase Rights (provided, however, that to the extent that the Holder's right
to participate in any such Purchase Right would result in the Holder and the other Attribution Parties exceeding the Maximum Percentage
if applicable, then the Holder shall not be entitled to participate in such Purchase Right to such extent (and shall not be entitled
to beneficial ownership of such shares of Common Stock as a result of such Purchase Right (and beneficial ownership) to such extent)
and such Purchase Right to such extent shall be held in abeyance for the benefit of the Holder until such time or times as its
right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage if applicable,
at which time or times the Holder shall be granted such right (and any Purchase Right granted, issued or sold on such initial Purchase
Right or on any subsequent Purchase Right held similarly in abeyance) to the same extent as if there had been no such limitation).

 

     

     

    

 

(b)  
Fundamental Transactions. The Company shall not enter into, allow or be a party
to a Fundamental Transaction (other than the Merger) until the Final Reset Date. If, at any time after the Final Reset Date
until this Warrant ceases to be outstanding, a Fundamental Transaction occurs or is consummated, 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 (without regard to any limitation
in Section 1(f) on the exercise of this Warrant), 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 (without regard to any limitation in Section 1(f) on the exercise
of this Warrant). 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 to assume in writing all of the obligations of the Company under this
Warrant in accordance with the provisions of this Section 4(b) pursuant to written agreements in form and substance reasonably
satisfactory to the Required Holders and approved by the Required Holders (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 Required Holders. 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 referring to the "Company" shall be added to the term "Company" under this Warrant
(so that from and after the occurrence or consummation of such Fundamental Transaction, each
and every provision of this Warrant referring to the "Company" shall refer
instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity
or Successor Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto
and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant
with the same effect as if the Company and such Successor Entity or Successor Entities, jointly
and severally, had been named as the Company in this Warrant.

 

     

     

    

 

(c)  
 Notwithstanding the foregoing and subject to the last sentence of this Section 4(c), in the event of a Fundamental Transaction,
at the request of the Holder delivered before the ninetieth (90th) day after the occurrence or consummation of such
Fundamental Transaction, the Company (or the Successor Entity) shall purchase this Warrant from the Holder by paying to the Holder,
within five (5) Business Days after such request (or, if later, on the effective date of the Fundamental Transaction), cash in
an amount equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the effective date of such Fundamental
Transaction; provided, however, that, if such Fundamental Transaction is not within the Company's control, including
not approved by the Company's Board of Directors, the Holder shall only be entitled to receive from the Company or any Successor
Entity, the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion
of this Warrant, that is being offered and paid to the holders of Common Stock of the Company in connection with such Fundamental
Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Common
Stock are given the choice to receive from among alternative forms of consideration in connection with such Fundamental Transaction;
provided, further, that if holders of Common Stock of the Company are not offered or paid any consideration in such
Fundamental Transaction, such holders of Common Stock will be deemed to have received common stock of the Successor Entity (which
Successor Entity may be the Company following such Fundamental Transaction) in such Fundamental Transaction. The payment of the
Black Scholes Value will be made by wire transfer of immediately available funds (or such other consideration) within the later
of (i) five (5) Business Days of the Holder's election and (ii) the date of consummation of the Fundamental Transaction.
Notwithstanding anything herein to the contrary, in no event shall the Merger be deemed to be a "Fundamental Transaction"
solely for purposes of this Section 4(c).

 

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

 

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

 

     

     

    

 

7.     
REISSUANCE OF WARRANTS.

 

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

 

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

 

(c)  
Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the
principal office of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate
the right to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right
to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided,
however, that no Bridge SPA Warrants for fractional Warrant Shares shall be given.

 

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

 

     

     

    

 

8.     
NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice
shall be given in accordance with Section 9(f) of the Bridge Securities Purchase Agreement. The Company shall provide the Holder
with prompt written notice of all actions taken pursuant to this Warrant, including in reasonable detail a description of such
action and the reason therefor. Without limiting the generality of the foregoing, the Company will give written notice to the Holder
(i) immediately upon any adjustment of the Exercise Price, setting forth in reasonable detail, and certifying, the calculation
of such adjustment and (ii) at least fifteen (15) Business Days prior to the date on which the Company closes its books or takes
a record (A) with respect to any dividend or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances
or sales of any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property to holders
of shares of Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation;
provided in each case that from and after the Public Company Date, such information shall be made known to the public prior
to or in conjunction with such notice being provided to the Holder. It is expressly understood and agreed that the time of exercise
specified by the Holder in each Exercise Notice shall be definitive and may not be disputed or challenged by the Company.

 

9.                 
AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended or waived
and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if
the Company has obtained the written consent of the Required Holders. Any change, amendment or waiver pursuant to the immediately
preceding sentence shall be binding on the Holder of this Warrant and all holders of the Bridge SPA Warrants. Notwithstanding the
foregoing, after the Final Reset Date, the provisions of this Warrant may be amended or waived and the Company may take any action
herein prohibited, or omit to perform any act herein required to be performed by it, if the Company has obtained the written consent
of the Holder.

 

10.  GOVERNING
LAW; JURISDICTION; JURY TRIAL. This Warrant shall be governed by and construed and enforced in accordance with, and all questions
concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of
the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of
New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of
New York. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City
of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is improper. The Company hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof
to the Company at the address set forth in Section 9(f) of the Bridge Securities Purchase Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in
any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude
the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company's
obligations to the Holder, to realize on any collateral or any other security for such obligations, or to enforce a judgment or
other court ruling in favor of the Holder. EACH OF THE COMPANY AND HOLDER HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO,
AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS
WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

     

     

    

 

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

 

12.  DISPUTE
RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant
Shares, the Company shall cause the Transfer Agent to issue to the Holder the number of shares of Common Stock that is not disputed
and the Company shall submit the disputed determinations or arithmetic calculations via electronic mail within one (1) Business
Day of receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company
are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within one (1) Business
Day of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall, within one
(1) Business Day submit via electronic mail (a) the disputed determination of the Exercise Price to an independent, reputable investment
bank selected by the Holder and approved by the Company, such approval not to be unreasonably withheld, conditioned or delayed
or (b) the disputed arithmetic calculation of the Warrant Shares to an independent, outside accountant, selected by the Holder
and approved by the Company, such approval not to be unreasonably withheld, conditioned or delayed. The Company shall cause at
its expense the investment bank or the accountant, as the case may be, to perform the determinations or calculations and notify
the Company and the Holder of the results no later than five (5) Business Days from the time it receives the disputed determinations
or calculations. Such investment bank's or accountant's determination or calculation, as the case may be, shall be binding upon
all parties absent demonstrable error.

 

13.  REMEDIES,
OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and in addition
to all other remedies available under this Warrant and the other Transaction Documents, at law or in equity (including a decree
of specific performance and/or other injunctive relief). No remedy contained herein shall
be deemed a waiver of compliance with the provisions giving rise to such remedy. Nothing herein shall limit the right of
the Holder to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. The Company acknowledges
that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such
breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the holder of
this Warrant shall be entitled, in addition to all other available remedies, to an injunction restraining any breach, without the
necessity of showing economic loss and without any bond or other security being required.

 

     

     

    

 

14.  TRANSFER.This
Warrant and the Warrant Shares may be offered for sale, sold, transferred, pledged or assigned without the consent of the Company,
except as may otherwise be required by Section 2(f) of the Bridge Securities Purchase Agreement.

 

15.  SEVERABILITY.If
any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues to express, without material
change, the original intentions of the Company and the Holder as to the subject matter hereof and the prohibited nature, invalidity
or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations
of the Company or the Holder or the practical realization of the benefits that would otherwise be conferred upon the Company and
the Holder. The Company and the Holder will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable
provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable
provision(s).

 

16.             
DISCLOSURE. Upon receipt or delivery by the Company of any notice in accordance with the terms of this Warrant, from
and after the Public Company Date, unless the Company has in good faith determined that the matters relating to such notice do
not constitute material, nonpublic information relating to the Company or its Subsidiaries, the Company shall contemporaneously
with any such receipt or delivery publicly disclose such material, nonpublic information on a Current Report on Form 8-K or otherwise.
In the event that the Company believes that a notice contains material, nonpublic information relating to the Company or its Subsidiaries,
the Company so shall indicate to the Holder contemporaneously with delivery of such notice, and in the absence of any such indication,
the Holder shall be allowed to presume that all matters relating to such notice do not constitute material, nonpublic information
relating to the Company or its Subsidiaries.

 

17.             
PAYMENT OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) this Warrant is
placed in the hands of an attorney for collection or enforcement or is collected or enforced through any legal proceeding or the
Holder otherwise takes action to collect amounts due under this Warrant or to enforce the provisions of this Warrant or (b) there
occurs any bankruptcy, reorganization, receivership of the company or other proceedings affecting company creditors’ rights
and involving a claim under this Warrant, then the Company shall pay the costs incurred by the Holder for such collection, enforcement
or action or in connection with such bankruptcy, reorganization, receivership or other proceeding, including, without limitation,
attorneys’ fees and disbursements.

 

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

 

(a)  
"1933 Act" means the Securities Act of 1933, as amended.

 

     

     

    

 

(b)  
"Adjustment Right" means any right granted with respect to any securities issued in connection with, or
with respect to, any issuance or sale (or deemed issuance or sale in accordance with Section 2(a)(i) or Section 2(a)(ii)) of shares
of Common Stock (other than rights of the type described in Section 3 and 4 hereof) that could result in a decrease in the net
consideration received by the Company in connection with, or with respect to, such securities (including, without limitation, any
cash settlement rights, cash adjustment or other similar rights).

 

(c)  
"Affiliate" shall have the meaning ascribed to such term in Rule 405 promulgated under the 1933 Act or
any successor rule.

 

(d)  
"Approved Stock Plan" means any employee benefit plan which has been approved by the Board of Directors
of the Company, the Parent Entity of the Company, or a Subsidiary pursuant to which the Company's, Parent Entity's or Subsidiary's
(as the case may be) securities may be issued to any employee, officer, director, consultant or other service provider for services
provided to the Company, Parent Entity or Subsidiary.

 

(e)  
"Attribution Parties" means, collectively, the following Persons: (i) any investment vehicle, including,
any funds, feeder funds or managed accounts, currently, or from time to time after the Issuance Date, directly or indirectly managed
or advised by the Holder's investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of
the Holder or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together with the Holder
or any of the foregoing and (iv) any other Person whose beneficial ownership of the Common Stock would or could be aggregated with
the Holder's and the other Attribution Parties for purposes of Section 13(d) of the 1934 Act. For clarity, the purpose of the foregoing
is to subject collectively the Holder and all other Attribution Parties to the Maximum Percentage.

 

(f)   
"Bid Price" means, for any date, the price determined by the first
of the following clauses that applies: (a) if the Common Stock is then listed or quoted on an Eligible Market, the bid price of
the Common Stock for the time in question (or the nearest preceding date) on the Eligible Market on which the Common Stock is then
listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City
time)), (b) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are
then reported in the Pink Open Market (f/k/a OTC Pink) published by OTC Markets Group, Inc. (or a similar organization or agency
succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (c) in
all other cases (including, without limitation, prior to the Public Company Date), the fair market value of a share of Common Stock
as determined by an independent appraiser selected in good faith by the Required Holders and reasonably acceptable to the Company,
the fees and expenses of which shall be paid by the Company.

 

     

     

    

 

(g)  
"Black Scholes Consideration Value" means (a) prior to the Public Company Date, the
fair market value of the applicable Option or Adjustment Right, as the case may be, as determined by an independent appraiser selected
in good faith by the Required Holders and reasonably acceptable to the Company, the fees and expenses of which shall be paid by
the Company and (b) from and after the Public Company Date, the value of the applicable Option or Adjustment Right (as the
case may be) calculated using the Black-Scholes Option Pricing Model obtained from the "OV" function on Bloomberg determined
as of the date of issuance and reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal
to the remaining term of such Option or Adjustment Right (as the case may be) as of the date of issuance of such Option or Adjustment
Right (as the case may be), (ii) an expected volatility equal to the 100 day volatility obtained from the HVT function on Bloomberg
as of the Trading Day immediately following the public announcement of the issuance of such Option or Adjustment Right (as the
case may be), or, if the issuance of such Option or Adjustment Right (as the case may be) is not publicly announced, the date of
issuance of such Option or Adjustment Right (as the case may be), (iii) the underlying price per share used in such calculation
shall be the highest Weighted Average Price of the Common Stock during the period beginning on the Trading Day prior to the execution
of definitive documentation relating to the issuance of such Option or Adjustment Right (as the case may be) and ending on (A)
the Trading Day immediately following the public announcement of the execution of definitive documents with respect to the issuance
of such Option or Adjustment Right (as the case may be), or, (B) if the execution of definitive documents with respect to the issuance
of such Option or Adjustment Right (as the case may be) is not publicly announced, the date of such issuance, (iv) a remaining
option time equal to the time between the date of the public announcement of the execution of definitive documents with respect
to the issuance of such Option or Adjustment Right (as the case may be) or, if the execution of definitive documents with respect
to the issuance of such Option or Adjustment Right (as the case may be) is not publicly announced, the date of such issuance, (v)
a zero cost of borrow and (vi) a 365 day annualization factor.

 

(h)  
"Black Scholes Value" means (a) prior to the Public Company Date, the
fair market value of this Warrant, as determined by an independent appraiser selected in good faith by the Required Holders and
reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company and (b) from and after the Public
Company Date, the value of this Warrant calculated using the Black-Scholes Option Pricing Model obtained from the "OV"
function on Bloomberg determined as of the day immediately following the public announcement of the applicable contemplated Fundamental
Transaction, or, if such contemplated Fundamental Transaction is not publicly announced, the date such Fundamental Transaction
has occurred or is consummated, for pricing purposes and reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury
rate for a period equal to the remaining term of this Warrant as of such date of request, (ii) an expected volatility equal to
the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following
the public announcement of the applicable contemplated Fundamental Transaction, or, if such contemplated Fundamental Transaction
is not publicly announced, the date such Fundamental Transaction has occurred or is consummated, (iii) the underlying price per
share used in such calculation shall be the greater of (x) the highest Weighted Average Price of the Common Stock during the period
beginning on the Trading Day prior to the execution of definitive documentation relating to the applicable Fundamental Transaction
and ending on (A) the Trading Day immediately following the public announcement of such contemplated Fundamental Transaction, if
the applicable contemplated Fundamental Transaction is publicly announced or (B) the Trading Day immediately following the consummation
of the applicable Fundamental Transaction if the applicable contemplated Fundamental Transaction is not publicly announced and
(y) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered
in such Fundamental Transaction, (iv) a remaining option time equal to the time between the date of the public announcement of
the applicable contemplated Fundamental Transaction or, if such applicable contemplated Fundamental Transaction is not publicly
announced, the date such Fundamental Transaction has occurred or is consummated, (v) a zero cost of borrow and (vi) a 365 day annualization
factor.

 

     

     

    

 

(i)    
"Bloomberg" means Bloomberg Financial Markets.

 

(j)    
"Business Day" means any day other than Saturday, Sunday or other day on which commercial banks in The
City of New York, New York are authorized or required by law to remain closed; provided, however, for clarification,
commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home", "shelter-in-place",
"non-essential employee"  or any other similar orders or restrictions or the closure of any physical branch
locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers)
of commercial banks in The City of New York, New York generally are open for use by customers on such day.

 

(k)  
"Closing Date" shall have the meaning ascribed to such term
in the Bridge Securities Purchase Agreement.

 

(l)    
"Closing Per Share Price" shall have the meaning ascribed to such term in the Equity Securities Purchase
Agreement.

 

(m) "Common Stock" means (i) the
Company's shares of common stock, par value $0.01 per share, and (ii) any capital stock into which such Common Stock shall
be changed or any capital stock resulting from a reclassification, reorganization or recapitalization of such Common Stock, including,
without limitation, as a result from the transactions contemplated by the Merger Agreement.

 

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

 

(o)  
"Designee" means Altium Capital Management, LP.

 

(p)  
"Eligible Market" means the Principal Market, the NYSE American, The Nasdaq Capital Market, The Nasdaq
Global Select Market, The Nasdaq Global Market or The New York Stock Exchange.

 

(q)  
"Equity Closing Date" shall have the meaning ascribed to such
term in the Bridge Securities Purchase Agreement.

 

(r)   
"Equity Securities Purchase Agreement" means that certain Securities Purchase Agreement, dated as of the
Subscription Date, by and among the Company, Seneca Biopharma, Inc. and the investors referred to therein (as may be amended, amended
and restated, supplemented or otherwise modified from time to time in accordance with its terms.

 

(s)   
"Equity Warrants" shall have the meaning ascribed to "Warrants" in the Equity Securities Purchase
Agreement.

 

     

     

    

 

(t)    
"Excluded Securities" means any Common Stock issued or issuable or deemed to be issued in accordance with
Section 2(a)(i) or Section 2(a)(ii) by the Company: (i) under any Approved Stock Plan; provided, however, that no
more than three percent (3.0%) of the number of shares of Common Stock (as adjusted for any stock dividend, stock split, stock
combination, reclassification or similar transaction occurring relating to the Common Stock after the Warrant Closing Date (as
defined in the Securities Purchase Agreement)) issued and outstanding as of the Warrant Closing Date are issued or issuable to
consultants and/or other service provider pursuant to an Approved Stock Plan hereunder as Excluded Securities, (ii) upon exercise
of any Bridge SPA Warrants and any Equity Warrants issued pursuant to the Equity Securities Purchase Agreement; provided,
that the terms of such Bridge SPA Warrants and Equity Warrants are not amended, modified or changed on or after the Subscription
Date without the prior written consent of the Required Holders, (iii) upon conversion, exercise or exchange of any Options or Convertible
Securities which are outstanding on the day immediately preceding the Subscription Date; provided, that such issuance of
Common Stock upon exercise of such Options or Convertible Securities is made pursuant to the terms of such Options or Convertible
Securities in effect on the date immediately preceding the Subscription Date and such Options or Convertible Securities are not
amended, modified or changed on or after the Subscription Date without the prior written consent of the Required Holders, (iv)
pursuant to the Merger Agreement or the Form S-4 (as defined in the Equity Securities Purchase Agreement), (v) in connection with
sponsored research, collaboration, technology license, development, marketing or other similar agreements or strategic partnerships
entered into by the Company, the Parent Entity of the Company, or a Subsidiary, as the case may be, and other Person but only if
such Person is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with
the business of the Company and shall be entered into for bona fide reasons other than capital raising and approved by the Board
of Directors of the Company, the Parent Entity of the Company, or a Subsidiary, including a majority of the disinterested members
of such board, but shall not include a transaction in which the Company the Company is issuing securities primarily for the purpose
of raising capital or to an entity whose primary business is investing in securities, (vi) pursuant to that certain Engagement
Letter, dated as of April 22, 2019, by and among Evolution Venture Partners LLC, Ecoban Securities, LLC and the Company, as amended
pursuant to that certain Amendment, dated as of April 22, 2019 and effective as of March 6, 2020, by and among the same parties
(the "Engagement Latter"); provided, that such issuance of Common Stock pursuant to the Engagement Letter
is made pursuant to the terms of the Engagement Letter in effect on the date immediately preceding the Subscription Date and the
Engagement Letter is not amended, modified or changed on or after the Subscription Date without the prior written consent of the
Required Holders; provided, further, that no more than 713,000 shares of Common Stock (as adjusted for any stock
dividend, stock split, stock combination, reclassification or similar transaction occurring relating to the Common Stock after
the Subscription Date) are issued or issuable pursuant to the Engagement Letter hereunder as Excluded Securities; or (vii) for
which the Required Holders provide prior written approval to be deemed Excluded Securities hereunder.

 

(u)  
"Expiration Date" means the date sixty (60) months after the Registration Date or, if such date falls on
a Holiday, the next day that is not a Holiday.

 

(v)  
"Final Reset Date" means the one hundred thirty-fifth (135th) day following the Equity Closing
Date or, if such date falls on a Holiday, the next day that is not a Holiday.

 

     

     

    

 

(w) "Fundamental Transaction"
means (A) that the Company shall, directly or indirectly, including through Subsidiaries, Affiliates or otherwise, in one or more
related transactions, (i) consolidate or merge with or into (whether or not the Company is the surviving corporation) another Subject
Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of
the Company or any of its "significant subsidiaries" (as defined in Rule 1-02 of Regulation S-X) to one or more Subject
Entities, or (iii) make, or allow one or more Subject Entities to make, or allow the Company to be subject to or have its Common
Stock be subject to or party to one or more Subject Entities making, a purchase, tender or exchange offer that is accepted by the
holders of at least either: (x) 50% of the outstanding shares of Common Stock; (y) 50% of the outstanding shares of Common Stock
calculated as if any shares of Common Stock held by all Subject Entities making or party to, or Affiliated with any Subject Entities
making or party to, such purchase, tender or exchange offer were not outstanding; or (z) such number of shares of Common Stock
such that all Subject Entities making or party to, or Affiliated with any Subject Entity making or party to, such purchase, tender
or exchange offer, become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least 50% of the
outstanding shares of Common Stock, or (iv) consummate a stock purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with one or more Subject Entities whereby all
such Subject Entities, individually or in the aggregate, acquire, either (x) at least 50% of the outstanding shares of Common Stock,
(y) at least 50% of the outstanding shares of Common Stock calculated as if any shares of Common Stock held by all the Subject
Entities making or party to, or Affiliated with any Subject Entity making or party to, such stock purchase agreement or other business
combination were not outstanding; or (z) such number of shares of Common Stock such that the Subject Entities become collectively
the beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding shares of Common Stock,
or (v) reorganize, recapitalize or reclassify its Common Stock, (B) that the Company shall, directly or indirectly, including through
Subsidiaries, Affiliates or otherwise, in one or more related transactions, allow any Subject Entity individually or the Subject
Entities in the aggregate to be or become the "beneficial owner" (as defined in Rule 13d-3 under the 1934 Act), directly
or indirectly, whether through acquisition, purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding
shares of Common Stock, merger, consolidation, business combination, reorganization, recapitalization, spin-off, scheme of arrangement,
reorganization, recapitalization or reclassification or otherwise in any manner whatsoever, of either (x) at least 50% of the aggregate
ordinary voting power represented by issued and outstanding shares of Common Stock, (y) at least 50% of the aggregate ordinary
voting power represented by issued and outstanding shares of Common Stock not held by all such Subject Entities as of the Subscription
Date calculated as if any shares of Common Stock held by all such Subject Entities were not outstanding, or (z) a percentage of
the aggregate ordinary voting power represented by issued and outstanding shares of Common Stock or other equity securities of
the Company sufficient to allow such Subject Entities to effect a statutory short form merger or other transaction requiring other
stockholders of the Company to surrender their shares of Common Stock without approval of the stockholders of the Company or (C)
that the Company shall, directly or indirectly, including through Subsidiaries, Affiliates or otherwise, in one or more related
transactions, the issuance of or the entering into any other instrument or transaction structured in a manner to circumvent, or
that circumvents, the intent of this definition in which case this definition shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this definition to the extent necessary to correct this definition or any portion of
this definition which may be defective or inconsistent with the intended treatment of such instrument or transaction. For the avoidance
of doubt, the Merger shall be deemed to be a "Fundamental Transaction."

 

     

     

    

 

(x)  
"Group" means a "group" as that term is used in Section 13(d) of the 1934 Act and as defined
in Rule 13d-5 thereunder.

 

(y)  
"Holiday" means a day other than a Business Day or a day from and after the Public Company date on which
trading does not take place on the Principal Market.

 

(z)  
"Interim Reset Date" means each of the sixteenth (16th) Trading Day (the “First Interim
Reset Date”), the forty-fifth (45th) day and the ninetieth (90th) day, in each case, immediately
following the Equity Closing Date or, if any such date falls on a Holiday, the next day that is not a Holiday.

 

(aa)           
 "Maximum Eligibility Number" means, initially, the Initial Maximum Eligibility Number, and such number
shall be increased (but not decreased) on each Reset Date by the applicable Reset Share Amount.

 

(bb)          
"Merger" shall have the meaning ascribed to such term in the
Merger Agreement.

 

(cc)           
"Merger Agreement" shall have the meaning ascribed to such
term in the Equity Securities Purchase Agreement.

 

(dd)          
"Notes" means those certain Senior Secured Notes issued by
the Company pursuant to the Bridge Securities Purchase Agreement.

 

(ee)           
"Options" means any rights, warrants or options to subscribe for or purchase (i) shares of Common Stock
or (ii) Convertible Securities.

 

(ff)  "Parent
Entity" of a Person means an entity that, directly or indirectly, controls the applicable Person, including such entity
whose common capital or equivalent equity security is quoted or listed on an Eligible Market (or, if so elected by the Holder,
any other market, exchange or quotation system), or, if there is more than one such Person or such entity, the Person or such entity
designated by the Required Holders or in the absence of such designation, such Person or entity with the largest public market
capitalization as of the date of consummation of the Fundamental Transaction.

 

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

 

(hh)          
"Principal" shall have the meaning ascribed to such term in
the Notes.

 

(h)  
"Principal Market" means the Eligible Market that is the principal securities exchange market for the Common
Stock from and after the Public Company Date.

 

     

     

    

 

(i)    
"Public Company Date" means the date on which the shares of Common Stock (or its successor or parent company
by merger, recapitalization, reorganization or otherwise) are registered under the 1934 Act, or are exchanged for equity capital
of the Company's successor or parent company by merger, recapitalization, reorganization or otherwise which are registered under
the 1934 Act, including, without limitation, upon consummation of the transaction contemplated by the Merger Agreement.

 

(ii)  "Registrable
Securities" shall have the meaning ascribed to such term in the Registration Rights Agreement.

 

(jj)  "Registration
Date" means the first date all Registrable Securities (without regard to any Cutback Shares (as defined in the Registration
Rights Agreement)) are registered by the Company for resale by the Holder pursuant to one or more effective Registration Statement(s).

 

(kk)  "Registration
Rights Agreement" means that certain Registration Rights Agreement dated as of the Subscription Date by and among the
Company and the Buyers.

 

(ll)  "Registration
Statement" shall have the meaning ascribed to such term in the Registration Rights Agreement.

 

(mm)     
"Required Holders" means the holders of the Bridge SPA Warrants representing at least a majority of the
shares of Common Stock underlying the Bridge SPA Warrants then outstanding and shall include the Designee so long as the Designee
or any of its Affiliates holds any Bridge SPA Warrants.

 

(nn)          
"Reset Date" means the Equity Closing Date, each Interim Reset Date and the Final Reset Date.

 

(oo)          
"Reset Price" means (i) with respect to the Equity Closing Date,
the Closing Per Share Price, (ii) with respect to the First Interim Reset Date, 85% multiplied by the arithmetic average of the
five (5) lowest Weighted Average Prices of the Common Stock during the ten (10) Trading Day period immediately preceding the First
Interim Reset Date (as adjusted for stock splits, stock dividends, recapitalizations, reorganizations, reclassification, combinations,
reverse stock splits or other similar events during such period) (as adjusted for stock splits, stock dividends, recapitalizations,
reorganizations, reclassification, combinations, reverse stock splits or other similar events occurring after the First Interim
Reset Date), and (iii) with respect to all other Reset Dates occurring hereunder, the arithmetic average of the five (5) lowest
Weighted Average Prices of the Common Stock during the ten (10) Trading Day period immediately preceding the applicable Reset Date
(as adjusted for stock splits, stock dividends, recapitalizations, reorganizations, reclassification, combinations, reverse stock
splits or other similar events during such period) (as adjusted for stock splits, stock dividends, recapitalizations, reorganizations,
reclassification, combinations, reverse stock splits or other similar events occurring after the applicable Reset Date).

 

     

     

    

 

(pp)  "Reset
Share Amount" means the difference obtained by subtracting (i) the quotient obtained by dividing (x) the Principal amount
of the Note issued to the initial Holder of this Warrant on the Issuance Date, by (y) (1) with respect to the Equity Closing Date,
the Closing Per Share Price and (2) with respect to all other Reset Dates occurring hereunder, the lowest of (A) the Closing Per
Share Price, (B) the lowest Reset Price related to all the Reset Date(s) preceding the applicable Reset Date, if any (as adjusted
for stock splits, stock dividends, recapitalizations, reorganizations, reclassification, combinations, reverse stock splits or
other similar events occurring after the applicable Reset Date) and (C) the Initial Exercise Price (as adjusted for stock splits,
stock dividends, recapitalizations, reorganizations, reclassification, combinations, reverse stock splits or other similar events
occurring after the Subscription Date), from (ii) the quotient obtained by dividing (x) the Principal amount of the Note issued
to the initial Holder of this Warrant on the Issuance Date, by (y) the Reset Price related to the applicable Reset Date.

 

(qq)  "Rule
144" means Rule 144 promulgated under the 1933 Act or any successor rule.

 

(rr)  "Share
Delivery Date" means (a) prior to the Public Company Date, the second (2nd) Trading Day and (b) from and after
the Public Company Date, the earlier of (i) the second (2nd) Trading Day and (ii) the number of Trading Days comprising
the Standard Settlement Period, in each case, following the date on which the Holder delivers the applicable Exercise Notice to
the Company, so long as the Holder delivers the applicable Aggregate Exercise Price (or notice of a Cashless Exercise) on or prior
to the earlier of (i) the second (2nd) Trading Day following the date on which the Holder has delivered the applicable
Exercise Notice to the Company and (ii) the number of Trading Days comprising the Standard Settlement Period following the date
on which the Holder has delivered the applicable Exercise Notice to the Company (provided that if the applicable Aggregate Exercise
Price (or applicable notice of a Cashless Exercise) has not been delivered to the Company by such date, the applicable Share Delivery
Date shall be one (1) Trading Day after the Holder has delivered the applicable Aggregate Exercise Price (or applicable notice
of a Cashless Exercise) to the Company.

 

(ss) "Standard Settlement Period"
means the standard settlement period, expressed in a number of Trading Days, on the Principal Market with respect to the Common
Stock as in effect on the date of delivery of the applicable Exercise Notice.

 

(tt)  "Subject
Entity" means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons or Group.

 

(uu)  "Subsidiary"
means any entity in which the Company, directly or indirectly, owns any of the capital stock or holds an equity or similar interest.

 

(vv)  "Successor
Entity" means one or more Person or Persons (or, if so elected by the Holder, the Company or Parent Entity) formed by,
resulting from or surviving any Fundamental Transaction or one or more Person or Persons (or, if so elected by the Holder, the
Company or the Parent Entity) with which such Fundamental Transaction shall have been entered into.

 

(ww)      
"Trading Day" means (i) prior to the Public Company Date, any Business Day, and (ii) from and after the
Public Company Date, any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the
principal trading market for the Common Stock on such day, then on the principal securities exchange or securities market on which
the Common Stock is then traded.

 

     

     

    

 

(xx)  "Weighted
Average Price" means, for any security as of any date from and after the Public Company Date, the dollar volume-weighted
average price for such security on the Principal Market during the period beginning at 9:30 a.m., New York time (or such other
time as the Principal Market publicly announces is the official open of trading), and ending at 4:00 p.m., New York time (or such
other time as the Principal Market publicly announces is the official close of trading), as reported by Bloomberg through its "Volume
at Price" function or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter
market on the electronic bulletin board for such security during the period beginning at 9:30 a.m., New York time (or such other
time as such market publicly announces is the official open of trading), and ending at 4:00 p.m., New York time (or such other
time as such market publicly announces is the official close of trading), as reported by Bloomberg, or, if no dollar volume-weighted
average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest
closing ask price of any of the market makers for such security as reported in the OTC Link
or Pink Open Market (f/k/a OTC Pink) published by the OTC Markets Group, Inc. (or similar organization or agency succeeding to
its functions of reporting prices). If the Weighted Average Price cannot be calculated for a security on a particular date
on any of the foregoing bases (including, without limitation, prior to the Public Company
Date), the Weighted Average Price of such security on such date shall be the fair market value as mutually determined by
the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then
such dispute shall be resolved pursuant to Section 12 with the term "Weighted Average Price" being substituted for the
term "Exercise Price." All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock
combination, reclassification or other similar transaction relating to the Common Stock during the applicable calculation period.

 

[Signature Page Follows]

 

 

 

 

 

 

     

     

    

 

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

 

	 	LEADING BIOSCIENCES, INC.
	 	 
	 	 
	 	By:___________________________
	 	Name:       
	 	Title:       
	 	 

 

 

 

 

 

 

     

     

    

 

EXHIBIT A

 

EXERCISE NOTICE

TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

 

LEADING BIOSCIENCES, INC.

 

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

 

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

 

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

 

____________ a "Cashless Exercise"
with respect to _______________ Warrant Shares, resulting in a delivery obligation of the Company to the Holder of __________ shares
of Common Stock representing the applicable Net Number.

 

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

 

3. Delivery of Warrant Shares. The Company shall
deliver to the holder __________ Warrant Shares in accordance with the terms of the Warrant.

 

4. Please issue the Common Stock into which
the Warrant is being exercised to the Holder, or for its benefit, as follows:

 

☐     Check here if requesting delivery
as a certificate to the following name and to the following address:

 

Issue to:  ________________________________

               ________________________________

Address: _________________________________________

Telephone Number: ________________________________

Email Address: ________________________________

 

     

     

    

 

☐     Check here if requesting delivery
by Deposit/Withdrawal at Custodian as follows:

 

DTC Participant: _____________________________________

 

DTC Number: _________________________________________

Account Number: ________________________________

 

Authorization: ________________________________

By: ________________________________

Title: ________________________________

Dated:

Account Number (if electronic book entry transfer):
________________________________

Transaction Code Number (if electronic book entry transfer):
_________

 

Date: _______________ __, ______

 

 

 

Name of Registered Holder

 

 

By: ________________________________

Name:

Title:

 

 

     

     

    

 

ACKNOWLEDGMENT

 

The Company hereby acknowledges this Exercise
Notice and hereby directs its transfer agent, if any, to issue the above indicated number of shares of Common Stock.

 

	 	LEADING BIOSCIENCES, INC.
	 	 
	 	 
	 	By:___________________________
	 	Name:       
	 	Title:Exhibit 4.2

 

[FORM OF WARRANT]

 

NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY
THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED
(I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR (B) AN OPINION OF COUNSEL SELECTED BY THE HOLDER, IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED
UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD (X) PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT OR (Y) TO AN ACCREDITED
INVESTOR IN A PRIVATE TRANSACTION. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE
MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

PALISADE BIO, INC.

 

Warrant To Purchase Common
Stock

 

Warrant No.: ______

Initial Maximum Eligibility Number (as defined herein): _____________

Date of Issuance: [●], 20201
("Issuance Date")

 

Palisade Bio, Inc., a Delaware corporation formerly
known as Seneca Biopharma, Inc. (the "Company"), hereby certifies that, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Altium Growth Fund,
LP, the registered holder hereof or its permitted assigns (the "Holder"), is entitled, subject to the terms
set forth below, to purchase from the Company, at the Exercise Price (as defined below) then in effect, at any time or times on
or after the Issuance Date, but not after 11:59 p.m., New York time, on the Expiration Date, (as defined below), ___________________
(__________)2 fully paid nonassessable shares of Common Stock, subject to adjustment
as provided herein (the "Warrant Shares" and such initial number of Warrant Shares, as adjusted pursuant to Section
2 (other than Section 2(d)), the "Initial Maximum Eligibility Number"). Except as otherwise defined herein, capitalized
terms in this Warrant to Purchase Common Stock (including any Warrants to Purchase Common Stock issued in exchange, transfer or
replacement hereof, this "Warrant"), shall have the meanings set forth in Section 18. This Warrant is one of the
Series A Warrants to purchase Common Stock (the "SPA Warrants") issued pursuant to Section 1 of that certain Securities
Purchase Agreement, dated as of December 16, 2020 (the "Subscription Date"), by and among the Company, Leading
BioSciences, Inc., a Delaware corporation, and the investors (the "Buyers") referred to therein (as may be amended,
amended and restated, supplemented or otherwise modified from time to time in accordance with its terms, the "Securities
Purchase Agreement"). Capitalized terms used herein and not otherwise defined shall have the definitions ascribed to such
terms in the Securities Purchase Agreement.

 

_______________________________

 

1 Insert the Warrant Closing
Date (as defined in the Securities Purchase Agreement).

 

2 Insert 100% of the sum of (i) the number of
Exchange Shares issued to the Holder on the Closing Date in exchange for the number of Initial Common Shares (as defined in Section
18(z)) purchased by the Holder pursuant to the Securities Purchase Agreement delivered or deliverable to the Holder pursuant to
the Securities Purchase Agreement without giving effect to any limitation on delivery to the Holder pursuant to Section 1(c)(v)
of the Securities Purchase Agreement and (ii) the number of Exchange Shares issued to the Holder on the Issuance Date in exchange
of the number of Additional Common Shares (as defined in Section 18(b)) delivered or deliverable to the Holder pursuant to the
Securities Purchase Agreement without giving effect to any limitation on delivery to the Holder pursuant to Section 1(c)(v) of
the Securities Purchase Agreement.

 

     

     

    

 

1.                 
EXERCISE OF WARRANT.

 

(a)  
Mechanics of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations
set forth in Section 1(f)), this Warrant may be exercised by the Holder at any time or times on or after the Issuance Date, but
not after 11:59 p.m., New York time, on the Expiration Date, in whole or in part, by (i) delivery of a written notice, in
the form attached hereto as Exhibit A (the "Exercise Notice"), of the Holder's election to exercise this
Warrant and (ii) (A) payment to the Company of an amount equal to the applicable Exercise Price multiplied by the number of
Warrant Shares as to which this Warrant is being exercised (the "Aggregate Exercise Price") in cash by wire transfer
of immediately available funds or (B) if the provisions of Section 1(d) are applicable, by notifying the Company that this Warrant
is being exercised pursuant to a Cashless Exercise (as defined in Section 1(d)(1)) or an Alternate Cashless Exercise (as defined
in Section 1(d)(2)). The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder,
nor shall any ink-original signature or medallion guarantee (or other type of guarantee or notarization) with respect to any Exercise
Notice be required. Execution and delivery of the Exercise Notice with respect to less than all of the Warrant Shares shall have
the same effect as cancellation of the original Warrant and issuance of a new Warrant evidencing the right to purchase the remaining
number of Warrant Shares. On or before the first (1st) Trading Day following the date on which the Holder has delivered
the applicable Exercise Notice to the Company, the Company shall transmit by electronic mail an acknowledgment of confirmation
of receipt of the Exercise Notice to the Holder and the Company's transfer agent (the "Transfer Agent"). On or
before the applicable Share Delivery Date, the Company shall (X) provided that the Transfer Agent is participating in The Depository
Trust Company ("DTC") Fast Automated Securities Transfer Program and (A) the applicable Warrant Shares are subject
to an effective resale registration statement in favor of the Holder or (B) if exercised via Cashless Exercise or Alternate Cashless
Exercise, at a time when Rule 144 would be available for resale of the applicable Warrant Shares by the Holder, credit such aggregate
number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the Holder's or its designee's balance account
with DTC through its Deposit / Withdrawal At Custodian system, or (Y) if the Transfer Agent is not participating in the DTC Fast
Automated Securities Transfer Program or (A) the applicable Warrant Shares are not subject to an effective resale registration
statement in favor of the Holder and (B) if exercised via Cashless Exercise or Alternate Cashless Exercise, at a time when Rule
144 would not be available for resale of the applicable Warrant Shares by the Holder, issue and dispatch by overnight courier to
the address as specified in the Exercise Notice, a certificate, registered in the Company's share register in the name of the Holder
or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise. The Company shall
be responsible for all fees and expenses of the Transfer Agent and all fees and expenses with respect to the issuance of Warrant
Shares via DTC, if any, including, without limitation, for same day processing. Upon delivery of the Exercise Notice, the Holder
shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this
Warrant has been exercised, irrespective of the date such Warrant Shares are credited to the Holder's DTC account or the date of
delivery of the certificates evidencing such Warrant Shares, as the case may be. If this Warrant is submitted in connection with
any exercise pursuant to this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise
is greater than the number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable and
in no event later than two (2) Trading Days after any exercise and at its own expense, issue a new Warrant (in accordance with
Section 7(d)) representing the right to purchase the number of Warrant Shares issuable immediately prior to such exercise under
this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. No fractional Warrant Shares are
to be issued upon the exercise of this Warrant, but rather the number of Warrant Shares to be issued shall be rounded to the nearest
whole number. The Company shall pay any and all taxes which may be payable with respect to the issuance and delivery of Warrant
Shares upon exercise of this Warrant. The Company's obligations to issue and deliver Warrant Shares in accordance with the terms
and subject to the conditions hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce
the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action
to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination. While
any SPA Warrants remain outstanding, the Company shall use a transfer agent that participates in the DTC Fast Automated Securities
Transfer Program. Notwithstanding any provision of this Warrant to the contrary,
no more than the Maximum Eligibility Number of Warrant Shares shall be exercisable IN the AGGREGATE hereunder.

 

     

     

    

 

(b)  
Exercise Price. For purposes of this Warrant, "Exercise Price" means $[Ÿ]3
per share, subject to adjustment as provided herein.

 

(c)  
Company's Failure to Timely Deliver Securities. If the Company shall fail for any reason or for no reason to issue
to the Holder on or prior to the applicable Share Delivery Date either (I) if the Transfer Agent is not participating in the DTC
Fast Automated Securities Transfer Program, a certificate for the number of shares of Common Stock to which the Holder is entitled
and register such shares of Common Stock on the Company's share register or if the Transfer Agent is participating in the DTC Fast
Automated Securities Transfer Program, to credit the Holder's balance account with DTC, for such number of shares of Common Stock
to which the Holder is entitled upon the Holder's exercise of this Warrant or (II) if the Registration Statement covering the resale
of the Warrant Shares that are the subject of the Exercise Notice (the "Unavailable Warrant Shares") is not available
for the resale of such Unavailable Warrant Shares and the Company fails to promptly, but in no event later than as is required
pursuant to the Registration Rights Agreement (x) so notify the Holder in writing and (y) deliver the Warrant Shares electronically
without any restrictive legend by crediting such aggregate number of Warrant Shares to which the Holder is entitled pursuant to
such exercise to the Holder's or its designee's balance account with DTC through its Deposit / Withdrawal At Custodian system (the
event described in the immediately foregoing clause (II) is hereinafter referred as a "Notice Failure" and together
with the event described in clause (I) above, an "Exercise Failure"), then, in addition to all other remedies
available to the Holder, (X) the Company shall pay in cash to the Holder on each day after the applicable Share Delivery Date and
during such Exercise Failure an amount equal to 1.5% of the product of (A) the number of shares of Common Stock not issued to the
Holder on or prior to the applicable Share Delivery Date and to which the Holder is entitled, and (B) any trading price of the
Common Stock selected by the Holder in writing as in effect at any time during the period beginning on the applicable date of delivery
of the applicable Exercise Notice and ending on the applicable Share Delivery Date, and (Y) the Holder, upon written notice to
the Company, may void its Exercise Notice with respect to, and retain or have returned, as the case may be, any portion of this
Warrant that has not been exercised pursuant to such Exercise Notice; provided that the voiding of an Exercise Notice shall not
affect the Company's obligations to make any payments which have accrued prior to the date of such notice pursuant to this Section
1(c) or otherwise. In addition to the foregoing, if on or prior to the applicable Share Delivery Date either (I) if the Transfer
Agent is not participating in the DTC Fast Automated Securities Transfer Program, the Company shall fail to issue and deliver a
certificate to the Holder and register such shares of Common Stock on the Company's share register or, if the Transfer Agent is
participating in the DTC Fast Automated Securities Transfer Program, credit the Holder's balance account with DTC for the number
of shares of Common Stock to which the Holder is entitled upon the Holder's exercise hereunder or pursuant to the Company's obligation
pursuant to clause (ii) below or (II) a Notice Failure occurs, and if on or after such Trading Day the Holder purchases (in an
open market transaction or otherwise) shares of Common Stock relating to the applicable Exercise Failure (a "Buy-In"),
then the Company shall, within two (2) Trading Days after the Holder's request and in the Holder's discretion, either (i) pay cash
to the Holder in an amount equal to the Holder's total purchase price (including brokerage commissions and other out-of-pocket
expenses, if any) for the shares of Common Stock so purchased (the "Buy-In Price"), at which point the Company's
obligation to deliver such certificate (and to issue such shares of Common Stock) or credit the Holder's balance account with DTC
for such shares of Common Stock shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or
certificates representing such shares of Common Stock or credit the Holder's balance account with DTC, as applicable, and pay cash
to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of shares of Common
Stock, times (B) any trading price of the Common Stock selected by the Holder in writing as in effect at any time during the period
beginning on the date of delivery of the applicable Exercise Notice and ending on the applicable Share Delivery Date. Nothing herein
shall limit the Holder's right to pursue any other remedies available to it hereunder, at law or in equity, including, without
limitation, a decree of specific performance and/or injunctive relief with respect to the Company's failure to timely deliver certificates
representing shares of Common Stock (or to electronically deliver such shares of Common Stock) upon the exercise of this Warrant
as required pursuant to the terms hereof.

 

_______________________________

 

3 Insert
the lower of the Closing Per Share Price and the Initial Per Share Price (each as defined in the Securities Purchase Agreement).

     

     

    

 

(d)  
Cashless Exercise.

 

(1)  
Notwithstanding anything contained herein to the contrary, if the Registration Statement covering the resale of the Unavailable
Warrant Shares is not available for the resale of such Unavailable Warrant Shares, the Holder may, in its sole discretion, exercise
this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon
such exercise in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the "Net Number"
of shares of Common Stock determined according to the following formula (a "Cashless Exercise"):

 

Net Number = (A x B) - (A x C)

B

 

For purposes of the foregoing formula:

 

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

 

B= as applicable: (i) the
Weighted Average Price of the Common Stock on the Trading Day immediately preceding the date of the applicable Exercise Notice
if such Exercise Notice is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that is not a Trading Day or
(2) both executed and delivered pursuant to Section 1(a) hereof on a Trading Day prior to the opening of "regular trading
hours" (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day,
(ii) at the option of the Holder, either (x) the Weighted Average Price of the Common Stock on the Trading Day immediately preceding
the date of the applicable Exercise Notice or (y) the Bid Price of the Common Stock on the principal trading market for the Common
Stock as reported by Bloomberg as of the time of the Holder's execution of the applicable Exercise Notice if such Exercise Notice
is executed during "regular trading hours" on a Trading Day and is delivered within two (2) hours thereafter (including
until two (2) hours after the close of "regular trading hours" on a Trading Day) pursuant to Section 1(a) hereof or (iii)
the Weighted Average Price of the Common Stock on the date of the applicable Exercise Notice if the date of such Exercise Notice
is a Trading Day and such Exercise Notice is both executed and delivered pursuant to Section 1(a) hereof after the close of "regular
trading hours" on such Trading Day.

 

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

 

(2)  
Notwithstanding the foregoing, if on any Trading Day after [•], 20214
the Weighted Average Price of the Common Stock is less than the Exercise Price for five (5) consecutive Trading Days, the Holder
shall have the right, at any time while the Weighted Average Price of the Common Stock is less than the Exercise Price, at the
Holder's sole option and as elected by the Holder on the applicable Exercise Notice, to effect a Cashless Exercise hereunder, in
whole or in part, but in lieu of receiving such aggregate number of Warrant Shares as described in the formula set forth in Section
1(d)(1), the Holder shall receive 1.0 share of Common Stock for each share being exercised hereunder in such Cashless Exercise
(each, an "Alternate Cashless Exercise").

 

_______________________________

 

4 Insert
date that is six (6) months immediately following the Closing Date.

     

     

    

 

(3)  
For purposes of Rule 144(d), the Company hereby acknowledges and agrees that the Warrant Shares issued in a Cashless Exercise
or an Alternate Cashless Exercise shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares
for purposes of Rule 144(d), shall be deemed to have commenced, on the date this Warrant was originally issued pursuant to the
Securities Purchase Agreement. The Company agrees not to take any position contrary to this Section 1(d).

 

(e)  
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of
the Warrant Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve
such dispute in accordance with Section 12.

 

(f)   
Beneficial Ownership Limitation on Exercises. Notwithstanding anything to the contrary contained herein, the Company
shall not effect the exercise of any portion of this Warrant, and the Holder shall not have the right to exercise any portion of
this Warrant, pursuant to the terms and conditions of this Warrant and any such exercise shall be null and void and treated as
if never made, to the extent that after giving effect to such exercise, the Holder together with the other Attribution Parties
collectively would beneficially own in excess of [4.99] [9.99]%5 (the "Maximum
Percentage") of the number of shares of Common Stock outstanding immediately after giving effect to such exercise. For
purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by the Holder and the other
Attribution Parties shall include the number of shares of Common Stock held by the Holder and all other Attribution Parties plus
the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which the determination of such sentence
is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (A) exercise of the remaining,
unexercised portion of this Warrant beneficially owned by the Holder or any of the other Attribution Parties and (B) exercise or
conversion of the unexercised or unconverted portion of any other securities of the Company (including, without limitation, any
convertible notes or convertible preferred stock or warrants, including the Bridge SPA Warrants) beneficially owned by the Holder
or any other Attribution Party subject to a limitation on conversion or exercise analogous to the limitation contained in this
Section 1(f). For purposes of this Section 1(f), beneficial ownership shall be calculated in accordance with Section 13(d) of the
Securities Exchange Act of 1934, as amended (the "1934 Act"). For purposes of this Warrant, in determining the
number of outstanding shares of Common Stock the Holder may acquire upon the exercise of this Warrant without exceeding the Maximum
Percentage, the Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company's most recent
Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with the Securities
and Exchange Commission (the "SEC"), as the case may be, (y) a more recent public announcement by the Company
or (z) any other written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding
(the "Reported Outstanding Share Number"). If the Company receives an Exercise Notice from the Holder at a time
when the actual number of outstanding shares of Common Stock is less than the Reported Outstanding Share Number, the Company shall
(i) promptly notify the Holder in writing of the number of shares of Common Stock then outstanding and, to the extent that such
Exercise Notice would otherwise cause the Holder's beneficial ownership, as determined pursuant to this Section 1(f), to exceed
the Maximum Percentage, the Holder must notify the Company of a reduced number of Warrant Shares to be purchased pursuant to such
Exercise Notice (the number of shares by which such purchase is reduced, the "Reduction Shares") and (ii) as soon
as reasonably practicable, the Company shall return to the Holder any exercise price paid by the Holder for the Reduction Shares.
For any reason at any time, upon the written or oral request of the Holder, the Company shall within one (1) Trading Day confirm
in writing by electronic mail to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding
shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including
this Warrant, by the Holder and any other Attribution Party since the date as of which the Reported Outstanding Share Number was
reported. In the event that the issuance of shares of Common Stock to the Holder upon exercise of this Warrant results in the Holder
and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of the number
of outstanding shares of Common Stock (as determined under Section 13(d) of the 1934 Act), the number of shares so issued by which
the Holder's and the other Attribution Parties' aggregate beneficial ownership exceeds the Maximum Percentage (the "Excess
Shares") shall be deemed null and void and shall be cancelled ab initio and any portion of this Warrant so exercised shall
be reinstated, and the Holder shall not have the power to vote or to transfer the Excess Shares. As soon as reasonably practicable
after the issuance of the Excess Shares has been deemed null and void, the Company shall return to the Holder the exercise price
paid by the Holder for the Excess Shares. Upon delivery of a written notice to the Company, the Holder may from time to time increase
or decrease the Maximum Percentage to any other percentage not in excess of 9.99% as specified in such notice; provided that (i)
any such increase in the Maximum Percentage will not be effective until the sixty-first (61st) day after such notice
is delivered to the Company and (ii) any such increase or decrease will apply only to the Holder and the other Attribution Parties
and not to any other holder of SPA Warrants that is not an Attribution Party of the Holder. For purposes of clarity, the shares
of Common Stock issuable pursuant to the terms of this Warrant in excess of the Maximum Percentage shall not be deemed to be beneficially
owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the 1934 Act. No
prior inability to exercise this Warrant pursuant to this paragraph shall have any effect on the applicability of the provisions
of this paragraph with respect to any subsequent determination of exercisability. The provisions of this paragraph shall be construed
and implemented in a manner otherwise than in strict conformity with the terms of this Section 1(f) to the extent necessary to
correct this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended beneficial ownership
limitation contained in this Section 1(f) or to make changes or supplements necessary or desirable to properly give effect to such
limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor holder of this Warrant.

 

_______________________________

 

5 Insert
Maximum Percentage as indicated on the Buyer's signature page attached to the Securities Purchase Agreement.

     

     

    

 

(g)  
Insufficient Authorized Shares. If at any time while this Warrant remains outstanding the Company does not have a
sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance upon exercise
of this Warrant at least a number of shares of Common Stock equal to: (i) until the Final Reset Date, the number of Warrant Shares
issued and issuable pursuant to this Warrant assuming that the Maximum Eligibility Number equals 400% of the Initial Common Shares
issued to the initial Holder of this Warrant on the Closing Date outstanding without regard to any limitation on exercise set forth
herein and (ii) from and after the Final Reset Date, the maximum number of shares of Common Stock as shall from time to time be
necessary to effect the exercise in full of all of this Warrant then outstanding without regard to any limitation on exercise set
forth herein (the foregoing clauses (i) and (ii), as applicable, the "Required Reserve Amount" and the failure
to have such sufficient number of authorized and unreserved shares of Common Stock, an "Authorized Share Failure"),
then the Company shall immediately take all action necessary to increase the Company's authorized shares of Common Stock to an
amount sufficient to allow the Company to reserve the Required Reserve Amount for this Warrant then outstanding. Without limiting
the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure,
but in no event later than sixty (60) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting
of its stockholders for the approval of an increase in the number of authorized shares of Common Stock. In connection with such
meeting, the Company shall provide each stockholder with a proxy statement and shall use its best efforts to solicit its stockholders'
approval of such increase in authorized shares of Common Stock and to cause its board of directors to recommend to the stockholders
that they approve such proposal. Notwithstanding the foregoing, if any such time of an Authorized Share Failure, the Company is
able to obtain the written consent of a majority of the shares of its issued and outstanding shares of Common Stock to approve
the increase in the number of authorized shares of Common Stock, the Company may satisfy this obligation by obtaining such consent
and submitting for filing with the SEC an Information Statement on Schedule 14C. In the event that upon any exercise of this Warrant,
the Company does not have sufficient authorized shares to deliver in satisfaction of such exercise, then unless the Holder elects
to void such attempted exercise, the Holder may require the Company to pay to the Holder within two (2) Trading Days of the applicable
exercise, cash in an amount equal to the product of (i) the number of Warrant Shares that the Company is unable to deliver pursuant
to this Section 1(g) and (ii) the highest Weighted Average Price during the period beginning on the date of such attempted exercise
and the date that the Company makes the applicable cash payment.

 

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

 

(a)  
Adjustment Upon Issuance of Shares of Common Stock. If and whenever on or after the Subscription Date until the date
that is the second (2nd) anniversary of the Registration Date, inclusive, the Company publicly announces, issues or
sells, enters into a definitive, binding agreement pursuant to which the Company is required to issue or sell or, in accordance
with this Section 2(a), is deemed to have issued or sold, any shares of Common Stock (including the issuance or sale of shares
of Common Stock owned or held by or for the account of the Company, but excluding shares of Common Stock deemed to have been issued
or sold by the Company in connection with any Excluded Securities) for a consideration per share (the "New Issuance Price")
less than a price (the "Applicable Price") equal to the Exercise Price in effect immediately prior to such public
announcement, issue or sale or deemed issuance or sale or entry into such a definitive, binding agreement (the foregoing a "Dilutive
Issuance"), then immediately after such Dilutive Issuance, the Exercise Price then in effect shall be reduced to an amount
equal to the New Issuance Price. For purposes of determining the adjusted Exercise Price under this Section 2(a), the following
shall be applicable:

 

     

     

    

 

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

 

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

 

     

     

    

 

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

 

(iv)       Calculation
of Consideration Received. If any Option and/or Convertible Security and/or Adjustment Right is issued in connection with the
issuance or sale or deemed issuance or sale of any other securities of the Company (as determined by the Holder, the "Primary
Security", and such Option and/or Convertible Security and/or Adjustment Right, the "Secondary Securities"),
together comprising one integrated transaction, (or one or more transactions if such issuances or sales or deemed issuances or
sales of securities of the Company either (A) have at least one investor or purchaser in common, (B) are consummated in reasonable
proximity to each other and/or (C) are consummated under the same plan of financing) the aggregate consideration per share of Common
Stock with respect to such Primary Security shall be deemed to be equal to the difference of (x) the lowest price per share for
which one share of Common Stock was issued (or was deemed to be issued pursuant to Section 2(a)(i) or Section 2(a)(ii), as applicable)
in such integrated transaction solely with respect to such Primary Security, minus (y) with respect to such Secondary Securities,
the sum of (I) the Black Scholes Consideration Value of each such Option, if any, (II) the fair market value (as determined by
the Holder in good faith) or the Black Scholes Consideration Value, as applicable, of such Adjustment Right, if any, and (III)
the fair market value (as determined by the Holder) of such Convertible Security, if any, in each case, as determined on a per
share basis in accordance with this Section 2(a)(iv). If any shares of Common Stock, Options or Convertible Securities are issued
or sold or deemed to have been issued or sold for cash, the consideration received therefor (for the purpose of determining the
consideration paid for such Common Stock, Option or Convertible Security, but not for the purpose of the calculation of the Black
Scholes Consideration Value) will be deemed to be the net amount of consideration received by the Company therefor. If any shares
of Common Stock, Options or Convertible Securities are issued or sold for a consideration other than cash, the amount of such consideration
received by the Company (for the purpose of determining the consideration paid for such Common Stock, Option or Convertible Security,
but not for the purpose of the calculation of the Black Scholes Consideration Value) will be the fair value of such consideration,
except where such consideration consists of publicly traded securities, in which case the amount of consideration received by the
Company for such securities will be the arithmetic average of the Weighted Average Prices of such security for each of the five
(5) Trading Days immediately preceding the date of receipt. If any shares of Common Stock, Options or Convertible Securities are
issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity, the
amount of consideration therefor (for the purpose of determining the consideration paid for such Common Stock, Option or Convertible
Security, but not for the purpose of the calculation of the Black Scholes Consideration Value) will be deemed to be the fair value
of such portion of the net assets and business of the non-surviving entity as is attributable to such shares of Common Stock, Options
or Convertible Securities (as the case may be). The fair value of any consideration other than cash or publicly traded securities
will be determined jointly by the Company and the Holder. If such parties are unable to reach agreement within ten (10) days after
the occurrence of an event requiring valuation (the "Valuation Event"), the fair value of such consideration will
be determined within five (5) Trading Days after the tenth (10th) day following such Valuation Event by an independent,
reputable appraiser jointly selected by the Company and the Holder. The determination of such appraiser shall be final and binding
upon all parties absent manifest error and the fees and expenses of such appraiser shall be borne by the Company. Notwithstanding
anything to the contrary contained herein, if a calculation pursuant to this Section 2(a)(iv) would result in an Exercise Price
that is lower than the par value of the Common Stock, then the Exercise Price shall be deemed to equal the par value of the Common
Stock.

 

     

     

    

 

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

 

(vi)       No
Readjustments. For the avoidance of doubt, in the event the Exercise Price has been adjusted pursuant to this Section 2(a)
and the Dilutive Issuance that triggered such adjustment does not occur, is not consummated, is unwound or is cancelled after the
facts for any reason whatsoever, in no event shall the Exercise Price be readjusted to the Exercise Price that would have been
in effect if such Dilutive Issuance had not occurred or been consummated.

 

(vi)       Convertible
Securities and Options. For the avoidance of doubt, any shares of Common Stock issued or issuable pursuant to the terms of
any Options and/or Convertible Securities issued by the Company that qualify as Excluded Securities shall not trigger an adjustment
to the Exercise Price pursuant to this Section 2(a).

 

(b)  
[Reserved]

 

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

 

     

     

    

 

(d)  
Resets. On each Reset Date (i) the Exercise Price shall be adjusted (downward
only) to equal the Reset Price related to such Reset Date and (ii) the Maximum Eligibility Number shall be increased (but
not decreased) by the applicable Reset Share Amount.

 

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

 

3.            RIGHTS UPON DISTRIBUTION OF ASSETS. If the Company shall declare or make any dividend or other distribution of its
assets (or rights to acquire its assets) to any or all 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, Options, evidence of indebtedness
or any other assets by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar
transaction) (a "Distribution"), at any time after the Closing Date, 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 as if the Holder
had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations
or restrictions on exercise of this Warrant, including without limitation, the Maximum Percentage) immediately before the date
of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares
of Common Stock are to be determined for the participation in such Distribution (provided, however, that to the extent
that the Holder's right to participate in any such Distribution would result in the Holder and the other Attribution Parties exceeding
the Maximum Percentage, then the Holder shall not be entitled to participate in such Distribution to such extent (and shall not
be entitled to beneficial ownership of such shares of Common Stock as a result of such Distribution (and beneficial ownership)
to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time or
times as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at
which time or times the Holder shall be granted such Distribution (and any Distributions declared or made on such initial Distribution
or on any subsequent Distribution held similarly in abeyance) to the same extent as if there had been no such limitation).

 

     

     

    

 

4.          
PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a)  
Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if at any time following the Closing
Date the Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities
or other property pro rata to the record holders of any class of Common Stock (the "Purchase Rights"), then the
Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the
Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this
Warrant (without regard to any limitations or restrictions on exercise of this Warrant, including without limitation, the Maximum
Percentage) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or,
if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant,
issue or sale of such Purchase Rights (provided, however, that to the extent that the Holder's right to participate
in any such Purchase Right would result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, then
the Holder shall not be entitled to participate in such Purchase Right to such extent (and shall not be entitled to beneficial
ownership of such shares of Common Stock as a result of such Purchase Right (and beneficial ownership) to such extent) and such
Purchase Right to such extent shall be held in abeyance for the benefit of the Holder until such time or times as its right thereto
would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which time or times the Holder
shall be granted such right (and any Purchase Right granted, issued or sold on such initial Purchase Right or on any subsequent
Purchase Right held similarly in abeyance) to the same extent as if there had been no such limitation).

 

(b)  
Fundamental Transactions. The Company shall not enter into, allow or be
a party to a Fundamental Transaction until the Final Reset Date. If, at any time after the Final Reset Date until this Warrant
ceases to be outstanding, a Fundamental Transaction occurs or is consummated, 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 (without regard to any limitation in Section
1(f) on the exercise of this Warrant), 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 (without regard to any limitation in Section 1(f) on the exercise
of this Warrant). 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 to assume in writing all of the obligations of the Company under this
Warrant in accordance with the provisions of this Section 4(b) pursuant to written agreements in form and substance reasonably
satisfactory to the Required Holders and approved by the Required Holders (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 Required Holders. 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 referring to the "Company" shall be added to the term "Company" under this Warrant
(so that from and after the occurrence or consummation of such Fundamental Transaction, each
and every provision of this Warrant referring to the "Company" shall refer
instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity
or Successor Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto
and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant
with the same effect as if the Company and such Successor Entity or Successor Entities, jointly
and severally, had been named as the Company in this Warrant.

 

     

     

    

 

(c)  
 Notwithstanding the foregoing, in the event of a Fundamental Transaction, at the request of the Holder delivered before
the ninetieth (90th) day after the occurrence or consummation of such Fundamental Transaction, the Company (or the Successor
Entity) shall purchase this Warrant from the Holder by paying to the Holder, within five (5) Business Days after such request (or,
if later, on the effective date of the Fundamental Transaction), cash in an amount equal to the Black Scholes Value of the remaining
unexercised portion of this Warrant on the effective date of such Fundamental Transaction; provided, however, that,
if such Fundamental Transaction is not within the Company's control, including not approved by the Company's Board of Directors,
the Holder shall only be entitled to receive from the Company or any Successor Entity, the same type or form of consideration (and
in the same proportion), at the Black Scholes Value of the unexercised portion of this Warrant, that is being offered and paid
to the holders of Common Stock of the Company in connection with such Fundamental Transaction, whether that consideration be in
the form of cash, stock or any combination thereof, or whether the holders of Common Stock are given the choice to receive from
among alternative forms of consideration in connection with such Fundamental Transaction; provided, further, that
if holders of Common Stock of the Company are not offered or paid any consideration in such Fundamental Transaction, such holders
of Common Stock will be deemed to have received common stock of the Successor Entity (which Successor Entity may be the Company
following such Fundamental Transaction) in such Fundamental Transaction. The payment of the Black Scholes Value will be made by
wire transfer of immediately available funds (or such other consideration) within the later of (i) five (5) Business Days of the
Holder's election and (ii) the date of consummation of the Fundamental Transaction.

 

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

 

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

 

7.          
REISSUANCE OF WARRANTS.

 

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

 

     

     

    

 

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

 

(c)  
Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the
principal office of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate
the right to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right
to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided,
however, that no SPA Warrants for fractional Warrant Shares shall be given.

 

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

 

8.             
NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice
shall be given in accordance with Section 10(f) of the Securities Purchase Agreement. The Company shall provide the Holder with
prompt written notice of all actions taken pursuant to this Warrant, including in reasonable detail a description of such action
and the reason therefor. Without limiting the generality of the foregoing, the Company will give written notice to the Holder (i)
immediately upon any adjustment of the Exercise Price, setting forth in reasonable detail, and certifying, the calculation of such
adjustment and (ii) at least fifteen (15) Business Days prior to the date on which the Company closes its books or takes a record
(A) with respect to any dividend or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances or
sales of any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property to holders of
shares of Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation;
provided in each case that such information shall be made known to the public prior to or in conjunction with such notice
being provided to the Holder. It is expressly understood and agreed that the time of exercise specified by the Holder in each Exercise
Notice shall be definitive and may not be disputed or challenged by the Company.

 

9.             
AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended or waived
and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if
the Company has obtained the written consent of the Required Holders. Any change, amendment or waiver pursuant to the immediately
preceding sentence shall be binding on the Holder of this Warrant and all holders of the SPA Warrants. Notwithstanding the foregoing,
after the Final Reset Date, the provisions of this Warrant may be amended or waived and the Company may take any action herein
prohibited, or omit to perform any act herein required to be performed by it, if the Company has obtained the written consent of
the Holder.

 

     

     

    

 

10.             GOVERNING
LAW; JURISDICTION; JURY TRIAL. This Warrant shall be governed by and construed and enforced in accordance with, and all questions
concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws
of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State
of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State
of New York. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The
City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is improper. The Company hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof
to the Company at the address set forth in Section 10(f) of the Securities Purchase Agreement and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any
way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude
the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company's
obligations to the Holder, to realize on any collateral or any other security for such obligations, or to enforce a judgment or
other court ruling in favor of the Holder. EACH OF THE COMPANY AND HOLDER HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO,
AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF
THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

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

 

12.             DISPUTE
RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant
Shares, the Company shall cause the Transfer Agent to issue to the Holder the number of shares of Common Stock that is not disputed
and the Company shall submit the disputed determinations or arithmetic calculations via electronic mail within one (1) Business
Day of receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company
are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within one (1) Business
Day of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall, within one
(1) Business Day submit via electronic mail (a) the disputed determination of the Exercise Price to an independent, reputable
investment bank selected by the Holder and approved by the Company, such approval not to be unreasonably withheld, conditioned
or delayed or (b) the disputed arithmetic calculation of the Warrant Shares to an independent, outside accountant, selected by
the Holder and approved by the Company, such approval not to be unreasonably withheld, conditioned or delayed. The Company shall
cause at its expense the investment bank or the accountant, as the case may be, to perform the determinations or calculations
and notify the Company and the Holder of the results no later than five (5) Business Days from the time it receives the disputed
determinations or calculations. Such investment bank's or accountant's determination or calculation, as the case may be, shall
be binding upon all parties absent demonstrable error.

 

     

     

    

 

13.             REMEDIES,
OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and in addition
to all other remedies available under this Warrant and the other Transaction Documents, at law or in equity (including a decree
of specific performance and/or other injunctive relief). No remedy contained herein shall
be deemed a waiver of compliance with the provisions giving rise to such remedy. Nothing herein shall limit the right of
the Holder to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. The Company acknowledges
that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such
breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the holder of
this Warrant shall be entitled, in addition to all other available remedies, to an injunction restraining any breach, without the
necessity of showing economic loss and without any bond or other security being required.

 

14.             TRANSFER.This
Warrant and the Warrant Shares may be offered for sale, sold, transferred, pledged or assigned without the consent of the Company,
except as may otherwise be required by Section 2(f) of the Securities Purchase Agreement.

 

15.            SEVERABILITY.If
any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues to express, without
material change, the original intentions of the Company and the Holder as to the subject matter hereof and the prohibited nature,
invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal
obligations of the Company or the Holder or the practical realization of the benefits that would otherwise be conferred upon the
Company and the Holder. The Company and the Holder will endeavor in good faith negotiations to replace the prohibited, invalid
or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited,
invalid or unenforceable provision(s).

 

16.             
DISCLOSURE. Upon receipt or delivery by the Company of any notice in accordance with the terms of this Warrant, unless
the Company has in good faith determined that the matters relating to such notice do not constitute material, nonpublic information
relating to the Company or its Subsidiaries, the Company shall contemporaneously with any such receipt or delivery publicly disclose
such material, nonpublic information on a Current Report on Form 8-K or otherwise. In the event that the Company believes that
a notice contains material, nonpublic information relating to the Company or its Subsidiaries, the Company so shall indicate to
the Holder contemporaneously with delivery of such notice, and in the absence of any such indication, the Holder shall be allowed
to presume that all matters relating to such notice do not constitute material, nonpublic information relating to the Company or
its Subsidiaries.

 

     

     

    

 

17.             
PAYMENT OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) this Warrant is
placed in the hands of an attorney for collection or enforcement or is collected or enforced through any legal proceeding or the
Holder otherwise takes action to collect amounts due under this Warrant or to enforce the provisions of this Warrant or (b) there
occurs any bankruptcy, reorganization, receivership of the company or other proceedings affecting company creditors’ rights
and involving a claim under this Warrant, then the Company shall pay the costs incurred by the Holder for such collection, enforcement
or action or in connection with such bankruptcy, reorganization, receivership or other proceeding, including, without limitation,
attorneys’ fees and disbursements.

 

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

 

(a)  
"1933 Act" means the Securities Act of 1933, as amended.

 

(b)  
"Additional Vested Common Shares" means the Exchange Shares issued in exchange for the Additional Preferred
Shares (as defined in the Securities Purchase Agreement) delivered or deliverable to the initial Holder of this Warrant pursuant
to the Securities Purchase Agreement without giving effect to any limitation on delivery to the Holder pursuant to Section 1(c)(v)
of the Securities Purchase Agreement.

 

(c)  
"Adjustment Right" means any right granted with respect to any securities issued in connection with, or
with respect to, any issuance or sale (or deemed issuance or sale in accordance with Section 2(a)(i) or Section 2(a)(ii)) of shares
of Common Stock (other than rights of the type described in Section 3 and 4 hereof) that could result in a decrease in the net
consideration received by the Company in connection with, or with respect to, such securities (including, without limitation, any
cash settlement rights, cash adjustment or other similar rights).

 

(d)  
"Affiliate" shall have the meaning ascribed to such term in Rule 405 promulgated under the 1933 Act or
any successor rule.

 

(e)  
"Approved Stock Plan" means any employee benefit plan which has been approved by the Board of Directors
of the Company, the Parent Entity of the Company, or a Subsidiary pursuant to which the Company's, Parent Entity's or Subsidiary's
(as the case may be) securities may be issued to any employee, officer, director, consultant or other service provider for services
provided to the Company, Parent Entity or Subsidiary.

 

(f)   
"Attribution Parties" means, collectively, the following Persons: (i) any investment vehicle, including,
any funds, feeder funds or managed accounts, currently, or from time to time after the Issuance Date, directly or indirectly managed
or advised by the Holder's investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of
the Holder or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together with the Holder
or any of the foregoing and (iv) any other Person whose beneficial ownership of the Common Stock would or could be aggregated with
the Holder's and the other Attribution Parties for purposes of Section 13(d) of the 1934 Act. For clarity, the purpose of the foregoing
is to subject collectively the Holder and all other Attribution Parties to the Maximum Percentage.

 

     

     

    

 

(g)  
"Bid Price" means, for any date, the price determined by the first
of the following clauses that applies: (a) if the Common Stock is then listed or quoted on an Eligible Market, the bid price of
the Common Stock for the time in question (or the nearest preceding date) on the Eligible Market on which the Common Stock is then
listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City
time)), (b) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are
then reported in the Pink Open Market (f/k/a OTC Pink) published by OTC Markets Group, Inc. (or a similar organization or agency
succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (c) in
all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith
by the Required Holders and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

(h)  
"Black Scholes Consideration Value" means the value of the applicable Option or Adjustment Right (as the
case may be) calculated using the Black-Scholes Option Pricing Model obtained from the "OV" function on Bloomberg determined
as of the date of issuance and reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal
to the remaining term of such Option or Adjustment Right (as the case may be) as of the date of issuance of such Option or Adjustment
Right (as the case may be), (ii) an expected volatility equal to the 100 day volatility obtained from the HVT function on Bloomberg
as of the Trading Day immediately following the public announcement of the issuance of such Option or Adjustment Right (as the
case may be), or, if the issuance of such Option or Adjustment Right (as the case may be) is not publicly announced, the date of
issuance of such Option or Adjustment Right (as the case may be), (iii) the underlying price per share used in such calculation
shall be the highest Weighted Average Price of the Common Stock during the period beginning on the Trading Day prior to the execution
of definitive documentation relating to the issuance of such Option or Adjustment Right (as the case may be) and ending on (A)
the Trading Day immediately following the public announcement of the execution of definitive documents with respect to the issuance
of such Option or Adjustment Right (as the case may be), or, (B) if the execution of definitive documents with respect to the issuance
of such Option or Adjustment Right (as the case may be) is not publicly announced, the date of such issuance, (iv) a remaining
option time equal to the time between the date of the public announcement of the execution of definitive documents with respect
to the issuance of such Option or Adjustment Right (as the case may be) or, if the execution of definitive documents with respect
to the issuance of such Option or Adjustment Right (as the case may be) is not publicly announced, the date of such issuance, (v)
a zero cost of borrow and (vi) a 365 day annualization factor.

 

(i)    
"Black Scholes Value" means the value of this Warrant calculated using the Black-Scholes Option Pricing
Model obtained from the "OV" function on Bloomberg determined as of the day immediately following the public announcement
of the applicable contemplated Fundamental Transaction, or, if such contemplated Fundamental Transaction is not publicly announced,
the date such Fundamental Transaction has occurred or is consummated, for pricing purposes and reflecting (i) a risk-free interest
rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of this Warrant as of such date of request,
(ii) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg
as of the Trading Day immediately following the public announcement of the applicable contemplated Fundamental Transaction, or,
if such contemplated Fundamental Transaction is not publicly announced, the date such Fundamental Transaction has occurred or is
consummated, (iii) the underlying price per share used in such calculation shall be the greater of (x) the highest Weighted Average
Price of the Common Stock during the period beginning on the Trading Day prior to the execution of definitive documentation relating
to the applicable Fundamental Transaction and ending on (A) the Trading Day immediately following the public announcement of such
contemplated Fundamental Transaction, if the applicable contemplated Fundamental Transaction is publicly announced or (B) the Trading
Day immediately following the consummation of the applicable Fundamental Transaction if the applicable contemplated Fundamental
Transaction is not publicly announced and (y) the sum of the price per share being offered in cash, if any, plus the value of any
non-cash consideration, if any, being offered in such Fundamental Transaction, (iv) a remaining option time equal to the time between
the date of the public announcement of the applicable contemplated Fundamental Transaction or, if such applicable contemplated
Fundamental Transaction is not publicly announced, the date such Fundamental Transaction has occurred or is consummated, (v) a
zero cost of borrow and (vi) a 365 day annualization factor.

 

     

     

    

 

(j)    
"Bloomberg" means Bloomberg Financial Markets.

 

(k)  
"Bridge Securities Purchase Agreement" means that certain Securities
Purchase Agreement dated as of December [•], 2020 by and between Leading BioSciences, Inc. and the investor listed on the
signature page attached thereto.

 

(l)    
"Bridge SPA Warrants" shall have the meaning ascribed to "Warrants" in the Bridge Securities
Purchase Agreement.

 

(m) "Business Day" means any
day other than Saturday, Sunday or other day on which commercial banks in The City of New York, New York are authorized or required
by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized
or required by law to remain closed due to "stay at home", "shelter-in-place", "non-essential employee"  or
any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority
so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York, New
York generally are open for use by customers on such day.

 

(n)  
"Closing Date" shall have the meaning ascribed to such term
in the Securities Purchase Agreement.

 

(o)  
"Common Stock" means (i) the Company's shares of common stock, par value $0.01 per share, and (ii) any
capital stock into which such Common Stock shall be changed or any capital stock resulting from a reclassification, reorganization
or recapitalization of such Common Stock.

 

     

     

    

 

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

 

(q)  
"Designee" means Altium Capital Management, LP.

 

(r)   
"Eligible Market" means the Principal Market, the NYSE American, The Nasdaq Capital Market, The Nasdaq
Global Select Market, The Nasdaq Global Market or The New York Stock Exchange.

 

(s)   
"Exchange Shares" shall have the meaning ascribed to such term in the Securities Purchase Agreement.

 

(t)    
"Excluded Securities" means any Common Stock issued or issuable or deemed to be issued in accordance with
Section 2(a)(i) or Section 2(a)(ii) by the Company: (i) under any Approved Stock Plan; provided, however, that no
more than an aggregate of [•]6 shares of Common Stock (as adjusted for any
stock dividend, stock split, stock combination, reclassification or similar transaction occurring relating to the Common Stock
after the Warrant Closing Date (as defined in the Securities Purchase Agreement)) are issued or issuable to consultants and/or
other service provider pursuant to an Approved Stock Plan hereunder as Excluded Securities, (ii) upon exercise of any SPA Warrants
and any Bridge SPA Warrants issued pursuant to the Bridge Securities Purchase Agreement; provided, that the terms of such
SPA Warrants Bridge SPA Warrants are not amended, modified or changed on or after the Subscription Date without the prior written
consent of the Required Holders, (iii) upon conversion, exercise or exchange of any Options or Convertible Securities which are
outstanding on the day immediately preceding the Subscription Date; provided, that such issuance of Common Stock upon exercise
of such Options or Convertible Securities is made pursuant to the terms of such Options or Convertible Securities in effect on
the date immediately preceding the Subscription Date and such Options or Convertible Securities are not amended, modified or changed
on or after the Subscription Date without the prior written consent of the Required Holders, (iv) pursuant to the Merger Agreement
or the Form S-4 (as defined in the Securities Purchase Agreement), (v) in connection with sponsored research, collaboration, technology
license, development, marketing or other similar agreements or strategic partnerships entered into by the Company, the Parent Entity
of the Company, or a Subsidiary, as the case may be, and other Person but only if such Person is, itself or through its subsidiaries,
an operating company or an owner of an asset in a business synergistic with the business of the Company and shall be entered into
for bona fide reasons other than capital raising and approved by the Board of Directors of the Company, the Parent Entity of the
Company, or a Subsidiary, including a majority of the disinterested members of such board, but shall not include a transaction
in which the Company the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary
business is investing in securities, (vi) pursuant to that certain Engagement Letter, dated as of April 22, 2019, by and among
Evolution Venture Partners LLC, Ecoban Securities, LLC and the Company, as amended pursuant to that certain Amendment, dated as
of April 22, 2019 and effective as of March 6, 2020, by and among the same parties (the "Engagement Latter");
provided, that such issuance of Common Stock pursuant to the Engagement Letter is made pursuant to the terms of the Engagement
Letter in effect on the date immediately preceding the Subscription Date and the Engagement Letter is not amended, modified or
changed on or after the Subscription Date without the prior written consent of the Required Holders; provided, further,
that no more than 713,000 shares of Common Stock (as adjusted for any stock dividend, stock split, stock combination, reclassification
or similar transaction occurring relating to the Common Stock after the Subscription Date) are issued or issuable pursuant to the
Engagement Letter hereunder as Excluded Securities; or (vii) for which the Required Holders provide prior written approval to be
deemed Excluded Securities hereunder.

 

_______________________________

 

6 Insert
three percent (3.0%) of the issued and outstanding shares of Common Stock determined as of the Warrant Closing Date (assuming
all shares of Common Stock issued in exchange of the Preferred Shares (as defined in the Securities Purchase Agreement) shall
be deemed issued and outstanding).

 

     

     

    

 

(u)  
"Expiration Date" means the date sixty (60) months after the Registration Date or, if such date falls on
a Holiday, the next day that is not a Holiday.

 

(v)  
"Final Reset Date" means the one hundred thirty-fifth (135th) day following the Closing Date
or, if such date falls on a Holiday, the next day that is not a Holiday.

 

(w) "Fundamental Transaction"
means (A) that the Company shall, directly or indirectly, including through Subsidiaries, Affiliates or otherwise, in one or more
related transactions, (i) consolidate or merge with or into (whether or not the Company is the surviving corporation) another Subject
Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of
the Company or any of its "significant subsidiaries" (as defined in Rule 1-02 of Regulation S-X) to one or more Subject
Entities, or (iii) make, or allow one or more Subject Entities to make, or allow the Company to be subject to or have its Common
Stock be subject to or party to one or more Subject Entities making, a purchase, tender or exchange offer that is accepted by the
holders of at least either: (x) 50% of the outstanding shares of Common Stock; (y) 50% of the outstanding shares of Common Stock
calculated as if any shares of Common Stock held by all Subject Entities making or party to, or Affiliated with any Subject Entities
making or party to, such purchase, tender or exchange offer were not outstanding; or (z) such number of shares of Common Stock
such that all Subject Entities making or party to, or Affiliated with any Subject Entity making or party to, such purchase, tender
or exchange offer, become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least 50% of the
outstanding shares of Common Stock, or (iv) consummate a stock purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with one or more Subject Entities whereby all
such Subject Entities, individually or in the aggregate, acquire, either (x) at least 50% of the outstanding shares of Common Stock,
(y) at least 50% of the outstanding shares of Common Stock calculated as if any shares of Common Stock held by all the Subject
Entities making or party to, or Affiliated with any Subject Entity making or party to, such stock purchase agreement or other business
combination were not outstanding; or (z) such number of shares of Common Stock such that the Subject Entities become collectively
the beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding shares of Common Stock,
or (v) reorganize, recapitalize or reclassify its Common Stock, (B) that the Company shall, directly or indirectly, including through
Subsidiaries, Affiliates or otherwise, in one or more related transactions, allow any Subject Entity individually or the Subject
Entities in the aggregate to be or become the "beneficial owner" (as defined in Rule 13d-3 under the 1934 Act), directly
or indirectly, whether through acquisition, purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding
shares of Common Stock, merger, consolidation, business combination, reorganization, recapitalization, spin-off, scheme of arrangement,
reorganization, recapitalization or reclassification or otherwise in any manner whatsoever, of either (x) at least 50% of the aggregate
ordinary voting power represented by issued and outstanding shares of Common Stock, (y) at least 50% of the aggregate ordinary
voting power represented by issued and outstanding shares of Common Stock not held by all such Subject Entities as of the Subscription
Date calculated as if any shares of Common Stock held by all such Subject Entities were not outstanding, or (z) a percentage of
the aggregate ordinary voting power represented by issued and outstanding shares of Common Stock or other equity securities of
the Company sufficient to allow such Subject Entities to effect a statutory short form merger or other transaction requiring other
stockholders of the Company to surrender their shares of Common Stock without approval of the stockholders of the Company or (C)
that the Company shall, directly or indirectly, including through Subsidiaries, Affiliates or otherwise, in one or more related
transactions, the issuance of or the entering into any other instrument or transaction structured in a manner to circumvent, or
that circumvents, the intent of this definition in which case this definition shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this definition to the extent necessary to correct this definition or any portion of
this definition which may be defective or inconsistent with the intended treatment of such instrument or transaction. For the avoidance
of doubt, in no event shall the Merger (as defined in the Merger Agreement) completed on or before the Issuance Date be deemed
to be a "Fundamental Transaction."

 

     

     

    

 

(x)  
"Group" means a "group" as that term is used in Section 13(d) of the 1934 Act and as defined
in Rule 13d-5 thereunder.

 

(y)  
"Holiday" means a day other than a Business Day or on which trading does not take place on the Principal
Market (or then other primary Eligible Market with respect to the Common Stock).

 

(z)  
"Initial Common Shares" means the Exchange Shares issued in exchange
for the Initial Preferred Shares (as defined in the Securities Purchase Agreement) purchased by the initial Holder of this Warrant.

 

(aa)           
"Interim Reset Date" means each of the forty-fifth (45th) and the ninetieth (90th)
day, in each case, immediately following the Closing Date or, if any such date falls on a Holiday, the next day that is not a Holiday.

 

(bb)          
 "Maximum Eligibility Number" means, initially, the Initial Maximum Eligibility Number, and such number
shall be increased (but not decreased) on each Reset Date by the applicable Reset Share Amount.

 

(cc)           
"Merger Agreement" shall have the meaning ascribed to such
term in the Securities Purchase Agreement.

 

(dd)          
"Options" means any rights, warrants or options to subscribe for or purchase (i) shares of Common Stock
or (ii) Convertible Securities.

 

(ee)  
"Parent Entity" of a Person means an entity that, directly or indirectly, controls the applicable Person,
including such entity whose common capital or equivalent equity security is quoted or listed on an Eligible Market (or, if so elected
by the Holder, any other market, exchange or quotation system), or, if there is more than one such Person or such entity, the Person
or such entity designated by the Required Holders or in the absence of such designation, such Person or entity with the largest
public market capitalization as of the date of consummation of the Fundamental Transaction.

 

     

     

    

 

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

 

(gg)  "Principal
Market" means the Eligible Market that is the principal securities exchange for the Common Stock.

 

(hh)          
"Registrable Securities" shall have the meaning ascribed to such term in the Registration Rights Agreement.

 

(ii)  "Registration
Date" means the first date all Registrable Securities (without regard to any Cutback Shares (as defined in the Registration
Rights Agreement)) are registered by the Company for resale by the Holder pursuant to one or more effective Registration Statement(s).

 

(jj)  "Registration
Rights Agreement" means that certain Registration Rights Agreement dated as of the Subscription Date by and among the
Company and the Buyers.

 

(kk)  "Registration
Statement" shall have the meaning ascribed to such term in the Registration Rights Agreement.

 

(ll)  "Required
Holders" means the holders of the SPA Warrants representing at least a majority of the shares of Common Stock underlying
the SPA Warrants then outstanding and shall include the Designee so long as the Designee or any of its Affiliates holds any SPA
Warrants.

 

(mm)     
"Reset Date" means each Interim Reset Date and the Final Reset Date.

 

(nn)          
"Reset Price" means the arithmetic average of the five (5) lowest
Weighted Average Prices of the Common Stock during the ten (10) Trading Day period immediately preceding the applicable Reset Date
(as adjusted for stock splits, stock dividends, recapitalizations, reorganizations, reclassification, combinations, reverse stock
splits or other similar events during such period) (as adjusted for stock splits, stock dividends, recapitalizations, reorganizations,
reclassification, combinations, reverse stock splits or other similar events occurring after the applicable Reset Date).

 

(oo)  "Reset
Share Amount" means the number of Additional Vested Common Shares (as adjusted for stock splits, stock dividends, recapitalizations,
reorganizations, reclassification, combinations, reverse stock splits or other similar events related to the Common Stock occurring
after the applicable date the Additional Vested Common Shares are delivered) delivered or deliverable to the initial Holder of
this Warrant pursuant to the Securities Purchase Agreement on the applicable Reset Date.

 

     

     

    

 

(pp)  "Rule
144" means Rule 144 promulgated under the 1933 Act or any successor rule.

 

(qq)  "Share
Delivery Date" means the earlier of (i) the second (2nd) Trading Day and (ii) the number of Trading Days comprising
the Standard Settlement Period, in each case, following the date on which the Holder delivers the applicable Exercise Notice to
the Company, so long as the Holder delivers the applicable Aggregate Exercise Price (or notice of a Cashless Exercise or Alternate
Cashless Exercise) on or prior to the earlier of (i) the second (2nd) Trading Day following the date on which the Holder
has delivered the applicable Exercise Notice to the Company and (ii) the number of Trading Days comprising the Standard Settlement
Period following the date on which the Holder has delivered the applicable Exercise Notice to the Company (provided that if the
applicable Aggregate Exercise Price (or applicable notice of a Cashless Exercise or Alternate Cashless Exercise) has not been delivered
to the Company by such date, the applicable Share Delivery Date shall be one (1) Trading Day after the Holder has delivered the
applicable Aggregate Exercise Price (or applicable notice of a Cashless Exercise or Alternate Cashless Exercise) to the Company.

 

(rr)  "Standard
Settlement Period" means the standard settlement period, expressed in a number of Trading Days, on the Company's primary
Eligible Market with respect to the Common Stock as in effect on the date of delivery of the applicable Exercise Notice.

 

(ss) "Subject Entity" means
any Person, Persons or Group or any Affiliate or associate of any such Person, Persons or Group.

 

(h)  
"Subsidiary" means any entity in which the Company, directly or indirectly, owns any of the capital stock
or holds an equity or similar interest.

 

(tt)  "Successor
Entity" means one or more Person or Persons (or, if so elected by the Holder, the Company or Parent Entity) formed by,
resulting from or surviving any Fundamental Transaction or one or more Person or Persons (or, if so elected by the Holder, the
Company or the Parent Entity) with which such Fundamental Transaction shall have been entered into.

 

(uu)  "Trading
Day" means any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the
principal trading market for the Common Stock on such day, then on the principal securities exchange or securities market on which
the Common Stock is then traded.

 

     

     

    

 

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

 

[Signature Page Follows]

 

 

 

 

 

 

 

 

 

     

     

    

 

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

 

	 	Palisade Bio, Inc.
	 	 
	 	 
	 	By:___________________________
	 	Name:       
	 	Title:       
	 	 

 

 

 

 

 

     

     

    

 

EXHIBIT A

 

EXERCISE NOTICE

TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

 

PALISADE BIO, INC.

The undersigned holder hereby exercises the
right to purchase _________________ shares of Common Stock ("Warrant Shares") of Palisade Bio, Inc., a Delaware
corporation formerly known as Seneca Biopharma, Inc. (the "Company"), evidenced by the attached Warrant to Purchase
Common Stock (the "Warrant"). Capitalized terms used herein and not otherwise defined shall have the respective
meanings set forth in the Warrant.

 

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

 

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

 

____________ a "Cashless Exercise"
with respect to _______________ Warrant Shares, resulting in a delivery obligation of the Company to the Holder of __________ shares
of Common Stock representing the applicable Net Number.

 

____________an "Alternative
Cashless Exercise" with respect to _______________ Warrant Shares, resulting in
a delivery obligation of the Company to the Holder of __________ shares of Common Stock.

 

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

 

3. Delivery of Warrant Shares. The Company shall
deliver to the holder __________ Warrant Shares in accordance with the terms of the Warrant.

 

4. Please issue the Common Stock into which
the Warrant is being exercised to the Holder, or for its benefit, as follows:

 

☐      Check here if requesting
delivery as a certificate to the following name and to the following address:

 

Issue to: ________________________________

               ________________________________

Address: _________________________________________

Telephone Number: ________________________________

Email Address:  ________________________________

 

     

     

    

 

☐      Check here if requesting
delivery by Deposit/Withdrawal at Custodian as follows:

 

DTC Participant:  ________________________________

 

DTC Number: _________________________________________

Account Number: ________________________________

 

Authorization:  ________________________________

By:  ________________________________

Title: ________________________________

Dated: ________________________________

Account Number (if electronic book entry transfer):
________________________________

Transaction Code Number (if electronic book entry
transfer):  _________

 

Date: _______________ __, ______

 

 

________________________________

Name of Registered Holder

 

 

By: ________________________________

Name:

Title:

 

     

     

    

 

ACKNOWLEDGMENT

 

The Company hereby acknowledges this Exercise
Notice and hereby directs American Stock Transfer & Trust Company, LLC to issue the above indicated number of shares of Common
Stock in accordance with the Transfer Agent Instructions dated [●] from the Company and acknowledged and agreed to by American
Stock Transfer & Trust Company, LLC.

 

	 	Palisade Bio, Inc.
	 	 
	 	 
	 	By:___________________________
	 	Name:       
	 	Title:

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