Document:

NEITHER
      THESE SECURITIES NOR THE SECURITIES FOR WHICH THESE SECURITIES ARE EXERCISABLE
      HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
      SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
      REGISTRATION UNDER THE SECURITIES ACT OF 1933. AS AMENDED (THE “SECURITIES
      ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
      EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
      AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
      REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
      SECURITIES LAWS. NOTWITHSTANDING THE FOREGOING, THESE SECURITIES MAY BE PLEDGED
      IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING
      ARRANGEMENT SECURED BY SUCH SECURITIES.

     

    CLEVELAND
      BIOLABS, INC.

     

     

    WARRANT

     

    
      	 
	
              Warrant
                No. FW___

            	
              Date
                of Original Issuance: ___________

            
	 	 

    

    Cleveland
      BioLabs, Inc., a Delaware corporation (the “Company”),
      hereby certifies that, for value received, _____________ or his, her, or its
      registered assigns (the “Holder”),
      is
      entitled to purchase from the Company up to a total of __________ shares of
      common stock, par value $0.005 per share (the “Common
      Stock”),
      of
      the Company (each such share, a “Warrant
      Share”
and
      all
      such shares, the “Warrant
      Shares”)
      at an
      exercise price equal to $______ per share (as adjusted from time to time as
      provided in Section 9, the “Exercise
      Price”),
      at
      any time _____________ (the “Expiration
      Date”),
      and
      subject to the following terms and conditions:

     

    1. Definitions.
      This
      warrant (the “Warrant”)
      is one
      of a series of similar warrants issued pursuant to the Investment Banking
      Agreement, between the Company and Sunrise Securities Corp., dated September
      30,
      2004, as the same may be amended, supplemented or restated (the “Investment
      Banking Agreement”).
      All
      such warrants are collectively referred to herein as the “Warrants”.
      Capitalized terms used and not otherwise defined herein have the meanings as
      defined in the Investment Banking Agreement.

     

    2. Registration
      of Warrant; Transfers.
      The
      Company shall register this Warrant. upon records to be maintained by the
      Company for that purpose (the “Warrant
      Register”),
      in
      the name of the record Holder hereof from time to time. The Company may deem
      and
      treat the Holder of this Warrant as the absolute owner hereof for the purpose
      of
      any exercise hereof or any distribution to the Holder, and for all other
      purposes, absent actual notice to the contrary. To the extent provided for
      therein, the Holder is entitled to the benefit of the Rights Agreement, dated
      as
      of ______________, by and among the Company and the other parties signatory
      thereto (the “Rights’
      Agreement”),
      which
      agreement provides, among other things, for registration rights relating to
      the
      Warrant Shares.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3. Registration
      of Transfers.
      The
      Company shall register the transfer of any portion of this Warrant in the
      Warrant Register, upon surrender of this Warrant, with the Form of Assignment
      attached hereto duly completed and signed, to the Company at its address
      specified herein. Upon any such registration or transfer, a new Warrant to
      purchase Common Stock, in substantially the form of this Warrant (any such
      new
      Warrant, a “New
      Warrant”),
      evidencing the portion of this Warrant so transferred shall be issued to the
      transferee and a New Warrant evidencing the remaining portion of this Warrant
      not so transferred, if any, shall be issued to the transferring Holder. The
      acceptance of the New Warrant by the transferee thereof shall be deemed the
      acceptance by such transferee of all of the rights and obligations of a holder
      of a Warrant.

     

    4. Exercise
      and Duration of Warrants.

     

    (a) This
      Warrant shall be exercisable by the Holder at any time and from time to time
      on
      or after the date hereof to and including the Expiration Date.

     

    (b) A
      Holder
      may exercise this Warrant by delivering to the Company (i) an exercise notice,
      in the form attached hereto (the “Exercise
      Notice”),
      and
      (ii) payment of the Exercise Price for the number of Warrant Shares as to which
      this Warrant is being exercised (which may take the form of a “cashless
      exercise” if so indicated in the Exercise Notice), and the date such items are
      delivered to the Company (as determined in accordance with the notice provisions
      hereof) is the “Date
      of Exercise.”

     

    The
      Company may not call or redeem all or any portion of this Warrant without the
      prior written consent of the Holder.

     

    5. Delivery
      of Warrant Shares.

     

    (a) Upon
      exercise of this Warrant, the Company shall promptly (but in no event later
      than
      three Trading Days after the Date of Exercise) issue and deliver to the Holder,
      a certificate for the Warrant Shares issuable upon such exercise. As used
      herein, “Trading
      Day”
means
      (i) a day on which the Common Stock is traded on a Trading Market, or (ii)
      if
      the Common Stock is not listed on a Trading Market, a day on which the Common
      Stock is traded in the over-the-counter market or is quoted in the
      over-the-counter market as reported by the National Quotation Bureau
      Incorporated (or any similar organization or agency succeeding to its functions
      of reporting prices); provided, that in the event that the Common Stock is
      not
      listed or quoted as set forth in (i) or (ii) hereof, then Trading Day shall
      mean
      a Business Day; “Trading
      Market”
means
      whichever of the New York Stock Exchange. the American Stock Exchange, the
      NASDAQ National Market, the NASDAQ SmallCap Market, the Over-The-Counter
      Bulletin Board or the “Pink Sheets” published by the National Quotation Bureau
      Incorporated Sheets on which the Common Stock is listed or quoted for trading
      on
      the date in question; and “Business
      Day”
means
      any day except Saturday, Sunday and any day which shall be a federal legal
      holiday or a day on which banking institutions in the State of New York are
      authorized or required by law or other governmental action to close. The Company
      shall, upon request of the Holder and subsequent to the date on which a
      registration statement covering the resale of the Warrant Shares has been
      declared effective by the Securities and Exchange Commission, use its
      commercially reasonable efforts to deliver Warrant Shares hereunder
      electronically through the Depository Trust Corporation or another established
      clearing corporation performing similar functions, if available, provided,
      that,
      the Company may. but will not be required to change its transfer agent if its
      current transfer agent cannot deliver Warrant Shares electronically through
      the
      Depository Trust Corporation.

     

    
      
         

      

      
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    (b) To
      effect
      exercises hereunder, the Holder shall be required to physically surrender this
      Warrant or, in the event that this Warrant has been lost, mutilated or stolen,
      an affidavit of loss in respect thereof in form and substance reasonably
      satisfactory to the Company. Execution and delivery of the Exercise Notice
      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. This Warrant is exercisable, either in its entirety or, from time to
      time, for a portion of the number of Warrant Shares. Upon surrender of this
      Warrant (or if applicable, an affidavit of loss) following one or more partial
      exercises, the Company shall issue or cause to be issued, at its expense, a
      New
      Warrant evidencing the right to purchase the remaining number of Warrant
      Shares.

     

    (c) Intentionally
      omitted.

     

    6. Charges,
      Taxes and Expenses.
      Issuance and delivery of certificates for shares of Common Stock upon exercise
      of this Warrant shall be made without charge to the Holder for any issue or
      transfer tax, withholding tax, transfer agent fee or other incidental tax or
      expense in respect of the issuance of such certificates, all of which taxes
      and
      expenses shall be paid by the Company; provided, however, that the Company
      shall
      not be required to pay any tax which may be payable in respect of any transfer
      involved in the registration of any certificates for Warrant Shares or Warrants
      in a name other than that of the Holder. The Holder shall be responsible for
      all
      other tax liability that may arise as a result of holding or transferring this
      Warrant or receiving Warrant Shares upon exercise hereof.

     

    7. Replacement
      of Warrant.
      If this
      Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or
      cause to be issued in exchange and substitution for and upon cancellation
      hereof, or in lieu of and substitution for this Warrant, a New Warrant, but
      only
      upon receipt of evidence reasonably satisfactory to the Company of such loss,
      theft or destruction and customary and reasonable indemnity (which shall not
      include a surety bond), if requested. Applicants for a New Warrant under such
      circumstances shall also comply with such other reasonable regulations and
      procedures and pay such other reasonable third-party costs as the Company may
      prescribe. If a New Warrant is requested as a result of a mutilation of this
      Warrant, then the Holder shall deliver such mutilated Warrant to the Company
      as
      a condition precedent to the Company’s obligation to issue the New
      Warrant.

     

    8. Reservation
      of Warrant Shares.
      The
      Company covenants that it will at all times reserve and keep available out
      of
      the aggregate of its authorized but unissued and otherwise unreserved Common
      Stock, solely for the purpose of enabling it to issue Warrant Shares upon
      exercise of this Warrant as herein provided, the number of Warrant Shares which
      are then issuable and deliverable upon the exercise of this entire Warrant,
      free
      from preemptive rights or any other contingent purchase rights of persons other
      than the Holder (taking into account the adjustments and restrictions of Section
      9). The Company covenants that all Warrant Shares so issuable and deliverable
      shall, upon issuance and the payment of the applicable Exercise Price in
      accordance with the terms hereof, shall be duly and validly authorized, issued
      and fully paid and nonassessable.

     

    
      
         

      

      
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    9. Certain
      Adjustments.
      The
      Exercise Price and number of Warrant Shares issuable upon exercise of this
      Warrant are subject to adjustment from time to time as set forth in this Section
      9.

     

    (a) Stock
      Dividends and Splits.
      If the
      Company, at any time while this Warrant is outstanding, (i) pays a stock
      dividend on its Common Stock or otherwise makes a distribution on any class
      of
      capital stock that is payable in shares of Common Stock, (ii) subdivides
      outstanding shares of Common Stock into a larger number of shares, or (iii)
      combines outstanding shares of Common Stock into a smaller number of shares,
      then in each such case the Exercise Price shall be multiplied by a fraction
      of
      which the numerator shall be the number of shares of Common Stock outstanding
      immediately before such event and of which the denominator shall be the number
      of shares of Common Stock outstanding immediately after such event. Any
      adjustment made pursuant to clause (i) of this paragraph shall become effective
      immediately after the record date for the determination of stockholders entitled
      to receive such dividend or distribution, and any adjustment pursuant to clause
      (ii) or (iii) of this paragraph shall become effective immediately after the
      effective date of such subdivision or combination. If any event requiring an
      adjustment under this Section 9(a) occurs during the period that an Exercise
      Price is calculated hereunder, then the calculation of such Exercise Price
      shall
      be adjusted appropriately to reflect such event.

     

    (b) Fundamental
      Transactions.
      If, at
      any time while this Warrant is outstanding, (1) the Company effects any merger
      or consolidation of the Company with or into another Person, (2) the Company
      effects any sale of all or substantially all of its assets in one or a series
      of
      related transactions, (3) any tender offer or exchange offer (whether by the
      Company or another Person) is completed pursuant to which holders of Common
      Stock are permitted to tender or exchange their shares for other securities,
      cash or property, or (4) the Company effects any reclassification of the Common
      Stock or any compulsory share exchange pursuant to which the Common Stock is
      effectively converted into or exchanged for other securities, cash or property
      (in any such case, a “Fundamental
      Transaction”),
      then
      the Holder shall have the right thereafter to receive, upon exercise of this
      Warrant, the same amount and kind of securities, cash or property as it would
      have been entitled to receive upon the occurrence of such Fundamental
      Transaction if it had been, immediately prior to such Fundamental Transaction,
      the holder of the number of Warrant Shares then issuable upon exercise in full
      of this Warrant (the “Alternate
      Consideration”).
      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. At the Holder’s option and request, any successor to the Company or
      surviving entity in such Fundamental Transaction shall issue to the Holder
      a new
      warrant substantially in the form of this Warrant and consistent with the
      foregoing provisions and evidencing the Holder’s right to purchase the Alternate
      Consideration for the aggregate Exercise Price upon exercise thereof. The terms
      of any agreement pursuant to which a Fundamental Transaction is effected shall
      include terms requiring any such successor or surviving entity to comply with
      the provisions of this Section 9(b) and insuring that the Warrant (or any such
      replacement security) will be similarly adjusted upon any subsequent transaction
      analogous to a Fundamental Transaction.

     

    
      
         

      

      
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    (c) In
      case
      the Company shall issue shares of Common Stock or rights, options, warrants
      or
      other securities to subscribe for or purchase Common Stock, or securities
      convertible or exercisable into or exchangeable for Common Stock (“Common
      Stock Equivalents”)
      (excluding shares, rights, options, warrants, or convertible or exchangeable
      securities, issued or issuable (i) in any of the transactions with respect
      to
      which an adjustment of the Exercise Price is provided pursuant to Section 9(a)
      or 9(b) above, (ii) upon exercise of the Warrants, or (iii) pursuant to stock
      option plans, stock bonus plans. stock incentive plans, programs or agreements
      providing for the grant of shares, options for shares or stock appreciation
      rights to employees (including officers) (and directors), at a price per share
      lower than the Base Price (as hereinafter defined) per share of Common Stock
      in
      effect immediately prior to such issuance, then the Exercise Price shall be
      reduced on the date of such issuance to a price (calculated to the nearest
      cent)
      determined by multiplying the Exercise Price in effect immediately prior to
      such
      issuance by a fraction, (1) the numerator of which shall be an amount equal
      to
      the sum of (A) the number of shares of Common Stock outstanding immediately
      prior to such issuance plus (B) the quotient obtained by dividing the
      consideration received by the Company upon such issuance by the Base Price,
      and
      (2) the denominator of which shall be the total number of shares of Common
      Stock
      outstanding immediately after such issuance. For the purposes of such
      adjustments, the maximum number of shares which the holders of any such Common
      Stock Equivalents, shall be entitled to subscribe for or purchase or convert
      or
      exchange such securities into shall be deemed to be issued and outstanding
      as of
      the date of such issuance (whether or not such Common Stock Equivalent is then
      exercisable, convertible or exchangeable), and the consideration received by
      the
      Company therefor shall be deemed to be the consideration received by the Company
      for such Common Stock Equivalents, plus the minimum aggregate consideration
      or
      premiums stated in such Common Stock Equivalents, to be paid for the shares
      covered thereby. No further adjustment of the Exercise Price shall be made
      as a
      result of the actual issuance of shares of Common Stock on exercise of such
      Common Stock Equivalents. In case the Company shall issue shares of Common
      Stock
      or any such Common Stock Equivalents, for a consideration consisting, in whole
      or in part, of property other than cash or its equivalents, then the “price per
      share” and the “consideration receive by the Company” for purposes of the first
      sentence of this Section 9(c) shall be determined in good faith by the Board
      of
      Directors of the Company. Shares of Common Stock owned by or held for the
      account of the Company or any majority-owned subsidiary shall not be deemed
      outstanding for the purpose of any such computation. For the purposes of this
      Agreement “Base
      Price”
shall
      mean $2.00 (as adjusted for any stock dividends, combinations, splits,
      recapitalizations and the like).

     

    (d) Pro
      Rata Distributions.
      If the
      Company, at any time while this Warrant is outstanding, distributes to holders
      of Common Stock (i) evidences of its indebtedness, (ii) any security (other
      than
      a distribution of Common Stock covered by Section 9(a)), (iii) rights or
      warrants to subscribe for or purchase any security (other than Common Stock
      Equivalents which are covered by Section 9(c)), or (iv) any other asset (in
      each
      case, “Distributed
      Property”),
      then
      in each such case the Exercise Price in effect immediately prior to the record
      date fixed for determination of stockholders entitled to receive such
      distribution shall be adjusted (effective on such record date) to equal the
      product of such Exercise Price times a fraction of which the denominator shall
      be the average of the Closing Prices (as defined below) for the five Trading
      Days immediately prior to (but not including) such record date and of which
      the
      numerator shall be such average less the then fair market value of the
      Distributed Property distributed in respect of one outstanding share of Common
      Stock, as determined by the Company’s independent certified public accountants
      that regularly examine the financial statements of the Company (an “Appraiser’).
      In
      such event, the Holder, after receipt of the determination by the Appraiser,
      shall have the right to select an additional appraiser (which shall be a
      nationally recognized accounting firm), in which case such fair market value
      shall be deemed to equal the average of the values determined by each of the
      Appraiser and such appraiser. As an alternative to the foregoing adjustment
      to
      the Exercise Price, at the request of the Holder delivered before the 90th
      day
      after such record date, the Company will deliver to such Holder, within five
      Trading Days after such request (or, if later, on the effective date of such
      distribution), the Distributed Property that such Holder would have been
      entitled to receive in respect of the Warrant Shares for which this Warrant
      could have been exercised immediately prior to such record date. If a Holder
      has
      elected to receive Distributed Property and such Distributed Property is not
      delivered to a Holder pursuant to the preceding sentence, then upon expiration
      of or any exercise of the Warrant that occurs after such record date, such
      Holder shall remain entitled to receive, in addition to the Warrant Shares
      otherwise issuable upon such exercise (if applicable), such Distributed
      Property. This Section 9(d) is only applicable if the Holder exercises the
      Warrant concurrently with the distribution to the Holder of the Distributed
      Property.

     

    
      
         

      

      
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    (e) Number
      of Warrant Shares.
      Simultaneously with any adjustment to the Exercise Price pursuant to Sections
      9(a), 9(c) or 9(d), the number of Warrant Shares that may be purchased upon
      exercise of this Warrant shall be increased or decreased proportionately, so
      that after such adjustment the aggregate Exercise Price payable hereunder for
      the adjusted number of Warrant Shares shall be the same as the aggregate
      Exercise Price in effect immediately prior to such adjustment.

     

    (f) Calculations.
      All
      calculations under this Section 9 shall be made to the nearest cent or the
      nearest 1/100th of a share, as applicable. The number of shares of Common Stock
      outstanding at any given time shall not include shares owned or held by or
      for
      the account of the Company, and the disposition of any such shares shall be
      considered an issue or sale of Common Stock.

     

    (g) Notice
      of Adjustments.
      Upon
      the occurrence of each adjustment pursuant to this Section 9, the Company at
      its
      expense will promptly compute such adjustment in accordance with the terms
      of
      this Warrant and prepare a certificate setting forth such adjustment, including
      a statement of the adjusted Exercise Price and adjusted number or type of
      Warrant Shares or other securities issuable upon exercise of this Warrant (as
      applicable), describing the transactions giving rise to such adjustments and
      showing in detail the facts upon which such adjustment is based. Upon written
      request, the Company will promptly deliver a copy of each such certificate
      to
      the Holder and to the Company’s Transfer Agent.

     

    
      
         

      

      
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    (h) Notices
      of Corporate Events.
      If the
      Company (i) declares a dividend or any other distribution of cash, securities
      or
      other property in respect of its Common Stock, including without limitation
      any
      granting of rights or warrants to subscribe for or purchase any capital stock
      of
      the Company or any Subsidiary, (ii) authorizes or approves, enters into any
      agreement contemplating or solicits stockholder approval for any Fundamental
      Transaction or (iii) authorizes a repurchase of Common Stock or the voluntary
      dissolution, liquidation or winding up of the affairs of the Company, then
      the
      Company shall deliver to the Holder a notice describing the material terms
      and
      conditions of such transaction, at least 10 calendar days prior to the
      applicable record or effective date on which a Person would need to hold Common
      Stock in order to participate in or vote with respect to such transaction,
      and
      the Company will take all steps reasonably necessary in order to ensure that
      the
      Holder is given the practical opportunity to exercise this Warrant prior to
      such
      time so as to participate in or vote with respect to such transaction; provided,
      however, that the failure to deliver such notice or any defect therein shall
      not
      affect the validity of the corporate action required to be described in such
      notice.

     

    (i) Successive
      Adjustments and Changes.
      The
      provisions of Section 9 shall similarly apply to successive dividends,
      subdivisions, combinations, and distributions, to successive consolidations,
      mergers, sales, leases, or conveyances, and to successive reclassifications,
      changes of shares of Common Stock and issuances of Common Stock, warrants,
      options or other rights to subscribe for or purchase Common Stock, or securities
      convertible into Common Stock. If applicable, appropriate adjustment, as
      determined in good faith by the Company’s Board of Directors, shall be made in
      the application of the provisions herein set forth with respect to the rights
      and interests of the Holder so that the provisions of Section 9 shall thereafter
      be applicable, as nearly as possible, in relation to any shares or other
      property thereafter deliverable upon exercise of this Warrant.

     

    10. Payment
      of Exercise Price.
      The
      Holder may pay the Exercise Price by delivery of immediately available funds
      or,
      if the Holder so elects, the Holder may satisfy its obligation to pay the
      Exercise Price through a “cashless exercise,” in which event the Company shall
      issue to the Holder the number of Warrant Shares determined as
      follows:

     

    
      	 	
              X
                =
                Y*((A-B)/A)

            
	
              where:

            	 
	 	
              X
                =
                the number of Warrant Shares to be issued to the
                Holder.

            
	 	
              Y
                =
                the number of Warrant Shares with respect to which this Warrant is
                being
                exercised.

            
	 	
              A
                =
                the Common Stock Market Price.

            
	 	
              B
                =
                the Exercise Price.

            
	 	 

    

    The
      Holder may satisfy its obligation to pay the Exercise Price through a “cashless
      exercise” of the Warrant Shares (such portion of the Warrant Shares, the
“Cashless
      Exercise Warrant Shares”).
      If,
      at any time there shall be an adjustment to the number of Warrant Shares
      pursuant to Section 9 hereof, the number of Cashless Exercise Warrant Shares
      shall be deemed automatically and proportionately adjusted to reflect such
      change in the number of Warrant Shares.

     

    
      
         

      

      
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    As
      used
      herein, the term “Common
      Stock Market Price”
means
      the greater of: (i) the Closing Price of the Trading Day immediately preceding
      (but not including) the Date of Exercise, (ii) the average of the Closing Prices
      for the 10 Trading Days immediately preceding (but not including) the Date
      of
      Exercise, and (iii) if applicable, the average of the Closing Prices for the
      90
      Trading Days immediately following the date on which a Registration Statement
      covering the resale of the Warrant Shares is declared effective (or, if the
      Date
      of Exercise is less than 90 Trading Days following such effective date, then
      such shorter period). For purposes of Rule 144 promulgated under the Securities
      Act, it is intended, understood and acknowledged that the Warrant Shares issued
      in a cashless exercise transaction shall be deemed to have been acquired by
      the
      Holder, and the holding period for the Warrant Shares shall be deemed to have
      commenced, on the date this Warrant was originally issued pursuant to the
      Investment Banking Agreement. As used herein, the term “Closing
      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 New York Stock
      Exchange, the American Stock Exchange, the NASDAQ National Market, the NASDAQ
      Small Cap Market or the OTC Bulletin Board or any successor to any of the
      foregoing, the closing price per share of the Common Stock for such date (or
      the
      nearest preceding date) on the primary market or exchange on which the Common
      Stock is then listed or quoted; (B) if prices for the Common Stock are then
      reported in the “Pink Sheets” published by the National Quotation Bureau
      Incorporated (or a similar organization or agency succeeding to its functions
      of
      reporting prices), the most recent closing 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 Investors and the Company.

     

    11. Limitations
      on Exercise.

     

    (a) Notwithstanding
      anything to the contrary contained herein, at any time that any of the Company’s
      equity securities are registered under Section 12 of the Securities Exchange
      Act
      of 1934, as amended (the “Exchange
      Act”)
      the
      number of shares of Common Stock that may be acquired by the Holder upon any
      exercise of this Warrant (or otherwise in respect hereof) shall be limited
      to
      the extent necessary to insure that, following such exercise (or other
      issuance), the total number of shares of Common Stock then beneficially owned
      by
      such Holder and its Affiliates and any other Persons whose beneficial ownership
      of Common Stock would be aggregated with the Holder’s for purposes of Section
      13(d) of the Exchange Act, does not exceed 4.999% (the “5%
      Maximum Percentage”)
      of the
      total number of issued and outstanding shares of Common Stock (including for
      such purpose the shares of Common Stock issuable upon such exercise). For such
      purposes, beneficial ownership shall be determined in accordance with Section
      13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
      The Company shall, instead of issuing shares of Common Stock in excess of the
      limitation referred to in this Section 11(a), suspend its obligation to issue
      shares in excess of the foregoing limitation until such time, if any, as such
      shares of Common Stock may be issued in compliance with such limitation.
      Additionally, by written notice to the Company, the Holder may waive the
      provisions of this Section 11(a) or increase or decrease the 5% Maximum
      Percentage to any other percentage specified in such notice; provided, that
      (i)
      any such waiver or increase or decrease will not be effective until the
      61st
      day
      after such notice is delivered to the Company, and (ii) any such waiver or
      increase or decrease will apply only to the Holder and not to any other holder
      of Warrants. As used herein, the term “Affiliate”
means
      any Person that, directly or indirectly through one or more intermediaries,
      controls or is controlled by or is under common control with a Person, as such
      terms are used in and construed under Rule 144; and “Person”
means
      an individual or corporation, partnership, trust, incorporated or unincorporated
      association, joint venture, limited liability company, joint stock company,
      government (or an agency or subdivision thereof) or other entity of any
      kind.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    (b) Notwithstanding
      anything to the contrary contained herein and regardless of whether the
      restrictions contained in Section 11(a) are waived as provided therein, the
      number of shares of Common Stock that may be acquired by the Holder upon any
      exercise of this Warrant (or otherwise in respect hereof) shall be limited
      to
      the extent necessary to ensure that, following such exercise (or other
      issuance), the total number of shares of Common Stock then beneficially owned
      by
      such Holder and its Affiliates and any other Persons whose beneficial ownership
      of Common Stock would be aggregated with the Holder’s for purposes of Section
      13(d) of the Exchange Act, does not exceed 9.999% (the “10%
      Maximum Percentage”)
      of the
      total number of issued and outstanding shares of Common Stock (including for
      such purpose the shares of Common Stock issuable upon such exercise). For such
      purposes, beneficial ownership shall be determined in accordance with Section
      13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
      The Company shall, instead of issuing shares of Common Stock in excess of the
      limitation referred to in this Section 11(b), suspend its obligation to issue
      shares in excess of the foregoing limitation until such time, if any, as such
      shares of Common Stock may be issued in compliance with such limitation. The
      provisions of this Section 11(b) may not be waived.

     

    (c) This
      Section l1 shall not restrict the number of shares of Common Stock which a
      Holder may receive or beneficially own in order to determine the amount of
      securities or other consideration that such Holder may receive in the event
      of a
      Fundamental Transaction as contemplated in Section 9(b) this Warrant or the
      amount of Distributed Property to which the Holder may become entitled pursuant
      to Section 9(d) of this Warrant. In addition, this provision shall not in any
      way limit any other adjustment to be made pursuant to Section 9
      hereof.

     

    12. No
      Fractional Shares.
      If any
      fraction of a Warrant Share would, except for the provisions of this Section,
      be
      issuable upon exercise of this Warrant, the number of Warrant Shares to be
      issued will be rounded up to the nearest whole share.

     

    13. Notices.
      Any and
      all notices or other communications or deliveries hereunder (including, without
      limitation, any Exercise Notice) shall be in writing and shall be deemed given
      and effective on the earliest of (i) the date of transmission, if such notice
      or
      communication is delivered via confirmed facsimile at the facsimile number
      specified in this Section prior to 4:00 p.m. (New York City time) on a Trading
      Day, (ii) the next Trading Day after the date of transmission, if such notice
      or
      communication is delivered via confirmed facsimile at the facsimile number
      specified in this Section on a day that is not a Trading Day or later than
      4:00
      p.m. (New York City time) on any Trading Day, (iii) the Trading Day following
      the date of mailing, if sent by nationally recognized overnight courier service,
      or (iv) upon actual receipt by the party to whom such notice is required to
      be
      given. The addresses for such communications shall be: (i) if to the Company,
      to
      Cleveland BioLabs, Inc., 10265 Carnegie Avenue, Cleveland, Ohio, 44106,
      Attention: Chief Executive Officer, or (ii) if to the Holder, to the address
      or
      facsimile number appearing on the Warrant Register or such other address or
      facsimile number as the Holder may provide to the Company in accordance with
      this Section.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    14. Warrant
      Agent.
      The
      Company shall serve as warrant agent under this Warrant. Upon 10 days’ notice to
      the Holder, the Company may appoint a new warrant agent. Any corporation into
      which the Company or any new warrant agent may be merged or any corporation
      resulting from any consolidation to which the Company or any new warrant agent
      shall be a party or any corporation to which the Company or any new warrant
      agent transfers substantially all of its corporate trust or shareholders
      services business shall be a successor warrant agent under this Warrant without
      any further act. Any such successor warrant agent shall promptly cause notice
      of
      its succession as warrant agent to be mailed (by first class mail, postage
      prepaid) to the Holder at the holder’s last address as shown on the Warrant
      Register.

     

    15. Miscellaneous.

     

    (a) Subject
      to the restrictions on transfer set forth on the first page hereof, this Warrant
      may be assigned by the Holder upon delivery to the Company of a properly
      completed notice of assignment substantially in the form attached hereto. This
      Warrant may not be assigned by the Company except to a successor in the event
      of
      a Fundamental Transaction. This Warrant shall be binding on and inure to the
      benefit of the parties hereto and their respective successors and assigns.
      Subject to the preceding sentence, nothing in this Warrant shall be construed
      to
      give to any Person other than the Company and the Holder any legal or equitable
      right, remedy or cause of action under this Warrant. This Warrant may be amended
      only in writing signed by the Company and the Holder and their successors and
      assigns.

     

    (b) All
      questions concerning the construction, validity, enforcement and interpretation
      of this Warrant shall be governed by and construed and enforced in accordance
      with the internal laws of the State of New York, without regard to the
      principles of conflicts of law thereof. Each party agrees that all legal
      proceedings concerning the interpretations, enforcement and defense of this
      Warrant and the transactions herein contemplated (“Proceedings”)
      (whether brought against a party hereto or its respective Affiliates, employees
      or agents) may be commenced non-exclusively in the state and federal courts
      sitting in the City of New York. Borough of Manhattan (the “New
      York Courts”).
      Each
      party hereto hereby irrevocably submits to the non-exclusive jurisdiction of
      the
      New York Courts 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 Proceeding, any
      claim
      that it is not personally subject to the jurisdiction of any New York Court,
      or
      that such Proceeding has been commenced in an improper or inconvenient forum.
      Each party hereto hereby irrevocably waives personal service of process and
      consents to process being served in any such Proceeding by mailing a copy
      thereof via registered or certified mail or overnight delivery (with evidence
      of
      delivery) to such party at the address in effect for notices to it under this
      Warrant 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.
      EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
      BY
      APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
      ARISING OUT OF OR RELATING TO THIS WARRANT OR THE TRANSACTIONS CONTEMPLATED
      HEREBY. IF EITHER PARTY SHALL COMMENCE A PROCEEDING TO ENFORCE ANY PROVISIONS
      OF
      THIS WARRANT, THEN THE PREVAILING PARTY IN SUCH PROCEEDING SHALL BE REIMBURSED
      BY THE OTHER PARTY FOR ITS ATTORNEY’S FEES AND OTHER COSTS AND EXPENSES INCURRED
      WITH THE INVESTIGATION, PREPARATION AND PROSECUTION OF SUCH
      PROCEEDING.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    (c) The
      headings herein are for convenience only, do not constitute a part of this
      Warrant and shall not be deemed to limit or affect any of the provisions
      hereof.

     

    (d) In
      case
      any one or more of the provisions of this Warrant shall be invalid or
      unenforceable in any respect, the validity and enforceability of the remaining
      terms and provisions of this Warrant shall not in any way be affected or
      impaired thereby and the parties will attempt in good faith to agree upon a
      valid and enforceable provision which shall be a commercially reasonable
      substitute therefor, and upon so agreeing, shall incorporate such substitute
      provision in this Warrant.

     

    (e) The
      Company will not, by amendment of its governing documents or through any
      reorganization, transfer of assets, consolidation, merger, dissolution, issue
      or
      sale of securities or any other voluntary action, avoid or seek to avoid the
      observance or performance of any of the terms of this Warrant, but will at
      all
      times in good faith assist in the carrying out of all such terms and in the
      taking of all such action as may be necessary or appropriate in order to protect
      the rights of the Holder against impairment. Without limiting the generality
      of
      the foregoing, the Company (i) will not increase the par value of any Warrant
      Shares above the amount payable therefor on such exercise, (ii) will take all
      such action as may be reasonably necessary or appropriate in order that the
      Company may validly and legally issue fully paid and nonassessable Warrant
      Shares on the exercise of this Warrant, and (iii) will not close its stockholder
      books or records in any manner which interferes with the timely exercise of
      this
      Warrant.

     

    (f) For
      the
      avoidance of doubt, the Warrant Shares issued or issuable upon exercise of
      this
      Warrant are the subject of registration and other rights pursuant to the terms
      of the Rights Agreement.

     

    {Remainder
      of this page left intentionally blank. Signature page to
      follow}

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

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

     

    
      	 	 	 	
              
                CLEVELAND
                  BIOLABS, INC.
 

               

            
	 	 	 	By:
	
            	 	 	
              
                

              

              Michael
                Fonstein, Chief Executive Officer

            
	 	 	 	
               

            

    

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    CLEVELAND
      BIOLABS, INC. -- EXERCISE NOTICE

     

    Exercise
      Notice for Warrant No: __________

     

    The
      undersigned hereby irrevocably elects to purchase ___________________ shares
      of
      Common Stock of Cleveland Biolabs, Inc. (the “Company”),
      pursuant to the above captioned Warrant. Capitalized terms used herein and
      not
      otherwise defined herein shall have the meanings ascribed to such terms in
      the
      above captioned Warrant. The Holder intends that payment of the Exercise Price
      shall be made as (check one):

     

    
      	
               _____

            	
              “Cash
                Exercise” with respect to _____ of
                shares

            
	 	 
	
               _____

            	
              “Cashless
                Exercise” with respect to _____ of
                shares

            
	 	 

    

    If
      the
      holder has elected a Cash Exercise, the holder shall pay the sum of $__________
      to the Company in accordance with the terms of the Warrant.

     

    Pursuant
      to this exercise, the Company shall deliver to the holder ______________ Warrant
      Shares in accordance with the terms of the Warrant. Following this exercise,
      the
      Warrant will reflect the right to purchase a total of __________________ Warrant
      Shares, of which will be Cashless Exercise Warrant Shares.

     

    The
      undersigned requests that certificates for the shares of Common Stock issuable
      upon this exercise be issued in the name of:

     

    
      	 ________________________________________________________
	 ________________________________________________________
	 ________________________________________________________ 
	
              (Print
                Name, Address and Social Security or Tax Identification
                Number)

            
	 

    

    and,
      if
      such number of Warrant Shares shall not be all the Warrant Shares covered by
      the
      within Warrant, that a new Warrant for the balance of the Warrant Shares covered
      by within Warrant be registered in the name of, and delivered to, the
      undersigned at the address stated below.

     

    
      	
              Dated:
                _____________________    

            	 	
              By:

            	 __________________________________________
	 	 	 	
              Print
                Name

            
	 	 	_________________________________________________
	 	 	
              Signature
                Address:

            
	
              Address:

            	 	 
	________________________________________ 	 	 
	________________________________________ 	 	 
	________________________________________	 	 

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    CLEVELAND
      BIOLABS, INC.

     

    FORM
      OF ASSIGNMENT

     

    [To
      be
      completed and signed only upon transfer of Warrant]

     

    Warrant
      No: ________  

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto
      ______________________________ the right represented by the above captioned
      Warrant to purchase ______________ shares of Common Stock of Cleveland Biolabs,
      Inc. to which such Warrant relates, including __________________ Cashless
      Exercise Warrant Shares, and appoints ___________________ attorney to transfer
      said right on the books of the Company with full power of substitution in the
      premises.

     

    Following
      the above described transfer and assignment, the undersigned shall retain
      pursuant to the above captioned Warrant the right to purchase _______________
      shares of Common Stock of Cleveland Biolabs, Inc., including
      _____________________ Cashless Exercise Warrant Shares.

     

    Capitalized
      terms used herein and not otherwise defined herein shall have the meanings
      ascribed to such terms in the above captioned Warrant.

     

    
      	
              Dated:
                ____________ ,
                ______

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

            
	 	 
	 	 
	 	
              Address
                of Transferee

            
	 	 
	 	 
	 	 
	 	 
	
              In
                the presence of:Unassociated Document

    THE
      SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT 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 IN THE
      ABSENCE OF (A) REGISTRATION OF THE SECURITIES UNDER THE SECURITIES ACT OF 1933,
      AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR (B) AN EXEMPTION FROM SUCH
      REGISTRATION UNDER SAID ACT OR APPLICABLE STATE SECURITIES
      LAWS.

     

    CLEVELAND
      BIOLABS, INC.

     

    Warrant
      To Purchase Common Stock

     

    Warrant
      No.:        
      Number
      of Shares: 444

     

    Date
      of
      Issuance: April 27,2004 (“Issuance
      Date”)

     

    Cleveland
      BioLabs, Inc., a Delaware corporation (the “Company”),
      hereby certifies that, for good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, ChemBridge Corp., the registered
      holder hereof or its permitted assigns, is entitled, subject to the terms set
      forth below, to purchase from the Company, at the Exercise Price (as defined
      below) then in effect, upon surrender of this Warrant to Purchase Common Stock
      (including all Warrants to Purchase Common Stock issued in exchange, transfer
      or
      replacement hereof, the “Warrant”),
      at
      any time or times on or after the date hereof, but not after 11:59 P.M. Central
      Time on the Expiration Date (as defined below), four hundred forty-four (444)
      fully paid nonassessable shares of Common Stock (as defined below) (the
“Warrant
      Shares”).
      Except as otherwise defined herein, capitalized terms in this Warrant shall
      have
      the meanings set forth in Section 10.

     

    1. EXERCISE
      OF WARRANT.

     

    (a) Mechanics
      of Exercise.
      Subject
      to the terms and conditions hereof, this Warrant may be exercised by the holder
      hereof on any day, in whole or in part, by (i) delivery of a written notice,
      in
      the form attached hereto as Exhibit
      A
      (the
“Exercise
      Notice”),
      of
      such holder’s election to exercise this Warrant, (ii) payment to the Company of
      an amount equal to the applicable Exercise Price multiplied by the number of
      Warrant Shares as to which this Warrant is being exercised (the “Aggregate
      Exercise Price”)
      in
      cash or wire transfer of immediately available funds and (iii) the surrender
      to
      the Company, as soon as practicable following the date the holder of this
      Warrant delivers the Exercise Notice to the Company, of this Warrant (or an
      indemnification undertaking with respect to this Warrant in the case of its
      loss, theft or destruction). As soon as reasonably practicable following the
      date on which the Company has received each of the Exercise Notice, the
      Aggregate Exercise Price and this Warrant (or an indemnification undertaking
      with respect to this Warrant in the case of its loss, theft or destruction)
      (the
“Exercise
      Delivery Documents”),
      the
      Company shall issue and deliver to the address as specified in the Exercise
      Notice, a certificate, registered in the name of the holder of this Warrant
      or
      its designee, for the number of shares of Common Stock to which the holder
      of
      this Warrant is entitled pursuant to such exercise. Upon delivery of the
      Exercise Notice and Aggregate Exercise Price referred to in clause (ii) above,
      the holder of this Warrant 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 of delivery of this Warrant
      as required by clause (iii) above or the certificates evidencing such Warrant
      Shares. If the number of Warrant Shares represented by this Warrant submitted
      for exercise pursuant to this Section l(a) is greater than the number of Warrant
      Shares being acquired upon an exercise, then the Company shall as soon as
      reasonably practicable after any exercise, issue a new Warrant representing
      the
      right to purchase the number of Warrant Shares purchasable immediately prior
      to
      such exercise under this Warrant, less the number of Warrant Shares with respect
      to which this Warrant is exercised. No fractional shares of Common Stock are
      to
      be issued upon the exercise of this Warrant, but rather the number of shares
      of
      Common Stock to be issued shall be rounded up or down to the nearest whole
      number.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b) Exercise
      Price.
      For
      purposes of this Warrant, “Exercise
      Price”
means
      $675.67, subject to adjustment as provided herein.

     

    (c) 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 8.

     

    2. ADJUSTMENT
      OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES.

     

    (a) If
      the
      Company at any time after the date of issuance of this Warrant 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 after the date of issuance
      of this Warrant 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 shall become
      effective at the close of business on the date the subdivision or combination
      becomes effective.

     

    (b) If
      the
      total number of issued shares in the Company shall exceed 10,000 at any time
      prior to the Company’s receiving from ChemBridge all the Library compounds
      contemplated in Section 2 of the attached Library Access Agreement, then the
      number of Warrant Shares in the Warrant awarded under this Agreement shall
      be
      increased accordingly and the Exercise Price decreased accordingly. (For
      instance, if the Company has issued a total of 20,000 shares any time prior
      to
      the Company’s receiving from ChemBridge all the Library compounds contemplated
      in Section 2 of the attached Library Access Agreement, then the Warrant awarded
      to ChemBridge hereunder would be for 888 Warrant Shares, rather than 444 Warrant
      Shares, and the Exercise Price would be $337.84, rather than
      $675.67.)

     

    (c) If
      the
      Company, at any time prior to the Company’s receiving from ChemBridge all the
      Library compounds contemplated in Section 2 of the attached Library Access
      Agreement, shall raise equity capital at a pre-money valuation of the Company
      of
      less than $10,000,000, then the number of Warrant Shares in the Warrant awarded
      under this Agreement shall be increased by 1.0% for each 2.0% of decreased
      pre-money valuation and the Exercise Price decreased accordingly. [For instance,
      if the equity capital is raised at a pre-money valuation of $7,500,000 (a
      decrease of 25.0%), then the Warrant awarded to ChemBridge hereunder would
      be
      for 499.5 Warrant Shares, rather than 444 Warrant Shares (an increase of 12.5%),
      and the Exercise Price would be $591.21, rather than $675.67 (a decrease of
      12.5%).]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3. WARRANT
      HOLDER NOT DEEMED A STOCKHOLDER.
      Except
      as otherwise specifically provided herein, no holder, solely in such Person’s
      capacity as a holder, of this Warrant shall be entitled to vote or receive
      dividends or be deemed the holder of shares of the Company for any purpose,
      nor
      shall anything contained in this Warrant be construed to confer upon the holder
      hereof, solely in such Person’s capacity as a 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 this Warrant 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 such 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 3, the Company will provide the holder
      of
      this Warrant 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.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    4. NOTICES.
      Any
      notice provided for in this Warrant must be in writing and must be either
      personally delivered, mailed by first class mail (postage prepaid and return
      receipt requested), sent by reputable overnight courier service (charges
      prepaid), or sent via facsimile to the recipient at the address or facsimile
      number below indicated:

     

    If
      to
      the Company:

     

    Cleveland
      BioLabs, Inc.

    7800
      Blackberry Lane

    Gates
      Mills, Ohio 44040

    Fax:
      216-636-3425

    Attn:
      Michael Fonstein

     

    With
      a
      copy to:

     

    Katten
      Muchin Zavis Rosenman

    525
      West
      Monroe Street

    Suite
      1600

    Chicago,
      Illinois 60661

    Fax:
      (312) 902-1061

    Tel:
      (3
      12) 902-6200

    Attn:
      Kurt W. Florian, Esq.

     

    If
      to
      the Holder:

     

    ChemBridge
      Corporation

    16981
      Via
      Tazon

    San
      Diego, CA 92127

    Attn:
      Mr.
      Sergey Altshteyn

     

    or
      such
      other address, facsimile number or to the attention of such other person as
      the
      recipient party shall have specified by prior written notice to the sending
      party. Any notice under this warrant will be deemed to have been given when
      so
      delivered, sent or transmitted or, if mailed, five days after deposit in the
      U.S. mail.

     

    5. AMENDMENT
      AND WAIVER.
      Except
      as otherwise provided herein, the provisions of this Warrant may be amended
      and
      the Company may take any action herein prohibited, or omit to perform any act
      herein required to be performed by it, only if the Company has obtained the
      written consent of the holder.

     

    6. GOVERNING
      LAW; JURISDICTION; VENUE.
      This
      Warrant shall be 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 Delaware,
      without giving effect to any choice of law or conflict of law provision or
      rule
      (whether of the state of Delaware or any other jurisdictions) that would cause
      the application of the laws of any jurisdictions other than the state of
      Delaware.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    7.
      CONSTRUCTION; HEADINGS.
      This
      Warrant shall be deemed to be jointly drafted by the Company and the holder
      and
      shall not be construed against any person as the drafter hereof. The headings
      of
      this Warrant are for convenience of reference and shall not form part of, or
      affect the interpretation of, this Warrant.

     

    8. DISPUTE
      RESOLUTION.
      In the
      case of a dispute as to the determination of the Exercise Price or the
      arithmetic calculation of the Warrant Shares, the Company shall submit the
      disputed determinations or arithmetic calculations via facsimile within five
      business days of receipt of the Exercise Notice giving rise to such dispute,
      as
      the case may be, to the holder of this Warrant. If the holder of this Warrant
      and the Company are unable to agree upon such determination or calculation
      of
      the Exercise Price or the Warrant Shares within one business day of such
      disputed determination or arithmetic calculation being submitted to the holder,
      then the Company shall, within five business days submit via facsimile (a)
      the
      disputed determination of the Exercise Price to an independent, reputable
      investment bank selected by the Company and approved by the holder of this
      Warrant or (b) the disputed arithmetic calculation of the Warrant Shares to
      the
      Company’s independent, outside accountant. The Company shall cause the
      investment bank or the accountant, as the case may be, to perform the
      determinations or calculations and notify the Company and the holder of the
      results no later than five 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.

     

    9. TRANSFER.
      This
      Warrant may not be offered for sale, sold, transferred or assigned without
      the
      prior written consent of the Company, which consent shall not be unreasonably
      withheld; provided that, any transferee must agree to be bound by the terms
      of
      the Cleveland BioLabs Common Stockholder’s Agreement as a “Stockholder” and
      holder of “Shares” thereunder, by executing an Instrument of Accession attached
      as Exhibit B thereto. Any transfer will be made in accordance with applicable
      securities laws.

     

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

     

    (a) “Common
      Stock”
means
      (i)the Company’s common stock, par value $0.005 per share, and (ii) any capital
      stock into which such Common Stock shall have been changed or any capital stock
      resulting from a reclassification of such Common Stock.

     

    (b) “Expiration
      Date”
means
      the date six years after the Issuance Date or, if such date falls on a day
      other
      than a business day, the next date business day.

     

    (c) “Person”
means
      any individual, sole proprietorship, partnership, joint venture, trust,
      unincorporated association, limited liability company, corporation, entity
      or
      government (whether Federal, state, county, city or otherwise, including,
      without limitation, any instrumentality, division, agency or department
      thereof).

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    [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.

     

    
      	 	 	 
	 	CLEVELAND
              BIOLABS, INC.
	 
 	 
 	 
 
	 	By:  	/s/ Michael
              Fonstein 
	 	
              
Name:
              Michael Fonstein
	 	Title:
              CEO 

    

    

    

    

    AGREED
      AND ACCEPTED:

     

    [HOLDER]

     

    
      	By: /s/
              Eugene Vaisberg	 	 
	
              Name:
                Eugene Vaisberg

            	 	 
	
              Title:
                CEO

            	 	 

    

       

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      A

     

    EXERCISE
      NOTICE

     

    TO
      BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

     

    WARRANT
      TO PURCHASE COMMON STOCK

     

    Cleveland
      BioLabs, Inc.

     

    The
      undersigned holder hereby exercises the right to purchase of the shares of
      Common Stock (“Warrant
      Shares”)
      of
      Cleveland BioLabs, 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. Payment
      of Exercise Price. The holder shall pay the Aggregate Exercise Price in the
      sum
      of $    
      to the
      Company in accordance with the terms of the Warrant.

     

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

     

    Date:

     

    
      	Name of Registered Holder	 	 
	 	 	 
	By:_____________	 	 
	
              Name:

            	 	 
	
              Title:

            	 	 

    

          

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      B

     

    INSTRUMENT
      OF ACCESSION

     

    The
      undersigned,      ,
      in
      connection with its acquisition of shares of capital stock of Cleveland BioLabs,
      Inc. (the “Company”),
      hereby agrees to become a party to and a Stockholder under that certain
      Stockholders Agreement, dated as of April __, 2004 (the “Stockholders
      Agreement”),
      and,
      effective as of the date hereof, shall be entitled to all of the rights and
      benefits, and subject to all of the obligations, of a Stockholder under the
      Stockholders Agreement. All of the securities of the Company owned, from time
      to
      time, by the undersigned, shall be subject to the restrictions on transfer
      set
      forth in the Stockholders Agreement.

     

    This
      Instrument of Accession shall take effect and shall become a part of said
      Stockholders Agreement upon its execution and its delivery to the Company by
      the
      undersigned.

     

    Executed
      as of the date set forth below under the laws of the State of
      Delaware.

     

     

    
      	 	 	Signature:
              ____________________________
	 	 	 
	Date: 
              ____________________________	 	Address: 
              ____________________________
	 	 	        ____________________________
	Received and accepted:	 	       
              ____________________________
	Cleveland BioLabs, Inc.	 	 
	 	 	 
	By: 
              ____________________________	 	 
	Date: 
              ____________________________	 	 

    

     

          

     

          :

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