Document:

Exhibit
4.10

 

RITTER
PHARMACEUTICALS, INC.

WARRANT
AGENCY AGREEMENT

 

WARRANT
AGENCY AGREEMENT (this “Warrant Agreement”) made as of _______, 2017 (the “Issuance Date”),
between Ritter Pharmaceuticals, Inc., a Delaware corporation, with offices at 1880 Century Park East, Suite 1000, Los Angeles,
CA 90067 (“Company”), and Corporate Stock Transfer, Inc., with offices at 3200 Cherry Creek South Drive, Suite
430, Denver, Colorado 80209 (“Warrant Agent”).

 

WHEREAS,
the Company is engaged in a public offering (the “Offering”) of Class A Units consisting of Common Stock and
Warrants and Class B Units consisting of Series A Convertible Preferred Stock and Warrants and has determined to issue and deliver
up to _________ Warrants (the “Warrants”) to the public investors in the Offering, with each such Warrant evidencing
the right of the holder thereof to purchase ________ of a share of common stock, par value $0.001 per share, of the Company (the
“Common Stock”) for $_____, subject to adjustment as described herein; and

 

WHEREAS,
the Company has filed with the U.S. Securities and Exchange Commission (the “Commission”) a Registration Statement,
No. 333-219147 on Form S-1 (as the same may be amended from time to time, the “Registration Statement”) for
the registration, under the Securities Act of 1933, as amended (the “Securities Act”) of, among other securities,
the Warrants and the Common Stock issuable upon exercise of the Warrants (the “Warrant Shares”), and such Registration
Statement was declared effective on _________, 2017; and

 

WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection
with the issuance, registration, transfer, exchange and exercise of the Warrants; and

 

WHEREAS,
the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised,
and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants
(each, a “Holder”); and

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company
and countersigned by or on behalf of the Warrant Agent, as provided herein, the valid and binding obligations of the Company,
and to authorize the execution and delivery of this Warrant Agreement.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.
Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants,
and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions
set forth in this Warrant Agreement.

 

2.
Warrants.

 

2.1.
Form of Warrant. Each Warrant shall be issued in registered form only, shall be in substantially the form of Exhibit
A hereto, the provisions of which are incorporated herein, and shall be signed by, or bear the facsimile signature of, the
Chief Executive Officer, President, Chief Financial Officer or Treasurer, Secretary or Assistant Secretary of the Company. In
the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in
which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had
not ceased to be such at the date of issuance. All of the Warrants shall initially be represented by one or more book-entry certificates
(each a “Book-Entry Warrant Certificate”).

 

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2.2.
Effect of Countersignature. Unless and until countersigned by the Warrant Agent pursuant to this Warrant Agreement, a Warrant
shall be invalid and of no effect and may not be exercised by a Holder.

 

2.3.
Registration.

 

2.3.1.
Warrant Register. The Warrant Agent shall maintain books (“Warrant Register”), for the registration
of the original issuance and the registration of any transfer of the Warrants. Upon the initial issuance of the Warrants, the
Warrant Agent shall issue and register the Warrants in the names of the respective Holders in such denominations and otherwise
in accordance with instructions delivered to the Warrant Agent by the Company. To the extent the Warrants are DTC eligible as
of the Issuance Date, all of the Warrants shall be represented by one or more Book-Entry Warrant Certificates deposited with the
Depository Trust Company (the “Depository”) and registered in the name of Cede & Co., a nominee of the
Depository. Ownership of beneficial interests in the Book-Entry Warrant Certificates shall be shown on, and the transfer of such
ownership shall be effected through, records maintained (i) by the Depository or its nominee for each Book-Entry Warrant Certificate;
(ii) by institutions that have accounts with the Depository (such institution, with respect to a Warrant in its account, a “Participant”);
or (iii) directly on the book-entry records of the Warrant Agent with respect only to owners of beneficial interests that represent
such direct registration.

 

If
the Warrants are not DTC Eligible as of the Issuance Date or the Depository subsequently ceases to make its book-entry settlement
system available for the Warrants, the Company may instruct the Warrant Agent to make other arrangements for book-entry settlement
within ten (10) Business Days after the Depository ceases to make its book-entry settlement available. In the event that the Company
does not make alternative arrangements for book-entry settlement within ten (10) Business Days or the Warrants are not eligible
for, or it is no longer necessary to have the Warrants available in, book-entry form, the Warrant Agent shall provide written
instructions to the Depository to deliver to the Warrant Agent for cancellation each Book-Entry Warrant Certificate, and the Company
shall instruct the Warrant Agent to deliver to the Depository definitive Warrant Certificates in physical form evidencing such
Warrants. Such definitive Warrant Certificates shall be in substantially the form annexed hereto as Exhibit A.

 

As
used herein, the term “Business Day” means any day other than Saturday, Sunday or other day on which commercial
banks in the City of New York are authorized or required by law or executive order to remain closed.

 

2.3.2.
Beneficial Owner; Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company
and the Warrant Agent may deem and treat the person in whose name such Warrant shall be registered upon the Warrant Register (“registered
holder”), as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation
of ownership or other writing on the Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the
purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by
any notice to the contrary. Any person in whose name ownership of a beneficial interest in the Warrants evidenced by a Book-Entry
Warrant Certificate is recorded in the records maintained by the Depository or its nominee shall be deemed the “beneficial
owner” thereof; provided, that all such beneficial interests shall be held through a Participant which shall be the
registered holder of such Warrants. As used herein, the term “Holder” refers only to a registered holder of
the Warrants.

 

2.4.
Uncertificated Warrants. Notwithstanding the foregoing and anything else herein to the contrary, the Warrants may be issued
in uncertificated form.

 

3.
Terms and Exercise of Warrants.

 

3.1.
Exercise Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the Holder, subject to the provisions
of such Warrant and of this Warrant Agreement, to purchase from the Company the number of shares of Common Stock stated therein,
at the price of $_____ per share, subject to the subsequent adjustments provided in Section 4 hereof. The term “Exercise
Price” as used in this Warrant Agreement refers to the price per share at which Common Stock may be purchased at the
time a Warrant is exercised.

 

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3.2.
Duration of Warrants. A Warrant may be exercised only during the period (“Exercise Period”) commencing
on the Issuance Date and terminating at 5:00 P.M., New York City time on _______, 2022 (“Expiration Date”).
Each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect
thereof under this Warrant Agreement shall cease at the close of business on the Expiration Date.

 

3.3.
Exercise of Warrants.

 

3.3.1.
Exercise and Payment. A Holder may exercise a Warrant by delivering, not later than 5:00 P.M., New York City time, on any
Business Day during the Exercise Period (the “Exercise Date”) to the Warrant Agent at its corporate trust department
(i) the Warrant Certificate evidencing the Warrants to be exercised, or, in the case of a Book-Entry Warrant Certificate, the
Warrants to be exercised (the “Book-Entry Warrants”) shown on the records of the Depository to an account of
the Warrant Agent at the Depository designated for such purpose in writing by the Warrant Agent to the Depository from time to
time, (ii) an election to purchase the Warrant Shares underlying the Warrants to be exercised (an “Election to Purchase”),
properly completed and executed by the Holder on the reverse of the Warrant Certificate or, in the case of a Book-Entry Warrant
Certificate, properly delivered by the Participant in accordance with the Depository’s procedures, and (iii) the Exercise
Price for each Warrant to be exercised in lawful money of the United States of America by certified or official bank check or
by bank wire transfer in immediately available funds payable to the Warrant Agent.

 

If
any of (A) the Warrant Certificate or the Book-Entry Warrants, (B) the Election to Purchase, or (C) the Exercise Price therefor,
is received by the Warrant Agent after 5:00 P.M., New York City time, on the specified Exercise Date, the Warrants will be deemed
to be received and exercised on the Business Day next succeeding the Exercise Date. If the date specified as the Exercise Date
is not a Business Day, the Warrants will be deemed to be received and exercised on the next succeeding day that is a Business
Day. If the Warrants are received or deemed to be received after the Expiration Date, the exercise thereof will be null and void
and any funds delivered to the Warrant Agent will be returned to the Holder. In no event will interest accrue on funds deposited
with the Warrant Agent in respect of an exercise or attempted exercise of Warrants. The validity of any exercise of Warrants will
be determined by the Company in its sole discretion and such determination will be final and binding upon the Holder and the Warrant
Agent. Neither the Company nor the Warrant Agent shall have any obligation to inform a Holder of the invalidity of any exercise
of any Warrants.

 

The
Warrant Agent shall promptly deposit all funds received by it in payment of the Exercise Price in the account of the Company maintained
with the Warrant Agent for such purpose and shall advise the Company via telephone at the end of each day on which funds for the
exercise of the Warrants are received of the amount so deposited to its account. The Warrant Agent shall promptly confirm such
telephonic advice to the Company in writing.

 

3.3.2.
Issuance of Certificates. The Warrant Agent shall, by 1:00 P.M. New York City time on the Business Day following the Exercise
Date of any Warrant, advise the Company or the transfer agent and registrar in respect of (a) the number of Warrant Shares issuable
upon such exercise in accordance with the terms and conditions of this Warrant Agreement, (b) the instructions of each Holder
with respect to delivery of the Warrant Shares issuable upon such exercise, and the delivery of definitive Warrant Certificates,
as appropriate, evidencing the balance, if any, of the Warrants remaining after such exercise, (c) in case of a Book-Entry Warrant
Certificate, the notation that shall be made to the records maintained by the Depository, its nominee for each Book-Entry Warrant
Certificate, or a Participant, as appropriate, evidencing the balance, if any, of the Warrants remaining after such exercise and
(d) such other information as the Company or such transfer agent and registrar shall reasonably require.

 

The
Company shall, by 5:00 P.M., New York City time, on the third Business Day next succeeding the Exercise Date of any Warrant and
the clearance of the funds in payment of the aggregate Exercise Price, execute, issue and deliver to the Warrant Agent, the Warrant
Shares to which such Holder is entitled, in fully registered form, registered in such name or names as may be directed by such
Holder. Upon receipt of such Warrant Shares, the Warrant Agent shall, by 5:00 P.M., New York City time, on the third Business
Day next succeeding such Exercise Date, transmit such Warrant Shares to, or upon the order of, such Holder.

 

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In
lieu of delivering physical certificates representing the Warrant Shares issuable upon exercise of any Warrants, provided the
Company’s transfer agent is participating in the Depository’s Fast Automated Securities Transfer program, the Company
shall use its commercially reasonable efforts to cause its transfer agent to electronically transmit the Warrant Shares issuable
upon exercise to the Depository by crediting the account of the Depository or of the Participant, as the case may be, through
its Deposit Withdrawal Agent Commission system. The time periods for delivery described in the immediately preceding paragraph
shall apply to the electronic transmittals described herein.

 

3.3.3.
Valid Issuance. All Warrant Shares issued upon the proper exercise of a Warrant in conformity with this Warrant Agreement
shall be validly issued, fully paid and nonassessable.

 

3.3.4.
No Fractional Exercise. Warrants may be exercised only in whole numbers of Warrant Shares. No fractional Warrant Shares
are to be issued upon the exercise of a Warrant, but rather the number of Warrant Shares to be issued shall be rounded up or down,
as applicable, to the nearest whole number. If fewer than all of the Warrants evidenced by a Warrant Certificate are exercised,
a new Warrant Certificate for the number of unexercised Warrants remaining shall be executed by the Company and countersigned
by the Warrant Agent as provided in Section 2 of this Warrant Agreement, and delivered to the Holder at the address specified
on the books of the Warrant Agent or as otherwise specified by such Holder. If fewer than all of the Warrants evidenced by a Book-Entry
Warrant Certificate are exercised, a notation shall be made to the records maintained by the Depository, its nominee for each
Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing the balance of the Warrants remaining after such
exercise.

 

3.3.5.
No Transfer Taxes. The Company shall not be required to pay any stamp or other tax or governmental charge required to be
paid in connection with any transfer involved in the issue of the Warrant Shares upon the exercise of Warrants; and in the event
that any such transfer is involved, the Company shall not be required to issue or deliver any Warrant Shares until such tax or
other charge shall have been paid or it has been established to the Company’s satisfaction that no such tax or other charge
is due.

 

3.3.6.
Date of Issuance. Each person in whose name any such certificate for Warrant Shares is issued shall for all purposes be
deemed to have become the holder of record of such shares on the date on which the applicable Warrant was surrendered and payment
of the Exercise Price was made, irrespective of the date of delivery of any such certificate, except that, if the date of such
surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become
the holder of record of such shares at the close of business on the next succeeding date on which the stock transfer books are
open.

 

3.3.7.
Cashless Exercise Under Certain Circumstances.

 

(i)
The Company shall provide to the Holder prompt written notice of any time that the Company is unable to issue the Warrant Shares
via DTC transfer or otherwise (without restrictive legend), because (A) the Commission has issued a stop order with respect to
the Registration Statement, (B) the Commission otherwise has suspended or withdrawn the effectiveness of the Registration Statement,
either temporarily or permanently, (C) the Company has suspended or withdrawn the effectiveness of the Registration Statement,
either temporarily or permanently, or (D) otherwise (each a “Restrictive Legend Event”). To the extent that
a Restrictive Legend Event occurs after the Holder has exercised a Warrant in accordance with the terms of the Warrants but prior
to the delivery of the Warrant Shares, the Company shall, at the election of the Holder to be given within five (5) Business Days
of receipt of notice of the Restrictive Legend Event, either (A) rescind the previously submitted Election to Purchase and the
Company shall return all consideration paid by the Holder for such shares upon such rescission or (B) treat the attempted exercise
as a cashless exercise as described in the next paragraph and refund the cash portion of the Exercise Price to the Holder.

 

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(ii)
If a Restrictive Legend Event has occurred and no exemption from the registration requirements is available, the Warrants shall
only be exercisable on a cashless basis. Notwithstanding anything herein to the contrary, the Company shall not be required to
make any cash payments or net cash settlement to the Holder in lieu of issuance of the Warrant Shares. Upon a “cashless
exercise,” the Holder shall be entitled to receive a certificate (or book entry) for the number of Warrant Shares equal
to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A)
= the VWAP on the Business Day immediately preceding the date on which the Holder elects to exercise the Warrant by means of a
“cashless exercise,” as set forth in the applicable Election to Purchase;

 

(B)
= the Exercise Price of the Warrant, as it may have been adjusted hereunder; and

 

(X)
= the number of Warrant Shares that would be issuable upon exercise of the Warrant in accordance with the terms of the Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise.

 

Upon
receipt of an Election to Purchase for a cashless exercise, the Warrant Agent will promptly deliver a copy of the Election to
Purchase to the Company to confirm the number of Warrant Shares issuable in connection with the cashless exercise. The Company
shall calculate and transmit to the Warrant Agent, and the Warrant Agent shall have no obligation under this section to calculate,
the number of Warrant Shares issuable in connection with the cashless exercise.

 

“VWAP”
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 NYSE AMEX, the NASDAQ Capital Market, the NASDAQ Global Market, the NASDAQ Global Select Market or the New
York Stock Exchange (each, a “Trading Market”), the daily volume weighted average price of the Common Stock
for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported
by Bloomberg L.P. (based on a trading day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time) on any day that
the Trading Market on which the Common Stock is then listed is open for trading), (b) the volume weighted average price of the
Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed
or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink Sheets”
published by OTC Markets, 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 (d) 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 Holders of a majority in interest of the Warrants
then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

3.3.8.
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 applicable Holders the number of Warrant Shares that are not disputed.

 

4.
Adjustments.

 

4.1.
Adjustment upon Subdivision or Combination of Common Stock.

 

 4.1.1.
 If the Company at any time after the Issuance Date subdivides
(by any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) 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.

 

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 4.1.2.
 If the Company at any time after the Issuance Date combines
(by any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) 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 4.1 shall become
effective at the close of business on the date the subdivision or combination becomes effective. The Company shall promptly notify
Warrant Agent of any such adjustment and give specific instructions to Warrant Agent with respect to any adjustments to the Warrant
Register.

 

4.2.
Adjustment for Other Distributions. In the event the Company shall fix a record date for the making of a dividend or distribution
to all holders of Common Stock of any evidences of indebtedness or assets or subscription rights or warrants (excluding those
referred to in Section 4.1 or other dividends paid out of retained earnings), then in each such case the Exercise Price shall
be adjusted by multiplying the Exercise Price in effect immediately prior to the record date fixed for determination of stockholders
entitled to receive such distribution by a fraction of which the denominator shall be the VWAP determined as of the record date
mentioned above, and of which the numerator shall be such VWAP on such record date less the then per share fair market value at
such record date of the portion of such assets or evidence of indebtedness so distributed applicable to one outstanding share
of the Common Stock as determined by the Board of Directors in good faith. In either case the adjustments shall be described in
a statement provided to each Holder of the portion of assets or evidences of indebtedness so distributed or such subscription
rights applicable to one share of Common Stock. Such adjustment shall be made whenever any such distribution is made and shall
become effective immediately after the record date mentioned above.

 

 4.3.
Subsequent Equity Sales. If the Company or any Subsidiary thereof, as applicable, at any time prior to the five (5) year
anniversary of the Issuance Date, shall sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise
dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Convertible
Securities, at an effective price per share less than the Exercise Price then in effect (such lower price, the “Base
Share Price” and such issuances collectively, a “Dilutive Issuance”) (it being understood and agreed
that if the holder of the Common Stock or Convertible Securities so issued shall at any time, whether by operation of purchase
price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options
or rights per share which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective
price per share that is less than the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise
Price on such date of the Dilutive Issuance at such effective price), then simultaneously with the consummation of each Dilutive
Issuance the Exercise Price shall be reduced and only reduced to equal the higher of the (i) Base Share Price or (ii) $0.05 (the
“Floor Price” (such Floor Price to only be subject to adjustment in accordance with Section 4.1(a). For the
avoidance of doubt, if more than one security is issued in a transaction that is being analyzed to determine whether a Dilutive
Issuance has occurred and/or to determine a Base Share Price, each security so issued shall be analyzed separately with respect
to such determinations such that the lowest effective price per share with respect to each such security shall be used. For example,
if the existing exercise price under this Warrant is $1.00 and the Company issues units for $0.90 per unit, with each unit comprised
of one (1) share of Common Stock and one (1) Warrant exercisable for one (1) share of Common Stock, which new warrant has an exercise
price of $1.50 per share, the Base Share Price will be $0.90. Notwithstanding the foregoing, no adjustments shall be made, paid
or issued under this Section 4.3 in respect of an Exempt Issuance. The Company shall notify the Holder, in writing, no later than
the Trading Day following the issuance or deemed issuance of any Common Stock or Convertible Securities subject to this Section
4.3, indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion price and other pricing
terms (such notice, the “Dilutive Issuance Notice”). For purposes of clarification, whether or not the Company
provides a Dilutive Issuance Notice pursuant to this Section 4.3, upon the occurrence of any Dilutive Issuance, the Holder is
entitled to receive a number of Warrant Shares based upon the Base Share Price regardless of whether the Holder accurately refers
to the Base Share Price in the Notice of Exercise. For all purposes of the foregoing (including, without limitation, determining
the Base Share Price under this Section 4.3), the following shall be applicable: 

 

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 4.3.1
Issuance of Options. If the Company in any manner grants or sells any Options and the lowest price per share for which
one share of Common Stock is at any time 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 or otherwise pursuant to the terms thereof is less than
the Exercise Price then in effect, 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
4.3(a), the “lowest price per share for which one share of Common Stock is issuable upon the exercise of any such Options
or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Option or otherwise
pursuant to the terms thereof” shall be equal to (1) the lower of (x) 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 such Option,
upon exercise of such Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such
Option or otherwise pursuant to the terms thereof and (y) the lowest exercise price set forth in such Option for which one share
of Common Stock is issuable upon the exercise of any such Options or upon conversion, exercise or exchange of any Convertible
Securities issuable upon exercise of any such Option or otherwise pursuant to the terms thereof minus (2) the sum of all amounts
paid or payable to the holder of such Option (or any other person) 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 or otherwise
pursuant to the terms thereof plus the value of any other consideration received or receivable by, or benefit conferred on, the
holder of such Option (or any other person). Except as contemplated below, 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 otherwise pursuant to the terms of or upon the actual issuance of such shares of Common Stock upon conversion, exercise or
exchange of such Convertible Securities. 

 

 4.3.2.
Issuance of Convertible Securities. If the Company in any manner issues or sells any Convertible Securities and the lowest
price per share for which one share of Common Stock is at any time issuable upon the conversion, exercise or exchange thereof
or otherwise pursuant to the terms thereof is less than the Exercise Price then in effect, 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 4.3(b), the “lowest price per share for which one
share of Common Stock is issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof”
shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company
with respect to one share of Common Stock upon the issuance or sale of the Convertible Security and upon conversion, exercise
or exchange of such Convertible Security or otherwise pursuant to the terms thereof and (y) the lowest conversion price set forth
in such Convertible Security for which one share of Common Stock is issuable upon conversion, exercise or exchange thereof or
otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Convertible Security
(or any other person) upon the issuance or sale of such Convertible Security plus the value of any other consideration received
or receivable by, or benefit conferred on, the holder of such Convertible Security (or any other person). Except as contemplated
below, 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 or otherwise pursuant to the terms thereof, and if any such issuance
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 4.3, except as contemplated below, no further adjustment of the Exercise
Price shall be made by reason of such issuance or sale. 

 

 4.3.3.
Change in Option Price or Rate of Conversion. If the purchase or exercise 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 (other than proportional changes in conversion or exercise prices, as applicable, in connection with an event referred
to in Section 4.1), 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 4.3(c), if the terms of any Option or Convertible Security that was outstanding
as of the Issuance 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 4.3 shall be made
if such adjustment would result in an increase of the Exercise Price then in effect. 

 

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 4.3.4.
Calculation of Consideration Received. 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 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 volume weighted average price 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 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. 

 

 4.3.5.
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 issuance 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). 

   

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

 

 “Options”
means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities. 

 

 “Exempt
Issuance” means the issuance of (a) shares of Common Stock or options to employees, officers or directors of the Company
pursuant to any stock or option plan duly adopted for such purpose by a majority of the non-employee members of the Board of Directors
or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the
Company, (b) securities upon the exercise or exchange of or conversion of any securities issued hereunder and/or other securities
exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the Issuance Date, provided
that such securities have not been amended since the Issuance Date to increase the number of such securities or to decrease the
exercise price, exchange price or conversion price of such securities or to extend the term or such securities, and (c) securities
issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company,
provided that such securities are issued as “restricted securities” (as defined in Rule 144) and carry no registration
rights that require or permit the filing of any registration statement in connection therewith during the ninety (90) day period
commencing on the Issuance Date, and provided that any such issuance shall only be to a Person (or to the equity holders of a
Person) which 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 provide to the Company additional benefits in addition to the investment of funds, but shall
not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity
whose primary business is investing in securities. 

 

    	 	8	 

     

    

 

 4.4.
 Reclassification, Consolidation, Purchase, Combination, Sale
or Conveyance. If, at any time while the Warrants are outstanding, (i) the Company, directly or indirectly, in one or more
related transactions effects any merger or consolidation of the Company with or into another person, (ii) the Company, directly
or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another person) is completed pursuant to which holders of Common Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of
the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in
one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another person whereby such other person
acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other person
or other persons making or party to, or associated or affiliated with the other persons making or party to, such stock or share
purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent
exercise of a Warrant, each 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, the same amount and kind of securities, cash
or property, if any, 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 each Warrant is exercisable immediately prior to such Fundamental
Transaction. For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply
to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock
in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable
manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are
given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be
given the same choice as to the Alternate Consideration that such Holder receives upon any exercise of each Warrant following
such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is
not the survivor (the “Successor Entity”) and for which stockholders received any equity securities of the
Successor Entity, to assume in writing all of the obligations of the Company under this Warrant Agreement in accordance with the
provisions of this Section 4.3 pursuant to written agreements and shall, upon the written request of such Holder, deliver to such
Holder in exchange for the applicable Warrants created by this Warrant Agreement a security of the Successor Entity evidenced
by a written instrument substantially similar in form and substance to the Warrants which are exercisable for a corresponding
number of shares of capital stock of such Successor Entity (or its parent entity), if any, plus any Alternate Consideration, receivable
as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which the Warrants are exercisable
immediately prior to such Fundamental Transaction, and with an exercise price which applies the Exercise Price hereunder to such
shares of capital stock, if any, plus any Alternate Consideration (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 such Warrant immediately prior
to the consummation of such Fundamental Transaction). 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 Agreement and the Warrants referring to the “Company” shall refer instead to the Successor Entity), and may
exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant Agreement
and the Warrants with the same effect as if such Successor Entity had been named as the Company herein and therein.

 

    	 	9	 

     

    

 

The
Company shall instruct the Warrant Agent to mail, by first class mail, postage prepaid, to each Holder, written notice of the
execution of any such amendment, supplement to this Warrant Agreement and/or the Warrants or other agreement. Any such amendment,
supplement or other agreement entered into by the Successor Entity shall provide for adjustments, which shall be as nearly equivalent
as may be practicable to the adjustments provided for in this Section 4. The Warrant Agent shall be under no responsibility to
determine the correctness of any provisions contained in such amendment, supplement or other agreement relating either to the
kind or amount of securities or other property receivable upon exercise of the Warrants or with respect to the method employed
and provided therein for any adjustments and shall be entitled to rely upon the provisions contained in any such amendment, supplement
or other agreement. The provisions of this Section 4.3 shall similarly apply to successive reclassifications, changes, consolidations,
mergers, sales and conveyances of the kind described above.

 

 4.5.
 Other Events. If any event occurs of the type contemplated
by the provisions of Section 4.1, 4.2 or 4.3 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 to all holders of Common
Stock for no consideration), then the Company’s Board of Directors will in good faith make an adjustment in the Exercise
Price and the number of Warrant Shares so as to protect the rights of each Holder.

 

 4.6.
 Notices of Changes in Warrant. Upon every adjustment
of the Exercise Price or the number of Warrant Shares, the Company shall give written notice thereof to the Warrant Agent, which
notice shall state the Exercise Price resulting from such adjustment and the increase or decrease, if any, in the number of Warrant
Shares purchasable upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts
upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1, 4.2 or 4.3, then, in any such
event, the Company shall give written notice to each Holder, at the last address set forth for such Holder in the Warrant Register,
of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the
legality or validity of such event.

 

 4.7.
 No Fractional Shares. Notwithstanding any provision contained
in this Warrant Agreement to the contrary, the Company shall not issue fractional shares upon exercise of Warrants. If, by reason
of any adjustment made pursuant to this Section 4, a Holder would be entitled, upon the exercise of such Warrant, to receive a
fractional interest in a share, the Company shall, upon such exercise, round up or down, as applicable, to the nearest whole number
the number of Warrant Shares to be issued to such Holder.

 

 4.8.
 Form of Warrant. The form of Warrant annexed hereto as
Exhibit A need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment
may state the same Exercise Price and the same number of shares as is stated in the Warrants initially issued pursuant to this
Warrant Agreement. However, the Company may at any time in its sole discretion make any change in the form of Warrant that the
Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned,
whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

5.
Transfer and Exchange of Warrants.

 

5.1.
Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant
upon the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed
and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate
number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall
be delivered by the Warrant Agent to the Company from time to time upon request.

 

5.2.
Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request
for exchange or transfer reasonably acceptable to Warrant Agent, duly executed by the Holder thereof, or by a duly authorized
attorney, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Holder
of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that except as otherwise
provided herein or in any Book-Entry Warrant Certificate, each Book-Entry Warrant Certificate may be transferred only in whole
and only to the Depository, to another nominee of the Depository, to a successor depository, or to a nominee of a successor depository;
provided further, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent
shall not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel
for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.
Upon any such registration of transfer, the Company shall execute, and the Warrant Agent shall countersign and deliver, in the
name of the designated transferee a new Warrant Certificate or Warrant Certificates of any authorized denomination evidencing
in the aggregate a like number of unexercised Warrants.

 

    	 	10	 

     

    

 

5.3.
Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will
result in the issuance of a Warrant Certificate for a fraction of a Warrant.

 

5.4.
Service Charges. A service charge shall be made for any exchange or registration of transfer of Warrants, as negotiated
between Company and Warrant Agent.

 

5.5.
Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance
with the terms of this Warrant Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and
the Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the
Company for such purpose.

 

6.
Limitations on Exercise. Neither the Warrant Agent nor the Company shall effect any exercise of any Warrant, and no Holder
shall have the right to exercise any portion of a Warrant, to the extent that after giving effect to the issuance of shares of
Common Stock after exercise as set forth on the applicable Election to Purchase, such Holder (together with such Holder’s
Affiliates (as defined in Rule 405 under the Securities Act), and any other persons acting as a group together with such Holder
or any of such Holder’s Affiliates), would beneficially own in excess of 4.99% of the Company’s Common Stock. For
purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by a Holder and its Affiliates shall
include the number of shares of Common Stock issuable upon exercise of the Warrant with respect to which such determination is
being made, but shall exclude the number of shares of Common Stock which would be issuable upon exercise of the remaining, nonexercised
portion of any Warrant beneficially owned by such Holder or any of its Affiliates. Except as set forth in the preceding sentence,
for purposes of this Section 6, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”) and the rules and regulations promulgated thereunder, it being
acknowledged by each Holder that neither the Warrant Agent nor the Company is representing to such Holder that such calculation
is in compliance with Section 13(d) of the Exchange Act and such Holder is solely responsible for any schedules required to be
filed in accordance therewith. To the extent that the limitation contained in this Section 6 applies, the determination of whether
a Warrant is exercisable (in relation to other securities owned by a Holder together with any Affiliates) and of which portion
of a Warrant is exercisable shall be in the sole discretion of a Holder, and the submission of an Election to Purchase shall be
deemed to be such Holder’s determination of whether such Warrant is exercisable (in relation to other securities owned by
such Holder together with any Affiliates) and of which portion of a Warrant is exercisable, and neither the Warrant Agent nor
the Company shall have any obligation to verify or confirm the accuracy of such determination and neither of them shall have any
liability for any error made by such Holder. In addition, a determination as to any group status as contemplated above shall be
determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes
of this Section 6, in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding
shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission,
as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or
the Company’s transfer agent setting forth the number of shares of Common Stock outstanding. The provisions of this Section
6 shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 6 to correct
this subsection (or any portion hereof) which may be defective or inconsistent with the intended beneficial ownership limitation
herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations
contained in this paragraph shall apply to a successor Holder.

 

7.
Other Provisions Relating to Rights of Holders of Warrants.

 

7.1.
No Rights as Stockholder. Except as otherwise specifically provided herein, a Holder, solely in its capacity as an owner
of a Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any
purpose, nor shall anything contained in this Warrant Agreement be construed to confer upon a Holder, solely in its capacity as
the owner of a 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 it is then entitled to receive upon the due exercise of a Warrant. For the avoidance of doubt, ownership
of a Warrant does not entitle the Holder or any beneficial owner thereof to any of the rights of a stockholder.

 

    	 	11	 

     

    

 

7.2.
Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and
the Warrant Agent may on such terms as to indemnity (including obtaining an open penalty bond protecting the Warrant Agent) or
otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof),
issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such new
Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated,
or destroyed Warrant shall be at any time enforceable by anyone.

 

7.3.
Reservation of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued
shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this
Warrant Agreement.

 

8.
Concerning the Warrant Agent and Other Matters.

 

8.1.
Concerning the Warrant Agent. The Warrant Agent:

 

a)
shall have no duties or obligations other than those set forth herein and no duties or obligations shall be inferred or implied;

 

b)
may rely on and shall be held harmless by the Company in acting upon any certificate, statement, instrument, opinion, notice,
letter, facsimile transmission, telegram or other document, or any security delivered to it, and reasonably believed by it to
be genuine and to have been made or signed by the proper party or parties;

 

c)
may rely on and shall be held harmless by the Company in acting upon written or oral instructions or statements from the Company
with respect to any matter relating to its acting as Warrant Agent;

 

d)
may consult with counsel satisfactory to it (including counsel for the Company) and shall be held harmless by the Company in relying
on the advice or opinion of such counsel in respect of any action taken, suffered or omitted by it hereunder in good faith and
in accordance with such advice or opinion of such counsel;

 

e)
solely shall make the final determination as to whether or not a Warrant received by Warrant Agent is duly, completely and correctly
executed, and Warrant Agent shall be held harmless by the Company in respect of any action taken, suffered or omitted by Warrant
Agent hereunder in good faith and in accordance with its determination;

 

f)
shall not be obligated to take any legal or other action hereunder which might, in its judgment, subject or expose it to any expense
or liability unless it shall have been furnished with an indemnity satisfactory to it; and

 

g)
shall not be liable or responsible for any failure of the Company to comply with any of the Company’s obligations relating
to the Registration Statement or this Warrant Agreement, including without limitation obligations under applicable regulation
or law.

 

8.2.
Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company
or the Warrant Agent in respect of the issuance or delivery of Warrant Shares upon the exercise of Warrants, but the Company shall
not be obligated to pay any transfer taxes in respect of the Warrants or such Warrant Shares. The Warrant Agent shall not register
any transfer or issue or deliver any Warrant Certificate(s) or Warrant Shares unless or until the persons requesting the registration
or issuance shall have paid to the Warrant Agent for the account of the Company the amount of such tax, if any, or shall have
established to the reasonable satisfaction of the Company that such tax, if any, has been paid.

 

    	 	12	 

     

    

 

8.3.
Resignation, Consolidation, or Merger of Warrant Agent.

 

8.3.1.
Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties
and be discharged from all further duties and liabilities hereunder after giving sixty (60) calendar days’ notice in writing
to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company
shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment
within a period of thirty (30) calendar days after it has been notified in writing of such resignation or incapacity by the Warrant
Agent or by the Holder (who shall, with such notice, submit such Holder’s Warrants for inspection by the Company), then
such Holder may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor
Warrant Agent, the expenses of which shall be paid by the Company. Any successor Warrant Agent (but not including the initial
Warrant Agent), whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws
of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City of New York and State
of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal
or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities,
duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without
any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute
and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers,
and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make,
execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming
to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

8.3.2.
Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice
thereof to the predecessor Warrant Agent and the transfer agent for the Common Stock not later than the effective date of any
such appointment.

 

8.3.3.
Merger or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may
be consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall
be the successor Warrant Agent under this Warrant Agreement without any further act.

 

8.4.
Fees and Expenses of Warrant Agent.

 

8.4.1.
Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration in an amount separately agreed to between
Company and Warrant Agent for its services as Warrant Agent hereunder and will reimburse the Warrant Agent upon demand for all
expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

 

8.4.2.
Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed,
acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the
Warrant Agent for the carrying out or performing of the provisions of this Warrant Agreement.

 

8.5.
Liability of Warrant Agent.

 

8.5.1.
Reliance on Company Statement. Whenever in the performance of its duties under this Warrant Agreement, the Warrant Agent
shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering
any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be
deemed to be conclusively proved and established by a statement signed by the President, Chief Executive Officer or Chief Financial
Officer of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken
or suffered in good faith by it pursuant to the provisions of this Warrant Agreement.

 

    	 	13	 

     

    

 

8.5.2.
Indemnity. The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith.
The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, claims,
losses, damages, costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this
Warrant Agreement except as a result of the Warrant Agent’s gross negligence, willful misconduct, or bad faith.

 

8.5.3.
Limitation of Liability. The Warrant Agent’s aggregate liability, if any, during the term of this Warrant Agreement
with respect to, arising from, or arising in connection with this Warrant Agreement, or from all services provided or omitted
to be provided under this Warrant Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed,
the amounts paid or payable hereunder by the Company to Warrant Agent as fees and charges (not including reimbursable expenses).

 

8.5.4.
Disputes. In the event any question or dispute arises with respect to the proper interpretation of this Warrant Agreement
or the Warrant Agent’s duties hereunder or the rights of the Company or of any Holder, the Warrant Agent shall not be required
to act and shall not be held liable or responsible for refusing to act until the question or dispute has been judicially settled
(and the Warrant Agent may, if it deems it advisable, but shall not be obligated to, file a suit in interpleader or for a declaratory
judgment for such purpose) by final judgment rendered by a court of competent jurisdiction, binding on all parties interested
in the matter which is no longer subject to review or appeal, or settled by a written document in form and substance satisfactory
to the Warrant Agent and executed by the Company and each other interested party. In addition, the Warrant Agent may require for
such purpose, but shall not be obligated to require, the execution of such written settlement by all of the Holders of the Warrants
and all other parties that may have an interest in the settlement.

 

8.5.5.
Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Warrant Agreement or with
respect to the validity or execution of any Warrant (except its countersignature hereof and thereof); nor shall it be responsible
for any breach by the Company of any covenant or condition contained in this Warrant Agreement or in any Warrant; nor shall it
be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method,
or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall
it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Warrant
Shares to be issued pursuant to this Warrant Agreement or any Warrant or as to whether any Warrant Shares will, when issued, be
validly issued and fully paid and nonassessable.

 

8.6.
Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Warrant Agreement and agrees to perform
the same upon the terms and conditions herein set forth and, among other things, shall account promptly to the Company with respect
to Warrants exercised and concurrently account for, and pay to the Company, all moneys received by the Warrant Agent for the purchase
of Warrant Shares through the exercise of Warrants.

 

9.
Miscellaneous Provisions.

 

9.1.
Successors. All the covenants and provisions of this Warrant Agreement by or for the benefit of the Company or the Warrant
Agent shall bind and inure to the benefit of their respective successors and assigns.

 

9.2.
Notices. Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent
or by a Holder to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent
by certified mail or private courier service within five (5) Business Days after deposit of such notice, postage prepaid, addressed
(until another address is filed in writing by the Company with the Warrant Agent), as follows:

 

Ritter
Pharmaceuticals, Inc.

1880
Century Park East, Suite 1000

Los
Angeles, CA 90067

Attn:
Chief Executive Officer

 

    	 	14	 

     

    

 

 

Any
notice, statement or demand authorized by this Warrant Agreement to be given or made by the a Holder or by the Company to or on
the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail
or private courier service within five (5) Business Days after deposit of such notice, postage prepaid, addressed (until another
address is filed in writing by the Warrant Agent with the Company), as follows:

 

Corporate
Stock Transfer, Inc.

3200
Cherry Creek South Drive, Suite 430

Denver,
Colorado 80209

Attn:
[________]

 

with
a copy in each case to:

 

Reed
Smith LLP

1901
Avenue of the Stars, Suite 700

Los
Angeles, California 90067-6078

Attn:
Michael Sanders, Esq.

 

and:

 

Aegis
Capital Corp.

810
Seventh Avenue, 11th Fl

New
York, NY 10019

Attn:
Compliance Department

 

and:

 

Mintz,
Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

666
Third Avenue

New
York, NY 10017

Attn:
Anthony J. Marsico, Esq.

 

9.3.
Applicable Law. The validity, interpretation, and performance of this Warrant Agreement and of the Warrants shall be governed
in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in
the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim
against it arising out of or relating in any way to this Warrant Agreement shall be brought and enforced in the courts of the
State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenience forum. Any such process or summons to be served upon the Company may be served by transmitting a copy
thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in
Section 9.2 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action,
proceeding or claim.

 

9.4.
Persons Having Rights under this Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing that may be
implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation
other than the parties hereto and the Holders of the Warrants and, for purposes of Sections 3.3, 9.3 and 9.8, the Underwriter,
any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise,
or agreement hereof. The Underwriters shall be deemed to be an express third-party beneficiary of this Warrant Agreement with
respect to Sections 3.3, 9.3 and 9.8 hereof. All covenants, conditions, stipulations, promises, and agreements contained in this
Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto (and the Underwriters with respect to the
Sections 3.3, 3.4, 9.3 and 9.8 hereof) and their successors and assigns and of the Holders.

 

    	 	15	 

     

    

 

9.5.
Examination of this Warrant Agreement. A copy of this Warrant Agreement shall be available at all reasonable times at the
office of the Warrant Agent designated for such purpose for inspection by any Holder. The Warrant Agent may require any such Holder
to submit his Warrant for inspection by it.

 

9.6.
Counterparts. This Warrant Agreement may be executed in any number of original or facsimile counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and
the same instrument.

 

9.7.
Effect of Headings. The Section headings herein are for convenience only and are not part of this Warrant Agreement and
shall not affect the interpretation thereof.

 

9.8.
Amendments. This Warrant Agreement may be amended by the parties hereto without the consent of any Holder for the purpose
of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing
any other provisions with respect to matters or questions arising under this Warrant Agreement as the parties may deem necessary
or desirable and that the parties deem shall not adversely affect the interest of the Holders. All other modifications or amendments,
including any amendment to increase the Exercise Price or shorten the Exercise Period, shall require the written consent of the
Underwriter and the Holders of a majority of the then outstanding Warrants.

 

9.9.
Severability. This Warrant Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision
hereof shall not affect the validity or enforceability of this Warrant Agreement or of any other term or provision hereof. Furthermore,
in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part
of this Warrant Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be
valid and enforceable.

 

9.10.
Force Majeure. In the event either party is unable to perform its obligations under the terms of this Warrant Agreement
because of acts of God, strikes, failure of carrier or utilities, equipment or transmission failure or damage that is reasonably
beyond its control, or any other cause that is reasonably beyond its control, such party shall not be liable for damages to the
other for any damages resulting from such failure to perform or otherwise from such causes. Performance under this Warrant Agreement
shall resume when the affected party or parties are able to perform substantially that party’s duties.

 

9.11.
Consequential Damages. Notwithstanding anything in this Warrant Agreement to the contrary, neither party to this Warrant
Agreement shall be liable to the other party for any consequential, indirect, special or incidental damages under any provision
of this Warrant Agreement or for any consequential, indirect, punitive, special or incidental damages arising out of any act or
failure to act hereunder even if that party has been advised of or has foreseen the possibility of such damages.

 

[Signature
Page Follows]

 

    	 	16	 

     

    

 

IN
WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	RITTER
    PHARMACEUTICALS, INC.
	 	 	 
	 	By:	                               
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Corporate
    Stock Transfer, Inc.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	17	 

     

    

 

Exhibit
A

 

[FORM
OF WARRANT CERTIFICATE]

 

EXERCISABLE
ONLY IF COUNTERSIGNED BY THE WARRANT

AGENT AS PROVIDED HEREIN.

 

Warrant
Certificate Evidencing Warrants to Purchase

Common Stock, par value of $0.001 per share, as described herein.

 

RITTER
PHARMACEUTICALS, INC.

 

No.
___________

 

VOID
AFTER 5:00 P.M., NEW YORK CITY TIME,

ON
_______ __, 2022 

 

This
certifies that ________________________ or registered assigns is the registered holder (the “Holder”) of _____________________
warrants to purchase certain securities (each a “Warrant”). Each Warrant entitles the Holder, subject to the
provisions contained herein and in the Warrant Agreement (as defined below), to purchase from Ritter Pharmaceuticals, Inc., a
Delaware corporation (the “Company”), one share (collectively, the “Warrant Shares”) of
Common Stock, par value $0.001 per share, of the Company (“Common Stock”), at the Exercise Price set forth
below. The price per share at which each Warrant Share may be purchased at the time each Warrant is exercised (the “Exercise
Price”) is $_____ initially, subject to adjustments as set forth in the Warrant Agreement (as defined below).

 

This
Warrant Certificate is issued under and in accordance with the Warrant Agreement, dated as of _______, 2017 (the “Warrant
Agreement”), between the Company and the Warrant Agent, and is subject to the terms and provisions contained in the
Warrant Agreement, to all of which terms and provisions the Holder of this Warrant Certificate and the beneficial owners of the
Warrants represented by this Warrant Certificate consent by acceptance hereof. Copies of the Warrant Agreement are on file and
can be inspected at the below-mentioned office of the Warrant Agent and at the office of the Company at 1880 Century Park East,
Suite 1000, Los Angeles, CA 90067. Capitalized terms used but not defined herein shall have the meaning ascribed to them in the
Warrant Agreement.

 

Subject
to the terms of the Warrant Agreement, each Warrant evidenced hereby may be exercised in whole but not in part at any time, as
specified herein, on any Business Day (as defined below) occurring during the period (the “Exercise Period”)
commencing on the Issuance Date and terminating at 5:00 P.M., New York City time, on _______, 2022 (the “Expiration
Date”). Each Warrant remaining unexercised after 5:00 P.M., New York City time, on the Expiration Date shall become
void, and all rights of the Holder of this Warrant Certificate evidencing such Warrant shall cease.

 

The
Holder of the Warrants represented by this Warrant Certificate may exercise any Warrant evidenced hereby by delivering, not later
than 5:00 P.M., New York City time, on any Business Day during the Exercise Period (the “Exercise Date”) to
Continental Stock Transfer & Trust Co. (the “Warrant Agent”, which term includes any successor warrant
agent under the Warrant Agreement described below) at its corporate trust department at 3200 Cherry Creek South Drive, Suite 430,
Denver, Colorado 80209, (i) this Warrant Certificate or, in the case of a Book-Entry Warrant Certificate (as defined in the Warrant
Agreement), the Warrants to be exercised (the “Book-Entry Warrants”) as shown on the records of The Depository
Trust Company (the “Depository”) to an account of the Warrant Agent at the Depository designated for such purpose
in writing by the Warrant Agent to the Depository, (ii) an election to purchase (“Election to Purchase”), properly
executed by the Holder hereof on the reverse of this Warrant Certificate or properly executed by the institution in whose account
the Warrant is recorded on the records of the Depository (the “Participant”), and substantially in the form
included on the reverse of this Warrant Certificate and (iii) unless cashless exercise is permitted under the Warrant Agreement,
the Exercise Price for each Warrant to be exercised in lawful money of the United States of America by certified or official bank
check or by bank wire transfer in immediately available funds, in each case payable to the order of the Company.

 

    	 	A-1	 

     

    

 

As
used herein, the term “Business Day” means any day other than Saturday, Sunday or other day on which commercial
banks in the City of New York are authorized or required by law or executive order to remain closed.

 

Warrants
may be exercised only in whole numbers of Warrants. 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 up or down, as applicable, to the nearest whole number.
If fewer than all of the Warrants evidenced by this Warrant Certificate are exercised, a new Warrant Certificate for the number
of Warrants remaining unexercised shall be executed by the Company and countersigned by the Warrant Agent as provided in Section
2 of the Warrant Agreement, and delivered to the Holder of this Warrant Certificate at the address specified on the books of the
Warrant Agent or as otherwise specified by such Holder.

 

The
Company shall provide to the Holder prompt written notice of any time that the Company is unable to issue the Warrant Shares via
DTC transfer or otherwise (without restrictive legend), because (A) the Commission has issued a stop order with respect to the
Registration Statement, (B) the Commission otherwise has suspended or withdrawn the effectiveness of the Registration Statement,
either temporarily or permanently, (C) the Company has suspended or withdrawn the effectiveness of the Registration Statement,
either temporarily or permanently, or (D) otherwise (each a “Restrictive Legend Event”). To the extent that
a Restrictive Legend Event occurs after the Holder has exercised a Warrant in accordance with the terms of the Warrants but prior
to the delivery of the Warrant Shares, the Company shall, at the election of the Holder to be given within five (5) Business Days
of receipt of notice of the Restrictive Legend Event, either (A) rescind the previously submitted Election to Purchase and the
Company shall return all consideration paid by the Holder for such shares upon such rescission or (B) treat the attempted exercise
as a cashless exercise as described in the next paragraph and refund the cash portion of the exercise price to the Holder.

 

If
a Restrictive Legend Event has occurred and no exemption from the registration requirements is available, the Warrant shall only
be exercisable on a cashless basis. Notwithstanding anything herein to the contrary, the Company shall not be required to make
any cash payments or net cash settlement to the Holder in lieu of issuance of the Warrant Shares. Upon a “cashless exercise,”
the Holder shall be entitled to receive a certificate (or book entry) for the number of Warrant Shares equal to the quotient obtained
by dividing [(A-B) (X)] by (A), where:

 

(A)
= the VWAP on the Business Day immediately preceding the date on which the Holder elects to exercise the Warrant by means of a
“cashless exercise,” as set forth in the applicable Election to Purchase;

 

(B)
= the Exercise Price of the Warrant, as it may have been adjusted hereunder; and

 

(X)
= the number of Warrant Shares that would be issuable upon exercise of the Warrant in accordance with the terms of the Warrant
if such exercise were by means of a cash exercise rather than a cashless exercise.

 

Upon
receipt of an Election to Purchase for a cashless exercise, the Warrant Agent will promptly deliver a copy of the Election to
Purchase to the Company to confirm the number of Warrant Shares issuable in connection with the cashless exercise. The Company
shall calculate and transmit to the Warrant Agent, and the Warrant Agent shall have no obligation under this section to calculate,
the number of Warrant Shares issuable in connection with the cashless exercise.

 

“VWAP”
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 NYSE AMEX, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New
York Stock Exchange (each, a “Trading Market”), the daily volume weighted average price of the Common Stock
for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported
by Bloomberg L.P. (based on a trading day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time) on any day that
the Trading Market on which the Common Stock is then listed is open for trading), (b) the volume weighted average price of the
Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed
or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink Sheets”
published by OTC Markets, 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 (d) 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 Holders of a majority in interest of the Warrants
then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

    	 	A-2	 

     

    

 

The
Exercise Price and the number of Warrant Shares purchasable upon the exercise of each Warrant shall be subject to adjustment as
provided pursuant to Section 4 of the Warrant Agreement.

 

Upon
due presentment for registration of transfer or exchange of this Warrant Certificate at the stock transfer division of the Warrant
Agent, the Company shall execute, and the Warrant Agent shall countersign and deliver, as provided in Section 5 of the Warrant
Agreement, in the name of the designated transferee one or more new Warrant Certificates of any authorized denomination evidencing
in the aggregate a like number of unexercised Warrants, subject to the limitations provided in the Warrant Agreement.

 

Neither
this Warrant Certificate nor the Warrants evidenced hereby entitles the Holder to any of the rights of a stockholder of the Company,
including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote
or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors of
the Company or any other matter.

 

The
Warrant Agreement and this Warrant Certificate may be amended as provided in the Warrant Agreement including, under certain circumstances
described therein, without the consent of the Holder of this Warrant Certificate or the Warrants evidenced thereby.

 

THIS
WARRANT CERTIFICATE AND ALL RIGHTS HEREUNDER AND UNDER THE WARRANT AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS FORMED AND TO BE PERFORMED ENTIRELY WITHIN THE STATE
OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF TO THE EXTENT SUCH PRINCIPLES OR RULES WOULD REQUIRE OR
PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

 

This
Warrant Certificate shall not be entitled to any benefit under the Warrant Agreement or be valid or obligatory for any purpose,
and no Warrant evidenced hereby may be exercised, unless this Warrant Certificate has been countersigned by the manual signature
of the Warrant Agent.

 

    	 	A-3	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

Dated
as of ________ __, 2017

 

	 	RITTER
    PHARMACEUTICALS, INC.
	 	 	 
	 	By:	                                  
	 	Name:	 
	 	Title:	 

 

	CORPORATE
    STOCK TRANSFER, INC., as Warrant Agent
	 	 	 
	By:	              	 
	Name:	 	 
	Title:	 	 

 

    	 	A-4	 

     

    

 

[REVERSE]

 

Instructions
for Exercise of Warrant

 

To
exercise the Warrants evidenced hereby, the Holder must, by 5:00 P.M., New York City time, on the specified Exercise Date, deliver
to the Warrant Agent at its stock transfer division, a certified or official bank check or a bank wire transfer in immediately
available funds, in each case payable to the Company, in an amount equal to the Exercise Price in full for the Warrants exercised.
In addition, the Holder must provide the information required below and deliver this Warrant Certificate to the Warrant Agent
at the address set forth below and the Book-Entry Warrants to the Warrant Agent in its account with the Depository designated
for such purpose. The Warrant Certificate and this Election to Purchase must be received by the Warrant Agent by 5:00 P.M., New
York City time, on the specified Exercise Date.

 

ELECTION
TO PURCHASE

TO BE EXECUTED IF WARRANT HOLDER DESIRES

TO EXERCISE THE WARRANTS EVIDENCED HEREBY

 

The
undersigned hereby irrevocably elects to exercise, on __________, ____ (the “Exercise Date”), __________ Warrants,
evidenced by this Warrant Certificate, to purchase, __________ shares (the “Warrant Shares”) of Common Stock,
par value of $0.001 per share (the “Common Stock”) of Ritter Pharmaceuticals, Inc., a Delaware corporation
(the “Company”), and represents that on or before the Exercise Date:

 

[  ]
such Holder has tendered payment for such Warrant Shares by certified or official bank check payable to the order of the Company
c/o Corporate Stock Transfer, Inc., 3200 Cherry Creek South Drive, Suite 430, Denver, Colorado 80209, or by bank wire transfer
in immediately available funds payable to the Company at Account No. [  ], in each case in the amount of $_______ in
accordance with the terms hereof, or

 

[  ]
if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
3.3.7 of the Warrant Agreement, to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant
to the cashless exercise procedure set forth in subsection 3.3.7.

 

The
undersigned requests that said number of Warrant Shares be in fully registered form, registered in such names and delivered, all
as specified in accordance with the instructions set forth below.

 

If
said number of Warrant Shares is less than all of the Warrant Shares purchasable hereunder, the undersigned requests that a new
Warrant Certificate evidencing the remaining balance of the Warrants evidenced hereby be issued and delivered to the Holder of
the Warrant Certificate unless otherwise specified in the instructions below.

 

Dated:
________ __, ____

 

	 	Name	 	 
	 	 	(Please
    Print)	 

 

    	 	A-5	 

     

    

 

/
/ / / - / / / - / / / / /

(Insert
Social Security or Other Identifying Number of Holder)

 

	 	Address	 	 
	 			 
	 	 	 
	 	Signature		 

 

This
Warrant may only be exercised by presentation to the Warrant Agent at one of the following locations:

 

	 	By
    hand at: 	Corporate
    Stock Transfer, Inc.
	 	 	3200
    Cherry Creek South Drive, Suite 430
	 	 	Denver,
    Colorado 80209
	 	 	 
	 	By
    mail at:	Corporate
    Stock Transfer, Inc.
	 	 	3200
    Cherry Creek South Drive, Suite 430
	 	 	Denver,
    Colorado 80209

 

The
method of delivery of this Warrant Certificate is at the option and risk of the exercising Holder and the delivery of this Warrant
Certificate will be deemed to be made only when actually received by the Warrant Agent. If delivery is by mail, registered mail
with return receipt requested, properly insured, is recommended. In all cases, sufficient time should be allowed to ensure timely
delivery.

 

(Instructions
as to form and delivery of Warrant Shares and/or Warrant Certificates)

 

	Name
    in which Warrant Shares are to be registered if other than in the name of the Holder of this Warrant Certificate:	 
	 	 
	Address
    to which Warrant Shares are to be mailed if other than to the address of the Holder of this Warrant Certificate as shown on
    the books of the Warrant Agent:	 
	 	 
	 	(Street
    Address)
	 	 
	 	 
	 	(City
    and State) (Zip Code)

 

	Name
    in which Warrant Certificate evidencing unexercised Warrants, if any, is to be registered if other than in the name of the
    Holder of this Warrant Certificate:	 
	 	 
	Address
    to which certificate representing unexercised Warrants, if any, is to be mailed if other than to the address of the Holder
    of this Warrant Certificate as shown on the books of the Warrant Agent:	 

 

	 	(Street
    Address)
	 	 
	 	 
	 	(City
    and State) (Zip Code)
	 	 
	 	Dated:
	 	 
	 	Signature:
	 	 
	 	Signature
    must conform in all respects to the name of the Holder as specified on the face of this Warrant Certificate. If Warrant Shares,
    or a Warrant Certificate evidencing unexercised Warrants, are to be issued in a name other than that of the Holder hereof
    or are to be delivered to an address other than the address of such Holder as shown on the books of the Warrant Agent, the
    above signature must be guaranteed by a an Eligible Guarantor Institution (as that term is defined in Rule 17Ad-15 of the
    Securities Exchange Act of 1934, as amended).

 

    	 	A-6	 

     

    

 

SIGNATURE
GUARANTEE

 

	Name
    of Firm	 	 
	Address	 	 
	Area
    Code and Number	 	 

 

	Authorized
    Signature	 	 

 

	Name	 	 
	Title	 	 
	Dated:	_____________,
    20__	 

 

    	 	A-7	 

     

    

 

ASSIGNMENT

 

(FORM
OF ASSIGNMENT TO BE EXECUTED IF WARRANT HOLDER

DESIRES TO TRANSFER WARRANTS EVIDENCED HEREBY)

 

FOR
VALUE RECEIVED, ____________ HEREBY SELL(S), ASSIGN(S) AND TRANSFER(S) UNTO

 

	(Please
    print name and address

    including zip code of assignee)	 	(Please
    insert social security or

    other identifying number of assignee)

 

the
rights represented by the within Warrant Certificate and does hereby irrevocably constitute and appoint ____________ Attorney
to transfer said Warrant Certificate on the books of the Warrant Agent with full power of substitution in the premises.

 

	 	Dated:
	 	 
	 	Signature
	 	 
	 	(Signature
    must conform in all respects to the name of the Holder as specified on the face of this Warrant Certificate and must bear
    a signature guarantee by an Eligible Guarantor Institution (as that term is defined in Rule 17Ad-15 of the Securities Exchange
    Act of 1934, as amended).

 

SIGNATURE
GUARANTEE

 

	Name
    of Firm	 	 
	Address	 	 
	Area
    Code and Number	 	 

 

	Authorized
    Signature	 	 

 

	Name	 	 
	Title	 	 
	Dated:	_____________,
    20__	 

 

    	 	A-8EX-10.1

 Exhibit 10.1 

INCENTIVE STOCK OPTION AGREEMENT 

PURSUANT TO THE 

ALTIMMUNE, INC. 2017 OMNIBUS INCENTIVE PLAN 

* * * * * 
 Participant:
William Enright 
 Grant Date: September 22, 2017 
 Per
Share Exercise Price: $2.48 
 Number of Shares of Common Stock subject to this Option: 125,000 

Vesting: 
 A. Provided that the Participant has
not incurred a Termination prior to March 31, 2019 (the “Time Based Condition”), this Option shall vest and become exercisable (i.e., no longer be subject to forfeiture) on March 31, 2019 in three tranches as
follows (the “Performance Based Condition”): 
  

	 	(a)	One-third (1/3rd) of this Option shall vest and become exercisable if, and only if, at any time during the period commencing on the Grant Date and ending on
December 31, 2018 (the “Performance Period”), the Company’s Common Stock attained a closing price on the NASDAQ stock exchange equal to or greater than $3.75 per share for at least ten (10) consecutive trading days;

  

	 	(b)	An additional one-third (1/3rd) of this Option shall vest and become exercisable if, and only if, at any time during the Performance Period, the Company’s
Common Stock attained a closing price on the NASDAQ stock exchange equal to or greater than $5.00 per share for at least ten (10) consecutive trading days; and 

 

	 	(c)	The remaining one-third (1/3rd) of this Option shall vest and become exercisable if, and only if, at any time during the Performance Period, the Company’s
Common Stock attained a closing price on the NASDAQ stock exchange equal to or greater than $6.50 per share for at least ten (10) consecutive trading days. 

B. Notwithstanding the foregoing: 

(a) if the employment of the Participant is terminated by the Company without Cause (as defined below) or by the Participant for Good Reason
(as defined below) prior to March 31, 2019, other than a termination occurring subsequent to a Change in Control, then (i) the Time Based Condition shall be deemed to have been satisfied; (ii) the Performance Period hereunder shall
end on the earlier of (x) December 31, 2018 and (y) the date of such termination; and (iii) the achievement of the applicable stock price for each of the three tranches of the Performance Based Condition shall be determined with
reference to such Performance Period; and 
 (b) if a Change in Control shall occur on or before December 31, 2018, and the employment
of the Participant is terminated by the Company (or any successor thereto) without Cause or by the Participant for Good Reason within the period commencing on the occurrence of such Change in Control and ending on the earlier of (x) the first
anniversary of such Change in Control and (y) March 30, 2019, then (i) the Time Based Condition shall be deemed to have been satisfied; and (ii) the achievement of the applicable stock price for each of the three tranches of the
Performance Based Condition shall be determined with reference to the fair market value (as determined by the Committee in its sole discretion) of the consideration per share of Common Stock paid or payable to the stockholders of the Company in
respect of the consummation of such Change in Control on the date of the consummation of such Change in Control (and not, for the avoidance of doubt, any consideration that may subsequently become payable, whether pursuant to any earnouts,
royalties, milestone payments, escrows, holdbacks or otherwise); and 

 (c) if a Change of Control shall occur after December 31, 2018 and on or before
March 31, 2019, and the employment of the Participant is terminated by the Company (or any successor thereto) without Cause or by the Participant for Good Reason prior to March 31, 2019, then (i) the Time Based Condition shall be deemed to
have been satisfied; and (ii) the achievement of the applicable stock price for each of the three tranches of the Performance Based Condition shall be determined pursuant to Section A above during the Performance Period ending on
December 31, 2018. 
 C. The terms “Cause,” “Good Reason,” and “Change in Control” shall have the
meanings given to them in the Participant’s Amended and Restated Employment Agreement with the Company, dated December 7, 2015, as amended effective January 18, 2017 (the “Employment Agreement”) 

D. Notwithstanding anything contained in the Employment Agreement to the contrary, this Option shall not vest other than as expressly set
forth above; provided that the Committee may, at any time, in its sole discretion, accelerate the vesting of all or any portion of this Option. 

* * * * * 

THIS INCENTIVE STOCK OPTION AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered into
by and between Altimmune, Inc., a Delaware corporation (the “Company”), and the Participant specified above, pursuant to the Altimmune, Inc. 2017 Omnibus Incentive Plan, as in effect and as amended from time to time (the
“Plan”), which is administered by the Committee; and 
 WHEREAS, it has been determined under the Plan that it would be in
the best interests of the Company to grant the incentive stock option provided for herein to the Participant. 
 NOW, THEREFORE, in
consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows: 

1. Incorporation By Reference; Plan Document Receipt. This Agreement is subject in all respects to the terms and provisions of
the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the award provided hereunder), all of which terms and provisions are made a part
of and incorporated in this Agreement as if they were each expressly set forth herein. Any capitalized term not defined in this Agreement shall have the same meaning as is ascribed thereto in the Plan. The Participant hereby acknowledges receipt of
a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content. In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control. 

2. Grant of Option. The Company hereby grants to the Participant, as of the Grant Date specified above, an incentive stock
option (this “Option”) to acquire from the Company at the Per Share Exercise Price specified above, the aggregate number of shares of Common Stock specified above (the “Option Shares”). Except as otherwise provided
by the Plan, the Participant agrees and understands that nothing contained in this Agreement provides, or is intended to provide, the Participant with any 

  
 2 

 
protection against potential future dilution of the Participant’s interest in the Company for any reason. The Participant shall have no rights as a stockholder with respect to any shares of
Common Stock covered by this Option unless and until the Participant has become the holder of record of the shares of Common Stock, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of
any such shares, except as otherwise specifically provided for in the Plan or this Agreement. 
 3. Tax Matters. The Option
granted hereby is intended to qualify as an “incentive stock option” under Section 422 of the Code. Notwithstanding the foregoing, the Option will not qualify as an “incentive stock option,” among other events, (a) if
the Participant disposes of the Option Shares at any time during the two-year period following the date of this Agreement or the one-year period following the date of any exercise of the Option; (b) except in the event of the Participant’s
death or Disability, if the Participant is not employed by the Company, a Parent or a Subsidiary at all times during the period beginning on the date of this Agreement and ending on the day that is three months before the date of any exercise of the
Option; or (c) to the extent the aggregate fair market value of the Common Stock subject to “incentive stock options” held by the Participant which become exercisable for the first time in any calendar year (under all plans of the
Company, a Parent or a Subsidiary) exceeds $100,000. For purposes of clause (c) above, the “fair market value” of the Common Stock shall be determined as of the Grant Date. To the extent that the Option does not qualify as an
“incentive stock option,” it shall not affect the validity of the Option and shall constitute a separate non-qualified stock option. In the event that the Participant disposes of the Option Shares within either two (2) years following
the Grant Date or one year following the date of exercise of the Option, the Participant must deliver to the Company, within seven (7) days following such disposition, a written notice specifying the date on which such shares were disposed of,
the number of shares of Common Stock so disposed, and, if such disposition was by a sale or exchange, the amount of consideration received. 

4. Vesting; Detrimental Activity; Expiration. 

(a) Vesting. The Option subject to this grant shall become vested in accordance with the vesting schedule specified above. All vesting
of the Option granted hereunder shall occur only on the appropriate vesting date specified above, subject to the Participant’s continued service with the Company or any of its Subsidiaries through each applicable vesting date. There shall be no
proportionate or partial vesting in the periods prior to each vesting date. 
 (b) Effect of Detrimental Activity. The provisions of
Section 6.3(c)(ii) of the Plan regarding Detrimental Activity shall apply to the Option. The Participant acknowledges and agrees that the restrictions herein and in the Plan regarding Detrimental Activity are necessary for the protection of the
business and goodwill of the Company and its Affiliates, and are considered by the Participant to be reasonable for such purposes. Without intending to limit the legal or equitable remedies available in the Plan and in this Agreement, the
Participant acknowledges that engaging in Detrimental Activity will cause the Company and its Affiliates material irreparable injury for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries
precisely and that, in the event of such activity or threat thereof, the Company shall be entitled, in addition to the remedies provided under the Plan, to obtain from any court of competent jurisdiction a temporary restraining order or a
preliminary or permanent injunction restraining the Participant from engaging in Detrimental Activity or such other relief as may be required to specifically enforce any of the covenants in the Plan and this Agreement without the necessity of
posting a bond, and in the case of a temporary restraining order or a preliminary injunction, without having to prove special damages. 

(c) Expiration. The term of the Option shall be until the tenth anniversary of the Grant Date, after which time it shall expire (such
tenth anniversary date, the “Expiration Date”), subject to earlier termination in the event of the Participant’s Termination as specified in the Plan and this Agreement. Upon the Expiration Date, the Option (whether vested or
not) shall automatically be cancelled for no consideration, shall no longer be exercisable, and shall cease to be outstanding. 

  
 3 

 5. Termination. Subject to the terms of the Plan and this Agreement, the Option, to
the extent vested at the time of the Participant’s Termination, shall remain exercisable as follows: 
 (a) Termination due to Death
or Disability. In the event of the Participant’s Termination by reason of death or Disability, the vested portion of this Option shall remain exercisable until the earlier of (i) one year from the date of such Termination, and
(ii) the Expiration Date. 
 (b) Termination Without Cause. In the event of the Participant’s involuntary Termination by
the Company without Cause, the vested portion of this Option shall remain exercisable until the earlier of (i) ninety (90) days from the date of such Termination, and (ii) the Expiration Date. 

(c) Voluntary Termination. In the event of the Participant’s voluntary Termination, the vested portion of this Option shall remain
exercisable until the earlier of (i) thirty (30) days from the date of such Termination, and (ii) the Expiration Date. 
 (d)
Termination for Cause. In the event of the Participant’s Termination by the Company for Cause (or in the event of a voluntary Termination by the Participant after the occurrence of an event that would be grounds for a Termination
for Cause), the Option granted hereunder (whether or not vested) shall terminate and expire upon such Termination. 
 (e) Treatment of
Unvested Option upon Termination. Any portion of this Option that is not vested as of the date of the Participant’s Termination for any reason shall terminate and expire as of the date of such Termination. 

6. Method of Exercise and Payment. Subject to Section 9 hereof, to the extent that the Option has become vested and
exercisable with respect to a number of shares of Common Stock as provided herein, the Option may thereafter be exercised by the Participant, in whole or in part, at any time or from time to time prior to the expiration of the Option as provided
herein and in accordance with Section 6.3 of the Plan, including, without limitation, by the delivery of any form of exercise notice as may be required by the Committee and payment in full of the Per Share Exercise Price multiplied by the
number of shares of Common Stock underlying the portion of the Option exercised. 
 7. Non-transferability. The Option,
and any rights and interests with respect thereto, issued under this Agreement and the Plan shall not, prior to vesting, be sold, exchanged, Transferred, assigned or otherwise disposed of in any way by the Participant (or any beneficiary(ies) of the
Participant), other than by testamentary disposition by the Participant or the laws of descent and distribution. Any attempt to sell, exchange, Transfer, assign, pledge, encumber or otherwise dispose of or hypothecate in any way the Option, or the
levy of any execution, attachment or similar legal process upon the Option, contrary to the terms and provisions of this Agreement and/or the Plan shall be null and void and without legal force or effect. 

8. Governing Law. All questions concerning the construction, validity and interpretation of this Agreement shall be governed by,
and construed in accordance with, the laws of the State of Delaware, without regard to choice of law principles (whether of the State of Delaware or otherwise) that would result in the application of the law of any other jurisdiction. 

9. Withholding of Tax. The Company or any Affiliate shall have the power and the right to deduct or withhold, require the
Participant to remit to the Company or such Affiliate, or make any other arrangements as it considers appropriate to ensure that it has received, an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind (including, but
not limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary to be withheld or remitted to 

  
 4 

 
comply with the Code and/or any other applicable law, rule or regulation with respect to the Option and, if the Participant fails to do so, the Company may otherwise refuse to issue or Transfer
any shares of Common Stock otherwise required to be issued pursuant to this Agreement. 
 10. Recoupment Policy. The
Participant acknowledges and agrees that this Option (including any shares of Common Stock issued upon exercise thereof) shall be subject to the terms and provisions of any “clawback” or recoupment policy that may be adopted by the Company
or its Affiliates from time to time or as may be required by any applicable law (including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations thereunder). 

11. Notices. Any notice or communication given hereunder shall be in writing and shall be deemed to have been duly given:
(i) when delivered in person; (ii) two (2) days after being sent by United States mail; or (iii) on the first business day following the date of deposit if delivered by a nationally recognized overnight delivery service, in each
case, to the appropriate party at the address set forth below (or such other address as the party may from time to time specify): 
 If to
the Company, to: 
 Altimmune, Inc. 

19 Firstfield Road, Suite 200 

Gaithersburg, MD 20878 

Attention: Chief Executive Officer 

with a copy (which shall not constitute notice) to: 

Proskauer Rose LLP 
 One
International Place 
 Boston, MA 02110 

Attention: Ori Solomon, Esq. 

If to the Participant, to the address on file with the Company. 

12. No Right to Employment. Nothing contained in this Agreement shall affect the right of the Company or any of its Affiliates
to terminate the Participant’s employment at any time, with or without Cause, or shall be deemed to create any rights to employment or continued employment. The rights and obligations arising under this Agreement are not intended to and do not
affect the Participant’s employment relationship that otherwise exists between the Participant and the Company or any of its Affiliates, whether such employment relationship is at will or defined by an employment contract. Moreover, this
Agreement is not intended to and does not amend any existing employment contract between the Participant and the Company or any of its Affiliates; to the extent there is a conflict between this Agreement and such an employment contract, the
employment contract shall govern and take priority. 
 13. Data Protection. By executing this Agreement, the Participant
hereby consents to the holding and processing of personal information provided by the Participant to the Company, any Affiliate thereof, trustee or third party service provider, for all purposes relating to the operation of the Plan. These include,
but are not limited to: (i) administering and maintaining Participant records; (ii) providing information to the Company, its Affiliates, trustees of any employee benefit trust, registrars, brokers or third party administrators of the
Plan; (iii) providing information to future purchasers or merger partners of the Company or any Affiliate thereof, or the business in which the Participant works; and (iv) transferring information about the Participant to any country or
territory that may not provide the same protection for the information as the Participant’s home country. 

  
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 14. Market Stand-Off. If requested by the Company, any Affiliate or the lead
underwriter of any public offering of the shares of Common Stock (the “Lead Underwriter”), the Participant shall irrevocably agree not to sell, contract to sell, grant any option to purchase, transfer the economic risk of ownership
in, make any short sale of, pledge or otherwise Transfer or dispose of, any interest in any shares of Common Stock or any securities convertible into, derivative of, or exchangeable or exercisable for shares of Common Stock, or any other rights to
purchase or acquire shares of Common Stock (except shares of Common Stock included in such public offering or acquired on the public market after such offering) during such period of time following the effective date of a registration statement of
the Company filed under the Securities Act that the Lead Underwriter shall specify (the “Lock-up Period”). The Participant shall further agree to sign such documents as may be requested by the Lead Underwriter, the Company or any
Affiliate to effect the foregoing and agree that the Company or an Affiliate may impose stop transfer instructions with respect to shares of Common Stock acquired pursuant to an Award until the end of such Lock-up Period. 

15. Compliance with Laws. The issuance of this Option (and the shares of Common Stock upon exercise of this Option) pursuant to
this Agreement shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act, the
Exchange Act and in each case any respective rules and regulations promulgated thereunder) and any other law or regulation applicable thereto. The Company shall not be obligated to issue this Option or any of the shares of Common Stock pursuant to
this Agreement if any such issuance would violate any such requirements. 
 16. Section 409A. Notwithstanding anything
herein or in the Plan to the contrary, the Option is intended to be exempt from the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such intent. 

17. Binding Agreement; Assignment. This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the
Company and its successors and assigns. The Participant shall not assign any part of this Agreement without the prior express written consent of the Company. 

18. Headings. The titles and headings of the various sections of this Agreement have been inserted for convenience of reference
only and shall not be deemed to be a part of this Agreement. 
 19. Counterparts. This Agreement may be executed in one
or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument. 
 20.
Severability. The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity,
legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law. 

21. Entire Agreement; Amendment. This Agreement, together with the Plan, contains the entire agreement between the parties
hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter. The Committee shall have the right, in its sole
discretion, to modify or amend this Agreement from time to time in accordance with and as provided in the Plan. This Agreement may also be modified or amended by a writing signed by both the Company and the Participant. The Company shall give
written notice to the Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof. 

22. Mode of Communications. The Participant agrees, to the fullest extent permitted by applicable law, in lieu of receiving
documents in paper format, to accept electronic delivery of any 

  
 6 

 
documents that the Company or any of its Affiliates may deliver in connection with this Option grant and any other grants offered by the Company or its Affiliates, including, without limitation,
prospectuses, grant notifications, account statements, annual or quarterly reports, and other communications. Electronic delivery of a document may be made via the Company’s email system or by reference to a location on the Company’s
intranet or website or the online brokerage account system. 
 23. Acquired Rights. The Participant acknowledges and agrees
that: (a) the Company may terminate or amend the Plan at any time; (b) the award of the Option made under this Agreement is completely independent of any other award or grant and is made at the sole discretion of the Company; (c) no
past grants or awards (including, without limitation, the Option awarded hereunder) give the Participant any right to any grants or awards in the future whatsoever; and (d) any benefits granted under this Agreement are not part of the
Participant’s ordinary salary, and shall not be considered as part of such salary in the event of severance, redundancy or resignation. 

[Remainder of Page Intentionally Left Blank] 

  
 7 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

			
	ALTIMMUNE, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	PARTICIPANT
	
	 
	Name:	 	William Enright

 
			
	Social Security Number:	 	 

  
 8

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