Document:

Exhibit
4.1

 

AKERS
BIOSCIENCES, INC.

 

and

 

VSTOCK
TRANSFER, LLC

 

Rights
Agent

 

Rights
Agreement

 

Dated
as of September 9, 2020

 

    	 

     

    

 

Table
of Contents

 

	Section	 	 	Page
	 	 	 	 
	Section
    1.	 	Certain
    Definitions	1
	Section
    2.	 	Appointment
    of Rights Agent	8
	Section
    3. 	 	Issuance
    of Rights Certificates.	8
	(a)
    	 	Distribution
    Date; Rights Certificates	8
	(b)
    	 	Common
    Stock Certificates; Summary of Rights	9
	(c)
    	 	Legend	9
	Section
    4. 	 	Form
    of Rights Certificates.	10
	(a)
    	 	Form;
    Date	10
	(b)
    	 	Acquiring
    Person Legend	11
	Section
    5. 	 	Countersignature
    and Registration.	11
	(a)
    	 	Signatures	11
	(b)
    	 	Registration
    and Transfer	12
	Section
    6. 	 	Transfer,
    Split Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates.	12
	(a)
    	 	Procedure	12
	(b)
    	 	Issuance
    of New Rights Certificates	12
	Section
    7. 	 	Exercise
    of Rights; Purchase Price; Expiration Date of Rights.	13
	(a)
    	 	Exercise	13
	(b)
    	 	Purchase
    Price	14
	(c)
    	 	Rights
    Agent Actions	14
	(d)
    	 	Partial
    Exercise	14
	(e)
    	 	Termination
    of Acquiring Person’s Rights	14
	(f)
    	 	Surrender
    of Rights Certificates; Identity of Beneficial Owner	15
	Section
    8. 	 	Cancellation
    and Destruction of Rights Certificates	15
	Section
    9. 	 	Reservation
    and Availability of Preferred Stock.	15
	(a)
    	 	Reservation
    of Preferred Stock	15
	(b)
    	 	Listing	15
	(c)
    	 	Registration
    under the Act	15
	(d)
    	 	Covenant
    Regarding Preferred Stock	16
	(e)
    	 	Transfer
    Taxes and Charges	16

 

    	ii

     

    

 

Table
of Contents

(continued)

 

	Section	 	 	Page
	 	 	 	 
	Section
    10. 	 	Preferred
    Stock Record Date	16
	Section
    11. 	 	Adjustment
    of Purchase Price; Number and Kind of Shares or Number of Rights	17
	(a)
    	 	Certain
    Adjustments.	17
	(b)
    	 	Purchase
    Price Adjustment — Capital Stock	20
	(c)
    	 	Purchase
    Price Adjustment — Cash, Assets, etc	20
	(d)
    	 	Current
    Market Price.	21
	(e)
    	 	Purchase
    Price Adjustment Threshold	22
	(f)
    	 	Equivalent
    Adjustments	22
	(g)
    	 	Post-Adjustment
    Rights Issuances	22
	(h)
    	 	Preferred
    Stock Anti-Dilution	23
	(i)
    	 	Adjustment
    of Number of Rights	23
	(j)
    	 	Rights
    Certificates	23
	(k)
    	 	Adjustment
    Below Par Value	24
	(l)
    	 	Adjustment
    Effective as of Future Date; Exercise	24
	(m)
    	 	Tax
    Adjustments	24
	(n)
    	 	Restriction
    on Certain Transactions	24
	(o)
    	 	Restriction
    Against Diminishing Benefits of the Rights	24
	(p)
    	 	Common
    Stock Adjustments	25
	Section
    12. 	 	Certificate
    of Adjusted Purchase Price or Number of Shares	25
	Section
    13. 	 	Consolidation,
    Merger or Sale or Transfer of Assets or Earning Power.	26
	(a)
    	 	Flip-over
    Event	26
	(b)
    	 	Principal
    Party	26
	(c)
    	 	Supplemental
    Agreement	27
	(d)
    	 	Certain
    Approved Transactions.	28
	Section
    14. 	 	Fractional
    Rights and Fractional Shares.	28
	(a)
    	 	Fractional
    Rights	28
	(b)
    	 	Fractional
    Shares of Preferred Stock	29
	(c)
    	 	Fractional
    Shares of Common Stock	29
	(d)
    	 	Waiver
    of Fractional Rights and Shares	29

 

    	iii

     

    

 

Table
of Contents

(continued)

 

	Section	 	 	Page
	 	 	 	 
	Section
    15. 	 	Rights
    of Action	30
	Section
    16. 	 	Agreement
    of Rights Holders	30
	Section
    17. 	 	Rights
    Certificate Holder Not Deemed a Stockholder	31
	Section
    18. 	 	Concerning
    the Rights Agent.	31
	(a)
    	 	Compensation	31
	(b)
    	 	Reliance	31
	Section
    19. 	 	Merger
    or Consolidation or Change of Name of Rights Agent.	31
	(a)
    	 	Successor	31
	(b)
    	 	Prior
    Countersignatures	32
	Section
    20. 	 	Duties
    of Rights Agent	32
	(a)
    	 	Legal
    Counsel	32
	(b)
    	 	Certification
    by the Company	32
	(c)
    	 	Liability
    for Gross Negligence, etc	32
	(d)
    	 	Statements
    of Fact or Recitals	33
	(e)
    	 	Agreement;
    Adjustments	33
	(f)
    	 	Further
    Assurances	33
	(g)
    	 	Instructions	33
	(h)
    	 	Dealing
    in Rights	33
	(i)
    	 	Agents;
    Reasonable Care	33
	(j)
    	 	Expenses;
    Repayment Assurances	34
	(k)
    	 	Exercise
    of Rights; Consultation with Company	34
	Section
    21. 	 	Change
    of Rights Agent	34
	Section
    22. 	 	Issuance
    of New Rights Certificates	34
	Section
    23. 	 	Redemption
    and Termination.	35
	(a)
    	 	Redemption	35
	(b)
    	 	Effect
    of Redemption; Procedure	35
	Section
    24. 	 	Exchange.	36
	(a)
    	 	Right
    to Exchange	36
	(b)
    	 	Effect
    of Exchange; Procedure	36
	(c)
    	 	Common
    Stock Equivalents	37
	(d)
    	 	Insufficient
    Common Stock	37
	(e)
    	 	Fractional
    Shares	37

 

    	iv

     

    

 

Table
of Contents

(continued)

 

	Section	 	 	Page
	 	 	 	 
	Section
    25. 	 	Notice
    of Certain Events.	38
	(a)
    	 	Preferred
    Stock Transactions, etc	38
	(b)
    	 	Other
    Transactions	38
	Section
    26. 	 	Notices	38
	Section
    27. 	 	Supplements
    and Amendments	39
	Section
    28. 	 	Successors	39
	Section
    29. 	 	Determinations
    and Actions by the Board of Directors, etc	39
	Section
    30. 	 	Benefits
    of this Agreement	40
	Section
    31. 	 	Severability	40
	Section
    32. 	 	Governing
    Law	40
	Section
    33. 	 	Counterparts	40
	Section
    34. 	 	Descriptive
    Headings	40
			 	 
	Exhibit
    1	 	Form
    of Certificate of Designations of Series E Junior Participating Preferred Stock	 
	 	 	 	 
	Exhibit
    2	 	Form
    of Rights Certificate	 
	 	 	 	 
	Exhibit
    3	 	Summary
    of Rights	 

 

    	v

     

    

 

RIGHTS
AGREEMENT

 

RIGHTS
AGREEMENT, dated as of September 9, 2020, between AKERS BIOSCIENCES, INC., a New Jersey corporation (the “Company”),
and VSTOCK TRANSFER, LLC (the “Rights Agent”).

 

RECITALS

 

On
September 9, 2020 (the “Rights Dividend Declaration Date”), the Board of Directors of the Company (the
“Board”) (i) authorized and declared a dividend distribution of one preferred share purchase right (a
“Right”) for each share of Common Stock (as hereinafter defined) of the Company outstanding at the close
of business on September 21, 2020 (the “Record Date”), each Right initially representing the right to
purchase one one-thousandth of a share of Series E Junior Participating Preferred Stock, no par value with a stated value of $0.001
per share, of the Company having the rights, powers and preferences set forth in the Certificate of Designations of Series E Junior
Participating Preferred Stock, substantially similar to that attached hereto as Exhibit 1, upon the terms and subject to
the conditions hereinafter set forth, and (ii) further authorized the issuance of one Right (as such number may be hereafter adjusted
as provided herein) for each share of Common Stock of the Company issued between the Record Date (whether originally issued or
delivered from the Company’s treasury) and the Distribution Date;

 

AGREEMENT

 

In
consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:

 

Section
1.  Certain Definitions. For purposes of this Agreement, the following terms have the meanings indicated:

 

(a)
“Acquiring Person” shall mean any Person (as such term is hereinafter defined) who or which, together
with all Affiliates and Associates of such Person, shall be the Beneficial Owner (as such term is hereinafter defined) of 10%
or more of the shares of Common Stock then outstanding, but shall not include an Exempt Person (as such term is hereinafter defined);
provided, however, that

 

(i)
if the Board determines in good faith that a Person who would otherwise be an Acquiring Person, as defined pursuant to the foregoing
provisions of this paragraph, has become such inadvertently (including, without limitation, because (A) such Person was unaware
that it beneficially owned a percentage of Common Stock that would otherwise cause such Person to be an Acquiring Person, or (B)
such Person was aware of the extent of its Beneficial Ownership of Common Stock but had no actual knowledge of the consequences
of such Beneficial Ownership under this Agreement) and without any intention of changing or influencing control of the Company,
then such Person shall not be deemed to be or to have become an “Acquiring Person” for any purposes of this Agreement
unless and until such Person shall have failed to divest itself, as soon as practicable (as determined by the Board), of Beneficial
Ownership of a sufficient number of shares of Common Stock so that such Person would no longer otherwise qualify as an “Acquiring
Person”;

 

    	1

     

    

 

(ii)
if, as of the date hereof or prior to the first public announcement of the adoption of this Agreement, any Person is or becomes
the Beneficial Owner of 10% or more of the shares of Common Stock outstanding, such Person shall not be deemed to be or to become
an “Acquiring Person” unless and until such time as such Person shall, after the first public announcement of the
adoption of this Agreement, become the Beneficial Owner of any additional shares of Common Stock (other than pursuant to a dividend
or distribution paid or made by the Company on the outstanding Common Stock or pursuant to a split or subdivision of the outstanding
Common Stock), unless, upon becoming the Beneficial Owner of such additional shares of Common Stock, such Person is not then the
Beneficial Owner of 10% or more of the shares of Common Stock then outstanding;

 

(iii)
no Person shall become an “Acquiring Person” solely as a result of any unilateral grant of any security by the Company
or through the exercise of any options, warrants, rights or similar interests (including restricted stock) granted by the Company
to its directors, officers and employees;

 

(iv)
no Person shall become an “Acquiring Person” solely as the result of an acquisition or cancelation of shares of Common
Stock by the Company which, by reducing the number of shares of Common Stock outstanding, increases the proportion of the shares
of Common Stock beneficially owned by such Person to 10% or more of the Common Stock then outstanding; provided, however, that
if a Person shall become the Beneficial Owner of 10% or more of the shares of Common Stock then outstanding by reason of such
share acquisitions by the Company and shall thereafter become the Beneficial Owner of any additional shares of Common Stock (other
than pursuant to a dividend or distribution paid or made by the Company on the outstanding Common Stock or pursuant to a split
or subdivision of the outstanding Common Stock), then such Person shall be deemed to be an “Acquiring Person” unless,
upon becoming the Beneficial Owner of such additional shares of Common Stock, such Person does not beneficially own 10% or more
of the shares of Common Stock then outstanding;

 

(v)
if such Person is a bona fide swaps dealer who has become an “Acquiring Person” as a result of its actions in the
ordinary course of its business that the Board determines, in its sole discretion, were taken without the intent or effect of
evading or assisting any other Person to evade the purposes and intent of this Agreement, and without the intent of obtaining,
changing or influencing control of the management or policies of the Company; and

 

(vi)
no Person shall become an “Acquiring Person” solely as the result of the acquisition by such Person of Beneficial
Ownership of shares of Common Stock from an individual who, on the later of the date hereof and the first public announcement
of this Agreement, is the Beneficial Owner of 10% or more of the Common Stock then outstanding if such shares of Common Stock
are received by such Person upon such individual’s death pursuant to such individual’s will or pursuant to a charitable
trust created by such individual for estate planning purposes.

 

    	2

     

    

 

With
respect to any Person, for all purposes of this Agreement, any calculation of the number of shares of Common Stock outstanding
at any particular time, including for purposes of determining the particular percentage of the outstanding shares of Common Stock
of which any such Person is the Beneficial Owner, shall include the number of shares of Common Stock not outstanding at the time
of such calculation that such Person is otherwise deemed to beneficially own for purposes of this Agreement, but the number of
shares of Common Stock not outstanding that such Person is otherwise deemed to beneficially own for purposes of this Agreement
shall not be included for the purpose of computing the percentage of the outstanding shares of Common Stock beneficially owned
by any other Person (unless such other Person is also deemed to beneficially own for purposes of this Agreement such shares of
Common Stock not outstanding).

 

(b)
“Act” shall mean the Securities Act of 1933, as amended and in effect from time to time.

 

(c)
“Adjustment Shares” shall have the meaning set forth in Section 11(a)(ii) (Adjustment of Purchase
Price; Number and Kind of Shares or Number of Rights — Certain Adjustments).

 

(d)
“Affiliate” and “Associate” shall have the respective meanings ascribed to
such terms in Rule 12b-2 of the General Rules and Regulations under the Exchange Act.

 

(e)
“Agreement” shall mean this Rights Agreement as originally executed or as it may from time to time be
supplemented or amended pursuant to the applicable provisions hereof.

 

(f)
A Person shall be deemed the “Beneficial Owner” of, and shall be deemed to “beneficially
own,” any securities:

 

(i)
of which such Person or any of such Person’s Affiliates or Associates, directly or indirectly, has the right to acquire
(whether such right is exercisable immediately or only after the passage of time or upon the satisfaction of one or more conditions)
pursuant to any agreement, arrangement or understanding (whether or not in writing) or upon the exercise of conversion rights,
exchange rights, rights (other than the Rights), warrants or options, or otherwise; provided, however, that a Person
shall not be deemed the “Beneficial Owner” of, or to “beneficially own,” (A) securities tendered pursuant
to a tender or exchange offer made by or on behalf of such Person or any of such Person’s Affiliates or Associates until
such tendered securities are accepted for purchase or exchange, (B) securities issuable upon exercise of Rights at any time prior
to the occurrence of a Triggering Event, (C) securities issuable upon exercise of Rights from and after the occurrence of a Triggering
Event, which Rights were acquired by such Person or any of such Person’s Affiliates or Associates prior to the Distribution
Date or pursuant to Section 3(a) (Issuance of Rights Certificates — Distribution Date; Rights Certificates)
or Section 22 (Issuance of New Rights Certificates) (the “Original Rights”) or pursuant to Section
11(i) (Adjustment of Purchase Price; Number and Kind of Shares or Number of Rights — Adjustment of Number of Rights)
in connection with an adjustment made with respect to any Original Rights or (D) or (z) securities which such Person or any of
such Person’s Affiliates or Associates may acquire, does or do acquire or may be deemed to have the right to acquire, pursuant
to any merger or other acquisition agreement between the Company and such Person (or one or more of such Person’s Affiliates
or Associates) if such agreement has been approved by the Board prior to such Person’s becoming an Acquiring Person;

 

    	3

     

    

 

(ii)
which such Person or any of such Person’s Affiliates or Associates, directly or indirectly, has the right to vote or dispose
of or has “beneficial ownership” of (as determined pursuant to Rule 13d-3 of the General Rules and Regulations under
the Exchange Act), including pursuant to any agreement, arrangement or understanding (whether or not in writing); provided,
however, that a Person shall not be deemed the “Beneficial Owner” of, or to “beneficially own,”
any security under this subparagraph (ii) as a result of an agreement, arrangement or understanding to vote such security if such
agreement, arrangement or understanding (A) arises solely from a revocable proxy or consent given to such Person in response to
a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable provisions of the General Rules
and Regulations under the Exchange Act and (B) is not also then reportable on Schedule 13D under the Exchange Act (or any comparable
or successor report);

 

(iii)
which are beneficially owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) with which such
Person (or any of such Person’s Affiliates or Associates) has any agreement, arrangement or understanding (whether or not
in writing), for the purpose of acquiring, holding, voting (except pursuant to a revocable proxy as described in the proviso to
subparagraph (ii) of this definition) or disposing of any voting securities of the Company; or

 

(iv)
which are beneficially owned, directly or indirectly, by a Counterparty (or any of such Counterparty’s Affiliates or Associates)
under any Derivatives Contract (without regard to any short or similar position under the same or any other Derivatives Contract)
to which such Person or any of such Person’s Affiliates or Associates is a Receiving Party (as such terms are defined in
the definition of Derivatives Contract); provided, however, that the number of Common Stock that a Person is deemed to Beneficially
Own pursuant to this clause (iv) in connection with a particular Derivatives Contract shall not exceed the number of Notional
Common Stock with respect to such Derivatives Contract; provided, further, that the number of securities beneficially owned by
each Counterparty (including its Affiliates and Associates) under a Derivatives Contract shall for purposes of this clause (iv)
be deemed to include all securities that are beneficially owned, directly or indirectly, by any other Counterparty (or any of
such other Counterparty’s Affiliates or Associates) under any Derivatives Contract to which such first Counterparty (or
any of such first Counterparty’s Affiliates or Associates) is a Receiving Party, with this proviso being applied to successive
Counterparties as appropriate.;

 

provided,
however, that nothing in this definition shall cause a Person engaged in business as an underwriter of securities to be
the “Beneficial Owner” of or to “beneficially own,” any securities acquired through such Person’s
participation in good faith in a firm commitment underwriting until the expiration of forty (40) calendar days after the date
of such acquisition or such later date as the Board may determine in any specific case.

 

    	4

     

    

 

Notwithstanding
anything in this definition of Beneficial Ownership to the contrary, the phrase “then outstanding,” when used with
reference to a Person’s Beneficial Ownership of securities of the Company, shall mean the number of such securities then
issued and outstanding together with the number of such securities not then actually issued and outstanding which such Person
would be deemed to beneficially own hereunder.

 

(g)
“Board” shall have the meaning set forth in the Recital at the beginning of the Agreement.

 

(h)
“Business Day” shall mean any day other than a Saturday, Sunday or a day on which banking institutions
in the State of New Jersey are authorized or obligated by law or executive order to close.

 

(i)
“Close of Business” on any given date shall mean 5:00 P.M., Eastern time, on such date; provided,
however, that if such date is not a Business Day it shall mean 5:00 P.M., Eastern time, on the next succeeding Business
Day.

 

(j)
“Common Stock” shall mean the common stock, no par value, of the Company, except that “Common
Stock” when used with reference to any Person other than the Company shall mean the capital stock of such Person with the
greatest voting power, or the equity securities or other equity interest having power to control or direct the management, of
such Person.

 

(k)
“Common Stock Equivalents” shall have the meaning set forth in Section 11(a)(iii) (Adjustment of
Purchase Price; Number and Kind of Shares or Number of Rights — Certain Adjustments).

 

(l)
“Company” shall mean the Person named as the “Company” in the first paragraph of this Agreement
until a successor corporation shall have become such, or until a Principal Party shall assume, and thereafter be liable for, all
obligations and duties of the Company hereunder, pursuant to the applicable provisions of this Agreement, and thereafter “Company”
shall mean such successor corporation or Principal Party.

 

(m)
“Current Market Price” shall have the meaning set forth in Section 11(d) (Adjustment of Purchase
Price; Number and Kind of Shares or Number of Rights — Current Market Price).

 

(n)
“Current Value” shall have the meaning set forth in Section 11(a)(iii) (Adjustment of Purchase Price;
Number and Kind of Shares or Number of Rights — Certain Adjustments).

 

(o)
“Derivatives Contract” means a contract between two parties (the “Receiving
Party” and the “Counterparty”) that is designed to produce economic benefits and
risks to the Receiving Party that substantially correspond to the ownership by the Receiving Party of a number of shares of
Common Stock specified or referenced in such contract (the number corresponding to such economic benefits and risks, the
“Notional Common Stock”), regardless of whether (i) obligations under such contract are required or
permitted to be settled through the delivery of cash, Common Stock or other property, or (ii) such contract conveys any
voting rights in Common Stock, without regard to any short position under the same or any other Derivatives Contract. For
the avoidance of doubt, interests in broad-based index options, broad-based index futures and broad-based publicly traded
market baskets of stocks approved for trading by the appropriate federal governmental authority shall not be deemed to be
Derivatives Contracts.

 

    	5

     

    

 

(q)
“Distribution Date” shall have the meaning set forth in Section 3(a) (Issuance of Rights Certificates
— Distribution Date; Rights Certificates).

 

(r)
“Equivalent Preferred Stock” shall have the meaning set forth in Section 11(b) (Adjustment of Purchase
Price; Number and Kind of Shares or Number of Rights — Purchase Price Adjustment — Capital Stock).

 

(s)
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended and in effect on the date
of this Agreement.

 

(t)
“Exchange Ratio” shall have the meaning set forth in Section 24(a) (Exchange – Right to Exchange).

 

(u)
“Exempt Person” shall mean the Company, any Subsidiary of the Company, any employee benefit plan of
the Company or of any Subsidiary of the Company, or any Person or entity organized, appointed or established by the Company for
or pursuant to the terms of any such plan.

 

(v)
“Expiration Date” shall have the meaning set forth in Section 7(a) (Exercise of Rights; Purchase
Price; Expiration Date of Rights — Exercise).

 

(w)
“Final Expiration Date” shall mean the Close of Business on September 8, 2021.

 

(x)
“Flip-in Event” shall mean any event described in Section 11(a)(ii) (Adjustment of Purchase Price;
Number and Kind of Shares or Number of Rights — Certain Adjustments).

 

(y)
“Flip-in Trigger Date” shall have the meaning set forth in Section 11(a)(iii) (Adjustment of Purchase
Price; Number and Kind of Shares or Number of Rights — Certain Adjustments).

 

(z)
“Flip-over Event” shall mean any event described in clauses (x), (y) or (z) of Section 13(a) (Consolidation,
Merger or Sale or Transfer of Assets or Earning Power — Flip-over Event).

 

(aa)
“Original Rights” shall have the meaning set forth in Section 1(f)(i) (Certain Definitions).

 

(bb)
“Ownership Statement” shall have the meaning set forth in Section 3(c) (Issuance of Rights Certificates
— Legend).

 

(cc)
“Person” shall mean any individual, firm, corporation, limited liability company, partnership or other
entity.

 

(dd)
“Preferred Stock” shall mean the Series E Junior Participating Preferred Stock, no par value with a
stated value of $0.001 per share, of the Company having the rights and preferences set forth in the form of Certificate of Designations
of Series E Junior Participating Preferred Stock substantially similar to that attached hereto as Exhibit 1, and, to the
extent that there is not a sufficient number of shares of Series E Junior Participating Preferred Stock authorized to permit the
full exercise of the Rights, any other series of preferred stock, no par value with a stated value of $0.001 per share, of the
Company designated for such purpose containing terms substantially similar to the terms of the Series E Junior Participating Preferred
Stock.

 

    	6

     

    

 

(ee)
“Principal Party” shall have the meaning set forth in Section 13(b) (Consolidation, Merger or Sale
or Transfer of Assets or Earning Power — Principal Party).

 

(ff)
“Purchase Price” shall have the meaning set forth in Section 4(a) (Form of Rights Certificates
— Form; Date).

 

(gg)
“Record Date” shall have the meaning set forth in the Recital at the beginning of the Agreement.

 

(hh)
“Redemption Date” shall have the meaning set forth in Section 23(a) (Redemption and Termination
— Redemption).

 

(ii)
“Redemption Price” shall have the meaning set forth in Section 23(a) (Redemption and Termination
— Redemption).

 

(jj)
“Rights” shall have the meaning set forth in the Recital at the beginning of the
Agreement.

 

(kk)
“Rights Agent” shall mean the Person named as the “Rights Agent” in the first paragraph
of this Agreement until a successor Rights Agent shall have become such pursuant to the applicable provisions hereof and
thereafter “Rights Agent” shall mean such successor Rights Agent

 

(ll)
.. If at any time there is more than one Person appointed by the Company as Rights Agent pursuant to the applicable provisions
of this Agreement, “Rights Agent” shall mean and include each such Person.

 

(mm)
“Rights Certificates” shall have the meaning set forth in Section 3(a) (Issuance of Rights Certificates
— Distribution Date; Rights Certificates).

 

(nn)
“Rights Dividend Declaration Date” shall have the meaning set forth in the Recital at the beginning
of the Agreement.

 

(oo)
“SEC” means the United States Securities and Exchange Commission.

 

(pp)
“Spread” shall have the meaning set forth in Section 11(a)(iii) (Adjustment of Purchase Price; Number
and Kind of Shares or Number of Rights — Certain Adjustments).

 

(qq)
“Stock Acquisition Date” shall mean the first date of public announcement (which, for purposes of this
definition, shall include, without limitation, a report filed or amended pursuant to Section 13(d) under the Exchange Act) by
the Company or an Acquiring Person that an Acquiring Person has become such.

 

    	7

     

    

 

(rr)
“Subsidiary” shall mean, with reference to any Person, any corporation or other entity of which at least
a majority of the voting power of equity securities or majority of the equity interest is beneficially owned, directly or indirectly,
by such Person, or otherwise controlled by such Person.

 

(ss)
“Substitution Period” shall have the meaning set forth in Section 11(a)(iii) (Adjustment of Purchase
Price; Number and Kind of Shares or Number of Rights — Certain Adjustments).

 

(tt)
“Trading Day” shall have the meaning set forth in Section 11(d)(i) (Adjustment of Purchase Price;
Number and Kind of Shares or Number of Rights — Current Market Price).

 

(uu)
“Triggering Event” shall mean any Flip-in Event or any Flip-over Event.

 

(vv)
“Trust” shall have the meaning set forth in Section 24(b) (Exchange — Effect of Exchange;
Procedure).

 

(ww)
“Trust Agreement” shall have the meaning set forth in Section 24(b) (Exchange — Effect
of Exchange; Procedure).

 

Section 2. Appointment
of Rights Agent. The Company hereby appoints the Rights Agent to act as agent for the Company in accordance with the
terms and conditions hereof, and the Rights Agent hereby accepts such appointment. The Company may from time to time appoint
such Co-Rights Agents as it may deem necessary or desirable.

 

Section
3. Issuance of Rights Certificates.

 

(a)
Distribution Date; Rights Certificates. Until the earlier of (i) the Close of Business on the tenth Business Day after
the Stock Acquisition Date, or (ii) the Close of Business on the tenth Business Day (or such later date as may be determined by
the Board prior to such time as any Person becomes an Acquiring Person) after the date of commencement by any Person (other than
an Exempt Person) of, or of the first public announcement of the intention of any Person (other than an Exempt Person) to commence,
a tender or exchange offer the consummation of which would result in any Person (other than an Exempt Person) becoming an Acquiring
Person (the earlier of such dates being herein referred to as the “Distribution Date”, provided,
however, that the Distribution Date shall in no event be prior to the Record Date), (x) the Rights will be evidenced (subject
to the provisions of Sections 3(b) and 3(c)) by the certificates representing the Common Stock registered in the names of the
holders of the Common Stock (or, in the case of uncertificated shares of Common Stock, by the book-entry account that evidences
record ownership of such shares) (which certificates or book entries for Common Stock shall be deemed also to be certificates
or book entries for Rights) and not by separate certificates (or book entries), and (y) the Rights will be transferable only in
connection with the transfer of the underlying shares of Common Stock (including a transfer to the Company, except pursuant to
the provision of Section 23 (Redemption and Termination)). As soon as practicable after the Distribution Date, the Rights
Agent will send by first-class, insured, postage prepaid mail, to each record holder of the Common Stock as of the Close of Business
on the Distribution Date (other than any Acquiring Person or any Associates or Affiliates of an Acquiring Person, which the Company
will identify and notify the Rights Agent accordingly), at the address of such holder shown on the records of the Company, one
or more rights certificates, in substantially the form of Exhibit 2 hereto (the “Rights Certificates”),
evidencing one Right for each share of Common Stock so held, subject to adjustment as provided herein; provided, however,
that notwithstanding anything to the contrary contained herein, the Company may choose book entry in lieu of physical certificates,
in which case, references herein to “Rights Certificates” shall be deemed to mean the uncertificated book entry representing
the Rights. In the event that an adjustment in the number of Rights per share of Common Stock has been made pursuant to Section
11(p) (Adjustment of Purchase Price; Number and Kind of Shares or Number of Rights — Common Stock Adjustments)
at the time of distribution of the Rights Certificates, the Company shall make the necessary and appropriate rounding adjustments
(in accordance with Section 14(a) (Fractional Rights and Fractional Shares — Fractional Rights)) so that Rights
Certificates representing only whole numbers of Rights are distributed and cash is paid in lieu of any fractional Rights. As of
and after the Distribution Date, the Rights will be evidenced solely by such Rights Certificates. The Company shall promptly notify
the Rights Agent in writing upon the occurrence of a Distribution Date. Until such notice is received by the Rights Agent, the
Rights Agent may presume conclusively for all purposes that a Distribution Date has not occurred.

 

    	8

     

    

 

(b) Common
Stock Certificates; Summary of Rights. The Company will make available, as promptly as practicable, a copy of a Summary
of Rights, in substantially the form attached as Exhibit 3 (the “Summary of Rights”), to any
holder of Rights (other than any Acquiring Person or any Associates or Affiliates of an Acquiring Person, which the Company
will identify and notify the Rights Agent accordingly) who may so request from time to time prior to the Expiration Date.
With respect to shares of Common Stock outstanding as of the Record Date or that become outstanding subsequent to the Record
Date, until the Distribution Date, the Rights associated with the Common Stock will be evidenced by the certificates for
shares of Common Stock (or, in the case of uncertificated shares of Common Stock, by the book-entry account that evidences
record ownership of such shares). Until the earlier of the Distribution Date or the Expiration Date, the transfer of any
certificates representing shares of Common Stock (or, in the case of uncertificated shares of Common Stock, the effectuation
of a book-entry transfer of such shares of Common Stock) in respect of which Rights have been issued shall also constitute
the transfer of the Rights associated with such shares of Common Stock.

 

(c) Legend.
Rights shall without any further action be issued in respect of all shares of Common Stock which are issued (whether
originally issued or from the Company’s treasury) after the Record Date but prior to the earliest of the (i)
Distribution Date, (ii) the Expiration Date, or (iii) in certain circumstances provided in Section 22 (Issuance of New
Rights Certificates) after the Distribution Date. Certificates issued for Common Stock after the Record Date but prior to
the earlier of the Distribution Date and the Expiration Date, or in certain circumstances provided in Section 22 hereof,
after the Distribution Date shall also be deemed to be certificates for Rights, and shall bear the following legend:

 

This
certificate also evidences and entitles the holder hereof to certain Rights as set forth in the Rights Agreement dated as of September
9, 2020, by and between Akers Biosciences, Inc. (the “Company”) and VStock Transfer, LLC, as Rights
Agent and as amended from time to time (the “Rights Agreement”), the terms of which are hereby incorporated
herein by reference and a copy of which is on file at the principal offices of the Company. Under certain circumstances, as set
forth in the Rights Agreement, such Rights will be evidenced by separate certificates and will no longer be evidenced by this
certificate. The Company will mail to the holder of this certificate a copy of the Rights Agreement, as in effect on the date
of mailing, without charge promptly after receipt of a written request therefor. Under certain circumstances set forth in the
Rights Agreement, Rights issued to, or held by, any Person who is, was or becomes an Acquiring Person or any Affiliate or Associate
thereof (as such terms are defined in the Rights Agreement), whether currently held by or on behalf of such Person or by any subsequent
holder, may become null and void and may no longer be transferred.

 

    	9

     

    

 

With
respect to any book-entry shares of Common Stock, such legend shall be included in the ownership statement in respect of such
shares issued to the record holder thereof in lieu of a certificate representing such shares of Common Stock (an “Ownership
Statement”) or a notice to the record holder of such shares in accordance with applicable law. With respect to such
certificates containing the foregoing legend, or any Ownership Statement or notice of the foregoing legend delivered to record
holders of book-entry shares, until the Distribution Date, (x) the Rights associated with the Common Stock represented by such
certificates or registered in book-entry form shall be evidenced by such certificates alone or such registration in book-entry
form (including any Ownership Statement) alone, (y) the registered holders of such Common Stock shall also be the registered holders
of the associated Rights, and (z) the transfer of any of such certificates or book entries shall also constitute the transfer
of the Rights associated with such shares of Common Stock represented by such certificates or book entries. In the event that
the Company purchases, or acquires any shares of Common Stock after the Record Date but prior to the Distribution Date, any rights
associated with such shares of Common Stock shall be deemed canceled and retired so that the Company shall not be entitled to
exercise any Rights associated with shares of Common Stock which are no longer outstanding. Notwithstanding this Section 3(c),
neither the omission of a legend nor the failure to deliver the notice of such legend required hereby shall affect the enforceability
of any part of this Rights Agreement or the rights of any holder of the Rights.

 

Section
4. Form of Rights Certificates.

 

(a) Form;
Date. The Rights Certificates (and the forms of election to purchase and of assignment to be printed on the reverse
thereof) shall each be substantially in the form set forth in Exhibit 2 hereto and may have such marks of
identification or designation and such legends, summaries or endorsements printed thereon as the Company may deem appropriate
and as are not inconsistent with the provisions of this Agreement, or as may be required to comply with any applicable law or
with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange on which the Rights
may from time to time be listed, or to conform to usage. Subject to the provisions of Section 11 (Adjustment of Purchase
Price; Number and Kind of Shares or Number of Rights) and Section 22 (Issuance of New Rights Certificates), the
Rights Certificates, whenever distributed, shall be dated as of the Distribution Date, and on their face shall entitle the
holders thereof to purchase such number of one one-thousandths of a share of Preferred Stock as shall be set forth therein at
the price set forth therein (such exercise price per one one-thousandth of a share is referred to herein as the
“Purchase Price”), but the amount and type of securities purchasable upon the exercise of each
Right and the Purchase Price thereof shall be subject to adjustment as provided herein.

 

    	10

     

    

 

(b)
Acquiring Person Legend. Any Rights Certificate issued pursuant to Section 3(a) (Issuance of Rights Certificates
— Distribution Date; Rights Certificates) or Section 22 (Issuance of New Rights Certificates) that represents
Rights beneficially owned by (i) an Acquiring Person or any Associate or Affiliate of an Acquiring Person, (ii) a transferee of
an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee after the Acquiring Person becomes such,
or (iii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee prior to or concurrently
with the Acquiring Person becoming such and receives such Rights pursuant to either (A) a transfer (whether or not for consideration)
from the Acquiring Person (or any Associate or Affiliate thereof) to holders of equity interests in such Acquiring Person (or
any Associate or Affiliate thereof) or to any Person with whom such Acquiring Person (or any Associate or Affiliate thereof) has
any continuing agreement, arrangement or understanding regarding the transferred Rights or (B) a transfer which the Board has
determined is part of a plan, arrangement or understanding, whether or not in writing, which has as a primary purpose or effect
avoidance of Section 7(e) (Exercise of Rights; Purchase Price; Expiration Date of Rights — Termination of Acquiring
Person’s Rights) and any Rights Certificate issued pursuant to Section 6 (Transfer, Split Up, Combination and Exchange
of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates), Section 11 (Adjustment of Purchase Price;
Number and Kind of Shares or Number of Rights) or Section 22 (Issuance of New Rights Certificates) (which the Company
will identify and notify the Rights Agent accordingly) upon transfer, exchange, replacement or adjustment of any other Rights
Certificate referred to in this sentence, shall contain (to the extent feasible) the following legend:

 

The
Rights represented by this Rights Certificate are or were beneficially owned by a Person who was or became an Acquiring Person
or an Affiliate or Associate of an Acquiring Person (as such terms are defined in the Rights Agreement dated as of September 9,
2020, by and between Akers Biosciences, Inc. and VStock Transfer, LLC, as Rights Agent). Accordingly, this Rights Certificate
and the Rights represented hereby may become null and void in the circumstances specified in Section 7(e) (Exercise of Rights;
Purchase Price; Expiration Date of Rights — Termination of Acquiring Person’s Rights) of such Agreement.

 

Section
5. Countersignature and Registration.

 

(a)
Signatures. The Rights Certificates shall be executed on behalf of the Company by its Chairman of the Board, its Chief
Executive Officer, Chief Financial Officer, President, Secretary or other duly authorized officer, either manually or by facsimile
signature, and shall have affixed thereto the Company’s seal or a facsimile thereof which shall be attested to by the Secretary
or an Assistant Secretary of the Company, either manually or by facsimile signature. The Rights Certificates shall be countersigned
by the Rights Agent, either manually or by facsimile signature, and shall not be valid for any purpose unless so countersigned.
In case any officer of the Company who shall have signed any of the Rights Certificates shall cease to be such officer of the
Company before countersignature by the Rights Agent and issuance and delivery by the Company, such Rights Certificates, nevertheless,
may be countersigned by the Rights Agent and issued and delivered by the Company with the same force and effect as though the
person who signed such Rights Certificates had not ceased to be such officer of the Company; and any Rights Certificates may be
signed on behalf of the Company by any person who, at the actual date of the execution of such Rights Certificate, shall be a
proper officer of the Company to sign such Rights Certificate, although at the date of the execution of this Rights Agreement
any such person was not such an officer.

 

    	11

     

    

 

(b)
Registration and Transfer. Following the Distribution Date, the Rights Agent will keep or cause to be kept, at its principal
office or offices designated as the appropriate place for surrender of Rights Certificates upon exercise or transfer, books for
registration and transfer of the Rights Certificates issued hereunder. Such books shall show the names and addresses of the respective
holders of the Rights Certificates, the number of Rights evidenced on its face by each of the Rights Certificates and the date
of each of the Rights Certificates.

 

Section
6. Transfer, Split Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Rights Certificates.

 

(a) Procedure.
Subject to the provisions of Section 4(b) (Form of Rights Certificates — Acquiring Person Legend),
Section 7(e) (Exercise of Rights; Purchase Price; Expiration Date of Rights — Termination of Acquiring
Person’s Rights), Section 14 (Fractional Rights and Fractional Shares) and Section 24 (Exchange), at
any time after the Close of Business on the Distribution Date, and at or prior to the Close of Business on the Expiration
Date, any Rights Certificate or Certificates may be transferred, split up, combined or exchanged for another Rights
Certificate or Certificates, entitling the registered holder to purchase a like number of one one-thousandths of a share of
Preferred Stock (or, following a Triggering Event, Common Stock, other securities, cash or other assets, as the case may be)
as the Rights Certificate or Certificates surrendered then entitle such holder (or former holder in the case of a transfer)
to purchase. Any registered holder desiring to transfer, split up, combine or exchange any Rights Certificate or Certificates
shall make such request in writing delivered to the Rights Agent, and shall surrender the Rights Certificate or Certificates
to be transferred, split up, combined or exchanged at the principal office or offices of the Rights Agent designated for such
purpose. Neither the Rights Agent nor the Company shall be obligated to take any action whatsoever with respect to the
transfer of any such surrendered Rights Certificate until the registered holder shall have: (i) completed and signed the
certificate contained in the form of assignment on the reverse side of such Rights Certificate; (ii) provided such additional
evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the
Company shall reasonably request and (iii) complied with any additional applicable requirements of the Rights Agent.
Thereupon, the Rights Agent shall, subject to Section 4(b), Section 7(e) and Section 14, countersign and deliver to the
Person entitled thereto a Rights Certificate or Rights Certificates, as the case may be, as so requested. The Company may
require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any
transfer, split up, combination or exchange of Rights Certificates.

 

(b) Issuance
of New Rights Certificates. Subject to the provisions of this Agreement and any applicable requirements of the Rights
Agent, at any time after the Distribution Date and prior to the Expiration Date, upon receipt by the Company and the Rights
Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of a Rights Certificate, and,
in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to them, and reimbursement to the
Company and the Rights Agent of all reasonable expenses incidental thereto, and upon surrender to the Rights Agent and
cancellation of the Rights Certificate if mutilated, the Company will execute and deliver a new Rights Certificate of like
tenor to the Rights Agent for countersignature and delivery to the registered owner in lieu of the Rights Certificate so
lost, stolen, destroyed or mutilated.

 

    	12

     

    

 

Notwithstanding
any other provisions hereof, the Company and the Rights Agent may amend this Rights Agreement to provide for uncertificated Rights
in addition to or in place of Rights evidenced by Rights Certificates to the extent permitted by applicable law.

 

Section
7. Exercise of Rights; Purchase Price; Expiration Date of Rights.

 

(a) Exercise.
Subject to Section 7(e) (Exercise of Rights; Purchase Price; Expiration Date of Rights — Termination of Acquiring
Person’s Rights), the registered holder of any Rights Certificate may exercise the Rights evidenced thereby (except
as otherwise provided herein, including, without limitation, the restrictions on exercisability set forth in Section 9(c) (Reservation
and Availability of Capital Stock — Registration under the Act), Section 11(a)(iii) (Adjustment of Purchase
Price; Number and Kind of Shares or Number of Rights — Certain Adjustments), and Section 24(b) (Exchange
— Effect of Exchange; Procedure)) in whole or in part at any time after the Distribution Date upon surrender of the
Rights Certificate, with the form of election to purchase and the certificate on the reverse side thereof duly executed, to the
Rights Agent at the principal office or offices of the Rights Agent designated for such purpose, together with payment of the
aggregate Purchase Price with respect to the total number of one one-thousandths of a share of Preferred Stock (or other securities,
cash or other assets, as the case may be) as to which such surrendered Rights are then exercisable and an amount equal to any
applicable transfer tax, at any time which is both after the Distribution Date and prior to the time that is the earliest of (i)
the Final Expiration Date, (ii) the time at which the Rights are redeemed as provided in Section 23 (Redemption and Termination),
(iii) the closing of any merger or other acquisition transaction involving the Company pursuant to an agreement of the type described
in Section 1(f)(i)(D) (Certain Definitions – “Beneficial Owner”) or Section 13(d) (Consolidation,
Merger or Sale or Transfer of Assets or Earning Power — Certain Approved Transactions) or (iv) the time at which
the Rights are exchanged as provided in Section 24 hereof (the earliest of (i)-(iv) being herein referred to as the “Expiration
Date”). The payment of the Purchase Price and the applicable transfer tax, if any (as such amount may be reduced
pursuant to Section 11(a)(iii) (Adjustment of Purchase Price; Number and Kind of Shares or Number of Rights — Certain
Adjustments)), may be made (x) in cash, (y) by certified check, cashier’s check or money order payable to the order
of the Company, or (z) by delivery of a certificate or certificates (with appropriate stock powers executed in blank attached
thereto) evidencing a number of shares of Common Stock equal to the then Purchase Price divided by the closing price (as determined
pursuant to Section 11(d) (Adjustment of Purchase Price; Number and Kind of Shares or Number of Rights — Current
Market Price)) per share of Common Stock on the Trading Day immediately preceding the date of such exercise. In the event
that the Company is obligated to issue other securities (including Common Stock) of the Company, pay cash and/or distribute other
property pursuant to Section 11(a), the Company will make all arrangements necessary so that such other securities, cash and/or
other property are available for distribution by the Rights Agent, if and when appropriate. The Company reserves the right to
require prior to the occurrence of a Triggering Event that upon any exercise of Rights, a number of Rights be exercised so that
only whole shares of Preferred Stock would be issued.

 

    	13

     

    

 

(b) Purchase
Price. The Purchase Price for each one one-thousandth of a share of Preferred Stock purchasable upon the exercise of a
Right shall initially be $15.00, and the Purchase Price and the number of one one-thousandths of a share of the Preferred
Stock shall be subject to adjustment from time to time as provided in Section 11 (Adjustment of Purchase Price; Number and
Kind of Shares or Number of Rights) and Section 13(a) (Consolidation, Merger or Sale or Transfer of Assets or Earning
Power — Flip-over Event) and shall be payable in accordance with paragraph (a) of this Section 7.

 

(c) Rights
Agent Actions. Upon receipt of a Rights Certificate representing exercisable Rights and the compliance by the holder of
such Rights Certificate with paragraph (a) of this Section 7, the Rights Agent shall, subject to Section 20(k) (Duties of
Rights Agent — Exercise of Rights; Consultation with Company), thereupon promptly (i) (A) requisition from
any transfer agent of the shares of Preferred Stock (or make available, if the Rights Agent is the transfer agent for such
shares) certificates for the total number of one one-thousandths of a share of Preferred Stock to be purchased and the
Company hereby irrevocably authorizes its transfer agent to comply with all such requests, or (B) if the Company shall have
elected to deposit the total number of shares of Preferred Stock issuable upon exercise of the Rights hereunder with a
depositary agent, requisition from the depositary agent depositary receipts representing such number of one one-thousandths
of a share of Preferred Stock as are to be purchased (in which case certificates for the shares of Preferred Stock
represented by such receipts shall be deposited by the transfer agent with the depositary agent) and the Company will direct
the depositary agent to comply with such request, (ii) requisition from the Company the amount of cash, if any, to be paid in
lieu of fractional shares in accordance with Section 14 (Fractional Rights and Fractional Shares), (iii) after receipt
thereof, deliver such certificates or depositary receipts to or upon the order of the registered holder of such Rights
Certificate, registered in such name or names as may be designated by such holder, and (iv) after receipt thereof, deliver
such cash, if any, to or upon the order of the registered holder of such Rights Certificate.

 

(d) Partial
Exercise. In case the registered holder of any Rights Certificate shall exercise less than all of the Rights evidenced
thereby, a new Rights Certificate evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the
Rights Agent to the order of the registered holder of such Rights Certificate, registered in such name or names as may be
designated by such holder, subject to the provisions of Section 14 (Fractional Rights and Fractional Shares).

 

(e) Termination
of Acquiring Person’s Rights. Notwithstanding anything in this Agreement to the contrary, from and after the first
occurrence of a Flip-in Event, any Rights beneficially owned by (i) an Acquiring Person, or an Associate or Affiliate of an
Acquiring Person, (ii) a transferee of an Acquiring Person (or of any such Associate or Affiliate) who becomes a transferee
after such Acquiring Person becomes such, or (iii) a transferee of an Acquiring Person (or of any such Associate or
Affiliate) who becomes a transferee prior to or concurrently with the Acquiring Person becoming such and receives such Rights
pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring Person (or any Affiliate or Associate
thereof) to holders of equity interests in such Acquiring Person (or any Affiliate or Associate thereof) or to any Person
with whom the Acquiring Person (or any Affiliate or Associate thereof) has any continuing agreement, arrangement or
understanding regarding the transferred Rights or (B) a transfer which the Board has determined is part of a plan,
arrangement or understanding, whether or not in writing, which has as a primary purpose or effect the avoidance of this
Section 7(e), shall become null and void without any further action and no holder of such Rights shall have any rights
whatsoever with respect to such Rights, whether under any provision of this Agreement or otherwise. The Company shall use all
reasonable efforts to ensure that the provisions of this Section 7(e) and Section 4(b) (Form of Rights Certificates
— Acquiring Person Legend) are complied with, but shall have no liability to any holder of Rights Certificates
or other Person as a result of its failure to make any determinations with respect to an Acquiring Person or any of its
respective Affiliates, Associates, or transferees hereunder.

 

    	14

     

    

 

(f)
Surrender of Rights Certificates; Identity of Beneficial Owner. Notwithstanding anything in this Agreement to the contrary,
neither the Rights Agent nor the Company shall be obligated to undertake any action with respect to a registered holder upon the
occurrence of any purported transfer or exercise as set forth in Section 6 or Section 7 unless such registered holder shall have
(i) properly completed and signed the certificate contained in the form of election to purchase set forth on the reverse side
of the Rights Certificate surrendered for such transfer or exercise, and (ii) provided such additional evidence of the identity
of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Company shall reasonably request.

 

Section
8. Cancellation and Destruction of Rights Certificates. All Rights Certificates surrendered for the purpose of
exercise, transfer, split up, combination or exchange shall, if surrendered to the Company or any of its agents, be delivered
to the Rights Agent for cancellation or in canceled form, or, if surrendered to the Rights Agent, shall be canceled by it,
and no Rights Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of this
Agreement. The Company shall deliver to the Rights Agent for cancellation and retirement, and the Rights Agent shall so
cancel and retire, any other Rights Certificate purchased or acquired by the Company otherwise than upon the exercise
thereof. The Rights Agent shall deliver all canceled Rights Certificates to the Company, or shall, at the written request of
the Company, destroy such canceled Rights Certificates, and in such case shall deliver a certificate of destruction thereof
to the Company. Cancellation and/or destruction of Rights Certificates under this Section 8 will be performed by the Rights
Agent in the ordinary course of its business and in accordance with applicable law.

 

Section
9. Reservation and Availability of Preferred Stock.

 

(a) Reservation
of Preferred Stock. The Company will use its best efforts to reserve and keep available out of its authorized and
unissued shares of Preferred Stock or any Preferred Stock held in treasury, the number of shares of Preferred Stock that, as
provided in this Agreement, including the rights of the Company under Section 11(a)(iii) (Adjustment of Purchase Price;
Number and Kind of Shares or Number of Rights — Certain Adjustments) will be sufficient to permit the
exercise in full of all outstanding Rights.

 

(b)
Listing. So long as the shares of Preferred Stock issuable and deliverable upon the exercise of the Rights may be listed
or admitted to trading on any national securities exchange, the Company shall use its best efforts to cause, from and after such
time as the Rights become exercisable, all shares reserved for such issuance to be listed or admitted to trading on such exchange
upon official notice of issuance upon such exercise.

 

    	15

     

    

 

(c) Registration
under the Act. From and after such time as the Rights become exercisable, the Company shall use its best efforts, if then
necessary to permit the issuance of shares of Preferred Stock upon the exercise of Rights, to register and qualify such
shares of Preferred Stock under the Securities Act and any applicable state securities or “Blue Sky” laws (to the
extent exemptions therefrom are not available), cause such registration statement and qualifications to become effective as
soon as possible after such filing and keep such registration and qualifications effective (with a prospectus at all times
meeting the requirements of the Securities Act) until the earlier of the date as of which the Rights are no longer
exercisable for such securities and the Expiration Date. The Company may temporarily suspend, for a period of time not to
exceed 120 days, the exercisability of the Rights in order to prepare and file a registration statement under the Securities
Act and permit it to become effective. Upon any such suspension, the Company shall issue a public announcement stating that
the exercisability of the Rights has been temporarily suspended, as well as a public announcement at such time as the
suspension is no longer in effect. Notwithstanding any provision of this Agreement to the contrary, the Rights shall not be
exercisable in any jurisdiction unless the requisite qualification in such jurisdiction shall have been obtained and until a
registration statement under the Securities Act shall have been declared effective, unless an exemption therefrom is
available.

 

(d) Covenant
Regarding Preferred Stock. The Company will take all such action as may be necessary to ensure that all one
one-thousandths of a share of Preferred Stock delivered upon exercise of Rights shall, at the time of delivery of the
certificates for such shares (subject to payment of the Purchase Price), be duly and validly authorized and issued and fully
paid and nonassessable.

 

(e) Transfer
Taxes and Charges. The Company will pay when due and payable any and all federal and state transfer taxes and charges
which may be payable in respect of the issuance or delivery of the Rights Certificates and of any certificates for a number
of one one-thousandths of a share of Preferred Stock (or other securities, as the case may be) upon the exercise of Rights.
The Company shall not, however, be required to pay any transfer tax which may be payable in respect of any transfer or
delivery of Rights Certificates to a Person other than, or the issuance or delivery of a number of one one-thousandths of a
share of Preferred Stock (or other securities, as the case may be) in respect of a name other than, that of the registered
holder of the Rights Certificates evidencing Rights surrendered for exercise or to issue or deliver any certificates for a
number of one one-thousandths of a share of Preferred Stock (or other securities, as the case may be) in a name other than
that of the registered holder upon the exercise of any Rights until such tax shall have been paid (any such tax being payable
by the holder of such Rights Certificate at the time of surrender) or until it has been established to the Company’s
satisfaction that no such tax is due.

 

Section 10. Preferred
Stock Record Date. Each Person in whose name any certificate for a number of one one-thousandths of a share of Preferred Stock
issued upon the exercise of Rights shall for all purposes be deemed to have become the holder of record of such fractional shares
of Preferred Stock represented thereby on, and such certificate shall be dated as of, the date upon which the Rights Certificate
evidencing such Rights was duly surrendered and payment of the Purchase Price (and all applicable transfer taxes) was made; provided,
however, that if the date of such surrender and payment is a date upon which the Preferred Stock transfer books of the
Company are closed, such Person shall be deemed to have become the record holder of such shares (fractional or otherwise) on,
and such certificate shall be dated, the next succeeding Business Day on which the Preferred Stock transfer books of the Company
are open. Prior to the exercise of the Rights evidenced thereby, the holder of a Rights Certificate shall not be entitled to any
rights of a stockholder of the Company with respect to shares for which the Rights shall be exercisable, including, without limitation,
the right to vote, to receive dividends or other distributions or to exercise any preemptive rights, and shall not be entitled
to receive any notice of any proceedings of the Company, except as provided herein.

 

    	16

     

    

 

Section 11. Adjustment
of Purchase Price; Number and Kind of Shares or Number of Rights. The Purchase Price, the number and kind of shares
covered by each Right and the number of Rights outstanding are subject to adjustment from time to time as provided in this
Section 11.

 

(a)
Certain Adjustments.

 

(i)
In the event the Company shall at any time after the date of this Agreement (A) declare and pay a dividend on the Preferred Stock
payable in shares of Preferred Stock, (B) subdivide or split the outstanding Preferred Stock, (C) combine the shares of the outstanding
Preferred Stock into a smaller number of shares of Preferred Stock, or (D) issue any shares of its capital stock in a reclassification
of the Preferred Stock (including any such reclassification in connection with a consolidation or merger in which the Company
is the continuing or surviving corporation), except as otherwise provided in this Section 11(a) and Section 7(e) (Exercise
of Rights; Purchase Price; Expiration Date of Rights — Termination of Acquiring Person’s Rights), the Purchase
Price in effect at the time of the record date for such dividend or of the effective date of such subdivision, split, combination
or reclassification, and the number and kind of shares of Preferred Stock or capital stock, as the case may be, issuable on such
date, shall be proportionately adjusted so that the holder of any Right exercised after such time shall be entitled to receive,
upon payment of the aggregate adjusted Purchase Price then in effect necessary to exercise a Right in full, the aggregate number
and kind of shares of Preferred Stock or capital stock, as the case may be, which, if such Right had been exercised immediately
prior to such date and at a time when the Preferred Stock (or other capital stock, as the case may be) transfer books of the Company
were open, such holder would have owned upon such exercise and been entitled to receive by virtue of such dividend, subdivision,
split, combination or reclassification. If an event occurs which would require an adjustment under both this Section 11(a)(i)
and Section 11(a)(ii) the adjustment provided for in this Section 11(a)(i) shall be in addition to, and shall be made prior to,
any adjustment required pursuant to Section 11(a)(ii).

 

(ii)
Subject to Section 24 (Exchange), in the event any Person becomes an Acquiring Person (such event, a “Flip-in
Event”), then each holder of a Right (except as provided below and in Section 7(e) (Exercise of Rights; Purchase
Price; Expiration Date of Rights — Termination of Acquiring Person’s Rights)) shall thereafter have the
right to receive, upon exercise thereof at the then current Purchase Price in accordance with the terms of this Agreement, in
lieu of the number of one one-thousandths of a share of Preferred Stock, such number of shares of Common Stock as shall equal
the result obtained by (x) multiplying the then current Purchase Price by the then number of one one-thousandths of a share of
Preferred Stock for which a Right was exercisable immediately prior to the first occurrence of a Flip-in Event, and (y) dividing
that product (which, following such first occurrence, shall thereafter be referred to as the “Purchase Price” for
each Right and for all purposes of this Agreement) by 50% of the Current Market Price per share of Common Stock on the date of
such first occurrence (such number of shares being referred to as the “Adjustment Shares”). The Company
shall give the Rights Agent written notice of the identity of any Acquiring Person, any Associate or Affiliate of such Acquiring
Person, in each case known to the Company.

 

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(iii)
The Company may at its option substitute for a share of Common Stock issuable upon the exercise of Rights in accordance with the
foregoing subparagraph (ii) a number of shares of Preferred Stock or fraction thereof such that the current per share market price
of one share of Preferred Stock multiplied by such number or fraction is equal to the current per share market price of one share
of Common Stock. In the event that the number of shares of Common Stock that are authorized by the Company’s Amended and
Restated Certificate of Incorporation, as amended, but not outstanding or reserved for issuance for purposes other than upon exercise
of the Rights is not sufficient to permit the exercise in full of the Rights in accordance with the foregoing subparagraph (ii)
of this Section 11(a), to the extent permitted by applicable law and any material agreements then in effect to which the Company
is a party, the Board shall: (A) determine the excess of (1) the value of the Adjustment Shares issuable upon the exercise of
a Right (the “Current Value”) over (2) the Purchase Price (such excess, the “Spread”),
and (B) with respect to each Right, subject to Section 7(e) (Exercise of Rights; Purchase Price; Expiration Date of Rights
— Termination of Acquiring Person’s Rights), make adequate provision to substitute for the Adjustment Shares,
upon payment of the applicable Purchase Price, (1) cash, (2) a reduction in the Purchase Price, (3) Common Stock or other equity
securities of the Company (including, without limitation, shares, or units of shares, of preferred stock which the Board has deemed
to have substantially the same dividend, voting and liquidation rights as shares of Common Stock and are deemed in good faith
by the Board to have substantially the same value as the shares of Common Stock (such shares of preferred stock being referred
to as “Common Stock Equivalents”)), (4) debt securities of the Company, (5) other assets, or (6) any
combination of the foregoing, having an aggregate value equal to the Current Value (less the amount of any reduction in the Purchase
Price), where such aggregate value has been determined by the Board based upon the advice of a nationally recognized investment
banking firm selected by the Board; provided, however, that if the Company shall not have made adequate provision
to deliver value pursuant to clause (B) above within thirty (30) calendar days following the later of (x) the first occurrence
of a Flip-in Event and (y) the date on which the Company’s right of redemption pursuant to Section 23(a) (Redemption
and Termination) expires (the later of (x) and (y) being referred to herein as the “Flip-in Trigger Date”),
then the Company shall be obligated to deliver, to the extent permitted by applicable law and any material agreements then in
effect to which the Company is a party, upon the surrender for exercise of a Right and without requiring payment of the Purchase
Price, shares of Common Stock (to the extent available) and then, if necessary, cash, which shares and/or cash have an aggregate
value equal to the Spread. If the Board shall determine in good faith that it is likely that sufficient additional shares of Common
Stock or other equity securities could be authorized for issuance upon exercise in full of the Rights, the thirty (30) calendar
day period set forth above may be extended to the extent necessary, but not more than ninety (90) calendar days after the Flip-in
Trigger Date, in order that the Company may seek stockholder approval for the authorization of such additional shares (such period,
the “Substitution Period”). To the extent that the Company determines that some action need be taken
pursuant to the first and/or second sentences of this Section 11(a)(iii), the Company (x) shall provide, subject to Section 7(e),
that such action shall apply uniformly to all outstanding Rights, and (y) may suspend the exercisability of the Rights until the
expiration of the Substitution Period in order to seek any authorization of additional shares and/or to decide the appropriate
form of distribution to be made pursuant to such first sentence and to determine the value thereof. In the event of any such suspension,
the Company shall issue a public announcement stating that the exercisability of the Rights has been temporarily suspended, as
well as a public announcement at such time as the suspension is no longer in effect. For purposes of this Section 11(a)(iii),
the value of the shares of Common Stock shall be the Current Market Price per share of the Common Stock on the Flip-in Trigger
Date and the value of any Common Stock Equivalent shall be deemed to have the same value as the Common Stock on such date.

 

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(iv)
If the rules of the national securities exchange, registered as such pursuant to Section 6 of the Exchange Act on which the Common
Stock is principally traded would prohibit such exchange from listing or continuing to list the Common Stock or other equity securities
of the Company if the Rights were to be exercised for shares of Common Stock in accordance with subparagraph (ii) of this Section
11(a) because such issuance would nullify, restrict or disparately reduce the per share voting rights of holders of Common Stock,
the Company shall: (A) determine the Spread, and (B) with respect to each Right, make adequate provision to substitute for the
Adjustment Shares, upon payment of the applicable Purchase Price, (1) cash, (2) a reduction in the Purchase Price, (3) equity
securities of the Company, including, without limitation, Common Stock Equivalents, other than securities which would have the
effect of nullifying, restricting or disparately reducing the per share voting rights of holders of Common Stock, (4) debt securities
of the Company, (5) other assets, or (6) any combination of the foregoing, having an aggregate value equal to the Current Value,
where such aggregate value has been determined by the Board based upon the advice of a recognized investment banking firm selected
by the Board; provided, however, if the Company shall not have made adequate provision to deliver value pursuant
to clause (B) above within thirty (30) calendar days following the Flip-in Trigger Date, then the Company shall be obligated to
deliver, upon the surrender for exercise of a Right and without requiring payment of the Purchase Price, cash having an aggregate
value equal to the Spread. To the extent that the Company determines that some action need be taken pursuant to the first sentence
of this Section 11(a)(iv), the Company (x) shall provide, subject to Section 7(e) (Exercise of Rights; Purchase Price; Expiration
Date of Rights — Termination of Acquiring Person’s Rights), that such action shall apply uniformly to all
outstanding Rights and (y) may suspend the exercisability of the Rights, but not longer than ninety (90) calendar days after the
Flip-in Trigger Date, in order to decide the appropriate form of distribution to be made pursuant to such first sentence and to
determine the value thereof. In the event of any such suspension, the Company shall issue a public announcement stating that the
exercisability of the Rights has been temporarily suspended, as well as a public announcement at such time as the suspension is
no longer in effect. For purposes of this Section 11(a)(iv), the value of the shares of Common Stock shall be the Current Market
Price per share of the Common Stock on the Flip-in Trigger Date and the value of any Common Stock Equivalent shall be deemed to
have the same value as the Common Stock on such date.

 

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(b) Purchase
Price Adjustment — Capital Stock. In case the Company shall fix a record date for the issuance of rights (other
than the Rights), options or warrants to all holders of Preferred Stock entitling them to subscribe for or purchase (for a
period expiring within forty-five (45) calendar days after such record date) shares of Preferred Stock (or shares having the
same rights, privileges and preferences as the shares of Preferred Stock (“Equivalent Preferred
Stock”)) or securities convertible into Preferred Stock or Equivalent Preferred Stock at a price per share of
Preferred Stock or per share of Equivalent Preferred Stock (or having a conversion price per share, if a security convertible
into shares of Preferred Stock or Equivalent Preferred Stock) less than the Current Market Price per share of Preferred Stock
on such record date, the Purchase Price to be in effect after such record date shall be determined by multiplying the
Purchase Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the number of
shares of Preferred Stock outstanding on such record date, plus the number of shares of Preferred Stock which the aggregate
offering price of the total number of shares of Preferred Stock and/or Equivalent Preferred Stock so to be offered (and/or
the aggregate initial conversion price of the convertible securities so to be offered) would purchase at such Current Market
Price, and the denominator of which shall be the number of shares of Preferred Stock outstanding on such record date, plus
the number of additional shares of Preferred Stock and/or Equivalent Preferred Stock to be offered for subscription or
purchase (or into which the convertible securities so to be offered are initially convertible); provided, however,
that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of
the shares of capital stock of the Company issuable upon exercise of one Right. In case such subscription price may be paid
by delivery of consideration part or all of which may be in a form other than cash, the value of such consideration shall be
as determined in good faith by the Board, whose determination shall be described in a statement filed with the Rights Agent
and shall be binding on the Rights Agent and the holders of the Rights. Shares of Preferred Stock owned by or held for the
account of the Company shall not be deemed outstanding for the purpose of any such computation. Such adjustment shall be made
successively whenever such a record date is fixed, and in the event that such rights, options or warrants are not so issued,
the Purchase Price shall be adjusted to be the Purchase Price which would then be in effect if such record date had not been
fixed.

 

(c) Purchase
Price Adjustment — Cash, Assets, etc. In case the Company shall fix a record date for a distribution to all holders
of Preferred Stock (including any such distribution made in connection with a consolidation or merger in which the Company is
the continuing corporation) of evidences of indebtedness, cash (other than a regular quarterly cash dividend out of the
earnings or retained earnings of the Company), assets (other than a dividend payable in Preferred Stock, but including any
dividend payable in stock other than Preferred Stock) or subscription rights or warrants (excluding those referred to in
Section 11(b) (Adjustment of Purchase Price; Number and Kind of Shares or Number of Rights Purchase Price Adjustment
— Capital Stock)), the Purchase Price to be in effect after such record date shall be determined by multiplying the
Purchase Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the Current
Market Price per share of Preferred Stock on such record date, less the fair market value (as determined in good faith by the
Board, whose determination shall be described in a statement filed with the Rights Agent) of the portion of the cash, assets
or evidences of indebtedness so to be distributed or of such subscription rights or warrants applicable to a share of
Preferred Stock and the denominator of which shall be such Current Market Price per share of Preferred Stock; provided, however,
that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of
the shares of capital stock of the Company issuable upon exercise of one Right. Such adjustments shall be made successively
whenever such a record date is fixed, and in the event that such distribution is not so made, the Purchase Price shall be
adjusted to be the Purchase Price which would have been in effect if such record date had not been fixed.

 

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(d)
Current Market Price.

 

(i)
For the purpose of any computation hereunder, other than computations made pursuant to Section 11(a)(iii) (Adjustment of Purchase
Price; Number and Kind of Shares or Number of Rights — Certain Adjustments), the Current Market Price per share
of Common Stock on any date shall be deemed to be the average of the daily closing prices per share of such Common Stock for the
thirty (30) consecutive Trading Days immediately prior to such date, and for purposes of computations made pursuant to Section
11(a)(iii) the Current Market Price per share of Common Stock on any date shall be deemed to be the average of the daily closing
prices per share of such Common Stock for the ten (10) consecutive Trading Days immediately following such date; provided,
however, that in the event that the Current Market Price per share of the Common Stock is determined during a period following
the announcement by the issuer of such Common Stock of (A) a dividend or distribution on such Common Stock payable in shares of
such Common Stock or securities convertible into shares of such Common Stock (other than the Rights), or (B) any subdivision,
combination or reclassification of such Common Stock and the ex-dividend date for such dividend or distribution, or the record
date for such subdivision, combination or reclassification shall not have occurred prior to the commencement of the requisite
thirty (30) Trading Day or ten (10) Trading Day period, as set forth above, then, and in each such case, the Current Market Price
shall be properly adjusted to take into account ex-dividend trading. The closing price for each Trading Day shall be the last
sale price, regular way, or, in case no such sale takes place on such Trading Day, the average of the closing bid and asked prices,
regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities
listed or admitted to trading on the NASDAQ Stock Market or, if the shares of Common Stock are not listed or admitted to trading
on the NASDAQ Stock Market, as reported in the principal consolidated transaction reporting system with respect to securities
listed on the principal national securities exchange on which the shares of Common Stock are listed or admitted to trading or,
if the shares of Common Stock are not listed or admitted to trading on any national securities exchange, the last quoted price
or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by the OTC
Bulletin Board service or such other quotation system then in use, or, if on any such date the shares of Common Stock are not
quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making
a market in the Common Stock selected by the Board. If on any such date no market maker is making a market in the Common Stock,
the fair value of such shares on such date as determined in good faith by the Board shall be used. The term “Trading
Day” shall mean a day on which the principal national securities exchange on which the shares of Common Stock are
listed or admitted to trading is open for the transaction of business or, if the shares of Common Stock are not listed or admitted
to trading on any national securities exchange, a Business Day. If the Common Stock is not publicly held or not so listed or traded,
Current Market Price per share shall mean the fair value per share as determined in good faith by the Board, whose determination
shall be described in a statement filed with the Rights Agent and shall be conclusive for all purposes.

 

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(ii)
For the purpose of any computation hereunder, the Current Market Price per share of Preferred Stock shall be determined in the
same manner as set forth above for the Common Stock in clause (i) of this Section 11(d) (other than the last sentence thereof).
If the Current Market Price per share of Preferred Stock cannot be determined in the manner provided above or if the Preferred
Stock is not publicly held or listed or traded in a manner described in clause (i) of this Section 11(d), the Current Market Price
per share of Preferred Stock shall be conclusively deemed to be an amount equal to 1,000 (as such number may be appropriately
adjusted for such events as stock splits, stock dividends and recapitalizations with respect to the Common Stock occurring after
the date of this Agreement) multiplied by the Current Market Price per share of the Common Stock. If neither the Common Stock
nor the Preferred Stock is publicly held or so listed or traded, Current Market Price per share of the Preferred Stock shall mean
the fair value per share as determined in good faith by the Board, whose determination shall be described in a statement filed
with the Rights Agent and shall be conclusive for all purposes. For all purposes of this Agreement, the Current Market Price of
one one-thousandth of a share of Preferred Stock shall be equal to the Current Market Price of one share of Preferred Stock divided
by 1,000.

 

(e)
Purchase Price Adjustment Threshold. Anything herein to the contrary notwithstanding, no adjustment in the Purchase Price
shall be required unless such adjustment would require an increase or decrease of at least one percent (1%) in the Purchase Price;
provided however, that any adjustments which by reason of this Section 11(e) are not required to be made shall be carried
forward and taken into account in any subsequent adjustment. All calculations under this Section 11 (Adjustment of Purchase
Price; Number and Kind of Shares or Number of Rights) shall be made to the nearest cent or to the nearest hundredth of a share
of Common Stock or other share or one-hundred-thousandth of a share of Preferred Stock, as the case may be. Notwithstanding the
first sentence of this Section 11(e), any adjustment required by this Section 11 shall be made no later than the earlier of (i)
three (3) years from the date of the transaction which mandates such adjustment, or (ii) the Expiration Date.

 

(f)
Equivalent Adjustments. If as a result of an adjustment made pursuant to Section 11(a)(ii) (Adjustment of Purchase Price;
Number and Kind of Shares or Number of Rights — Certain Adjustments) or Section 13(a) (Consolidation Merger
or Sale or Transfer of Assets or Earning Power — Flip-over Event) the holder of any Right thereafter exercised
shall become entitled to receive any shares of capital stock other than Preferred Stock, thereafter the number of such other shares
so receivable upon exercise of any Right and the Purchase Price thereof shall be subject to adjustment from time to time in a
manner and on terms as nearly equivalent as practicable to the provisions with respect to the Preferred Stock contained in Sections
11(a), (b), (c), (e), (g), (h), (i), (j), (k) and (m), and the provisions of Sections 7, 9, 10, 13 and 14 with respect to the
Preferred Stock shall apply on like terms to any such other shares.

 

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(g) Post-Adjustment
Rights Issuances. All Rights originally issued by the Company subsequent to any adjustment made to the Purchase Price
hereunder shall evidence the right to purchase, at the adjusted Purchase Price, the number of one one-thousandths of a share
of Preferred Stock purchasable from time to time hereunder upon exercise of the Rights, all subject to further adjustment as
provided herein.

 

(h) Preferred
Stock Anti-Dilution. Unless the Company shall have exercised its election as provided in Section 11(i) (Adjustment of
Purchase Price; Number and Kind of Shares or Number of Rights — Adjustment of Number of Rights), upon each
adjustment of the Purchase Price as a result of the calculations made in Section 11(b) (Adjustment of Purchase Price;
Number and Kind of Shares or Number of Rights — Purchase Price Adjustment — Capital Stock) and
Section 11(c) (Adjustment of Purchase Price; Number and Kind of Shares or Number of Rights — Purchase Price
Adjustment — Cash, Assets, etc.), each Right outstanding immediately prior to the making of such adjustment
shall thereafter evidence the right to purchase, at the adjusted Purchase Price, that number of one one-thousandths of a
share of Preferred Stock (calculated to the nearest one-hundred-thousandth) obtained by (i) multiplying (x) the number of one
one-thousandths of a share covered by a Right immediately prior to this adjustment, by (y) the Purchase Price in effect
immediately prior to such adjustment of such Purchase Price, and (ii) dividing the product so obtained by the Purchase Price
in effect immediately after such adjustment of such Purchase Price.

 

(i) Adjustment
of Number of Rights. The Company may elect on or after the date of any adjustment of the Purchase Price to adjust the
number of Rights, in lieu of any adjustment in the number of one one-thousandths of a share of Preferred Stock purchasable
upon the exercise of a Right. Each of the Rights outstanding after the adjustment in the number of Rights shall be
exercisable for the number of one one-thousandths of a share of Preferred Stock for which such Right was exercisable
immediately prior to such adjustment. Each Right held of record prior to such adjustment of the number of Rights shall become
that number of Rights (calculated to the nearest one-thousandth) obtained by dividing the Purchase Price in effect
immediately prior to adjustment of the Purchase Price by the Purchase Price in effect immediately after adjustment of such
Purchase Price. The Company shall make a public announcement of its election to adjust the number of Rights, indicating the
record date for the adjustment, and, if known at the time, the amount of the adjustment to be made. This record date may be
the date on which the Purchase Price is adjusted or any day thereafter, but, if the Rights Certificates have been issued,
shall be at least ten (10) calendar days later than the date of the public announcement. If Rights Certificates have been
issued, upon each adjustment of the number of Rights pursuant to this Section 11(i), the Company shall, as promptly as
practicable, cause to be distributed to holders of record of Rights Certificates on such record date Rights Certificates
evidencing, subject to Section 14 (Fractional Rights and Fractional Shares) the additional Rights to which such
holders shall be entitled as a result of such adjustment, or, at the option of the Company, shall cause to be distributed to
such holders of record in substitution and replacement for the Rights Certificates held by such holders prior to the date of
adjustment, and upon surrender thereof, if required by the Company, new Rights Certificates evidencing all the Rights to
which such holders shall be entitled after such adjustment. Rights Certificates so to be distributed shall be issued,
executed and countersigned in the manner provided for herein (and may bear, at the option of the Company, the adjusted
Purchase Price) and shall be registered in the names of the holders of record of Rights Certificates on the record date
specified in the public announcement.

 

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(j) Rights
Certificates. Irrespective of any adjustment or change in the Purchase Price or the number of one one-thousandths of a
share of Preferred Stock issuable upon the exercise of the Rights, the Rights Certificates theretofore and thereafter issued
may continue to express the Purchase Price per one one-thousandth of a share of Preferred Stock and the number of one
one-thousandths of a share of such Preferred Stock which were expressed in the initial Rights Certificates issued
hereunder.

 

(k) Adjustment
Below Par Value. Before taking any action that would cause an adjustment reducing the Purchase Price below the then par
or stated value, if any, of the number of one one-thousandths of a share of Preferred Stock issuable upon exercise of the
Rights, the Company shall take any corporate action which is or may, in the opinion of its counsel, be necessary in order
that the Company may validly and legally issue fully paid and nonassessable such number of one one-thousandths of a share of
Preferred Stock at such adjusted Purchase Price.

 

(l) Adjustment
Effective as of Future Date; Exercise. In any case in which this Section 11 (Adjustment of Purchase Price; Number and
Kind of Shares or Number of Rights) shall require that an adjustment in the Purchase Price be made effective as of a
record date for a specified event, the Company may elect to defer until the occurrence of such event the issuance to the
holder of any Right exercised after such record date the number of one one-thousandths of a share of Preferred Stock and
other capital stock or securities of the Company, if any, issuable upon such exercise over and above the number of one
one-thousandths of a share of Preferred Stock and other capital stock or securities of the Company, if any, issuable upon
such exercise on the basis of the Purchase Price in effect prior to such adjustment; provided, however, that
the Company shall deliver to such holder a due bill or other appropriate instrument evidencing such holder’s right to
receive such additional shares (fractional or otherwise) or securities upon the occurrence of the event requiring such
adjustment.

 

(m) Tax
Adjustments. Anything in this Section 11 (Adjustment of Purchase Price; Number and Kind of Shares or Number of
Rights) to the contrary notwithstanding, the Company shall be entitled to make such reductions in the Purchase Price, in
addition to those adjustments expressly required by this Section 11, as and to the extent that in its good faith judgment the
Board shall determine to be advisable in order that any (i) consolidation or subdivision of the Preferred Stock, (ii)
issuance wholly for cash of any shares of Preferred Stock at less than the Current Market Price, (iii) issuance wholly for
cash of shares of Preferred Stock or securities which by their terms are convertible into or exchangeable for shares of
Preferred Stock, (iv) stock dividends or (v) issuance of rights, options or warrants referred to in this Section 11,
hereafter made by the Company to holders of its Preferred Stock shall not be taxable to such stockholders.

 

(n) Restriction
on Certain Transactions. The Company shall not, at any time after the occurrence of a Flip-In Event, enter into any
transaction of the type described in clauses (x), (y) or (z) of Section 13(a) (Flip-over Event) if, (x) at the time
of, or immediately after such transaction, there are any rights, warrants or other instruments or securities outstanding or
agreements in effect which would substantially diminish or otherwise eliminate the benefits intended to be afforded by the
Rights or (y) prior to, simultaneously with or immediately after such transaction, the stockholders of the Person who
constitutes, or would constitute, the “Principal Party” for purposes of Section 13(a) (Consolidation, Merger
or Sale or Transfer of Assets or Earning Power — Flip-over Event) shall have received a distribution of
Rights previously owned by such Person or any of its Affiliates and Associates.

 

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(o) Restriction
Against Diminishing Benefits of the Rights. The Company covenants and agrees that, after the earlier of the Distribution
Date or the Stock Acquisition Date, it will not, except as permitted by Section 23 (Redemption and Termination),
Section 24 (Exchange) or Section 27 (Supplements and Amendments) take (or permit any Subsidiary to take) any action if
at the time such action is taken it is reasonably foreseeable that such action will diminish substantially or otherwise
eliminate the benefits intended to be afforded by the Rights.

 

(p) Common
Stock Adjustments. Anything in this Agreement to the contrary notwithstanding, in the event that the Company shall at any
time after the Rights Dividend Declaration Date and prior to the Distribution Date (i) declare a dividend on the outstanding
shares of Common Stock payable in shares of Common Stock, (ii) subdivide or split the outstanding shares of Common Stock, or
(iii) combine the outstanding shares of Common Stock into a smaller number of shares, the number of Rights associated with
each share of Common Stock then outstanding, or issued or delivered thereafter but prior to the Distribution Date, shall be
proportionately adjusted so that the number of Rights thereafter associated with each share of Common Stock following any
such event shall equal the result obtained by multiplying the number of Rights associated with each share of Common Stock
immediately prior to such event by a fraction, the numerator of which shall be the total number of shares of Common Stock
outstanding immediately prior to the occurrence of the event and the denominator of which shall be the total number of shares
of Common Stock outstanding immediately following the occurrence of such event. The adjustments provided for in this Section
11(p) shall be made successively to the Common Stock whenever such a dividend is declared or paid or such subdivision,
combination or consolidation is effected on such Common Stock.

 

Section
12. Certificate of Adjusted Purchase Price or Number of Shares. Whenever an adjustment is made as provided in Section 11
(Adjustment of Purchase Price; Number and Kind of Shares or Number of Rights) and Section 13 (Consolidation, Merger
or Sale or Transfer of Assets or Earning Power) the Company shall (a) promptly prepare a certificate setting forth such adjustment
and a brief statement of the facts accounting for such adjustment, (b) promptly file with the Rights Agent, and with each transfer
agent for the Preferred Stock and the Common Stock, a copy of such certificate, and (c) if the Distribution Date has occurred,
mail a brief summary thereof to each holder of a Rights Certificate in accordance with Section 26 (Notices). The Rights Agent
shall be fully protected in relying on any such certificate and on any adjustment therein contained. Notwithstanding the foregoing
sentence, the failure of the Company to make such certification or give such notice shall not affect the validity of such adjustment
or the force or effect of the requirement for such adjustment.

 

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Section 13. Consolidation,
Merger or Sale or Transfer of Assets or Earning Power. 

 

(a) Flip-over
Event. In the event that, at any time after a Person has become an Acquiring Person, directly or indirectly, through one
or a series of transactions, (x) the Company shall consolidate with, or merge with and into, or enter into a statutory stock
exchange or similar transaction with, any other Person (other than a Subsidiary of the Company in a transaction which
complies with Section 11(o) (Adjustment of Purchase Price; Number and Kind of Shares or Number of Rights — Restriction
Against Diminishing Benefits of the Rights)), and the Company shall not be the continuing or surviving corporation of
such consolidation, merger or statutory share exchange or similar transaction, (y) any Person (other than a Subsidiary of the
Company in a transaction which complies with Section 11(o)) shall consolidate with, or merge with or into, or enter into a
statutory stock exchange or similar transaction with, the Company, and the Company shall be the continuing or surviving
corporation of such consolidation, merger or statutory share exchange or similar transaction and, in connection with such
consolidation, merger or statutory share exchange or similar transaction, all or part of the outstanding shares of Common
Stock shall be changed into or exchanged for stock or other securities of any other Person or cash or any other property, or
(z) the Company shall sell or otherwise transfer (or one or more of its Subsidiaries shall sell or otherwise transfer), in
one transaction or a series of related transactions, assets or earning power aggregating more than 50% of the assets or
earning power of the Company and its Subsidiaries (taken as a whole) to any Person or Persons (other than the Company or any
Subsidiary of the Company in one or more transactions each of which complies with Section 11(o)), then, and in each such
case, (i) proper provision shall be made so that: each holder of a Right, except as provided in Section 7(e) (Exercise of
Rights; Purchase Price; Expiration Date of Rights — Termination of Acquiring Person’s Rights) shall
thereafter have the right to receive, upon the exercise thereof at the then current Purchase Price in accordance with the
terms of this Agreement, in lieu of a number of one one-thousandths of a share of Preferred Stock, such number of validly
authorized and issued, fully paid, nonassessable and freely tradeable shares of Common Stock of the Principal Party, not
subject to any liens, encumbrances, rights of first refusal or other adverse claims, as shall be equal to the result obtained
by (A) multiplying the then current Purchase Price by the number of one one-thousandths of a share of Preferred Stock for
which a Right is exercisable immediately prior to the first occurrence of a Flip-over Event (or, if a Flip-in Event has
occurred prior to the first occurrence of a Flip-over Event, multiplying the number of such one one-thousandths of a share
for which a Right was exercisable immediately prior to the first occurrence of a Flip-in Event by the Purchase Price in
effect immediately prior to such first occurrence), and (B) dividing that product (which, following the first occurrence of a
Flip-over Event, shall be referred to as the “Purchase Price” for each Right and for all purposes of this
Agreement) by 50% of the Current Market Price per share of the Common Stock of such Principal Party on the date of
consummation of such Flip-over Event; (ii) such Principal Party shall thereafter be liable for, and shall assume, by virtue
of such Flip-over Event, all the obligations and duties of the Company pursuant to this Agreement; (iii) the term
“Company” shall thereafter be deemed to refer to such Principal Party, it being specifically intended that the
provisions of Section 11 (Adjustment of Purchase Price; Number and Kind of Shares or Number of Rights) shall apply
only to such Principal Party following the first occurrence of a Flip-over Event; (iv) such Principal Party shall take such
steps (including, but not limited to, the reservation of a sufficient number of shares of its Common Stock) in connection
with the consummation of any such transaction as may be necessary to assure that the provisions hereof shall thereafter be
applicable, as nearly as reasonably may be, in relation to its shares of Common Stock thereafter deliverable upon the
exercise of the Rights; and (v) the provisions of Section 11(a)(ii) (Adjustment of Purchase Price; Number and Kind of
Shares or Number of Rights — Certain Adjustments) hereof shall be of no effect following the first
occurrence of any Flip-over Event. Notwithstanding anything in this Agreement to the contrary, if a Flip-over Event shall
occur prior to the Distribution Date, then (i) the Rights shall survive such Flip-over Event and shall not as a result
thereof be cancelled, terminated or otherwise cease to exist and (ii) the Distribution Date shall be deemed to have occurred
on the day immediately prior to the date of such Flip-over Event.

 

    	26

     

    

 

(b)
Principal Party. “Principal Party” shall mean

 

(i)
in the case of any transaction described in clause (x) or (y) of the first sentence of Section 13(a) (Consolidation, Merger
or Sale or Transfer of Assets or Earning Power — Flip-over Event), the Person that is the issuer of any securities
into which the shares of Common Stock are converted in such consolidation, merger or statutory share exchange or similar transaction,
or, if there is more than one such issuer, the issuer of the shares of Common Stock of which have the greatest aggregate market
value of shares outstanding and if no securities are so issued, (x) the Person that is the other party to such consolidation,
merger or statutory share exchange or similar transaction if the Person survives the merger, or, if there is more than one such
Person, the Person the shares of Common Stock of which have the greatest aggregate market value of shares outstanding, or (y)
if the Person that is the other party to the merger does not survive the merger, the Person that does survive the merger or (z)
the Person resulting from the consolidation, and

 

(ii)
in the case of any transaction described in clause (z) of the first sentence of Section 13(a) (Consolidation, Merger or Sale
or Transfer of Assets or Earning Power — Flip-over Event), the Person that is the party receiving the greatest
portion of the assets or earning power transferred pursuant to such transaction or transactions, or, if each Person that is a
party to such transaction or transactions receives that same portion of the assets or earning power so transferred or if the Person
receiving the greatest portion of the assets or earning power cannot be determined, whichever of such Persons as is the issuer
of Common Stock having the greatest aggregate market value of shares outstanding;

 

provided,
however, that in any such case, (1) if the Common Stock of such Person is not at such time and has not been continuously
over the preceding twelve (12) month period registered under Section 12 of the Exchange Act, and such Person is a direct or indirect
Subsidiary of another Person the Common Stock of which is and has been so registered, “Principal Party” shall refer
to such other Person; and (2) in case such Person is a Subsidiary, directly or indirectly, of more than one Person, the Common
Stocks of two or more of which are and have been so registered, “Principal Party” shall refer to whichever of such
Persons is the issuer of the total outstanding Common Stock having the greatest aggregate market value.

 

(c)
Supplemental Agreement. The Company shall not consummate a Flip-over Event unless the Principal Party shall have a sufficient
number of authorized shares of its Common Stock which have not been issued or reserved for issuance to permit the exercise in
full of the Rights in accordance with this Section 13 (Consolidation, Merger or Sale or Transfer of Assets or Earning Power)
and unless prior thereto the Company and such Principal Party shall have executed and delivered to the Rights Agent a supplemental
agreement providing for the terms set forth in paragraphs (a) and (b) of this Section 13 and further providing that, as soon as
practicable after the date of such Flip-over Event, the Principal Party will:

 

    	27

     

    

 

(i)
prepare and file a registration statement under the Act, with respect to the Rights and the securities purchasable upon exercise
of the Rights on an appropriate form, and will use its best efforts to cause such registration statement to (A) become effective
as soon as practicable after such filing and (B) remain effective (with a prospectus at all times meeting the requirements of
the Act) until the Expiration Date and take all such other action as may be necessary to enable the Principal Party to issue the
securities purchasable upon exercise of the Rights, including but not limited to the registration or qualification of such securities
under all requisite securities laws or jurisdictions of the various states and the listing of such securities on such exchange
and trading markets as may be necessary or appropriate;

 

(ii)
use its best efforts, if the Common Stock of the Principal Party shall be listed or admitted to trading on the NASDAQ Stock Market
or on another national securities exchange, to list or admit to trading (or continue the listing of) the Rights and the securities
purchasable upon exercise of the Rights on the NASDAQ Stock Market or such securities exchange, or, if the Common Stock of the
Principal Party shall not be listed or admitted to trading on the NASDAQ Stock Market or a national securities exchange, to cause
the Rights and the securities receivable upon exercise of the Rights to be reported by such other system then in use;

 

(iii)
deliver to holders of the Rights historical financial statements for the Principal Party and each of its Affiliates which comply
in all respects with the requirements for registration on Form 10 (or any successor form) under the Exchange Act; and

 

(iv)
obtain waivers of any rights of first refusal or preemptive rights in respect of the Common Stock of the Principal Party subject
to purchase upon exercise of outstanding Rights.

 

The
provisions of this Section 13 (Consolidation, Merger or Sale or Transfer of Assets or Earning Power) shall similarly apply
to successive consolidations, mergers or statutory share exchanges or similar transactions or sales or other transfers. In the
event that a Flip-over Event shall occur at any time after the occurrence of a Flip-in Event, the Rights which have not theretofore
been exercised shall thereafter become exercisable in the manner described in Section 13(a) (Consolidation, Merger or Sale
or Transfer of Assets or Earning Power — Flip-over Event).

 

(d)
Certain Approved Transactions. Notwithstanding anything contained herein to the contrary, in the event of any merger or
other acquisition transaction involving the Company pursuant to a merger or other acquisition agreement between the Company and
any Person (or one or more of such Person’s Affiliates or Associates) which agreement has been approved by the Board prior
to any Person becoming an Acquiring Person, this Agreement and the rights of holders of Rights hereunder shall be terminated in
accordance with Section 7(a).

 

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Section
14. Fractional Rights and Fractional Shares.

 

(a)
Fractional Rights. The Company shall not be required to issue fractions of Rights, except prior to the Distribution Date
as provided in Section 11(p) (Adjustment of Purchase Price; Number and Kind of Shares or Number of Rights — Common
Stock Adjustments), or to distribute Rights Certificates which evidence fractional Rights. In lieu of such fractional Rights,
there shall be paid to the registered holders of the Rights Certificates with regard to which such fractional Rights would otherwise
be issuable, an amount in cash equal to the same fraction of the current market value of a whole Right. For purposes of this Section
14(a), the current market value of a whole Right shall be the closing price of the Rights for the Trading Day immediately prior
to the date on which such fractional Rights would have been otherwise issuable. The closing price of the Rights for any Trading
Day shall be the last sale price, regular way, or, in case no such sale takes place on such Trading Day, the average of the closing
bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with
respect to securities listed or admitted to trading on the NASDAQ Stock Market or, if the Rights are not listed or admitted to
trading on the NASDAQ Stock Market, as reported in the principal consolidated transaction reporting system with respect to securities
listed on the principal national securities exchange on which the Rights are listed or admitted to trading, or if the Rights are
not listed or admitted to trading on any national securities exchange, the last quoted price or, if not so quoted, the average
of the high bid and low asked prices in the over-the-counter market as reported by the OTC Bulletin Board service or such other
quotation system then in use or, if on any such date the Rights are not quoted by any such organization, the average of the closing
bid and asked prices as furnished by a professional market maker making a market in the Rights selected by the Board. If on any
such date no such market maker is making a market in the Rights, the fair value of the Rights on such date as determined in good
faith by the Board shall be used.

 

(b)
Fractional Shares of Preferred Stock. The Company shall not be required to issue fractions of shares of Preferred Stock
(other than fractions which are integral multiples of one one-thousandth of a share of Preferred Stock which may at the option
of the Company, be evidenced by depositary receipts) upon exercise of the Rights or to distribute certificates which evidence
fractional shares of Preferred Stock (other than fractions which are integral multiples of one one-thousandth of a share of Preferred
Stock). Interests in fractions of Preferred Stock in integral multiples of one one-thousandth of a share of Preferred Stock may,
at the election of the Company, be evidenced by depositary receipts, pursuant to an appropriate agreement between the Company
and a depositary selected by it; provided, however, that such agreement shall provide that the holders of such depositary
receipts shall have all the rights, privileges and preferences to which they are entitled as beneficial owners of the Preferred
Stock represented by such depositary receipts. In lieu of fractional shares of Preferred Stock that are not integral multiples
of one one-thousandth of a share of Preferred Stock, the Company may pay to the registered holders of Rights Certificates at the
time such Rights are exercised as herein provided an amount in cash equal to the same fraction of the current market value of
one one-thousandth of a share of Preferred Stock. For purposes of this Section 14(b), the current market value of one one-thousandth
of a share of Preferred Stock shall be one one-thousandth of the closing price of a share of Preferred Stock (as determined pursuant
to Section 11(d)(ii) (Adjustment of Purchase Price; Number and Kind of Shares or Number of Rights — Current Market
Price)) for the Trading Day immediately prior to the date of such exercise.

 

(c)
Fractional Shares of Common Stock. Following the occurrence of a Triggering Event, the Company shall not be required to
issue fractions of shares of Common Stock upon exercise of the Rights or to distribute certificates which evidence fractional
shares of Common Stock. In lieu of fractional shares of Common Stock, the Company may pay to the registered holders of Rights
Certificates at the time such Rights are exercised as herein provided an amount in cash equal to the same fraction of the current
market value of one (1) share of Common Stock. For purposes of this Section 14(c), the current market value of one share of Common
Stock shall be the closing price of one share of Common Stock (as determined pursuant to Section 11(d)(i) (Adjustment of Purchase
Price; Number and Kind of Shares or Number of Rights — Current Market Price) for the Trading Day immediately
prior to the date of such exercise.

 

    	29

     

    

 

(d)
Waiver of Fractional Rights and Shares. The holder of a Right by the acceptance of the Right expressly waives his or her
right to receive any fractional Rights or any fractional shares upon exercise of a Right, except as permitted by this Section
14 (Fractional Rights and Fractional Shares).

 

Section
15. Rights of Action. All rights of action in respect of this Agreement are vested in the respective registered holders
of the Rights Certificates (and, prior to the Distribution Date, the registered holders of the Common Stock); and any registered
holder of any Rights Certificate (or, prior to the Distribution Date, of the Common Stock), without the consent of the Rights
Agent or of the holder of any other Rights Certificate (or, prior to the Distribution Date, of the Common Stock), may, in his
or her own behalf and for his or her own benefit, enforce, and may institute and maintain any suit, action or proceeding against
the Company to enforce, or otherwise act in respect of, his or her right to exercise the Rights evidenced by such Rights Certificate
in the manner provided in such Rights Certificate and in this Agreement. Without limiting the foregoing or any remedies available
to the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an adequate remedy at law
for any breach of this Agreement and shall be entitled to specific performance of the obligations hereunder and injunctive relief
against actual or threatened violations of the obligations hereunder of any Person subject to this Agreement.

 

Section
16. Agreement of Rights Holders. Every holder of a Right by accepting the same consents and agrees with the Company and
the Rights Agent and with every other holder of a Right that:

 

(a)
prior to the Distribution Date, the Rights will be transferable only in connection with the transfer of Common Stock;

 

(b)
after the Distribution Date, the Rights Certificates are transferable only on the registry books of the Rights Agent if surrendered
at the principal office or offices of the Rights Agent designated for such purposes, duly endorsed or accompanied by a proper
instrument of transfer and with the appropriate forms and certificates fully executed;

 

(c)
subject to Section 6(a) (Transfer, Split Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or
Stolen Rights Certificates — Procedure) and Section 7(f) (Exercise of Rights; Purchase Price; Expiration Date
of Rights — Surrender of Rights Certificates; Identity of Beneficial Owner), the Company and the Rights Agent
may deem and treat the person in whose name a Rights Certificate (or, prior to the Distribution Date, the associated Common Stock
certificate or, with respect to uncertificated shares of Common Stock, the book-entry account that evidences record ownership
of such shares) is registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations
of ownership or writing on the Rights Certificates or the associated Common Stock certificate (or the Ownership Statement or other
notices provided to holders of record of book-entry shares of Common Stock) made by anyone other than the Company or the Rights
Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent, subject to the last sentence of Section 7(e)
(Exercise of Rights; Purchase Price; Expiration Date of Rights — Termination of Acquiring Person’s Rights),
shall be required to be affected by any notice to the contrary; and

 

    	30

     

    

 

(d)
notwithstanding anything in this Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability
to any holder of a Right or other Person as a result of its inability to perform any of its obligations under this Agreement by
reason of any preliminary or permanent injunction or other order, decree or ruling issued by a court of competent jurisdiction
or by a governmental, regulatory or administrative agency or commission, or any statute, rule, regulation or executive order promulgated
or enacted by any governmental authority, prohibiting or otherwise restraining performance of such obligation; provided,
however, the Company must use its commercially reasonable efforts to have any such order, decree or ruling lifted or otherwise
overturned as soon as possible.

 

Section
17. Rights Certificate Holder Not Deemed a Stockholder. No holder, as such, of any Rights Certificate shall be entitled
to vote, receive dividends or be deemed for any purpose to be the holder of the number of one one-thousandths of a share of Preferred
Stock or any other securities of the Company which may at any time be issuable on the exercise of the Rights represented thereby,
nor shall anything contained herein or in any Rights Certificate be construed to confer upon the holder of any Rights Certificate,
as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter
submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice
of meetings or other actions affecting stockholders (except as provided in Section 25 (Notice of Certain Events)), or to receive
dividends or subscription rights, or otherwise, until the Right or Rights evidenced by such Rights Certificate shall have been
exercised in accordance with the provisions hereof.

 

Section
18. Concerning the Rights Agent.

 

(a)
Compensation. The Company shall pay to the Rights Agent reasonable compensation for all services rendered by it hereunder
and, from time to time, on demand of the Rights Agent, its reasonable expenses and counsel fees and other disbursements incurred
in the preparation, delivery, amendment, administration and execution of this Agreement and the exercise and performance of its
duties hereunder. The Company agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, liability damage,
judgment, fine, penalty, claim, demand, settlement, loss or expense, including, without limitation, reasonable attorneys’
fees, incurred without gross negligence, bad faith or willful misconduct (as determined by a court of competent jurisdiction)
on the part of the Rights Agent, for anything done or omitted to be done by the Rights Agent in connection with the acceptance,
administration, exercise and performance of its duties under this Agreement, including the reasonable costs and expenses of defending
against any claim of liability in connection therewith.

 

(b)
Reliance. The Rights Agent shall be protected and shall incur no liability for or in respect of any action taken, suffered
or omitted to be taken by it in connection with its administration of this Agreement in reliance upon any Rights Certificate or
certificate for Common Stock or for other securities of the Company, instrument of assignment or transfer, power of attorney,
endorsement, affidavit, letter, notice, direction, consent, certificate, statement or other paper or document believed by it to
be genuine and to be signed, executed and, where necessary, verified or acknowledged, by the proper Person or Persons, or otherwise
upon the advice of counsel as set forth in Section 20 (Duties of Rights Agent).

 

    	31

     

    

 

Section
19. Merger or Consolidation or Change of Name of Rights Agent.

 

(a)
Successor. Any corporation into which the Rights Agent or any successor Rights Agent may be merged or with which it may
be consolidated, or any corporation resulting from any merger or consolidation to which the Rights Agent or any successor Rights
Agent shall be a party, or any corporation succeeding to the corporate trust or stock transfer business of the Rights Agent or
any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement without the execution or filing of
any paper or any further act on the part of any of the parties hereto; provided, however, that such corporation
would be eligible for appointment as a successor Rights Agent under the provisions of Section 21 (Change of Rights Agent).
In case at the time such successor Rights Agent shall succeed to the agency created by this Agreement, any of the Rights Certificates
shall have been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of a predecessor
Rights Agent and deliver such Rights Certificates so countersigned; and in case at that time any of the Rights Certificates shall
not have been countersigned, any successor Rights Agent may countersign such Rights Certificates either in the name of the predecessor
or in the name of the successor Rights Agent; and in all such cases such Rights Certificates shall have the full force provided
in the Rights Certificates and in this Agreement.

 

(b)
Prior Countersignatures. In case at any time the name of the Rights Agent shall be changed and at such time any of the
Rights Certificates shall have been countersigned but not delivered, the Rights Agent may adopt the countersignature under its
prior name and deliver Rights Certificates so countersigned; and in case at that time any of the Rights Certificates shall not
have been countersigned, the Rights Agent may countersign such Rights Certificates either in its prior name or in its changed
name; and in all such cases such Rights Certificates shall have the full force provided in the Rights Certificates and in this
Agreement.

 

Section
20. Duties of Rights Agent. The Rights Agent undertakes the duties and obligations imposed by this Agreement upon the following
terms and conditions, by all of which the Company and the holders of Rights Certificates, by their acceptance thereof, shall be
bound:

 

(a)
Legal Counsel. The Rights Agent may consult with legal counsel (who may be legal counsel for the Company), and the opinion
of such counsel shall be full and complete authorization and protection to the Rights Agent as to any action taken or omitted
to be taken by it in good faith and in accordance with such opinion.

 

(b)
Certification by the Company. Whenever in the performance of its duties under this Agreement the Rights Agent shall deem
it necessary or desirable that any fact or matter (including, without limitation, the identity of any Acquiring Person and the
determination of Current Market Price) 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 certificate signed by the Chairman of the Board, the President, any Vice President, the Secretary,
any Assistant Secretary, the Treasurer or any Assistant Treasurer of the Company and delivered to the Rights Agent; and such certificate
shall be full authorization to the Rights Agent for any action taken or suffered in good faith by it under the provisions of this
Agreement in reliance upon such certificate.

 

(c)
Liability for Gross Negligence, etc. The Rights Agent shall be liable hereunder only for its own gross negligence, bad
faith or willful misconduct (as determined by a court of competent jurisdiction).

 

    	32

     

    

 

(d)
Statements of Fact or Recitals. The Rights Agent shall not be liable for or by reason of any of the statements of fact
or recitals contained in this Agreement or in the Rights Certificates or be required to verify the same (except as to its countersignature
on such Rights Certificates), but all such statements and recitals are and shall be deemed to have been made by the Company only.

 

(e)
Agreement; Adjustments. The Rights Agent shall not be under any liability or responsibility in respect of the validity
of this Agreement or the execution and delivery hereof (except the due execution hereof by the Rights Agent) or in respect of
the validity or execution of any Rights Certificate (except its countersignature); nor shall it be responsible for any breach
by the Company of any covenant or condition contained in this Agreement or in any Rights Certificate; nor shall it be responsible
for any adjustment required under the provisions of Section 11 (Adjustment of Purchase Price; Number and Kind of Shares or
Number of Rights) or Section 13 (Consolidation, Merger or Sale or Transfer of Assets or Earning Power) 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 (except with respect to the exercise of Rights evidenced by Rights Certificates after actual notice of 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
shares of Common Stock or Preferred Stock to be issued pursuant to this Agreement or any Rights Certificate or as to whether any
shares of Common Stock or Preferred Stock will, when so issued, be validly authorized and issued, fully paid and nonassessable.

 

(f)
Further Assurances. The Company will 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 Rights Agent for
the carrying out or performing by the Rights Agent of the provisions of this Agreement.

 

(g)
Instructions. The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance
of its duties hereunder from the Chairman of the Board, the President, any Vice President, the Secretary, any Assistant Secretary,
the Treasurer or any Assistant Treasurer of the Company and to apply to such persons for advice or instructions in connection
with its duties, and it shall not be liable for any action taken or suffered to be taken by it in good faith in accordance with
the instructions of any such person.

 

(h)
Dealing in Rights. The Rights Agent and any stockholder, director, officer or employee of the Rights Agent may buy, sell
or deal in any of the Rights or other securities of the Company or become pecuniarily interested in any transaction in which the
Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were
not Rights Agent under this Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the
Company or for any other legal entity.

 

(i)
Agents; Reasonable Care. The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform
any duty hereunder either itself or by or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable
for any act, default, neglect or misconduct of any such attorneys or agents or for any loss to the Company or any Person resulting
from any such act, default, neglect or misconduct; provided, however, reasonable care was exercised in the selection
and continued employment thereof.

 

    	33

     

    

 

(j)
Expenses; Repayment Assurances. No provision of this Agreement shall require the Rights Agent to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of its rights
if there shall be reasonable grounds for believing that repayment of such funds or adequate indemnification against such risk
or liability is not reasonably assured to it.

 

(k)
Exercise of Rights; Consultation with Company. If, with respect to any Rights Certificate surrendered to the Rights Agent
for exercise or transfer, the certificate attached to the form of assignment or form of election to purchase, as the case may
be, has either not been completed or indicates an affirmative response to clause 1 and/or 2 thereof, the Rights Agent shall not
take any further action with respect to such requested exercise of transfer without first consulting with the Company.

 

Section
21. Change of Rights Agent. The Rights Agent or any successor Rights Agent may resign and be discharged from its duties
under this Agreement upon thirty (30) calendar days’ notice in writing mailed to the Company, and to each transfer agent
of the Common Stock and Preferred Stock, by registered or certified mail, and to the holders of the Rights Certificates by first-class
mail. The Company may remove the Rights Agent or any successor Rights Agent upon thirty (30) calendar days’ notice in writing,
mailed to the Rights Agent or successor Rights Agent, as the case may be, and to each transfer agent of the Common Stock and Preferred
Stock, by registered or certified mail, and to the holders of the Rights Certificates by first-class mail. If the Rights Agent
shall resign or be removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the Rights
Agent. If the Company shall fail to make such appointment within a period of thirty (30) calendar days after giving notice of
such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights
Agent or by the holder of a Rights Certificate (who shall, with such notice, submit his Rights Certificate for inspection by the
Company), then the registered holder of any Rights Certificate may apply to any court of competent jurisdiction for the appointment
of a new Rights Agent. Any successor Rights Agent, whether appointed by the Company or by such a court, shall be (a) a Person
organized and doing business under the laws of the United States or of any State of the United States, in good standing, which
is authorized under such laws to exercise stock transfer or corporate trust powers, is subject to supervision or examination by
federal or state authority and has at the time of its appointment as Rights Agent a combined capital and surplus of at least $10,000,000
or (b) an Affiliate of a Person described in clause (a) of this sentence. After appointment, the successor Rights Agent shall
be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without
further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent any property at
the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose.
Not later than the effective date of any such appointment, the Company shall file notice thereof in writing with the predecessor
Rights Agent and each transfer agent of the Common Stock and Preferred Stock, and mail a notice thereof in writing to the registered
holders of the Rights Certificates. Failure to give any notice provided for in this Section 21 (Change of Rights Agent), or any
defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment
of the successor Rights Agent, as the case may be.

 

    	34

     

    

 

Section
22. Issuance of New Rights Certificates. Notwithstanding any of the provisions of this Agreement or of the Rights to the
contrary, the Company may, at its option, issue new Rights Certificates evidencing Rights in such form as may be approved by the
Board to reflect any adjustment or change in the Purchase Price and the number or kind or shares or other securities or property
purchasable under the Rights Certificates made in accordance with the provisions of this Agreement. In addition, in connection
with the issuance or sale of shares of Common Stock following the Distribution Date and prior to the redemption or expiration
of the Rights, the Company (a) shall, with respect to shares of Common Stock so issued or sold pursuant to the exercise of stock
options or under any employee plan or arrangement, or upon the exercise, conversion or exchange of securities hereafter issued
by the Company, in either case outstanding as of the Distribution Date, and (b) may, in any other case, if deemed necessary or
appropriate by the Board, issue Rights Certificates representing the appropriate number of Rights in connection with such issuance
or sale; provided, however, that (i) no such Rights Certificate shall be issued if, and to the extent that, the Company shall
be advised by counsel that such issuance would create a significant risk of material, adverse tax consequences to the Company
or the Person to whom such Rights Certificate would be issued, and (ii) no such Rights Certificate shall be issued if, and to
the extent that, appropriate adjustment shall otherwise have been made in lieu of the issuance thereof.

 

Section
23. Redemption and Termination.

 

(a)
Redemption. The Board may, at its option, at any time prior to the Flip-In Event redeem (the date of such redemption being
referred to herein as the “Redemption Date”) all but not less than all of the then outstanding Rights
at a redemption price of $0.001 per Right, as such amount may be appropriately adjusted to reflect any stock split, stock dividend
or similar transaction occurring after the date hereof (such redemption price being hereinafter referred to as the “Redemption
Price”). The Company may, at its option, pay the Redemption Price in cash, shares of Common Stock (based on the
Current Market Price of the Common Stock at the time of redemption) or any other form of consideration deemed appropriate by Board.
The redemption of the Rights by the Board may be made effective at such time, on such basis and with such conditions as the Board
in its sole discretion may establish.

 

(b)
Effect of Redemption; Procedure. Immediately upon the action of the Board ordering the redemption of the Rights pursuant
to Section 23(a) (or, if the resolutions of the Board electing to redeem the rights state that the redemption will not
be effective until a specified future time or the occurrence of a specified future event, at such future time or upon the occurrence
of such future event), evidence of which shall have been filed with the Rights Agent, and without any further action and without
any notice, the right to exercise the Rights will terminate and the only right thereafter of the holders of Rights shall be to
receive the Redemption Price for each Right so held. Promptly after the action of the Board ordering the redemption of the Rights,
the Company shall (i) give notice of such redemption to the Rights Agent and (ii) mail notice of such redemption to the holders
of the then outstanding Rights at their last addresses as they appear upon the registry books of the Rights Agent or, prior to
the Distribution Date, on the registry books of the Transfer Agent for the Common Stock; provided, however, that
the failure to give, or any defect in, any such notice shall not affect the validity of such redemption. Any notice which is mailed
in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of redemption
will state the method by which the payment of the Redemption Price will be made. Amounts payable shall be rounded down to the
nearest $0.01.

 

    	35

     

    

 

Section
24. Exchange.

 

(a)
Right to Exchange. The Board may, at its option, at any time and from time to time after the first occurrence of a Flip-in
Event, exchange all or part of the then outstanding and exercisable Rights (other than Rights which have become void as provided
in Section 7(e) (Exercise of Rights; Purchase Price; Expiration Date of Rights — Termination of Acquiring Person’s
Rights)) for shares of Common Stock at an exchange ratio of one share of Common Stock per Right, appropriately adjusted to
reflect any stock split, stock dividend or similar transaction occurring after the date hereof (such exchange ratio being hereinafter
referred to as the “Exchange Ratio”). Notwithstanding the foregoing, the Board shall not be empowered
to effect such exchange at any time after any Person (other than an Exempt Person), together with all Affiliates and Associates
of such Person, becomes the Beneficial Owner of 50% or more of the shares of Common Stock then outstanding. The exchange of the
Rights by the Company pursuant to this Section 24 may be made effective at such time, on such basis and with such conditions as
the Board in its sole discretion may establish.

 

(b)
Effect of Exchange; Procedure. Immediately upon the effectiveness of the action of the Board ordering the exchange of any
Rights pursuant to paragraph (a) of this Section 24, without any further action and without any notice, the right to exercise
such Rights will terminate and the only right thereafter of a holder of such Rights shall be to receive that number of shares
of Common Stock equal to the number of such Rights held by such holder multiplied by the Exchange Ratio. Promptly after the action
of the Board ordering the exchange of the Rights, the Company shall give public notice of such exchange; provided, however,
that the failure to give, or any defect in, such notice shall not affect the validity of such exchange, and mail notice of such
exchange to the holders of such Rights at their last addresses as they appear upon the registry books of the Rights Agent. Any
notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each
such notice of exchange will state the method by which the exchange will be effected and, in the event of any partial exchange,
the number of Rights which will be exchanged. Any partial exchange of Rights shall be effected pro rata based on the number of
Rights (other than Rights which have become void as provided in Section 7(e) (Exercise of Rights; Purchase Price; Expiration
Date of Rights — Termination of Acquiring Person’s Rights)) held by each holder of Rights. Before effecting
an exchange pursuant to this Section 24, the Board may direct the Company to enter into a Trust Agreement in such form and with
such terms as the Board shall then approve (the “Trust Agreement”). If the Board so directs, the Company
shall enter into the Trust Agreement and shall issue to the trust created by such agreement (the “Trust”)
all or some (as designated by the Board) of the shares of Common Stock (or other securities) issuable pursuant to the exchange,
and all or some (as designated by the Board) holders of Rights entitled to receive shares pursuant to the exchange shall be entitled
to receive such shares (and any dividends paid or distributions made thereon after the date on which such shares are deposited
in the Trust) only from the trust and solely upon compliance with the relevant terms and provisions of the Trust Agreement. Prior
to effecting an exchange and registering shares of Common Stock (or other such securities) in any Person’s name, including
any nominee or transferee of a Person, the Company may require (or cause the trustee of the Trust to require), as a condition
thereof, that any holder of Rights provide evidence, including, without limitation, the identity of the Beneficial Owners thereof
and their Affiliates and Associates (or former Beneficial Owners thereof and their Affiliates and Associates) as the Company shall
reasonably request in order to determine if such Rights are null and void. If any Person shall fail to comply with such request,
the Company shall be entitled conclusively to deem the Rights formerly held by such Person to be null and void pursuant to Section
7(e) (Exercise of Rights; Purchase Price; Expiration Date of Rights — Termination of Acquiring Person’s
Rights) and not transferable or exercisable or exchangeable in connection herewith.

 

    	36

     

    

 

(c)
Common Stock Equivalents. In any exchange pursuant to this Section 24, the Company, at its option, may substitute Common
Stock Equivalents for Common Stock exchangeable for Rights, at the initial rate of one Common Stock Equivalent for each share
of Common Stock, as appropriately adjusted to reflect adjustments in the voting rights of the Common Stock pursuant to the Company’s
Amended and Restated Certificate of Incorporation, as amended, so that the Common Stock Equivalent delivered in lieu of each share
of Common Stock shall have the same voting rights as one share of Common Stock.

 

(d)
Insufficient Common Stock. In the event that the number of shares of Common Stock which are authorized by the Company’s
Amended and Restated Certificate of Incorporation, as amended, but not outstanding or reserved for issuance for purposes other
than upon exercise of the Rights is not sufficient to permit any exchange of such Rights for Common Stock in accordance with this
Section 24, the Company may, at its option, take all such action as may be necessary to authorize additional shares of Common
Stock for issuance upon such exchange.

 

(e)
Fractional Shares. Upon the action of the Company ordering the exchange of any Rights pursuant to paragraph (a) of this
Section 24, the Company shall not be required to issue fractions of shares of Common Stock or to distribute certificates which
evidence fractional shares of Common Stock. In lieu of such fractional shares, the Company may pay to the registered holders of
the Rights Certificates with regard to which such fractional shares would otherwise be issuable an amount in cash equal to the
same fraction of the current market value of one share of Common Stock. For purposes of this Section 24, the current market value
of one share of Common Stock shall be the closing price of one share of Common Stock (as determined pursuant to Section 11(d)(i)
(Adjustment of Purchase Price; Number and Kind of Shares or Number of Rights — Current Market Price)) for
the Trading Day immediately prior to the date of exchange pursuant to this Section 24, and the value of any Common Stock Equivalent
shall be deemed to have the same current market value as the Common Stock on such date.

 

    	37

     

    

 

Section
25. Notice of Certain Events.

 

(a)
Preferred Stock Transactions, etc. In case the Company shall propose, at any time after the Distribution Date, (i) to pay
any dividend payable in stock of any class to the holders of Preferred Stock or to make any other distribution to the holders
of Preferred Stock (other than a regular quarterly cash dividend out of earnings or retained earnings of the Company); (ii) to
offer to the holders of Preferred Stock rights or warrants to subscribe for or to purchase any additional shares of Preferred
Stock or shares of stock of any class or any other securities, rights or options; (iii) to effect any reclassification of its
Preferred Stock (other than a reclassification involving only the subdivision of outstanding shares of Preferred Stock); (iv)
to effect any consolidation with, merger into or with, or statutory share exchange or similar transaction with, any other Person
(other than a Subsidiary of the Company in a transaction which complies with Section 11(o) (Adjustment of Purchase Price; Number
and Kind of Shares or Number of Rights — Restriction against Diminishing Benefits of the Rights)), or to effect
any sale or other transfer (or to permit one or more of its Subsidiaries to effect any sale or other transfer), in one transaction
or a series of related transactions, of more than 50% of the assets or earning power of the Company and its Subsidiaries (taken
as a whole) to any other Person or Persons (other than the Company and/or any of its Subsidiaries in one or more transactions
each of which complies with Section 11(o)); (v) to effect the liquidation, dissolution or winding up of the Company, or (vi) to
declare or pay any dividend on the shares of Common Stock payable in Common Stock or to effect a subdivision, combination or consolidation
of the shares of Common Stock (by reclassification or otherwise than by payment of dividends in Common Stock), then, in each such
case, the Company shall give to each holder of a Rights Certificate, to the extent feasible and in accordance with Section 26
(Notices), a notice of such proposed action, which shall specify the record date for the purposes of such stock dividend,
distribution of rights or warrants, or the date on which such reclassification, consolidation, merger, statutory share exchange
or similar transaction, sale, transfer, liquidation, dissolution, or winding up is to take place and the date of participation
therein by the holders of the shares of Preferred Stock, if any such date is to be fixed, and such notice shall be so given in
the case of any action covered by clause (i) or (ii) above at least twenty (20) calendar days prior to the record date for determining
holders of the shares of Preferred Stock for purposes of such action, and in the case of any such other action, at least twenty
(20) calendar days prior to the date of the taking of such proposed action or the date of participation therein by the holders
of the shares of Preferred Stock, whichever shall be the earlier.

 

(b)
Other Transactions. In case any of the events set forth in Section 11(a)(ii) (Adjustment of Purchase Price; Number and
Kind of Shares or Number of Rights — Certain Adjustments) shall occur, then, in any such case, (i) the Company
shall as soon as practicable thereafter give to each holder of a Rights Certificate, to the extent feasible and in accordance
with Section 26 (Notices), a notice of the occurrence of such event, which shall specify the event and the consequences
of the event to holders of Rights under Section 11(a)(ii), and (ii) all references in the preceding paragraph to Preferred Stock
shall be deemed thereafter to refer to Common Stock and/or, if appropriate, other securities.

 

Section
26. Notices. Notices or demands authorized by this Agreement to be given or made by the Rights Agent or by the holder of any
Rights Certificate to or on the Company shall be sufficiently given or made if sent by facsimile (with receipt confirmed), email
(with receipt confirmed) or by first-class mail, postage prepaid, addressed (until another address is filed in writing with the
Rights Agent) as follows:

 

Akers
Biosciences, Inc.

201
Grove Road

Thorofare,
NJ 08086

Attention:
Christopher C. Schreiber

Email:
CSchreiber@Akersbio.com

 

    	38

     

    

 

with
a copy to:

 

Haynes
and Boone, LLP

30
Rockefeller Plaza, 26th Floor

New
York, NY 10112

Attention:
Rick Werner

Email:
rick.werner@haynesboone.com

 

Subject
to the provisions of Section 21 (Change of Rights Agent), any notice or demand authorized by this Agreement to be given
or made by the Company or by the holder of any Rights Certificate to or on the Rights Agent shall be sufficiently given or made
if sent by facsimile (with receipt confirmed), email (with receipt confirmed) or by first-class mail, postage prepaid, addressed
(until another address is filed in writing with the Company) as follows:

 

VStock
Transfer, LLC

18
Lafayette Place

Woodmere,
NY 11598

Attention:
General Manager

Fax:
646-536-3179

Email:
info@vstocktransfer.com

 

Notices
or demands authorized by this Agreement to be given or made by the Company or the Rights Agent to the holder of any Rights Certificate
(or, if prior to the Distribution Date, to the holder of certificates representing shares of Common Stock) shall be sufficiently
given or made if sent by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown on
the registry books of the Company.

 

Section
27. Supplements and Amendments. For so long as the Rights are then redeemable, the Company may
in its sole and absolute discretion, and the Rights Agent shall, if the Company so directs, supplement or amend any provision
of this Agreement without the approval of any holders of Rights. At any time when the Rights are no longer redeemable , the Company
and the Rights Agent shall, if the Company so directs, supplement or amend this Agreement without the approval of any holders
of Rights Certificates; provided, however, that no such supplement or amendment may (i) adversely affect the interests of the
holders of Rights (other than an Acquiring Person or an Affiliate or Associate of an Acquiring Person); (ii) cause this Agreement
again to become amendable other than in accordance with this sentence; or (iii) cause the Rights again to become redeemable. Upon
the delivery of a certificate from an appropriate officer of the Company which states that the supplement or amendment is in compliance
with the terms of this Section 27, the Rights Agent shall execute such supplement or amendment; provided, that any supplement
or amendment that does not amend Sections 18, 19, 20, or 21 or this Section 27 in a manner adverse to the Rights Agent shall become
effective immediately upon execution by the Company, whether or not also executed by the Rights Agent.

 

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

 

    	39

     

    

 

Section
29. Determinations and Actions by the Board of Directors, etc. The Board shall have the exclusive
power and authority to administer this Agreement and to exercise all rights and powers specifically granted to the Board or to
the Company, or as may be necessary or advisable in the administration of this Agreement, including, without limitation, the right
and power to (i) interpret the provisions of this Agreement, and (ii) make all determinations deemed necessary or advisable for
the administration of this Agreement (including without limitation a determination to redeem or not redeem the Rights or to amend
the Agreement). All such actions, calculations, interpretations and determinations (including, without limitation for purposes
of clause (y) below, all omissions with respect to the foregoing) which are done or made by the Board in good faith shall (x)
be final, conclusive and binding on the Company, the Rights Agent, the holders of the Rights and all other parties, and (y) not
subject the Board to any liability to the holders of the Rights.

 

Section
30. Benefits of this Agreement. Nothing in this Agreement shall be construed to give to any
Person other than the Company, the Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution
Date, registered holders of the Common Stock) any legal or equitable right, remedy or claim under this Agreement; but this Agreement
shall be for the sole and exclusive benefit of the Company, the Rights Agent and the registered holders of the Rights Certificates
(and, prior to the Distribution Date, registered holders of the Common Stock).

 

Section
31. Severability. If any term, provision, covenant or restriction of this Agreement is held
by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or
invalidated; provided, however, that notwithstanding anything in this Agreement to the contrary, if any such term, provision,
covenant or restriction is held by such court or authority to be invalid, void or unenforceable and the Board determines in its
good faith judgment that severing the invalid language from this Agreement would adversely affect the purpose or effect of this
Agreement, the right of redemption set forth in Section 23 (Redemption and Termination) shall be reinstated and shall not expire
until the Close of Business on the tenth Business Day following the date of such determination by the Board.

 

Section
32. Governing Law. This Agreement, each Right and each Rights Certificate issued hereunder shall
be deemed to be a contract made under the laws of the State of New Jersey and for all purposes shall be governed by and construed
in accordance with the laws of such State applicable to contracts made and to be performed entirely within such State. 

 

Section
33. Counterparts. This Agreement may be executed in any number of 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.

 

Section
34. Descriptive Headings. Descriptive headings of the several Sections of this Agreement are
inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.

 

*
* * * *

 

    	40

     

    

 

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

 

	 	AKERS
    BIOSCIENCES, INC.
	 	 
	 	By:	/s/
                                         Christopher C. Schreiber

	 	Name:	Christopher
    C. Schreiber
	 	Title:	Executive
                                         Chairman and President

 

	 	VSTOCK
    TRANSFER, LLC
	 	 	 
	 	By:	/s/
                                         Yoel Goldfelder

	 	Name:	Yoel
                                         Goldfelder

	 	Title:	CEO

 

Signature
Page to Rights Agreement

 

    	 

     

    

 

Exhibit
1

 

FORM
OF CERTIFICATE OF DESIGNATIONS

 

OF

 

SERIES
E JUNIOR PARTICIPATING PREFERRED STOCK

 

OF

 

AKERS
BIOSCIENCES, INC.

 

Pursuant
to Section 14A:7-2 of the

New
Jersey Business Corporation Act

 

The
undersigned does hereby certify that the following resolution was duly adopted by the Board of Directors of Akers Biosciences,
Inc., a New Jersey corporation (the “Corporation”), as required by Section 14A:7-2 of the New Jersey Business
Corporation Act as of September 9, 2020:

 

RESOLVED,
that pursuant to the authority vested in the Board of Directors of the Corporation (the “Board of Directors”)
by the Amended and Restated Certificate of Incorporation, as amended (the “Charter”), the Board of Directors
does hereby create, authorize and provide for the issue of a series of Preferred Stock, no par value with a stated value of $0.001
per share, of the Corporation, to be designated “Series E Junior Participating Preferred Stock” (hereinafter referred
to as the “Series E Preferred Stock”), initially consisting of 100,000 shares, and does hereby fix and herein
state and express such designations, powers, preferences and relative and other special rights and the qualifications, limitations
and restrictions thereof, as follows (all terms used herein that are defined in the Charter shall be deemed to have the meanings
provided therein):

 

Section
1. Designation and Amount. The shares of such series shall be designated as “Series E Junior Participating Preferred
Stock,” and the number of shares constituting such series shall be 100,000.

 

    	 1 - 1

     

    

 

Section
2. Dividends and Distributions.

 

A.
Subject to the prior and superior rights of the holders of any shares of any class or series of stock of the Corporation ranking
prior and superior to the shares of Series E Preferred Stock with respect to dividends, the holders of shares of Series E Preferred
Stock, in preference to the holders of shares of any class or series of stock of the Corporation ranking junior to the Series
E Preferred Stock with respect to dividends, shall be entitled to receive, when, as and if declared by the Board of Directors
out of funds legally available for the purpose, dividends on shares of Series E Preferred Stock (each such date being referred
to herein as a “Payment Date”), commencing on the first Payment Date after the first issuance of a share or
fraction of a share of Series E Preferred Stock, in an amount per share (rounded to the nearest cent) equal to the greater of
(a) $0.001 and (b) the sum of (1) the Adjustment Number (as defined below) times the aggregate per share amount of all cash dividends,
plus (2) the Adjustment Number times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions
other than a dividend payable in shares of common stock, no par value, of the Corporation (the “Common Stock”)
or a subdivision of the outstanding shares of Common Stock (by reclassification or otherwise), in each case declared on the Common
Stock since the immediately preceding Payment Date, or, with respect to the first Payment Date, since the first issuance of any
share or fraction of a share of Series E Preferred Stock. The “Adjustment Number” shall initially be 1,000. In the
event the Corporation shall at any time after September 9, 2020 (the “Rights Declaration Date”) (i) declare
and pay any dividend on Common Stock payable in shares of Common Stock, (ii) subdivide the outstanding Common Stock, or (iii)
combine the outstanding Common Stock into a smaller number of shares, then in each case the Adjustment Number in effect immediately
prior to such event shall be adjusted by multiplying the Adjustment Number by a fraction the numerator of which is the number
of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common
Stock that were outstanding immediately prior to such event.

 

B.
The Corporation shall declare a dividend or distribution on the Series E Preferred Stock as provided in paragraph (A) above immediately
after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common Stock).

 

C.
Dividends shall begin to accrue and be cumulative on outstanding shares of Series E Preferred Stock from the Payment Date next
preceding the date of issue of such shares of Series E Preferred Stock, unless the date of issue of such shares is prior to the
record date for the first Payment Date, in which case dividends on such shares shall begin to accrue from the date of issue of
such shares, or unless the date of issue is a Payment Date or is a date after the record date for the determination of holders
of shares of Series E Preferred Stock entitled to receive a dividend and before such Payment Date, in either of which events such
dividends shall begin to accrue and be cumulative from such Payment Date. Accrued but unpaid dividends shall not bear interest.
Dividends paid on the shares of Series E Preferred Stock in an amount less than the total amount of such dividends at the time
accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among all such shares at the time outstanding.
The Board of Directors may fix a record date for the determination of holders of shares of Series E Preferred Stock entitled to
receive payment of a dividend or distribution declared thereon, which record date shall be no more than sixty (60) days prior
to the date fixed for the payment thereof.

 

Section
3. Voting Rights.

 

The
holders of shares of Series E Preferred Stock shall have the following voting rights:

 

A.
Each share of Series E Preferred Stock shall entitle the holder thereof to a number of votes equal to the Adjustment Number on
all matters submitted to a vote of the stockholders of the Corporation.

 

    	 1 - 2

     

    

 

B.
Except as otherwise provided herein or by law, the holders of shares of Series E Preferred Stock and the holders of shares of
Common Stock shall vote collectively as one class on all matters submitted to a vote of stockholders of the Corporation. Except
as otherwise provided herein or as required by law, the holders of shares of Series E Preferred Stock shall not be entitled to
vote as a separate class on any matters submitted to a vote of the stockholders.

 

C.
Except as set forth herein or required by law, holders of Series E Preferred Stock shall have no special voting rights and their
consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth herein)
for taking any corporate action.

 

Section
4. Certain Restrictions.

 

A.
Whenever dividends or distributions payable on the Series E Preferred Stock as provided in Section 2 are in arrears, thereafter
and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series E Preferred Stock outstanding
shall have been paid in full, the Corporation shall not:

 

(i)
declare or pay dividends on, make any other distributions on, or redeem or purchase or otherwise acquire for consideration any
shares of capital stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series E
Preferred Stock other than (A) such redemptions or purchases that may be deemed to occur upon the exercise of stock options, warrants
or similar rights or grant, vesting or lapse of restrictions on the grant of any other performance shares, restricted stock, restricted
stock units or other equity awards to the extent that such shares represent all or a portion of (x) the exercise or purchase price
of such options, warrants or similar rights or other equity awards and (y) the amount of withholding taxes owed by the recipient
of such award in respect of such grant, exercise, vesting or lapse of restrictions; (B) the repurchase, redemption, or other acquisition
or retirement for value of any such shares from employees, former employees, directors, former directors, consultants or former
consultants of the Corporation or their respective estate, spouse, former spouse or family member, pursuant to the terms of the
agreements pursuant to which such shares were acquired;

 

(ii)
declare or pay dividends on or make any other distributions on any shares of stock ranking on a parity (either as to dividends
or upon liquidation, dissolution or winding up) with the Series E Preferred Stock, except dividends paid ratably on the Series
E Preferred Stock and all such parity stock on which dividends are payable or in arrears in proportion to the total amounts to
which the holders of all such shares are then entitled; or

 

(iii)
purchase or otherwise acquire for consideration any shares of Series E Preferred Stock, or any shares of capital stock ranking
on a parity with the Series E Preferred Stock, except in accordance with a purchase offer made in writing or by publication (as
determined by the Board of Directors) to all holders of Series E Preferred Stock, or to such holders and holders of any such shares
ranking on a parity therewith, upon such terms as the Board of Directors, after consideration of the respective annual dividend
rates and other relative rights and preferences of the respective series and classes, shall determine in good faith will result
in fair and equitable treatment among the respective series or classes.

 

    	 1 - 3

     

    

 

B.
The Corporation shall not permit any subsidiary of the Corporation to purchase or otherwise acquire for consideration any shares
of stock of the Corporation unless the Corporation could, under paragraph (A) of this Section 4, purchase or otherwise acquire
such shares at such time and in such manner.

 

Section
5. Reacquired Shares.

 

Any
shares of Series E Preferred Stock purchased or otherwise acquired by the Corporation in any manner whatsoever shall be retired
and cancelled promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but unissued
shares of Preferred Stock and may be reissued as part of a new series of Preferred Stock to be created by resolution or resolutions
of the Board of Directors, subject to the conditions and restrictions on issuance set forth herein.

 

Section
6. Liquidation, Dissolution or Winding Up.

 

A.
Upon any liquidation (voluntary or otherwise), dissolution or winding up of the Corporation, no distribution shall be made to
the holders of shares of capital stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up)
to the Series E Preferred Stock unless, prior thereto, the holders of shares of Series E Preferred Stock shall have received an
amount per share of Series E Preferred Stock (the “Series E Liquidation Preference”) equal to the greater of
(i) $1,000.00 plus an amount equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the
date of such payment, and (ii) the Adjustment Number times the per share amount of all cash and other property to be distributed
in respect of the Common Stock upon such liquidation, dissolution or winding up of the Corporation.

 

B.
In the event, however, that there are not sufficient assets available to permit payment in full of the Series E Liquidation Preference
and the liquidation preferences of all other classes and series of stock of the Corporation, if any, which rank on a parity with
the Series E Preferred Stock, then the assets available for such distribution shall be distributed ratably to the holders of the
Series E Preferred Stock and the holders of such parity shares in proportion to their respective liquidation preferences.

 

C.
Neither the merger or consolidation of the Corporation into or with another entity nor the merger or consolidation of any other
entity into or with the Corporation shall be deemed to be a liquidation, dissolution or winding up of the Corporation within the
meaning of this Section 6.

 

Section
7. Consolidation, Merger, etc.

 

In
case the Corporation shall enter into any consolidation, merger, combination or other transaction in which the shares of Common
Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case the shares
of Series E Preferred Stock shall at the same time be similarly exchanged or changed into an amount per share equal to the Adjustment
Number times the aggregate amount of capital stock, securities, cash and/or any other property (payable in kind), as the case
may be, for which or into which each share of Common Stock is exchanged or changed.

 

    	 1 - 4

     

    

 

Section
8. No Redemption.

 

The
shares of Series E Preferred Stock shall not be redeemable.

 

Section
9. Ranking.

 

The
Series E Preferred Stock shall rank junior to all other series of the Corporation’s Preferred Stock as to the payment of
dividends and the distribution of assets, whether or not upon the dissolution, liquidation or winding up of the Corporation, unless
the terms of any such series shall provide otherwise and shall rank senior to the Common Stock as to such matters.

 

Section
10. Amendment.

 

At
any time that any shares of Series E Preferred Stock are outstanding, the Charter shall not be amended by merger, consolidation
or otherwise which would materially alter or change the powers, preferences or special rights of the Series E Preferred Stock
so as to affect them adversely without the affirmative vote of the holders of two-thirds of the outstanding shares of Series E
Preferred Stock, voting separately as a class.

 

Section
11. Fractional Shares.

 

Series
E Preferred Stock may be issued in fractions of a share which shall entitle the holder, in proportion to such holder’s fractional
shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of all other rights
of holders of Series E Preferred Stock.

 

*
* * * * * *

 

    	 1 - 5

     

    

 

IN
WITNESS WHEREOF, this Certificate of Designations has been executed by a duly authorized officer of the Corporation on this ___
day of _______, ____.

 

	 	AKERS
    BIOSCIENCES, INC.
	 	 	 
	 	By:	                   
	 	Name:	 
	 	Title:	 

 

    	 1 - 6

     

    

 

Exhibit
2

 

[Form
of Rights Certificate]

 

Certificate
No. R____ ______ Rights

 

NOT
EXERCISABLE AFTER THE EARLIER OF September 8, 2021, OR SUCH DATE AS THE RIGHTS REPRESENTED HEREBY ARE REDEEMED BY AKERS BIOSCIENCES,
INC. (THE “CORPORATION”). THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE SUBJECT TO REDEMPTION,
AT THE OPTION OF THE CORPORATION, AT $0.001 PER RIGHT AND EXCHANGE ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT DATED AS OF
SEPTEMBER 9, 2020, BY AND BETWEEN THE CORPORATION AND VSTOCK TRANSFER, LLC, AS RIGHTS AGENT (THE “RIGHTS AGREEMENT”).
UNDER CERTAIN CIRCUMSTANCES, RIGHTS BENEFICIALLY OWNED BY AN ACQUIRING PERSON (AS SUCH TERM IS DEFINED IN THE RIGHTS AGREEMENT)
AND ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY BECOME NULL AND VOID. [THE RIGHTS REPRESENTED BY THIS RIGHTS CERTIFICATE ARE OR WERE
BENEFICIALLY OWNED BY A PERSON WHO WAS OR BECAME AN ACQUIRING PERSON OR AN AFFILIATE OR ASSOCIATE OF AN ACQUIRING PERSON (AS SUCH
TERMS ARE DEFINED IN THE RIGHTS AGREEMENT). ACCORDINGLY, THIS RIGHTS CERTIFICATE AND THE RIGHTS REPRESENTED HEREBY MAY BECOME
NULL AND VOID IN THE CIRCUMSTANCES SPECIFIED IN SECTION 7(e) (EXERCISE OF RIGHTS; PURCHASE PRICE; EXPIRATION DATE OF RIGHTS
— TERMINATION OF ACQUIRING PERSON’S RIGHTS) OF SUCH AGREEMENT.]1

 

Rights
Certificate

AKERS
BIOSCIENCES, INC.

 

This
certifies that ____________________________, or its, his or her registered assigns, is the registered owner of the number of Rights
set forth above, each of which entitles the owner thereof, subject to the terms, provisions and conditions of the Rights Agreement,
dated as of September 9, 2020 (the “Rights Agreement”), between Akers Biosciences, Inc., a New Jersey
corporation (the “Corporation”), and VStock Transfer, LLC (the “Rights Agent”),
to purchase from the Corporation at any time after the Distribution Date (as defined in the Rights Agreement) and prior to the
Expiration Date (as defined in the Rights Agreement) at the office or offices of the Rights Agent designated for such purpose,
or its successors as Rights Agent, one one-thousandth (1/1,000) of a fully paid, nonassessable share of Series E Junior Participating
Preferred Stock (the “Series E Junior Participating Preferred Stock”) of the Corporation, at a purchase
price of $15.00 per one one-thousandth (1/1,000) of a share (the “Purchase Price”), upon presentation
and surrender of this Rights Certificate with the Form of Election to Purchase and related Certificate duly executed. The number
of Rights evidenced by this Rights Certificate (and the number of shares which may be purchased upon exercise thereof) set forth
above, and the Purchase Price set forth above, are the number and Purchase Price as of September 9, 2020, based on the Series
E Junior Participating Preferred Stock as constituted at such date. The Corporation reserves the right to require prior to the
occurrence of a Triggering Event (as such term is defined in the Rights Agreement) that upon any exercise of Rights, a number
of Rights be exercised so that only whole shares of Series E Junior Participating Preferred Stock would be issued.

 

 

1 NTD: The portion of the legend in brackets shall be inserted only if applicable and shall replace the preceding sentence.

 

    	 2 - 1

     

    

 

Upon
the occurrence of a Flip-in Event (as such term is defined in the Rights Agreement), if the Rights evidenced by this Rights Certificate
are beneficially owned by (i) an Acquiring Person or an Associate or Affiliate or any such Acquiring Person (as such terms are
defined in the Rights Agreement), (ii) a transferee of any such Acquiring Person or its Associate or Affiliate, or (iii) under
certain circumstances specified in the Rights Agreement, a transferee of an Acquiring Person or its Associate or Affiliate who
becomes a transferee prior to or concurrently with the Acquiring Person becoming such, such Rights shall become null and void
and no holder hereof shall have any right with respect to such Rights from and after the occurrence of such Flip-in Event.

 

As
provided in the Rights Agreement, the Purchase Price and the number and kind of shares of Series E Junior Participating Preferred
Stock or other securities, which may be purchased upon the exercise of the Rights evidenced by this Rights Certificate are subject
to modification and adjustment upon the happening of certain events, including Triggering Events (as such term is defined in the
Rights Agreement).

 

This
Rights Certificate is subject to all of the terms, provisions and conditions of the Rights Agreement, which terms, provisions
and conditions are hereby incorporated herein by reference and made a part hereof and to which Rights Agreement reference is hereby
made for a full description of the rights, limitations of rights, obligations, duties and immunities hereunder of the Rights Agent,
the Corporation and the holders of the Rights Certificates, which limitations of rights include the temporary suspension of the
exercisability of such Rights under the specific circumstances set forth in the Rights Agreement. Copies of the Rights Agreement
are on file at the above-mentioned office of the Rights Agent and are also available upon written request to the Rights Agent.

 

This
Rights Certificate, with or without other Rights Certificates, upon surrender at the principal office or offices of the Rights
Agent designated for such purpose, may be exchanged for another Rights Certificate or Rights Certificates of like tenor and date
evidencing Rights entitling the holder to purchase a like aggregate number of one one-thousandths of a share of Series E Junior
Participating Preferred Stock as the Rights evidenced by the Rights Certificate or Rights Certificates surrendered shall have
entitled such holder to purchase. If this Rights Certificate shall be exercised in part, the holder shall be entitled to receive
upon surrender hereof another Rights Certificate or Rights Certificates for the number of whole Rights for which this Rights Certificate
is not exercised.

 

Subject
to the provisions of the Rights Agreement, the Rights evidenced by this Certificate (i) may be redeemed by the Corporation at
its option at a redemption price of $0.001 per Right and (ii) may be exchanged in whole or in part for Preferred Stock, shares
of the Corporation’s Common Stock, no par value, other property or any combination thereof.

 

    	 2 - 2

     

    

 

In
addition, subject to the provisions of the Rights Agreement, at any time and from time to time after the first occurrence of a
Flip-in Event, the Rights may be exchanged, in whole or in part, for shares of the Common Stock, or shares of Common Stock equivalents
of the Corporation having substantially the same dividend, voting and liquidation rights as shares of Common Stock and are deemed
in good faith by the Board of Directors to have substantially the same value as the shares of Common Stock. Immediately upon the
action of the Board of Directors of the Corporation authorizing any such exchange, and without any further action or any notice,
the Rights (other than Rights which are not subject to such exchange) will terminate and the Rights will only enable holders to
receive the shares issuable upon such exchange.

 

No
fractional shares of Series E Junior Participating Preferred Stock will be issued upon the exercise of any Right or Rights evidenced
hereby (other than fractions which are integral multiples of one one-thousandth (1/1,000) of a share of Series E Junior Participating
Preferred Stock, which may, at the election of the Corporation, be evidenced by depositary receipts), but a cash payment will
be made in lieu thereof, as provided in the Rights Agreement.

 

No
holder of this Rights Certificate shall be entitled to vote, receive dividends or be deemed for any purpose the holder of shares
of Series E Junior Participating Preferred Stock or of any other securities of the Corporation which may at any time be issuable
on the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed to confer upon the holder
hereof, as such, any of the rights of a stockholder of the Corporation or any right to vote for the election of directors or upon
any matter submitted to stockholders of the Corporation at any meeting thereof, or to give or withhold consent to any corporate
action or to receive notice of meetings or other actions affecting stockholders of the Corporation (except as provided in the
Rights Agreement), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Rights
Certificate shall have been exercised as provided in the Rights Agreement.

 

This
Rights Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned manually or by facsimile
signature by the Rights Agent.

 

WITNESS
the facsimile signature of the proper officers of the Corporation and its corporate seal.

 

 

	Dated
    as of _________________	 	 
	 	 	 	 
	ATTEST:	 	AKERS
    BIOSCIENCES, INC.
	 	 	 	 	 
	By:	                    	 	By:	                     
	Secretary	 	Title:	 

 

	Countersigned:	 
	RIGHTS
    AGENT	 
	 	 
	By:	 	 
	 	Authorized
    Signature	 

 

    	 2 - 3

     

    

 

[Form
of Reverse Side of Rights Certificate]

 

FORM
OF ASSIGNMENT

 

(To
be executed by the registered holder if such

 

holder
desires to transfer the Rights Certificate.)

 

FOR
VALUE RECEIVED,___________________________________________________________________________

hereby
sells, assigns and transfers unto________________________________________________________________

______________________________________________________________________________________________

 

(Please
print name and address of transferee)

 

this
Rights Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint ______________________________
Attorney, to transfer the within Rights Certificate on the books of the within-named Corporation, with full power of substitution.

 

Dated:
_______________________________________________________________

 

Signature

 

Signature
Guaranteed:

 

CERTIFICATE

 

The
undersigned hereby certifies by checking the appropriate boxes that:

 

(1)
this Rights Certificate [ ] is [ ] is not being sold, assigned and transferred by or on behalf of a Person who is or was an Acquiring
Person or an Affiliate or Associate of an Acquiring Person (as such terms are defined in the Rights Agreement); and

 

(2)
after due inquiry and to the best knowledge of the undersigned, it [ ] did [ ] did not acquire the Rights evidenced by this Rights
Certificate from any Person who is, was or subsequently became an Acquiring Person or an Affiliate or Associate of an Acquiring
Person.

 

	Dated:__________________________	 	 _____________________________
	 	 	 
	 	 	Signature

 

Signature
Guaranteed:

 

NOTICE

 

The
signature to the foregoing Assignment and Certificate must correspond to the name as written upon the face of this Rights Certificate
in every particular, without alteration or enlargement or any change whatsoever.

 

    	 2 - 4

     

    

 

FORM
OF ELECTION TO PURCHASE

(To
be executed if holder desires to exercise

Rights
represented by the Rights Certificate.)

 

	To:	AKERS
    BIOSCIENCES, INC.

 

The
undersigned hereby irrevocably elects to exercise _______________ Rights represented by this Rights Certificate to purchase the
shares of Series E Junior Participating Preferred Stock issuable upon the exercise of the Rights (or such other securities of
the Corporation or of any other person which may be issuable upon the exercise of the Rights) and requests that certificates for
such shares be issued in the name of and delivered to:

 

Please
insert social security or other identifying number

 

_____________________________________________________________________________________________

(Please
print name and address)

 

_____________________________________________________________________________________________

 

If
such number of Rights shall not be all the Rights evidenced by this Rights Certificate, a new Rights Certificate for the balance
of such Rights shall be registered in the name of and delivered to:

 

Please
insert social security or other identifying number

 

_____________________________________________________________________________________________

(Please
print name and address)

 

_____________________________________________________________________________________________

 

	Dated:
    _____________________ 	 	 _____________________________
	 	 	Signature

 

Signature
Guaranteed:

 

    	 2 - 5

     

    

 

CERTIFICATE

 

The
undersigned hereby certifies by checking the appropriate boxes that:

 

(1)
the Rights evidenced by this Rights Certificate [ ] are [ ] are not being acquired or exercised by or on behalf of a Person who
is or was an Acquiring Person or an Affiliate or Associate of an Acquiring Person (as such terms are defined in the Rights Agreement);
and

 

(2)
after due inquiry and to the best knowledge of the undersigned, it [ ] did [ ] did not acquire the Rights evidenced by this Rights
Certificate from any Person who is, was or became an Acquiring Person or an Affiliate or Associate of an Acquiring Person.

 

	Dated:
    _____________________ 	 	 ________________________________________
	 	 	Signature

 

Signature
Guaranteed:

 

NOTICE

 

The
signature to the foregoing Election to Purchase and Certificate must correspond to the name as written upon the face of this Rights
Certificate in every particular, without alteration or enlargement or any change whatsoever.

 

    	 2 - 6

     

    

 

Exhibit
3

 

SUMMARY
OF RIGHTS TO PURCHASE

 

PREFERRED
STOCK

 

On
September 9, 2020, the Board of Directors (the “Board”) of Akers Biosciences, Inc. (the “Company”)
declared a dividend distribution to its stockholders of record at the close of business on September 21, 2020, of one preferred
stock purchase right (a “Right”) for each outstanding share of Common Stock, no par value (the “Common
Stock”). Each Right entitles the registered holder to purchase from the Company one one-thousandth (1/1,000) of
a share of Series E Junior Participating Preferred Stock, no par value with a stated value of $0.001 (the “Preferred
Stock”), at a purchase price of $15.00 per one one-thousandth (1/1,000) of a share, subject to adjustment. The description
and terms of the Rights are set forth in a Rights Agreement dated as of September 9, 2020, as the same may be amended hereafter
(the “Rights Agreement”) between the Company and VStock Transfer, LLC, as Rights Agent (the “Rights
Agent”). Initially capitalized terms used but not defined herein have the meanings set forth in the Rights Agreement.

 

Separation
and Distribution of Rights; Exercisability. Initially, the Rights will be evidenced by the certificates representing shares
of Common Stock then outstanding, and no separate Rights certificates will be distributed. Subject to certain exceptions, the
Rights will become exercisable and trade separately from the Common Stock upon the earlier of:

 

	 	●	ten
    (10) business days following a public announcement that a person or group of affiliated or associated persons has acquired,
    or obtained the right to acquire, beneficial ownership of 10% or more of the shares of Common Stock then outstanding (subject
    to certain exceptions discussed below and as set forth in the Rights Agreement) (such person is referred to as an “Acquiring
    Person”); or
	 	 	 
	 	●	ten
    (10) business days (or such later date as may be determined by action of the Board of Directors of the Company prior to such
    time as any person or group of affiliated persons becomes an Acquiring Person) following the commencement of, or announcement
    of an intention to make, a tender offer or exchange offer the consummation of which would result in any person or group of
    affiliated or associated persons becoming an Acquiring Person.

 

The
date the Rights separate from the Common Stock is referred to as the “Distribution Date.” Beneficial
ownership generally includes ownership of options, warrants, convertible securities, stock appreciation rights, swap agreements
or other securities, contract rights or derivative positions, whether or not presently exercisable.

 

Until
the Distribution Date (or the earlier expiration of the Rights), (i) the Rights will be evidenced by the Common Stock certificates,
(ii) the Rights will be transferred with, and only with, the Common Stock certificates, (iii) new Common Stock certificates issued
after September 21, 2020 will contain a notation incorporating the Rights Agreement by reference, and (iv) the surrender for transfer
of any shares of Common Stock will also constitute the transfer of the Rights associated with such shares.

 

As
soon as practicable after the Distribution Date, separate Rights certificates will be mailed to the holders of record of Common
Stock as of the close of business on the Distribution Date and, after that, the separate Rights certificates (or book-entry credits)
will represent the Rights. Except as otherwise provided in the Rights Agreement, only shares of Common Stock issued prior to the
Distribution Date will be issued with Rights.

 

    	Exhibit 3 - 1

     

    

 

The
Rights are not exercisable until the Distribution Date and will expire at the close of business on September 8, 2021, unless earlier
redeemed or exchanged by the Company as described below.

 

Flip-in
Event. In the event that any person or group of affiliated or associated persons becomes an Acquiring Person (a “Flip-in
Event”), each holder of a Right, other than Rights beneficially owned by the Acquiring Person (which will thereupon
become void), will thereafter have the right to receive upon exercise of a Right that number of shares of Common Stock having
a market value of two times the exercise price of the Right.

 

For
example, at a purchase price of $15.00 per Right, each Right not owned by an Acquiring Person (or by some related parties or transferees)
following an event set forth in the preceding paragraph would entitle its holder to purchase $30.00 worth of Common Stock (or
other consideration, as noted above) for $15.00.

 

Flip-over
Events. In the event that, after a person or group has become an Acquiring Person, the Company is acquired in a merger or
other business combination transaction or 50% or more of its consolidated assets or earning power are sold (a “Flip-over
Event”), proper provisions will be made so that each holder of a Right (other than Rights beneficially owned by
an Acquiring Person which will have become void) will thereafter have the right to receive upon the exercise of a Right that number
of shares of common stock of the person with whom the Company has engaged in the foregoing transaction (or its parent) that at
the time of such transaction have a market value of two times the exercise price of the Right.

 

Flip-in
Events and Flip-over Events are referred to collectively as “Triggering Events.”

 

Anti-dilution
Adjustments; Fractional Shares. The applicable purchase price payable and the number of shares of Preferred Stock or other
securities or property issuable upon the exercise of the Rights are subject to adjustment from time to time to prevent dilution:

 

	 	●	in
    the event of a stock dividend on, or a subdivision, combination or reclassification of, the Preferred Stock;

 

    	Exhibit 3 - 2

     

    

 

	 	●	if
    the holders of Preferred Stock are granted certain rights, options or warrants to subscribe for the applicable Preferred Stock
    or securities convertible into the applicable Preferred Stock at less than the current market price of the applicable Preferred
    Stock; or
	 	 	 
	 	●	upon
    the distribution to holders of Preferred Stock of evidences of indebtedness, cash (excluding regular quarterly cash dividends),
    assets (other than dividends payable in Preferred Stock) or subscription rights or warrants (other than those referred to
    in the bullet point immediately above).

 

The
number of outstanding Rights is also subject to adjustment in the event of a stock dividend on the Common Stock payable in Common
Stock, or a subdivision or combination of Common Stock. With some exceptions, no adjustment in the purchase price relating to
a Right will be required until cumulative adjustments amount to at least one percent (1%) of the purchase price relating to the
Right.

 

No
fractional shares of Preferred Stock are required to be issued (other than fractions which are integral multiples of one one-thousandth
(1/1,000) of a share of Preferred Stock) and, in lieu of the issuance of fractional shares, the Company may make an adjustment
in cash based on the market price of the Preferred Stock on the trading date immediately prior to the date of exercise.

 

Dividend
and Liquidation Rights of the Preferred Stock. Each share of Preferred Stock will be entitled, when, as and if declared, to
a dividend payment of the greater of (a) $0.001 per share, and (b) an amount equal to 1,000 times the dividend declared per share
of Common Stock (other than stock dividends payable in Common Stock). In the event of liquidation, dissolution or winding up of
the Company, the holders of the Preferred Stock will be entitled to a minimum preferential payment of the greater of (a) $0.001
per share (plus any accrued but unpaid dividends), and (b) an amount equal to 1,000 times the payment made per share of Common
Stock. Each share of Preferred Stock will have 1,000 votes, voting together with the Common Stock. Finally, in the event of any
merger, consolidation or other transaction in which outstanding shares of Common Stock are converted or exchanged, each share
of Preferred Stock will be entitled to receive 1,000 times the amount received per share of Common Stock. These rights are protected
by customary antidilution provisions.

 

Because
of the nature of the dividend, liquidation and voting rights of Preferred Stock, the value of the one one-thousandth interest
in a share of Preferred Stock purchasable upon exercise of each Right should approximate the value of one share of Common Stock.

 

Exchange
of the Rights. At any time after the occurrence of a Flip-in Event and prior to the acquisition by a person or group of 50%
or more of the shares of Common Stock then outstanding, the Board may, without payment of the purchase price by the holder, exchange
the Rights (other than Rights owned by such Acquiring Person which will have become void), in whole or in part, at an exchange
ratio of one share of Common Stock, or one one-thousandth of a share of Preferred Stock (or of a share of a class or series of
the Company’s preferred stock having equivalent rights, preferences and privileges), per Right (subject to adjustment).

 

    	Exhibit 3 - 3

     

    

 

Redemption
of the Rights. At any time until a person has become an Acquiring Person, the Company may redeem all, but not less than all,
of the Rights at a price of $0.001 per Right (payable in cash, shares of Common Stock or other consideration deemed appropriate
by the Board and subject to adjustment). Immediately upon the action of the Board ordering redemption of the Rights (or such later
time as may be designated by the Board), the Rights will terminate and the only right of the holders of these Rights will be to
receive the $0.001 redemption price.

 

No
Rights as Stockholder. Until a Right is exercised, the holder will have no rights as a stockholder of the Company, including,
without limitation, the right to vote or to receive dividends.

 

Amendment
of the Rights Agreement. Any of the provisions of the Rights Agreement may be amended by the Board at any time so long as
the Rights are redeemable. At any time the Rights are no longer redeemable, the provisions of the Rights Agreement may be amended
by the Board only if the amendment does not adversely affect the interest of holders of Rights (excluding the interest of any
Acquiring Person) or cause the Rights to become redeemable again.

 

Certain
Anti-takeover Effects. The Rights may have the effect of rendering more difficult or discouraging an acquisition of the Company
deemed undesirable by the Board. The Rights may cause substantial dilution to a person or group that attempts to acquire the Company
on terms or in a manner not approved by the Board, except pursuant to an offer conditioned upon the negation, purchase or redemption
of the Rights.

 

The
Rights are not intended to prevent all takeovers of the Company and will not do so. Since, subject to the restrictions described
above, the Company may redeem the Rights prior to the Distribution Date, the Rights should not interfere with any merger or business
combination approved by the Board.

 

A
copy of the Rights Agreement is available free of charge from the Rights Agent. This summary description of the Rights does not
purport to be complete and is qualified in its entirety by reference to the Rights Agreement, which is incorporated herein by
reference.

 

    	Exhibit 3 - 4astc-ex43_163.htm

Exhibit 4.3

PLACEMENT AGENT COMMON STOCK PURCHASE WARRANT

 

Astrotech Corporation

Warrant Shares: _______Issue Date:                 , 2020

Initial Exercise Date:               , 2020

 

THIS PLACEMENT AGENT COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date set forth above (the “Initial Exercise Date”) and until ___________1, 2025 (the “Termination Date”) but not thereafter, to subscribe for and purchase from Astrotech Corporation, a Delaware corporation (the “Company”), up to ______ shares (as subject to adjustment hereunder, the “Warrant Shares”) of the Company’s Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).  This Warrant is being issued pursuant to that certain engagement letter, dated as of July 23, 2020, by and between the Company and H.C. Wainwright & Co., LLC (the “Engagement Letter”). 

Section 1.Definitions.  In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

“Bid Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (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)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on The Pink Open Market (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.

	
	 

	
1 
	
 Insert the fifth-year anniversary of the effective date of the offering. The warrant will be slightly revised if the offering occurs after September 16, 2020 due to changes to FINRA Rule 5110 which become effective on September 16, 2020. 

1

Exhibit 4.3

“Commission” means the United States Securities and Exchange Commission.

“Common Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such securities may hereafter be reclassified or changed.

“Common Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time shares of Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

“Purchase Agreement” means that certain Securities Purchase Agreement, dated as of [___, 2020, by and among the Company and the purchasers signatory thereto.

“Registration Statement” means the Company’s registration statement on Form S-1 (File No. 333-239705), including the prospectus filed in connection with the transaction contemplated by the Purchase Agreement.

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

“Subsidiary” means the subsidiaries of the Company set forth on Exhibit 21.1 to the Registration Statement and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

“Trading Day” means a day on which the Common Stock is traded on a Trading Market.

“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing).

“Transfer Agent” means American Stock Transfer & Trust Company, LLC, the current transfer agent of the Company, with a mailing address of 6201 15th Avenue, Brooklyn, NY 11219, and any successor transfer agent of the Company.

“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 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 

2

Exhibit 4.3

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)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on The Pink Open Market (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.

“Warrants” means this Warrant issued by the Company pursuant to the Registration Statement and the Engagement Letter. 

Section 2.Exercise.

a)Exercise of Warrant.  Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”).  Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise.  No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required.  Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.  The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Trading Day of receipt of such notice.  The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

3

Exhibit 4.3

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

c)Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

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

 

(B) = the Exercise Price of this Warrant, as adjusted hereunder; and 

 

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

 

If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised.  The Company agrees not to take any position contrary to this Section 2(c).

d)Mechanics of Exercise. 

i.Delivery of Warrant Shares Upon Exercise.  The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company 

4

Exhibit 4.3

is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received by the Warrant Share Delivery Date.  If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise. 

ii.Delivery of New Warrants Upon Exercise.  If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

iii.Rescission Rights.  If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

5

Exhibit 4.3

iv.Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise.  In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder.  For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss.  Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

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

vi.Charges, Taxes and Expenses.  Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of 

6

Exhibit 4.3

which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.  The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

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

e)Holder’s Exercise Limitations.    The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this 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 (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other  Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.   To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case 

7

Exhibit 4.3

subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.   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 2(e), 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 Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within one (1) Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported.  The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant.  The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply.  Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company.  The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (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 of this Warrant.

Section 3.Certain Adjustments.

a)Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this 

8

Exhibit 4.3

Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged.  Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re‐classification.

b)Subsequent Rights Offerings.  In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). 

c)Pro Rata Distributions.  During such time as this Warrant is outstanding, if the Company shall declare or make any dividend (other than cash) or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, that to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).  

9

Exhibit 4.3

d)Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (and all of its Subsidiaries, taken as a whole), 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, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group 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 this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).  For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.  If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein. 

e)Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

f)Notice to Holder.  

i.Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment. 

ii.Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the 

10

Exhibit 4.3

voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice.  To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.  The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

Section 4.Transfer of Warrant.

a)Transferability.  Pursuant to FINRA Rule 5110(g)(1), neither this Warrant nor any Warrant Shares issued upon exercise of this Warrant shall be sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of the securities by any person for a period of 180 days immediately following the date of effectiveness or commencement of sales of the offering pursuant to which this Warrant is being issued, except the transfer of any security:

	
 
	
i.
	
by operation of law or by reason of reorganization of the Company;

	
 
	
ii.
	
to any FINRA member firm participating in the offering and the officers and partners thereof, if all securities so transferred remain subject to the lock-up restriction in this Section 4(a) for the remainder of the time period;

	
 
	
iii.
	
if the aggregate amount of the securities of the Company held by the placement agent or related persons do not exceed 1% of the securities being offered;

	
 
	
iv.
	
that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member manages or otherwise 

11

Exhibit 4.3

	
 
		
directs investments by the fund, and participating members in the aggregate do not own more than 10% of the equity in the fund; or

	
 
	
v.
	
the exercise or conversion of any security, if all securities received remain subject to the lock-up restriction in this Section 4(a) for the remainder of the time period.

Subject to the foregoing restriction, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.  Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.  Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full.  The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.  

b)New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.  Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Issue Date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto. 

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

Section 5.Miscellaneous.

a)No Rights as Stockholder Until Exercise; No Settlement in Cash.  This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), 

12

Exhibit 4.3

except as expressly set forth in Section 3.  Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.  

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

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

d)Authorized Shares.  

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

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.  Without 

13

Exhibit 4.3

limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

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

e)Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.  

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

14

Exhibit 4.3

g)Nonwaiver and Expenses.  No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies.  Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

h)Notices.  Any and all notices or other communications or deliveries to be provided by the holders hereunder including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service, addressed to the Company, at [__], Attention: [___], email address: [___], facsimile: [__], or such other facsimile number, email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, e-mail address or address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.

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

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

15

Exhibit 4.3

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

l)Amendment.  This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder of this Warrant, on the other hand.

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

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

 

********************

 

(Signature Page Follows)

16

Exhibit 4.3

 

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

 

  

	
	
Astrotech Corporation

 

 

	
By:__________________________________________

     Name:

     Title:

 

 

 

 

17

Exhibit 4.3

 

NOTICE OF EXERCISE

 

To:Astrotech Corporation

 

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

(2)Payment shall take the form of (check applicable box):

[  ] in lawful money of the United States; or

[  ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

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

_______________________________

 

 

The Warrant Shares shall be delivered to the following DWAC Account Number:

 

_______________________________

 

_______________________________

 

_______________________________

 

 

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity: ________________________________________________________________________

Signature of Authorized Signatory of Investing Entity: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: ________________________________________________________________________________________

 

 

 

18

 

EXHIBIT B

 

 

ASSIGNMENT FORM

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

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

		
	
Name:
	
 

	
 
	
(Please Print)

	
Address:
	
 

	
 

Phone Number:

Email Address: 
	
(Please Print)

______________________________________

______________________________________

	
Dated: _______________ __, ______
	
 

	
Holder’s Signature:
	
 

	
Holder’s Address:

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