Document:

Form of Representative’s Warrant
Agreement

 

THE REGISTERED HOLDER
OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT
AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR
HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE
OTHER THAN (I) Ascendiant Capital Markets, LLC OR AN UNDERWRITER OR A SELECTED DEALER IN
CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF Ascendiant Capital Markets, LLC OR OF ANY SUCH UNDERWRITER
OR SELECTED DEALER.

 

THIS PURCHASE WARRANT
IS NOT EXERCISABLE PRIOR TO [________________] [DATE THAT IS ONE YEAR AFTER DATE OF PROSPECTUS]. VOID AFTER 5:00 P.M., EASTERN
TIME, [___________________] [DATE THAT IS FIVE YEARS AFTER DATE OF PROSPECTUS].

 

COMMON STOCK PURCHASE WARRANT

 

For the Purchase of [_____] Shares of Common
Stock

of

GenSpera,
Inc.

 

1.           Purchase
Warrant. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of Ascendiant Capital Markets, LLC (“Holder”),
as registered owner of this Purchase Warrant, to GenSpera, Inc., a Delaware corporation (the “Company”), Holder
is entitled, at any time or from time to time from [________________] [DATE THAT IS ONE YEAR AFTER DATE OF PROSPECTUS] (the
“Commencement Date”), and at or before 5:00p.m., Eastern time, [____________] [DATE THAT IS FIVE YEARS
AFTER DATE OF PROSPECTUS] (the ”Expiration Date”), but not thereafter, to subscribe for, purchase
and receive, in whole or in part, up to [____] shares of common stock of the Company, par value $0.0001 per share (the “Shares”),
subject to adjustment as provided in Section 6 hereof. If the Expiration Date is a day on which banking institutions are authorized
by law to close, then this Purchase Warrant may be exercised on the next succeeding day which is not such a day in accordance with
the terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate
the Purchase Warrant. This Purchase Warrant is initially exercisable at $[___] per Share [125% of the price of the Shares sold
in the Offering]; provided, however, that upon the occurrence of any of the events specified in Section 6 hereof,
the rights granted by this Purchase Warrant, including the exercise price per Share and the number of Shares to be received upon
such exercise, shall be adjusted as therein specified. The term “Exercise Price” shall mean the initial exercise
price or the adjusted exercise price, depending on the context.

 

    	 

    	 

    

 

2.           Exercise.

 

2.1           Exercise
Form. In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed and
delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased
payable in cash by wire transfer of immediately available funds to an account designated by the Company or by certified check or
official bank check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time,
on the Expiration Date, this Purchase Warrant shall become and be void without further force or effect, and all rights represented
hereby shall cease and expire.

 

2.2           Cashless
Exercise.  If at any time after the Commencement Date there is no effective registration statement registering, or no
current prospectus available for, the resale of the Shares by the Holder, then in lieu of exercising this Purchase Warrant by payment
of cash or check payable to the order of the Company pursuant to Section 2.1 above, Holder may elect to receive the number of Shares
equal to the value of this Purchase Warrant (or the portion thereof being exercised), by surrender of this Purchase Warrant to
the Company, together with the exercise form attached hereto, in which event the issue to Holder, Shares in accordance with
the following formula:

 

	X        = 	Y(A-B)

    A	 
	 	X	=	The number of Shares to be issued to Holder;
	Where,	 	 	 
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share; and
	 	B	=	The Exercise Price.

 

For purposes of this Section
2.2, the fair market value of a Share is defined as follows:

 

		(i)	if the Company’s common stock is traded on a securities
exchange, the value shall be deemed to be the closing price on such exchange prior to the exercise form being submitted in connection
with the exercise of the Purchase Warrant; or

 

		(ii)	if the Company’s common
stock is actively traded over-the-counter, the value shall be deemed to be the closing bid prior to the exercise form being submitted
in connection with the exercise of the Purchase Warrant; if there is no active public market, the value shall be the fair market
value thereof, as determined in good faith by the Company’s Board of Directors.

 

2.3           Legend.
Each certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such securities
have been registered under the Securities Act of 1933, as amended (the “Act”):

 

“The securities
represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Act”),
or applicable state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise transferred
except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act
and applicable state law which, in the opinion of counsel to the Company, is available.”

 

    	 

    	 

    

 

3.           Transfer.

 

3.1           General
Restrictions. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder
will not: (a) sell, transfer, assign, pledge or hypothecate this Purchase Warrant for a period of 180 days following the Effective
Date to anyone other than: (i) Ascendiant Capital Markets, LLC (“Ascendiant”) or an underwriter or a selected
dealer participating in the Offering, or (ii) a bona fide officer or partner of Ascendiant or of any such underwriter or selected
dealer, in each case in accordance with FINRA Conduct Rule 5110(g)(1), or (b) cause this Purchase Warrant or the securities issuable
hereunder to be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective
economic disposition of this Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(g)(2). On
and after the date which is 180 days following the Effective Date, transfers to others may be made subject to compliance with or
exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company the
assignment form attached hereto duly executed and completed, together with the Purchase Warrant and payment of all transfer taxes,
if any, payable in connection therewith. The Company shall within five (5) Business Days transfer this Purchase Warrant on the
books of the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate
assignee(s) expressly evidencing the right to purchase the aggregate number of Shares purchasable hereunder or such portion of
such number as shall be contemplated by any such assignment.

 

3.2           Restrictions
Imposed by the Act. The securities evidenced by this Purchase Warrant shall not be transferred unless and until: (i) the
Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption
from registration under the Act and applicable state securities laws, the availability of which is established to the
reasonable satisfaction of the Company (the Company hereby agreeing that the opinion of Reed Smith LLP shall be deemed
satisfactory evidence of the availability of an exemption), or (ii) a registration statement or a post-effective amendment to
the Registration Statement relating to the offer and sale of such securities has been filed by the Company and declared
effective by the U.S. Securities and Exchange Commission (the “Commission”) and compliance with
applicable state securities law has been established.

 

4.           Registration
Rights.

 

4.1          Demand
Registration.

 

4.1.1    Grant
of Right. The Company, upon written demand (a “Demand Notice”) of the Holder(s) of at least 51% of the Purchase
Warrants and/or the underlying Shares (“Majority Holders”), agrees to register, on one occasion, all or any portion
of the Shares underlying the Purchase Warrants (collectively, the “Registrable Securities”). On such occasion,
the Company will file a registration statement with the Commission covering the Registrable Securities within sixty (60) days after
receipt of a Demand Notice and use its commercially reasonable efforts to have the registration statement declared effective promptly
thereafter, subject to compliance with review by the Commission; provided, however, that the Company shall not be
required to comply with a Demand Notice if the Company has filed a registration statement with respect to which the Holder is entitled
to piggyback registration rights pursuant to Section 4.2 hereof and either: (i) the Holder has elected to participate in the offering
covered by such registration statement or (ii) if such registration statement relates to an underwritten primary offering of securities
of the Company, until the offering covered by such registration statement has been withdrawn or until thirty (30) days after such
offering is consummated. The demand for registration may be made at any time during a period of four (4) years beginning on the
Commencement Date and not later than five (5) years from the effectiveness date of the offering, in compliance with FINRA Rule
5110(f)(2)(H)(iv). The Company covenants and agrees to give written notice of its receipt of any Demand Notice by any Holder(s)
to all other registered Holders of the Purchase Warrants and/or the Registrable Securities within ten (10) days after the date
of the receipt of any such Demand Notice.

 

    	 

    	 

    

 

4.1.2    Terms.
The Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section 4.1.1,
but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to
represent them in connection with the sale of the Registrable Securities. The Company agrees to use its commercially reasonable
efforts to cause the filing required herein to become effective promptly and to qualify or register the Registrable Securities
in such States as are reasonably requested by the Holder(s); provided, however, that in no event shall the Company
be required to register the Registrable Securities in a State in which such registration would cause: (i) the Company to be obligated
to register or license to do business in such State or submit to general service of process in such State, or (ii) the principal
shareholders of the Company to be obligated to escrow their shares of capital stock of the Company. The Company shall cause any
registration statement filed pursuant to the demand right granted under Section 4.1.1 to remain effective for a period of at least
twelve (12) consecutive months after the date that the Holders of the Registrable Securities covered by such registration statement
are first given the opportunity to sell all of such securities. The Holders shall only use the prospectuses provided by the Company
to sell the shares covered by such registration statement, and will immediately cease to use any prospectus furnished by the Company
if the Company advises the Holder that such prospectus may no longer be used due to a material misstatement or omission. Notwithstanding
the provisions of this Section 4.1.2, the Holder shall be entitled to a demand registration under this Section 4.1.2 on only one
(1) occasion and such demand registration right shall terminate on the fourth anniversary of the Commencement Date.

 

4.2          “Piggy-Back”
Registration.

 

4.2.1    Grant
of Right. In addition to the demand right of registration described in Section 4.1 hereof, the Holder shall have the right,
for a period of six (6) years commencing on the Commencement Date, to include the Registrable Securities as part of any other registration
of securities filed by the Company (other than in connection with a transaction contemplated by Rule 145 (a) promulgated under
the Act or pursuant to Form S-8 or any equivalent form); provided, however, that if, solely in connection with any
primary underwritten public offering for the account of the Company, the managing underwriter(s) thereof shall, in its reasonable
discretion, impose a limitation on the number of shares of Common Stock which may be included in the Registration Statement because,
in such underwriter(s)’ judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution,
then the Company shall be obligated to include in such Registration Statement only such limited portion of the Registrable Securities
with respect to which the Holder requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable
Securities shall be made pro rata among the Holders seeking to include Registrable Securities in proportion to the number of Registrable
Securities sought to be included by such Holders; provided, however, that the Company shall not exclude any Registrable
Securities unless the Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion
of such securities in such Registration Statement or are not entitled to pro rata inclusion with the Registrable Securities.

 

    	 

    	 

    

 

4.2.2    Terms.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 4.2.1 hereof,
but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to
represent them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company
shall furnish the then Holders of outstanding Registrable Securities with not less than thirty (30) days written notice prior to
the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for each registration
statement filed by the Company until such time as all of the Registrable Securities have been sold by the Holder. The holders of
the Registrable Securities shall exercise the “piggy-back” rights provided for herein by giving written notice within
ten (10) days of the receipt of the Company’s notice of its intention to file a registration statement. Except as otherwise
provided in this Purchase Warrant, there shall be no limit on the number of times the Holder may request registration under this
Section 4.2.2; provided, however, that such registration rights shall terminate on the sixth anniversary of the Commencement
Date.

 

4.3          General
Terms.

 

4.3.1    Indemnification.
The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder
and each person, if any, who controls such Holders within the meaning of Section 15 of the Act or Section 20 (a) of the Securities
Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or liability (including
all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any
claim whatsoever) to which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration
statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify
the Underwriters contained in Section 5.1 of the Underwriting Agreement between the Underwriters and the Company, dated as of [___________],
2012. The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and their successors and
assigns, shall severally, and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including
all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any
claim whatsoever) to which they may become subject under the Act, the Exchange Act or otherwise, arising from information furnished
by or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion in such registration statement
to the same extent and with the same effect as the provisions contained in Section 5.2 of the Underwriting Agreement pursuant to
which the Underwriters have agreed to indemnify the Company.

 

4.3.2    Exercise
of Purchase Warrants. Nothing contained in this Purchase Warrant shall be construed as requiring the Holder(s) to exercise
their Purchase Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof.

 

4.3.3    Documents
Delivered to Holders. The Company shall furnish to each Holder participating in any of the foregoing offerings and to each
underwriter of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) an opinion of
counsel to the Company, dated the effective date of such registration statement (and, if such registration includes an underwritten
public offering, an opinion dated the date of the closing under any underwriting agreement related thereto), and (ii) a “cold
comfort” letter dated the effective date of such registration statement (and, if such registration includes an underwritten
public offering, a letter dated the date of the closing under the underwriting agreement) signed by the independent registered
public accounting firm which has issued a report on the Company’s financial statements included in such registration statement,
in each case covering substantially the same matters with respect to such registration statement (and the prospectus included therein)
and, in the case of such accountants’ letter, with respect to events subsequent to the date of such financial statements,
as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriters in
underwritten public offerings of securities. The Company shall also deliver promptly to each Holder participating in the offering
requesting the correspondence and memoranda described below and to the managing underwriter, if any, copies of all correspondence
between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or
its staff with respect to the registration statement and permit each Holder and underwriter to do such investigation, upon reasonable
advance notice, with respect to information contained in or omitted from the registration statement as it deems reasonably necessary
to comply with applicable securities laws or rules of FINRA. Such investigation shall include access to books, records and properties
and opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent
and at such reasonable times as any such Holder shall reasonably request.

 

    	 

    	 

    

 

4.3.4    Underwriting
Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any
Holders whose Registrable Securities are being registered pursuant to this Section 4, which managing underwriter shall be reasonably
satisfactory to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder
and such managing underwriters, and shall contain such representations, warranties and covenants by the Company and such other
terms as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be parties to
any underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option, require that
any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters shall also be
made to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties to or
agreements with the Company or the underwriters except as they may relate to such Holders, their Shares and their intended methods
of distribution.

 

4.3.5    Documents
to be Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company
a completed and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.

 

4.3.6    Damages.
Should the registration or the effectiveness thereof required by Sections 4.1 and 4.2 hereof be delayed by the Company or the Company
otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to
the Holder(s), be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened
breach of such provisions or the continuation of any such breach, without the necessity of proving actual damages and without the
necessity of posting bond or other security.

 

5.           New
Purchase Warrants to be Issued.

 

5.1           Partial
Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned in
whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax
if exercised pursuant to Section 2.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase
Warrant of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number
of Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

 

5.2           Lost Certificate.
Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Warrant
and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Warrant
of like tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft, mutilation or destruction
shall constitute a substitute contractual obligation on the part of the Company.

 

    	 

    	 

    

 

6.           Adjustments.

 

6.1          Adjustments
to Exercise Price and Number of Securities. The Exercise Price and the number of Shares underlying the Purchase Warrant shall
be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1    Share
Dividends; Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Shares is increased by a stock dividend payable in Shares or by a split up of Shares or other similar event, then, on the effective
day thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Shares,
and the Exercise Price shall be proportionately decreased.

 

6.1.2    Aggregation
of Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Shares is decreased
by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective date thereof, the
number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding Shares, and the Exercise
Price shall be proportionately increased.

 

6.1.3    Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares other than
a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such Shares, or in the case of any share
reconstruction or amalgamation or consolidation of the Company with or into another corporation (other than a consolidation or
share reconstruction or amalgamation in which the Company is the continuing corporation and that does not result in any reclassification
or reorganization of the outstanding Shares), or in the case of any sale or conveyance to another corporation or entity of the
property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder
of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant)
to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the
kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by a Holder
of the number of Shares of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event; and if
any reclassification also results in a change in Shares covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant
to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications,
reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers.

 

6.1.4    Changes in
Form of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this Section 6.1,
and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated in
the Purchase Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase
Warrants reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the
Commencement Date or the computation thereof.

 

    	 

    	 

    

 

6.2           Substitute
Purchase Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company
with or into, another corporation (other than a consolidation or share reconstruction or amalgamation which does not result in
any reclassification or change of the outstanding Shares), the corporation formed by such consolidation or share reconstruction
or amalgamation shall execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase
Warrant then outstanding or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant)
to receive, upon exercise of such Purchase Warrant, the kind and amount of shares of stock and other securities and property receivable
upon such consolidation or share reconstruction or amalgamation, by a holder of the number of Shares of the Company for which such
Purchase Warrant might have been exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale
or transfer. Such supplemental Purchase Warrant shall provide for adjustments which shall be identical to the adjustments provided
for in this Section 6. The above provision of this Section shall similarly apply to successive consolidations or share reconstructions
or amalgamations.

 

6.3           Elimination
of Fractional Interests. The Company shall not be required to issue certificates representing fractions of Shares upon the
exercise of the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being
the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may
be, to the nearest whole number of Shares or other securities, properties or rights.

 

7.           Reservation and Listing.
The Company shall at all times reserve and keep available out of its authorized Shares, solely for the purpose of issuance upon
exercise of the Purchase Warrants, such number of Shares or other securities, properties or rights as shall be issuable upon the
exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Warrants and payment of the Exercise Price
therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall be duly and validly
issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder. The Company further covenants and
agrees that upon exercise of the Purchase Warrants and payment of the exercise price therefor, all Shares and other securities
issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights
of any shareholder. As long as the Purchase Warrants shall be outstanding, the Company shall use its commercially reasonable efforts
to cause all Shares issuable upon exercise of the Purchase Warrants to be listed (subject to official notice of issuance) on all
national securities exchanges (or, if applicable, on the OTC Bulletin Board or any successor trading market) on which the Shares
issued to the public in the Offering may then be listed and/or quoted.

 

8.           Certain
Notice Requirements.

 

8.1           Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to
receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder
of the Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the events
described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event
at least fifteen days prior to the date fixed as a record date or the date of closing the transfer books for the determination
of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled
to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of
the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder
a copy of each notice given to the other shareholders of the Company at the same time and in the same manner that such notice is
given to the shareholders.

 

    	 

    	 

    

 

8.2           Events Requiring
Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the following events:
(i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them to receive a dividend or
distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings,
as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer
to all the holders of its Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable
for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation
or winding up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a sale
of all or substantially all of its property, assets and business shall be proposed.

 

8.3           Notice of
Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section
6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall describe
the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company’s
Chief Financial Officer.

 

8.4           Transmittal
of Notices. Except as provided for in Section 8.5, all notices, requests, consents and other communications under this Purchase
Warrant shall be in writing and shall be deemed to have been duly made when hand delivered, or mailed by express mail or private
courier service: (i) if to the registered Holder of the Purchase Warrant, to the address of such Holder as shown on the books of
the Company, or (ii) if to the Company, to following address or to such other address as the Company may designate by notice to
the Holders:

 

If to the Holder:

 

Ascendiant Capital Markets, LLC

18881 Von Karman, 16th Floor

Irvine, California 92612

Attn: [•]

Fax No.: 949-756-1090

 

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

Reed Smith LLP

599 Lexington Avenue

New York, NY 10022

Attn: Yvan-Claude Pierre, Esq.

Fax No.:  212-521-5450

 

If to the Company:

 

GenSpera, Inc.

2511 N Loop 1604 W, Suite 204

San Antonio, TX 78258

Attention: Dr. Craig Dionne

Fax No: [•]

 

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

 

Silvestre Law Group, P.C.

31200 Via Colinas, Suite 200

Westlake Village, CA 91362

Attention: Raul Silvestre, Esq.

Fax: (818) 597-7551

 

    	 

    	 

    

 

And

 

Sichenzia Ross Friedman Ference, LLP

61 Broadway

New York, NY 10006

Attention: Richard A. Friedman, Esq.

Fax: (212) 202-7735

 

8.5           Constructive
Notice. Notice shall be deemed to have been given in the event the Company makes any filing with the United States Securities
and Exchange Commission pursuant to its EDGAR system or issues a press release via a national news service, which describes any
event requiring notice pursuant to this Section 8.2 or 8.3.

 

9.           Miscellaneous.

 

9.1           Amendments.
The Company and Ascendiant may from time to time supplement or amend this Purchase Warrant without the approval of any of the Holders
in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with
any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company
and Ascendiant may deem necessary or desirable and that the Company and Ascendiant deem shall not adversely affect the interest
of the Holders. All other modifications or amendments shall require the written consent of and be signed by the party against whom
enforcement of the modification or amendment is sought.

 

9.2           Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Purchase Warrant.

 

9.3.           Entire
Agreement. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection
with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and
supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4           Binding
Effect. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and
their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed
to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions
herein contained.

 

9.5           Governing
Law; Submission to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed and enforced in accordance
with the laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees
that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant shall be brought
and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District
of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any
objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served
upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage
prepaid, addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service and shall
be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing
party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees
and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on
its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and the Holder hereby
irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby.

 

    	 

    	 

    

 

9.6           Waiver,
etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not
be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or
any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase
Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be
effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver
is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any
other or subsequent breach, non-compliance or non-fulfillment.

 

9.7           Execution
in Counterparts. This Purchase Warrant may be executed in one or more counterparts, and by the different parties hereto in
separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and
the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and
delivered to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic
transmission.

 

9.8           Exchange
Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that, at any
time prior to the complete exercise of this Purchase Warrant by Holder, if the Company and Ascendiant enter into an agreement (“Exchange
Agreement”) pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities or cash
or a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

[Signature Page
Follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the Company has caused
this Purchase Warrant to be signed by its duly authorized officer as of the ____ day of _______, 2012.

 

	GENSPERA, INC.	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

[Form to be used to exercise Purchase
Warrant]

 

Date: __________, 20___

 

The undersigned
hereby elects irrevocably to exercise the Purchase Warrant for ______ shares of common stock, par value $0.0001 per share (the
“Shares”), of GenSpera, Inc., a Delaware corporation (the “Company”), and hereby makes payment
of $____ (at the rate of $____ per Share) in payment of the Exercise Price pursuant thereto. Please issue the Shares as to which
this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing
the number of Shares for which this Purchase Warrant has not been exercised.

 

or

 

The undersigned
hereby elects irrevocably to convert its right to purchase ___ Shares of the Company under the Purchase Warrant for ______ Shares,
as determined in accordance with the following formula:

 

	 	X	=	Y(A-B)

        A 
	 	 	 	 
	Where,	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share which is equal to $_____; and
	 	B	=	The Exercise Price which is equal to $______ per share

  

The undersigned agrees and acknowledges that the calculation
set forth above is subject to confirmation by the Company and any disagreement with respect to the calculation shall be resolved
by the Company in its sole discretion.

 

Please issue
the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a
new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been converted.

 

	Signature	 	 
	 	 	 
	Signature Guaranteed	 	 

 

    	 

    	 

    

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

	Name:	 	 
	(Print in Block Letters)	 
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

NOTICE: The signature
to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement or
any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership
on a registered national securities exchange.

 

    	 

    	 

    

 

[Form to be used to assign Purchase Warrant]

 

ASSIGNMENT

 

(To be executed by the registered Holder
to effect a transfer of the within Purchase Warrant):

 

FOR VALUE RECEIVED, __________________
does hereby sell, assign and transfer unto the right to purchase shares of common stock, par value $0.0001 per share, of GenSpera,
Inc., a Delaware corporation (the “Company”), evidenced by the Purchase Warrant and does hereby authorize the
Company to transfer such right on the books of the Company.

 

	Dated:____________, 20__	 
	 	 
	Signature	 	 
	 	 	 
	Signature Guaranteed	 	

 

NOTICE: The signature to this form must correspond with the
name as written upon the face of the within Purchase Warrant without alteration or enlargement or any change whatsoever, and must
be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national
securities exchange.GENSPERA,
INC.

 

WARRANT
AGENCY AGREEMENT

 

WARRANT AGENCY AGREEMENT (this
“Agreement”) entered into as of ____________, 2012 (the “Issuance Date”), between
GenSpera, Inc., a Delaware corporation, with offices at 2511 N. Loop 1604 W, Suite 204, San Antonio, Texas 78258 (the
“Company ”), and American Stock Transfer & Trust Company, LLC, with offices at 6201 15th Avenue,
Brooklyn, NY 11219 (the “Warrant Agent ”).

 

WHEREAS, the Company is engaged in a
public offering (the “Offering”) of units (the “Units”) with each unit consisting of two
shares of common stock, par value $0.0001 per share (the “Common Stock”), and one warrant (the “Warrants”),
with each such Warrant evidencing the right of the holder thereof to purchase one share of Common Stock, for $[ ], subject to adjustment
as described herein;

 

WHEREAS, the Company has filed with
the Securities and Exchange Commission (the “Commission”) a registration statement on Form S-1 (File No. 333-180893;
as the same may be amended from time to time, the “Registration Statement”) for the registration, under the
Securities Act of 1933, as amended (the “Securities Act”), of, among other securities, the Units, the Warrants
and shares of Common Stock issuable upon exercise of the Warrants (the “Warrant Shares”); and such Registration
Statement was declared effective by the Commission on September [     ], 2012;

 

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

 

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

 

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

 

    	 

    	 

    

 

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

 

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

 

2.           Warrants.

 

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

 

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

 

2.3         Registration.

 

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

 

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

 

    	- 2 -

    	 

    

 

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

 

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

 

2.4         Detachability
of Warrants. The Units will be immediately separable into the underlying Common Stock and Warrants.

 

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

 

3.     
     Terms and
Exercise of Warrants.

 

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

 

3.2         Duration
of Warrants. The Warrants may be exercised at any time during the period (the “Exercise Period”) beginning
on the Issuance Date and terminating at 5:00 p.m., New York City time, on September [ ], 2017 (the “Expiration Date”).
Each Warrant not exercised on or before the Expiration Date shall become null and void, and all rights thereunder and all rights
in respect thereof under this Agreement shall cease at the close of business on the Expiration Date.

 

3.3         Exercise
of Warrants.

 

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

 

    	- 3 -

    	 

    

 

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

 

The Warrant Agent promptly shall provide
to the Company all certified or official bank checks received by it in payment of the Exercise Price and shall advise the Company
via telephone at the end of each day on which funds for the exercise of the Warrants are received of such amounts. The Warrant
Agent shall promptly confirm such telephonic advice to the Company in writing.

 

3.3.2           Issuance
of Certificates. The Warrant Agent shall, by 11:00 a.m., New
York City time, on the Business Day following the Exercise Date of any Warrant, advise the Company or the transfer agent and registrar
in respect of (a) the number of Warrant Shares issuable upon such exercise in accordance with the terms and conditions of this
Agreement; (b) the instructions of each Holder with respect to delivery of the Warrant Shares issuable upon such exercise, and
the delivery of definitive Warrant Certificates, as appropriate, evidencing the balance, if any, of the Warrants remaining after
such exercise; (c) in case of a Book-Entry Warrant Certificate, the notation that shall be made to the records maintained by the
Depository, its nominee for each Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing the balance, if any,
of the Warrants remaining after such exercise; and (d) such other information as the Company or such transfer agent and registrar
shall reasonably require.

 

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

 

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

 

    	- 4 -

    	 

    

 

3.3.3       Valid
Issuance. All shares of Common Stock issued upon the proper exercise of any Warrants in conformity with this Agreement shall
be duly authorized, validly issued, fully paid and nonassessable.

 

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

 

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

 

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

 

3.3.7       Cashless
Exercise Under Certain Circumstances.

 

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

 

    	- 5 -

    	 

    

 

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

 

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

 

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

 

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

 

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

 

“VWAP” means, for
any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted
on NYSE MKT, The NASDAQ Capital Market, The NASDAQ Global Market, The NASDAQ Global Select Market or the New York Stock Exchange
(each, a “Trading Market”), the daily volume weighted average price of the Common Stock for such date (or the
nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P.
(based on a Trading Day from 9:30 a.m., New York City time, to 4:02 p.m., New York City time); (b) the volume weighted average
price of the Common Stock for such date (or the nearest preceding date) on the Over-the-Counter Bulletin Board; (c) if the Common
Stock is not then listed or quoted for trading on the Over-the-Counter Bulletin Board and if prices for the Common Stock are then
reported in the “Pink Sheets” published by OTC Markets, Inc. (or a similar organization or agency succeeding to its
functions of reporting prices), the most recent bid price per share of the Common Stock so reported; or (d) in all other cases,
the fair market value of a share of Common Stock shall be as determined in good faith by the Company’s Board of Directors.

 

3.3.8        Disputes.
In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the
Company shall promptly issue to the applicable Holders the number of Warrant Shares that are not disputed.

 

    	- 6 -

    	 

    

 

4.   
       Adjustments.

 

4.1         Adjustment
upon Subdivision or Combination of Common Stock. If the Company at any time after the Issuance Date subdivides (by any stock
split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) its outstanding shares of Common Stock
into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision shall be proportionately reduced
and the number of Warrant Shares shall be proportionately increased. If the Company at any time after the Issuance Date combines
(by any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) its outstanding shares
of Common Stock into a smaller number of shares, the Exercise Price in effect immediately prior to such combination shall be proportionately
increased and the number of Warrant Shares shall be proportionately decreased. Any adjustment under this Section 4.1 shall become
effective at the close of business on the date the subdivision or combination becomes effective. The Company shall promptly notify
the Warrant Agent of any such adjustment and give specific instructions to the Warrant Agent with respect to any adjustments to
the Warrant Register.

 

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

 

    	- 7 -

    	 

    

 

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

 

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

 

    	- 8 -

    	 

    

 

4.4         Other
Events. If any event occurs of the type contemplated by the provisions of Section 4.1, 4.2, or 4.3 but not expressly provided
for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other
rights with equity features to all holders of Common Stock for no consideration), then the Company’s Board of Directors shall
in good faith make an adjustment in the Exercise Price and the number of Warrant Shares so as to protect the rights of each Holder.

 

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

 

4.6         No
Fractional Shares. If, by reason of any adjustment made pursuant to this Section 4, a Holder would be entitled, upon the exercise
of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round up to the nearest whole
number the number of the shares of Common Stock to be issued to such Holder.

 

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

 

5.    
      Transfer and Exchange of Warrants.

 

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

 

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

 

    	- 9 -

    	 

    

 

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

 

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

 

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

 

    	- 10 -

    	 

    

 

6.     
     Limitations on Exercise. Neither the Warrant Agent nor the Company shall effect
any exercise of any Warrant, and no Holder shall have the right to exercise any portion of a Warrant, to the extent that
after giving effect to the issuance of shares of Common Stock after exercise as set forth on the applicable Election to
Purchase, such Holder (together with such Holder’s Affiliates (as defined in Rule 405 under the Securities Act), and
any other persons acting as a group together with such Holder or any of such Holder’s Affiliates), would beneficially
own in excess of 4.99% of the Company’s Common Stock. For purposes of the foregoing sentence, the number of shares of
Common Stock beneficially owned by a Holder and its Affiliates shall include the number of shares of Common Stock issuable
upon exercise of a Warrant with respect to which such determination is being made, but shall exclude the number of shares of
Common Stock which would be issuable upon exercise of the remaining, nonexercised portion of any Warrant beneficially owned
by such Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 6,
beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities and Exchange Act of 1934 (the
“Exchange Act”), and the rules and regulations promulgated thereunder, it being acknowledged by each
Holder that neither the Warrant Agent nor the Company is representing to such Holder that such calculation is in compliance
with Section 13(d) of the Exchange Act and such Holder is solely responsible for any schedules required to be filed in
accordance therewith. To the extent that the limitation contained in this Section 6 applies, the determination of whether a
Warrant is exercisable (in relation to other securities owned by a Holder together with any Affiliates) and of which portion
of a Warrant is exercisable shall be in the sole discretion of a Holder, and the submission of an Election to Purchase shall
be deemed to be such Holder’s determination of whether such Warrant is exercisable (in relation to other securities
owned by such Holder together with any Affiliates) and of which portion of a Warrant is exercisable, and neither the Warrant
Agent nor the Company shall have any obligation to verify or confirm the accuracy of such determination and neither of them
shall have any liability for any error made by such Holder. In addition, a determination as to any group status as
contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 6, in determining the number of outstanding shares of Common Stock, a
Holder may rely on the number of outstanding shares of Common Stock as reflected in (a) the Company’s most recent Form
10-Q or Form 10-K filed with the Commission, as the case may be, (b) a more recent public announcement by the Company or
(c) a more recent written notice by the Company or the Company’s transfer agent setting forth the number of shares of
Common Stock outstanding. The provisions of this Section 6 shall be construed and implemented in a manner otherwise than in
strict conformity with the terms of this Section 6 to correct this subsection (or any portion hereof) which may be defective
or inconsistent with the intended beneficial ownership limitation herein contained or to make changes or supplements
necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to
any successor Holder.

 

7.     
     Other Provisions Relating to Rights of Holders.

 

7.1          No
Rights as Stockholder. Except as otherwise specifically provided herein, a Holder, solely in its capacity as an owner of a
Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose,
nor shall anything contained in this Agreement be construed to confer upon a Holder, solely in its capacity as the owner of a Warrant,
any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether
any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice
of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares
which it is then entitled to receive upon the due exercise of a Warrant. For the avoidance of doubt, ownership of a Warrant does
not entitle the Holder or any beneficial owner thereof to any other rights of a holder of shares of Common Stock.

 

    	- 11 -

    	 

    

 

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

 

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

 

8.           Concerning the Warrant Agent and Other Matters.

 

8.1          Concerning
the Warrant Agent. The Warrant Agent:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	- 12 -

    	 

    

 

 

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

 

8.3          Resignation,
Consolidation, or Merger of Warrant Agent.

 

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

 

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

 

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

 

    	- 13 -

    	 

    

 

 

8.4         Fees
and Expenses of Warrant Agent.

 

8.4.1        Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration in an amount separately agreed to between the Company and the
Warrant Agent for its services as the Warrant Agent hereunder and will reimburse the Warrant Agent upon demand for all expenditures
that the Warrant Agent may reasonably incur in the execution of its duties hereunder. One half of the total Warrant Agent fees
(not including postage) must be paid upon execution of this Agreement. The remaining half must be paid within fifteen (15) Business
Days thereafter. An invoice for any out-of-pocket and/or per item fees incurred will be rendered to and payable by the Company
within fifteen (15) days of the date of said invoice. It is understood and agreed that all services to be performed by the Warrant
Agent shall cease if full payment for its services has not been received in accordance with the above schedule, and said services
will not commence thereafter until all payment due has been received by the Warrant Agent.

 

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

 

8.5         Liability
of Warrant Agent.

 

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

 

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

 

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

 

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

 

    	- 14 -

    	 

    

 

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

 

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

 

9.      
    Miscellaneous Provisions.

 

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

 

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

 

GenSpera, Inc.

2511 N. Loop 1604 W, Suite 204

San Antonio, Texas 78258

Telephone: (210) 479-8112

Attn: Craig Dionne, PhD Chief Executive Officer

 

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

 

American Stock Transfer & Trust Company, LLC

6201 15th Avenue 

Brooklyn, NY 11219

Telephone: (718) 921-8200

Attn: Relationship Manager

 

    	- 15 -

    	 

    

 

with a copy in each case to:

 

Sichenzia Ross Friedman Ference LLP

61 Broadway, 32nd Floor

New York, New York 10006

Telephone: (212) 930-9700

Facsimile: (212) 930-9725

Attn: Richard A. Friedman, Esq.

 

and:

 

Ascendiant Capital Markets, LLC

18881 Von Karman Avenue, 16th Floor

Irvine, CA 92612

Telephone: (949) 259.4900

Facsimile: (949) 756.1090

Attn: Compliance Department

 

and:

 

Reed Smith LLP

599 Lexington Avenue

New York, New York 10022

Telephone: (212) 521-5400

Facsimile: (212) 521-5450

Attn: Yvan-Claude Pierre, Esq.

 

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

 

    	- 16 -

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

[Signature Page
Follows]

 

    	- 17 -

    	 

    

 

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

 

	 	GENSPERA, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	American Stock Transfer & Trust Company, LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature
Page]

 

GenSpera, Inc.

 

Warrant
Agency Agreement

 

    	 

    	 

    

 

EXHIBIT A

 

[FORM OF WARRANT CERTIFICATE]

 

EXERCISABLE ONLY IF
COUNTERSIGNED BY THE WARRANT

AGENT AS PROVIDED HEREIN.

 

Warrant Certificate
Evidencing Warrants to Purchase

 

Common Stock, par value
of $0.0001 per share, as described herein, of

 

gENSPERA,
Inc.

 

No.                                                                                                                                                                  CUSIP
37251Q 118

 

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

ON SEPTEMBER [     ], 2017

 

This certifies that ____________________
or registered assigns is the registered holder (the “Holder”) of ____________________ warrants to purchase certain
securities (each a “Warrant”). Each Warrant entitles the Holder, subject to the provisions contained herein
and in the Warrant Agreement (as defined below), to purchase from GenSpera, Inc., a Delaware corporation (the “Company”),
[     ] shares (collectively, the “Warrant Shares”) of common stock, par value $0.0001 per share, of the Company
(the “Common Stock”), at the Exercise Price set forth below. The price per share at which each Warrant Share
may be purchased at the time each Warrant is exercised (the “Exercise Price”) is $[ ] initially, subject to
adjustments as set forth in the Warrant Agreement.

 

This Warrant Certificate is issued under
and in accordance with the Warrant Agency Agreement, dated as of September [     ], 2012 (the “Warrant Agreement”),
between the Company and the Warrant Agent, and is subject to the terms and provisions contained in the Warrant Agreement, to all
of which terms and provisions the Holder of this Warrant Certificate and the beneficial owners of the Warrants represented by this
Warrant Certificate consent by acceptance hereof. Copies of the Warrant Agreement are on file and can be inspected at the below-mentioned
office of the Warrant Agent and at the office of the Company at 2511 N. Loop 1604 W, Suite 204, San Antonio, Texas 78258. Capitalized
terms used but not defined herein shall have the meaning ascribed to them in the Warrant Agreement.

 

Subject to the terms of the
Warrant Agreement, the Holder may exercise such Warrants, at any time during the period (the “Exercise
Period”) beginning on the Issuance Date and terminating at 5:00 p.m., New York City time, on September [ ], 2017
(the “Expiration Date”), by delivering, not later than 5:00 p.m., New York City time, on any Business Day
during the Exercise Period (the “Exercise Date”) to American Stock Transfer & Trust Company, LLC (the
“Warrant Agent”, which term includes any successor warrant agent under the Warrant Agreement described
below) at its corporate trust department at 6201 15th Avenue, Brooklyn, NY 11219, (i) this Warrant Certificate or, in the
case of a Book-Entry Warrant Certificate (as defined in the Warrant Agreement), the Warrants to be exercised (the
“Book-Entry Warrants”) as shown on the records of The Depository Trust Company (the
“Depository”) to an account of the Warrant Agent at the Depository designated for such purpose in
writing by the Warrant Agent to the Depository; (ii) an election to purchase (“Election to Purchase”),
properly executed by the Holder hereof on the reverse of this Warrant Certificate or properly executed by the institution in
whose account the Warrant is recorded on the records of the Depository (the “Participant”), and
substantially in the form included on the reverse of this Warrant Certificate; and (iii) unless cashless exercise is
permitted under the Warrant Agreement, certified or official bank check or a bank wire transfer in immediately available
funds, in each case payable to the order of the Company.

 

    	 

    	 

    

 

Each Warrant represented by this Warrant
Certificate not exercised on or before the Expiration Date shall become null and void, and all rights of the Holder of this Warrant
Certificate shall cease at the close of business on the Expiration Date.

 

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

 

Warrants may be exercised only in whole
numbers of Warrants. No fractional Warrant Shares are to be issued upon the exercise of this Warrant, but rather the number of
Warrant Shares to be issued shall be rounded up to the nearest whole number. If fewer than all of the Warrants evidenced by this
Warrant Certificate are exercised, a new Warrant Certificate for the number of Warrants remaining unexercised shall be executed
by the Company and countersigned by the Warrant Agent as provided in Section 2 of the Warrant Agreement, and delivered to the Holder
of this Warrant Certificate at the address specified on the books of the Warrant Agent or as otherwise specified by such Holder.

 

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

 

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

 

    	-2-

    	 

    

 

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

 

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

 

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

 

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

 

“VWAP” means, for
any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted
on NYSE MKT, The NASDAQ Capital Market, The NASDAQ Global Market, The NASDAQ Global Select Market or the New York Stock Exchange
(each, a “Trading Market”), the daily volume weighted average price of the Common Stock for such date (or the
nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P.
(based on a Trading Day from 9:30 a.m., New York City time, to 4:02 p.m., New York City time); (b) the volume weighted average
price of the Common Stock for such date (or the nearest preceding date) on the Over-the-Counter Bulletin Board; (c) if the Common
Stock is not then listed or quoted for trading on the Over-the-Counter Bulletin Board and if prices for the Common Stock are then
reported in the “Pink Sheets” published by OTC Markets, Inc. (or a similar organization or agency succeeding to its
functions of reporting prices), the most recent bid price per share of the Common Stock so reported; or (d) in all other cases,
the fair market value of a share of Common Stock shall be as determined in good faith by the Company’s Board of Directors.

 

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

 

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

 

    	-3-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

Dated as of _____________

 

	 	GENSPERA, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

American
Stock Transfer & Trust Company, LLC, as Warrant Agent

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	-4-

    	 

    

 

[REVERSE]

 

Instructions for
Exercise of Warrant

 

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

 

ELECTION TO PURCHASE

TO BE EXECUTED IF
WARRANT HOLDER DESIRES 

TO EXERCISE THE WARRANTS
EVIDENCED HEREBY

 

The undersigned hereby irrevocably elects
to exercise, on  ____________ (the “Exercise Date”), _____________ Warrants, evidenced by this
Warrant Certificate, to purchase _________ shares (the “Warrant Shares”) of common stock, par value of $0.0001
per share (the “Common Stock”), of GenSpera, Inc., a Delaware corporation (the “Company”),
and represents that on or before the Exercise Date:

 

[   ] such Holder has
tendered payment for such Warrant Shares by certified or official bank check payable to the order of the Company c/o American
Stock Transfer & Trust Company, LLC, 6201 15th Avenue, Brooklyn, NY 11219, or by bank wire transfer in immediately
available funds payable to the Company at [ ], Account No. [ ], in each case in the amount of $_____________ in
accordance with the terms hereof, or

 

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

 

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

 

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

 

Dated: ________________, _______

 

    	-5-

    	 

    

 

Name                                                                                

 

(Please Print)

 

_____-___-_______

 

(Insert Social Security or Other Identifying
Number of Holder)

 

Address                                                                                         

 

                                                           

 

Signature                                                                                      

 

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

 

	 	By hand at:	American Stock Transfer & Trust Company, LLC
	 	 	 
	 	 	6201 15th Avenue 
	 	 	 
	 	 	Brooklyn, NY 11219
	 	 	 
	 	By mail at:	American Stock Transfer & Trust Company, LLC
	 	 	 
	 	 	6201 15th Avenue 
	 	 	 
	 	 	Brooklyn, NY 11219

 

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

 

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

 

Name in which Warrant Shares are to be registered
if other than in the name of the Holder of this Warrant Certificate:                                                                                                                         

 

Address to which Warrant Shares are to be
mailed if other than to the address of the Holder of this Warrant Certificate as shown on the books of the Warrant Agent:

 

                                                                                                      

 (Street Address)

 

                                                                                                     

 (City and State) (Zip Code)

 

Name in which Warrant Certificate evidencing
unexercised Warrants, if any, is to be registered if other than in the name of the Holder of this Warrant Certificate:

 

                                                                                                   

 

    	-6-

    	 

    

 

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

 

                                                                                             

 (Street Address)

 

                                                                                            

 (City and State) (Zip Code)

 

                                                          

 Dated:

 

                                                                                           

 Signature

 

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

 

SIGNATURE GUARANTEE

 

Name of Firm                                    

Address                                             

Area Code and Number                    

Authorized Signature                        

Name                                                 

Title                                                   

 Dated: __________________, 201_

 

    	-7-

    	 

    

 

ASSIGNMENT

 

(FORM
OF ASSIGNMENT TO BE EXECUTED IF WARRANT HOLDER

DESIRES TO TRANSFER
WARRANTS EVIDENCED HEREBY)

 

FOR VALUE RECEIVED,                                                                              

 (Please print name and address including
zip code of assignee)

 

HEREBY SELL(S), ASSIGN(S) AND TRANSFER(S)
UNTO

 

                                                                                                       

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

 

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

 

	 	Dated:	 
	 	 	 
	 	 	 
	 	Signature	 

 

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

 

SIGNATURE GUARANTEE

 

Name of Firm                                       

Address                                                

Area Code and Number                       

Authorized Signature                           

Name                                                    

Title                                                      

 Dated: __________________, 201__

 

    	-8-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00208-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00208-of-00352.parquet"}]]