Document:

Exhibit
        4.7

       
THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT
      AND
      HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
      “ACT”), OR ANY APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS. THESE SECURITIES
      MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
      EXEMPTION THEREFROM UNDER SAID ACT OR LAWS. 

     

    January
      19, 2006  

     

    LEV
      PHARMACEUTICALS, INC.

     

    COMMON
      STOCK WARRANT 

     

    THIS
      CERTIFIES
      that,
      for value received, ___________ and his permitted transferees hereunder (the
      “Holder”), is entitled to subscribe for and purchase from LEV
      PHARMACEUTICALS, INC.,
      a
      Delaware corporation (the “Company”), _______ fully paid and nonassessable
      shares (the “Warrant Shares”) of common stock, $.01 par value, of the Company
      (the “Common Stock”) at $1.10 per share (the “Warrant Price”) subject to
      adjustment as provided in Section 2 hereof. This Warrant may be exercised for
      up
      to the number of vested Warrant Shares on or prior to January 19, 2009 (the
      “Exercise Period”) and vests immediately. This Warrant is being issued pursuant
      to the terms of a Consulting Agreement between the Company and Piedmont
      Consulting, Inc. dated as of January 19, 2006.

     

    Section
      1. 
      Exercise of Warrant.

     

    (a)  General.
      This
      Warrant may be exercised by the Holder as to the whole or any lesser number
      of
      the Warrant Shares covered hereby, upon surrender of this Warrant to the Company
      at its principal executive office together with the Notice of Exercise attached
      hereto as Exhibit A,
      duly
      completed and executed by the Holder, and payment to the Company of the
      aggregate Warrant Price for the Warrant Shares to be purchased in the form
      of
      (i) a check made payable to the Company, (ii) wire transfer according
      to the Company’s instructions or (iii) any combination of (i) and (ii). The
      exercise of this Warrant shall be deemed to have been effected on the day on
      which the Holder surrenders this Warrant to the Company and satisfies all of
      the
      requirements of this Section 1. Upon such exercise, the Holder will be
      deemed a shareholder of record of those Warrant Shares for which the warrant
      has
      been exercised with all rights of a shareholder (including, without limitation,
      all voting rights with respect to such Warrant Shares and all rights to receive
      any dividends with respect to such Warrant Shares). If this Warrant is to be
      exercised in respect of less than all of the Warrant Shares covered hereby,
      the
      Holder shall be entitled to receive a new warrant covering the number of Warrant
      Shares in respect of which this Warrant shall not have been exercised and for
      which it remains subject to exercise. Such new warrant shall be in all other
      respects identical to this Warrant.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (b)  Net
      Issue Exercise.
      In lieu
      of exercising this Warrant via cash payment, the Holder may elect to receive
      shares equal to the value of this Warrant (or the portion thereof being
      canceled) by surrender of this Warrant at the principal office of the Company
      together with a Notice of Exercise duly executed and completed indicating
      payment pursuant to this Section 1(b), in which event the Company shall issue
      to
      the Holder a number of shares of Common Stock of the Company computed using
      the
      following formula:

     

    X
      =
Y
      (A -
      B)

    A

    

    
      	
              Where

            	
              X

            	
              =

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

            

    

    

    
      	 	
              Y

            	
              =

            	
              the
                number of Warrant Shares purchasable under this Warrant or, if only
                a
                portion of the Warrant is being exercised, the portion of the Warrant
                being cancelled (at the date of such
                calculation).

            

    

    

    A 
      = the
      Fair
      Market Value (as defined below) of one Warrant Share (at the date of such
      calculation).

    

    
      	 	
              B

            	
              =

            	
              the
                Exercise Price (as adjusted to the date of such
                calculation).

            

    

    

    If
      the
      above calculation results in a negative number, then no shares of Common Stock
      shall be issued or issuable upon conversion of this Warrant.

    

    (c)  Fair
      Market Value.
      For
      purposes of this Section 1, the Fair Market Value of one Warrant Share
      shall be determined by the Company’s Board of Directors in good faith; provided,
      however, that where there exists a public market for the Common Stock at the
      time of such exercise, the fair market value per Warrant Share shall be the
      average of the last reported sale price of the Common Stock or the closing
      price
      quoted on the Nasdaq National Market or on the OTC Bulletin Board or on any
      exchange on which the Common Stock is listed, whichever is applicable, as
      published in The
      Wall Street Journal
      for the
      five (5) trading days prior to the date of determination of Fair Market
      Value.

     

    (d)  Restriction
      on Net Issue Exercise.
      Notwithstanding any other provision of this Warrant, the Holder shall only
      be
      permitted to effect a net issue exercise of this Warrant pursuant to
      Section 1(b) if on the date of exercise the Holder is not permitted to sell
      the Warrant Shares on a registration statement filed with the Securities and
      Exchange Commission by the Company and declared effective by the Securities
      and
      Exchange Commission. 

     

    SECTION
      2.  Adjustment
      of Warrant Price.
      If,
      at
      any time during the Exercise Period, the number of outstanding shares of Common
      Stock is (i) increased by a stock dividend payable in shares of Common Stock
      or
      by a subdivision or split of shares of such class of Common Stock, or (ii)
      decreased by a combination or reverse split of shares of Common Stock, then,
      following the record date fixed for the determination of holders of Common
      Stock
      entitled to receive the benefits of such stock dividend, subdivision, split-up,
      reverse split-up or combination, the Warrant Price shall be proportionately
      reduced, in the case of an increase in shares of Common Stock outstanding,
      or
      proportionately increased, in the case of a decrease in shares of Common Stock
      outstanding, in both cases by the ratio which the total number of shares of
      Common Stock to be outstanding immediately after such event bears to the total
      number of shares of Common Stock outstanding immediately prior to such
      event.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    SECTION
      3.  Adjustment
      of Warrant Shares.
      Upon
      each
      adjustment of the Warrant Price as provided in Section 2, the Holder shall
      thereafter be entitled to subscribe for and purchase, at the Warrant Price
      resulting from such adjustment, the number of Warrant Shares equal to the
      product of (i) the number of Warrant Shares existing prior to such adjustment
      and (ii) the quotient obtained by dividing (A) the Warrant Price existing prior
      to such adjustment by (B) the new Warrant Price resulting from such adjustment.
      No fractional shares of capital stock of the Company shall be issued as a result
      of any such adjustment, and any fractional shares resulting from the
      computations pursuant to this paragraph shall be eliminated without
      consideration.

     

    SECTION
      4.  No
      Shareholder Rights.
      This
      Warrant shall not entitle the Holder to any voting rights or other rights as
      a
      shareholder of the Company.

     

    SECTION
      5.  Covenant
      of the Company.
      The
      Company covenants and agrees that the Company shall at all times have authorized
      and reserved or shall authorize and reserve, free from preemptive rights, a
      sufficient number of shares of its Common Stock to provide for the exercise
      of
      the rights represented by this Warrant.

     

    SECTION
      6.  Investment
      Representations and Warranties.
      The
      Holder hereby represents and warrants to the Company as follows:

     

    (a)  The
      Holder is acquiring the Warrant, and it will acquire the Common Stock issuable
      upon exercise thereof, for its own account, for investment and not with a view
      to the distribution thereof, nor with any present intention of distributing
      the
      same. The Holder understands that the Warrant and Common Stock issuable upon
      exercise thereof, will not be registered under the Act or registered or
      qualified under any state securities or “blue-sky” laws, by reason of their
      issuance in a transaction exempt from the registration and/or qualification
      requirements thereof, and that they must be held indefinitely unless a
      subsequent disposition thereof is registered under the Act or registered or
      qualified under any applicable state securities or “blue-sky” laws or is exempt
      from registration and/or qualification.

     

    (b)  The
      Holder understands that the exemption from registration afforded by Rule 144
      (the provisions of which are known to the Holder) promulgated under the Act
      depends on the satisfaction of various conditions and that, if applicable,
      Rule
      144 may only afford the basis for sales under certain circumstances only in
      limited amounts.

     

    (c)  The
      Holder has no need for liquidity in its investment in the Company, and is able
      to bear the economic risk of such investment for an indefinite period and to
      afford a complete loss thereof. 

     

    (d)  The
      Holder is an “accredited purchaser” as such term is defined in Rule 501 (the
      provisions of which are known to the Holder) promulgated under the
      Act.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    SECTION
      7.  Restrictions
      on Transfer.
      The
      Holder of this Warrant by acceptance hereof agrees that the transfer of this
      Warrant and the shares of Common Stock issuable upon exercise of this Warrant
      are subject to the following provisions:

     

    (a)  General.
      Subject
      to the requirements of the Act or any applicable state securities laws, the
      Holder may sell, assign, transfer or otherwise dispose of all or any portion
      of
      this Warrant or the Warrant Shares acquired upon any exercise hereof at any
      time
      and from time to time. Upon the sale, assignment, transfer or other disposition
      of all or any portion of this Warrant, Holder shall deliver to the Company
      a
      written notice of such in the form attached hereto as Exhibit
      B,
      duly
      executed by the Holder, which includes the identity and address of any
      purchaser, assignor or transferee. 

     

    (b)  Restrictive
      Legend.
      Each
      certificate for Warrant Shares held by the Holder
      and each
      certificate for any such securities issued to subsequent transferees of any
      such
      certificate shall be stamped or otherwise imprinted with legends in
      substantially the following form:

     

    “THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT
      AND
      HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
      “ACT”) OR ANY RELEVANT STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE SOLD
      OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM
      UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAWS”. 

     

    (c)  Indemnification.
      The
      Holder acknowledges that he, she or it understands the meaning and legal
      consequences of the representations, warranties and acknowledgments he, she
      or
      it has made in Section 7 and elsewhere in this Warrant and he, she or it
      understands that the Company is relying upon the truth and accuracy thereof.
      Accordingly, the Holder hereby agrees to indemnify and hold harmless the
      Company, its officers, agents and representatives, from and against any and
      all
      loss, damage or liability due to or arising out of a breach of any
      representation or warranty of the Holder contained in this Warrant.

     

    SECTION
      8.  Amendment.
      The
      terms and provisions of this Warrant may not be modified or amended, except
      with
      the written consent of the Company and the Holder.

     

    SECTION
      9.  Reorganizations,
      Etc.
      In case,
      at any time during the Exercise Period, of any capital reorganization, of any
      reclassification of the stock of the Company (other than a change in par value
      or from par value to no par value or from no par value to par value or as a
      result of a stock dividend or subdivision, split-up or combination of shares),
      or the consolidation or merger of the Company with or into another corporation
      (other than a consolidation or merger in which the Company is the continuing
      operation and which does not result in any change or reclassification in the
      Warrant Shares) or of the sale of all or substantially all the properties and
      assets of the Company as an entirety to any other corporation, the Company,
      at
      its sole discretion, shall have the right and option to (A) provide 10 days
      prior written notice of such event to the Holder and this Warrant shall
      terminate and be of no further force and effect on and after the effective
      date
      of such capital reorganization or reclassification or the consummation of such
      consolidation, sale or merger; or (B) provide that this Warrant shall, after
      such reorganization, reclassification, consolidation, merger or sale, be
      exercisable for the kind and number of shares of stock or other securities
      or
      property of the Company or of the corporation resulting from such consolidation
      or surviving such merger or to which such properties and assets shall have
      been
      sold to which such holder would have been entitled if he, she or it had held
      the
      Warrant Shares issuable upon the exercise hereof immediately prior to such
      reorganization, reclassification, consolidation, merger or sale.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    SECTION
      10.  Lost,
      Stolen, Mutilated or Destroyed Warrant.
      If
      this
      Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms
      as to indemnity or otherwise as it may in its discretion impose (which shall,
      in
      the case of a mutilated Warrant, include the surrender thereof), issue a new
      Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated
      or destroyed. Any such new Warrant shall constitute an original contractual
      obligation of the Company, whether or not the allegedly lost, stolen, mutilated
      or destroyed Warrant shall be at any time enforceable by anyone.

     

    SECTION
      11.  Notices.
      All
      notices, advices and communications to be given or otherwise made to any party
      to this Warrant shall be deemed to be sufficient if contained in a written
      instrument delivered in person or by telecopier or duly sent by first class
      registered or certified mail, return receipt requested, postage prepaid, or
      by
      overnight courier, or by electronic mail, with a copy thereof to be sent by
      mail
      (as aforesaid) within 24 hours of such electronic mail, addressed to such party
      at the address set forth below or at such other address as may hereafter be
      designated in writing by the addressee to the addresser listing all
      parties:

     

    	(a)  	
            If
              to the Company, to:

          

    

    Lev
      Pharmaceuticals, Inc.

    122
      East
      42nd Street

    Suite
      2606

    New
      York,
      NY 10168

    Attn.:
      Joshua D. Schein, Ph.D.,

    Chief
      Executive Officer

    and

    

    	(b)  	
            If
              to the Holder, to:

          

    

    R.
      Keith
      Fetter

    c/o
      Piedmont Consulting, Inc.

     

    or
      to
      such other address as the party to whom notice is to be given may have furnished
      to the other parties hereto in writing in accordance herewith. Any such notice
      or communication shall be deemed to have been delivered and received (i) in
      the
      case of personal delivery or delivery by telecopier, on the date of such
      deliver, (ii) in the case of nationally-recognized overnight courier, on the
      next business day after the date when sent and (ii) in the case of mailing,
      on
      the third business day following that on which the piece of mail containing
      such
      communication is posted. As used in this Section 11, “business day” shall mean
      any day other than a day on which banking institutions in the State of New
      York
      are legally closed for business.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    SECTION
      12.   Binding
      Effect on Successors.
      Subject
      to Section 9 hereof, this Warrant shall be binding upon any corporation
      succeeding the Company by merger, consolidation or acquisition of all or
      substantially all of the Company’s assets. 

     

    SECTION
      13.   Descriptive
      Headings and Governing Law.
      The
      description headings of the several sections and paragraphs of this Warrant
      are
      inserted for convenience only and do not constitute a part of this Warrant.
      This
      Warrant shall be construed and enforced in accordance with, and the rights
      of
      the parties shall be governed by, the laws of the State of New York (without
      giving effect to conflicts of law principles thereunder).

     

    SECTION
      14.   Fractional
      Shares.
      No
      fractional shares shall be issued upon exercise of this Warrant. The Company
      shall, in lieu of issuing any fractional share, pay the holder entitled to
      such
      fraction a sum in cash equal to such fraction multiplied by the then effective
      Warrant Price.

     

    *
      *
      *

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

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

     

    
      	 	 	 
	 	LEV PHARMACEUTICALS,
              INC.
	 
 	 
 	 
 
	
            	By:  	 
	 	
              

              Joshua
                D. Schein, Ph.D.

              Chief
                Executive Officer

            
	 	 

    

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    Exhibit
      A

     

    NOTICE
      OF EXERCISE

    COMMON
      STOCK WARRANT

     

    To: Lev
      Pharmaceuticals, Inc.

     

    The
      undersigned hereby:

     

    1. 
      (a) elects to purchase _______ shares of Common Stock (“Common Stock”) of Lev
      Pharmaceuticals, Inc., a Delaware corporation, (the “Company”) pursuant to the
      terms of the attached Warrant, and tenders herewith payment of the aggregate
      exercise price therefor and any transfer taxes payable pursuant to the terms
      of
      the Warrant; or

     

    2.  (b)
      elects to exercise this Warrant for the purchase of ________ shares of the
      Common Stock pursuant to the provisions of Section 1(b) of the attached
      Warrant.

     

    Please
      issue a certificate or certificates representing said shares of Common Stock
      in
      the name of the undersigned or in such other name or names as are specified
      below:

    

    Name:     
      ________________________________________________________

    Address: ________________________________________________________

                    
      ________________________________________________________

     

    IN
      WITNESS WHEREOF, the Holder has executed this Notice of Exercise effective
      this
      ___ day of ________, ______.

     

    _______________________________

    (Signature)

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    Exhibit
      B

    

    Form
      of Assignment

    [To
      be
      signed only upon transfer of Warrant]

    

    For
      value
      received, the undersigned hereby sells, assigns and transfers unto
      _______________________ the right represented by the within Warrant to purchase
      _______ shares of Common Stock of LEV
      PHARMACEUTICALS, INC.,
      to
      which the within Warrant relates, and appoints _________________________,
      Attorney to transfer such right on the books of LEV
      PHARMACEUTICALS, INC.,
      with
      full power of substitution in the premises. 

     

    

    Dated:     _____________________________

    (Signature)

    

    

    Signed
      in
      the presence of: 

    

    ______________________________
      

     

    
      
         

      

      
        9Exhibit
        4.8

       
THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT
      AND
      HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
      “ACT”), OR ANY APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS. THESE SECURITIES
      MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
      EXEMPTION THEREFROM UNDER SAID ACT OR LAWS. 

    

    THE
      SALE OR OTHER DISPOSITION OF, THE SECURITIES REPRESENTED BY THIS CERTIFICATE
      ARE
      RESTRICTED BY AND SUBJECT TO THE PROVISIONS OF AN AGREEMENT DATED AS OF JUNE
      28,
      2006, AS THE SAME MAY BE AMENDED FROM TIME TO TIME, BETWEEN THE COMPANY AND
      THE
      ORIGINAL HOLDER OF THIS CERTIFICATE. A COPY OF SUCH AGREEMENT IS AVAILABLE
      FOR
      INSPECTION AT THE OFFICES OF THE COMPANY.

    

    
      	
              June
                28, 2006

            	 	
              W-

            

    

     

    LEV
      PHARMACEUTICALS, INC.

     

    COMMON
      STOCK WARRANT 

     

    THIS
      CERTIFIES
      that,
      for value received, Ira
      Kalfus
      and his
      permitted transferees hereunder (the “Holder”), is entitled to subscribe for and
      purchase from LEV
      PHARMACEUTICALS, INC.,
      a
      Delaware corporation (the “Company”), _____
      fully
      paid and nonassessable shares (the “Warrant Shares”) of common stock, $.01 par
      value, of the Company (the “Common Stock”) at $0.62 per share (the “Warrant
      Price”) subject to adjustment as provided in Section 2 hereof. Commencing on the
      date of issuance, this Warrant may be exercised for all of the Warrant Shares
      on
      or prior to June 28, 2013 (the “Exercise Period”). This Warrant is being issued
      pursuant to the terms of a Consulting Agreement between the Company and the
      Holder dated as of June 28, 2006.

     

    Section
      1.  Exercise
      of Warrant.

     

    (a)  General.
      In
      accordance with the terms and conditions set forth herein and subject to the
      terms and conditions of Section 2.2 of the Statement of Work No. 1 between
      the
      Company and the Holder, dated as of the 28th
      day of
      June 2006 (the “Statement of Work”), during the Exercise Period, this Warrant
      may be exercised by the Holder as to the whole or any lesser number of an
      aggregate of all of the Warrant Shares covered hereby. Notwithstanding anything
      else set forth herein, this Warrant shall terminate and no longer be exercisable
      (to the extent described in the Statement of Work) upon the occurrence of the
      terms and conditions described in Section 2.2 of the Statement of
      Work.

     

    (b)  To
      exercise this Warrant, the Holder shall surrender this Warrant to the Company
      at
      its principal executive office together with the Notice of Exercise attached
      hereto as Exhibit A,
      duly
      completed and executed by the Holder, and make payment to the Company of the
      aggregate Warrant Price for the Warrant Shares to be purchased in the form
      of
      (i) a check made payable to the Company, (ii) wire transfer according
      to the Company’s instructions or (iii) any combination of (i) and (ii). The
      exercise of this Warrant shall be deemed to have been effected on the day on
      which the Holder surrenders this Warrant to the Company and satisfies all of
      the
      requirements of this Section 1. Upon such exercise, the Holder will be
      deemed a shareholder of record of those Warrant Shares for which the warrant
      has
      been exercised with all rights of a shareholder (including, without limitation,
      all voting rights with respect to such Warrant Shares and all rights to receive
      any dividends with respect to such Warrant Shares). If this Warrant is to be
      exercised in respect of less than all of the Warrant Shares covered hereby,
      the
      Holder shall be entitled to receive a new warrant covering the number of Warrant
      Shares in respect of which this Warrant shall not have been exercised and for
      which it remains subject to exercise. Such new warrant shall be in all other
      respects identical to this Warrant.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    SECTION
      2.  Adjustment
      of Warrant Price.
      If,
      at
      any time during the Exercise Period, the number of outstanding shares of Common
      Stock is (i) increased by a stock dividend payable in shares of Common Stock
      or
      by a subdivision or split of shares of such class of Common Stock, or (ii)
      decreased by a combination or reverse split of shares of Common Stock, then,
      following the record date fixed for the determination of holders of Common
      Stock
      entitled to receive the benefits of such stock dividend, subdivision, split-up,
      reverse split-up or combination, the Warrant Price shall be proportionately
      reduced, in the case of an increase in shares of Common Stock outstanding,
      or
      proportionately increased, in the case of a decrease in shares of Common Stock
      outstanding, in both cases by the ratio which the total number of shares of
      Common Stock to be outstanding immediately after such event bears to the total
      number of shares of Common Stock outstanding immediately prior to such
      event.

     

    SECTION
      3.  Adjustment
      of Warrant Shares.
      Upon
      each
      adjustment of the Warrant Price as provided in Section 2, the Holder shall
      thereafter be entitled to subscribe for and purchase, at the Warrant Price
      resulting from such adjustment, the number of Warrant Shares equal to the
      product of (i) the number of Warrant Shares existing prior to such adjustment
      and (ii) the quotient obtained by dividing (A) the Warrant Price existing prior
      to such adjustment by (B) the new Warrant Price resulting from such adjustment.
      No fractional shares of capital stock of the Company shall be issued as a result
      of any such adjustment, and any fractional shares resulting from the
      computations pursuant to this paragraph shall be eliminated without
      consideration.

     

    SECTION
      4.  No
      Shareholder Rights.
      This
      Warrant shall not entitle the Holder to any voting rights or other rights as
      a
      shareholder of the Company.

     

    SECTION
      5.  Covenant
      of the Company.
      The
      Company covenants and agrees that the Company shall at all times have authorized
      and reserved or shall authorize and reserve, free from preemptive rights, a
      sufficient number of shares of its Common Stock to provide for the exercise
      of
      the rights represented by this Warrant.

     

    SECTION
      6.  Investment
      Representations and Warranties.
      The
      Holder hereby represents and warrants to the Company as follows:

     

    (a)  The
      Holder is acquiring the Warrant, and it will acquire the Common Stock issuable
      upon exercise thereof, for its own account, for investment and not with a view
      to the distribution thereof, nor with any present intention of distributing
      the
      same. The Holder understands that the Warrant and Common Stock issuable upon
      exercise thereof, will not be registered under the Act or registered or
      qualified under any state securities or “blue-sky” laws, by reason of their
      issuance in a transaction exempt from the registration and/or qualification
      requirements thereof, and that they must be held indefinitely unless a
      subsequent disposition thereof is registered under the Act or registered or
      qualified under any applicable state securities or “blue-sky” laws or is exempt
      from registration and/or qualification.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (b)  The
      Holder understands that the exemption from registration afforded by Rule 144
      (the provisions of which are known to the Holder) promulgated under the Act
      depends on the satisfaction of various conditions and that, if applicable,
      Rule
      144 may only afford the basis for sales under certain circumstances only in
      limited amounts.

     

    (c)  The
      Holder has no need for liquidity in its investment in the Company, and is able
      to bear the economic risk of such investment for an indefinite period and to
      afford a complete loss thereof. 

     

    (d)  The
      Holder is an “accredited investor” as such term is defined in Rule 501 (the
      provisions of which are known to the Holder) promulgated under the
      Act.

     

    SECTION
      7.  Restrictions
      on Transfer.
      The
      Holder of this Warrant by acceptance hereof agrees that the transfer of this
      Warrant and the shares of Common Stock issuable upon exercise of this Warrant
      are subject to the following provisions:

     

    (a)  General.
      Subject
      to the requirements of the Act or any applicable state securities laws, the
      Holder may sell, assign, transfer or otherwise dispose of all or any portion
      of
      this Warrant or the Warrant Shares acquired upon any exercise hereof at any
      time
      and from time to time. Upon the sale, assignment, transfer or other disposition
      of all or any portion of this Warrant, Holder shall deliver to the Company
      a
      written notice of such in the form attached hereto as Exhibit
      B,
      duly
      executed by the Holder, which includes the identity and address of any
      purchaser, assignor or transferee. 

     

    (b)  Restrictive
      Legend.
      Each
      certificate for Warrant Shares held by the Holder
      and each
      certificate for any such securities issued to subsequent transferees of any
      such
      certificate shall be stamped or otherwise imprinted with legends in
      substantially the following form:

     

    “THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT
      AND
      HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
      “ACT”) OR ANY RELEVANT STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE SOLD
      OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM
      UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAWS”. 

     

    (c)  Indemnification.
      The
      Holder acknowledges that he, she or it understands the meaning and legal
      consequences of the representations, warranties and acknowledgments he, she
      or
      it has made in Section 7 and elsewhere in this Warrant and he, she or it
      understands that the Company is relying upon the truth and accuracy thereof.
      Accordingly, the Holder hereby agrees to indemnify and hold harmless the
      Company, its officers, agents and representatives, from and against any and
      all
      loss, damage or liability due to or arising out of a breach of any
      representation or warranty of the Holder contained in this Warrant.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    SECTION
      8.  Piggyback
      Registration Rights

     

    (a) The
      Company shall advise the Holder of this Warrant or of the Warrant Shares or
      any
      then Holder of Warrants or Warrant Shares (such persons being collectively
      referred to herein as “Holders”) by written notice at least 15 days prior to the
      filing by the Company with the Securities and Exchange Commission of any
      registration statement under the Securities Act of l933 (the “Act”) covering
      securities of the Company, except on Forms S-4 or S-8 (or similar successor
      form) or post-effective amendments to any registration statement effective
      prior
      to the date this Warrant was issued, and upon the request of any such Holder
      within ten days after the date of such notice, include in any such registration
      statement such information as may be required to permit a public offering of
      the
      Warrant Shares. The Company shall supply such number of prospectuses and other
      documents as the Holder may reasonably request in order to facilitate the public
      sale or other disposition of the Warrant Shares, qualify the Warrant Shares
      for
      sale in such states as any such Holder reasonably designates and do any and
      all
      other acts and things which may be necessary or desirable to enable such Holders
      to consummate the public sale or other disposition of the Warrant Shares, and
      furnish indemnification in the manner as set forth in sub-paragraph (b) of
      this
      Section. Such Holders shall furnish information and indemnification as set
      forth
      in sub-paragraph (b) of this Section. For the purpose of the foregoing,
      inclusion of the Warrant Shares by the Holder in a Registration Statement
      pursuant to this sub-paragraph (a) under a condition that the offer and/or
      sale
      of such Warrant Shares not commence until a date not to exceed 90 days from
      the
      effective date of such registration statement shall be deemed to be in
      compliance with this sub-paragraph (a).

     

    (b) The
      following provisions of this Section shall also be applicable to the exercise
      of
      the registration rights granted hereunder: 

     

    (A)
      The
      foregoing registration rights shall be contingent on the Holders furnishing
      the
      Company with such appropriate information (relating to the intentions of such
      Holders) as the Company shall reasonably request in writing. Following the
      effective date of such registration, the Company shall upon the request of
      any
      owner of Warrants and/or Warrant Shares forthwith supply such number of
      prospectuses meeting the requirements of the Act as shall be requested by such
      owner to permit such Holder to make a public offering of all Warrant Shares
      from
      time to time offered or sold to such Holder, provided that such Holder shall
      from time to time furnish the Company with such appropriate information
      (relating to the intentions of such Holder) as the Company shall request in
      writing. The Company shall also use its best efforts to qualify the Warrant
      Shares for sale in such states as such Holder shall reasonably designate.

    

    (B)
      The
      Company shall bear the entire cost and expense of any registration of securities
      initiated by it under sub-paragraph (a) of this Section notwithstanding that
      Warrant Shares subject to this Warrant may be included in any such registration.
      Any Holder whose Warrant Shares are included in any such registration statement
      pursuant to this Section shall, however, bear the fees of his own counsel and
      any registration fees, transfer taxes or underwriting discounts or commissions
      applicable to the Warrant Shares sold by him pursuant thereto.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    (C)
      The
      Company shall indemnify and hold harmless each such Holder and each underwriter,
      if any, within the meaning of the Act, who may purchase from or sell for any
      such Holder any Warrant Shares from and against any and all losses, claims,
      damages and liabilities caused by any untrue statement or alleged untrue
      statement of a material fact contained in the Registration Statement or any
      post-effective amendment thereto or any registration statement under the Act
      or
      any prospectus included therein required to be filed or furnished by reason
      of
      this Section or caused by any omission or alleged omission to state therein
      a
      material fact required to be stated therein or necessary to make the statements
      therein not misleading except insofar as such losses, claims, damages or
      liabilities are caused by any such untrue statement or alleged untrue statement
      or omission or alleged omission based upon information furnished or required
      to
      be furnished in writing to the Company by such Holder or underwriter expressly
      for use therein, which indemnification shall include each person, if any, who
      controls any such underwriter within the meaning of such Act; provided, however,
      that the Company shall not be obliged so to indemnify any such Holder or
      underwriter or controlling person unless such Holder or underwriter shall at
      the
      same time agree to indemnify the Company, its directors, each officer signing
      the related registration statement and each person, if any, who controls the
      Company within the meaning of such Act, from and against any and all losses,
      claims, damages and liabilities caused by any untrue statement or alleged untrue
      statement of a material fact contained in any registration statement or any
      prospectus required to be filed or furnished by reason of this Section or caused
      by any omission to state therein a material fact required to be stated therein
      or necessary to make the statements therein not misleading insofar as such
      losses, claims, damages or liabilities are caused by any untrue statement or
      alleged untrue statement or omission based upon information furnished in writing
      to the Company by any such Holder or underwriter expressly for use therein.
      

    

    	(D)  	
            The
              Company may withdraw the registration at any
              time.

          

    

    SECTION
      9.  Amendment.
      The
      terms and provisions of this Warrant may not be modified or amended, except
      with
      the written consent of the Company and the Holder.

     

    SECTION
      10.  Reorganizations,
      Etc.
      In case,
      at any time during the Exercise Period, of any capital reorganization, of any
      reclassification of the stock of the Company (other than a change in par value
      or from par value to no par value or from no par value to par value or as a
      result of a stock dividend or subdivision, split-up or combination of shares),
      or the consolidation or merger of the Company with or into another corporation
      (other than a consolidation or merger in which the Company is the continuing
      operation and which does not result in any change or reclassification in the
      Warrant Shares) or of the sale of all or substantially all the properties and
      assets of the Company as an entirety to any other corporation, then upon the
      consummation of any such transaction, (a) the Holder’s right to purchase the
      Warrant Shares pursuant to this Warrant shall immediately fully vest and become
      exercisable and (b) this Warrant shall be exercisable for the kind and number
      of
      shares of stock or other securities or property of the Company or of the
      corporation resulting from such consolidation or surviving such merger or to
      which such properties and assets shall have been sold to which such holder
      would
      have been entitled if he, she or it had held the Warrant Shares issuable upon
      the exercise hereof immediately prior to such reorganization, reclassification,
      consolidation, merger or sale.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    SECTION
      11.  Lost,
      Stolen, Mutilated or Destroyed Warrant.
      If
      this
      Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms
      as to indemnity or otherwise as it may in its discretion impose (which shall,
      in
      the case of a mutilated Warrant, include the surrender thereof), issue a new
      Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated
      or destroyed. Any such new Warrant shall constitute an original contractual
      obligation of the Company, whether or not the allegedly lost, stolen, mutilated
      or destroyed Warrant shall be at any time enforceable by anyone.

     

    SECTION
      12.  Notices.
      All
      notices, advices and communications to be given or otherwise made to any party
      to this Warrant shall be deemed to be sufficient if contained in a written
      instrument delivered in person or by telecopier or duly sent by first class
      registered or certified mail, return receipt requested, postage prepaid, or
      by
      overnight courier, or by electronic mail, with a copy thereof to be sent by
      mail
      (as aforesaid) within 24 hours of such electronic mail, addressed to such party
      at the address set forth below or at such other address as may hereafter be
      designated in writing by the addressee to the addresser listing all
      parties:

     

    	(a)  	
            If
              to the Company, to:

          

    

    Lev
      Pharmaceuticals, Inc.

    122
      East
      42nd Street, Suite 1700

    New
      York,
      NY 10168

    Attn.:
      Joshua D. Schein, Ph.D.,

    Chief
      Executive Officer

    and

    

    	(b)  	
            If
              to the Holder, to:

          

    

    Ira
      Kalfus, M.D.

     

    or
      to
      such other address as the party to whom notice is to be given may have furnished
      to the other parties hereto in writing in accordance herewith. Any such notice
      or communication shall be deemed to have been delivered and received (i) in
      the
      case of personal delivery or delivery by telecopier, on the date of such
      deliver, (ii) in the case of nationally-recognized overnight courier, on the
      next business day after the date when sent and (ii) in the case of mailing,
      on
      the third business day following that on which the piece of mail containing
      such
      communication is posted. As used in this Section 11, “business day” shall mean
      any day other than a day on which banking institutions in the State of New
      York
      are legally closed for business.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    SECTION
      13.   Binding
      Effect on Successors.
      Subject
      to Section 9 hereof, this Warrant shall be binding upon any corporation
      succeeding the Company by merger, consolidation or acquisition of all or
      substantially all of the Company’s assets. 

     

    SECTION
      14.   Descriptive
      Headings and Governing Law.
      The
      description headings of the several sections and paragraphs of this Warrant
      are
      inserted for convenience only and do not constitute a part of this Warrant.
      This
      Warrant shall be construed and enforced in accordance with, and the rights
      of
      the parties shall be governed by, the laws of the State of New York (without
      giving effect to conflicts of law principles thereunder).

     

    SECTION
      15.   Fractional
      Shares.
      No
      fractional shares shall be issued upon exercise of this Warrant. The Company
      shall, in lieu of issuing any fractional share, pay the holder entitled to
      such
      fraction a sum in cash equal to such fraction multiplied by the then effective
      Warrant Price.

     

    *
      *
      *

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

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

     

    
      	 	 	 
	 	LEV PHARMACEUTICALS,
              INC.
	 
 	 
 	 
 
	
            	By:  	 
	 	
              

              Joshua
                D. Schein, Ph.D.

              Chief
                Executive Officer

            
	 	 

    

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    Exhibit
      A

     

    NOTICE
      OF EXERCISE

    COMMON
      STOCK WARRANT

     

    To: Lev
      Pharmaceuticals, Inc.

     

    The
      undersigned hereby:

     

    1. 
      (a) elects to purchase _______ shares of Common Stock (“Common Stock”) of Lev
      Pharmaceuticals, Inc., a Delaware corporation, (the “Company”) pursuant to the
      terms of the attached Warrant, and tenders herewith payment of the aggregate
      exercise price therefor and any transfer taxes payable pursuant to the terms
      of
      the Warrant; or

     

    2. (b)
      elects to exercise this Warrant for the purchase of ________ shares of the
      Common Stock pursuant to the provisions of Section 1(b) of the attached
      Warrant.

     

    Please
      issue a certificate or certificates representing said shares of Common Stock
      in
      the name of the undersigned or in such other name or names as are specified
      below:

    

    Name:     
      _________________________________________________________________

    Address:
       _________________________________________________________________

                    
      _________________________________________________________________

    

     

    IN
      WITNESS WHEREOF, the Holder has executed this Notice of Exercise effective
      this
      ___ day of ________, ______.

     

    _______________________________

    (Signature)

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    Exhibit
      B

    

    Form
      of Assignment

    [To
      be
      signed only upon transfer of Warrant]

    

    For
      value
      received, the undersigned hereby sells, assigns and transfers unto
      _______________________ the right represented by the within Warrant to purchase
      _______ shares of Common Stock of LEV
      PHARMACEUTICALS, INC.,
      to
      which the within Warrant relates, and appoints _________________________,
      Attorney to transfer such right on the books of LEV
      PHARMACEUTICALS, INC.,
      with
      full power of substitution in the premises. 

     

    

    Dated:_____________    _____________________________

    (Signature)

    

    

    Signed
      in
      the presence of: 

    

    ______________________________
      

    

    
      
         

      

      
        10

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