Document:

Exhibit 10.5

 

 

 

March 7, 2017

 

STRICTLY CONFIDENTIAL

 

Northwest Biotherapeutics, Inc.

4800 Montgomery Lane, Suite 800

Bethesda, MD 20814

Attn: Linda Powers, Chief Executive Officer

 

Dear Ms. Powers:

 

This letter agreement
(this “Agreement”) constitutes the agreement between Northwest Biotherapeutics, Inc. (the “Company”)
and Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC (“Rodman”) that Rodman shall serve as the
exclusive (i) placement agent for the Company in the U.S. (“Direct Placement”) on a reasonable best efforts
basis or (ii) underwriter for the Company in the U.S., on a firm commitment basis (“Underwritten Placement”),
in connection with the proposed transaction, or series of transactions, to occur during the term of this Agreement (each, a “Placement”).
Each Placement shall consist of registered or unregistered securities (the “Securities”) of the Company, which
Securities may include one or any combination of the following: shares of common stock, par value $0.001 per share (the “Common
Stock”), warrants to purchase shares of Common Stock (“Warrants”) or securities of the Company convertible
into shares of Common Stock of the Company (“Convertible Securities”). The terms of such Placement and the Securities
issued in connection therewith shall be mutually agreed upon by the Company, Rodman and, if a Direct Placement, the purchasers
(each, a “Purchaser” and collectively, the “Purchasers”) and nothing herein implies that
Rodman would have the power or authority to bind the Company or any Purchaser, and the Company shall not, and nothing herein implies
that the Company shall, have an obligation to issue any Securities or complete a Direct Placement. This Agreement and the documents
executed and delivered by the Company and the Purchasers in connection with a Placement shall be collectively referred to herein
as the “Transaction Documents.” The date of a closing of a Placement (including any subsequent closings that
occur pursuant to a Placement, whether at the discretion of the Company, the Purchasers (through additional investment rights or
otherwise), milestones or otherwise) shall be referred to herein as a “Closing Date.” The Company expressly
acknowledges and agrees that the execution of this Agreement does not constitute a commitment by Rodman or any Purchaser to purchase
the Securities and does not ensure the successful placement of the Securities or any portion thereof or the success of Rodman with
respect to securing any other financing on behalf of the Company. In the event a Placement will consist of unregistered securities
of the Company Sections 2 and 3 (unless otherwise indicated) of Annex A will apply in addition to the provisions set forth
herein and in the event that a Placement will consist of registered securities of the Company, Sections 1, 2 and 3 of Annex
A will apply in addition to the provisions set forth herein.

 

    
430 Park Avenue | New York, New York 10022 | 212.356.0500
 
Security services provided by H.C. Wainwright & Co., LLC | Member: FINRA/SIPC

     

    

 

 

In the event that a
Placement is an Underwritten Placement, prior to the commencement of the Underwritten Placement, the Company shall negotiate the
terms of an underwriting agreement with Rodman containing such terms, covenants, conditions, representations, warranties, and providing
for the delivery of legal opinions, comfort letters and officer’s certificates, all in form and substance satisfactory to
Rodman and its counsel and the Company.

 

In the event that a
Placement is a Direct Placement, the sale of Securities to any Purchaser will be evidenced by a purchase agreement (“Purchase
Agreement”) between the Company and such Purchaser, if required by the Purchaser, in a form reasonably satisfactory to
the Company and Rodman. Prior to the signing of any Purchase Agreement, officers of the Company with responsibility for financial
affairs will be available to answer inquiries from prospective Purchasers.

 

Notwithstanding anything
herein to the contrary, in the event that Rodman determines that any of the terms provided for hereunder shall not comply with
a FINRA rule, including but not limited to FINRA Rule 5110, then the Company shall agree to amend this Agreement in writing upon
the request of Rodman to comply with any such rules; provided that any such amendments shall not provide for terms that are less
favorable to the Company.

 

Before contacting any
potential investor and/or lender, Rodman shall propose to the Company in writing each party it intends to approach, and the Company
shall reply in writing approving or disapproving any such contact prior to such contact being initiated by Rodman. Any parties
disapproved by the Company will not be approached by Rodman.

 

A.                
Fees. In connection with the Services described above, the Company shall pay to Rodman the following compensation:

 

1.                 
Rodman’s Fee. The Company shall pay to Rodman a cash placement fee (the “Rodman’s Fee”)
on each Closing Date equal to 7% of the aggregate purchase price paid by each purchaser of Securities that are placed in a Placement
on such Closing Date during the Term and, in the event there is an “oversubscription option” or “greenshoe”
or warrant granted to the investors, on the purchase or exercise price paid by each holder of such oversubscription option or greeshoes
or warrant if and when exercised (whether or not such exercise occurs during the Term). Notwithstanding anything herein to the
contrary, compensation payable or issuable as a result of the exercise of an “oversubscription option” or “greenshoe”
or warrant shall be required only if and when exercised, not on the closing of such Placement. Other than through an Underwritten
Placement, Rodman’s Fee shall be paid at each closing of each Placement (each, a “Closing”) through a
third party escrow agent from the gross proceeds of the Securities sold.

 

2.                 
Warrants.As additional compensation for the services performed hereunder, the Company shall issue to Rodman or
its designees at each Closing, warrants (the “Rodman Warrants”) to purchase that number of shares of common
stock of the Company (“Shares”) equal to 7% of the aggregate number of Shares placed in the applicable Placement
(or, if Convertible Securities, shares of Common Stock underlying any Convertible Securities sold in the applicable Placement to
such Purchasers, but excluding shares of Common Stock issuable upon the exercise of any Warrants issued to Purchasers in such Placement)
and, in the event there is an “oversubscription option” or “greenshoe” or warrant granted to the investors,
if and when such rights are exercised by the holders, on the shares issued to each holder in such oversubscription option or greeshoes
or warrant (whether or not such exercise occurs during the Term). Notwithstanding anything herein to the contrary, compensation
payable or issuable as a result of the exercise of an “oversubscription option” or “greenshoe” or warrant
shall be required only if and when exercised, not on the closing of the applicable Placement. The Rodman Warrants shall have the
same terms as the warrants issued to the Purchasers in the applicable Placement, if any, except that the exercise price shall be
125% of the offering price per share and they shall have an exercise period of five years from issuance except that if the offering
is registered 5 years from the effective date of the shelf registration statement referred to in Section 1.A of Annex A,
attached hereto if applicable. If no warrants are issued to Purchasers, the Rodman Warrants shall be in a customary form reasonably
acceptable to Rodman. If required by FINRA Rule 5110, the Rodman Warrants shall not be transferable for six months from the date
of the applicable Placement, and further, the number of Shares underlying the Rodman Warrants shall be reduced if necessary to
comply with FINRA rules or regulations.

 

    
430 Park Avenue | New York, New York 10022 | 212.356.0500
 
Security services provided by H.C. Wainwright & Co., LLC | Member: FINRA/SIPC

     

    

 

3.       Expenses.
The Company will pay to Rodman at closing thirty-five thousand dollars ($35,000) non-accountable expenses in connection with each
Closing Date. Such expense payment, plus the additional reimbursable amount payable by the Company pursuant to Section C below,
shall constitute the aggregate total of all expense payments or reimbursements under this Agreement.

 

4.       Tail
Fee. Rodman shall be entitled to compensation under clauses (1) and (2) hereunder, calculated in the manner set forth therein,
with respect to any public or private offering of Securities (“Tail Financing”) to the extent that such financing
or capital is provided to the Company by investors whom Rodman introduced to the Company during the Term, which investors are listed
on Annex B or shall be added to Annex B following the Closing of any transaction and expiration or termination of
this Agreement, if such Tail Financing is consummated at any time within the 6-month period following the expiration or termination
of this Agreement.

 

B.       Term
and Termination of Engagement. The term (the “Term”) of Rodman’s exclusive engagement will begin on
the date hereof and end sixty (60) days after the date hereof. Notwithstanding anything to the contrary contained herein, the provisions
concerning tail, confidentiality, indemnification and contribution contained herein and the Company’s obligations contained
in Section H hereof will survive any expiration or termination of this Agreement, and the Company’s obligation to pay fees
actually earned and payable and to reimburse expenses actually incurred and reimbursable pursuant to Section A hereof, if any,
will survive any expiration or termination of this Agreement, as permitted by FINRA Rule 5110(f)(2)(d).

 

C.       Settlement.
If the Offering is settled in whole or in part via delivery versus payment (“DVP”), Rodman shall arrange for
its clearing agent to provide the funds to facilitate such settlement. The Company shall bear the cost of the escrow agent and
shall reimburse Rodman for the actual out of pocket cost of such clearing agent settlement and financing, if any, which such cost
shall not exceed ten thousand dollars ($10,000).

 

D.       Use
of Information. The Company will furnish Rodman such written information as Rodman reasonably requests in connection with the
performance of its services hereunder. The Company understands, acknowledges and agrees that, in performing its services hereunder,
Rodman will use and rely entirely upon such information as well as publicly available information regarding the Company and other
potential parties to an Placement and that Rodman does not assume responsibility for independent verification of the accuracy or
completeness of any information, whether publicly available or otherwise furnished to it, concerning the Company or otherwise relevant
to an Placement, including, without limitation, any financial information, forecasts or projections considered by Rodman in connection
with the provision of its services.

 

    
430 Park Avenue | New York, New York 10022 | 212.356.0500
 
Security services provided by H.C. Wainwright & Co., LLC | Member: FINRA/SIPC

     

    

 

E.       Confidentiality.
In the event of the consummation or public announcement of any Placement, Rodman shall have the right to disclose its participation
in such Placement, including, without limitation, the placement at its cost of “tombstone” advertisements in financial
and other newspapers and journals.

 

F.       Securities
Matters. The Company shall be responsible for any and all compliance with the securities laws applicable to it, including Regulation
D and the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 promulgated thereunder, and
unless otherwise agreed in writing, all state securities (“blue sky”) laws. Rodman agrees to cooperate with counsel
to the Company in that regard.

 

G.       Company
Acknowledgement. The Company acknowledges that each Placement of convertible Securities may create significant risks, including
the risk that the Company may have insufficient cash resources and/or registered shares to timely meet its payment and conversion
obligations. The Company further acknowledges that, depending on the number and price of new shares issued, such transaction may
result in substantial dilution which could adversely affect the market price of the Company’s shares. The Company agrees
that it will perform and comply with the covenants and other obligations set forth in the Transaction Documents and that Rodman
will be entitled to rely on the representations, warranties, agreements and covenants of the Company contained in such Transaction
Documents as if such representations, warranties, agreements and covenants were made directly to Rodman by the Company hereunder.

 

H.       Indemnity.

 

1.       In
connection with the Company’s engagement of Rodman as placement agent, the Company hereby agrees to indemnify and hold harmless
Rodman and its affiliates, and the respective controlling persons, directors, officers, members, shareholders, agents and employees
of any of the foregoing (collectively the “Indemnified Persons”), from and against any and all claims, actions,
suits, proceedings (including those of shareholders), damages, liabilities and expenses incurred by any of them (including the
reasonable fees and expenses of counsel), as incurred, (collectively a “Claim”), that are (A) related to or
arise out of (i) any actions taken or omitted to be taken (including any untrue statements made or any statements omitted to be
made) by the Company, or (ii) any actions taken or omitted to be taken by any Indemnified Person in connection with the Company’s
engagement of Rodman, or (B) otherwise relate to or arise out of Rodman’s activities on the Company’s behalf under
Rodman’s engagement, and the Company shall reimburse any Indemnified Person for all expenses (including the reasonable fees
and expenses of counsel) as incurred by such Indemnified Person in connection with investigating, preparing or defending any such
claim, action, suit or proceeding, whether or not in connection with pending or threatened litigation in which any Indemnified
Person is a party. The Company will not, however, be responsible for any Claim that is finally judicially determined to have resulted
from the gross negligence or willful misconduct of any person seeking indemnification for such Claim. The Company further agrees
that no Indemnified Person shall have any liability to the Company for or in connection with the Company’s engagement of
Rodman except for any Claim incurred by the Company as a result of such Indemnified Person’s gross negligence or willful
misconduct.

 

    
430 Park Avenue | New York, New York 10022 | 212.356.0500
 
Security services provided by H.C. Wainwright & Co., LLC | Member: FINRA/SIPC

     

    

 

2.       The
Company further agrees that it will not, without the prior written consent of Rodman, settle, compromise or consent to the entry
of any judgment in any pending or threatened Claim in respect of which indemnification may be sought hereunder (whether or not
any Indemnified Person is an actual or potential party to such Claim), unless such settlement, compromise or consent includes an
unconditional, irrevocable release of each Indemnified Person from any and all liability arising out of such Claim.

 

3.       Promptly
upon receipt by an Indemnified Person of notice of any complaint or the assertion or institution of any Claim with respect to which
indemnification is being sought hereunder, such Indemnified Person shall notify the Company in writing of such complaint or of
such assertion or institution but failure to so notify the Company shall not relieve the Company from any obligation it may have
hereunder, except and only to the extent such failure results in the forfeiture by the Company of substantial rights and defenses.
If the Company so elects or is requested by such Indemnified Person, the Company will assume the defense of such Claim, including
the employment of counsel reasonably satisfactory to such Indemnified Person and the payment of the fees and expenses of such counsel.
In the event, however, that legal counsel to such Indemnified Person reasonably determines that having common counsel would present
such counsel with a conflict of interest or if the defendant in, or target of, any such Claim, includes an Indemnified Person and
the Company, and legal counsel to such Indemnified Person reasonably concludes that there may be legal defenses available to it
or other Indemnified Persons different from or in addition to those available to the Company, then such Indemnified Person may
employ its own separate counsel to represent or defend him, her or it in any such Claim and the Company shall pay the reasonable
fees and expenses of such counsel. Notwithstanding anything herein to the contrary, if the Company fails timely or diligently to
defend, contest, or otherwise protect against any Claim, the relevant Indemnified Party shall have the right, but not the obligation,
to defend, contest, compromise, settle, assert crossclaims, or counterclaims or otherwise protect against the same, and shall be
fully indemnified by the Company therefor, including without limitation, for the reasonable fees and expenses of its counsel and
all amounts paid as a result of such Claim or the compromise or settlement thereof. In addition, with respect to any Claim in which
the Company assumes the defense, the Indemnified Person shall have the right to participate in such Claim and to retain his, her
or its own counsel therefor at his, her or its own expense.

 

4.       The
Company agrees that if any indemnity sought by an Indemnified Person hereunder is held by a court to be unavailable for any reason
then (whether or not Rodman is the Indemnified Person), the Company and Rodman shall contribute to the Claim for which such indemnity
is held unavailable in such proportion as is appropriate to reflect the relative benefits to the Company, on the one hand, and
Rodman on the other, in connection with Rodman’s engagement referred to above, subject to the limitation that in no event
shall the amount of Rodman’s contribution to such Claim exceed the amount of fees actually received by Rodman from the Company
pursuant to Rodman’s engagement. The Company hereby agrees that the relative benefits to the Company, on the one hand, and
Rodman on the other, with respect to Rodman’s engagement shall be deemed to be in the same proportion as (a) the total value
paid or proposed to be paid or received by the Company pursuant to each Placement (whether or not consummated) for which Rodman
is engaged to render services bears to (b) the fee paid or proposed to be paid to Rodman in connection with such engagement.

 

    
430 Park Avenue | New York, New York 10022 | 212.356.0500
 
Security services provided by H.C. Wainwright & Co., LLC | Member: FINRA/SIPC

     

    

 

5.       The
Company’s indemnity, reimbursement and contribution obligations under this Agreement (a) shall be in addition to, and shall
in no way limit or otherwise adversely affect any rights that any Indemnified Party may have at law or at equity and (b) shall
be effective whether or not the Company is at fault in any way.

 

I.       Limitation
of Engagement to the Company. The Company acknowledges that Rodman has been retained only by the Company, that Rodman is providing
services hereunder as an independent contractor (and not in any fiduciary or agency capacity) and that the Company’s engagement
of Rodman is not deemed to be on behalf of, and is not intended to confer rights upon, any shareholder, owner or partner of the
Company or any other person not a party hereto as against Rodman or any of its affiliates, or any of its or their respective officers,
directors, controlling persons (within the meaning of Section 15 of the Securities Act or Section 20 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”)), employees or agents. Unless otherwise expressly agreed in writing
by Rodman, no one other than the Company is authorized to rely upon this Agreement or any other statements or conduct of Rodman,
and no one other than the Company is intended to be a beneficiary of this Agreement. The Company acknowledges that any recommendation
or advice, written or oral, given by Rodman to the Company in connection with Rodman’s engagement is intended solely for
the benefit and use of the Company’s management and directors in considering a possible Placement, and any such recommendation
or advice is not on behalf of, and shall not confer any rights or remedies upon, any other person or be used or relied upon for
any other purpose. Rodman shall not have the authority to make any commitment binding on the Company. The Company, in its sole
discretion, shall have the right to reject any investor introduced to it by Rodman.

 

J.       Limitation
of Rodman’s Liability to the Company. Rodman and the Company further agree that neither Rodman nor any of its affiliates
or any of its their respective officers, directors, controlling persons (within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act), employees or agents shall have any liability to the Company, its security holders or creditors,
or any person asserting claims on behalf of or in the right of the Company (whether direct or indirect, in contract, tort, for
an act of negligence or otherwise) for any losses, fees, damages, liabilities, costs, expenses or equitable relief arising out
of or relating to this Agreement or the Services rendered hereunder, except for losses, fees, damages, liabilities, costs or expenses
that arise out of or are based on any action of or failure to act by Rodman and that are finally judicially determined to have
resulted solely from the gross negligence or willful misconduct of Rodman.

 

K.       Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements
made and to be fully performed therein. Any disputes that arise under this Agreement, even after the termination of this Agreement,
will be heard only in the state or federal courts located in the City of New York, State of New York. The parties hereto expressly
agree to submit themselves to the jurisdiction of the foregoing courts in the City of New York, State of New York. The parties
hereto expressly waive any rights they may have to contest the jurisdiction, venue or authority of any court sitting in the City
and State of New York. In the event of the bringing of any action, or suit by a party hereto against the other party hereto, arising
out of or relating to this Agreement, the party in whose favor the final judgment or award shall be entered shall be entitled to
have and recover from the other party the costs and expenses incurred in connection therewith, including its reasonable attorneys’
fees. Any rights to trial by jury with respect to any such action, proceeding or suit are hereby waived by Rodman and the Company.

 

    
430 Park Avenue | New York, New York 10022 | 212.356.0500
 
Security services provided by H.C. Wainwright & Co., LLC | Member: FINRA/SIPC

     

    

 

L.       Notices.
All notices hereunder will be in writing and sent by certified mail, hand delivery, overnight delivery or email, if sent to Rodman,
to Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, at the address set forth on the first page hereof, email to:
notices@rdco.com and if sent to the Company, to the address set forth on the first page hereof, fax number 240-627-4121,
Attention: Chief Executive Officer. Notices shall be effective upon delivery.

 

M.       Miscellaneous.
This Agreement shall not be modified or amended except in writing signed by Rodman and the Company. This Agreement shall be binding
upon and inure to the benefit of both Rodman and the Company and their respective assigns, successors, and legal representatives.
This Agreement constitutes the entire agreement of Rodman and the Company with respect to this Placement and supersedes any prior
agreements with respect to the subject matter hereof. If any provision of this Agreement is determined to be invalid or unenforceable
in any respect, such determination will not affect such provision in any other respect, and the remainder of the Agreement shall
remain in full force and effect. This Agreement may be executed in counterparts (including facsimile counterparts), each of which
shall be deemed an original but all of which together shall constitute one and the same instrument.

 

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

    
430 Park Avenue | New York, New York 10022 | 212.356.0500
 
Security services provided by H.C. Wainwright & Co., LLC | Member: FINRA/SIPC

     

    

 

 

In acknowledgment that
the foregoing correctly sets forth the understanding reached by Rodman and the Company, please sign in the space provided below,
whereupon this letter shall constitute a binding Agreement as of the date indicated above.

 

 

 

Very truly yours,

 

 

 

RODMAN & RENSHAW,

 

A UNIT OF H.C. WAINWRIGHT &
CO., LLC

 

 

 

By __________________________

 

      Name:

      Title:

 

 

 

Accepted and Agreed:

 

 

 

Northwest
Biotherapeutics, Inc.

 

 

 

By __________________________

 

      Name: Linda Powers

      Title: Chairman & Chief Executive Officer

 

 

 

    
430 Park Avenue | New York, New York 10022 | 212.356.0500
 
Security services provided by H.C. Wainwright & Co., LLC | Member: FINRA/SIPC

     

    

 

 

 

Annex A

 

 

 

SECTION 1.   REGISTRATION STATEMENT

 

The Company represents and warrants to,
and agrees with, the Placement Agent that:

 

(A)       The
Company has filed with the Securities and Exchange Commission (the “Commission”) a registration statement on Form S-3
(Registration File No. 333-213777) under the Securities Act of 1933, as amended (the “Securities Act”), which became
effective on October 18, 2016, for the registration under the Securities Act of the Shares. At the time of such filing, the Company
met the requirements of Form S-3 under the Securities Act. Such registration statement meets the requirements set forth in Rule
415(a)(1)(x) under the Securities Act and complies with said Rule. The Company will file with the Commission pursuant to Rule 424(b)
under the Securities Act, and the rules and regulations (the “Rules and Regulations”) of the Commission promulgated
thereunder, a supplement to the form of prospectus included in such registration statement relating to the placement of the Shares
and the plan of distribution thereof and has advised the Placement Agent of all further information (financial and other) with
respect to the Company required to be set forth therein. Such registration statement, including the exhibits thereto, as amended
at the date of this Agreement, is hereinafter called the “Registration Statement”; such prospectus in the form in which
it appears in the Registration Statement is hereinafter called the “Base Prospectus”; and the supplemented form of
prospectus, in the form in which it will be filed with the Commission pursuant to Rule 424(b) (including the Base Prospectus as
so supplemented) is hereinafter called the “Prospectus Supplement.” Any reference in this Agreement to the Registration
Statement, the Base Prospectus or the Prospectus Supplement shall be deemed to refer to and include the documents incorporated
by reference therein (the “Incorporated Documents”) pursuant to Item 12 of Form S-3 which were filed under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), on or before the date of this Agreement, or the issue date of
the Base Prospectus or the Prospectus Supplement, as the case may be; and any reference in this Agreement to the terms “amend,”
“amendment” or “supplement” with respect to the Registration Statement, the Base Prospectus or the Prospectus
Supplement shall be deemed to refer to and include the filing of any document under the Exchange Act after the date of this Agreement,
or the issue date of the Base Prospectus or the Prospectus Supplement, as the case may be, deemed to be incorporated therein by
reference. All references in this Agreement to financial statements and schedules and other information which is “contained,”
“included,” “described,” “referenced,” “set forth” or “stated” in the
Registration Statement, the Base Prospectus or the Prospectus Supplement (and all other references of like import) shall be deemed
to mean and include all such financial statements and schedules and other information which is or is deemed to be incorporated
by reference in the Registration Statement, the Base Prospectus or the Prospectus Supplement, as the case may be. No stop order
suspending the effectiveness of the Registration Statement or the use of the Base Prospectus or the Prospectus Supplement has been
issued, and no proceeding for any such purpose is pending or has been initiated or, to the Company's knowledge, is threatened by
the Commission. For purposes of this Agreement, “free writing prospectus” has the meaning set forth in Rule 405 under
the Securities Act and the “Time of Sale Prospectus” means the preliminary prospectus, if any, together with the free
writing prospectuses, if any, used in connection with each Placement, including any documents incorporated by reference therein.

 

    
430 Park Avenue | New York, New York 10022 | 212.356.0500
 
Security services provided by H.C. Wainwright & Co., LLC | Member: FINRA/SIPC

     

    

 

(B)       The
Registration Statement (and any further documents to be filed with the Commission) contains all exhibits and schedules as required
by the Securities Act. Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective,
complied in all material respects with the Securities Act and the Exchange Act and the applicable Rules and Regulations and did
not and, as amended or supplemented, if applicable, will not, contain any untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary to make the statements therein not misleading. The Base Prospectus,
the Time of Sale Prospectus, if any, and the Prospectus Supplement, each as of its respective date, comply in all material respects
with the Securities Act and the Exchange Act and the applicable Rules and Regulations. Each of the Base Prospectus, the Time of
Sale Prospectus, if any, and the Prospectus Supplement, as amended or supplemented, did not and will not contain as of the date
thereof any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading. The Incorporated Documents, when they were filed with
the Commission, conformed in all material respects to the requirements of the Exchange Act and the applicable Rules and Regulations,
and none of such documents, when they were filed with the Commission, contained any untrue statement of a material fact or omitted
to state a material fact necessary to make the statements therein (with respect to Incorporated Documents incorporated by reference
in the Base Prospectus or Prospectus Supplement), in light of the circumstances under which they were made not misleading; and
any further documents so filed and incorporated by reference in the Base Prospectus, the Time of Sale Prospectus, if any, or Prospectus
Supplement, when such documents are filed with the Commission, will conform in all material respects to the requirements of the
Exchange Act and the applicable Rules and Regulations, as applicable, and will not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading. No post-effective amendment to the Registration Statement reflecting any facts or events arising after the
date thereof which represent, individually or in the aggregate, a fundamental change in the information set forth therein is required
to be filed with the Commission. There are no documents required to be filed with the Commission in connection with the transaction
contemplated hereby that (x) have not been filed as required pursuant to the Securities Act or (y) will not be filed within the
requisite time period. There are no contracts or other documents required to be described in the Base Prospectus, the Time of Sale
Prospectus, if any, or Prospectus Supplement, or to be filed as exhibits or schedules to the Registration Statement, which have
not been described or filed as required.

 

(C)       The
Company is eligible to use free writing prospectuses in connection with each Placement pursuant to Rules 164 and 433 under the
Securities Act. Any free writing prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities Act
has been, or will be, filed with the Commission in accordance with the requirements of the Securities Act and the applicable rules
and regulations of the Commission thereunder. Each free writing prospectus that the Company has filed, or is required to file,
pursuant to Rule 433(d) under the Securities Act or that was prepared by or behalf of or used by the Company complies or will comply
in all material respects with the requirements of the Securities Act and the applicable rules and regulations of the Commission
thereunder. The Company will not, without the prior consent of the Placement Agent, prepare, use or refer to, any free writing
prospectus.

 

(D)       The
Company has delivered, or will as promptly as practicable deliver, to the Placement Agent complete conformed copies of the Registration
Statement and of each consent and certificate of experts, as applicable, filed as a part thereof, and conformed copies of the Registration
Statement (without exhibits), the Base Prospectus, the Time of Sale Prospectus, if any, and the Prospectus Supplement, as amended
or supplemented, in such quantities and at such places as the Placement Agent reasonably requests. Neither the Company nor any
of its directors and officers has distributed and none of them will distribute, prior to the Closing Date, any offering material
in connection with the offering and sale of the Shares other than the Base Prospectus, the Time of Sale Prospectus, if any, the
Prospectus Supplement, the Registration Statement, copies of the documents incorporated by reference therein and any other materials
permitted by the Securities Act.

 

    
430 Park Avenue | New York, New York 10022 | 212.356.0500
 
Security services provided by H.C. Wainwright & Co., LLC | Member: FINRA/SIPC

     

    

 

In the event that a
Direct Placement occurs off a registration statement other than the Registration Statement, prior to the commencement of any such
Placement, the Company shall make written representations, warranties and covenants to Rodman as to such subsequent registration
statement (and other offering documents) that are substantially the same as the representations, warranties and covenants made
under this Section, which representations, warranties and covenants shall be reasonably satisfactory to Rodman.

 

SECTION 2.    REPRESENTATIONS
AND WARRANTIES. The Company hereby makes the representations and warranties set forth below to Rodman as of the date of the
applicable Placement and as of the applicable Closing Date.

 

(A)       Reliance
on Representations and Warranties to Purchasers. Rodman shall be entitled to rely upon any and all representations and warranties
of the Company included in the purchase agreements entered into by the Company and the Purchasers in connection with each Placement,
subject to the qualifications and limitations therein, and such representations and warranties are incorporated by reference as
though fully set forth in this Agreement.

 

(B)       FINRA
Affiliations. There are no affiliations with any FINRA member firm among the Company’s officers, directors or, to the
knowledge of the Company, any five percent (5%) or greater stockholder of the Company.

 

SECTION 3.      CLOSING. The
obligations of Rodman and the Purchasers, and the closing of the sale of the Securities under the Transaction Documents are subject
to the accuracy, when made and on the applicable Closing Date, of the representations and warranties on the part of the Company
and its Subsidiaries contained herein, to the accuracy of the statements of the Company and its Subsidiaries made in any certificates
pursuant to the provisions hereof, to the performance by the Company and its Subsidiaries of their obligations hereunder, and to
each of the following additional terms and conditions:

 

(A)       [REGISTERED
OFFERINGS ONLY] No stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings
for that purpose shall have been initiated or threatened by the Commission, and any request for additional information on the part
of the Commission (to be included in the Registration Statement, the Base Prospectus or the Prospectus Supplement or otherwise)
shall have been complied with to the reasonable satisfaction of Rodman.

 

(B)       [REGISTERED
OFFERINGS ONLY] Rodman shall not have discovered and disclosed to the Company on or prior to the Closing Date that the Registration
Statement, the Base Prospectus or the Prospectus Supplement or any amendment or supplement thereto contains an untrue statement
of a fact which, in the opinion of counsel for Rodman, is material or omits to state any fact which, in the opinion of such counsel,
is material and is required to be stated therein or is necessary to make the statements therein not misleading.

 

    
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(C)       All
corporate proceedings and other legal matters incident to the authorization, form, execution, delivery and validity of each Transaction
Document, and the Securities, and, if the Securities are registered, the Registration Statement, the Base Prospectus and the Prospectus
Supplement, and all other legal matters relating to the Transaction documents and the transactions contemplated thereby shall be
reasonably satisfactory in all material respects to counsel for Rodman, and the Company shall have furnished to such counsel all
documents and information that they may reasonably request to enable them to pass upon such matters.

 

(D)       Rodman
shall have received from outside counsel to the Company such counsel’s written opinion, addressed to Rodman and the Purchasers
dated as of the applicable Closing Date, in form and substance reasonably satisfactory to Rodman, which opinion shall include a
“10b-5” representation from such counsel.

 

(E)       Neither
the Company nor any of its Subsidiaries shall have sustained since the date of the latest audited financial statements, any loss
or interference with its business from fire, explosion, flood, terrorist act or other calamity, whether or not covered by insurance,
or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth in or contemplated by the
Base Prospectus and (ii) except as provided in the Transaction Documents, since such date there shall not have been any change
in the capital stock or long-term debt of the Company or any of its Subsidiaries or any material change, or any material development
involving a prospective material change, in or affecting the business, general affairs, management, financial position, stockholders’
equity, results of operations or prospects of the Company and its Subsidiaries, the effect of which, in any such case described
in clause (i) or (ii), is, in the judgment of Rodman, so material and adverse as to make it impracticable or inadvisable to proceed
with the sale or delivery of the Securities on the terms and in the manner contemplated under the Transaction Documents or, if
pursuant to an Underwritten Placement, pursuant to the Prospectus Supplement.

 

(F)       The
Common Stock is registered under the Exchange Act and, as of the applicable Closing Date, the Shares shall be listed and admitted
and authorized for trading on the Trading Market, and satisfactory evidence of such actions shall have been provided to Rodman.
The Company shall have taken no action designed to, or likely to have the effect of terminating the registration of the Common
Stock under the Exchange Act or delisting or suspending from trading the Common Stock from the Trading Market, nor has the Company
received any information suggesting that the Commission or the Trading Market is contemplating terminating such registration or
listing.

 

(G)       Subsequent
to the execution and delivery of the Transaction Documents or underwriting agreement, as applicable, there shall not have occurred
any of the following: (i) trading in securities generally on the New York Stock Exchange, the Nasdaq National Market or the NYSE
Alternext US or in the over-the-counter market, or trading in any securities of the Company on any exchange or in the over-the-counter
market, shall have been suspended or minimum or maximum prices or maximum ranges for prices shall have been established on any
such exchange or such market by the Commission, by such exchange or by any other regulatory body or governmental authority having
jurisdiction, (ii) a banking moratorium shall have been declared by federal or state authorities or a material disruption has occurred
in commercial banking or securities settlement or clearance services in the United States, (iii) the United States shall have become
engaged in hostilities in which it is not currently engaged, the subject of an act of terrorism, there shall have been an escalation
in hostilities involving the United States, or there shall have been a declaration of a national emergency or war by the United
States, or (iv) there shall have occurred any other calamity or crisis or any change in general economic, political or financial
conditions in the United States or elsewhere, if the effect of any such event in clause (iii) or (iv) makes it, in the sole judgment
of Rodman, impracticable or inadvisable to proceed with the sale or delivery of the Securities.

 

    
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(H)       No
action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any governmental
agency or body which would, as of the applicable Closing Date, prevent the issuance or sale of the Securities or materially and
adversely affect or potentially and adversely affect the business or operations of the Company; and no injunction, restraining
order or order of any other nature by any federal or state court of competent jurisdiction shall have been issued as of the applicable
Closing Date which would prevent the issuance or sale of the Securities or materially and adversely affect or potentially and adversely
affect the business or operations of the Company.

 

(I)       The
Company shall have prepared and filed with the Commission a Current Report on Form 8-K with respect to each Placement, including
as an exhibit thereto this Agreement.

 

(J)       If
a Direct Placement, the Company shall have entered into subscription agreements with each of the Purchasers and such agreements
shall be in full force and effect and shall contain representations and warranties of the Company as agreed between the Company
and the Purchasers.

 

(K)       FINRA
shall have raised no objection to the fairness and reasonableness of the terms and arrangements of this Agreement. In addition,
the Company shall, if requested by Rodman, make or authorize Rodman’s counsel to make on the Company’s behalf, an Issuer
Filing with FINRA pursuant to FINRA Rule 5110 with respect to the Registration Statement and pay all filing fees required in connection
therewith.

 

(L)       Prior
to the applicable Closing Date, the Company shall have furnished to Rodman such further information, certificates and documents
as Rodman may reasonably request.

 

All opinions, letters,
evidence and certificates mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions
hereof only if they are in form and substance reasonably satisfactory to counsel for Rodman.

 

    
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Annex B

 

Tail Investors

 

 

 

 

 

 

    
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Security services provided by H.C. Wainwright & Co., LLC | Member: FINRA/SIPCExhibit
4.10

 

atossa
genetics inc. 

 

	Warrant Shares:                            	 	Issue Date:  March __, 2017
	 	 	 
	Warrant Certificate No.:________	 	 

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the date hereof (the “Initial Exercise Date”) and on or prior to the close of business on the five
(5) year anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe
for and purchase from Atossa Genetics Inc., a Delaware corporation (the “Company”), up to ______ shares (as
subject to adjustment hereunder, the “Warrant Shares”) of the Company’s common stock, par value $0.015
per share (the “Common Stock”). The purchase price of one share of Common Stock under this Warrant shall be
equal to the Exercise Price, as defined in Section 2(b).

 

Section 1.

 

a)            Offering.
This warrant is one of a series of warrants (the “Warrants”) that are being issued by the Company pursuant to
a final prospectus filed with the Securities and Exchange Commission (“SEC”) pursuant to Rule 424(b) and dated
as of March__, 2017.

 

b)            Definitions.
Capitalized terms used and not otherwise defined herein shall have the meaning set forth in that certain Warrant Agreement, dated
as of March __, 2017 (the “Warrant Agreement”), between the Company and VStock Transfer, LLC (the “Warrant
Agent”). For purposes herein, “Transfer Agent” shall mean VStock Transfer, LLC in its capacity as
transfer agent of the Company.

 

Section 2.              Exercise.

 

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

 

     

     

    

 

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

 

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

 

	 	(A) = 	as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

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

 

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

  

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

 

“Bid
Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on
a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading
Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as
applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock
are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all
other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith
by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and
expenses of which shall be paid by the Company.

 

     

     

    

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

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

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based
on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a
Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or
OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the
Common Stock are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization
or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported,
or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected
in good faith by the Holders of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company,
the fees and expenses of which shall be paid by the Company.

 

Notwithstanding anything herein
to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this
Section 2(c).

 

d)          Mechanics
of Exercise.

 

i.            Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer
Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository
Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in
such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale
of the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery
of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of
Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of
Exercise by the date that is the earlier of (i) the earlier of (A) three (3) Trading Days after the delivery to the Company of
the Notice of Exercise and (B) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (ii) the number
of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date,
the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate
purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective
of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of
a cashless exercise) is received within the earlier of (i) three Trading Days and (ii) the number of Trading Days comprising the
Standard Settlement Period following delivery of the Notice of Exercise. The Company agrees to maintain a transfer agent that is
a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard
Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary
Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

 

     

     

    

 

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

 

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

  

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

 

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

 

vi.         Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or
other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the
Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder;
provided, however, that in the event Warrant Shares are to be issued in a name other than the name of the Holder,
this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder
and the Company or the Warrant Agent may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any
transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of
Exercise.

 

     

     

    

 

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

 

e)          Holder’s
Exercise Limitations. The Company shall not (or shall not direct the Warrant Agent to) effect any exercise of this Warrant,
and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent
that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together
with the Holder’s Affiliates, and any other persons acting as a group together with the Holder or any of the Holder’s
Affiliates, such persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation
(as defined below).  For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the
Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of
this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which
would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or
any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any
other securities of the Company (including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the
Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for purposes of this
Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation
is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed
in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether
this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates or Attribution Parties)
and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice
of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other
securities owned by the Holder together with any Affiliates or Attribution Parties) and of which portion of this Warrant is exercisable,
in each case subject to the Beneficial Ownership Limitation, and neither the Company nor the Warrant Agent shall have any obligation
to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above
shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number
of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with
the SEC, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company
or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral request of
a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common
Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect
to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution
Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership
Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to
the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon not less than 61 days’ prior
notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that
the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately
after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions
of this Section 2(e) shall continue to apply. Any such increase or decrease will not be effective until the 61st day
after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which
may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements
necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a
successor holder of this Warrant.

 

     

     

    

  

Section 3.              Certain
Adjustments.

 

a)            Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable
in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon
exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including
by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification
of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the
aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become
effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

  

b)            Fundamental
Transaction. In case of any reclassification, capital reorganization, exchange of shares, liquidation, recapitalization or
change of the Common Stock (other than as a result of a subdivision, combination, stock dividend or reclassification provided for
in Section 3(a) hereof), or in case of any consolidation or merger of the Company with or into another corporation or entity (other
than a merger with a subsidiary in which merger the Company is the continuing corporation and which does not result in any reclassification
or capital reorganization or change of the outstanding Common Stock) or in case of any sale, lease or conveyance to another corporation
or entity of all or substantially all of the assets of the Company, then the Company shall, as a condition precedent to such transaction,
cause lawful and effective provisions to be made (and duly executed documents evidencing the same from the Company or its successor
shall be delivered to the Holder) so that the Holder shall have the right thereafter upon exercise of this Warrant, to purchase
the kind and amount of shares of stock and other securities and property receivable upon such reclassification, capital reorganization,
exchange of shares, liquidation, recapitalization, change, consolidation, merger, sale or conveyance by a holder of the number
of shares of Common Stock which might have been received upon conversion of this Warrant immediately prior to such reclassification,
capital reorganization, exchange of shares, liquidation, recapitalization, change, consolidation, merger, sale or conveyance, and
in any such event, such provision shall include provision for adjustments which shall be as nearly equivalent as may be practicable
to the adjustments provided for herein. The Company shall not effect any such consolidation, merger, sale, transfer or other disposition
described above, unless prior to or simultaneously with the consummation thereof the successor corporation (if other than the Company)
resulting from such consolidation or merger or the corporation purchasing or otherwise acquiring such assets shall assume, by written
instrument executed and mailed or delivered to the Holder of this Warrant at the last address of the Holder appearing on the books
of the Company, the obligation to deliver to the Holder such shares of stock, securities, cash or properties as, in accordance
with the foregoing provisions, the Holder may be entitled to acquire. The above provisions of this paragraph shall similarly apply
to successive reorganizations, reclassifications, exchanges, liquidations, recapitalizations, changes, consolidations, mergers,
sales, transfers or other dispositions, if any.

 

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

 

     

     

    

 

d)            Notice
to Holder.

 

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

 

ii.          Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last
address as it shall appear upon the Warrant Register (as defined below), at least 20 calendar days prior to the applicable record
or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such
dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of
the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined
or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective
or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their
shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger,
sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof
shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided
hereunder constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company
shall simultaneously file such notice with the SEC pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to
exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such
notice except as may otherwise be expressly set forth herein.

 

e)            Voluntary
Adjustment by Company. The Company may at any time during the term of this Warrant reduce the then current Exercise Price to
any amount and for any period of time deemed appropriate by the Board of Directors of the Company.

 

Section 4.              Transfer
of Warrant.

 

a)            Transferability.
This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in
part, upon surrender of this Warrant at the principal office of the Company or the Warrant Agent (or other designated agent), together
with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or
attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable,
and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly
assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant
issued.

 

     

     

    

 

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

 

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

 

d)            Transfer
Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the Holder
is an affiliate (as defined in Rule 405 of the Securities Act) of the Company and the transfer of this Warrant shall not be registered
pursuant to an effective registration statement under the Securities Act and under applicable state securities or blue sky laws,
the Company may require, as a condition of allowing such transfer (i) that the Holder or transferee of this Warrant, as the case
may be, furnish to the Company a written opinion of counsel (which opinion shall be in form, substance and scope customary for
opinions of counsel in comparable transactions) to the effect that such transfer may be made without registration under the Securities
Act and under applicable state securities or blue sky laws, (ii) that the holder or transferee execute and deliver to the Company
an investment letter in form and substance acceptable to the Company and (iii) that the transferee be an “accredited investor”
as defined in Rule 501(a) promulgated under the Securities Act or a “qualified institutional buyer” as defined in Rule
144A(a) under the Securities Act.

 

Section 5.              Miscellaneous.

 

a)            No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in
Section 3.

 

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

 

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

 

     

     

    

 

d)            Authorized
Shares.

 

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

 

Except and
to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions
as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting
the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable
therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant
and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

  

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

 

e)            Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the laws of the State of California.

 

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

 

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

 

h)            Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
in accordance with the notice provisions of the Warrant Agreement.

 

     

     

    

 

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

 

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

 

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

 

l)             Modification.
The provisions of the Warrants may from time to time be amended, modified or waived, if such amendment, modification or waiver
is in writing and consented to by the Company and holders of at least a majority of the outstanding Warrants (based on the number
of Warrant Shares underlying the Warrants). Any such amendment, modification or wavier shall be binding upon the Holder of this
Warrant regardless of whether the Holder consented to such amendment, modification or wavier; provided that nothing shall prevent
the Company and the Holder from consenting to amendments, modifications or waivers to this Warrant that affect or are applicable
to the Holder only.

 

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

 

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

 

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

(Signature Page Follows)

 

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

 

	 	atossa genetics inc.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	VSTOCK TRANSFER, LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

     

     

    

  

NOTICE OF EXERCISE

 

	 	To:	atossa genetics inc.

 

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

 

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

 

 ̈
in lawful money of the United States; or

 

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

 

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

 

_______________________________

 

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

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity:

Signature of Authorized Signatory of Investing Entity:

Name of Authorized Signatory:

Title of Authorized Signatory:

Date:

 

     

     

    

 

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

FOR VALUE RECEIVED, [all/_______]
shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

_______________________________________________ whose address
is

_______________________________________________________________.

 

_______________________________________________________________

Dated: ______________, _______

 

	 	Holder’s Signature:	 
	 	Holder’s Address:

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