Document:

Exhibit

         EXHIBIT 4.1

UNITED STATES BANKRUPTCY COURT 
SOUTHERN DISTRICT OF TEXAS 
HOUSTON DIVISION
	
			
	 
	)
	 

	In re:
	)
	Chapter 11

	 
	)
	 

	WESTMORELAND COAL COMPANY, et al.,
	)
	Case No. 18-35672 (MI)

	 
	)
	 

	            Debtors.
	)
	(Joint Administration Requested)

	 
	)
	 

	 
	)
	Re:  Docket No. 13

INTERIM ORDER APPROVING NOTIFICATION AND  
HEARING PROCEDURES FOR CERTAIN TRANSFERS OF AND  
DECLARATIONS OF WORTHLESSNESS WITH RESPECT TO COMMON STOCK

Upon the motion (the “Motion”) of the above-captioned debtors and debtors in possession (collectively, the “Debtors”) for entry of an interim order (this “Interim Order”), (a) approving the Procedures related to transfers of Beneficial Ownership of Common Stock, and (b) directing that any purchase, sale, other transfer of, or declaration of worthlessness with respect to Common Stock in violation of the Procedures shall be null and void ab initio, all as more fully set forth in the Motion; and upon the First Day Declaration; and this Court having jurisdiction over this matter pursuant to 28 U.S.C. §§ 157 and 1334; and that this Court may enter a final order consistent with Article III of the United States Constitution; and this Court having found that venue of this proceeding and the Motion in this district is proper pursuant to 28 U.S.C. §§ 1408 and 1409; and this Court having found that the relief requested in the Motion is in the best interests of the Debtors’ estates, their creditors, and other parties in interest; and this Court having found that the Debtors’ notice of the Motion and opportunity for a hearing on the Motion were appropriate under the circumstances and no other notice need be provided; and this Court having reviewed the Motion and having heard the statements in support of the relief requested therein at a hearing before this Court (the “Hearing”); 

and this Court having determined that the legal and factual bases set forth in the Motion and at the Hearing establish just cause for the relief granted herein; and upon all of the proceedings had before this Court; and after due deliberation and sufficient cause appearing therefor, it is HEREBY ORDERED THAT:
1.    The Motion is granted on an interim basis as set forth herein. 
2.    The final hearing (the “Final Hearing”) on the Motion shall be held on October 30, 2018, at 1:00 p.m., prevailing Central Time.  Any objections or responses to entry of a final order on the Motion shall be filed on or before 4:00 p.m., prevailing Central Time, on October 23, 2018, and shall be served on:  (a) the Debtors, Westmoreland Coal Company, 9540 South Maroon Circle, Suite 300, Englewood, Colorado 80112, Attn.:  Jennifer Grafton; (b) proposed counsel to the Debtors, Kirkland & Ellis LLP, 300 North LaSalle, Chicago, Illinois 60654, Attn.:  Gregory F. Pesce and Timothy R. Bow; (c) proposed co-counsel for the Debtors, Jackson Walker L.L.P., 1401 McKinney Street, Suite 1900, Houston, Texas 77010, Attn.:  Patricia B. Tomasco, Matthew D. Cavenaugh, and Jennifer F. Wertz; (d) counsel to the indenture trustee under the WLB Debtors’ 8.75% senior secured notes due 2022; (e) counsel to the ad hoc group of lenders under the WLB Debtors’ prepetition term loan due 2020 and the WLB Debtors’ 8.75% senior secured notes due 2022, Kramer Levin Naftalis & Frankel, LLP, 1177 Avenue of the Americas, New York, New York 10036, Attn.:  Thomas Moers Mayer and Stephen Zide; (f) co-counsel to the ad hoc group of lenders under the WLB Debtors’ prepetition term loan due 2020 and the WLB Debtors’ 8.75% senior secured notes due 2022, Porter Hedges LLP, 1000 Main Street, Houston, Texas 77002, Attn.:  John F. Higgins; (g) counsel to the administrative agent under the WLB Debtors’ prepetition term loan facility due 2020; (h) counsel to the administrative agent under the WLB Debtors’ bridge loan facility; (i)  counsel to the administrative agent under the WMLP Debtors’ term loan facility due 2018; 

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(j) counsel to the ad hoc committee of certain lenders under the WMLP Debtors’ term loan facility due 2018, Schulte Roth & Zabel, 919 Third Avenue, New York, NY 10022, Attn.:  David M. Hillman and Kristine Manoukian; (k) counsel to the administrative agent under the WLB Debtors’ proposed debtor-in-possession financing facility; (l) counsel to the lenders under the WLB Debtors’ proposed debtor‐in‐possession financing, Kramer Levin Naftalis & Frankel, LLP, 1177 Avenue of the Americas, New York, New York 10036, Attn.:  Thomas Moers Mayer and Stephen Zide; (m) co-counsel to the lenders under the WLB Debtors’ proposed debtor-in-possession financing facility, Porter Hedges LLP, 1000 Main Street, Houston, Texas 77002, Attn.:  John F. Higgins; (n) counsel to the Conflicts Committee of the Board of Directors for Westmoreland Resource Partners GP, LLC, Jones Day, 77 W. Wacker Dr., Chicago, Illinois 60601, Attn.:  Timothy Hoffman, Jones Day, 901 Lakeside Ave E, Cleveland, OH 44114 Attn.:  Heather Lennox; (o) counsel to any statutory committee appointed in these cases; and (p) Office of The United States Trustee, 515 Rusk Street Houston, Texas 77002.  In the event no objections to entry of a final order on the Motion are timely received, this Court may enter such final order without need for the Final Hearing.
3.    The Procedures, as set forth in Exhibit 1 attached hereto, are approved.
4.    Any transfer of or declaration of worthlessness with respect to Beneficial Ownership of Common Stock in violation of the Procedures, including but not limited to the notice requirements, shall be null and void ab initio.
5.    In the case of any such transfer of Beneficial Ownership of Common Stock in violation of the Procedures, including but not limited to the notice requirements, the person or entity making such transfer shall be required to take remedial actions specified by the Debtors, which may include the actions specified in Private Letter Ruling 201010009 (Dec. 4, 2009), to appropriately reflect that such transfer is null and void ab initio.

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6.    In the case of any such declaration of worthlessness with respect to Beneficial Ownership of Common Stock in violation of the Procedures, including the notice requirements, the person or entity making such declaration shall be required to file an amended tax return revoking such declaration and any related deduction to appropriately reflect that such declaration is void ab initio.
7.    The Debtors may retroactively or prospectively waive any and all restrictions, stays, and notification procedures set forth in the Procedures.
8.    To the extent that this Interim Order is inconsistent with any prior order or pleading with respect to the Motion in these cases, the terms of this Interim Order shall govern.
9.    The requirements set forth in this Interim Order are in addition to the requirements of all applicable law and do not excuse compliance therewith.
10.    Notwithstanding the relief granted in this Interim Order and any actions taken pursuant to such relief, nothing in this Interim Order shall be deemed: (a) an admission as to the validity of any prepetition claim against a Debtor entity; (b) a waiver of the Debtors’ or any other party in interest’s rights to dispute any prepetition claim on any grounds; (c) a promise or requirement to pay prepetition claims; (d) an implication or admission that any particular claim is of a type specified or defined in the Motion or any order granting the relief requested by this Motion; (e) a request or authorization to assume any prepetition agreement, contract, or lease pursuant to section 365 of the Bankruptcy Code; or (f) a waiver of the Debtors’ or any other party in interest’s rights under the Bankruptcy Code or any other applicable law.
11.    Solely with respect to the WMLP Debtors, notwithstanding anything to the contrary set forth herein: (a) any payment to be made, or authorization contained, hereunder shall be subject to the requirements imposed on the WMLP Debtors under any orders authorizing the WMLP 

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Debtors’ use of cash collateral (in each case, the “Cash Collateral Order”), including any budget in connection therewith (the “WMLP Budget”); and (b) to the extent there is any inconsistency between the Cash Collateral Order and any action taken or proposed to be taken hereunder, the terms of the Cash Collateral Order and the WMLP Budget shall control.
12.    Solely with respect to the WLB Debtors, notwithstanding anything to the contrary set forth herein:  (a) any payment to be made, or authorization contained, hereunder shall be subject to the requirements imposed on the WLB Debtors under the WLB Debtors’ postpetition financing agreement (including with respect to any budgets governing or relating therewith, the “DIP Documents”) and any orders (in each case, the “DIP Order”) approving the DIP Documents and governing the WLB Debtors’ use of cash collateral; and (b) to the extent there is any inconsistency between the DIP Order and any action taken or proposed to be taken hereunder, the terms of the DIP Order and DIP Documents shall control.
13.    The contents of the Motion satisfy the requirements of Bankruptcy Rule 6003(b).
14.    Notice of the Motion as provided therein shall be deemed good and sufficient notice of such Motion and the requirements of Bankruptcy Rule 6004(a) and the Bankruptcy Local Rules are satisfied by such notice.
15.    Notwithstanding Bankruptcy Rule 6004(h), the terms and conditions of this Interim Order are immediately effective and enforceable upon its entry.
16.    The Debtors are authorized to take all actions necessary to effectuate the relief granted in this Interim Order in accordance with the Motion.
17.    This Court retains exclusive jurisdiction with respect to all matters arising from or related to the implementation, interpretation, and enforcement of this Interim Order.

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	Dated:  October 9, 2018
	/s/ David R. Jones

	Houston, Texas
	DAVID R. JONES
UNITED STATES BANKRUPTCY JUDGE

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Exhibit 1
Procedures for Transfers of and Declarations of Worthlessness with Respect to Beneficial Ownership of Common Stock

PROCEDURES FOR TRANSFERS OF AND DECLARATIONS OF WORTHLESSNESS WITH RESPECT TO COMMON STOCK

The following procedures apply to transfers of Common Stock:
		
	a.
	Any entity (as defined in section 101(15) of the Bankruptcy Code) who currently is or becomes a Substantial Shareholder (as defined herein) must file with the Court, and serve upon: (i) the Debtors, Westmoreland Coal Company, 9540 South Maroon Circle, Suite 300, Englewood, Colorado 80112, Attn.:  Jennifer Grafton; (ii) proposed counsel to the Debtors, Kirkland & Ellis LLP, 300 North LaSalle, Chicago, Illinois 60654, Attn.:  Gregory F. Pesce and Timothy R. Bow; (iii) proposed co-counsel for the Debtors, Jackson Walker L.L.P., 1401 McKinney Street, Suite 1900, Houston, Texas 77010, Attn.: Patricia B. Tomasco, Matthew D. Cavenaugh, and Jennifer F. Wertz; (iv) counsel to the indenture trustee under the Debtors’ 8.75% senior secured notes due 2022; (v) counsel to the ad hoc group of lenders under the Debtors’ prepetition term loan due 2020 and the Debtors’ 8.75% senior secured notes due 2022, Kramer Levin Naftalis & Frankel LLP, 1177 Avenue of the Americas, New York, New York 10036, Attn.:  Thomas Moers Mayer and Stephen Zide; (vi) co-counsel to the ad hoc group of lenders under the WLB Debtors’ prepetition term loan due 2020 and the WLB Debtors’ 8.75% senior secured notes due 2022, Porter Hedges LLP, 1000 Main Street, Houston, Texas 77002, Attn.:  John F. Higgins; (vii) the administrative agent under the Debtors’ prepetition term loan facility due 2020, Wilmington Savings Fund Society, FSB, 500 Delaware Avenue, Wilmington, DE 19801, Attn.:  Geoffrey J. Lewis; (viii) the administrative agent under the Debtors’ proposed debtor‐in‐possession financing facility, Wilmington Savings Fund Society, FSB, 500 Delaware Avenue, Wilmington, DE 19801, Attn.:  Geoffrey J. Lewis; (ix) counsel to the lenders under the Debtors’ proposed debtor-in-possession financing facility, Kramer Levin Naftalis & Frankel LLP, 1177 Avenue of the Americas, New York, New York 10036, Attn.:  Thomas Moers Mayer and Stephen Zide; (x) co-counsel to the lenders under the Debtors’ proposed debtor-in-possession financing facility, Porter Hedges LLP, 1000 Main Street, Houston, Texas 77002, Attn.:  John F. Higgins; (xi) the transfer agent for the Debtors’ Common Stock, Broadridge Financial Solutions, Inc., 51 Mercedes Way, Edgewood, NY 11717, Attn.:  Theresa Henshaw; (xii) counsel to the Conflicts Committee of the Board of Directors for Westmoreland Resource Partners GP, LLC, Jones Day, 77 W. Wacker Dr., Chicago, Illinois 60601, Attn.:  Timothy Hoffman, Jones Day, 901 Lakeside Ave E, Cleveland, OH 44114 Attn.:  Heather Lennox; (xiii) counsel to any statutory committee appointed in these cases; (xiv) Office of The United States Trustee, 1515 Rusk Street Houston, Texas 77002; and (xv) to the extent not listed herein, those parties requesting notice 

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pursuant to Bankruptcy Rule 2002 (collectively, the “Notice Parties”), a declaration of such status, substantially in the form of Exhibit 1A attached to these Procedures (each, a “Declaration of Status as a Substantial Shareholder”), on or before the later of (i) 30 calendar days after the date of the Notice of Interim Order (as defined herein), or (ii) 10 calendar days after becoming a Substantial Shareholder; provided that, for the avoidance of doubt, the other procedures set forth herein shall apply to any Substantial Shareholder even if no Declaration of Status as a Substantial Shareholder has been filed.
		
	b.
	Prior to effectuating any transfer of Beneficial Ownership of Common Stock that would result in an increase in the amount of Common Stock of which a Substantial Shareholder has Beneficial Ownership or would result in an entity or individual becoming a Substantial Shareholder, the parties to such transaction must file with the Court, and serve upon the Notice Parties, an advance written declaration of the intended transfer of Common Stock, substantially in the form of Exhibit 1B attached to these Procedures (each, a “Declaration of Intent to Accumulate Common Stock”).

		
	c.
	Prior to effectuating any transfer of Beneficial Ownership of Common Stock that would result in a decrease in the amount of Common Stock of which a Substantial Shareholder has Beneficial Ownership or would result in an entity or individual ceasing to be a Substantial Shareholder, the parties to such transaction must file with the Court, and serve upon the Notice Parties, an advance written declaration of the intended transfer of Common Stock, substantially in the form of Exhibit 1C attached to these Procedures (each, a “Declaration of Intent to Transfer Common Stock,” and together with a Declaration of Intent to Accumulate Common Stock, each, a “Declaration of Proposed Transfer”).

		
	d.
	The Debtors shall have 30 calendar days after receipt of a Declaration of Proposed Transfer to file with the Court and serve on such Substantial Shareholder or potential Substantial Shareholder an objection to any proposed transfer of Beneficial Ownership of Common Stock described in the Declaration of Proposed Transfer on the grounds that such transfer might adversely affect the Debtors’ ability to utilize their Tax Attributes.  If the Debtors file an objection, such transaction will remain ineffective unless such objection is withdrawn by the Debtors, or such transaction is approved by a final and non-appealable order of the Court.  If the Debtors do not object within such 30-day period, such transaction can proceed solely as set forth in the Declaration of Proposed Transfer.  Further transactions within the scope of this paragraph must be the subject of additional notices in accordance with the procedures set forth herein, with an additional 30‐day waiting period for each Declaration of Proposed Transfer.

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	e.
	For purposes of these Procedures a “Substantial Shareholder” is any entity or individual person that has Beneficial Ownership of at least 845,483 shares of Common Stock (representing approximately 4.5 percent of all issued and outstanding shares of Common Stock).

The following procedures apply for declarations of worthlessness of Common Stock:
		
	a.
	Any person or entity that currently is or becomes a 50-Percent Shareholder must file with the Court and serve upon the Notice Parties a Declaration of Status as a 50-Percent Shareholder, substantially in the form attached to the Procedures as Exhibit 1D, on or before the later of (i) 30 calendar days after the date of the Notice of Interim Order, and (ii) ten calendar days after becoming a 50-Percent Shareholder; provided that, for the avoidance of doubt, the other Procedures set forth herein shall apply to any 50-Percent Shareholder even if no Declaration of Status as a 50-Percent Shareholder has been filed.

		
	a.
	Prior to filing any federal or state tax return, or any amendment to such a return, or taking any other action that claims any deduction for worthlessness of Beneficial Ownership of Common Stock for a taxable year ending before the Debtors’ emergence from chapter 11 protection, such 50-Percent Shareholder must file with the Court and serve upon the Notice Parties a declaration of intent to claim a worthless stock deduction (a “Declaration of Intent to Claim a Worthless Stock Deduction”), substantially in the form attached to the Procedures as Exhibit 1E. 

		
	i.
	The Debtors shall have 30 calendar days after receipt of a Declaration of Intent to Claim a Worthless Stock Deduction to file with the Court and serve on such 50-Percent Shareholder an objection to any proposed claim of worthlessness described in the Declaration of Intent to Claim a Worthless Stock Deduction on the grounds that such claim might adversely affect the Debtors’ ability to utilize their Tax Attributes.

		
	ii.
	If the Debtors timely object, the filing of the tax return or amendment thereto with such claim will not be permitted unless approved by a final and non-appealable order of the Court, unless the Debtors withdraw such objection.

		
	iii.
	If the Debtors do not object within such 30-day period, the filing of the return or amendment with such claim will be permitted solely as described in the Declaration of Intent to Claim a Worthless Stock Deduction. Additional returns and amendments within the scope of this section must be the subject of additional notices as set forth herein, with an 

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additional 30-day waiting period.  To the extent that the Debtors receive an appropriate Declaration of Intent to Claim a Worthless Stock Deduction and determine in their business judgment not to object, they shall provide notice of that decision as soon as is reasonably practicable to any statutory committee(s) appointed in these chapter 11 cases.
The following notice procedures apply to these Procedures:
		
	a.
	No later than two business days following entry of the Interim Order, the Debtors shall serve by first class mail, substantially in the form of Exhibit 1F attached to these Procedures (the “Notice of Interim Order”), on:  (i) the Office of the United States Trustee for the Southern District of Texas; (ii) the entities listed on the Consolidated List of Creditors Holding the 50 Largest Unsecured Claims; (iii) the U.S. Securities and Exchange Commission; (iv) the Internal Revenue Service; (v) any official committees appointed in these chapter 11 cases; and (vi) all registered and nominee holders of Common Stock (with instructions to serve down to the beneficial holders of Common Stock, as applicable).  Additionally, no later than two business days following entry of the Final Order, the Debtors shall serve a Notice of Interim Order modified to reflect that the Final Order has been entered (as modified, the “Notice of Final Order”) on the same entities and individuals that received the Notice of Interim Order.

		
	b.
	All registered and nominee holders of Common Stock shall be required to serve the Notice of Interim Order or Notice of Final Order, as applicable, on any holder for whose benefit such registered or nominee holder holds such Common Stock down the chain of ownership for all such holders of Common Stock.  

		
	c.
	Any entity or individual, or broker or agent acting on such entity’s or individual’s behalf, who sells Common Stock to another entity or individual shall be required to serve a copy of the Notice of Interim Order or Notice of Final Order, as applicable, on such purchaser of such Common Stock, or any broker or agent acting on such purchaser’s behalf. 

		
	d.
	As soon as is practicable following entry of the Interim Order, the Debtors shall (i) submit a copy of the Notice of Interim Order (modified for publication) for publication in The Wall Street Journal (national edition); (ii) submit a copy of the Notice of Interim Order (modified for publication) to Bloomberg Professional Service for potential publication by Bloomberg; and (iii) file a Form 8-K with a reference to the entry of the Interim Order.

		
	e.
	To the extent confidential information is required in any declaration described in these Procedures, such confidential information may be filed and served in redacted form; provided that any such declarations served on the Debtors 

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shall not be in redacted form.  The Debtors shall keep all information provided in such declarations strictly confidential and shall not disclose the contents thereof to any person except (i) to the extent necessary to respond to a petition or objection filed with the Court; (ii) to the extent otherwise required by law; or (iii) to the extent that the information contained therein is already public; provided that the Debtors may disclose the contents thereof to their professional advisors, who shall keep all such notices strictly confidential and shall not disclose the contents thereof to any other person, subject to further Court order.  To the extent confidential information is necessary to respond to a petitioner objection filed with the Court, such confidential information shall be filed under seal or in a redacted form.

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Exhibit 1A
Declaration of Status as a Substantial Shareholder

1

UNITED STATES BANKRUPTCY COURT 
SOUTHERN DISTRICT OF TEXAS 
HOUSTON DIVISION
	
			
	 
	)
	 

	In re:
	)
	Chapter 11

	 
	)
	 

	WESTMORELAND COAL COMPANY, et al.,
	)
	Case No. 18-35672 (MI)

	 
	)
	 

	            Debtors.
	)
	(Joint Administration Requested)

	 
	)
	 

DECLARATION OF STATUS AS A SUBSTANTIAL SHAREHOLDER

PLEASE TAKE NOTICE that the undersigned party is/has become a Substantial Shareholder with respect to the common stock of Westmoreland Coal Company or of any Beneficial Ownership therein (the “Common Stock”).  Westmoreland Coal Company is a debtor and debtor in possession in Case No. 18-[______] (___) pending in the United States Bankruptcy Court for the Southern District of Texas (the “Court”).
PLEASE TAKE FURTHER NOTICE that, as of __________ __, 2018, the undersigned party currently has Beneficial Ownership of _________ shares of Common Stock.  The following table sets forth the date(s) on which the undersigned party acquired Beneficial Ownership of such Common Stock:
	
		
	Number of Shares
	Date Acquired

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

(Attach additional page or pages if necessary)
PLEASE TAKE FURTHER NOTICE that the last four digits of the taxpayer identification number of the undersigned party are ________.

1

PLEASE TAKE FURTHER NOTICE that, pursuant to that certain Interim Order Approving Notification and Hearing Procedures for Certain Transfers of and Declarations of Worthlessness with Respect to Common Stock and Granting Related Relief [Docket No. ___] (the “Order”), this declaration (this “Declaration”) is being filed with the Court and served upon the Debtors; Kirkland & Ellis LLP, proposed counsel to the Debtors; and any other parties entitled to notice under the Order.
PLEASE TAKE FURTHER NOTICE that, pursuant to 28 U.S.C. § 1746, under penalties of perjury, the undersigned party hereby declares that he or she has examined this Declaration and accompanying attachments (if any), and, to the best of his or her knowledge and belief, this Declaration and any attachments hereto are true, correct, and complete.

Respectfully submitted,
(Name of Substantial Shareholder)
	
	
	By:  ________________________________

	Name:  _____________________________

	Address:  ___________________________

	___________________________________

	Telephone:  _________________________

	Facsimile:  __________________________

Dated:    _____________ __, 20__ 
_______________, __________
(City)        (State)

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Exhibit 1B
Declaration of Intent to Accumulate Common Stock

	
			
	 
	1
	 

UNITED STATES BANKRUPTCY COURT 
SOUTHERN DISTRICT OF TEXAS 
HOUSTON DIVISION
	
			
	 
	)
	 

	In re:
	)
	Chapter 11

	 
	)
	 

	WESTMORELAND COAL COMPANY, et al.,
	)
	Case No. 18-35672 (MI)

	 
	)
	 

	            Debtors.
	)
	(Joint Administration Requested)

	 
	)
	 

DECLARATION OF INTENT TO ACCUMULATE COMMON STOCK

PLEASE TAKE NOTICE that the undersigned party hereby provides notice of its intention to purchase, acquire, or otherwise accumulate (the “Proposed Transfer”) one or more shares of common stock of Westmoreland Coal Company or of any Beneficial Ownership therein (the “Common Stock”).  Westmoreland Coal Company is a debtor and debtor in possession in Case No. 18-[_____] (___) pending in the United States Bankruptcy Court for the Southern District of Texas (the “Court”).
PLEASE TAKE FURTHER NOTICE that, if applicable, on ___________ __, 2018, the undersigned party filed a Declaration of Status as a Substantial Shareholder with the Court and served copies thereof as set forth therein.
PLEASE TAKE FURTHER NOTICE that the undersigned party currently has Beneficial Ownership of _________ shares of Common Stock.
PLEASE TAKE FURTHER NOTICE that, pursuant to the Proposed Transfer, the undersigned party proposes to purchase, acquire, or otherwise accumulate Beneficial Ownership of _________ shares of Common Stock or an Option with respect to _________ shares of Common Stock.  If the Proposed Transfer is permitted to occur, the undersigned party will have Beneficial Ownership of _________ shares of Common Stock.

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PLEASE TAKE FURTHER NOTICE that the last four digits of the taxpayer identification number of the undersigned party are ___________.
PLEASE TAKE FURTHER NOTICE that, pursuant to that certain Interim Order Approving Notification and Hearing Procedures for Certain Transfers of and Declarations of Worthlessness with Respect to Common Stock and Granting Related Relief [Docket No. ___] (the “Order”), this declaration (this “Declaration”) is being filed with the Court and served upon the Debtors; Kirkland & Ellis LLP, proposed counsel to the Debtors; and any other parties entitled to notice under the Order.
PLEASE TAKE FURTHER NOTICE that, pursuant to the Order, the undersigned party acknowledges that it is prohibited from consummating the Proposed Transfer unless and until the undersigned party complies with the Procedures set forth therein.
PLEASE TAKE FURTHER NOTICE that the Debtors have 30 calendar days after receipt of this Declaration to object to the Proposed Transfer described herein.  If the Debtors file an objection, such Proposed Transfer will remain ineffective unless such objection is withdrawn by the Debtors or such transaction is approved by a final and non-appealable order of the Court.  If the Debtors do not object within such 30‐day period, then after expiration of such period the Proposed Transfer may proceed solely as set forth in this Declaration.
PLEASE TAKE FURTHER NOTICE that any further transactions contemplated by the undersigned party that may result in the undersigned party purchasing, acquiring, or otherwise accumulating Beneficial Ownership of additional shares of Common Stock will each require an additional notice filed with the Court to be served in the same manner as this Declaration.
PLEASE TAKE FURTHER NOTICE that, pursuant to 28 U.S.C. § 1746, under penalties of perjury, the undersigned party hereby declares that he or she has examined this Declaration and 

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accompanying attachments (if any), and, to the best of his or her knowledge and belief, this Declaration and any attachments hereto are true, correct, and complete.

Respectfully submitted,
(Name of Declarant)
	
	
	By:  ________________________________

	Name:  _____________________________

	Address:  ___________________________

	___________________________________

	Telephone:  _________________________

	Facsimile:  __________________________

Dated:    _____________ __, 20__ 
_______________, __________
(City)        (State)

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Exhibit 1C
Declaration of Intent to Transfer Common Stock

	
			
	 
	1
	 

UNITED STATES BANKRUPTCY COURT 
SOUTHERN DISTRICT OF TEXAS 
HOUSTON DIVISION
	
			
	 
	)
	 

	In re:
	)
	Chapter 11

	 
	)
	 

	WESTMORELAND COAL COMPANY, et al.,
	)
	Case No. 18-35672 (MI)

	 
	)
	 

	            Debtors.
	)
	(Joint Administration Requested)

	 
	)
	 

DECLARATION OF INTENT TO TRANSFER COMMON STOCK

PLEASE TAKE NOTICE that the undersigned party hereby provides notice of its intention to sell, trade, or otherwise transfer (the “Proposed Transfer”) one or more shares of common stock of Westmoreland Coal Company or of any Beneficial Ownership therein (the “Common Stock”).  Westmoreland Coal Company is a debtor and debtor in possession in Case No. 18-[_____] pending in the United States Bankruptcy Court for the Southern District of Texas (the “Court”).
PLEASE TAKE FURTHER NOTICE that, if applicable, on __________ __, 2018, the undersigned party filed a Declaration of Status as a Substantial Shareholder with the Court and served copies thereof as set forth therein.
PLEASE TAKE FURTHER NOTICE that the undersigned party currently has Beneficial Ownership of _________ shares of Common Stock.
PLEASE TAKE FURTHER NOTICE that, pursuant to the Proposed Transfer, the undersigned party proposes to sell, trade, or otherwise transfer Beneficial Ownership of _________ shares of Common Stock or an Option with respect to _________ shares of Common Stock.  If the Proposed Transfer is permitted to occur, the undersigned party will have Beneficial Ownership of _________ shares of Common Stock after such transfer becomes effective.

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PLEASE TAKE FURTHER NOTICE that the last four digits of the taxpayer identification number of the undersigned party are _________.
PLEASE TAKE FURTHER NOTICE that, pursuant to that certain Interim Order Approving Notification and Hearing Procedures for Certain Transfers of and Declarations of Worthlessness with Respect to Common Stock and Granting Related Relief [Docket No. ___] (the “Order”), this declaration (this “Declaration”) is being filed with the Court and served upon the Debtors; Kirkland & Ellis LLP, proposed counsel to the Debtors; and any other parties entitled to notice under the Order.
PLEASE TAKE FURTHER NOTICE that, pursuant to the Order, the undersigned party acknowledges that it is prohibited from consummating the Proposed Transfer unless and until the undersigned party complies with the Procedures set forth therein.
PLEASE TAKE FURTHER NOTICE that the Debtors have 30 calendar days after receipt of this Declaration to object to the Proposed Transfer described herein.  If the Debtors file an objection, such Proposed Transfer will remain ineffective unless such objection is withdrawn by the Debtors or such transaction is approved by a final and non-appealable order of the Court.  If the Debtors do not object within such 30‐day period, then after expiration of such period the Proposed Transfer may proceed solely as set forth in this Declaration.
PLEASE TAKE FURTHER NOTICE that any further transactions contemplated by the undersigned party that may result in the undersigned party selling, trading, or otherwise transferring Beneficial Ownership of additional shares of Common Stock will each require an additional notice filed with the Court to be served in the same manner as this Declaration.
PLEASE TAKE FURTHER NOTICE that, pursuant to 28 U.S.C. § 1746, under penalties of perjury, the undersigned party hereby declares that he or she has examined this Declaration and 

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accompanying attachments (if any), and, to the best of his or her knowledge and belief, this Declaration and any attachments hereto are true, correct, and complete.

Respectfully submitted,
(Name of Declarant)
	
	
	By:  ________________________________

	Name:  _____________________________

	Address:  ___________________________

	___________________________________

	Telephone:  _________________________

	Facsimile:  __________________________

Dated:    _____________ __, 20__ 
_______________, __________
(City)        (State)

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Exhibit 1D
Declaration of Status as a 50-Percent Shareholder

	
			
	 
	4
	 

UNITED STATES BANKRUPTCY COURT 
SOUTHERN DISTRICT OF TEXAS
HOUSTON DIVISION
	
			
	 
	)
	 

	In re:
	)
	Chapter 11

	 
	)
	 

	WESTMORELAND COAL COMPANY, et al.,
	)
	Case No. 18-35672 (MI)

	 
	)
	 

	            Debtors.
	)
	(Joint Administration Requested)

	 
	)
	 

DECLARATION OF STATUS AS A 50-PERCENT SHAREHOLDER

PLEASE TAKE NOTICE that the undersigned party is/has become a 50-Percent Shareholder with respect to the common stock of Westmoreland Coal Company or of any Beneficial Ownership therein (the “Common Stock”).  Westmoreland Coal Company is a debtor and debtor in possession in Case No. 18-[_____] (___) pending in the United States Bankruptcy Court for the Southern District of Texas (the “Court”).
PLEASE TAKE FURTHER NOTICE that, as of _________ __, 2018, the undersigned party currently has Beneficial Ownership of _________ shares of Common Stock.  The following table sets forth the date(s) on which the undersigned party acquired Beneficial Ownership of such Common Stock:
	
		
	Number of Shares
	Date Acquired

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

(Attach additional page or pages if necessary)
PLEASE TAKE FURTHER NOTICE that the last four digits of the taxpayer identification number of the undersigned party are _________.

	
			
	 
	5
	 

PLEASE TAKE FURTHER NOTICE that, pursuant to that certain Interim Order Approving Notification and Hearing Procedures for Certain Transfers of and Declarations of Worthlessness with Respect to Common Stock and Granting Related Relief [Docket No. ___] (the “Order”), this declaration (this “Declaration”) is being filed with the Court and served upon the Debtors, Kirkland & Ellis LLP, proposed counsel to the Debtors.
PLEASE TAKE FURTHER NOTICE that, pursuant to 28 U.S.C. § 1746, under penalties of perjury, the undersigned party hereby declares that he or she has examined this Declaration and accompanying attachments (if any), and, to the best of his or her knowledge and belief, this Declaration and any attachments hereto are true, correct, and complete.
Respectfully submitted,
(Name of 50-Percent Shareholder)
	
	
	By:  ________________________________

	Name:  _____________________________

	Address:  ___________________________

	___________________________________

	Telephone:  _________________________

	Facsimile:  __________________________

Dated:    _____________ __, 20__ 
_______________, __________
(City)        (State)

	
			
	 
	6
	 

Exhibit 1E
Declaration of Intent to Claim a Worthless Stock Deduction

	
			
	 
	7
	 

UNITED STATES BANKRUPTCY COURT 
SOUTHERN DISTRICT OF TEXAS
HOUSTON DIVISION
	
			
	 
	)
	 

	In re:
	)
	Chapter 11

	 
	)
	 

	WESTMORELAND COAL COMPANY, et al.,
	)
	Case No. 18-35672 (MI)

	 
	)
	 

	            Debtors.
	)
	(Joint Administration Requested)

	 
	)
	(Emergency Hearing Requested)

DECLARATION OF INTENT TO CLAIM A WORTHLESS STOCK DEDUCTION

PLEASE TAKE NOTICE that the undersigned party hereby provides notice of its intention to claim a worthless stock deduction (the “Proposed Worthlessness Claim”) with respect to one or more shares of common stock of Westmoreland Coal Company or of any Beneficial Ownership therein (the “Common Stock”).  Westmoreland Coal Company is a debtor and debtor in possession in Case No. 18-[_____] (___) pending in the United States Bankruptcy Court for the Southern District of Texas (the “Court”).
PLEASE TAKE FURTHER NOTICE that on _________ __, 2018, the undersigned party filed a Declaration of Status as a 50-Percent Shareholder with the Court and served copies thereof as set forth therein.
PLEASE TAKE FURTHER NOTICE that the undersigned party currently has Beneficial Ownership of _________ shares of Common Stock. 
PLEASE TAKE FURTHER NOTICE that, pursuant to the Proposed Worthlessness Claim, the undersigned party proposes to declare that ________ shares of Common Stock became worthless during the tax year ending __________.
PLEASE TAKE FURTHER NOTICE that the last four digits of the taxpayer identification number of the undersigned party are _________.

	
			
	 
	8
	 

PLEASE TAKE FURTHER NOTICE that, pursuant to that certain Interim Order Approving Notification and Hearing Procedures for Certain Transfers of and Declarations of Worthlessness with Respect to Common Stock and Granting Related Relief [Docket No. ___] (the “Order”), this declaration (this “Declaration”) is being filed with the Court and served upon the Debtors, Kirkland & Ellis LLP, proposed counsel to the Debtors.
PLEASE TAKE FURTHER NOTICE that, pursuant to the Order, the undersigned party acknowledges that the Debtors have 30 calendar days after receipt of this Declaration to object to the Proposed Worthlessness Claim described herein.  If the Debtors file an objection, such Proposed Worthlessness Claim will not be effective unless such objection is withdrawn by the Debtors or such action is approved by a final and non-appealable order of the Bankruptcy Court.  If the Debtors do not object within such 30-day period, then after expiration of such period the Proposed Worthlessness Claim may proceed solely as set forth in this Declaration. 
PLEASE TAKE FURTHER NOTICE that any further claims of worthlessness contemplated by the undersigned party will each require an additional notice filed with the Court to be served in the same manner as this Declaration and are subject to an additional 30-day waiting period.
PLEASE TAKE FURTHER NOTICE that, pursuant to 28 U.S.C. § 1746, under penalties of perjury, the undersigned party hereby declares that he or she has examined this Declaration and accompanying attachments (if any), and, to the best of his or her knowledge and belief, this Declaration and any attachments hereto are true, correct, and complete.

	
			
	 
	9
	 

Respectfully submitted,
(Name of Declarant)
	
	
	By:  ________________________________

	Name:  _____________________________

	Address:  ___________________________

	___________________________________

	Telephone:  _________________________

	Facsimile:  __________________________

Dated:    _____________ __, 20__ 
_______________, __________
(City)        (State)

	
			
	 
	10
	 

Exhibit 1F
Notice of Interim Order

	
			
	 
	11
	 

UNITED STATES BANKRUPTCY COURT 
SOUTHERN DISTRICT OF TEXAS 
HOUSTON DIVISION
	
			
	 
	)
	 

	In re:
	)
	Chapter 11

	 
	)
	 

	WESTMORELAND COAL COMPANY, et al.,
	)
	Case No. 18-35672 (MI)

	 
	)
	 

	            Debtors.
	)
	(Joint Administration Requested)

	 
	)
	 

NOTICE OF DISCLOSURE PROCEDURES  
APPLICABLE TO CERTAIN HOLDERS OF COMMON  
STOCK, DISCLOSURE PROCEDURES FOR TRANSFERS OF  
AND DECLARATIONS OF WORTHLESSNESS WITH RESPECT TO  
COMMON STOCK, AND FINAL HEARING ON THE APPLICATION THEREOF

TO:  ALL ENTITIES (AS DEFINED BY SECTION 101(15) OF THE BANKRUPTCY CODE) THAT MAY HOLD BENEFICIAL OWNERSHIP OF COMMON STOCK OF WESTMORELAND COAL COMPANY (THE “COMMON STOCK”):
PLEASE TAKE NOTICE that on October 9, 2018 (the “Petition Date”), the above‐captioned debtors and debtors in possession (collectively, the “Debtors”), filed petitions with the United States Bankruptcy Court for the Southern District of Texas (the “Court”) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”).  Subject to certain exceptions, section 362 of the Bankruptcy Code operates as a stay of any act to obtain possession of property of or from the Debtors’ estates or to exercise control over property of or from the Debtors’ estates.
PLEASE TAKE FURTHER NOTICE that on the Petition Date, the Debtors filed the Debtors’ Emergency Motion for Entry of Interim and Final Orders Approving Notification and Hearing Procedures for Certain Transfers of and Declarations of Worthlessness with Respect to Common Stock and Granting Related Relief [Docket No. __] (the “Motion”).
PLEASE TAKE FURTHER NOTICE that on [______], 2018, the Court entered the Interim Order Approving Notification and Hearing Procedures for Certain Transfers of and 

Declarations of Worthlessness with Respect to Common Stock and Granting Related Relief [Docket No. __] (the “Order”) approving procedures for certain transfers of and declarations of worthlessness with respect to Common Stock, set forth in Exhibit 1 attached to the Order (the “Procedures”).
PLEASE TAKE FURTHER NOTICE that, pursuant to the Order, a Substantial Shareholder or person that may become a Substantial Shareholder may not consummate any purchase, sale, or other transfer of Common Stock or Beneficial Ownership of Common Stock in violation of the Procedures, and any such transaction in violation of the Procedures shall be null and void ab initio. 
PLEASE TAKE FURTHER NOTICE that, pursuant to the Order, the Procedures shall apply to the holding and transfers of Common Stock or any Beneficial Ownership therein by a Substantial Shareholder or someone who may become a Substantial Shareholder.
PLEASE TAKE FURTHER NOTICE that pursuant to the Order, a 50-Percent Shareholder may not claim a worthless stock deduction with respect to Common Stock, or Beneficial Ownership of Common Stock, in violation of the Procedures, and any such deduction in violation of the Procedures shall be null and void ab initio, and the 50-Percent Shareholder shall be required to file an amended tax return revoking such proposed deduction.
PLEASE TAKE FURTHER NOTICE that upon the request of any entity, the proposed notice, claims, and solicitation agent for the Debtors, Donlin, Recano & Company, Inc., will provide a copy of the Order and a form of each of the declarations required to be filed by the Procedures in a reasonable period of time. Such declarations are also available via PACER on the Court’s website at https://ecf.txsb.uscourts.gov for a fee, or free of charge by accessing the Debtors’ restructuring website at www.donlinrecano.com/westmoreland.

2

PLEASE TAKE FURTHER NOTICE that the final hearing (the “Final Hearing”) on the Motion shall be held on _________, 2018, at__:__ _.m., prevailing Central Time.  Any objections or responses to entry of a final order on the Motion shall be filed on or before 4:00 p.m., prevailing Central Time, on _________, 2018, and shall be served on the Notice Parties.  In the event no objections to entry of a final order on the Motion are timely received, this Court may enter such final order without need for the Final Hearing.
PLEASE TAKE FURTHER NOTICE that failure to follow the Procedures set forth in the Order shall constitute a violation of, among other things, the automatic stay provisions of Section 362 of the Bankruptcy Code.
PLEASE TAKE FURTHER NOTICE that any prohibited purchase, sale, other transfer of, or declaration of worthlessness with respect to Common Stock, Beneficial Ownership thereof, or Option with respect thereto in violation of the Order is prohibited and shall be null and void ab initio and may be subject to additional sanctions as this Court may determine.
PLEASE TAKE FURTHER NOTICE that the requirements set forth in the Order are in addition to the requirements of applicable law and do not excuse compliance therewith.

[Remainder of page intentionally left blank.] 

3

	
			
	Houston, Texas
	 
	 

	October 9, 2018
	 
	 

	 
	 
	 

	/s/ Patricia B. Tomasco
	 
	 

	Patricia B. Tomasco (Bar No. 01797600)
	 
	James H.M. Sprayregen, P.C.

	Matthew D. Cavenaugh (Bar No. 24062656)
	 
	Michael B. Slade (Bar No. 24013521)

	Jennifer F. Wertz (Bar No. 24072822)
	 
	Gregory F. Pesce (pro hac vice admission pending)

	JACKSON WALKER L.L.P.
	 
	KIRKLAND & ELLIS LLP

	1401 McKinney Street, Suite 1900
	 
	KIRKLAND & ELLIS INTERNATIONAL LLP

	Houston, Texas 77010
	 
	300 North LaSalle

	Telephone:     (713) 752-4200
	 
	Chicago, Illinois 60654

	Facsimile:      (713) 752-4221
	 
	Telephone:   (312) 862-2000

	Email:       ptomasco@jw.com
	 
	Facsimile:   (312) 862-2200

	      mcavenaugh@jw.com
	 
	Email:      james.sprayregen@kirkland.com 

	      jwertz@jw.com
	 
	      michael.slade@kirkland.com

	 
	 
	      gregory.pesce@kirkland.com

	Proposed Co-Counsel to the Debtors
	 
	-and-

	and Debtors in Possession
	 
	Edward O. Sassower, P.C. 

	 
	 
	Stephen E. Hessler, P.C. (pro hac vice admission pending)

	 
	 
	KIRKLAND & ELLIS LLP

	 
	 
	KIRKLAND & ELLIS INTERNATIONAL LLP

	 
	 
	601 Lexington Avenue

	 
	 
	New York, New York 10022

	 
	 
	Telephone:   (212) 446-4800

	 
	 
	Facsimile:   (212) 446-4900

	 
	 
	Email:      edward.sassower@kirkland.com

	 
	 
	      stephen.hessler@kirkland.com

	 
	 
	-and-

	 
	 
	Anna G. Rotman, P.C. (TX Bar No. 24046761)

	 
	 
	KIRKLAND & ELLIS LLP

	 
	 
	KIRKLAND & ELLIS INTERNATIONAL LLP

	 
	 
	609 Main Street

	 
	 
	Houston, Texas 77002

	 
	 
	Telephone:   (713) 836-3600

	 
	 
	Email:      anna.rotman@kirkland.com

	 
	 
	 

	 
	 
	Proposed Co-Counsel to the Debtors

	 
	 
	and Debtors in Possession

1Exhibit 4.4

 

Synthetic Biologics,
Inc.

 

and

 

Corporate Stock Transfer,
Inc., as

Warrant Agent

 

Warrant Agency Agreement

 

Dated as of [    ],
2018

 

     

     

    

 

WARRANT
AGENCY AGREEMENT

 

WARRANT AGENCY AGREEMENT,
dated as of [  ], 2018 (“Agreement”), between Synthetic Biologics, Inc., a Nevada corporation (the “Company”),
and Corporate Stock Transfer, Inc., a [   ] corporation (the “Warrant Agent”).

 

WITNESSETH

 

WHEREAS, pursuant
to a registered offering by the Company of an aggregate of [   ] Class A Units (each, a “Class A Unit”
and collectively, the “Class A Units”), each Class A Unit consisting of one share of the Company’s common stock,
par value $0.001 per share (the “Common Stock”), and a warrant to purchase one share of Common Stock (each, a “Warrant”
and collectively, the “Warrants”), and an aggregate of [   ] Class B Units (each, a “Class B
Unit” and collectively, the “Class B Units”), each Class B Unit consisting of one share of Series B Convertible
Preferred Stock, par value $0.001 per share (the “Preferred Stock”), and a Warrant to purchase the number of shares
as would have been issued to such purchaser if they had purchased Class A Units based on the public offering price, pursuant to
an effective registration statement on Form S-1 (File No. 333-227400) (the “Registration Statement”), the Company
wishes to issue the Warrants in book entry form entitling the respective holders of the Warrants (the “Holders”, which
term shall include a Holder’s transferees, successors and assigns and “Holder” shall include, if the Warrants
are held in “street name,” a Participant (as defined below) or a designee appointed by such Participant) to purchase
an aggregate of up to [   ] shares of Common Stock upon the terms and subject to the conditions hereinafter set
forth (the “Offering”);

 

WHEREAS, the shares
of Common Stock, Preferred Stock and Warrants to be issued in connection with the Offering shall be immediately separable and
will be issued separately, but will be purchased together in the Offering; and

 

WHEREAS, the Company
wishes the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with the issuance,
registration, transfer, exchange, exercise and replacement of the Warrants and, in the Warrant Agent’s capacity as the Company’s
transfer agent, the delivery of the Warrant Shares (as defined below).

 

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

 

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

 

(a)          “Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any
day on which the New York Stock Exchange is authorized or required by law or other governmental action to close.

 

(b)          “Close
of Business” on any given date means 5:00 p.m., New York City time, on such date; provided, however, that if such date is
not a Business Day it means 5:00 p.m., New York City time, on the next succeeding Business Day.

 

(c)          “Person”
means an individual, corporation, association, partnership, limited liability company, joint venture, trust, unincorporated organization,
government or political subdivision thereof or governmental agency or other entity.

 

    	 	2	 

     

    

 

(d)          “Warrant
Certificate” means a certificate issued to a Holder, representing such number of Warrant Shares as is indicated therein.

 

(e)          “Warrant
Shares” means the shares of Common Stock underlying the Warrants and issuable upon exercise of the Warrants.

 

All other capitalized
terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Warrant.

 

Section
2.          Appointment of Warrant Agent. The Company hereby appoints the Warrant
Agent to act as agent for the Company in accordance with the terms and conditions hereof, and the Warrant Agent hereby accepts
such appointment. The Company may from time to time appoint a Co-Warrant Agent as it may, in its sole discretion, deem necessary
or desirable. The Warrant Agent shall have no duty to supervise, and will in no event be liable for the acts or omissions of,
any co-Warrant Agent.

 

Section
3.          Global Warrants.

 

(a)          The
Warrants shall be issuable in book entry form (the “Global Warrants”). All of the Warrants shall initially be represented
by one or more Global Warrants deposited with the Warrant Agent and registered in the name of Cede & Co., a nominee of The
Depository Trust Company (the “Depositary”), or as otherwise directed by the Depositary. Ownership of beneficial interests
in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) the
Depositary or its nominee for each Global Warrant or (ii) institutions that have accounts with the Depositary (such institution,
with respect to a Warrant in its account, a “Participant”).

 

(b)          If
the Depositary subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may instruct
the Warrant Agent regarding other arrangements for book-entry settlement. In the event that the Warrants are not eligible for,
or it is no longer necessary to have the Warrants available in, book-entry form, the Warrant Agent shall provide written instructions
to the Depositary to deliver to the Warrant Agent for cancellation each Global Warrant, and the Company shall instruct the Warrant
Agent to deliver to each Holder a Warrant Certificate.

 

(c)          A
Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a Warrant Certificate
Request Notice (as defined below). Upon written notice by a Holder to the Warrant Agent for the exchange of some or all of such
Holder’s Global Warrants for a Warrant Certificate evidencing the same number of Warrants, which request shall be in the
form attached hereto as Annex A (a “Warrant Certificate Request Notice” and the date of delivery of such Warrant Certificate
Request Notice by the Holder, the “Warrant Certificate Request Notice Date” and the deemed surrender upon delivery
by the Holder of a number of Global Warrants for the same number of Warrants evidenced by a Warrant Certificate, a “Warrant
Exchange”), the Warrant Agent shall promptly effect the Warrant Exchange and shall promptly issue and deliver to the Holder
a Warrant Certificate for such number of Warrants in the name set forth in the Warrant Certificate Request Notice. Such Warrant
Certificate shall be dated the original issue date of the Warrants and shall be manually executed by an authorized signatory of
the Company. In connection with a Warrant Exchange, the Company agrees to deliver, or to direct the Warrant Agent to deliver,
the Warrant Certificate to the Holder within three (3) Business Days of the Warrant Certificate Request Notice pursuant to the
delivery instructions in the Warrant Certificate Request Notice (“Warrant Certificate Delivery Date”). If the Company
fails for any reason to deliver to the Holder the Warrant Certificate subject to the Warrant Certificate Request Notice by the
Warrant Certificate Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for
each $1,000 of Warrant Shares evidenced by such Warrant Certificate (based on the VWAP (as defined in the Warrant) of the Common
Stock on the Warrant Certificate Request Notice Date), $10 per Business Day (increasing to $20 per Business Day on the fifth Business
Day after such liquidated damages begin to accrue) for each Business Day after such Warrant Certificate Delivery Date until such
Warrant Certificate is delivered or, prior to delivery of such Warrant Certificate, the Holder rescinds such Warrant Exchange.
The Company covenants and agrees that, upon the date of delivery of the Warrant Certificate Request Notice, the Holder shall be
deemed to be the holder of the Warrant Certificate and, notwithstanding anything to the contrary set forth herein, the Warrant
Certificate shall be deemed for all purposes to contain all of the terms and conditions of the Warrants evidenced by such Warrant
Certificate and the terms of this Agreement, other than Section 3(c), which shall not apply to the Warrants evidenced by a Warrant
Certificate. In the event a beneficial owner requests a Warrant Exchange, upon issuance of the paper Warrant Certificate, the
Company shall act as warrant agent and the terms of the paper Warrant Certificate so issued shall exclusively govern in respect
thereof. For purposes of clarity, if there is a conflict between the express terms of this Agreement and any Warrant Certificate
with respect to the terms of the Warrants, the terms of such Warrant Certificate shall govern and control.

 

    	 	3	 

     

    

 

Section
4.          Form of Warrant. The Warrants, together with the form of election
to purchase Common Stock (the “Exercise Notice”) and the form of assignment to be printed on the reverse thereof,
whether a Warrant Certificate or a Global Warrant, shall be substantially in the form of Exhibit 1 hereto.

 

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

 

The Warrant Agent
will keep or cause to be kept, at one of its offices, or at the office of one of its agents, books for registration and transfer
of the Warrant Certificates issued hereunder. Such books shall show the names and addresses of the respective Holders of the Warrant
Certificates, the number of warrants evidenced on the face of each of such Warrant Certificate and the date of each of such Warrant
Certificate. The Warrant Agent will create a special account for the issuance of Warrant Certificates.

 

    	 	4	 

     

    

 

Section
6.          Transfer, Split Up, Combination and Exchange of Warrant Certificates;
Mutilated, Destroyed, Lost or Stolen Warrant Certificates. Subject to the provisions of the Warrant and the last sentence of this
first paragraph of Section 6 and subject to applicable law, rules or regulations, or any “stop transfer” instructions
the Company may give to the Warrant Agent, at any time after the closing date of the Offering, and at or prior to the Close of
Business on the Termination Date, any Warrant Certificate or Warrant Certificates or Global Warrant or Global Warrants may be
transferred, split up, combined or exchanged for another Warrant Certificate or Warrant Certificates or Global Warrant or Global
Warrants, entitling the Holder to purchase a like number of shares of Common Stock as the Warrant Certificate or Warrant Certificates
or Global Warrant or Global Warrants surrendered then entitled such Holder to purchase. Any Holder desiring to transfer, split
up, combine or exchange any Warrant Certificate or Global Warrant shall make such request in writing delivered to the Warrant
Agent, and shall surrender the Warrant Certificate or Warrant Certificates to be transferred, split up, combined or exchanged
at the principal office of the Warrant Agent, provided that no such surrender is applicable to the Holder of a Global Warrant.
Any requested transfer of Warrants, whether a Global Warrant or a Warrant Certificate, shall be accompanied by reasonable evidence
of authority of the party making such request that may be required by the Warrant Agent. Thereupon the Warrant Agent shall, subject
to the last sentence of this first paragraph of Section 6, countersign and deliver to the Person entitled thereto any Warrant
Certificate or Global Warrant, as the case may be, as so requested. The Company may require payment from the Holder of a sum sufficient
to cover any tax or governmental charge that may be imposed in connection with any transfer, split up, combination or exchange
of Warrants. The Company shall compensate the Warrant Agent per the fee schedule mutually agreed upon by the parties hereto and
provided separately on the date hereof.

 

Upon receipt by the
Warrant Agent of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of a Warrant Certificate,
which evidence shall include an affidavit of loss, or in the case of mutilated certificates, the certificate or portion thereof
remaining, and, in case of loss, theft or destruction, of indemnity in customary form and amount, and satisfaction of any other
reasonable requirements established by Section 8-405 of the Uniform Commercial Code as in effect in the State of Nevada, and reimbursement
to the Company and the Warrant Agent of all reasonable expenses incidental thereto, and upon surrender to the Warrant Agent and
cancellation of the Warrant Certificate if mutilated, the Company will make and deliver a new Warrant Certificate of like tenor
to the Warrant Agent for delivery to the Holder in lieu of the Warrant Certificate so lost, stolen, destroyed or mutilated.

 

Section
7.          Exercise of Warrants; Exercise Price; Termination Date.

 

(a)          The
Warrants shall be exercisable commencing on the Initial Exercise Date. The Warrants shall cease to be exercisable and shall terminate
and become void, and all rights thereunder and under this Agreement shall cease, at or prior to the Close of Business on the Termination
Date. Subject to the foregoing and to Section 7(b) below, the Holder of a Warrant may exercise the Warrant in whole or in part
upon providing the items required by Section 7(c) below to the Warrant Agent at the principal office of the Warrant Agent or to
the office of one of its agents as may be designated by the Warrant Agent from time to time. In the case of the Holder of a Global
Warrant, the Holder shall deliver the executed Exercise Notice and payment of the Exercise Price pursuant to Section 2(a) of the
Warrant. Notwithstanding any other provision in this Agreement, a holder whose interest in a Global Warrant is a beneficial interest
in a Global Warrant held in book-entry form through the Depositary (or another established clearing corporation performing similar
functions), shall effect exercises by delivering to the Depositary (or such other clearing corporation, as applicable) the appropriate
instruction form for exercise, complying with the procedures to effect exercise that are required by the Depositary (or such other
clearing corporation, as applicable). The Company acknowledges that the bank accounts maintained by the Warrant Agent in connection
with the services provided under this Agreement will be in its name and that the Warrant Agent may receive investment earnings
in connection with the investment at Warrant Agent risk and for its benefit of funds held in those accounts from time to time.
Neither the Company nor the Holders will receive interest on any deposits or Exercise Price.

 

    	 	5	 

     

    

 

(b)          Upon
receipt of an Exercise Notice for a cashless exercise pursuant to Section 2(c) of the Warrant (each, a “Cashless Exercise”),
the Company will promptly calculate and transmit to the Warrant Agent the number of Warrant Shares issuable in connection with
such Cashless Exercise and deliver a copy of the Exercise Notice to the Warrant Agent, which shall issue such number of Warrant
Shares in connection with such Cashless Exercise.

 

(c)          Upon
the Warrant Agent’s receipt, at or prior to the Close of Business on the Termination Date set forth in a Warrant, of the
executed Exercise Notice, accompanied by payment of the Exercise Price pursuant to Section 2(a) of the Warrant, the shares to
be purchased (other than in the case of a Cashless Exercise), an amount equal to any applicable tax, governmental charge or expense
reimbursement referred to in Section 6 in cash, or by certified check or bank draft payable to the order of the Company and, in
the case of an exercise of a Warrant in the form of a Warrant Certificate for all of the Warrant Shares represented thereby, the
Warrant Certificate, the Warrant Agent shall cause the Warrant Shares underlying such Warrant to be delivered to or upon the order
of the Holder of such Warrant, registered in such name or names as may be designated by such Holder, no later than the Warrant
Share Delivery Date. If the Company is then a participant in the DWAC system of the Depositary 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) the Warrant
is being exercised via Cashless Exercise, then the certificates for Warrant Shares shall be transmitted by the Warrant Agent to
the Holder by crediting the account of the Holder’s broker with the Depositary through its DWAC system. For the avoidance
of doubt, if the Company becomes obligated to pay any amounts to any Holders pursuant to Section 2(d)(i) or 2(d)(iv) of the Warrant,
such obligation shall be solely that of the Company and not that of the Warrant Agent. Notwithstanding anything else to the contrary
in this Agreement, except in the case of a Cashless Exercise, if any Holder fails to duly deliver payment to the Warrant Agent
of an amount equal to the aggregate Exercise Price of the Warrant Shares to be purchased upon exercise of such Holder’s
Warrant as set forth in Section 7(a) hereof, the Warrant Agent will not obligated to deliver certificates representing any such
Warrant Shares (via DWAC or otherwise) until following receipt of such payment, and the applicable Warrant Share Delivery Date
shall be deemed extended by one day for each day (or part thereof) until such payment is delivered to the Warrant Agent.

 

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

 

(e)          In
case the Holder of any Warrant Certificate exercises fewer than all Warrants evidenced thereby and surrenders such Warrant Certificate
in connection with such partial exercise, a new Warrant Certificate evidencing the number of Warrant Shares equivalent to the
number of Warrant Shares remaining unexercised may be issued by the Warrant Agent to the Holder of such Warrant Certificate or
to his duly authorized assigns in accordance with Section 2(d)(ii) of the Warrant, subject to the provisions of Section 6 hereof.

 

    	 	6	 

     

    

 

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

 

Section
9.          Certain Representations; Reservation and Availability of Shares
of Common Stock or Cash.

 

(a)          This
Agreement has been duly authorized, executed and delivered by the Company and, assuming due authorization, execution and delivery
hereof by the Warrant Agent, constitutes a valid and legally binding obligation of the Company enforceable against the Company
in accordance with its terms, and the Warrants have been duly authorized, executed and issued by the Company and, assuming due
authentication thereof by the Warrant Agent pursuant hereto and payment therefor by the Holders as provided in the Registration
Statement, constitute valid and legally binding obligations of the Company enforceable against the Company in accordance with
their terms and entitled to the benefits thereof; in each case except as enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally or by general equitable
principles (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

(b)          As
of the date hereof and prior to the Offering, the authorized capital stock of the Company consists of (i) [   ]
shares of authorized Common Stock, of which [   ] shares of Common Stock are issued and outstanding, and (ii) [   ]
shares of authorized preferred stock of which 0 are issued and outstanding. As of the date hereof there are [   ]
shares of Common Stock reserved for issuance upon exercise of the Warrants inclusive of any Warrants the Underwriter may acquire
upon exercise of its over-allotment option described in the Registration Statement. Except as disclosed in the Registration Statement,
there are no other outstanding obligations, warrants, options or other rights to subscribe for or purchase from the Company any
class of capital stock of the Company.

 

(c)          The
Company covenants and agrees that it will cause to be reserved and kept available out of its authorized and unissued shares of
Common Stock or its authorized and issued shares of Common Stock held in its treasury, free from preemptive rights, the number
of shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants.

 

(d)          The
Warrant Agent will create a special account for the issuance of Common Stock upon the exercise of Warrants.

 

    	 	7	 

     

    

 

(e)          The
Company further covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes and charges
which may be payable in respect of the original issuance or delivery of the Warrant Certificates or certificates evidencing Common
Stock upon exercise of the Warrants. The Company shall not, however, be required to pay any tax or governmental charge which may
be payable in respect of any transfer involved in the transfer or delivery of Warrant Certificates or the issuance or delivery
of certificates for Common Stock in a name other than that of the Holder of the Warrant Certificate evidencing Warrants surrendered
for exercise or to issue or deliver any certificate for shares of Common Stock upon the exercise of any Warrants until any such
tax or governmental charge shall have been paid (any such tax or governmental charge being payable by the Holder of such Warrant
Certificate at the time of surrender) or until it has been established to the Company’s reasonable satisfaction that no
such tax or governmental charge is due.

 

Section
10.         Common Stock Record Date. Each Holder shall be deemed to have become
the holder of record for the Warrant Shares pursuant to Section 2(d)(i) of the Warrants.

 

Section
11.         Adjustment of Exercise Price, Number of Shares of Common Stock or Number
of the Company Warrants. The Exercise Price, the number of shares covered by each Warrant and the number of Warrants outstanding
are subject to adjustment from time to time as provided in Section 3 of the Warrant. In the event that at any time, as a result
of an adjustment made pursuant to Section 3 of the Warrant, the Holder of any Warrant thereafter exercised shall become entitled
to receive any shares of capital stock of the Company other than shares of Common Stock, thereafter the number of such other shares
so receivable upon exercise of any Warrant shall be subject to adjustment from time to time in a manner and on terms as nearly
equivalent as practicable to the provisions with respect to the shares contained in Section 3 of the Warrant, and the provisions
of Sections 7, 9 and 13 of this Agreement with respect to the shares of Common Stock shall apply on like terms to any such other
shares. All Warrants originally issued by the Company subsequent to any adjustment made to the Exercise Price pursuant to the
Warrant shall evidence the right to purchase, at the adjusted Exercise Price, the number of shares of Common Stock purchasable
from time to time hereunder upon exercise of the Warrants, all subject to further adjustment as provided herein.

 

Section
12.         Certification of Adjusted Exercise Price or Number of Shares of Common
Stock. Whenever the Exercise Price or the number of shares of Common Stock issuable upon the exercise of each Warrant is adjusted
as provided in Section 11 or 13, the Company shall (a) promptly prepare a certificate setting forth the Exercise Price of each
Warrant as so adjusted, and a brief statement of the facts accounting for such adjustment, (b) promptly file with the Warrant
Agent and with each transfer agent for the Common Stock a copy of such certificate and (c) instruct the Warrant Agent to send
a brief summary thereof to each Holder of a Warrant.

 

Section
13.         Fractional Shares of Common Stock.

 

(a)          The
Company shall not issue fractions of Warrants or distribute a Global Warrant or Warrant Certificates that evidence fractional
Warrants. Whenever any fractional Warrant would otherwise be required to be issued or distributed, the actual issuance or distribution
shall reflect a rounding of such fraction either up or down to the nearest whole Warrant.

 

(b)          The
Company shall not issue fractions of shares of Common Stock upon exercise of Warrants or distribute stock certificates that evidence
fractional shares of Common Stock. Whenever any fraction of a share of Common Stock would otherwise be required to be issued or
distributed, the actual issuance or distribution in respect thereof shall be made in accordance with Section 2(d)(v) of the Warrant.

 

    	 	8	 

     

    

 

Section
14.         Conditions of the Warrant Agent’s Obligations. The Warrant Agent
accepts its obligations herein set forth upon the terms and conditions hereof, including the following to all of which the Company
agrees and to all of which the rights hereunder of the Holders from time to time of the Warrant shall be subject:

 

(a)          Compensation
and Indemnification. The Company agrees promptly to pay the Warrant Agent the compensation detailed on Exhibit 2 hereto for all
services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including reasonable
counsel fees) incurred without gross negligence, bad faith or willful misconduct by the Warrant Agent in connection with the services
rendered hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against,
any loss, liability or expense incurred without gross negligence, bad faith or willful misconduct on the part of the Warrant Agent,
arising out of or in connection with its acting as Warrant Agent hereunder, including the reasonable costs and expenses of defending
against any claim of such liability.

 

(b)          Agent
for the Company. In acting under this Warrant Agreement and in connection with the Warrant Certificates, the Warrant Agent is
acting solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any of
the Holders of Warrant Certificates or beneficial owners of Warrants.

 

(c)          Counsel.
The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for the Company, and the written advice
of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by
it hereunder in good faith and in accordance with the advice of such counsel.

 

(d)          Documents.
The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted by it in reliance
upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably
believed by it to be genuine and to have been presented or signed by the proper parties.

 

(e)          Certain
Transactions. The Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire any interest in,
Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted
by applicable law, it or they may engage or be interested in any financial or other transaction with the Company and may act on,
or as depositary, trustee or agent for, any committee or body of Holders of Warrant Securities or other obligations of the Company
as freely as if it were not the Warrant Agent hereunder. Nothing in this Warrant Agreement shall be deemed to prevent the Warrant
Agent from acting as trustee under any indenture to which the Company is a party.

 

(f)          No
Liability for Interest. Unless otherwise agreed with the Company, the Warrant Agent shall have no liability for interest on any
monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates.

 

(g)          No
Liability for Invalidity. The Warrant Agent shall have no liability with respect to any invalidity of this Agreement or any of
the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon).

 

    	 	9	 

     

    

 

(h)          No
Responsibility for Representations. The Warrant Agent shall not be responsible for any of the recitals or representations herein
or in the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon), all of which are made solely
by the Company.

 

(i)          No
Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are herein and in the Warrants specifically
set forth and no implied duties or obligations shall be read into this Agreement or the Warrants against the Warrant Agent. The
Warrant Agent shall not be under any obligation to take any action hereunder which may tend to involve it in any expense or liability,
the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be
accountable or under any duty or responsibility for the use by the Company of any of the Warrants authenticated by the Warrant
Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds of the
Warrants. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its
covenants or agreements contained herein or in the Warrants or in the case of the receipt of any written demand from a Holder
of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or
responsibility to initiate or attempt to initiate any proceedings at law.

 

Section
15.         Purchase or Consolidation or Change of Name of Warrant Agent. Any corporation
into which the Warrant Agent or any successor Warrant Agent may be merged or with which it may be consolidated, or any corporation
resulting from any merger or consolidation to which the Warrant Agent or any successor Warrant Agent shall be party, or any corporation
succeeding to the corporate trust business of the Warrant Agent or any successor Warrant Agent, shall be the successor to the
Warrant Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties
hereto, provided that such corporation would be eligible for appointment as a successor Warrant Agent under the provisions of
Section 17. In case at the time such successor Warrant Agent shall succeed to the agency created by this Agreement any of the
Warrants shall have been countersigned but not delivered, any such successor Warrant Agent may adopt the countersignature of the
predecessor Warrant Agent and deliver such Warrants so countersigned; and in case at that time any of the Warrants shall not have
been countersigned, any successor Warrant Agent may countersign such Warrants either in the name of the predecessor Warrant Agent
or in the name of the successor Warrant Agent; and in all such cases such Warrants shall have the full force provided in the Warrants
and in this Agreement.

 

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

 

Section
16.         Duties of Warrant Agent. The Warrant Agent undertakes the duties and
obligations imposed by this Agreement upon the following terms and conditions, all of which the Company, by its acceptance hereof,
shall be bound:

 

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

 

    	 	10	 

     

    

 

(b)          Whenever
in the performance of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable that any fact or
matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless
other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by
a certificate signed by the Chief Executive Officer or Chief Financial Officer of the Company; and such certificate shall be full
authentication to the Warrant Agent for any action taken or suffered in good faith by it under the provisions of this Agreement
in reliance upon such certificate.

 

(c)          Subject
to the limitation set forth in Section 14, the Warrant Agent shall be liable hereunder only for its own gross negligence, bad
faith or willful misconduct, or for a breach by it of this Agreement.

 

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

 

(e)          The
Warrant Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery
hereof (except the due execution hereof by the Warrant Agent) or in respect of the validity or execution of any Warrant (except
its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained
in this Agreement or in any Warrant; nor shall it be responsible for the adjustment of the Exercise Price or the making of any
change in the number of shares of Common Stock required under the provisions of Section 11 or 13 or responsible for the manner,
method or amount of any such change or the ascertaining of the existence of facts that would require any such adjustment or change
(except with respect to the exercise of Warrants evidenced by Warrant Certificates after actual notice of any adjustment of the
Exercise Price); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or
reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant or as to whether any shares of
Common Stock will, when issued, be duly authorized, validly issued, fully paid and nonassessable.

 

(f)          Each
party hereto agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and
delivered all such further and other acts, instruments and assurances as may reasonably be required by the other party hereto
for the carrying out or performing by any party of the provisions of this Agreement.

 

(g)          The
Warrant Agent is hereby authorized to accept instructions with respect to the performance of its duties hereunder from the Chief
Executive Officer or Chief Financial Officer of the Company, and to apply to such officers for advice or instructions in connection
with its duties, and it shall not be liable and shall be indemnified and held harmless for any action taken or suffered to be
taken by it in good faith in accordance with instructions of any such officer, provided Warrant Agent carries out such instructions
without gross negligence, bad faith or willful misconduct.

 

    	 	11	 

     

    

 

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

 

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

 

Section
17.         Change of Warrant Agent. The Warrant Agent may resign and be discharged
from its duties under this Agreement upon 30 days’ notice in writing sent to the Company and to each transfer agent of the
Common Stock, and to the Holders of the Warrant Certificates. The Company may remove the Warrant Agent or any successor Warrant
Agent upon 30 days’ notice in writing, sent to the Warrant Agent or successor Warrant Agent, as the case may be, and to
each transfer agent of the Common Stock, and to the Holders of the Warrant Certificates. If the Warrant Agent shall resign or
be removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the Warrant Agent. If the Company
shall fail to make such appointment within a period of 30 days after such removal or after it has been notified in writing of
such resignation or incapacity by the resigning or incapacitated Warrant Agent or by the Holder of a Warrant Certificate (who
shall, with such notice, submit his Warrant Certificate for inspection by the Company), then the Holder of any Warrant Certificate
may apply to any court of competent jurisdiction for the appointment of a new Warrant Agent. Any successor Warrant Agent, whether
appointed by the Company or by such a court, shall be a corporation organized and doing business under the laws of the United
States or of a state thereof, in good standing, which is authorized under such laws to exercise corporate trust powers and is
subject to supervision or examination by federal or state authority and which has at the time of its appointment as Warrant Agent
a combined capital and surplus of at least $50,000,000. After appointment, the successor Warrant Agent shall be vested with the
same powers, rights, duties and responsibilities as if it had been originally named as Warrant Agent without further act or deed;
but the predecessor Warrant Agent shall deliver and transfer to the successor Warrant Agent any property at the time held by it
hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later than the
effective date of any such appointment, the Company shall file notice thereof in writing with the predecessor Warrant Agent and
each transfer agent of the Common Stock, and mail a notice thereof in writing to the Holders of the Warrant Certificates. However,
failure to give any notice provided for in this Section 17, or any defect therein, shall not affect the legality or validity of
the resignation or removal of the Warrant Agent or the appointment of the successor Warrant Agent, as the case may be.

 

Section
18.         Issuance of New Warrants. Notwithstanding any of the provisions of this
Agreement or of the Warrants to the contrary, the Company may, at its option, issue a new Global Warrant or Warrant Certificates,
if any, evidencing Warrants in such form as may be approved by its Board of Directors to reflect any adjustment or change in the
Exercise Price per share and the number or kind or class of shares of stock or other securities or property purchasable under
the Global Warrant or Warrant Certificates, if any, made in accordance with the provisions of this Agreement.

 

    	 	12	 

     

    

 

Section
19.         Notices. Notices or demands authorized by this Agreement to be given
or made (i) by the Warrant Agent or by the Holder of any Warrant Certificate to or on the Company, (ii) subject to the provisions
of Section 17, by the Company or by the Holder of any Warrant Certificate to or on the Warrant Agent or (iii) by the Company or
the Warrant Agent to the Holder of any Warrant Certificate, shall be deemed given (a) on the date delivered, if delivered personally,
(b) on the first Business Day following the deposit thereof with Federal Express or another recognized overnight courier, if sent
by Federal Express or another recognized overnight courier, (c) on the fourth Business Day following the mailing thereof with
postage prepaid, if mailed by registered or certified mail (return receipt requested), and (d) the time of transmission, if such
notice or communication is delivered via facsimile or email attachment at or prior to 5:30 p.m. (New York City time) on a Business
Day and (e) the next Business Day after the date of transmission, if such notice or communication is delivered via facsimile or
email attachment on a day that is not a Business Day or later than 5:30 p.m. (New York City time) on any Business Day, in each
case to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):

 

(a)          If
to the Company, to:

 

Synthetic Biologics, Inc.

9605 Medical Center Drive, Suite 270

Rockville, Maryland 20850

Attention:

 

(b)          If
to the Warrant Agent, to:

 

Corporate Stock Transfer, Inc.

3200 Cherry Creek South Drive, Suite 430

Denver, Colorado 80209

Attention:

 

For any notice delivered
by email to be deemed given or made, such notice must be followed by notice sent by overnight courier service to be delivered
on the next business day following such email, unless the recipient of such email has acknowledged via return email receipt of
such email.

 

(c)          If
to the Holder of any Warrant Certificate, to the address of such Holder as shown on the registry books of the Company. Any notice
required to be delivered by the Company to the Holder of any Warrant may be given by the Warrant Agent on behalf of the Company.
Notwithstanding any other provision of this Agreement, where this Agreement provides for notice of any event to a Holder of any
Warrant Certificate, for a Global Warrant, such notice shall be sufficiently given if given to the Depositary (or its designee)
pursuant to the procedures of the Depositary or its designee.

 

Section
20.         Supplements and Amendments.

 

(a)          The
Company and the Warrant Agent may from time to time supplement or amend this Agreement without the approval of any Holders of
Warrant Certificates in order to cure any ambiguity, to correct or supplement any provision contained herein which may be defective
or inconsistent with any other provisions herein, or to make any other provisions with regard to matters or questions arising
hereunder which the Company and the Warrant Agent may deem necessary or desirable and which shall not adversely affect the interests
of the Holders of the Warrants Certificates in any material respect.

 

    	 	13	 

     

    

 

(b)          In
addition to the foregoing, with the consent of Holders of Warrants, the Company and the Warrant Agent may modify this Agreement
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Warrant Agreement
or modifying in any manner the rights of the Holders of the Warrant Certificates; provided, however, that no modification of the
terms (including but not limited to the adjustments described in Section 11) upon which the Warrants are exercisable or reducing
the percentage required for consent to modification of this Agreement may be made without the consent of the Holder of each outstanding
warrant certificate affected thereby. As a condition precedent to the Warrant Agent’s execution of any amendment, the Company
shall deliver to the Warrant Agent a certificate from a duly authorized officer of the Company that states that the proposed amendment
complies with the terms of this Section 20.

 

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

 

Section
22.         Benefits of this Agreement. Nothing in this Agreement shall be construed
to give any Person other than the Company, the Holders of Warrant Certificates and the Warrant Agent any legal or equitable right,
remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit of the Company, the Warrant
Agent and the Holders of the Warrant Certificates.

 

Section
23.         Governing Law. This Agreement and each Warrant issued hereunder shall
be governed by, and construed in accordance with, the laws of the State of New York without giving effect to the conflicts of
law principles thereof.

 

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

 

Section
25.         Captions. The captions of the sections of this Agreement have been inserted
for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.

 

Section
26.         Information. The Company agrees to promptly provide to the Holders of
the Warrants any information it provides to all holders of the Common Stock, except to the extent any such information is publicly
available on the EDGAR system (or any successor thereof) of the Securities and Exchange Commission.

 

Section
27.         Force Majeure. Notwithstanding anything to the contrary contained herein,
Warrant Agent shall not be liable for any delays or failures in performance resulting from acts beyond its reasonable control
including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction
of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval
systems, labor difficulties, war, or civil unrest, it being understood that the Warrant Agent shall use reasonable best efforts
which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

    	 	14	 

     

    

 

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

 

	 	SYNTHETIC BIOLOGICS, INC.

 

	 	By:	 	 
	 	Name:
	 	Title:

 

	 	CORPORATE STOCK TRANSFER, INC.

 

	 	By:	 	 
	 	Name:
	 	Title:

 

    	 	15	 

     

    

 

Annex A: Form of
Warrant Certificate Request Notice

 

WARRANT CERTIFICATE
REQUEST NOTICE

 

To: Corporate Stock Transfer, Inc. as
Warrant Agent for Synthetic Biologics, Inc. (the “Company”)

 

The undersigned Holder of Common Stock
Purchase Warrants (“Warrants”) in the form of Global Warrants issued by the Company hereby elects to receive a Warrant
Certificate evidencing the Warrants held by the Holder as specified below:

 

		1.	Name of Holder of Warrants in form of Global Warrants: _____________________________

 

		2.	Name of Holder in Warrant Certificate (if different from name of
                                         Holder of Warrants in form of Global Warrants): ________________________________

 

		3.	Number of Warrants in name of Holder in form of Global Warrants:
                                         ___________________

 

		4.	Number of Warrants for which Warrant Certificate shall be issued:
                                         __________________

 

		5.	Number of Warrants in name of Holder in form of Global Warrants
                                         after issuance of Warrant Certificate, if any: ___________

 

		6.	Warrant Certificate shall be delivered to the following address:

 

___________________________________________

 

___________________________________________

 

___________________________________________

 

___________________________________________

 

The undersigned hereby acknowledges and
agrees that, in connection with this Warrant Exchange and the issuance of the Warrant Certificate, the Holder is deemed to have
surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number of Warrants evidenced
by the Warrant Certificate.

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity: ________________________________________________________________________

 

Signature of Authorized Signatory of Investing Entity: __________________________________________________

 

Name of Authorized Signatory: ____________________________________________________________________

 

Title of Authorized Signatory: _____________________________________________________________________

 

Date: ___________________________________________________________________________________

 

    	 	16	 

     

    

 

Exhibit 1: Form of
Warrant

 

    	 	17	 

     

    

 

COMMON STOCK PURCHASE
WARRANT

 

SYNTHETIC BIOLOGICS,
INC.

 

Warrant Shares: _______ Initial Exercise
Date: __________, 2018

 

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 _______________,
2018 (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on _______________, 2023 (the
 “Termination Date”) but not thereafter, to subscribe for and purchase from Synthetic Biologics, Inc., a Nevada corporation
(the “Company”), up to ______ shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common
Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section
2(b). This Warrant shall initially be issued and maintained in the form of a security held in book-entry form and the Depository
Trust Company or its nominee (“DTC”) shall initially be the sole registered holder of this Warrant, subject to a Holder’s
right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this
sentence shall not apply.

 

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

 

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

 

“Bid Price” means,
for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the
Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted
average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common
Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported 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.

 

“Board of Directors”
means the board of directors of the Company.

 

“Business Day” means
any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking
institutions in the State of New York are authorized or required by law or other governmental action to close.

 

    	 	18	 

     

    

 

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

 

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

 

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

 

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

 

“Exempt
Issuance” means the issuance of (a) shares of Common Stock or options to employees, officers or directors of the
Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the
Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose for
services rendered to the Company, (b) securities upon the exercise or exchange of or conversion of any securities issued
under the Registration Statement and/or other securities exercisable or exchangeable for or convertible into shares of Common
Stock issued and outstanding on the date of this Warrant, provided that such securities have not been amended since the date
of this Warrant to increase the number of such securities or to decrease the exercise price, exchange price or conversion
price of such securities (other than in connection with stock splits or combinations) or to extend the term of such
securities, (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the
disinterested directors of the Company, provided that such securities are issued as “restricted securities” (as
defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in
connection therewith, and provided that any such issuance shall only be to a Person (or to the equity holders of a Person)
which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the
business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but
shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to
an entity whose primary business is investing in securities, and (d) securities issued pursuant to any at-the-market or
similar agreement, including but not limited to, the sales the Company entered into on August 5, 2016 (as such agreement may
be amended or replaced) with FBR Capital Markets & Co. now known as B. Riley FBR, Inc.

  

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

 

“Registration Statement”
means the Company’s registration statement on Form S-1 (File No. 333-227400).

 

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

 

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

 

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

 

“Transfer Agent”
means Corporate Stock Transfer, Inc., the current transfer agent of the Company, with a mailing address of 3200 Cherry Creek South
Drive, Suite 430, Denver, Colorado 80209 and a facsimile number of 303-282-5800, and any successor transfer agent of the Company.

 

“VWAP” means, for
any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted
on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by 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.

 

    	 	19	 

     

    

 

“Warrant Agency Agreement”
means that certain warrant agency agreement, dated on or about the Initial Exercise Date, between the Company and the Warrant
Agent.

 

“Warrant Agent”
means the Transfer Agent and any successor warrant agent of the Company.

 

“Warrants” means
this Warrant and other Common Stock purchase warrants issued by the Company pursuant to the Registration Statement.

 

Section
2.    Exercise.

 

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

 

    	 	20	 

     

    

 

Notwithstanding the foregoing in this
Section 2(a), a holder whose interest in this Warrant is a beneficial interest in certificate(s) representing this Warrant held
in book-entry form through DTC (or another established clearing corporation performing similar functions), shall effect exercises
made pursuant to this Section 2(a) by delivering to DTC (or such other clearing corporation, as applicable) the appropriate instruction
form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation,
as applicable), subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of
the Warrant Agency Agreement, in which case this sentence shall not apply, provided, however, a beneficial holder shall have all
of the rights and remedies of a “Holder” hereunder.

 

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 any time after the date hereof, there is no effective registration statement registering, or no current prospectus
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) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice
of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time
of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular
trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the
close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of
the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both
executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading
Day;

 

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

 

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

 

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

 

    	 	21	 

     

    

 

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 earliest of (i) two (2)
                                         Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1)
                                         Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the
                                         number of Trading Days comprising the Standard Settlement Period after the delivery to
                                         the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”),
                                         all subject to receipt of any cash payments required by the Holder. 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) two (2) Trading Days and (ii) the number of Trading
                                         Days comprising the Standard Settlement Period following delivery of the Notice of Exercise.
                                         If the Company fails for any reason to deliver to the Holder the Warrant Shares subject
                                         to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to
                                         the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant
                                         Shares subject to such exercise (based on the VWAP of the Common Stock on the date of
                                         the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading
                                         Day on the fifth Trading Day after such liquidated damages begin to accrue) for each
                                         Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered
                                         or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that
                                         is a participant in the FAST program so long as this Warrant remains outstanding and
                                         exercisable. As used herein, “Standard Settlement Period” means the standard
                                         settlement period, expressed in a number of Trading Days, on the Company’s primary
                                         Trading Market with respect to the Common Stock as in effect on the date of delivery
                                         of the Notice of Exercise.

 

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

 

    	 	22	 

     

    

 

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

 

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

 

    	 	23	 

     

    

 

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

 

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

 

e)           Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after
exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence,
the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include
the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being
made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised
portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or
conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any
other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein
beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence,
for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act
and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing
to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible
for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e)
applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together
with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion
of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this
Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties)
and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group
status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a
Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic
or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a
more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.
Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder
the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be
determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder
or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported.
The “Beneficial Ownership Limitation” shall be 4.99% (or, upon election by a Holder prior to the issuance of and Warrants,
9.99%) of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common
Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial
Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99%
of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock
upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase
in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company.
The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms
of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended
Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect
to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

    	 	24	 

     

    

 

Section
3.    Certain Adjustments.

 

a)          Adjustment
Upon Issuance of Shares of Common Stock. If the Company or any Subsidiary thereof, as applicable, at any time while this Warrant
is outstanding, shall sell or grant any option to purchase, or otherwise dispose of or issue any Common Stock or Common Stock
Equivalents, at an effective price per share less than the Exercise Price then in effect (such lower price, the “Base Share
Price” and such issuances collectively, a “Dilutive Issuance”) (it being understood and agreed that if the Company
sells securities as a unit, any warrant included in the unit shall be deemed to have an effective price equal to its exercise
price and any common stock include in the unit shall be deemed to have an effective price equal to the unit price and if the holder
of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments,
reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share
which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share
that is less than the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise Price on such
date of the Dilutive Issuance at such effective price), then simultaneously with the consummation of each Dilutive Issuance the
Exercise Price shall be reduced and only reduced to equal the Base Share Price. Notwithstanding the foregoing, no adjustments
shall be made, paid or issued under this Section 3(a) in respect of an Exempt Issuance. The Company shall notify the Holder, in
writing, no later than the Trading Day following the issuance or deemed issuance of any Common Stock or Common Stock Equivalents
subject to this Section 3(a), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion
price and other pricing terms (such notice, the “Dilutive Issuance Notice”). For purposes of clarification, whether
or not the Company provides a Dilutive Issuance Notice pursuant to this Section 3(a), upon the occurrence of any Dilutive Issuance,
the Holder is entitled to receive a number of Warrant Shares based upon the Base Share Price regardless of whether the Holder
accurately refers to the Base Share Price in the Notice of Exercise. The Company shall have no right to voluntarily lower the
exercise or conversion price of any security outstanding on the date of issuance of the Warrant below the Exercise Price other
than in accordance with the terms of such security without the approval of holders of a majority of the Warrants.

         

b)          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(b) 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.

 

    	 	25	 

     

    

 

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

 

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

 

    	 	26	 

     

    

 

e)          Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group
acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person
or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise
of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise
immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation
in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation
or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise
of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not
the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant
in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory
to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the
option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written
instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares
of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable
upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction,
and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account
the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital
stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of
this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form
and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and
be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring
to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company
and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had
been named as the Company herein.

 

    	 	27	 

     

    

 

f)           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.

 

g)          Notice
to Holder.

 

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

 

		ii.	Notice
                                         to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other
                                         distribution in whatever form) on the Common Stock, (B) the Company shall declare a special
                                         nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall
                                         authorize the granting to all holders of the Common Stock rights or warrants to subscribe
                                         for or purchase any shares of capital stock of any class or of any rights, (D) the approval
                                         of any stockholders of the Company shall be required in connection with any reclassification
                                         of the Common Stock, any consolidation or merger to which the Company is a party, any
                                         sale or transfer of all or substantially all of the assets of the Company, or any compulsory
                                         share exchange whereby the Common Stock is converted into other securities, cash or property,
                                         or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
                                         or winding up of the affairs of the Company, then, in each case, the Company shall cause
                                         to be delivered by facsimile or email to the Holder at its last facsimile number or email
                                         address as it shall appear upon the Warrant Register of the Company, at least 5 calendar
                                         days prior to the applicable record or effective date hereinafter specified, a notice
                                         stating (x) the date on which a record is to be taken for the purpose of such dividend,
                                         distribution, redemption, rights or warrants, or if a record is not to be taken, the
                                         date as of which the holders of the Common Stock of record to be entitled to such dividend,
                                         distributions, redemption, rights or warrants are to be determined or (y) the date on
                                         which such reclassification, consolidation, merger, sale, transfer or share exchange
                                         is expected to become effective or close, and the date as of which it is expected that
                                         holders of the Common Stock of record shall be entitled to exchange their shares of the
                                         Common Stock for securities, cash or other property deliverable upon such reclassification,
                                         consolidation, merger, sale, transfer or share exchange; provided that the failure to
                                         deliver such notice or any defect therein or in the delivery thereof shall not affect
                                         the validity of the corporate action required to be specified in such notice; provided
                                         further that no notice shall be required if the information is disseminated in a press
                                         release or document filed with the SEC. To the extent that any notice provided in this
                                         Warrant constitutes, or contains, material, non-public information regarding the Company
                                         or any of the Subsidiaries, the Company shall simultaneously file such notice with the
                                         Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled
                                         to exercise this Warrant during the period commencing on the date of such notice to the
                                         effective date of the event triggering such notice except as may otherwise be expressly
                                         set forth herein.

 

    	 	28	 

     

    

 

Section
4.    Transfer of Warrant.

 

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

 

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

 

    	 	29	 

     

    

 

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

 

Section
5.    Miscellaneous.

 

a)          No
Rights as Stockholder Until Exercise. 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 of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and
in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant,
shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated,
the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu
of such Warrant or stock certificate.

 

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

 

d)          Authorized
Shares.

 

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

 

    	 	30	 

     

    

 

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

 

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

 

    	 	31	 

     

    

 

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.

 

Notices. Any
and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any
Notice of Exercise, shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight
courier service, addressed to the Company, at Synthetic Biologics, Inc., 9605 Medical Center Drive, Suite 270, Rockville, Maryland
20850 Attention: Chief Executive Officer, email address: sshallcross@syntheticbiologics.com, or such other facsimile number, email
address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications
or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile or e-mail, or
sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, e-mail address or
address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall
be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via
facsimile at the facsimile number or via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City
time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via
facsimile at the facsimile number or via e-mail at the e-mail address set forth in this Section on a day that is not a Trading
Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing,
if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice
is required to be given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information
regarding the Company or any subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a
Current Report on Form 8-K.

 

h)          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.

 

i)            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.

 

    	 	32	 

     

    

 

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

 

k)          Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

l)            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.

 

m)          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.

 

n)          Warrant
Agency Agreement. If this Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued subject
to the Warrant Agency Agreement. To the extent any provision of this Warrant conflicts with the express provisions of the Warrant
Agency Agreement, the provisions of this Warrant shall govern and be controlling.

 

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

 

(Signature Page Follows)

 

    	 	33	 

     

    

 

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.

 

	 	SYNTHETIC BIOLOGICS, INC.

 

	 	By:	 	 
	 	 	Name:
	 	 	Title:

 

    	 	34	 

     

    

 

NOTICE OF EXERCISE

 

TO: [ ]

 

(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:	 

 

     

     

    

 

EXHIBIT B

 

ASSIGNMENT FORM

 

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

 

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

 

	Name:	 
	 	(Please Print)
	 	 
	Address:	 
	 	(Please Print)
	 	 
	Phone Number:	 
	 	 
	Email Address:	 

 

Dated: _______________ __, ______

 

	Holder’s Signature:	 	 

 

	Holder’s Address:

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