Document:

Unassociated Document

    Exhibit 4.4

     

    WARRANT
AGREEMENT

     

    This
Warrant Agreement made as of [___________], 2010, is between CorMedix Inc., a
Delaware corporation, with offices at 86 Summit Avenue, Suite 301, Summit, NJ
07901-3647 (the “Company”), and Onyx Stock
Transfer, LLC, with offices at 2672 Bayshore Parkway, Suite 1055, Mountain View,
CA (the “Warrant
Agent”).

     

    WHEREAS, the Company is engaged in a
public offering of units, each unit comprised of two shares of Common Stock (as
defined below) and one Warrant (as defined below) (the “Units”) and, in connection therewith, has
determined to issue and deliver up to [_________] warrants (the “Warrants”) to the investors in the public offering, each Warrant evidencing the right of
the holder thereof to purchase one share of the Company’s common stock, par value $.001 per
share (the “Common
Stock”), for $[___], subject to adjustment as
described herein;

     

    WHEREAS,
the Company has filed with the Securities and Exchange Commission a registration
statement on Form S-1 (File No. 333-163380), as amended (the “Registration Statement”), for
the registration under the Securities Act of 1933, as amended (the “Act”), of, among other
securities, the Warrants and the Common Stock issuable upon exercise of the
Warrants;

     

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

     

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

     

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

     

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

     

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

     

    2.       
    Warrants.

     

    2.1           Form of Warrant. Each
Warrant shall be (a) issued in registered form only, (b) in substantially the
form of Exhibit
A attached hereto, the provisions of which are incorporated herein, (c)
signed by, or bear the facsimile signature of, the Chairman of the Board or, the
Chief Executive Officer or the President, and the Treasurer, Secretary or
Assistant Secretary of the Company, and (d) shall bear a facsimile of the
Company’s seal. In the event the person whose facsimile signature has been
placed upon any Warrant shall have ceased to serve in the capacity in which such
person signed the Warrant before such Warrant is issued, it may be issued with
the same effect as if he or she had not ceased to be such at the date of
issuance.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2.2           Effect of
Countersignature. Unless and until countersigned by the Warrant Agent
pursuant to this Agreement, a Warrant shall be invalid and of no effect and may
not be exercised by the holder thereof.  Warrant certificates shall be
dated the date of countersignature by the Warrant Agent.

     

    2.3           Registration.

     

    2.3.1           Warrant Register. The
Warrant Agent shall maintain books (“Warrant Register”), for the
registration of the original issuance and transfers of the Warrants. Upon the
initial issuance of the Warrants, the Warrant Agent shall issue and register the
Warrants in the names of the respective holders thereof in such denominations
and otherwise in accordance with instructions delivered to the Warrant Agent by
the Company.

     

    2.3.2           Registered Holder.
Prior to due presentment for registration of transfer of any Warrant, the
Company and the Warrant Agent may deem and treat the person in whose name such
Warrant shall be registered upon the Warrant Register (“Registered Holder”), as the
absolute owner of such Warrant and of each Warrant represented thereby
(notwithstanding any notation of ownership or other writing on the warrant
certificate made by anyone other than the Company or the Warrant Agent), for the
purpose of any exercise thereof, and for all other purposes, and neither the
Company nor the Warrant Agent shall be affected by any notice to the
contrary.

     

    2.4           Separability of
Warrants. The securities comprising the Units will not be separately
transferable until [___________], 2010, unless Maxim Group LLC, as the
representative of the underwriters, determines that an earlier date is
acceptable for separate trading to begin, in which case the Company will
publicly announce the date for separate trading to begin (the earlier of such
dates, the “Separation
Date”).

     

    3.           Terms and Exercise of
Warrants.

     

    3.1           Warrant Price. Each
Warrant shall, when countersigned by the Warrant Agent, entitle the Registered
Holder thereof, subject to the provisions of such Warrant and of this Warrant
Agreement, to purchase from the Company the number of shares of Common Stock
stated therein, at the price of $[___] per whole share, subject to the
adjustments provided in Section 4 hereof and in the last sentence of this
Section 3.1. The term “Warrant
Price” as used in this Warrant Agreement refers to the price per share at
which Common Stock may be purchased at the time a Warrant is exercised. The
Company, in its sole discretion, may lower the Warrant Price at any time prior
to the Expiration Date (as defined below); provided, that any such reduction
shall be identical in percentage terms among all of the Warrants.

     

    3.2           Duration of Warrants.
A Warrant may be exercised only during the period (“Exercise Period”) commencing
on the earlier to occur of (i) the expiration of the underwriters’
over-allotment option as described in the Registration Statement or (ii) the
exercise in full of such over-allotment option and terminating at 5:00 p.m., New
York City time, on the Expiration Date.  For purposes of this Warrant
Agreement, the “Expiration
Date” shall mean the earlier to occur of (i) [___________], 2015, or (ii)
the date fixed for redemption of the Warrants as provided in Section 6 of this
Agreement.  Except with respect to the right to receive the Redemption
Price (as set forth in Section 6 hereunder), each Warrant not exercised on or
before the Expiration Date shall become void, and all rights thereunder and all
rights in respect thereof under this Agreement shall cease at the close of
business on the Expiration Date. The Company may extend the duration of the
Warrants by delaying the Expiration Date; provided, however, that the Company
will provide notice to registered holders of the Warrants of such extension of
not less than 20 days.

    
      
         

      

      
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    3.3           Exercise of
Warrants.

     

    3.3.1           Payment. Subject to
the provisions of the Warrant and this Warrant Agreement, a Warrant, when
countersigned by the Warrant Agent, may be exercised by the Registered Holder
thereof by surrendering it, at the office of the Warrant Agent, or at the office
of its successor as Warrant Agent, with the subscription form, as set forth in
the Warrant, duly executed, and by paying in full, in lawful money of the United
States, by certified check made payable to the Company or by wire transfer of
immediately available funds to an account designated by the Company (or as
otherwise agreed to by the Company), the Warrant Price for each full share of
Common Stock as to which the Warrant is exercised and any and all applicable
taxes due in connection with the exercise of the Warrant, the exchange of the
Warrant for the Common Stock, and the issuance of the Common
Stock.  In no event shall the Registered Holder of any Warrant be
entitled to “net cash settle” the Warrant.

     

    3.3.2           Issuance of
Certificates. As soon as practicable after the exercise of any Warrant
and the clearance of the funds in payment of the Warrant Price, the Company
shall issue to the Registered Holder of such Warrant a certificate or
certificates representing the number of full shares of Common Stock to which he,
she or it is entitled, registered in such name or names as may be directed by
him, her or it, and, if such Warrant shall not have been exercised or
surrendered in full, a new countersigned Warrant for the number of shares as to
which such Warrant shall not have been exercised or
surrendered.  Subject to Section 7.4 and notwithstanding the
foregoing, the Company shall not be obligated to deliver any securities pursuant
to the exercise of a Warrant unless (a) a registration statement under the Act
with respect to the Common Stock issuable upon exercise of such Warrants is
effective and a current prospectus relating to the shares of Common Stock
issuable upon exercise of the Warrants is available for delivery to the Warrant
holders or (b) in the opinion of counsel to the Company, the exercise of the
Warrants is exempt from the registration requirements of the Act and such
securities are qualified for sale or exempt from qualification under applicable
securities laws of the states or other jurisdictions in which the Registered
Holder resides. Warrants may not be exercised by, or securities issued to, any
Registered Holder in any state in which such exercise or issuance would be
unlawful. In the event a registration statement under the Act with respect to
the Common Stock underlying the Warrants is not effective or a prospectus is not
available, or because such exercise would be unlawful with respect to a
Registered Holder in any state, the Registered Holder shall not be entitled to
exercise such Warrants and such Warrants may have no value and expire worthless.
 In no event will the
Company be obligated to pay such Registered Holder any cash consideration upon
exercise (except pursuant to Section 4.5).

    
      
         

      

      
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    3.3.3           Valid Issuance. All
shares of Common Stock issued upon the proper exercise or surrender of a Warrant
in conformity with this Agreement shall be validly issued, fully paid and
nonassessable.

     

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

     

    4.       
     Adjustments.

     

    4.1           Stock Dividends -
Split-Ups. If, after the date hereof, and subject to the provisions of
Section 4.6 below, the number of outstanding shares of Common Stock is increased
by a stock dividend payable in shares of Common Stock, or by a split-up of
shares of Common Stock, or other similar event, then, on the effective date of
such stock dividend, split-up or similar event, the number of shares of Common
Stock issuable on exercise of each Warrant shall be increased in proportion to
such increase in outstanding shares of Common Stock.

     

    4.2           Aggregation of
Shares. If, after the date hereof, and subject to the provisions of
Section 4.6, the number of outstanding shares of Common Stock is decreased by a
consolidation, combination, reverse stock split or reclassification of shares of
Common Stock or other similar event, then, on the effective date of such
consolidation, combination, reverse stock split, reclassification or similar
event, the number of shares of Common Stock issuable on exercise of each Warrant
shall be decreased in proportion to such decrease in outstanding shares of
Common Stock.

     

    4.3           Adjustments in Warrant
Price. Whenever the number of shares of Common Stock purchasable upon the
exercise of the Warrants is adjusted, as provided in Sections 4.1 and 4.2 above,
the Warrant Price shall be adjusted (to the nearest cent) by multiplying such
Warrant Price, immediately prior to such adjustment, by a fraction, (a) the
numerator of which shall be the number of shares of Common Stock purchasable
upon the exercise of the Warrants immediately prior to such adjustment, and (b)
the denominator of which shall be the number of shares of Common Stock so
purchasable immediately thereafter.

     

    4.4           Extraordinary
Dividends. If the Company, at any time during the Exercise Period, shall
pay a dividend in cash, securities or other assets to the holders of Common
Stock (or other shares of the Company’s capital stock into which the Warrants
are convertible), other than (i) as described in Sections 4.1, 4.2 or 4.5 or
(ii) regular quarterly or other periodic dividends (any such non-excluded event
being referred to herein as an “Extraordinary Dividend”), then
the Warrant Price shall be decreased, effective immediately after the effective
date of such Extraordinary Dividend, by the amount of cash and/or the fair
market value (as determined by the Company’s Board of Directors, in good faith)
of any securities or other assets paid on each share of Common Stock in respect
of such Extraordinary Dividend.

    
      
         

      

      
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    4.5           Replacement of Securities
upon Reorganization, etc. In case of any reclassification or
reorganization of the outstanding shares of Common Stock (other than a change
covered by Sections 4.1 or 4.2 hereof or one that solely affects the par value
of such shares of Common Stock), or, in the case of any merger or consolidation
of the Company with or into another corporation (other than a consolidation or
merger in which the Company is the continuing corporation and that does not
result in any reclassification or reorganization of the outstanding shares of
Common Stock), or, in the case of any sale or conveyance to another corporation
or entity of the assets or other property of the Company as an entirety or
substantially as an entirety, in connection with which the Company is dissolved,
the Warrant holders shall thereafter have the right to purchase and receive,
upon the basis and upon the terms and conditions specified in the Warrants and
in lieu of the shares of Common Stock of the Company immediately theretofore
purchasable and receivable upon the exercise of the rights represented thereby,
the kind and amount of shares of stock or other securities or property
(including cash) receivable upon such reclassification, reorganization, merger
or consolidation, or upon a dissolution following any such sale or transfer,
that the Warrant holder would have received if such Warrant holder had exercised
his, her or its Warrant(s) immediately prior to such event; and if any
reclassification also results in a change in shares of Common Stock covered by
Sections 4.1 or 4.2, then such adjustment shall be made pursuant to Sections
4.1, 4.2, 4.3 and this Section 4.5. The provisions of this Section 4 shall
similarly apply to successive reclassifications, reorganizations, mergers or
consolidations, sales or other transfers.

     

    4.6           Notices of Changes in
Warrant. Upon every adjustment of the Warrant Price or the number of
shares issuable upon exercise of a Warrant, the Company shall give written
notice thereof to the Warrant Agent, which notice shall state the Warrant Price
resulting from such adjustment and the increase or decrease, if any, in the
number of shares purchasable at such price upon the exercise of a Warrant,
setting forth in reasonable detail the method of calculation and the facts upon
which such calculation is based. Upon the occurrence of any event specified in
Sections 4.1, 4.2, 4.3, 4.4 or 4.5 the Company shall give written notice to each
Warrant holder, at the last address set forth for such holder in the Warrant
Register, of the record date or the effective date of the event. Failure to give
such notice, or any defect therein, shall not affect the legality or validity of
such event.

     

    4.7           No Fractional Shares.
Notwithstanding any provision contained in this Warrant Agreement to the
contrary, the Company shall not issue fractional shares upon exercise of
Warrants. If, by reason of any adjustment made pursuant to this Section 4, the
holder of any Warrant would be entitled, upon the
exercise of such Warrant, to receive a fractional interest in a share, the
Company shall, upon such exercise, round up to the nearest whole number the
number of the shares of Common Stock to be issued to the Warrant
holder.

     

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

    
      
         

      

      
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    4.9           Notice of Certain
Transactions.  In the event that the Company shall propose to
(a) offer the holders of its Common Stock rights to subscribe for or to purchase
any securities convertible into shares of Common Stock or shares of stock of any
class or any other securities, rights or options, (b) issue any rights, options
or warrants entitling the holders of Common Stock to subscribe for shares of
Common Stock or (c) make a tender offer, redemption offer or exchange offer with
respect to the Common Stock, the Company shall send to the Warrant holders a
notice of such proposed action or offer. Such notice shall be mailed to the
registered holders at their addresses as they appear in the Warrant Register,
which shall specify the record date for the purposes of such dividend,
distribution or rights, or the date such issuance or event is to take place and
the date of participation therein by the holders of Common Stock, if any such
date is to be fixed, and shall briefly indicate the effect of such action on the
Common Stock and on the number and kind of any other shares of stock and on
other property, if any, and the number of shares of Common Stock and other
property, if any, issuable upon exercise of each Warrant and the Warrant Price
after giving effect to any adjustment pursuant to this Article 4 which would be
required as a result of such action. Such notice shall be given as promptly as
practicable after the Board has determined to take any such action and (x) in
the case of any action covered by clause (a) or (b) above at least 10 days prior
to the record date for determining the holders of the Common Stock for purposes
of such action or (y) in the case of any other such action at least 20 days
prior to the date of the taking of such proposed action or the date of
participation therein by the holders of Common Stock, whichever shall be the
earlier.

     

    4.10           Other
Events.  If any event occurs as to which the foregoing
provisions of this Article 4 are not strictly applicable or, if strictly
applicable, would not, in the good faith judgment of the Board, fairly and
adequately protect the purchase rights of the registered holders of the Warrants
in accordance with the essential intent and principles of such provisions, then
the Board shall make such adjustments in the application of such provisions, in
accordance with such essential intent and principles, as shall be reasonably
necessary, in the good faith opinion of the Board, to protect such purchase
rights as aforesaid.

     

    5.   
         Transfer and Exchange of
Warrants.

     

    5.1           Transfer of Warrants.
Prior to the Separation Date, the Warrants may be transferred or exchanged only
together with the Unit in which such Warrant is included, and only for the
purpose of effecting, or in conjunction with, a transfer or exchange of such
Unit. Furthermore, each transfer of a Unit on the register relating to such
Units shall operate also to transfer the Warrants included in such
Unit.  From and after the Separation Date, this Section 5.1 will have
no further force and effect.

     

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

    
      
         

      

      
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    5.3           Procedure for Surrender of
Warrants. Warrants may be surrendered to the Warrant Agent, together with
a written request for exchange or transfer, and, thereupon, the Warrant Agent
shall issue in exchange therefor one or more new Warrants as requested by the
Registered Holder of the Warrants so surrendered, representing an equal
aggregate number of Warrants; provided, however, that, in the event a Warrant
surrendered for transfer bears a restrictive legend, the Warrant Agent shall not
cancel such Warrant and shall issue new Warrants in exchange therefor until the
Warrant Agent has received an opinion of counsel for the Company stating that
such transfer may be made and indicating whether the new Warrants must also bear
a restrictive legend.

     

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

     

    5.5           Service Charges. No
service charge shall be made for any exchange or registration of transfer of
Warrants.

     

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

     

    6.         
  Redemption.

     

    6.1           Redemption. Subject
to the penultimate and final sentences of this Section 6.1, not less than all of
the outstanding Warrants may be redeemed, at the option of the Company, at any
time after they become exercisable and there is an effective Registration
Statement covering the shares of Common Stock issuable upon exercise of the
Warrants current and available and prior to their expiration, at the office of
the Warrant Agent, upon the notice referred to in Section 6.2, in whole but not
in part, at the price of $.01 per Warrant (“Redemption Price”), provided
that the last sales price of the Common Stock has been equal to or greater than
$5.00 per share for any twenty (20) trading days within a thirty (30)
consecutive trading day period ending on the third business day prior to the
date on which notice of redemption is given.  Notwithstanding anything
to the contrary contained herein, the Company shall not call the Warrants for
redemption unless there is an effective registration statement under the Act
relating to the shares of Common Stock issuable upon exercise of the Warrants
current and available throughout the “30-day redemption period” and a prospectus
is available.

     

    6.2           Date Fixed for, and Notice
of, Redemption. In the event the Company shall elect to redeem all of the
Warrants, the Company shall fix a date for the redemption. Notice of redemption
shall be mailed by first class mail, postage prepaid, by the Company not less
than 30 days prior to the date fixed for redemption to the Registered Holders of
the Warrants to be redeemed at their last addresses as they shall appear on the
Warrant Register. Any notice mailed in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not the Registered
Holder received such notice.

    
      
         

      

      
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    6.3           Exercise After Notice of
Redemption. The Warrants may be exercised in accordance with Section 3 of
this Warrant Agreement at any time after notice of redemption shall have been
given by the Company pursuant to Section 6.2 hereof and prior to the time and
date fixed for redemption. On and after the redemption date, the record holder
of the Warrants shall have no further rights except to receive, upon surrender
of the Warrants, the Redemption Price.

     

    7.      
     Other Provisions Relating to
Rights of Holders of Warrants.

     

    7.1           No Rights as
Stockholder. A Warrant does not entitle the Registered Holder thereof to
any of the rights of a stockholder of the Company, including, without
limitation, the right to receive dividends, or other distributions, exercise any
preemptive rights to vote or to consent or to receive notice as stockholders in
respect of the meetings of stockholders or the election of directors of the
Company or any other matter.

     

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

     

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

     

    7.4           Registration of Common
Stock. The Company agrees that prior to the commencement of the Exercise
Period, it shall use its best efforts to prepare and file with the Securities
and Exchange Commission a post-effective amendment to the Registration
Statement, or a new registration statement, for the registration under the Act
of the Common Stock issuable upon exercise of the Warrants, and it shall take
such action as is necessary to qualify for sale, in those states in which the
Warrants were initially offered by the Company, the Common Stock issuable upon
exercise of the Warrants. In either case, the Company will use its best efforts
to cause the same to become effective on or prior to the commencement of the
Exercise Period and to maintain the effectiveness of such registration statement
and ensure that a prospectus is available for delivery to the Warrant holders
until the expiration of the Warrants in accordance with the provisions of this
Warrant Agreement.  The Warrants shall not be exercisable and the
Company shall not be obligated to issue Common Stock unless, at the time a
holder seeks to exercise Warrants, a prospectus related to the Common Stock
issuable upon exercise of the Warrants is current and the Common Stock has been
registered or qualified or deemed to be exempt under the laws of the state of
residence of the holder of the Warrants.  In addition, the Company
agrees to use its best efforts to register such securities under the blue sky
laws of the states of residence of exercising warrant holders, if permitted by
the blue sky laws of such jurisdictions, in the event that an exemption is not
available.  The provisions of this Section 7.4 may not be modified,
amended or deleted without the prior written consent of Maxim Group
LLC.

    
      
         

      

      
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    8.       
    Concerning the Warrant Agent
and Other Matters.

     

    8.1           Payment of Taxes. The
Company will, from time to time, promptly pay all taxes and charges that may be
imposed upon the Company or the Warrant Agent in respect of the issuance or
delivery of shares of Common Stock upon the exercise of Warrants, but the
Company shall not be obligated to pay any transfer taxes in respect of the
Warrants or such shares.

     

    8.2           Resignation, Consolidation,
or Merger of Warrant Agent.

     

    8.2.1           Appointment of Successor
Warrant Agent. The Warrant Agent, or any successor to it hereafter
appointed, may resign its duties and be discharged from all further duties and
liabilities hereunder after giving sixty (60) days’ notice in writing to the
Company. If the office of the Warrant Agent becomes vacant by resignation or
incapacity to act or otherwise, the Company shall appoint, in writing, a
successor Warrant Agent in place of the Warrant Agent. If the Company shall fail
to make such appointment within a period of 30 days after it has been notified
in writing of such resignation or incapacity by the Warrant Agent or by the
holder of the Warrant (who shall, with such notice, submit his, her or its
Warrant for inspection by the Company), then the holder of any Warrant may apply
to the Supreme Court of the State of New York for the County of New York for the
appointment of a successor Warrant Agent. Any successor Warrant Agent, whether
appointed by the Company or by such court, shall be a corporation organized and
existing under the laws of the State of New York, in good standing and have its
principal office in the Borough of Manhattan, City and State of New York, and be
authorized under such laws to exercise corporate trust powers and subject to
supervision or examination by federal or state authorities. After appointment,
any successor Warrant Agent shall be vested with all the authority, powers,
rights, immunities, duties and obligations of its predecessor Warrant Agent with
like effect as if originally named as Warrant Agent hereunder, without any
further act or deed; but, if for any reason it becomes necessary or appropriate,
the predecessor Warrant Agent shall execute and deliver, at the expense of the
Company, an instrument transferring to such successor Warrant Agent all the
authority, powers, and rights of such predecessor Warrant Agent hereunder; and,
upon request of any successor Warrant Agent, the Company shall make, execute,
acknowledge, and deliver any and all instruments in writing for more fully and
effectually vesting in and confirming to such successor Warrant Agent all such
authority, powers, rights, immunities, duties and obligations.

     

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

     

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

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    8.3          Fees and Expenses of Warrant
Agent.

     

    8.3.1           Remuneration. The
Company agrees to pay the Warrant Agent reasonable remuneration for its services
as Warrant Agent
hereunder as set forth on Exhibit B hereto and
will reimburse the Warrant Agent upon demand for all expenditures that the
Warrant Agent may reasonably incur in the execution of its duties
hereunder.

     

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

     

    8.4          Liability of Warrant
Agent.

     

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

     

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

     

    8.4.3           Exclusions. The
Warrant Agent shall have no responsibility with respect to the validity of this
Warrant Agreement or with respect to 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 Warrant
Agreement or in any Warrant; nor shall it be responsible to make any adjustments
required under the provisions of Section 4 hereof or responsible for the manner,
method or amount of any such adjustment or the ascertaining of the existence of
facts that would require any such adjustment; nor shall it, by any act
hereunder, be deemed to make any representation or warranty as to the
authorization or reservation of any shares of Common Stock to be issued pursuant
to this Warrant Agreement or any Warrant or as to whether any shares of Common
Stock will when issued be valid and fully paid and nonassessable.

     

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

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    9.        
   Miscellaneous
Provisions.

     

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

     

    9.2           Notices. Any notice,
statement or demand authorized by this Warrant Agreement to be given or made by
the Warrant Agent or by the holder of any Warrant to or on the Company shall be
delivered by hand or sent by registered or certified mail or overnight courier
service, addressed (until another address is filed in writing by the Company
with the Warrant Agent) as follows:

    

    CorMedix
Inc.

    86 Summit
Avenue, Suite 301

    Summit,
NJ 07901-3647

    Attn:
John C. Houghton, Chief
Executive Officer

     

    Any
notice, statement or demand authorized by this Warrant Agreement to be given or
made by the holder of any Warrant or by the Company to or on the Warrant Agent
shall be delivered by hand or sent by registered or certified mail or overnight
courier service, addressed (until another address is filed in writing by the
Warrant Agent with the Company), as follows:

    

    Onyx
Stock Transfer, LLC

    2672
Bayshore Parkway, Suite 1055

    Mountain
View, CA 94043

    Attn:
Compliance Department

     

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

    

    Olshan
Grundman Frome Rosenzweig & Wolosky LLP

    Park
Avenue Tower

    65 East
55th
Street

    New York,
NY 10022

    Attn:
Yehuda I. Markovits, Esq.

     

    Maxim
Group LLC

    405
Lexington Avenue

    New York,
NY 10174

    Attn:
Andrew Scott

     

    Any
notice, sent pursuant to this Warrant Agreement shall be effective, if delivered
by hand, upon receipt thereof by the party to whom it is addressed, if sent by
overnight courier, on the next business day of the delivery to the courier, and
if sent by registered or certified mail on the third day after registration or
certification thereof.

     

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

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    9.4           Persons Having Rights under
this Warrant Agreement. Nothing in this Warrant Agreement expressed and
nothing that may be implied from any of the provisions hereof is intended, or
shall be construed, to confer upon, or give to, any person or corporation other
than the parties hereto and the Registered Holders of the Warrants and, for the
purposes of Sections 7.4, 9.2 and 9.8 hereof, the underwriters in the public
offering, any right, remedy, or claim under or by reason of this Warrant
Agreement or of any covenant, condition, stipulation, promise, or agreement
hereof. Each underwriter in the public offering shall be deemed to be a
third-party beneficiary of this Agreement with respect to Sections 7.4, 9.2 and
9.8 hereof. All covenants, conditions, stipulations, promises, and agreements
contained in this Agreement shall be for the sole and exclusive benefit of the
parties hereto (and the underwriters in the public offering with respect to the
Sections 7.4, 9.2 and 9.8 hereof) and their successors and assigns and of the
Registered Holders of the Warrants.

     

    9.5           Examination of the Warrant
Agreement. A copy of this Warrant Agreement shall be available at all
reasonable times at the office of the Warrant Agent for inspection by the
Registered Holder of any Warrant. The Warrant Agent may require any such holder
to submit his, her or its Warrant for inspection.

     

    9.6           Counterparts- Facsimile
Signatures. This Warrant 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 one and
the same instrument. Facsimile signatures shall constitute original signatures
for all purposes of this Warrant Agreement.

     

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

     

    9.8           Amendments.

     

    9.8.1           This
Agreement and any Warrant certificate may be amended by the parties hereto by
executing a supplemental warrant agreement (a “Supplemental Agreement”),
without the consent of any of the Warrant holders, for the purpose of (i) curing
any ambiguity, or curing, correcting or supplementing any defective provision
contained herein, or making any other provisions with respect to matters or
questions arising under this agreement that is not inconsistent with the
provisions of this agreement or the Warrant certificates, (ii) evidencing the
succession of another corporation to the Company and the assumption by any such
successor of the covenants of the Company contained in this agreement and the
Warrants, (iii) evidencing and providing for the acceptance of appointment by a
successor Warrant Agent with respect to the Warrants, (iv) adding to the
covenants of the Company for the benefit of the Holders or surrendering any
right or power conferred upon the Company under this Agreement, or (viii)
amending this agreement and the Warrants in any manner that the Company may deem
to be necessary or desirable and that will not adversely affect the interests of
the Warrant holders in any material respect.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    9.8.2           The
Company and the Warrant Agent may amend this Warrant Agreement and the Warrants
by executing a Supplemental Agreement with the consent of the Holders of not
fewer than a majority of the unexercised Warrants affected by such amendment,
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any
manner the rights of the Holders under this Warrant Agreement; provided,
however, that, without the consent of each of the Warrant holders affected
thereby, no such amendment may be made that (i) changes the Warrants so as to
reduce the number of shares purchasable upon exercise of the Warrants or so as
to increase the Warrant Price (other than as provided by Section 4),
(ii) shortens the period of time during which the Warrants may be exercised,
(iii) otherwise adversely affects the exercise rights of the Holders in any
material respect, or (iv) reduces the number of unexercised Warrants the holders
of which must consent for amendment of this agreement or the Warrants.
Notwithstanding anything contained herein to the contrary, Section 9 may be
amended only by the parties hereto with the consent of Maxim Group
LLC.

     

    9.8.3           The
parties hereto acknowledge that each underwriters in the public offering shall
be an intended third party beneficiary of this Section 9.8.

     

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

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

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

     

    CORMEDIX
INC.

     

     

    By: 
_______________________________________
John C. Houghton, Chief Executive
Officer

     

     

    ONYX
STOCK TRANSFER, LLC

     

     

    By: 
_______________________________________
[Name,
Title]

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    

     

    EXHIBIT
A

     

    Form of
Warrant

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    

     

    EXHIBIT
B

     

    Warrant Agent
Fees

     

    

     

    

    
      
         

      

      
        16Unassociated Document

    Exhibit
4.5

    

      THE
REGISTERED HOLDER OF THIS PURCHASE WARRANT, BY ITS ACCEPTANCE HEREOF, AGREES
THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT AS HEREIN
PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL
NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT FOR A
PERIOD OF ONE (1) YEAR FOLLOWING THE EFFECTIVE DATE (DEFINED HEREIN) TO ANYONE
OTHER THAN (I) MAXIM GROUP LLC OR AN UNDERWRITER OR A SELECTED DEALER IN
CONNECTION WITH THE OFFERING (DEFINED HEREIN), OR (II) A BONA FIDE OFFICER OR
PARTNER OF MAXIM GROUP LLC OR OF ANY SUCH UNDERWRITER OR SELECTED
DEALER.

      

      THIS PURCHASE WARRANT AND THE SECURITIES
ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER SECURITIES LAWS AND MAY
NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE
ABSENCE OF (1) AN EFFECTIVE REGISTRATION STATEMENT COVERING SUCH SECURITIES
UNDER THE SECURITIES ACT AND ANY OTHER APPLICABLE SECURITIES LAWS, OR (2) AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED.

      

      THIS
PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO _________, 2010 [six months from
the effective date of the registration statement]. VOID AFTER 5:00 P.M. EASTERN
TIME, ______, 2014 [four and one-half years from the effective date of the
registration statement].

      

      UNIT
PURCHASE WARRANT

      

      For
the Purchase of

      

      ________
Units

      

      of

      

      CorMedix
Inc.

      

      

      

      
        	
                 
      

              	
                1.

              	
                Purchase
      Warrant.

              

      

      

      THIS CERTIFIES THAT, in consideration
of $100.00 duly paid by or on behalf of ______________ (“Holder”), as registered owner
of this Purchase Warrant, to CorMedix Inc. (the “Company”), Holder is entitled,
at any time or from time to time from ________, 2010 [six months from effective
date of the registration statement] (the “Commencement Date”), and at or
before 5:00 p.m., Eastern Time,  ______, 2014 [four and a half years
from the effective date of the registration statement] (the “Expiration Date”), but not
thereafter, to subscribe for, purchase and receive, in whole or in part, up to
_____________ units of the Company (the “Units”) subject to adjustment
as provided in Section 6 hereof.  Each Unit consists of two shares of
the Company’s common stock, par value $0.001 per share (each, a “Share” and collectively, the
“Shares”), and one
warrant (each, a “Warrant” and collectively, the
“Warrants”). Each
Warrant entitles the Holder to purchase one Share.  If the Expiration
Date is a day on which banking institutions are authorized by law to close, then
this Purchase Warrant may be exercised on the next succeeding day which is not
such a day in accordance with the terms herein. During the period commencing on
the Commencement Date and ending on the Expiration Date, the Company agrees not
to take any action that would terminate the Purchase Warrant. This Purchase
Warrant is initially exercisable at $____ per Unit (120% of the price of the
Units sold in the Offering) so purchased; provided, however, that upon the
occurrence of any of the events specified in Section 6 hereof, the rights
granted by this Purchase Warrant, including the exercise price per Unit and the
number of Units to be received upon such exercise, shall be adjusted as therein
specified. The term “Exercise
Price” shall mean the initial exercise price or the adjusted exercise
price, depending on the context.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                2.

              	
                Exercise.

              

      

      

      2.1           Exercise Form. In
order to exercise this Purchase Warrant, the exercise form attached hereto must
be duly executed and completed and delivered to the Company, together with this
Purchase Warrant and payment of the Exercise Price for the Units being purchased
payable in cash (unless exercised pursuant to the terms of Section 2.3 below) by
wire transfer of immediately available funds to an account designated by the
Company or by certified check or official bank check. If the subscription rights
represented hereby shall not be exercised at or before 5:00 p.m., Eastern time,
on the Expiration Date, this Purchase Warrant shall become and be void without
further force or effect, and all rights represented hereby shall cease and
expire.

      

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

      

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

      

      2.3           Cashless
Exercise.

      

      2.3.1           Determination of
Amount.  In lieu of the payment of the Exercise Price
multiplied by the number of Units which this Purchase Warrant is exercisable in
the manner required by Section 2.1, the Holder shall have the right (but not the
obligation) to convert any exercisable but unexercised portion of this Purchase
Warrant into Units (“Conversion
Right”) as follows:  upon exercise of the Conversion Right, the
Company shall deliver to the Holder (without payment by the Holder of any of the
Exercise Price in cash) that number of shares of Units equal to the quotient
obtained by dividing (x) the “Value” (as defined below) of the portion of the
Purchase Warrant being converted by (y) the Current Market Price per Unit (as
defined below). The “Value” of the portion of the
Purchase Warrant being converted shall equal the remainder derived from
subtracting (a) (i) the Exercise Price multiplied by (ii) the number of Units
underlying the portion of this Purchase Warrant being converted from (b) the
Current Market Price of a Unit multiplied by the number of Units underlying the
portion of the Purchase Warrant being converted. As used herein, the term “Current Market Price” per Unit
at any date shall mean (i) if the Units are listed on a national securities
exchange or quoted on the Nasdaq Global Market, Nasdaq Capital Market or NASD
OTC Bulletin Board (or successor exchange), the last sale price of the Units in
the principal trading market for the Units as reported by the exchange, Nasdaq
or the NASD, as the case may be, on the last trading day preceding the date in
question; (ii) if the Units are not listed on a national securities exchange or
quoted on the Nasdaq Global Market, Nasdaq Capital Market or the NASD OTC
Bulletin Board (or successor exchange), but is traded in the residual
over-the-counter market, the closing bid price for the Units on the last trading
day preceding the date in question for which such quotations are reported by the
Pink Sheets, LLC or similar publisher of such quotations; and (iii) if the fair
market value of the Units cannot be determined pursuant to clause (i) or (ii)
above, such price as the Board of Directors of the Company shall determine, in
good faith based, among other things, on the current market price of the
Company’s common stock and Warrants.

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      2.3.2           Mechanics of Cashless
Exercise.  The cashless exercise right may be exercised by the
Holder on any business day on or after the Commencement Date and not later than
the Expiration Date by delivering the Purchase Warrant with the duly executed
exercise form attached hereto with the cashless exercise section completed to
the Company, exercising the cashless exercise right and specifying the total
number of Units the Holder will purchase pursuant to such cashless exercise
right.

      

      
        	
                 
      

              	
                3.

              	
                Transfer.

              

      

      

      3.1           General Restrictions.
The registered Holder of this Purchase Warrant agrees by his, her or its
acceptance hereof, that such Holder will not: (a) sell, transfer, assign, pledge
or hypothecate this Purchase Warrant for a period of one (1) year following the
effective date (the “Effective
Date”) of the registration statement (the “Registration Statement”) on
Form S-1 (File No. 333-163380) pursuant to which [    ]
Units are offered for sale to the public (the “Offering”) to anyone other
than: (i) Maxim Group LLC (“Maxim”) or an underwriter or a
selected dealer participating in the Offering, or (ii) a bona fide officer of
Maxim or of any such underwriter or selected dealer, in each case in accordance
with FINRA Rule 5110(g)(1) or (b) cause this Purchase Warrant or the securities
issuable hereunder to be the subject of any hedging, short sale, derivative, put
or call transaction that would result in the effective economic disposition of
this Purchase Warrant or the securities hereunder, except as provided for in
FINRA Rule 5110(g)(2). On and after one (1) year from the Effective Date,
transfers to others may be made subject to compliance with or exemptions from
applicable securities laws. In order to make any permitted assignment, the
Holder must deliver to the Company the assignment form attached hereto duly
executed and completed, together with the Purchase Warrant and payment of all
transfer taxes, if any, payable in connection therewith. The Company shall,
within five business days, transfer this Purchase Warrant on the books of the
Company and shall execute and deliver a new Purchase Warrant or Purchase
Warrants of like tenor to the appropriate assignee(s) expressly evidencing the
right to purchase the aggregate number of Units purchasable hereunder or such
portion of such number as shall be contemplated by any such
assignment.

      

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

      

      
        	
                 
      

              	
                4.

              	
                Registration
      Rights

              

      

      

      
        	
                 
      

              	
                4.1

              	
                Demand
      Registration.

              

      

      

      4.1.1           Grant of Right. The
Company, upon written demand (a “Demand Notice”) of the
Holder(s) of at least 51% of the Purchase Warrants and/or the underlying
securities (“Majority
Holders”), agrees to register (a “Demand Registration”), on one
occasion, all or any portion of the Shares underlying the Purchase Warrants,
including the Shares underlying the Warrants included in the Purchase Warrants
(collectively the “Registrable
Securities”). On such occasion, the Company will file a registration
statement or a post-effective amendment to the Registration Statement covering
the Registrable Securities within sixty (60) days after receipt of a Demand
Notice and use its best efforts to have such registration statement or
post-effective amendment declared effective promptly thereafter, subject to
compliance with review by the Commission; provided, however, that the Company
shall not be required to comply with a Demand Notice if the Company has filed a
registration statement with respect to which the Holder is entitled to piggyback
registration rights pursuant to Section 4.2 hereof and either: (i) the Holder
has elected to participate in the offering covered by such registration
statement or (ii) if such registration statement relates to an underwritten
primary offering of securities of the Company, until the offering covered by
such registration statement has been withdrawn or until thirty (30) days after
such offering is consummated. The demands for registration may be made at any
time during a period of five (5) years beginning six (6) months from the
Effective Date. The Company covenants and agrees to give written notice of its
receipt of the Demand Notice by any Holder(s) to all other registered Holders of
the Purchase Warrants and/or the Registrable Securities within ten (10) days
from the date of the receipt of such Demand Notice.  The Holders shall
not effect more than two (2) Demand Registrations pursuant to this Section
4.1.

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      4.1.2           Effective
Registration.  A registration will not count as a Demand
Registration until the registration statement filed with the Commission with
respect to such Demand Registration has been declared effective and the Company
has complied with all of its obligations under hereunder with respect thereto;
provided, however, that if, after such registration statement has been declared
effective, the offering of Registrable Securities pursuant to a Demand
Registration is interfered with by any stop order or injunction of the
Commission or any other governmental agency or court, the registration statement
with respect to such Demand Registration will be deemed not to have been
declared effective, unless and until, (i) such stop order or injunction is
removed, rescinded or otherwise terminated, and (ii) the Majority Holders
thereafter elect to continue the offering.

      

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

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                4.2

              	
                “Piggy-Back”
      Registration.

              

      

      

      4.2.1           Grant of Right. In
addition to the demand rights of registration described in Section 4.1 hereof,
the Holder shall have the right, for a period of five (5) years commencing six
(6) months from the Effective Date, to include the Registrable Securities as
part of any other registration of securities filed by the Company (other than in
connection with a transaction contemplated by Rule 145(a) promulgated under the
Act or pursuant to Form S-8 or any equivalent form); provided, however, that if,
solely in connection with any primary underwritten public offering for the
account of the Company, the managing underwriter(s) thereof shall, in its
reasonable discretion, impose a limitation on the number of Shares underlying
the Units which may be included in the registration statement because, in such
underwriter(s)’ judgment, marketing or other factors dictate such limitation is
necessary to facilitate public distribution, then the Company shall be obligated
to include in such registration statement only such limited portion of the
Registrable Securities with respect to which the Holder requested inclusion
hereunder as the underwriter(s) shall reasonably permit. Any exclusion of
Registrable Securities shall be made pro rata among the Holders seeking to
include Registrable Securities in proportion to the number of Registrable
Securities sought to be included by such Holders; provided, however, that the
Company shall not exclude any Registrable Securities unless the Company has
first excluded all outstanding securities, the holders of which are not entitled
to inclusion of such securities in such registration statement or are not
entitled to pro rata inclusion with the Registrable Securities.  The
Holders shall be entitled to unlimited piggy-back demand registration rights
pursuant to this Section 4.2.

      

      4.2.2           Withdrawal.  Any
holder of Registrable Securities may elect to withdraw such Holder’s request for
inclusion of Registrable Securities in any piggy-back registration by giving
written notice to the Company of such request to withdraw prior to the
effectiveness of the registration statement. The Company (whether on its own
determination or as the result of a withdrawal by persons making a demand
pursuant to written contractual obligations) may withdraw a registration
statement at any time prior to the effectiveness of the registration
statement.  Notwithstanding any such withdrawal, the Company shall pay
all expenses incurred by the Holders of Registrable Securities in connection
with such piggy-back registration as provided in Section 4.2.3.

      

      4.2.3           Terms.  The
Company shall bear all fees and expenses attendant to registering the
Registrable Securities pursuant to Section 4.2.1 hereof, including the
reasonable and documented expenses of any legal counsel selected by the Holders
to represent them in connection with the sale of the Registrable Securities, but
the Holders shall pay any and all underwriting commissions or brokerage fees
related to the Registrable Securities. In the event of such a proposed
registration, the Company shall furnish the then Holders of outstanding
Registrable Securities with not less than thirty (30) days written notice prior
to the proposed date of filing of such registration statement. Such notice to
the Holders shall continue to be given for each registration statement filed by
the Company until such time as all of the Registrable Securities have been sold
by the Holder. The holders of the Registrable Securities shall exercise the
“piggy-back” rights provided for herein by giving written notice, within ten
(10) days of the receipt of the Company’s notice of its intention to file a
registration statement. The Company shall use its best efforts to cause any
registration statement filed pursuant to the piggyback right granted under
Section 4.2.1 to remain effective for a period of at least nine (9) consecutive
months from the date that the Holders of the Registrable Securities covered by
such registration statement are first given the opportunity to sell all of such
securities.

      

      
        	
                 
      

              	
                4.3

              	
                General
      Terms.

              

      

      

      4.3.1           Indemnification. The
Company shall indemnify the Holder(s) of the Registrable Securities to be sold
pursuant to any registration statement hereunder and each person, if any, who
controls such Holders within the meaning of Section 15 of the Act or Section
20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all
loss, claim, damage, expense or liability (including all reasonable attorneys’
fees and other expenses reasonably incurred in investigating, preparing or
defending against litigation, commenced or threatened, or any claim whatsoever,
whether arising out of any action between any of the Underwriters (as defined
below) and the Company or between the any of the Underwriters and any third
party or otherwise) to which any of them may become subject under the Act, the
Exchange Act or otherwise, arising from such registration statement but only to
the same extent and with the same effect as the provisions pursuant to which the
Company has agreed to indemnify the Underwriters contained in Section 5.1 of the
Underwriting Agreement between Maxim and the Company, dated as of
_______________, 2010 (the “Underwriting Agreement”). As
used herein, “Underwriters” shall mean,
collectively, Maxim and the other underwriters named on Schedule 1 of the
Underwriting Agreement for which Maxim is acting as representative. The
Holder(s) of the Registrable Securities to be sold pursuant to the Offering, and
their successors and assigns, shall severally, and not jointly, indemnify the
Company, against all loss, claim, damage, expense or liability (including all
reasonable attorneys’ fees and other expenses reasonably incurred in
investigating, preparing or defending against any claim whatsoever) to which
they may become subject under the Act, the Exchange Act or otherwise, arising
from information furnished by or on behalf of such Holders, or their successors
or assigns, in writing, for specific inclusion in such registration statement to
the same extent and with the same effect as the provisions contained in Section
8 of the Underwriting Agreement pursuant to which the Underwriters have agreed
to indemnify the Company.

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

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

       

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

      

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

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

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

      

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

      

      
        	
                 
      

              	
                5.

              	
                New Purchase Warrant
      to be Issued.

              

      

      

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

      

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

      

      
        	
                 
      

              	
                6.

              	
                Adjustments.

              

      

      

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

      

      6.1.1           Stock Dividends; Split
Ups. If after the date hereof, and subject to the provisions of Section
6.3 below, the number of outstanding Shares of the Company is increased by a
stock dividend payable in Shares or by a split up of Shares or other similar
event, then, on the effective day thereof, the number of Shares of the Company
purchasable hereunder shall be increased in proportion to such increase in
outstanding Shares.   In such case, the number of Shares, and the
exercise price applicable thereto, underlying the Warrants underlying each of
the Units purchasable hereunder shall be adjusted in accordance with the terms
of the Warrants.

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      6.1.2           Aggregation of
Shares. If after the date hereof, and subject to the provisions of
Section 6.3, the number of outstanding Shares is decreased by a consolidation,
combination or reclassification of Shares or other similar event, then, on the
effective date thereof, the number of Shares purchasable hereunder shall be
decreased in proportion to such decrease in outstanding Shares.  In
such case, the number of Shares, and the exercise price applicable thereto,
underlying the Warrants underlying each of the Units purchasable hereunder shall
be adjusted in accordance with the terms of the Warrants.

      

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

      

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

      

      6.2           Substitute Purchase
Warrant. In case of any consolidation of the Company with, or share
reconstruction or amalgamation of the Company with or into, another corporation
(other than a consolidation or share reconstruction or amalgamation which does
not result in any reclassification or change of the outstanding Shares), the
corporation formed by such consolidation or share reconstruction or amalgamation
shall execute and deliver to the Holder a supplemental Purchase Warrant
providing that the holder of each Purchase Warrant then outstanding or to be
outstanding shall have the right thereafter (until the stated expiration of such
Purchase Warrant) to receive, upon exercise of such Purchase Warrant, the kind
and amount of shares of stock and other securities and property receivable upon
such consolidation or share reconstruction or amalgamation, by a holder of the
number of Units for which such Purchase Warrant might have been exercised
immediately prior to such consolidation, share reconstruction or amalgamation,
sale or transfer. Such supplemental Purchase Warrant shall provide for
adjustments which shall be identical to the adjustments provided in Section 6.1.
The above provision of this Section shall similarly apply to successive
consolidations or share reconstructions or amalgamations.

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

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

      

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

      

      
        	
                 
      

              	
                8.

              	
                Certain Notice
      Requirements.

              

      

      

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

      

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

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

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

      

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

      

      CorMedix
Inc.

      86 Summit
Avenue, Suite 301

      Summit,
NJ 07901-3647

      

      With a
copy to:

      

      Yehuda I.
Markovits, Esq.

      Olshan
Grundman Frome Rosenzweig & Wolosky LLP

      Park
Avenue Tower

      65 East
55th Street

      New York,
NY 10022

      

      
        	
                 
      

              	
                9.

              	
                Miscellaneous.

              

      

      

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

      

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

      

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

      

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

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

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

      

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

      

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

      

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      IN WITNESS WHEREOF, the Company has
caused this Purchase Warrant to be signed by its duly authorized officer as of
the ___ day of _________, 2010.

      

      

      CORMEDIX
INC.

      

      

      By:  _______________________________
Name:
Title:

      

      

      

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      Form to
be used to exercise Purchase Warrant:

      

      CorMedix
Inc.

      86 Summit
Avenue, Suite 301

      Summit,
NJ 07901-3647

      Attn:
[             ]

      

      

      Date:
__________, 201__

      

      

      The
undersigned hereby elects irrevocably to exercise the within Purchase Warrant
and to purchase ______ Units of CorMedix Inc. and hereby makes payment of $
___________  (at the rate of $________ per Units) in payment of the
Exercise Price pursuant thereto. Please issue the Units as to which this
Purchase Warrant is exercised in accordance with the instructions given
below.

      

      or

      

      The
undersigned hereby elects irrevocably to convert its right to purchase ______
Units purchasable under the within Purchase Warrant by surrender of the
unexercised portion of the attached Purchase Warrant (with a “Value” of $______
based on a “Market Price” of $______). Please issue the Units as to which this
Purchase Warrant is exercised in accordance with the instructions given
below.

      

      

       ______________________________________________

      Signature

      

      

      _______________________________________________

      Signature
Guaranteed

      

      

      INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

      

      Name:

      

      

      ____________________________________________

      (Print in
Block Letters)

      

      Address:

      

      

      

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

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

      Form to
be used to assign Purchase Warrant:

      

      ASSIGNMENT

      

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

      

      

      

      

      FOR VALUE
RECEIVED, _________________________________________ does hereby sell, assign and
transfer unto _________________________ the right to purchase Units of CorMedix
Inc. (“Company”) evidenced by the within Purchase Warrant and does hereby
authorize the Company to transfer such right on the books of the
Company.

      

      

      

      Dated:
_____________, 201_

      

      

      

      

      ____________________________________

      Signature

      

      

       ____________________________________

      Signature
Guaranteed

      

      

      

      

      

      

      

      

      

      

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

      

      
        
           

        

        
          14

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