Document:

Exhibit 4.1

 

COMMON STOCK PURCHASE WARRANT

 

APPLIED DNA SCIENCES, INC.

 

	Warrant Shares: _______	Issuance Date: December ___, 2017

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the date hereof (the “Initial Exercise Date”) and on or prior to the close of business on the five
(5) year anniversary of the Initial Exercise Date (the “Termination Date”; provided, however that if such date
is not a Trading Day, the Termination Date shall be the immediately following Trading Day) but not thereafter, to subscribe for
and purchase from Applied DNA Sciences, Inc., a Delaware corporation (the “Company”), up to _____ shares of
Common Stock, par value $0.001 per share (the “Common Stock”) (as subject to adjustment hereunder, the “Warrant
Shares”). The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as
defined in Section 2(b). This Warrant is one of the Warrants issued pursuant to the Company’s Registration Statement
on Form S-3 (File number 333-218158) (the “Registration Statement”).

 

Section 1.    Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement
(the “Purchase Agreement”), dated December 20, 2017, among the Company and the purchasers’ signatory thereto.

 

Section 2.    Exercise.

 

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

 

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(b)   Exercise
Price. The exercise price per share of Common Stock under this Warrant shall be $2.00, subject to adjustment hereunder (the
“Exercise Price”).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Notwithstanding anything herein to the
contrary, subject to the limitations set forth in Section 2(e), on the Termination Date, this Warrant shall be automatically
exercised via cashless exercise pursuant to this Section 2(c) if the applicable VWAP is greater than the Exercise Price.

 

(d)   Mechanics
of Exercise.

 

(i)     Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer
Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository
Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant
in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or
resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical
delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the
number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the
Notice of Exercise by the date that is the earlier of (i) the earlier of (A) two (2) Trading Days after the delivery to the Company
of the Notice of Exercise and (B) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (ii) the
number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such
date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed
for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been
exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other
than in the case of a cashless exercise) is received within the earlier of (i) two Trading Days and (ii) the number of Trading
Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason
to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall
pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise
(based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $5.00 per Trading Day for each of the
first three Trading Days after such Warrant Share Delivery Date and $10.00 per Trading Day for each day thereafter until such Warrant
Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in
the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period”
means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with
respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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(f)   Call
Provision. 

 

Subject to
the provisions of this Section 2(e) and Section 2(f), if, after the Initial Exercise Date, (i) the VWAP for each of 20 consecutive
Trading Days (the “Measurement Period,” which 20 consecutive Trading Day period shall not have commenced until after
the Initial Exercise Date) exceeds $5.00 (subject to adjustment for forward and reverse stock splits, recapitalizations, stock
dividends and the like after the Initial Exercise Date), (ii) the daily dollar volume on each Trading Day during the Measurement
Period exceeds $300,000 per Trading Day, and (iii) the Holder is not in possession of any information that constitutes, or might
constitute, material non-public information which was provided by the Company, any of its Subsidiaries, or any of their officers,
directors, employees, agents or Affiliates, then the Company may, within 1 Trading Day of the end of such Measurement Period, call
for cancellation of all or any portion of this Warrant for which a Notice of Exercise has not yet been delivered (such right, a
“Call”) for consideration equal to $0.001 per Warrant Share.  To exercise this right, the Company must deliver
to the Holder an irrevocable written notice (a “Call Notice”), indicating therein the portion of unexercised portion
of this Warrant to which such notice applies.  If the conditions set forth below for such Call are satisfied from the period
from the date of the Call Notice through and including the Call Date (as defined below), then any portion of this Warrant subject
to such Call Notice for which a Notice of Exercise shall not have been received by the Call Date will be cancelled at 6:30 p.m.
(New York City time) on the tenth Trading Day after the date the Call Notice is received by the Holder (such date and time, the
“Call Date”).  Any unexercised portion of this Warrant to which the Call Notice does not pertain will be unaffected
by such Call Notice.  In furtherance thereof, the Company covenants and agrees that it will honor all Notices of Exercise
with respect to Warrant Shares subject to a Call Notice that are tendered through 6:30 p.m. (New York City time) on the Call Date. 
The parties agree that any Notice of Exercise delivered following a Call Notice which calls less than all of the Warrants shall
first reduce to zero the number of Warrant Shares subject to such Call Notice prior to reducing the remaining Warrant Shares available
for purchase under this Warrant.  For example, if (A) this Warrant then permits the Holder to acquire 100 Warrant Shares,
(B) a Call Notice pertains to 75 Warrant Shares, and (C) prior to 6:30 p.m. (New York City time) on the Call Date the Holder tenders
a Notice of Exercise in respect of 50 Warrant Shares, then (x) on the Call Date the right under this Warrant to acquire 25 Warrant
Shares will be automatically cancelled, (y) the Company, in the time and manner required under this Warrant, will have issued and
delivered to the Holder 50 Warrant Shares in respect of the exercises following receipt of the Call Notice, and (z) the Holder
may, until the Termination Date, exercise this Warrant for 25 Warrant Shares (subject to adjustment as herein provided and subject
to subsequent Call Notices).  Subject again to the provisions of this Section 2(f), the Company may deliver subsequent Call
Notices for any portion of this Warrant for which the Holder shall not have delivered a Notice of Exercise.  Notwithstanding
anything to the contrary set forth in this Warrant, the Company may not deliver a Call Notice or require the cancellation of this
Warrant (and any such Call Notice shall be void), unless, from the beginning of the Measurement Period through the Call Date, (1)
the Company shall have honored in accordance with the terms of this Warrant all Notices of Exercise delivered by 6:30 p.m. (New
York City time) on the Call Date, and (2) a registration statement shall be effective as to all Warrant Shares and the prospectus
thereunder available for use by the Company for the sale of all such Warrant Shares to the Holder, and (3) the Common Stock shall
be listed or quoted for trading on the Trading Market, and (4) there is a sufficient number of authorized shares of Common Stock
for issuance of all Securities under the Transaction Documents, and (5) the issuance of all Warrant Shares subject to a Call Notice
shall not cause a breach of any provision of Section 2(e) herein.  The Company’s right to call the Warrants under this
Section 2(f) shall be exercised ratably among the Holders based on each Holder’s initial purchase of Warrants.

 

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Section 3.     Certain
Adjustments.

 

(a)    Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable
in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon
exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including
by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification
of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the
aggregate Exercise Price of this Warrant shall remain unchanged, subject to the limitation on fractional shares in Section 2(d)(v).
Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination
of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date
in the case of a subdivision, combination or re-classification.

 

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(b)     Adjustment
Upon Issuance of Shares of Common Stock. If and whenever on or after the date of issuance (the “Issuance Date”), the
Company issues or sells, or in accordance with this Section 3(b) is deemed to have issued or sold, any shares of Common Stock and/or
Common Stock Equivalents (including the issuance or sale of shares of Common Stock owned or held by or for the account of the Company,
but excluding any Exempt Issuance issued or sold or deemed to have been issued or sold) for a consideration per share (the “New
Issuance Price”) less than a price equal to the Exercise Price in effect immediately prior to such issuance or sale or deemed
issuance or sale (such Exercise Price then in effect is referred to herein as the “Applicable Price”) (the foregoing
a “Dilutive Issuance”), then immediately upon such Dilutive Issuance, the Exercise Price then in effect shall be reduced
to an amount equal to the New Issuance Price. For all purposes of the foregoing (including, without limitation, determining the
adjusted Exercise Price and the New Issuance Price under this Section 3(b)), the following shall be applicable:

 

i.        Issuance
of Options. If the Company in any manner grants or sells any rights, warrants or options to subscribe for or purchase shares of
preferred stock and/or Common Stock or Common Stock Equivalents (“Options”) and the lowest price per share for which
one share of Common Stock is at any time issuable upon the exercise of any such Option or upon conversion, exercise or exchange
of any Common Stock Equivalents issuable upon exercise of any such Option or otherwise pursuant to the terms thereof is less than
the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the
Company at the time of the granting or sale of such Option for such price per share. For purposes of this Section 3(b)(i), the
“lowest price per share for which one share of Common Stock is issuable upon the exercise of any such Options or upon conversion,
exercise or exchange of any Common Stock Equivalents issuable upon exercise of any such Option or otherwise pursuant to the terms
thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable
by the Company with respect to any one share of Common Stock upon the granting or sale of such Option, upon exercise of such Option
and upon conversion, exercise or exchange of any Common Stock Equivalents issuable upon exercise of such Option or otherwise pursuant
to the terms thereof and (y) the lowest exercise price set forth in such Option for which one share of Common Stock is issuable
upon the exercise of any such Options or upon conversion, exercise or exchange of any Common Stock Equivalents issuable upon exercise
of any such Option or otherwise pursuant to the terms thereof. Except as contemplated below, no further adjustment of the Exercise
Price shall be made upon the actual issuance of such shares of Common Stock or of such Common Stock Equivalents upon the exercise
of such Options or otherwise pursuant to the terms of or upon the actual issuance of such shares of Common Stock upon conversion,
exercise or exchange of such Common Stock Equivalents. This Section 3(b)(i) shall not apply to any Exempt Issuance.

 

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ii.        Issuance
of Common Stock Equivalents. If the Company in any manner issues or sells any Common Stock Equivalents and the lowest price per
share for which one share of Common Stock is at any time issuable upon the conversion, exercise or exchange thereof or otherwise
pursuant to the terms thereof is less than the Exercise Price, then such share of Common Stock shall be deemed to be outstanding
and to have been issued and sold by the Company at the time of the issuance or sale of such Common Stock Equivalents for such price
per share. For the purposes of this Section 3(b)(ii), the “lowest price per share for which one share of Common Stock is
issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof” shall be equal to
(1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect
to one share of Common Stock upon the issuance or sale of the Common Stock Equivalent and upon conversion, exercise or exchange
of such Common Stock Equivalent or otherwise pursuant to the terms thereof and (y) the lowest conversion price set forth in such
Common Stock Equivalent for which one share of Common Stock is issuable upon conversion, exercise or exchange thereof or otherwise
pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Common Stock Equivalent (or
any other Person) upon the issuance or sale of such Common Stock Equivalent plus the value of any other consideration received
or receivable by, or benefit conferred on, the holder of such Common Stock Equivalent (or any other Person). Except as contemplated
below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such shares of Common Stock upon conversion,
exercise or exchange of such Common Stock Equivalents or otherwise pursuant to the terms thereof, and if any such issuance or sale
of such Common Stock Equivalents is made upon exercise of any Options for which adjustment of the Warrant has been or is to be
made pursuant to other provisions of this Section 3(b), except as contemplated below, no further adjustment of the Exercise Price
shall be made by reason of such issuance or sale. 

 

iii.        
Change in Option Price or Rate of Conversion. If the purchase or exercise price provided for in any Options, the additional consideration,
if any, payable upon the issue, conversion, exercise or exchange of any Common Stock Equivalents, or the rate at which any Common
Stock Equivalents are convertible into or exercisable or exchangeable for shares of Common Stock increases or decreases at any
time (other than proportional changes in conversion or exercise prices, as applicable, in connection with an event referred to
in Section 3(a)), the Exercise Price in effect at the time of such increase or decrease shall be adjusted to the Exercise Price
which would have been in effect at such time had such Options or Common Stock Equivalents provided for such increased or decreased
purchase price, additional consideration or increased or decreased conversion rate, as the case may be, at the time initially granted,
issued or sold. For purposes of this Section 3(b)(iii), if the terms of any Option or Common Stock Equivalents that was outstanding
as of the Issuance Date are increased or decreased in the manner described in the immediately preceding sentence, then such Option
or Common Stock Equivalents and the shares of Common Stock deemed issuable upon exercise, conversion or exchange thereof shall
be deemed to have been issued as of the date of such increase or decrease. No adjustment pursuant to this Section 3(b) shall be
made if such adjustment would result in an increase of the Exercise Price then in effect.

 

    	 	9	 

     

    

 

iv.        
Calculation of Consideration Received. If any Option and/or Common Stock Equivalent and/or Adjustment Right is issued in
connection with the issuance or sale or deemed issuance or sale of any other securities of the Company (as determined by the Holder,
the “Primary Security”, and such Option and/or Common Stock Equivalent and/or Adjustment Right, the “Secondary
Securities” and together with the Primary Security, each a “Unit”), together comprising one integrated transaction,
the aggregate consideration per share of Common Stock with respect to such Primary Security shall be deemed to be the lower of
(x) the purchase price of such Unit, (y) if such Primary Security is an Option and/or Common Stock Equivalent, the lowest price
per share for which one share of Common Stock is at any time issuable upon the exercise or conversion of the Primary Security in
accordance with Section 3(b)(i) or 3(b)(ii) above and (z) the lowest VWAP of the Common Stock on any Trading Day during the four
Trading Day period immediately following the public announcement of such Dilutive Issuance (for the avoidance of doubt, if such
public announcement is released prior to the opening of the Trading Market on a Trading Day, such Trading Day shall be the first
Trading Day in such four Trading Day period). If any shares of Common Stock, Options or Common Stock Equivalents are issued or
sold or deemed to have been issued or sold for cash, the consideration received therefor will be deemed to be the net amount of
consideration received by the Company therefor. If any shares of Common Stock, Options or Common Stock Equivalents are issued or
sold for a consideration other than cash, the amount of such consideration received by the Company will be the fair value of such
consideration, except where such consideration consists of publicly traded securities, in which case the amount of consideration
received by the Company for such securities will be the arithmetic average of the VWAPs of such security for each of the five (5)
Trading Days immediately preceding the date of receipt. If any shares of Common Stock, Options or Common Stock Equivalents are
issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving entity, the
amount of consideration therefor will be deemed to be the fair value of such portion of the net assets and business of the non-surviving
entity as is attributable to such shares of Common Stock, Options or Common Stock Equivalents (as the case may be). The fair value
of any consideration other than cash or publicly traded securities will be determined jointly by the Company and the Holder. If
such parties are unable to reach agreement within ten (10) days after the occurrence of an event requiring valuation (the “Valuation
Event”), the fair value of such consideration will be determined within five (5) Trading Days after the tenth (10th) day
following such Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holder. The determination
of such appraiser shall be final and binding upon all parties absent manifest error and the fees and expenses of such appraiser
shall be borne by the Company. For purposes of hereof, “Adjustment Right” means any right granted with respect to any
securities issued in connection with, or with respect to, any issuance or sale (or deemed issuance or sale in accordance with this
Section 3(b)) of shares of Common Stock (other than rights of the type described in Section 3(f) and (g) hereof) that could result
in a decrease in the net consideration received by the Company in connection with, or with respect to, such securities (including,
without limitation, any cash settlement rights, cash adjustment or other similar rights).

 

    	 	10	 

     

    

 

v.        Holder’s
Right of Alternative Exercise Price. In addition to and not in limitation of the other provisions of this Section 3, if the Company
in any manner issues or sells or enters into any agreement to issue or sell, any Common Stock, Options or Common Stock Equivalents
(any such securities, “Variable Price Securities”) after the date the Company enters into the Purchase Agreement that
are issuable pursuant to such agreement or convertible into or exchangeable or exercisable for shares of Common Stock pursuant
to such Options or Common Stock Equivalents, as applicable, at a price which varies or may vary with the market price of the shares
of Common Stock, including by way of one or more reset(s) to a fixed price, but exclusive of such formulations reflecting customary
anti-dilution provisions (such as share splits, share combinations, share dividends and similar transactions) (each of the formulations
for such variable price being herein referred to as, the “Variable Price”), the Company shall provide written notice
thereof via a facsimile and overnight courier to the Holder on the date of such agreement and/or the issuance of such Common Stock
Equivalents or Options, as applicable. From and after the date the Company enters into such agreement or issues any such Variable
Price Securities, the Holder shall have the right, but not the obligation, in its sole discretion to substitute the Variable Price
for the Exercise Price upon exercise of this Warrant by designating in the Notice of Exercise delivered upon any exercise of this
Warrant that solely for purposes of such exercise the Holder is relying on the Variable Price rather than the Exercise Price then
in effect. The Holder’s election to rely on a Variable Price for a particular exercise of this Warrant shall not obligate
the Holder to rely on a Variable Price for any future exercise of this Note.

 

vi.        Record
Date. If the Company takes a record of the holders of shares of Common Stock for the purpose of entitling them (A) to receive
a dividend or other distribution payable in shares of Common Stock, Options or in Common Stock Equivalents or (B) to subscribe
for or purchase shares of Common Stock, Options or Common Stock Equivalents, then such record date will be deemed to be the date
of the issuance or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend
or the making of such other distribution or the date of the granting of such right of subscription or purchase (as the case may
be).

 

vii.      Floor
Price. In any event the Exercise Price as adjusted pursuant to the provisions of this Section 3(b), will not be less than $0.44
per share.

 

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

 

    	 	11	 

     

    

 

(d)    Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or
other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital
or otherwise (including, without limitation, any distribution of cash, shares or other securities, property or options by way
of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (other
than dividends or distributions subject to Section 3(a)) (a “Distribution”), at any time after the issuance
of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent
that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete
exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership
Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the
date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution
(provided, however, to the extent that the Holder's right to participate in any such Distribution would result in
the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution
to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent)
and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its
right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

    	 	12	 

     

    

 

(e)    Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding shares
of Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory stock exchange pursuant to which the shares of Common Stock are effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more
related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other
Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held
by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to,
such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then,
upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have
been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder
(without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of
the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number
of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard
to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of
the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise
Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the
Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of
a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable
at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date
of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder
an amount of cash equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the date of the consummation
of such Fundamental Transaction; provided, however, if the Fundamental Transaction is not within the Company's control,
including not approved by the Company's Board of Directors or the consideration is not in all stock of the Successor Entity, Holder
shall have the option to require the Company or any Successor Entity to purchase its Warrant for the Black Scholes Value of the
unexercised portion of this Warrant as of the date of consummation of such Fundamental Transaction using the same type or form
of consideration (and in the same proportion) that is being offered and paid to the holders of Common Stock of the Company in connection
with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether
the holders of Common Stock are given the choice to receive from among alternative forms of consideration in connection with the
Fundamental Transaction. “Black Scholes Value” means the value of this Warrant based on the Black and Scholes
Option Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined
as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest
rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the
applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100
day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement
of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the greater of
(1) the highest closing sale price of the Common Stock on its principal trading venue during the period beginning on the Trading
Day immediately preceding the announcement of the applicable Fundamental Transaction (or the consummation of the applicable Fundamental
Transaction, if earlier) and ending on the Trading Day of the Holder’s request pursuant to Section 4(c) and (2) the sum of
the price per share being offered in cash in the applicable Fundamental Transaction (if any) plus the value of the non-cash consideration
being offered in the applicable Fundamental Transaction (if any), and (D) a remaining option time equal to the time between the
date of the public announcement of the applicable Fundamental Transaction and the Termination Date. The payment of the Black Scholes
Value will be made by wire transfer of immediately available funds within five Business Days of the Holder’s election (or,
if later, on the effective date of the Fundamental Transaction). The Company shall cause any successor entity in a Fundamental
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the
obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(e)
pursuant to customary written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder
(without unreasonable conditions or delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver
to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar
in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor
Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant
(without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise
price which applies the exercise price hereunder to such capital stock (but taking into account the relative value of the shares
of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of
capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior
to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder.
Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that
from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring
to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company
and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect
as if such Successor Entity had been named as the Company herein.

 

    	 	13	 

     

    

 

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

 

(g)    Notice
to Holder.

 

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

 

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

 

    	 	14	 

     

    

 

(iii)    Voluntary
Adjustments by the Company. The Company may at any time during the term of this Warrant reduce the then current Exercise Price
to any amount and for any period of time deemed appropriate by the Board of Directors of Company with the prior written consent
of the holders of a majority in interest of the Warrants based on the initial subscription amounts under the Purchase Agreement.

 

Section 4.     Transfer
of Warrant.

 

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

 

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

 

    	 	15	 

     

    

 

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

 

Section 5.   Miscellaneous.

 

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

 

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

 

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

 

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

 

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

 

    	 	16	 

     

    

 

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

 

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

 

(f)     Restrictions.
The Holder acknowledges that if the Warrant Shares acquired upon the exercise of this Warrant are not registered under the Registration
Statement or another effective registration statement, and the Holder does not utilize cashless exercise, the Warrant Shares will
have restrictions upon resale imposed by state and federal securities laws.

 

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

 

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

 

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

 

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

 

(k)    Successors
and Assigns. Subject to applicable securities laws, this Warrant shall be binding upon and inure to the benefit of the parties
and their successors and permitted assigns. The provisions of this Warrant are intended to be for the benefit of any Holder from
time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

 

    	 	17	 

     

    

 

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

 

(m)   Severability.
If any term, provision, covenant or restriction of this Warrant is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

(n)   Headings.
The headings used herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or
affect any of the provisions hereof.

 

(Signature Page Follows)

 

    	 	18	 

     

    

 

 

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

 

	APPLIED DNA SCIENCES, INC.	 
	 	 
	By:	 	 
	 	Name: 	 
	 	Title: 	 

 

    	 	19	 

     

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

		TO:	APPLIED DNA SCIENCES, INC.

 

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

 

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

 

 ̈
in lawful money of the United States; or

 

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

  

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

 

	 	 	 

 

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

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

[SIGNATURE OF HOLDER]

 

	Name of Investing Entity:  	 	 

 

	Signature of Authorized Signatory of Investing Entity:  	 	 

 

	Name of Authorized Signatory:  	 	 

 

	Title of Authorized Signatory:  	 	 

 

	Date:  	 	 

 

    	 	20	 

     

    

 

EXHIBIT B

ASSIGNMENT FORM

 

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

 

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

 

	Name:	 
	 	(Please Print)
	 	 
	Address:	 
	 	(Please Print)
	 	 
	Phone Number:	 
	 	 
	Email Address:	 
	 	 
	Dated:	 
	 	 
	Holder’s Signature:	 
	 	 
	Holder’s Address:	 

 

    	 	21Exhibit 10.1

 

PLACEMENT
AGENCY AGREEMENT

 

December 20, 2017

 

Applied DNA Sciences, Inc.

50 Health Sciences Drive

Stony Brook, New York 11790

 

Ladies and Gentlemen:

 

This letter (the “Agreement”)
constitutes the agreement among Maxim Group LLC (“Maxim” or the “Placement Agent”) and Applied
DNA Sciences, Inc. (the “Company”), that the Placement Agent shall serve as the exclusive placement agent for
the Company, on a “reasonable best efforts” basis, in connection with the proposed placement (the “Placement”)
of shares (the “Shares”) of the Company’s common stock, par value $0.001 per share (the “Common
Stock”) and warrants to purchase shares of Common Stock (the “Warrants”). The Shares, the Warrants
and the shares of Common Stock underlying the Warrants (the “Warrant Shares”) are hereinafter referred to collectively
as the “Securities”). The Shares and the Warrants are being offered pursuant to the registration statement on
Form S-3 (File No. 333-218158) filed by the Company with the Securities and Exchange Commission (the “SEC”) under the
Securities Act of 1933, as amended (the “Securities Act”), on May 22, 2017 and declared effective on May 26, 2017,
and the prospectus supplement filed pursuant to Rule 424(b)(5) promulgated under the Securities Act and dated December 20, 2017
(the “Prospectus Supplement”). The terms of the Placement and the Securities shall be mutually agreed upon by the Company
and the purchasers (each, a “Purchaser” and collectively, the “Purchasers”) and nothing herein
shall be construed to provide either that the Placement Agent has the power or authority to bind the Company or any Purchaser or
an obligation for the Company to issue any Securities or complete the Placement. This Agreement and the documents executed and
delivered by the Company and the Purchasers in connection with the Placement shall be collectively referred to herein as the “Transaction
Documents.” The date of the closing of the Placement shall be referred to herein as the “Closing Date.”
The Company expressly acknowledges and agrees that the Placement Agent’s obligations hereunder are on a reasonable best efforts
basis only and that the execution of this Agreement does not constitute a commitment by the Placement Agent to purchase the Securities
and does not ensure the successful placement of the Securities or any portion thereof or the success of the Placement Agent with
respect to securing any other financing on behalf of the Company. The Placement Agent may retain other brokers or dealers to act
as sub-agents or selected-dealers on their behalf in connection with the Placement.  The sale of the Securities to any
Purchaser will be evidenced by a purchase agreement (the “Securities Purchase Agreement”) between the Company
and such Purchasers in a form reasonably acceptable to the Company and the Placement Agent.  Capitalized terms that are
not otherwise defined herein have the meanings given to such terms in the Securities Purchase Agreement. Prior to the signing of
any Securities Purchase Agreement, officers of the Company will be reasonably available to answer inquiries from prospective Purchasers.

 

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

 

    	 	Page 1 of 12

     

    

 

Section
1              
COMPENSATION.  As compensation for the services provided by the Placement
Agent hereunder, the Company agrees as follows:

 

(A)              
To pay to the Placement Agent a cash fee equal to: 6.5% of the aggregate gross proceeds raised
in the Placement, which shall be paid at the Closing of the Placement from the gross proceeds of the Securities sold and shall
be paid directly to the Placement Agent.

 

(B)              
Subject to compliance with FINRA Rule 5110(f)(2)(D), the Company also agrees to reimburse
the Placement Agent for all out-of-pocket expenses, including without limitation the reasonable fees and disbursements of legal
counsel and all reasonable travel and other out-of-pocket expenses in an amount not to exceed $45,000.

 

Section
2              
REPRESENTATIONS AND WARRANTIES INCORPORATED BY REFERENCE. Each of the representations
and warranties (together with any related disclosure schedules thereto) made by the Company to the Purchasers in that certain
Securities Purchase Agreement dated as of December 20, 2017, between the Company and each Purchaser, is hereby incorporated herein
by reference (as though fully restated herein) and is, as of the date of this Agreement, hereby made to, and in favor of, the
Placement Agent.

 

Section
3              
REPRESENTATIONS OF THE PLACEMENT AGENT. The Placement Agent represents and
warrants and/or agrees (as the case may be) as of the date of this letter and as of the Closing, that it:

 

(i)                 
is a member in good standing of FINRA, 

 

(ii)               
is registered as a broker/dealer under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), 

 

(iii)             
is licensed as a broker/dealer under the laws of the States applicable to the offers and sales
of Securities by such Placement Agent,

 

(iv)              
is and will be a limited liability company duly formed and validly existing under the laws
of the State of Delaware, 

 

(v)               
has full power and authority to enter into and perform its obligations under this Agreement,

 

(vi)              
has a substantive, preexisting relationship with each Purchaser introduced by such Placement
Agent,

 

(vii)            
has not had and will not have any discussions with any person that is not a party to this
Agreement on the basis of which such person would be able to assert a claim for a finder’s fee or similar fee in connection
with Placement of the Securities,

 

(viii)          
has not and will not engage in or employ any form of general solicitation with respect to
the offering of the Securities to any Purchaser, including but not limited to any advertisement, article, notice or other communication
regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented
at any seminar or any other general solicitation or general advertisement. In effecting the Placement, the Placement Agent each
agrees to comply in all material respects with applicable provisions of the Securities Act of 1933, as amended (the “Securities
Act”), and any regulations thereunder and any applicable laws, rules, regulations and requirements (including, without
limitation, all U.S. state laws); and

 

    	 	Page 2 of 12

     

    

 

(ix)              
is not, and none of its Covered Persons (as defined below) is, subject to a “Bad Actor”
disqualification event described in Rule 506(d)(1)(i) to (viii) of Regulation D promulgated pursuant to the Securities Act (a “Disqualifying
Event”), except for a Disqualifying Event covered by Rule 506(d)(2) or (d)(3) under the Securities Act. Furthermore,
such Placement Agent agrees to notify the Company promptly if it or any of its Covered Persons becomes the subject of a Disqualifying
Event such that the safe harbor provisions of the Securities Act Rule 506 cease to be available in connection with the Placement.
For the purposes hereof, “Covered Persons” with respect to the Placement Agent, means such Placement Agent,
or any predecessor or affiliate of such Placement Agent, or (i) such Placement Agent's (A) directors, (B) executive officers, (C)
other officers (as the term “officer” is defined in Rule 405 under the Securities Act) participating in the Placement
or (D) managing members, if any, (ii) any such managing members' directors, executive officers and other officers participating
in the Placement, if any, and (iii) each person who has been or shall be paid (direct or indirect) remuneration by such Placement
Agent or any of its affiliates for the solicitation of purchasers in connection with the Placement, or any other person identified
in Rule 506(d)(1). Such Placement Agent agrees to provide subsequent certifications in regards to the above as reasonably requested
by the Company from time to time.

 

Such Placement Agent
will immediately notify the Company in writing of any change in its status as such. Such Placement Agent covenants that it will
conduct the Transaction hereunder in compliance with the provisions of this Agreement and the requirements of applicable law, including
the rules and regulations under the Securities Act.  

 

Section
4              
INDEMNIFICATION. The Placement Agent and the Company agree to the indemnification
and other agreements set forth in the Indemnification Provisions (the “Indemnification Provisions”) attached
hereto as Addendum A, the provisions of which are incorporated herein by reference and shall survive the termination or expiration
of this Agreement.

 

Section
5              
ENGAGEMENT TERM. The Placement Agent’s engagement hereunder will expire
on the earlier of (i) the final closing date of the Placement and (ii) December 28, 2017 (such date, the “Termination
Date”). In the event, however, in the course of the Placement Agent’s performance of due diligence they deem it
necessary to terminate the engagement, the Placement Agent may do so prior to the termination date and upon immediate written
notice. If, within six (6) months after the Termination Date, the Company completes any private financing of equity, equity-linked
or debt or other capital raising activity of the Company, other than (i) the exercise by any person or entity of any options,
warrants or other convertible securities and excluding (ii) the Securities, with any of the purchasers who were first introduced
to the Company in connection with the financing contemplated hereby by the Placement Agent, then the Company will pay to the Placement
Agent upon the closing of such financing the compensation set forth in Section 1 herein (the “Termination Fee”).
Notwithstanding anything to the contrary contained herein, the provisions concerning confidentiality, indemnification, contribution
and the Company’s obligations to pay fees and reimburse expenses contained herein and the Company’s representations
and warranties and obligations contained in the Indemnification Provisions will survive any expiration or termination of this
Agreement, irrespective of whether a closing occurs. All such fees and reimbursements due shall be paid to the Placement Agent
on or before the Termination Date (in the event such fees and reimbursements are earned or owed as of the Termination Date) or
upon the closing of the Placement or any applicable portion thereof (in the event such fees are due pursuant to the terms of Section
1 hereof). The Placement Agent agrees not to use any confidential information concerning the Company provided to them by the Company
for any purposes other than those contemplated under this Agreement.

 

    	 	Page 3 of 12

     

    

 

Section
6              
PLACEMENT AGENT’S INFORMATION. The Company agrees that any information
or advice rendered by the Placement Agent in connection with this engagement is for the confidential use of the Company only in
their evaluation of the Placement and, except as otherwise required by law, the Company will not disclose or otherwise refer to
the advice or information (other than references to the historical fact of the Placement) in any manner without the Placement
Agent’s prior written consent.

 

Section
7              
NO FIDUCIARY RELATIONSHIP. This Agreement does not create, and shall not be
construed as creating rights enforceable by any person or entity not a party hereto, except those entitled hereto by virtue of
the Indemnification Provisions hereof. The Company acknowledges and agrees that the Placement Agent is not and shall not be construed
as a fiduciary of the Company and shall have no duties or liabilities to the equity holders or the creditors of the Company or
any other person by virtue of this Agreement or the retention of the Placement Agent hereunder, all of which are hereby expressly
waived.

 

Section
8              
CLOSING. The obligations of the Placement Agent, and the closing of the sale
of the Securities hereunder, are subject to the accuracy, when made and on the Closing Date, of the representations and warranties
on the part of the Company and its Subsidiaries contained herein and in the Securities Purchase Agreement, to the accuracy of
the statements of the Company and its Subsidiaries made in any certificates pursuant to the provisions hereof, to the performance
by the Company and its Subsidiaries of their obligations hereunder, and to each of the following additional terms and conditions:

 

(A)              
Except for the 8-K/A dated July 22, 2016 and periodic updates to its existing Form S-1 and
S-3 registration statements, the Company has filed all reports, schedules, forms, statements or other documents required to be
filed by the Company under the Securities Act or Exchange Act, during the two years preceding the date hereof (the foregoing materials
filed during such two-year period, including the exhibits thereto and documents incorporated by reference therein, the “SEC
Reports”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports
prior to the expiration of any such extension; as of their respective filing or amendment dates, the SEC Reports complied in all
material respects with the requirements of the Exchange Act and the rules and regulations of the Securities and Exchange Commission
(the “Commission”) promulgated thereunder; and as of their respective filing or amendment dates, the SEC Reports
did not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading.

 

(B)              
All corporate proceedings and other legal matters incident to the authorization, form, execution,
delivery and validity of each of this Agreement, the Placement, the Transaction Documents and the Securities, and all other legal
matters relating to this Agreement and the transactions contemplated hereby shall be reasonably satisfactory in all material respects
to counsel for the Placement Agent, and the Company shall have furnished to such counsel all documents and information that they
may reasonably request to enable them to pass upon such matters.

 

(C)              
The Placement Agent shall have received as of the Closing Date a certificate of the Secretary
of the Company (A) certifying, as complete and accurate as of the Closing, attached copies of the certificate of incorporation
and bylaws of the Company, (B) certifying and attaching all requisite resolutions or actions of the Company’s board of directors
and shareholders approving the execution and delivery of this Agreement, the Transaction Documents and the consummation of the
transactions contemplated hereby and thereby, (C) certifying and attaching a Certificate of Good Standing, dated within four (4)
business days of the Closing Date, certified by the Secretary of State of the State of Delaware and (D) certifying to the incumbency
and signatures of the authorized representatives of the Company executing this Agreement and any other document relating to the
transactions contemplated hereby.

 

    	 	Page 4 of 12

     

    

 

(D)              
The Placement Agent shall have received as of the Closing Date the favorable opinion of legal
counsel to the Company dated as of such Closing Date, addressed to the Placement Agent in form and substance reasonably satisfactory
to the Placement Agent.

 

(E)               
The Placement Agent shall have received as of the Closing Date the favorable intellectual
property opinion of intellectual property counsel to the Company dated as of such Closing Date, addressed to the Placement Agent
in form and substance reasonably satisfactory to the Placement Agent.

 

(F)               
The Placement Agent shall have received as of the Closing Date the favorable legal opinion
of British Virgin Island counsel to the to the Company, dated as of such Closing Date, addressed to the Placement Agent in form
and substance reasonably satisfactory to the Placement Agent. 

 

(G)              
The Placement Agent shall have received a cold comfort letter from Marcum LLP, addressed to
the Placement Agent in form and substance reasonably satisfactory in all material respects to the Placement Agent.

 

(H)              
The Placement Agent shall have received a comfort letter from the Chief Financial Officer
of the Company, addressed to the Placement Agent in form and substance reasonably satisfactory in all material respects to the
Placement Agent.

 

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

 

(J)                
The Common Stock, the Warrants and the Warrant Shares are registered under the Exchange Act
and, as of the Closing Date, the Common Stock shall be listed, admitted and authorized for trading on the NASDAQ Capital Market.
The Company shall have taken no action designed to, or likely to have the effect of terminating the registration of the Common
Stock, the Warrants and the Warrant Shares under the Exchange Act or delisting or suspending from trading the Common Stock from
the NASDAQ Capital Market, nor has the Company received any information suggesting that the Securities and Exchange Commission
(the “Commission”) or NASDAQ Capital Market is contemplating terminating such registration or listing.

 

(K)              
Subsequent to the execution and delivery of this Agreement and up to the Closing Date, there
shall not have occurred any of the following: (i) trading in securities generally on the NASDAQ Capital Market shall have been
suspended or minimum or maximum prices or maximum ranges for prices shall have been established generally on any such exchange
or such market by the Commission or by such exchange or by any other regulatory body or governmental authority having jurisdiction,
(ii) a banking moratorium shall have been declared by federal or state authorities or a material disruption has occurred in commercial
banking or securities settlement or clearance services in the United States, (iii) the United States shall have become engaged
in hostilities in which it is not currently engaged, the subject of an act of terrorism, there shall have been an escalation in
hostilities involving the United States, or there shall have been a declaration of a national emergency or war by the United States,
or (iv) there shall have occurred any other calamity or crisis or any change in general economic, political or financial conditions
in the United States or elsewhere, if the effect of any such event in clause (iii) or (iv) makes it, in the sole judgment of the
Placement Agent, impracticable or inadvisable to proceed with the sale or delivery of the Securities on the terms and in the manner
contemplated by the Securities Purchase Agreement.

 

    	 	Page 5 of 12

     

    

 

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

 

(M)             
The Company shall have prepared and will file within one (1) business day hereof with the
Commission a Current Report on Form 8-K with respect to the Placement, including as an exhibit thereto this Agreement.

 

(N)              
The Company shall have entered into a Securities Purchase Agreement with each of the Purchasers
and such agreements shall be in full force and effect and shall contain representations, warranties and covenants of the Company
as agreed between the Company and the Purchasers.

 

(O)              
Prior to the Closing Date, the Company shall have furnished to the Placement Agent such further
information, certificates and documents as the Placement Agent may reasonably request.

 

(P)               
On or prior to the Closing Date, the Placement Agent shall have received a Lock-Up Agreement
from such of the Company’s officers, directors and holders of five percent (5%) or greater of the Company’s common
stock issued and outstanding as of the date hereof as reasonably requested by the Placement Agent.

 

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

 

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

 

If any of the conditions
specified in this Section 8 shall not have been fulfilled when and as required by this Agreement, the obligations of the Placement
Agent to consummate the Closing hereunder may be cancelled by the Representative after notice of such cancellation shall have be
given to the Company in writing and the Company shall have been given a reasonable period of time to satisfy such condition (if
such condition is capable of being satisfied).

 

Section
9              
GOVERNING LAW. This Agreement, and any dispute, claim or action arising under
or in any way relating to this Agreement, will be governed by, and construed in accordance with, the laws of the State of New
York applicable to agreements made and to be performed entirely in such State. This Agreement may not be assigned by any party
without the prior written consent of the other parties. This Agreement shall be binding upon and inure to the benefit of the parties
hereto, and their respective successors and permitted assigns. Any right to trial by jury with respect to any dispute arising
under this Agreement or any transaction or conduct in connection herewith is knowingly, voluntarily and irrevocably waived to
the fullest extent permitted by applicable law. Each of the Placement Agent and the Company: (i) agrees that any legal suit, action
or proceeding arising out of or relating to this Agreement and/or the transactions contemplated hereby shall be instituted exclusively
in New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, (ii)
waives any objection which it may have or hereafter to the venue of any such suit, action or proceeding, and (iii) irrevocably
consents to the jurisdiction of the New York Supreme Court, County of New York, and the United States District Court for the Southern
District of New York in any such suit, action or proceeding. Each of the Placement Agent and the Company further agrees to accept
and acknowledge service of any and all process which may be served in any such suit, action or proceeding in the New York Supreme
Court, County of New York, or in the United States District Court for the Southern District of New York and agrees that service
of process upon the Company mailed by certified mail to the Company’s address shall be deemed in every respect effective
service of process upon the Company, in any such suit, action or proceeding, and service of process upon the Placement Agent mailed
by certified mail to such Placement Agent’s address shall be deemed in every respect effective service process upon such
Placement Agent, in any such suit, action or proceeding. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. 

 

    	 	Page 6 of 12

     

    

 

Section
10           
ENTIRE AGREEMENT/MISC. This Agreement (including the attached Indemnification
Provisions) embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and
understandings, relating to the subject matter hereof. If any provision of this Agreement is determined to be invalid or unenforceable
in any respect, such determination will not affect such provision in any other respect or any other provision of this Agreement,
which will remain in full force and effect. This Agreement may not be amended or otherwise modified or waived except by an instrument
in writing signed by both the Placement Agent and the Company. The representations, warranties, agreements and covenants contained
herein shall survive the closing of the Placement and delivery and/or exercise of the Securities, as applicable. This Agreement
may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood
that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or
a .pdf format file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such
signature is executed) with the same force and effect as if such facsimile or .pdf signature page were an original thereof. The
Company agrees that the Placement Agent may rely upon, and each is a third party beneficiary of, the representations and warranties,
and applicable covenants set forth in any such purchase, subscription or other agreement with the Purchasers in the Placement.  All
amounts stated in this Agreement are in US dollars unless expressly stated.

 

Section
11            NOTICES.
All notices and communications hereunder shall be in writing and mailed or delivered or by email if subsequently confirmed in
writing, and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or
communication is sent to the email address specified on the signature pages attached hereto prior to 6:30 p.m. (New York City
time) on a business day, (b) the next business day after the date of transmission, if such notice or communication is sent to
the email address on the signature pages attached hereto on a day that is not a business day or later than 6:30 p.m. (New
York City time) on any business day, (c) the third business day following the date of mailing, if sent by U.S.
internationally recognized air courier service, or (d) upon actual receipt by the party to whom such notice is required to be
given. The address for such notices and communications shall be as follows: (a) if to the Placement Agent, c/o Maxim Group
LLC, 405 Lexington Avenue, New York, New York 10174, Attention: Equity Capital Markets, with a copy to Maxim Group LLC, 405
Lexington Avenue, New York, New York 10174, Attention: General Counsel, and to Harter Secrest & Emery LLP, 1600
Bausch & Lomb Place, Rochester, NY 14604, Attention: Alexander R. McClean, and (b) if to the Company, to the address set
forth above with a copy to Pepper Hamilton LLP, 620 Eighth Avenue, 37th Floor, New York, New York 10018,
Attention: Merrill M. Kraines. 

 

 

[The remainder of this page has been
intentionally left blank.]

 

    	 	Page 7 of 12

     

    

 

Please confirm that
the foregoing correctly sets forth our agreement by signing and returning to the Placement Agent the enclosed copy of this Agreement.

 

 

	 	Very truly yours,
	 	 
	 	MAXIM GROUP LLC
	 	 
	 	By: 	/s/ Clifford A. Teller
	 	 	Name: Clifford A. Teller
	 	 	Title: Executive Managing Director, Investment Banking 
	 	 

 

 

 

 

[Signature Page to Placement Agency Agreement]

 

    	 	Page 8 of 12

     

    

 

Accepted and Agreed to as of

the date first written above:

 

APPLIED DNA SCIENCES, INC.

 

	By: 	/s/ James A. Hayward 	 
	 	Name: James A. Hayward 	 
	 	Title: CEO	 

 

 

 

 

[Signature Page to Placement Agency Agreement]

  

    	 	Page 9 of 12

     

    

 

ADDENDUM
A

 

INDEMNIFICATION
PROVISIONS

 

In connection with
the engagement of Maxim Group LLC (“Maxim” or the “Placement Agent”) by Applied DNA Sciences, Inc. (the
“Company”) pursuant to a letter agreement dated December 12, 2017, between the Company and the Placement Agent,
as it may be amended from time to time in writing (the “Agreement”), the Company hereby agrees as follows:

 

	 	1.	The Company hereby agrees to indemnify and hold the Placement Agent, each of its respective officers, directors, principals, employees, affiliates, and stockholders, and their successors and assigns, harmless from and against any and all loss, claim, damage, liability, deficiencies, actions, suits, proceedings, costs and legal expenses or expense whatsoever (including, but not limited to, reasonable legal fees and other expenses and reasonable disbursements incurred in connection with defending any action, suit or proceeding, including any inquiry or investigation, commenced or threatened, or any claim whatsoever, or in appearing or preparing for appearance as witness in any proceeding, including any pretrial proceeding such as a deposition) (collectively the “Losses”) arising out of, based upon, or in any way related or attributable to, (i) any breach of a representation, warranty or covenant by the Company contained in this Agreement; or (ii) any activities or services performed hereunder by the Placement Agent, unless it is finally judicially determined (and not subject to appeal) in a court of competent jurisdiction that such Losses were the primary and direct result of the bad faith, willful misconduct or gross negligence of the Placement Agent in performing the services hereunder.
	 	 	 
	 	2.	The Company agrees to notify the Placement Agent promptly of the assertion against it or any other person of any claim or the commencement of any legal action, suit or proceeding relating to a transaction contemplated by the Agreement.  If the Placement Agent receives written notice of the commencement of any legal action, suit or proceeding with respect to which the Company is or may be obligated to provide indemnification pursuant to this Addendum A, the Placement Agent shall, within twenty (20) days of the receipt of such written notice, give the Company written notice thereof (a “Claim Notice”). Failure to give such Claim Notice within such twenty (20) day period shall not constitute a waiver by the Placement Agent of its right to indemnity hereunder with respect to such action, suit or proceeding; provided, however, the indemnification hereunder may be limited by any such failure to provide a Claim Notice to the Company that materially prejudices the Company. Upon receipt by the Company of a Claim Notice from the Placement Agent with respect to any claim for indemnification which is based upon a claim made by a third party (“Third Party Claim”), the Company may assume the defense of the Third Party Claim with counsel of its own choosing, as described below. The Placement Agent shall cooperate in the defense of the Third Party Claim and shall furnish such records, information and testimony and attend all such conferences, discovery proceedings, hearings, trial and appeals as may be reasonably required in connection therewith. The Placement Agent shall have the right to employ their own counsel in any such action which shall be at the Company's expense if (i) the Company shall have failed in a timely manner to assume the defense and employ counsel or experts reasonably satisfactory to the Placement Agent in such litigation or proceeding or (ii) the named parties to any such litigation or proceeding (including any impleaded parties) include the Company and the Placement Agent and representation of the Company and the Placement Agent by the same counsel or experts would, in the reasonable opinion of the Placement Agent, be inappropriate due to actual or potential differing interests between the Company and the Placement Agent. The Company shall not satisfy or settle any Third Party Claim for which indemnification has been sought and is available hereunder, without the prior written consent of the Placement Agent, which consent shall not be conditioned or delayed and which shall not be required if the Placement Agent is granted a release in connection therewith. The indemnification provisions hereunder shall survive the termination or expiration of this Agreement.

 

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	 	3.	The Company further agrees, upon demand by the Placement Agent, to promptly reimburse the Placement Agent for, or pay, any loss, claim, damage, liability or expense as to which the Placement Agent has been indemnified herein with such reimbursement to be made currently as any loss, damage, liability or expense is incurred by the Placement Agent. Notwithstanding the provisions of the aforementioned Indemnification, any such reimbursement or payment by the Company of fees, expenses, or disbursements incurred by the Placement Agent shall be repaid by the Placement Agent in the event of any proceeding in which a final judgment (after all appeals or the expiration of time to appeal) is entered in a court of competent jurisdiction against the Placement Agent based solely upon its bad faith, gross negligence or willful misconduct in the performance of its duties hereunder, and provided further, that the Company shall not be required to make reimbursement or payment for any settlement effected without the Company’s prior written consent (which consent shall not be unreasonably withheld or delayed).
	 	 	 
	 	4.	If for any reason the foregoing indemnification is unavailable or is insufficient to hold such indemnified party harmless, the Company agrees to contribute the amount paid or payable by such indemnified party in such proportion as to reflect not only the relative benefits received by the Company, as the case may be, on the one hand, and the Placement Agent, on the other hand, but also the relative fault of the Company and the Placement Agent as well as any relevant equitable considerations. In no event shall the Placement Agent contribute in excess of the fees actually received by them pursuant to the terms of this Agreement.
	 	 	 
	 	5.	For purposes of this Agreement, each officer, director, stockholder, and employee or affiliate of the Placement Agent and each person, if any, who controls the Placement Agent (or any affiliate) within the meaning of either Section 15 of the Securities Act of 1933, as amended, or Section 20 of the Securities Exchange Act of 1934, as amended, shall have the same rights as the Placement Agent with respect to matters of indemnification by the Company hereunder.

 

	 	MAXIM GROUP LLC
	 	 
	 	By: 	/s/ Clifford A. Teller
	 	 	Name: Clifford A. Teller
	 	 	Title: Executive Managing Director, Investment Banking

 

 

 

 

[Signature Page to Indemnification Provisions

Pursuant to Placement Agency Agreement]

 

 

    	 	Page 11 of 12

     

    

 

Accepted and Agreed to as of

the date first written above:

 

APPLIED DNA SCIENCES, INC.

 

	By: 	/s/ James A. Hayward 	 
	 	Name: James A. Hayward	 
	 	
        Title: CEO

         
	 

 

 

 

 

[Signature Page to Indemnification Provisions

Pursuant to Placement Agency Agreement]

 

    	 	Page 12 of 12

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