Document:

EX-10.1

Exhibit 10.1

SUMMARY OF BOARD COMPENSATION

The following is a summary of the compensation for non-employee directors serving on the Avanir
Pharmaceuticals Board of Directors.

	 	 	 	 	 
	Annual Retainer Fee:
	 	Dollars ($)

	Chairman of the Board
	 	$	40,000	 
	All other non-employee directors
	 	$	25,000	 
	Audit Committee Chairman
	 	$	6,000	 
	Chairman of other standing Board committees
	 	$	4,000	 
	Board and Committee Meeting Attendance Fees:
	 	Dollars ($)

	Board meeting
	 	$	1,500	 
	Audit Committee meeting – Committee Chairman
	 	$	2,000	 
	Audit Committee meeting – Other than Chairman
	 	$	1,500	 
	Standing Board Committee meeting (excluding Audit) – Committee Chairman.
	 	$	1,250	 
	Standing Board Committee meeting (excluding Audit) – Other than Chairman
	 	$	750	 
	 
	 	Fair Value of

	Equity-based compensation
	 	Equity Award

	Annual equity grant to sitting directors (3-year vesting)*
	 	$	100,000	 
	Initial equity grant to newly elected directors (4-year vesting)**
	 	$	200,000	 

	*	 	Represents a grant of restricted stock or restricted stock units with three-year vesting,
subject to continued service during that time. Award shares may not be sold or transferred
until the director’s service terminates (subject only to certain limited exceptions). Award
will be granted following each Annual Meeting of Shareholders.

	**	 	Represents a one-time option grant upon initial election to the board, with the value of the
award to be determined pursuant to a Black-Scholes model (modified as appropriate by the
Company consistent with FAS 123R). This option will vest and become exercisable over four
years, subject to continued service during that time. Shares acquired upon exercise may not be
sold or transferred until the director’s service terminates (subject only to certain limited
exceptions).

Additionally, non-employee directors are reimbursed for their reasonable out-of-pocket expenses
incurred in connection with attending Board and committee meetings and in attending continuing
education seminars, to the extent that attendance is required by the Board or the committee(s) on
which that director serves.Unassociated Document

     

     

    Exhibit
      4.1

     

    NEITHER
      THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES
      HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
      SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
      REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
      ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
      EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
      AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
      REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
      SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
      TO
      SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
      COMPANY. THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE OF THESE
      SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT SECURED
      BY SUCH SECURITIES. 

     

     

    CALLISTO
      PHARMACEUTICALS, INC.

     

    WARRANT

     

    
      
        	
                Warrant
                  No. [ ]

              	Original Issue Date: February 3,
                2006

      

    

     

    Callisto
      Pharmaceuticals, Inc.,
      a
      Delaware corporation (the "Company"),
      hereby
      certifies that, for value received, [ ] or its registered assigns (the
"Holder"),
      is
      entitled to purchase from the Company up to a total of [ ]1 
      shares
      of Common Stock (each such share, a "Warrant
      Share"
      and all
      such shares, the "Warrant
      Shares"),
      at any
      time and from time to time from and after the Original Issue Date and through
      and including August 3, 2007 (the "Expiration
      Date"),
      and
      subject to the following terms and conditions:

     

    1.            
      Definitions.
      As used
      in this Warrant, the following terms shall have the respective definitions
      set
      forth in this Section 1. Capitalized terms that are used and not defined in
      this
      Warrant that are defined in the Purchase Agreement (as defined below) shall
      have
      the respective definitions set forth in the Purchase Agreement.

     

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

     

    "Common
      Stock"
      means
      the common stock of the Company, par value $0.0001 per share, and any securities
      into which such common stock may hereafter be reclassified. 

     

     

      
        

      

    

    1
      A number
      of shares as equals 25% of the Shares issuable to such investor at Closing
      under
      the Purchase Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    "Exercise
      Price" means
      $1.60, subject to adjustment in accordance with Section 9.

     

    "Fundamental
      Transaction"
      means
      any of the following: (1) the Company effects any merger or consolidation of
      the
      Company with or into another Person, (2) the Company effects any sale of all
      or
      substantially all of its assets in one or a series of related transactions,
      (3)
      any tender offer or exchange offer (whether by the Company or another Person)
      is
      completed pursuant to which holders of Common Stock are permitted to tender
      or
      exchange their shares for other securities, cash or property, or (4) the Company
      effects any reclassification of the Common Stock or any compulsory share
      exchange pursuant to which the Common Stock is effectively converted into or
      exchanged for other securities, cash or property.

     

    “Original
      Issue Date”
      means
      the Original Issue Date first set forth on the first page of this
      Warrant.

     

    “New
      York Courts”
      means
      the state and federal courts sitting in the City of New York, Borough of
      Manhattan.

     

    "Purchase
      Agreement"
      means
      the Securities Purchase Agreement, dated February 3, 2006, to which the Company
      and the original Holder are parties.

     

    "Trading
      Day"
      means
      (i) a day on which the Common Stock is traded on a Trading Market, or (ii)
      if
      the Common Stock is not quoted on any Trading Market, a day on which the Common
      Stock is quoted in the over-the-counter market as reported by the Pink Sheets,
      LLC (or any similar organization or agency succeeding to its functions of
      reporting prices); provided, that in the event that the Common Stock is not
      listed or quoted as set forth in (i) and (ii) hereof, then Trading Day shall
      mean a Business Day.

     

    "VWAP"
      means on
      any particular Trading Day or for any particular period, the volume weighted
      average trading price per share of Common Stock on such date or for such period
      as reported by the Bloomberg L.P., or by any successor performing similar
      functions.

     

    2.            
      Registration
      of Warrant.
      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.

     

    3.            
      Registration
      of Transfers.
      The
      Company shall register the transfer of any portion of this Warrant in the
      Warrant Register, upon surrender of this Warrant, with the Form of Assignment
      attached hereto duly completed and signed, to the Company at its address
      specified herein. Upon any such registration or transfer, a new Warrant to
      purchase Common Stock, in substantially the form of this Warrant (any such
      new
      Warrant, a "New
      Warrant"),
      evidencing the portion of this Warrant so transferred shall be issued to the
      transferee and a New Warrant evidencing the remaining portion of this Warrant
      not so transferred, if any, shall be issued to the transferring Holder. The
      acceptance of the New Warrant by the transferee thereof shall be deemed the
      acceptance by such transferee of all of the rights and obligations of a holder
      of a Warrant. 

     

    
      
        
        

      

      
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    4.            
      Exercise
      and Duration of Warrants.
      

     

    (a)            
      This
      Warrant shall be exercisable by the registered Holder at any time and from
      time
      to time on or after the Original Issue Date through and including the Expiration
      Date. At 6:30 p.m., New York City time on the Expiration Date, the portion
      of
      this Warrant not exercised prior thereto shall be and become void and of no
      value. Except as provided in Section 4(b) below, the Company may not call or
      redeem any portion of this Warrant without the prior written consent of the
      affected Holder.

     

    (b)            
      Subject
      to the provisions of this Section 4(b), if at any time following the effective
      date of a registration statement registering for resale the Warrant Shares
      (the
“Effective
      Date”):
      (i)
      the VWAP of the Common Stock for each of 10 consecutive Trading Days following
      the Effective Date is greater than $2.10 (subject to adjustment pursuant to
      Section 9), (ii) the Warrant Shares are either registered for resale pursuant
      to
      an effective registration statement naming the Holder as a selling stockholder
      thereunder (and the prospectus thereunder is available for use by the Holder
      as
      to all Warrant Shares) or freely transferable without volume restrictions
      pursuant to Rule 144(k) promulgated under the Securities Act, as determined
      by
      counsel to the Company pursuant to a written opinion letter addressed and in
      form and substance reasonably acceptable to the Holder and the transfer agent
      for the Common Stock, during the entire 10 Trading Day period referenced in
      (i)
      above through the expiration of the Call Date as set forth in the Company’s
      notice pursuant to this Section (the “Call
      Condition Period”),
      (iii)
      the Company shall have complied in all material respects with its obligations
      under this Warrant and (iv) the Common Stock shall at all times be listed or
      quoted on a Trading Market, then, subject to the conditions set forth in this
      Section, the Company may, in its sole discretion, elect to require the exercise
      of all of the then unexercised portion of this Warrant, on the date that is
      the
      fifth Trading Day after written notice thereof (a “Call
      Notice”)
      is
      received by the Holder (such fifth Trading Day shall be known as the
“Call
      Date”)
      at the
      address last shown on the records of the Company for the Holder or given by
      the
      Holder to the Company for the purpose of notice. The Company covenants and
      agrees that it will honor all Exercise Notices tendered through 6:30 p.m. (New
      York City time) on the Call Date. 

     

    5.            
      Delivery
      of Warrant Shares.

     

    (a)            
      To
      effect
      exercises hereunder, the Holder shall not be required to physically surrender
      this Warrant unless the aggregate Warrant Shares represented by this Warrant
      is
      being exercised. Upon delivery of the Exercise Notice (in the form attached
      hereto) to the Company (with the attached Warrant Shares Exercise Log) at its
      address for notice set forth herein and upon payment of the Exercise Price
      multiplied by the number of Warrant Shares that the Holder intends to purchase
      hereunder, the Company shall promptly (but in no event later than three Trading
      Days after the Date of Exercise (as defined herein)) issue and deliver to the
      Holder, a certificate for the Warrant Shares issuable upon such exercise, which,
      unless otherwise required by the Purchase Agreement, shall be free of
      restrictive legends. The Company shall, upon request of the Holder and
      subsequent to the Effective Date, use its reasonable best efforts to deliver
      Warrant Shares hereunder electronically through the Depository Trust Corporation
      or another established clearing corporation performing similar functions, if
      available, provided,
      that,
      the Company may, but will not be required to change its transfer agent if its
      current transfer agent cannot deliver Warrant Shares electronically through
      the
      Depository Trust Corporation. A

     

    
      
        
        

      

      
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    "Date
      of Exercise"
      means
      the date on which the Holder shall have delivered to the Company: (i) the
      Exercise Notice (with the Warrant Exercise Log attached to it), appropriately
      completed and duly signed and (ii) payment of the Exercise Price for the number
      of Warrant Shares so indicated by the Holder to be purchased.

     

    (b)            
      The
      Company's obligations to issue and deliver Warrant Shares in accordance with
      the
      terms hereof are absolute and unconditional, irrespective of any action or
      inaction by the Holder to enforce the same, any waiver or consent with respect
      to any provision hereof, the recovery of any judgment against any Person or
      any
      action to enforce the same, or any setoff, counterclaim, recoupment, limitation
      or termination, or any breach or alleged breach by the Holder or any other
      Person of any obligation to the Company or any violation or alleged violation
      of
      law by the Holder or any other Person, and irrespective of any other
      circumstance which might otherwise limit such obligation of the Company to
      the
      Holder in connection with the issuance of Warrant Shares. 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 certificates representing Warrant Shares upon exercise of the
      Warrant as required pursuant to the terms hereof.

     

    6.            
      Charges,
      Taxes and Expenses.
      Issuance and delivery of Warrant Shares upon exercise of this Warrant shall
      be
      made without charge to the Holder for any issue or transfer tax, withholding
      tax, transfer agent fee or other incidental tax or expense in respect of the
      issuance of such certificates, all of which taxes and expenses shall be paid
      by
      the Company; provided, however, that the Company shall not be required to pay
      any tax which may be payable in respect of any transfer involved in the
      registration of any certificates for Warrant Shares or Warrants in a name other
      than that of the Holder. The Holder shall be responsible for all other tax
      liability that may arise as a result of holding or transferring this Warrant
      or
      receiving Warrant Shares upon exercise hereof.

     

    7.            
      Replacement
      of Warrant.
      If this
      Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or
      cause to be issued in exchange and substitution for and upon cancellation
      hereof, or in lieu of and substitution for this Warrant, a New Warrant, but
      only
      upon receipt of evidence reasonably satisfactory to the Company of such loss,
      theft or destruction and customary and reasonable indemnity (which shall not
      include a surety bond), if requested. Applicants for a New Warrant under such
      circumstances shall also comply with such other reasonable regulations and
      procedures and pay such other reasonable third-party costs as the Company may
      prescribe. If a New Warrant is requested as a result of a mutilation of this
      Warrant, then the Holder shall deliver such mutilated Warrant to the Company
      as
      a condition precedent to the Company’s obligation to issue the New
      Warrant.

     

    8.            
      Reservation
      of Warrant Shares.
      The
      Company covenants that it will at all times reserve and keep available out
      of
      the aggregate of its authorized but unissued and otherwise unreserved Common
      Stock, solely for the purpose of enabling it to issue Warrant Shares upon
      exercise of this Warrant as herein provided, the number of Warrant Shares which
      are then issuable and deliverable upon the exercise of this entire Warrant,
      free
      from preemptive rights or any other contingent purchase rights of Persons other
      than the Holder (taking into account the adjustments and restrictions of
Section
      9).
      The
      Company covenants that all Warrant Shares so

     

    
      
        
        

      

      
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    issuable
      and deliverable shall, upon issuance and the payment of the applicable Exercise
      Price in accordance with the terms hereof, be duly and validly authorized,
      issued and fully paid and nonassessable.

     

    9.            
      Certain
      Adjustments.
      The
      Exercise Price and number of Warrant Shares issuable upon exercise of this
      Warrant are subject to adjustment from time to time as set forth in this
Section
      9.

     

    (a)            
      Stock
      Dividends and Splits.
      If the
      Company, at any time while this Warrant is outstanding, (i) pays a stock
      dividend on its Common Stock or otherwise makes a distribution on any class
      of
      capital stock that is payable in shares of Common Stock, (ii) subdivides
      outstanding shares of Common Stock into a larger number of shares, or (iii)
      combines outstanding shares of Common Stock into a smaller number of shares,
      then in each such case the Exercise Price shall be multiplied by a fraction
      of
      which the numerator shall be the number of shares of Common Stock outstanding
      immediately before such event and of which the denominator shall be the number
      of shares of Common Stock outstanding immediately after such event. Any
      adjustment made pursuant to clause (i) of this paragraph shall become effective
      immediately after the record date for the determination of stockholders entitled
      to receive such dividend or distribution, and any adjustment pursuant to clause
      (ii) or (iii) of this paragraph shall become effective immediately after the
      effective date of such subdivision or combination.

     

    (b)            
      Fundamental
      Transactions.
      If, at
      any time while this Warrant is outstanding there is a Fundamental Transaction,
      then the Holder shall have the right thereafter to receive, upon exercise of
      this Warrant, the same amount and kind of securities, cash or property as it
      would have been entitled to receive upon the occurrence of such Fundamental
      Transaction if it had been, immediately prior to such Fundamental Transaction,
      the holder of the number of Warrant Shares then issuable upon exercise in full
      of this Warrant (the "Alternate
      Consideration").
      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. At the Holder's option and request, any successor to the Company
      or
      surviving entity in such Fundamental Transaction shall, either (1) issue to
      the
      Holder a new warrant substantially in the form of this Warrant and consistent
      with the foregoing provisions and evidencing the Holder's right to purchase
      the
      Alternate Consideration for the aggregate Exercise Price upon exercise thereof,
      or (2) purchase the Warrant from the Holder for a purchase price, payable in
      cash within five Trading Days after such request (or, if later, on the effective
      date of the Fundamental Transaction), equal to the Black Scholes value of the
      remaining unexercised portion of this Warrant on the date of such request.
      The
      terms of any agreement pursuant to which a Fundamental Transaction is effected
      shall include terms requiring any such successor or surviving entity to comply
      with the provisions of this paragraph (b) and insuring that the Warrant (or
      any
      such replacement security)

     

    
      
        
        

      

      
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    will
      be
      similarly adjusted upon any subsequent transaction analogous to a Fundamental
      Transaction.

     

    (c)            
      Number
      of Warrant Shares.
      Simultaneously with any adjustment to the Exercise Price pursuant to this
      Section 9, the number of Warrant Shares that may be purchased upon exercise
      of
      this Warrant shall be increased or decreased proportionately, so that after
      such
      adjustment the aggregate Exercise Price payable hereunder for the adjusted
      number of Warrant Shares shall be the same as the aggregate Exercise Price
      in
      effect immediately prior to such adjustment.

     

    (d)            
      Calculations.
      All
      calculations under this Section
      9
      shall be
      made to the nearest cent or the nearest 1/100th
      of a
      share, as applicable. The number of shares of Common Stock outstanding at any
      given time shall not include shares owned or held by or for the account of
      the
      Company, and the disposition of any such shares shall be considered an issue
      or
      sale of Common Stock.

     

    (e)            
      Notice
      of Adjustments.
      Upon
      the occurrence of each adjustment pursuant to this Section
      9,
      the
      Company at its expense will promptly compute such adjustment in accordance
      with
      the terms of this Warrant and prepare a certificate setting forth such
      adjustment, including a statement of the adjusted Exercise Price and adjusted
      number or type of Warrant Shares or other securities issuable upon exercise
      of
      this Warrant (as applicable), describing the transactions giving rise to such
      adjustments and showing in detail the facts upon which such adjustment is based.
      Upon written request, the Company will promptly deliver a copy of each such
      certificate to the Holder and to the Company's Transfer Agent.

     

    (f)            
      Notice
      of Corporate Events.
      If the
      Company (i) declares a dividend or any other distribution of cash, securities
      or
      other property in respect of its Common Stock, including without limitation
      any
      granting of rights or warrants to subscribe for or purchase any capital stock
      of
      the Company or any Subsidiary, (ii) authorizes or approves, enters into any
      agreement contemplating or solicits stockholder approval for any Fundamental
      Transaction or (iii) authorizes the voluntary dissolution, liquidation or
      winding up of the affairs of the Company, then the Company shall deliver to
      the
      Holder a notice describing the material terms and conditions of such transaction
      (but only to the extent such disclosure would not result in the dissemination
      of
      material, non-public information to the Holder) at least 10 calendar days prior
      to the applicable record or effective date on which a Person would need to
      hold
      Common Stock in order to participate in or vote with respect to such
      transaction, and the Company will take all steps reasonably necessary in order
      to insure that the Holder is given the practical opportunity to exercise this
      Warrant prior to such time so as to participate in or vote with respect to
      such
      transaction; provided, however, that the failure to deliver such notice or
      any
      defect therein shall not affect the validity of the corporate action required
      to
      be described in such notice.

     

    10.           Payment
      of Exercise Price.
      

     

    (a)            
      This
      Warrant may be exercised by the Holder as to the whole or any lesser number
      of
      the Warrant Shares covered hereby, upon surrender of this Warrant to the Company
      at its principal executive office together with the Notice of Exercise attached
      hereto as Exhibit A, duly completed and executed by the Holder, and payment
      to the Company of the aggregate

     

    
      
        
        

      

      
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    Exercise
      Price for the Warrant Shares to be purchased in the form of (i) a check
      made payable to the Company, (ii) wire transfer according to the Company’s
      instructions or (iii) any combination of (i) and (ii). 

     

    (b)            
      If
      at any
      time after one year from the Original Issue Date there is no effective
      Registration Statement registering, or no current prospectus available for,
      the
      resale of the Warrant Shares by the Holder, then this Warrant may also be
      exercised at such time by means of a "cashless exercise" in which the Holder
      shall be entitled to receive a certificate for the number of Warrant Shares
      equal to the quotient obtained by dividing [(A-B) (X)] by (A),
      where:

     

    (A)
      = the
      VWAP on the Trading Day immediately preceding the date of such
      election;

     

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

     

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

    

    11.           No
      Fractional Shares.
      No
      fractional shares of Warrant Shares will be issued in connection with any
      exercise of this Warrant. In lieu of any fractional shares which would,
      otherwise be issuable, the Company shall pay cash equal to the product of such
      fraction multiplied by the closing price of one Warrant Share as reported by
      the
      applicable Trading Market on the date of exercise.

     

    12.           Notices.
      Any and
      all notices or other communications or deliveries hereunder (including, without
      limitation, any Exercise Notice) shall be in writing and shall be deemed given
      and effective on the earliest of (i) the date of transmission, if such notice
      or
      communication is delivered via facsimile at the facsimile number specified
      in
      this Section prior to 6:30 p.m. (New York City time) on a Trading Day, (ii)
      the
      next Trading Day after the date of transmission, if such notice or communication
      is delivered via facsimile at the facsimile number specified in this Section
      on
      a day that is not a Trading Day or later than 6:30 p.m. (New York City time)
      on
      any Trading Day, (iii) the Trading Day following the date of mailing, if sent
      by
      nationally recognized overnight courier service, or (iv) upon actual receipt
      by
      the party to whom such notice is required to be given. The addresses for such
      communications shall be: (i) if to the Company, to 420 Lexington Avenue, Suite
      1609, New York, New York 10170, Attn: Chief Executive Officer, or to facsimile
      no.: (212) 297-0020 (or such other address as the Company shall indicate in
      writing in accordance with this Section), or (ii) if to the Holder, to the
      address or facsimile number appearing on the Warrant Register or such other
      address or facsimile number as the Holder may provide to the Company in
      accordance with this Section.

     

    13.           Warrant
      Agent.
      The
      Company shall serve as warrant agent under this Warrant. Upon 10 calendar days'
      notice to the Holder, the Company may appoint a new warrant agent. Any
      corporation into which the Company or any new warrant agent may be merged or
      any
      corporation resulting from any consolidation to which the Company or any new
      warrant agent shall be a party or any corporation to which the Company or any
      new warrant agent transfers substantially all of its corporate trust or
      shareholders services business shall be a successor

     

    
      
        
        

      

      
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    warrant
      agent under this Warrant without any further act. Any such successor warrant
      agent shall promptly cause notice of its succession as warrant agent to be
      mailed (by first class mail, postage prepaid) to the Holder at the Holder's
      last
      address as shown on the Warrant Register.

     

    14.           Miscellaneous.

     

    (a)            
      This
      Warrant shall be binding on and inure to the benefit of the parties hereto
      and
      their respective successors and assigns. Subject to the preceding sentence,
      nothing in this Warrant shall be construed to give to any Person other than
      the
      Company and the Holder any legal or equitable right, remedy or cause of action
      under this Warrant. This Warrant may be amended only in writing signed by the
      Company and the Holder and their successors and assigns.

     

    (b)            
      All
      questions concerning the construction, validity, enforcement and interpretation
      of this Warrant shall be governed by and construed and enforced in accordance
      with the internal laws of the State of New York (except for matters governed
      by
      corporate law in the State of Delaware), without regard to the principles of
      conflicts of law thereof. Each party agrees that all legal proceedings
      concerning the interpretations, enforcement and defense of this Warrant and
      the
      transactions herein contemplated (“Proceedings”)
      (whether brought against a party hereto or its respective Affiliates, employees
      or agents) shall be commenced exclusively in the New York Courts. Each party
      hereto hereby irrevocably submits to the exclusive jurisdiction of the New
      York
      Courts for the adjudication of any dispute hereunder or in connection herewith
      or with any transaction contemplated hereby or discussed herein, and hereby
      irrevocably waives, and agrees not to assert in any Proceeding, any claim that
      it is not personally subject to the jurisdiction of any New York Court, or
      that
      such Proceeding has been commenced in an improper or inconvenient forum. Each
      party hereto hereby irrevocably waives personal service of process and consents
      to process being served in any such Proceeding by mailing a copy thereof via
      registered or certified mail or overnight delivery (with evidence of delivery)
      to such party at the address in effect for notices to it under this Warrant
      and
      agrees that such service shall constitute good and sufficient service of process
      and notice thereof. Nothing contained herein shall be deemed to limit in any
      way
      any right to serve process in any manner permitted by law. Each party hereto
      hereby irrevocably waives, to the fullest extent permitted by applicable law,
      any and all right to trial by jury in any legal proceeding arising out of or
      relating to this Warrant or the transactions contemplated hereby. If either
      party shall commence a Proceeding to enforce any provisions of this Warrant,
      then the prevailing party in such Proceeding shall be reimbursed by the other
      party for its attorney’s fees and other costs and expenses incurred with the
      investigation, preparation and prosecution of such Proceeding.

     

    (c)            
      The
      headings 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.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (d)            
      In
      case
      any one or more of the provisions of this Warrant shall be invalid or
      unenforceable in any respect, the validity and enforceability of the remaining
      terms and provisions of this Warrant shall not in any way be affected or
      impaired thereby and the parties will attempt in good faith to agree upon a
      valid and enforceable provision which shall be a commercially reasonable
      substitute therefor, and upon so agreeing, shall incorporate such substitute
      provision in this Warrant.

     

    (e)            
      Prior
      to
      exercise of this Warrant, the Holder hereof shall not, by reason of being a
      Holder, be entitled to any rights of a stockholder with respect to the Warrant
      Shares.

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK,

    SIGNATURE
      PAGE FOLLOWS]

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

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

     

    
      	 	 	 
	 	
              CALLISTO
                PHARMACEUTICALS, INC.

            
	 
 	 
 	 
 
	 	By:  	 
	 	
              

            
	 	Name:
Title:

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    EXERCISE
      NOTICE

    CALLISTO
      PHARMACEUTICALS, INC.

    WARRANT
      DATED FEBRUARY 3, 2006

     

     

    The
      undersigned Holder hereby irrevocably elects to purchase _____________ shares
      of
      Common Stock pursuant to the above referenced Warrant. Capitalized terms used
      herein and not otherwise defined have the respective meanings set forth in
      the
      Warrant.

     

    (1)          
      The
      undersigned Holder hereby exercises its right to purchase _________________
      Warrant Shares pursuant to the Warrant.

     

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

     

    [
      ] in
      lawful money of the United States; or

     

    [
      ] the
      cancellation of such number of Warrant Shares as is necessary, in accordance
      with the formula set forth in subsection 10(b), to exercise this Warrant with
      respect to the maximum number of Warrant Shares purchasable pursuant to the
      cashless exercise procedure set forth in subsection 10(b).

     

    (3)          
      Pursuant
      to this Exercise Notice, the Company shall deliver to the holder _______________
      Warrant Shares in accordance with the terms of the Warrant.

     

    

    
      	 	 
	 	 
	
              Dated:
                ______________,
                ______ 

            	
              Name
                of Holder:

            
	 	 
	 	
              (Print)
                ______________________________

            
	 	 
	 	
              By:
                ________________________________

            
	 	
              Name:
                ______________________________

            
	 	
              Title:
                _______________________________

            
	 	 
	 	
              (Signature
                must conform in all respects to name of holder as specified on the
                face of
                the Warrant)

            

    

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    Warrant
      Shares Exercise Log

     

    
      	
              Date

            	
              Number
                of Warrant Shares Available to be Exercised

            	
              Number
                of Warrant Shares Exercised

            	
              Number
                of Warrant Shares Remaining to be Exercised

            
	 	
               

               

               

               

               

               

               

               

               

               

               

               

               

               

            	 	 

    

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    CALLISTO
      PHARMACEUTICALS, INC.

    WARRANT
      ORIGINALLY ISSUED FEBRUARY 3, 2006

    WARRANT
      NO. [ ]

     

    FORM
      OF
      ASSIGNMENT

     

    [To
      be
      completed and signed only upon transfer of Warrant]

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto
      ________________________________ the right represented by the above-captioned
      Warrant to purchase ____________ shares of Common Stock to which such Warrant
      relates and appoints ________________ attorney to transfer said right on the
      books of the Company with full power of substitution in the
      premises.

     

    Dated: _______________,
      ____

     

     

     

    
      	 	_______________________________________
	 	(Signature must conform in all respects
              to
              name of holder as specified on the face of the Warrant)
	 	 
	 	 
	 	_______________________________________
	 	Address of Transferee
	 	 
	 	 
	 	_______________________________________
	 	 
	 	_______________________________________

    

     

     

    In
      the
      presence of:

     

     

    __________________________

     

     

     

    13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]