Document:

EXHIBIT 10.3

 

Confidential

  

FORM OF

 Registration
Rights Agreement

 

This Registration Rights Agreement
(this “Agreement”) is made and entered into effective as of ____________, 2022, among Odyssey Semiconductor
Technologies, Inc., a Delaware corporation (the “Company”) and the persons who have purchased the Bridge Notes
(as defined below) (each, a “Purchaser” and collectively, the “Purchasers”). Capitalized
terms used herein shall have the meanings ascribed to them in Section 1 below or in the Subscription Agreement.

 

RECITALS:

 

WHEREAS, the Company has
offered and sold in compliance with Rule 506(b) of Regulation D promulgated under the Securities Act to accredited investors in a private
placement offering (the “Offering”) certain Bridge Notes that are convertible into shares of common stock of
the Company, par value $0.0001 per share, pursuant to that certain Subscription Agreement entered into by and between the Company and
each of the subscribers for the Bridge Notes set forth on the signature pages affixed thereto (the “Subscription Agreement”);
and

 

WHEREAS, the Company has
agreed to enter into a registration rights agreement with each of the Purchasers in the Offering who purchased the Bridge Notes.

 

Now,
Therefore, in consideration of the mutual promises, representations, warranties, covenants, and conditions set forth herein,
the parties mutually agree as follows:

 

1.   
        Certain Definitions. As used in this Agreement, the following terms shall have the following
respective meanings:

 

“Approved Market”
means the OTC Markets Group, the Nasdaq Stock Market, the New York Stock Exchange or the NYSE American.

 

“Blackout Period”
means, with respect to a registration, a period during which the Company, in the good faith judgment of its board of directors, determines
(because of the existence of, or in anticipation of, any acquisition, financing activity, or other transaction involving the Company,
or the unavailability for reasons beyond the Company’s control of any required financial statements, disclosure of information which
is in its best interest not to publicly disclose, or any other event or condition of similar significance to the Company) that the registration
and distribution of the Registrable Securities to be covered by such registration statement, if any, or the filing of an amendment to
such registration statement in the circumstances described in Section 4(h) below, would be seriously detrimental to the Company and its
stockholders, in each case commencing on the day the Company notifies the Holders that they are required, because of the determination
described above, to suspend offers and sales of Registrable Securities and ending on the earlier of (1) the date upon which the material
non-public information resulting in the Blackout Period is disclosed to the public or, in the sole discretion of the Company, ceases to
be material and (2) such time as the Company notifies the selling Holders that sales pursuant to such Registration Statement or a new
or amended Registration Statement may resume; provided, however, that no Blackout Period shall extend for a period of more
than thirty (30) consecutive Trading Days and aggregate Blackout Periods shall not exceed sixty (60) Trading Days in any twelve (12) month
period.

 

     

     

    

 

“Business Day”
means any day of the year, other than a Saturday, Sunday, or other day on which banks in the State of New York are required or authorized
to close.

 

“Commission”
means the U.S. Securities and Exchange Commission or any other federal agency at the time administering the Securities Act.

 

“Common Stock”
means the common stock, par value $0.0001 per share, of the Company and any and all shares of capital stock or other equity securities
of: (i) the Company which are added to or exchanged or substituted for the Common Stock by reason of the declaration of any stock dividend
or stock split, the issuance of any distribution or the reclassification, readjustment, recapitalization or other such modification of
the capital structure of the Company; and (ii) any other corporation, now or hereafter organized under the laws of any state or other
governmental authority, with which the Company is merged, which results from any consolidation or reorganization to which the Company
is a party, or to which is sold all or substantially all of the shares or assets of the Company, if immediately after such merger, consolidation,
reorganization or sale, the Company or the stockholders of the Company own equity securities having in the aggregate more than 50% of
the total voting power of such other corporation.

 

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

 

“Family Member”
means (a) with respect to any individual, such individual’s spouse, any descendants (whether natural or adopted), any trust all
of the beneficial interests of which are owned by any of such individuals or by any of such individuals together with any organization
described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, the estate of any such individual, and any corporation,
association, partnership or limited liability company all of the equity interests of which are owned by those above described individuals,
trusts or organizations and (b) with respect to any trust, the owners of the beneficial interests of such trust.

 

“Filing Date”
means the date that the Registration Statement is initially filed with the SEC.

 

“Holder”
means each Purchaser or any of such Purchaser’s respective successors and Permitted Assignees who acquire rights in accordance with
this Agreement with respect to any Registrable Securities directly or indirectly from a Purchaser or from any Permitted.

 

“Majority Holders”
means, at any time, Holders of a majority of the Registrable Securities then outstanding.

 

“Permitted Assignee”
means (a) with respect to a partnership, its partners or former partners in accordance with their partnership interests, (b) with respect
to a corporation, its stockholders in accordance with their interest in the corporation, (c) with respect to a limited liability company,
its members or former members in accordance with their interest in the limited liability company, (d) with respect to an individual party,
any Family Member of such party, (e) an entity or trust that is controlled by, controls, or is under common control with a transferor,
(f) a party to this Agreement, or (g) a person approved by the Company in its reasonable discretion.

 

     

     

    

 

“Note Shares”
means the shares of Common Stock issuable to the Purchasers on conversion of the Bridge Notes that are being offered pursuant to the Subscription
Agreement and any shares of Common Stock issued or issuable with respect to such shares upon any stock split, dividend or other distribution,
recapitalization or similar event with respect to the foregoing.

 

The terms “register,”
“registered,” and “registration” refer to a registration effected by preparing and
filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration
statement.

 

“Registrable Securities”
means the Note Shares, but excluding any otherwise Registrable Securities that (i) have been sold pursuant to a registration statement
or Rule 144 of the Securities Act, or (ii) may be sold at the time pursuant to Rule 144 under the Securities Act without restriction,
including manner of sale, current information requirements or volume limitations. .

 

“Registration Effectiveness
Date” means the date that is ninety (90) calendar days after the Registration Filing Date.

 

“Registration Filing
Date” means the date that is sixty (60) calendar days after the final closing of the Offering.

 

“Registration Statement”
means the registration statement that the Company is required to file pursuant to Section 3(a) of this Agreement to register the Registrable
Securities.

 

“Rule 144”
means Rule 144 promulgated by the Commission under the Securities Act, as such rule may be amended or supplemented from time to time,
or any similar successor rule that may be promulgated by the Commission.

 

“Rule 145”
means Rule 145 promulgated by the Commission under the Securities Act, as such rule may be amended or supplemented from time to time,
or any similar successor rule that may be promulgated by the Commission.

 

“Rule 415”
means Rule 415 promulgated by the Commission under the Securities Act, as such rule may be amended or supplemented from time to time,
or any similar successor rule that may be promulgated by the Commission.

 

“Securities Act”
means the Securities Act of 1933, as amended, or any similar federal statute promulgated in replacement thereof, and the rules and regulations
of the Commission thereunder, all as the same shall be in effect at the time.

 

“SEC Effective Date”
means the date the Registration Statement is declared effective by the Commission.

 

     

     

    

 

“Trading Day”
means any day on which such national securities exchange, the OTC Markets Group or such other securities market or quotation system, which
at the time constitutes the principal securities market for the Common Stock, is open for general trading of securities.

 

2.             Term.
This Agreement shall terminate with respect to each Holder on the earlier of: (i) the date that is two (2) years from the SEC Effective
Date and (ii) the date on which all Registrable Securities held by such Holder have been sold. Notwithstanding the foregoing, Section
3, Section 5(d), Section 6, Section 8, Section 9 and Section 11 shall survive the termination of this Agreement.

 

3.             Registration.

 

Registration on Form S-1.
The Company shall file with the Commission a Registration Statement on Form S-1, or any other form for which the Company then qualifies
or which counsel for the Company shall deem appropriate and which form shall be available the resale by the Holders of all of the Registrable
Securities, and the Company shall (i) use its commercially reasonable efforts to make the initial filing of the Registration Statement
with the Commission no later than the Registration Filing Date, (ii) use its commercially reasonable efforts to cause such Registration
Statement to be declared effective no later than the Registration Effectiveness Date and (iii) use its commercially reasonable efforts
to keep such Registration Statement effective for a period of two (2) years after the SEC Effective Date or for such shorter period ending
on the date on which all Registrable Securities have been sold (the “Effectiveness Period”); provided,
however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this
Section, or keep such registration effective pursuant to the terms hereunder, in any particular jurisdiction in which the Company would
be required to qualify to do business as a foreign corporation or as a dealer in securities under the securities laws of such jurisdiction
or to execute a general consent to service of process in effecting such registration, qualification or compliance, in each case where
it has not already done so; and provided further, the Company shall be entitled to suspend the effectiveness of the Registration Statement
at any time prior to the expiration of the Effectiveness Period during a Blackout Period. Notwithstanding the foregoing, in the event
that the Staff should limit the number of Registrable Securities that may be sold pursuant to the Registration Statement, the Company
may remove from the Registration Statement Registrable Securities, on a pro rata basis among the holders thereof (such Registrable Securities,
the “Reduction Securities”). In such event, the Company shall give the Purchasers prompt notice of the number
of Registrable Securities excluded therefrom. The Company shall use its commercially reasonable efforts at the first opportunity that
is permitted by the Commission to register for resale the Reduction Securities (pro rata among the Holders of such Reduction Securities)
using one or more registration statements that it is then entitled to use. The Company shall use its commercially reasonable efforts to
cause each such registration statement to be declared effective under the Securities Act as soon as possible and shall use its commercially
reasonable efforts to keep such registration statement continuously effective under the Securities Act during the entire Effectiveness
Period. Notwithstanding the foregoing, the Company shall be entitled to suspend the effectiveness of such Registration Statement at any
time prior to the expiration of the Effectiveness Period for the reasons and time periods during a Blackout Period. No liquidated damages
shall accrue or be payable to any Holder pursuant to Section 3(b) below with respect to any Registrable Securities that are excluded by
reason of the Staff limiting the number of Registrable Securities that may be sold pursuant to a registration statement; provided that
the Company continues to use commercially reasonable efforts to register such Registrable Securities for resale by other available means.
Notwithstanding anything herein to the contrary, if the Commission limits the Company’s ability to file, or prohibits or delays
the filing of a new registration statement, the Company’s compliance with such limitation, prohibition or delay solely to the extent
of such limitation, prohibition or delay shall not be deemed a failure by the Company to use commercially reasonable efforts as set forth
above or elsewhere in this Agreement and shall not require the payment of any liquidated damages by the Company under this Agreement.

 

     

     

    

 

(a)       If
the Company receives a written notice from the Holders of at least 50% of the Registrable Securities then outstanding that they desire
to distribute the Registrable Securities held by them (or a portion thereof) by means of an underwritten offering or a block trade, the
Company shall use commercially reasonable efforts to promptly engage one or more underwriter(s) or investment bank(s) to conduct such
an offering of the Registrable Securities (a “Secondary Offering”). The underwriter(s) or investment bank(s)
will be selected by the Company and shall be reasonably acceptable to the Holders of a majority of the Registrable Securities providing
such notice. All Holders proposing to distribute their securities through such Secondary Offering shall enter into an underwriting agreement
or other agreement(s), including any lock-up or market standoff agreements, in customary form with the underwriter(s) or investment bank(s)
selected for such Secondary Offering as may be mutually agreed upon among the Company, the underwriter(s) or investment bank(s) and the
selling Holders. In connection with a Secondary Offering, the Company shall enter into and perform its obligations under an underwriting
agreement or other agreement(s), in usual and customary form as may be mutually agreed upon among the Company, the underwriter(s) or investment
bank(s) and the selling Holders. Notwithstanding any other provision of this Section 3(a), if the underwriter(s) or investment bank(s)
advise(s) such Holders that marketing factors require a limitation on the number of shares to be offered in the Secondary Offering, then
the number of shares, including the Registrable Securities, that may be included in such Secondary Offering shall be allocated among such
Holders of Registrable Securities, and any other holders of shares, as follows: (i) first to such Holders of Registrable Securities in
proportion (as nearly as practicable) to the number of Registrable Securities owned by each such Holder or in such other proportion as
shall mutually be agreed to by all such selling Holders; and (ii) second to all other holders of securities included in the Secondary
Offering.

 

4.             Registration
Procedures. The Company will keep each Holder reasonably advised as to the filing and effectiveness of the Registration Statement.
At its expense with respect to the Registration Statement, the Company will:

 

(a)       prepare
and file with the Commission with respect to the Registrable Securities, a Registration Statement in accordance with Section 3 hereof,
and use its commercially reasonable efforts to cause such Registration Statement to become effective and to remain effective for the Effectiveness
Period;

 

(b)       not
name any Holder in the Registration Statement as an underwriter without that Holder’s prior written consent;

 

     

     

    

 

(c)       if
the Registration Statement is subject to review by the Commission, promptly respond to all comments and diligently pursue resolution of
any comments to the satisfaction of the Commission;

 

(d)       prepare
and file with the Commission such amendments and supplements to such Registration Statement as may be necessary to keep such Registration
Statement effective during the Effectiveness Period;

 

(e)       not
less than four (4) Trading Days prior to filing a Registration Statement or any related prospectus or any amendment or supplement thereto,
the Company shall furnish to the Holders that hold at least 5% of the total number of Registrable Securities (appropriately adjusted for
any stock split, dividend, combination or other recapitalization) copies of or a link to all such documents proposed to be filed (other
than those incorporated by reference) and duly consider any comments timely provided by the Holders;

 

(f)       furnish,
without charge, to each Holder of Registrable Securities covered by such Registration Statement (i) a reasonable number of copies of such
Registration Statement (including any exhibits thereto other than exhibits incorporated by reference), each amendment and supplement thereto
as such Holder may reasonably request, (ii) such number of copies of the prospectus included in such Registration Statement (including
each preliminary prospectus and any other prospectus filed under Rule 424 of the Securities Act) as such Holders may reasonably request,
in conformity with the requirements of the Securities Act, and (iii) such other documents as such Holder may reasonably require to consummate
the disposition of the Registrable Securities owned by such Holder, but only during the Effectiveness Period; provided that the Company
shall have no obligation to furnish any document pursuant to this clause that is available on the Electronic Data Gathering, Analysis,
and Retrieval (“EDGAR”) system;

 

(g)       use
its commercially reasonable efforts to register or qualify such registration under such other applicable securities laws of such jurisdictions
within the United States as any Holder of Registrable Securities covered by such Registration Statement reasonably requests and as may
be necessary for the marketability of the Registrable Securities (such request to be made by the time the applicable Registration Statement
is deemed effective by the Commission) and do any and all other acts and things reasonably necessary to enable such Holder to consummate
the disposition in such jurisdictions of the Registrable Securities owned by such Holder; provided, that the Company shall not
be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this
paragraph, (ii) subject itself to taxation in any such jurisdiction, or (iii) consent to general service of process in any such jurisdiction
where it has not already done so;

 

(h)       as
promptly as practicable after becoming aware of such event, notify each Holder of Registrable Securities, the disposition of which requires
delivery of a prospectus relating thereto under the Securities Act, of the happening of any event, which comes to the Company’s
attention, that will after the occurrence of such event cause the prospectus included in such Registration Statement, if not amended or
supplemented, to contain an untrue statement of a material fact or an omission to state a material fact required to be stated therein
or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading and the Company
shall promptly thereafter prepare and furnish to such Holder a supplement or amendment to such prospectus (or prepare and file appropriate
reports under the Exchange Act) so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall
not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading, unless suspension of the use of
such prospectus otherwise is authorized herein or in the event of a Blackout Period, in which case no supplement or amendment need be
furnished (or Exchange Act filing made) until the termination of such suspension or Blackout Period; provided that any and all information
provided to the Holder pursuant to such notification shall remain confidential to each Holder until such information otherwise becomes
public, unless disclosure by a Holder is required by law;

 

     

     

    

 

(i)       comply,
and continue to comply during the Effectiveness Period, in all material respects with the Securities Act and the Exchange Act and with
all applicable rules and regulations of the Commission with respect to the disposition of all securities covered by such Registration
Statement;

 

(j)       as
promptly as practicable after becoming aware of such event, notify each Holder of Registrable Securities being offered or sold pursuant
to the Registration Statement of the issuance by the Commission or any other federal or state governmental authority of any stop order
or other suspension of effectiveness of the Registration Statement or the initiation of any proceedings for that purpose;

 

(k)       use
its commercially reasonable efforts to cause the shares of Common Stock to be quoted or listed on an Approved Market;

 

(l)       as
applicable, submit a listing application with an Approved Market no later than the Registration Filing Date, to the extent it believes
it will satisfy the listing standards of such Approved Market or, as applicable, in the event the Company does not believe it will satisfy
such listing standards, file a Form 15c2-11 with the Financial Industry Regulatory Authority (“FINRA”) no later
than the SEC Effective Date;

 

(m)       provide
a DWAC eligible transfer agent and registrar, which may be a single entity, for the shares of Common Stock at all times and cooperate
with the Holders to facilitate the timely preparation and delivery of the Registrable Securities to be delivered to a transferee pursuant
to the Registration Statement (whether electronically or in certificated form) which Registrable Securities shall be free, to the extent
permitted by the Subscription Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such denominations
and registered in such names as any such Holders may request;

 

(n)       cooperate
with the Holders of Registrable Securities being offered pursuant to the Registration Statement to issue and deliver, or cause its transfer
agent to issue and deliver, certificates representing Registrable Securities to be offered pursuant to the Registration Statement within
a reasonable time after the delivery of certificates representing the Registrable Securities to the transfer agent or the Company, as
applicable, and enable such certificates to be in such denominations or amounts as the Holders may reasonably request and registered in
such names as the Holders may request;

 

     

     

    

 

(o)       notify
the Holders and their counsel as promptly as reasonably possible and (if requested by any such Person) confirm such notice in writing
no later than one (1) Trading Day following the day: (i)(A) when a prospectus or any prospectus supplement or post-effective amendment
to a Registration Statement is proposed to be filed; (B) when the Commission notifies the Company whether there will be a “no review,”
“review” or a “completion of a review” of such Registration Statement and whenever the Commission comments in
writing on such Registration Statement (in which case the Company shall provide true and complete copies thereof and all written responses
thereto to each of the Holders that pertain to the Holders as a selling stockholder, but not information which the Company believes would
constitute material and non-public information); and (C) with respect to each Registration Statement or any post-effective amendment,
when the same has been declared effective, provided, however, that such notice under this clause (C) shall be delivered to each Holder;
(ii) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to a Registration
Statement or prospectus or for additional information that pertains to the Holders as selling stockholders; (iii) of the receipt by the
Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable
Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose; (iv) of the occurrence of
any event or passage of time that makes the financial statements included in a Registration Statement ineligible for inclusion therein
or any statement made in a Registration Statement or prospectus or any document incorporated or deemed to be incorporated therein by reference
untrue in any material respect or that requires any revisions to a Registration Statement, prospectus or other documents so that, in the
case of a Registration Statement or the prospectus, as the case may be, it will not contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading; or (v) of the occurrence or existence of any pending corporate development with respect to
the Company that the Company believes may be material and that, in the determination of the Company, makes it not in the best interest
of the Company to allow continued availability of a Registration Statement or prospectus, provided, however, in no event
shall any such notice contain any information which would constitute material, non-public information regarding the Company or any of
its subsidiaries;

 

(p)       during
the Effectiveness Period, refrain from bidding for or purchasing any Common Stock or any right to purchase Common Stock or attempting
to induce any person to purchase any such security or right if such bid, purchase or attempt would in any way limit the right of the Holders
to sell Registrable Securities by reason of the limitations set forth in Regulation M of the Exchange Act;

 

(q)       use
its commercially reasonable efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order stopping or suspending
the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of
the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment;

 

     

     

    

 

(r)       cooperate
with any broker-dealer through which a Holder proposes to resell its Registrable Securities in effecting a filing with the FINRA Corporate
Financing Department pursuant to FINRA Rule 5110, as requested by any such Holder, and the Company shall pay the filing fee required by
such filing within two (2) Trading Days of the request therefor; and

 

(s)       take
all other commercially reasonable actions necessary to enable, expedite, or facilitate the Holders to dispose of the Registrable Securities
by means of the Registration Statement during the term of this Agreement.

 

5.             Obligations
of the Holders.

 

(a)       Each
Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 4(h) hereof
or of the commencement of a Blackout Period, such Holder shall discontinue the disposition of Registrable Securities included in the Registration
Statement until such Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 4(h) hereof
or notice of the end of the Blackout Period.

 

(b)       The
Holders of the Registrable Securities shall provide such information as may reasonably be requested by the Company in connection with
the preparation of any registration statement, including amendments and supplements thereto, in order to effect the registration of any
Registrable Securities under the Securities Act pursuant to Section 3(a) of this Agreement and in connection with the Company’s
obligation to comply with federal and applicable state securities laws, including a completed questionnaire (a “Selling Securityholder
Questionnaire”) or any update thereto not later than three (3) Business Days following a request therefore from the Company.

 

(c)       Each
Holder, by its acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the Company in
connection with the preparation and filing of any Registration Statement hereunder, unless such Holder has notified the Company in writing
of its election to exclude all of its Registrable Securities from such Registration Statement.

 

6.             Registration
Expenses. The Company shall pay all expenses in connection with any registration obligation provided herein, including, without limitation,
all registration, filing, stock exchange fees, printing expenses, any FINRA filing fees, all fees and expenses of complying with applicable
securities laws, and the fees and disbursements of counsel for the Company and of the Company’s independent accountants; provided,
that, in any underwritten registration or other Secondary Offering, the Company shall have no obligation to pay any underwriting discounts,
selling commissions or transfer taxes attributable to the Registrable Securities being sold by the Holders thereof, which underwriting
discounts, selling commissions and transfer taxes shall be borne by such Holders. Except as provided in this Section 6 and Section 8 of
this Agreement, the Company shall not be responsible for the expenses of any attorney or other advisor employed by a Holder or for any
other fees, disbursements and expenses incurred by Holders not specifically agreed to in this Agreement.

 

     

     

    

 

7.             Assignment
of Rights. No Holder may assign its rights under this Agreement to any party without the prior written consent of the Company; provided,
however, that any Holder may assign its rights under this Agreement without such consent (a) to a Permitted Assignee as long as
(i) such transfer or assignment is effected in accordance with applicable securities laws; (ii) such transferee or assignee agrees in
writing to become bound by and subject to the terms of this Agreement; and (iii) such Holder notifies the Company in writing of such transfer
or assignment, stating the name and address of the transferee or assignee and identifying the Registrable Securities with respect to which
such rights are being transferred or assigned; or (b) as otherwise permitted under the Subscription Agreement. The Company may not assign
this Agreement or any rights or obligations hereunder without the prior written consent of the other party hereto (other than by merger
or consolidation or to an entity which acquires the Company including by way of acquiring all or substantially all of the Company’s
assets).

 

8.             Indemnification.

 

(a)       In
the event of the offer and sale of Registrable Securities under the Securities Act, the Company shall, and hereby does, indemnify and
hold harmless, to the fullest extent permitted by law, each Holder, its directors, officers, partners, employees and agents and each other
person, if any, who controls or is under common control with such Holder within the meaning of Section 15 of the Securities Act (collectively,
the “Holder Indemnified Parties”), against any losses, claims, damages or liabilities, joint or several, and
expenses to which the Holder Indemnified Parties may become subject under the Securities Act or otherwise, insofar as such losses, claims,
damages, liabilities or expenses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are
based upon any untrue statement or alleged untrue statement of any material fact contained in any registration statement prepared and
filed by the Company under which Registrable Securities were registered under the Securities Act, any preliminary prospectus, final prospectus
or summary prospectus contained therein, or any amendment or supplement thereto, or any omission or alleged omission to state therein
a material fact required to be stated or necessary to make the statements therein in light of the circumstances in which they were made
not misleading, and the Company shall reimburse the Holder Indemnified Parties for any legal or any other expenses reasonably incurred
by them in connection with investigating, defending or settling any such loss, claim, damage, liability, action or proceeding; provided,
however, that the Company shall not be liable in any such case (i) to the extent, but only to the extent, that any such loss, claim,
damage, liability (or action or proceeding in respect thereof) or expense arises solely out of or is solely based upon (x) an untrue statement
in or omission from such registration statement, any such preliminary prospectus, final prospectus, summary prospectus, amendment or supplement
in reliance upon and in conformity with written information included in the Selling Securityholder Questionnaire, furnished by a Holder
or its representative (acting on such Holder’s behalf) to the Company expressly for use in the preparation thereof or (y) the failure
of a Holder to comply with the covenants and agreements contained in Section 5 hereof respecting the sale of Registrable Securities; or
(ii) if the person asserting any such loss, claim, damage, liability (or action or proceeding in respect thereof) who purchased the Registrable
Securities that are the subject thereof did not receive a copy of an amended preliminary prospectus or the final prospectus (or the final
prospectus as amended or supplemented) at or prior to the written confirmation of the sale of such Registrable Securities to such person
because of the failure of such Holder to so provide such amended preliminary or final prospectus and the untrue statement or omission
of a material fact made in such preliminary prospectus was corrected in the amended preliminary or final prospectus (or the final prospectus
as amended or supplemented). Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf
of the Holder Indemnified Parties and shall survive the transfer of such shares by the Holder.

 

     

     

    

 

(b)       As
a condition to including Registrable Securities in any registration statement filed pursuant to this Agreement, each Holder agrees, severally
and not jointly, to be bound by the terms of this Section 8 and to indemnify and hold harmless, to the fullest extent permitted by law,
the Company, each of its directors, officers, partners, and each underwriter, if any, and each other person, if any, who controls the
Company within the meaning of Section 15 of the Securities Act, against any losses, claims, damages or liabilities, joint or several,
to which the Company or any such director or officer or controlling person may become subject under the Securities Act or otherwise, insofar
as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise
solely out of or are solely based upon any untrue statement of a material fact or any omission of a material fact required to be stated
in any registration statement, any preliminary prospectus, final prospectus, summary prospectus, amendment or supplement thereto or necessary
to make the statements therein not misleading, to the extent, but only to the extent, that such untrue statement or omission is included
or omitted in reliance upon and in conformity with written information included in the Selling Securityholder Questionnaire, furnished
by the Holder or its representative (acting on such Holder’s behalf) to the Company expressly for use in the preparation thereof,
and such Holder shall reimburse the Company, and its directors, officers, partners, and any such controlling persons for any legal or
other expenses reasonably incurred by them in connection with investigating, defending, or settling any such loss, claim, damage, liability,
action, or proceeding; provided, however, that any indemnity obligation contained in this Section 8(b) shall in no event
exceed the amount of the net proceeds received by such Holder as a result of the sale of such Holder’s Registrable Securities pursuant
to such registration statement. Such indemnity shall remain in full force and effect, regardless of any investigation made by or on behalf
of the Company or any such director, officer or controlling person and shall survive the transfer by any Holder of such shares.

 

(c)       Promptly
after receipt by an indemnified party of notice of the commencement of any action or proceeding involving a claim referred to in this
Section 8 (including any governmental action), such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying
party, give written notice to the indemnifying party of the commencement of such action; provided, however, that the failure
of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations under this Section,
except to the extent that the indemnifying party is actually prejudiced by such failure to give notice in any material respect. In case
any such action is brought against an indemnified party, unless in the reasonable judgment of counsel to such indemnified party a conflict
of interest between such indemnified party and indemnifying parties may exist or the indemnified party may have defenses not available
to the indemnifying party in respect of such claim, the indemnifying party shall be entitled to participate in and to assume the defense
thereof, with counsel reasonably satisfactory to such indemnified party and, after notice from the indemnifying party to such indemnified
party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party for any legal
or other expenses subsequently incurred by the latter in connection with the defense thereof, unless in such indemnified party’s
reasonable judgment a conflict of interest between such indemnified and indemnifying parties arises in respect of such claim after the
assumption of the defenses thereof or the indemnifying party fails to defend such claim in a diligent manner, other than reasonable costs
of investigation. Neither an indemnified party nor an indemnifying party shall be liable for any settlement of any action or proceeding
effected without its consent. No indemnifying party shall, without the consent of the indemnified party, consent to entry of any judgment
or enter into any settlement, which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such
indemnified party of a release from all liability in respect of such claim or litigation. Notwithstanding anything to the contrary set
forth herein, and without limiting any of the rights set forth above, in any event any party shall have the right to retain, at its own
expense, counsel with respect to the defense of a claim. Each indemnified party shall furnish such information regarding itself or the
claim in question as an indemnifying party may reasonably request in writing and as shall be reasonably required in connection with defense
of such claim and litigation resulting therefrom.

 

     

     

    

 

(d)       If
an indemnifying party does not or is not permitted to assume the defense of an action pursuant to Section 8(c) or in the case of the expense
reimbursement obligation set forth in Sections 8(a) and 8(b), the indemnification required by Sections 8(a) and 8(b) shall be made by
periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or expenses,
losses, damages, or liabilities are incurred.

 

(e)       If
the indemnification provided for in Sections 8(a) or 8(b) is held by a court of competent jurisdiction to be unavailable to an indemnified
party with respect to any loss, liability, claim, damage or expense referred to herein, the indemnifying party, in lieu of indemnifying
such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability,
claim, damage or expense (i) in such proportion as is appropriate to reflect the proportionate relative fault of the indemnifying party
on the one hand and the indemnified party on the other (determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or omission relates to information supplied by the indemnifying party or the indemnified party and
the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission),
or (ii) if the allocation provided by clause (i) above is not permitted by applicable law or provides a lesser sum to the indemnified
party than the amount hereinafter calculated, then in such proportion as is appropriate to reflect not only the proportionate relative
fault of the indemnifying party and the indemnified party, but also the relative benefits received by the indemnifying party on the one
hand and the indemnified party on the other, as well as any other relevant equitable considerations. Notwithstanding any other provision
of this Section 8(e), no Holder shall be required to contribute any amount in excess of the amount by which the net proceeds received
by such Holder from the sale of the Registrable Securities pursuant to the Registration Statement exceeds the amount of damages that such
Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement of a material fact or omission, except
in the case of fraud or willful misconduct. No indemnified party guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any indemnifying party who was not guilty of such fraudulent misrepresentation.

 

(f)       The
indemnity and contribution agreements contained in this Section 8 are in addition to any liability that the indemnifying parties may have
to the indemnified parties and are not in diminution or limitation of the indemnification provisions under the Subscription Agreement.

 

9.             Rule
144. Following the SEC Effective Date, the Company will use its commercially reasonable efforts to timely file all reports required
to be filed by the Company after the date hereof under the Exchange Act and the rules and regulations adopted by the Commission thereunder,
and if the Company is not required to file reports pursuant to such sections, it will prepare and furnish to the Purchasers and make publicly
available in accordance with Rule 144(c) such information as is required for the Purchasers to sell shares of Common Stock under Rule
144.

 

     

     

    

 

10.           Independent
Nature of Each Purchaser’s Obligations and Rights. The obligations of each Purchaser under this Agreement are several and not
joint with the obligations of any other Purchaser, and each Purchaser shall not be responsible in any way for the performance of the obligations
of any other Purchaser under this Agreement. Nothing contained herein and no action taken by any Purchaser pursuant hereto, shall be deemed
to constitute such Purchasers as a partnership, an association, a joint venture, or any other kind of entity, or create a presumption
that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by
this Agreement. Each Purchaser shall be entitled to independently protect and enforce its rights, including without limitation the rights
arising out of this Agreement, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding
for such purpose.

 

11.           Miscellaneous.

 

(a)       Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the United States of America and the State of
Delaware, both substantive and remedial, without regard to Delaware conflicts of law principles. Any judicial proceeding brought against
either of the parties to this Agreement or any dispute arising out of this Agreement or any matter related hereto shall be brought in
the state or federal courts located in the State of Delaware and, by its execution and delivery of this Agreement, each party to this
Agreement accepts the jurisdiction of such courts. The foregoing consent to jurisdiction shall not be deemed to confer rights on any person
other than the parties to this Agreement.

 

(b)       Remedies.
Except as otherwise specifically set forth herein with respect to a Registration Event, in the event of a breach by the Company or by
a Holder of any of their respective obligations under this Agreement, each Holder or the Company, as the case may be, in addition to being
entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, shall be entitled to specific
performance of its rights under this Agreement. Except as otherwise specifically set forth herein with respect to a Registration Event,
the Company and each Holder agree that monetary damages would not provide adequate compensation for any losses incurred by reason of a
breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance
in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.

 

(c)       No
Piggyback on Registrations; Prohibition on Filing Other Registration Statements. Neither the Company nor any of its security holders
(other than the Holders in such capacity pursuant hereto) may include securities of the Company in any Registration Statements other than
the Registrable Securities. Other than the Registration Statement for the Registrable Securities, the Company shall not file any other
registration statements, other than on Forms S-4 or S-8 or their then equivalents or such registration statements that may be necessary
to effect the raising of $5,000,000 or more in a comtemplated equity offering that would trigger conversion of the Bridge Notes, until
all Registrable Securities are registered pursuant to a Registration Statement that is declared effective by the Commission, provided
that this Section shall not prohibit the Company from filing amendments to registration statements filed prior to the date of this Agreement.

 

     

     

    

 

(d)       Piggy-Back
Registrations. If, at any time during the Effectiveness Period, there is not an effective Registration Statement covering all of the
Registrable Securities and the Company shall determine to prepare and file with the Commission a registration statement relating to an
offering for its own account or the account of others under the Securities Act of any of its equity securities, other than on Form S-4
or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely
in connection with any acquisition of any entity or business or equity securities issuable in connection with the Company’s stock
option or other employee benefit plans, then the Company shall deliver to each Holder a written notice of such determination and, if within
fifteen (15) days after the date of the delivery of such notice, any such Holder shall so request in writing, the Company shall include
in such registration statement all or any part of such Registrable Securities such Holder requests to be registered; provided,
however, that the Company shall not be required to register any Registrable Securities pursuant to this Section 11(d) after the
Effectiveness Period or that are eligible for resale pursuant to Rule 144 (without volume restrictions, current public information requirements
or any other material restrictions) promulgated by the Commission pursuant to the Securities Act or that are the subject of a then effective
Registration Statement that is available for resales or other dispositions by such Holder or otherwise cease to be deemed “Registrable
Securities.”

 

(e)       Subsequent
Registration Rights. Until the Registration Statement required hereunder is declared effective by the Commission, the Company shall
not enter into any agreement granting any registration rights with respect to any of its securities to any Person without the written
consent of Holders representing no less than a majority of the outstanding Registrable Securities.

 

(f)       Successors
and Assigns. Except as otherwise provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors,
Permitted Assignees, executors and administrators of the parties hereto.

 

(g)       No
Inconsistent Agreements. The Company has not entered, as of the date hereof, and shall not enter, on or after the date of this Agreement,
into any agreement with respect to its securities that would have the effect of impairing the rights granted to the Holders in this Agreement
or otherwise conflicts with the provisions hereof.

 

     

     

    

 

(h)       Entire
Agreement. This Agreement and the documents, instruments and other agreements specifically referred to herein or delivered pursuant
hereto constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof.

 

(i)       Notices,
etc. All notices, consents, waivers, and other communications which are required or permitted under this Agreement shall be in writing
will be deemed given to a party (a) upon receipt, when personally delivered; (b) one (1) Business Day after deposit with a nationally
recognized overnight courier service with next day delivery specified, costs prepaid) on the date of delivery, if delivered to the appropriate
address by hand or by nationally recognized overnight courier service (costs prepaid); (c) the date of transmission if sent by e-mail
with confirmation of transmission by the transmitting equipment if such notice or communication is delivered prior to 5:00 P.M., New York
City time, on a Trading Day, or the next Trading Day after the date of transmission, if such notice or communication is delivered on a
day that is not a Trading Day or later than 5:00 P.M., New York City time, on any Trading Day, provided confirmation of email is kept
on file, whether electronically or otherwise, by the sending party and the sending party does not receive an automatically generated message
from the recipients email server that such e-mail could not be delivered to such recipient; (d) the date received or rejected by the addressee,
if sent by certified mail, return receipt requested, postage prepaid; or (e) seven (7) days after the placement of the notice into the
mails (first class postage prepaid), to the party at the address or e-mail address furnished by the such party,

 

If to the Company, to:

 

Mark Davidson, Chief
Executive Officer

Odyssey Semiconductor Technologies, Inc.

9 Brown Road, Ithaca, NY 14850

Telephone: (607) 351-9768

 

if to a Holder, to:

 

such Holder at the address set forth on the signature page hereto
or the Company’s records;

 

or at such other address as any
party shall have furnished to the other parties in writing in accordance with this Section 11(i).

 

(j)       Delays
or Omissions. No delay or omission to exercise any right, power or remedy accruing to any Holder, upon any breach or default of the
Company under this Agreement, shall impair any such right, power or remedy of such Holder nor shall it be construed to be a waiver of
any such breach or default, or an acquiescence therein, or of any similar breach or default thereunder occurring; nor shall any waiver
of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit,
consent or approval of any kind or character on the part of any Holder of any breach or default under this Agreement, or any waiver on
the part of any Holder of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent
specifically set forth in such writing. All remedies, either under this Agreement, or by law or otherwise afforded to any holder, shall
be cumulative and not alternative.

 

     

     

    

 

(k)       Counterparts.
This Agreement may be executed in any number of counterparts, and with respect to any Purchaser, by execution of an Omnibus Signature
Page to this Agreement and the Subscription Agreement, each of which shall be enforceable against the parties actually executing such
counterparts, and all of which together shall constitute one instrument. In the event that any signature is delivered by an e-mail, which
contains a copy of an executed signature page such as a portable document format (.pdf) 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 e-mail
of an executed signature page such as a .pdf signature page were an original thereof.

 

(l)       Severability.
In the case any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

 

(m)       Amendments.
Except as otherwise provided herein, the provisions of this Agreement may be amended at any time and from time to time, and particular
provisions of this Agreement may be waived, with and only with an agreement or consent in writing signed by the Company and the Majority
Holders; provided that this Agreement may not be amended and the observance of any term hereof may not be waived with respect to any Holder
without the written consent of such Holder unless such amendment or waiver applies to all Holders in the same fashion. The Purchasers
acknowledge that by the operation of this Section, the Majority Holders may have the right and power to diminish or eliminate all rights
of the Purchasers under this Agreement.

 

[company
signature page follows]

 

     

     

    

 

This Registration Rights Agreement
is hereby executed as of the date first above written.

 

	 	THE COMPANY:
	 	 
	 	ODYSSEY SEMICONDUCTOR TECHNOLOGIES, INC.
	 	 
	 	By:	 
	 	 	Mark Davidson, CEO

 

	PURCHASERS:	 
	 	 
	By:EX-4.30

 Exhibit 4.30 

[SERIES 1/2] COMMON STOCK PURCHASE WARRANT 

PALISADE BIO, INC. 
  

			
	Warrant Shares: _______	  	Issue Date: _______ __, 2022

 CUSIP: 
 ISIN: 

THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, CEDE & CO. 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 Shareholder Approval Date (as defined below) (the “Initial Exercise
Date”) and on or prior to 5:00 p.m. (New York City time) on _____ __, 202____1 (the “Termination Date”) but not thereafter, to subscribe for and purchase from Palisade
Bio, Inc., a Delaware corporation (the “Company”), up to ______ shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant
shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant shall initially be issued and maintained in the form of a security held in book-entry form and the Depository Trust Company or its nominee (“DTC”)
shall initially be the sole registered holder of this Warrant, subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.

 Section 1. Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms
have the meanings indicated in this Section 1: 
 “Affiliate” means any Person that, directly or
indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act. 

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

 

	1 	 Insert the date that is the 5 year anniversary of the issue date for Series 2 and 1 year anniversary for Series
1; provided, however, that, if such date is not a Trading Day, insert the immediately following Trading Day. 

  
 1 

 “Board of Directors” means the board of directors of the
Company. 
 “Business Day” means any day other than Saturday, Sunday or other day on which commercial banks
in The City of New York are authorized or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to “stay at
home”, “shelter-in-place”, “non-essential employee” or any other similar orders or restrictions or
the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by
customers on such day. 
 “Commission” means the United States Securities and Exchange Commission. 

“Common Stock” means the common stock of the Company, par value $0.01 per share, and any other class of
securities into which such securities may hereafter be reclassified or changed. 
 “Common Stock
Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other
instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 “Exempt Issuance” means the issuance of (a) shares of Common Stock, options,
or other equity awards to employees, consultants, officers or directors of the Company pursuant to any stock or option plan or other equity incentive plan duly adopted for such purpose by a majority of the
non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose for services rendered
to the Company; provided, however, the number of shares issued to consultants shall not exceed 300,000 (subject to adjustment for forward and reverse stock splits and the like) during the 90 days following the closing date of the offering set forth
in the Registration Statement, (b) securities upon the exercise or exchange of or conversion of any securities issued pursuant to the Underwriting Agreement and/or other securities exercisable or exchangeable for or convertible into shares of
Common Stock issued and outstanding on the date of this Warrant, provided that such securities have not been amended since the date of this Warrant to increase the number of such securities or to decrease the exercise price, exchange price or
conversion price of such securities or to extend the term of such securities, (c) common stock purchase warrants and the warrant shares issuable upon exercise thereof issued to the Representative (as defined below) as compensation for services
rendered to Company in connection with the offering set forth in the Registration Statement, and (d) securities issued pursuant to acquisitions or strategic 

  
 2 

 
transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued as “restricted securities” (as defined in Rule 144 of the
Securities Act) and carry no registration rights that require or permit the filing of any registration statement in connection therewith within ninety (90) days following the closing date of the offering set forth in the Registration Statement,
and provided that any such issuance shall only be to a Person (or to the equity holders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the
Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose
primary business is investing in securities. 
 “Person” means an individual or corporation, partnership,
trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Registration Statement” means the Company’s registration statement on Form S-1 (File No. 333-265769). 
 “Reverse Stock Split Date” means the
first date following the Initial Exercise Date on which a reverse stock split of the Common Stock is approved and deemed effective. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Shareholder Approval” means such approval as may be required by the applicable rules and
regulations of the Nasdaq Stock Market (or any successor entity) from the shareholders of the Company with respect to issuance of all of the Warrants and the Warrant Shares upon the exercise thereof and Section 3(e) of this Warrant. 

“Shareholder Approval Date” means the date Shareholder Approval is received and deemed effective under
Delaware law. 
 “Subsidiary” means any subsidiary of the Company and shall, where applicable, also include
any direct or indirect subsidiary of the Company formed or acquired after the date hereof. 
 “Trading Day”
means a day on which the Common Stock is traded on a Trading Market. 
 “Trading Market” means any of the
following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange
(or any successors to any of the foregoing). 

  
 3 

 “Transfer Agent” means American Stock Transfer &
Trust Company, LLC, the current transfer agent of the Company, with a mailing address of 6201 15th Avenue, Brooklyn, New York 11219 and an email address of ReorgWarrants@ASTFINANCIAL.com, and any successor transfer agent of the Company. 

“Trigger Date” means the 6th Trading Day immediately following the Reverse Stock Split Date. 

“Underwriting Agreement” means the underwriting agreement, dated as of August __2022, among the Company and
Ladenburg Thalmann & Co. Inc. as representative of the underwriters named therein (the “Representative”), as amended, modified or supplemented from time to time in accordance with its terms. 

“Variable Rate Transaction” means a transaction in which the Company (i) issues or sells any debt or
equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive, additional shares of Common Stock either (A) at a conversion price, exercise price or exchange rate or other price that is based
upon, and/or varies with, the trading prices of or quotations for the shares of Common Stock at any time after the initial issuance of such debt or equity securities or (B) with a conversion, exercise or exchange price that is subject to being
reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Common Stock or
(ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line of credit, whereby the Company may issue securities at a future determined price; provided however, that after ninety (90) days
following the closing date of the offering covered by the Registration Statement, the Company shall be permitted to enter into and effect sales of its Common Stock pursuant to an
at-the-market offering facility with the Representative. 

“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 on the Pink Open Market (or a similar
organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an
independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company. 

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

  
 4 

 “Warrant Agent” means the Transfer Agent and any successor
warrant agent of the Company. 
 “Warrants” means this Warrant and other Common Stock purchase warrants
issued by the Company pursuant to the Registration Statement. 
 Section 2. Exercise. 

a) Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at
any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or
e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days
comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price to the Company for the shares specified in the applicable Notice
of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the
contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall
surrender this Warrant to the Company for cancellation as soon as reasonably practicable of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the
total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company
shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) 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. 
 Notwithstanding the foregoing in this
Section 2(a), a holder whose interest in this Warrant is a beneficial interest in certificate(s) representing this Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall
effect exercises made pursuant to this Section 2(a) by delivering to DTC (or such other clearing corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by
DTC (or such other clearing corporation, as applicable), subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply. 

  
 5 

 b) Exercise Price. The exercise price per share of Common Stock under
this Warrant shall be $_____, subject to adjustment hereunder (the “Exercise Price”). In addition, on the Trigger Date, the Exercise Price shall be reduced, and only reduced, to the lesser of (i) the then Exercise Price and
(ii) 90% of the average of the VWAPs for the five (5) Trading Day period immediately prior to the Trigger Date (the “Reset Exercise Price”, which shall thereafter be the new Exercise Price, subject to further adjustment
hereunder, and such 5 Trading Day period shall be referred to herein as a “Reset Measurement Period”). The Company shall notify each Holder of the applicable adjustment to the Exercise Price as of such date (each notice, a
“Trigger Date Adjustment Notice”). For purposes of clarification, whether or not the Company provides a Trigger Date Adjustment Notice pursuant to this Section 2(b), each Holder shall only be required to pay the Reset Exercise
Price with respect to such exercise, regardless of whether a Holder accurately refers to such price in any Notice of Exercise. If the aggregate Exercise Price paid by the Holder exceeds the amount that should have been paid based on the Reset
Exercise Price, the Company shall promptly return any excess aggregate Exercise Price to the Holder. Any adjustment to the Exercise Price pursuant to this Section shall be effective retroactively to the first Trading Day of such Reset Measurement
Period. 
 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) 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. (“Bloomberg”) 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 

  
 6 

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

d) Mechanics of Exercise. 

i. Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the
Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is
then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless
exercise, and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to
the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the
aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery
Date”).    Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised,
irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the
number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share
Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of
Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the third Trading Day after the Warrant Share Delivery Date) for each Trading Day after such Warrant Share Delivery 

  
 7 

 
Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant
remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common
Stock as in effect on the date of delivery of the Notice of Exercise. 
 ii. Delivery of New Warrants Upon Exercise.
If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights
of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 

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

iv. Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon
Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an
exercise on or before the Warrant Share Delivery Date and the Holder has paid any required Exercise Price for the portion of this Warrant being exercised on or prior to such Warrant Share Delivery Date (or utilized cashless exercise, if available),
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 customary brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the
Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate
the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been
issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of 

  
 8 

 
$11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase
obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of
the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity
including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof. 

v. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the
exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount
equal to such fraction multiplied by the Exercise Price or round up to the next whole share. 
 vi. Charges, Taxes and
Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the
Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that, in the event that Warrant Shares are to be issued in a name other than the
name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse
it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another
established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares. 

vii. Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the
timely exercise of this Warrant, pursuant to the terms hereof. 
 e) Holder’s Exercise Limitations. The Company
shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set
forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, collectively,
“Attribution  

  
 9 

 
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 held by the Holder, its Affiliates and Attribution Parties plus 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. To ensure compliance with this restriction, each Holder will be deemed to
represent to the Company each time it delivers a Notice of Exercise that such Notice of Exercise has not violated the restrictions set forth in this paragraph, and the Company shall have no obligation to verify or confirm the accuracy of such
determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this
Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with
the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding (the
“Reported Outstanding Share Number”). If the Company receives an Exercise Notice from the Holder at a time when the actual number of outstanding shares of Common Stock is less than the Reported Outstanding Share Number, the Company
shall (i) promptly notify the Holder in writing of the number of shares of Common Stock then outstanding and, to the extent that such Exercise Notice would otherwise cause the Holder’s beneficial ownership, as determined pursuant to this
Section 2(e), to exceed the lesser of the Beneficial Ownership Limitation and Maximum Percentage, the Holder must notify the Company of a reduced number of Warrant Shares to be purchased pursuant to such Exercise Notice (the number of shares by
which such purchase is reduced, the 

  
 10 

 
“Reduction Shares”) and (ii) as soon as reasonably practicable, the Company shall return to the Holder any exercise price paid by the Holder for the Reduction
Shares. Upon the written or oral request of a Holder, the Company shall within two (2) Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of
outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such
number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of shares of the Common Stock
outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this
Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this
Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after
such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof)
which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this
paragraph shall apply to a successor holder of this Warrant. 
 f) Call Provision. Subject to the provisions of
Section 2(e) and this Section 2(f), if, after the Initial Exercise Date, (i) the VWAP for any 30 consecutive Trading Days (the “Call Measurement Period,” which 30 consecutive Trading Day period shall not have
commenced until after the Initial Exercise Date) exceeds $____2 (subject to adjustment for forward and reverse stock splits, recapitalizations, stock dividends and the like after the Initial
Exercise Date), (ii) the average daily volume for such Call Measurement Period exceeds $500,000 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 one (1) Trading Day of the
end of such Call 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 

 

	2 	 300% of the then Exercise Price. 

  
 11 

 
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
Call 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 Warrant Shares, 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. 

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 (excluding 

  
 12 

 
treasury shares, if any) outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate
Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or
distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification. 

b) 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 stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock other than an Exempt Issuance (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 would have acquired if the Holder had held the number of shares of
Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the
grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that, to
the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent
(or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not
result in the Holder exceeding the Beneficial Ownership Limitation). 
 c) 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, other than as in Section 3(a), by way of return of
capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar
transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated
therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation)
immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution
(provided, however, that, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate
in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until
such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). 

  
 13 

 d) 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 more than 50% of the outstanding
Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock
is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination
(including, without limitation, a reorganization, recapitalization, spin-off, merger 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 or more than 50% of the voting power of the common equity of the Company (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 

  
 14 

 
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 (as defined below) of the
remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction; provided, however, that, if the Fundamental Transaction is not within the Company’s control, including not
approved by the Company’s Board of Directors, the Holder shall only be entitled to receive from the Company or any Successor Entity the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the
unexercised portion of this Warrant, 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; provided, further, that if holders of Common Stock of the Company are not
offered or paid any consideration in such Fundamental Transaction, such holders of Common Stock will be deemed to have received common stock of the Successor Entity (which Entity may be the Company following such Fundamental Transaction) in such
Fundamental Transaction. “Black Scholes Value” means the value of this Warrant calculated using the Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg determined as of the day immediately
following the public announcement of the applicable contemplated Fundamental Transaction, or, if such contemplated Fundamental Transaction is not publicly announced, the date such Fundamental Transaction has occurred or is consummated, for pricing
purposes and reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of this Warrant as of such date of request, (ii) 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 contemplated Fundamental Transaction, or, if such contemplated Fundamental Transaction is not
publicly announced, the date such Fundamental Transaction has occurred or is consummated, (iii) the underlying price per share used in such calculation shall be the greater of (x) the highest VWAP of the Common Stock during the period
beginning on the Trading Day prior to the execution of definitive documentation relating to the applicable Fundamental Transaction and ending on (A) the Trading Day immediately following the public announcement of such contemplated Fundamental
Transaction, if the applicable contemplated Fundamental Transaction is publicly announced or (B) the Trading Day immediately following the consummation of the applicable Fundamental Transaction if the applicable contemplated Fundamental
Transaction is not publicly announced and (y) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental
Transaction, (iv) a remaining option time equal to the time between the date of the public announcement of the applicable contemplated Fundamental Transaction or, if such applicable contemplated Fundamental Transaction is not publicly
announced, the date such Fundamental Transaction has occurred or is consummated, (v) a zero cost of borrow, and (vi) a 365 day annualization factor. The payment of the Black Scholes Value will be made by wire transfer of immediately
available funds (or such other consideration) within the later of (i) five Business Days of the Holder’s election and (ii) the date of consummation of the Fundamental Transaction. The Company shall cause any successor entity in a
Fundamental 

  
 15 

 
Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the
provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the holders of Warrants representing at least a majority of the shares of Common Stock underlying the Warrants covered by the
Registration Statement (the “Required Holders”) and approved by the Required Holders (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for
this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its
parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to or concurrent with such Fundamental Transaction, and with an
exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital
stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory
in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall be added to the term “Company” under this Warrant (so that from and after the occurrence or consummation of such
Fundamental Transaction, each and every provision of this Warrant referring to the “Company” shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or
Successor Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this
Warrant with the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the Company herein. 

e) Subsequent Equity Sales. If the Company or any Subsidiary thereof, as applicable, at any time while this Warrant is
outstanding, shall sell, enter into an agreement to sell, or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition)
any Common Stock or Common Stock Equivalents, at an effective price per share less than the Exercise Price then in effect (such lower price, the “Base Share Price” and such issuances collectively, a “Dilutive
Issuance”) (it being understood and agreed that if the holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise
or exchange prices or otherwise, or due to warrants, options or rights per share which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share that is less than the Exercise Price,
such issuance shall be deemed to have occurred for less than the Exercise Price on such date of the Dilutive Issuance at such effective price), then simultaneously with the consummation (or, if earlier, the announcement) of each Dilutive Issuance
the Exercise Price shall be reduced and only reduced to equal the Base Share Price. Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 3(e) in respect of an Exempt

  
 16 

 
Issuance. The Company shall notify the Holder, in writing, no later than the Trading Day following the issuance or deemed issuance of any Common Stock or Common Stock Equivalents subject to this
Section 3(e), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion price and other pricing terms (such notice, the “Dilutive Issuance Notice”). For purposes of clarification,
whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 3(e), upon the occurrence of any Dilutive Issuance, the Holder is entitled to receive a number of Warrant Shares based upon the Base Share Price regardless
of whether the Holder accurately refers to the Base Share Price in the Notice of Exercise. If the Company enters into a Variable Rate Transaction, the Company shall be deemed to have issued Common Stock or Common Stock Equivalents at the lowest
possible price, conversion price or exercise price at which such securities may be issued, converted or exercised. Notwithstanding anything to the contrary in this Section 3(e), if, after the Initial Exercise Date, (i) the VWAP for any 20
Trading Days in any 30 consecutive Trading Days (the “Measurement Period,” which 30 consecutive Trading Day period shall not have commenced until after the Initial Exercise Date) exceeds $____3 (subject to adjustment for forward and reverse stock splits, recapitalizations, stock dividends and the like after the Initial Exercise Date), and (ii) the average daily volume for such
Measurement Period exceeds $200,000 per Trading Day, then this Section 3(e) shall cease having any force or effect (the “Ratchet Termination Date”). The Company shall notify the Holders in writing, no later than two
(2) Trading Days following the Ratchet Termination Date, that the terms and conditions of this Section 3(e) are no longer in force or effect. 

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 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 

 

	3 	 300% of the then Exercise Price. 

  
 17 

 
required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer of all or
substantially all of its assets, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding
up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last 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 share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property
deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action
required to be specified in such notice. 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. 

h) Voluntary Adjustment By Company. Subject to the rules and regulations of the Trading Market, the Company may at any
time during the term of this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the board of directors of the Company. The Company may extend the duration of this Warrants by delaying the
Termination Date; provided, however, that the Company will provide notice of not less than ten (10) days to the Holder. 

Section 4. Transfer of Warrant. 

a) Transferability. Subject to compliance with any applicable securities laws, 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 

  
 18 

 
and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this
Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the
Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. 

b) New Warrants. If this Warrant is not held in global form through DTC (or any successor depositary), 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 initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable
pursuant thereto. 
 c) Warrant Register. The Warrant Agent shall register this Warrant, upon records to be maintained
by the Warrant Agent for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company and the Warrant Agent 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; No Settlement in Cash. 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. Without limiting any rights of a Holder to receive Warrant
Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this
Warrant. 
 b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the
Company or the Warrant Agent of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new
Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. 

  
 19 

 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. 

  
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 Before taking any action which would result in an adjustment in the number
of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having
jurisdiction thereof. 
 e) Governing Law. All questions concerning the construction, validity, enforcement and
interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings
concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or
agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of
Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents
to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party
shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and
expenses incurred with the investigation, preparation and prosecution of such action or proceeding. 
 f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal
securities laws. 
 g) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right
hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply
with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable
attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 

  
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 h) Notices. Any and all notices or other communications or deliveries
to be provided by the Holders hereunder including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier
service, addressed to the Company, at Palisade Bio, Inc., 7750 El Camino Real, Suite 5200, Carlsbad, CA 92009, Attention: Chief Financial Officer, email address: info@palisadebio.com, or such other email address or address as the Company may specify
for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by e-mail, or sent by
a nationally recognized overnight courier service addressed to each Holder at the e-mail address or address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries
hereunder shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via e-mail at the e-mail
address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via e-mail at
the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing,
if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. Notwithstanding any other provision of this Warrant, as to any Warrant not held in
certificated form, where this Warrant provides for notice of any event to a Holder, such notice shall be sufficiently given if given to DTC (or any successor depository) pursuant to the procedures of DTC (or such successor depository). 

i) Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this
Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such
liability is asserted by the Company or by creditors of the Company. 
 j) Remedies. The Holder, in addition to being
entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate. 

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

  
 22 

 l) Amendment. This Warrant may be modified or amended or the
provisions hereof waived with the written consent of the Company, on the one hand, and Holders or the beneficial owner of this Warrants representing more than 50% of the Warrant Shares issuable under the Warrants then-outstanding as of the date such
consent is sought, on the other hand. 
 m) Severability. Wherever possible, each provision of this Warrant shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or
invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant. 
 n)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 

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

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

(Signature Page Follows) 

  
 23 

 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. 
  

			
	PALISADE BIO, INC.
		
	By:	 	                 

Name:
 Title:

  
 24 

 NOTICE OF EXERCISE 

TO: PALISADE BIO, INC. 
 (1) The undersigned
hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if
any. 
 (2) Payment shall take the form of (check applicable box): 

[    ] in lawful money of the United States; or 

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

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

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

_________________________________ 

_________________________________ 
 [SIGNATURE
OF HOLDER] 
 Name of Investing Entity: ______________________________________________________________________________________ 

Signature of Authorized Signatory of Investing Entity: ________________________________________________________________ 

Name of Authorized Signatory: __________________________________________________________________________________ 

Title of Authorized Signatory: __________________________________________________________________________________ 

Date: ______________________________________________________________________________________________________ 

 ASSIGNMENT FORM 

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

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

 

			
	Name:	  	
		  	  
 (Please Print)

		
	Address:	  	  

	     
 Phone Number:

 
 Email Address:
	  	 (Please Print)

    
  

 

		
		  	
		
	Dated: _______________ __, ______	  	
		
	Holder’s Signature:_____________________	  	
		
	Holder’s Address:______________________

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