Document:

Adamis Pharmaceuticals Corporation 8-K

Exhibit 4.2

 

NEITHER THIS SECURITY NOR THE SECURITIES
FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE TRANSFERRED, UNLESS (I) SUCH SECURITIES HAVE BEEN REGISTERED FOR SALE PURSUANT TO THE
SECURITIES ACT OF 1933, AS AMENDED, OR (II) SUCH SECURITIES MAY BE SOLD PURSUANT TO RULE 144 OR OTHER APPLICABLE EXEMPTION FROM
APPLICABLE SECURITIES LAWS. THE ISSUER MAY REQUIRE AN OPINION OF COUNSEL TO THE HOLDER OF THESE SECURITIES, IN FORM AND SUBSTANCE
REASONABLY SATISFACTORY TO THE ISSUER, THAT SUCH TRANSFER MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF
1933, AS AMENDED. 

 

AMENDED AND RESTATED COMMON STOCK PURCHASE
WARRANT

 

ADAMIS
PHARMACEUTICALS CORPORATION

 

	Warrant Shares: [REQUIRES COMPLETION] 	  Issue Date: August 19, 2014

 

THIS AMENDED AND RESTATED
COMMON STOCK PURCHASE WARRANT (the “Warrant”) amends and restates in its entirety that certain Common Stock
Purchase Warrant dated as of August 19, 2014 by and between Adamis Pharmaceuticals Corporation, a Delaware corporation (the “Company”)
and [REQUIRES COMPLETION]. The Company hereby certifies that, for value received, [REQUIRES COMPLETION] or its assigns
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date hereof (the “Issue Date”) and on or prior to 11:59 P.M. on the
five (5) year anniversary of the Issue Date or, if such day is not a Trading Day, on the next Trading Day (the “Termination
Date”) but not thereafter, to subscribe for and purchase from the Company, up to [REQUIRES COMPLETION] shares
(as subject to adjustment hereunder, the “Warrant Shares”) of, at the option of the Holder, either (i) Common
Stock, (ii) Series A-1 Convertible Preferred Stock, par value $0.0001 par value per share (“Preferred Stock”), or
(iii) a combination of Common Stock and Preferred Stock. The purchase price of one share of Common Stock or Preferred Stock under
this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1.
Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in
that certain Purchase Agreement (the “Purchase Agreement”) or, as applicable, that certain Registration
Rights Agreement (the “Registration Rights Agreement”) each dated as of the Issue Date and entered into by
and between the Company and the initial Holder.

 

     

     

    

 

Section 2.
Exercise.

 

a) 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 Issue Date and on or
before the Termination Date by facsimile delivery to the Company (or such other office or agency of the Company as it may designate
by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed
notice of exercise (the “Notice of Exercise”) in substantially the form of the Notice of Exercise Form annexed
hereto. Within two (2) Trading Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise
Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United
States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise.
In the case of a dispute between the Company and the Holder as to the calculation of the Exercise Price or the number of Warrant
Shares issuable hereunder (including, without limitation, the calculation of any adjustment pursuant to Section 3 below), the Company
shall issue to the Holder the number of Warrant Shares that are not disputed within the time periods specified in Section 2(d)(i)
below and shall submit the disputed calculations to a certified public accounting firm of national reputation (other than the Company’s
regularly retained accountants) within three (3) Trading Days following the Company’s receipt of the Holder’s Notice
of Exercise. The Company shall cause such accountant to calculate the Exercise Price and/or the number of Warrant Shares issuable
hereunder and to notify the Company and the Holder of the results in writing no less than three (3) Trading Days following the
day on which such accountant received the disputed calculations. Such accountant’s calculation shall be deemed conclusive
absent manifest error. The fees of any such accountant shall be borne by the party whose calculations were most at variance with
those of such accountant. Notwithstanding anything herein to the contrary (although the Holder may surrender the Warrant to, and
receive a replacement Warrant from, the Company), the Holder shall not be required to physically surrender this Warrant to the
Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full,
in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date
the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion
of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares
purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall
maintain records showing the number of Warrant Shares purchased and the date of such purchases. In the case of a partial exercise
of this Warrant, the Holder may request that the Company deliver to the Holder a certificate representing such new warrant, with
terms identical in all respects to this Warrant (except that such new warrant shall be exercisable into the number of Warrant Shares
with respect to which this Warrant shall remain unexercised); provided, however, that the Holder shall be entitled to exercise
all or any portion of such new warrant at any time following the time at which this Warrant is exercised, regardless of whether
the Company has actually issued such new warrant or delivered to the Holder a certificate thereof. The Company shall deliver any
objection to any Notice of Exercise Form within one (1) Trading Day of delivery of such notice. The Holder and any assignee,
by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase
of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may
be less than the amount stated on the face hereof.

 

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b) Exercise Price.
The exercise price per share of the Common Stock under this Warrant shall be $3.40, subject to adjustment hereunder (the “Exercise
Price”).

 

c) Cashless Exercise.
If at any time commencing 120 days after the Issue Date, there is no then effective Registration Statement registering, or no current
prospectus available for, the resale of all of the Warrant Shares (assuming Holder elects all Warrant Shares to be in the form
of Common Stock upon exercise) by the Holder and all of the Conversion Shares beneficially held by the Holder (in each case without
giving effect any restrictions on exercise or conversion), or if the Company has not provided any certifications required to be
provided by the Registration Rights Agreement regarding the availability of the Registration Statement for resales of all of the
Warrant Shares and all of the Conversion Shares beneficially held by the Holder (in each case without giving effect any restrictions
on exercise or conversion) that has been requested by the Holder, then this Warrant may also be exercised at the Holder’s
election, 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 (X)] by (A), where:

 

(A) = the VWAP on
the Trading Day immediately preceding the date on which Holder elects to exercise this Warrant by means of a “cashless exercise,”
as set forth in the applicable Notice of Exercise;

 

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

 

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

 

“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 national securities exchange or trading market (with such exchange or market including, without limitation, the Nasdaq
Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market, The New York Stock Exchange, Inc., the NYSE or Amex,
or the OTC Bulletin Board including the OTCQX or OTCQB) (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. (or other reliable source) based on a Trading Day from 9:30 a.m. (New York City
time) (or such other time as the Trading Market publicly announces is the official open of trading) to 4:00 p.m. (New York City
time) (or such other time as the Trading Market publicly announces is the official close of trading), (b) if no daily volume weighted
average prices are reported by Bloomberg (or other reliable source), the average of the highest closing bid price and the lowest
closing ask price of any of the market makers for such security as reported in the “pink sheets” by OTC Markets LLC,
or (c) in all other cases, the fair market value of a share of Common Stock as mutually determined by the Company and Holder.

 

Notwithstanding anything herein
to the contrary, on the Termination Date, Holder may exercise any remaining unexercised portion of this Warrant by means of a cashless
exercise pursuant to this Section 2(c) by means of a notice delivered to the Company before the Termination Date. If on the Termination
Date the VWAP is greater than the Exercise Price of this Warrant, as adjusted hereunder, then the Warrant shall be automatically
exercised pursuant to this Section 2(c).

 

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d) Mechanics
of Exercise.

 

i. Delivery of Certificates Upon Exercise. Certificates for shares (or, if the shares are represented in
uncertificated form, comparable share notices reflecting such shares) purchased hereunder shall be transmitted by the
Transfer Agent (“Transfer Agent” means the transfer agent employed by the Company from time to time, for
its Common Stock) to the Holder by crediting the account of the Holder’s prime broker with The Depository Trust Company
through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in
such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or
resale of the Warrant Shares by the Holder (assuming Holder elects all Warrant Shares to be in the form of Common Stock upon
exercise) or (B) this Warrant is being exercised via cashless exercise and Rule 144 is available, and otherwise by physical
delivery to the address specified by the Holder in the Notice of Exercise by the date that is three (3) Trading Days after
the date of delivery to the Company of the Notice of Exercise (such date, the “Warrant Share
Delivery Date”). The Warrant Shares shall be deemed to have been issued, and Holder or any other person so
designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the
date of delivery to the Company of the Notice of Exercise. Notwithstanding anything herein to the contrary, the Company shall
not be required to make any cash payments or net cash settlement to the registered holder in lieu of issuance of the Warrant
Shares, except as provided in Section 2(d)(iv) below. The Company understands that a delay in the delivery of the Warrant
Shares (assuming Holder elects all Warrant Shares to be in the form of Common Stock upon exercise) after the Warrant Share
Delivery Date could result in economic loss to the Holder. As compensation to the Holder for such loss, if (i) the Company
fails to deliver the number of Warrant Shares (assuming Holder elects all Warrant Shares to be in the form of Common Stock
upon exercise) to which the Holder is entitled upon the Holder’s exercise of this Warrant within the time periods
specified above and (ii) the Holder has not exercised its Buy-In rights as provided below with respect to such shares, the
Company agrees to pay (as liquidated damages and not as a penalty) to the Holder for late issuance of Warrant Shares upon
exercise of this Warrant the proportionate amount of $100 per Trading Day (increasing to $200 per Trading Day after the tenth
Trading Day) after the Warrant Share Delivery Date for each $10,000 of Exercise Price of Warrant Shares for which this
Warrant is exercised which are not timely delivered. For purposes of clarification, if the Company is obligated to make
payments of liquidated damages pursuant to this Section for late issuance of Warrant Shares, then it shall not also
be obligated to make Buy-In payments as described below with respect to those same Warrant Shares. The Company shall pay any
payments incurred under this Section in immediately available funds upon demand.

 

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 certificate or certificates representing 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.

 

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iii. Revoking Exercise.
In the event that the Company fails for any reason to effect delivery of the Warrant Shares to Holder by the Warrant Share Delivery
Date, then Holder may, at any time prior to issuance of such Warrant Shares, revoke all or part of the relevant Warrant exercise
by delivery of a notice to such effect to the Company, whereupon the Company and the Holder shall each be restored to their respective
positions immediately prior to the exercise of the relevant portion of this Warrant, except that the liquidated damages described
above shall be payable through the date notice of revocation is given to the Company.

 

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

 

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vi. Charges, Taxes
and Expenses. Issuance of certificates for 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 certificate, all of which taxes and expenses shall be paid
by the Company, and such certificates 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 certificates for 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.

 

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, (i) the Holder would beneficially own in excess of
the Holder Beneficial Ownership Limitation (as defined below) or (ii) 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, would beneficially
own in excess of the Affiliates 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 shall include the number of shares
of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall
exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion
of this Warrant beneficially owned by the Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised
or nonconverted portion of any other securities of the Company (including, without limitation, any other 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, hereinafter
“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. 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 1934 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 1934 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 of which portion of this Warrant is exercisable shall be in the
reasonable judgment of the Holder, in each case subject to the Holder Beneficial Ownership Limitation or the Affiliates
Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such
determination.

 

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In addition, a determination as to any group status as contemplated above shall be determined in accordance
with Section 13(d) of the 1934 Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e),
in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of
Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the
case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the
Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder,
the Company shall within one (1) Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock
then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to
the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates since the
date as of which such number of outstanding shares of Common Stock was reported. The “Holder Beneficial Ownership
Limitation” shall be 4.99% 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 “Affiliates Beneficial
Ownership Limitation” shall be 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 Beneficial
Ownership Limitation together with the Affiliates Beneficial Ownership Limitation is collectively known as the
“Beneficial Ownership Limitation.” 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 and shall cease to apply only (x) upon sixty-one (61) days’
written notice from the Holder to the Company of an election to increase or decrease or remove one or both of the Holder
Beneficial Ownership Limitation and the Affiliate Beneficial Ownership Limitation or (y) immediately upon written notice from
the Holder to the Company at any time after the public announcement or other disclosure of a Fundamental Transaction (as
defined in Section 3(d)); provided, however that in no event shall either the Holder Beneficial Ownership Limitation or the
Affiliate Beneficial Ownership Limitation be 20.00% or greater.

 

f) Call. Provided
(i) there is at the time an effective registration statement which includes for resale all of the Warrant Shares (assuming Holder
elects all Warrant Shares to be in the form of Common Stock upon exercise), or (ii) all of the Warrant Shares may be sold pursuant
to Rule 144 upon “cashless exercise” pursuant to Section 2(c) without restrictions including without volume limitations
(each a “Trigger Condition”), the Company shall have the option to “call” (the “Warrant
Call”) the exercise of any or all of the Warrant Shares (the “Called Warrant Shares”) from time to
time in accordance with and governed by the following:

 

(1) Call
Notice. The Company shall exercise a Warrant Call by giving written notice of call (the “Call Notice”)
to the Holder during the period in which the Warrant Call may be exercised. The effective date of each Call Notice (the “Call
Date”) is the date on which notice is deemed given and effective under the notice provision of Section 5(h) of this
Warrant.

 

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(2) Call
Period. The Company’s right to exercise a Warrant Call shall commence five (5) Trading Days after either of the Trigger
Conditions has been in effect continuously for fifteen (15) Trading Days. The Holder shall have the right to cancel the Warrant
Call up until the date the called Warrant Shares are actually delivered to the Holder (“Warrant Call Delivery Date”)
if the Trigger Condition relied upon for the Warrant Call ceases to apply.

 

(3) Call
Notice Spacing. A Call Notice may be given not sooner than fifteen (15) Trading Days after the Warrant Call Delivery Date
of the immediately preceding Call Notice.

 

(4) Exercise
Price Multiple. If Holder and any affiliates together would be regarded as beneficial owners (assuming conversion of all convertible
securities held by Holder and such affiliates and exercise in full of all Warrants held by such Holder and affiliates, without
giving effect to any Beneficial Ownership Limitation applicable to this Warrant or such convertible securities), of more than
two percent (2.0%) of the outstanding shares of Common Stock of the Company as of the Issue Date (Holder, in such circumstances
referred to as a “2% Holder”), then a Call Notice may be given by the Company only within five (5) Trading
Days after any thirty (30) consecutive Trading Day period during which the VWAP of the Common Stock as reported for the Principal
Market is not less than two hundred and fifty percent (250%) of the Exercise Price then in effect for twenty-five (25) out of
such thirty (30) consecutive Trading Day period. If Holder is not a 2% Holder as of the Issue Date, then a Call Notice may be
given by the Company only within ten (10) Trading Days after any twenty (20) consecutive Trading Day period during which the VWAP
of the Common Stock as reported for the Principal Market is not less than two hundred and fifty percent (250%) of the Exercise
Price in effective for ten (10) out of such twenty (20) consecutive Trading Day period.

 

(5) Compliance
with Call Notice. During the Call Period, the Holder shall exercise this Warrant and purchase the Called Warrant Shares as
provided herein. If the Holder fails to timely exercise the Warrant for a number of Warrant Shares equal to number of Called Warrant
Shares during the Call Period, the Company’s sole remedy shall be to cancel an amount of called Warrant Shares equal to
such shortfall, with the Warrant no longer being exercisable with respect to such Warrant Shares (for avoidance of doubt, such
remedy shall be available if, and only if, the Trigger Condition relied upon for the Warrant Call continues to apply through the
entirety of the Call Period). The “Call Period” shall be a period of thirty Trading Days following the Call
Date, provided the Call Period will be extended for one Trading Day for each Trading Day during the Call Period during which the
VWAP of the Common Stock as reported for the Principal Market is less than two hundred and twenty-five percent (225%) of the Exercise
Price then in effect.

 

(6) Notice
to Other Holders. Unless otherwise agreed to by the Holder of this Warrant, a Call Notice must be given to all other Warrant
Holders in proportion to the amounts of Warrant Shares which may be purchased by such Holders in accordance with the Warrants
held by each, without giving effect to the Beneficial Ownership Limitation.

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Section 3. Certain
Adjustments.

 

a) Stock Dividends and
Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution
or distributions of shares of its Common Stock to the record holders 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 or pursuant to any of the other Transaction
Documents), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way
of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification
of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the
aggregate Exercise Price of this Warrant shall remain unchanged in the case of an exercise for Common Stock only. In the event
that any adjustment of the Exercise Price required herein results in a fraction of a cent, the Exercise Price shall be rounded
down to the nearest one hundredth of a cent. 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 reclassification.

 

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

 

c) Pro Rata Distributions.
If the Company, at any time while this Warrant is outstanding, shall distribute to all holders of Common Stock (and not to the
Holder) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants to subscribe for or purchase
any security of the Company other than the Common Stock (which shall be subject to Section 3(b)) (a “Distribution”),
then in each such case the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would
have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this
Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation)
immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which
the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however,
to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial
Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial
ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall
be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder
exceeding the Beneficial Ownership Limitation). To the extent that this Warrant has not been exercised at the time of such Distribution,
such portion of the Distribution shall be held in abeyance for the benefit of the Holder until the Holder has exercised this Warrant.

 

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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 pursuant to which the shares of capital stock of
the Corporation outstanding immediately prior to such merger or consolidation are converted into or exchanged for shares of another
corporation or entity and represent, or are converted into or exchanged for equity securities that represent, immediately following
such merger or consolidation, less than a majority, by voting power, of the equity securities of (1) the surviving or resulting
party or (2) if the surviving or resulting party is a wholly owned subsidiary of another party immediately following such merger
or consolidation, the parent of such surviving or resulting party, (ii) the Company, directly or indirectly, effects any sale of
all or substantially all of its assets in one or a series of related transactions and the consideration is distributed to holders
of Common Stock, (iii) any tender offer or exchange offer by the Company is completed pursuant to which holders of Common Stock
are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders
of 50% or more of the outstanding Common Stock, (iv) the Company 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 with another Person or group of Persons whereby such other Person or group acquires more than
50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons
making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement)
(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, (without regard to the applicable of Section 2(c) nor 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 by holders
of Common Stock 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.

 

    	 	 10	 

     

    

 

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 that is (1) an all
cash transaction, (2) a “Rule 13e-3 transaction” as defined in Rule 13e-3 under the 1934 Act, or (3) a Fundamental
Transaction described in clause “(i)” of the first sentence above and where, pursuant to the merger, the stockholders
of the Company will receive securities of the acquiring person or entity and such securities of such person or entity are not
traded on a national securities exchange or trading market (with such exchange or market including, without limitation, the Nasdaq
Global Select Market, the Nasdaq Global Market, or the Nasdaq Capital Market, The New York Stock Exchange, Inc., the NYSE or Amex),
the Company or any Successor Entity (as defined below) shall, at the Holder’s option which shall be exercised as of the
consummation of the Fundamental Transaction, purchase this Warrant from the Holder by paying to the Holder concurrently with the
consummation of the Fundamental Transaction for each Warrant Share that would be issuable upon such exercise immediately prior
to the occurrence of such Fundamental Transaction (without regard to the application of Section 2(c) nor any limitation in Section
2(e) on the exercise of this Warrant), the higher of (i) an amount of cash equal to the Black Scholes Value of the remaining unexercised
portion of this Warrant on the date of the consummation of such Fundamental Transaction, or (ii) the positive difference between
the cash per share paid in such Fundamental Transaction minus the then in effect Exercise Price. “Black Scholes Value”
means the value of the unexercised portion of this Warrant based on the Black and Scholes Option Pricing Model obtained from the
“OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable
Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate
for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination
Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg
as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying
price per share used in such calculation shall be the 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 and (D) a remaining option time equal to
the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date. In the
event of a Fundamental Transaction described in clause “(i)” of the first sentence above, the Company shall cause
any successor entity in such a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”)
to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance
with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder
and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the
Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital
stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon
exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction,
and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account
the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital
stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of
this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form
and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and
be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other
Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every
right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction
Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

    	 	 11	 

     

    

 

e) 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.

 

f) Notice to Holder.

 

i. Whenever
the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly mail to the Holder 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. If (A) the approval of
any stockholders of the Company shall be required in connection with any reclassification of the Common Stock (other than stock
splits or reverse stock splits), any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially
all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities
(other than stock splits or reverse stock splits), cash or property, or (B) the Company shall authorize the voluntary or involuntary
dissolution, liquidation or winding up of the affairs of the Company, then, in each case, to the extent that such information constitutes
material non-public information (as determined in good faith by the Company) the Company shall follow the procedure described in
Section 7.5 of the Purchase Agreement and shall deliver to the Holder, at least 10 days prior to the effective date hereinafter
specified, a notice stating 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 mail such notice or any defect therein or
in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice and shall
not be deemed to be a material breach of this Warrant unless such failure adversely affected Holder’s rights with respect
to the Warrant. 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.

 

    	 	 12	 

     

    

 

g) Adjustments. In
the event that at any time, as a result of an adjustment made pursuant to this Section 3, the Holder shall, upon exercise of this
Warrant, become entitled to receive securities or assets (other than Common Stock) then, wherever appropriate, all references herein
to shares of Common Stock shall be deemed to refer to and include such shares and/or other securities or assets; and thereafter
the number of such shares and/or other securities or assets shall be subject to adjustment from time to time in a manner and upon
terms as nearly equivalent as practicable to the provisions of this Section 3. Any adjustment made herein that results in a decrease
in the Exercise Price shall also effect a proportional increase in the number of shares of Common Stock into which this Warrant
is exercisable.

  

Section 4. Transfer
of Warrant.

 

a) Transferability.
Subject to compliance with any applicable securities laws and the provisions of the Purchase Agreement, this Warrant and all rights
hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this
Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially
in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes
payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver
a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified
in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned,
and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised by a new
holder for the purchase of Warrant Shares without having a new Warrant issued.

 

b) New Warrants. This
Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together
with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its
agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined
in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the 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 Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder,
and for all other purposes, absent actual notice to the contrary.

    	 	 13	 

     

    

 

Section 5. Miscellaneous.

 

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

 

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

 

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

 

d) Authorized Shares.

 

i. The Company covenants
that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock and Preferred
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 executing stock certificates to execute and issue the necessary certificates for the 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 Principal 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).

 

ii. 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.

 

    	 	 14	 

     

    

 

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

 

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

 

f) Restrictions. The
Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered for resale or if Holder
does not utilize cashless exercise and Rule 144 is available, will have restrictions upon resale imposed by state and federal securities
laws.

 

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

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

 

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

 

    	 	 15	 

     

    

 

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.

 

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

 

m) Severability. 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.

 

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

 

(Signature Page Follows)

 

    	 	 16	 

     

    

 

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.

  

	 	ADAMIS PHARMACEUTICALS CORPORATION
	 	 	 
	 	By:	  
	 	Name:	 
	 	Title:	 

 

    	 	 17	 

     

    

NOTICE OF EXERCISE

 

To:
ADAMIS PHARMACEUTICALS CORPORATION

 

(1) The
undersigned hereby elects to purchase ________ Warrant Shares (to be comprised of _________ shares of Common Stock and __________
shares of Preferred Stock) 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 a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is
specified below:

 

	 	 	 

 

(4) After
giving effect to this Notice of Exercise, the undersigned will not have exceeded the Beneficial Ownership Limitation.

 

The Warrant Shares shall be delivered to the
following DWAC Account Number or by physical delivery of a certificate to:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

  

 

[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 exercise the warrant.)

 

ADAMIS
PHARMACEUTICALS CORPORATION

 

FOR VALUE
RECEIVED, [____] all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

_______________________________________________
whose address is

 

_______________________________________________________________.

 

_______________________________________________________________

 

	 	Dated: ______________,
_______	 

 

 

	 	Holder’s Signature: 	 	 
	 	 	 	 
	 	Holder’s Address: 	 	 
	 	 	 	 
	 	 	 	 

 

 

Signature Guaranteed: ___________________________________________

 

NOTE: The signature to this Assignment Form
must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever,
and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative
capacity should file proper evidence of authority to assign the foregoing Warrant.Adamis Pharmaceuticals Corporation 8-K

Exhibit 10.1

PURCHASE AGREEMENT

 

THIS PURCHASE AGREEMENT
(“Agreement”) is made as of January 26, 2016, by and among Adamis Pharmaceuticals Corporation, a Delaware
corporation (the “Company”), and each entity named on the signature page of this Agreement (each an “Investor”
and collectively, the “Investors”).

 

BACKGROUND

 

A. The Company and the
Investor are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by the
provisions of Regulation D (“Regulation D”), as promulgated by the U.S. Securities and Exchange
Commission (the “SEC”) under the Securities Act of 1933, as amended.

 

B. The Company is offering,
upon the terms and conditions stated in this Agreement, up to an aggregate of (i) 1,183,432 shares (the “Shares”)
of Series A-1 Convertible Preferred Stock, par value $0.0001 per share, convertible into a number of shares (“Conversion
Shares”) of the Company’s Common Stock, par value $0.0001 (together with any securities into which such shares
may be reclassified, the “Common Stock”), and (ii) Warrants in the form attached hereto as Exhibit
A (the “Warrants”) to purchase an aggregate of 1,183,432 shares of Common Stock or Series A-1 Convertible
Preferred Stock (the “Warrant Shares”) at an initial exercise price of $4.10 per Warrant Share. As used
herein, “Securities” means, collectively, the Shares, Conversion Shares, the Warrants and the Warrant
Shares.

 

C. The Shares and the
Warrants are being offered as units (the “Units”), which each Unit consisting of (i) one Share, and (ii)
one Warrant to purchase one Warrant Share, all at a per Unit price of $4.225 (the “Per Unit Purchase Price”).
The Units will not be certificated, and the Shares and the Warrants will be issued separately.

 

D. The Investors wish
to purchase from the Company, and the Company wishes to sell and issue to the Investors the number of Units specified on the signature
page to this Agreement at the Per Unit Purchase Price.

 

E. Contemporaneous with
the sale of the Units, the parties hereto will execute and deliver an Amended and Restated Registration Rights Agreement, in the
form attached hereto as Exhibit B (the “Registration Rights Agreement”), pursuant to which the
Company will agree to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder.

 

AGREEMENT

 

In consideration of the
mutual promises made herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

1. Definitions.
In addition to those terms defined above and elsewhere in this Agreement, for the purposes of this Agreement, the following terms
shall have the meanings set forth below:

 

    	 	 1	 

    	 

    

 

“Affiliate”
means, as to any Person (the “subject Person”), any other Person (a) that directly or indirectly
through one or more intermediaries controls or is controlled by, or is under direct or indirect common control with, the subject
Person, (b) that directly or indirectly beneficially owns or holds ten percent (10%) or more of any class of voting equity of
the subject Person, or (c) ten percent (10%) or more of the voting equity of which is directly or indirectly beneficially owned
or held by the subject Person. For the purposes of this definition, “control” when used with respect to any Person
means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of
voting securities, through representation on such Person’s board of directors or other management committee or group, by
contract or otherwise.

 

“Business Day”
means a day, other than a Saturday or Sunday, on which banks in New York City are open for the general transaction of business.

 

“Certificate of
Designation” means the Certificate of Designation, substantially in the form attached hereto as Exhibit C, to
be filed by the Company with the Secretary of State of Delaware, establishing and defining the rights of the Shares.

 

“Certificates”
representing any of the Securities shall mean either (i) certificates representing such Securities, or (ii) if Securities are issued
in uncertificated form, then comparable share notices reflecting such Securities).

 

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

 

“Company’s
Knowledge” means the knowledge of the executive officers (as defined in Rule 405 under the 1933 Act) of the Company.

 

“Confidential Information”
means trade secrets, confidential information and know-how (including, but not limited to, ideas, formulae, compositions, processes,
procedures and techniques, research and development information, computer program code, performance specifications, support documentation,
drawings, specifications, designs, business and marketing plans, and customer and supplier lists and related information).

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder.

 

“Intellectual Property”
means all of the following: (i) patents, patent applications, patent disclosures and inventions (whether or not patentable and
whether or not reduced to practice); (ii) trademarks, service marks, trade dress, trade names, corporate names, logos, slogans
and Internet domain names, together with all goodwill associated with each of the foregoing; (iii) copyrights and copyrightable
works; (iv) registrations, applications and renewals for any of the foregoing; and (v) proprietary computer software (including,
but not limited to, data, data bases and documentation).

 

“Key Employee”
has the meaning set forth in Section 4.28.

 

    	 	 2	 

    	 

    

 

“Material Adverse
Effect” means a material adverse effect (i) on the business, assets, liabilities, results of operations, or condition
(financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or on the authority or ability of the Company to
perform its obligations under the Transaction Documents; provided, however, that for purposes of this Agreement, “Material
Adverse Effect” shall not include any effect attributable solely to the changes in the trading price of the Common Stock,
or (ii) on the Investor’s rights as a holder of the Preferred Stock or under the Warrants.

 

“Material Contract”
means any contract, instrument or other agreement to which the Company or any Subsidiary is a party or by which it is bound which
is material to the business of the Company and its Subsidiaries, taken as a whole, including those such contracts, instruments
or agreements that have been filed as exhibits to the SEC Filings pursuant to Item 601(b)(4) or Item 601(b)(10) of Regulation S-K.

 

“NASDAQ CM”
has the meaning set forth in Section 4.20.

 

“Pension Plan”
means an employee benefit plan (as defined in ERISA) maintained by the Company for employees of the Company or any of its Affiliates.

 

“Person”
means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company,
joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically
listed herein.

 

“Registrable Securities”
means the Conversion Shares and the Warrant Shares, any other shares of Common Stock issuable pursuant to the terms of the Certificate
of Designation or the Warrants, and any shares of capital stock issued or issuable from time to time (with any adjustments) in
replacement of, in exchange for or otherwise in respect of the Conversion Shares or the Warrant Shares; provided, however,
that “Registrable Securities” shall not include any such shares that have been sold to the public pursuant to the Registration
Statement or Rule 144 or that can be publicly sold to the public without volume restrictions pursuant to Rule 144 (and giving effect
to the ability to net exercise the Warrants pursuant to the provisions of the Warrants).

 

“Registration Statement”
has the meaning set forth in the Registration Rights Agreement.

 

“Required Investors”
means any Investor which, together with its Affiliates, beneficially owns at least a majority of the Shares then beneficially owned
by the Investors.

 

“Rule 144”
means Rule 144 under the 1933 Act, or any successor provision.

 

“SEC Filings”
has the meaning set forth in Section 4.7.

 

“Subsidiary”
means any “significant” subsidiary of the Company, as defined in Article 1-02(w) of Regulation S-X.

 

    	 	 3	 

    	 

    

 

“Trading Day”
means any day on which the NYSE MKT, the NASDAQ CM, the NASDAQ Global Market, the NASDAQ Global Select Market, the New York Stock
Exchange or the OTC Bulletin Board (or any successors to any of the foregoing) is open for business.

 

“Transaction Documents”
means this Agreement, the Warrants, the Registration Rights Agreement and all other agreements, documents and other instruments
executed and delivered by or on behalf of the Company or any of its officers at the Closing.

 

“VWAP”
means, for any Trading Day, the price determined by the first of the following clauses that applies: (a) if the Common Stock is
then listed or quoted on a national securities exchange or trading market (with such exchange or market, including, without limitation,
the Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market, The New York Stock Exchange, Inc., the NYSE
or Amex, or the OTC Bulletin Board including the OTCQX or OTCQB) (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. (or other reliable source) based on a Trading Day from 9:30 a.m. (New
York City time) (or such other time as the Trading Market publicly announces is the official open of trading) to 4:00 p.m. (New
York City time) (or such other time as the Trading Market publicly announces is the official close of trading), (b) if no daily
volume weighted average prices are reported by Bloomberg (or other reliable source), the average of the highest closing bid price
and the lowest closing ask price of any of the market makers for such security as reported in the “pink sheets” by
OTC Markets LLC, or (c) in all other cases, the fair market value of a share of Common Stock as mutually determined by the
Company and Investor.

 

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

 

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

 

2. Purchase and Sale
of the Units. Subject to the terms and conditions of this Agreement, on the Closing Date, each Investor shall purchase, and
the Company shall sell and issue to each Investor, the number of Units set forth opposite the Investor’s name on the signature
page attached hereto at a price per Unit equal to the Per Unit Purchase Price.

 

3. Closing. The
purchase and sale of the Units to be purchased by the Investors hereunder shall occur on the date hereof, subject to the satisfaction
or waiver of the conditions specified in Section 6 hereof, or such other date and time as shall be mutually agreed to by the Company
and the Required Investors (the “Closing”). The date on which the Closing occurs is hereinafter referred
to as the “Closing Date.” At the Closing, (i) each Investor shall cause a wire transfer in same day funds
to be sent to the account of the Company as instructed in writing by the Company, in an amount equal to the product of (A) the
number of Units being purchased by such Investor on the Closing Date, and (B) the Per Unit Purchase Price, and (ii) the Company
shall cause to be issued and delivered to each Investor or its designee, by FedEx or other recognized overnight courier, Certificates
or, if securities are issued in uncertificated form, written notice of issuance, representing the Shares and the Warrants purchased
by such Investor at the Closing, registered in such name or names as such Investor may designate. The Closing shall take place
at the offices of Weintraub Tobin Chediak Coleman & Grodin Law Corporation, 400 Capitol Mall, 11th Floor, Sacramento,
California 95814 or at such other location and on such other date as the Company and the Required Investors shall mutually agree.

 

    	 	 4	 

    	 

    

 

4. Representations
and Warranties of the Company. The Company hereby represents and warrants to the Investors that, except as may be set forth
in a separate written disclosure letter delivered to the Investors before the date of this Agreement (the “Disclosure
Schedule”):

 

4.1. Organization,
Good Standing and Qualification. Each of the Company and its Subsidiaries is a corporation duly organized, validly existing
and in good standing under the laws of the jurisdiction of its incorporation and has all requisite corporate power and authority
to carry on its business as now conducted and to own or lease its properties. Each of the Company and its Subsidiaries is duly
qualified to do business as a foreign corporation and is in good standing in each jurisdiction in which the conduct of its business
or its ownership or leasing of property makes such qualification or leasing necessary, unless the failure to so qualify has not
had and could not reasonably be expected to have a Material Adverse Effect. There are no Subsidiaries that are not included in
the list of the Company’s subsidiaries contained in Exhibit 22.1 to the Company’s Transition Report on Form 10-KT for
the transition period ended December 31, 2014 (the “10-KT”).

 

4.2. Authorization.
The Company has full corporate power and authority and has taken all requisite action on the part of the Company, its officers,
directors and stockholders necessary for (i) the authorization, execution and delivery of the Transaction Documents, (ii) the authorization
of the performance of all obligations of the Company hereunder or thereunder, (iii) the authorization, issuance (or reservation
for issuance) and delivery of the Securities, and (iv) to adopt and file the Certificate of Designation and perform its obligations
thereunder. The Transaction Documents constitute, or when executed and delivered by the Company will constitute, the legal, valid
and binding obligations of the Company, enforceable against the Company in accordance with their terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability, relating to or affecting
creditors’ rights generally and to general equitable principles. The board of directors of the Company has determined, at
a duly convened meeting or pursuant to a unanimous written consent, that the issuance and sale of the Securities, and the consummation
of the transactions contemplated by the Certification of Designation, this Agreement and the other Transaction Documents (including,
without limitation, the issuance of the Conversion Shares and the Warrant Shares), are in the best interest of the Company.

 

4.3. Due Execution;
Enforceability. This Agreement has been and, at or prior to the Closing, each other Transaction Document to be delivered at
the Closing will be, duly executed and delivered by the Company. This Agreement constitutes and, upon the execution and delivery
thereof by the Company, each other Transaction Document will constitute the valid and legally binding obligation of the Company,
enforceable against it in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, fraudulent transfer, moratorium,
reorganization or other similar laws of general application relating to or affecting the enforcement of creditors’ rights
generally, and (ii) general principles of equity.

 

    	 	 5	 

    	 

    

 

4.4. Capitalization;
Debt. The capitalization of the Company, including its authorized capital stock, the number of shares issued and outstanding,
the number of shares issuable and reserved for issuance pursuant to the Company’s stock option plans and agreements, the
number of shares issuable and reserved for issuance pursuant to securities (other than the Securities) exercisable for, or convertible
into or exchangeable for any shares of Common Stock is as set forth in the SEC Filings as of the dates set forth therein. All of
the issued and outstanding shares of the Company’s capital stock have been duly authorized and validly issued and are fully
paid, nonassessable and free of pre-emptive rights and were issued in compliance in all respects with applicable state and federal
securities law, except as would not reasonably be expected to have a Material Adverse Effect. The Company owns all outstanding
shares of each Subsidiary. Except as reflected in the SEC Filings or in the Disclosure Schedule, no Person is entitled to pre-emptive
rights with respect to any securities of the Company. Except as reflected in the SEC Filings or in the Disclosure Schedule, there
are no outstanding warrants, options, convertible securities, or other rights, agreements or arrangements of any character under
which the Company or any of its Subsidiaries is or may be obligated to issue any material amounts of equity securities of any kind.
Except as reflected in the SEC Filings or in the Disclosure Schedule and, except for the Registration Rights Agreement, there are
no voting agreements, buy-sell agreements, or right of first purchase agreements among the Company and any of the securityholders
of the Company relating to the securities of the Company held by them. Except as reflected in the SEC Filings or in the Disclosure
Schedule and, except as provided in the Registration Rights Agreement, no Person has the right to require the Company to register
any securities of the Company under the 1933 Act. Except as reflected in the SEC Filings, the issuance and sale of the Securities
hereunder will not obligate the Company to issue shares of Common Stock or other securities to any other Person (other than the
Investors). Except as reflected in the SEC Filings, the Company does not have outstanding stockholder rights plans or “poison
pill” or any similar arrangement in effect giving stockholders the right to purchase any equity interest in the Company upon
the occurrence of certain events. Except as disclosed in the SEC Filings, the Company has no material indebtedness outstanding
as of the date hereof.

 

4.5. Valid Issuance.
The Shares have been duly and validly authorized and, when issued and paid for pursuant to this Agreement, will be validly issued,
fully paid and nonassessable, and shall be free and clear of all encumbrances and restrictions (other than those created by the
Investors), except for restrictions on transfer set forth in the Transaction Documents or imposed by applicable securities laws,
and will be delivered in compliance with all applicable federal and state securities laws. The Warrants have been duly and validly
authorized. Upon the due exercise of the Warrants or conversion of the Shares, the Warrant Shares and Conversion Shares (as the
case may be) will be validly issued, fully paid and non-assessable free and clear of all encumbrances and restrictions, except
for restrictions on transfer set forth in the Transaction Documents or imposed by applicable securities laws and, except for those
created by the Investors, and will be delivered in compliance with all applicable federal and state securities laws. The Company
has reserved a sufficient number of shares of Common Stock for issuance upon conversion of the Shares and the exercise of the Warrants.

 

4.6. Consents.
Except as reflected in the SEC Filings or in the Disclosure Schedule, the execution, delivery
and performance by the Company of the Transaction Documents and the offer, issuance and sale of the Securities require no consent
of, action by or in respect of, or filing with, any Person, governmental body, agency, or official other than filings that have
been made pursuant to applicable state securities laws and post-sale filings pursuant to applicable state and federal securities
laws which the Company undertakes to file within the applicable time periods.

 

    	 	 6	 

    	 

    

 

4.7. Delivery of SEC
Filings; Business. The Company has filed with the SEC all reports, schedules, registration statements and definitive proxy
statements that the Company was required to file with the SEC since April 1, 2013 (collectively, the “SEC Filings”).
The SEC Filings are the only filings required of the Company pursuant to the 1934 Act for such period. The Company is not aware
of any event occurring or expected to occur on or prior to the Closing Date (other than the transactions effected hereby and the
next Quarterly Report on Form 10-Q or Annual Report on Form 10-K) that would require the filing of, or with respect to which
the Company intends to file, a Current Report on Form 8-K after the Closing. The Company and its Subsidiaries are engaged in all
material respects only in the business reflected in the SEC Filings, and the SEC Filings contain a complete and accurate description
in all material respects of the business of the Company and its Subsidiaries, taken as a whole.

 

4.8. Use of Proceeds.
The net proceeds of the sale of the Units hereunder shall be used by the Company for general corporate purposes, which may include
without limitation working capital, capital expenditures, research and development expenditures, regulatory affairs expenditures,
clinical trial expenditures, acquisitions of or investments in new companies, technologies or products, and payment of indebtedness
or obligations.

 

4.9. No Material Adverse
Change. Since September 30, 2015, except as reflected in the SEC Filings or as contemplated by the offer and sale of the
Units, there has not been:

 

(a) any material adverse
change nor any material adverse development in the business, consolidated assets, liabilities, financial condition or operating
results of the Company;

 

(b) any change by the
Company in its accounting principles, policies and methods, except as required by changes in United States generally accepted accounting
principles applied on a consistent basis (“GAAP”) or applicable law;

 

(c) any declaration
or payment of any dividend, or any authorization or payment of any distribution, on any of the capital stock of the Company, or
any redemption or repurchase of any securities of the Company;

 

(d) any material damage,
destruction or loss, whether or not covered by insurance, to any assets or properties of the Company or its Subsidiaries;

 

(e) any waiver, not
in the ordinary course of business, by the Company or any Subsidiary of a material right or of a material debt owed to it;

 

(f) any satisfaction
or discharge of any lien, claim or encumbrance or payment of any obligation by the Company or a Subsidiary, except in the ordinary
course of business;

 

    	 	 7	 

    	 

    

 

(g) any change or amendment
to the Company’s Restated Certificate of Incorporation or Bylaws, or material change to any Material Contract by which the
Company or any Subsidiary is bound or to which any of their respective assets or properties is subject;

 

(h) any material labor
difficulties or labor union organizing activities with respect to employees of the Company or any Subsidiary;

 

(i) any material transaction
entered into by the Company or a Subsidiary other than in the ordinary course of business;

 

(j) the loss of the
services of any Key Employee, or material change in the composition or duties of the senior management of the Company or any Subsidiary;

 

(k) the loss or threatened
loss of any customer which has had or could reasonably be expected to have a Material Adverse Effect; or

 

(l) any action taken
by the by the Company or a Subsidiary to seek protection pursuant to any law or statute relating to bankruptcy, insolvency, reorganization,
receivership, liquidation or winding up, nor does the Company or any Subsidiary have any knowledge or reason to believe that any
of their respective creditors intend to initiate involuntary bankruptcy proceedings or any actual knowledge of any facts which
would reasonably lead a creditor to do so; or

 

(m) any other event
or condition of any character that has had or could reasonably be expected to have a Material Adverse Effect.

 

4.10. SEC Filings.
At the time of filing thereof, the SEC Filings (including all exhibits and schedules thereto and the documents incorporated by
reference therein) complied in all material respects with the requirements of the 1933 Act or 1934 Act, as applicable, and the
rules and regulations promulgated thereunder, and did not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary in order to make the statements made therein, in the light of the circumstances
under which they were made, not misleading. All documents required to be filed as exhibits to the SEC Filings have been filed as
required.

 

4.11. No Conflict,
Breach, Violation or Default. The execution, delivery and performance of the Transaction Documents by the Company and the issuance
and sale of the Securities does not and will not (i) conflict with or result in a breach or violation of (a) any of the terms and
provisions of, or constitute a default under the Company’s Restated Certificate of Incorporation or the Company’s Bylaws,
both as in effect on the date hereof (true and complete copies of which have been made available to the Investors through the EDGAR
system), or (b) to any statute, rule, regulation or order of any governmental agency or body or any court, domestic or foreign,
having jurisdiction over the Company, any Subsidiary or any of their respective assets or properties, or (ii) conflict with, or
constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation
of any lien, encumbrance or other adverse claim upon any of the properties or assets of the Company or any Subsidiary or give to
others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any
Material Contract, except, in the case of clauses (i)(b) and (ii) only, for such conflicts, breaches, violations and defaults
as have not had, and could not reasonably be expected to have, a Material Adverse Effect, individually or in the aggregate.

 

    	 	 8	 

    	 

    

 

4.12. Tax Matters.
The Company and each Subsidiary has timely prepared and filed all material tax returns required to have been filed by the Company
or such Subsidiary with all appropriate governmental agencies and timely paid all taxes shown thereon or otherwise owed by it,
except as could not reasonably be expected to have a Material Adverse Effect. The charges, accruals and reserves on the books of
the Company in respect of taxes for all fiscal periods are adequate in all material respects, and there are no material unpaid
assessments against the Company or any Subsidiary nor, to the Company’s Knowledge, any basis for the assessment of any additional
taxes, penalties or interest for any fiscal period or audits by any federal, state or local taxing authority, except for any assessment
which could not be reasonably expected to have a Material Adverse Effect. All material taxes and other assessments and levies that
the Company or any Subsidiary is required to withhold or to collect for payment have been duly withheld and collected and paid
to the proper governmental entity or third party when due. There are no material tax liens or claims pending or, to the Company’s
Knowledge, threatened against the Company or any Subsidiary or any of their respective assets or property. Except as reflected
in the SEC Filings, there are no outstanding tax sharing agreements or other such arrangements between the Company and any Subsidiary
or other corporation or entity. The Company has not participated in a “listed transaction” within the meaning of Treasury
Regulation Section 1.6011-4(b)(2).

 

4.13. Title to Properties.
Except as reflected in the SEC Filings, the Company and each Subsidiary has good and marketable title to all real properties and
all other properties and assets owned by it, in each case free from liens, encumbrances and defects that would materially affect
the value thereof or materially interfere with the use made or currently planned to be made thereof by them; and, except as reflected
in the SEC Filings, the Company and each Subsidiary holds any leased real or personal property under valid and enforceable leases
with no exceptions that would materially interfere with the use made or currently planned to be made thereof by them.

 

4.14. Certificates,
Authorities and Permits. The Company and each Subsidiary possess all material certificates, authorities and permits issued
by appropriate governmental agencies or bodies necessary to conduct the business now operated by it, and neither the Company nor
any Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authority
or permit that, if determined adversely to the Company or such Subsidiary, could reasonably be expected to have a Material Adverse
Effect, individually or in the aggregate.

 

4.15. Labor
Matters.

 

(a) The
Company is not a party to or bound by any collective bargaining agreements or other agreements with labor organizations. The Company
has not violated in any material respect any laws, regulations, orders or contract terms, affecting the collective bargaining
rights of employees, labor organizations or any laws, regulations or orders affecting employment discrimination, equal opportunity
employment, or employees’ health, safety, welfare, wages and hours.

 

    	 	 9	 

    	 

    

 

(b) (i) There
are no labor disputes existing, or to the Company’s Knowledge, threatened, involving strikes, slow-downs, work stoppages,
job actions, disputes, lockouts or any other disruptions of or by the Company’s employees, (ii) there are no unfair labor
practices or petitions for election pending or, to the Company’s Knowledge, threatened before the National Labor Relations
Board or any other federal, state or local labor commission relating to the Company’s employees, (iii) no demand for recognition
or certification heretofore made by any labor organization or group of employees is pending with respect to the Company and (iv)
to the Company’s Knowledge, the Company enjoys good labor and employee relations with its employees and labor organizations.

 

(c) The
Company is, and at all times has been, in compliance in all material respects with all applicable laws respecting employment (including
laws relating to classification of employees and independent contractors) and employment practices, terms and conditions of employment,
wages and hours, and immigration and naturalization. There are no claims pending against the Company before the Equal Employment
Opportunity Commission or any other administrative body or in any court asserting any violation of Title VII of the Civil Rights
Act of 1964, the Age Discrimination Act of 1967, 42 U.S.C. §§ 1981 or 1983 or any other federal, state or local Law,
statute or ordinance barring discrimination in employment.

 

(d) Except
as reflected in the SEC Filings, the Company is not a party to, or bound by, any employment or other contract or agreement that
contains any severance, termination pay or change of control liability or obligation, including, without limitation, any “excess
parachute payment,” as defined in Section 280G(b) of the Internal Revenue Code.

 

(e) To
the Company’s Knowledge, each of the Company’s employees is a Person who is either a United States
citizen or a permanent resident entitled to work in the United States. To the Company’s Knowledge, the Company has no liability
for the improper classification by the Company of such employees as independent contractors or leased employees prior to the Closing,
except as could not reasonably be expected to have a Material Adverse Effect.

 

4.16. Intellectual
Property. Except as reflected in the SEC Filings:

 

(a) All material Intellectual
Property of the Company and its Subsidiaries is currently in compliance with all legal requirements (including timely filings,
proofs and payments of fees) and is valid and enforceable, except as would not reasonably be expected to have a Material Adverse
Effect. No Intellectual Property of the Company or its Subsidiaries which is material to the Company and necessary for the conduct
of Company’s and each of its Subsidiaries’ respective businesses as currently conducted or as currently proposed to
be conducted is involved in any cancellation, dispute or litigation, and, to the Company’s Knowledge, no such action is threatened.
No patent owned by the Company or its Subsidiaries is involved in any interference, reissue, re-examination or opposition proceeding.

 

    	 	 10	 

    	 

    

 

(b) All of the licenses
and sublicenses and consent, royalty or other agreements concerning Intellectual Property which are material to the Company and
necessary for the conduct of the Company’s and each of its Subsidiaries’ respective businesses as currently conducted
or as currently proposed to be conducted to which the Company or any Subsidiary is a party or by which any of their assets are
bound (other than generally commercially available, non-custom, off-the-shelf software application programs having a retail acquisition
price of less than $10,000 per license) (collectively, “License Agreements”) are valid and binding obligations
of the Company or its Subsidiaries that are parties thereto and, to the Company’s Knowledge, the other parties thereto, enforceable
in accordance with their terms, except to the extent that enforcement thereof may be limited by bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance or other similar laws affecting the enforcement of creditors’ rights generally, and to
the Company’s Knowledge there exists no event or condition which will result in a material violation or breach of or constitute
(with or without due notice or lapse of time or both) a default by the Company or any of its Subsidiaries under any such License
Agreement, in each case that would reasonably be expected to have a Material Adverse Effect.

 

(c) The Company and
its Subsidiaries own or have the valid right to use all of the material Intellectual Property that is necessary for the conduct
of the Company’s and each of its Subsidiaries’ respective businesses as currently conducted or as currently proposed
to be conducted and for the ownership, maintenance and operation of the Company’s and its Subsidiaries’ properties
and assets, free and clear of all liens, encumbrances, adverse claims or obligations to license all such owned Intellectual Property
and Confidential Information, other than licenses entered into in the ordinary course of the Company’s and its Subsidiaries’
businesses. To the Company’s Knowledge, the Company and its Subsidiaries have a valid and enforceable right to use all material
third party Intellectual Property and Confidential Information used or held for use in the respective businesses of the Company
and its Subsidiaries, except as would not reasonably be expected to have a Material Adverse Effect.

 

(d) All material licenses
or other material agreements under which the Company is granted Intellectual Property are in full force and effect and, to the
Company’s Knowledge, there is no material default by any other party thereto. The Company has no reason to believe that the
licensors under such licenses and other agreements do not have and did not have all requisite power and authority to grant the
rights to the Intellectual Property purported to be granted thereby.

 

(e) To the Company’s
Knowledge (without having conducted any specific investigation), the conduct of the Company’s and its Subsidiaries’
businesses as currently conducted does not infringe or otherwise impair or conflict with in any material respect (collectively,
“Infringe”) any Intellectual Property rights of any third party or any confidentiality obligation owed
to a third party, except as could not reasonably be expected to have a Material Adverse Effect, and, to the Company’s Knowledge
the Intellectual Property and Confidential Information of the Company and its Subsidiaries which are material to the Company and
necessary for the conduct of Company’s and each of its Subsidiaries’ respective businesses as currently conducted or
as currently proposed to be conducted are not being Infringed by any third party. There is no litigation or order pending or outstanding
or, to the Company’s Knowledge, threatened or imminent, that seeks to limit or challenge or that concerns the ownership,
use, validity or enforceability of any Intellectual Property or Confidential Information of the Company and its Subsidiaries and
the Company’s and its Subsidiaries’ use of any Intellectual Property or Confidential Information owned by a third party,
and, to the Company’s Knowledge, there is no valid basis for the same.

 

    	 	 11	 

    	 

    

 

(f) The consummation
of the transactions contemplated hereby and by the other Transaction Documents will not result in the alteration, loss, impairment
of or restriction on the Company’s or any of its Subsidiaries’ ownership or right to use any of the Intellectual Property
or Confidential Information which is necessary for the conduct of Company’s and each of its Subsidiaries’ respective
businesses as currently conducted or as currently proposed to be conducted.

 

(g) The Company has
taken reasonable steps to protect the Company’s and its Subsidiaries’ rights in their Intellectual Property and Confidential
Information. Neither the Company nor, to the Company’s Knowledge, any of its employees has any agreements or arrangements
with former employers of such employees relating to any Intellectual Property of such employers, which materially interfere or
conflict with the performance of such employee’s duties for the Company or result in any former employers of such employees
having any rights in, or claims on, the Company’s Intellectual Property. Each current and former employee, consultant and
contractor who has had access to Confidential Information which is material to the Company and necessary for the conduct of Company’s
and each of its Subsidiaries’ respective businesses as currently conducted or as currently proposed to be conducted has executed
an agreement or is otherwise under an obligation to maintain the confidentiality of such Confidential Information, and the Company
has not received written notice that any employee, consultant or independent contractor is in violation of any agreement or in
breach of any agreement or arrangement with former or present employers relating to proprietary information or assignment of inventions.
Without limiting the foregoing: (i) the Company has taken reasonable security measures to guard against unauthorized disclosure
or use of any of its Intellectual Property and (ii) the Company has no reason to believe that any Person (including, without limitation,
any former employee or consultant of the Company) has unauthorized possession of any of its Intellectual Property, or any part
thereof, or that any Person has obtained unauthorized access to any of its Intellectual Property. To the Company’s Knowledge,
the Company is not making any material unlawful use of any Intellectual Property of any other Person, including, without limitation,
any former employer of any past or present employees of the Company.

 

4.17. Environmental
Matters. To the Company’s Knowledge, neither the Company nor any Subsidiary is in violation of any statute, rule, regulation,
decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release
of hazardous or toxic substances or relating to the protection or restoration of the environment or human exposure to hazardous
or toxic substances (collectively, “Environmental Laws”), owns or operates any real property contaminated
with any substance that is subject to any Environmental Laws, is liable for any off-site disposal or contamination pursuant to
any Environmental Laws, or is subject to any claim relating to any Environmental Laws, which violation, contamination, liability
or claim has had or could reasonably be expected to have a Material Adverse Effect, individually or in the aggregate; and there
is no pending or, to the Company’s Knowledge, threatened investigation that might lead to such a claim.

 

    	 	 12	 

    	 

    

 

4.18. Litigation.
Except as reflected in the SEC Filings, there are no material pending actions, suits or proceedings against or affecting the Company,
its Subsidiaries or any of its or their properties; and to the Company’s Knowledge, no such actions, suits or proceedings
are threatened or contemplated. Except as reflected in the Company’s previous annual reports on Form 10-K and Form 10-KT,
neither the Company nor any Subsidiary, nor to the Company’s Knowledge any director, officer or employee thereof, is or since
April 1, 2009 has been the subject of any action involving a claim of violation of or liability under federal or state securities
laws or a claim of breach of fiduciary duty. There has not been, and to the Company’s Knowledge there is not pending or contemplated,
any investigation by the SEC involving the Company or any current or former director or officer of the Company. The SEC has not
issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary
under the 1933 Act or the 1934 Act.

 

4.19. Financial Statements.
The financial statements included in each SEC Filing comply in all material respects with applicable accounting requirements and
the rules and regulations of the SEC with respect thereto as in effect at the time of filing (or to the extent corrected by a subsequent
restatement) and present fairly, in all material respects, the consolidated financial position of the Company as of the dates shown
and its consolidated results of operations and cash flows for the periods shown, and such financial statements have been prepared
in conformity with GAAP (except as may be disclosed therein or in the notes thereto, and, in the case of quarterly financial statements,
as permitted by Form 10-Q under the 1934 Act). Except as set forth in the financial statements in the SEC Filings, the Company
has no liabilities, contingent or otherwise, other than liabilities incurred in the ordinary course of business which, under GAAP,
are not required to be reflected in the financial statements included in each SEC Filing and which, individually or in the aggregate,
are not material to the business or financial condition of the Company.

 

4.20. Nasdaq Compliance.
The Common Stock is registered pursuant to Section 12(g) of the 1934 Act and is listed on The NASDAQ Capital Market (the “Nasdaq
CM”) maintained by NASDAQ Stock Market LLC (“NASDAQ”), and the Company has taken no action
designed to, or likely to have the effect of, terminating the registration of the Common Stock under the 1934 Act or removal from
quotation of the Common Stock from the Nasdaq CM, nor has the Company received any notification that the SEC, NASDAQ or the Financial
Industry Regulatory Authority, Inc. is contemplating terminating such registration or quotation.

 

4.21. No Directed Selling
Efforts or General Solicitation. Neither the Company nor any Person acting on its behalf (i) has conducted any general solicitation
or general advertising (as those terms are used in Regulation D) in connection with the transactions contemplated by this Agreement,
or (ii) has, directly or indirectly, made any offers or sales of any security or the right to purchase any security, or solicited
any offers to buy any security or any such right, under circumstances that would require registration of the Securities under the
1933 Act.

 

4.22. Private Placement.
Assuming the accuracy of the representations and warranties of the Investors contained in Section 5 hereof and compliance by the
Investors with the terms of the Transaction Documents, the offer and sale of the Securities to the Investors as contemplated hereby
is exempt from the registration requirements of the 1933 Act.

 

    	 	 13	 

    	 

    

 

4.23. Questionable
Payments. Neither the Company nor any of its Subsidiaries nor, to the Company’s Knowledge, any of their
respective current or former directors, officers, employees, agents or other Persons acting on behalf of the Company or any Subsidiary,
has on behalf of the Company or any Subsidiary or in connection with their respective businesses: (a) used any corporate funds
for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity; (b) made any direct
or indirect unlawful payments to any governmental officials or employees from corporate funds; (c) established or maintained
any unlawful or unrecorded fund of corporate monies or other assets; (d) made any false or fictitious entries on the books and
records of the Company or any Subsidiary; (e) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful
payment of any nature; or (f) violated any provision of the Foreign Corrupt Practices Act of 1977, as amended.

 

4.24. Transactions
with Affiliates. Except as reflected in the SEC Filings, none of the officers or directors of the Company and, to the Company’s
Knowledge, none of the employees of the Company is presently a party to any material transaction with the Company or any Subsidiary
(other than as holders of stock options and/or warrants, and for services as employees, officers and directors), including any
contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal
property to or from, or otherwise requiring payments to or from any officer, director or such employee or, to the Company’s
Knowledge, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director,
trustee or partner.

 

4.25. Internal Controls.
Except as reflected in the SEC Filings (including under Item 9A of the 10-KT), the Company and
the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions
are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary
to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets
is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.
The Company has established disclosure controls and procedures (as defined in 1934 Act Rules 13a-15(e) and 15d-15(e)) for the Company
and designed such disclosure controls and procedures to ensure that material information relating to the Company, including the
Subsidiaries, is made known to the certifying officers by others within those entities, during the period in which the Company’s
most recently filed periodic report under the 1934 Act is being prepared. The Company’s certifying officers have evaluated
the effectiveness of the Company’s controls and procedures as of the end of the period covered by the most recently filed
periodic report under the 1934 Act (such date, the “Evaluation Date”). The Company presented in its most
recently filed periodic report under the 1934 Act the conclusions of the certifying officers about the effectiveness of the disclosure
controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there have been no significant
changes in the Company’s internal controls (as such term is defined in Item 308 of Regulation S-K) or, to the Company’s
Knowledge, in other factors that could significantly affect the Company’s internal controls.

 

4.26. Investment Company.
The Company is not required to be registered as, and is not an Affiliate of, and immediately following the Closing will not be
required to register as, an “investment company” within the meaning of the Investment Company Act of 1940, as amended,
and shall conduct its business in a manner so that it will not become subject to the Investment Company Act.

 

    	 	 14	 

    	 

    

 

4.27. Key Employees.
Each of the Company’s executive officers (as defined in Rule 405 under the 1933 Act) (each, a “Key Employee”)
is currently serving in the capacity described in the SEC Filings. The Company has no knowledge of any fact or circumstance (including,
without limitation, (i) the terms of any agreement to which such person is a party or any litigation in which such person is or
may become involved, and (ii) any illness or medical condition that could reasonably be expected to result in the disability or
incapacity of such person) that would limit or prevent any such person from serving in such capacity on a full-time basis in the
foreseeable future, or of any intention on the part of any such person to limit or terminate his or her employment with the Company.

 

4.28. ERISA. The
Company does not maintain or contribute to, or have any obligation under, any Pension Plan. The Company is in compliance in all
material respects with the presently applicable provisions of ERISA and the United States Internal Revenue Code of 1986, as amended,
except for matters that, individually or in the aggregate, have not had, and would not reasonably be expected to have, a Material
Adverse Effect.

 

4.29. Form S-3.
The Company is eligible to register the Registrable Securities for resale by the Investors on a registration statement on Form
S-3 under the 1933 Act. To the Company’s Knowledge, there exist no facts or circumstances (including, without limitation,
any required approvals or waivers of any circumstances that may delay or prevent the obtaining of accountant’s consents)
that could reasonably be expected to prohibit or delay the preparation, filing or effectiveness of such registration statement.

 

4.30. Fees. Except
as reflected in the Disclosure Schedule or as contemplated by Section 9.6 hereof, the Company is not obligated to pay any compensation
or other fee, cost or related expenditure to any underwriter, broker, agent or other representative in connection with the transactions
contemplated by this Agreement. The Company will indemnify and hold harmless the Investors from and against any claim against the
Investors by any Person alleging that, as a result of any agreement or arrangement between such Person and the Company, the Investors
is obligated to pay any such compensation fee, cost or related expenditure in connection with the transactions contemplated hereby
or the other Transaction Documents.

 

4.31. Insurance.
The Company maintains insurance in such amounts and covering such losses and risks as the Company believes to be reasonably prudent
in relation to the businesses in which the Company is engaged. No notice of cancellation has been received for any of such policies
and the Company is in compliance with all of the terms and conditions thereof. The Company has no reason to believe that it will
not be able to renew any existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar
insurers as may be necessary to continue doing business as currently conducted without a significant increase in cost, other than
normal increases in the industry. Without limiting the generality of the foregoing, the Company maintains directors and officers
insurance in an amount deemed to be reasonable and appropriate by the Company’s board of directors.

 

    	 	 15	 

    	 

    

 

4.32. Transfer Taxes.
No stock transfer or other taxes (other than income taxes) are required to be paid in connection with the issuance and sale of
any of the Securities.

 

4.33. Off Balance Sheet
Arrangements. There is no transaction, arrangement or other relationship between the Company or any of its Subsidiaries and
an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in its 1934 Act filings and
is not so disclosed or that otherwise could be reasonably likely to have a Material Adverse Effect.

 

4.34. Embargoed Person.
None of the funds or other assets of the Company shall constitute property of, or shall be beneficially owned, directly or indirectly,
by any person subject to trade restrictions under United States law, including, but not limited to, the International Emergency
Economic Powers Act, 50 U.S.C. § 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and
any Executive Orders or regulations promulgated under any such United States laws (each, an “Embargoed Person”),
with the result that the investments evidenced by the Securities are or would be in violation of law. No Embargoed Person shall
have any interest of any nature whatsoever in the Company with the result that the investments evidenced by the Securities are
or would be in violation of law. None of the funds or other assets of the Company shall be derived from any unlawful activity with
the result that the investments evidenced by the Securities are or would be in violation of law.

 

4.35. Solvency.
After giving effect to the transactions contemplated by this Agreement, (i) the fair saleable value of the Company’s assets
exceeds the amount that will be required to be paid on or in respect of the Company’s existing indebtedness as such indebtedness
matures or is otherwise payable, and (ii) the current cash flow of the Company, together with the proceeds the Company would receive
upon liquidation of its assets, after taking into account all anticipated uses of such amounts, would be sufficient to pay all
indebtedness when such indebtedness is required to be paid. The Company has no knowledge of any facts or circumstances which lead
it to believe that it will be required to file for reorganization or liquidation under the bankruptcy or reorganization laws of
any jurisdiction, and has no present intention to so file.

 

4.36. Customers.
The relationships of the Company with its customers are maintained on commercially reasonable terms. To the Company’s Knowledge,
no customer of the Company has any plan or intention to terminate its agreement with the Company, which termination would reasonably
be expected to have a Material Adverse Effect.

 

4.37. Acknowledgement
of Dilution. The Company acknowledges that the issuance of the Conversion Shares upon conversion of the Preferred Shares and
issuance of Warrant Shares upon exercise of the Warrants may result in dilution of the outstanding shares of Common Stock. The
Company further acknowledges that its obligation to issue Conversion Shares and Warrant Shares in accordance with the terms of
the Certificate of Designation and Warrants, respectively, is unconditional regardless of the effect of any such dilution.

 

    	 	 16	 

    	 

    

 

4.38. Full Disclosure.
The representations, warranties and written statements contained in this Agreement and the other Transaction Documents and in the
certificates, exhibits and schedules delivered to such Investors by the Company pursuant to this Agreement and the other Transaction
Documents and in connection with such Investor’s due diligence investigation of the Company, do not contain any untrue statement
of a material fact, and do not omit to state a material fact required to be stated therein or necessary in order to make such representations,
warranties or statements not misleading in light of the circumstances under which they were made. Neither the Company nor any Person
acting on its behalf or at its direction has provided such Investor with material non-public information. The Company acknowledges
that such Investor is relying on the representations, acknowledgments and agreements made by the Company in this Section and elsewhere
in this Agreement in making trading and other decisions concerning the Company’s securities.

 

4.39. Application of
Takeover Protections. The Company and its board of directors have taken all necessary action, if any, in order to render inapplicable
any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other
similar anti-takeover provision under the Company’s charter or the laws of its state of incorporation that is or could become
applicable to the Investors as a result of the Investors and the Company fulfilling their respective obligations or exercising
their respective rights under the Transaction Documents (as applicable), including, without limitation, as a result of the Company’s
issuance of the Securities and the Investors’ ownership of the Securities.

 

4.40. Acknowledgement
Regarding Investors’ Acquisition of Securities. The Company acknowledges and agrees that the Investors are acting solely
in the capacity of an arm’s length purchaser with respect to this Agreement and the transactions contemplated by the Transaction
Documents. The Company further acknowledges that the Investors are not acting as a financial advisor or fiduciary of the Company
(or in any similar capacity) with respect to this Agreement and the transactions contemplated by the Transaction Documents, and
any advice given by the Investors or any of its representatives or agents in connection therewith is merely incidental to the Investors’
acquisition of the Securities. The Company further represents to the Investors that the Company’s decision to enter into
the Transaction Documents to which it is a party has been based solely on the independent evaluation of the transactions contemplated
thereby by the Company and its representatives. The Company acknowledges and agrees that the Investors have not made and does not
make any representations or warranties with respect to the transactions contemplated by the Transaction Documents other than those
specifically set forth in Section 5 of this Agreement.

 

5. Representations
and Warranties of the Investors. Each Investor hereby represents and warrants to the Company that:

 

5.1. Organization and
Existence. Such Investor is a validly existing corporation, limited partnership or limited liability company and has all requisite
corporate, partnership or limited liability company power and authority to invest in the Securities pursuant to this Agreement.

 

5.2. Authorization.
The execution, delivery and performance by such Investor of the Transaction Documents to which such Investor is a party have been
duly authorized and each constitutes, or upon execution and delivery thereof by such Investor will constitute, the valid and legally
binding obligation of such Investor, enforceable against such Investor in accordance with their respective terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability, relating to or affecting
creditors’ rights generally.

 

    	 	 17	 

    	 

    

 

5.3. Purchase Entirely
for Own Account. The Securities to be received by such Investor hereunder will be acquired for such Investor’s own account,
not as nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the 1933 Act, and
such Investor has no present intention of selling, granting any participation in, or otherwise distributing the same in violation
of the 1933 Act without prejudice, however, to such Investor’s right at all times to sell
or otherwise dispose of all or any part of such Securities in compliance with applicable
federal and state securities laws. Nothing contained herein shall be deemed a representation
or warranty by such Investor to hold the Securities for any period of time. Such Investor is not a broker-dealer registered
with the SEC under the 1934 Act or an entity engaged in a business that would require it to be so registered.

 

5.4. Investment Experience.
Such Investor acknowledges that it can bear the economic risk and complete loss of its investment in the Securities and has such
knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment
contemplated hereby.

 

5.5. Disclosure of
Information. Such Investor has had an opportunity to receive all information related to the Company requested by it and to
ask questions of and receive answers from the Company regarding the Company, its business and the terms and conditions of the offering
of the Securities. Such Investor acknowledges receipt of copies of the SEC Filings. Neither such inquiries nor any other due diligence
investigation conducted by such Investor shall modify, limit or otherwise affect such Investor’s right to rely on the Company’s
representations and warranties contained in this Agreement.

 

5.6. Restricted Securities.
Such Investor understands that the Securities are characterized as “restricted securities” under the U.S. federal securities
laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such
laws and applicable regulations such securities may be resold without registration under the 1933 Act only in certain limited circumstances.

 

5.7. Legends. It
is understood that certificates evidencing the Securities may bear the following or any similar legend (and if Securities are issued
in uncertificated form, the Company may impose comparable restrictions on such uncertificated securities):

 

(a) “The securities
represented hereby have not been registered with the Securities and Exchange Commission or the securities commission of any state
in reliance upon an exemption from registration under the Securities Act of 1933, as amended, and, accordingly, may not be transferred,
unless (i) such securities have been registered for sale pursuant to the Securities Act of 1933, as amended, or (ii) such securities
may be sold pursuant to Rule 144 or other applicable exemption from applicable securities laws. The issuer may require an opinion
of counsel to the holder of these securities, in form and substance reasonably satisfactory to the issuer, that such transfer may
lawfully be made without registration under the Securities Act of 1933, as amended.”

 

    	 	 18	 

    	 

    

 

(b) If required by the
authorities of any state in connection with the issuance of sale of the Securities, the legend required by such state authority.

 

5.8. Accredited Investor.
Such Investor is an accredited investor as defined in Rule 501(a) of Regulation D, as amended, under the 1933 Act, as amended by
the Dodd-Frank Wall Street Reform and Consumer Protection Act.

 

5.9. Brokers and Finders.
No Person will have, as a result of the transactions contemplated by the Transaction Documents, any valid right, interest or claim
against or upon the Company, any Subsidiary or an Investor for any commission or fee pursuant to any agreement, arrangement or
understanding entered into by or on behalf of such Investor.

 

6. Conditions to
Closing.

 

6.1. Conditions to
the Investors’ Obligations. Each Investor’s obligation to purchase the Shares and the Warrants at the Closing is
subject to the fulfillment to such Investor’s satisfaction, on or prior to the Closing Date, of the following conditions,
any of which may be waived by the Investor:

 

(a) The representations
and warranties made by the Company in Section 4 hereof qualified as to materiality shall be true and correct at all times prior
to and on the Closing Date, except to the extent any such representation or warranty expressly speaks as of an earlier date, in
which case such representation or warranty shall be true and correct as of such earlier date, and, the representations and warranties
made by the Company in Section 4 hereof not qualified as to materiality shall be true and correct in all material respects at all
times prior to and on the Closing Date, except to the extent any such representation or warranty expressly speaks as of an earlier
date, in which case such representation or warranty shall be true and correct in all material respects as of such earlier date.
The Company shall have performed in all material respects all obligations and covenants herein required to be performed by it on
or prior to the Closing Date.

 

(b) The Company shall
have obtained any and all material consents, permits, approvals, registrations and waivers that are necessary for consummation
of the purchase and sale of the Securities and the consummation of the other transactions contemplated by the Transaction Documents,
all of which shall be in full force and effect.

 

(c) The Company shall
have executed and delivered the Registration Rights Agreement.

 

(d) The Certificate
of Designation shall have been filed with the Delaware Secretary of State, and delivered to such Investor written evidence of the
acceptance of such filing.

 

(e) The Company shall
have delivered to such Investor duly executed Warrants and certificates representing the Preferred Shares being purchased by such
Investor at the Closing.

 

    	 	 19	 

    	 

    

 

(f) No judgment, writ,
order, injunction, award or decree of or by any court, or judge, justice or magistrate, including any bankruptcy court or judge,
or any order of or by any governmental authority, shall have been issued, and no action or proceeding shall have been instituted
by any governmental authority, enjoining or preventing the consummation of the transactions contemplated hereby or in the other
Transaction Documents.

 

(g) The Company shall
have delivered to such Investor a Certificate, executed on behalf of the Company by its Chief Executive Officer or its Chief Financial
Officer, dated as of the Closing Date, certifying to the fulfillment of the conditions specified in subsections (a) and (b) of
this Section 6.1.

 

(h) The Company shall
have delivered to such Investor a Certificate, executed on behalf of the Company by its Secretary, dated as of the Closing Date,
certifying the resolutions adopted by the Board of Directors of the Company approving the transactions contemplated by this Agreement
and the other Transaction Documents and the issuance of the Securities, certifying the current versions of the Restated Certificate
of Incorporation and Bylaws of the Company and certifying as to the signatures and authority of persons signing the Transaction
Documents and related documents on behalf of the Company.

 

(i) The Investor shall
have received an opinion from Weintraub Tobin Chediak Coleman Grodin Law Corporation, the Company’s counsel, dated as of
the Closing Date, in form and substance reasonably acceptable to the Required Investors and addressing such legal matters as the
Required Investors may reasonably request.

 

(j) No stop order or
suspension of trading shall have been imposed by the SEC or any other governmental or regulatory body with respect to public trading
in the Common Stock.

 

(k) The Company shall
have authorized and reserved for issuance the aggregate number of shares of Common Stock issuable upon the exercise of Warrants
to be issued at the Closing.

 

(l) There shall be no
injunction, restraining order or decree of any nature of any court or governmental authority of competent jurisdiction that is
in effect that restrains or prohibits the consummation of the transaction contemplated hereby and by the other Transaction Documents.

 

(m) There shall not
have occurred any material adverse change in the Company’s consolidated business or financial condition since the date of
the Company’s most recent SEC Filing.

 

(n) The Common Stock
shall be listed on the NASDAQ CM.

 

6.2. Conditions to
Obligations of the Company. The Company’s obligation to sell and issue the Shares and the Warrants at the Closing is
subject to the fulfillment to the satisfaction of the Company on or prior to the Closing Date of the following conditions, any
of which may be waived by the Company:

 

    	 	 20	 

    	 

    

 

(a) The representations
and warranties made by the Investors in Section 5 hereof shall be true and correct in all material respects when made, and
shall be true and correct in all material respects on the Closing Date with the same force and effect as if they had been made
on and as of said date. The Investors shall have performed in all material respects all obligations and covenants herein required
to be performed by it on or prior to the Closing Date.

 

(b) The Investors shall
have executed and delivered the Registration Rights Agreement.

 

(c) The Investors shall
have paid in full the purchase price for the Units purchased by the Investors hereunder.

 

6.3. Termination of
Obligations to Effect Closing; Effects.

 

(a) The obligations
of the Company, on the one hand, and the Investors, on the other hand, to effect the Closing shall terminate as follows:

 

(i) Upon the mutual written
consent of the Company and the Investors;

 

(ii) By the Company if
any of the conditions set forth in Section 6.2 shall have become incapable of fulfillment, and shall not have been waived by the
Company;

 

(iii) By the Investors
if any of the conditions set forth in Section 6.1 shall have become incapable of fulfillment, and shall not have been waived
by the Investors; or

 

(iv) By either the Company
or the Investors if the Closing has not occurred on or prior to January 31, 2016;

 

provided, however, that, except in the case
of clause (i) above, the party seeking to terminate its obligation to effect the Closing shall not then be in breach of any of
its representations, warranties, covenants or agreements contained in this Agreement or the other Transaction Documents if such
breach has resulted in the circumstances giving rise to such party’s seeking to terminate its obligation to effect the Closing.

 

(b) Nothing in this
Section 6.3 shall be deemed to release any party from any liability for any breach by such party of the terms and provisions of
this Agreement or the other Transaction Documents or to impair the right of any party to compel specific performance by any other
party of its obligations under this Agreement or the other Transaction Documents.

 

    	 	 21	 

    	 

    

 

7. Covenants and
Agreements of the Company.

 

7.1. Reservation of
Common Stock. The Company shall, on the Closing Date and at all times thereafter, reserve and keep available out of its authorized,
but unissued shares of Common Stock, solely for the purpose of providing for the conversion of the Shares and exercise of the Warrants,
such number of shares of Common Stock and Preferred Stock as shall from time to time equal the number of shares sufficient to permit
the conversion of the Shares and the exercise of the Warrants issued pursuant to this Agreement in accordance with their respective
terms (the “Reserved Amount”). While the Warrants are outstanding, the Company shall not reduce the Reserved
Amount without obtaining prior written consent of the Investors.

 

7.2. No Conflicting
Agreements. The Company will not take any action, enter into any agreement or make any commitment that would conflict or interfere
in any material respect with the Company’s obligations to the Investors under the Transaction Documents.

 

7.3. Removal of Legends.
The Company shall, no later than three Trading Days following the delivery by an Investor to the Company or the Company’s
transfer agent (with notice to the Company) of (i) a notice that any of the Securities held by an Investor have been or will be
sold pursuant to a registration statement or Rule 144 under the 1933 Act or are eligible for sale without restriction under Rule
144 or that such legend is not otherwise required, (ii) in the case of a Rule 144 transaction, a representation by such Investor
and such Investor’s broker, as applicable, that the requirements of Rule 144, as applicable and if required, have been satisfied,
and (iii) a legended certificate representing such Securities (endorsed or with stock powers attached, signatures guaranteed, and
otherwise in form necessary to affect the reissuance and/or transfer, if applicable), as directed by the Investor, either: (A)
issue and deliver (or cause to be issued and delivered) to the Investor a certificate representing such Securities that is free
from all restrictive and other legends; or (B) cause the Company’s transfer agent to credit the Investor’s or its designee’s
account at DTC through its Deposit/Withdrawal at Custodian (DWAC) system with a number of shares of Common Stock equal to the number
of Securities represented by the certificate so delivered by the Investor (the date by which such certificate is required to be
delivered to the Investor or such credit is so required to be made to the account of the Investor or its designee at DTC pursuant
to the foregoing is referred to herein as the “Required Delivery Date”). If the Company fails on or prior
to the Required Delivery Date to either (i) issue and deliver (or cause to be issued and delivered) to the Investor a certificate
representing the Securities that is free from all restrictive and other legends, or (ii) cause the Company’s transfer agent
to credit the balance account of the Investor or its designee at DTC through its Deposit/Withdrawal at Custodian (DWAC) system
with a number of shares of Common Stock equal to the number of Securities represented by the certificate delivered by the Investor
pursuant hereto, then, in addition to all other remedies available to the Investor, the Company shall pay in cash to the Investor
on each day after the Required Delivery Date that the issuance or credit of such shares is not timely effected an amount equal
to 1.0% (increasing to 2.0% if shares are not delivered following the tenth (10) Trading Day) of the product of (A) the sum of
the number of Securities not issued to the Investor on a timely basis and to which the Investor is entitled, and (B) the VWAP for
the five (5) Trading Day period immediately preceding the Required Delivery Date). In addition to the foregoing, if the Company
fails to so properly deliver such unlegended certificates or so properly credit the account of the Investor or its designee at
DTC by the Required Delivery Date, and if on or after the Required Delivery Date the Investor purchases (in an open market transaction
or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Investor of shares of Common Stock that the Investor
anticipated receiving from the Company without any restrictive legend, then the Company shall, within three Trading Days after
the Investor’s request, pay cash to the Investor in an amount equal to the Investor’s total purchase price (including
brokerage commissions, if any) for the shares of Common Stock so purchased, at which point the Company’s obligation to deliver
a certificate or credit such Investor’s or its designee’s account at DTC for such shares of Common Stock shall terminate
and such shares shall be cancelled.

 

    	 	 22	 

    	 

    

 

7.4. Equal Treatment
of Investors. No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any
provision of this Agreement or any of the other Transaction Documents, unless the same consideration is also offered to all of
the parties thereto. For clarification purposes, this provision constitutes a separate right granted to the Investors by the Company
and negotiated separately by the Investors, and is intended for the Company to treat the Investors as a class and shall not in
any way be construed as such Persons acting in concert or as a group with respect to the purchase, disposition or voting of Securities
or otherwise.

 

7.5. Non-Public Information.
Upon delivery by the Company to an Investor after the Closing Date of any notice or information, in writing, electronically or
otherwise, and while Securities are held by such Investor, unless the Company has in good faith determined that the matters relating
to such notice or information do not constitute material, nonpublic information relating to the Company or, unless such information
is delivered to such Investor pursuant to a nondisclosure agreement between the Company and such Investor whereby such Investor
has agreed to maintain material nonpublic information in confidence, the Company shall within four (4) days after any such delivery
publicly disclose such material, nonpublic information on a Report on Form 8-K. In the event that the Company believes that a notice
or communication to an Investor contains material, nonpublic information relating to the Company, the Company shall so indicate
to the Investor prior to delivery of such notice or information. In the absence of any such Company indication, the Investor shall
be allowed to presume that all matters relating to such notice and information do not constitute material, nonpublic information
relating to the Company. The Investor shall have five (5) days to notify the Company that Investor elects not to receive such information.
In the case that Investor elects not to receive such information, the Company will not deliver such information to such Investor;
provided that such failure to provide such information will not be deemed to be a default by the Company under the Transaction
Documents. If the Investor does not make such an election, then the Investor agrees to maintain any material nonpublic information
so disclosed by the Company in confidence.

 

7.6. Conduct of Business.
For so long as the Warrants remain outstanding, the Company agrees that it will (i) maintain its corporate existence in good standing,
(ii) comply in all material respects with all laws, rules, ordinances and regulations of all governmental authorities, (iii) maintain,
keep and preserve all of its properties necessary in the proper conduct of its businesses in good repair, working order and condition
(ordinary wear and tear excepted) and make all necessary repairs, renewals and replacements and improvements thereto, except where
the failure to do so would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (iv)
pay or discharge before becoming delinquent (a) all taxes, levies, assessments and governmental charges imposed on it or its income
or profits or any of its property, and (b) all lawful claims for labor, material and supplies, which, if unpaid, might become a
lien upon any of its property, except in each of the above instances where the failure to do so would not reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect, and (v) timely file with the SEC all reports required to
be filed pursuant to the 1934 Act and refrain from terminating its status as an issuer required by the 1934 Act to file reports
thereunder even if the 1934 Act or the rules or regulations thereunder would permit such termination.

 

    	 	 23	 

    	 

    

 

7.7. Use of Proceeds.
The Company shall use the proceeds from the sale of the Securities as set forth in Section 4.8; provided, however,
that the Company shall not use such proceeds (i) to pay any dividend or make any distribution on any such securities, or (ii) to
repay any loan made to or incurred by any Key Employee or Affiliate of the Company.

 

7.8. Listing. The
Company (i) has, or promptly following the Closing shall, use its best efforts to include all of the Conversion Shares issuable
upon conversion of the Preferred Shares and all of the Warrant Shares issuable upon exercise of the Warrants (without regard to
any limitation on such conversion or exercise) for listing on the NASDAQ CM, and (ii) shall use its best efforts to maintain
the designation and quotation, or listing, of the Common Stock on the NASDAQ CM following the Closing Date.

 

8. Survival, Indemnification
and Remedies.

 

8.1. Survival.
The representations, warranties, covenants, indemnities and agreements contained in this Agreement, in the Certificate of Designation
and in the other Transaction Documents shall survive the Closing of the transactions contemplated by this Agreement.

 

8.2. Indemnification.
In consideration of an Investor’s execution and delivery of this Agreement and acquiring the Securities hereunder and in
addition to all of the Company’s other obligations under the Transaction Documents to which it is a party, subject to the
provisions of this Section 8.2, the Company shall indemnify and hold harmless each Investor, each of its directors, officers, shareholders,
members, partners, employees, representatives, agents and advisors (and any other Persons with a functionally equivalent role of
a Person holding such titles notwithstanding the lack of such title or any other title), each Person, if any, who controls the
Investor (within the meaning of Section 15 of the 1933 Act or Section 20(a) of the 1934 Act), and the respective directors, officers,
shareholders, members, partners, employees, representatives, agents and advisors (and any other Persons with a functionally equivalent
role of a Person holding such titles notwithstanding the lack of such title or any other title) of such controlling Persons (each,
an “Investor Party”), from and against all losses, liabilities, obligations, claims, contingencies, damages,
costs and expenses (including all judgments, amounts paid in settlement, court costs, reasonable attorneys’ fees and costs
of defense and investigation) (collectively, “Damages”) that any Investor Party may suffer or incur as
a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company
in this Agreement or in the other Transaction Documents to which it is a party, or (b) any action, suit, claim or proceeding (including
for these purposes a derivative action brought on behalf of the Company) instituted against such Investor Party arising out of
or resulting from the execution, delivery, performance or enforcement of the Transaction Documents, other than claims for indemnification
within the scope of Section 6 of the Registration Rights Agreement; provided, however, that (x) the foregoing indemnity
shall not apply to any Damages to the extent, but only to the extent, that such Damages resulted directly and primarily from a
breach of any of the Investor’s representations, warranties, covenants or agreements contained in this Agreement or the Registration
Rights Agreement, and (y) the Company shall not be liable under this Section 8.2 to the extent, but only to the extent, that a
court of competent jurisdiction shall have determined by a final judgment (from which no further appeals are available) that such
Damages resulted directly and primarily from any acts or failures to act, undertaken or omitted to be taken by such Investor Party
through its fraud, bad faith, gross negligence, or willful or reckless misconduct.

 

    	 	 24	 

    	 

    

 

An Investor Party’s
right to indemnification or other remedies based upon the representations, warranties, covenants and agreements of the Company
set forth in the Transaction Documents shall not in any way be affected by any investigation or knowledge of such Investor Party.
Such representations, warranties, covenants and agreements shall not be affected or deemed waived by reason of the fact that an
Investor Party knew or should have known that any representation or warranty might be inaccurate or that the Company failed to
comply with any agreement or covenant. Any investigation by such Investor Party shall be for its own protection only and shall
not affect or impair any right or remedy hereunder.

 

To the extent that the
foregoing undertakings by the Company set forth in this Section 8.2 may be unenforceable for any reason, the Company shall make
the maximum contribution to the payment and satisfaction of each of the Damages which is permissible under applicable law.

 

8.3. Conduct of Indemnification
Proceedings. Any person entitled to indemnification hereunder shall (i) give prompt notice to the indemnifying
party of any claim with respect to which it seeks indemnification, and (ii) permit such indemnifying party to assume the defense
of such claim with counsel reasonably satisfactory to the indemnified party; provided that any person entitled to indemnification
hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses
of such counsel shall be at the expense of such person, unless (a) the indemnifying party has agreed to pay such fees or expenses,
or (b) the indemnifying party shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory
to such person, or (c) in the reasonable judgment of any such person, a conflict of interest may exist between such person and
the indemnifying party with respect to such claims (in which case, if the person notifies the indemnifying party in writing that
such person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the
right to assume the defense of such claim on behalf of such person), or (d) if such Claim seeks any equitable relief or alleges
any legal, regulatory or ethical violations by such person; and provided, further, that the failure of any indemnified
party to give notice as provided herein shall not relieve the indemnifying party of its obligations hereunder, except to the extent
that such failure to give notice shall materially adversely affect the indemnifying party in the defense of any such claim or litigation.
It is understood and agreed that the indemnifying party shall not, in connection with any Claim in the same jurisdiction, be liable
for fees or expenses of more than one separate firm of attorneys at any time for all such Investor Indemnified Persons. No indemnifying
party will, except with the consent of the indemnified party, consent to entry of any judgment or enter into any settlement that
(i) 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, or (ii) that includes the granting of any equitable relief or the admission
by the indemnified party of its officers, directors, managers, partners or Affiliates of any legal, regulatory or ethical violations.

 

    	 	 25	 

    	 

    

 

8.4. Remedies.
Investors shall have all rights and remedies set forth in the Transaction Documents and all rights and remedies which Investors
have been granted at any time under any other agreement or contract and all of the rights which Investors has under any law. The
Company recognizes that in the event that it fails to perform, observe or discharge any or all of its obligations under the Transaction
Documents, any remedy at law may prove to be inadequate relief to the Investors. The Company therefore agrees that the Investors
shall be entitled to seek specific performance and/or temporary, preliminary and permanent injunctive or other equitable relief
from any court of competent jurisdiction in any such case without the necessity of proving actual damages and without posting a
bond or other security.

  

9. Miscellaneous.

 

9.1. Successors and
Assigns. After the Closing, each Investor may assign its rights and obligations hereunder, in connection with any private sale
or transfer of Preferred Shares or Warrants in accordance with the terms hereof, as long as, as a condition precedent to such transfer,
the transferee executes an acknowledgment agreeing to be bound by the applicable provisions of this Agreement, in which case the
term “Investor” shall be deemed to refer to such transferee as though such transferee were an original signatory hereto.
The Company may not assign its rights or obligations under this Agreement without the prior written consent of the Investors. The
provisions of this Agreement shall inure to the benefit of and be binding upon the respective permitted successors and assigns
of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto
or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement,
except as expressly provided in this Agreement.

 

9.2. Independent Nature
of Investors Obligations and Rights. The obligations of the Investors under the Transaction Documents are several and not joint,
and no Investor shall be responsible in any way for the performance of the obligations of any other Investor under any Transaction
Document Nothing contained herein or in any other Transaction Document, and no action taken by an Investor pursuant hereto or thereto,
shall be deemed to constitute the Investors as, and the Company acknowledges that the Investors do not so constitute, a partnership,
an association, a joint venture or any other kind of group or entity, or create a presumption that the Investors are in any way
acting in concert or as a group or entity with respect to such obligations or the transactions contemplated by the Transaction
Documents or any matters, and the Company acknowledges that the Investors are not acting in concert or as a group, and the Company
shall not assert any such claim, with respect to such obligations or the transactions contemplated by the Transaction Documents.
The decision of each of the Investors to purchase securities pursuant to the Transaction Documents has been made by such Investors
independently of any other Investors.

 

9.3. Counterparts;
Faxes. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. This Agreement may also be executed via facsimile, which shall be deemed
an original.

 

    	 	 26	 

    	 

    

 

9.4. Titles and Subtitles.
The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting
this Agreement.

 

9.5. Notices. Unless
otherwise provided, any notice required or permitted under this Agreement shall be given in writing and shall be deemed effectively
given as hereinafter described: (i) if given by personal delivery, then such notice shall be deemed given upon such delivery; (ii)
if given by telecopier, then such notice shall be deemed given one Business Day after transmission with written confirmation of
successful transmittal; (iii) if given by mail, then such notice shall be deemed given upon the earlier of (A) receipt of such
notice by the recipient, or (B) three (3) days after such notice is deposited in first class mail, postage prepaid; and (iv) if
given by overnight air courier, then such notice shall be deemed given one Business Day after delivery to such carrier with written
confirmation of successful delivery. All notices shall be addressed to the party to be notified at the address as follows, or at
such other address as such party may designate by ten (10) days’ advance written notice to the other party:

 

If to the Company:

 Adamis Pharmaceuticals
Corporation

11682 El Camino Real, Suite 300

San Diego, CA 92130

Attention: Dennis J. Carlo, Ph.D.

Fax: (866) 893-3622

 

With a copy to:

 Weintraub Tobin Chediak Coleman
Grodin Law Corporation

400 Capitol Mall, 11th Floor

Sacramento, CA 95814

Attention: C. Kevin Kelso, Esq. 

Fax: (916) 446-1611

 

If to the Investor:

to the address set forth on
the signature page hereto.

 

With a copy to:

Ropes & Gray
LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199 

Attention: Joel F.
Freedman, Esq.

Fax: (617) 235-0375

 

    	 	 27	 

    	 

    

 

9.6. Expenses.
The parties hereto shall pay their own costs and expenses in connection herewith, except that the Company shall pay the reasonable
fees and expenses of Ropes & Gray LLP, counsel to the Investors, in connection with the transactions contemplated by this Agreement
and the other Transaction Documents (including review of the Registration Statement contemplated by the Registration Rights Agreement).
An estimate of the fees and expenses of Ropes & Gray, LLP may be paid by check delivered or wire transfer to Ropes & Gray,
LLP at the Closing by any Investor, the amount of such check or wire transfer being deducted from the aggregate amount to be delivered
by such entity at the Closing for the Securities to be purchased by it hereunder. In the event that legal proceedings are commenced
by any party to this Agreement against another party to this Agreement in connection with this Agreement or the other Transaction
Documents, the party that does not prevail in such proceedings shall pay the reasonable attorneys’ fees and other reasonable
out-of-pocket costs and expenses incurred by the prevailing party in such proceedings.

 

9.7. Amendments and
Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally
or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Required
Investors. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each holder of any Securities
purchased under this Agreement at the time outstanding, each future holder of all such Securities, and the Company.

 

9.8. Publicity.
Except as set forth below, no initial public release or announcement concerning the transactions contemplated hereby shall be issued
by the Company or an Investor without the prior consent of the Company (in the case of a release or announcement by the Investor)
or the Required Investors (in the case of a release or announcement by the Company) (which consents shall not be unreasonably withheld),
except as such release or announcement may be required by law or the applicable rules or regulations of any securities exchange
or securities market, in which case the Company or an Investor, as the case may be, shall allow the Required Investors or the Company,
as applicable, to the extent reasonably practicable in the circumstances, reasonable time to comment on such release or announcement
in advance of such issuance. No later than the fourth trading day following the execution and delivery of this Agreement, the Company
will file a Current Report on Form 8-K describing the transactions contemplated by this Agreement.

 

9.9. Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, but shall be interpreted
as if it were written so as to be enforceable to the maximum extent permitted by applicable law, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted
by applicable law, the parties hereby waive any provision of law which renders any provision hereof prohibited or unenforceable
in any respect.

 

9.10. Entire Agreement.
This Agreement, including the Exhibits and the Schedules, and the other Transaction Documents constitute the entire agreement among
the parties hereof with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings,
both oral and written, between the parties with respect to the subject matter hereof and thereof.

 

    	 	 28	 

    	 

    

 

9.11. Further Assurances.
The parties shall execute and deliver all such further instruments and documents and take all such other actions as may reasonably
be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein contained.

 

9.12. Governing Law;
Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in accordance with, the internal
laws of the State of New York, without regard to the choice of law principles thereof. Each of the parties hereto irrevocably submits
to the exclusive jurisdiction of the federal and state courts located in New York for the purpose of any suit, action, proceeding
or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service of process in connection
with any such suit, action or proceeding may be served on each party hereto by the same methods as are specified for the giving
of notices under this Agreement. Each of the parties hereto irrevocably consents to the jurisdiction of any such court in any such
suit, action or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives any objection to the
laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit,
action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES
ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED
SPECIFICALLY AS TO THIS WAIVER.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	 29	 

    	 

    

 

IN WITNESS WHEREOF, the
parties have executed this Purchase Agreement or caused their duly authorized officers to execute this Agreement as of the date
first above written.

  

	 	Company:
	 	 
	 	ADAMIS PHARMACEUTICALS CORPORATION
	 	 
	 	By:	/s/ Dennis J. Carlo

 

	 	Name:	Dennis J. Carlo, Ph.D.
	 	Title:	Chief Executive Officer

  

[Investor Signature Page Follows]

 

    	 		 

    	 

    

 

Investor Signature Page

 

 

ADDRESS FOR DELIVERY:

 

 

	
  

	 
	 

	 
	 

	 

  

	Attention:	 

	 

	Tel:	 

	 

	Fax:	 

	 

	E-mail:	 

	 

 

	Aggregate Purchase Price:	$	 

	 
	 	 		 
	Units Purchased:

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