Document:

Exhibit 4.5

 

Burford
Capital LIMITED

 

 

 

The
Burford Capital

2016 Long Term Incentive Plan

 

 

 

Approved by resolution of the general
meeting

on 15 December 2016

 

Amended and renewed by resolution of
the general meeting on 13 May 2020

  

     

     

    

 

Contents

 

	RULe	Page
	 	 
	1.           Definitions	1
	 	 
	2.           Grant of Awards	3
	 	 
	3.           Number of Shares in respect of which Awards may be granted	5
	 	 
	4.           Rights of exercise of Awards	5
	 	 
	5.           Method and Extent of Exercise	8
	 	 
	6.           Issue or Transfer of Shares	8
	 	 
	7.           Lapse of Awards	9
	 	 
	8.           General Offer for the Company etc.	9
	 	 
	9.           Taxation	11
	 	 
	10.         Adjustments of Awards	11
	 	 
	11.         Amendment and Administration	12
	 	 
	12.         General	13
	 	 
	Schedule 1 US Schedule	

 

     

     

    

 

BURFORD CAPITAL

2016 LONG TERM INCENTIVE PLAN

 

RULES

 

1.                Definitions

 

1.1             
In this Plan, unless the context otherwise requires, the following words and expressions shall have the following meanings,
namely:

 

AIM means
the Alternative Investment Market of the London Stock Exchange;

 

Award means
an award granted in the form referred to in rule 2.1;

 

Award Certificate
means the notification to a Participant setting out the specific conditions of an Award;

 

Basic Salary
means an Employee’s annual basic salary (or, if the Committee considers it appropriate in the case of a particular employee,
his recurring compensation (excluding any annual discretionary bonus and fringe benefits)) in respect of his employment with the
Group for the year for which the Award is granted;

 

Capital Reorganisation
means any variation in the share capital or reserves of the Company (including, without limitation, by way of capitalisation issue,
rights issue, sub-division, consolidation or reduction);

 

Committee means
the Remuneration Committee of the board of directors of the Company;

 

Company
means Burford Capital Limited, a company incorporated in Guernsey with company registration number 50877;

 

Control
has the meaning given by section 995 of the UK Income Tax Act 2007;

 

Date of Grant means
the date on which the Committee grants an Award;

 

Dealing Day
means a date on which the London Stock Exchange is open for the transaction of business;

 

Employee
means any employee (including an executive director) of any member of the Group whose terms of service require him to devote substantially
the whole of his working time to the businesses of the Group;

 

Employees’
Share Scheme has the meaning given by section 532 of The Companies (Guernsey) Law, 2008 (which, for the avoidance of doubt,
includes a share scheme under which participation is discretionary);

 

Financial Year
means a financial year of the Company;

 

     

     

    

 

Grant Period
means a period of 42 days commencing on any of the following:

 

		(a)	15 December 2016, being the date of the approval of the Plan by the Company in general meeting;

 

		(b)	the day on which the Company makes an announcement of (i) its results for any period or (ii) its
interim management report;

 

		(c)	the first day of the calendar month preceding the last business day of any calendar quarter; or

 

		(d)	any day on which the Committee resolves that exceptional circumstances exist that justify the grant
of Awards;

 

Group means
the Company and its Subsidiaries and member of the Group shall be construed accordingly;

 

Holding Period
has the meaning given to it in rule 6.5;

 

the London Stock
Exchange means London Stock Exchange Plc;

 

MAR means
the Market Abuse Regulation (EU) 596/2016, as amended from time to time;

 

Market Value
means, in relation to Shares on any day, if such Shares are listed on the London Stock Exchange, its middle-market quotation as
derived from the Daily Official List of the London Stock Exchange and otherwise (including if the Shares are dealt in on AIM) shall
mean their market value as defined by section 272 of the UK Taxation of Chargeable Gains Act 1992, provided that, if on any day,
Shares are listed on any other securities exchange and such other securities exchange shall be the principal market for Shares,
as determined by the Committee, Market Value shall mean, as of such day, either (i) the closing per share sales price of the Shares
as reported by such securities exchange for such date or, if there were no sales on such date, on the closest preceding date on
which there were sales of Shares or (ii) any other price or prices (including a mean of such prices) of Shares as reported on such
securities exchange as determined by the Committee in its discretion (subject to compliance with applicable laws, including applicable
tax laws and the rules of the applicable securities exchange);

 

Official List
means the Official List of the UK Listing Authority;

 

Participant
means any individual to whom an Award has been granted (including, where the context permits, the legal personal representatives
of a deceased Participant);

 

the Performance
Conditions means the performance conditions set by the Committee on the Date of Grant;

 

the Performance
Period means, unless foreshortened pursuant to rule 4 or rule 8, the three consecutive Financial Years of which
the first is the Financial Year in which the Date of Grant falls or such longer period as the Committee may determine at the Date
of Grant;

 

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the Plan
means the Burford Capital 2016 Long Term Incentive Plan as amended from time to time;

 

Share Dealing Code
means the Company’s code on share dealing as in force from time to time;

 

Shares
means fully paid ordinary shares in the capital of the Company or shares representing those shares following any Capital Reorganisation;

 

Subsidiary
means any company which is a subsidiary of the Company within the meaning of section 531 of The Companies (Guernsey) Law, 2008,
excluding the effect of sub-section (6) and (7) such that an overseas company can be regarded as a subsidiary or holding company;

 

Termination Date
means the date on which a Participant ceases to be employed by the Group;

 

Trustees means
the trustees or trustee for the time being of any appropriate employee benefit trust established by the Company or any member of
the Group from time to time for the benefit of employees of the Group;

 

UK Listing Authority
means the Financial Conduct Authority acting in its capacity as the competent authority for the purposes of Part VI of the Financial
Services and Markets Act 2000;

 

Vested Shares means Shares
subject to Awards in respect of which the Committee has determined that the Performance Conditions have been satisfied and, subject
to rules 4.5 and 8.8, the Performance Period has ended, and Vest and Vesting Date shall be construed
accordingly.

 

1.2             
References to any statute or statutory instrument or to any part or parts thereof include any modification, amendment or
re-enactment thereof for the time being in force.

 

1.3             
Words of the masculine gender shall include the feminine and vice versa and words in the singular shall include the plural
and vice versa unless in either case the context otherwise requires.

 

2.                Grant
of Awards

 

2.1             
The Committee may, during a Grant Period, in its discretion, grant Awards to acquire Shares to any Employees selected by
the Committee. Awards shall be granted in the form of a right to call for Shares at no cost or a conditional allocation of Shares.
References to “realise”, “realised” or “realisable” shall, in the case of an Award which is
granted in the form of a right to call for Shares, be construed as “call for”, “called for” or “may
be called for” respectively.

 

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2.2              The
Vesting of all Awards will be dependent upon the satisfaction of stretching Performance Conditions set at the Date of Grant
that are considered by the Committee to be appropriate to the strategic objectives of the Group. The Committee can set
different Performance Conditions for Awards granted in different years (in terms of the type of condition, the weighting
given to that condition and the targets applicable to each condition) provided that, in the reasonable opinion of the
Committee, the Performance Conditions are not materially less challenging from any one Award to the next. Notwithstanding the
foregoing, the Committee may also in its discretion grant Awards to any Employees that do not require the satisfaction of any
Performance Conditions; provided, however, that no more than 50% of the total Market Value of the Shares comprised in an
Award (measured as at the Date of Grant) granted to an Employee who is part of the Company’s senior management (as
determined from time to time by the Committee) shall be granted without Performance Conditions.

 

2.3             
When granting any Award, the Committee shall specify the percentage of the total number of Shares comprised in the Award
that is subject to a particular Performance Condition.

 

2.4             
The Committee may vary the Performance Conditions applying to existing Awards if an event occurs or there are circumstances
(for example, an acquisition or disposal of a business or a significant part of a business) such that the conditions are no longer
a fair measure of performance provided that, in the reasonable opinion of the Committee, the new conditions are not materially
less challenging than the original conditions would have been but for the event or circumstances in question. In exercising any
power to vary Performance Conditions the Committee will have regard to ensuring fairness between Participants and shareholders.

 

2.5             
Immediately prior to the granting of any Awards, the Company may, in its absolute discretion, enter into a deed poll recording
its intention to grant Awards and agreeing to be bound by the Award Certificates issued pursuant to rule 2.6 below. No cash
amount shall be payable in respect of the grant or realisation of an Award.

 

2.6             
Each Award shall be made by an Award Certificate issued by the Company and shall be subject to such terms and conditions
consistent with the Plan as the Committee may determine in its sole discretion. The Award Certificate shall state the Date of Grant,
the number of Shares comprised in an Award and the Performance Conditions, if any, that must be satisfied by the Vesting Date.
The Committee may require a Participant to evidence his agreement to be bound by the terms of the Plan in writing. If a Participant
fails to comply with any such requirement within the period specified by the Committee, his Award shall be treated as renounced
and shall lapse forthwith.

 

2.7             
Every Award granted under this Plan shall be personal to the Participant to whom it is granted and, except to the extent
necessary to enable a personal representative to realise the Award following the death of a Participant, neither the Award nor
the benefit thereof may be transferred, assigned, charged or otherwise alienated. Any transfer of an Award otherwise than as permitted
by this rule 2.7 shall cause an Award to lapse.

 

2.8             
The grant of any Award under the Plan shall be subject to the provisions of MAR and the Company’s Share Dealing Code
and to obtaining any approval or consent required under the provisions of the Listing Rules published by the UK Listing Authority
or the City Code on Takeovers and Mergers or of any regulation or enactment applicable to such grant.

  

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3.               
 Number of Shares in respect of which Awards may be granted

 

3.1             
No Award shall be granted under the Plan to the extent that the result of that grant would be that the aggregate number
of Shares that could be issued on the realisation of that Award and any other Award granted at the same time, when added to the
number of Shares that:

 

		(a)	could be issued on the realisation of any subsisting share awards or options granted during the
preceding ten years under the Plan or any other Employees’ Share Scheme established by the Company; and

 

		(b)	have been issued on the realisation of any share awards or options granted during the preceding
ten years under the Plan or any other Employees’ Share Scheme established by the Company,

 

would exceed 10 per cent of the ordinary
share capital of the Company for the time being in issue.

 

3.2             
Reference in this rule 3 to the issue of Shares shall, for the avoidance of doubt, mean the issue and allotment (but not
transfer) of Shares, including Shares issued to the trustee of an employee benefit trust established by the Company for the purposes
of satisfying any right under an Employees’ Share Scheme. Transfers of treasury shares shall also count towards the percentage
limits set out in rule 3.1 above for so long as institutional shareholder guidelines recommend this.

 

3.3             
In determining the above limits no account shall be taken of any Shares attributable to an Award which was released, lapsed
or otherwise became incapable of realisation.

 

3.4             
An Award shall not be granted to an Employee if such grant would cause the total Market Value of the maximum number of Shares
that may be acquired on realisation of the Award (as measured at the Date of Grant of the Award), when aggregated with the total
Market Value of the maximum number of Shares that may be acquired pursuant to any other Award (measured as at the Date of Grant
of that Award) granted to the Employee under the Plan in relation to the same Financial Year, to exceed 200% of the Employee’s
Basic Salary as at the Date of Grant, provided that the Committee may make an Award up to a Market Value of 300% of the Employee’s
Basic Salary if it determines that exceptional circumstances exist for a larger grant.

 

4.               
Rights of exercise of Awards

 

4.1             
Save as otherwise permitted in these rules an Award may only be realised:

 

		(a)	if the Award has Vested; and

 

		(b)	by a Participant who has remained an Employee during the relevant Performance Period and until
the Vesting Date.

 

4.2             
As soon as reasonably practicable after the end of the Performance Period the Committee shall notify Participants of the
extent to which any Performance Conditions have been satisfied and the Award has Vested. An Award may be realised in respect of
such number of Shares as have Vested in accordance with these rules.

 

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4.3             
Save as otherwise provided in these rules, an Award shall lapse automatically on the Participant ceasing to be an employee
of a member of the Group at any time before the Vesting Date applicable to the Award.

 

4.4             
Where a Participant ceases to be employed by a member of the Group at any time before the Vesting Date applicable to an
Award by reason of:

 

		(a)	death;

 

		(b)	disability (as agreed by the Committee); or

 

		(c)	any other reason where the Committee so determines in its absolute discretion,

 

his Award shall continue, and will Vest
and be realised at the end of the Performance Period subject to the achievement of any relevant Performance Conditions at that
time PROVIDED THAT in all cases where the Termination Date occurs before the expiry of any relevant Performance Period and
Awards are realised pursuant to this rule 4.4, the number of Shares in respect of which an Award may be realised shall be the number
in respect of which the Award has Vested (subject to any adjustments under rule 10) multiplied by the fraction A/B (where
A is that part of the Performance Period measured in complete months from the start of the Performance Period to
the Termination Date and B is 36 or such other number as is equal to the number of months in the Performance Period)
SAVE THAT:

 

		(d)	the Committee may at its discretion, in appropriate circumstances, determine that Awards may be
realised immediately in accordance with rule 4.5;

 

		(e)	if the Participant ceases to be an employee of the Group in appropriate cases under rule 4.4(c),
the Committee may, in its absolute discretion, disapply or alter the fraction stated above to release a greater number of Shares
if it considers that the Participant’s contribution to the business of the Group would not otherwise be properly recognised;
and

 

		(f)	the Committee may at its discretion, in appropriate circumstances, make a provisional determination
as to preservation of an Award in accordance with this rule 4.4 and only make a final determination at the end of the Performance
Period.

 

Failing any such realisation the Awards
shall lapse automatically. For the avoidance of doubt, an Award realisable under this rule 4.4 may lapse at an earlier date by
virtue of rule 8.

 

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4.5             
Where the Committee determines that an Award may be realised immediately under rule 4.4, the number of Shares in respect
of which the Award Vests shall be determined by the Committee by reference to the extent to which any applicable Performance Conditions
are met on the Termination Date, subject to modification if the Committee considers that the Performance Conditions would be met
to a greater or lesser extent at the end of the original Performance Period. The number of Shares in respect of which an Award
may be realised under this rule 4.5 shall (unless proviso (e) to rule 4.4 applies) be the number of Shares in respect
of which the Award has Vested (subject to any adjustment under rule 10) multiplied by the fraction A/B (where
A is that part of the Performance Period measured in complete months from the start of the Performance Period until
the Termination Date and B is 36 or equal to such other number of months in the original Performance Period.

 

4.6             
For the purpose of rules 4.4 and 4.5, a Participant shall not, to the extent required by applicable law, be treated as ceasing
to be an Employee if absent from work wholly or partly because of new child leave, until he or she ceases to be entitled to exercise
any statutory or contractual entitlement to return to work.

 

4.7             
For the purposes of rules 4.4 and 4.5, the Committee may, in its absolute discretion, determine that where a Participant
provides services as an independent contractor or self-employed consultant to a member of the Group after ceasing employment with
the Group, the Participant shall not be treated as ceasing to be an Employee until the end of the consultancy or contractual period.

 

4.8             
Where a Participant ceases to be employed by a member of the Group at any time before the Vesting Date applicable to an
Award by reason of the demerger by the Company of the business or division in which he is employed, the Committee may determine
in its absolute discretion for some or all Participants leaving the Group as a result of the demerger that part or all of the Award
shall vest (in which case the provisions of rule 4.4 or 4.5 shall apply) and/or that Awards held by such Participants should be
rolled over into equivalent awards over shares in the demerged company (or such terms as the Committee shall agree with that company).
This is without prejudice to the operation of the provisions in rules 8.6 and 10.1 in the event of a demerger.

 

4.9             
The Committee may, at its discretion, decide that (i) if any Award (whether or not it has Vested) is discovered to have
been granted (or, if relevant, to have Vested) on the basis of a material mis-statement or miscalculation in the published results
of the Group; (ii) if any Award is discovered to have Vested on the basis of a performance condition whose assessment was based
on error, misleading information or inaccurate assumptions; or (iii) if any Award is held by a Participant who is found to have
committed an act of gross misconduct, the number of Shares under such Award should be reduced or eliminated; (for the avoidance
of doubt, adjustments in the fair value of the Company’s assets shall not be treated as falling within subclauses (i) or
(ii) of this clause 4.9 unless the Committee demonstrates bad faith in the assessment of fair value of the Company’s assets
in a previous year which is affected by such adjustment). To achieve this in the case of an Award that has Vested, the Committee
may, no later than six months following the event in (i) to (iii) of this clause 4.9 (but in any event before the fifth anniversary
of the Vesting Date), decide that the Participant should repay (whether by re-transfer of Shares, or payment of cash proceeds)
to the Company (or as it shall direct) an amount equal to some or all of the benefit received (such benefit to be computed on an
after-tax basis unless the Participant is able to recover or obtain relief for the tax so paid).

 

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4.10          
 Where a Participant holds Vested Shares that are subject to a Holding Period and ceases to be employed by a member of the
Group during that Holding Period, such Shares shall continue to be subject to the Holding Period imposed by the Committee save
that the Committee may, at its discretion, allow early release of some or all of the Vested Shares prior to the end of the Holding
Period.

 

5.               
Method and Extent of Exercise

 

5.1             
Save as otherwise provided in these rules, subject to the Committee being satisfied that any applicable Performance Conditions
have been fulfilled, a Participant’s Award will be realised at the end of the Performance Period. Subject to rule 5.2, a
Participant need take no action to realise his Award.

 

5.2             
Where an Award is granted on terms that the Participant must call for Vested Shares, he may exercise the call by written
notice to the Company in the form required by the Company at any time during the period of 6 months following the Vesting
Date SAVE THAT where the Vested Shares may be called for as a result of a
relevant event occurring under rule 8, the Participant shall be deemed to have called for such Vested Shares on the occurrence
of the relevant event.

 

5.3             
Where the realisation of an Award or the transfer of any Shares under the Plan would be prohibited by law, by MAR, or the
Company’s Share Dealing Code, the Vesting Date shall not occur and the period during which Shares may be allotted, issued
or transferred shall not be treated as commencing, until such period of prohibition has ceased (but, for the avoidance of doubt
the Performance Conditions shall only be treated as applying in respect of the original Performance Period).

 

6.               
Issue or Transfer of Shares

 

6.1              The
Committee shall procure the issue or transfer of Shares to be allotted or transferred pursuant to the realisation of an Award
within 30 days following the Vesting Date of the Award. Treasury Shares may be used to satisfy Awards.

 

6.2             
Shares to be issued pursuant to the Plan will rank pari passu in all respects with the Shares then in issue, except that
they will not rank for any rights attaching to Shares by reference to a record date preceding the Vesting Date.

 

6.3             
Save for where a Holding Period applies to the Shares pursuant to rule 6.5 below, Shares to be transferred pursuant to the
Plan will be transferred free of all liens, charges and encumbrances and together with all rights attaching thereto, except that
they will not rank for any rights attaching to Shares by reference to a record date preceding the Vesting Date.

 

6.4             
Subject to rule 12.1 below, the Company and its Subsidiaries may provide funds to the Trustees to enable the Trustees
to purchase existing Shares or subscribe for new Shares in the Company for the purpose of the Plan.

 

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6.5             
 At the Date of Grant the Committee will in its absolute discretion decide whether or not to impose a mandatory holding
period on the Shares to be allotted or transferred on the Vesting Date pursuant to the realisation of the Award (a Holding
Period). Notwithstanding any other rules of the Plan, a Participant will (a) be entitled to sell sufficient Shares to
satisfy any tax liability of the Participant incurred in connection with the vesting of the Award and (b) in respect of the remaining
Shares, be the full beneficial owner of such Shares during the Holding Period (which includes, for the avoidance of doubt, the
right to receive any dividends paid during the Holding Period), save that the Shares may not be transferred, assigned, sold, pledged
or otherwise disposed of during the Holding Period. The duration of the Holding Period will be communicated to the Participant
at the Date of Grant. The Committee may impose such requirements as it considers necessary or desirable to ensure Participants
observe the Holding Period including, but not limited to, requiring Participants to hold the Shares via a nominee.

 

7.               
Lapse of Awards

 

7.1             
Awards shall lapse upon the occurrence of the earliest of the following events:

 

		(a)	to the extent that it is determined that the Performance Conditions applicable to an Award have
not been met following the expiry of the Performance Period, the date of expiry of the Performance Period;

 

		(b)	in relation to an Award which is granted on terms that the Participant must call for Vested Shares,
the date of six months following the Vesting Date;

 

		(c)	the date of the expiry of any relevant period specified in rule 8; or

 

		(d)	the date of the Participant being deprived of the legal or beneficial ownership of the Award by
operation of law, or doing or omitting to do anything which causes him to be so deprived or becomes bankrupt.

 

8.               
General Offer for the Company etc.

 

8.1             
If any person (either alone or together with any person acting in concert with him) makes a general offer to acquire the
whole of the share capital of the Company (other than those shares which are already owned by him and/or any person acting in concert
with him), the Company shall, as soon as reasonably practicable thereafter, give notice to each Participant of such general or
other offer. Each Participant may realise his Awards in accordance with rule 8.8 on the date on which the offer becomes or
is declared unconditional in all respects, or in the case of an Award which is granted in the form of a right to call for Shares,
within the period of 7 days following that date (or such shorter period as the Board shall permit). Failing any permitted realisation,
the Awards shall lapse automatically upon the expiry of the 7 day period.

 

Scheme of Arrangement

 

8.2             
If a court shall direct that a meeting of the holders of Shares be convened pursuant to section 107 of The Companies (Guernsey)
Law, 2008 for the purposes of considering a scheme of arrangement, each Participant may realise his Awards conditionally in accordance
with rule 8.8 on the scheme of arrangement being either approved by the shareholders' meeting or sanctioned by the court
(as determined by the Committee in its absolute discretion) (the Relevant Condition), between the date of the court's
direction and twelve noon on the day immediately preceding the date for which the shareholders' meeting is convened.

 

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8.3             
Failing any permitted realisation, the Awards (or such part thereof as the Committee may specify) shall be incapable of
realisation between the last time upon which permitted realisation may occur and the first date on which it can be determined whether
or not the Relevant Condition is satisfied. If the Relevant Condition is not satisfied, the Awards shall continue. If the Relevant
Condition is satisfied, the Awards (or such part thereof as the Committee may specify) shall lapse automatically on the day immediately
after the date on which the scheme of arrangement is sanctioned by the court.

 

8.4             
The Committee shall endeavour to procure that, where a Participant has conditionally realised his Awards in accordance with
rule 8.2 above prior to twelve noon on the day immediately preceding the date for which the shareholders’ meeting is
initially convened, the scheme of arrangement shall, so far as it relates to Shares, be extended to such Participant as if each
Share in respect of which the Award was conditionally realised had been allotted and issued, or transferred, to him by that time.

 

8.5             
Awards shall not be realisable without the consent of the Committee under the foregoing provisions of this rule 8 if
the purpose and effect of the scheme of arrangement is to create a new holding company for the Company, such company having substantially
the same shareholders and proportionate shareholdings as those of the Company immediately prior to the scheme of arrangement. Awards
will in such circumstances continue and be treated as an award over such number of shares in the holding company as is determined
to be appropriate by the Committee, and references in this Plan to “the Company” shall be construed as references to
such holding company as appropriate.

 

Demerger

 

8.6             
If the Committee becomes aware that the Company is or is expected to be affected by any demerger, dividend in specie, super-dividend
or other transaction which, in the opinion of the Committee, would affect the current or future value of any Awards, the Committee,
acting fairly, reasonably and objectively, may in its absolute discretion allow some or all Awards to be realised in accordance
with rule 8.8. The Committee shall specify the period in which such Awards shall be realisable and whether such Awards shall
lapse at the end of the specified period.

 

Voluntary Winding-up

 

8.7             
If notice is duly given of a resolution for a voluntary winding-up of the Company then the Committee, acting fairly,
reasonably and objectively, may in its absolute discretion allow some or all Awards to be realised in accordance with rule 8.8.
The Committee shall specify the period in which such Awards shall be realisable, and whether such Awards shall lapse at the end
of the specified period. The Awards shall be realisable within the period of 30 days following the date of a resolution for the
voluntary winding up of the Company being passed and shall lapse automatically thereafter.

 

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Application of Performance Conditions
and pro rating

 

8.8             
Where an Award becomes realisable before the expiry of the relevant Performance Period under rules 8.1 to 8.7, the number
of Shares in respect of which the Award shall Vest shall be determined by the Committee by reference to the extent to which any
applicable Performance Conditions are met as at the date of the relevant event, subject to modification if the Committee considers
that the Performance Conditions would have been met to a greater or lesser extent at the end of the original Performance Periods.
The number of Shares in respect of which an Award may be realised shall be the number of Shares in respect of which the Award has
Vested (subject to any adjustments under rule 10) multiplied by the fraction A/B (where A is that part
of the Performance Period measured in complete months from the start of the Performance Period to the date on which the relevant
event occurs and B is 36 or such other number as is equal to the number of months in the original Performance Period),
SAVE THAT the Committee may at its discretion, in appropriate circumstances,
disapply or alter the fraction stated above to release a greater number of Shares if it considers that the contribution of Participants
to the creation of shareholder value during the Performance Period would not otherwise be properly recognised.

 

9.              
Taxation

 

9.1             
Any liability of a Participant to taxation or social security contributions in respect of an Award shall be for the account
of the relevant Participant, and the release of any Shares the subject of a Participant’s Award or the exercise of any such
Award shall be conditional on the Participant complying with any arrangements specified by the Company or the Trustees for the
payment of taxation and any social security contributions (including, without limitation, the sale of sufficient Shares to enable
the Company or the trustee or any employing company in the Group to satisfy its obligations in respect of deduction of taxation
and employee’s social security contributions at source).

 

9.2             
A Participant shall enter into such tax elections (including pursuant to section 431 of the UK Income Tax (Earnings and
Pensions) Act 2003) in respect of his Shares as the Company may reasonably require.

 

10.            
Adjustments of Awards

 

10.1         
In the event of any Capital Reorganisation (or the implementation by the Company of a demerger or payment of a super-dividend
which would otherwise materially affect the value of an Award) the Committee may adjust the number of Shares subject to Awards
(including, for the avoidance of doubt, Vested Shares in respect of which any Award has been realised but Shares have not yet been
transferred to the Participant) to such extent and in such manner as it thinks fit.

 

10.2         
Any adjustments to Awards made pursuant to this rule 10 shall be notified to the relevant Participants.

 

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11.       
      Amendment and Administration

 

11.1         
The decision of the Committee shall be final and binding in all matters relating to the Plan and it may at any time discontinue
the grant of further Awards.

 

11.2         
The Committee may amend any of the provisions of the Plan in any way it thinks fit, provided that:

 

		(a)	the Committee shall not make any amendment that would materially prejudice the interests of existing
Participants except with the prior consent or sanction of Participants who, if they realised their Awards in full, would thereby
become entitled to not less than three-quarters of all the Shares which would fall to be allotted or transferred upon realisation
in full of all outstanding Awards, provided that the foregoing consent requirement shall not apply to any such amendment that the
Committee determines is made in order to comply with applicable law, tax rules, securities exchange rules or accounting rules;
and

 

		(b)	no amendment which in the reasonable opinion of the Committee is to the advantage of Employees
or Participants may be made to:

 

		(i)	the definition of Employee in rule 1.1;

 

		(ii)	the limitations on the numbers of Shares subject to the Plan;

 

		(iii)	the maximum entitlement of an Employee under the Plan;

 

		(iv)	the basis for determining a Participant’s entitlement to Shares under the Plan;

 

		(v)	the terms of Shares to be provided under the Plan;

 

		(vi)	the adjustment provisions of the Plan;

 

without the prior approval of
the Company in general meeting (aa) except in the case of minor amendments to benefit the administration of the Plan, to take account
of a change in legislation or to obtain or maintain favourable tax, exchange control or regulatory treatment for Participants or
any member of the Group, or (bb) as otherwise permitted under these rules; and

 

		(c)	without prejudice to any provision of the Plan which provides for the lapse of an Award, the Committee
may not cancel an Award unless the Participant agrees in writing to such cancellation.

 

11.3         
Notwithstanding any other provision of the Plan, the Committee may establish appendices to the Plan for the purpose of
granting Awards (i) to Employees who are or may become primarily liable to tax outside the United Kingdom on their remuneration,
subject to such modifications as may be necessary or desirable to take account of overseas tax, exchange control, securities laws
or other applicable laws; or (ii) to employees of any member of the Group whose terms of service require him to devote substantially
the whole of his working time to a specific division within the Group, provided that any Shares made available under such appendices
shall count towards the limits set out in rule 3.

 

    Page 12 

     

    

 

 

11.4         
Where the Committee is satisfied that an Award involving real Shares is not appropriate for legal, regulatory or tax reasons,
a phantom Award may be granted. This will deliver a cash payment equal to the net benefit a Participant would have derived from
the Vesting or exercise of a share Award. In appropriate circumstances, share based Awards may be satisfied (in whole or in part)
in cash.

 

12.             
General

 

12.1         
Any member of the Group may provide money to the trustees of any trust or any other person to enable them or him to acquire
Shares to be held for the purposes of the Plan, or enter into any guarantee or indemnity for the purposes, to the extent not prohibited
by The Companies (Guernsey) Law, 2008 or otherwise.

 

12.2         
The Plan shall terminate on the tenth anniversary of the approval of the Plan by shareholders at the Company’s general
meeting on 13 May 2020 or at any earlier time by the passing of a resolution by the Committee or an ordinary resolution of the
Company in general meeting. Termination of the Plan shall be without prejudice to the subsisting rights of Participants.

 

12.3         
An Award will not constitute a contract of employment. The rights and obligations of any individual under the terms of his
office or employment with the Group shall not be affected by his participation in the Plan or any right he may have to participate
in the Plan. An individual who participates in the Plan waives all and any rights to compensation or damages in consequence of
the termination of his office or employment with any company for any reason whatsoever (whether lawfully or unlawfully) insofar
as those rights arise or may arise from his ceasing to have rights under the Plan as a result of such termination, or from the
loss or diminution in value of such rights or entitlements. In the event of any conflict between the terms of this rule 12.3 and
the Participant’s terms of employment, this rule will take precedence.

 

12.4         
The existence of any Award shall not affect in any way the right or power of the Company or its shareholders to make or
authorise any or all adjustments, recapitalisations, reorganisations or other changes in the Company’s capital structure,
or any merger or consolidation of the Company, or any issue of Company shares, bonds, debentures, preferred or prior preference
stocks ahead of, or convertible into, or otherwise affecting the Shares or the rights thereof, or the dissolution or liquidation
of the Company or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding,
whether of a similar character or otherwise.

 

12.5          Any
notice or other document required to be given under or in connection with the Plan may be delivered to a Participant or sent
by post to him at his home address according to the records of his employing company or such other address as may appear to
the Company to be appropriate including any electronic address. Notices sent by post shall be deemed to have been given on
the day following the date of posting and notices sent by electronic means shall be deemed to have been given twelve hours
after the time of despatch or at such earlier time as receipt is acknowledged. Any notice or other document required to be
given to the Company under or in connection with the Plan may be delivered or sent by post to it at its registered office (or
such other place or places as the Company may from time to time determine and notify to Participant).

 

    Page 13

     

    

 

12.6         
Benefits under the Plan shall not be pensionable.

 

12.7         
The Company, or where the Committee so directs any member of the Group, shall pay the appropriate stamp duty on behalf of
Participants in respect of any transfer of Shares on the realisation of Awards.

 

12.8         
These Rules shall be governed by and construed in accordance with English law. All disputes arising out of or in connection
with the rules shall be referred to and finally resolved by arbitration under the LCIA Rules, which Rules shall be deemed to be
incorporated by reference into this rule 12.8. The number of arbitrators shall be one. The seat, or legal place, of arbitration
shall be London. The language to be used in the arbitral proceedings shall be English. The governing law of the contract shall
be the substantive law of England.

 

    Page 14

     

    

 

Schedule
1

 

US Schedule

 

	1.	General

 

1.1           Pursuant
to rule 11.3 of the Plan, the Committee has established this Schedule 1 for the purpose of granting Awards to Employees who are
or become US Taxpayers, US Participants or California Participants. This Schedule 1 shall apply to all Awards to Employees who
are US Taxpayers, US Participants or California Participants. In the event that a Participant becomes a US Taxpayer, US Participant
or California Participant subsequent to the Date of Grant of an Award under the Plan, then such Award shall immediately be amended
in a manner consistent with this Schedule 1.

 

1.2           In
this Schedule 1, the following words and expressions shall have the following meanings, respectively, and such words and expressions
shall be appended to the end of the existing rule 1.1:

 

California Participant
means a US Participant who is a resident of the State of California;

 

California Securities Law
means, collectively, Section 25102(o) of the California Corporate Securities Law of 1968, as amended, and the regulations issued
thereunder by the California Commissioner of Corporations, including Section 260.140.42 relating to compensatory purchase plans;

 

Code means the
US Internal Revenue Code of 1986, as it may be amended from time to time;

 

Rule 701 means
Rule 701 of the Securities Act;

 

Section 409A means
Section 409A of the Code and the treasury regulations, interpretations and administrative guidance issued thereunder;

 

Securities Act
means the US Securities Act of 1933, as it may be amended from time to time;

 

Short-Term Deferral Period
means the period commencing on the date that an Award first is no longer subject to a substantial risk of forfeiture for US federal
income tax purposes and ending upon the fifteenth day of the third month following the end of the calendar year in which the Award
first is no longer subject to such substantial risk of forfeiture, or if later, the fifteenth day of the third month following
the end of the taxable year of the Company in which the Award first is no longer subject to such substantial risk of forfeiture,
which shall be determined and administered consistent with the short-term deferral exception to Section 409A described in Section
1.409A-1(b)(4) of the US Treasury Regulations.

 

US means the United
States of America;

 

     

     

    

 

US Participant
means an Employee or a Participant who is a US citizen or resident or is otherwise subject to the tax and securities laws of the
US;

 

US Taxes mean applicable
US federal, state and local income taxes and employment taxes;

 

US Taxpayer means
an Employee or a Participant who is subject to US Taxes at the Date of Grant, is expected to become subject to US Taxes following
the Date of Grant or does become subject to US Taxes following the Date of Grant, while any part of an Award remains outstanding;
and

 

US Treasury Regulations
means the treasury regulations issued under the Code.

 

	1.3	The definition of “Termination Date” shall be deleted from the existing
rule 1.1 and replaced with the following:

 

“Termination
Date means the date on which the Participant has a separation from service from the Group within the meaning of Section
409A.”

 

	1.4	References to a rule in this Schedule 1 shall be to the rules of the Plan.

 

	2.	Provisions Applicable to Awards to US Taxpayers

 

2.1           The
following sentence shall be appended to the end of the existing rule 2.1:

 

“Awards to US Taxpayers
will only be granted in the form of a conditional allocation of Shares, and pursuant to these rules but subject to the additions,
deletions and revisions to these rules set forth at Schedule 1 (US Schedule).”

 

2.2           Rule
4.6 shall be deleted and replaced with the following:

 

“For the purposes of rules
4.4 and 4.5, a Participant shall not, to the extent required by applicable law, be treated as ceasing to be an Employee if absent
from work by reason of any approved leave that does not constitute a termination of the Participant’s employment, until such
Participant ceases to be entitled to exercise any statutory or contractual entitlement to return to work.”

 

2.3           A new rule 4.11 shall be added as
follows:

 

“For Awards granted to
US Taxpayers, if payment of the Award pursuant to rule 4.4 following the end of the Performance Period would result in payment
of the Award being made later than the latest possible date for payment of Awards to US Taxpayers under rule 6.2 (or rule 8.9,
if applicable), then the Committee shall attempt to use its discretion under rule 4.4 to determine that the Award be realised in
accordance with rule 4.5, and the Vested Shares as determined under rule 4.5, shall be issued or transferred in accordance with
rule 6.2 (or rule 8.9, if applicable), and the payment for the dividends (grossed-up, where relevant, for any associated tax credit)
that would have been paid on those Vested Shares over the Performance Period, shall be made in accordance with rule 6.7 (or rule
8.9, if applicable).”

 

     

     

    

 

2.4           Rule
5 shall be deleted.

 

2.5           Rule
6 shall be deleted and replaced with the following: 

 

“6.1       Save as otherwise
provided in these rules, if the Committee is satisfied that the Performance Conditions have been fulfilled, a Participant’s
Award will be realised at the end of the Performance Period. A Participant need take no action to realise his Award.

 

6.2       The
Committee shall procure the issue or transfer of Shares to be allotted or transferred pursuant to the realisation of an Award within
30 days following the Vesting Date of the Award; provided, however, notwithstanding any other provision of the Plan, such issuance
or transfer of Shares must be made no event later than the end of the Short-Term Deferral Period or such later date, if any, permissible
under Section 409A. Treasury Shares may be used to satisfy Awards.

 

6.3       Where
the realisation of an Award or the transfer of any Shares under the Plan would be prohibited by law, by MAR, or the Company’s
Share Dealing Code, the payment under rule 6.2 may be delayed until such period of prohibition has ceased, provided that the issuance
or transfer of the Shares must be made no later than the end of the Short-Term Deferral Period or such later date that would not
result in adverse tax consequences under Section 409A.

 

6.4       Shares
to be issued pursuant to the Plan will rank pari passu in all respects with the Shares then in issue, except that they will not
rank for any rights attaching to Shares by reference to a record date preceding the Vesting Date.

 

6.5       Save
where a Holding Period applies to the Shares pursuant to rule 6.7, Shares to be transferred pursuant to the Plan will be transferred
free of all liens, charges and encumbrances and together with all rights attaching thereto, except that they will not rank for
any rights attaching to Shares by reference to a record date preceding the Vesting Date.

 

6.6       Subject
to rule 12.1 below, the Company and its Subsidiaries may provide funds to the Trustees to enable the Trustees to purchase existing
Shares or subscribe for new Shares in the Company for the purpose of the Plan. No Participant who is a US Taxpayer shall have a
right to any funds or Shares held by such a trust to the extent necessary to avoid such Participant from becoming subject to US
Taxes on a date prior to the date on which payment of the Award would otherwise be made to such Participant under the Plan, and
the Company or its Subsidiaries may take such action as needed to avoid such early subjection to US Taxes to Participants who are
US Taxpayers.

 

     

     

    

 

6.7       At
the Date of Grant the Committee will in its absolute discretion decide whether or not to impose a mandatory holding period on
the Shares to be allotted or transferred on the Vesting Date pursuant to the realisation of the Award (a Holding
Period). Notwithstanding any other rules of the Plan, a Participant will (a) be entitled to sell sufficient Shares to
satisfy any tax liability of the Participant incurred in connection with the vesting of the Award and (b) in respect of the
remaining Shares, be the full beneficial owner of such Shares during the Holding Period (which includes, for the avoidance of
doubt, the right to receive any dividends paid during the Holding Period), save that the Shares may not be transferred,
assigned, sold, pledged or otherwise disposed of during the Holding Period. The duration of the Holding Period will be
communicated to the Participant at the Date of Grant. The Committee may impose such requirements as it considers necessary or
desirable to ensure Participants observe the Holding Period including, but not limited to, requiring Participants to hold the
Shares via a nominee.”

 

2.6           Except
for the additional and replacement language to the Plan made by this Schedule 1, references in the Plan to rule 5.1, 5.3, 6.1,
6.2, 6.3, 6.4 or 6.5 shall be revised to refer to rule 6.1, 6.3, 6.2, 6.4, 6.5, 6.6 and 6.7, respectively.

 

2.7           Rule 7.1(b) shall be deleted.

 

2.8           Rule
8.1 shall be deleted and replaced with the following:

 

“If any person (either
alone or together with any person acting in concert with him) makes a general offer to acquire the whole of the share capital of
the Company (other than those shares which are already owned by him and/or any person acting in concert with him), the Company
shall, as soon as reasonably practicable thereafter, give notice to each Participant of such general or other offer. Each Participant
may Vest in his Awards in accordance with rule 8.8 upon the date on which the offer becomes or is declared unconditional in
all respects, and the Company may pay the Award to the Participant and issue or procure the transfer to the Participant of the
number of Shares realised in accordance with rule 8.8. Failing any permitted realisation, the Awards shall continue.”

 

2.9           A
new rule 8.9 shall be added as follows:

 

“In the event that an Award
is realized and Vests pursuant to this rule 8, and notwithstanding any other provision of the Plan, the Committee shall issue or
procure the transfer of Shares in respect of which the Award has Vested to the Participant following the event giving rise to the
realisation under this rule 8, but in no event later than the end of the Short-Term Deferral Period (or such later date, if any,
permissible without adverse tax consequences, under Section 409A).”

 

2.10         Rule
9.1 shall be deleted and replaced with the following:

 

“Any liability of a
Participant to withholding for any US Taxes in respect of an Award (including, for the avoidance of doubt, any cash amount
paid under rule 6.7 or 8.9) shall be for the account of the relevant Participant, and the release of any Shares the subject
of a Participant’s Award shall be conditional on the Participant complying with any arrangements specified by the
Company for the payment of any US Taxes required to be withheld (including, without limitation, the sale of sufficient Shares
to enable the Company or any employing company in the Group to satisfy its obligations in respect of deduction of the US
Taxes required to be withheld at source).”

 

     

     

    

 

2.11        A
new rule 12.9 shall be added as follows:

 

“Awards granted to US Taxpayers
are intended to be exempt from the requirements of Section 409A pursuant to the short-term deferral exception described in Section
1.409A-1(b)(4) of the US Treasury Regulations, and otherwise compliant with Section 409A, and the Plan and any Award granted to
a US Taxpayer shall be interpreted, operated and administered in a manner consistent with such intention. Notwithstanding anything
contrary contained in the Plan or any Award, the Shares acquired upon Vesting of any Award shall be transferred and any cash payment
for dividends (grossed-up, where relevant, for any associated tax credit) on those Shares shall be made to a US Taxpayer no later
than the end of the applicable Short-Term Deferral Period or such later date, if any, permissible under Section 409A.

 

Notwithstanding any other provision
of the Plan to the contrary, the Committee, to the extent it deems necessary or advisable in its sole discretion, reserves the
right, but shall not be required, to unilaterally amend or modify the Plan, Schedule 1 or any Award Certificate with respect to
an Award granted to a US Taxpayer so that the Award qualifies for the short-term deferral exemption from Section 409A; provided,
however, that the Committee makes no representations that Awards granted to US Taxpayers shall comply with Section 409A and
makes no undertaking to preclude Section 409A from applying to Awards granted to US Taxpayers.

 

No amendment may be made to the
Plan or this Schedule 1, or apply to an Award granted to a US Taxpayer, if and to the extent that the amendment would cause such
Award to violate Section 409A.”

 

	3.	Supplemental Terms for US Participants (including California Participants)

 

3.1          The
Committee establishes these terms for purposes of satisfying US federal and any applicable US state securities laws.

 

3.2          Any
Award granted under the Plan to a Participant who is a US Participant on the Date of Grant shall be subject to the following additional
limitations, terms, and conditions:

 

	(a)	except to the extent that the Shares to be issued pursuant to an Award are subject to a valid and
effective registration statement that has been filed by the Company with the US Securities and Exchange Commission or as otherwise
provided by rule 3.3 of this Schedule 1, each Award shall be granted in accordance with Rule 701;

 

	(b)	no Award shall be granted and no Share shall be delivered or sold unless such grant, delivery and
sale is in compliance with US federal securities laws and any applicable US state securities laws; and

 

	(c)	Shares acquired pursuant to the Plan may only be resold in compliance with the registration requirements
or an applicable exemption from the registration requirements of the Securities Act.

 

     

     

    

 

3.3          Notwithstanding
rule 3.2 of this Schedule 1, Awards may be granted under the Plan to any US Participant in accordance with any other registration
exemption permitted under applicable US law or by qualification under such law, subject to such conditions as required by the applicable
US law.

 

3.4          In
the event that Awards are intended to be granted in accordance with Rule 701, the amount of Shares sold under the Plan to US Participants
during any consecutive 12-month period shall not exceed $10 million.

 

	4.	Supplemental Terms for California Participants

 

4.1           The
Committee establishes these terms for purposes of satisfying the requirements of California Securities Law. The terms of this rule
4 to this Schedule 1 shall apply to Awards granted to California Participants except to the extent that the Shares to be issued
pursuant to such Awards are subject to a valid and effective registration statement that has been filed by the Company with the
US Securities and Exchange Commission.

 

4.2           Subject
to the final sentence of rule 4.1 of this Schedule 1, any Award granted under the Plan to a Participant who is a California Participant
on the Date of Grant shall be subject to the following additional limitations, terms, and conditions, which for purposes of compliance
with California Securities Law only shall be deemed to be a separate plan maintained solely for California Participants:

 

	(a)	except to the extent otherwise provided by rule 4.3 of this Schedule 1, each Award shall be granted
in accordance with Rule 701;

 

	(b)	Shares must be realised, if at all, prior to 17 November 2025;

 

	(c)	the rights of a California Participant to acquire Shares under the Plan shall be non-transferable
except to the extent of a transfer by will, laws of descent and distribution, to a revocable trust, or as permitted by Rule 701;

 

	(d)	for purposes of rule 10 of the Plan, the Committee shall proportionately adjust (in the manner
it deems appropriate) the number of Shares issuable under an Award in the event of a stock split, reverse stock split, stock dividend,
recapitalization, combination, reclassification or other distribution of the Company’s equity securities without the receipt
of consideration by the Company of or on the Shares; and

 

	(e)	the number of California Participants may not exceed 35 unless the Plan is approved by holders
of a majority of the outstanding securities of the Company entitled to vote within 12 months of the issuance of Shares under the
Plan in California.

 

     

     

    

 

4.3           Notwithstanding
rule 4.2 of this Schedule 1, Awards may be granted under the Plan to any California Participant in accordance with any other registration
exemption permitted under California Securities Law or by qualification under such law, subject to such conditions as required
by such law.

 

	5.	Amendment and Administration

 

5.1           For
avoidance of doubt, the Committee, or any sub-committee appointed by the Committee, has full authority, consistent with the rules,
to administer this Schedule 1, including authority to interpret and construe any provision of this Schedule 1, to identify Employees
with respect to whom the provisions of this Schedule 1 may apply, and to adopt any regulations for administering this Schedule
1 and any documents it thinks necessary or appropriate. The decision of the Committee on any matter concerning this Schedule 1
will be final and binding on all parties, notwithstanding any delegation of authority to a sub-committee. The authority of the
Committee to amend the Plan in rule 11 shall apply equally to this Schedule 1.EX-4.3

 Exhibit 4.3 

ONCORUS, INC. 

AND 

                    ,
AS WARRANT AGENT 
 FORM OF COMMON
STOCK 
 WARRANT AGREEMENT 

DATED AS OF
                     

 ONCORUS, INC. FORM OF
COMMON STOCK WARRANT AGREEMENT 
 THIS
COMMON STOCK WARRANT AGREEMENT (this “Agreement”), dated as of [•], between ONCORUS,
INC., a Delaware corporation (the “Company”), and [•], a [corporation] [national banking association] organized and existing under the laws of [•] and having a corporate trust office in [•],
as warrant agent (the “Warrant Agent”). 
 WHEREAS, the Company
proposes to sell [If Warrants are sold with other securities —[title of such other securities being offered] (the “Other Securities”) with] warrant certificates evidencing one or more warrants (the
“Warrants” or, individually, a “Warrant”) representing the right to purchase Common Stock of the Company, par value $0.0001 per share (the “Warrant Securities”), such warrant
certificates and other warrant certificates issued pursuant to this Agreement being herein called the “Warrant Certificates”; and 

WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the
Warrant Agent is willing so to act, in connection with the issuance, registration, transfer, exchange, exercise and replacement of the Warrant Certificates, and in this Agreement wishes to set forth, among other things, the form and provisions of
the Warrant Certificates and the terms and conditions on which they may be issued, registered, transferred, exchanged, exercised and replaced. 

NOW THEREFORE, in consideration of the premises and of the mutual agreements
herein contained, the parties hereto agree as follows: 
 ARTICLE 1 

ISSUANCE OF WARRANTS AND EXECUTION AND 

DELIVERY OF WARRANT CERTIFICATES 

1.1 Issuance of Warrants. [If Warrants alone —Upon issuance, each Warrant Certificate shall evidence
one or more Warrants.] [If Other Securities and Warrants —Warrant Certificates will be issued in connection with the issuance of the Other Securities but shall be separately transferable and each Warrant Certificate shall evidence
one or more Warrants.] Each Warrant evidenced thereby shall represent the right, subject to the provisions contained herein and therein, to purchase one Warrant Security. [If Other Securities and Warrants —Warrant
Certificates will be issued with the Other Securities and each Warrant Certificate will evidence [•] Warrants for each [$[•] principal amount] [[•] shares] of Other Securities issued.] 

1.2 Execution and Delivery of Warrant Certificates. Each Warrant Certificate, whenever issued, shall be in
registered form substantially in the form set forth in Exhibit A hereto, shall be dated the date of its countersignature by the Warrant Agent and may have such letters, numbers, or other marks of identification or designation and such legends
or endorsements printed, lithographed or engraved thereon as the officers of the Company executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Agreement,
or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which the Warrants may be listed, or to conform to usage. The Warrant Certificates shall
be signed on behalf of the Company by any of its present or future chief executive officers, presidents, senior vice presidents, vice presidents, chief financial officers, chief legal officers, treasurers, assistant treasurers, controllers,
assistant controllers, secretaries or assistant secretaries under its corporate seal reproduced thereon. Such signatures may be manual or facsimile signatures of such authorized officers and may be imprinted or otherwise reproduced on the Warrant
Certificates. The seal of the Company may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced on the Warrant Certificates. 

  
 1 

 No Warrant Certificate shall be valid for any purpose, and no Warrant evidenced thereby
shall be exercisable, until such Warrant Certificate has been countersigned by the manual signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed by the Company shall be conclusive evidence that the
Warrant Certificate so countersigned has been duly issued hereunder. 
 In case any officer of the Company who shall have signed any of the
Warrant Certificates either manually or by facsimile signature shall cease to be such officer before the Warrant Certificates so signed shall have been countersigned and delivered by the Warrant Agent, such Warrant Certificates may be countersigned
and delivered notwithstanding that the person who signed such Warrant Certificates ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by such persons as, at the actual date of the execution
of such Warrant Certificate, shall be the proper officers of the Company, although at the date of the execution of this Agreement any such person was not such officer. 

The term “holder” or “holder of a Warrant Certificate” as used herein shall mean any person in
whose name at the time any Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose. 

1.3 Issuance of Warrant Certificates. Warrant Certificates evidencing the right to purchase Warrant Securities may
be executed by the Company and delivered to the Warrant Agent upon the execution of this Agreement or from time to time thereafter. The Warrant Agent shall, upon receipt of Warrant Certificates duly executed on behalf of the Company, countersign
such Warrant Certificates and shall deliver such Warrant Certificates to or upon the order of the Company. 
 ARTICLE 2 

WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS 

2.1 Warrant Price. During the period specified in Section 2.2, each Warrant shall, subject to the terms of this Agreement and the
applicable Warrant Certificate, entitle the holder thereof to purchase the number of Warrant Securities specified in the applicable Warrant Certificate at an exercise price of $[•] per Warrant Security, subject to adjustment upon the occurrence
of certain events, as hereinafter provided. Such purchase price per Warrant Security is referred to in this Agreement as the “Warrant Price.” 

2.2 Duration of Warrants. Each Warrant may be exercised in whole or in part at any time, as specified herein, on or
after [the date thereof] [•] and at or before [•] p.m., [City] time, on [•] or such later date as the Company may designate by notice to the Warrant Agent and the holders of Warrant Certificates mailed to their addresses as set forth
in the record books of the Warrant Agent (the “Expiration Date”). Each Warrant not exercised at or before [•] p.m., [City] time, on the Expiration Date shall become void, and all rights of the holder of the Warrant
Certificate evidencing such Warrant under this Agreement shall cease. 
 2.3 Exercise of Warrants. 

(a) During the period specified in Section 2.2, the Warrants may be exercised to purchase a whole number of Warrant Securities in
registered form by providing certain information as set forth on the reverse side of the Warrant Certificate and by paying in full, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York
Clearing House funds] [by bank wire transfer in immediately available funds] the Warrant Price for each Warrant Security 

  
 2 

 
with respect to which a Warrant is being exercised to the Warrant Agent at its corporate trust office, provided that such exercise is subject to receipt within five business days of such payment
by the Warrant Agent of the Warrant Certificate with the form of election to purchase Warrant Securities set forth on the reverse side of the Warrant Certificate properly completed and duly executed. The date on which payment in full of the Warrant
Price is received by the Warrant Agent shall, subject to receipt of the Warrant Certificate as aforesaid, be deemed to be the date on which the Warrant is exercised; provided, however, that if, at the date of receipt of such Warrant Certificates and
payment in full of the Warrant Price, the transfer books for the Warrant Securities purchasable upon the exercise of such Warrants shall be closed, no such receipt of such Warrant Certificates and no such payment of such Warrant Price shall be
effective to constitute the person so designated to be named as the holder of record of such Warrant Securities on such date, but shall be effective to constitute such person as the holder of record of such Warrant Securities for all purposes at the
opening of business on the next succeeding day on which the transfer books for the Warrant Securities purchasable upon the exercise of such Warrants shall be opened, and the certificates for the Warrant Securities in respect of which such Warrants
are then exercised shall be issuable as of the date on such next succeeding day on which the transfer books shall next be opened, and until such date the Company shall be under no duty to deliver any certificate for such Warrant Securities. The
Warrant Agent shall deposit all funds received by it in payment of the Warrant Price in an account of the Company maintained with it and shall advise the Company by telephone at the end of each day on which a payment for the exercise of Warrants is
received of the amount so deposited to its account. The Warrant Agent shall promptly confirm such telephone advice to the Company in writing. 

(b) The Warrant Agent shall, from time to time, as promptly as practicable, advise the Company of (i) the number of Warrant
Securities with respect to which Warrants were exercised, (ii) the instructions of each holder of the Warrant Certificates evidencing such Warrants with respect to delivery of the Warrant Securities to which such holder is entitled upon such
exercise, (iii) delivery of Warrant Certificates evidencing the balance, if any, of the Warrants for the remaining Warrant Securities after such exercise, and (iv) such other information as the Company shall reasonably require. 

(c) As soon as practicable after the exercise of any Warrant, the Company shall issue to or upon the order of the holder of the Warrant
Certificate evidencing such Warrant the Warrant Securities to which such holder is entitled, in fully registered form, registered in such name or names as may be directed by such holder. If fewer than all of the Warrants evidenced by such Warrant
Certificate are exercised, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, a new Warrant Certificate evidencing Warrants for the number of Warrant Securities remaining unexercised.

 (d) The Company shall not be required to pay any stamp or other tax or other governmental charge required to be paid in connection
with any transfer involved in the issue of the Warrant Securities, and in the event that any such transfer is involved, the Company shall not be required to issue or deliver any Warrant Security until such tax or other charge shall have been paid or
it has been established to the Company’s satisfaction that no such tax or other charge is due. 
 (e) Prior to the issuance of
any Warrants there shall have been reserved, and the Company shall at all times through the Expiration Date keep reserved, out of its authorized but unissued Warrant Securities, a number of shares sufficient to provide for the exercise of the
Warrants. 

  
 3 

 ARTICLE 3 

OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF 

WARRANT CERTIFICATES 

3.1 No Rights as Warrant Securityholder Conferred by Warrants or Warrant
Certificates. No Warrant Certificate or Warrant evidenced thereby shall entitle the holder thereof to any of the rights of a holder of Warrant Securities, including, without limitation, the right to receive the payment of dividends or
distributions, if any, on the Warrant Securities or to exercise any voting rights, except to the extent expressly set forth in this Agreement or the applicable Warrant Certificate. 

3.2 Lost, Stolen, Mutilated or Destroyed Warrant Certificates. Upon receipt by the Warrant Agent of evidence
reasonably satisfactory to it and the Company of the ownership of and the loss, theft, destruction or mutilation of any Warrant Certificate and/or indemnity reasonably satisfactory to the Warrant Agent and the Company and, in the case of mutilation,
upon surrender of the mutilated Warrant Certificate to the Warrant Agent for cancellation, then, in the absence of notice to the Company or the Warrant Agent that such Warrant Certificate has been acquired by a bona fide purchaser, the Company shall
execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, in exchange for or in lieu of the lost, stolen, destroyed or mutilated Warrant Certificate, a new Warrant Certificate of the same tenor and evidencing
Warrants for a like number of Warrant Securities. Upon the issuance of any new Warrant Certificate under this Section 3.2, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed
in relation thereto and any other expenses (including the fees and expenses of the Warrant Agent) in connection therewith. Every substitute Warrant Certificate executed and delivered pursuant to this Section 3.2 in lieu of any lost, stolen or
destroyed Warrant Certificate shall represent an additional contractual obligation of the Company, whether or not the lost, stolen or destroyed Warrant Certificate shall be at any time enforceable by anyone, and shall be entitled to the benefits of
this Agreement equally and proportionately with any and all other Warrant Certificates duly executed and delivered hereunder. The provisions of this Section 3.2 are exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement of mutilated, lost, stolen or destroyed Warrant Certificates. 
 3.3 Holder of
Warrant Certificate May Enforce Rights. Notwithstanding any of the provisions of this Agreement, any holder of a Warrant Certificate, without the consent of the Warrant Agent, the holder of any Warrant Securities or the holder of any
other Warrant Certificate, may, in such holder’s own behalf and for such holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such
holder’s right to exercise the Warrants evidenced by such holder’s Warrant Certificate in the manner provided in such holder’s Warrant Certificate and in this Agreement. 

3.4 Adjustments. 
 (a)
In case the Company shall at any time subdivide its outstanding shares of Common Stock into a greater number of shares, the Warrant Price in effect immediately prior to such subdivision shall be proportionately reduced and the number of Warrant
Securities purchasable under the Warrants shall be proportionately increased. Conversely, in case the outstanding shares of Common Stock of the Company shall be combined into a smaller number of shares, the Warrant Price in effect immediately prior
to such combination shall be proportionately increased and the number of Warrant Securities purchasable under the Warrants shall be proportionately decreased. 

  
 4 

 (b) If at any time or from time to time the holders of Common Stock (or any shares of
stock or other securities at the time receivable upon the exercise of the Warrants) shall have received or become entitled to receive, without payment therefor, 

(i) Common Stock or any shares of stock or other securities which are at any time directly or indirectly convertible into or
exchangeable for Common Stock, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other distribution; 

(ii) any cash paid or payable otherwise than as a cash dividend paid or payable out of the Company’s current or retained earnings;

 (iii) any evidence of the Company’s indebtedness or rights to subscribe for or purchase the Company’s indebtedness; or

 (iv) Common Stock or additional stock or other securities or property (including cash) by way of spinoff, split-up, reclassification, combination of shares or similar corporate rearrangement (other than shares of Common Stock issued as a stock split or adjustments in respect of which shall be covered by the terms of
Section 3.4(a) above), then and in each such case, the holder of each Warrant shall, upon the exercise of the Warrant, be entitled to receive, in addition to the number of Warrant Securities receivable thereupon, and without payment of any
additional consideration therefore, the amount of stock and other securities and property (including cash and indebtedness or rights to subscribe for or purchase indebtedness) which such holder would hold on the date of such exercise had such holder
been the holder of record of such Warrant Securities as of the date on which holders of Common Stock received or became entitled to receive such shares or all other additional stock and other securities and property. 

(c) In case of (i) any reclassification, capital reorganization, or change in the Common Stock of the Company (other than as a
result of a subdivision, combination, or stock dividend provided for in Section 3.4(a) or Section 3.4(b) above), (ii) share exchange, merger or similar transaction of the Company with or into another person or entity (other than a share
exchange, merger or similar transaction in which the Company is the acquiring or surviving corporation and which does not result in any change in the Common Stock other than the issuance of additional shares of Common Stock) or (iii) the sale,
exchange, lease, transfer or other disposition of all or substantially all of the properties and assets of the Company as an entirety (in any such case, a “Reorganization Event”), then, as a condition of such Reorganization
Event, lawful provisions shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the holders of the Warrants, so that the holders of the Warrants shall have the right at any time prior
to the expiration of the Warrants to purchase, at a total price equal to that payable upon the exercise of the Warrants, the kind and amount of shares of stock and other securities and property receivable in connection with such Reorganization Event
by a holder of the same number of Warrant Securities as were purchasable by the holders of the Warrants immediately prior to such Reorganization Event. In any such case appropriate provisions shall be made with respect to the rights and interests of
the holders of the Warrants so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities and property deliverable upon exercise the Warrants, and appropriate adjustments shall be made to the
Warrant Price payable hereunder provided the aggregate purchase price shall remain the same. In the case of any transaction described in clauses (ii) and (iii) above, the Company shall thereupon be relieved of any further obligation hereunder
or under the Warrants, and the Company as the predecessor corporation may thereupon or at any time thereafter be dissolved, wound up or liquidated. Such successor or assuming entity thereupon may cause to be signed, and may issue either in its own
name or in the name of the Company, any or all of the Warrants issuable hereunder which heretofore shall not have been signed by the Company, and 

  
 5 

 
may execute and deliver securities in its own name, in fulfillment of its obligations to deliver Warrant Securities upon exercise of the Warrants. All the Warrants so issued shall in all respects
have the same legal rank and benefit under this Agreement as the Warrants theretofore or thereafter issued in accordance with the terms of this Agreement as though all of such Warrants had been issued at the date of the execution hereof. In any case
of any such Reorganization Event, such changes in phraseology and form (but not in substance) may be made in the Warrants thereafter to be issued as may be appropriate. The Warrant Agent may receive a written opinion of legal counsel as conclusive
evidence that any such Reorganization Event complies with the provisions of this Section 3.4. 
 (d) The Company may, at its
option, at any time until the Expiration Date, reduce the then current Warrant Price to any amount deemed appropriate by the Board of Directors of the Company for any period not exceeding twenty consecutive days (as evidenced in a resolution adopted
by such Board of Directors), but only upon giving the notices required by Section 3.5 at least ten days prior to taking such action. 

(e) Except as herein otherwise expressly provided, no adjustment in the Warrant Price shall be made by reason of the issuance of shares
of Common Stock, or securities convertible into or exchangeable for shares of Common Stock, or securities carrying the right to purchase any of the foregoing or for any other reason whatsoever. 

(f) No fractional Warrant Securities shall be issued upon the exercise of Warrants. If more than one Warrant shall be exercised at one
time by the same holder, the number of full Warrant Securities which shall be issuable upon such exercise shall be computed on the basis of the aggregate number of Warrant Securities purchased pursuant to the Warrants so exercised. Instead of any
fractional Warrant Security which would otherwise be issuable upon exercise of any Warrant, the Company shall pay a cash adjustment in respect of such fraction in an amount equal to the same fraction of the last reported sale price (or bid price if
there were no sales) per Warrant Security, in either case as reported on the principal registered national securities exchange on which the Warrant Securities are listed or admitted to trading on the business day that next precedes the day of
exercise or, if the Warrant Securities are not then listed or admitted to trading on any registered national securities exchange, the average of the closing high bid and low asked prices as reported on the OTC Bulletin Board Service (the
“OTC Bulletin Board”) operated by the Financial Industry Regulatory Authority, Inc. (“FINRA” ) or, if not available on the OTC Bulletin Board, then the average of the closing high bid and low asked
prices as reported on any other U.S. quotation medium or inter-dealer quotation system on such date, or if on any such date the Warrant Securities are not listed or admitted to trading on a registered national securities exchange, are not included
in the OTC Bulletin Board, and are not quoted on any other U.S. quotation medium or inter-dealer quotation system, an amount equal to the same fraction of the average of the closing bid and asked prices as furnished by any FINRA member firm selected
from time to time by the Company for that purpose at the close of business on the business day that next precedes the day of exercise. 

(g) Whenever the Warrant Price then in effect is adjusted as herein provided, the Company shall mail to each holder of the Warrants at
such holder’s address as it shall appear on the books of the Company a statement setting forth the adjusted Warrant Price then and thereafter effective under the provisions hereof, together with the facts, in reasonable detail, upon which such
adjustment is based. 
 (h) Notwithstanding anything to the contrary herein, in no event shall the Warrant Price, as adjusted in
accordance with the terms hereof, be less than the par value per share of Common Stock. 

  
 6 

 3.5 Notice to Warrantholders. In case the Company shall (a) effect
any dividend or distribution described in Section 3.4(b), (b) effect any Reorganization Event, (c) make any distribution on or in respect of the Common Stock in connection with the dissolution, liquidation or winding up of the Company, or
(d) reduce the then current Warrant Price pursuant to Section 3.4(d), then the Company shall mail to each holder of Warrants at such holder’s address as it shall appear on the books of the Warrant Agent, at least ten days prior to the
applicable date hereinafter specified, a notice stating (x) the record date for such dividend or distribution, or, if a record is not to be taken, the date as of which the holders of record of Common Stock that will be entitled to such dividend
or distribution are to be determined, (y) the date on which such Reorganization Event, dissolution, liquidation or winding up is expected to become effective, and the date as of which it is expected that holders of Common Stock of record shall
be entitled to exchange their shares of Common Stock for securities or other property deliverable upon such Reorganization Event, dissolution, liquidation or winding up, or (z) the first date on which the then current Warrant Price shall be
reduced pursuant to Section 3.4(d). No failure to mail such notice nor any defect therein or in the mailing thereof shall affect any such transaction or any adjustment in the Warrant Price required by Section 3.4. 

3.6 [If the Warrants are Subject to Acceleration by the Company, Insert — Acceleration of Warrants by the Company. 

(a) At any time on or after [●], the Company shall have the right to accelerate any or all Warrants at any time by causing them to
expire at the close of business on the day next preceding a specified date (the “Acceleration Date”), if the Market Price (as hereinafter defined) of the Common Stock equals or exceeds [●] percent ([●]%) of the
then effective Warrant Price on any twenty Trading Days (as hereinafter defined) within a period of thirty consecutive Trading Days ending no more than five Trading Days prior to the date on which the Company gives notice to the Warrant Agent of its
election to accelerate the Warrants. 
 (b) (b) “Market Price” for each Trading Day shall be, if the
Common Stock is listed or admitted to trading on any registered national securities exchange, the last reported sale price, regular way (or, if no such price is reported, the average of the reported closing bid and asked prices, regular way) of
Common Stock, in either case as reported on the principal registered national securities exchange on which the Common Stock is listed or admitted to trading or, if not listed or admitted to trading on any registered national securities exchange, the
average of the closing high bid and low asked prices as reported on the OTC Bulletin Board operated by FINRA, or if not available on the OTC Bulletin Board, then the average of the closing high bid and low asked prices as reported on any other U.S.
quotation medium or inter-dealer quotation system, or if on any such date the shares of Common Stock are not listed or admitted to trading on a registered national securities exchange, are not included in the OTC Bulletin Board, and are not quoted
on any other U.S. quotation medium or inter-dealer quotation system, the average of the closing bid and asked prices as furnished by any FINRA member firm selected from time to time by the Company for that purpose. “Trading Day” shall be
each Monday through Friday, other than any day on which securities are not traded in the system or on the exchange that is the principal market for the Common Stock, as determined by the Board of Directors of the Company. In the event of an
acceleration of less than all of the Warrants, the Warrant Agent shall select the Warrants to be accelerated by lot, pro rata or in such other manner as it deems, in its discretion, to be fair and appropriate. 

(c) Notice of an acceleration specifying the Acceleration Date shall be sent by mail first class, postage prepaid, to each registered
holder of a Warrant Certificate representing a Warrant accelerated at such holder’s address appearing on the books of the Warrant Agent not more than sixty days nor less than thirty days before the Acceleration Date. Such notice of an
acceleration also shall be given no more than twenty days, and no less than ten days, prior to the mailing of notice to registered holders of Warrants pursuant to this Section 3.6, by publication at least once in a newspaper of general
circulation in the City of New York. 

  
 7 

 (d) Any Warrant accelerated may be exercised until [•] p.m., [City] time, on the
business day next preceding the Acceleration Date. The Warrant Price shall be payable as provided in Section 2.] 
 ARTICLE 4

 EXCHANGE AND TRANSFER OF WARRANT CERTIFICATES 

4.1 Exchange and Transfer of Warrant Certificates. Upon surrender at the corporate trust office of the Warrant Agent, Warrant
Certificates evidencing Warrants may be exchanged for Warrant Certificates in other denominations evidencing such Warrants or the transfer thereof may be registered in whole or in part; provided that such other Warrant Certificates evidence Warrants
for the same aggregate number of Warrant Securities as the Warrant Certificates so surrendered. The Warrant Agent shall keep, at its corporate trust office, books in which, subject to such reasonable regulations as it may prescribe, it shall
register Warrant Certificates and exchanges and transfers of outstanding Warrant Certificates, upon surrender of the Warrant Certificates to the Warrant Agent at its corporate trust office for exchange or registration of transfer, properly endorsed
or accompanied by appropriate instruments of registration of transfer and written instructions for transfer, all in form satisfactory to the Company and the Warrant Agent. No service charge shall be made for any exchange or registration of transfer
of Warrant Certificates, but the Company may require payment of a sum sufficient to cover any stamp or other tax or other governmental charge that may be imposed in connection with any such exchange or registration of transfer. Whenever any Warrant
Certificates are so surrendered for exchange or registration of transfer, an authorized officer of the Warrant Agent shall manually countersign and deliver to the person or persons entitled thereto a Warrant Certificate or Warrant Certificates duly
authorized and executed by the Company, as so requested. The Warrant Agent shall not be required to effect any exchange or registration of transfer which will result in the issuance of a Warrant Certificate evidencing a Warrant for a fraction of a
Warrant Security or a number of Warrants for a whole number of Warrant Securities and a fraction of a Warrant Security. All Warrant Certificates issued upon any exchange or registration of transfer of Warrant Certificates shall be the valid
obligations of the Company, evidencing the same obligations and entitled to the same benefits under this Agreement as the Warrant Certificate surrendered for such exchange or registration of transfer. 

4.2 Treatment of Holders of Warrant Certificates. The Company, the Warrant Agent and
all other persons may treat the registered holder of a Warrant Certificate as the absolute owner thereof for any purpose and as the person entitled to exercise the rights represented by the Warrants evidenced thereby, any notice to the contrary
notwithstanding. 
 4.3 Cancellation of Warrant Certificates. Any Warrant Certificate surrendered for exchange,
registration of transfer or exercise of the Warrants evidenced thereby shall, if surrendered to the Company, be delivered to the Warrant Agent and all Warrant Certificates surrendered or so delivered to the Warrant Agent shall be promptly canceled
by the Warrant Agent and shall not be reissued and, except as expressly permitted by this Agreement, no Warrant Certificate shall be issued hereunder in exchange therefor or in lieu thereof. The Warrant Agent shall deliver to the Company from time
to time or otherwise dispose of canceled Warrant Certificates in a manner satisfactory to the Company. 

  
 8 

 ARTICLE 5 

CONCERNING THE WARRANT AGENT 

5.1 Warrant Agent. The Company hereby appoints [•] as Warrant Agent of the Company in respect of the Warrants and the Warrant
Certificates upon the terms and subject to the conditions herein set forth, and [●] hereby accepts such appointment. The Warrant Agent shall have the powers and authority granted to and conferred upon it in the Warrant Certificates and hereby
and such further powers and authority to act on behalf of the Company as the Company may hereafter grant to or confer upon it. All of the terms and provisions with respect to such powers and authority contained in the Warrant Certificates are
subject to and governed by the terms and provisions hereof. 
 5.2 Conditions of Warrant Agent’s
Obligations. The Warrant Agent accepts its obligations herein set forth upon the terms and conditions hereof, including the following to all of which the Company agrees and to all of which the rights hereunder of the holders from time to time of
the Warrant Certificates shall be subject: 
 (a) Compensation and Indemnification. The Company agrees promptly to pay
the Warrant Agent the compensation to be agreed upon with the Company for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable
out-of-pocket expenses (including reasonable counsel fees) incurred without negligence, bad faith or willful misconduct by the Warrant Agent in connection with the
services rendered hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense incurred without negligence, bad faith or willful misconduct on the part of
the Warrant Agent, arising out of or in connection with its acting as Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim of such liability. 

(b) Agent for the Company. In acting under this Agreement and in connection with the Warrant Certificates,
the Warrant Agent is acting solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any of the holders of Warrant Certificates or beneficial owners of Warrants. 

(c) Counsel. The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for the Company, and the written
advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice of such counsel. 

(d) Documents. The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted by it
in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented or signed by the proper parties. 

(e) Certain Transactions. The Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire any interest
in, Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted by applicable law, it or they may engage or be interested in any financial or other transaction with the Company
and may act on, or as depositary, trustee or agent for, any committee or body of holders of Warrant Securities or other obligations of the Company as freely as if it were not the Warrant Agent hereunder. Nothing in this Agreement shall be deemed to
prevent the Warrant Agent from acting as trustee under any indenture to which the Company is a party. 

  
 9 

 (f) No Liability for Interest. Unless otherwise agreed with the
Company, the Warrant Agent shall have no liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates. 

(g) No Liability for Invalidity. The Warrant Agent shall have no liability with respect to any invalidity of this
Agreement or any of the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon). 
 (h) No Responsibility
for Representations. The Warrant Agent shall not be responsible for any of the recitals or representations herein or in the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon), all of which are
made solely by the Company. 
 (i) No Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are
herein and in the Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall not be under any obligation to take
any action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable or under any duty or
responsibility for the use by the Company of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds of the Warrant
Certificates. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the receipt of any written
demand from a holder of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or, except as
provided in Section 6.2 hereof, to make any demand upon the Company. 
 5.3 Resignation, Removal and Appointment of Successors.

 (a) The Company agrees, for the benefit of the holders from time to time of the Warrant Certificates, that there shall at all
times be a Warrant Agent hereunder until all the Warrants have been exercised or are no longer exercisable. 
 (b) The Warrant Agent
may at any time resign as agent by giving written notice to the Company of such intention on its part, specifying the date on which its desired resignation shall become effective; provided that such date shall not be less than three months after the
date on which such notice is given unless the Company otherwise agrees. The Warrant Agent hereunder may be removed at any time by the filing with it of an instrument in writing signed by or on behalf of the Company and specifying such removal and
the intended date when it shall become effective. Such resignation or removal shall take effect upon the appointment by the Company, as hereinafter provided, of a successor Warrant Agent (which shall be a bank or trust company authorized under the
laws of the jurisdiction of its organization to exercise corporate trust powers) and the acceptance of such appointment by such successor Warrant Agent. The obligation of the Company under Section 5.2(a) shall continue to the extent set forth
therein notwithstanding the resignation or removal of the Warrant Agent. 
 (c) In case at any time the Warrant Agent shall resign, or
shall be removed, or shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or shall commence a voluntary case under the Federal bankruptcy laws, as now or hereafter constituted, or under any other applicable Federal or
state bankruptcy, insolvency or similar law or shall consent to the appointment of or taking possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant Agent or its property or
affairs, or shall make an assignment for the benefit of creditors, or 

  
 10 

 
shall admit in writing its inability to pay its debts generally as they become due, or shall take corporate action in furtherance of any such action, or a decree or order for relief by a court
having jurisdiction in the premises shall have been entered in respect of the Warrant Agent in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or state bankruptcy, insolvency or
similar law, or a decree or order by a court having jurisdiction in the premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar official) of the Warrant Agent or of its
property or affairs, or any public officer shall take charge or control of the Warrant Agent or of its property or affairs for the purpose of rehabilitation, conservation, winding up or liquidation, a successor Warrant Agent, qualified as aforesaid,
shall be appointed by the Company by an instrument in writing, filed with the successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by the successor Warrant Agent of such appointment, the Warrant
Agent shall cease to be Warrant Agent hereunder. 
 (d) Any successor Warrant Agent appointed hereunder shall execute, acknowledge and
deliver to its predecessor and to the Company an instrument accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall become vested with all the authority, rights, powers,
trusts, immunities, duties and obligations of such predecessor with like effect as if originally named as Warrant Agent hereunder, and such predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become obligated to
transfer, deliver and pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such predecessor, as Warrant Agent hereunder. 

(e) Any corporation into which the Warrant Agent hereunder may be merged or converted or any corporation with which the Warrant Agent
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any corporation to which the Warrant Agent shall sell or otherwise transfer all or substantially all the
assets and business of the Warrant Agent, provided that it shall be qualified as aforesaid, shall be the successor Warrant Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties
hereto. 
 ARTICLE 6 

MISCELLANEOUS 
 6.1
Amendment. This Agreement may be amended by the parties hereto, without the consent of the holder of any Warrant Certificate, for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained
herein, or making any other provisions with respect to matters or questions arising under this Agreement as the Company and the Warrant Agent may deem necessary or desirable; provided that such action shall not materially adversely affect the
interests of the holders of the Warrant Certificates. 
 6.2 Notices and Demands to the Company
and Warrant Agent. If the Warrant Agent shall receive any notice or demand addressed to the Company by the holder of a Warrant Certificate pursuant to the provisions of the Warrant Certificates, the Warrant Agent shall promptly
forward such notice or demand to the Company. 
 6.3 Addresses. Any communication from the Company to the Warrant Agent with
respect to this Agreement shall be addressed to [•], Attention: [•] and any communication from the Warrant Agent to the Company with respect to this Agreement shall be addressed to Oncorus, Inc., 50 Hampshire Street, Suite 401, Cambridge,
Massachusetts 02139, Attention: [•] (or such other address as shall be specified in writing by the Warrant Agent or by the Company). 

  
 11 

 6.4 Governing Law. This Agreement and each Warrant Certificate issued hereunder shall
be governed by and construed in accordance with the laws of the State of New York. 
 6.5 Delivery of Prospectus. The
Company shall furnish to the Warrant Agent sufficient copies of a prospectus meeting the requirements of the Securities Act of 1933, as amended, relating to the Warrant Securities deliverable upon exercise of the Warrants (the
“Prospectus”), and the Warrant Agent agrees that upon the exercise of any Warrant, the Warrant Agent will deliver to the holder of the Warrant Certificate evidencing such Warrant, prior to or concurrently with the delivery of
the Warrant Securities issued upon such exercise, a Prospectus. The Warrant Agent shall not, by reason of any such delivery, assume any responsibility for the accuracy or adequacy of such Prospectus. 

6.6 Obtaining of Governmental Approvals. The Company will from time to time take all action which may be necessary to
obtain and keep effective any and all permits, consents and approvals of governmental agencies and authorities and securities act filings under United States Federal and state laws (including without limitation a registration statement in respect of
the Warrants and Warrant Securities under the Securities Act of 1933, as amended), which may be or become requisite in connection with the issuance, sale, transfer, and delivery of the Warrant Securities issued upon exercise of the Warrants, the
issuance, sale, transfer and delivery of the Warrants or upon the expiration of the period during which the Warrants are exercisable. 

6.7 Persons Having Rights Under the Agreement. Nothing in this Agreement shall give to any person other than the Company, the Warrant
Agent and the holders of the Warrant Certificates any right, remedy or claim under or by reason of this Agreement. 
 6.8 Headings.
The descriptive headings of the several Articles and Sections of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

6.9 Counterparts. This Agreement may be executed in any number of counterparts, each of which as so executed shall be deemed to be an
original, but such counterparts shall together constitute but one and the same instrument. 
 6.10 Inspection of Agreement.
A copy of this Agreement shall be available at all reasonable times at the principal corporate trust office of the Warrant Agent for inspection by the holder of any Warrant Certificate. The Warrant Agent may require such holder to submit such
holder’s Warrant Certificate for inspection by it. 

  
 12 

 IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written. 

 

			
	Oncorus, Inc., as Company
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	ATTEST:	 	  

		 	  

 
			
	
	COUNTERSIGNED
	
	[•], as Warrant Agent

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 
			
		
	ATTEST:	 	  

		 	  

  

  
 [SIGNATURE
PAGE TO ONCORUS, INC. COMMON STOCK WARRANT AGREEMENT] 

 EXHIBIT A 

FORM OF WARRANT CERTIFICATE 

[FACE OF WARRANT CERTIFICATE] 
  

			
	[Form of Legend if Warrants are not immediately exercisable.]	  	[Prior to [•], Warrants evidenced by this Warrant Certificate cannot be exercised.]

 EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT AGENT AS PROVIDED HEREIN 

VOID AFTER [ • ] P.M., [City] time, ON [•]. 

 ONCORUS, INC. 

WARRANT CERTIFICATE REPRESENTING 

WARRANTS TO PURCHASE 

COMMON STOCK, PAR VALUE $0.0001 PER SHARE 
  

			
	No. [•]	  	[•] Warrants

 This certifies that [•] or registered assigns is the registered owner of the above indicated number of Warrants, each
Warrant entitling such owner to purchase, at any time [after [•] p.m., [City] time, [on [•] and] on or before [•] p.m., [City] time, on [•], [•] shares of Common Stock, par value $0.0001 per share (the
“Warrant Securities”), of Oncorus, Inc. (the “Company”) on the following basis: during the period from [•], through and including [•], the exercise price per Warrant Security will be
$[•], subject to adjustment as provided in the Warrant Agreement (as hereinafter defined) (the “Warrant Price”). The Holder may exercise the Warrants evidenced hereby by providing certain information set forth on the
back hereof and by paying in full, in lawful money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price for
each Warrant Security with respect to which this Warrant is exercised to the Warrant Agent (as hereinafter defined) and by surrendering this Warrant Certificate, with the purchase form on the back hereof duly executed, at the corporate trust office
of [name of Warrant Agent], or its successor as warrant agent (the “Warrant Agent”), which is, on the date hereof, at the address specified on the reverse hereof, and upon compliance with and subject to the conditions set
forth herein and in the Warrant Agreement (as hereinafter defined). 
 The term “Holder” as used herein shall mean the person in
whose name at the time this Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose pursuant to Section 4 of the Warrant Agreement. 

The Warrants evidenced by this Warrant Certificate may be exercised to purchase a whole number of Warrant Securities in registered form. Upon any exercise of
fewer than all of the Warrants evidenced by this Warrant Certificate, there shall be issued to the Holder hereof a new Warrant Certificate evidencing Warrants for the number of Warrant Securities remaining unexercised. 

This Warrant Certificate is issued under and in accordance with the Warrant Agreement dated as of [•] (the “Warrant Agreement”),
between the Company and the Warrant Agent and is subject to the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions the Holder of this Warrant Certificate consents by acceptance hereof. Copies of the Warrant
Agreement are on file at the above-mentioned office of the Warrant Agent. 
 Transfer of this Warrant Certificate may be registered when this Warrant
Certificate is surrendered at the corporate trust office of the Warrant Agent by the registered owner or such owner’s assigns, in the manner and subject to the limitations provided in the Warrant Agreement. 

After countersignature by the Warrant Agent and prior to the expiration of this Warrant Certificate, this Warrant Certificate may be exchanged at the
corporate trust office of the Warrant Agent for Warrant Certificates representing Warrants for the same aggregate number of Warrant Securities. 
 This
Warrant Certificate shall not entitle the Holder hereof to any of the rights of a holder of the Warrant Securities, including, without limitation, the right to receive payments of dividends or distributions, if any, on the Warrant Securities (except
to the extent set forth in the Warrant Agreement) or to exercise any voting rights. 

 Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 This Warrant Certificate shall not be valid
or obligatory for any purpose until countersigned by the Warrant Agent. 
 IN WITNESS
WHEREOF, the Company has caused this Warrant to be executed in its name and on its behalf by the facsimile signatures of its duly authorized officers. 

 

			
	Dated:	 	                        
	
	Oncorus, Inc., as Company
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	ATTEST:	 	  

		 	  

	
	 COUNTERSIGNED
  

[•], as Warrant Agent

		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	ATTEST:	 	  

		 	  

 [REVERSE OF WARRANT CERTIFICATE] 

(Instructions for Exercise of Warrant) 

To exercise any Warrants evidenced hereby for Warrant Securities (as hereinafter defined), the Holder must pay, in lawful money of the United
States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price in full for Warrants exercised, to [•] [address of Warrant
Agent], Attention: [•], which payment must specify the name of the Holder and the number of Warrants exercised by such Holder. In addition, the Holder must complete the information required below and present this Warrant Certificate in person
or by mail (certified or registered mail is recommended) to the Warrant Agent at the appropriate address set forth above. This Warrant Certificate, completed and duly executed, must be received by the Warrant Agent within five business days of the
payment. 
 (To be executed upon exercise of Warrants) 

The undersigned hereby irrevocably elects to exercise ______ Warrants, evidenced by this Warrant Certificate, to purchase _______ shares of
the Common Stock, par value $0.0001 per share (the “Warrant Securities”), of Oncorus, Inc. and represents that the undersigned has tendered payment for such Warrant Securities, in lawful money of the United States of America,
[in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], to the order of Oncorus, Inc., c/o [insert name and address of Warrant Agent], in the amount of
$_________ in accordance with the terms hereof. The undersigned requests that said Warrant Securities be in fully registered form in the authorized denominations, registered in such names and delivered all as specified in accordance with the
instructions set forth below. 
 If the number of Warrants exercised is less than all of the Warrants evidenced hereby, the undersigned
requests that a new Warrant Certificate evidencing the Warrants for the number of Warrant Securities remaining unexercised be issued and delivered to the undersigned unless otherwise specified in the instructions below. 

 

									
	Dated:	 	  
	 		  	Name:	  	  

		 		 		  		  	Please Print

  

	
	Address:
	
	  

	(Insert Social Security or Other Identifying Number of Holder)

  

			
	Signature Guaranteed:	 	  

		 	Signature

 (Signature must conform in all respects to name of holder as specified on the face of this Warrant Certificate and must bear a
signature guarantee by a FINRA member firm). 
 This Warrant may be exercised at the following addresses: By hand at: 

[•] 

 By mail at: 

[Instructions as to form and delivery of Warrant Securities and, if applicable, Warrant Certificates evidencing Warrants for the number of Warrant Securities
remaining unexercised—complete as appropriate.] 

 ASSIGNMENT 

[Form of assignment to be executed if Warrant Holder desires to transfer Warrant] 

FOR VALUE RECEIVED, ______________ hereby sells, assigns and
transfers unto: 
  

					
	  
	 	        	  	  

	(Please print name and address including zip code)	 		  	Please print Social Security or other identifying number

 the right represented by the within Warrant to purchase _______________ shares of [Title of Warrant Securities] of Oncorus,
Inc. to which the within Warrant relates and appoints ____________________ attorney to transfer such right on the books of the Warrant Agent with full power of substitution in the premises. 

 

									
	Dated:	 	  
	 	  	  	Name:	  	  

		 		 		  		  	Signature

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

Signature Guaranteed

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