Document:

Exhibit 10.5

 

	 	AMENDMENT
    AND SUPPLEMENTAL AGREEMENT NO. 1 TO CONVERTIBLE LOAN AGREEMENT	 	ИЗМЕНЕНИЕ
    И ДОПОЛНИТЕЛЬНОЕ СОГЛАШЕНИЕ
    No1 К ДОГОВОРУ О КОНВЕРТИРУЕМОМ
    ЗАЙМЕ
	 	 	 	 
	 	This
    AMENDMENT AND SUPPLEMENTAL AGREEMENT NO. 1 (this “Agreement”) to the Convertible Loan Agreement, dated
    as of the 18th day of December, 2015, is executed by and among Panacela Labs, Inc., a Delaware corporation (the
    “Panacela”), Open Joint Stock Company “Rusnano”, a company organized under the laws of the
    Russian Federation (“Rusnano”) and Cleveland BioLabs, Inc., a Delaware corporation (“CBLI”).	 	Настоящее
    ИЗМЕНЕНИЕ И ДОПОЛНИТЕЛЬНОЕ
    СОГЛАШЕНИЕ No1 («Соглашение»)
    к Договору о конвертируемом
    займе от __ декабря 2015 года
    («Дата вступления в силу»)
    подписано Панацела Лэбс,
    Инк., корпорацией штата
    Делавэр («Панацела»),
    Открытым акционерным
    обществом «Роснано»,
    учрежденным в соответствии
    с законодательством
    Российской Федерации
    («Роснано»), и Кливленд
    БайоЛэбс Инк., корпорацией
    штата Делавэр («КБЛИ»).
	 	 	 	 
	 	WHEREAS,
    Panacela, as borrower, and Rusnano, as lender, entered into that certain Convertible Loan Agreement dated as of September
    3, 2013 (the “Convertible Loan Agreement”);	 	ПРИНИМАЯ
    ВО ВНИМАНИЕ, ЧТО компания
    Панацела в качестве
    заемщика и компания
    Роснано в качестве займодавца
    заключили Договор о
    конвертируемом займе
    от 3 сентября 2013 года  (именуемый
    «Договор о конвертируемом
    займе»);
	 	 	 	 
	 	WHEREAS,
    CBLI is a stockholder of Panacela;	 	ПРИНИМАЯ
    ВО ВНИМАНИЕ, ЧТО компания
    КБЛИ является акционером
    компании Панацела;
	 	 	 	 
	 	WHEREAS,
    in connection with the Convertible Loan Agreement, CBLI issued that certain Warrant No. H-1 dated September 3, 2013 (the “Warrant”);
    and	 	ПРИНИМАЯ
    ВО ВНИМАНИЕ, ЧТО в связи
    с Договором о конвертируемом
    займе компания КБЛИ
    выпустила Варрант No
    Н-1 от 3 сентября 2013 года («Варрант»);
    и
	 	 	 	 
	 	WHEREAS,
    Panacela, Rusnano and CBLI desire to enter into this Agreement to modify the Convertible Loan Agreement to reflect the parties’
    understanding regarding the pay-off of amounts owed under the Convertible Loan Agreement and cancellation of the Warrant.	 	ПРИНИМАЯ
    ВО ВНИМАНИЕ, ЧТО компании
    Панацела, Роснано и КБЛИ
    желают заключить настоящее
    Соглашение с целью внести
    в Договор о конвертируемом
    займе изменения, отражающие
    договоренность сторон
    о погашении задолженности
    по Договору о конвертируемом
    займе и аннулировании
    Варранта.

 

    	 	1	 

     

    

 

	 	NOW,
    THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending
    to be legally bound hereby, Rusnano, Panacela and CBLI hereby agree as follows:	 	НАСТОЯЩИМ,
    за надлежащее и полноценное
    встречное удовлетворение,
    получение и достаточность
    которого стороны настоящим
    признают, и имея намерение
    установить для себя
    юридически значимые
    обязательства, компании
    Панацела, Роснано и КБЛИ
    договорились о нижеследующем: 
	 	 	 	 
	1.	Amendment to the Convertible
        Loan Agreement.

         

        Subject to Section 13 below,
        as of the date hereof, Section 2.1 of the Convertible Loan Agreement is hereby amended by:

         

        (i)deleting the words “730
        days after the Effective Date” and replacing such words with “on December 30, 2015”; and

         

        (ii)adding the following
        proviso to the end of fourth sentence of Section 2.1 of the Convertible Loan Agreement: “; provided, however, that
        no interest shall accrue from and after October 13, 2015, provided that the full principal amount and all accrued and
        unpaid interest as of October 13, 2015 is received by the Lender on or prior to December 30, 2015.”
	 	Изменение
        Договора о конвертируемом
        займе.

         

        С учетом
        статьи 13 ниже, в дату настоящего
        Соглашения, статья 2.1
        Договора о конвертируемом
        займе настоящим изменяется
        путем:

         

        (i)удаления
        слов «через 730 дней с Даты
        вступления в силу» и
        заменой этих слов словами:
        «30 декабря 2015»; и

         

        (ii)добавления
        следующего условия
        в конец четвертого предложения
        статьи 2.1 Договора о конвертируемом
        займе: «; при условии,
        однако, что процент не
        начисляется с 13 октября
        2015 года и после этой даты,
        при условии, что вся основная
        сумма и все начисленные,
        но еще не уплаченные
        проценты по состоянию
        на 13 октября 2015 года будут
        получены Займодавцем
        до 30 декабря 2015 года (включительно).»

	 	 	 	 
	2.	Effectiveness of Amendments;
        Affirmation.

         

        (a)The amendments set forth
        in Section 1 above shall be deemed effective immediately prior to the consummation of the transactions described in Section
        3 below.

         

        (b)From and after the effectiveness
        of Section 1 above, all references in the Convertible Loan Agreement to “this Agreement” and all references
        to the “Convertible Loan Agreement” in Sections 3 and 4 below shall be deemed references to the Convertible
        Loan Agreement as amended by Section 1 above.

         

        (c)Except as specifically
        amended as set forth in Section 1 above, the Convertible Loan Agreement shall continue in full force and effect as originally
        constituted and is ratified and affirmed by the parties hereto.
	 	Вступление
        в силу изменений; подтверждение.

         

        (a)Изменения,
        вносимые статьей 1 выше,
        считаются вступившими
        в силу непосредственно
        перед совершением сделок,
        описанных в статье 3 ниже.

         

        (b)С момента
        вступления в силу статьи
        1 выше и после этого момента
        все отсылки в Договоре
        о конвертируемом займе
        на «настоящий Договор»
        и все отсылки на «Договор
        о конвертируемом займе»
        в статьях 3 и 4 ниже должны
        пониматься как отсылки
        к Договору о конвертируемом
        займе, измененном статьей
        1 выше.

         

        (c)За исключением
        случая, указанного в
        статье 1 выше, Договор
        о конвертируемом займе
        продолжает действовать
        в полной мере как он был
        первоначально заключен
        и он ратифицирован и
        подтверждается сторонами
        настоящего Соглашения.

    	 	2	 

     

    

 

	3.	Satisfaction
                                         of Indebtedness. Notwithstanding any provision to the contrary in the Convertible
                                         Loan Agreement:

         

        (a)As of
        the date hereof, Panacela owes an aggregate amount of $2,137,165.96 (the “Rusnano Obligations”) under
        the Convertible Loan Agreement, of which $1,530,000.00 is the outstanding initial principal amount (the “Principal
        Amount”) and $607,165.96 is the accrued and unpaid interest as of October 13, 2015 (the “Accrued Interest”). 

         

        (b)On the
        date hereof, in full satisfaction of Rusnano Obligations by Panacela, the following transactions shall take place:

         

        (i)CBLI
        shall pay Rusnano, on behalf of Panacela, $290,965.61 (the “Cash Amount”) by wire transfer of immediately
        available funds to the account of Rusnano set forth on Exhibit A;

         

        (ii)CBLI
        shall pay $1,140,156.75 of the Rusnano Obligations (the “CBLI Shares Amount”) on behalf of Panacela,
        by issuing and delivering directly to Rusnano 256,215 shares of Common Stock of CBLI, par value of $0.005 per share (the
        “CBLI Shares”), each of which CBLI Shares is valued at $4.45 per share (the closing market price of
        a share of Common Stock of CBLI on the NASDAQ Capital Market as of October 13, 2015) and $1,140,156.75 in the aggregate;
        and 

         

        (iii)Panacela
        shall pay $706,043.60 of the Rusnano Obligations (the “Panacela Shares Amount”) by issuing and delivering
        6,014 shares of Common Stock of Panacela, par value $0.001 per share (the “Panacela Shares”) to Rusnano,
        at $117.40 per share and $706,043.60 in the aggregate. 

         

        (c)Upon
        receipt of Rusnano of the Cash Amount, the CBLI Shares and the Panacela Shares, (A) subject to Section 9 of the Convertible
        Loan Agreement, the Rusnano Obligations shall automatically and without any further action by the parties be deemed fully
        paid and satisfied and (B) the Warrant shall be deemed cancelled.

        
	 	Погашение
                                         задолженности.
                                         Невзирая на любое
                                         положение Договора
                                         о конвертируемом
                                         займе, противоречащее
                                         нижеизложенному:

         

        (а)По
состоянию на дату настоящего
Соглашения совокупная
сумма задолженности
компании Панацела по
Договору о конвертируемом
займе составляет 2 137 165,96 долларов
США («Обязательства перед
Роснано»), из которых
1,530,000 долларов США составляет
непогашенный первоначальный
основной долг («Сумма
основного долга») и 607 165,96
долларов США – начисленные,
по состоянию на 13 октября
2015 года, и неуплаченные
проценты («Начисленные
проценты»). 

         

        (b)В
        дату подписания настоящего
        Соглашения, в удовлетворение
        компанией Панацела
        всех Обязательств перед
        Роснано, совершаются
        следующие действия:

         

        (i)компания
        КБЛИ уплачивает компании
        Роснано от имени компании
        Панацела 290 965,61 долларов
        США («Денежная сумма»)
        банковским переводом
        в непосредственно доступных
        для использования средствах
        на счет компании Роснано,
        указанный в Приложении
        А;

         

        (ii)компания
        КБЛИ уплачивает 1 140 156,75 долларов
        США из суммы Обязательств
        перед Роснано («Сумма
        акций КБЛИ») за компанию
        Панацела путем выпуска
        и передачи непосредственно
        компании Роснано 256 215 Обыкновенных
        акций КБЛИ номинальной
        стоимостью 0,005 доллара
        США за одну акцию («Акции
        КБЛИ»), которые оцениваются
        в 4,45 доллара США за одну
        акцию (рыночная цена
        за одну Обыкновенную
        акцию КБЛИ на закрытии
        торгов на бирже NASDAQ (секция
        рынок капитала) 13 октября
        2015 года) и совокупной стоимостью
        в 1 140 156,75 долларов США; и

         

        (iii)компания
        Панацела уплачивает
        706 043,60 доллара США из суммы
        Обязательств перед
        Роснано («Сумма акций
        Панацела») путем выпуска
        и передачи Роснано 6 014
        Обыкновенных акций
        Панацела номинальной
        стоимостью 0,001 доллара
        США за одну акцию («Акции
        Панацела») по цене 117,40
        доллара США за акцию,
        совокупной стоимостью
        в 706 043,60 доллара США.

         

        (с)После
        получения компанией
        Роснано Денежной суммы,
        Акций КБЛИ и Акций Панацела
        (А) при соблюдении статьи
        9 Договора о конвертируемом
        займе Обязательства
        перед Роснано автоматически
        и без каких-либо дополнительных
        действий сторон считаются
        полностью оплаченными
        и погашенными и (В) Варрант
        считается аннулированным.

 

    	 	3	 

     

    

 

	 	(d)The CBLI Shares shall
        be delivered to Rusnano in book-entry form and CBLI shall deliver, or cause to be delivered, to Rusnano, a copy of the
        account statement issued by Continental Stock Transfer & Trust Company, the transfer agent of CBLI, that reflects
        registration of CBLI Shares in the name of Rusnano. Rusnano shall acknowledge receipt of such CBLI Shares by executing
        and delivering a receipt substantially in the form of Exhibit B. 

         

        (e)The delivery of the
        Panacela Shares shall be effectuated by delivery by Panacela to Rusnano of one or more stock certificates representing
        Panacela Shares issued in the name of Rusnano. Rusnano shall acknowledge receipt of such Panacela Shares by executing
        and delivering a receipt substantially in the form of Exhibit C.

         

        (f)Upon receipt of the
        Cash Amount, the CBLI Shares and the Panacela Shares, the Cash Amount, the CBLI Shares Amount and the Panacela Shares
        Amount shall be applied or deemed applied as follows:

         

        (i)The Cash Amount shall
        be applied towards satisfaction of a portion of Accrued Interest equal to $290,965.61; 

         

        (ii)The Panacela Shares
        Amount shall be deemed applied towards satisfaction of a portion of the Principal Amount equal to $706,043.60; and 

         

        (iii)The CBLI Shares Amount
        shall be deemed applied towards satisfaction of the remaining portion of the Principal Amount equal to $823,956.40 and
        the remaining portion of the Accrued Interest equal to $316,200.35.
	 	(d)Акции
        КБЛИ должны быть переданы
        компании Роснано в форме
        записи о передаче акций
        и КБЛИ должен передать
        или обеспечить передачу
        компании Роснано копии
        выписки по счету, предоставленной
        компанией Continental Stock Transfer & Trust Company –
        трансфер-агентом компании
        КБЛИ, и которая подтверждает
        регистрацию Акций КБЛИ
        на имя компании Роснано.
        Компания Роснано подтверждает
        получение Акций КБЛИ
        путем подписания и вручения
        расписки в форме, в основном
        соответствующей Приложению
        В.

         

        (е)Передача
        Акций Панацела осуществляется
        путем передачи компанией
        Панацела компании Роснано
        одного или нескольких
        акционерных сертификатов
        на Акции Панацела выпущенных
        на имя Роснано. Компания
        Роснано подтверждает
        получение Акций Панацела
        путем подписания и вручения
        расписки в форме, в основном
        соответствующей Приложению
        С.

         

        (f)После
        получения компанией
        Роснано Денежной суммы,
        Акций КБЛИ и Акций Панацела
        Денежная сумма, Сумма
        акций КБЛИ и Сумма акций
        Панацела направляются
        или считаются направленными
        на следующие цели:

         

        (i)Денежная
        сумма направляется
        на погашение части Начисленных
        процентов в размере
        290 965,61 долларов США;

         

        (ii)Сумма
        акций Панацела считается
        направленной на погашение
        части Суммы основного
        долга а размере 706 043,60 долларов
        США; и

         

        (iii)Сумма
        акций КБЛИ считается
        направленной на погашение
        оставшейся части Суммы
        основного долга в размере
        823 956,40 долларов США и оставшейся
        части Начисленных процентов
        в размере 316 200,35 долларов
        США.

	 	 	 	 
	4.	Notice
    of Prepayment.  Any notice of prepayment required by the Convertible Loan Agreement is hereby waived in connection
    with payments and other transactions to be made pursuant to Section 3 above.	 	Уведомление
    о предоплате. В отношении
    платежей и иных сделок,
    подлежащих осуществлению
    в соответствии со статьей
    3 выше, настоящим предоставляется
    отказ от любого требования
    из Договора о конвертируемом
    займе о направлении
    уведомления о досрочном
    платеже.

 

    	 	4	 

     

    

 

	5.	No
    Third Party Beneficiary Rights.  Nothing in this Agreement, expressed or implied, shall confer or be deemed
    to confer upon any person or entity, other than the parties to this Agreement and their respective successors and permitted
    assigns, any legal or equitable rights hereunder.	 	Отсутствие
    прав у сторонних выгодоприобретателей.
    Ни одно положение настоящего
    Соглашения, прямо выраженное
    или подразумеваемое,
    не предоставляет и не
    считается предоставляющим
    какие-либо права по настоящему
    Соглашению на основании
    норм общего права или
    права справедливости
    каким-либо иным лицам
    или организациям, помимо
    сторон настоящего Соглашения,
    их соответствующих правопреемников
    и разрешенных цессионариев.
	 	 	 	 
	6.	Governing
    Law.  This Agreement and the performance of the transactions and obligations of the parties hereunder will be
    governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to any
    choice of law principles.	 	Регулирующее
    законодательство. Настоящее
    Соглашение, исполнение
    предусмотренных им сделок
    и обязательства сторон
    по нему регулируются
    и подлежат истолкованию
    в соответствии с законодательством
    штата Нью-Йорк без применения
    принципов выбора права.
	 	 	 	 
	7.	Controlling
    Language. This Agreement was prepared in both the English and Russian languages.  In the event of any inconsistency
    or discrepancy between the English and the Russian languages, the English language shall govern the interpretation of, and
    any dispute regarding, the terms of this Agreement.	 	Главенствующая
    языковая версия. Настоящее
    Соглашение было составлено
    на английском и русском
    языках. В случае расхождений
    или несоответствий между
    английской и русской
    языковыми версиями английская
    языковая версия является
    главенствующей при толковании
    условий настоящего Соглашения
    и рассмотрении споров
    в отношении них.
	 	 	 	 
	8.	Modification.
    This Agreement may not be amended or modified, whether by course of conduct or otherwise, except by an instrument in writing
    signed on behalf of each party hereto.	 	Изменения.
    В настоящее Соглашение
    не могут вноситься изменения
    и дополнения, будь то
    в силу поведения сторон
    или иным образом, за исключением
    изменений и дополнений
    в форме письменного
    документа, подписанного
    от имени каждой стороны
    настоящего Соглашения.
	 	 	 	 
	9.	No
    Waivers. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed
    as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach. No failure on the part
    of any party hereto to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver
    thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further
    exercise thereof or the exercise of any other right, power or remedy.  The rights and remedies of the parties hereunder
    are cumulative and not exclusive of any rights or remedies that they would otherwise have hereunder.  Any agreement
    on the part of any party to any waiver shall be valid only if set forth in a written instrument executed and delivered by
    a duly authorized officer on behalf of such party.	 	Отсутствие
    отказа от прав. Отказ
    стороны от принятия
    мер в связи с нарушением
    любого положения настоящего
    Соглашения не должен
    применяться или толковаться
    как последующий или
    длящийся отказ от принятия
    мер в связи с таким нарушением
    или же отказ от принятия
    мер в связи с иным или
    последующим нарушением.
    Никакое воздержание
    стороны от осуществления
    и никакая задержка в
    осуществлении ею какого-либо
    права, полномочия или
    средства правовой защиты
    по настоящему Соглашению
    не считаются отказом
    от такого права, полномочия
    или средства правовой
    защиты, а разовое или
    частичное осуществление
    такого права, полномочия
    или средства правовой
    защиты стороной не препятствует
    повторному или дальнейшему
    его осуществлению, а
    также осуществлению
    любого иного права, полномочия
    или средства правовой
    защиты. Права и средства
    правовой защиты сторон
    по настоящему Соглашению
    действуют в дополнение,
    а не во исключение любых
    иных прав или средств
    правовой защиты, которые
    могут иметься в их распоряжении
    по настоящему Соглашению.
    Согласие стороны на
    отказ от прав действительно
    только в случае его совершения
    в форме письменного
    документа, подписанного
    и врученного должным
    образом уполномоченным
    должностным лицом от
    имени такой стороны.

 

    	 	5	 

     

    

 

	10.	Successors
    and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
    successors and assigns.	 	Правопреемники
    и цессионарии. Настоящее
    Соглашение действует
    в пользу и имеет обязательную
    силу для его сторон и
    их соответствующих правопреемников
    и цессионариев.
	 	 	 	 
	11.	Severability.
    Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted in such manner as to
    be effective, enforceable and valid under applicable law, but if any provision or portion of any provision of this Agreement
    is held to be invalid, illegal or unenforceable under applicable law, this Agreement shall be considered divisible and such
    provision or portion thereof shall be deemed inoperative to the extent it is deemed invalid, illegal or unenforceable, and
    in all other respects this Agreement shall remain in full force and effect and such invalidity, illegality or unenforceability
    shall not affect any other provision or portion of any provision.	 	Самостоятельность
    положений. Насколько
    это возможно, каждое
    положение или часть
    положения настоящего
    Соглашения должны толковаться
    в пользу их действительности
    и наличия у них исковой
    силы согласно применимому
    законодательству, однако
    в случае, если положение
    или часть положения
    настоящего Соглашения
    будут признаны недействительными,
    противозаконными или
    лишенными исковой силы
    согласно применимому
    законодательству, настоящее
    Соглашение будет считаться
    делимым и данное положение
    или часть положения
    будут считаться не действующими
    в той части, в которой
    они признаны недействительными,
    противозаконными или
    лишенными исковой силы,
    однако во всех прочих
    отношениях настоящее
    Соглашение сохранит
    полную силу и действительность
    и факт такой недействительности,
    противозаконности или
    отсутствия исковой силы
    не окажет воздействия
    на прочие положения
    и прочие части любого
    положения.
	 	 	 	 
	12.	Execution
    in Counterparts. This Agreement may be executed in three or more counterparts, each of which when executed shall be deemed
    to be an original, but all of which taken together shall constitute one and the same agreement. The delivery of signed counterparts
    by facsimile or email transmission that includes a copy of the sending party’s signature is as effective as signing
    and delivering the counterpart in person, for all purposes provided that an original of such fax or electronic signature shall
    be delivered within five (5) business days thereof.	 	Подписание
    в форме отдельных экземпляров.
    Настоящее Соглашение
    может быть совершено
    в трех и более экземплярах,
    каждый из которых с момента
    подписания считается
    оригиналом, а все вместе
    составляют единое соглашение.
    Доставка подписанных
    экземпляров в форме
    сообщения по факсу или
    электронной почте, включающего
    копию подписи стороны-отправителя,
    имеет ту же силу, что и
    подписание и передача
    экземпляра в очной форме,
    для всех целей при условии,
    что оригинал факсимильной
    или электронной подписи
    должен быть передан
    в течение 5 (пяти) рабочих
    дней после такой доставки.

 

    	 	6	 

     

    

 

	13.	Effectiveness.
    This Agreement shall become effective upon execution and delivery of hereof by all parties hereto; provided, however, if all
    transactions described in Section 3 above are not consummated on or prior to 30 December 2015, then Section 1 above shall
    be deemed null and void as of the date hereof and the Rusnano Obligations shall be deemed equal to the sum of the Principal
    Amount and all unpaid interest accrued thereon in accordance with Section 2.1 of the Convertible Loan Agreement (without giving
    effect to amendments set forth in Section 1 above).	 	Вступление
    в силу. Данное Соглашение
    вступает в силу после
    подписания и вручения
    данного документа всеми
    его сторонами, при условии,
    однако, что если сделки,
    описанные в статье 3 выше,
    не реализованы до 30 декабря
    2015 (включительно), то статья
    1 выше будет являться
    ничтожной и недействительной,
    начиная с даты заключения
    настоящего Соглашения,
    и Обязательства перед
    Роснано считается равным
    сумме Основного долга
    и всех начисленных и
    не уплаченных процентов
    в соответствии со статьей
    2.1 Договора о конвертируемом
    займе (без вступления
    в силу изменений, предусмотренных
    статьей 1 выше).
	 	 	 	 
	14.	Currency.
    All references to “$” in this Agreement shall be deemed to refer to U.S. dollars, the legal currency of the United
    States of America.	 	Валюта.
    Все указания на знак
    «$» в настоящем Соглашении
    считаются относящимися
    к долларам США, законной
    валюте Соединенных Штатов
    Америки.
	 	 	 	 
	 	[SIGNATURE PAGE FOLLOWS]	 	[НИЖЕ
    СЛЕДУЕТ СТРАНИЦА ПОДПИСЕЙ
    СТОРОН]

 

    	 	7	 

     

    

 

	IN WITNESS WHEREOF, the undersigned
        have duly executed this Amendment as of the date above set forth.

         
	 	В
    ПОДТВЕРЖДЕНИЕ ВЫШЕИЗЛОЖЕННОГО
    нижеподписавшиеся
    стороны должным образом
    подписали настоящее
    Соглашение в дату, указанную
    выше.

 

PANACELA LABS, INC. / ПАНАЦЕЛА
ЛЭБС, ИНК.

 

By/Подпись:
/s/ C. Neil Lyons

Name/ФИО:  C.
Neil Lyons, CPA

Title/Должность:
Chief Financial Officer

 

OPEN JOINT STOCK COMPANY "RUSNANO"/
ОТКРЫТОЕ АКЦИОНЕРНОЕ
ОБЩЕСТВО «РОСНАНО»

 

By/Подпись:
/s/ Yurii Udalstov

Name/ФИО:  Yuri
Udalstov

Title/Должность:
Deputy Chairman of the Management Board of Management company RUSNANO LLC acting on the basis of a power of attorney

 

CLEVELAND BIOLABS, INC./ КЛИВЛЕНД
БАЙОЛЭБС, ИНК.

 

By/Подпись:
/s/ C. Neil Lyons

Name/ФИО:  C.
Neil Lyons, CPA

Title/Должность:
Executive Vice President & Chief Financial Officerislt_ex101.htm

Exhibit 10.1

 

THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS WARRANT UNDER SUCH ACT AND ANY APPLICABLE STATE SECURITIES LAW OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO ISLET SCIENCES, INC. THAT SUCH REGISTRATION IS NOT REQUIRED.

 

ISLET SCIENCES, INC.

 

WARRANT TO PURCHASE SHARES OF COMMON STOCK

 

Warrant Certificate No. [1]

 

1. Issuance. In consideration of good and valuable consideration as set forth in the Subscription Agreement (as defined below), the receipt and sufficiency of which are hereby acknowledged by ISLET SCIENCES, INC., a Nevada corporation (the “Company”); [●], its successors and/or registered assigns (the “Investor”), is hereby granted the right to purchase at any time on or after the Increase Date (as defined below) until the date which is the last calendar day of the month in which the fifth anniversary of the Increase Date occurs (the “Expiration Date”), [●] fully paid and non-­assessable shares (the “Warrant Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”), as such number may be adjusted from time to time pursuant to the terms and conditions of this Warrant to Purchase Shares of Common Stock (this “Warrant”).

 

This Warrant was issued to the Investor on [●] (the “Issue Date”).

 

2. Definitions. For the purposes of this Warrant, the following terms shall have the following meanings:

 

“Aggregate Exercise Price” means an amount equal to the product of (a) the number of Warrant Shares in respect of which this Warrant is then being exercised pursuant to Section 3 hereof, multiplied by (b) the Exercise Price in effect as of the Exercise Date in accordance with the terms of this Warrant.

 

“Closing Price” shall mean the 4:00 P.M. last sale price of the Common Stock on the Principal Market on the relevant Trading Day(s), as reported by Bloomberg L.P. (or if that service is not then reporting the relevant information regarding the Common Stock, a comparable reporting service of national reputation selected by the Investor and reasonably acceptable to the Company) (“Bloomberg”) for the relevant date.

 

“Delivery Shares” means those shares of Common Stock issuable and deliverable upon the exercise of this Warrant.

 

“DTC” means The Depository Trust Company.

 

“DTC Eligible” means, with respect to the Common Stock, that such Common Stock is eligible to be deposited in certificated form at DTC, cleared and converted into electronic shares by DTC and held in the name of the clearing firm servicing the Investor’s brokerage firm for the benefit of the Investor.

 

“Exercise Price” means the amount equal to the per share price of the Common Stock paid by investors in the Company’s first bona fide equity financing having an aggregate offering value of at least $5,000,000 after the date hereof; or, if no such financing has occurred on or after the Increase Date but prior to the Exercise Date, then an amount equal to 200% of the VWAP for the sixty (60) days immediately preceding the Exercise Date per share of Common Stock, in each case as the same may be adjusted from time to time pursuant to the terms and conditions of this Warrant.

 

  

1

  

 

“Fair Market Value” means, as of any particular date: (a) the volume weighted average of the closing sales prices of the Common Stock for such day on all domestic securities exchanges on which the Common Stock may at the time be listed; (b) if there have been no sales of the Common Stock on any such exchange on any such day, the average of the highest bid and lowest asked prices for the Common Stock on all such exchanges at the end of such day; (c) if on any such day the Common Stock is not listed on a domestic securities exchange, the closing sales price of the Common Stock as quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association for such day; or (d) if there have been no sales of the Common Stock on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association on such day, the average of the highest bid and lowest asked prices for the Common Stock quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association at the end of such day; in each case, averaged over twenty (20) consecutive Business Days ending on the Business Day immediately prior to the day as of which “Fair Market Value” is being determined; provided that if the Common Stock is listed on any domestic securities exchange, the term “Business Day” as used in this sentence means Business Days on which such exchange is open for trading. If at any time the Common Stock is not listed on any domestic securities exchange or quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association, the “Fair Market Value” of the Common Stock shall be the fair market value per share as determined jointly by the Board and the Investor.

 

“Increase Date” shall mean the date upon which the Company files with the State of Nevada a certificate of amendment to the Company’s articles of incorporation, as amended, increasing the authorized shares of the Corporation’s Common Stock, but in any event, no later than January 5, 2017.

 

“Subscription Agreement” means that certain subscription agreement, by and between the Company and the Investor, dated as of [●].

 

“Trade Price” shall mean the higher of: (i) the Closing Price of the Common Stock on the Issue Date; and (ii) the VWAP (as defined below) of the Common Stock for the Trading Day that is two (2) Trading Days prior to the Exercise Date.

 

“Trading Day” means any day during which the principal market on which the Common Stock is traded (the “Principal Market”) shall be open for business.

 

“VWAP” shall mean the volume-­weighted average price of the Common Stock on the Principal Market for a particular Trading Day or set of Trading Days, as the case may be, as reported by Bloomberg.

 

3. Exercise of Warrant.

 

3.1 General. This Warrant is exercisable in whole or in part at any time and from time to time commencing on the Increase Date and ending on the Expiration Date. Such exercise shall be effectuated by submitting to the Company (either by delivery to the Company or by email or facsimile transmission) a completed and duly executed Notice of Exercise substantially in the form attached to this Warrant as Exhibit A (the “Notice of Exercise”). The date a Notice of Exercise is either faxed, emailed or delivered to the Company shall be the “Exercise Date,” provided that, if such exercise represents the full exercise of the outstanding balance of this Warrant, the Investor shall tender this Warrant to the Company within five (5) Trading Days thereafter, but only if the Delivery Shares to be delivered pursuant to the Notice of Exercise have been delivered to the Investor as of such date. The Notice of Exercise shall be executed by the Investor and shall indicate (a) the number of Delivery Shares to be issued pursuant to such exercise, and (b) the method of payment, including whether the exercise is a cashless exercise.

 

  

2

  

 

3.2 Payment of the Aggregate Exercise Price. Payment of the Aggregate Exercise Price shall be made, at the option of the Investor as expressed in the Notice of Exercise, by the following methods:

 

(a) by delivery to the Company of a certified or official bank check payable to the order of the Company or by wire transfer of immediately available funds to an account designated in writing by the Company, in the amount of such Aggregate Exercise Price;

 

(b) by instructing the Company to withhold a number of Warrant Shares then issuable upon exercise of this Warrant with an aggregate Fair Market Value as of the Exercise Date equal to such Aggregate Exercise Price;

 

(c) by surrendering to the Company (x) Warrant Shares previously acquired by the Investor with an aggregate Fair Market Value as of the Exercise Date equal to such Aggregate Exercise Price and/or (y) other securities of the Company having a value as of the Exercise Date equal to the Aggregate Exercise Price (which value in the case of debt securities shall be the principal amount thereof plus accrued and unpaid interest, in the case of preferred stock shall be the liquidation value thereof plus accumulated and unpaid dividends and in the case of shares of Common Stock shall be the Fair Market Value thereof); or

 

(d) any combination of the foregoing.

 

In the event of any withholding of Warrant Shares or surrender of other equity securities pursuant to clause (b), (c) or (d) above where the number of shares whose value is equal to the Aggregate Exercise Price is not a whole number, the number of shares withheld by or surrendered to the Company shall be rounded up to the nearest whole share and the Company shall make a cash payment to the Investor (by delivery of a certified or official bank check or by wire transfer of immediately available funds) based on the incremental fraction of a share being so withheld by or surrendered to the Company in an amount equal to the product of (x) such incremental fraction of a share being so withheld or surrendered multiplied by (y) in the case of Common Stock, the Fair Market Value per Warrant Share as of the Exercise Date, and, in all other cases, the value thereof as of the Exercise Date determined in accordance with clause (c)(y) above.

 

(e) Upon the appropriate payment to the Company, if any, of the Exercise Price for the Delivery Shares, the Company shall promptly, but in no case later than the date that is three (3) Trading Days following the date the Exercise Price is paid to the Company (or with respect to a “cashless exercise,” the date that is three (3) Trading Days following the Exercise Date) (the “Delivery Date”), provided that the Common Stock is then DTC Eligible, deliver or cause the Company’s transfer agent to deliver to the Investor or its broker (as designated in the Notice of Exercise), via reputable overnight courier, a certificate, registered in the name of the Investor or its designee, representing DTC Eligible Common Stock equal to the applicable number of Delivery Shares. If the Common Stock is not DTC Eligible at such time, such shall constitute a breach of this Warrant, and the Company shall instead, on or before the applicable date set forth above in this subsection, issue and deliver to the Investor or its broker (as designated in the Notice of Exercise), via reputable overnight courier, a certificate, registered in the name of the Investor or its designee, representing the applicable number of Delivery Shares. For the avoidance of doubt, the Company has not met its obligation to deliver Delivery Shares within the required timeframe set forth above unless the Investor or its broker, as applicable, has actually received the certificate representing the applicable Delivery Shares no later than the close of business on the latest possible delivery date pursuant to the terms set forth above.

 

  

3

  

 

(f) The Investor shall be deemed to be the holder of the Delivery Shares issuable to it in accordance with the provisions of this Section 3.2 on the Exercise Date.

 

3.3 Fractional Shares. The Company shall not be required to issue a fractional Warrant Share upon exercise of any Warrant. As to any fraction of a Warrant Share that the Investor would otherwise be entitled to purchase upon such exercise, the Company shall pay to such Investor an amount in cash (by delivery of a certified or official bank check or by wire transfer of immediately available funds) equal to the product of (i) such fraction multiplied by (ii) the Fair Market Value of one Warrant Share on the Exercise Date.

 

3.4 Ownership Limitation. Notwithstanding anything to the contrary contained in this Warrant or the other Transaction Documents, if at any time the Investor shall or would be issued shares of Common Stock under any of the Transaction Documents, but such issuance would cause the Investor (together with its affiliates) to own a number of shares exceeding 4.99% of the number of shares of Common Stock outstanding on such date (the “Maximum Percentage”), the Company must not issue to the Investor shares of Common Stock which would exceed the Maximum Percentage. The shares of Common Stock issuable to the Investor that would cause the Maximum Percentage to be exceeded are referred to herein as the “Ownership Limitation Shares”. From time to time, the Investor may notify the Company in writing of the number of the Ownership Limitation Shares that may be issued to the Investor without causing the Investor to exceed the Maximum Percentage. Upon receipt of such notice, the Company shall be unconditionally obligated to immediately issue such designated shares to the Investor, with a corresponding reduction in the number of the Ownership Limitation Shares. Notwithstanding the forgoing, the term “4.99%” above shall be replaced with “9.99%” at such time as the Market Capitalization of the Common Stock is less than $10,000,000.00. Notwithstanding any other provision contained herein, if the term “4.99%” is replaced with “9.99%” pursuant to the preceding sentence, such change to “9.99%” shall be permanent. For purposes of this Warrant, the term “Market Capitalization of the Common Stock” shall mean the product equal to (A) the average VWAP of the Common Stock for the immediately preceding fifteen (15) Trading Days, multiplied by (B) the aggregate number of outstanding shares of Common Stock as reported on the Company’s most recently filed Form 10-Q or Form 10-K. By written notice to the Company, the Investor may increase, decrease or waive the Maximum Percentage as to itself but any such waiver will not be effective until the 61st day after delivery thereof. The foregoing 61­day notice requirement is enforceable, unconditional and non­-waivable and shall apply to all affiliates and assigns of the Investor.

 

4. Mutilation or Loss of Warrant. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and (in the case of loss, theft or destruction) receipt of reasonably satisfactory indemnification, and (in the case of mutilation) upon surrender and cancellation of this Warrant, the Company will execute and deliver to the Investor a new Warrant of like tenor and date and any such lost, stolen, destroyed or mutilated Warrant shall thereupon become void.

 

5. Rights of the Investor. The Investor shall not, by virtue of this Warrant alone, be entitled to any rights of a stockholder in the Company, either at law or in equity, and the rights of the Investor with respect to or arising under this Warrant are limited to those expressed in this Warrant and are not enforceable against the Company except to the extent set forth herein.

 

6. Protection Against Dilution and Other Adjustments.

 

6.1 Capital Adjustments. If the Company shall at any time prior to the expiration of this Warrant subdivide the Common Stock, by split­up or stock split, or otherwise, or combine its Common Stock, or issue additional shares of its Common Stock as a dividend, the number of Warrant Shares issuable upon the exercise of this Warrant shall forthwith be automatically increased proportionately in the case of a subdivision, split or stock dividend, or proportionately decreased in the case of a combination. Appropriate adjustments shall also be made to the Exercise Price and other applicable amounts, but the aggregate purchase price payable for the total number of Warrant Shares purchasable under this Warrant (as adjusted) shall remain the same. Any adjustment under this Section 6.1 shall become effective automatically at the close of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no record date is fixed, upon the making of such dividend.

 

  

4

  

 

6.2 Reclassification, Reorganization and Consolidation. In case of any reclassification, capital reorganization, or change in the capital stock of the Company (other than as a result of a subdivision, combination, or stock dividend provided for in Section 6.1 above), then the Company shall make appropriate provision so that the Investor shall have the right at any time prior to the expiration of this Warrant to purchase, at a total price equal to that payable upon the exercise of this Warrant, the kind and amount of shares of stock and other securities and property receivable in connection with such reclassification, reorganization, or change by a holder of the same number of shares of Common Stock as were purchasable by the Investor immediately prior to such reclassification, reorganization, or change. In any such case appropriate provisions shall be made with respect to the rights and interest of the Investor so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities and property deliverable upon exercise hereof, and appropriate adjustments shall be made to the purchase price per Warrant Share payable hereunder, provided the aggregate purchase price shall remain the same.

 

6.3 Notice of Adjustment. Without limiting any other provision contained herein, when any adjustment is required to be made in the number or kind of shares purchasable upon exercise of this Warrant, or in the Exercise Price, pursuant to the terms hereof, the Company shall promptly notify the Investor of such event and of the number of Warrant Shares or other securities or property thereafter purchasable upon exercise of this Warrant.

 

7. Certificate as to Adjustments. In each case of any adjustment or readjustment in the shares of Common Stock issuable on the exercise of this Warrant, the Company at its expense will promptly cause its Chief Financial Officer or other appropriate designee to compute such adjustment or readjustment in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based, including a statement of (a) the consideration received or receivable by the Company for any additional shares of Common Stock issued or sold or deemed to have been issued or sold, (b) the number of shares of Common Stock outstanding or deemed to be outstanding, and (c) the Exercise Price and the number of shares of Common Stock to be received upon exercise of this Warrant, in effect immediately prior to such adjustment or readjustment and as adjusted or readjusted as provided in this Warrant. The Company will forthwith mail a copy of each such certificate to the Investor and any Warrant Agent (as defined below) appointed pursuant to Section 8 hereof. Nothing in this Section 7 shall be deemed to limit any other provision contained herein.

 

8. Transfer to Comply with the Securities Act. This Warrant and the Warrant Shares have not been registered under the 1933 Act. None of the Warrant Shares may be sold, transferred, pledged or hypothecated without (a) an effective registration statement under the 1933 Act relating to such security or (b) an opinion of counsel reasonably satisfactory to the Company that registration is not required under the 1933 Act; provided, however, that the foregoing restrictions on transfer shall not apply to the transfer of any security to an affiliate of the Investor. Until such time as registration has occurred under the 1933 Act, each certificate for this Warrant and any Warrant Shares shall contain a legend, in form and substance satisfactory to counsel for the Company, setting forth the restrictions on transfer contained in this Section 8; provided, however, that the Company acknowledges and agrees that any such legend shall be removed from all certificates for DTC Eligible Common Stock delivered hereunder as such Common Stock is cleared and converted into electronic shares by the DTC, and nothing contained herein shall be interpreted to the contrary. Any such transfer shall be accompanied by a transferor assignment substantially in the form attached to this Warrant as Exhibit B (the “Transferor Assignment”), executed by the transferor and the transferee and submitted to the Company. Upon receipt of the duly executed Transferor Assignment, the Company shall register the transferee thereon as the new holder on the books and records of the Company and such transferee shall be deemed a “registered holder” or “registered assign” for all purposes hereunder, and shall have all the rights of the Investor.

 

  

5

  

 

9. Registration.  The Company shall include in the next registration statement it files with SEC (or on the subsequent registration statement if such registration statement is withdrawn) all shares issuable upon exercise of the Warrant.

 

10. Warrant Agent. The Company may, by written notice to the Investor, appoint an agent (a “Warrant Agent”) for the purpose of issuing shares of Common Stock on the exercise of this Warrant pursuant hereto, exchanging this Warrant pursuant hereto, and replacing this Warrant pursuant hereto, or any of the foregoing, and thereafter any such issuance, exchange or replacement, as the case may be, shall be made at such office by such Warrant Agent.

 

11. Transfer on the Company’s Books. Until this Warrant is transferred on the books of the Company, the Company may treat the Investor as the absolute owner hereof for all purposes, notwithstanding any notice to the contrary.

 

12. Notices. Any notice required or permitted hereunder shall be given in the manner provided in the subsection titled “Notices” in the Subscription Agreement, the terms of which are incorporated herein by reference.

 

13. Supplements and Amendments; Whole Agreement. This Warrant may be amended or supplemented only by an instrument in writing signed by the parties hereto. This Warrant, together with the Subscription Agreement, taken together, contain the full understanding of the parties hereto with respect to the subject matter hereof and thereof and there are no representations, warranties, agreements or understandings with respect to the subject matter hereof and thereof other than as expressly contained herein and therein.

 

14. Governing Law. This Warrant shall be governed by and interpreted in accordance with the laws of the State of New York, without giving effect to the principles thereof regarding the conflict of laws.

 

15. Waiver of Jury Trial. COMPANY IRREVOCABLY WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO DEMAND THAT ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN ANY WAY RELATED TO THIS WARRANT OR THE RELATIONSHIPS OF THE PARTIES HERETO BE TRIED BY JURY. THIS WAIVER EXTENDS TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY ARISING UNDER COMMON LAW OR ANY APPLICABLE STATUTE, LAW, RULE OR REGULATION. FURTHER, COMPANY ACKNOWLEDGES THAT IT IS KNOWINGLY AND VOLUNTARILY WAIVING ITS RIGHT TO DEMAND TRIAL BY JURY.

 

16. Remedies. The remedies at law of the Investor under this Warrant in the event of any default or threatened default by the Company in the performance of or compliance with any of the terms of this Warrant are not and will not be adequate and, without limiting any other remedies available to the Investor in the Subscription Agreement, at law or equity, to the fullest extent permitted by law, such terms may be specifically enforced by a decree for the specific performance of any agreement contained herein or by an injunction against a violation of any of the terms hereof or otherwise.

 

  

6

  

 

17. Counterparts. This Warrant may be executed in any number of counterparts and each of such counterparts shall Signatures delivered via facsimile or email shall be considered original signatures for all purposes hereof.

 

18. Attorneys’ Fees. In the event of any arbitration, litigation or dispute arising from this Warrant, the parties agree that the party who is awarded the most money shall be deemed the prevailing party for all purposes and shall therefore be entitled to an additional award of the full amount of the attorneys’ fees and expenses paid by said prevailing party in connection with arbitration or litigation without reduction or apportionment based upon the individual claims or defenses giving rise to the fees and expenses. Nothing herein shall restrict or impair an arbitrator’s or a court’s power to award fees and expenses for frivolous or bad faith pleading.

 

19. Severability. Whenever possible, each provision of this Warrant shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be invalid or unenforceable in any jurisdiction, such provision shall be modified to achieve the objective of the parties to the fullest extent permitted and such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Warrant or the validity or enforceability of this Warrant in any other jurisdiction.

 

20. Time of the Essence. Time is expressly made of the essence with respect to each and every provision of this Warrant.

 

21. Descriptive Headings. Descriptive headings of the sections of this Warrant are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.

 

[Remainder of page intentionally left blank; signature page follows]

  

7

  

 

IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by an officer thereunto duly authorized as of the Issue Date.

 

COMPANY:

Islet Sciences, Inc.

By:

Printed Name:

Title:

  

8

  

 

EXHIBIT A

 

ISLET SCIENCES, INC.

WARRANT DATED [●]

WARRANT CERTIFICATE NO. [1]

NOTICE OF EXERCISE OF WARRANT

 

The undersigned Investor hereby irrevocably elects to purchase ____________ Warrant Shares pursuant to the above referenced Warrant. Capitalized terms used herein and not otherwise defined have the respective meanings set forth in the Warrant.

 

	
(1)

	
The undersigned Investor hereby exercises its right to purchase ____________ Warrant Shares pursuant to the Warrant.

 

	
(2)

	
(PLEASE CHECK ONE METHOD OF PAYMENT)

 

__ The Investor shall pay the sum of $____________ to the Company in accordance with the terms of the Warrant OR

 

 __ The Investor shall exercise the Warrant in a cashless exercise in accordance with the terms of the Warrant.

 

	
(3)

	
Pursuant to this Exercise Agreement, the Company shall deliver to the holder ____________ Warrant Shares in accordance with the terms of the Warrant.

 

 

Dated: ____________, 20__                                                             Name of Investor:

______________________________

(Print)

Name:___________________________                                                        

Title:___________________________

Date:___________________________

 

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

 

  

9

  

 

Warrant Shares Exercise Log

 

	
Date

	  	
Number of Warrant

Shares Available to be

Exercised

	  	
Number of Warrant Shares

Exercised

	  	
Number of

Warrant Shares

Remaining to

be Exercised

	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  

 

  

10

  

 

EXHIBIT B

 

ISLET SCIENCES, INC.

WARRANT DATED [●]

WARRANT CERTIFICATE NO. [1]

 

FORM OF TRANSFEROR ENDORSEMENT

(To be signed only on transfer of the Warrant)

 

For value received, the undersigned hereby sells, assigns, and transfers unto the person(s) named below under the heading “Transferees” the right represented by the Warrant to Purchase Shares of Common Stock dated as of [●] (the “Warrant”) to purchase the percentage and number of shares of common stock, $0.001 par value (“Common Stock”), of ISLET SCIENCES, INC. specified under the headings “Percentage Transferred” and “Number Transferred,” respectively, opposite the name(s) of such person(s), and appoints each such person attorney-in­-fact to transfer the undersigned’s respective right on the books of ISLET SCIENCES, INC. with full power of substitution.

 

	
Transferees

	 	
Percentage Transferred

	 	
Number Transferred

	  	 	  	 	  
	  	 	  	 	  
	  	 	  	 	  

Dated:                             ,           

______________________

[Transferor Name must conform to the name of the Investor as specified on the face of the Warrant]

By:                                           

Name:                                                      

Signed in the presence of:

______________________

(Name)

ACCEPTED AND AGREED:

______________________

[TRANSFEREE]

By:                                           

Name:                                                     

 

11

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