Document:

Exhibit

***Text Omitted and Filed Separately
With Securities and Exchange Commission
Confidential Treatment Requested
Under 17 C.F.R. Section 200.80(b)(4)
and 240.24b-2

	
															
	AMENDMENT OF SOLICITATION/MODIFICATION OF CONTRACT
	1.   CONTRACT ID CODE
	 PAGE   OF   PAGES

	1
	23
	 

	2.  AMENDMENT/MODIFICATION NO.
	3.  EFFECTIVE DATE
	4.  REQUISITION/PURCHASE REQ. NO.
	 5.  PROJECT NO. (if applicable)

	29
	See Block 16C
	OS161878
	 

	6.  ISSUED BY
	CODE
	ASPR-BARDA
	7.  ADMINISTERED BY (If other than Item 6)

	CODE
	ASPR-BARDA02

	ASPR-BARDA
200 Independence Ave., S.W.
Room 640-G
Washington DC 20201

	ASPR-BARDA
330 Independence Ave, SW, Rm G640
Washington DC 20201

	8.  NAME AND ADDRESS OF CONTRACTOR (No., street, county, State and ZIP Code)
	(x)
	9A.  AMENDMENT OF SOLICITATION NO.

	

CHIMERIX, INC. 1377270
CHIMERIX, INC.   2505 MERIDIAN P
2505 MERIDIAN PKWY  STE 340
DURHAM NC  277135246
	 
	 

	 9B.  DATED (SEE ITEM 11)

	 
	 

	x
	 10A.  MODIFICATION OF CONTRACT/ORDER NO.
 HHSO100201100013C

	 
	 

	 10B.  DATED (SEE ITEM 13)
02/16/2011

	CODE 
1377270
	FACILITY CODE   
	 

	11.  THIS ITEM ONLY APPLIES TO AMENDMENTS OF SOLICITATIONS

	o   The above numbered solicitation is amended as set forth in Item 14. The hour and date specified for receipt of Offers   o  is extended.    o is not extended
Offers must acknowledge receipt of this amendment prior to the hour and date specified in the solicitation or as amended, by one of the following methods: (a) By completing Items 8 and 15, and returning ___________ copies of the amendment; (b) By acknowledging receipt of this amendment on each copy of the offer submitted; or (c) By separate letter or telegram which includes a reference to the solicitation and amendment numbers.  FAILURE OF YOUR ACKNOWLEDGEMENT TO BE RECEIVED AT  
THE PLACE DESIGNATED FOR THE RECEIPT OF OFFERS PRIOR TO THE HOUR AND DATE SPECIFIED MAY RESULT IN REJECTION OF YOUR OFFER. If by  
virtue of this amendment you desire to change an offer already submitted, such change may be made by telegram or letter, provided each telegram or letter makes  
reference to the solicitation and this amendment, and is received prior to the opening hour and date specified.

	12.  ACCOUNTING AND APPROPRIATION DATA (if required)
2015.1992015.25103            Net Increase:         $12,918,174.00

	13.  THIS ITEM ONLY APPLIES TO MODIFICATION OF CONTRACTS/ORDERS. IT MODIFIES THE CONTRACT/ORDER NO. AS DESCRIBED IN ITEM 14.

	CHECK ONE
	A.   THIS CHANGE ORDER IS ISSUED PURSUANT TO:  (Specify authority)  THE CHANGES SET FORTH IN ITEM 14 ARE MADE IN THE CONTRACT ORDER NO. IN ITEM 10A.

	 

	 
	B.   THE ABOVE NUMBERED CONTRACT/ORDER IS MODIFIED TO REFLECT THE ADMINISTRATIVE CHANGES (such as changes in paying office, appropriation date, etc.) SET FORTH IN ITEM 14, PURSUANT TO THE AUTHORITY OF FAR 43.103(b).

	 
	C.   THIS SUPPLEMENTAL AGREEMENT IS ENTERED INTO PURSUANT TO AUTHORITY OF:

	X
	D.   OTHER (Specify type of modification and authority)
Bilateral:  Mutual Agreement of the Parties.

	E.  IMPORTANT:   Contractor   o  is not.   x  is required to sign this document and return            0    copies to the issuing office.

	14.  DESCRIPTION OF AMENDMENT/MODIFICATION (Organized by UCF section headings, including solicitation/contract subject matter where feasible.)

	Tax ID Number:   33-0903395
DUNS Number:   121785997
A.   The purpose of this modification is to perform the following:
1.   The Government and the Contractor to bilaterally modify the Statement of Work 
requirements for CLIN 0004 for the purpose of adding within scope Non-Clinical Pivotal 
Studies and within scope Process Validation efforts per recent FDA guidance and to delete 
Clinical Studies that are not needed at this time per recent FDA guidance. The Government 
and the Contractor bilaterally agree to the Contractor's performance of a revised CLIN 0004 
under the contract. The Government and the Contractor hereby bilaterally modify this 
contract for the purposes of adding the total amount of CLIN 0004 to the contract as
Continued ...

	Except as provided herein, all terms and conditions of the document referenced in Item 9A or 10A, as heretofore changed, remains unchanged and in full force and effect.

	15A.  NAME AND TITLE OF SIGNER (Type or print)
	 16A.  NAME AND TITLE OF CONTRACTING OFFICER (Type or print)

	MICHAEL D. ROGERS
	ETHAN J. MUELLER

	15B.  CONTRACTOR/OFFEROR
	15C.  DATE SIGNED
	16B.  UNITED STATES OF AMERICA
	16C.  DATE SIGNED

	   /s/ Michael D. Rogers   
       (Signature of person authorized to sign)
	9/11/2015
	   /s/ Ethan J. Mueller    
             (Signature of Contracting Officer)
	9/11/2015

NSN 7540-01-152-8070    STANDARD FORM 30 (REV. 10-83)
Previous edition unusable    Prescribed by GSA 
FAR (48 CFR) 53.243

 

	
									
	CONTINUATION SHEET
	REFERENCE NO. OF DOCUMENT BEING CONTINUED
HHSO100201100013C/0029
	PAGE   OF

	2
	23

	NAME OF OFFEROR OR CONTACTOR
CHIMERIX, INC. 1377270

	ITEM NO.
(A)
	SUPPLIES/SERVICES
(B)
	QUANTITY
(C)
	UNIT
(D)
	UNIT PRICE
(E)
	AMOUNT
(F)

	 
	follows:
CLIN  0004:
Total Estimated Cost: $[...***...]
Total Fixed Fee: $[...***...]
Total Estimated Cost Plus Fixed Fee: $12,918,174.00
The total period of performance of CLIN 0004 under the contract is from 11 September 2015 through 31 October 2016.
2. This modification also results in an increase in the total amount of the
contract from $53,213,599.00 by $12,918,174.00 to $66,131,773.00 as well as the
following:
Total Estimated Cost of the Contract: From $[...***...] By $[...***...] To
$[...***...].
Total Fixed Fee of the Contract: From $[...***...] By $[...***...] To $[...***...].
Total Estimated Cost Plus Fixed Fee of the Contract: From $53,213,599.00 By
$12,918,174.00 To $66,131,773.00.
3. In Block 14 of the SF 26, the following CAN Number is added: Appropriation Year:
2015, Object Class: 25103, CAN# 1992015 $12,918,174.00
4. In Block 15G of the SF 26, the amount of $53,213,599.00 is hereby changed to
$66,131,773.00.
5. The Government and the Contractor bilaterally modify Attachment 1, Statement of
Work dated 20 August 2015, under PART III, LIST OF DOCUMENTS, EXHIBITS AND OTHER
ATTACHMENTS, SECTION J - LIST OF ATTACHMENTS for the purposes of incorporating
within scope Non-Clinical Pivotal Studies and within scope Process Validation
efforts per recent FDA guidance under CLIN 0004 and to delete Clinical Studies that
are not needed at this time per recent FDA guidance under CLIN 0004. As such,
Attachment 1, Statement of Work dated 20 August 2015, under PART III, LIST OF
DOCUMENTS, EXHIBITS AND OTHER ATTACHMENTS, SECTION J - LIST OF ATTACHMENTS is hereby deleted and replaced with the attached Statement of Work dated 11 September 2015 (14 Pages attached herein). The efforts within CLIN 0004 that involve [...***...] and [...***...] cannot be performed until the receipt and approval of all required Protocols by BARDA inclusive of all IRB, OHRP approvals and any required Ethics Approvals for any clinical trials/studies and any required approved OLAW Assurances and IIA approvals from OLAW for any non clinical animal studies.
6. The incorporation of the attached Statement of Work (SOW) in the paragraph above
also results in the incorporation of the attached changes (6 Pages attached herein)
into the contract into WBS Milestones/Deliverables and Technical Deliverables and
Technical Deliverables and Contract Milestones and Go/No Go Decision Gates dated 11
Continued ...

NSN 7540-01-152-8067    OPTIONAL FORM 336 (4-86)
Sponsored by GSA 
FAR (48 CFR) 53.110

***Confidential Treatment Requested

***Confidential Treatment Requested

	
									
	CONTINUATION SHEET
	REFERENCE NO. OF DOCUMENT BEING CONTINUED
HHSO100201100013C/0029
	PAGE   OF

	3
	23

	NAME OF OFFEROR OR CONTACTOR
CHIMERIX, INC. 1377270

	ITEM NO.
(A)
	SUPPLIES/SERVICES
(B)
	QUANTITY
(C)
	UNIT
(D)
	UNIT PRICE
(E)
	AMOUNT
(F)

	 
	September 2015 under Article F.2. Deliverables.
7. Total expenses for all domestic and foreign travel (transportation, lodging,
subsistence and incidental expenses) incurred in direct performance of this contract shall not exceed $[...***...] during the base segment/CLIN 0001, $[...***...] during Option Period 1/CLIN 0002, $[...***...] during Option Period 2/CLIN 0003 and $[...***...] for CLIN 0004.
8. The first and second sentences in Article G.7. INDIRECT COST RATES of the
contract are replaced with the following:
The following rates will be utilized for billing purposes during both the base period/CLIN 0001, Option 1/CLIN 0002, Option 2/CLIN 0003 and CLIN 0004 ONLY.
FY 11 (Retroactive Adjustment base period/CLIN 0001 ONLY) - Fringe Benefits at [...***...]% and Indirect at [...***...]%.
FY 12 and 13 (Retroactive Adjustment and Billing, base period/CLIN 0001 ONLY and Billing, Option 1/CLIN 0002, Option 2/CLIN 0003 and CLIN 0004 ONLY) - Fringe Benefits at [...***...]% and Indirect at [...***...]%.
9. The total amount, scope and period of performance of all other CLIN(s) that are currently being performed under the contract remain unchanged. This modification does not exercise any unexercised Option CLINs under the contract and does not authorize any performance of efforts under any unexercised Option CLINs under the contract. In addition, the total amount, scope and period of performance of all unexercised Option CLINs under the contract remain unchanged.
B. This is a bilateral modification. All other terms and conditions of the contract remain unchanged.
Delivery: 10/31/2016
Delivery Location Code: HHS
HHS
200 Independence Avenue, SW
Washington DC 20201 US
Appr. Yr.: 2015 CAN: 1992015 Object Class: 25103
FOB: Destination
Period of Performance: 02/16/2011 to 10/31/2016
Change Item 4 to read as follows(amount shown is the obligated amount): 
Pivotal Studies and Validation Studies.                    12,918,174.00
Reports and Other Data Deliverables.

September 2015 under Article F.2. Deliverables.
7. Total expenses for all domestic and foreign travel (transportation, lodging,
subsistence and incidental expenses) incurred in direct performance of this contract shall not exceed $[...***...] during the base segment/CLIN 0001, $[...***...] during Option Period 1/CLIN 0002, $[...***...] during Option Period 2/CLIN 0003 and $[...***...] for CLIN 0004.
8. The first and second sentences in Article G.7. INDIRECT COST RATES of the
contract are replaced with the following:
The following rates will be utilized for billing purposes during both the base period/CLIN 0001, Option 1/CLIN 0002, Option 2/CLIN 0003 and CLIN 0004 ONLY.
FY 11 (Retroactive Adjustment base period/CLIN 0001 ONLY) - Fringe Benefits at [...***...]% and Indirect at [...***...]%.
FY 12 and 13 (Retroactive Adjustment and Billing, base period/CLIN 0001 ONLY and Billing, Option 1/CLIN 0002, Option 2/CLIN 0003 and CLIN 0004 ONLY) - Fringe Benefits at [...***...]% and Indirect at [...***...]%.
9. The total amount, scope and period of performance of all other CLIN(s) that are
currently being performed under the contract remain unchanged. This modification
does not exercise any unexercised Option CLINs under the contract and does not
authorize any performance of efforts under any unexercised Option CLINs under the
contract. In addition, the total amount, scope and period of performance of all
unexercised Option CLINs under the contract remain unchanged.
B. This is a bilateral modification. All other terms and conditions of the
contract remain unchanged.
Delivery: 10/31/2016
Delivery Location Code: HHS
HHS
200 Independence Avenue, SW
Washington DC 20201 US
Appr. Yr.: 2015 CAN: 1992015 Object Class: 25103
FOB: Destination
Period of Performance: 02/16/2011 to 10/31/2016
Change Item 4 to read as follows(amount shown is the obligated amount): 
Pivotal Studies and Validation Studies.                    12,918,174.00
Reports and Other Data Deliverables.

NSN 7540-01-152-8067    OPTIONAL FORM 336 (4-86)
Sponsored by GSA 
FAR (48 CFR) 53.110

***Confidential Treatment Requested
 

BARDA Broad Agency Announcement (BAA)
(CBRN-BAA-10-100-SOL-00012)
Advanced Research and Development of Chemical, Biological, Radiological, and
Nuclear Medical Countermeasures
DEVELOPMENT OF CMX-001 FOR THE TREATMENT OF SMALLPOX
Topical Area of Interest No. 3, Antimicrobial Drugs
Contractual Statement of Work
		
	1.
	PREAMBLE

Independently and not as an agency of the Government, the Contractor shall be required to furnish all the necessary services, qualified personnel, material, equipment, and facilities, not otherwise provided by the Government, as needed to perform the Statement of Work submitted in response to the BARDA Broad Agency Announcement (BAA) CBRN-BAA-10-100-SOL-00012.
In accordance with FAR 52.243-2, Changes-Cost Reimbursement (Alt. V), the Government reserves the right to modify the milestones, progress, schedule, budget, or to add or delete deliverables, process, or schedules if the need arises. Because of the nature of this research and development (R&D) contract and the complexities inherent in this and prior programs, at designated milestones the Government will evaluate whether work should be redirected, removed, or whether schedule or budget adjustments should be made.
1.0    Overall Objectives and Scope
The overall objective of this contract is to advance the development of CMX-001 as a broad-spectrum therapeutic antiviral for the treatment of smallpox infections and dsDNA viruses.  The scope of work for this contract includes preclinical, clinical and manufacturing development activities that fall into the following areas: non-clinical efficacy studies; clinical activities; manufacturing activities; and all associated regulatory, quality assurance, management, and administrative activities.  The Research and Development (R&D) effort for the antiviral will progress in specific stages that cover the base performance segment and four (4) option segments as specified in this contract.  The Contractor must complete specific tasks required in each of the five discrete work segments. The scope of work has been broken into the following five phases which are discrete work segments:
		
	I.
	[...***...]

		
	II.
	[...***...]

		
	III.
	[...***...]

		
	IV.
	[...***...]

		
	V.
	[...***...]

		
	2.
	PHASE I: [...***...]

Research and development of CMX-001 for the treatment of smallpox and dsDNA viruses to include the following activities: [...***...]. The contractor shall carry out the following tasks and subtasks and in accordance with an agreed upon Integrated Master 

1
 ***Confidential Treatment Requested

Schedule and Integrated Master Plan (defined in 2.1.8 and 2.1.9 below) which shall further detail the conduct of the specific tasks and subtasks.
		
	2.1
	Program Management

The Contractor shall provide for the following as outlined below and in the contract deliverables list (Article F.2):
		
	2.1.1
	The overall management, integration and coordination of all contract activities, including a technical and administrative infrastructure to ensure the efficient planning, initiation, implementation, and direction of all contract activities;

		
	2.1.2
	A Principal Investigator (PI) responsible for project management, communication, tracking, monitoring and reporting on status and progress, and modification to the project requirements and timelines, including projects undertaken by subcontractors; The contract deliverables list (reference), identifies all contract deliverables and reporting requirements for this contract.

		
	2.1.3
	Project Manager(s) with responsibility for monitoring and tracking day-to-day progress and timelines, coordinating communication and project activities; costs incurred; and program management; The contract deliverables list (reference), identifies all contract deliverables and reporting requirements for this contract.

		
	2.1.4
	A BARDA Liaison with responsibility for effective communication with the Project Officer and Contracting Officer.

		
	2.1.5
	Administrative and legal staff to provide development of compliant subcontracts, consulting, and other legal agreements, and ensure timely acquisition of all proprietary rights, including IP rights, and reporting all inventions made in the performance of the project.

		
	2.1.6
	Administrative staff with responsibility for financial management and reporting on all activities conducted by the Contractor and any subcontractors.

2
 ***Confidential Treatment Requested

		
	2.1.7
	Contract Review Meetings.

		
	2.1.7.1
	The Contractor shall participate in regular meetings to coordinate and oversee the contract effort as directed by the Contracting and Project Officers. Such meetings may include, but are not limited to, meeting of the Contractors and subcontractors to discuss clinical manufacturing progress, product development, product assay development, scale up manufacturing development, clinical sample assays development, preclinical/clinical study designs and regulatory issues; meetings with individual contractors and other HHS officials to discuss the technical, regulatory, and ethical aspects of the program; and meeting with technical consultants to discuss technical data provided by the Contractor.

		
	2.1.7.2
	The Contractor shall participate in teleconferences every two weeks between the Contractor and subcontractors and BARDA to review technical progress. Teleconferences or additional face-to-face meetings shall be more frequent at the request of BARDA.

		
	2.1.8
	Integrated Master Schedule

		
	2.1.8.1
	Within 30 calendar days of the effective date of the contract, the Contractor shall submit a first draft of an updated Integrated Master Schedule in a format agreed upon by BARDA to the Project Officer and the Contracting Officer for review and comment. The Integrated Master Schedule shall be incorporated into the contract, and will be used to monitor performance of the contract. Contractor shall include the key milestones and Go/No Go decision gates. The IMS for the period of performance will be mutually agreed upon at the PMBR

		
	2.1.9
	Integrated Master Plan

		
	2.1.9.1
	Work Breakdown Structure: The Contractor shall utilize a WBS template agreed upon by BARDA for reporting on the contact. The Contractor shall expand and delineate the Contract Work Breakdown Structure (CWBS) to a level agreed upon by BARDA as part of their Integrated Master Plan for contract reporting. The CWBS shall be discernable and consistent. BARDA may require Contractor to furnish WBS data at the work package level or at a lower level if there is significant complexity and risk associated with the task.

		
	2.1.9.2
	GO/NO-GO Decision Gates: The Integrated Master Plan outlines key milestones with “Go/No Go” decision criteria (entrance and exit criteria for each phase of the project). The project plan should include, but not be limited to, milestones in manufacturing, non-clinical and clinical studies, and regulatory submissions.

		
	2.1.9.3
	Earned Value Management System Plan: Subject to the requirements under HHSAR Clause 352.234-4, the Contractor shall use principles of Earned Value Management System (EVMS) in the management of this contract. The Seven Principles are:

		
	I.
	Plan all work scope for the program to completion.

3

		
	II.
	Break down the program work scope into finite pieces that can be assigned to a responsible person or organization for control of technical, schedule, and cost objectives.

		
	III.
	Integrate program work scope, schedule, and cost objectives into a performance measurement baseline plan against which accomplishments may be measured. Control Changes to the baseline.

		
	IV.
	Use actual cost incurred and recorded in accomplishing the work performed.

		
	V.
	Objectively assess accomplishments at the work performance level.

		
	VI.
	Analyze significant variances from the plan, forecast impacts, and prepare an estimate at completion based on performance to date and work to be performed.

		
	VII.
	Use earned value information in the company’s management processes.

Elements of EVMS shall be applied to all Cost Plus Fixed Fee CLINs as part of the Integrated Master Project Plan, the Contractor shall submit a written summary of the management procedures that it will establish, maintain and use to comply with EVMS requirements.
		
	2.1.10
	Decision Gate Reporting: On completion of a stage of the product development, as defined in the agreed upon Integrated Master Schedule and Integrated Master Plan, the Contractor shall prepare and submit to the Project Officer and the Contracting Officer a Decision Gate Report that contains (i) sufficient detail, documentation and analysis to support successful completion of the stage according to the predetermined qualitative and quantitative criteria that were established for Go/No Go decision making; and (ii) a description of the next stage of product development to be initiated and a request for approval to proceed to the next stage of product development.

		
	2.1.11
	Risk Management Plan: The Contractor shall develop a risk management plan within 90 days of contract award highlighting potential problems and/or issues that may arise during the life of the contract, their impact on cost, schedule and performance, and appropriate remediation plans. This plan should reference relevant WBS elements where appropriate. Updates to this plan shall be included every three months (quarterly) in the monthly Project Status Report.

4

		
	2.1.12
	Performance Measurement Baseline Review (PMBR): The Contractor shall submit a plan for a PMBR to occur within 90 days of contract award. At the PMBR, the Contractor and BARDA shall mutually agree upon the budget, schedule and technical plan baselines (Performance Measurement Baseline).  These baselines shall be the basis for monitoring and reporting progress throughout the life of the contract. The PMBR is conducted to achieve confidence that the baselines accurately capture the entire technical scope of work, are consistent with contract schedule requirements, are reasonably and logically planned, and have adequate resources assigned. The goals of the PMBR are as FOLLOWS:

		
	I.
	Jointly assess areas such as the Contractor’s planning for complete coverage of the SOW, logical scheduling of the work activities, adequate resources, and identification of inherent risks

		
	II.
	Confirm the integrity of the Performance Measurement Baseline (PMB)

		
	III.
	Foster the use of EVM as a means of communication

		
	IV.
	Provide confidence in the validity of Contractor reporting

		
	V.
	Identify risks associated with the PMB

		
	VI.
	Present any revised PMBs for mutual agreement

		
	VII.
	Present an Integrated Master Schedule: The Contractor shall deliver an initial program level Integrated Master Schedule (IMS) that rolls up all time-phased WBS elements down to the activity level. This IMS shall include the dependencies that exist between tasks. This IMS will be agreed to and finalized at the PMBR. DI-MGMT-81650 may be referenced as guidance in creation of the IMS (see http://www.acq.osd.mil/pm/).

		
	VIII.
	Present the Risk Management Plan

		
	2.1.13
	Deviation Request:  During the course of contract performance, in response to a need to change IMS activities as baselined at the PMBR, the Contractor shall submit a Deviation Report. This report shall request a change in the agreed-upon IMS and timelines. This report shall include: (i) discussion of the justification/rationale for the proposed change; (ii) options for addressing the needed changes from the agreed upon timelines, including a cost-benefit analysis of each option; and (iii) recommendations for the preferred option that includes a full analysis and discussion of the effect of the change on the entire product development program, timelines, and budget.

		
	2.1.14
	Monthly and Annual Reports: The Contractor shall deliver Project Status Reports on a monthly basis. The reports shall address the items below cross referenced to the WBS, SOW, IMS, and EVM:

		
	I.
	Executive summary highlighting the progress, issues, and relevant activities in manufacturing, non-clinical, clinical, and regulatory;

5

		
	II.
	Progress in meeting contract milestones, detailing the planned progress and actual progress during the reporting period, explaining any differences between the two and corrective steps

6

		
	III.
	Updated IMS;

		
	IV.
	Updated EVM;

		
	V.
	Updated Risk Management Plan (Every 3 months);

		
	VI.
	Three month rolling forecast of planned activities;

		
	VII.
	Progress of regulatory submissions;

		
	VIII.
	Estimated and actual expenses;

		
	2.1.15
	Data Management:  The Contractor shall develop and implement data management and quality control systems/procedures, including transmission, storage, confidentiality, and retrieval of all contract data;

		
	2.1.15.1
	Provide for the statistical design and analysis of data resulting from the research;

		
	2.1.15.2
	Provide raw data or specific analyses of data generated with contract funding to the Project Officer, upon request.

		
	2.2
	Non-Clinical Toxicology

		
	2.2.1
	N/A (no scope)

		
	2.3
	Non-Clinical

		
	2.3.1
	Develop and validate [...***...] to lower [...***...].

		
	2.3.2
	[...***...]: Conduct [...***...] studies including [...***...] studies, [...***...], and [...***...] studies in [...***...].

		
	2.3.3
	[...***...]

		
	2.3.3.1
	Conduct [...***...] study in [...***...]. 

		
	2.3.3.2
	Conduct [...***...] studies including [...***...] studies, [...***...] studies including [...***...] for CMX-001 and [...***...] in [...***...].

		
	2.3.4
	Use of [...***...] as a CMX-001 Surrogate in [...***...] Studies.

		
	2.3.4.1
	Dose [...***...] with [...***...] to identify the concentration of the [...***...] in [...***...] associated with [...***...] of [...***...].

		
	2.3.5
	Scaling of [...***...] to [...***...] by conducting studies with [...***...] to determine [...***...] in [...***...].

		
	2.3.6
	[...***...] determination of CMX001, [...***...] and [...***...] in the [...***...].

		
	2.3.7
	Conduct [...***...] experiments to demonstrate [...***...] following effective [...***...] prior to [...***...].

		
	2.3.8
	Conduct studies to optimize [...***...] in [...***...].

		
	2.3.9
	Conduct CMX001 [...***...] study in [...***...] at a dose of CMX001 equivalent or less than [...***...] with treatment beginning at the [...***...]

7
***Confidential Treatment Requested

2.3.10    
		
	2.4
	Clinical

		
	2.4.1
	Measurement of [...***...] levels in [...***...] and correlate the [...***...] levels to studies conducted in [...***...].

		
	2.4.2
	Conduct expanded access protocol ([...***...]).

		
	2.4.3
	Analyze data and provide a Final Report for [...***...] evaluation of CMX001 in patients [...***...]

		
	2.5
	Regulatory

		
	2.5.1
	Engaging the FDA on a path to support the treatment of smallpox indication with CMX-001

		
	2.5.2
	Preparing materials for and requesting, scheduling and participating in all meetings with the FDA, including meetings to review EUA and/or all other data packages;

		
	2.5.3
	Providing BARDA with (i) the initial draft minutes and final draft minutes of any formal meeting with the FDA; (ii) final minutes of any informal meeting with the FDA;

		
	2.5.4
	Obtain FDA concurrence on the feasibility of the proposed [...***...] [...***...] with CMX001/[...***...]/[...***...] in the [...***...], including FDA feedback on [...***...] and review of data for the first [...***...] enrolled in the [...***...] sub-study

		
	2.5.5
	Develop and submit a revised [...***...] for CMX001 for Treatment of Smallpox, including [...***...] for FDA review and comment, and revise the [...***...] as requested by FDA

		
	2.6
	CMC

		
	2.6.1
	Validation of the [...***...] process: Validation of the process to demonstrate the [...***...] of a [...***...] of acceptable quality will be performed.

		
	2.6.2
	Validation of the [...***...] process to produce [...***...]: Validation of the process to demonstrate the [...***...] of a [...***...] of acceptable quality will be performed.

		
	3.
	PHASE II: [...***...]

Research and development of CMX001 for the treatment of smallpox to include the following activities: [...***...]. The contractor shall carry out the following tasks and subtasks and in accordance with the agreed upon Integrated Master Schedule and Integrated Master Plan (defined in 2.1.8 and 2.1.9) which shall further detail the conduct of the specific tasks and subtasks.

8
***Confidential Treatment Requested

		
	3.1
	Program Management (consistent with section 2.1)

		
	3.1.2
	Program management scope in BASE year is consistent with program management scope in each option year.

		
	3.2
	Non-Clinical toxicology

		
	3.2.11
	N/A (no scope)

		
	3.3
	Non-Clinical

		
	3.3.4
	Quantify [...***...] concentrations in [...***...] from [...***...].

		
	3.3.5
	Determine [...***...] for CMX001 in [...***...] in [...***...].

		
	3.3.6
	Scaling of [...***...] to [...***...] - Review with BARDA and FDA the [...***...] generated to support scaling between [...***...] and [...***...] using [...***...] as well as comparisons of [...***...] in the [...***...].

		
	3.3.7
	Determine [...***...] for CMX001 in [...***...] in [...***...]. 

		
	3.3.8
	Conduct [...***...].

		
	3.3.9
	Conduct [...***...] and [...***...]

		
	3.3.10
	Chimerix will provide [...***...] for the [...***...] and [...***...] conducted under [...***...]

		
	3.4
	Clinical

		
	3.4.6
	N/A (No scope)

9
***Confidential Treatment Requested

		
	3.5
	Regulatory

		
	3.5.3
	Engaging the FDA on a path to support the treatment of smallpox indication with CMX001

		
	3.5.4
	Generating all necessary documentation for [...***...]. [...***...]

		
	3.5.5
	Preparing materials for and requesting, scheduling and participating in all meetings with the FDA, including meetings to review EUA (if needed) and/or all other data packages;

		
	3.5.6
	Providing BARDA with (i) the initial draft minutes and final draft minutes of any formal meeting with the FDA relating to the smallpox program; (ii) final draft minutes of any informal meeting with the FDA relating to the smallpox program.

		
	3.6
	CMC

		
	3.6.1
	N/A (No scope)

		
	4.
	PHASE III: [...***...]

Research and development of CMX001 for the treatment of smallpox and dsDNA viruses to include the following activities: [...***...] Study, [...***...] Study, [...***...]. The contractor shall carry out the following tasks and subtasks and in accordance with agreed upon Integrated Master Schedule and Integrated Master Plan (defined in 2.1.8 and 2.1.9) which shall further detail the conduct of the specific tasks and subtasks.
		
	4.1
	Program Management (Consistent with section 2.1)

		
	4.1.12
	Program management scope in BASE year is consistent with program management scope in each option year.

		
	4.2
	Non-Clinical toxicology

		
	4.2.11
	N/A (no scope)

10
***Confidential Treatment Requested

		
	4.3
	Non-Clinical

		
	4.3.7
	[...***...] studies: A [...***...] study will be conducted with the [...***...] of CMX001 selected based on the results of the [...***...] and [...***...] studies. [...***...] will be [...***...] to receive [...***...] beginning at the [...***...] or the FDA agreed upon trigger for treatment. The first [...***...] study will be a [...***...] study of CMX001 in the [...***...] model. A study will be conducted with an [...***...] of CMX001 to determine the [...***...] after observation of the FDA agreed upon trigger for treatment. These studies will include [...***...] and [...***...]. The primary endpoint will be [...***...].

		
	4.3.8
	A [...***...] study of CMX001 in the [...***...]: The delayed treatment study will evaluate the [...***...] of CMX001 at [...***...]. The study will include [...***...] and [...***...] agreed upon with the FDA. The primary endpoint will be [...***...]. A [...***...] study to measure [...***...] in the selected [...***...] will be conducted to confirm the [...***...]. A [...***...] study will be conducted prior to [...***...] studies in the [...***...] to 1) determine [...***...] and [...***...] of [...***...] and 2) to confirm presence of [...***...] at fixed intervals [...***...].

		
	4.3.9
	Conduct additional studies in [...***...] to determine [...***...] and [...***...] for CMX001 at [...***...].

		
	4.3.10
	Conduct [...***...] of [...***...].

		
	4.3.11
	Conduct additional studies for [...***...] of [...***...] to be used in [...***...].

		
	4.4
	Clinical

		
	4.4.7
	Clinical [...***...] studies to evaluate [...***...] used in previous clinical studies and [...***...] used in previous clinical studies and [...***...]. This study will [...***...] to [...***...] to determine if [...***...] are comparable.

11
***Confidential Treatment Requested

		
	4.5
	Regulatory

		
	4.5.2
	Generating all necessary data and preparing documentation for an [...***...] meeting submissions to regulatory agencies;

		
	4.5.3
	Preparing materials for and requesting, scheduling and participating in all meetings with the FDA, including the [...***...] Meeting, meetings to review [...***...], EUA (if needed) and/or all other data packages;

		
	4.5.4
	Providing BARDA with (i) the initial draft minutes and final draft minutes of any formal meeting with the FDA relating to this Contract; (ii) final draft minutes of any informal meeting with the FDA;

		
	4.5.5
	Preparing an [...***...] submission [...***...].

		
	4.6
	CMC

		
	4.6.1
	[...***...] in order to generate [...***...] for registration and clinical trial supplies.

		
	4.6.2
	[...***...]. Validation of the process to demonstrate the [...***...] of a [...***...] of acceptable quality will be performed.

		
	5.
	PHASE IV: [...***...]

Research and development of CMX-001 for the treatment of smallpox to include the following activities: [...***...] and [...***...] at new manufacturing site. The contractor shall carry out the following tasks and subtasks and in accordance with agreed upon Integrated Master Schedule and Integrated Master Plan (defined in 2.1.8 and 2.1.9) which shall further detail the conduct of the specific tasks and subtasks.
		
	5.1
	Program Management (Consistent with section 2.1)

		
	5.1.12
	Program management scope in BASE year is consistent with program management scope in each option year.

		
	5.2
	Non-Clinical toxicology

		
	5.2.12
	N/A (no scope)

12
***Confidential Treatment Requested

		
	5.3
	Non-Clinical

		
	5.3.8
	[...***...] study.  A [...***...] study will be conducted with dose and study design subject to FDA feedback received at the [...***...] Meeting.  [...***...] will be randomized to receive [...***...] beginning at the [...***...] or the FDA agreed upon trigger for treatment. These studies will include [...***...] and appropriate [...***...] assessments.  The primary endpoint will be [...***...]. 

		
	5.3.9
	[...***...] study.  A [...***...] study in the [...***...] will be conducted with dose and study design subject to FDA feedback received at the [...***...] Meeting.  The study design proposed may be a [...***...] study of CMX001 in the [...***...]. The [...***...] study will evaluate the [...***...] of CMX001 at various fixed intervals after [...***...]. The study will include [...***...] and appropriate [...***...] agreed upon with the FDA. The primary endpoint will be [...***...]. Additional [...***...] studies per FDA feedback may be conducted as lead-in studies.

		
	5.4
	Clinical

		
	5.4.6
	N/A (No scope)

		
	5.5
	Regulatory

		
	5.5.3
	Generating all necessary data and preparing documentation for NDA submissions to regulatory agencies;

		
	5.5.4
	Preparing materials for and requesting, scheduling and participating in all meetings with the FDA, including meetings to review IND, NDA and/or all other data packages relating to this Contract;

		
	5.5.5
	Providing BARDA with (i) the initial draft minutes and final draft minutes of any formal meeting with the FDA; (ii) final draft minutes of any informal meeting with the FDA relating to this Contract

		
	5.6
	CMC

		
	5.6.1
	[...***...]. [...***...] of the process to demonstrate the [...***...] of the final [...***...] process of [...***...] will be performed at new manufacturing site either at commercial scale or larger scale. May include a campaign of [...***...] and [...***...], the production of [...***...] to support the [...***...] of required necessary reference standards to support [...***...].

13
***Confidential Treatment Requested

		
	6.
	PHASE V: [...***...]

Research and development of CMX-001 for the treatment of smallpox to include the following activities: [...***...]. The contractor shall carry out the following tasks and subtasks and in accordance with an agreed upon Integrated Master Schedule and Integrated Master Plan (defined in 2.1.8 and 2.1.9) which shall further detail the conduct of the specific tasks and subtasks.
		
	6.1
	Program Management (Consistent with section 2.1)

		
	6.1.13
	Program management scope in BASE year is consistent with program management scope in each option year.

		
	6.2
	Non-Clinical toxicology

		
	6.2.10
	N/A (no scope)

		
	6.3
	Non-Clinical

		
	6.3.7
	[...***...] Studies.  This study replicates [...***...] if a larger sample size is necessary to achieve a [...***...] result.

		
	6.4
	Clinical

		
	6.4.6
	Compile [...***...].  A database of [...***...] data collected from all CMX001 clinical studies, irrespective of [...***...], will be populated and analyzed in order to support an NDA for smallpox.

		
	6.5
	Regulatory

		
	6.5.2
	Generating all necessary data and preparing documentation for NDA submissions to regulatory agencies;

		
	6.5.3
	Submitting NDA documentation to the FDA in a timely manner, consistent with timelines set out in the contract and by the FDA.

		
	6.5.4
	Preparing materials for and requesting, scheduling and participating in all meetings with the FDA, including meetings to review IND, EUA and/or all other data packages;

		
	6.5.5
	Providing BARDA with (i) the initial draft minutes and final draft minutes of any formal meeting with the FDA; (ii) final draft minutes of any informal meeting with the FDA;

		
	6.6
	CMC

		
	6.6.1
	[...***...]. [...***...] of the process to demonstrate the [...***...] of a [...***...] will be performed.

14
***Confidential Treatment Requested

6.6.2    
		
	7.
	Other Items

		
	7.1
	Facilities, Equipment and Other Resources. (Contract: Section J)

The Contractor shall provide equipment; facilities and other resources required for implementation of the SOW dated 27-OCT-14 to comply with all Federal and HHS regulations in:
		
	7.1.11
	The [...***...] and use of [...***...];

		
	7.1.12
	The acquisition, handling, storage and shipment of [...***...], including [...***...] required for working with the [...***...];

		
	7.1.13
	The [...***...] of [...***...] under cGMP;

		
	7.1.13.1
	The design and conduct of [...***...]; and

		
	7.1.13.2
	The conduct of [...***...] studies to determine [...***...] of [...***...]

		
	7.1.14
	Design and conduct of [...***...] under GCP.

15
***Confidential Treatment Requested

	
							
	REVISED MILESTONES ARTICLE F.2 DELIVERABLES

	Current 
Milestone #
	Milestone Definition
	Go Criteria
	No-Go Criteria
	Deliverable
	WBS/SOW #
	Segment

	1.    
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]

	2.    
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]

	3.    
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]

	4.    
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]

	5.    
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]

	6.    
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]

***Confidential Treatment Requested

	
							
	 
	 
	 
	[...***...]
	 
	 
	 

	7.    
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]

	8.    
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]

	9.    
	No longer in development plan.
	 
	 
	 
	N/A
	N/A

	10.    
	No longer in development plan.
	 
	 
	 
	N/A
	N/A

	11.    
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]

***Confidential Treatment Requested

	
							
	 
	 
	[...***...]
	[...***...]
	 
	 
	[...***...]

	12.    
	No longer in development plan.
	 
	 
	 
	N/A
	N/A

	13.    
	No longer in development plan.
	 
	 
	 
	N/A
	N/A

	14.    
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]

	15.    
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]

	16.    
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]

	17.    
	No longer in development plan.
	 
	 
	 
	N/A
	N/A

	18.    
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]

***Confidential Treatment Requested

	
							
	 
	 
	 
	[...***...]
	 
	 
	 

	19.    
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]

	20.    
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]

	21.    
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]

	22.    
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]

***Confidential Treatment Requested

	
							
	 
	 
	[...***...]
	 
	 
	 
	 

	23.    
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]

	BCA MILESTONE
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]

	NEW OPTION MILESTONES TO BE ADDED TO ARTICLE F.2 DELIVERABLES OF THE CONTRACT

	25.    
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]

	26.    
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]

***Confidential Treatment Requested

	
							
	27.
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]

	28.
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]
	[...***...]

***Confidential Treatment RequestedExhibit 4.2

 

WARRANT AGREEMENT

 

This Warrant Agreement
(this “Agreement”) is made as of _________ __, 2015 between Sole Elite Group Limited, a Cayman Islands corporation,
with offices at Wuli Industrial Park, Jinjiang, Fujian Province 3633000, PRC (“Company”), and Continental Stock
Transfer & Trust Company LLC, with offices at 17 Battery Place, New York, NY 10004 (“Warrant Agent”).

 

WHEREAS, the Company
is engaged in a public offering (“Offering”) of up to 2,300,000 ordinary shares of the Company, par value $0.001
per share (“Ordinary Shares”) and Ordinary Share Purchase Warrants (“Warrants”), each of
such Warrants evidencing the right of the holder (each, a “Holder”) thereof to purchase one Ordinary Share for
$____, subject to adjustment as described herein, and, in connection therewith, the Company has determined to issue and deliver
Warrants to purchase up to 2,300,000 Ordinary Shares (the “Warrant Shares”) to the investors in the Offering;
and

 

WHEREAS, the Company
has filed with the Securities and Exchange Commission a Registration Statement, No. 333-204569 on Form F-1 (“Registration
Statement”) for the registration, under the Securities Act of 1933, as amended (“Act”) of, among other
securities, the Warrants and the Warrant Shares; and

 

WHEREAS, the Company
desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance,
registration, transfer, exchange, redemption, replacement and exercise of the Warrants and, in the Warrant Agent’s capacity
as the Company’s transfer agent, deliver the Warrant Shares; and

 

WHEREAS, the Company
desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the
respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the Holders; and

 

WHEREAS, all acts and
things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned
by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize
the execution and delivery of this Agreement.

 

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

 

1.           CERTAIN
DEFINITIONS.

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Ordinary
Share Equivalents” means any securities of the Company or the Subsidiaries which would entitle the Holder to acquire
at any time Ordinary Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the Holder to receive, Ordinary
Shares.

 

     

     

    

 

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

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Ordinary Shares are listed or quoted for trading
on the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the
New York Stock Exchange or the OTC Bulletin Board (or any successors to any of the foregoing).

 

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

 

“Warrant
Certificate” means a certificate in substantially the form attached as Exhibit A hereto representing such number
of Warrant Shares as is indicated on the face thereof, provided that any reference to the delivery of a Warrant Certificate in
this Agreement shall include delivery of notice from the Depository or a Participant (each as defined below) of the transfer or
exercise of Warrant in the form of a Book-Entry Warrant Certificate (as defined below).

 

    	 	2	 

     

    

 

2.            APPOINTMENT
OF WARRANT AGENT. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant
Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this
Agreement.

 

3.            WARRANTS.

 

3.1           BOOK-ENTRY
WARRANT CERTIFICATES. The Warrants shall be issuable in book entry (the “Book-Entry Warrant Certificates”).
All of the Warrants shall initially be represented by one or more Book-Entry Warrant Certificates deposited with the Depository
Trust Company (“Depository”) and registered in the name of [____, a nominee of the Depository. Ownership of
beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained
by (i) the Depository or its nominee for each Book-Entry Warrant Certificate or (ii) institutions that have accounts with the Depository
(such institution, with respect to a Warrant in its account, a “Participant”).If the Depository subsequently
ceases to make its book-entry settlement system available for the Warrants, the Company may instruct the Warrant Agent regarding
other arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary
to have the Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depository to deliver
to the Warrant Agent for cancellation each Book-Entry Warrant Certificate, and the Company shall instruct the Warrant Agent to
deliver to each Holder a Warrant Certificate.

 

3.2           EFFECT
OF COUNTERSIGNATURE. The Warrant Certificates shall be executed on behalf of the Company by its Chairman, its President or a Vice
President, either manually or by facsimile signature, and have affixed thereto the Company’s seal or a facsimile thereof
which shall be attested by the Secretary or an Assistant Secretary of the Company, either manually or by facsimile signature. The
Warrant Certificates shall be countersigned by the Warrant Agent either manually or facsimile signature and shall not be valid
for any purpose unless so countersigned. In case any officer of the Company who shall have signed any of the Warrant Certificates
shall cease to be such officer of the Company before countersignature by the Warrant Agent and issuance and delivery by the Company,
such Warrant Certificates, nevertheless, may be countersigned by the Warrant Agent, issued and delivered with the same force and
effect as though the person who signed such Warrant Certificate had not ceased to be such officer of the Company; and any Warrant
Certificate may be signed on behalf of the Company by any person who, at the actual date of the execution of such Warrant Certificate,
shall be a proper officer of the Company to sign such Warrant Certificate, although at the date of the execution of this Agreement
any such person was not such an officer.

 

    	 	3	 

     

    

 

3.3.         REGISTRATION.

 

3.3.1           WARRANT
REGISTER. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance
and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and
register the Warrants in the names of the respective Holders thereof in such denominations and otherwise in accordance with instructions
delivered to the Warrant Agent by the Company.

 

3.3.2           REGISTERED
HOLDER. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat
the person in whose name such Warrant shall be registered upon the Warrant Register (“registered holder”), as
the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other
writing on the Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise
thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

4.            TERMS
AND EXERCISE OF WARRANTS

 

4.1          WARRANT
PRICE. Each Warrant shall, when countersigned by the Warrant Agent, entitle the registered Holder, subject to the provisions of
such Warrant and of this Agreement, to purchase from the Company the number of Ordinary Shares stated therein, at the price of
$___ per whole share, subject to the adjustments provided in Section 5 hereof and in the last sentence of this Section 4.1. The
term “Exercise Price” as used in this Agreement refers to the price per share at which Ordinary Shares may be
purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Exercise Price at any time prior
to the Expiration Date, provided that any such reduction shall be identical in percentage terms among all of the Warrants, and
provided, further, that any reduction in Exercise Price must remain in effect for at least ten (10) business days.

 

4.2          DURATION
OF WARRANTS. A Warrant may be exercised only during the period (“Exercise Period”) commencing on _______, 2015
(the “Initial Exercise Date”), and terminating at 5:00 p.m., New York City time on _______, 2018 (“Expiration
Date”). Each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and
all rights in respect thereof under this Agreement shall cease at the close of business on the Expiration Date. The Company in
its sole discretion may extend the duration of the Warrants by delaying the Expiration Date.

 

4.3          EXERCISE
OF WARRANTS.

 

4.3.1           PAYMENT.
Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent, may be exercised
by the registered Holder by surrendering the Exercise Notice at the office of the Warrant Agent, or at the office of its successor
as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant,
duly executed, provided that the Holder shall pay the Exercise Price in full, in lawful money of the United States, in cash, good
certified check or good bank draft payable to the order of the Company (or as otherwise agreed to by the Company) within 3 Business
Days of delivery of the Exercise Notice. This Warrant shall be deemed to be exercised at the time the Exercise Notice is surrendered
to the Warrant Agent.

 

    	 	4	 

     

    

 

4.3.2        CASHLESS
EXERCISE. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained
therein is not available for the issuance of the Warrant Shares to the Holders without a restrictive legend, then the Warrants
may also be exercised, in whole or in part, at such time by means of a "cashless exercise" in which the Holders shall
be entitled to receive a certificate for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by
(A), where:

 

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

 

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

 

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

 

Upon receipt
of an Exercise Notice for a cashless exercise, the Warrant Agent will promptly deliver a copy of the Exercise Notice to the Company
to confirm the number of Warrant Shares issuable in connection with the cashless exercise. The Company shall calculate and transmit
to the Warrant Agent, and the Warrant Agent shall have no obligation under this section to calculate, the number of Warrant Shares
issuable in connection with the cashless exercise.

 

4.3.3        ISSUANCE
OF CERTIFICATES. Upon receipt of a Warrant Certificate at or prior to the Close of Business on the Expiration Date, with the executed
Exercise Notice, accompanied by payment of the Exercise Price for the shares to be purchased and an amount equal to any applicable
tax, governmental charge or expense reimbursement referred to in Section 6 in cash, or by certified check or bank draft payable
to the order of the Company (or, in the case of the Holder of a Book-Entry Warrant Certificate, the delivery of the executed Exercise
Notice and the payment of the Exercise Price and any other applicable amounts as set forth herein), the Warrant Agent shall use
reasonable efforts to cause the Warrant Shares to be delivered within three (3) Business Days of the delivery of the executed Exercise
Notice (such date, the “Warrant Share Delivery Date”) registered in such name or names as may be designated
by such Holder, provided that the Warrant Agent shall not be liable to the Company or the Holder for any damages arising out of
the failure to deliver the Warrant Shares by any specified date. If the Holder has not received delivery of a certificate or certificates
representing the Warrant Shares (or a credit to the account of the Holder's prime broker through the DWAC system (as below defined))
by the Warrant Share Delivery Date, the Holder will have the right to rescind the exercise of the Warrant at any time after the
Warrant Share Delivery Date and prior to delivery of the Warrant Shares (or a credit to the account of the Holder's prime broker
through the DWAC system). Notwithstanding the foregoing, if the Company is then a participant in the Depository Trust Company Deposit
or Withdrawal at Custodian system (“DWAC”) system of the Depository and either (A) there is an effective registration
statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) the Warrant is being
exercised via cashless exercise, the certificates for Warrant Shares shall be transmitted by the Warrant Agent to the Holder by
crediting the account of the Holder's prime broker with the Depository through its DWAC system.

 

    	 	5	 

     

    

 

4.3.4           BUY-IN.
In addition to any other rights available to a Holder, if such Holder has not received a certificate or the certificates representing
the Warrant Shares (or a credit to the account of the Holder's prime broker through the DWAC system) pursuant to an exercise on
or before the Warrant Share Delivery Date, and if after such date such Holder is required by its broker to purchase (in an open
market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, Ordinary Shares to deliver in satisfaction
of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder's total purchase price (including
brokerage commissions, if any) for the Ordinary Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number
of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the
price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of such Holder, either
reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which
case such exercise shall be deemed rescinded) or deliver to the Holder the number of Ordinary Shares that would have been issued
had the Company timely complied with its exercise and delivery obligations hereunder.

 

    	 	6	 

     

    

 

4.3.5           HOLDER’S
EXERCISE LIMITATIONS. The Company shall not effect any exercise of the Warrant, and a Holder shall not have the right to exercise
any portion of the Warrant, pursuant to Section 4 or otherwise, to the extent that after giving effect to such issuance after exercise
as set forth on the applicable Exercise Notice, the Holder (together with the Holder’s Affiliates, as defined herein, and
any other Person acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in
excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number of Ordinary
Shares beneficially owned by the Holder and its Affiliates shall include the number of Ordinary Shares issuable upon exercise of
the Warrant with respect to which such determination is being made, but shall exclude the number of Ordinary Shares which would
be issuable upon (i) exercise of the remaining, non-exercised portion of the Warrant beneficially owned by the Holder or any of
its Affiliates and (ii) exercise or conversion of the unexercised or non-converted portion of any other securities of the Company
(including, without limitation, any other Ordinary Share Equivalents) subject to a limitation on conversion or exercise analogous
to the limitation contained herein beneficially owned by the Holder or any of its Affiliates.  Except as set forth in the
preceding sentence, for purposes of this Section 4.3.5, beneficial ownership shall be calculated in accordance with Section 13(d)
of Exchange Act, and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is
not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is
solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained
in this Section 4.3.5 applies, the determination of whether the Warrant is exercisable (in relation to other securities owned by
the Holder together with any Affiliates) and of which portion of the Warrant is exercisable shall be in the sole discretion of
the Holder, and the submission of a Exercise Notice shall be deemed to be the Holder’s determination of whether the Warrant
is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of the Warrant
is exercisable, in each case subject to the Beneficial Ownership Limitation, and neither the Company nor the Warrant Agent shall
have any obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status
as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder. For purposes of this Section 4.3.5, in determining the number of outstanding Ordinary Shares, a Holder may rely on
the number of outstanding Ordinary Shares as reflected in (A) the Company’s most recent periodic or annual report filed with
the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by
the Company or the Transfer Agent setting forth the number of Ordinary Shares outstanding.  Upon the written or oral request
of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number of Ordinary Shares
then outstanding.  In any case, the number of outstanding Ordinary Shares shall be determined after giving effect to the conversion
or exercise of securities of the Company, including the Warrant, by the Holder or its Affiliates since the date as of which such
number of outstanding Ordinary Shares was reported. The “Beneficial Ownership Limitation” shall be 4.99% of
the number of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary Shares issuable upon exercise
of the Warrant. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity
with the terms of this Section 4.3.5 to correct this paragraph (or any portion hereof) which may be defective or inconsistent with
the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly
give effect to such limitation. The limitations contained in this paragraph shall apply to a successor Holder of the Warrant.

 

    	 	7	 

     

    

 

4.3.6           VALID
ISSUANCE. All Ordinary Shares issued upon the proper exercise of a Warrant
in conformity with this Agreement shall be validly issued, fully paid and non-assessable.

 

4.3.7           DATE
OF ISSUANCE. Each person in whose name any such certificate for Ordinary Shares is issued shall for all purposes be deemed to have
become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the Exercise Price was
made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender and payment is a date
when the share transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at
the close of business on the next succeeding date on which the share transfer books are open.

 

5.           ADJUSTMENTS.

 

5.1           SHARE
DIVIDENDS - SPLIT-UPS. If the Company, at any time while the Warrants are outstanding: (i) pays a share dividend or otherwise makes
a distribution or distributions on its Ordinary Shares or any other equity or equity equivalent securities payable in Ordinary
Shares (which, for avoidance of doubt, shall not include any Ordinary Shares issued by the Company upon exercise of this Warrant),
(ii) subdivides outstanding Ordinary Shares into a larger number of shares, (iii) combines (including by way of reverse share split)
outstanding Ordinary Shares into a smaller number of shares, or (iv) issues by reclassification of Ordinary Shares any shares of
capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall
be the number of Ordinary Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the
denominator shall be the number of Ordinary Shares outstanding immediately after such event, and the number of shares issuable
upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain
unchanged. Any adjustment made pursuant to this Section 5.1 shall become effective immediately after the record date for the determination
of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date
in the case of a subdivision, combination or re-classification

 

    	 	8	 

     

    

 

5.2           FUNDAMENTAL
TRANSACTION. If, at any time while the Warrants are outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Ordinary Shares are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Ordinary
Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more
related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other
Person or group acquires more than 50% of the outstanding Ordinary Shares (not including any Ordinary Shares held by the other
Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or
share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent
exercise of the Warrants, the Holders shall have the right to receive, for each Warrant Share that would have been issuable upon
such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of each Holder (without regard
to any limitation in Section 4.3.5 on the exercise of this Warrant), the number of Ordinary Shares of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of Ordinary Shares for which such Warrant is exercisable
immediately prior to such Fundamental Transaction (without regard to any limitation in Section 4.3.5 on the exercise of the Warrant).
If holders of Ordinary Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction,
then each Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of such Holder’s
Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which
the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the
Company under this Agreement pursuant to written agreements and shall, at the option of such Holder, deliver to such Holder in
exchange for the Holder’s Warrant a security of the Successor Entity evidenced by a written instrument substantially similar
in form and substance to such Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor
Entity (or its parent entity) equivalent to the Ordinary Shares acquirable and receivable upon exercise of such Holder’s
Warrant (without regard to any limitations on the exercise of the Warrants) prior to such Fundamental Transaction, and with an
exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative
value of the Ordinary Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number
of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately
prior to the consummation of such Fundamental Transaction). Upon the occurrence of any such Fundamental Transaction, the Successor
Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions
of this Agreement referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right
and power of the Company and shall assume all of the obligations of the Company under this Agreement with the same effect as if
such Successor Entity had been named as the Company herein.

 

    	 	9	 

     

    

 

5.3           NOTICES
OF CHANGES IN WARRANT. Upon every adjustment of the Exercise Price or the number of shares issuable upon exercise of a Warrant,
the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Exercise Price resulting from
such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a
Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon
the occurrence of any event specified in this Section 5, then, in any such event, the Company shall give written notice to the
Warrant Holder, at the last address set forth for such Holder in the warrant register, of the record date or the effective date
of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

5.4           NO
FRACTIONAL SHARES. Notwithstanding any provision contained in the Warrant Agreement to the contrary, the Company shall not issue
fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 5, the Holder of any
Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon
such exercise, round up to the nearest whole number the number of Ordinary Shares to be issued to the Warrant Holder.

 

5.5           FORM
OF WARRANT. The form of Warrant need not be changed because of any adjustment pursuant to this Section 5, and Warrants issued after
such adjustment may state the same Exercise Price and the same number of shares as is stated in the Warrants initially issued pursuant
to this Agreement. However, the Company may at any time in its sole discretion make any change in the form of Warrant that the
Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned,
whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

5.6           NOTICE
OF CERTAIN TRANSACTIONS. In the event that the Company shall propose to (a) offer the holders of its Ordinary Shares rights to
subscribe for or to purchase any securities convertible into Ordinary Shares or any other securities, rights or options, (b) issue
any rights, options or warrants entitling the holders of Ordinary Shares to subscribe for Ordinary Shares or (c) make a tender
offer or exchange offer with respect to the Ordinary Shares, the Company shall send to the Holders a notice of such proposed action
or offer. Such notice shall be mailed to the registered holders at their addresses as they appear in the warrant Register, which
shall specify the record date for the purposes of such dividend, distribution or rights, or the date such issuance or event is
to take place and the date of participation therein by the holders of Ordinary Shares, if any such date is to be fixed, and shall
briefly indicate the effect of such action on the Ordinary Shares and on the number and kind of any other shares of stock and on
other property, if any, issuable upon exercise of each Warrant and the Exercise Price after giving effect to any adjustment pursuant
to Section 5 which would be required as a result of such action. Such notice shall be given as promptly as practicable after the
Board has determined to take any such action and (x) in the case of any action covered by clause (a) or (b) above, if practicable,
at least 10 days prior to the record date for determining the holders of the Ordinary Shares for purposes of such action or (y)
in the case of any other such action, if practicable, at least 20 days prior to the date of the taking of such proposed action
or the date of participation therein by the holders of Ordinary Shares, whichever shall be the earlier.

 

    	 	10	 

     

    

 

5.7           OTHER
EVENTS. If any event occurs as to which the foregoing provisions of this Section 5 are not strictly applicable or, if strictly
applicable, would not, in the good faith judgment of the Board, fairly and adequately protect the purchase rights of the registered
Holders in accordance with the essential intent and principles of such provisions, then the Board shall make such adjustments in
the application of such provisions, in accordance with such essential intent and principles, as shall be reasonably necessary,
in the good faith opinion of the Board, to protect such purchase rights as aforesaid.

 

6.           TRANSFER
AND EXCHANGE OF WARRANTS.

 

6.1           REGISTRATION
OF TRANSFER. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register,
upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate
instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued
and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent
to the Company from time to time upon request.

 

6.2           PROCEDURE
FOR SURRENDER OF WARRANTS. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer,
and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the registered Holder
so surrendered, representing an equal aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered
for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange therefor
until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating
whether the new Warrants must also bear a restrictive legend.

 

6.3           FRACTIONAL
WARRANTS. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance
of a warrant certificate for a fraction of a warrant.

 

6.4           SERVICE
CHARGES. No service charge shall be made to the Holder for any exchange or registration of transfer of Warrants.

 

    	 	11	 

     

    

 

6.5           WARRANT
EXECUTION AND COUNTERSIGNATURE. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms
of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 6, and the Company, whenever required
by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

7.            RESERVED.

 

8.            OTHER
PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANTS.

 

8.1           NO
RIGHTS AS SHAREHOLDER. A Warrant does not entitle the registered Holder to any of the rights of a shareholder of the Company, including,
without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent
or to receive notice as shareholders in respect of the meetings of shareholders or the election of directors of the Company or
any other matter.

 

8.2           LOST,
STOLEN, MUTILATED, OR DESTROYED WARRANTS. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant
Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated
Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen,
mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not
the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

 

8.3           RESERVATION
OF ORDINARY SHARE. The Company shall at all times reserve and keep available a number of its authorized but unissued Ordinary Shares
that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

8.4           REGISTRATION
OF ORDINARY SHARES. The Company will use its best efforts to maintain the effectiveness of the Registration Statement until the
expiration of the Warrants in accordance with the provisions of this Agreement.

 

9.            CONCERNING
THE WARRANT AGENT AND OTHER MATTERS.

 

9.1           PAYMENT
OF TAXES. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant
Agent in respect of the issuance or delivery of Ordinary Shares upon the exercise of Warrants, but the Company shall not be obligated
to pay any transfer taxes in respect of the Warrants or such shares.

 

    	 	12	 

     

    

 

9.2          RESIGNATION,
CONSOLIDATION, OR MERGER OF WARRANT AGENT.

 

9.2.1           APPOINTMENT
OF SUCCESSOR WARRANT AGENT. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days' notice in writing to the Company. If the office
of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor
Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after
it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the Holder of the Warrant (who shall,
with such notice, submit his Warrant for inspection by the Company), then the Holder of any Warrant may apply to the Supreme Court
of the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company's cost. Any
successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under
the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State
of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal
or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities,
duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without
any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute
and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers,
and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make,
execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to
such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

9.2.2           NOTICE
OF SUCCESSOR WARRANT AGENT. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to
the predecessor Warrant Agent and the transfer agent for the Ordinary Shares not later than the effective date of any such appointment.

 

9.2.3           MERGER
OR CONSOLIDATION OF WARRANT AGENT. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor
Warrant Agent under this Agreement without any further act.

 

    	 	13	 

     

    

 

9.3          FEES
AND EXPENSES OF WARRANT AGENT.

 

9.3.1           REMUNERATION.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and will reimburse
the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

 

9.3.2           FURTHER
ASSURANCES. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged,
and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for
the carrying out or performing of the provisions of this Agreement.

 

9.4          LIABILITY
OF WARRANT AGENT.

 

9.4.1           RELIANCE
ON COMPANY STATEMENT. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary
or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder,
such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively
proved and established by a statement signed by the President or Chairman of the Board of the Company and delivered to the Warrant
Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions
of this Agreement.

 

9.4.2           INDEMNITY.
The Warrant Agent shall be liable hereunder only for its own negligence, willful misconduct or bad faith. The Company agrees to
indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel
fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement except as a result of the Warrant Agent's
negligence, willful misconduct, or bad faith.

 

9.4.3           EXCLUSIONS.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or
execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required
under the provisions of Section 5 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining
of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation
or warranty as to the authorization or reservation of any Ordinary Shares to be issued pursuant to this Agreement or any Warrant
or as to whether any Ordinary Shares will when issued be valid and fully paid and nonassessable.

 

9.5           ACCEPTANCE
OF AGENCY. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms
and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised
and concurrently account for, and pay to the Company, all moneys received by the Warrant Agent for the purchase of Ordinary Shares
through the exercise of Warrants.

 

    	 	14	 

     

    

 

10.          MISCELLANEOUS
PROVISIONS.

 

10.1         SUCCESSORS.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure
to the benefit of their respective successors and assigns.

 

10.2         NOTICES.
Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the Holder of any Warrant
to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail
or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is
filed in writing by the Company with the Warrant Agent) to the address set forth on the signature page of the Company.

 

Any notice, statement or demand
authorized by this Agreement to be given or made by the Holder of any Warrant or by the Company to or on the Warrant Agent shall
be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service
within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant
Agent with the Company) to address set forth on the signature page of the Warrant Agent.

 

10.3         APPLICABLE
LAW. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by
and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts
of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Agreement (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders,
partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New
York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of
New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any action, suit or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper
or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents
to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight
delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that
such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action or
proceeding to enforce any provisions of this Agreement, then the prevailing party in such action, suit or proceeding shall be reimbursed
by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation
and prosecution of such action or proceeding.

 

    	 	15	 

     

    

 

10.4         PERSONS
HAVING RIGHTS UNDER THIS AGREEMENT. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto
and the registered Holders. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall
be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the registered Holders.

 

10.5         EXAMINATION
OF THE WARRANT AGREEMENT. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent
in the Borough of Manhattan, City and State of New York, for inspection by the registered Holder of any Warrant. The Warrant Agent
may require any such Holder to submit his Warrant for inspection by it.

 

10.6         COUNTERPARTS.
This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to
be an original, and all such counterparts shall together constitute but one and the same instrument.

 

10.7         EFFECT
OF HEADINGS. The Section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation
thereof.

 

10.8         AMENDMENTS.
This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of curing any
ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions
with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties
deem shall not adversely affect the interest of the Registered Holders. All other modifications or amendments, including any amendment
to increase the Exercise Price or shorten the Exercise Period, shall require the written consent of each of the Company and the
Registered Holders of at Warrants exercisable for at least 51% of the Warrant Shares issuable upon exercise of all then outstanding
Warrants. Notwithstanding the foregoing, the Company may lower the Exercise Price or extend the duration of the Exercise Period
in accordance with Sections 4.1 and 4.2, respectively, without such consent.

 

10.9         SEVERABILITY.
This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect
the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid
or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

[REMAINDER OF PAGE DELIBERATELY LEFT BLANK]

 

    	 	16	 

     

    

 

IN WITNESS WHEREOF, this
Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	Attest:	 	SOLE ELITE GROUP LIMITED
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	Address for Notice:	 	 	 
	 	 	 
	 	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY LLC
	 	 	 	 
	Attest:	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	Address for Notice:	 	 	 

 

    	 	17

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00251-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00251-of-00352.parquet"}]]