Document:

WAIVER

    

    This
      Waiver (the "Agreement"), is made and entered into as of February 23, 2007
      by
      and between Spatialight, Inc., a New York corporation (the “Seller”), and
      Iroquois Master Fund Ltd. (the “Purchaser”).

    

    WITNESSETH
      

    

    WHEREAS,
      the
      Seller and the Purchaser are parties to a Securities Purchase Agreement dated
      November 29, 2006 (the “Securities Purchase Agreement”); and 

    

    WHEREAS,
      Section
      4.19 of the Securities Purchase Agreement prohibits the issuance of shares
      of
      the Seller’s common stock at a purchase price of less than $1.30 per share until
      the earlier of (i) 90 days from the effective date of the registration statement
      covering the Registrable Securities, as defined in the Securities Purchase
      Agreement or (ii) 12 months from the date of the Securities Purchase Agreement;
      and 

    

    WHEREAS,
      Seller
      desires to sell an aggregate of 3,333,333 shares of its common stock, at a
      purchase price of $1.05 per share (the “February Offering”), and Purchaser
      desires to waive the provisions of Section 4.19 of the Securities Purchase
      Agreement in connection with the February Offering on the terms provided
      herein.

    

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

     

    1.
      Waiver
      Shares.
      Subject
      to the terms and conditions of this Agreement, Seller hereby agrees to issue
      to
      Purchaser and Purchaser hereby agrees to waive the provisions of Section 4.19
      of
      the Securities Purchase Agreement in connection with the February Offering
      in
      consideration of the issuance to Purchaser of 200,000 shares of the Seller’s
      common stock (the “Waiver Shares”). On the date hereof the Seller shall transfer
      the Waiver Shares to the Purchaser by crediting the account of the Purchaser’s
      broker (the “Prime Broker”) with the Depository Trust Company through its
      Deposit Withdrawal Agent Commission system in accordance with instructions
      annexed hereto. The issuance of the Waiver Shares to the Purchaser is solely
      in
      connection with the waiver by the Purchase of its rights under Section 4.19
      in
      connection with the February Offering and such waiver does not constitute a
      waiver of (i) the Purchaser’s rights under Section 4.19 in connection with any
      other issuance of the Seller’s securities or (ii) any other rights of Purchaser
      pursuant to the Securities Purchase Agreement. Except as otherwise provided
      herein, the Securities Purchase Agreement is unmodified and in full force and
      effect.

    

    2. Conditions.
      This
      Agreement shall not be effective and Seller shall have no obligation to issue
      the Waiver Shares unless Seller shall have received a waiver on the same terms
      as set forth in this Agreement from the holders of at least 1,200,001 shares
      of
      common stock issued pursuant to the Securities Purchase Agreement. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        3.
          Representations
          of Seller.
          Seller
          represents and warrants to Purchaser that:

      

    

     

    (a)
      The
      Waiver Shares shall be freely transferable by the Purchaser without restriction.
      The Waiver Shares shall not bear a restricted legend under applicable Federal
      and state securities laws.

    

    (b)
      This
      Agreement has been duly authorized, executed and delivered by Seller and
      constitutes a legal, valid and binding obligation of Seller, enforceable in
      accordance with its terms (subject, as to enforceability, to applicable
      bankruptcy, insolvency, reorganization or other similar laws and to general
      principles of equity).

    

    (c)
      Seller's execution, delivery and performance of this Agreement does not (i)
      violate or conflict with, or constitute a default (or an event that with notice
      or lapse of time or both would become a default) under, result in the creation
      of any lien upon any of the properties or assets of Seller, or give to others
      any rights of termination, amendment, acceleration, or cancellation (with or
      without notice, lapse of time or both) of, any agreement, credit facility,
      debt
      or other instrument (evidencing a debt of Seller or otherwise) or other
      understanding to which the Seller is a party or by which any property or asset
      of Seller is bound or affected, (ii) conflict with the Seller’s certificate of
      incorporation or bylaws, (iii) conflict with, or result in a violation of any
      law, rule or regulation applicable to Seller, or any order or judgment of any
      court or other agency of government applicable to, or affecting
      Seller.

    

    (d)
      The
      Seller has filed all forms, reports and documents (the "SEC Documents") required
      to be filed with the Securities and Exchange Commission (the "Commission")
      pursuant to the Securities At of 1933, as amended (the "Securities Act") or
      the
      Securities Exchange Act of 1934, as amended (the "Exchange Act"), as the case
      may be, and the rules and regulations of the Commission thereunder during the
      12
      month period ending on the date of this Agreement. Except as corrected by
      subsequent amendment, as of their respective filing dates, the SEC Documents
      complied in all material respects with the requirements of the Securities Act
      or
      the Exchange Act, as the case may be, and the rules and regulations of the
      Commission thereunder applicable to such SEC Documents, and none of the SEC
      Documents contained any untrue statement of a material fact or omitted to state
      a material fact required to stated therein or necessary in order to make
      statements therein, in light of the circumstances under which they were made,
      not misleading. Except as corrected by subsequent amendment, as of their
      respective filing dates, the financial statements of the Seller included in
      the
      SEC Documents complied as to form in all material respects with the applicable
      accounting requirements and the rules and regulations of the Commission
      thereunder and were prepared in accordance with generally accepted accounting
      principles and fairly presented, in all material respects, the financial
      position of the Seller as at the dates thereof and the results of operations
      and
      cash flows of the Seller for the periods then ended (subject, in the case of
      unaudited statements, to normal, recurring audit adjustments not material in
      scope or amount).

    

    (e)
      The
      Waiver Shares are included in the Seller's registration statement filed with
      the
      Commission Registration No. 333-137100 (the "Registration Statement."). The
      Registration Statement covering the issuance of the Waiver Shares was declared
      effective on February 14, 2007 by the Commission and neither the Commission
      nor
      any state regulatory authority has issued, or threatened to issue, any order
      preventing or suspending the use of the Registration Statement or the prospectus
      contained therein or has instituted or, to the Seller’s knowledge, threatened to
      institute any proceedings with respect to such an order. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    (f)
      No
      consent, approval, authorization or order of, or filing or registration with,
      any court, regulatory authority or other governmental agency or body or third
      party is required in connection with the transactions contemplated herein.
      

    

    (g)
      The
      Seller hereby confirms that neither it nor, to its knowledge, any other person
      acting on its behalf has provided the Purchaser or its agents or counsel with
      any information that it believes constitutes or might constitute material,
      non-public information.

    

    4. Representations
      of Purchaser.
      Purchaser represents and warrants to Seller that:

    

    (a)
      Purchaser is duly organized, validly existing and in good standing under the
      laws of its jurisdiction of organization and it has full right, power and
      authority to enter into this Agreement and to perform its obligations hereunder
      in accordance with the terms of this Agreement and has taken all necessary
      action to authorize the execution, delivery and performance of this
      Agreement.

    

    (b)
      This
      Agreement has been duly authorized, executed and delivered by it and constitutes
      a legal, valid and binding obligation of it, enforceable in accordance with
      its
      terms (subject, as to enforceability, to applicable bankruptcy, insolvency,
      reorganization or other similar laws and to general principles of
      equity).

    

    (c)
      Purchaser's execution, delivery and performance of this Agreement does not
      violate or conflict with the Purchaser’s governing documents or any law, rule or
      regulation applicable to Purchaser, or any order or judgment of any court or
      other agency of government applicable to or affecting Purchaser.

    

    5.
       Indemnification.

    

    (a)
      Seller shall indemnify and hold harmless Purchaser, the officers, directors,
      agents, investment advisors and employees of Purchaser, each person who controls
      any such person (within the meaning of Section 15 of the Securities Act or
      Section 20 of the Exchange Act) and the officers, directors, agents and
      employees of each such controlling person, to the fullest extent permitted
      by
      applicable law, from and against any and all losses, claims, damages,
      liabilities, costs (including, without limitation, reasonable costs of
      preparation and reasonable attorneys' fees) and expenses (collectively,
      "Losses"), as incurred, arising out of or relating to (i) any untrue or alleged
      untrue statement of a material fact contained in the Registration Statement,
      any
      prospectus contained therein or in any amendment or supplement thereto or
      arising out of or relating to any omission or alleged omission of a material
      fact required to be stated therein or necessary to make the statements therein
      (in the case of any prospectus or supplement thereto, in light of the
      circumstances under which they were made) not misleading or (ii) the inaccuracy
      in any representation or breach of any warranty of Seller contained
      herein.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    (b)
      Purchaser shall indemnify and hold harmless the Seller, its directors, officers,
      agents and employees, each person who controls the Seller (within the meaning
      of
      Section 15 of the Securities Act and Section 20 of the Exchange Act), and the
      directors, officers, agents or employees of such controlling person, to the
      fullest extent permitted by applicable law, from and against all Losses, as
      incurred, to the extent arising out of or based solely upon: (i) any untrue
      or
      alleged untrue statement of a material fact contained in the Registration
      Statement, any prospectus or in any amendment or supplement thereto or arising
      out of or relating to any omission or alleged omission of a material fact
      required to be stated therein or necessary to make the statements therein (in
      the case of any prospectus or supplement thereto, in light of the circumstances
      under which they were made) not misleading to the extent, but only to the
      extent, that such untrue statement or omission is contained in any information
      so furnished in writing by Purchaser to the Seller specifically for inclusion
      in
      the Registration Statement or such prospectus, amendment or supplement, or
      (ii)
      the inaccuracy in any representation or breach of any warranty of Purchaser
      contained herein.

    

    (c)
      If
      any proceeding shall be brought or asserted against any person entitled to
      indemnity hereunder (an "Indemnified Party"), such Indemnified Party shall
      promptly notify the Seller (for purposes of this Section 5, the Seller shall
      be
      referred to as the "Indemnifying Party") in writing, and the Indemnifying Party
      shall have the right to assume the defense thereof, including the employment
      of
      counsel reasonably satisfactory to the Indemnified Party and the payment of
      all
      reasonable fees and expenses incurred in connection with the defense thereof;
      provided, that the failure of any Indemnified Party to give such notice shall
      not relieve the Indemnifying Party of its obligations or liabilities pursuant
      to
      this Agreement, except (and only) to the extent that it shall be finally
      determined by a court of competent jurisdiction (which determination is not
      subject to appeal or further review) that such failure shall have proximately
      and materially adversely prejudiced the Indemnifying Party. 

    

    An
      Indemnified Party shall have the right to employ separate counsel in any such
      proceeding and to participate in the defense thereof, but the fees and expenses
      of such counsel shall be at the expense of such Indemnified Party unless: (1)
      the Indemnifying Party has agreed in writing to pay such fees and expenses;
      (2)
      the Indemnifying Party shall have failed promptly to assume the defense of
      such
      proceeding and to employ counsel reasonably satisfactory to such Indemnified
      Party in any such proceeding; or (3) the named parties to any such proceeding
      (including any impleaded parties) include both such Indemnified Party and the
      Indemnifying Party, and such Indemnified Party shall have been advised by
      counsel that a conflict of interest is likely to exist if the same counsel
      were
      to represent such Indemnified Party and the Indemnifying Party (in which case,
      if such Indemnified Party notifies the Indemnifying Party in writing that it
      elects to employ separate counsel at the expense of the Indemnifying Party,
      the
      Indemnifying Party shall not have the right to assume the defense thereof and
      the reasonable fees and expenses of one separate counsel, (but no more than
      one
      separate counsel on behalf of all of the Indemnified Parties) shall be at the
      expense of the Indemnifying Party). The Indemnifying Party shall not be liable
      for any settlement of any such proceeding effected without its written consent,
      which consent shall not be unreasonably withheld or delayed. No Indemnifying
      Party shall, without the prior written consent of the Indemnified Party, effect
      any settlement of any pending proceeding in respect of which any Indemnified
      Party is a party, unless such settlement includes an unconditional release
      of
      such Indemnified Party from all liability on claims that are the subject matter
      of such proceeding. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    All
      reasonable fees and expenses of the Indemnified Party (including reasonable
      fees
      and expenses to the extent incurred in connection with investigating or
      preparing to defend such proceeding in a manner not inconsistent with this
      Section) shall be paid to the Indemnified Party, as incurred (regardless of
      whether it is ultimately determined that an Indemnified Party is not entitled
      to
      indemnification hereunder; provided, that the Indemnifying Party may require
      such Indemnified Party to undertake to reimburse all such fees and expenses
      to
      the extent it is finally judicially determined that such Indemnified Party
      is
      not entitled to indemnification hereunder).

    

    (d)
      If a
      claim for indemnification hereunder is unavailable to an Indemnified Party
      (by
      reason of public policy or otherwise), then each Indemnifying Party, in lieu
      of
      indemnifying such Indemnified Party, shall contribute to the amount paid or
      payable by such Indemnified Party as a result of such Losses, in such proportion
      as is appropriate to reflect the relative fault of the Indemnifying Party and
      Indemnified Party in connection with the actions, statements or omissions that
      resulted in such Losses as well as any other relevant equitable considerations.
      The relative fault of such Indemnifying Party and Indemnified Party shall be
      determined by reference to, among other things, whether any action in question,
      including any untrue or alleged untrue statement of a material fact or omission
      or alleged omission of a material fact, has been taken or made by, or relates
      to
      information supplied by, such Indemnifying Party or Indemnified Party, and
      the
      parties' relative intent, knowledge, access to information and opportunity
      to
      correct or prevent such action, statement or omission. The amount paid or
      payable by a party as a result of any Losses shall be deemed to include, subject
      to the limitations set forth in Section 5(c), any reasonable attorneys' or
      other
      reasonable fees or expenses incurred by such party in connection with any
      proceeding to the extent such party would have been indemnified for such fees
      or
      expenses if the indemnification provided for in this Section was available
      to
      such party in accordance with its terms. 

    

    The
      parties hereto agree that it would not be just and equitable if contribution
      pursuant to this Section 5(d) were determined by pro rata allocation or by
      any
      other method of allocation that does not take into account the equitable
      considerations referred to in the immediately preceding paragraph.
      Notwithstanding the provisions of this Section 5(d), the Purchaser and the
      other
      Indemnified Parties shall not be required to contribute, in the aggregate,
      any
      amount in excess of the amount by which the proceeds actually received by such
      person from the sale of the Waiver Shares subject to such dispute exceeds the
      amount of any damages that such person has otherwise been required to pay by
      reason of such untrue or alleged untrue statement or omission or alleged
      omission, except in the case of fraud by such person. 

    

    (e)
      The
      indemnification obligations set forth in (i) Section 5(a)(i) and Section 5(b)(i)
      shall survive the transactions contemplated herein and shall remain operative
      and in full force until the expiration of the applicable statute of limitations
      and (ii) Section 5(a)(ii) and Section 5(b)(ii) shall survive forever. Any claim
      pending on the expiration date of any applicable survival period for which
      notice has been given to the Indemnifying Party in accordance with this
      Agreement may continue to be asserted and indemnified against until finally
      resolved. 

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    6.
      Miscellaneous.

    

    (a)
      Expenses. Each of the Purchaser and Seller agrees to pay its own expenses and
      disbursements incident to the performance of its obligations
      hereunder.         

     

    (b)
      Rights Cumulative; Waivers. The rights of each of the parties under this
      Agreement are cumulative. The rights of each of the parties hereunder shall
      not
      be capable of being waived or varied other than by an express waiver or
      variation in writing. Any failure to exercise or any delay in exercising any
      of
      such rights shall not operate as a waiver or variation of that or any other
      such
      right. Any defective or partial exercise of any of such rights shall not
      preclude any other or further exercise of that or any other such right. No
      act
      or course of conduct or negotiation on the part of any party shall in any way
      preclude such party from exercising any such right or constitute a suspension
      or
      any variation of any such right.

    

    (c)
      Benefit; Successors Bound. This Agreement and the terms, covenants, conditions,
      provisions, obligations, undertakings, rights, and benefits hereof, shall be
      binding upon, and shall inure to the benefit of, the undersigned parties and
      their heirs, executors, administrators, representatives, successors, and
      permitted assigns.

    

    (d)
      Entire Agreement. This Agreement contains the entire agreement between the
      parties with respect to the subject matter hereof. There are no promises,
      agreements, conditions, undertakings, understandings, warranties, covenants
      or
      representations, oral or written, express or implied, between them with respect
      to this Agreement or the matters described in this Agreement, except as set
      forth in this Agreement and in the other documentation relating to the
      transactions contemplated by this Agreement. Any such negotiations, promises,
      or
      understandings shall not be used to interpret or constitute this
      Agreement.

    

    (e)
      Amendment. Neither this Agreement nor any term hereof may be amended, waived,
      discharged or terminated other than by a written instrument signed by the party
      against whom enforcement of any such amendment, waiver, discharge or termination
      is sought. 

     

    (f)
      Severability. Each part of this Agreement is intended to be severable. In the
      event that any provision of this Agreement is found by any court or other
      authority of competent jurisdiction to be illegal or unenforceable, such
      provision shall be severed or modified to the extent necessary to render it
      enforceable and as so severed or modified, this Agreement shall continue in
      full
      force and effect. 

    

    (h)
      Notices. All notices, requests, demands or other communications which are
      required or may be given pursuant to the terms of this Agreement shall be in
      writing and shall be deemed to have been duly given: (i) on the date of delivery
      if delivered by hand, (ii) upon the third day after such notice is (a) deposited
      in the United States mail, if mailed by registered or certified mail, postage
      prepaid, return receipt requested or (b) sent by a nationally recognized
      overnight express courier, or (iii) by facsimile upon written confirmation
      (other than the automatic confirmation that is received from the recipient's
      facsimile machine) of receipt by the recipient of such notice: (i) if to
      Purchaser: at the address of the Purchaser on the signature page hereof; and
      (ii) if to Seller: Spatialight, Inc., Five Hamilton Landing, Novato CA 94949,
      Facsimilie No. (415) 883-3363

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    (i)
      Governing Law. This Agreement shall be governed by, and construed in accordance
      with, the laws of the State of New York
      without
      giving effect to the principles regarding conflicts of laws. The parties
      irrevocably consent to the exclusive jurisdiction of any State or Federal Court
      located within the County of New York, State of New York, in connection with
      any
      action or proceeding arising out of or relating to this Agreement.

    

    (j)
      Further Assurances. In addition to the instruments and documents to be made,
      executed and delivered pursuant to this Agreement, the parties hereto agree
      to
      make, execute and deliver or cause to be made, executed and delivered, to the
      requesting party such other instruments and to take such other actions as the
      requesting party may reasonably require to carry out the terms of this Agreement
      and the transactions contemplated hereby.

    

    (k)
      Section Headings. The Section headings in this Agreement are for reference
      purposes only and shall not affect in any way the meaning or interpretation
      of
      this Agreement.

    

    (l)
      Construction. Unless the context otherwise requires, when used herein, the
      singular shall be deemed to include the plural, the plural shall be deemed
      to
      include each of the singular, and pronouns of one or no gender shall be deemed
      to include the equivalent pronoun of the other or no gender.

    

    (m)
      Execution in Counterparts. This Agreement may be executed in two or more
      counterparts, each of which shall be deemed an original but all of which shall
      constitute one and the same agreement. This Agreement, once executed by a party,
      may be delivered to the other party hereto by telephone line facsimile
      transmission of a copy of this Agreement bearing the signature of the party
      so
      delivering this Agreement. A facsimile transmission of this signed Agreement
      shall be legal and binding on all parties hereto.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    IN
      WITNESS WHEREOF,
      the
      parties have caused this Agreement to be duly executed by their respective
      officers thereunto duly authorized as of the day and year first above
      written.

     

    
      	 	 	 
	 	SELLER:
	 	 
	 	SPATIALIGHT
              INC. 
	 
 	 
 	 
 
	 	By:  	/s/
              David F.
              Hakala
	 	Name: 	David F. Hakala 
	 	Title: 	Chief Executive Officer 

       

      
        	 	 	 
	 	PURCHASER:
	 	 
	 	Iroquois Master Fund
                Ltd.
	 
 	 
 	 
 
	 	By:  	/s/
                Joshua
                Silverman
	 	Name: 	Joshua Silverman
	 	Title: 	Authorized
                Signator

 

      
        	 	 	Address: 	641 Lexington Ave.
	 	 	 	26th
                Floor
	 	 	 	
                New
                  York, NY 10022Exhibit
        4.1

       

    

    NEITHER
      THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES
      HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
      SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
      REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”)
      AND APPLICABLE STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED OR
      SOLD EXCEPT PURSUANT TO (I) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
      SECURITIES ACT OR (II) AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT
      SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN
      ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS. THESE
      SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES MAY
      BE
      PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED
      BY
      SUCH SECURITIES.

     

    ZIOPHARM
      ONCOLOGY, INC.

     

    WARRANT
      TO PURCHASE COMMON STOCK

     

    
      	
              Warrant
                No. 2007-[    ]

            	
                

            	
              Original
                Issue Date: February [    ],
                2007

            

    

     

    ZIOPHARM
      Oncology, Inc., a Delaware corporation (the “Company”),
      hereby certifies that, for value received,
      [            ] or
      its permitted registered assigns (the “Holder”),
      is
      entitled to purchase from the Company up to a total of
      [            ]
      shares of common stock, $0.001 par value (the “Common
      Stock”),
      of
      the Company (each such share, a “Warrant
      Share”
and
      all
      such shares, the “Warrant
      Shares”)
      at an
      exercise price per share equal to $5.75 (as adjusted from time to time as
      provided in Section 9 herein, the “Exercise
      Price”),
      at
      any time and from time to time from on or after the date hereof (the “Trigger
      Date”) and through and including 5:30 P.M., New York City time, on February [ ],
      2012 (the “Expiration
      Date”),
      and
      subject to the following terms and conditions: 

    

    This
      Warrant (this “Warrant”)
      is one
      of a series of similar warrants issued pursuant to that certain Securities
      Purchase Agreement, dated February 16, 2007, by and among the Company and the
      Purchasers identified therein (the “Purchase
      Agreement”).
      All
      such warrants are referred to herein, collectively, as the “Warrants.”

     

    1.
       Definitions.
      In
      addition to the terms defined elsewhere in this Warrant, capitalized terms
      that
      are not otherwise defined herein have the meanings given to such terms in the
      Purchase Agreement. 

      

    2.  Registration
      of Warrants.
      The
      Company shall register this Warrant, upon records to be maintained by the
      Company for that purpose (the “Warrant
      Register”),
      in
      the name of the record Holder (which shall include the initial Holder or, as
      the
      case may be, any registered assignee to which this Warrant is permissibly
      assigned hereunder) from time to time. The Company may deem and treat the
      registered Holder of this Warrant as the absolute owner hereof for the purpose
      of any exercise hereof or any distribution to the Holder, and for all other
      purposes, absent actual notice to the contrary. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3.
       Registration
      of Transfers.
      Subject
      to the restrictions on transfer set forth in Section 4.1 of the Purchase
      Agreement and compliance with all applicable securities laws, the Company shall
      register the transfer of all or any portion of this Warrant in the Warrant
      Register, upon (i) surrender of this Warrant, with the Form of Assignment
      attached as Schedule
      2
      hereto
      duly completed and signed, to the Company’s transfer agent or to the Company at
      its address specified herein and (ii) if the Registration Statement is not
      effective, (x) delivery, at the request of the Company, of an opinion of counsel
      reasonably satisfactory to the Company to the effect that the transfer of such
      portion of this Warrant may be made pursuant to an available exemption from
      the
      registration requirements of the Securities Act and all applicable state
      securities or blue sky laws and (y) delivery by the transferee of a written
      statement to the Company certifying that the transferee is an “accredited
      investor” as defined in Rule 501(a) under the Securities Act and making the
      representations and certifications set forth in Section 3.2(b), (c) and (d)
      of
      the Purchase Agreement, to the Company at its address specified in the Purchase
      Agreement. Upon any such registration or transfer, a new warrant to purchase
      Common Stock in substantially the form of this Warrant (any such new warrant,
      a
“New
      Warrant”)
      evidencing the portion of this Warrant so transferred shall be issued to the
      transferee, and a New Warrant evidencing the remaining portion of this Warrant
      not so transferred, if any, shall be issued to the transferring Holder. The
      acceptance of the New Warrant by the transferee thereof shall be deemed the
      acceptance by such transferee of all of the rights and obligations of a Holder
      of a Warrant. 

     

    4.
       Exercise
      and Duration of Warrants.
      

     

    (a)
       All
      or
      any part of this Warrant shall be exercisable by the registered Holder at any
      time and from time to time on or after the Trigger Date and through and
      including 5:30 P.M. New York City time on the Expiration Date. Subject to
      Section 11 hereof, at 5:30 P.M., New York City time, on the Expiration Date,
      the
      portion of this Warrant not exercised prior thereto shall be and become void
      and
      of no value and this Warrant shall be terminated and no longer outstanding;
      

    

    (b) The
      Holder may exercise this Warrant by delivering to the Company (i) an exercise
      notice, in the form attached as Schedule 1 hereto (the “Exercise
      Notice”),
      appropriately completed and duly signed, (ii) payment of the Exercise Price
      for
      the number of Warrant Shares as to which this Warrant is being exercised (which
      may take the form of a “cashless exercise” if so indicated in the Exercise
      Notice and if a “cashless exercise” may occur at such time pursuant to Section
      10 below), and the date such items are delivered to the Company (as determined
      in accordance with the notice provisions hereof) is an “Exercise
      Date.”
The
      delivery by (or on behalf of) the Holder of the Exercise Notice and the
      applicable Exercise Price as provided above shall constitute the Holder’s
      certification to the Company that its representations contained in Section
      3.2(b), (c) and (d) of the Purchase Agreement are true and correct as of the
      Exercise Date as if remade in their entirety (or, in the case of any transferee
      Holder that is not a party to the Purchase Agreement, such transferee Holder’s
      certification to the Company that such representations are true and correct
      as
      to such assignee Holder as of the Exercise Date). The Holder shall not be
      required to deliver the original Warrant in order to effect an exercise
      hereunder. Execution and delivery of the Exercise Notice shall have the same
      effect as cancellation of the original Warrant and issuance of a New Warrant
      evidencing the right to purchase the remaining number of Warrant
      Shares.

    

    5.
       Delivery
      of Warrant Shares.
       Upon
      exercise of this Warrant, the Company shall promptly (but in no event later
      than
      three Trading Days after the Exercise Date) issue or cause to be issued and
      cause to be delivered to or upon the written order of the Holder and in such
      name or names as the Holder may designate (provided that, if the Registration
      Statement is not effective and the Holder directs the Company to deliver a
      certificate for the Warrant Shares in a name other than that of the Holder
      or an
      Affiliate of the Holder, it shall deliver to the Company on the Exercise Date
      an
      opinion of counsel reasonably satisfactory to the Company to the effect that
      the
      issuance of such Warrant Shares in such other name may be made pursuant to
      an
      available exemption from the registration requirements of the Securities Act
      and
      all applicable state securities or blue sky laws), a certificate for the Warrant
      Shares issuable upon such exercise, free of restrictive legends, unless a
      registration statement covering the resale of the Warrant Shares and naming
      the
      Holder as a selling stockholder thereunder is not then effective or the Warrant
      Shares are not freely transferable without volume restrictions pursuant to
      Rule
      144(k) under the Securities Act. The Holder, or any Person permissibly so
      designated by the Holder to receive Warrant Shares, shall be deemed to have
      become the holder of record of such Warrant Shares as of the Exercise Date.
      If
      the Warrant Shares are to be issued free of all restrictive legends, the Company
      shall, upon the written request of the Holder, use its best efforts to deliver,
      or cause to be delivered, Warrant Shares hereunder electronically through The
      Depository Trust Company or another established clearing corporation performing
      similar functions, if available; provided, that, the Company may, but will
      not
      be required to, change its transfer agent if its current transfer agent cannot
      deliver Warrant Shares electronically through such a clearing
      corporation.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

      

    6.
       Charges,
      Taxes and Expenses.
      Issuance and delivery of certificates for shares of Common Stock upon exercise
      of this Warrant shall be made without charge to the Holder for any issue or
      transfer tax, transfer agent fee or other incidental tax or expense in respect
      of the issuance of such certificates, all of which taxes and expenses shall
      be
      paid by the Company; provided,
      however,
      that
      the Company shall not be required to pay any tax which may be payable in respect
      of any transfer involved in the registration of any certificates for Warrant
      Shares or Warrants in a name other than that of the Holder or an Affiliate
      thereof. The Holder shall be responsible for all other tax liability that may
      arise as a result of holding or transferring this Warrant or receiving Warrant
      Shares upon exercise hereof. 

     

    7.
       Replacement
      of Warrant.
      If this
      Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or
      cause to be issued in exchange and substitution for and upon cancellation
      hereof, or in lieu of and substitution for this Warrant, a New Warrant, but
      only
      upon receipt of evidence reasonably satisfactory to the Company of such loss,
      theft or destruction (in such case) and, in each case, a customary and
      reasonable indemnity (which shall not include a surety bond), if requested.
      Applicants for a New Warrant under such circumstances shall also comply with
      such other reasonable regulations and procedures and pay such other reasonable
      third-party costs as the Company may prescribe. If a New Warrant is requested
      as
      a result of a mutilation of this Warrant, then the Holder shall deliver such
      mutilated Warrant to the Company as a condition precedent to the Company’s
      obligation to issue the New Warrant. 

     

    8.
       Reservation
      of Warrant Shares.
      The
      Company covenants that it will at all times reserve and keep available out
      of
      the aggregate of its authorized but unissued and otherwise unreserved Common
      Stock, solely for the purpose of enabling it to issue Warrant Shares upon
      exercise of this Warrant as herein provided, the number of Warrant Shares which
      are then issuable and deliverable upon the exercise of this entire Warrant,
      free
      from preemptive rights or any other contingent purchase rights of persons other
      than the Holder (taking into account the adjustments and restrictions of
Section
      9).
      The
      Company covenants that all Warrant Shares so issuable and deliverable shall,
      upon issuance and the payment of the applicable Exercise Price in accordance
      with the terms hereof, be duly and validly authorized, issued and fully paid
      and
      nonassessable. The Company will take all such action as may be necessary to
      assure that such shares of Common Stock may be issued as provided herein without
      violation of any applicable law or regulation, or of any requirements of any
      securities exchange or automated quotation system upon which the Common Shares
      may be listed.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    9.
       Certain
      Adjustments.
      The
      Exercise Price and number of Warrant Shares issuable upon exercise of this
      Warrant are subject to adjustment from time to time as set forth in this
Section
      9.
      

     

    (a)  Stock
      Dividends and Splits.
      If the
      Company, at any time while this Warrant is outstanding, (i) pays a stock
      dividend on its Common Stock or otherwise makes a distribution on any class
      of
      capital stock that is payable in shares of Common Stock, (ii) subdivides its
      outstanding shares of Common Stock into a larger number of shares, or (iii)
      combines its outstanding shares of Common Stock into a smaller number of shares,
      then in each such case the Exercise Price shall be multiplied by a fraction,
      the
      numerator of which shall be the number of shares of Common Stock outstanding
      immediately before such event and the denominator of which shall be the number
      of shares of Common Stock outstanding immediately after such event. Any
      adjustment made pursuant to clause (i) of this paragraph shall become effective
      immediately after the record date for the determination of stockholders entitled
      to receive such dividend or distribution, and any adjustment pursuant to clause
      (ii) or (iii) of this paragraph shall become effective immediately after the
      effective date of such subdivision or combination. 

     

    (b) Fundamental
      Transactions.
      If, at
      any time while this Warrant is outstanding (i) the Company effects any merger
      or
      consolidation of the Company with or into another Person, in which the Company
      is not the survivor, (ii) the Company effects any sale of all or substantially
      all of its assets or a majority of its Common Stock is acquired by a third
      party, in each case, in one or a series of related transactions, (iii) any
      tender offer or exchange offer (whether by the Company or another Person) is
      completed pursuant to which all or substantially all of the holders of Common
      Stock are permitted to tender or exchange their shares for other securities,
      cash or property, or (iv) the Company effects any reclassification of the Common
      Stock or any compulsory share exchange pursuant to which the Common Stock is
      effectively converted into or exchanged for other securities, cash or property
      (other than as a result of a subdivision or combination of shares of Common
      Stock covered by Section 9(a) above) (in any such case, a “Fundamental
      Transaction”),
      then
      the Holder shall have the right thereafter to receive, upon exercise of this
      Warrant, the same amount and kind of securities, cash or property as it would
      have been entitled to receive upon the occurrence of such Fundamental
      Transaction if it had been, immediately prior to such Fundamental Transaction,
      the holder of the number of Warrant Shares then issuable upon exercise in full
      of this Warrant without regard to any limitations on exercise contained herein
      (the “Alternate
      Consideration”).
      The
      Company shall not effect any such Fundamental Transaction unless prior to or
      simultaneously with the consummation thereof, any successor to the Company,
      surviving entity or the corporation purchasing or otherwise acquiring such
      assets or other appropriate corporation or entity shall assume the obligation
      to
      deliver to the Holder, such Alternate Consideration as, in accordance with
      the
      foregoing provisions, the Holder may be entitled to purchase and/or receive
      (as
      the case may be), and the other obligations under this Warrant. The provisions
      of this paragraph (c) shall similarly apply to subsequent transactions analogous
      to a Fundamental Transaction.

    

    (c)
       Number
      of Warrant Shares.
      Simultaneously with any adjustment to the Exercise Price pursuant to paragraph
      (a) of this Section, the number of Warrant Shares that may be purchased upon
      exercise of this Warrant shall be increased or decreased proportionately, so
      that after such adjustment the aggregate Exercise Price payable hereunder for
      the increased or decreased number of Warrant Shares shall be the same as the
      aggregate Exercise Price in effect immediately prior to such adjustment.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

                                    

    (d)
       Calculations.
      All
      calculations under this Section
      9
      shall be
      made to the nearest cent or the nearest 1/100th
      of a
      share, as applicable. The number of shares of Common Stock outstanding at any
      given time shall not include shares owned or held by or for the account of
      the
      Company, and the sale or issuance of any such shares shall be considered an
      issue or sale of Common Stock. 

     

    (e)
       Notice
      of Adjustments.
      Upon
      the occurrence of each adjustment pursuant to this Section
      9,
      the
      Company at its expense will, at the written request of the Holder, promptly
      compute such adjustment, in good faith, in accordance with the terms of this
      Warrant and prepare a certificate setting forth such adjustment, including
      a
      statement of the adjusted Exercise Price and adjusted number or type of Warrant
      Shares or other securities issuable upon exercise of this Warrant (as
      applicable), describing the transactions giving rise to such adjustments and
      showing in detail the facts upon which such adjustment is based. Upon written
      request, the Company will promptly deliver a copy of each such certificate
      to
      the Holder and to the Company’s transfer agent. 

     

    (f)
       Notice
      of Corporate Events.
      If,
      while this Warrant is outstanding, the Company (i) declares a dividend or any
      other distribution of cash, securities or other property in respect of its
      Common Stock, including, without limitation, any granting of rights or warrants
      to subscribe for or purchase any capital stock of the Company, (ii) authorizes
      or approves, enters into any agreement contemplating or solicits stockholder
      approval for any Fundamental Transaction or (iii) authorizes the voluntary
      dissolution, liquidation or winding up of the affairs of the Company, then,
      except if such notice and the contents thereof shall be deemed to constitute
      material non-public information, the Company shall deliver to the Holder a
      notice describing the material terms and conditions of such transaction at
      least
      ten (10) Trading Days prior to the applicable record or effective date on which
      a Person would need to hold Common Stock in order to participate in or vote
      with
      respect to such transaction, and the Company will take all steps reasonably
      necessary in order to insure that the Holder is given the practical opportunity
      to exercise this Warrant prior to such time so as to participate in or vote
      with
      respect to such transaction; provided,
      however,
      that
      the failure to deliver such notice or any defect therein shall not affect the
      validity of the corporate action required to be described in such notice.

     

    10.
       Payment
      of Exercise Price.
      The
      Holder shall pay the Exercise Price in immediately available funds; provided,
      however,
      that
      if, on any Exercise Date the shares issuable upon exercise of this Warrant
      are
      not freely resalable without restriction under the Securities Act, the Holder
      may, in its sole discretion, satisfy its obligation to pay the Exercise Price
      through a “cashless exercise”, in which event the Company shall issue to the
      Holder the number of Warrant Shares determined as follows: 

     

    X
      = Y
      [(A-B)/A] 

     

    where:
      

     

    X
      = the
      number of Warrant Shares to be issued to the Holder. 

     

    Y
      = the
      total number of Warrant Shares with respect to which this Warrant is being
      exercised. 

     

    A
      = the
      average of the Closing Sale Prices of the shares of Common Stock (as reported
      by
      Bloomberg Financial Markets) for the five Trading Days ending on the date
      immediately preceding the Exercise Date. 

     

    B
      = the
      Exercise Price then in effect for the applicable Warrant Shares at the time
      of
      such exercise. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    For
      purposes of this Warrant, “Closing
      Sale Price”
means,
      for any security as of any date, the last trade price for such security on
      the
      principal securities exchange or trading market for such security, as reported
      by Bloomberg Financial Markets, or, if such exchange or trading market begins
      to
      operate on an extended hours basis and does not designate the last trade price,
      then the last trade price of such security prior to 4:00:00 p.m., New York
      Time,
      as reported by Bloomberg Financial Markets, or if the foregoing do not apply,
      the last trade price of such security in the over-the-counter market on the
      electronic bulletin board for such security as reported by Bloomberg Financial
      Markets, or, if no last trade price is reported for such security by Bloomberg
      Financial Markets, the average of the bid prices, or the ask prices,
      respectively, of any market makers for such security as reported in the "pink
      sheets" by Pink Sheets LLC. If the Closing Sale Price cannot be calculated
      for a
      security on a particular date on any of the foregoing bases, the Closing Sale
      Price of such security on such date shall be the fair market value as mutually
      determined by the Company and the Holder. If the Company and the Holder are
      unable to agree upon the fair market value of such security, then the Company
      shall, within two business days submit via facsimile (a) the disputed
      determination of the Warrant Exercise Price to an independent, reputable
      investment bank selected by the Company and approved by the Holder or (b) the
      disputed arithmetic calculation of the Warrant Shares to the Company's
      independent, outside accountant. The Company shall cause at its expense the
      investment bank or the accountant, as the case may be, to perform the
      determinations or calculations and notify the Company and the Holder of the
      results no later than ten business days from the time it receives the disputed
      determinations or calculations. Such investment bank's or accountant's
      determination or calculation, as the case may be, shall be binding upon all
      parties absent demonstrable error. All such determinations to be appropriately
      adjusted for any stock dividend, stock split, stock combination or other similar
      transaction during the applicable calculation period.

    

    For
      purposes of Rule 144 promulgated under the Securities Act, it is intended,
      understood and acknowledged that the Warrant Shares issued in a cashless
      exercise transaction shall be deemed to have been acquired by the Holder, and
      the holding period for the Warrant Shares shall be deemed to have commenced,
      on
      the date this Warrant was originally issued pursuant to the Purchase Agreement
      (provided that the Commission continues to take the position that such treatment
      is proper at the time of such exercise). 

     

    11.
       Limitations
      on Exercise.
      (a)
      Notwithstanding anything to the contrary contained herein, the number of Warrant
      Shares that may be acquired by the Holder upon any exercise of this Warrant
      (or
      otherwise in respect hereof) shall be limited to the extent necessary to ensure
      that, following such exercise (or other issuance), the total number of shares
      of
      Common Stock then beneficially owned by the Holder and its Affiliates and any
      other Persons whose beneficial ownership of Common Stock would be aggregated
      with the Holder’s for purposes of Section 13(d) of the Exchange Act, does not
      exceed 4.999% of the total number of issued and outstanding shares of Common
      Stock (including for such purpose the shares of Common Stock issuable upon
      such
      exercise). For such purposes, beneficial ownership shall be determined in
      accordance with Section 13(d) of the Exchange Act and the rules and regulations
      promulgated thereunder. Each delivery of an Exercise Notice by the Holder will
      constitute a representation by the Holder that it has evaluated the limitation
      set forth in this Section and determined that issuance of the full number of
      Warrant Shares requested in such Exercise Notice is permitted under this
      Section. The Company’s obligation to issue shares of Common Stock in excess of
      the limitation referred to in this Section shall be suspended (and, except
      as
      provided below, shall not terminate or expire notwithstanding any contrary
      provisions hereof) until such time, if any, as such shares of Common Stock
      may
      be issued in compliance with such limitation; provided, that, if, as of 5:30
      p.m., New York City time, on the Expiration Date, the Company has not received
      written notice that the shares of Common Stock may be issued in compliance
      with
      such limitation, the Company’s obligation to issue such shares shall terminate.
      This provision shall not restrict the number of shares of Common Stock which
      a
      Holder may receive or beneficially own in order to determine the amount of
      securities or other consideration that such Holder may receive in the event
      of a
      Fundamental Transaction as contemplated in Section 9 of this Warrant. By written
      notice to the Company, the Holder may waive the provisions of this Section
      but
      any such waiver will not be effective until the 61st
      day
      after such notice is delivered to the Company, nor will any such waiver effect
      any other Holder. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (b) Notwithstanding
      anything to the contrary contained herein, the number of Warrant Shares that
      may
      be acquired by the Holder upon any exercise of this Warrant (or otherwise in
      respect hereof) shall be limited to the extent necessary to ensure that,
      following such exercise (or other issuance), the total number of shares of
      Common Stock then beneficially owned by such Holder and its Affiliates and
      any
      other Persons whose beneficial ownership of Common Stock would be aggregated
      with the Holder’s for purposes of Section 13(d) of the Exchange Act, does not
      exceed 9.999% of the total number of issued and outstanding shares of Common
      Stock (including for such purpose the shares of Common Stock issuable upon
      such
      exercise). For such purposes, beneficial ownership shall be determined in
      accordance with Section 13(d) of the Exchange Act and the rules and regulations
      promulgated thereunder. Each delivery of an Exercise Notice hereunder will
      constitute a representation by the Holder that it has evaluated the limitation
      set forth in this Section and determined that issuance of the full number of
      Warrant Shares requested in such Exercise Notice is permitted under this
      Section. The Company’s obligation to issue shares of Common Stock in excess of
      the limitation referred to in this Section shall be suspended (and, except
      as
      provided below, shall not terminate or expire notwithstanding any contrary
      provisions hereof) until such time, if any, as such shares of Common Stock
      may
      be issued in compliance with such limitation; provided, that, if, as of 5:30
      p.m., New York City time, on the Expiration Date, the Company has not received
      written notice that the shares of Common Stock may be issued in compliance
      with
      such limitation, the Company’s obligation to issue such shares shall terminate.
      This provision shall not restrict the number of shares of Common Stock which
      a
      Holder may receive or beneficially own in order to determine the amount of
      securities or other consideration that such Holder may receive in the event
      of a
      Fundamental Transaction as contemplated in Section 9 of this Warrant. This
      restriction may not be waived.

    

    12.
       No
      Fractional Shares.
      No
      fractional Warrant Shares will be issued in connection with any exercise of
      this
      Warrant. In lieu of any fractional shares which would otherwise be issuable,
      subject to Section 11, the number of Warrant Shares to be issued shall be
      rounded up to the next whole number. 

     

    13.
       Notices.
      Any and
      all notices or other communications or deliveries hereunder (including, without
      limitation, any Exercise Notice) shall be in writing and shall be deemed given
      and effective on the earliest of (i) the date of transmission, if such notice
      or
      communication is delivered via facsimile at the facsimile number specified
      in
      the Purchase Agreement prior to 5:30 p.m. (New York City time) on a Trading
      Day,
      (ii) the next Trading Day after the date of transmission, if such notice or
      communication is delivered via facsimile at the facsimile number specified
      in
      the Purchase Agreement on a day that is not a Trading Day or later than 5:30
      p.m. (New York City time) on any Trading Day, (iii) the Trading Day following
      the date of mailing, if sent by nationally recognized overnight courier service
      specifying next business day delivery, or (iv) upon actual receipt by the party
      to whom such notice is required to be given, if by hand delivery. The address
      and facsimile number of a party for such notices or communications shall be
      as
      set forth in the Purchase Agreement unless changed by such party by two Trading
      Days’ prior notice to the other party in accordance with this Section 13.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    14.
       Warrant
      Agent.
      The
      Company shall serve as warrant agent under this Warrant. Upon thirty (30) days’
notice to the Holder, the Company may appoint a new warrant agent. Any
      corporation into which the Company or any new warrant agent may be merged or
      any
      corporation resulting from any consolidation to which the Company or any new
      warrant agent shall be a party or any corporation to which the Company or any
      new warrant agent transfers substantially all of its corporate trust or
      shareholders services business shall be a successor warrant agent under this
      Warrant without any further act. Any such successor warrant agent shall promptly
      cause notice of its succession as warrant agent to be mailed (by first class
      mail, postage prepaid) to the Holder at the Holder’s last address as shown on
      the Warrant Register. 

     

    15.
       Miscellaneous.
      

     

    (a)  The
      Holder, solely in such Person's capacity as a holder of this Warrant, shall
      not
      be entitled to vote or receive dividends or be deemed the holder of share
      capital of the Company for any purpose, nor shall anything contained in this
      Warrant be construed to confer upon the Holder, solely in such Person's capacity
      as the Holder of this Warrant, any of the rights of a stockholder of the Company
      or any right to vote, give or withhold consent to any corporate action (whether
      any reorganization, issue of stock, reclassification of stock, consolidation,
      merger, amalgamation, conveyance or otherwise), receive notice of meetings,
      receive dividends or subscription rights, or otherwise, prior to the issuance
      to
      the Holder of the Warrant Shares which such Person is then entitled to receive
      upon the due exercise of this Warrant. In addition, nothing contained in this
      Warrant shall be construed as imposing any liabilities on the Holder to purchase
      any securities (upon exercise of this Warrant or otherwise) or as a stockholder
      of the Company, whether such liabilities are asserted by the Company or by
      creditors of the Company. Notwithstanding this Section 15(a), the Company shall
      provide the Holder with copies of the same notices and other information given
      to the shareholders of the Company, contemporaneously with the giving thereof
      to
      the shareholders.

     

    (b)  Subject
      to the restrictions on transfer set forth on the first page hereof and in
      Section 4.1 of the Purchase Agreement, and compliance with applicable securities
      laws, this Warrant may be assigned by the Holder. This Warrant may not be
      assigned by the Company except to a successor in the event of a Fundamental
      Transaction. This Warrant shall be binding on and inure to the benefit of the
      parties hereto and their respective successors and assigns. Subject to the
      preceding sentence, nothing in this Warrant shall be construed to give to any
      Person other than the Company and the Holder any legal or equitable right,
      remedy or cause of action under this Warrant. This Warrant may be amended only
      in writing signed by the Company and the Holder, or their successors and
      assigns. 

     

    (c)  GOVERNING
      LAW; VENUE; WAIVER OF JURY TRIAL. ALL QUESTIONS CONCERNING THE CONSTRUCTION,
      VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED
      BY
      AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
      YORK
      WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. 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 (INCLUDING WITH RESPECT
      TO
      THE ENFORCEMENT OF ANY OF THE TRANSACTION DOCUMENTS), AND HEREBY IRREVOCABLY
      WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM
      THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT
      SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. 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 MANNER PERMITTED BY LAW. THE COMPANY HEREBY WAIVES
      ALL
      RIGHTS TO A TRIAL BY JURY. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (d)
       The
      headings herein are for convenience only, do not constitute a part of this
      Warrant and shall not be deemed to limit or affect any of the provisions hereof.
      

     

    (e)
       In
      case
      any one or more of the provisions of this Warrant shall be invalid or
      unenforceable in any respect, the validity and enforceability of the remaining
      terms and provisions of this Warrant shall not in any way be affected or
      impaired thereby, and the parties will attempt in good faith to agree upon
      a
      valid and enforceable provision which shall be a commercially reasonable
      substitute therefor, and upon so agreeing, shall incorporate such substitute
      provision in this Warrant. 

     

    (f)
       Except
      as
      otherwise set forth herein, prior to exercise of this Warrant, the Holder hereof
      shall not, by reason of by being a Holder, be entitled to any rights of a
      stockholder with respect to the Warrant Shares. 

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK, 

    SIGNATURE
      PAGE FOLLOWS] 

     

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by
      its
      authorized officer as of the date first indicated above. 

     

    
      	 	 	 
	 	
              ZIOPHARM
                ONCOLOGY, INC

            
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              
                

              

              
                Name:

              

            
	 	
              Title:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    SCHEDULE
      1

    FORM
      OF
      EXERCISE NOTICE 

    

    (To
      be
      executed by the Holder to exercise the right to purchase shares of Common Stock
      under the foregoing Warrant)

     

    Ladies
      and Gentlemen:

    

    (1) The
      undersigned is the Holder of Warrant No. __________ (the “Warrant”) issued by
      ZIOPHARM Oncology, Inc. a Delaware corporation (the “Company”). Capitalized
      terms used herein and not otherwise defined herein have the respective meanings
      set forth in the Warrant. 

    

    (2) The
      undersigned hereby exercises its right to purchase __________ Warrant Shares
      pursuant to the Warrant.

      

    (3) The
      Holder intends that payment of the Exercise Price shall be made as (check
      one):

     

    
      	
              o

            	 	Cash Exercise 
	 	 	 
	
              o

            	 	“Cashless Exercise” under Section
              10

    

     

    (4) If
      the
      Holder has elected a Cash Exercise, the Holder shall pay the sum of $_______
      in
      immediately available funds to the Company in accordance with the terms of
      the
      Warrant.

    

    (5) Pursuant
      to this Exercise Notice, the Company shall deliver to the Holder _____________
      Warrant Shares in accordance with the terms of the Warrant.

     

    (6) By
      its
      delivery of this Exercise Notice, the undersigned represents and warrants to
      the
      Company that in giving effect to the exercise evidenced hereby the Holder will
      not beneficially own in excess of the number of shares of Common Stock (as
      determined in accordance with Section 13(d) of the Securities Exchange Act
      of
      1934) permitted to be owned under Section 11 of the Warrant to which this notice
      relates. 

    

    
      	
              Dated:_______________,
                _____ 

            	 	 	 
	 	 	 	 
	
              Name
                of Holder: ___________________________

            	 	 	 
	 	 	 	 
	By:	 	 	 
	
              
                

              

              Name:

            	 	 	
            
	
              
                

              
Title:	 	 	
            
	
              
                
 

            	 	 	 

    

     

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

    
      
        
        

      

      
        
        

        
          

        

      

       

    

    SCHEDULE
      2

    

    ZIOPHARM
      ONCOLOGY, INC.

    

    FORM
      OF
      ASSIGNMENT 

     

    [To
      be
      completed and signed only upon transfer of Warrant]

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto                             
      (the
“Transferee” the right represented by the within Warrant to purchase
                
      shares
      of Common Stock of ZIOPHARM Oncology, Inc. (the “Company”) to which the within
      Warrant relates and appoints                             
      attorney
      to transfer said right on the books of the Company with full power of
      substitution in the premises. In connection therewith, the undersigned
      represents, warrants, covenants and agrees to and with the Company
      that:

    

    
      	 	
              (a)

            	
              the
                offer and sale of the Warrant contemplated hereby is being made in
                compliance with Section 4(1) of the United States Securities Act
                of 1933,
                as amended (the “Securities Act”) or another valid exemption from the
                registration requirements of Section 5 of the Securities Act and
                in
                compliance with all applicable securities laws of the states of the
                United
                States;

            

    

     

    
      	 	
              (b)

            	
              the
                undersigned has not offered to sell the Warrant by any form of general
                solicitation or general advertising, including, but not limited to,
                any
                advertisement, article, notice or other communication published in
                any
                newspaper, magazine or similar media or broadcast over television
                or
                radio, and any seminar or meeting whose attendees have been invited
                by any
                general solicitation or general
                advertising;

            

    

     

    
      	 	
              (c)

            	
              the
                undersigned has read the Transferee’s investment letter included herewith,
                and to its actual knowledge, the statements made therein are true
                and
                correct; and

            

    

     

    
      	 	
              (d)

            	
              the
                undersigned understands that the Company may condition the transfer
                of the
                Warrant contemplated hereby upon the delivery to the Company by the
                undersigned or the Transferee, as the case may be, of a written opinion
                of
                counsel (which opinion shall be in form, substance and scope customary
                for
                opinions of counsel in comparable transactions) to the effect that
                such
                transfer may be made without registration under the Securities Act
                and
                under applicable securities laws of the states of the United
                States.

            

    

     

     

    
      	
              Dated:
                            ,
                    

            	 	 
	
            	
               

            	
              
                

              

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

            
	
               

            	
               

            	
               

            
	
               

            	
               

            	
              
                
 Address
                of Transferee

            
	 	 	 
	
               

            	
               

            	
              
                
 

            
	
               

            	
               

            	
              
                
 

            

    

     

    
      	
              
                

                In
                  the presence of:

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