Document:

Exhibit 4.3

 

 

 

REGISTRATION RIGHTS AGREEMENT

by and among

WRKCo Inc. 

the Guarantors

party hereto

and

Merrill Lynch, Pierce, Fenner & Smith Incorporated

HSBC Securities (USA) Inc.

Rabo Securities USA, Inc.

SMBC Nikko Securities America, Inc.

Wells Fargo Securities, LLC

as Representatives of the Initial Purchasers 

Dated as of December 3, 2018

 

    

    

    

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement (this “Agreement”)
is made and entered into as of December 3, 2018, by and among WRKCo Inc., a Delaware corporation (the “Company”), the
Guarantors party hereto (collectively, the “Guarantors”) and Merrill Lynch, Pierce, Fenner & Smith Incorporated,
HSBC Securities (USA) Inc., Rabo Securities USA, Inc., SMBC Nikko Securities America, Inc. and Wells Fargo Securities, LLC, as
representatives (the “Representatives”) of the several initial purchasers named in Schedule A (the “Initial Purchasers”).
Pursuant to the Purchase Agreement (as defined below), the Initial Purchasers have agreed to purchase the Company’s 4.650%
Senior Notes due 2026 (the “2026 Notes”) and the 4.900% Senior Notes due 2029 (the “2029 Notes” and, together
with the 2026 Notes, the “Notes”), each series of which are fully and unconditionally guaranteed by the Guarantors
(the “Guarantees”). The Notes and the Guarantees are herein collectively referred to as the “Securities.”

 

This Agreement is made pursuant to the Purchase Agreement, dated
November 27, 2018 (the “Purchase Agreement”), by and among the Company, the Guarantors and the Representatives, for
themselves and on behalf of the several Initial Purchasers, (i) for the benefit of the Initial Purchasers and (ii) for the benefit
of the holders from time to time of the Securities, including the Initial Purchasers. In order to induce the Initial Purchasers
to purchase the Securities, the Company has agreed to provide the registration rights set forth in this Agreement. The execution
and delivery of this Agreement is a condition to the obligations of the Initial Purchasers set forth in Section 5(f) of the Purchase
Agreement.

 

The parties hereby agree as follows:

 

Section 1.          
Definitions. As used in this Agreement, the following capitalized terms shall have the following meanings:

 

2026 Notes: As defined in the preamble hereof.

 

2029 Notes: As defined in the preamble hereof.

 

Additional Interest: As defined in Section 5 hereof.

 

Additional Interest Payment Date: With respect to the Transfer
Restricted Securities, each Interest Payment Date.

 

Advice: As defined in Section 6(c) hereof.

 

Agreement: As defined in the preamble hereof.

 

Broker-Dealer: Any broker or dealer registered under the Exchange
Act.

 

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Business Day: Any day other than a Saturday, Sunday or U.S.
federal holiday or a day on which banking institutions or trust companies located in New York, New York are authorized or obligated
to be closed.

 

Closing Date: The date of this Agreement.

 

Commission: The Securities and Exchange Commission.

 

Company: As defined in the preamble hereof.

 

Consummate: A registered Exchange Offer shall be deemed “Consummated”
for purposes of this Agreement upon the occurrence of (i) the filing and effectiveness under the Securities Act of the Exchange
Offer Registration Statement relating to the Exchange Securities to be issued in the Exchange Offer, (ii) the maintenance of such
Registration Statement continuously effective and the keeping of the Exchange Offer open for a period not less than the minimum
period required pursuant to Section 3(b) hereof, and (iii) the delivery by the Company to the Registrar under the Indenture of
Exchange Securities in the same aggregate principal amount as the aggregate principal amount of Transfer Restricted Securities
that were tendered by Holders thereof pursuant to the Exchange Offer.

 

Exchange Act: The Securities Exchange Act of 1934, as amended.

 

Exchange Date: As defined in Section 3(a) hereof.

 

Exchange Offer: The registration by the Company under the
Securities Act of the Exchange Securities pursuant to a Registration Statement pursuant to which the Company offers the Holders
of all outstanding Transfer Restricted Securities the opportunity to exchange all such outstanding Transfer Restricted Securities
held by such Holders for Exchange Securities in an aggregate principal amount equal to the aggregate principal amount of the Transfer
Restricted Securities tendered in such exchange offer by such Holders.

 

Exchange Offer Registration Statement: The Registration Statement
relating to the Exchange Offer, including the related Prospectus.

 

Exchange Securities: The (x) 4.650% Senior Notes due 2026,
of the same series under the Indenture as the Transfer Restricted Securities, and the Guarantees thereof and (y) 4.900% Senior
Notes due 2029, of the same series under the Indenture as the Transfer Restricted Securities, and the Guarantees thereof to be
issued to Holders in exchange for Transfer Restricted Securities pursuant to this Agreement, as applicable.

 

FINRA: Financial Industry Regulatory Authority, Inc.

 

Free Writing Prospectus: Each free writing prospectus (as
defined in Rule 405 under the Securities Act) prepared by or on behalf of the Company or used or referred to by the Company in
connection with the sale of the Securities or the Exchange Securities.

 

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Given: With respect to any notice to be given to a Holder
pursuant to this Agreement, notice sent to such Holder by first class mail or by overnight air courier promising next Business
Day, in each case prepaid, at its address or by electronic transmission at its email address as it appears on the records of the
Registrar under the Indenture in accordance with Section 12(d). Notice so “given” shall be deemed to include any notice
to be “mailed” “sent” or “delivered,” as applicable, under this Agreement.

 

Guarantees: As defined in the preamble hereof.

 

Guarantors: As defined in the preamble hereof.

 

Holder: As defined in Section 2(b) hereof.

 

Indenture: The Indenture, dated as of December 3, 2018, by
and among the Company, the Guarantors and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”),
as supplemented by the First Supplemental Indenture, dated as of December 3, 2018, by and among the Company, the Guarantors and
the Trustee, pursuant to which the Securities are to be issued.

 

Initial Purchasers: As defined in the preamble hereof.

 

Interest Payment Date: As defined in the Indenture and the
Securities.

 

Notes: As defined in the preamble hereof.

 

Person: An individual, partnership, corporation, trust or
unincorporated organization, or a government or agency or political subdivision thereof.

 

Prospectus: The prospectus included in a Registration Statement
(including, without limitation, any “issuer free writing prospectus” as defined in Rule 433 under the Securities Act),
as amended or supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments,
and all material incorporated by reference into such Prospectus.

 

Purchase Agreement: As defined in the preamble hereof.

 

Registration Default: As defined in Section 5 hereof.

 

Registration Statement: Any registration statement of the
Company relating to (a) an offering of Exchange Securities pursuant to an Exchange Offer or (b) the registration for resale of
Transfer Restricted Securities pursuant to the Shelf Registration Statement, which is filed pursuant to the provisions of this
Agreement, in each case, including the Prospectus included therein, all amendments and supplements thereto (including post-effective
amendments) and all exhibits and material incorporated by reference therein.

 

Representatives: As defined in the preamble hereof.

 

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Securities: As defined in the preamble hereof.

 

Securities Act: The Securities Act of 1933, as amended.

 

Shelf Filing Deadline: As defined in Section 4(a) hereof.

 

Shelf Registration Statement: As defined in Section 4(a) hereof.

 

Transfer Restricted Securities: The Securities; provided
that a Security shall cease to be a Transfer Restricted Security on the earliest to occur of (a) the date on which such Security
is exchanged in the Exchange Offer for an Exchange Security entitled to be resold to the public by the holder of such Exchange
Security without complying with the prospectus delivery requirements of the Securities Act, (b) the date on which such Security
has been effectively registered under the Securities Act and disposed of in accordance with a Shelf Registration Statement and
(c) the date on which such Security is distributed to the public by a Broker-Dealer pursuant to the “Plan of Distribution”
contemplated by the Exchange Offer Registration Statement (including delivery of the Prospectus contained therein).

 

Trust Indenture Act: The Trust Indenture Act of 1939, as amended.

 

Underwritten Registration or Underwritten Offering: A
registration in which securities of the Company are sold to an underwriter for reoffering to the public.

 

Section 2.          
Securities Subject to this Agreement.

 

(a)              
Transfer Restricted Securities. The securities entitled to the benefits of this Agreement are the Transfer Restricted
Securities.

 

(b)              
Holders of Transfer Restricted Securities. A Person is deemed to be a holder of Transfer Restricted Securities (each,
a “Holder”) whenever such Person owns Transfer Restricted Securities.

 

Section 3.          
Registered Exchange Offer.

 

(a)              
Unless the Exchange Offer shall not be permissible under applicable law or Commission policy (after the procedures set forth
in Section 6(a) hereof have been complied with), each of the Company and the Guarantors shall (i)(A) use its commercially reasonable
efforts to cause to be filed with the Commission a Registration Statement under the Securities Act relating to the Exchange Securities
and the Exchange Offer and (B) use commercially reasonable efforts to cause such Registration Statement to become effective,
(ii) in connection with the foregoing, (A) file all pre-effective amendments to such Registration Statement as may be necessary
in order to cause such Registration Statement to become effective, (B) if applicable, file a post-effective amendment to such Registration
Statement pursuant to Rule 430A under the Securities Act and (C) cause all necessary filings in connection with the registration
and qualification of the Exchange Securities to be made under the state securities or blue sky laws of such jurisdictions as are
necessary to permit Consummation of the Exchange Offer, and (iii) upon the effectiveness of such Registration Statement, commence
the Exchange Offer. Each of the Company and the Guarantors shall use commercially reasonable efforts to Consummate the Exchange
Offer not later than June 1, 2020 (the “Exchange Date”). The Exchange Offer, if required pursuant to this Section 3(a),
shall be on the appropriate form permitting registration of the Exchange Securities of the applicable series to be offered in exchange
for the Transfer Restricted Securities of such series and to permit resales of Transfer Restricted Securities of such series held
by Broker-Dealers as contemplated by Section 3(c) hereof.

 

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(b)              
If an Exchange Offer Registration Statement is required to be filed and declared effective pursuant to Section 3(a) above,
each of the Company and the Guarantors shall use commercially reasonable efforts to cause the Exchange Offer Registration Statement
to be effective continuously and shall keep the Exchange Offer open for a period of not less than the minimum period required under
applicable federal and state securities laws to Consummate the Exchange Offer; provided, however, that in no event
shall such period be less than 20 Business Days after the date notice of the Exchange Offer is given to the Holders. The Company
shall cause the Exchange Offer to comply with all applicable federal and state securities laws. No securities other than the Exchange
Securities shall be included in the Exchange Offer Registration Statement. Each of the Company and the Guarantors shall use its
commercially reasonable efforts to cause the Exchange Offer to be Consummated by the Exchange Date.

 

(c)              
The Company shall indicate in a “Plan of Distribution” section contained in the Prospectus forming a part of
the Exchange Offer Registration Statement that any Broker-Dealer who holds Transfer Restricted Securities that were acquired for
its own account as a result of market-making activities or other trading activities (other than Transfer Restricted Securities
acquired directly from the Company) may exchange such Transfer Restricted Securities pursuant to the Exchange Offer; however, such
Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Securities Act and must, therefore, deliver
a prospectus meeting the requirements of the Securities Act in connection with any resales of the Exchange Securities received
by such Broker-Dealer in the Exchange Offer, which prospectus delivery requirement may be satisfied by the delivery by such Broker-Dealer
of the Prospectus contained in the Exchange Offer Registration Statement. Such “Plan of Distribution” section shall
also contain all other information with respect to such resales by Broker-Dealers that the Commission may require in order to permit
such resales pursuant thereto, but such “Plan of Distribution” shall not name any such Broker-Dealer or disclose the
amount of Transfer Restricted Securities held by any such Broker-Dealer except to the extent required by the Commission.

 

Each of the Company and the Guarantors shall use its commercially
reasonable efforts to keep the Exchange Offer Registration Statement continuously effective, supplemented and amended as required
by the provisions of Section 6(c) hereof to the extent necessary to ensure that it is available for resales of Exchange Securities
acquired by Broker-Dealers for their own accounts as a result of market-making activities or other trading activities, and to ensure
that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission
as announced from time to time, for a period ending on the earlier of (i) 180 days from the date on which the Exchange Offer Registration
Statement is declared effective and (ii) the date on which a Broker-Dealer is no longer required to deliver a prospectus in connection
with market-making or other trading activities.

 

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The Company shall provide sufficient copies of the latest version
of such Prospectus to Broker-Dealers promptly upon request at any time during such 180-day (or shorter as provided in the foregoing
sentence) period in order to facilitate such resales.

 

It is agreed that if the Exchange Offer required to be Consummated
pursuant to this Agreement is not so Consummated by the Exchange Date, the only remedy to the Holders, except as provided in Section
4 hereof, after the Exchange Date will be Additional Interest as set forth in Section 5 hereof.

 

Section 4.          
Shelf Registration.

 

(a)              
Shelf Registration. If (i) the Company and the Guarantors are not required to file an Exchange Offer Registration
Statement or to Consummate the Exchange Offer solely because the Exchange Offer is not permitted by applicable law or Commission
policy (after the procedures set forth in Section 6(a) hereof have been complied with), (ii) for any reason the Exchange Offer
is not Consummated by the Exchange Date or (iii) prior to the Exchange Date: (A) the Initial Purchasers so request from the Company
with respect to Transfer Restricted Securities not eligible to be exchanged for Exchange Securities in the Exchange Offer, (B)
with respect to any Holder of Transfer Restricted Securities, such Holder notifies the Company that (i) such Holder is prohibited
by applicable law or Commission policy from participating in the Exchange Offer, (ii) such Holder may not resell the Exchange Securities
acquired by it in the Exchange Offer to the public without delivering a prospectus and that the Prospectus contained in the Exchange
Offer Registration Statement is not appropriate or available for such resales by such Holder, or (iii) such Holder is a Broker-Dealer
and holds Transfer Restricted Securities acquired directly from the Company or one of its affiliates or (C) in the case of any
Initial Purchaser, such Initial Purchaser notifies the Company it will not receive Exchange Securities in exchange for Transfer
Restricted Securities constituting any portion of such Initial Purchaser’s unsold allotment, the Company and the Guarantors
shall:

 

(x)       cause to be
filed a shelf registration statement pursuant to Rule 415 under the Securities Act, which may be an amendment to the Exchange Offer
Registration Statement (in either event, the “Shelf Registration Statement”) on or prior to the 30th day
after the date such obligation arises but no earlier than June 1, 2020 (such date being the “Shelf Filing Deadline”),
which Shelf Registration Statement shall provide for resales of all Transfer Restricted Securities the Holders of which shall have
provided the information required pursuant to Section 4(b) hereof; and

 

(y)       use their
commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective by the Commission on or before
the 30th day after the Shelf Filing Deadline (or if such 30th day is not a Business Day, the next succeeding
Business Day).

 

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Each of the Company and the Guarantors shall use commercially reasonable
efforts to keep such Shelf Registration Statement continuously effective, supplemented and amended as required by the provisions
of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is available for resales of Transfer Restricted Securities
by the Holders of such Securities entitled to the benefit of this Section 4(a), and to ensure that it conforms with the requirements
of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time,
from the date on which the Shelf Registration Statement is declared effective by the Commission until the expiration of the one-year
period from the effective date of the Shelf Registration Statement (or such shorter period that will terminate when all the Transfer
Restricted Securities covered by such Shelf Registration Statement have been sold pursuant to such Shelf Registration Statement);
provided that the Company may for a period of up to 60 days in any three-month period, not to exceed 90 days in any calendar
year, determine that the Shelf Registration Statement is not usable under certain circumstances relating to corporate developments,
public filings with the Commission and similar events, and suspend the use of the Prospectus that is part of the Shelf Registration
Statement (any such period, a “Suspension Period”).

 

It is agreed that if a Shelf Registration Statement is required to
be filed and effective pursuant to this Agreement and is not so filed and effective after the Shelf Filing Deadline, the only remedy
to the Holders after the Shelf Filing Deadline will be Additional Interest as set forth in Section 5 hereof.

 

(b)              
Provision by Holders of Certain Information in Connection with the Shelf Registration Statement. No Holder of Transfer
Restricted Securities may include any of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this
Agreement unless and until such Holder furnishes to the Company in writing, within 20 Business Days after receipt of a written
request therefor, such information as the Company may reasonably request for use in connection with any Shelf Registration Statement
or Prospectus or preliminary Prospectus included therein. Each Holder as to which any Shelf Registration Statement is being effected
agrees to furnish promptly to the Company all information required to be disclosed in order to make the information previously
furnished to the Company by such Holder not materially misleading.

 

Section 5.          
Additional Interest. If, with respect to any series of Transfer Restricted Securities, either (i) the Exchange
Offer has not been Consummated by the Exchange Date; (ii) any Shelf Registration Statement, if required hereby, has not been declared
effective by the Commission by the date set forth in Section 4(a)(y) or (iii) any Registration Statement required by this Agreement
has been declared effective but ceases to be effective at any time at which it is required to be effective under this Agreement
other than during a Suspension Period (each such event referred to in clauses (i) through (iii), a “Registration Default”),
the Company hereby agrees that the interest rate borne by the Transfer Restricted Securities of the applicable series shall be
increased by 0.25% per annum during the 90-day period immediately following the occurrence of any Registration Default and shall
increase by 0.25% per annum at the end of each subsequent 90-day period, but in no event shall such increase exceed 0.50% per annum
(such increases, collectively, “Additional Interest”). Following the cure of all Registration Defaults relating to
the particular Transfer Restricted Securities, the interest rate borne by the relevant Transfer Restricted Securities of the applicable
series will be reduced to the original interest rate borne by such Transfer Restricted Securities of the applicable series; provided,
however, that, if after any such reduction in interest rate, a different Registration Default occurs, the interest rate
borne by the relevant Transfer Restricted Securities of the applicable series shall again be increased pursuant to the foregoing
provisions.

 

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All obligations of the Company and the Guarantors set forth in the
preceding paragraph that are outstanding with respect to any Transfer Restricted Security of any series at the time such security
ceases to be a Transfer Restricted Security shall survive until such time as all such obligations with respect to such security
shall have been satisfied in full.

 

Section 6.          
Registration Procedures.

 

(a)              
Exchange Offer Registration Statement. In connection with the Exchange Offer, if required pursuant to Section 3(a)
hereof, the Company and the Guarantors shall comply with all of the provisions of Section 6(c) hereof, shall use their commercially
reasonable efforts to effect such exchange to permit the sale of Transfer Restricted Securities being sold in accordance with the
intended method or methods of distribution thereof, and shall comply with all of the following provisions:

 

(i)              
If in the reasonable opinion of counsel to the Company there is a question as to whether the Exchange Offer is permitted
by applicable law, each of the Company and the Guarantors hereby agrees to seek a no-action letter or other favorable decision
from the Commission allowing the Company and the Guarantors to Consummate an Exchange Offer for such Transfer Restricted Securities.
Each of the Company and the Guarantors hereby agrees to pursue the issuance of such a decision to the Commission staff level but
shall not be required to take commercially unreasonable action to effect a change of Commission policy. Each of the Company and
the Guarantors hereby agrees, however, to (A) participate in telephonic conferences with the Commission, (B) deliver to the Commission
staff an analysis prepared by counsel to the Company setting forth the legal bases, if any, upon which such counsel has concluded
that such an Exchange Offer should be permitted and (C) diligently pursue a favorable resolution by the Commission staff of such
submission.

 

(ii)             
As a condition to its participation in the Exchange Offer pursuant to the terms of this Agreement, each Holder of Transfer
Restricted Securities shall furnish, upon the request of the Company, prior to the Consummation thereof, a written representation
to the Company (which may be contained in the letter of transmittal contemplated by the Exchange Offer Registration Statement)
to the effect that (A) it is not an affiliate (within the meaning of Rule 405 under the Securities Act) of the Company or any Guarantor,
(B) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any Person to participate
in, a distribution of the Exchange Securities to be issued in the Exchange Offer and (C) it is acquiring the Exchange Securities
in its ordinary course of business. In addition, all such Holders of Transfer Restricted Securities shall otherwise cooperate in
the Company’s preparations for the Exchange Offer. Each Holder hereby acknowledges and agrees that any Broker-Dealer and
any such Holder using the Exchange Offer to participate in a distribution of the securities to be acquired in the Exchange Offer
(1) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission enunciated
in Morgan Stanley and Co., Inc. (available June 5, 1991) and Exxon Capital Holdings Corporation (available May 13,
1988), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action letters
(which may include any no-action letter obtained pursuant to clause (i) above), and (2) must comply with the registration and prospectus
delivery requirements of the Securities Act in connection with a secondary resale transaction and that such a secondary resale
transaction should be covered by an effective registration statement containing the selling security holder information required
by Item 507 or 508, as applicable, of Regulation S-K under the Securities Act if the resales are of Exchange Securities obtained
by such Holder in exchange for Transfer Restricted Securities acquired by such Holder directly from the Company.

 

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(b)              
Shelf Registration Statement. If required pursuant to Section 4, in connection with the Shelf Registration Statement,
each of the Company and the Guarantors shall comply with all the provisions of Section 6(c) hereof and shall use its commercially
reasonable efforts to effect such registration to permit the sale of the Transfer Restricted Securities being sold in accordance
with the intended method or methods of distribution thereof, and pursuant thereto each of the Company and the Guarantors will as
expeditiously as possible prepare and file with the Commission a Registration Statement relating to the registration on any appropriate
form under the Securities Act, which form shall be available for the sale of the Transfer Restricted Securities in accordance with
the intended method or methods of distribution thereof.

 

(c)              
General Provisions. In connection with any Registration Statement and any Prospectus required by this Agreement to
permit the sale or resale of Transfer Restricted Securities (including, without limitation, any Registration Statement and the
related Prospectus required to permit resales of Transfer Restricted Securities by Broker-Dealers), each of the Company and the
Guarantors shall:

 

(i)              
use its commercially reasonable efforts to keep such Registration Statement continuously effective and provide all requisite
financial statements, including, if required by the Securities Act or any regulation thereunder, financial statements of the Guarantors
for the period specified in Section 3 or 4 hereof, as applicable; upon the occurrence of any event that would cause any such Registration
Statement or the Prospectus contained therein (A) to contain a material misstatement or omission or (B) not to be effective and
usable for resale of Transfer Restricted Securities during the period required by this Agreement, the Company and the Guarantors
shall file promptly an appropriate amendment to such Registration Statement, in the case of clause (A), correcting any such misstatement
or omission, and, in the case of either clause (A) or (B), use its commercially reasonable efforts to cause such amendment to be
declared effective and such Registration Statement and the related Prospectus to become usable for their intended purpose(s) as
soon as practicable thereafter;

 

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(ii)             
prepare and file with the Commission such amendments and post-effective amendments to the applicable Registration Statement
as may be necessary to keep the Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof,
as applicable, or such shorter period as will terminate when all Transfer Restricted Securities covered by such Registration Statement
have been sold; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed
pursuant to Rule 424 under the Securities Act, and to comply fully with the applicable provisions of Rules 424 and 430A under the
Securities Act in a timely manner; and comply with the provisions of the Securities Act with respect to the disposition of all
securities covered by such Registration Statement during the applicable period in accordance with the intended method or methods
of distribution by the sellers thereof set forth in such Registration Statement or supplement to the Prospectus;

 

(iii)              
advise the underwriter(s), if any, and selling Holders promptly and, if requested by such Persons, confirm such advice in
writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to
any Registration Statement or any post-effective amendment thereto, when the same has become effective, (B) of any request by the
Commission for amendments to the Registration Statement or amendments or supplements to the Prospectus or for additional information
relating thereto, (C) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement
under the Securities Act or of the suspension by any state securities commission of the qualification of the Transfer Restricted
Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes, (D)
of the existence of any fact or the happening of any event that makes any statement of a material fact made in the Registration
Statement, the Prospectus, any amendment or supplement thereto, or any document incorporated by reference therein untrue, or that
requires the making of any additions to or changes in the Registration Statement or the Prospectus in order to make the statements
therein not misleading. If at any time the Commission shall issue any stop order suspending the effectiveness of the Registration
Statement, or any state securities commission or other regulatory authority shall issue an order suspending the qualification or
exemption from qualification of the Transfer Restricted Securities under state securities or blue sky laws, each of the Company
and the Guarantors shall use its commercially reasonable efforts to obtain the withdrawal or lifting of such order at the earliest
possible time;

 

(iv)              
furnish without charge to each of the Initial Purchasers, each selling Holder named in any Registration Statement, and each
of the underwriter(s), if any, before filing with the Commission, copies of any Registration Statement or any Prospectus included
therein or any amendments or supplements to any such Registration Statement or Prospectus (including all documents incorporated
by reference after the initial filing of such Registration Statement if not available on EDGAR), which documents will be subject
to the review and comment of such Holders and underwriter(s) in connection with such sale, if any, for a period of at least three
Business Days, and the Company and the Guarantors will not file any such Registration Statement or Prospectus or any amendment
or supplement to any such Registration Statement or Prospectus (excluding any documents incorporated by reference) to which an
Initial Purchaser of Transfer Restricted Securities covered by such Registration Statement or the underwriter(s), if any, shall
reasonably object in writing within three Business Days after the receipt thereof (such objection to be deemed timely made upon
confirmation of telecopy transmission within such period). The objection of an Initial Purchaser or underwriter, if any, shall
be deemed to be reasonable if such Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to be
filed, contains a material misstatement or omission;

 

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(v)             
make available at reasonable times for inspection by the Initial Purchasers, the managing underwriter(s), if any, participating
in any disposition pursuant to such Registration Statement and any attorney or accountant retained by such Initial Purchasers or
any of the underwriter(s), all financial and other records, pertinent corporate documents and properties of each of the Company
and the Guarantors and cause the Company’s and the Guarantors’ officers, directors and employees to supply all information
reasonably requested by any such Initial Purchaser, underwriter, attorney or accountant in connection with such Registration Statement
or any post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness and to participate in meetings
with investors to the extent reasonably requested by the managing underwriter(s), if any;

 

(vi)              
if requested by any selling Holders or the underwriter(s), if any, promptly incorporate in any Registration Statement or
Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such selling Holders and underwriter(s),
if any, may reasonably request to have included therein, including, without limitation, information relating to the “Plan
of Distribution” of the Transfer Restricted Securities, information with respect to the principal amount of Transfer Restricted
Securities being sold to such underwriter(s), the purchase price being paid therefor and any other terms of the offering of the
Transfer Restricted Securities to be sold in such offering; and make all required filings of such Prospectus supplement or post-effective
amendment as soon as practicable after the Company is notified of the matters to be incorporated in such Prospectus supplement
or post-effective amendment;

 

(vii)             
cause the Transfer Restricted Securities covered by the Registration Statement to be rated, if not then rated, with the
appropriate rating agencies, if so requested by the Holders of a majority in aggregate principal amount of Securities covered thereby
or the underwriter(s), if any;

 

(viii)              
furnish to each Initial Purchaser, each selling Holder and each of the underwriter(s), if any, without charge, at least
one copy of the Registration Statement, as first filed with the Commission, and of each amendment thereto, including financial
statements and schedules, all documents incorporated by reference therein (if specifically requested) and all exhibits (including
exhibits incorporated therein by reference);

 

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(ix)              
deliver to each selling Holder and each of the underwriter(s), if any, without charge, as many copies of the Prospectus
(including each preliminary prospectus) and any amendment or supplement thereto as such Persons reasonably may request; each of
the Company and the Guarantors hereby consents to the use of the Prospectus and any amendment or supplement thereto by each of
the selling Holders and each of the underwriter(s), if any, in connection with the offering and the sale of the Transfer Restricted
Securities covered by the Prospectus or any amendment or supplement thereto;

 

(x)             
enter into such customary agreements (including an underwriting agreement), and make such representations and warranties,
and take all such other actions in connection therewith in order to expedite or facilitate the disposition of the Transfer Restricted
Securities pursuant to any Registration Statement contemplated by this Agreement, all to such extent as may be reasonably requested
by any Initial Purchaser or by any Holder of Transfer Restricted Securities or underwriter in connection with any sale or resale
pursuant to any Registration Statement contemplated by this Agreement; and whether or not an underwriting agreement is entered
into and whether or not the registration is an Underwritten Registration, each of the Company and the Guarantors shall:

 

(A)            
furnish to each Initial Purchaser, each selling Holder and each underwriter, if any, in such substance and scope as they
may reasonably request and as are customarily made by issuers to underwriters in primary underwritten offerings, upon the date
of the Consummation of the Exchange Offer or, if applicable, the effectiveness of the Shelf Registration Statement:

 

(1)              
a certificate, dated the date of Consummation of the Exchange Offer or the date of effectiveness of the Shelf Registration
Statement, as the case may be, signed by (x) the President or any Vice President and (y) a principal financial or accounting officer
of each of the Company and the Guarantors, confirming, as of the date thereof, the matters set forth in paragraphs (i), (ii) and
(iii) of Section 5(e) of the Purchase Agreement and such other matters as such parties may reasonably request;

 

(2)              
an opinion, dated the date of Consummation of the Exchange Offer or the date of effectiveness of the Shelf Registration
Statement, as the case may be, of counsel for the Company and the Guarantors, covering such matters as are customarily covered
in opinions requested in an underwritten offering and such other matters as such parties may reasonably request, and in any event
including a statement to the effect that such counsel has participated in conferences with officers and other representatives of
the Company and the Guarantors, representatives of the independent public accountants for the Company and the Guarantors, representatives
of the underwriter(s), if any, and counsel to the underwriter(s), if any, in connection with the preparation of such Registration
Statement and the related Prospectus and have considered the matters required to be stated therein and the statements contained
therein, although such counsel has not independently verified the accuracy, completeness or fairness of such statements; and that
such counsel advises that, on the basis of the foregoing, no facts came to such counsel’s attention that caused such counsel
to believe that the applicable Registration Statement, at the time such Registration Statement or any post-effective amendment
thereto became effective, and, in the case of the Exchange Offer Registration Statement, as of the date of Consummation, contained
an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the
statements therein not misleading, or that the Prospectus contained in such Registration Statement as of its date and, in the case
of the opinion dated the date of Consummation of the Exchange Offer, as of the date of Consummation, contained an untrue statement
of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading. Without limiting the foregoing, such counsel may state further that such counsel assumes
no responsibility for, and has not independently verified, the accuracy, completeness or fairness of the financial statements,
notes and schedules and other financial data included in any Registration Statement contemplated by this Agreement or the related
Prospectus; and

 

    -12-

    

    

(3)              
solely in connection with an Underwritten Offering, a customary comfort letter, dated the date of effectiveness of the Shelf
Registration Statement, from the Company’s independent accountants, in customary form and covering matters of the type customarily
requested to be covered in comfort letters by underwriters in connection with primary underwritten offerings, and covering or affirming
the matters set forth in the comfort letters delivered pursuant to Section 5(a) of the Purchase Agreement, without exception;

 

(B)             
set forth in full or incorporate by reference in the underwriting agreement, if any, the indemnification provisions and
procedures of Section 8 hereof with respect to all parties to be indemnified pursuant to said Section; and

 

(C)             
deliver such other documents and certificates as may be reasonably requested by such parties to evidence compliance with
Section 6(c)(x)(A) hereof and with any customary conditions contained in the underwriting agreement or other agreement entered
into by the Company or any of the Guarantors pursuant to this Section 6(c)(x), if any.

 

    -13-

    

    

If at any time the representations and warranties of the
Company and the Guarantors contemplated in Section 6(c)(x)(A)(1) hereof cease to be true and correct, the Company or the Guarantors
shall so advise the Initial Purchasers and the underwriter(s), if any, and each selling Holder promptly and, if requested by such
Persons, shall confirm such advice in writing;

 

(xi)              
prior to any public offering of Transfer Restricted Securities, cooperate with the selling Holders, the underwriter(s),
if any, and their respective counsel in connection with the registration and qualification of the Transfer Restricted Securities
under the state securities or blue sky laws of such jurisdictions as the selling Holders or underwriter(s), if any, may reasonably
request and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Transfer
Restricted Securities covered by the Shelf Registration Statement; provided, however, that none of the Company nor
the Guarantors shall be required to register or qualify as a foreign corporation where it is not then so qualified or to take any
action that would subject it to periodic reporting obligations or the service of process in suits or to taxation, other than as
to matters and transactions relating to the Registration Statement, in any jurisdiction where it is not then so subject;

 

(xii)             
issue, upon the request of any Holder of Transfer Restricted Securities covered by the Shelf Registration Statement, Exchange
Securities having an aggregate principal amount equal to the aggregate principal amount of Transfer Restricted Securities surrendered
to the Company by such Holder in exchange therefor or being sold by such Holder; such Exchange Securities to be registered in the
name of such Holder or in the name of the purchaser(s) of such Exchange Securities, as the case may be; in return, the Transfer
Restricted Securities held by such Holder shall be surrendered to the Company for cancellation;

 

(xiii)              
cooperate with the selling Holders and the underwriter(s), if any, to facilitate the timely preparation and delivery of
certificates representing Transfer Restricted Securities to be sold and not bearing any restrictive legends; and enable such Transfer
Restricted Securities to be in such denominations and registered in such names as the Holders or the underwriter(s), if any, may
request at least two Business Days prior to any sale of Transfer Restricted Securities made by such Holders or underwriter(s);

 

(xiv)              
use its commercially reasonable efforts to cause the Transfer Restricted Securities covered by the Registration Statement
to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or
sellers thereof or the underwriter(s), if any, to consummate the disposition of such Transfer Restricted Securities, subject to
the proviso contained in Section 6(c)(xi) hereof;

 

(xv)             
if any fact or event contemplated by Section 6(c)(iii)(D) hereof shall exist or have occurred, prepare a supplement or post-effective
amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other
required document so that, as thereafter delivered to the purchasers of Transfer Restricted Securities, the Prospectus will not
contain an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading;

 

    -14-

    

    

(xvi)              
cooperate and assist in any filings required to be made with FINRA and in the performance of any due diligence investigation
by any underwriter (including any “qualified independent underwriter”) that is required to be retained in accordance
with the rules and regulations of FINRA;

 

(xvii)             
provide a CUSIP number for all Securities not later than the effective date of the Registration Statement covering such
Securities and provide the Trustee under the Indenture with printed certificates for such Securities which are in a form eligible
for deposit with The Depository Trust Company and take all other action necessary to ensure that all such Securities are eligible
for deposit with The Depository Trust Company;

 

(xviii)              
cause all Securities covered by the Registration Statement to be listed on each securities exchange or automated quotation
system on which similar securities issued by the Company are then listed if requested by the Holders of a majority in aggregate
principal amount of such Securities or the managing underwriter(s), if any;

 

(xix)              
otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission,
and make generally available to its security holders, as soon as practicable, a consolidated earnings statement meeting the requirements
of Rule 158 under the Securities Act (which need not be audited) for the twelve-month period (A) commencing at the end of any fiscal
quarter in which Transfer Restricted Securities are sold to underwriters in a firm commitment or best efforts Underwritten Offering
or (B) if not sold to underwriters in such an offering, beginning with the first month of the Company’s first fiscal quarter
commencing after the effective date of the Registration Statement; provided that their requirements shall be deemed satisfied
by the Company complying with Section 4.3 of the Indenture;

 

(xx)             
cause the Indenture to be qualified under the Trust Indenture Act not later than the effective date of the first Registration
Statement required by this Agreement, and, in connection therewith, cooperate with the Trustee and the Holders of Securities to
effect such changes to the Indenture as may be required for such Indenture to be so qualified in accordance with the terms of the
Trust Indenture Act; and to execute, and use its commercially reasonable efforts to cause the Trustee to execute, all documents
that may be required to effect such changes and all other forms and documents required to be filed with the Commission to enable
such Indenture to be so qualified in a timely manner;

 

(xxi)              
provide promptly to each Holder upon written request each document filed with the Commission pursuant to the requirements
of Section 13 and Section 15 of the Exchange Act and not available on EDGAR; and

 

(xxii)             
to the extent any Free Writing Prospectus is used, file with the Commission any Free Writing Prospectus that is required
to be filed by the Company or the Guarantors with the Commission in accordance with the Securities Act and to retain any Free Writing
Prospectus not required to be filed in accordance with the Securities Act.

 

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Each Holder agrees by acquisition of a Transfer Restricted Security
that, upon receipt of any notice from the Company of the existence of any fact of the kind described in Section 6(c)(iii)(D) hereof,
such Holder will forthwith discontinue disposition of Transfer Restricted Securities pursuant to the applicable Registration Statement
until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xv) hereof,
or until it is advised in writing (the “Advice”) by the Company that the use of the Prospectus may be resumed, and
has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus. If so directed
by the Company, each Holder will deliver to the Company (at the Company’s expense) all copies, other than permanent file
copies then in such Holder’s possession, of the Prospectus covering such Transfer Restricted Securities that was current
at the time of receipt of such notice. In the event the Company shall give any such notice, the time period regarding the effectiveness
of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by the number of days during
the period from and including the date of the giving of such notice pursuant to Section 6(c)(iii)(D) hereof to and including the
date when each selling Holder covered by such Registration Statement shall have received the copies of the supplemented or amended
Prospectus contemplated by Section 6(c)(xv) hereof or shall have received the Advice; provided, however, that no
such extension if in excess of a Suspension Period shall be taken into account in determining whether Additional Interest is due
pursuant to Section 5 hereof or the amount of such Additional Interest, it being agreed that the Company’s option to suspend
use of a Registration Statement pursuant to this paragraph if in excess of a Suspension Period shall be treated as a Registration
Default for purposes of Section 5 hereof.

 

Section 7.          
Registration Expenses.

 

(a)              
All expenses incident to the Company’s and the Guarantors’ performance of or compliance with this Agreement
will be borne by the Company and the Guarantors, jointly and severally, regardless of whether a Registration Statement becomes
effective, including, without limitation: (i) all registration and filing fees and expenses (including filings made by any purchaser
of Transfer Restricted Securities or Holder with FINRA (and, if applicable, the reasonable fees and expenses of any “qualified
independent underwriter” and its counsel that may be required by the rules and regulations of FINRA)); (ii) all fees and
expenses of compliance with federal securities and state securities or blue sky laws; (iii) all expenses of printing (including
printing certificates for the Exchange Securities to be issued in the Exchange Offer and printing of Prospectuses), messenger and
delivery services and telephone; (iv) all fees and disbursements of counsel for the Company, the Guarantors and, subject to Section
7(b) hereof, the Holders of Transfer Restricted Securities; (v) all application and filing fees in connection with listing the
Exchange Securities on a securities exchange or automated quotation system pursuant to the requirements thereof; and (vi) all fees
and disbursements of independent certified public accountants of the Company and the Guarantors (including the expenses of any
special audit and comfort letters required by or incident to such performance).

 

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Each of the Company and the Guarantors will, in any event, bear its
internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting
duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the Company
or the Guarantors.

 

(b)              
In connection with any Registration Statement required by this Agreement (including, without limitation, the Exchange Offer
Registration Statement and the Shelf Registration Statement), the Company and the Guarantors, jointly and severally, will reimburse
the Initial Purchasers and the Holders of Transfer Restricted Securities being tendered in the Exchange Offer and/or resold pursuant
to the “Plan of Distribution” contained in the Exchange Offer Registration Statement or registered pursuant to the
Shelf Registration Statement, as applicable, for the reasonable fees and disbursements of not more than one counsel, who shall
be Cahill Gordon & Reindel llp or such other counsel as may be chosen by the
Holders of a majority in principal amount of the Transfer Restricted Securities for whose benefit such Registration Statement is
being prepared.

 

Section 8.          
Indemnification.

 

(a)              
Each of the Company and the Guarantors, jointly and severally, agrees to indemnify and hold harmless (i) each Holder,
its directors, officers and employees, and each person, if any, who controls any Holder within the meaning of the Securities Act
and the Exchange Act against any loss, claim, damage, liability or expense, as incurred, to which such Holder, director, officer,
employee or controlling person may become subject, under the Securities Act, the Exchange Act or other U.S. federal or state statutory
law or regulation, or at common law or otherwise (including in settlement of any litigation, if such settlement is effected in
accordance with Section 8(d) hereof), insofar as such loss, claim, damage, liability or expense (or actions in respect thereof
as contemplated below) arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained
in any Registration Statement or Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom
of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading; and to reimburse each Holder and each such director, officer, employee or controlling person for any and all expenses
(including the fees and disbursements of counsel) as such expenses are reasonably incurred by such Holder or such director, officer,
employee or controlling person in connection with investigating, defending, settling, compromising or paying any such loss, claim,
damage, liability, expense or action; provided, however, that the foregoing indemnity agreement shall not apply to
any loss, claim, damage, liability or expense to the extent, but only to the extent, arising out of or based upon any untrue statement
or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished
to the Company by such Holder expressly for use in any Registration Statement or Prospectus (or any amendment or supplement thereto).
The indemnity agreement set forth in this Section 8(a) shall be in addition to any liabilities that the Company may otherwise have.

 

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(b)              
Each Holder agrees, severally and not jointly, to indemnify and hold harmless the Company, each Guarantor, each of their
respective directors, officers and employees and each person, if any, who controls the Company or any Guarantor within the meaning
of the Securities Act or the Exchange Act, against any loss, claim, damage, liability or expense, as incurred, to which the Company,
any Guarantor or any such director, officer, employee or controlling person may become subject, under the Securities Act, the Exchange
Act, or other U.S. federal or state statutory law or regulation, or at common law or otherwise (including in settlement of any
litigation, if such settlement is effected in accordance with Section 8(d) hereof), insofar as such loss, claim, damage, liability
or expense (or actions in respect thereof as contemplated below) arises out of or is based upon any untrue statement or alleged
untrue statement of a material fact contained in any Registration Statement or Prospectus (or any amendment or supplement thereto),
or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that such
untrue statement or alleged untrue statement or omission or alleged omission was made in any Registration Statement or Prospectus
(or any amendment or supplement thereto), in reliance upon and in conformity with written information furnished to the Company
by such Holder expressly for use therein; and to reimburse the Company, any Guarantor and each such director, officer, employee
or controlling person for any and all expenses (including the fees and disbursements of counsel) as such expenses are reasonably
incurred by the Company, any Guarantor or such director, officer, employee or controlling person in connection with investigating,
defending, settling, compromising or paying any such loss, claim, damage, liability, expense or action. The indemnity agreement
set forth in this Section 8(b) shall be in addition to any liabilities that each Holder may otherwise have.

 

(c)              
Promptly after receipt by an indemnified party under this Section 8 of notice of the commencement of any action, such indemnified
party will, if a claim in respect thereof is to be made against an indemnifying party under this Section 8, notify the indemnifying
party in writing of the commencement thereof, but the omission so to notify the indemnifying party will not relieve it from any
liability which it may have to any indemnified party for contribution or otherwise other than under the indemnity agreement contained
in this Section 8 or to the extent it is not prejudiced as a proximate result of such failure. In case any such action is brought
against any indemnified party and such indemnified party seeks or intends to seek indemnity from an indemnifying party, the indemnifying
party will be entitled to participate in and, to the extent that it shall elect, jointly with all other indemnifying parties similarly
notified, by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified
party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party; provided, however,
if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall
have reasonably concluded that a conflict may arise between the positions of the indemnifying party and the indemnified party in
conducting the defense of any such action or that there may be legal defenses available to it and/or other indemnified parties
which are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have
the right to select separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on
behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying party to such indemnified party of such
indemnifying party’s election so to assume the defense of such action and approval by the indemnified party of counsel, the
indemnifying party will not be liable to such indemnified party under this Section 8 for any legal or other expenses subsequently
incurred by such indemnified party in connection with the defense thereof unless (i) the indemnified party shall have employed
separate counsel in accordance with the proviso to the next preceding sentence (it being understood, however, that the indemnifying
party shall not be liable for the expenses of more than one separate counsel (together with local counsel), reasonably approved
by the indemnifying party, representing the indemnified parties who are parties to such action) or (ii) the indemnifying party
shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time
after notice of commencement of the action, in each of which cases the fees and expenses of counsel shall be at the expense of
the indemnifying party.

 

    -18-

    

    

(d)              
The indemnifying party under this Section 8 shall not be liable for any settlement of any proceeding effected without its
written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees
to indemnify the indemnified party against any loss, claim, damage, liability or expense by reason of such settlement or judgment.
Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse
the indemnified party for fees and expenses of counsel as contemplated by this Section 8, the indemnifying party agrees that
it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered
into more than 30 days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall
not have reimbursed the indemnified party in accordance with such request or disputed in good faith the indemnified party’s
entitlement to such reimbursement prior to the date of such settlement. No indemnifying party shall, without the prior written
consent of the indemnified party, effect any settlement, compromise or consent to the entry of judgment in any pending or threatened
action, suit or proceeding in respect of which any indemnified party is or could have been a party and indemnity was or could have
been sought hereunder by such indemnified party, unless such settlement, compromise or consent (i) includes an unconditional release
of such indemnified party from all liability on claims that are the subject matter of such action, suit or proceeding and (ii)
does not include any statements as to or any findings of fault, culpability or failure to act by or on behalf of any indemnified
party.

 

(e)              
If the indemnification provided for in Section 8 hereof is for any reason held to be unavailable to or otherwise insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses referred to therein, then
each indemnifying party shall contribute to the aggregate amount paid or payable by such indemnified party, as incurred, as a result
of any losses, claims, damages, liabilities or expenses referred to therein, (i) in such proportion as is appropriate to reflect
the relative benefits received by the Company and the Guarantors, on the one hand, and the Holders, on the other hand, or (ii)
if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect
not only the relative benefits referred to in clause (i) above but also the relative fault of the Company and the Guarantors, on
the one hand, and the Holders, on the other hand, in connection with the statements or omissions or inaccuracies in the representations
and warranties herein which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable
considerations. The relative fault of the Company and the Guarantors, on the one hand, and the Holders, on the other hand, shall
be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact or any such inaccurate or alleged inaccurate representation or warranty relates to
information supplied by the Company and the Guarantors, on the one hand, or the Holders, on the other hand, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission or inaccuracy.

 

    -19-

    

    

(f)               
The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above
shall be deemed to include, subject to the limitations set forth in Section 8 hereof, any legal or other fees or expenses
reasonably incurred by such party in connection with investigating or defending any action or claim. The provisions set forth in
Section 8 hereof with respect to notice of commencement of any action shall apply if a claim for contribution is to be made
under Section 8(e) above; provided, however, that no additional notice shall be required with respect to any action
for which notice has been given under Section 8 hereof for purposes of indemnification. The Company, the Guarantors and each
Holder of Transfer Restricted Securities agree that it would not be just and equitable if contribution pursuant to Section 8(e)
were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method
of allocation which does not take account of the equitable considerations referred to in Section 8(e).

 

(g)              
Notwithstanding the provisions of Section 8(e), no Holder shall be required to contribute any amount in excess of the
dollar amount by which the total discount, commission or gain (if any) received by such Holder from the sale of any Transfer Restricted
Securities (after deducting any fees, discounts and commissions applicable thereto) exceeds the amount of any damages which such
Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.
No person guilty of fraudulent misrepresentation (within the meaning of Section 11 of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute
pursuant to Section 8(e) above are several, and not joint, on a pro rata basis based on such Holder’s aggregate principal
amount of Transfer Restricted Securities included in such Registration Statement or Prospectus. For purposes of Section 8(e) above,
each director, officer and employee of a Holder and each person, if any, who controls a Holder within the meaning of the Securities
Act and the Exchange Act shall have the same rights to contribution as such Holder, and each director, officer and employee of
the Company or any Guarantor, and each person, if any, who controls the Company or any Guarantor within the meaning of the Securities
Act and the Exchange Act shall have the same rights to contribution as the Company and the Guarantors.

 

Section 9.          
Rule 144A. Each of the Company and the Guarantors hereby agrees with each Holder, for so long as any Transfer
Restricted Securities remain outstanding, to make available to any Holder or beneficial owner of Transfer Restricted Securities
in connection with any sale thereof and any prospective purchaser of such Transfer Restricted Securities from such Holder or beneficial
owner, the information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Transfer Restricted
Securities pursuant to Rule 144A under the Securities Act.

 

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Section 10.      
Participation in Underwritten Registrations. No Holder may participate in any Underwritten Registration hereunder
unless such Holder (a) agrees to sell such Holder’s Transfer Restricted Securities on the basis provided in any underwriting
arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all reasonable
questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required under the
terms of such underwriting arrangements.

 

Section 11.      
Selection of Underwriters. The Holders of Transfer Restricted Securities covered by the Shelf Registration
Statement who desire to do so may sell such Transfer Restricted Securities in an Underwritten Offering. In any such Underwritten
Offering, the investment banker(s) and managing underwriter(s) that will administer such offering will be selected by the Holders
of a majority in aggregate principal amount of the Transfer Restricted Securities included in such offering; provided, however,
that such investment banker(s) and managing underwriter(s) must be reasonably satisfactory to the Company.

 

Section 12.      
Miscellaneous.

 

(a)              
Remedies. Each of the Company and the Guarantors hereby agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agrees to waive the defense in
any action for specific performance that a remedy at law would be adequate.

 

(b)              
No Inconsistent Agreements. Each of the Company and the Guarantors will not on or after the date of this Agreement
enter into any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement
or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with
and are not inconsistent with the rights granted to the holders of the Company’s or any of the Guarantors’ securities
under any agreement in effect on the date hereof.

 

(c)              
Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers
or consents to or departures from the provisions hereof may not be given unless the Company has (i) in the case of Section 5 hereof
and this Section 12(c)(i), obtained the written consent of Holders of all outstanding Transfer Restricted Securities and (ii) in
the case of all other provisions hereof, obtained the written consent of Holders of a majority of the outstanding principal amount
of Transfer Restricted Securities (excluding any Transfer Restricted Securities held by the Company or its affiliates). Notwithstanding
the foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose
securities are being tendered pursuant to the Exchange Offer and that does not affect directly or indirectly the rights of other
Holders whose securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a majority of the
outstanding principal amount of Transfer Restricted Securities being tendered or registered; provided, however, that,
with respect to any matter that directly or indirectly affects the rights of any Initial Purchaser hereunder, the Company shall
obtain the written consent of each such Initial Purchaser with respect to which such amendment, modification, supplement, waiver,
consent or departure is to be effective.

 

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(d)              
Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery,
first-class mail (registered or certified, return receipt requested), telex, telecopier or air courier guaranteeing overnight delivery:

 

(i)              
if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar
under the Indenture; and

 

(ii)             
if to the Company:

 

WRKCo Inc.

1000 Abernathy Road NE

Atlanta, Georgia 30328

Facsimile: (770) 263-3582

Attention: General Counsel

With copies to:

 

Cravath, Swaine & Moore LLP

825 Eighth Avenue

New York, New York 10019

Facsimile: (212) 474-3700

Attention: Andrew J. Pitts

 

All such notices and communications shall be deemed to have been
duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage
prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if telecopied; and on the next Business Day, if
timely delivered to an air courier guaranteeing overnight delivery.

 

Copies of all such notices, demands or other communications shall
be concurrently delivered by the Person giving the same to the Trustee at the address specified in the Indenture.

 

(e)              
Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns
of each of the parties, including, without limitation, and without the need for an express assignment, subsequent Holders of Transfer
Restricted Securities; provided, however, that this Agreement shall not inure to the benefit of or be binding upon
a successor or assign of a Holder unless and to the extent such successor or assign acquired Transfer Restricted Securities from
such Holder.

 

(f)               
Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement.

 

(g)              
Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof.

 

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(h)              
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW RULES THEREOF.

 

(i)                
Severability. In the event that any one or more of the provisions contained herein, or the application thereof in
any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in
every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby.

 

(j)                
Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended
to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter
contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein
with respect to the registration rights granted by the Company with respect to the Transfer Restricted Securities. This Agreement
supersedes all prior agreements and understandings between the parties with respect to such subject matter.

 

[Remainder of Page Intentionally Left Blank]

 

 

 

 

 

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IN WITNESS WHEREOF, the parties have executed this Agreement as of
the date first written above.

 

 

WRKCO INC.

 

By: /s/ Robert B. McIntosh

Name: Robert B. McIntosh

Title: Executive Vice President, General

 Counsel and Secretary

 

 

 

 

 

 

 

 

 

 

 

 

 

    
[Signature Page to Registration Rights Agreement]

    

    

IN WITNESS WHEREOF, the parties have executed this Agreement as of
the date first written above.

 

WESTROCK COMPANY

WESTROCK MWV, LLC

WESTROCK RKT, LLC,

as Guarantors

 

By: /s/ Robert B. McIntosh

Name:Robert B. McIntosh

Title: Executive Vice President, General

  Counsel and Secretary

 

 

 

 

 

 

    
[Signature Page to Registration Rights Agreement]

    

    

The foregoing Registration Rights Agreement is hereby confirmed and
accepted as of the date first above written:

 

Merrill Lynch, Pierce, Fenner & Smith 

Incorporated 

HSBC Securities (USA) Inc.

Rabo Securities USA, Inc.

SMBC Nikko Securities America, Inc.

Wells Fargo Securities, LLC

 

 

Acting on behalf of themselves

and as the Representatives of

the several Initial Purchasers

 

By: Merrill Lynch, Pierce, Fenner & Smith

Incorporated

 

 

By: /s/ Sandeep Chawla

Name: Sandeep Chawla

Title: Managing Director

 

 

 

    
[Signature Page to Registration Rights Agreement]

    

    

By: HSBC Securities (USA) Inc.

 

 

By: /s/ Diane Kenna

Name: Diana Kenna

Title: Managing Director

 

 

 

 

 

 

 

 

    
[Signature Page to Registration Rights Agreement]

    

    

 

		By:	Rabo Securities USA, Inc.

 

		By:	/s/ Roderik Bronkhorst
 Name: Roderick Bronkhorst

                                                                 Title:Vice President

 

		By:	/s/ Mark H. Richman
 Name: Mark H. Richman

                                                                 Title:Executive Director

 

 

 

 

 

 

 

 

 

 

 

    
[Signature Page to Registration Rights Agreement]

    

    

 

		By:	SMBC Nikko Securities America, Inc.

 

		By:	/s/ Ryo Suzuki
 Name: Ryo Suzuki

                                                                 Title: President

 

 

 

 

 

 

 

 

 

 

 

 

    
[Signature Page to Registration Rights Agreement]

    

    

		By:	Wells Fargo Securities, LLC

 

		By:	/s/ Carolyn Hurley
 Name: Carolyn Hurley

                                                                 Title:Director

 

 

 

 

 

 

 

 

 

 

 

 

    
[Signature Page to Registration Rights Agreement]

    

    

Schedule A

 

Initial Purchasers

 

	
        Merrill Lynch, Pierce, Fenner & Smith

        Incorporated

         

	HSBC Securities (USA) Inc.
	Rabo Securities USA, Inc. 
	SMBC Nikko Securities America, Inc.
	Wells Fargo Securities, LLC
	
        BB&T Capital Markets, a division of

        BB&T Securities, LLC

         

	BNY Mellon Capital Markets, LLC
	Citigroup Global Markets Inc.
	Fifth Third Securities, Inc.
	ING Financial Markets LLC
	J.P. Morgan Securities LLC
	Mizuho Securities USA LLC
	MUFG Securities Americas Inc.
	PNC Capital Markets LLC
	Scotia Capital (USA) Inc.
	SunTrust Robinson Humphrey, Inc.
	TD Securities (USA) LLC
	RBC Capital Markets, LLC
	BBVA Securities Inc.
	Citizens Capital Markets, Inc.
	Goldman Sachs & Co. LLC
	U.S. Bancorp Investments, Inc.Exhibit 4.02

 

COMMON STOCK PURCHASE WARRANT

TONIX PHARMACEUTICALS HOLDING CORP.

 

	Warrant Shares: _______	Issue Date: _________, 2019

CUSIP:

ISIN:

 

THIS COMMON STOCK PURCHASE WARRANT (the
“Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York time) on _____________
(the “Termination Date”) but not thereafter, to subscribe for and purchase from Tonix Pharmaceuticals Holding
Corp., a Nevada corporation (the “Company”), up to ______ shares of common stock, par value $0.001 per share
(the “Common Stock”) (as subject to adjustment hereunder, the “Warrant Shares”). The purchase
price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant
shall initially be issued and maintained in the form of a security held in book-entry form and the Depository Trust Company or
its nominee (“DTC”) shall initially be the sole registered holder of this Warrant, subject to a Holder’s
right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this
sentence shall not apply.

 

Section 1. Definitions. In addition
to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

 

“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.

 

“Business Day” means any day
except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions
in the State of New York are authorized or required by law or other governmental action to close.

 

“Commission” means the United
States Securities and Exchange Commission.

 

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

 

“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.

 

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

 

“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 Common Stock is listed or quoted for trading on the date in question: the NYSE
American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, OTCQB
or OTCQX (or any successors to any of the foregoing).

 

     

     

    

 

“Transfer Agent” means vStock
Transfer, LLC, the current transfer agent of the Company, with a mailing address of ___________________ and a facsimile number
of _______________, and any successor transfer agent of the Company.

 

“Warrant Agency Agreement” means
that certain warrant agency agreement, dated on or about the Initial Exercise Date, between the Company and the Warrant Agent.

 

“Warrant Agent” means the Transfer
Agent and any successor warrant agent of the Company.

 

Section 2. Exercise.

 

(a) Exercise of Warrant. Exercise of
the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial
Exercise Date and on or before the Termination Date by delivery to the Company or Warrant Agent (or such other office or agency
of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the
books of the Company) of a duly executed facsimile copy (or .pdf copy via e-mail attachment) of the Notice of Exercise in the form
annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number
of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise
as aforesaid, the Holder shall deliver the unpaid portion of the aggregate Exercise Price for the Warrant Shares specified in the
applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise
procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise
shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be
required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant
to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised
in full, in which case, the Holder shall surrender this Warrant to the Company or Warrant Agent for cancellation within three (3)
Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting
in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding
number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder
and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company
or Warrant Agent shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. The
Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph,
following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder
at any given time may be less than the amount stated on the face hereof.

 

Notwithstanding the foregoing in this Section
2(a), a holder whose interest in this Warrant is a beneficial interest in certificate(s) representing this Warrant held in book-entry
form through DTC (or another established clearing corporation performing similar functions), shall effect exercises made pursuant
to this Section 2(a) by delivering to DTC (or such other clearing corporation, as applicable) the appropriate instruction form
for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as
applicable), subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the
Warrant Agency Agreement, in which case this sentence shall not apply.

 

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

 

(c) Cashless Exercise. If at any time
after the Initial Exercise Date, there is no effective registration statement registering, or no current prospectus available for,
the issuance of the Warrant Shares to the Holder, then this Warrant may only be exercised, in whole or in part, at such time by
means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to
the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = as applicable: (i) the VWAP on the Trading Day immediately
preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant
to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on
a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated
under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day
immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading
Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such
Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours
thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to
Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is
a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular
trading hours” on such Trading Day;

 

    2 

     

    

 

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

 

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

 

If Warrant Shares are issued in such a cashless exercise, the
parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the
registered characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to this Section
2(c).

 

“Bid Price” means, for any date,
the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a
Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading Market
on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (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 OTCQB or OTCQX is not a Trading Market, the volume weighted average price
of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not
then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink Sheets”
published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the
most recent bid price per share of Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common
Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Securities
then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

“VWAP” means, for any date,
the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a
Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the
Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (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 OTCQB or OTCQX is not a Trading Market, the volume weighted
average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common
Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink
Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value
of a share of Common Stock as determined by an independent appraiser selected in good faith by the Company, the fees and expenses
of which shall be paid by the Company.

 

Notwithstanding anything herein to the contrary, on the Termination
Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c).

 

    3 

     

    

 

(d) Mechanics of Exercise.

 

i. Delivery of Warrant Shares Upon Exercise.
The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting
the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit
or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there
is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder
or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in
the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder
is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the
earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery
to the Company or the Warrant Agent of the Notice of Exercise (such date, the “Warrant Share Delivery Date”).
Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record
of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant
Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within
the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following
delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to
a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and
not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date
of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such
liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered
or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so
long as this Warrant remains outstanding and exercisable. As used herein, “ Standard Settlement Period “ means the
standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to
the Common Stock as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing, with respect to
any Notice(s) of Exercise delivered by 12:00 p.m. (New York City time) on the Initial Exercise Date, the Company agrees to deliver
the Warrant Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date.

 

ii. Delivery of New Warrants Upon Exercise.
If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant
certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder
to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical
with this Warrant.

 

iii. Rescission Rights. If the Company
fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share
Delivery Date, then the Holder will have the right to rescind such exercise.

 

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

 

    4 

     

    

 

v. No Fractional Shares or Scrip.
No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction
of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either
pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or
round down to the next whole share.

 

vi. Charges, Taxes and Expenses.
Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense
in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant
Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided , however
, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered
for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require,
as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall
pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company
(or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant
Shares.

 

vii. Closing of Books. The Company
will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the
terms hereof.

 

(e) Holder’s Exercise Limitations.
The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this
Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth
on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as
a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence,
the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include
the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made,
but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised
portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion
of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common
Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes
of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the 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 2(e) applies, the determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission
of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant
is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no 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 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding
shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission,
as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or
the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder,
the Company shall within one (1) Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock
then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the
conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties
since the date as of which such number of outstanding shares of Common Stock was reported. The “ Beneficial Ownership Limitation
“ shall be [9.99%/4.99%] of the number of shares of Common Stock outstanding immediately after giving effect to the issuance
of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease
the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event
exceeds 9.99% of the number of the shares of Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply.
Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to
the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity
with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with
the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly
give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

    5 

     

    

 

(f) Call Provision. Subject to the
provisions of Section 2(e) and this Section 2(f), if, after the Initial Exercise Date, (i) the VWAP for each of 10 consecutive
Trading Days (the “Measurement Period,” which 10 consecutive Trading Day period shall not have commenced until
after the Initial Exercise Date) exceeds $____1 (subject to adjustment for forward and reverse stock splits, recapitalizations,
stock dividends and the like after the Initial Exercise Date), and (ii) the Holder is not in possession of any information that
constitutes, or might constitute, material non-public information which was provided by the Company, any of its Subsidiaries,
or any of their officers, directors, employees, agents or Affiliates, then the Company may, within 1 Trading Day of the end of
such Measurement Period, call for cancellation of all or any portion of this Warrant for which a Notice of Exercise has not yet
been delivered (such right, a “Call”) for consideration equal to $.001 per Warrant Share. To exercise this
right, the Company must deliver to the Holder an irrevocable written notice (a “Call Notice”), indicating therein
the portion of unexercised portion of this Warrant to which such notice applies. If the conditions set forth below for such Call
are satisfied from the period from the date of the Call Notice through and including the Call Date (as defined below), then any
portion of this Warrant subject to such Call Notice for which a Notice of Exercise shall not have been received by the Call Date
will be cancelled at 6:30 p.m. (New York City time) on the thirtieth Trading Day after the date the Call Notice is received by
the Holder (such date and time, the “Call Date”). Any unexercised portion of this Warrant to which the Call
Notice does not pertain will be unaffected by such Call Notice. In furtherance thereof, the Company covenants and agrees that
it will honor all Notices of Exercise with respect to Warrant Shares subject to a Call Notice that are tendered through 6:30 p.m.
(New York City time) on the Call Date. The parties agree that any Notice of Exercise delivered following a Call Notice which calls
less than all of the Warrants shall first reduce to zero the number of Warrant Shares subject to such Call Notice prior to reducing
the remaining Warrant Shares available for purchase under this Warrant. For example, if (A) this Warrant then permits the Holder
to acquire 100 Warrant Shares, (B) a Call Notice pertains to 75 Warrant Shares, and (C) prior to 6:30 p.m. (New York City time)
on the Call Date the Holder tenders a Notice of Exercise in respect of 50 Warrant Shares, then (x) on the Call Date the right
under this Warrant to acquire 25 Warrant Shares will be automatically cancelled, (y) the Company, in the time and manner required
under this Warrant, will have issued and delivered to the Holder 50 Warrant Shares in respect of the exercises following receipt
of the Call Notice, and (z) the Holder may, until the Termination Date, exercise this Warrant for 25 Warrant Shares (subject to
adjustment as herein provided and subject to subsequent Call Notices). Subject again to the provisions of this Section 2(f), the
Company may deliver subsequent Call Notices for any portion of this Warrant for which the Holder shall not have delivered a Notice
of Exercise. Notwithstanding anything to the contrary set forth in this Warrant, the Company may not deliver a Call Notice or
require the cancellation of this Warrant (and any such Call Notice shall be void), unless, from the beginning of the Measurement
Period through the Call Date, (1) the Company shall have honored in accordance with the terms of this Warrant all Notices of Exercise
delivered by 6:30 p.m. (New York City time) on the Call Date, and (2) a registration statement shall be effective as to all Warrant
Shares and the prospectus thereunder available for use by the Company for the sale of all such Warrant Shares to the Holder, and
(3) the Common Stock shall be listed or quoted for trading on a Trading Market, and (4) there is a sufficient number of authorized
shares of Common Stock for issuance of all Securities under the Transaction Documents, and (5) the issuance of all Warrant Shares
subject to a Call Notice shall not cause a breach of any provision of Section 2(e) herein. The Company’s right to call the
Warrants under this Section 2(f) shall be exercised ratably among the Holders based on each Holder’s initial purchase of
Warrants.

 

 

1 [300]% of the then Exercise Price.

 

    6 

     

    

 

Section 3. Certain Adjustments.

 

(a) Stock Dividends and Splits. If
the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions
on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for
avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides
outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding
shares of Common Stock into a smaller number of shares or (iv) issues by reclassification of shares of Common Stock any shares
of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator
shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and
of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number
of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this
Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the
record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective
immediately after the effective date in the case of a subdivision, combination or reclassification.

 

(b) [RESERVED]

 

(c) Subsequent Rights Offerings. In
addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock
Equivalents or rights to purchase stock, warrants, securities or other property pro rata to all record holders of shares of Common
Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such
Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares
of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including
without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant,
issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of
Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the
Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation,
then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares
of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance
for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership
Limitation).

 

(d) Pro Rata Distributions. During
such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets
(or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without
limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time
after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to
the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable
upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the
Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record
is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such
Distribution (provided, however, to the extent that the Holder’s right to participate in any such Distribution would result
in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution
to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and
the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right
thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

    7 

     

    

 

(e) Fundamental Transaction. If, at
any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects
any merger or consolidation of the Company with or into another Person, (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 shares of Common Stock are permitted to sell, tender or exchange their
shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding shares of
Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the shares of Common Stock or any compulsory share exchange pursuant to which the shares of Common Stock
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 or recapitalization that requires the approval of the stockholders of the Company, 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
shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to,
or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business
combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder
shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the
occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the
exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if
it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable
as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).
For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental
Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting
the relative value of any different components of the Alternate Consideration. If holders of shares of Common Stock are given any
choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same
choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.
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 Warrant and the other Transaction Documents
in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory
to the Holder prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for
this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to
this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent
entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any
limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the
exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock
pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock
and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation
of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence
of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the
date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the
obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity
had been named as the Company herein.

 

(f) Calculations. All calculations
under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this
Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the
number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

    8 

     

    

 

(g) Notice to Holder.

 

i. Adjustment to Exercise Price.
Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the
Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the
number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii. Notice to Allow Exercise by Holder.
If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the shares of Common Stock, (B) the
Company shall declare a special nonrecurring cash dividend on or a redemption of the shares of Common Stock, (C) the Company shall
authorize the granting to all holders of the shares of Common Stock rights or warrants to subscribe for or purchase any capital
stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any
reclassification of the shares of Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the shares of Common Stock are
converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile
or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company,
at least 5 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date
on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record
is not to be taken, the date as of which the holders of the shares of Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale,
transfer or stock exchange is expected to become effective or close, and the date as of which it is expected that holders of the
shares of Common Stock of record shall be entitled to exchange their shares of Common Stock for securities, cash or other property
deliverable upon such reclassification, consolidation, merger, sale, transfer or stock exchange; provided that the failure to deliver
such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to
be specified in such notice and provided, further that no notice shall be required if the information is disseminated in a press
release or document filed with the Securities and Exchange Commission . To the extent that any notice provided in this Warrant
constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall
simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled
to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

 

Section 4. Transfer of Warrant.

 

(a) Transferability. This Warrant and all
rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender
of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant
substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any
transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall
execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant
in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which
the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance
herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

(b) New Warrants. If this Warrant is
not held in global form through DTC (or any successor depositary), this Warrant may be divided or combined with other Warrants
upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations
in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a),
as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or
Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued
on transfers or exchanges shall be dated the Issue Date of this Warrant and shall be identical with this Warrant except as to the
number of Warrant Shares issuable pursuant thereto.

 

    9 

     

    

 

(c) Warrant Register. The Company shall
register this Warrant, upon records to be maintained by the Warrant Agent for that purpose (the “Warrant Register”),
in the name of the record Holder hereof from time to time. The Company and the Warrant Agent 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.

 

Section 5. Miscellaneous.

 

(a) No Rights as Stockholder Until Exercise.
This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior
to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.

 

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

 

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

 

(d) Authorized Shares.

 

The Company covenants that, during the period the Warrant is
outstanding, it will reserve from its authorized and unissued shares of Common Stock a sufficient number of shares to provide for
the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that
its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary
Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as
may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or
regulation, or of any requirements of the Trading Market upon which the shares of Common Stock may be listed. The Company covenants
that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise
of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized,
validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the
issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

 

Except and to the extent as waived or consented to by the Holder,
the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek
to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying
out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder
as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase
the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in
par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue
fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to
obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be,
necessary to enable the Company to perform its obligations under this Warrant. Before taking any action which would result in an
adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain
all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies
having jurisdiction thereof.

 

    10 

     

    

 

(e) Jurisdiction. All questions concerning
the construction, validity, enforcement and interpretation of this Warrant 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 Warrant
(whether brought against a party hereto or their respective affiliates, directors, officers, stockholders, 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 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 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, suit or proceeding to enforce any
provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for
their reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution
of such action or proceeding.

 

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

 

(g) Nonwaiver and Expenses. No course
of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right
or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding the fact that the Holder’s right to
exercise this Warrant terminates on the Termination Date. If the Company willfully and knowingly fails to comply with any provision
of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall
be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those
of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of
its rights, powers or remedies hereunder.

 

(h) Notices. Any notices, consents,
waivers or other document or communications required or permitted to be given or delivered under the terms of this Warrant must
be in writing and will be deemed to have been delivered: (i) upon receipt, if delivered personally; (ii) when sent, if sent by
facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party);
(iii) when sent, if sent by e-mail (provided that such sent e-mail is kept on file (whether electronically or otherwise) by the
sending party and the sending party does not receive an automatically generated message from the recipient’s e-mail server
that such e-mail could not be delivered to such recipient) and (iv) if sent by overnight courier service, one (1) Trading Day after
deposit with an overnight courier service with next day delivery specified, in each case, properly addressed to the party to receive
the same. The addresses, facsimile numbers and e-mail addresses for such communications shall be:

 

If to the Company:

 

Tonix Pharmaceuticals Holding Corp.

509 Madison Avenue - Suite 306

New York, NY 10022

Attention: Seth Lederman, Chief Executive Officer

Fax No: (212) 923-5700

Email: seth.lederman@tonixpharma.com

 

    11 

     

    

 

With a copy (for informational purposes only) to:

 

Lowenstein Sandler LLP

1251 Avenue of the Americas

New York, New York 10020

Attention: Michael J. Lerner, Esq.

Fax No: (973) 597-6395

Email: mlerner@lowenstein.com

 

If to a Holder, to its address, facsimile number or e-mail address
set forth herein or on the books and records of the Company.

 

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

 

(j) Remedies. The Holder, in addition
to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance
of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred
by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action
for specific performance that a remedy at law would be adequate.

 

(k) Successors and Assigns. Subject
to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be
binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions
of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by
the Holder or holder of Warrant Shares.

 

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

 

(m) Severability. Wherever possible,
each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any
provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

 

(n) Headings. The headings used in
this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

 

(o) Warrant Agency Agreement. If this
Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued subject to the Warrant Agency
Agreement. To the extent any provision of this Warrant conflicts with the express provisions of the Warrant Agency Agreement, the
provisions of this Warrant shall govern and be controlling.

 

(Signature Page Follows)

 

    12 

     

    

 

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

 

TONIX PHARMACEUTICALS HOLDING CORP.

 

	By:	 	 

Name:

Title:

 

    13 

     

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

TO: TONIX PHARMACEUTICALS HOLDING CORP.

 

(1) The undersigned hereby elects to purchase ________ Warrant
Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of
the exercise price in full, together with all applicable transfer taxes, if any.

 

(2) Payment shall take the form of (check applicable box):

 

[ ] in lawful money of the United States; or

 

[ ] if permitted, the cancellation of such number of Warrant
Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the
maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

 

(3) Please issue said Warrant Shares in the name of the undersigned
or in such other name as is specified below:

 

	 	 

  

The Warrant Shares shall be delivered to the following DWAC
Account Number:

 

	 	 
	 	 
	 	 
	 	 
	 	 

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity:

 

	 

  

Signature of Authorized Signatory of Investing Entity:

 

	 

 

Name of Authorized Signatory:

 

	 

 

Title of Authorized Signatory:

  

	 

 

Date:

 

	 	 

 

    14 

     

    

 

EXHIBIT B

 

ASSIGNMENT FORM

 

(To assign the foregoing Warrant, execute this form and supply
required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to

 

Name:

 

	 	 

(Please
Print)

 

Address:

 

	 	 

(Please
Print)

 

Phone Number:

 

	 	 

 

Email
Address:

 

	 	 

 

Dated:____________ _____, ______

 

Holder’s

Signature:

 

	 	 

 

Holder’s

Address:

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