Document:

a5610481ex4_3.htm

    Exhibit
      4.3

     

    
      WARRANT
        AGREEMENT

       

      THIS
        WARRANT AGREEMENT (the
“Agreement”) is dated February 13, 2008, between Opexa Therapeutics, Inc., a
        Delaware corporation (the “Company”) and Continental Stock Transfer &
Trust Company, acting as warrant agent (the “Warrant Agent”).

       

      WHEREAS,
        the Company proposes
        to issue warrants (collectively with any Additional Warrants, the “Series E
        Warrants”) to acquire up to 4,375,000 shares, subject to adjustment as provided
        herein, of common stock, $ .50 par value (“Common Stock”), of the Company
        (collectively, the “Warrant Shares”);

       

      WHEREAS,
        each Series E
        Warrant shall represent the right to purchase from the Company, at an initial
        price of $2.00 per share  (the “Exercise Price”), the number of shares
        specified on the certificates evidencing the  Series E Warrants (the
“Warrant Certificates”); and

       

      WHEREAS,
        Continental Stock
        Transfer & Trust Company is willing to serve as the Warrant Agent in
        connection with the issuance of Warrant Certificates and the other matters
        as
        provided herein.

       

      NOW,
        THEREFORE, in
        consideration of the foregoing and for the purpose of defining the terms
        and
        provisions of the Series E Warrants and the respective rights and
        obligations thereunder of the Company, the Warrant Agent and the record holders
        from time to time of the Series E Warrants (the “Holders”), the parties
        hereby agree as follows:

       

      1.           
        Definitions.  For
        the purposes hereof, the following terms shall have the following
        meanings:

       

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

       

      “Date
        of
        Exercise” means the date on which the Holder shall have delivered to the Company
        (i) a Warrant Certificate, (ii) the Form of Election to Purchase
        attached thereto (with the Warrant Shares Exercise Log attached to it),
        appropriately completed and duly signed, and (iii) in the case of a Cash
        Exercise, payment of the Exercise Price in accordance with Section 9 for
        the
        number of Warrant Shares so indicated by the Holder to be
        purchased.

       

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

       

      “Expiration
        Date” means the date five years after the Initial Issuance Date.

       

      “Initial
        Issuance Date” means February 19, 2008.

       

      “Market
        Price” of a share of Common Stock on any date shall mean, (i) if the shares
        of Common Stock are traded on the Nasdaq Global Market or Nasdaq Capital
        Market,
        the last bid price reported on that date; (ii) if the shares of Common
        Stock are no longer quoted on Nasdaq and are listed on any other national
        securities exchange, the last sale price of the Common Stock reported by
        such
        exchange on that date; (iii) if the shares of Common Stock are not quoted
        on a
        any such market or listed on any such exchange and the shares of Common Stock
        are traded in the over-the-counter market, the last price reported on such
        day
        by the OTC Bulletin Board; (iv) if the shares of Common Stock are not
        quoted on a any such market, listed on any such exchange or quoted on the
        OTC
        Bulletin Board, then the last price quoted on such day in the over-the-counter
        market as reported by the National Quotation Bureau Incorporated (or any
        similar
        organization or agency succeeding its functions of reporting prices); or
        (v) if none of clauses (i)-(iv) are applicable, then as determined, in
        good faith, by the Board of Directors of the Company.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      “Person”
        means a corporation, association, partnership, limited liability corporation,
        organization, business, individual, government or political subdivision thereof
        or governmental agency.

       

      “Trading
        Day” means (i) a day on which the shares of Common Stock are traded on the
        Nasdaq Global Market, Nasdaq Capital Market, New York Stock Exchange or American
        Stock Exchange on which the shares of Common Stock are then listed or quoted,
        or
        (ii) if the shares of Common Stock are not listed on a any such exchange or
        market, a day on which the shares of Common Stock are traded in the
        over-the-counter market, as reported by the OTC Bulletin Board, or (iii) if
        the shares of Common Stock are not quoted on the OTC Bulletin Board, a day
        on
        which the shares of Common Stock are quoted in the over-the-counter market
        as
        reported by the National Quotation Bureau Incorporated (or any similar
        organization or agency succeeding its functions of reporting prices); provided,
        that in the event that the shares of Common Stock are not listed or quoted
        as
        set forth in clause (i), (ii) or (iii) hereof, then Trading Day shall mean
        a Business Day.

       

      2.           
        Form of Warrant
        Certificates.

       

      (a)           
        Form.  The
        Warrant Certificates shall be issued in registered form only as definitive
        Warrant Certificates and shall be substantially in the form attached hereto
        as
        Exhibit A, shall be dated the date of issuance thereof (whether upon
        initial issuance, register of transfer, exchange or replacement) and shall
        bear
        such legends and endorsements typed, stamped, printed, lithographed or engraved
        thereon as the Company may deem appropriate and as are not inconsistent with
        the
        provisions of this Agreement. Warrant Certificates evidencing Series E Warrants
        to purchase the number of shares of Common Stock specified on each Warrant
        Certificate shall be signed by, or bear the facsimile signature of, the Chairman
        of the Board, Chief Executive Officer, President, any Vice President, Treasurer
        or Secretary of the Company. In the event the person whose facsimile signature
        has been placed upon any Warrant Certificate shall have ceased to serve in
        the
        capacity in which such person signed the Warrant Certificate before such
        Warrant
        Certificate is issued, it may be issued with the same effect as if he or
        she had
        not ceased to be such at the date of issuance.

       

      (b)           
        Effect of
        Countersignature.  Unless and until countersigned by the
        Warrant Agent pursuant to this Agreement, a Warrant Certificate shall be
        invalid
        and of no effect and may not be exercised by the holder thereof. Such signature
        by the Warrant Agent upon any Warrant Certificate executed by the Company
        shall
        be conclusive evidence that such Warrant Certificate has been duly issued
        under
        the terms of this Agreement.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

         

      

      (c)           
        Warrant
        Register.  The Warrant Agent shall maintain books (the “Warrant
        Register”), for the registration of original issuance and the registration of
        transfer of Warrant Certificates. Upon the initial issuance of the Warrant
        Certificates, the Warrant Agent shall issue and register the Warrant
        Certificates in the names of the respective holders thereof in such
        denominations and otherwise in accordance with instructions delivered to
        the
        Warrant Agent by the Company. The Company and the Warrant Agent may deem
        and
        treat the registered Holder of each Warrant Certificate as the absolute owner
        of
        the Series E Warrants represented thereby for the purpose of any exercise
        thereof or any distribution to the Holder, and for all other purposes, absent
        actual notice to the contrary.

       

      (d)           
        Registration of
        Transfers.  The Warrant Agent shall register the transfer of
        any portion of a Warrant Certificate in the Warrant Register, upon surrender
        of
        the Warrant Certificate, with the Form of Assignment attached thereto duly
        completed and signed, to the Company at its address specified herein. Upon
        any
        such registration or transfer, a new Warrant Certificate substantially in
        the
        form attached hereto as Exhibit A (any such new Warrant Certificate, a “New
        Warrant Certificate”), evidencing the portion of the Warrant Certificate so
        transferred shall be issued to the transferee and a New Warrant Certificate
        evidencing the remaining portion of the Warrant Certificate not so transferred,
        if any, shall be issued to the transferring Holder. The delivery of the New
        Warrant Certificate by the Company to the transferee thereof shall be deemed
        to
        constitute acceptance by such transferee of all of the rights and obligations
        of
        a holder of a Warrant Certificate.

       

      3.           
        Term of Series E
        Warrants.  Subject to the terms of Section 4, Series E
        Warrants shall be exercisable by the registered Holder at any time and from
        time
        to time on or after the Initial Issuance Date to and including the Expiration
        Date. At 5:00 p.m., Houston time on the Expiration Date, any portion of a
        Series E Warrant not exercised prior thereto shall be and become void and
        of no value.

       

      4.           
        Exercise of
        Series E Warrants and Delivery of Warrant Shares.

       

      (a)           
        If an effective registration statement is then available for the issuance
        of the
        Warrant Shares and the exercise is permitted in the state of the residence
        of
        the registered Holder, a registered Holder may only exercise the Series E
        Warrants through a cash exercise (a “Cash Exercise”).  If an effective
        registration statement is not then available for the issuance of the Warrant
        Shares under the Federal securities laws or the state “blue sky” laws of the
        state of the residence of the registered Holder, then a registered Holder
        may
        exercise the Series E Warrants through either (i) through a cashless
        exercise (a “Cashless Exercise”) pursuant to Section 4(b) below or
        (ii) through a Cash Exercise after making customary representations
        requested by the Company regarding investment intent and accredited status
        and
        agreeing to customary transfer restrictions requested by the Company to ensure
        compliance by the Company with applicable securities laws.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

         

      

      (b)           
        The Holder shall effect a Cashless Exercise by surrendering Warrant Certificates
        to the Warrant Agent and noting on the Form of Election to Purchase that
        the
        Holder wishes to effect a Cashless Exercise, upon which the Company shall
        issue,
        or cause to be issued, to the Holder the number of Warrant Shares determined
        as
        follows:

       

      
        
          	
                  X

                  
                  

                	
                  =

                  
                  

                	
                  Y
                    x
                    (A-B)/A

                  
                  

                
	
                  where:

                	 
	
                  X

                	
                  =

                	
                  the
                    number of Warrant Shares to be issued to the Holder;

                
	
                  Y

                	
                  =

                	
                  the
                    number of Warrant Shares with respect to which the Warrant Certificates
                    are being exercised;

                
	
                  A

                	
                  =

                	
                  the
                    Market Price as of the Date of Exercise; and

                
	
                  B

                	
                  =

                	
                  the
                    Exercise Price.

                

        

      

      

      (c)           
        At such times, and upon such representations and agreements, if applicable,
        upon
        surrender of a Warrant Certificate and delivery of the Form of Election to
        Purchase (with the Warrant Shares Exercise Log attached) to the Warrant Agent
        at
        its address for notice set forth in Section 14, and, in the case of a Cash
        Exercise, upon payment of the Exercise Price multiplied by the number of
        Warrant
        Shares that the Holder intends to purchase thereunder (which must be a whole
        number) in accordance with Section 9 (the “Aggregate Exercise Price”), the
        Company shall promptly issue and deliver to the Holder a certificate for
        the
        Warrant Shares issuable upon such exercise. Any Person so designated by the
        Holder to receive Warrant Shares shall be deemed to have become holder of
        record
        of such Warrant Shares as of the Date of Exercise of the relevant Warrant
        Certificate. For so long as there is a then effective registration statement
        covering the issuance of the Warrant Shares or if a Holder effects a Cashless
        Exercise, the Warrant Shares shall be issued free of all restrictive legends,
        and the Company shall, upon request of the Holder, if available, use
        commercially reasonable efforts to deliver Warrant Shares hereunder
        electronically through the Depository Trust Corporation or another established
        clearing corporation performing similar functions. If there is not a then
        effective registration statement covering the issuance of the Warrant Shares
        and
        a Holder effects a Cash Exercise, the Warrant Shares shall be issued in
        certificated form and include customary legends regarding transfer restrictions
        deemed appropriate by the Company. If fewer than all Warrant Shares issuable
        upon exercise of the relevant Warrant Certificate are purchased on such Date
        of
        Exercise, then the Company will execute and deliver to the Holder or its
        assigns
        a New Warrant Certificate (dated the date thereof) evidencing the unexercised
        portion of the relevant Warrant Certificate.

       

      5.           
        Charges, Taxes
        and
        Expenses.  Issuance and delivery of certificates for Warrant
        Shares shall be made without charge to the Holder for any issue or transfer
        tax,
        or transfer agent fee in respect of the issuance of such certificates, all
        of
        which taxes shall be paid by the Company; provided, however, that the Company
        shall not be obligated to pay any tax which may be payable in respect of
        any
        transfer involved in the registration of any certificates for Warrant Shares
        or
        Series E Warrants in a name other than that of the Holder. The Holder shall
        be responsible for all other tax liabilities that may arise as a result of
        holding or transferring any Warrant Certificate or receiving Warrant Shares
        upon
        exercise thereof.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

         

      

      6.           
        Replacement of
        Warrant
        Certificate.  If any Warrant Certificate is mutilated, lost,
        stolen or destroyed, the Company shall issue or cause to be issued in exchange
        and substitution for and upon cancellation thereof, or in lieu of and
        substitution for such Warrant Certificate, a New Warrant Certificate, but
        only
        upon receipt of evidence reasonably satisfactory to the Company of such loss,
        theft or destruction and customary and reasonable indemnity, if requested.
        Applicants for a New Warrant Certificate under such circumstances shall also
        comply with such other reasonable regulations and procedures and pay such
        other
        reasonable third-party costs as the Company may prescribe.

       

      7.           
        Reservation of
        Warrant
        Shares.  The Company covenants that it will at all times
        reserve and keep available out of its authorized but unissued and otherwise
        unreserved Common Stock, solely for the purpose of enabling it to issue Warrant
        Shares upon exercise of all outstanding Series E Warrants as herein
        provided, the number of Warrant Shares which are then issuable and deliverable
        upon the exercise of all outstanding Series E Warrants (taking into account
        the adjustments and restrictions of Section 8). The Company covenants that
        all Warrant Shares so issuable and deliverable shall, upon issuance and the
        payment of the applicable Exercise Price in accordance with the terms hereof,
        be
        duly and validly authorized and issued, and be fully paid and
        nonassessable.

       

      8.           
        Certain
        Adjustments.  The Exercise Price and number of Warrant Shares
        issuable upon exercise of each Series E Warrant then outstanding are
        subject to adjustment from time to time as set forth in this
        Section 8.

       

      (a)           
        Stock Dividends and
        Splits.  If the Company, (i) pays a stock dividend on its
        Common Stock, (ii) subdivides outstanding shares of Common Stock into a
        greater number of shares, or (iii) combines outstanding shares of Common
        Stock into a lesser number of shares, then in each such case the Exercise
        Price
        shall be multiplied by a fraction of which the numerator shall be the number
        of
        shares of Common Stock outstanding immediately before such event and of which
        the denominator shall be the number of shares of Common Stock outstanding
        immediately after such event. Any adjustment made pursuant to clause (i) of
        this paragraph shall become effective immediately after the record date for
        the
        determination of shareholders entitled to receive such dividend, and any
        adjustment pursuant to clause (ii) or (iii) of this paragraph shall become
        effective immediately after the effective date of such subdivision or
        combination.

       

      (b)           
        Extraordinary
        Transactions.  If, (i) the Company effects any merger or
        consolidation of the Company with or into another Person, (ii) the Company
        effects any sale of all or substantially all of its assets in one or a series
        of
        related transactions, (iii) any tender offer or exchange offer by the
        Company is completed pursuant to which holders of Common Stock are permitted
        to
        tender or exchange their shares for other securities, cash or property, or
        (iv) the Company effects any reclassification of the Common Stock or any
        compulsory share exchange pursuant to which the Common Stock is effectively
        converted into or exchanged for other securities, cash or property (in any
        such
        case, an “Extraordinary Transaction”), then each Holder’s Series E Warrants will
        become the right thereafter to receive, upon exercise of his or her Series
        E
        Warrants, the same amount and kind of securities, cash or property as such
        Holder would have been entitled to receive upon the occurrence of such
        Extraordinary Transaction if it had been, immediately prior to such
        Extraordinary Transaction, the holder of the number of Warrant Shares then
        issuable upon exercise in full of the relevant Series E Warrant (the “Alternate
        Consideration”) in lieu of Common Stock. The aggregate Exercise Price for each
        Series E Warrant will not be affected by any such Extraordinary
        Transaction, but the Company shall apportion such aggregate 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
        Common
        Stock are given any choice as to the securities, cash or property to be received
        in a Extraordinary Transaction, then each Holder, to the extent practicable,
        shall be given the same choice as to the Alternate Consideration it receives
        upon any exercise of his or her Series E Warrant following such Extraordinary
        Transaction. In addition, at the request of each Holder, upon surrender of
        such
        Holder’s Series E Warrant, any successor to the Company or surviving entity
        in such Extraordinary Transaction shall issue to such Holder a new warrant
        consistent with the foregoing provisions and evidencing the Holder’s right to
        purchase the Alternate Consideration for the aggregate Exercise Price upon
        exercise thereof. Each Series E Warrant (or any such replacement security)
        will
        be similarly adjusted upon any subsequent transaction analogous to a
        Extraordinary Transaction.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

         

      

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

       

      (d)           
        Calculations.  All
        calculations under this Section 8 shall be made to the nearest cent or the
        nearest 1/100th of a share, as applicable.

       

      (e)           
        Notice of
        Adjustments.  Upon the occurrence of each adjustment pursuant
        to this Section 8, the Company at its expense will promptly calculate such
        adjustment in accordance with the terms of this Agreement and prepare a
        certificate setting forth such adjustment, including a statement of the adjusted
        Exercise Price and adjusted number of Warrant Shares or type of Alternate
        Consideration issuable upon exercise of each Series E Warrant (as
        applicable), describing the transactions giving rise to such adjustments
        and
        showing in detail the facts upon which such adjustment is based. The Company
        will promptly deliver to each Holder who makes a request in writing and to
        the
        Warrant Agent, a copy of each such certificate.

       

      (f)           
        Notice of Corporate
        Events.  If the Company (i) declares a dividend or any
        other distribution of cash, securities or other property in respect of its
        Common Stock (other than a dividend payable solely in shares of Common Stock)
        or
        (ii) authorizes the voluntary dissolution, liquidation or winding up of the
        affairs of the Company, then the Company shall deliver to each Holder a notice
        describing the material terms and conditions of such dividend, distribution
        or
        transaction. Notwithstanding anything to the contrary in this Section 8(f),
        the failure to deliver any notice under this Section 8(f) or any defect
        therein shall not affect the validity of the corporate action required to
        be
        described in such notice. Until the exercise of its, his or her Series E
        Warrant or any portion of such Series E Warrant, a Holder shall not have
        nor exercise any rights by virtue of ownership of a Series E Warrant as a
        shareholder of the Company (including without limitation the right to
        notification of shareholder meetings or the right to receive any notice or
        other
        communication concerning the business and affairs of the Company other than
        as
        provided in this Section 8(f)).

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

         

      

      9.           
        Payment of Exercise
        Price.  The Holder shall pay the Aggregate Exercise Price by
        paying, in lawful money of the United States, in cash, certified check or
        bank
        draft payable to the order of the Company (or as otherwise agreed to by the
        Company) delivered to the Warrant Agent together with the Warrant Certificate
        and Form of Election to Purchase.

       

      10.           
        Company Call
        Right.  Notwithstanding any other provision contained in this
        Warrant Agreement to the contrary, in the event that the average closing
        bid
        prices per share of Common Stock, as quoted on the Nasdaq Global Market (or
        such
        other exchange or stock market on which the Common Stock may then be listed
        or
        quoted) over a period of 20 consecutive Trading Days, equals or exceeds
        200% of the Exercise Price (appropriately adjusted for any stock split, reverse
        stock split, stock dividend or other reclassification or combination of the
        Common Stock occurring after the date hereof), the Company, upon thirty
        (30) calendar days prior written notice (the “Notice Period”) given to the
        Holder within 10 Business Days of the end of such 20 consecutive Trading
        Day period, may call the Series E Warrants, in whole and not in part, at a
        redemption price equal to $0.01 per share of Common Stock then purchasable
        pursuant to the Series E Warrants called for redemption. The Holder shall
        have the right to exercise the Series E Warrants prior to the end of the
        Notice Period. As of the last day of the Notice Period, any Series E
        Warrants timely and validly called for redemption by the Company shall terminate
        and permanently cease to be exercisable and the Holders shall then be entitled
        only to receive the redemption price.

       

      Notwithstanding
        the ability of the
        Company to call the Series E Warrants for redemption, the Company agrees
        that the Series E Warrants underlying any warrant agreement issued to the
        underwriters and their designees and transferees in connection with the public
        offering in which the Series E Warrants were issued will not be subject to
        the call right and redemption set forth herein.

       

      11.           
        Holder not Deemed
        a
        Stockholder.  Except as otherwise specifically provided herein,
        the Holder, solely in such Person’s capacity as a Holder, shall not be entitled
        to vote or receive dividends or be deemed the holder of share capital of
        the
        Company for any purpose, nor shall anything contained in the Series E
        Warrants be construed to confer upon the Holder, solely in such Person’s
        capacity as a Holder, any of the rights of a stockholder of the Company or
        any
        right to vote, give or withhold consent to any corporate action (whether
        any
        reorganization, issue of stock, reclassification of stock, consolidation,
        merger, conveyance or otherwise), receive notice of meetings, receive dividends
        or subscription rights, or otherwise, prior to the issuance to the Holder
        of the
        Warrant Shares to which Person is then entitled to receive upon the due exercise
        of the Series E Warrants.

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

         

      

      12.           
        No Fractional
        Shares.  No fractional shares will be issued in connection with
        any exercise of a Series E Warrant. In lieu of any fractional shares which
        would otherwise be issuable, the Company shall pay cash equal to the product
        of
        such fraction multiplied by the Market Price on the Date of
        Exercise.

       

      13.           
        Exchange Act
        Filings.  The Holder agrees and acknowledges that it shall have
        sole responsibility for making any applicable filings with the U.S. Securities
        and Exchange Commission pursuant to Sections 13 and 16 of the Exchange Act
        as a result of its acquisition of any Series E Warrant and the Warrant
        Shares and any future retention or transfer thereof.

       

      14.           
        Notices.  Any
        and all notices or other communications or deliveries hereunder (including
        without limitation any Exercise Notice) shall be in writing and shall be
        deemed
        given and effective on the earliest of (i) the date of transmission, if
        such notice or communication is delivered via facsimile at the facsimile
        number
        specified in this Section prior to 5:00 p.m. (Houston time) on a Trading
        Day, (ii) the next Trading Day after the date of transmission, if such
        notice or communication is delivered via facsimile at the facsimile number
        specified in this Section on a day that is not a Trading Day or later than
        5:00 p.m. (Houston time) on any Trading Day, (iii) the Trading Day
        following the date of mailing, if sent by nationally recognized overnight
        courier service, or (iv) upon actual receipt by the party to whom such
        notice is required to be given. The addresses for such communications shall
        be:

       

      if
        to the
        Company:

      

      Opexa
        Therapeutics, Inc.

      2635
        North Crescent Ridge
        Drive

      The
        Woodlands, Texas 77381

      Attn:
        Chief Financial
        Officer

      Facsimile
        No.: (281)
        872-8585

      

      if
        to the
        Warrant Agent:

      Continental
        Stock Transfer & Trust
        Company

      17
        Battery Place, 8th
        Floor

      New
        York, New York 10004

      Attention:
        Office of General
        Counsel

      

      if
        to the
        Holder:

      

      to
        the
        address or facsimile number appearing on the Warrant Register or such other
        address or facsimile number as the Holder may provide to the Company in
        accordance with this Section 14.

      

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

         

      

      15.           
        Warrant
        Agent.

       

      (a)           
        The Company and the Warrant Agent hereby agree that the Warrant Agent will
        serve
        as an agent of the Company as set forth in this Agreement.

       

      (b)           
        The Warrant Agent shall not by any act hereunder be deemed to make any
        representation as to validity or authorization of the Series E Warrants or
        the Warrant Certificates (except as to its countersignature thereon) or of
        any
        securities or other property delivered upon exercise of any Series E
        Warrant, or as to the number or kind or amount of securities or other property
        deliverable upon exercise of any Series E Warrant or the correctness of the
        representations of the Company made in such certificates that the Warrant
        Agent
        receives.

       

      (c)           
        The Warrant Agent shall not have any duty to calculate or determine any required
        adjustments with respect to the Exercise Price or the kind and amount of
        securities or other property receivable by Holders upon the exercise of
        Series E Warrants, nor to determine the accuracy or correctness of any such
        calculation.

       

      (d)           
        The Warrant Agent shall not (i) be liable for any recital or statement of
        fact contained herein or in the Warrant Certificates or for any action taken,
        suffered or omitted by it in good faith in the belief that any Warrant
        Certificate or any other document or any signature is genuine or properly
        authorized, (ii) be responsible for any failure by the Company to comply
        with any of its obligations contained in this Agreement or in the Warrant
        Certificates, (iii) be liable for any act or omission in connection with
        this Agreement except for its own gross negligence or willful misconduct
        or
        (iv) have any responsibility to determine whether a transfer of a
        Series E Warrant complies with applicable securities laws.

       

      (e)           
        The Warrant Agent is hereby authorized to accept instructions with respect
        to
        the performance of its duties hereunder from the Chief Executive Officer,
        the
        President, any Vice President, the Treasurer, or the Secretary or any Assistant
        Secretary of the Company and to apply to any such officer for written
        instructions (which will then be promptly given) and the Warrant Agent shall
        not
        be liable for any action taken or suffered to be taken by it in good faith
        in
        accordance with the instructions of any such officer, except for its own
        gross
        negligence or willful misconduct, but in its discretion the Warrant Agent
        may in
        lieu thereof accept other evidence of such or may require such further or
        additional evidence as it may deem reasonable.

       

      (f)           
        The Warrant Agent may exercise any of the rights and powers hereby vested
        in it
        or perform any duty hereunder either itself or by or through its attorneys,
        agents or employees, provided reasonable care has been exercised in the
        selection and in the continued employment of any persons. The Warrant Agent
        shall not be under any obligation or duty to institute, appear in or defend
        any
        action, suit or legal proceeding in respect hereof, unless first indemnified
        to
        its satisfaction. The Warrant Agent shall promptly notify the Company in
        writing
        of any claim made or action, suit or proceeding instituted against or arising
        out of or in connection with this Agreement.

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

         

      

      (g)           
        The Company will take such action as may reasonably be required by the Warrant
        Agent in order to enable it to carry out or perform its duties under this
        Agreement.

       

      (h)           
        The Warrant Agent shall act solely as agent of the Company hereunder. The
        Warrant Agent shall only be liable for the failure to perform such duties
        as are
        specifically set forth herein.

       

      (i)           
        The Warrant Agent may consult with legal counsel satisfactory to it (who
        may be
        legal counsel for the Company), and the Warrant Agent shall incur no liability
        or responsibility to the Company or to any Holder for any action taken, suffered
        or omitted by it in good faith in accordance with the opinion or advice of
        such
        counsel.

       

      (j)           
        The Company agrees to pay to the Warrant Agent compensation for all services
        rendered by the Warrant Agent hereunder as the Company and the Warrant Agent
        may
        agree from time to time, and to reimburse the Warrant Agent for reasonable
        expenses incurred in connection with the execution and administration of
        this
        Agreement (including the reasonable compensation and expenses of its counsel),
        and further agrees to indemnify the Warrant Agent for, and hold it harmless
        against, any loss, liability or expense incurred without gross negligence,
        bad
        faith or willful misconduct on its part, arising out of or in connection
        with
        the acceptance and administration of this Agreement.

       

      (k)           
        The Warrant Agent, and any shareholder, director, officer or employee of
        the
        Warrant Agent, may buy, sell or deal in any of the Series E Warrants or
        other securities of the Company or its Affiliates or become pecuniarily
        interested in transactions in which the Company or its Affiliates may be
        interested, or contract with or lend money to the Company or its Affiliates
        or
        otherwise act as fully and freely as though it were not the Warrant Agent
        under
        this Agreement. Nothing herein shall preclude the Warrant Agent from acting
        in
        any other capacity for the Company or for any other Person.

       

      (l)           
        No resignation or removal of the Warrant Agent and no appointment of a successor
        warrant agent shall become effective until the acceptance of appointment
        by the
        successor warrant agent as provided herein. The Warrant Agent may resign
        its
        duties and be discharged from all further duties and liability hereunder
        (except
        liability arising as a result of the Warrant Agent’s own gross negligence or
        willful misconduct) after giving written notice to the Company. The Company
        may
        remove the Warrant Agent upon written notice, and the Warrant Agent shall
        thereupon in like manner be discharged from all further duties and liabilities
        hereunder, except as aforesaid. The Warrant Agent shall, at the Company’s
        expense, cause to be mailed (by first class mail, postage prepaid) to each
        Holder of a Series E Warrant at such Holder’s last address as shown on the
        register of the Company maintained by the Warrant Agent a copy of said notice
        of
        resignation or notice of removal, as the case may be. Upon such resignation
        or
        removal, the Company shall appoint in writing a new warrant agent. If the
        Company fails to do so within a period of 30 days after it has been
        notified in writing of such resignation by the resigning Warrant Agent or
        after
        such removal, then the resigning Warrant Agent or the Holder of any
        Series E Warrant may apply to any court of competent jurisdiction for the
        appointment of a new warrant agent. After acceptance in writing of such
        appointment by the new warrant agent, it shall be vested with the same powers,
        rights, duties and responsibilities as if it had been originally named herein
        as
        the Warrant Agent. Not later than the effective date of any such appointment,
        the Company shall give notice thereof to the resigning or removed Warrant
        Agent.
        Failure to give any notice provided for in this Section 15(l), however, or
        any
        defect therein, shall not affect the legality or validity of the resignation
        of
        the Warrant Agent or the appointment of a new warrant agent, as the case
        may
        be.

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

         

      

      (m)           
        Any corporation into which the Warrant Agent or any new warrant agent may
        be
        merged or any corporation resulting from any consolidation to which the Warrant
        Agent or any new warrant agent shall be a party or any corporation to which
        the
        Warrant Agent transfers substantially all of its corporate trust business
        shall
        be a successor Warrant Agent under this Agreement without any further act,
        provided that such corporation (i) would be eligible for appointment as
        successor to the Warrant Agent under the provisions of Section 15(l) or
        (ii) is a wholly owned subsidiary of the Warrant Agent. Any such successor
        Warrant Agent shall promptly cause notice of its succession as Warrant Agent
        to
        be mailed (by first class mail, postage prepaid) to each Holder in accordance
        with Section 14.

       

      16.           
        Miscellaneous.

       

      (a)           
        Successors and
        Assigns.  This Agreement shall be binding on and inure to the
        benefit of the Company, the Warrant Agent and the Holders, and their respective
        successors and assigns. Subject to the preceding sentence, nothing in this
        Agreement shall be construed to give to any Person other than the Company,
        the
        Warrant Agent and the Holders any legal or equitable right, remedy or cause
        of
        action under this Agreement.

       

      (b)           
        Amendments and
        Waivers.  The Company may, without the consent of the Holders,
        by supplemental agreement or otherwise, (i) make any changes or corrections
        in this Agreement that are required to cure any ambiguity or to correct or
        supplement any provision herein which may be defective or inconsistent with
        any
        other provision herein or (ii) add to the covenants and agreements of the
        Company for the benefit of the Holders, or surrender any rights or power
        reserved to or conferred upon the Company in this Agreement; provided that,
        in
        the case of (i) or (ii), such changes or corrections shall not adversely
        affect
        the interests of Holders of then outstanding Series E Warrants in any material
        respect. The Company may, with the consent, in writing or at a meeting, of
        the
        Holders of outstanding Series E Warrants exercisable for two-thirds of the
        Warrant Shares, amend in any way, by supplemental agreement or otherwise,
        this
        Agreement and/or all of the outstanding Warrant Certificates; provided, however,
        that no such amendment shall adversely affect any Series E Warrant
        differently than it affects all other Series E Warrants, unless the Holder
        thereof consents thereto. The Warrant Agent shall at the request of the Company,
        and without need of independent inquiry as to whether such supplemental
        agreement is permitted by the terms of this Section 16(b), join with the
        Company in the execution and delivery of any such supplemental agreements,
        but
        shall not be required to join in such execution and delivery for such
        supplemental agreement to become effective.

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

         

      

      (c)           
        Choice of Law,
        etc.  All questions concerning the construction, validity,
        enforcement and interpretation of this Agreement shall be governed by and
        construed and enforced in accordance with the internal laws of the State
        of New
        York, without regard to the principles of conflicts of law thereof. Each
        party
        hereto hereby irrevocably waives, to the fullest extent permitted by applicable
        law, any and all right to trial by jury in any legal proceeding arising out
        of
        or relating to this Agreement or the transactions contemplated hereby. If
        either
        party shall commence an action or proceeding to enforce any provisions of
        this
        Agreement, then the prevailing party in such action or proceeding shall be
        reimbursed by the other party for its attorneys’ fees and other costs and
        expenses incurred with the investigation, preparation and prosecution of
        such
        action or proceeding.

       

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

       

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

       

      (f)           
        Additional Series E
        Warrants. The Company may from time to time issue additional warrants
        (the “Additional Warrants”) under this Warrant Agreement, without requiring the
        consent of any Holder, with the same terms as the warrants initially issued
        hereunder.

       

      [The
        remainder of this page has been left intentionally blank.]

       

      

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

         

      

       

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

       

       

      
        
          	 	
                  OPEXA
                    THERAPEUTICS, INC.

                	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	 	 
	 	 	Name:
                  David B.
                  McWilliams	 
	 	 	Title:
                  President	 
	 	 	 	 

        

         

        
          
            	 	 	 
	 	 CONTINENTAL
                    STOCK TRANSFER & TRUST COMPANY 
	
                     

                  	
                    By:
                      

                  	 	 
	 	 	Name:
                    John
                    W. Comer, Jr.	 
	 	 	Title:
                    Vice President	 
	 	 	 	 

          

        

         

      

       

      
        
          
          

        

        
          Signature
            page to Warrant Agreement

          
            

          

        

        
          
          

        

      

      

      

      Exhibit
        A

       

      EXERCISABLE
        ON OR AFTER FEBRUARY 19, 2008

      AND
        ON OR
        BEFORE FEBRUARY 19, 2013

       

      
        
          	
                  No.
                    _________

                	
                  Series E
                    Warrant to Purchase ________
                    Shares

                

        

      

      

       

      Series E
        Warrant Certificate

       

      WARRANTS
        TO ACQUIRE COMMON STOCK OF OPEXA THERAPEUTICS, INC.

       

      This
        Series E Warrant Certificate certifies that,
        _________________________________, or registered assigns, is the registered
        holder of a Series E Warrant (the “Warrant”) to acquire from Opexa
        Therapeutics, Inc., a Delaware corporation (the “Company”), the number of fully
        paid and non-assessable shares of Common Stock, $.50 par value, of the Company
        (the “Common Stock”) specified above for consideration equal to $ 2.00 (the
“Exercise Price”) per share of Common Stock. The Series E Warrant evidenced
        by this Series E Warrant Certificate shall not be exercisable after and
        shall terminate and become void as of 5:00 P.M., Houston time, on February
        19,
        2013 (the “Expiration Date”).

       

      The
        Series E Warrant evidenced by this Series E Warrant Certificate is
        part of a duly authorized issue of warrants expiring on the Expiration Date
        entitling the Holder hereof to receive shares of Common Stock, and is issued
        or
        to be issued pursuant to a Warrant Agreement dated February 19, 2008 (the
        “Warrant Agreement”), duly executed and delivered by the Company to Continental
        Stock Transfer & Trust Company, as warrant agent (the “Warrant Agent”,
        which term includes any successor Warrant Agent under the Warrant Agreement),
        which Warrant Agreement is hereby incorporated by reference in and made a
        part
        of this instrument and is hereby referred to for a description of the rights,
        limitation of rights, obligations, duties and immunities thereunder of the
        Warrant Agent, the Company and the Holders (“Holders” meaning, from time to
        time, the registered holders of the warrant issued thereunder). To the extent
        any provisions of this Series E Warrant Certificate conflicts with any
        provision of the Warrant Agreement, the provisions of the Warrant Agreement
        shall apply. A copy of the Warrant Agreement may be obtained by the Holder
        hereof upon written request to the Company at 2635 North Crescent Ridge
        Drive, The Woodlands, Texas 77381 Attention: Investor Relations. Capitalized
        terms not defined herein have the meanings ascribed thereto in the Warrant
        Agreement.

       

      This
        Series E Warrant may be exercised, in whole or in part, at any time on or
        after February 19, 2008 and on or before the Expiration Date, subject to
        the
        terms of the Warrant Agreement, by surrendering this Warrant Certificate,
        with
        the Form of Election to Purchase set forth hereon properly completed and
        executed, together with payment of the Aggregate Exercise Price in accordance
        with Section 9 of the Warrant Agreement in the case of a Cash Exercise.
        Each exercise must be for a whole number of Warrant Shares. In the event
        that
        upon any exercise of the Series E Warrant evidenced hereby the number of
        shares of Common Stock acquired shall be less than the total number of shares
        of
        Common Stock which may be purchased pursuant to this Series E Warrant,
        there shall be issued to the Holder hereof or such Holder’s assignee a new
        Series E Warrant Certificate evidencing the unexercised portion of this
        Series E Warrant.

       

      
        
          
          

        

        
          Exhibit
            A -- Page 1

          
            

          

        

        
          
          

        

         

      

      The
        Warrant Agreement provides that upon the occurrence of certain events the
        Exercise Price set forth on this Series E Warrant Certificate may, subject
        to certain conditions, be adjusted, and that upon the occurrence of certain
        events the number of shares of Common Stock and/or the type of securities
        or
        other property issuable upon the exercise of this Series E Warrant shall be
        adjusted. No fractions of a share of Common Stock will be issued upon the
        exercise of this Series E Warrant, but the Company will pay the cash value
        thereof determined as provided in the Warrant Agreement.

       

      The
        Warrant Agreement provides in certain circumstances for a call right on the
        part
        of the Company, pursuant to which this Series E Warrant may be
        terminated.

       

      Series E
        Warrant Certificates, when surrendered at the office of the Warrant Agent
        by the
        registered Holder thereof in person or by such Holder’s legal representative or
        attorney duly appointed and authorized in writing, may be exchanged, in the
        manner and subject to the limitations provided in the Warrant Agreement,
        but
        without payment of any service charge, for another Series E Warrant
        Certificate or Series E Warrant Certificates of like tenor evidencing in
        the aggregate the right to purchase a like number of Warrant
        Shares.

       

      Each
        taker
        and holder of this Series E Warrant Certificate, by taking or holding the
        same, consents and agrees that the holder of this Series E Warrant
        Certificate when duly endorsed in blank may be treated by the Company, the
        Warrant Agent and all other persons dealing with this Series E Warrant
        Certificate as the absolute owner hereof for any purpose and as the person
        entitled to exercise the rights represented hereby or the person entitled
        to the
        transfer hereof on the register of the Company maintained by the Warrant
        Agent,
        any notice to the contrary notwithstanding, provided that until such transfer
        on
        such register, the Company and the Warrant Agent may treat the registered
        Holder
        hereof as the owner for all purposes.

       

      This
        Series E Warrant does not entitle any Holder to any of the rights of a
        shareholder of the Company.

       

      This
        Series E Warrant Certificate and the Warrant Agreement are subject to
        amendment as provided in the Warrant Agreement.

       

      This
        Series E Warrant Certificate shall not be valid or obligatory for any
        purpose until it shall have been countersigned by the Warrant
        Agent.

       

      [The
        remainder of this page has been left intentionally blank.]

       

      
        
          
          

        

        
          Exhibit
            A -- Page 2

          
            

          

        

        
          
          

        

         

      

      IN
        WITNESS WHEREOF, the
        undersigned have caused this Series E Warrant Certificate to be executed as
        of the date set forth below.

       

       

      
        
          	 	OPEXA
                  THERAPEUTICS, INC. 	 
	 	 	 	 
	
                   

                	
                  By:
                    

                	 	 
	 	 	Name:
                  David B.
                  McWilliams	 
	 	 	Title:
                  President	 
	 	 	 	 

        

      

      
         

        
          
            	
                     

                  	
                    By:
                      

                  	 	 
	 	 	Name:
                    Lynne Hohlfeld	 
	 	 	Title:
                    Chief Financial Officer	 
	 	 	 	 
	 	 Dated:	 	 

          

        

        
           

          
            
              	 	Countersigned:	 
	 	CONTINENTAL
                      STOCK
                      TRANSFER & TRUST COMPANY, as Warrant
                      Agent	 
	 	 	 	 
	
                       

                    	
                      By:
                        

                    	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

            

          

           

        

      

       

      
        
          
          

        

        
          Exhibit
            A -- Page 3

          
            

          

        

        
          
          

        

      

      

      

      FORM
        OF
        ELECTION TO PURCHASE

       

      

      To
        Opexa
        Therapeutics, Inc.:

      

      In
        accordance with the Series E Warrant Certificate enclosed with this Form of
        Election to Purchase, the undersigned hereby irrevocably elects to exercise
        the
        Series E Warrant with respect to Warrant Shares in accordance with the
        terms of the Warrant Agreement.

       

      1.           
        Form of Exercise
        Price.  The Holder intends that payment of the Exercise Price
        shall be made as:

       

      a
        Cash Exercise;

       

      a
        Cashless Exercise; or

       

      The
        Holder
        understands that any Cashless Exercise is subject to compliance with all
        the
        terms of the Warrant Agreement.

      

      2.           
        Payment of Exercise
        Price.  If the Holder has elected a Cash Exercise with respect
        to some or all of the Warrant Shares to be issued pursuant hereto, the Holder
        shall send via wire transfer to the account of the Company the sum of $
        ______________ in immediately available funds, which sum represents the
        Aggregate Exercise Price (as defined in the Warrant Agreement) for the number
        of
        shares of Common Stock to which this Form of Election to Purchase relates,
        together with any applicable taxes payable by the undersigned pursuant to
        the
        Series E Warrant.

       

      The
        undersigned requests that certificates for the shares of Common Stock issuable
        upon this exercise be issued in the name of

       

      
        
          	
                  Name:

                	
                  _________________________________

                
	 	 
	
                  Address:

                	
                  _______________________________

                
	 	
                  _______________________________

                
	 	
                  _______________________________

                
	 	
                  _______________________________

                
	
                  Social
                    Security or Tax I.D.
                    No.:  ______________

                

        

      

       

      

      
        
          
          

        

        
          Form
            of Election to Purchase

          
            

          

        

        
          
          

        

      

       

      WARRANT
        SHARES EXERCISE LOG

       

      

      
        	
                
                  Date

                

              	
                
                  Number
                    of Warrant Shares Available to be Exercised

                

              	
                
                  Number
                    of Warrant Shares Exercised

                

              	
                
                  Number
                    of Warrant Shares Remaining to be Exercised

                

              
	 	 	 	 
	 	 	 	 

      

      

      

      

      
        
          
          

        

        
          Warrant
            Shares Exercise Log

          
            

          

        

        
          
          

        

      

      

       

      FORM
        OF
        ASSIGNMENT

       

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

       

      

      FOR
        VALUE
        RECEIVED, the undersigned hereby sells, assigns and transfers
        unto                      the
        right represented by the within Series E Warrant Certificate to purchase
        ________________ shares of Common Stock of Opexa Therapeutics, Inc. to which
        the
        within Series E Warrant Certificate relates and appoints
        ________________________________ attorney to transfer said right on the books
        of
        Opexa Therapeutics, Inc. with full power of substitution in the
        premises.

       

      Dated:  __________________,
        20_____

       

      
        
          	 	 
	 	
                  (Signature
                    must conform in all respects to name of holder as specified on
                    the front
                    page of the Series E Warrant Certificate)

                
	 	 
	 	
                  Address
                    of Transferee:

                
	 	 
	 	 
	 	 
	 	 
	 	 
	 	
                  In
                    the presence of:

                
	 	 

        

      

      
 

      Form
        of
        Assignmenta5610481ex4_4.htm

    Exhibit
      4.4

     

    FORM
      OF

     

    UNDERWRITER’S
      WARRANT AGREEMENT

     

    Underwriter’s
      Warrant Agreement (the “Agreement”), dated as of  February 19, 2008,
      between Opexa Therapeutics, Inc. (the “Company”) and ______________ (the
“Holder”).

     

     

    WITNESSETH:

     

    WHEREAS,
      the Company and MDB Capital Group LLC and certain other persons (collectively,
      the “Underwriters”) have entered into an underwriting agreement dated February
      13, 2008 (the “Underwriting Agreement”) whereby the Company has agreed to issue
      and sell to Underwriters an aggregate of 3,500,000 shares of common stock of
      the
      Company (the “Firm Shares” or in the singular a “Firm Share”) and an aggregate
      of 3,500,000 Series E warrants (The “Firm Warrants” or in the singular a “Firm
      Warrant”);

     

    WHEREAS,
      the underwriters have agreed to make a public offering of the Firm Shares and
      the Firm Warrants, as those terms are described within the Underwriting
      Agreement (the “Offering”);

     

    WHEREAS,
      pursuant to Section 4(k) of the Underwriting Agreement the Company is obligated
      to issue to the Underwriters as of the date hereof a warrant for the purchase
      of
      up to 350,000 shares of Common Stock (the “Warrants”) equal to ten percent (10%)
      of the Firm Shares sold in the Offering at a price per share of
      $2.40;

     

    WHEREAS,
      pursuant to Section 4(k) of the Underwriting Agreement, the Company is also
      obligated to issue to the Underwriters as of the date hereof warrants (the
      “Warrants”) to acquire an aggregate of 350,000 warrants identical to the Firm
      Warrants sold in the Offering; and

     

    WHEREAS,
      the Warrants may only be issued to the Underwriters and/or member firms of
      FINRA
      that may participate in the Offering and the bona fide officers and partners
      thereof as permitted by Rule 2710(c)(7)(A) and (B) (the “Rule”) of the FINRA
      Conduct Rules including the Holder.

     

    NOW,
      THEREFORE, in consideration of the premises contained herein, the payment to
      the
      Company of $50, the agreements set forth herein and other good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged,
      the
      parties hereto agree as follows:

     

    1.            
      Grant and
      Period.

     

    1.1           
      Recitals.  The
      above recitals are true and correct. The Offering has been registered under
      a
      registration statement on Form SB-2 (File No. 333-147167) which was declared
      effective by the Securities and Exchange Commission (the “Commission”) on
      February 13, 2008 (the “Effective Date”).

     

    1.2           
      Grant.  The
      Holder is hereby granted the right to purchase from the Company, at any time
      during the period commencing on February 19, 2009 and expiring on February
      19,
      2013 (the “Expiration Time”), up to 350,000 shares of Common Stock of the
      Company at an initial exercise price (subject to adjustment as provided in
      Section 5 hereof) of $2.40 per share (the “Exercise Price” or “Purchase Price”),
      subject to the terms and conditions of this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    2.           
      Exercise of
      Warrant.

     

    2.1           
      Full
      Exercise.  Except as provided in Section 2.3 below, the
      Holder shall effect an exercise of the Warrants by surrendering to the Company
      this Agreement together with a Subscription in the form of Exhibit A attached
      thereto, duly executed by such Holder, at any time prior to the Expiration
      Time,
      at the Company’s principal office, accompanied by payment in cash or by
      certified or official bank check payable to the order of the Company in the
      amount of the aggregate purchase price (the “Aggregate Price”), subject to any
      adjustments provided for in this Agreement. The Aggregate Price shall be the
      amount that is the result of the Exercise Price multiplied by the number of
      shares of Common Stock that are the subject of each Holder’s Warrant (as
      adjusted as hereinafter provided).

     

    2.2           
      Partial
      Exercise.  The Warrants may also be exercised from time to time
      in part by surrendering this Agreement in the manner specified in Sections
      2.1
      or 2.3 hereof, except that the Purchase Price payable shall be the amount that
      is the result of the number of shares of Common Stock being purchased hereunder
      multiplied by the Exercise Price, subject to any adjustments provided for in
      this Agreement. Upon any such partial exercise, the Company, at its expense,
      will forthwith issue to the Holder a new Agreement of like tenor calling in
      the
      aggregate for the number of securities (as constituted as of the date hereof)
      for which this Agreement shall not have been exercised, issued in the name
      of
      the Holder or as such Holder (upon payment by such Holder of any applicable
      transfer taxes) may direct.

     

    2.3           
      Cashless
      Exercise.  The Holder may effect an exercise of the Warrants
      and pay the Exercise Price through a cashless exercise (a “Cashless Exercise”),
      as hereinafter provided, in its sole discretion. The Holder may effect a
      Cashless Exercise of the Warrants by surrendering to the Company this Agreement,
      together with a Subscription in the form of Exhibit B attached hereto, duly
      executed by such Holder, at any time prior to the Expiration Time, at the
      Company’s principal office, upon which the Company shall issue to the Holder the
      number of shares of Common Stock determined as follows:

     

    
      	 	 	 	 
	 	
              X

            	
              =

            	
              Y
                x
                (A-B)/A

            
	 	 	 	 
	
              where

            	
              X

            	
              =

            	
              the
                number of shares of Common Stock to be issued to the
                Holder;

            
	 	 	 	 
	 	
              Y

            	
              =

            	
              the
                number of shares of Common Stock with respect to which this Warrant
                is
                being exercised;

            
	 	 	 	 
	 	
              A

            	
              =

            	
              the
                Market Price as of the Date of Exercise; and

            
	 	 	 	 
	 	
              B

            	
              =

            	
              the
                Exercise Price.

            
	 	 	 	 

    

     

    “Market
      Price” of a share of Common Stock on any date shall mean, (i) if the shares of
      Common Stock are traded on the Nasdaq Global Market, Nasdaq Global Select Market
      or the Nasdaq Capital Market, the last bid price reported on that date; (ii)
      if
      the shares of Common Stock are no longer quoted on a Nasdaq market and are
      listed on any other national securities exchange, the last sale price of the
      Common Stock reported by such exchange on that date; (iii) if the shares of
      Common Stock are not quoted on any such market or listed on any such exchange
      and the shares of Common Stock are traded in the over-the-counter market, the
      last price reported on such day by the OTC Bulletin Board; (iv) if the shares
      of
      Common Stock are not quoted on a any such market, listed on any such exchange
      or
      quoted on the OTC Bulletin Board, then the last price quoted on such day in
      the
      over-the-counter market as reported by the National Quotation Bureau
      Incorporated (or any similar organization or agency succeeding its functions
      of
      reporting prices); or (v) if none of clauses (i)-(iv) are applicable, then
      as
      determined, in good faith, by the Board of Directors of the Company and the
      Holders. “Date of Exercise” means the date on which the Holder shall have
      delivered to the Company (i) this Warrant, (ii) the applicable Form of
      Subscription attached thereto, appropriately completed and duly signed, and
      (iii) if applicable, payment of the Exercise Price.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    2.4           
      Restrictions on
      Exercise.  If for any reason a registration statement for the
      issuance of the shares is not effective at the time of exercise, Holder will
      make customary representations to Company as may be required to qualify the
      issuance for exemption from the registration requirements of the Securities
      Act
      of 1933.

     

    3.            
      Issuance of
      Certificates.  Upon the exercise of the Warrants, the issuance
      of certificates for shares of Common Stock shall be made promptly (and, in
      any
      event within three business days thereafter) without charge to the Holder
      thereof including, without limitation, any tax which may be payable in respect
      of the issuance thereof, and such certificates shall (subject to the provisions
      of Section 4 and Section 5 hereof) be issued in the name of, or in such names
      as
      may be directed by, the Holder thereof; provided, however, that the Company
      shall not be required to pay any tax which may be payable in respect of any
      transfer involved in the issuance and delivery of any such certificates in
      a
      name other than that of the Holder and the Company shall not be required to
      issue or deliver such certificates unless or until the person or persons
      requesting the issuance thereof shall have paid to the Company the amount of
      such tax or shall have established to the satisfaction of the Company that
      such
      tax has been paid.

     

    4.           
      Restriction on
      Transfer of Warrants.  The Holder of a Warrant, by acceptance
      thereof, covenants and agrees that the Warrants may not be sold, transferred,
      assigned, pledged or hypothecated, or be the subject of any hedging, short
      sale,
      derivative, put or call transaction that would result in the effective economic
      disposition of the securities underlying the Warrants, in whole or in part,
      for
      a period of one year from the effectiveness of the Offering, except (a) to
      a
      NASD member firm that participated in the Offering and the bona fide officers
      or
      partners thereof, (b) by operation of law, or (c) by reason of reorganization
      of
      the Company.

     

    5.           
      Adjustments to
      Exercise Price and Number of Securities.

     

    5.1           
      Stock Dividends
      and
      Splits.  If the Company, (i) pays a stock dividend on its
      Common Stock, (ii) subdivides outstanding shares of Common Stock into a greater
      number of shares, or (iii) combines outstanding shares of Common Stock into
      a
      lesser number of shares, then in each such case the Exercise Price shall be
      multiplied by a fraction of which the numerator shall be the number of shares
      of
      Common Stock outstanding immediately before such event and of which the
      denominator shall be the number of shares of Common Stock outstanding
      immediately after such event. Any adjustment made pursuant to clause (i) of
      this
      paragraph shall become effective immediately after the record date for the
      determination of shareholders entitled to receive such dividend, and any
      adjustment pursuant to clause (ii) or (iii) of this paragraph shall become
      effective immediately after the effective date of such subdivision or
      combination.

     

    5.2           
      Extraordinary
      Transactions.  If, (i) the Company effects any merger or
      consolidation of the Company with or into another Person, (ii) the Company
      effects any sale of all or substantially all of its assets in one or a series
      of
      related transactions, (iii) any tender offer or exchange offer by the Company
      is
      completed pursuant to which holders of Common Stock are permitted to tender
      or
      exchange their shares for other securities, cash or property, or (iv) the
      Company effects any reclassification of the Common Stock or any compulsory
      share
      exchange pursuant to which the Common Stock is effectively converted into or
      exchanged for other securities, cash or property (in any such case, an
“Extraordinary Transaction”), then each Holder’s Warrants will become the right
      thereafter to receive, upon exercise of his or her Warrants, the same amount
      and
      kind of securities, cash or property as such Holder would have been entitled
      to
      receive upon the occurrence of such Extraordinary Transaction if it had been,
      immediately prior to such Extraordinary Transaction, the holder of the number
      of
      Warrant Shares then issuable upon exercise in full of the relevant Warrant
      (the
“Alternate Consideration”) in lieu of Common Stock. The aggregate Exercise Price
      for each Warrant will not be affected by any such Extraordinary Transaction,
      but
      the Company shall apportion such aggregate 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 Common Stock
      are given any choice as to the securities, cash or property to be received
      in a
      Extraordinary Transaction, then each Holder, to the extent practicable, shall
      be
      given the same choice as to the Alternate Consideration it receives upon any
      exercise of his or her Warrant following such Extraordinary Transaction. In
      addition, at the request of each Holder, upon surrender of such Holder’s
      Warrant, any successor to the Company or surviving entity in such Extraordinary
      Transaction shall issue to such Holder a new warrant consistent with the
      foregoing provisions and evidencing the Holder’s right to purchase the Alternate
      Consideration for the aggregate Exercise Price upon exercise thereof. Each
      Warrant (or any such replacement security) will be similarly adjusted upon
      any
      subsequent transaction analogous to a Extraordinary Transaction.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    5.3           
      Adjustment in Number
      of Securities.  Upon each adjustment of the Exercise Price
      pursuant to the provisions of this Section 5, the number of securities issuable
      upon the exercise of each Warrant shall be adjusted to the nearest full amount
      by multiplying a number equal to the Exercise Price in effect immediately prior
      to such adjustment by the number of securities issuable upon exercise of the
      Warrants immediately prior to such adjustment and dividing the product so
      obtained by the adjusted Exercise Price.

     

    5.4           
      No Adjustment of
      Exercise Price in Certain Cases.  No adjustment of the Exercise
      Price shall be made if the amount of said adjustment shall be less than $.01
      per
      Share; provided, however, that in such case any adjustment that would otherwise
      be required then to be made shall be carried forward and shall be made at the
      time of and together with the next subsequent adjustment which, together with
      any adjustment so carried forward, shall amount to at least $.01 per
      Share.

     

    5.5           
      Notice of
      Adjustment.  In each case of an adjustment or readjustment of
      the Exercise Price or the number of any securities issuable upon exercise of
      the
      Warrants, the Company at its expense will promptly calculate such adjustment
      in
      accordance with the terms of this Agreement and prepare a certificate setting
      forth such adjustment, including a statement of the adjusted Exercise Price
      and
      adjusted number of shares of Common Stock or type of Alternate Consideration
      issuable upon exercise of each Warrant (as applicable), describing the
      transactions giving rise to such adjustments and showing in detail the facts
      upon which such adjustment is based. The Company will promptly deliver to each
      Holder who makes a request in writing, a copy of each such
      certificate.

     

    6.           
      Registration
      Rights.

     

    6.1           
      Demand
      Registration.

     

    6.1.1           
      Grant of
      Right.  The Company, upon written demand (“Initial Demand
      Notice”) of the Holder(s) of at least 51% of the Warrants and/or the underlying
      Common Stock and/or the underlying securities (“Majority Holders”), agrees to
      register on one occasion, all or any portion of the Warrants requested by the
      Majority Holders in the Initial Demand Notice and all of the securities
      underlying such Warrants, including the Common Stock (collectively, the
“Registrable Securities”).  On such occasion, the Company will file a
      registration statement or a post-effective amendment to the Registration
      Statement covering the Registrable Securities within thirty days after receipt
      of the Initial Demand Notice and use its best efforts to have such registration
      statement or post-effective amendment declared effective as soon as possible
      thereafter.  The demand for registration may be made at any time
      during a period of five years beginning on the Effective Date.  The
      Company covenants and agrees to give written notice of its receipt of any
      Initial Demand Notice by any Holder(s) to all other registered Holders of the
      Warrants and/or the Registrable Securities within ten days from the date of
      the
      receipt of any such Initial Demand Notice.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    6.1.2           
      Terms.  The
      Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the expenses of any one legal counsel selected
      by the Holders to represent them in connection with the sale of the Registrable
      Securities, but the Holders shall pay any and all underwriting
      commissions.  The Company agrees to use its reasonable best efforts to
      qualify or register the Registrable Securities in such states as are reasonably
      requested by the Majority Holder(s); provided, however, that in no event shall
      the Company be required to register the Registrable Securities in a state in
      which such registration would cause (i) the Company to be obligated to qualify
      to do business in such state, or would subject the Company to taxation as a
      foreign corporation doing business in such jurisdiction or (ii) the principal
      stockholders of the Company to be obligated to escrow their shares of capital
      stock of the Company.  The Company shall cause any registration
      statement or post-effective amendment filed pursuant to the demand rights
      granted under Section 6.1.1 to remain effective for a period of nine consecutive
      months from the effective date of such registration statement or post-effective
      amendment.

     

    6.2           
      “Piggy-Back”
Registration.

     

    6.2.1           
      Grant of
      Right.  In addition to the demand right of registration, the
      Holders of the Warrants shall have the right for a period of seven years
      commencing on the Effective Date, to include the Registrable Securities as
      part
      of any other registration of securities filed by the Company (other than in
      connection with a transaction contemplated by Rule 145(a) promulgated under
      the
      Act or pursuant to Form S-8); provided, however, that if, in the written opinion
      of the Company’s managing underwriter or underwriters, if any, for such
      offering, the inclusion of the Registrable Securities, when added to the
      securities being registered by the Company or the selling stockholder(s), will
      exceed the maximum amount of the Company’s securities which can be marketed (i)
      at a price reasonably related to their then current market value, and (ii)
      without materially and adversely affecting the entire offering, then the Company
      will still be required to include the Registrable Securities, but may require
      the Holders to agree, in writing, to delay the sale of all or any portion of
      the
      Registrable Securities for a period of 90 days from the effective date of the
      offering, provided, further, that if the sale of any Registrable Securities
      is
      so delayed, then the number of securities to be sold by all stockholders in
      such
      public offering during such 90 day period shall be apportioned pro rata among
      all such selling stockholders, including all holders of the Registrable
      Securities, according to the total amount of securities of the Company owned
      by
      said selling stockholders, including all holders of the Registrable
      Securities.

     

    6.2.2           
      Terms.  The
      Company shall bear all fees and expenses attendant to registering the
      Registrable Securities, including the expenses of any legal counsel selected
      by
      the Holders to represent them in connection with the sale of the Registrable
      Securities but the Holders shall pay any and all underwriting commissions
      related to the Registrable Securities.  In the event of such a
      proposed registration, the Company shall furnish the then Holders of outstanding
      Registrable Securities with not less than fifteen days written notice prior
      to
      the proposed date of filing of such registration statement.  Such
      notice to the Holders shall continue to be given for each applicable
      registration statement filed (during the period in which the Warrant is
      exercisable) by the Company until such time as all of the Registrable Securities
      have been registered and sold.  The holders of the Registrable
      Securities shall exercise the “piggy back” rights provided for herein by giving
      written notice, within ten (10) days of the receipt of the Company’s notice of
      its intention to file a registration statement.  The Company shall
      cause any registration statement filed pursuant to the above “piggyback” rights
      to remain effective for at least nine months from the date that the Holders
      of
      the Registrable Securities are first given the opportunity to sell all of such
      securities.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    6.3           
      Damages.  Should
      the registration or the effectiveness thereof required by Sections 6.1 and
      6.2
      hereof be delayed by the Company or the Company otherwise fails to comply with
      such provisions, the Company shall, in addition to any other equitable or other
      relief available to the Holder(s), be liable for any and all incidental, special
      and consequential damages sustained by the Holder(s), including, but not limited
      to, the loss of any profits that might have been received by the holder upon
      the
      sale of the Warrants or the Common Stock underlying this Warrant.

     

    6.4           
      General
      Terms.

     

    6.4.1           
      Indemnification.  The
      Company shall indemnify the Holder(s) of the Registrable Securities to be sold
      pursuant to any registration statement hereunder and each person, if any, who
      controls such Holders within the meaning of Section 15 of the Act or Section
      20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”),
      against all loss, claim, damage, expense or liability (including all reasonable
      attorneys’ fees and other expenses reasonably incurred in investigating,
      preparing or defending against litigation, commenced or threatened, or any
      claim
      whatsoever whether arising out of any action between the underwriter and the
      Company or between the underwriter and any third party or otherwise) to which
      any of them may become subject under the Act, the Exchange Act or otherwise,
      arising from such registration statement but only to the same extent and with
      the same effect as the provisions pursuant to which the Company has agreed
      to
      indemnify the underwriters contained in Section 6 of the Underwriting Agreement
      between the Company, MDB Capital Group LLC and the other underwriters named
      therein dated the Effective Date.  The Holder(s) of the Registrable
      Securities to be sold pursuant to such registration statement, and their
      successors and assigns, shall severally, and not jointly, indemnify the Company,
      its officers and directors and each person, if any, who controls the Company
      within the meaning of Section 15 of the Act or Section 20(a) of the Exchange
      Act, against all loss, claim, damage, expense or liability (including all
      reasonable attorneys’ fees and other expenses reasonably incurred in
      investigating, preparing or defending against any claim whatsoever) to which
      they may become subject under the Act, the Exchange Act or otherwise, arising
      from information furnished by or on behalf of such Holders, or their successors
      or assigns, in writing, for specific inclusion in such registration statement
      to
      the same extent and with the same effect as the provisions contained in Section
      6 of the Underwriting Agreement pursuant to which the underwriters have agreed
      to indemnify the Company.

     

    6.4.2           
      Exercise of
      Warrant.  Nothing contained in this Warrant shall be construed
      as requiring the Holder(s) to exercise their Warrant prior to or after the
      initial filing of any registration statement or the effectiveness
      thereof.

     

    6.4.3           
      Documents Delivered
      to
      Holders.  The Company shall furnish MDB Capital Group LLC, as
      representative of the Holders participating in any of the foregoing offerings,
      a
      signed counterpart, addressed to the participating Holders, of (i) an opinion
      of
      counsel to the Company, dated the effective date of such registration statement
      (and, if such registration includes an underwritten public offering, an opinion
      dated the date of the closing under any underwriting agreement related thereto),
      and (ii) a “cold comfort” letter dated the effective date of such registration
      statement (and, if such registration includes an underwritten public offering,
      a
      letter dated the date of the closing under the underwriting agreement) signed
      by
      the independent public accountants who have issued a report on the Company’s
      financial statements included in such registration statement, in each case
      covering substantially the same matters with respect to such registration
      statement (and the prospectus included therein) and, in the case of such
      accountants’ letter, with respect to events subsequent to the date of such
      financial statements, as are customarily covered in opinions of issuer’s counsel
      and in accountants’ letters delivered to underwriters in underwritten public
      offerings of securities.  The Company shall also deliver promptly to
      MDB Capital Group LLC, as representative of the Holders participating in the
      offering, the correspondence and memoranda described below and copies of all
      correspondence between the Commission and the Company, its counsel or auditors
      and all memoranda relating to discussions with the Commission or its staff
      with
      respect to the registration statement and permit MDB Capital Group LLC, as
      representative of the Holders, to do such investigation, upon reasonable advance
      notice, with respect to information contained in or omitted from the
      registration statement as it deems reasonably necessary to comply with
      applicable securities laws or rules of FINRA.  Such investigation
      shall include access to books, records and properties and opportunities to
      discuss the business of the Company with its officers and independent auditors,
      all to such reasonable extent and at such reasonable times and as often as
      MDB
      Capital Group LLC, as representative of the Holders, shall reasonably
      request.  The Company shall not be required to disclose any
      confidential information or other records to MDB Capital Group LLC, as
      representative of the Holders, or to any other person, until and unless such
      persons shall have entered into reasonable confidentiality agreements (in form
      and substance reasonably satisfactory to the Company), with the Company with
      respect thereto.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

       

    

    6.4.4           
      Underwriting
      Agreement.  The Company shall enter into an underwriting
      agreement with the managing underwriter(s), if any, selected by any Holders
      whose Registrable Securities are being registered pursuant to this Section
      6,
      which managing underwriter shall be reasonably acceptable to the
      Company.  Such agreement shall be reasonably satisfactory in form and
      substance to the Company, each Holder and such managing underwriters, and shall
      contain such representations, warranties and covenants by the Company and such
      other terms as are customarily contained in agreements of that type used by
      the
      managing underwriter.  The Holders shall be parties to any
      underwriting agreement relating to an underwritten sale of their Registrable
      Securities and may, at their option, require that any or all the
      representations, warranties and covenants of the Company to or for the benefit
      of such underwriters shall also be made to and for the benefit of such
      Holders.  Such Holders shall not be required to make any
      representations or warranties to or agreements with the Company or the
      underwriters except as they may relate to such Holders and their intended
      methods of distribution.  Such Holders, however, shall agree to such
      covenants and indemnification and contribution obligations for selling
      stockholders as are customarily contained in agreements of that type used by
      the
      managing underwriter.  Further, such Holders shall execute appropriate
      custody agreements and otherwise cooperate fully in the preparation of the
      registration statement and other documents relating to any offering in which
      they include securities pursuant to this Section 6.  Each Holder shall
      also furnish to the Company such information regarding itself, the Registrable
      Securities held by it, and the intended method of disposition of such securities
      as shall be reasonably required to effect the registration of the Registrable
      Securities.

     

    6.4.5           
      Rule 144
      Sale.  Notwithstanding anything contained in this Section 6 to
      the contrary, the Company shall have no obligation pursuant to Sections 6.1
      or
      6.2 for the registration of Registrable Securities held by any Holder (i) where
      such Holder would then be entitled to sell under Rule 144 within any three-month
      period (or such other period prescribed under Rule 144 as may be provided by
      amendment thereof) all of the Registrable Securities then held by such Holder,
      and (ii) where the number of Registrable Securities held by such Holder is
      within the volume limitations under paragraph (e) of Rule 144 (calculated as
      if
      such Holder were an affiliate within the meaning of Rule 144).

     

    6.4.6           
      Supplemental
      Prospectus.  Each Holder agrees, that upon receipt of any
      notice from the Company of the happening of any event as a result of which the
      prospectus included in the Registration Statement, as then in effect, includes
      an untrue statement of a material fact or omits to state a material fact
      required to be stated therein or necessary to make the statements therein not
      misleading in light of the circumstances then existing, such Holder will
      immediately discontinue disposition of Registrable Securities pursuant to the
      Registration Statement covering such Registrable Securities until such Holder’s
      receipt of the copies of a supplemental or amended prospectus, and, if so
      desired by the Company, such Holder shall deliver to the Company (at the expense
      of the Company) or destroy (and deliver to the Company a certificate of such
      destruction) all copies, other than permanent file copies then in such Holder’s
      possession, of the prospectus covering such Registrable Securities current
      at
      the time of receipt of such notice.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

    7.           
      Elimination of
      Fractional Interest.  The Company shall not be required to
      issue certificates representing fractions of shares of Common Stock upon the
      exercise of the Warrants, nor shall it be required to issue script or pay cash
      in lieu of fractional interests, it being the intent of the parties that all
      fractional interests may be eliminated, at the Company’s option, by rounding any
      fraction up to the nearest whole number of shares of Common Stock or other
      securities, properties or rights, or in lieu thereof paying cash equal to such
      fractional interest.

     

    8.           
      Reservation, Validity
      and Listing.  The Company covenants and agrees that during the
      exercise period, the Company shall at all times reserve and keep available
      out
      of its authorized shares of Common Stock, solely for the purpose of issuance
      upon the exercise of the Warrants, such number of shares of Common Stock or
      other securities, properties or rights as shall be issuable upon the exercise
      under this Warrant Certificate. The Company covenants and agrees that, upon
      exercise of the Warrants, and payment of the Exercise Price therefor, all shares
      of Common Stock and other securities issuable upon such exercise shall be duly
      authorized, validly issued, fully paid, non-assessable and not subject to the
      preemptive rights of any shareholder. As long as the Warrants shall be
      outstanding, the Company shall use its commercially reasonable efforts to cause
      all shares of Common Stock issuable upon the exercise of the Warrants to be
      listed and quoted (subject to official notice of issuance) on all securities
      exchanges and systems on which the Common Stock are then listed and/or quoted,
      including Nasdaq and the American Stock Exchange.

     

    9.           
      Notices to Warrant
      Holder.  Nothing contained in this Agreement shall be construed
      as conferring upon the Holder of the Warrants the right to vote or to consent
      or
      to receive notice as a shareholder in respect of any meetings of shareholders
      for the election of directors or any other matter, or as having any rights
      whatsoever as a shareholder of the Company. If, however, at any time prior
      to
      the expiration of the Warrants and their exercise, any of the following events
      shall occur:

     

    (a)           
      the Company shall take a record of the holders of its shares of Common Stock
      for
      the purpose of entitling them to receive a dividend or distribution payable
      otherwise than in cash, or a cash dividend or distribution payable otherwise
      than out of current or retained earnings, as indicated by the accounting
      treatment of such dividend or distribution on the books of the Company;
      or

     

    (b)           
      the Company shall offer to all the holders of its Common Stock any additional
      shares of capital stock of the Company or securities convertible into or
      exchangeable for shares of capital stock of the Company, or any option, right
      or
      warrant to subscribe therefor; or

     

    (c)           
      a dissolution, liquidation or winding up of the Company (other than in
      connection with a consolidation or merger) or a sale of all or substantially
      all
      of its property, assets and business as an entirety shall be
      proposed;

     

    then,
      in
      any one or more of said events, the Company shall give to the extent practicable
      written notice of such event at least 15 days prior to the date fixed as a
      record date of the date of closing the transfer books for the determination
      of
      the shareholders entitled to such dividend, distribution, convertible or
      exchangeable securities or subscription rights, or entitled to vote on such
      proposed dissolution, liquidation, winding up or sale. Such notices shall
      specify such record date or the date of closing the transfer books, as the
      case
      may be.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

       

    

    10.           
      Notices.  All
      notices, requests, consents and other communications hereunder shall be in
      writing and shall be deemed to have been duly given when sent by (i) facsimile;
      or (ii) delivered personally or by overnight courier or mailed by registered
      or
      certified mail, return receipt requested:

     

    (a)           
      If to the registered Holder, to the address of such Holder as shown on the
      books
      of the Company.

     

    
      	
              With
                a copy to:

            
	 
	
              Golenbock
                Eiseman Assor Bell & Peskoe LLP

            
	
              437
                Madison Avenue

            
	
              New
                York, NY  10022

            
	
              Attn:
                Andrew D. Hudders, Esq.

            
	
              Fax:
                (212) 754-0330

            
	
              Tel:
                (212) 907-7300

            

    

    

     

    (b)           
      If to the Company, to the address set forth below or to such other address
      as
      the Company may designate by notice to the Holders.

     

    
      	
              Opexa
                Therapeutics, Inc.

            
	
              2635
                North Crescent Ridge Prime

            
	
              The
                Woodlands, Texas 77381

            
	
              Attn:
                Chief Financial Officer

            
	
              Fax:
                (281) 872-8585

            

    

    

    
      	
              With
                a copy to:

            
	 
	
              Vinson
                & Elkins LLP

            
	
              1001
                Fannin, Suite 2300

            
	
              Houston,
                Texas 77002

            
	
              Attn:  Michael
                C. Blaney

            
	
              Tel:  (713)
                758-3487

            
	
              Fax:  (713)
                615-5487

            
	 

    

     

    11.           
      Entire Agreement:
      Modification.  This Agreement (and the Underwriting Agreement
      to the extent applicable) contains the entire understanding between the parties
      hereto with respect to the subject matter hereof, and the terms and provisions
      of this Agreement may only be modified, waived or amended in writing. Any
      modification, waiver or amendment executed by the Company and a majority of
      Holders shall be binding on all Holders. Notice of any modification, waiver
      or
      amendment shall be promptly provided to any Holder not consenting to such
      modification, waiver or amendment.

     

    12.           
      Successors.  All
      the covenants and provisions of this Agreement shall be binding upon and inure
      to the benefit of the Company, the Holders and their respective successors
      and
      assigns hereunder.

     

    13.           
      Governing Law;
      Submission to
      Jurisdiction.  This Agreement shall be governed by and
      construed in accordance with the internal laws of the State of New York without
      regard to the conflicts of laws principles thereof. The parties hereto hereby
      irrevocably agree that any suit or proceeding arising directly and/or indirectly
      pursuant to or under this Agreement, shall be brought solely in a federal or
      state court located in the City, County and State of New York. By its execution
      hereof, the parties hereby covenant and irrevocably submit to the in personam
      jurisdiction of the federal and state courts located in the City, County and
      State of New York and agree that any process in any such action may be served
      upon any of them personally, or by certified mail or registered mail upon them
      or their agent, return receipt requested, with the same full force and effect
      as
      if personally served upon them in New York City. The parties hereto waive any
      claim that any such jurisdiction is not a convenient forum for any such suit
      or
      proceeding and any defense or lack of in personam jurisdiction with respect
      thereto. In the event of any such action or proceeding, the party prevailing
      therein shall be entitled to payment from the other party hereto of its
      reasonable counsel fees and disbursements in an amount judicially
      determined.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

       

    

    14.           
      Severability.  If
      any provision of this Agreement shall be held to be invalid or unenforceable,
      such invalidity or unenforceability shall not affect any other provision of
      this
      Agreement.

     

    15.           
      Captions.  The
      caption headings of the sections of this Agreement are for convenience of
      reference only and are not intended, nor should they be construed as, a part
      of
      this Agreement and shall be given no substantive effect.

     

    16.           
      Benefits of This
      Agreement.  Nothing in this Agreement shall be construed to
      give to any person or corporation other than the Company and any registered
      Holder(s) of the Warrant Certificates any legal or equitable right, remedy
      or
      claim under this Agreement; and this Agreement shall be for the sole and
      exclusive benefit of the Company and any Holder(s) of the Warrant
      Certificates.

     

    17.           
      Counterparts.  This
      Agreement may be executed in any number of counterparts and each of such
      counterparts shall for all purposes be deemed to be an original, and such
      counterparts shall together constitute but one and the same
      instrument.

     

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

     

    
      
        	 	 	 
	 	 	 Opexa
                Therapeutics, Inc.	 
	
                Date

              	
                By:
                  

              	 	 
	 	 	David
                B.
                McWilliams	 
	 	 	Chief
                Executive Officer	 
	 	 	 	 

      

    

     

    
      
        	 	Holder	 
	 	 	 	 
	
                Date

              	
                By:
                  

              	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 

      

       

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

    

     

    EXHIBIT
      A

     

    FORM
      OF SUBSCRIPTION (CASH EXERCISE)

     

    (To
      be
      signed only upon exercise of Warrant)

    

    
      	
              TO:

            	
              Opexa
                Therapeutics, Inc.

            
	 	
              2635
                North Crescent Rope Prime

            
	 	
              The
                Woodlands, Texas  77381

            
	 	
              Fax:
                (281) 872-8585

              
              

            

    

     

     

    The
      undersigned holder of Warrant Certificate Number ________________ (the “Warrant
      Certificate”), representing
­­­­­­­­­­­­­­­
Warrants (as defined in the Warrant Certificate) of Opexa Therapeutics, Inc.
      (the “Company”), which Warrant Certificate is being delivered herewith, hereby
      irrevocably elects to purchase ______________ Shares (as defined in the Warrant
      Certificate), and herewith makes payment of $ _________________ therefor,
      all in accordance with the Warrant Certificate and the Warrant Agreement
      referred to in the Warrant Certificate. Certificates for the Shares shall be
      issued in the name of ________________ and delivered to the following
      address:

     

    
      	 	 
	 	 
	 	 
	 	 

    

     

    
      
        	
                By:

              	 
	Name:
                	 
	
                Social
                  Security Number or Tax Identification Number:

              	 
	
                Date:

              	 

      

    

     

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

     

    
      	 	
              Address

            
	 	 
	 	 
	 	
              Social
                Security Number or

              Tax
                Identification Number

            
	 	 
	 	 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      B

     

    FORM
      OF SUBSCRIPTION (CASHLESS EXERCISE)

     

    
      	
              TO:

            	
              Opexa
                Therapeutics, Inc.

            	 
	 	
              2635
                North Crescent Rope Prime

            	 
	 	
              The
                Woodlands, Texas  77381

            	 
	 	
              Fax:
                (281) 872-8585

              
              

            	 

    

     

     

    The
      undersigned holder of Warrant Certificate number _________________ (the “Warrant
      Certificate”), representing ____________________ Warrants (as defined in the
      Warrant Certificate) of Opexa Therapeutics, Inc. (the “Company”), which Warrant
      Certificate is being delivered herewith, hereby irrevocably elects to exercise
      (on a cashless exercise basis in accordance with the formula set forth in
      Section 2.3 of the Warrant Agreement referred to in the Warrant Certificate
      (the
“Warrant Agreement”)) the Warrant Certificate with respect to __________________
      Shares (as defined in the Warrant Certificate), all in accordance with the
      Warrant Certificate and the Warrant Agreement. Certificates for the Shares
      shall
      be issued in the name of _____________________ and delivered to the following
      address:

     

    
      	 	 
	 	 
	 	 
	 	 

    

     

    
       

      
        
          	
                  By:

                	 
	Name:
                  	 
	
                  Social
                    Security Number or Tax Identification Number:

                	 
	
                  Date:

                	 

        

      

       

    

    

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

     

    
      	 	
              Address

            
	 	 
	 	 
	 	
              Social
                Security Number or

              Tax
                Identification Number

            
	 	 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    FORM
      OF
      ASSIGNMENT

     

    (To
      be
      exercised by the registered holder if such Holder desires to transfer the
      Warrant Certificate)

     

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

     

    Print
      Name of Transferee

     

    Address

     

    City
      State Zip Code

     

    this
      Warrant Certificate, together with all right, title and interest therein, and
      does hereby irrevocably constitute and appoint ___________________________
      Attorney, to transfer the within Warrant Certificate on the books of the
      within-named Company, with full power of substitution.

     

    
      	
              Dated: ___________________________

            	
              Signature:

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

            
	 	 
	
              Social
                Security Number or Other Identifying Number of Assignee

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