Document:

Exhibit 10.6

 

ESCROW AGREEMENT

 

THIS ESCROW AGREEMENT (this “Agreement”)
is made as of [●], 2019 by and among China Eco-Materials Group Co. Limited (the “Issuer”) and the Underwriter
whose name and address appears on the Information Sheet (as defined herein) attached to this Agreement and Continental Stock Transfer
& Trust Company, 1 State Street, 30th Floor, New York, New York 10004 (the “Escrow Agent”).

 

W I T N E S S E T H:

 

WHEREAS, the Issuer has filed with
the Securities and Exchange Commission (the “Commission”) a Registration Statement (the “Registration
Statement”) covering a proposed public offering of its securities as described on the Information Sheet (the “Offering”);

 

WHEREAS, the Underwriter proposes
to offer the Securities, as agent for the Issuer, for sale to the public on a “best efforts” only basis for at least
the Minimum Securities Amount and Minimum Dollar Amount and at most the Maximum Securities Amount and Maximum Dollar Amount and
at the price per share or other unit all as set forth, on the Information Sheet;

 

WHEREAS, the Issuer and the Underwriter
propose to establish an Escrow Account (the “Escrow Account”), to which subscription monies which are received
by the Escrow Agent from the Underwriter in connection with the Offering are to be credited, and the Escrow Agent is willing to
establish the Escrow Account and the terms are subject to the conditions hereinafter set forth;

 

WHEREAS, the Escrow Agent has an
agreement with JP Morgan Chase (the “Bank”) to establish a special Bank Account (defined below) into which the
subscription monies, which are received by the Escrow Agent from the Underwriter and credited to the Escrow Account, are to be
deposited; and

 

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

 

1. Information
Sheet. Each capitalized term not otherwise defined in this Agreement shall have the meaning set forth for such term
on the information sheet which is attached to this Agreement and is incorporated by reference herein and made a part hereof (the
“Information Sheet”).

 

2. Establishment
of the Bank Account.

 

2.1. The
Escrow Agent shall establish a non-interest bearing bank account at a branch of JP Morgan Chase selected by the Escrow Agent, and
bearing the designation set forth on the Information Sheet (heretofore defined as the “Bank Account”). The purpose
of the Bank Account is for (a) the deposit of all subscription monies (checks, or wire transfers) which are received by the Underwriter
from prospective purchasers of the Securities and are delivered by the Underwriter to the Escrow Agent, (b) the holding of amounts
of subscription monies which are collected through the banking system, and (c) the disbursement of collected funds, all as described
herein.

 

2.2. On
or before the date of the initial deposit in the Bank Account pursuant to this Agreement, the Underwriter shall notify the Escrow
Agent in writing of the effective date of the Registration Statement (the “Effective Date”), and the Escrow
Agent shall not be required to accept any amounts for credit to the Escrow Account or for deposit in the Bank Account prior to
its receipt of such notification.

 

     

     

    

 

2.3. The
period of the Offering, which shall be deemed to commence on the Effective Date, shall consist of the number of calendar days or
business days set forth on the Information Sheet (the “Offering Period”). The Offering Period shall be extended
by an Extension Period (as defined in the Information Sheet) only if the Escrow Agent shall have received joint written notice
thereof from the Issuer and the Underwriter at least five (5) business days prior to the expiration of the Offering Period. The
Extension Period, which shall be deemed to commence on the next calendar day following the expiration of the Offering Period, shall
consist of the number of calendar days or business days set forth on the Information Sheet. The last day of the Offering Period,
or the last day of the Extension Period (if the Escrow Agent has received written notice thereof as hereinabove provided), is referred
to herein as the “Termination Date”. Except as provided in Section 4.3 hereof, after the Termination
Date the Underwriter shall not deposit, and the Escrow Agent shall not accept, any additional amounts representing payments by
prospective purchasers.

 

3. Deposits
to the Bank Account.

 

3.1. The
Underwriter shall promptly deliver to the Escrow Agent all monies in the form of checks or wire transfers which it receives from
prospective purchasers of the Securities by noon of the next business day following receipt where internal supervisory review is
conducted at the same location at which subscription documents and monies are received. Upon the Escrow Agent’s receipt of
such monies, they shall be credited to the Escrow Account. All checks delivered to the Escrow Agent shall be made payable to “Continental
Stock Transfer & Trust Company China Eco-Materials Group Co. Limited Escrow Account”. Any check payable other than to
the Escrow Agent as required hereby shall be returned to the prospective purchaser, or if the Escrow Agent has insufficient information
to do so, then to the Underwriter (together with any Subscription Information, as defined below, or other documents delivered therewith)
by noon of the next business day following receipt of such check by the Escrow Agent, and such check shall be deemed not to have
been delivered to the Escrow Agent pursuant to the terms of this Agreement.

 

3.2. Promptly
after receiving subscription monies as described in Section 3.1, the Escrow Agent shall deposit the same into the Bank Account.
Amounts of monies so deposited are hereinafter referred to as “Escrow Amounts”. The Escrow Agent shall cause
the Bank to process all Escrow Amounts for collection through the banking system. Simultaneously with each deposit to the Escrow
Account, the Underwriter (or the Issuer, if such deposit is made by the Issuer) shall inform the Escrow Agent in writing of the
name, address, and the tax identification number of the purchaser, the amount of Securities subscribed for by such purchase, and
the aggregate dollar amount of such subscription (collectively, the “Subscription Information”).

 

3.3. The
Escrow Agent shall not be required to accept for credit to the Escrow Account or for deposit into the Bank Account checks which
are not accompanied by the appropriate Subscription Information, which at minimum shall include the name address, tax identification
number and the number of shares. Wire transfers representing payments by prospective purchasers shall not be deemed deposited in
the Escrow Account until the Escrow Agent has received in writing the Subscription Information required with respect to such payments.

 

3.4. The
Escrow Agent shall not be required to accept in the Escrow Account any amounts representing payments by prospective purchasers,
whether by check or wire, except during the Escrow Agent’s regular business hours.

 

3.5. Only
those Escrow Amounts, which have been deposited in the Bank Account and which have cleared the banking system and have been collected
by the Escrow Agent, are herein referred to as the “Fund”.

 

3.6. If
the Offering is terminated before the Termination Date, the Escrow Agent shall (upon joint written instructions from the Issuer
and the Underwriter indicating that the Offering has been terminated) promptly refund any portion of the Fund prior to disbursement
of the Fund in accordance with Article 4 hereof upon instructions in writing signed by both the Issuer and the Underwriter.

 

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4. Disbursement
from the Bank Account.

 

4.1. If
by the close of regular banking hours on the Termination Date the Escrow Agent has not received joint written instructions from
the Issuer and the Underwriter that all conditions for release of funds have been met for closing of the Offering (including, without
limitation, that (a) the amount in the Fund is at least equal to the Minimum Dollar Amount or the Minimum Securities Amount, as
indicated by the Subscription information submitted to the Escrow Agent, or (b) the Issuer’s ordinary shares have not be
approved for listing on the Nasdaq Capital Market (subject to notice of issuance)), then the Escrow Agent shall promptly refund
to each prospective purchaser the amount of payment received from such purchaser which is then held in the Fund or which thereafter
clears the banking system, without interest thereon or deduction therefrom, by issuing wire transfers for the amounts of such payments
and transmitting them to the purchasers. In such event, the Escrow Agent shall promptly notify the Issuer and the Underwriter of
its distribution of the Fund. An IRS Form W-9 or applicable W-8 is required for disbursements made out of the escrow account for
any purpose.

 

4.2. If
at any time up to the close of regular banking hours on the Termination Date, the Escrow Agent determines that the amount in the
Fund is at least equal to the Minimum Dollar Amount and represents the sale of not less than the Minimum Securities Amount, the
Escrow Agent shall promptly notify the Issuer and the Underwriter of such fact in writing. Thereafter, if the Escrow Agent receives
joint written instructions from the Issuer and the Underwriter that all other conditions for release of funds have been met for
a closing (it being agreed that more than one closing may be undertaken) of the Offering (including, without limitation, that the
Issuer’s ordinary shares have been approved for listing on the Nasdaq Capital Market (subject to notice of issuance), the
Escrow Agent shall promptly disburse the Fund in connection with such closing, by wire transfer of immediately available funds
from the Bank Account, in accordance with and at such time as is indicated in such joint written instructions. An IRS Form W-9
or applicable W-8 is required for disbursements made out of the escrow account for any purpose.

 

4.3. Upon
disbursement of the total amount of the Fund pursuant to the terms of this Article 4, the Escrow Agent shall be relieved of all
further obligations and released from all liability under this Agreement. It is expressly agreed and understood that in no event
shall the aggregate amount of payments made by the Escrow Agent exceed the amount of the Fund.

 

5. Rights,
Duties and Responsibilities of Escrow Agent. It is understood and agreed that the duties of the Escrow Agent are purely
ministerial in nature, and that:

 

5.1. The
Escrow Agent shall notify the Underwriter, on a daily basis, of the Escrow Amounts which have been deposited in the Bank Account
and of the amounts, constituting the Fund, which have cleared the banking system and have been collected by the Escrow Agent.

 

5.2. The
Escrow Agent shall not be responsible for or be required to enforce any of the terms or conditions of the underwriting agreement
or any other agreement between the Underwriter and the Issuer nor shall the Escrow Agent be responsible for the performance by
the Underwriter or the Issuer of their respective obligations under this Agreement.

 

5.3. The
Escrow Agent shall not be required to accept from the Underwriter (or the Issuer) any Subscription Information pertaining to prospective
purchasers unless such Subscription Information is accompanied by checks, or wire transfers meeting the requirements of Section
3.1, nor shall the Escrow Agent be required to keep records of any information with respect to payments deposited by the Underwriter
(or the Issuer) except as to the amount of such payments; however, the Escrow Agent shall notify the Underwriter within a reasonable
time of any discrepancy between the amount set forth in any Subscription Information and the amount delivered to the Escrow Agent
therewith. Such amount need not be accepted for deposit in the Escrow Account until such discrepancy has been resolved.

 

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5.4. The
Escrow Agent shall be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow
Agent, within a reasonable time, shall return to the Underwriter any check received which is dishonored, together with the Subscription
Information, if any, which accompanied such check.

 

5.5. The
Escrow Agent shall be entitled to rely upon the accuracy, act in reliance upon the contents, and assume the genuineness of any
notice, instruction, certificate, signature, instrument or other document which is given to the Escrow Agent pursuant to
this Agreement without the necessity of the Escrow Agent verifying the truth or accuracy thereof. The Escrow Agent shall not be
obligated to make any inquiry as to the authority, capacity, existence or identity or any person purporting to give any such notice
or instructions or to execute any such certificate, instrument or other document.

 

5.6. If
the Escrow Agent is uncertain as to its duties or rights hereunder or shall receive instructions with respect to the Bank Account,
the Escrow Amounts or the Fund which, in its sole determination, are in conflict either with other, instructions received by it
or with any provision of this Agreement, it shall be entitled to hold the Escrow Amounts, the Fund, or a portion thereof, in the
Bank Account pending the resolution of such uncertainty to the Escrow Agent’s sole satisfaction, by final judgment of a court
or courts of competent jurisdiction or otherwise; or the Escrow Agent, at its sole option, may deposit the Fund (and any other
Escrow Amounts that thereafter become part of the Fund) with the Clerk of a court of competent jurisdiction in a proceeding to
which all parties in interest are joined. Upon the deposit by the Escrow Agent of the Fund with the Clerk of any court, the Escrow
Agent shall be relieved of all further obligations and released from all liability hereunder.

 

5.7. The
Escrow Agent shall not be liable for any action taken or omitted hereunder, or for the misconduct of any employee, agent or attorney
appointed by it, except in the case of willful misconduct or gross negligence. The Escrow Agent shall be entitled to consult with
counsel of its own choosing and shall not be liable for any action taken, suffered or omitted by it in accordance with the advice
of such counsel.

 

5.8. The
Escrow Agent shall have no responsibility at any time to ascertain whether or not any security interest exists in the Escrow Amounts,
the Fund or any part thereof or to file any statement under the Uniform Commercial Code with respect to the Fund or any part thereof.

 

6. Amendment;
Resignation. This Agreement may be altered or amended only with the written consent of the Issuer, the Underwriter and
the Escrow Agent.

 

6.1. The
Escrow Agent may resign for any reason upon thirty (30) business days’ written notice to the Issuer and the Underwriter.
Should the Escrow Agent resign as herein provided, it shall not be required to accept any deposit, make any disbursement
or otherwise dispose of the Escrow Amounts or the Fund, but its only duty shall be to hold the Escrow Amounts until they clear
the banking system and the Fund for a period of not more than five (5) business days following the effective date of such resignation,
at which time (a) if a successor escrow agent shall have been appointed and written notice thereof (including the name and address
of such successor escrow agent) shall have been given to the resigning Escrow Agent by the Issuer, the Underwriter and such successor
escrow agent, then the resigning Escrow Agent shall pay over to the successor escrow agent the Fund, less any portion thereof previously
paid out in accordance with this Agreement; or (b) if the resigning Escrow Agent shall not have received written notice signed
by the Issuer, the Underwriter and a successor escrow agent, then the resigning Escrow Agent shall promptly refund the amount in
the Fund to each prospective purchaser without interest thereon or deduction therefrom, and the resigning Escrow Agent shall promptly
notify the Issuer and the Underwriter in writing of its liquidation and distribution of the Fund; whereupon, in either case, the
Escrow Agent shall be relieved of all further obligations and released from all liability under this Agreement. Without limiting
the provisions of Section 8 hereof, the resigning Escrow Agent shall be entitled to be reimbursed by the Issuer and the
Underwriter for any actual expenses incurred in connection with its resignation, transfer of the Fund to a successor escrow agent
or distribution of the Fund pursuant to this Section 6.

 

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7. Representations
and Warranties. The Issuer and the Underwriter hereby jointly and severally represent and warrant to the Escrow Agent that:

 

7.1. No
party other than the parties hereto and the prospective purchasers have, or shall have, any lien, claim or security interest in
the Escrow Amounts or the Fund or any part thereof.

 

7.2. No
financing statement under the Uniform Commercial Code is on file in any jurisdiction claiming a security interest in or describing
(whether specifically or generally) the Escrow Amounts or the Fund or any part thereof.

 

7.3. The
Subscription Information submitted with each deposit shall, at the time of submission and at the time of disbursement of the Fund,
be deemed a representation and warranty that such deposit represents a bona fide payment by the purchaser described therein for
the amount of securities in such described as Subscription Information.

 

7.4. All
of the information contained in the Information Sheet is, as of the date hereof, and will be, at the time of any disbursement of
the Fund, true and correct.

 

7.5. Reasonable
controls have been established and required due diligence performed to comply with “Know Your Customer” regulations,
USA Patriot Act, Office of the Foreign Asset Control (OFAC) regulations and the Bank Secrecy Act.

 

8. Fees
and Expenses. The Escrow Agent shall be entitled to the Escrow Agent Fees set forth on the Information Sheet, payable as
and when stated therein. In addition, the Issuer and the Underwriter jointly and severally agree to reimburse the Escrow Agent
for any reasonable expenses incurred in connection with this Agreement, including, but not limited to, reasonable counsel fees.
Upon receipt of the Minimum Dollar Amount, the Escrow Agent shall have a lien upon the Fund to the extent of its fees for services
as Escrow Agent.

 

9. Indemnification
and Contribution.

 

9.1. The
Issuer and the Underwriter (collectively referred to as the “Indemnitors”) jointly and severally agree to indemnify
the Escrow Agent and its officers, directors, employees, agents and shareholders (collectively referred to as the “Indemnitees”)
against, and hold them harmless of and from, any and all loss, liability, cost, damage and expense, including without limitation,
reasonable counsel fees, which the Indemnitees may suffer or incur by reason of any action, claim or proceeding brought against
the Indemnitees arising out of or relating in any way to this Agreement or any transaction to which this Agreement relates, unless
such action, claim or proceeding is the result of the willful misconduct or gross negligence of the Indemnitees.

 

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9.2. If
the indemnification provided for in Section 9.1 is applicable, but for any reason is held to be unavailable, the Indemnitors
shall contribute such amounts as are just and equitable to pay, or to reimburse the Indemnitees for, the aggregate of any and all
losses, liabilities, costs, damages and expenses, including counsel fees, actually incurred by the Indemnitees as a result of or
in connection with, and any amount paid in settlement of, any action, claim or proceeding arising out of or relating in any way
to this Agreement or any transaction to which this Agreement relates, unless such action, claim or proceeding is the result of
the willful misconduct or gross negligence of the Indemnitees.

 

9.3. The
provisions of this Article 9 shall survive any termination of this Agreement, whether by disbursement of the Fund, resignation
of the Escrow Agent or otherwise.

 

10. Governing
Law and Assignment. This Agreement shall be construed in accordance with and governed by the laws of the State of New York
and shall be binding upon the parties hereto and their respective successors and assigns; provided, however, that any assignment
or transfer by any party of its rights under this Agreement or with respect to the Escrow Amounts or the Fund shall be void as
against the Escrow Agent unless (a) written notice thereof shall be given to the Escrow Agent; and (b) the Escrow Agent shall have
consented in writing to such assignment or transfer.

 

11. Notices.
All notices required to be given in connection with this Agreement shall be sent by registered or certified mail, return receipt
requested, electronic mail (“e-mail”) with PDF attachment executed by an authorized signer of the Party/Parties to
the e-mail address given below or by hand delivery with receipt acknowledged, or by the Express Mail service offered by the United
States Post Office, and addressed, if to the Issuer or the Underwriter, at their respective addresses set forth on the Information
Sheet, and if to the Escrow Agent, at its address set forth above, to the attention of the Trust Department, email: [●].
The notice shall be deemed to have been duly given: (a) when received if personally delivered; (b) the day after it is sent, if
sent for next day delivery to a domestic address by a recognized overnight delivery service (e.g., Federal Express); (c)
upon receipt, if sent by certified or registered mail, return receipt requested; and (d) upon receipt, if sent by e-mail. The commencement
of any notice periods set forth in a notice shall begin upon the deemed delivery date of such notice.

 

12. Severability.
If any provision of this Agreement or the application thereof to any person or circumstance shall be determined to be invalid or
unenforceable, the remaining provisions of this Agreement or the application of such provision to persons or circumstances other
than those to which it is held invalid or unenforceable shall not be affected thereby and shall be valid and enforceable to the
fullest extent permitted by law.

 

13. Execution
in Several Counterparts. This Agreement may be executed in several counterparts or by separate instruments, and all of
such counterparts and instruments shall constitute one agreement, binding on all of the parties hereto.

 

14. Entire
Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter
hereof and supersedes all prior agreements and understandings (written or oral) of the parties in connection therewith.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the undersigned have
executed this Agreement as of the day and year first above written.

 

	THE ISSUER	 	THE ESCROW AGENT
	 	 	 
	CHINA ECO-MATERIALS GROUP CO. LIMITED	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	By:	 	 	By:  	 
	 	Name:	 	 	 Name:  
	 	Title:	 	 	Title:  
	 	 	 
	THE UNDERWRITER	 	 
	 	 	 
	NETWORK 1 FINANCIAL SECURITIES, INC.	 	 
	 	 	 
	By:	 	 	 
	 	Name:	 	 
	 	Title:	 	 

 

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EXHIBIT A

 

ESCROW AGREEMENT INFORMATION SHEET

 

		1.	The Issuer

Name: China Eco-Materials Group
Co. Limited

Address:

No. 200, Liu Gang Tou, Qinglin Community,
Tangshan Township, Nanjing

Jiangsu Province, People’s Republic
of China 211131

 

		2.	The Underwriter

Name: Network 1 Financial Securities,
Inc.

Address: 2 Bridge Ave, Suite
#241, Red Bank, NJ 07701

 

		3.	The Securities

Description of the Securities
to be offered: Up to 3,333,334 ordinary shares of the Issuer.

 

		4.	Minimum Securities Amount and Conditions Required for Disbursement of the Escrow Account

Aggregate dollar amount which
must be collected before the Escrow Account may be disbursed to the Issuer: US$8,100,000 (“Minimum Dollar Amount”)

 

Maximum Securities Amount
and Conditions Required for Disbursement of the Escrow Account

US$15,000,003 (“Maximum Dollar Amount”)

 

		5.	Plan of Distribution of the Securities

Initial Offering Period: Through
[●]

Extension Period, if any: Until
[●]

 

		6.	Title of Escrow Account

“Continental Stock Transfer
& Trust Company China Eco-Materials Group Co. Limited Escrow Account”

 

		7.	Escrow Agent Fees and Charges

$5,500 for the first six months:
$2,750.00 payable at signing of the Escrow Agreement, plus $2,750.00 at the Closing. (Note: $250.00 online “view only”
access to the bank account is included). A fee of $500 will be payable for document review services related to each amendment/extension
to the Escrow Agreement. In addition, the Escrow Agent shall be paid a fee of $500.00 for each additional closing beyond the Initial
Offering Period. Should the Escrow Agent continue for more than six months, the Escrow Agent shall receive a fee of $600.00 per
month, or any portion thereof, payable in advance on the first business day of the month.

 

Distribution charges:

$10.00 per check

$50.00 per wire

$100.00 per check returned (NSF)
check

$100.00 lost check replacement
fee

$50.00 per DWAC (share movement
to DTC)

$10.00 per share certificate

 

 

8EX-4.1

 Exhibit 4.1 

ASSEMBLY BIOSCIENCES, INC. 

FORM OF PRE-FUNDED WARRANT TO PURCHASE COMMON STOCK 

Number of Shares: [            ] 

(subject to adjustment) 
 Warrant No.
[    ] 
 Original Issue Date: December [    ], 2019 

Assembly Biosciences, Inc., a Delaware corporation (the “Company”), hereby certifies that, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, [            ] or its permitted registered assigns (the “Holder”), is entitled, subject to the terms set forth below, to
purchase from the Company up to a total of 2,424,242 shares of common stock, $0.001 par value per share (the “Common Stock”), of the Company (each such share, a “Warrant Share” and all such shares, the
“Warrant Shares”) at an exercise price per share equal to $0.001 per share (as adjusted from time to time as provided in Section 9 herein, the “Exercise Price”), upon surrender of this
Warrant to Purchase Common Stock (including any Warrants to Purchase Common Stock issued in exchange, transfer or replacement hereof, this “Warrant”) at any time and from time to time on or after the date hereof (the
“Original Issue Date”), subject to the following terms and conditions: 
 1. Definitions. For purposes of this Warrant, the
following terms shall have the following meanings: 
 (a) “Affiliate” means any Person directly or indirectly controlled by,
controlling or under common control with, a Holder, but only for so long as such control shall continue. For purposes of this definition, “control” (including, with correlative meanings, “controlled by,” “controlling”
and “under common control with”) means, with respect to a Person, possession, direct or indirect, of (a) the power to direct or cause direction of the management and policies of such Person (whether through ownership of securities or
partnership or other ownership interests, by contract or otherwise), or (b) at least 50% of the voting securities (whether directly or pursuant to any option, warrant or other similar arrangement) or other comparable equity interests. 

(b) “Commission” means the United States Securities and Exchange Commission. 

(c) “Closing Sale Price” means, for any security as of any date, the last trade price for such security on the Principal
Trading Market for such security, as reported by Bloomberg Financial Markets, or, if such Principal Trading Market begins to operate on an extended hours basis and does not designate the last trade price, then the last trade price of such security
immediately prior to 4:00 P.M., New York City time, as reported by Bloomberg Financial Markets, or if the foregoing do not apply, the last trade price of such security in the
over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg Financial Markets, or, if no last trade price is reported for such
security by Bloomberg Financial Markets, the average of the bid and ask prices, of any market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc. If the Closing Sale Price cannot be calculated for a security
on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the
fair market value of such security, then the Board of Directors of the Company shall use its good faith judgment to determine the fair market value of such security on such date. The Board of Directors’ determination shall be binding upon all
parties absent demonstrable error. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation period. 

(d) “Principal Trading Market” means the national securities exchange or other trading market on which the Common Stock is
primarily listed on and quoted for trading, which, as of the Original Issue Date, shall be the Nasdaq Global Select Market. 
 (e)
“Registration Statement” means the Company’s Registration Statement on Form S-3 (File No. 333-222366), as amended, declared effective on
January 10, 2018. 

  
 1 

 (f) “Securities Act” means the Securities Act of 1933, as amended. 

(g) “Trading Day” means any weekday on which the Principal Trading Market is open for trading. 

(h) “Transfer Agent” means VStock Transfer, LLC, the Company’s transfer agent and registrar for the Common Stock, and
any successor appointed in such capacity. 
 2. Issuance of Securities; Registration of Warrants. The Warrant, as initially issued by the Company, is
offered and sold pursuant to the Registration Statement. The Company shall register ownership of this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder
(which shall include the initial Holder or, as the case may be, any assignee to which this Warrant is assigned hereunder) from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the
purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 
 3. Registration of
Transfers. Subject to compliance with all applicable securities laws, the Company shall, or will cause its Transfer Agent to, register the transfer of all or any portion of this Warrant in the Warrant Register, upon surrender of this Warrant,
and payment for all applicable transfer taxes (if any) by the Holder or any subsequent holder. Upon any such registration or transfer, a new warrant to purchase Common Stock in substantially the form of this Warrant (any such new warrant, a
“New Warrant”) evidencing the portion of this Warrant so transferred shall be issued to the transferee, and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the
transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations in respect of the New Warrant that the Holder has in respect of this Warrant. The
Company shall, or will cause its Transfer Agent to, prepare, issue and deliver at the Company’s own expense any New Warrant under this Section 3. Until due presentment for registration of transfer, the Company may
treat the registered Holder hereof as the owner and holder for all purposes, and the Company shall not be affected by any notice to the contrary. 
 4.
Exercise and Duration of Warrants. 
 (a) All or any part of this Warrant shall be exercisable by the registered Holder in any manner
permitted by this Warrant at any time and from time to time on or after the Original Issue Date. 
 (b) The Holder may exercise this Warrant
by delivering (as determined in accordance with the notice provisions hereof) to the Company an exercise notice, in the form attached as Schedule 1 hereto (the “Exercise Notice”), completed and duly signed. Within
one (1) Trading Day following the date of delivery of the Exercise Notice, the Holder shall make payment of the Exercise Price for the number of Warrant Shares as to which this Warrant is being exercised (which may take the form of a
“cashless exercise” if so indicated in the Exercise Notice pursuant to Section 10 below). The date on which the Notice of Exercise is delivered to the Company (as determined in accordance with the notice provisions
hereof) is an “Exercise Date” provided, that if the Exercise Price is not delivered on or before one (1) Trading Day following the date of delivery of the Exercise Notice, the Exercise Date shall be deemed to be one
(1) Trading Day following the date of that the Exercise Price is delivered to the Company. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of
guarantee or notarization) of any Notice of Exercise be required. The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the Exercise Notice shall have the same effect as
cancellation of the original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares, if any. The aggregate exercise price of this Warrant, except for the Exercise Price, was pre-funded to the Company on or before the Original Issue Date, and consequently no additional consideration (other than the Exercise Price) shall be required by to be paid by the Holder to effect any exercise of
this Warrant. The Holder shall not be entitled to the return or refund of all, or any portion, of such pre-funded exercise price under any circumstance or for any reason whatsoever. 

  
 2 

 5. Delivery of Warrant Shares. 

(a) Upon exercise of this Warrant, the Company shall promptly (but in no event later than two (2) Trading Days after the Exercise Date),
upon the request of the Holder, credit or instruct the Transfer Agent to credit such aggregate number of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account
with The Depository Trust Company (“DTC”) through its Deposit / Withdrawal At Custodian system, or if the Transfer Agent is not participating in the Fast Automated Securities Transfer Program (the “FAST Program”) or
if the certificates are required to bear a legend regarding restriction on transferability, issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate, registered in the Company’s share register in
the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. The Holder, or any natural person or legal entity (each, a “Person”) so designated by the
Holder to receive Warrant Shares, shall be deemed to have become the holder of record of such Warrant Shares as of the time of delivery of the Exercise Notice on the Exercise Date, irrespective of the date such Warrant Shares are credited to the
Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares, as the case may be. While this Warrant remains outstanding, the Company shall maintain a transfer agent that participates in the FAST Program. 

(b) If by the close of the fifth (5th) Trading Day after the Exercise Date, the Company fails to deliver to the Holder a certificate
representing the required number of Warrant Shares in the manner required pursuant to Section 5(a) or fails to credit the Holder’s balance account with DTC for such number of Warrant Shares to which the Holder is entitled,
and if after such second (2nd) Trading Day and prior to the receipt of such Warrant Shares, the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant
Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall, within two (2) Trading Days after the Holder’s request and in the Holder’s
sole and absolute discretion, either (1) pay in cash to the Holder an amount equal to the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased, at which point the
Company’s obligation to deliver such certificate (and to issue such Warrant Shares) shall terminate or (2) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such Warrant Shares and pay cash
to the Holder in an amount equal to the excess (if any) of Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased in the Buy-In over
the product of (A) the number of shares of Common Stock purchased in the Buy-In, times (B) the Closing Sale Price of a share of Common Stock on the Exercise Date. 

(c) To the extent permitted by law and subject to Section 5(b), the Company’s obligations to issue and deliver
Warrant Shares in accordance with and subject to the terms hereof (including the limitations set forth in Section 11 below) are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the
same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach
by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law by the Holder or any other Person, and irrespective of any other circumstance that might otherwise limit such obligation of the Company
to the Holder in connection with the issuance of Warrant Shares. Subject to Section 5(b), nothing herein shall limit the Holder’s right to pursue any other remedies available to it hereunder, at law or in equity
including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock upon exercise of the Warrant as required pursuant
to the terms hereof. 
 6. Charges, Taxes and Expenses. Issuance and delivery of certificates for shares of Common Stock upon exercise of this
Warrant shall be made without charge to the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense (excluding any applicable stamp duties) in respect of the issuance of such certificates, all of which taxes and
expenses shall be paid by the Company; provided, however, that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the registration of any certificates for Warrant Shares or the Warrants
in a name other than that of the Holder or an Affiliate thereof. The Holder shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof. 

  
 3 

 7. Replacement of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall
issue or cause to be issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft
or destruction (in such case) and, in each case, a customary and reasonable indemnity (but not the posting of any surety or other bond), if requested by the Company. Applicants for a New Warrant under such circumstances shall also comply with such
other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant
to the Company as a condition precedent to the Company’s obligation to issue the New Warrant. 
 8. Reservation of Warrant Shares. The Company
covenants that it will, at all times while this Warrant is outstanding, reserve and keep available out of the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant
Shares upon exercise of this Warrant as herein provided, the number of Warrant Shares that are initially issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other contingent purchase rights of
persons other than the Holder (taking into account the adjustments and restrictions of Section 9). The Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the
applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued and fully paid and non-assessable. The Company will take all such action as may be reasonably necessary to
assure that such shares of Common Stock may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of any securities exchange or automated quotation system upon which the Common Stock may be
listed. The Company further covenants that it will not, without the prior written consent of the Holder, take any actions to increase the par value of the Common Stock at any time while this Warrant is outstanding. 

9. Certain Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to
time as set forth in this Section 9. 
 (a) Stock Dividends and Splits. If the Company, at any time while
this Warrant is outstanding, (i) pays a stock dividend on its Common Stock or otherwise makes a distribution on any class of capital stock issued and outstanding on the Original Issue Date and in accordance with the terms of such stock on the
Original Issue Date or as amended, as described in the Registration Statement, that is payable in shares of Common Stock, (ii) subdivides its outstanding shares of Common Stock into a larger number of shares of Common Stock, (iii) combines
its outstanding shares of Common Stock into a smaller number of shares of Common Stock or (iv) issues by reclassification of shares of capital stock any additional shares of Common Stock of the Company, then in each such case the Exercise Price
shall be multiplied by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding immediately before such event and the denominator of which shall be the number of shares of Common Stock outstanding immediately
after such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution, provided, however,
that if such record date shall have been fixed and such dividend is not fully paid on the date fixed therefor, the Exercise Price shall be recomputed accordingly as of the close of business on such record date and thereafter the Exercise Price shall
be adjusted pursuant to this paragraph as of the time of actual payment of such dividends. 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) Pro Rata Distributions. If the Company, at any time while this Warrant is outstanding, distributes to all holders
of Common Stock for no consideration (i) evidences of its indebtedness, (ii) any security (other than a distribution of Common Stock covered by the preceding paragraph) or (iii) rights or warrants to subscribe for or purchase any
security, or (iv) cash or any other asset (in each case, “Distributed Property”), then, upon any exercise of this Warrant that occurs after the record date fixed for determination of stockholders entitled to receive such
distribution, the Holder shall be entitled to receive, in addition to the Warrant Shares otherwise issuable upon such exercise (if applicable), the Distributed Property that such Holder would have been entitled to receive in respect of such number
of Warrant Shares had the Holder been the record holder of such Warrant Shares immediately prior to such record date without regard to any limitation on exercise contained therein. The Company covenants that it will, at all times while this Warrant
is outstanding, reserve and keep available all Distributed Property that the Holder shall be entitled to receive hereunder, solely for the purpose of fulfilling its obligations pursuant to this Section 9(b). 

  
 4 

 (c) Fundamental Transactions. If, at any time while this Warrant is outstanding
(i) the Company effects any merger or consolidation of the Company with or into another Person, in which the Company is not the surviving entity and in which the stockholders of the Company immediately prior to such merger or consolidation do
not own, directly or indirectly, at least 50% of the voting power of the surviving entity immediately after such merger or consolidation, (ii) the Company effects any sale to another Person of all or substantially all of its assets in one
transaction or a series of related transactions, (iii) pursuant to any tender offer or exchange offer (whether by the Company or another Person), holders of capital stock tender shares representing more than 50% of the voting power of the
capital stock of the Company and the Company or such other Person, as applicable, accepts such tender for payment, (iv) the Company consummates a stock purchase agreement or other business combination (including, without limitation, a
reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than the 50% of the voting power of the capital stock of the Company (except for
any such transaction in which the stockholders of the Company immediately prior to such transaction maintain, in substantially the same proportions, the voting power of such Person immediately after the transaction) or (v) the Company effects
any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (other than as a result of a subdivision or combination of
shares of Common Stock covered by Section 9(a) above) (in any such case, a “Fundamental Transaction”), then following such Fundamental Transaction the Holder shall have the right to receive, upon exercise
of this Warrant, the same amount and kind of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of
the number of Warrant Shares then issuable upon exercise in full of this Warrant without regard to any limitations on exercise contained herein (the “Alternate Consideration”). The Company shall not effect any Fundamental
Transaction in which the Company is not the surviving entity or the Alternate Consideration includes securities of another Person unless (i) the Alternate Consideration is solely cash, in which case the Warrant will be deemed automatically
exercised in full in exchange for such cash consideration pursuant to the “cashless exercise” provisions in Section 10 below upon the consummation of the Fundamental Transaction or (ii) prior to or simultaneously with the
consummation thereof, any successor to the Company, surviving entity or other Person (including any purchaser of assets of the Company) shall assume the obligation to deliver to the Holder such Alternate Consideration as, in accordance with the
foregoing provisions, the Holder may be entitled to receive, and the other obligations under this Warrant. The provisions of this paragraph (c) shall similarly apply to subsequent transactions analogous of a Fundamental Transaction type. 

(d) Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to Section 9
(including any adjustment to the Exercise Price that would have been effected but for the final sentence in this paragraph (d)), the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased
proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder for the increased or decreased number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment.
Notwithstanding the foregoing, in no event may the Exercise Price be adjusted below the par value of the Common Stock then in effect. 
 (e)
Calculations. All calculations under this Section 9 shall be made to the nearest one-tenth of one cent or the nearest share, as applicable. 

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

(g) Notice of Corporate Events. If, while this Warrant is outstanding, the Company (i) declares a dividend or any other
distribution of cash, securities or other property in respect of its Common Stock, including, without limitation, any granting of rights or warrants to subscribe for or purchase any capital stock of the Company or any subsidiary,
(ii) authorizes or approves, enters into any agreement contemplating or solicits stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or winding up of the affairs of the Company,
then, except if such notice and the contents thereof shall be deemed to constitute material non-public 

  
 5 

 
information, the Company shall deliver to the Holder a notice of such transaction at least ten (10) days prior to the applicable record or effective date on which a Person would need to hold
Common Stock in order to participate in or vote with respect to such transaction; provided, however, that the failure to deliver such notice or any defect therein shall not affect the validity of the corporate action required to be described
in such notice. In the event such notice and the contents thereof shall be deemed to constitute material non-public information, the Company shall (on the same time frame set forth in the immediately prior
sentence) offer the Holder the ability to sign a confidentiality agreement related thereto sufficient to allow the Holder to receive such notice, and the Company shall deliver such notice immediately upon execution of such confidentiality agreement.
In addition, if while this Warrant is outstanding, the Company authorizes or approves, enters into any agreement contemplating or solicits stockholder approval for any Fundamental Transaction contemplated by Section 9(c),
other than a Fundamental Transaction under clause (iii) of Section 9(c), the Company shall deliver to the Holder a notice of such Fundamental Transaction at least thirty (30) days prior to the date such
Fundamental Transaction is consummated. Holder agrees to maintain any information disclosed pursuant to this Section 9(g) in confidence until such information is publicly available, and shall comply with applicable law with
respect to trading in the Company’s securities following receipt any such information. To the extent the Company publicly discloses any of the corporate events pursuant to which notice is required under this Section 9(g), the Company shall
be deemed to have delivered valid notice pursuant to this Section 9(g) to the Holder. 
 10. Payment of Exercise Price. Notwithstanding anything
contained herein to the contrary, the Holder may, in its sole discretion, satisfy its obligation to pay the Exercise Price through a “cashless exercise,” in which event the Company shall issue to the Holder the number of Warrant Shares in
an exchange of securities pursuant to Section 3(a)(9) of the Securities Act as determined as follows: 
 X = Y [(A-B)/A] 
 where: 

“X” equals the number of Warrant Shares to be issued to the Holder; 

“Y” equals the total number of Warrant Shares with respect to which this Warrant is then being exercised; 

“A” equals (i) the last Closing Sale Price of the shares of Common Stock (as reported by Bloomberg Financial Markets) on the Trading Day
immediately preceding the Exercise Date if the Exercise Notice is delivered prior to market close on the Exercise Date, or (ii) the last Closing Sale Price of the shares of Common Stock (as reported by Bloomberg Financial Markets) on the
Exercise Date if the Exercise Notice is delivered following market close on the Exercise Date; and 
 “B” equals the Exercise Price then in effect
for the applicable Warrant Shares at the time of such exercise. 
 For purposes of Rule 144 promulgated under the Securities Act, it is intended, understood
and acknowledged that the Warrant Shares issued in a “cashless exercise” transaction shall be deemed to have been acquired by the Holder, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised, and
the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued (provided that the Commission continues to take the position that such treatment is proper at the time of such exercise). In
the event that the Registration Statement or another registration statement registering the issuance of Warrant Shares is, for any reason, not effective at the time of exercise of this Warrant, then the Warrant may only be exercised through a
cashless exercise, as set forth in this Section 10. Except as set forth in Section 5(b) (Buy-In remedy) and Section 12 (payment of
cash in lieu of fractional shares), in no event will the exercise of this Warrant be settled in cash. For the avoidance of doubt, in the event that the Registration Statement or another registration statement registering the issuance of the Warrant
Shares is, for any reason, not effective at the time of exercise of this Warrant, then a cashless exercise pursuant to this Section 10 in exchange for unregistered Warrant Shares in accordance with Section 3(a)(9) of the Securities Act
shall be permitted. 

  
 6 

 11. Limitations on Exercise. 

(a)    Notwithstanding anything to the contrary contained herein, the Company shall not effect any exercise
of this Warrant, and the Holder shall not be entitled to exercise this Warrant for a number of Warrant Shares in excess of that number of Warrant Shares which, upon giving effect to such exercise, would cause (i) the aggregate number of shares
of Common Stock beneficially owned by the Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act (such as any other
members of a Section 13(d) “group”), to exceed 4.99% (the “Maximum Percentage”) of the total number of issued and outstanding shares of Common Stock of the Company following such exercise, or (ii) the combined voting
power of the securities of the Company beneficially owned by the Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange
Act (such as any other members of a Section 13(d) “group”) to exceed 4.99% of the combined voting power of all of the securities of the Company then outstanding following such exercise. For purposes of this Warrant, in determining the
number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company’s most recent Form 10-Q or Form 10-K, as the case may be, filed with the Commission prior to the date hereof, (y) a more recent public announcement by the Company or (z) any other notice by the Company or the Transfer Agent setting forth
the number of shares of Common Stock outstanding. Upon the written request of the Holder, the Company shall within three (3) Trading Days confirm in writing or by electronic mail to the Holder the number of shares of Common Stock then
outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder since the date as of which such
number of outstanding shares of Common Stock was reported. By written notice to the Company, the Holder may from time to time increase or decrease the Maximum Percentage to any other percentage not in excess of 19.99% specified in such notice;
provided that any such increase will not be effective until the sixty-first (61st) day after such notice is delivered to the Company. For purposes of this Section 11(a), the aggregate number of shares of Common Stock or
voting securities beneficially owned by the Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act (such as any
other members of a Section 13(d) “group”) shall include the shares of Common Stock issuable upon the exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common
Stock which would be issuable upon (x) exercise of the remaining unexercised and non-cancelled portion of this Warrant by the Holder and (y) exercise or conversion of the unexercised, non-converted or non-cancelled portion of any other securities of the Company that do not have voting power (including without limitation any securities of the Company which
would entitle the holder thereof to acquire at any time Common Stock, including without limitation any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or
otherwise entitles the holder thereof to receive, Common Stock), is subject to a limitation on conversion or exercise analogous to the limitation contained herein and is beneficially owned by the Holder or any of its Affiliates and other Persons
whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act (such as any other members of a Section 13(d) “group”), it being acknowledged by the Holder
that the Company is not representing to such Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and such Holder is solely responsible for any schedules required to be filed in accordance therewith. The Holder
wishing to convert this Warrant or a portion of this Warrant into Common Stock will, prior to such conversion, certify the number of shares of Common Stock and any instrument that may be convertible, exercisable or exchangeable into Common Stock
held or otherwise beneficially owned by such Holder or any of its Affiliates and other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act (such as any
other members of a Section 13(d) “group”), and the Company shall be permitted to rely on this certification. In addition, a determination under this Section 11(a) as to any group status shall be determined in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. 

(b)    This Section 11 shall not restrict the number of shares of Common Stock
which a Holder may receive or beneficially own in order to determine the amount of securities or other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in Section 9(c) of
this Warrant. 
 12. No Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this
Warrant. In lieu of any fractional shares that would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded down to the next whole number and the Company shall pay the Holder in cash the fair market value (based on the
Closing Sale Price) for any such fractional shares. 

  
 7 

 13. Notices. Any and all notices or other communications or deliveries hereunder (including, without
limitation, any Exercise Notice) shall be in writing and shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via facsimile or confirmed e-mail at the facsimile number or e-mail address specified in the books and records of the Transfer Agent prior to 5:30 P.M., New York City time, on a Trading
Day so long as the sender of an e-mail has not received an automated notice of delivery failure from the proposed recipient’s computer server, (ii) the next Trading Day after the date of
transmission, if such notice or communication is delivered via facsimile or confirmed e-mail at the facsimile number or e-mail address specified in the
books and records of the Transfer Agent on a day that is not a Trading Day or later than 5:30 P.M., New York City time, on any Trading Day so long as the sender of an e-mail has not received an automated
notice of delivery failure from the proposed recipient’s computer server, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier service specifying next business day delivery, or
(iv) upon actual receipt by the Person to whom such notice is required to be given, if by hand delivery. To the extent that any notice provided hereunder constitutes, or contains, material, non-public
information regarding the Company or any subsidiaries, the Company acknowledges its disclosure obligations under Regulation FD. 
 14. Warrant Agent.
The Company shall initially serve as warrant agent under this Warrant. Upon thirty (30) days’ notice to the Holder, the Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged
or any corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or any new warrant agent transfers substantially all of its corporate trust or shareholders
services business shall be a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to
the Holder at the Holder’s last address as shown on the Warrant Register. Notwithstanding anything to the contrary contained herein or in any warrant agency agreement that the Company may enter into in the future, the Holder shall be entitled
to elect to receive, or continue to hold, this Warrant in certificated form, in which case the terms set forth in any such warrant agency agreement shall not apply to this Warrant. 

15. Miscellaneous. 
 (a) No Rights as a
Stockholder. The Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained
in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action
(whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, amalgamation, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the
Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities
(upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. 

(b) Authorized Shares. 

(i) Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including,
without limitation, amending its certificate or articles of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder
as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (a) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to
such increase in par value, (b) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable Warrant Shares upon the
exercise of 

  
 8 

 
this Warrant, and (c) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof as may be
necessary to enable the Company to perform its obligations under this Warrant. 
 (ii) Before taking any action which would
result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public
regulatory body or bodies having jurisdiction thereof. 
 (c) Successors and Assigns. Subject to the restrictions on transfer set
forth in this Warrant and compliance with applicable securities laws, this Warrant may be assigned by the Holder. This Warrant may not be assigned by the Company without the written consent of the Holder, except to a successor in the event of a
Fundamental Transaction. This Warrant shall be binding on and inure to the benefit of the Company and the Holder and their respective successors and assigns. Subject to the preceding sentence, nothing in this Warrant shall be construed to give to
any Person other than the Company and the Holder any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed by the Company and the Holder, or their successors and assigns. 

(d) Amendment and Waiver. Except as otherwise provided herein, the provisions of the Warrants may be amended and the Company may take
any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the Holders of Warrants representing no less than a majority of the Warrant Shares obtainable
upon exercise of the Warrants then outstanding. 
 (e) Acceptance. Receipt of this Warrant by the Holder shall constitute acceptance
of and agreement to all of the terms and conditions contained herein. 
 (f) Governing Law; Jurisdiction. ALL QUESTIONS CONCERNING
THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. EACH OF THE
COMPANY AND THE HOLDER HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH
ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF ANY OF THE TRANSACTION DOCUMENTS), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS
NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT. EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY
THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PERSON AT THE ADDRESS IN EFFECT FOR NOTICES TO IT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE
THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. EACH OF THE COMPANY AND THE HOLDER HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY. 

(g) Headings. The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit
or affect any of the provisions hereof. 
 (h) Severability. In case any one or more of the provisions of this Warrant shall be
invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby, and the Company and the Holder will attempt in good faith to agree
upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant. 

  
 9 

 (i) Interpretation. For purposes of this Warrant, (a) the words
“include,” “includes” and “including” are deemed to be followed by the words “without limitation”; (b) the word “or” is not exclusive; and (c) the words “herein,” “hereof,
“hereby,” “hereto” and “hereunder” refer to this Warrant as a whole. Unless the context otherwise requires, references herein: (x) to sections and schedules mean the sections of, and schedules attached to, this
Warrant; (y) to an agreement, instrument, or other document means such agreement, instrument, or other document (as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof/without regard to
subsequent amendments, supplements, and modifications thereto); and (z) to a statute means such statute (as amended from time to time and includes/enforced at the time and date of this Warrant becoming effective) and does not include any
successor legislation thereto and any regulations promulgated thereunder. This Warrant shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any
instrument to be drafted. The schedules referred to herein shall be construed with, and as an integral part of, this Warrant to the same extent as if they were set forth verbatim herein. All references to “$” or “dollars” mean
the lawful currency of the United States of America. Whenever the singular is used in this Warrant, the same shall include the plural, and whenever the plural is used herein, the same shall include the singular, where appropriate. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 10 

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

			
	 COMPANY:

	
	 ASSEMBLY BIOSCIENCES, INC.

		
	By:	 	      

	Name:	 	
	Title:	 	

  
 [Signature Page to
Warrant] 

 SCHEDULE 1 

FORM OF EXERCISE NOTICE 
 [To be
executed by the Holder to purchase shares of Common Stock under the Warrant] 
 Ladies and Gentlemen: 

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

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

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

 

	 	☐	 Cash Exercise 

  

	 	☐	 “Cashless Exercise” under Section 10 of the Warrant 

(4) If the Holder has elected a Cash Exercise, the Holder shall pay the sum of $              in
immediately available funds to the Company in accordance with the terms of the Warrant. 
 (5) Pursuant to this Exercise Notice, the Company shall deliver
to the Holder Warrant Shares determined in accordance with the terms of the Warrant. 
 (6) By its delivery of this Exercise Notice, the undersigned
represents and warrants to the Company that in giving effect to the exercise evidenced hereby the Holder will not beneficially own in excess of the number of shares of Common Stock (as determined in accordance with Section 13(d) of the
Securities Exchange Act of 1934, as amended) permitted to be owned under Section 11(a) of the Warrant to which this notice relates. 
  

			
	Dated:	 	  

		
	Name of Holder:	 	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

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

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