Document:

Exhibit 10.2

 

SUBSCRIPTION FOR COMMON SHARES

 

TO:Acerus
Pharmaceuticals Corporation (the “Corporation”)

The undersigned (hereinafter referred to
as the “Subscriber”) hereby irrevocably subscribes for and agrees to purchase from the Corporation the number
of common shares of the Corporation (the “Common Shares”) set forth below for the aggregate subscription price
set forth below, representing a subscription price of Cdn.$0.207 per Common Share, upon and subject to the terms and conditions
set forth in this Subscription Agreement (including, for greater certainty, Section 5), including the attached “Terms and
Conditions of Subscription” (including, without limitation, the representations, warranties and covenants set forth in the
applicable schedules attached hereto). The Subscriber further agrees, without limitation, that the Corporation may rely upon the
Subscriber’s representations, warranties and covenants contained in this Subscription Agreement. In addition to this face
page, the Subscriber must also complete all applicable schedules attached hereto.

 

SUBSCRIPTION AND SUBSCRIBER INFORMATION

Please print all information (other
than signatures), as applicable, in the space provided below.

	 
	(Name of Subscriber)

 

	Account Reference (if applicable): 	 

 

	By:	 

 

	 
	(Official Capacity or Title – if the Subscriber
    is not an individual)
	 
	 
	(Name of individual whose signature appears above
    if different than the name of the Subscriber printed above.)
	 
	 
	(Subscriber’s Principal Address, including
    Province/State and Postal/ZIP Code)
	 
	 
	 
	 
	(Telephone Number)
	 
	 
	(E-mail Address)

 

	Account Registration Information:
	 
	 
	(Name)
	 
	 
	(Account Reference, if applicable)
	 
	 
	(Address, including Postal Code)

 

	Number and kind of securities of
    the Corporation currently held (directly or indirectly, beneficially owned or controlled), if any:
	 
	 
	 
	 

	Number
                                       of Common Shares: 12,245,411 x Cdn.$0.207
	 
	=
	 
	Aggregate Subscription
    Price:Cdn.$2,534,800 	 

 

	Please complete if purchasing
    as agent or trustee for a principal (beneficial purchaser) (a “Disclosed Principal”) and not purchasing as agent
    or trustee for accounts fully managed by it:
	 
	 
	 
	 
	(Name of Disclosed Principal)
	 
	 
	 
	 
	(Disclosed  Principal’s Residential
    Address including Province/State and Postal/ZIP Code)
	 
	 
	 
	(Disclosed Principal’s Telephone Number)

 

	Delivery Instructions as set forth
    below:
	 
	 ̈  Same
    address as account registration, or
	 
	 
	(Name)
	 
	 
	 
	(Account Reference, if applicable)
	 
	 
	 
	(Address including Province/State and Postal/ZIP
    Code)
	 
	 
	 
	(Contact Name)

 

Is the Subscriber
an insider of the Corporation?           ̈ Yes
 ̈ No

Is the Subscriber
a registrant of the Corporation?        ̈ Yes
 ̈ No

(“Insider” includes:
(a) a director or an officer of the Corporation; (b) a director or an officer of a person that is itself an insider or a subsidiary
of the Corporation; or (c) a person that has (i) beneficial ownership of, or control or direction over, directly or indirectly,
or (ii) a combination of beneficial ownership of, and control or direction over, directly or indirectly, securities of the Corporation
carrying more than 10% of the voting rights attached to all outstanding voting securities.

 

“Registrant” means
a person registered or required to be registered under the Securities Act (British Columbia), including a dealer, adviser or investment
fund manager.)

 

     

     

    

 

ACCEPTANCE

 

The Corporation hereby accepts the subscription
as set forth above on the terms and conditions contained in this Subscription Agreement.

 

Dated as of the ____ day of ______________________,
2016.

 

	 	Acerus Pharmaceuticals Corporation 
	 	 
	 	By:	 
	 	 	Authorized Signing Officer

 

     

     

    

 

ACERUS Pharmaceuticals
Corporation

 

subscription
FOR common shares

 

Instructions

 

PLEASE MAKE SURE THAT YOUR SUBSCRIPTION
INCLUDES:

 

		1.	A completed and signed copy of the face page of this Subscription Agreement.

 

		2.	Payment by certified cheque, money order, bank draft or other acceptable means in the amount of
the Aggregate Subscription Price payable to “Acerus Pharmaceuticals Corporation”.

 

		3.	A completed and signed copy of the United States Subscribers Representation Letter attached hereto
as Schedule A.

 

     

     

    

 

TERMS AND
CONDITIONS OF SUBSCRIPTION

 

COMMON SHARES
OF ACERUS Pharmaceuticals Corporation

 

1.             Definitions.
In this Subscription Agreement:

 

		(a)	“Aggregate Subscription Price” means the aggregate dollar amount of the subscription
under this Subscription Agreement as set out on the face page hereof;

 

		(b)	“business day” means a day other than a Saturday, Sunday or any other day on
which the principal chartered banks located in Toronto, Ontario are not open for business;

 

		(c)	“Canadian Securities Laws” means, as applicable, the securities laws and regulations
in each of the Canadian Offering Jurisdictions, all written instruments, rules and orders having the force of law of the securities
regulators or regulatory authorities in each of the Canadian Offering Jurisdictions and the rules of the TSX;

 

		(d)	“Closing” has the meaning ascribed to such term in Section 4;

 

		(e)	“Closing Date” means April 28, 2016 or such other date as the Corporation and
the Subscriber may agree;

 

		(f)	“Closing Time” means no later than 12:00 p.m. (Toronto time) on the Closing
Date or such other time as the Corporation and the Subscriber may agree;

 

		(g)	“Common Shares” means common shares in the capital of the Corporation;

 

		(h)	“Corporation” means Acerus Pharmaceuticals Corporation, a corporation existing
under the Business Corporations Act (Ontario) and includes any successor corporation;

 

		(i)	“Disclosed Principal” has the meaning ascribed to such term on the face page
of this Subscription Agreement;

 

		(j)	“Offering” means the offering of 12,245,411 Common Shares pursuant to
this Subscription Agreement (subject to the terms and conditions of this Agreement, including, for greater certainty Section 5);

 

		(k)	“PCMLTFA” has the meaning ascribed to such term in clause 6(v);

 

		(l)	“person” means any individual (whether acting as an executor, trustee, administrator,
legal representative or otherwise), corporation, firm, partnership, sole proprietorship, syndicate, joint venture, trustee, trust,
fund, unincorporated organization or association, a government or an agency or political subdivision thereof and every other form
of legal or business entity of whatsoever nature or kind, and pronouns have a similar extended meaning;

 

		(m)	“Regulation D” means Regulation D under the U.S. Securities Act;

 

		(n)	“Regulation S” means Regulation S under the U.S. Securities Act;

 

		(o)	“Securities Laws” means, collectively, the Canadian Securities Laws and the
U.S. Securities Laws;

 

		(p)	“Subscriber” means the subscriber for Common Shares as set out on the face page
of this Subscription Agreement and includes, as applicable, the Disclosed Principal unless the context otherwise requires;

 

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		(q)	“Subscription Agreement” means this subscription agreement (including all schedules
hereto) and any instrument amending this Subscription Agreement; “hereof”, “hereto”, “hereunder”,
“herein” and similar expressions mean and refer to this Subscription Agreement and not to a particular Section
or clause; and the expression “Section” or “clause” followed by a number or letter means
and refers to the specified Section or clause of this Subscription Agreement;

 

		(r)	“TSX” means the Toronto Stock Exchange;

 

		(s)	“TSX Approval” means the conditional acceptance for listing of the Common Shares
on the TSX, subject to standard post-closing listing conditions;

 

		(t)	“United States” means the United States of America, its territories and possessions,
any State of the United States and the District of Columbia;

 

		(u)	“U.S. Accredited Investor” means an institutional “accredited investor”
who satisfies one or more of the criteria of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the U.S. Securities Act;

 

		(v)	“U.S. Person” means a “U.S. person” as defined in Rule 902(k) of
Regulation S;

 

		(w)	“U.S. Securities Act” means the United States Securities Act of 1933,
as amended; and

 

		(x)	“U.S. Securities Laws” means, as applicable, the U.S. Securities Act, the United
States Exchange Act of 1934, as amended, and all rules and regulations promulgated thereunder and the applicable securities (“blue
sky”) laws of the states of the United States.

 

For greater certainty, the parties hereby
acknowledge and agree that, if the Subscriber is acting as agent or trustee on behalf of a Disclosed Principal, the words “Subscriber”,
“it” and “its”, whenever used in relation to representations, warranties, acknowledgements, covenants or
indemnities (including in Sections 7 to 13) mean the Subscriber and, unless the context otherwise requires, the Disclosed Principal.

 

2.             Subscription.
The Subscriber hereby confirms its irrevocable subscription for the Common Shares from the Corporation, on and subject to the terms
and conditions set out in this Subscription Agreement, for the Aggregate Subscription Price which is payable as described herein.
The Subscriber acknowledges (on its own behalf and, if applicable, on behalf of each Disclosed Principal) that upon acceptance
by the Corporation of this Subscription Agreement, this Subscription Agreement will constitute a binding obligation of the Subscriber
(including, if applicable, each Disclosed Principal) subject to the terms and conditions contained herein.

 

3.             Partial
Acceptance or Rejection of Subscription. The Corporation may, in its absolute discretion,
accept or reject the Subscriber’s subscription for Common Shares as set forth in this Subscription Agreement, in whole or
in part, and the Corporation reserves the right to allot to the Subscriber less than the amount of Common Shares subscribed for
under this Subscription Agreement. The Subscriber acknowledges and agrees that the acceptance of this Subscription Agreement will
be conditional upon, among other things, the sale of the Common Shares to the Subscriber being exempt from any prospectus requirement
or requirement to deliver an offering memorandum pursuant to Securities Laws and the equivalent provisions of securities laws of
any other applicable jurisdiction and, to the extent possible, the Subscriber agrees to furnish the Corporation with all information
that is reasonably necessary to confirm same.

 

If this Subscription Agreement is rejected
in whole, any certified cheque, money order, bank draft or other form of payment delivered by the Subscriber to the Corporation
on account of the Aggregate Subscription Price for the Common Shares subscribed for will be promptly returned to the Subscriber
without any interest paid on such amount. If this Subscription Agreement is accepted only in part, payment representing the amount
by which the payment delivered by the Subscriber exceeds the subscription price of the number of Common Shares sold to the Subscriber
pursuant to a partial acceptance of this Subscription Agreement will be promptly delivered to the Subscriber without any interest
paid on such amount.

 

    	 	- 3 -	 

     

    

 

4.             Closing.
Delivery and sale of the Common Shares and payment of the Aggregate Subscription Price will be completed concurrently (the “Closing”)
at the offices of counsel to the Corporation at the Closing Time or at such other time and place as the Corporation and the Subscriber
may agree. If, prior to the Closing Time, the terms and conditions contained in this Subscription Agreement have been complied
with to the satisfaction of the Subscriber, or waived by the Subscriber, the Subscriber shall deliver to the Corporation payment
of the Aggregate Subscription Price for all of the Common Shares sold pursuant to this Subscription Agreement against the issuance
by the Corporation of the Common Shares and such other documentation as may be required pursuant to this Subscription Agreement.

 

If, prior to the Closing Time, the terms
and conditions contained in this Subscription Agreement (other than the issuance by the Corporation to the Subscriber of the Common
Shares) have not been complied with to the satisfaction of the Subscriber, or waived by the Subscriber, the Corporation and the
Subscriber will have no further obligations under this Subscription Agreement.

 

If this Subscription Agreement is rejected
in whole, any certified cheque, money order, bank draft or other form of payment delivered by the Subscriber to the Corporation
on account of the Aggregate Subscription Price for the Common Shares subscribed for will be promptly returned to the Subscriber
without any interest paid on such amount. If this Subscription Agreement is accepted only in part, payment representing the amount
by which the payment delivered by the Subscriber exceeds the subscription price of the number of Common Shares sold to the Subscriber
pursuant to a partial acceptance of this Subscription Agreement will be promptly delivered to the Subscriber without any interest
paid on such amount.

 

5.             Conditions
of Closing. The obligations of the parties hereunder are subject to all required regulatory
approvals being obtained. The Offering is conditional upon, among other things, the Corporation obtaining TSX Approval. The parties
acknowledge and agree that, in the event that the TSX, as a condition of providing the TSX Approval, requires an adjustment to
the subscription price per Common Share to an amount greater than Cdn.$0.207 per Common Shares, the parties agree that this Subscription
Agreement shall be deemed to be automatically amended to provide that the Offering will be comprised of: (a) the Aggregate Subscription
Price; divided by: (b) the greater of: (i) Cdn.$0.207 per Common Share; and (ii) the lowest subscription price per Common Share
required by the TSX in order for the TSX Approval to be obtained (the “Alternate Price per Share”)(it
being understood that Acerus shall use all commercially reasonable efforts to seek and obtain the TSX Conditional Approval including
the subscription price per Common Share of Cdn.$0.207 per Common Share), and the TSX Approval reflective of any Alternative Price
per Share shall be deemed to have satisfied the condition to obtain TSX Approval set out in this Section 5.

 

The Subscriber acknowledges and agrees
that the obligations of the Corporation hereunder are conditional on the accuracy of the representations and warranties of the
Subscriber contained in this Subscription Agreement as of the date of this Subscription Agreement, and as of the Closing Time as
if made at and as of the Closing Time, and the fulfillment of the following additional conditions as soon as possible and in any
event not later than the Closing Time:

 

		(a)	the Corporation having accepted this Subscription Agreement;

 

		(b)	payment by the Subscriber of the Aggregate Subscription Price by certified cheque, money order,
bank draft or other acceptable means in Canadian dollars payable to “Acerus Pharmaceuticals Corporation”;

 

		(c)	the Subscriber having properly completed, signed and delivered this Subscription Agreement and
all applicable schedules (with payment) to the Corporation; and

 

		(d)	if the Subscriber is, or is subscribing for the account or benefit of, a person in the United States
or a U.S. Person, the Subscriber having properly completed, signed and delivered Schedule A.

 

    	 	- 4 -	 

     

    

 

6.             Representations,
Warranties, Covenants and Acknowledgements of the Subscriber. By executing this Subscription
Agreement, the Subscriber (on its own behalf and, including if applicable, on behalf of each Disclosed Principal) represents, warrants,
covenants and acknowledges to and with the Corporation (and acknowledges and agrees that the Corporation and its legal counsel
are relying thereon) that:

 

Authorization and Effectiveness

 

		(a)	if the Subscriber is an individual, the Subscriber is of the full age of majority in the jurisdiction
in which this Subscription Agreement is executed and is legally competent to execute, deliver and be bound by this Subscription
Agreement, to perform all of its obligations hereunder and to undertake all actions required of the Subscriber hereunder;

 

		(b)	if the Subscriber is not an individual, the Subscriber has the requisite power, authority, legal
capacity and competence to execute, deliver and be bound by this Subscription Agreement, to perform all of its obligations hereunder
and to undertake all actions required of the Subscriber hereunder, all necessary approvals of its directors, partners, shareholders,
trustees or otherwise with respect to such matters have been given or obtained and the individual signing this Subscription Agreement
has been duly authorized;

 

		(c)	if the Subscriber is a body corporate, the Subscriber is duly organized and validly subsisting
under the laws of its jurisdiction of existence and the laws of any other jurisdiction in which its properties or operations require
qualification;

 

		(d)	if the Subscriber is acting as principal, this Subscription Agreement has been duly and validly
authorized, executed and delivered by the Subscriber and, when accepted by the Corporation, will constitute a legal, valid and
binding obligation enforceable against the Subscriber in accordance with the terms hereof (subject to bankruptcy, insolvency and
other laws limiting the enforceability of creditors’ rights and subject to the qualification that equitable remedies may
only be granted in the discretion of a court of competent jurisdiction);

 

		(e)	if the Subscriber is acting as agent or trustee (including, for greater certainty, a portfolio
manager or comparable adviser) for a principal, the Subscriber is duly authorized to execute and deliver this Subscription Agreement
and all other necessary documents in connection with such subscription on behalf of such principal, and this Subscription Agreement
has been duly and validly authorized, executed and delivered by or on behalf of, and, when accepted by the Corporation, will constitute
a legal, valid and binding obligation enforceable in accordance with the terms hereof (subject to bankruptcy, insolvency and other
laws limiting the enforceability of creditors’ rights and subject to the qualification that equitable remedies may only be
granted in the discretion of a court of competent jurisdiction) against, such principal;

 

		(f)	the execution and delivery of this Subscription Agreement, the performance and compliance with
the terms hereof, the subscription for the Common Shares and the completion of the transactions contemplated hereby will not result
in any material breach of, or be in conflict with or constitute a material default under, or create a state of facts which, after
notice or lapse of time, or both, would constitute a material default under any term or provision of the constating documents,
by-laws or resolutions of the Subscriber or a Disclosed Principal (if not an individual), Securities Laws or any other applicable
law, any agreement to which the Subscriber or a Disclosed Principal is a party or any applicable regulation, judgment, decree,
order or ruling;

 

		(g)	the Subscriber is not a person created or used solely to purchase or hold securities in order to
comply with or rely upon an exemption from the prospectus requirements of Securities Laws and except as disclosed in writing to
the Corporation, the Subscriber does not act jointly or in concert with any other person or company for the purposes of acquiring
securities of the Corporation;

 

Disclosure if Purchasing as
Agent or Trustee

 

		(h)	if the Subscriber is not subscribing as principal, the Subscriber acknowledges that the Corporation
may be required by law to disclose to applicable securities regulatory authorities or stock exchanges information concerning the
identities of each beneficial purchaser for whom the Subscriber is acting hereunder;

 

    	 	- 5 -	 

     

    

 

Residence

 

		(i)	the Subscriber and, if applicable, each Disclosed Principal are resident, or if not an individual,
has a head office, in the jurisdiction indicated on the face page of this Subscription Agreement as the “Subscriber’s
Principal Address” and the “Disclosed Principal’s Residential Address”, respectively, and such address
was not created and is not used solely for the purpose of acquiring Common Shares. The purchase by and sale to the Subscriber of
the Common Shares, and any act, solicitation, conduct or negotiation directly or indirectly in furtherance of such purchase or
sale (whether with or with respect to the Subscriber or any Disclosed Principal) has occurred only in such jurisdiction;

 

		(j)	the Subscriber (or if applicable, the Disclosed Principal) acknowledges that:

 

		(i)	no securities commission or similar regulatory authority has reviewed or passed on the merits of
the Common Shares;

 

		(ii)	there is no government or other insurance covering the Common Shares;

 

		(iii)	there are risks associated with the purchase of the Common Shares;

 

		(iv)	there are restrictions on the Subscriber’s ability to resell the Common Shares and it is
the responsibility of the Subscriber to find out what those restrictions are and to comply with them before selling the Common
Shares; and

 

		(v)	the Corporation has advised the Subscriber that the Corporation is relying on an exemption from
the requirements to provide the Subscriber with a prospectus and to sell securities through a person registered to sell securities
under Canadian Securities Laws and, as a consequence of acquiring Common Shares pursuant to this exemption, certain protections,
rights and remedies provided by Canadian Securities Laws, including statutory rights of rescission or damages, will not be available
to the Subscriber;

 

		(k)	if the Subscriber is, or is subscribing for the account or benefit of, a person in the United States
or a U.S. Person, the Subscriber (or any beneficial purchaser) is aware that the Common Shares have not been and will not be registered
under the U.S. Securities Act or the securities laws of any state and the Common Shares may not be offered or sold, directly or
indirectly, in the United States without registration under the U.S. Securities Act or compliance with requirements of an exemption
from registration and it acknowledges that the Corporation has no present intention of filing a registration statement under the
U.S. Securities Act in respect of the Common Shares;

 

		(l)	if the Subscriber is, or is subscribing for the account or benefit of, a person in the United States
or a U.S. Person, the Subscriber agrees to the additional terms included in Schedule A;

 

		(m)	if the Subscriber is, or is subscribing for the account or benefit of, a person in the United States
or a U.S. Person, the Subscriber (and, if applicable, such beneficial purchaser) is a U.S. Accredited Investor purchasing the Common
Shares directly from the Corporation and the Subscriber has completed Schedule A and identified in Schedule A the appropriate category
of U.S. Accredited Investor that correctly and in all respects describes the Subscriber (and, if applicable, such beneficial purchaser).
The Subscriber agrees to furnish any additional information requested by the Corporation to assure compliance with applicable U.S.
Securities Laws and state securities laws in connection with the purchase and sale of the Common Shares. The Subscriber acknowledges
that the information contained in Schedule A is complete and accurate as of the date thereof and is hereby affirmed as of the date
hereof;

 

    	 	- 6 -	 

     

    

 

No Prospectus or Undisclosed
Information

 

		(n)	the Subscriber understands that the sale of the Common Shares is conditional upon such sale being
exempt from the requirements to file and obtain a receipt for a prospectus or registration statement or to deliver an offering
memorandum, and no prospectus or registration statement has been filed by the Corporation with any securities commission or similar
regulatory authority in any jurisdiction in connection with the issuance of the Common Shares. As a result of acquiring the Common
Shares pursuant to such exemptions:

 

		(i)	the Subscriber may be restricted from using some of the protections, rights and remedies otherwise
available under Canadian Securities Laws, including statutory rights of rescission or damages in the event of a misrepresentation;

 

		(ii)	the Subscriber may not receive information that would otherwise be required to be provided to it
under Canadian Securities Laws; and

 

		(iii)	the Corporation is relieved from certain obligations that would otherwise apply under Canadian
Securities Laws;

 

		(o)	the Subscriber has not received or been provided with a prospectus, registration statement or offering
memorandum, within the meaning of Securities Laws, or any sales or advertising literature in connection with the Offering. The
Subscriber’s decision to subscribe for the Common Shares was not based upon, and the Subscriber has not relied upon, any
verbal or written representations as to fact made by or on behalf of the Corporation and its directors, officers, employees, agents
and representatives. The Subscriber’s decision to subscribe for the Common Shares was based solely upon this Subscription
Agreement, and information about the Corporation which is publicly available (any such information having been obtained by the
Subscriber);

 

Investment Suitability

 

		(p)	the Subscriber confirms that the Subscriber:

 

		(i)	has such knowledge in financial and business affairs as to be capable of evaluating the merits
and risks of its investment in the Common Shares;

 

		(ii)	is capable of assessing the proposed investment in the Common Shares as a result of the Subscriber’s
own experience or as a result of advice received from a person registered under applicable Canadian Securities Laws;

 

		(iii)	is aware of the characteristics of the Common Shares and the risks relating to an investment therein;

 

		(iv)	acknowledges that, although an investment in the Common Shares may have certain material tax consequences,
neither the Corporation nor any of its representatives, have made any representations concerning tax consequences to the Subscriber
and the Subscriber has relied solely on the Subscriber’s own tax advisors in evaluating the tax aspects of such investment;

 

		(v)	is able to bear the economic risk of loss of its investment in the Common Shares;

 

		(q)	the Subscriber understands that no securities commission, stock exchange, governmental agency,
regulatory body or similar authority has made any finding or determination, or expressed any opinion with respect to, or reviewed
or passed on, the merits of investing in the Common Shares nor is there any government or other insurance covering the Common Shares;

 

    	 	- 7 -	 

     

    

 

No Representations

 

		(r)	the Subscriber confirms that none of the Corporation or its directors, employees, officers, representatives,
agents or affiliates have made any representations (written or oral) to the Subscriber:

 

		(i)	regarding the future price or value of the Common Shares;

 

		(ii)	that any person will resell or repurchase the Common Shares; or

 

		(iii)	that any person will refund the purchase price of the Common Shares other than as provided in this
Subscription Agreement;

 

Limitations on Resale

 

		(s)	the Subscriber understands that it may not be able to resell the Common Shares except in accordance
with limited exemptions available under Securities Laws, and that the Subscriber is solely responsible for (and the Corporation
is not in any way responsible for) the Subscriber’s compliance with applicable resale restrictions. The Subscriber acknowledges
that no representation has been made by the Corporation respecting the applicable holding periods imposed by Securities Laws or
other resale restrictions applicable to such securities which restrict the ability of the Subscriber (or others for whom it is
contracting) to resell such securities, and the Subscriber agrees to find out what those restrictions are and to comply with all
Securities Laws concerning the subscription, purchase, holding and resale of the Common Shares and will not resell any of the Common
Shares except in accordance with the provisions of Securities Laws;

 

Legends

 

		(t)	the certificates or any other written notice issued under a direct registration or other electronic
book-based system representing the Common Shares will bear a legend substantially in the following form and with the necessary
information inserted:

 

“UNLESS PERMITTED UNDER
SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE <insert date that is four (4) months
and one (1) day after Closing Date>.”

 

and may also bear a legend substantially
in the following form:

 

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE LISTED ON THE TORONTO STOCK EXCHANGE (“TSX”); HOWEVER, THE SAID SECURITIES CANNOT BE TRADED
THROUGH THE FACILITIES OF TSX SINCE THEY ARE NOT FREELY TRANSFERABLE, AND CONSEQUENTLY ANY CERTIFICATE REPRESENTING SUCH SECURITIES
IS NOT “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON TSX.”

 

In addition to the foregoing legends,
the certificates or any other written notice issued under a direct registration or other electronic book-based system representing
the Common Shares issued to Subscribers who are, or are subscribing for the account or benefit of, persons in the United States
or U.S. Persons, will also bear the legends described in Schedule A of this Subscription Agreement;

 

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No Purchase or Offer in the
United States

 

		(u)	unless the Subscriber is, or is subscribing for the account or benefit of, a person in the United
States or a U.S. Person and has duly completed and executed Schedule A hereto, neither the Subscriber nor any person for whom it
is acting will offer, sell or otherwise dispose of the Common Shares in the United States or to, or for the benefit or account
of, a person in the United States or a U.S. Person, unless the Corporation has consented to such offer, sale, disposition or exercise
and such offer, sale, disposition or exercise is made in accordance with an exemption from the registration requirements under
the U.S. Securities Act and the securities laws of all applicable states of the United States or the Corporation has filed, and
the U.S. Securities and Exchange Commission has declared effective, a registration statement in respect of such securities;

 

Not Proceeds of Crime

 

		(v)	the funds representing the Aggregate Subscription Price which will be advanced by the Subscriber
hereunder will not represent proceeds of crime for the purposes of the Proceeds of Crime (Money Laundering) and Terrorist Financing
Act (Canada), as may be amended from time to time (the “PCMLTFA”) and the Subscriber acknowledges that the
Corporation may in the future be required by law to disclose the Subscriber’s name and other information relating to this
Subscription Agreement and the Subscriber’s subscription hereunder, on a confidential basis, pursuant to the PCMLTFA. To
the best of the Subscriber’s knowledge: (i) none of the subscription funds to be provided by the Subscriber: (A) have been
or will be derived from or related to any activity that is deemed criminal under the law of Canada, the United States, or any other
jurisdiction; or (B) are being tendered on behalf of a person or entity who has not been identified to the Subscriber; and (ii)
the Subscriber shall promptly notify the Corporation if the Subscriber (including any Disclosed Principal) discovers that any of
such representations cease to be true, and to provide the Corporation with appropriate information in connection therewith;

 

No Financial Assistance

 

		(w)	the Subscriber has not received and does not expect to receive any financial assistance from the
Corporation directly or indirectly, in respect of the Subscriber’s purchase of the Common Shares;

 

Future Financings

 

		(x)	the Subscriber acknowledges that the Corporation may complete additional financings in the future
to develop the business of the Corporation and to fund its ongoing development. There is no assurance that such financings will
be available and if available, will be on reasonable terms. Any such future financings may have a dilutive effect on current shareholders,
including the Subscriber;

 

No Advertising

 

		(y)	the Subscriber has not become aware of any advertisement in printed media of general and regular
paid circulation or on radio, television or other form of telecommunication or any other form of advertisement (including electronic
display or the Internet including but not limited to the Corporation’s website) or sales literature with respect to the distribution
of the Common Shares or any seminar or meeting whose attendees have been invited by general solicitation or general advertising;

 

No Other Fees

 

		(z)	the Subscriber confirms that there is no person acting or purporting to act on behalf of the Subscriber
(including any Disclosed Principal), if applicable, in connection with the transactions contemplated herein who is entitled to
any brokerage or finder’s fee. If any other person establishes a claim that any fee or other compensation is payable in connection
with this subscription for the Common Shares on account of the Subscriber’s subscription, the Subscriber covenants to indemnify
and hold harmless the Corporation with respect thereto and with respect to all costs reasonably incurred in the defence thereof;

 

    	 	- 9 -	 

     

    

 

Other Documents

 

		(aa)	if required by Securities Laws or by any securities commission, stock exchange or other regulatory
authority, the Subscriber will execute, deliver, file and otherwise assist the Corporation in filing, such reports, undertakings
and other documents with respect to the subscription for and issuance of the Common Shares;

 

Subscriber’s Responsibility
for Legal and Financial Advice

 

		(bb)	the Subscriber confirms that it is solely responsible for obtaining its own legal, tax, investment
and other professional advice with respect to the execution, delivery and performance by it of this Subscription Agreement and
the transactions contemplated hereunder including the suitability of the Common Shares as an investment for the Subscriber, trading
in the Common Shares, the tax consequences of purchasing and dealing with the Common Shares, and the resale restrictions and holding
periods to which the Common Shares are or may be subject under Securities Laws. The Subscriber has not relied upon any statements
made by or purporting to have been made on behalf of the Corporation or its counsel with respect to such matters;

 

Registration 

 

		(cc)	neither the Subscriber nor any Disclosed Principal is engaged in the business of trading in securities
or exchange contracts as a principal or agent and does not hold himself, herself or itself out as engaging in the business of trading
in securities or exchange contracts as a principal or agent, or is otherwise exempt from any requirements to be registered as a
dealer under National Instrument 31-103 – Registration Requirements and Exemptions.

 

7.             Representations
and Warranties of the Corporation

 

		(a)	The Corporation is an entity duly incorporated and validly existing and in good standing under
the laws of the jurisdiction of its incorporation, with the requisite power and authority to own and use its properties and assets
and to carry on its business as currently conducted. The Corporation is not in violation or default of any of the provisions of
its certificate or articles of incorporation, bylaws or other organizational or charter documents. The Corporation is duly qualified
to conduct business and is in good standing in each jurisdiction in which the nature of the business conducted or property owned
by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be,
could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability
of this Agreement, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial
or otherwise) of the Corporation, taken as a whole, or (iii) a material adverse effect on the Corporation’s ability to perform
in any material respect on a timely basis its obligations under any this Agreement (any of (i), (ii) or (iii), a “Material
Adverse Effect”) and no proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking
to revoke, limit or curtail such power and authority or qualification.

 

    	 	- 10 -	 

     

    

 

		(b)	The Corporation has the requisite corporate power
and authority to enter into and to consummate the transactions contemplated by this Subscription Agreement and otherwise to carry
out its obligations hereunder. The execution and delivery of this Subscription Agreement by the Corporation and the consummation
by it of the transactions contemplated hereby have been duly authorized by all necessary action on the part of the Corporation
and no further action is required by the Corporation, the Board of Directors or the Corporation’s stockholders in connection
herewith other than in connection with the TSX Approval. This Agreement has been duly executed by the Corporation and, when delivered
in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Corporation enforceable
against the Corporation in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights
generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable
remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

		(c)	The execution, delivery and performance by the Corporation of this Subscription Agreement, the
issuance and sale of the Common Shares and the consummation by it of the transactions contemplated hereby do not and will not (i)
conflict with or violate any provision of the Corporation’s certificate or articles of incorporation, bylaws or other organizational
or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would
become a default) under, result in the creation of any lien upon any of the properties or assets of the Corporation, or give to
others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any
agreement, credit facility, debt or other instrument (evidencing a Corporation debt or otherwise) or other understanding to which
the Corporation is a party or by which any property or asset of the Corporation is bound or affected, or (iii) subject to the TSX
Approval, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction
of any court or governmental authority to which the Corporation is subject (including applicable Securities Laws), or by which
any property or asset of the Corporation is bound or affected; except in the case of each of clauses (ii) and (iii), such as could
not have or reasonably be expected to result in a Material Adverse Effect.

 

		(d)	The Corporation is not required to obtain any consent, waiver, authorization or order of, give
any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority
or other person in connection with the execution, delivery and performance by the Corporation of this Subscription Agreement, other
than application(s) to the TSX for the listing of the Common Shares for trading thereon in the time and manner required thereby
and (iv) such filings as are required to be made under applicable Securities Laws.

 

		(e)	The Common Shares to be issued as part of the Offering are duly authorized and, when issued and
paid for in accordance with the Subscription Agreement, will be duly and validly issued, fully paid and nonassessable, free and
clear of all liens imposed by the Corporation.

 

		(f)	The Corporation has filed all reports, schedules, forms, statements and other documents required
to be filed by the Corporation under applicable Securities Laws, for the two years preceding the date hereof (or such shorter period
as the Corporation was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto
and documents incorporated by reference therein, being collectively referred to herein as the “Securities Reports”)
on a timely basis or has received a valid extension of such time of filing and has filed any such Securities Reports prior to the
expiration of any such extension. As of their respective dates, the Securities Reports complied in all material respects with the
requirements of applicable Securities Laws, as applicable, and none of the Securities Reports, when filed, contained any untrue
statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading. The financial statements of the
Corporation included in the Securities Reports comply in all material respects with applicable accounting requirements and the
rules and regulations of applicable securities regulators with respect thereto as in effect at the time of filing, have been prepared
from, and are in accordance with, the books and records of the Corporation. Such financial statements have been prepared in accordance
with International Financial Reporting Standards applied on a consistent basis during the periods involved (“IFRS”),
except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements
may not contain all footnotes required by IFRS, and fairly present in all material respects the financial position of the Corporation
as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of
unaudited statements, to normal, immaterial, year-end audit adjustments.

 

    	 	- 11 -	 

     

    

 

		(g)	Since the date of the latest audited financial statements included within the Securities Reports,
except as specifically disclosed in the Securities Reports since such time, (i) there has been no event, occurrence or development
that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) except as disclosed in subsequent
Securities Reports, the Corporation has not incurred any liabilities (contingent or otherwise) other than in accordance with the
normal course of business, (iii) the Corporation has not altered its method of accounting, (iv) the Corporation has not declared
or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements
to purchase or redeem any shares of its capital stock and (v) the Corporation has not issued any equity securities to any officer,
director or affiliate, except pursuant to existing Corporation stock option plans.

 

8.             Reliance
on Representations, Warranties, Covenants and Acknowledgements. The Subscriber acknowledges
and agrees that the representations, warranties, covenants and acknowledgements made by the Subscriber in this Subscription Agreement,
including the schedules hereto, are made with the intention that they may be relied upon by the Corporation and its counsel in
determining the Subscriber’s eligibility (and, if applicable, the eligibility of others for whom the Subscriber is contracting
hereunder) to purchase the Common Shares under Securities Laws. The Subscriber further agrees that by accepting the Common Shares,
the Subscriber shall be representing and warranting that such representations, warranties, acknowledgements and covenants are true
as at the Closing Time with the same force and effect for the benefit of the Corporation as if they had been made by the Subscriber
at the Closing Time and that they shall survive the purchase by the Subscriber of the Common Shares and shall continue in full
force and effect for the benefit of the Corporation notwithstanding any subsequent disposition by the Subscriber of any of the
Common Shares. 

 

9.             Indemnity.
The Subscriber acknowledges that the Corporation and its counsel are relying upon the representations, warranties, acknowledgements
and covenants of the Subscriber set forth herein (including the schedules attached hereto) in determining the eligibility (from
a securities law perspective) of the Subscriber (or, if applicable, the eligibility of another on whose behalf the Subscriber is
contracting hereunder to subscribe for Common Shares) to purchase Common Shares under the Offering, and hereby agrees to indemnify
the Corporation and its directors, officers, employees, advisers, affiliates, shareholders, representatives and agents (including
their respective legal counsel) against all losses, claims, costs, expenses, damages or liabilities that they may suffer or incur
as a result of or in connection with a breach by the Subscriber of any such representations, warranties, acknowledgements and covenants.
The Subscriber undertakes to immediately notify the Corporation of any change in any statement or other information relating to
the Subscriber set forth herein that occurs prior to the Closing Time. To the extent that any person entitled to be indemnified
hereunder is not a party to this Subscription Agreement, the Corporation shall obtain and hold the rights and benefits of this
Subscription Agreement in trust for, and on behalf of, such person, and such person shall be entitled to enforce the provisions
of this section notwithstanding that such person is not a party to this Subscription Agreement.

 

10.             Subscriber’s
Costs. The Subscriber acknowledges and agrees that all costs incurred by the Subscriber (including
any fees and disbursements of any counsel retained by the Subscriber) relating to the sale of the Common Shares to the Subscriber
shall be borne by the Subscriber.

 

11.             Notices.
Any notice, direction or other instrument required or permitted to be given to any party hereto shall be in writing and shall be
sufficiently given if delivered personally or by courier or transmitted by facsimile or other form of electronic communication
during the transmission of which no indication of failure of receipt is communicated to the sender and for which evidence of delivery
is obtained, as follows:

 

		(a)	in the case of the Corporation, to:

 

Acers Pharmaceuticals
Corporation

2486 Dunwin Drive

Mississauga,
Ontario L5L 1J9

 

	Attention:	Tom Rossi, President and Chief Executive Officer
	Facsimile:	905.569.1809
	Email:	trossi@aceruspharma.com

 

    	 	- 12 -	 

     

    

 

		(b)	in the case of the Subscriber, at the address and facsimile number specified on the face page hereof.

 

or to such other address, facsimile
number, email address or person that the party designates by notice given in accordance with the foregoing provisions. Any such
notice: (i) if delivered personally or by courier, shall be deemed to have been given and received on the date of such delivery
provided that if such day is not a business day then it shall be deemed to have been given and received on the first business day
following such day; and (ii) if transmitted by facsimile or other form of electronic communication, shall be deemed to have been
given on the date of transmission if sent before 5:00 p.m. on a business day or, if not before 5:00 p.m., on the first business
day following the date of transmission provided that the sender has evidence of a successful transmission such as a fax confirmation
or electronic delivery receipt.

 

12.           Interpretation.
The headings used in this Subscription Agreement have been inserted for convenience of reference only and shall not affect the
meaning or interpretation of this Subscription Agreement or any provision hereof. Words importing the singular number only shall
include the plural and vice versa. In this Subscription Agreement, unless otherwise indicated, all references to money amounts
are to Canadian dollars.

 

13.           No
Partnership. Nothing herein shall constitute or be construed to constitute a partnership
of any kind whatsoever between the Subscriber and the Corporation. 

 

14.           Governing
Law. The contract arising out of acceptance of this Subscription Agreement by the Corporation
shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable
therein. The parties irrevocably attorn to the jurisdiction of the courts of the Province of Ontario.

 

15.           Time
of Essence. Time shall be of the essence of this Subscription Agreement.

 

16.           Entire
Agreement. This Subscription Agreement represents the entire agreement of the parties hereto
relating to the subject matter hereof, and there are no representations, covenants or other agreements relating to the subject
matter hereof except as stated or referred to herein. 

 

17.           Electronic
Copies. The Corporation shall be entitled to rely on delivery of a facsimile or portable
document format (“pdf”) copy of executed subscriptions, and acceptance by
the Corporation of such facsimile or pdf subscriptions shall be legally effective to create a valid and binding agreement between
the Subscriber and the Corporation in accordance with the terms hereof. The Subscriber acknowledges and agrees that if less than
a complete copy of this Subscription Agreement is delivered to the Corporation at Closing, the Subscriber will be deemed to have
agreed to all of the terms and conditions of the pages not delivered at Closing unaltered. 

 

18.           Counterpart.
This Subscription Agreement may be executed in one or more counterparts each of which so executed shall constitute an original
and all of which together shall constitute one and the same agreement. Delivery of counterparts may be effected by facsimile or
pdf transmission thereof. 

 

19.           Severability.
The invalidity, illegality or unenforceability of any provision of this Subscription Agreement shall not affect the validity, legality
or enforceability of any other provision hereof.

 

20.           Enurement.
This Subscription Agreement shall be binding upon and enure to the benefit of the parties hereto and their respective heirs, executors,
administrators, successors (including any successor by reason of the amalgamation or merger of any party) and permitted assigns.

 

21.           Assignment.
Neither party may assign all or part of its interest in or to this Subscription Agreement without the consent of the other party
in writing.

 

22.           Amendment.
Except as otherwise provided herein, this Subscription Agreement may only be amended by the parties hereto in writing.

 

    	 	- 13 -	 

     

    

 

23.           Further
Assurances. Each party hereto from time to time at the request of the other party hereto,
whether before or after Closing Time, shall do such further acts and execute and deliver such further instruments, deeds and documents
as shall be reasonably required in order to fully perform and carry out the provisions of this Subscription Agreement. The parties
hereto agree to act honestly and in good faith in the performance of their respective obligations hereunder.

 

24.           Language.
The Subscriber acknowledges that it has consented to and requested that all documents evidencing or relating in any way to the
sale of the Common Shares be drawn up in the English language only. Le souscripteur reconnaît par les présentes
avoir consenti et exigé que tous les documents faisant foi ou se rapportant de quelque manière à la vente
des bons de unités soient rédigés en anglais seulement. 

 

    - 14 -

     

    

 

COLLECTION
OF PERSONAL INFORMATION

 

This Subscription Agreement and the schedules
hereto require the Subscriber to provide certain personal information (respecting the Subscriber and, if applicable, the beneficial
purchaser for whom the Subscriber is contracting) to the Corporation. (Personal information includes “personal information”
as that term is defined under applicable privacy legislation, including without limitation, the Personal Information Protection
and Electronic Documents Act (Canada) and any other applicable similar replacement or supplemental provincial or federal legislation
or laws and the policies of the TSX in effect from time to time). Such information is being collected for the purposes of completing
the Offering, which includes, without limitation, determining the eligibility of the Subscriber or, if applicable, the beneficial
purchaser for whom the Subscriber is contracting, to purchase the Common Shares under applicable Securities Laws, preparing and
registering certificates representing the Common Shares to be issued hereunder and completing filings required under applicable
Securities Laws or by any stock exchange, the Investment Industry Regulatory Organization of Canada and/or other securities regulatory
authorities.

 

In addition, such personal information
may be used or disclosed by the Corporation for the purpose of administering the Corporation’s relationship with the Subscriber
or, if applicable, the beneficial purchaser for whom the Subscriber is contracting. For example, such personal information may
be used by the Corporation to communicate with the Subscriber or, if applicable, the beneficial purchaser for whom the Subscriber
is contracting (such as by providing annual or quarterly reports), to prepare tax filings and forms or to comply with its obligations
under taxation, securities and other laws (such as maintaining a list of holders of shares).

 

In connection with the foregoing, the personal
information of the Subscriber or, if applicable, the beneficial purchaser for whom the Subscriber is contracting, may be disclosed
by the Corporation to: (i) any stock exchanges or securities regulatory or taxation authorities; (ii) the Corporation’s registrar
and transfer agent (if applicable); and (iii) any of the other parties involved in the Offering, including legal counsel, and may
be included in record books prepared in respect of the Offering.

 

By executing this Subscription Agreement,
the Subscriber (on its own behalf and, if applicable, on behalf of the beneficial purchaser for whom the Subscriber is contracting)
hereby consents to the collection, use and disclosure of such personal information. The Subscriber (on its own behalf and, if applicable,
on behalf of the beneficial purchaser for whom the Subscriber is contracting) also consents to the filing of copies or originals
of any of the documents provided to the Corporation by or on behalf of the Subscriber with any securities regulatory authority
in relation to the transactions contemplated by this Subscription.

 

The Subscriber acknowledges that the Subscriber’s
personal information and the personal information of any Disclosed Principal may be delivered to the Ontario Securities Commission
and is thereby being collected indirectly by the Ontario Securities Commission under the authority granted to it in securities
legislation for the purposes of administration and enforcement of the securities legislation of Ontario. The public official in
Ontario who can answer questions about the Ontario Securities Commission’s indirect collection of personal information is:
Administrative Support Clerk, Suite 1903, Box 55, 20 Queen Street West, Toronto, Ontario, M5H 3S8, Telephone (416) 593-3684.

 

The Subscriber further acknowledges that
the Subscriber’s personal information and the personal information of any Disclosed Principal may be delivered to the British
Columbia Securities Commission and is thereby being collected indirectly by the British Columbia Securities Commission for the
purposes of administration and enforcement of the securities legislation of British Columbia. (Information may be publicly disclosed
or made available by the British Columbia Securities Commission, including the name of the Subscriber (or Disclosed Principal),
whether such person is an insider or registrant, the number of securities purchased and, in the case of certain non-individual
Subscribers, their addresses, telephone numbers and prospectus exemptions relied upon). Questions about British Columbia’s
Securities Commission’s indirect collection of personal information may be directed to: British Columbia Securities Commission,
P.O. Box 10142, Pacific Centre, 701 West Georgia Street, Vancouver, British Columbia, V7Y 1L2, Telephone (604) 899-6650, Toll free
across Canada 1-800-373-6393, Facsimile (604) 899-6581.

 

The Subscriber also acknowledges and consents
to the collection, use and disclosure of the Subscriber’s personal information by the TSX and its affiliates, authorized
agents, subsidiaries and divisions, including the TSX for the following purposes: (i) to conduct background checks; (ii) to verify
personal information that has been provided about each individual; (iii) to provide disclosure to market participants as to the
security holdings of directors, officers, other insiders and promoters of the Corporation or its associates or affiliates; (iv)
to conduct enforcement proceedings; and (v) to perform other investigations as required by and to ensure compliance with all applicable
rules, policies, rulings and regulations of the TSX, Canadian Securities Laws and other legal and regulatory requirements governing
the conduct and protection of the public markets in Canada. As part of this process, the Subscriber further acknowledges that the
TSX also collects additional personal information from other sources, including but not limited to, securities regulatory authorities
in Canada or elsewhere, investigative, law enforcement or self-regulatory organizations, regulations services providers and each
of their subsidiaries, affiliates, regulators and authorized agents, to ensure that the purposes set out above can be accomplished.
The personal information collected by the TSX may also be disclosed: (i) to the aforementioned agencies and organizations or as
otherwise permitted or required by law and may be used for the purposes described above for their own investigations, and (ii)
on the TSX’s website or through printed materials published by or pursuant to the directions of the TSX. The TSX may from
time to time use third parties to process information and/or provide other administrative services and may share information with
such third party services providers.

 

    	 	- 16 -	 

     

    

 

SCHEDULE A

UNITED STATES
subscriberS REPRESENTATION LETTER

 

 

This Representation Letter is being delivered
in connection with the execution and delivery of the Subscription Agreement of the undersigned subscriber (the “Subscriber”)
in connection with the purchase of common shares (the “Common Shares”) of Acerus Pharmaceuticals Corporation
(the “Corporation”). Capitalized terms used herein and not defined herein will have the meanings ascribed thereto
in the Subscription Agreement. The Subscriber represents, warrants and covenants to the Corporation (which representations, warranties
and covenants will survive the Closing Date) on its own behalf and, if applicable, on behalf of any beneficial purchaser for whom
the Subscriber is contracting hereunder to and with the Corporation and acknowledges that the Corporation and its counsel are relying
thereon that:

 

		(a)	The Subscriber is (i) purchasing the Common Shares as principal for its own account and not for
the benefit of any other Person and it is an institutional “accredited investor” who satisfies one or more of the criteria
of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the U.S. Securities Act) (a “U.S. Accredited Investor”);
or (ii) subscribing for the Common Shares as agent for a beneficial purchaser disclosed on the execution page of this Subscription
Agreement, in a transaction in which the Subscriber is exercising sole investment discretion with respect to the purchase of the
Common Shares and the Subscriber and each disclosed purchaser for whom it is acting is a U.S. Accredited Investor and is purchasing
as principal for its own account and not for the benefit of any other person; and the Subscriber has initialled the category of
U.S. Accredited Investor applicable to the Subscriber and any beneficial purchaser below.

 

		(b)	The Subscriber (and, if the Subscriber is acting on behalf of a beneficial purchaser, such beneficial
purchaser) is a U.S. Accredited Investor as a result of satisfying the requirements of the paragraphs below that the Subscriber
has indicated (the line identified as “BP” is to be initialled by the undersigned if the beneficial purchaser, if
any, satisfies the requirements of the corresponding paragraph).

 

	
        ____

         

        ____
	
         

         

        (BP)
	 	any bank as defined in Section 3(a)(2) of the U.S. Securities Act or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the U.S. Securities Act whether acting in its individual or fiduciary capacity;
	 	 	 	 
	
        ____

         

        ____
	
         

         

        (BP)
	 	any broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934;
	 	 	 	 
	
        ____

         

        ____
	
         

         

        (BP)
	 	any insurance company as defined in Section 2(a)(13) of the U.S. Securities Act;
	 	 	 	 
	
        ____

         

        ____
	
         

         

        (BP)
	 	any investment company registered under the Investment Company Act of 1940, or a business development company as defined in Section 2(a)(48) of that Act;
	 	 	 	 
	
        ____

         

        ____
	
         

         

        (BP)
	 	any Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958;
	 	 	 	 
	
        ____

         

        ____
	
         

         

        (BP)
	 	any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of US$5,000,000;
	 	 	 	 

 

     

     

    

 

	
        ____

         

        ____
	
         

         

        (BP)
	 	any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of US$5,000,000, or, if a self-directed plan, with investment decisions made solely by persons that are U.S. Accredited Investors;
	 	 	 	 
	
        ____

         

        ____
	
         

         

        (BP)
	 	any private business development company as defined in Section 202(a)(22) of the Investments Advisers Act of 1940;
	 	 	 	 
	
        ____

         

        ____
	
         

         

        (BP)
	 	any organization described in section 501(c)(3) of the Internal Revenue Code of 1986, corporation, Massachusetts or similar business trust, or partnership not formed for the specific purpose of acquiring the Common Shares, with total assets in excess of US$5,000,000; 
	 	 	 	 
	
        ____

         

        ____
	
         

         

        (BP)
	 	any trust with total assets in excess of US$5,000,000, not formed for the specific purpose of acquiring the Common Shares, whose purchase is directed by a sophisticated person, being defined as a person who has such knowledge and experience in financial and business matters that he or she is capable of evaluating the merits and risks of the prospective investment; or
	 	 	 	 
	
        ____

         

        ____
	
         

         

        (BP)
	 	any entity all of whose equity owners are U.S. Accredited Investors.

 

		(c)	The Subscriber has not purchased the Common Shares as a result of any form of “general solicitation”
or “general advertising” (as those terms are used in Rule 502(c) of Regulation D), including, without limitation, advertisements,
articles, notices or other communications published in any newspaper, magazine or similar media or the Internet or broadcast over
radio, television, or the Internet or any seminar or meeting whose attendees have been invited by general solicitation or general
advertising.

 

		(d)	The Subscriber has had access to such information concerning the Corporation as it has considered
necessary or appropriate in connection with its investment decision to acquire the Common Shares and has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of its investment and it is able to bear
the economic risk of loss of its investment in the Common Shares.

 

		(e)	The Subscriber understands and acknowledges that none of the Common Shares have been or will be
registered under the U.S. Securities Act or the securities laws of any state, and that the Common Shares are being offered and
sold to a limited number of U.S. Accredited Investors in transactions exempt from registration under the U.S. Securities Act and
applicable state securities laws; accordingly, the Common Shares are or will be when issued, as applicable, “restricted securities”
within the meaning of Rule 144(a)(3) of the U.S. Securities Act.

 

		(f)	The Subscriber, and each beneficial purchaser, if any, is acquiring the Common Shares for investment
purposes only and not with a view to any resale, distribution or other disposition of Common Shares in violation of United States
federal or state securities laws, and the Subscriber acknowledges that the exemption from registration under the U.S. Securities
Act and applicable state securities laws depends, among other things, upon the bona fide nature of the investment intent
expressed herein.

 

    	 	D - 2 	 

     

    

 

		(g)	The Subscriber understands that if it (or any beneficial purchaser on whose behalf it is acting)
decides to offer, sell, pledge or otherwise transfer any of the Common Shares they may be offered, sold, pledged or otherwise transferred
only (i) to the Corporation, (ii) outside the United States in compliance with Rule 904 of Regulation S and in compliance
with applicable local laws and regulations, (iii) pursuant to a registration statement that has been declared effective under
the U.S. Securities Act and is available for resale of the Common Shares, or (iv) in compliance with an exemption from registration
under the U.S. Securities Act including Rule 144 or Rule 144A thereunder, if available, and, in each case, in compliance
with any applicable state securities laws. The Subscriber further understands and agrees that in the event of a transfer pursuant
to the foregoing clause (ii) or (iv), the Corporation will require a legal opinion of counsel of recognized standing, or other
evidence, satisfactory to the Corporation, acting reasonably, that such transfer is exempt from registration under the U.S. Securities
Act and applicable state securities laws.

 

		(h)	The Subscriber understands that upon the original issuance thereof, and until such time as the
same is no longer required under applicable requirements of the U.S. Securities Act or applicable state securities laws, certificates
representing the Common Shares and all certificates issued in exchange therefor or in substitution thereof, will bear the following
legends (in addition to those set forth in Section 6(t) of the Subscription Agreement):

 

“THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES
ACT”) OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION
(B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH
LOCAL LAWS AND REGULATIONS, (C) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE U.S. SECURITIES
ACT AND IS AVAILABLE FOR RESALE OF THE SECURITIES, OR (D) IN COMPLIANCE WITH AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES
ACT, INCLUDING RULE 144 OR RULE 144A THEREUNDER, IF AVAILABLE, AND, IN EACH CASE, IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES
LAWS. THE HOLDER FURTHER UNDERSTANDS AND AGREES THAT IN THE EVENT OF A TRANSFER PURSUANT TO THE FOREGOING CLAUSE (B) OR (D), THE
CORPORATION WILL REQUIRE A LEGAL OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER EVIDENCE SATISFACTORY TO THE CORPORATION, ACTING
REASONABLY, THAT SUCH TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.
DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN
CANADA.”

 

provided, that if the Common Shares
are being sold outside the United States in compliance with the requirements of Rule 904 of Regulation S at a time when the
Corporation is a “foreign issuer”, as defined in Rule 902(e) of Regulation S at the time of sale, the legend set forth
above may be removed by providing an executed declaration to the registrar and transfer agent of the Corporation and to the Corporation,
in substantially the form set forth as Annex A hereto (or in such other form as the Corporation may prescribe from time to time)
and, if requested by the Corporation or the registrar and transfer agent, an opinion of counsel of recognized standing in form
and substance satisfactory to the Corporation and the registrar and transfer agent, each acting reasonably, to the effect that
such sale is being made in compliance with Rule 904 of Regulation S;

 

    	 	D - 3 	 

     

    

 

provided further, that if any
of the Common Shares are being sold pursuant to Rule 144 under the U.S. Securities Act and in compliance with any applicable state
securities laws, the legend may be removed by delivery to the Corporation’s registrar and transfer agent of an opinion satisfactory
to the Corporation and its registrar and transfer agent, each acting reasonably, to the effect that the legend is no longer required
under applicable requirements of the U.S. Securities Act or applicable state securities laws.

 

		(i)	The Subscriber consents to the Corporation making a notation on its records or giving instruction
to the registrar and transfer agent of the Corporation in order to implement the restrictions on transfer with respect to the Common
Shares set forth and described herein.

 

		(j)	The Subscriber understands that the Corporation (i) is under no obligation to remain a “foreign
issuer” (as defined in Rule 902(e) of Regulation S), (ii) may not be a “foreign issuer” at a time when the Subscriber
wishes to transfer the Common Shares, and (iii) may engage in one or more transactions which could cause the Corporation not to
be a “foreign issuer”. The Subscriber further understands and acknowledges that the loss of the Corporation’s
“foreign issuer” status would impede the Subscriber’s ability to remove the restrictive U.S. legend from the
Securities in connection with any resale outside the United States.

 

		(k)	The Subscriber understands that the Corporation is not obligated to file and has no present intention
of filing with the U.S. Securities and Exchange Commission or with any state securities administrator any registration statement
in respect of resales of the Common Shares in the United States.

 

		(l)	The Subscriber understands and agrees that the financial statements of the Corporation have been
prepared in accordance with International Financial Reporting Standards, which differ in some respects from United States generally
accepted accounting principles, and thus may not be comparable to financial statements of United States companies.

 

		(m)	The Subscriber understands and agrees that there may be material tax consequences to it of an acquisition,
holding or disposition of the Common Shares. The Corporation gives no opinion and makes no representation with respect to the tax
consequences to the Subscriber under United States, state, local or foreign tax law of its acquisition, holding, exercise
or disposition of the Common Shares, and the Subscriber acknowledges that it is solely responsible for determining the tax consequences
to it with respect to its investment, including whether the Corporation will at any given time be deemed a “passive foreign
investment company” within the meaning of Section 1297 of the United States Internal Revenue Code of 1986, as amended.

 

		(n)	The Subscriber is aware that its ability to enforce civil liabilities under the United States federal
securities laws may be affected adversely by, among other things: (i) the fact that the Corporation is organized under the laws
of Canada; (ii) some or all of the directors and officers may be residents of countries other than the United States; and (iii)
all or a substantial portion of the assets of the Corporation and such persons may be located outside the United States.

 

		(o)	The office or other address of the Subscriber at which the Subscriber received and accepted the
offer to purchase the Common Shares is the address listed as the “Subscriber’s Residential Address” on
the face page of the Subscription Agreement.

 

		(p)	That the funds representing the Aggregate Subscription Price which will be advanced by the Subscriber
to the Corporation hereunder will not represent proceeds of crime for the purposes of the Uniting and Strengthening America
by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA PATRIOT Act”)
and the Subscriber acknowledges that the Corporation may in the future be required by law to disclose the Subscriber’s name
and other information relating to the subscription agreement and the Subscriber’s subscription hereunder, on a confidential
basis, pursuant to the USA PATRIOT Act. No portion of the Aggregate Subscription Price to be provided by the Subscriber: (i) has
been or will be derived from or related to any activity that is deemed criminal under the laws of the United States, or any other
jurisdiction; or (ii) is being tendered on behalf of a person or entity who has not been identified to or by the Subscriber, and
it shall promptly notify the Corporation if the Subscriber discovers that any of such representations ceases to be true and provide
the Corporation with appropriate information in connection therewith.

 

    	 	D - 4 	 

     

    

 

		(q)	The provisions of this Representation Letter will be true and correct both as of the date of execution
of this Subscription Agreement and as of the Closing Date.

 

The Subscriber undertakes to notify the
Corporation immediately of any change in any representation, warranty or other information relating to the Subscriber or, if applicable,
the beneficial purchaser set forth herein, which takes place prior to the Closing Date.

 

DATED at __________________________
this ___ day of ___________________, 2016.

 

	If a Corporation, Partnership or Other Entity:	 
	 	 
	 	 
	Name of Entity	 
	 	 
	 	 
	Type of Entity	 
	 	 
	 	 
	Signature of Person Signing	 
	 	 
	 	 
	Print or Type Name and Title of Person Signing	 

 

    	 	D - 5 	 

     

    

 

ANNEX A TO SCHEDULE A

 

FORM OF DECLARATION FOR REMOVAL OF
LEGEND

 

		TO:	Acerus Pharmaceuticals Corporation

 

		AND TO:	The registrar and transfer agent for the securities of
Acerus Pharmaceuticals Corporation

 

The undersigned (A)
acknowledges that the sale of the securities of Acerus Pharmaceuticals Corporation (the “Corporation”) to which
this declaration relates is being made in reliance on Rule 904 of Regulation S under the United States Securities Act of
1933, as amended (the “U.S. Securities Act”) and (B) certifies that (1) the undersigned is not an “affiliate”
of the Corporation as that term is defined in Rule 405 under the U.S. Securities Act, a “distributor” or an affiliate
of “distributor”, (2) the offer of such securities was not made to a person in the United States and either (a) at
the time the buy order was originated, the buyer was outside the United States, or the seller and any person acting on its behalf
reasonably believed that the buyer was outside the United States or (b) the transaction was executed on or through the facilities
of a “designated offshore securities market” (as defined in Rule 902 of Regulation S under the U.S. Securities Act)
and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the
United States, (3) neither the seller nor any affiliate of the seller nor any person acting on their behalf has engaged or will
engage in any “directed selling efforts” in the United States in connection with the offer and sale of such securities,
(4) the sale is bona fide and not for the purpose of “washing-off” the resale restrictions imposed because the securities
are “restricted securities” as that term is described in Rule 144(a)(3) under the U.S. Securities Act, (5) the
seller does not intend to replace such securities sold in reliance on Rule 904 of the U.S. Securities Act with fungible unrestricted
securities, and (6) the contemplated sale is not a transaction, or part of a series of transactions, which, although in technical
compliance with Regulation S under the U.S. Securities Act, is part of a plan or scheme to evade the registration provisions of
the U.S. Securities Act. Unless otherwise specified, terms set forth above in quotation marks have the meanings given to them by
Regulation S under the U.S. Securities Act.

 

The undersigned in
making this Declaration acknowledges that the Corporation is relying on the contents hereof and hereby agrees to indemnify and
hold harmless the Corporation for any and all liability, losses, claims and demands in any way related to the subject matter of
this Declaration.

 

DATED at __________________________     
this _______ day of _______________, 20__.

 

	 	By:	 
	 	Name: 	 
	 	Title:	 

 

Affirmation
By Seller’s Broker-Dealer (required for sales in accordance with Section (b)(2)(B) above)

 

We have read the foregoing representations
of our customer, _________________________ (the “Seller”) dated _______________________, with regard to our
sale, for such Seller’s account, of the securities of the Corporation described therein, and on behalf of ourselves we certify
and affirm that (A) we have no knowledge that the transaction had been prearranged with a buyer in the United States, (B) the transaction
was executed on or through the facilities of the Toronto Stock Exchange, (C) neither we, nor any person acting on our behalf, engaged
in any “directed selling efforts” in the United States in connection with the offer and sale of such securities, and
(D) no selling concession, fee or other remuneration is being paid to us in connection with this offer and sale other than the
usual and customary broker’s commission that would be received by a person executing such transaction as agent. Terms used
herein have the meanings given to them by Regulation S under the U.S. Securities Act.

 

	 	 
	Name of Firm	 

 

	By: 	 	 
	 	Authorized officer	 

 

Date: _______________________________

 

    	 	D - 6Exhibit 4.3

 

Form of Underwriter’s Warrant Agreement

 

THE REGISTERED HOLDER OF
THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT AS
HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE
THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER THAN
(I)  AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF ANY SUCH
UNDERWRITER OR SELECTED DEALER.

 

THIS PURCHASE WARRANT IS
NOT EXERCISABLE PRIOR TO [________________] [DATE THAT IS ONE YEAR FROM THE EFFECTIVE DATE OF THE OFFERING]. VOID AFTER
5:00 P.M., EASTERN TIME, [___________________] [DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE OFFERING].

 

COMMON STOCK PURCHASE WARRANT

 

For the Purchase of [_____] Shares of Common
Stock

of

AYTU BIOSCIENCE, INC

 

1.          Purchase
Warrant. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of _________ (“Holder”),
as registered owner of this Purchase Warrant, to Aytu BioScience, Inc., a Delaware corporation (the “Company”),
Holder is entitled, at any time or from time to time from [________________] [DATE THAT IS ONE YEAR FROM THE EFFECTIVE DATE
OF THE OFFERING] (the “Commencement Date”), and at or before 5:00p.m., Eastern time, [____________]
[DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE OFFERING] (the ”Expiration Date”),
but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to [____] shares of common stock of the Company,
par value $0.0001 per share (the “Shares”), subject to adjustment as provided in Section 6 hereof. If the Expiration
Date is a day on which banking institutions are authorized by law to close, then this Purchase Warrant may be exercised on the
next succeeding day which is not such a day in accordance with the terms herein. During the period ending on the Expiration Date,
the Company agrees not to take any action that would terminate this Purchase Warrant. This Purchase Warrant is initially exercisable
at $[___] per Share [125% of the price of the Shares sold in the Offering]; provided, however, that upon the
occurrence of any of the events specified in Section 6 hereof, the rights granted by this Purchase Warrant, including the exercise
price per Share and the number of Shares to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise
Price” shall mean the initial exercise price or the adjusted exercise price, depending on the context.

 

     

     

    

 

		2.	Exercise.

 

2.1           Exercise
Form. In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed and
delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased
payable in cash by wire transfer of immediately available funds to an account designated by the Company or by certified check or
official bank check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time,
on the Expiration Date, this Purchase Warrant shall become and be void without further force or effect, and all rights represented
hereby shall cease and expire.

 

2.2           Cashless
Exercise.  If at any time after the Commencement Date there is no effective registration statement registering, or no
current prospectus available for, the resale of the Shares by the Holder, then in lieu of exercising this Purchase Warrant by payment
of cash or check payable to the order of the Company pursuant to Section 2.1 above, Holder may elect to receive the number of Shares
equal to the value of this Purchase Warrant (or the portion thereof being exercised), by surrender of this Purchase Warrant to
the Company, together with the exercise form attached hereto, in which event the issue to Holder, Shares in accordance with the
following formula:

 

	X	=	Y(A-B)	 
	A	 

 

	Where,	 	 	 
	 	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share; and
	 	B	=	The Exercise Price.
	 	 	 	 	 	 	 	 

For purposes of this Section
2.2, the fair market value of a Share is defined as follows:

 

		(i)	if the Company’s common stock is traded on a securities
exchange, the value shall be deemed to be the closing price on such exchange prior to the exercise form being submitted in connection
with the exercise of the Purchase Warrant; or

 

		(ii)	if the Company’s common stock is actively traded
over-the-counter, the value shall be deemed to be the closing bid prior to the exercise form being submitted in connection with
the exercise of the Purchase Warrant; if there is no active public market, the value shall be the fair market value thereof, as
determined in good faith by the Company’s Board of Directors.

 

2.3          Legend.
Each certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such securities
have been registered under the Securities Act of 1933, as amended (the “Act”):

 

“The securities represented
by this certificate have not been registered under the Securities Act of 1933, as amended (the “Act”), or applicable
state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise transferred except pursuant
to an effective registration statement under the Securities Act, or pursuant to an exemption from registration under the Securities
Act and applicable state law which, in the opinion of counsel to the Company, is available.”

 

     

     

    

  

		3.	Transfer.

 

3.1           General
Restrictions. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder
will not: (a) sell, transfer, assign, pledge or hypothecate this Purchase Warrant for a period of one hundred eighty (180) days
following the Effective Date to anyone other than: (i) an underwriter or a selected dealer participating in the Offering, or (ii)
a bona fide officer or partner of any such underwriter or selected dealer, in each case in accordance with FINRA Conduct Rule 5110(g)(1),
or (b) cause this Purchase Warrant or the securities issuable hereunder to be the subject of any hedging, short sale, derivative,
put or call transaction that would result in the effective economic disposition of this Purchase Warrant or the securities hereunder,
except as provided for in FINRA Rule 5110(g)(2). On and after 180 days after the Effective Date, transfers to others may be made
subject to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder
must deliver to the Company the assignment form attached hereto duly executed and completed, together with the Purchase Warrant
and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within five (5) Business Days transfer
this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants of
like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Shares purchasable
hereunder or such portion of such number as shall be contemplated by any such assignment.

 

3.2           Restrictions
Imposed by the Securities Act. The securities evidenced by this Purchase Warrant shall not be transferred unless and until:
(i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption
from registration under the Securities Act and applicable state securities laws, the availability of which is established to the
reasonable satisfaction of the Company (the Company hereby agreeing that the opinion of Sichenzia Ross Friedman Ference LLP shall
be deemed satisfactory evidence of the availability of an exemption), or (ii) a registration statement or a post-effective amendment
to the Registration Statement relating to the offer and sale of such securities has been filed by the Company and declared effective
by the U.S. Securities and Exchange Commission (the ”Commission”) and compliance with applicable state
securities law has been established.

 

		4.	Registration Rights.

 

		4.1	Demand Registration.

 

4.1.1           Grant
of Right. The Company, upon written demand (a “Demand Notice”) of the Holder(s) of at least 51% of the
Purchase Warrants and/or the underlying Shares (“Majority Holders”), agrees to register, on one occasion, all or any
portion of the Shares underlying the Purchase Warrants (collectively, the “Registrable Securities”). On such
occasion, the Company will file a registration statement with the Commission covering the Registrable Securities within sixty
(60) days after receipt of a Demand Notice and use its reasonable best efforts to have the registration statement declared effective
promptly thereafter, subject to compliance with review by the Commission; provided, however, that the Company shall
not be required to comply with a Demand Notice if the Company has filed a registration statement with respect to which the Holder
is entitled to piggyback registration rights pursuant to Section 4.2 hereof and either: (i) the Holder has elected to participate
in the offering covered by such registration statement or (ii) if such registration statement relates to an underwritten primary
offering of securities of the Company, until the offering covered by such registration statement has been withdrawn or until thirty
(30) days after such offering is consummated. The demand for registration may be made at any time during a period of four (4)
years beginning on the Commencement Date. The Company covenants and agrees to give written notice of its receipt of any Demand
Notice by any Holder(s) to all other registered Holders of the Purchase Warrants and/or the Registrable Securities within ten
(10) days after the date of the receipt of any such Demand Notice. 

 

     

     

    

  

4.1.2          Terms. The
Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section 4.1.1,
but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to
represent them in connection with the sale of the Registrable Securities. The Company agrees to use its reasonable best efforts
to cause the filing required herein to become effective promptly and to qualify or register the Registrable Securities in such
States as are reasonably requested by the 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 register
or license to do business in such State or submit to general service of process in such State, or (ii) the principal shareholders
of the Company to be obligated to escrow their shares of capital stock of the Company. The Company shall cause any registration
statement filed pursuant to the demand right granted under Section 4.1.1 to remain effective for a period of at least twelve (12)
consecutive months after the date that the Holders of the Registrable Securities covered by such registration statement are first
given the opportunity to sell all of such securities. The Holders shall only use the prospectuses provided by the Company to sell
the shares covered by such registration statement, and will immediately cease to use any prospectus furnished by the Company if
the Company advises the Holder that such prospectus may no longer be used due to a material misstatement or omission. Notwithstanding
the provisions of this Section 4.1.2, the Holder shall be entitled to a demand registration under this Section 4.1.2 on only one
(1) occasion and such demand registration right shall terminate on the fifth anniversary of the effectiveness of the registration
statement in accordance with FINRA Rule 5110(f)(2)(G)(iv).

 

		4.2	“Piggy-Back” Registration.

 

4.2.1           Grant
of Right. In addition to the demand right of registration described in Section 4.1 hereof, the Holder shall have the right,
for a period of no more than two (2) years from the date of effectiveness of the registration statement in accordance with FINRA
Rule 5110(f)(2)(G)(v), 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 Securities Act or pursuant to Form
S-8 or any equivalent form); provided, however, that if, solely in connection with any primary underwritten public
offering for the account of the Company, the managing underwriter(s) thereof shall, in its reasonable discretion, impose a limitation
on the number of shares of Common Stock which may be included in the Registration Statement because, in such underwriter(s)’
judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall
be obligated to include in such Registration Statement only such limited portion of the Registrable Securities with respect to
which the Holder requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable Securities
shall be made pro rata among the Holders seeking to include Registrable Securities in proportion to the number of Registrable Securities
sought to be included by such Holders; provided, however, that the Company shall not exclude any Registrable Securities
unless the Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion of such securities
in such Registration Statement or are not entitled to pro rata inclusion with the Registrable Securities.

 

     

     

    

  

4.2.2       Terms. The
Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 4.2.1 hereof,
but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to
represent them in connection with the sale of 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 thirty (30) 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 registration
statement filed by the Company during the two (2) year period following the Commencement Date until such time as all of the Registrable
Securities have been sold by the Holder. 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. Except as otherwise provided in this Purchase Warrant, there shall be no limit on the number
of times the Holder may request registration under this Section 4.2.2; provided, however, that such registration
rights shall terminate on the [sixth] anniversary of the Commencement Date.

 

		4.3	General Terms.

 

4.3.1           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 Securities 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 any claim whatsoever) to which any of them may become subject under the Securities 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 5.1 of the Underwriting Agreement between the Underwriters
and the Company, dated as of [___________], 2016. 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, 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 Securities 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
5.2 of the Underwriting Agreement pursuant to which the Underwriters have agreed to indemnify the Company.

 

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

 

4.3.3       Documents
Delivered to Holders. The Company shall furnish to each Holder participating in any of the foregoing offerings and to each
underwriter of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, 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 registered
public accounting firm which has 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 each Holder participating in the offering
requesting the correspondence and memoranda described below and to the managing underwriter, if any, 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 each Holder and underwriter 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 as any such Holder shall reasonably request.

 

     

     

    

  

4.3.4        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 4, which managing underwriter shall be reasonably
satisfactory 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, their Shares and their intended methods
of distribution.

 

4.3.5       Documents to
be Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company
a completed and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.

 

4.3.6       Damages.
Should the registration or the effectiveness thereof required by Sections 4.1 and 4.2 hereof be delayed by the Company or the Company
otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to
the Holder(s), be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened
breach of such provisions or the continuation of any such breach, without the necessity of proving actual damages and without the
necessity of posting bond or other security.

 

		5.	New Purchase Warrants to be Issued.

 

5.1           Partial
Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned in
whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax
if exercised pursuant to Section 2.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase
Warrant of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number
of Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

 

5.2          Lost Certificate.
Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Warrant
and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Warrant
of like tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft, mutilation or destruction
shall constitute a substitute contractual obligation on the part of the Company.

 

     

     

    

  

		6.	Adjustments.

 

6.1           Adjustments
to Exercise Price and Number of Securities. The Exercise Price and the number of Shares underlying the Purchase Warrant shall
be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1           Share
Dividends; Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Shares is increased by a stock dividend payable in Shares or by a split up of Shares or other similar event, then, on the effective
day thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Shares,
and the Exercise Price shall be proportionately decreased.

 

6.1.2          Aggregation
of Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Shares
is decreased by a reverse stock split, consolidation, combination or reclassification of Shares or other similar event, then, on
the effective date thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding
Shares, and the Exercise Price shall be proportionately increased.

 

6.1.3          Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares other than
a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such Shares, or in the case of any share
reconstruction or amalgamation or consolidation of the Company with or into another corporation (other than a consolidation or
share reconstruction or amalgamation in which the Company is the continuing corporation and that does not result in any reclassification
or reorganization of the outstanding Shares), or in the case of any sale or conveyance to another corporation or entity of the
property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder
of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant)
to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the
kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization,
share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by a Holder
of the number of Shares of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event; and if
any reclassification also results in a change in Shares covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant
to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications,
reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers.

 

6.1.4          Changes in Form
of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this Section 6.1,
and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated in
the Purchase Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase
Warrants reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the
Commencement Date or the computation thereof.

 

6.2            Substitute Purchase
Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company with or into,
another corporation (other than a consolidation or share reconstruction or amalgamation which does not result in any reclassification
or change of the outstanding Shares), the corporation formed by such consolidation or share reconstruction or amalgamation shall
execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then outstanding
or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise
of such Purchase Warrant, the kind and amount of shares of stock and other securities and property receivable upon such consolidation
or share reconstruction or amalgamation, by a holder of the number of Shares of the Company for which such Purchase Warrant might
have been exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such supplemental
Purchase Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this Section 6. The
above provision of this Section shall similarly apply to successive consolidations or share reconstructions or amalgamations.

 

     

     

    

  

6.3         Elimination of Fractional Interests.
The Company shall not be required to issue certificates representing fractions of Shares upon the exercise of the Purchase Warrant,
nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of the parties that
all fractional interests shall be eliminated by rounding any fraction up or down, as the case may be, to the nearest whole number
of Shares or other securities, properties or rights.

 

7.         Reservation and Listing. The
Company shall at all times reserve and keep available out of its authorized Shares, solely for the purpose of issuance upon exercise
of the Purchase Warrants, such number of Shares or other securities, properties or rights as shall be issuable upon the exercise
thereof. The Company covenants and agrees that, upon exercise of the Purchase Warrants and payment of the Exercise Price therefor,
in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall be duly and validly issued,
fully paid and non-assessable and not subject to preemptive rights of any shareholder. The Company further covenants and agrees
that upon exercise of the Purchase Warrants and payment of the exercise price therefor, all Shares and other securities issuable
upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any
shareholder. As long as the Purchase Warrants shall be outstanding, the Company shall use its commercially reasonable efforts to
cause all Shares issuable upon exercise of the Purchase Warrants to be listed (subject to official notice of issuance) on all national
securities exchanges (or, if applicable, on the OTC Bulletin Board or any successor trading market) on which the Shares issued
to the public in the Offering may then be listed and/or quoted.

 

		8.	Certain Notice Requirements.

 

8.1           Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to
receive notice as a shareholder 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 Purchase Warrants and their exercise, any of the events
described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event
at least fifteen days prior to the date fixed as a record date or the date of closing the transfer books for the determination
of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled
to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of
the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder
a copy of each notice given to the other shareholders of the Company at the same time and in the same manner that such notice is
given to the shareholders.

 

8.2          Events Requiring
Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the following events:
(i) if the Company shall take a record of the holders of its Shares 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 retained earnings,
as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer
to all the holders of its Shares 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 (iii) a dissolution, liquidation
or winding up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a sale
of all or substantially all of its property, assets and business shall be proposed.

 

     

     

    

  

8.3         Notice of Change
in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section
6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall describe
the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company’s
Chief Financial Officer.

 

8.4         Transmittal
of Notices. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall
be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered
Holder of the Purchase Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company,
to following address or to such other address as the Company may designate by notice to the Holders:

 

If to the Holder:

 

Attn:

Fax No.:

 

with a copy (which shall not constitute notice) to:

Sichenzia Ross Friedman Ference LLP

61 Broadway

New York, New York 10006

Attn: Gregory Sichenzia, Esq.

Fax No.: (212) 930-9725

 

If to the Company:

 

Aytu Bioscience, Inc.

373 Inverness Parkway, Suite 206

Englewood, Colorado 80112

Attention: Joshua R. Disbrow, Chief Executive
Officer

Fax No:

 

with a copy (which shall not constitute notice) to:

 

Wyrick Robbins Yates & Ponton LLP

4101 Lake Boone Trail, Suite 300

Raleigh, North Carolina 27607

Attention: Alexander M. Donaldson, Esq.

Fax No: (919) 7841-4865

 

     

     

    

  

		9.	Miscellaneous.

 

9.1        Amendments.
The Company and Joseph Gunnar, as Representative of the Underwriters (the “Representative”), may from time to time
supplement or amend this Purchase Warrant without the approval of any of the Holders in order to cure any ambiguity, to correct
or supplement any provision contained herein that may be defective or inconsistent with any other provisions herein, or to make
any other provisions in regard to matters or questions arising hereunder that the Company and the Representative may deem necessary
or desirable and that the Company and the Representative deem shall not adversely affect the interest of the Holders. All other
modifications or amendments shall require the written consent of and be signed by the party against whom enforcement of the modification
or amendment is sought.

 

9.2        Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Purchase Warrant.

 

9.3.       Entire
Agreement. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection
with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof,
and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4        Binding Effect.
This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their permitted
assignees, respective successors, legal representative and assigns, and no other person shall have or be construed to have any
legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions herein
contained.

 

9.5        Governing Law;
Submission to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed and enforced in accordance
with the laws of the State of New York, without giving effect to conflict of laws principles thereof. Each of the Company and the
Holder hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant
shall be brought and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the
Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the
Company and the holder hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum. Any process or summons to be served upon the Company or the Holder may be served by transmitting a copy thereof by registered
or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 8 hereof. Such
mailing shall be deemed personal service and shall be legal and binding upon the Company and the Holder in any action, proceeding
or claim. The Company and the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover from
the other party(ies) all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred
in connection with the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable law, on behalf
of its stockholders and affiliates) and the Holder hereby irrevocably waive, 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.

 

9.6        Waiver, etc.
The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall not be deemed
or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any provision
hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver
of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set
forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and
no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent
breach, non-compliance or non-fulfillment.

 

     

     

    

  

9.7       Execution in
Counterparts. This Purchase Warrant may be executed in one or more counterparts, and by the different parties hereto in separate
counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same
agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered
to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic transmission.

 

9.8        Exchange
Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that, at any
time prior to the complete exercise of this Purchase Warrant by Holder, if the Company and the Representative enter into an agreement
(“Exchange Agreement”) pursuant to which they agree that all outstanding Purchase Warrants will be exchanged
for securities or cash or a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

[Signature Page Follows]

     

     

    

 

IN WITNESS WHEREOF, the Company has caused this
Purchase Warrant to be signed by its duly authorized officer as of the ____ day of _______, 2016.

 

	AYTU BIOSCIENCE, INC. 	 
	 	 	 
	By: 	 	 
	 	Name: 	 
	 	Title: 	 

 

     

     

    

  

[Form to be used to exercise Purchase Warrant]

 

Date: __________, 20___

 

The undersigned
hereby elects irrevocably to exercise the Purchase Warrant for ______ shares of common stock, par value $0.0001 per share (the
“Shares”), of Aytu BioScience, Inc., a Delaware corporation (the “Company”), and hereby makes
payment of $____ (at the rate of $____ per Share) in payment of the Exercise Price pursuant thereto. Please issue the Shares as
to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase
Warrant representing the number of Shares for which this Purchase Warrant has not been exercised.

 

or

 

The undersigned
hereby elects irrevocably to convert its right to purchase ___ Shares of the Company under the Purchase Warrant for ______ Shares,
as determined in accordance with the following formula:

 

	 	X	=	Y(A-B)	 
	A	 
	Where,	 	 	 
	 	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share which is equal to $_____; and
	 	B	=	The Exercise Price which is equal to $______ per share
	 	 	 	 	 	 	 

The undersigned
agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with
respect to the calculation shall be resolved by the Company in its sole discretion.

 

Please issue
the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a
new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been converted.

 

	Signature	 	 	 
	 	 	 
	Signature Guaranteed	 	 

 

     

     

    

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

	Name:	 	 
	 	(Print in Block Letters) 	 
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

NOTICE: The signature to
this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership
on a registered national securities exchange.

 

     

     

    

 

[Form to be used to assign Purchase Warrant]

 

ASSIGNMENT

 

(To be executed by the registered Holder to
effect a transfer of the within Purchase Warrant):

 

FOR VALUE RECEIVED, __________________ does
hereby sell, assign and transfer unto the right to purchase shares of common stock, par value $0.0001 per share, of Aytu BioScience,
Inc., a Delaware corporation (the “Company”), evidenced by the Purchase Warrant and does hereby authorize the
Company to transfer such right on the books of the Company.

 

Dated: __________, 20__

 

	Signature	 	 	 
	 	 	 
	 	 	 
	Signature Guaranteed	 	 

 

NOTICE: The signature to this form must correspond
with the name as written upon the face of the within Purchase Warrant without alteration or enlargement or any change whatsoever,
and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered
national securities exchange.

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