Document:

Exhibit 4.3

 

[FORM OF UNDERWRITERS UNIT PURCHASE OPTION]

 

THE REGISTERED HOLDER OF THIS UNIT PURCHASE OPTION
BY ITS ACCEPTANCE HEREOF, AGREES THAT THE SECURITIES EVIDENCED BY THIS UNIT PURCHASE OPTION MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED EXCEPT
AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS UNIT PURCHASE OPTION AGREES THAT THE SECURITIES EVIDENCED BY THIS UNIT PURCHASE OPTION
WILL NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED, OR BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT, OR CALL
TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THIS UNIT PURCHASE OPTION OR THE SECURITIES EVIDENCED BY THIS UNIT
PURCHASE OPTION, FOR A PERIOD OF ONE HUNDRED EIGHTY (180) DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER THAN TO ANY
MEMBER PARTICIPATING IN THE OFFERING AND THE OFFICERS OR PARTNERS THEREOF, IF ALL SECURITIES SO TRANSFERRED REMAIN SUBJECT TO THE LOCK-UP
RESTRICTION SET FORTH ABOVE FOR THE REMAINDER OF THE TIME PERIOD.

 

UNICYCIVE
THERAPEUTICS, INC.

UNIT PURCHASE OPTION

 

FOR THE PURCHASE OF [●] UNITS

 

Unit Purchase Option No.: _____________

 

Number of Shares of Common Stock: [●]

Number of Warrants: [●]

Date of Issuance: June [●], 2021 (“Issuance
Date”)

Date of Commencement of Sales Pursuant to the

Underwriting Agreement: June
[●], 2021

(“Sales Commencement
Date”)

 

1. Unit Purchase Option.

 

THIS CERTIFIES THAT, in consideration
of $100.00 duly paid by or on behalf of [  ] (“Holder”), as registered owner of this Unit Purchase Option,
to Unicycive Therapeutics, Inc. (the “Company”), Holder is entitled, at any time or from time to time commencing on
the 180th day after the effective date (the “Effective Date”) of the Company’s registration statement on
Form S-1 (File No.: 333-256367) (the “Registration Statement”) pursuant to which certain units of securities are offered
for sale to the public (the “Offering”) (the “Commencement Date”), and at or before 5:00 p.m., Eastern
Time, on the fifth anniversary of the Effective Date (the “Expiration Date”), but not thereafter, to subscribe for,
purchase and receive, in whole or in part, up to [●]1 units (the “Units”) of the Company, each Unit
consisting of one share of the Company’s common stock, par value $0.001 per share (the “Share(s)”) and one-half
of a warrant to purchase one Share (the “Warrant(s)”). Each Warrant is the same as the warrants included in the Units
being registered for sale to the public (the “Public Warrants”) under the Securities Act of 1933, as amended (the
“Act”). If the Expiration Date is a day on which banking institutions are authorized by law to close, then this Unit Purchase
Option 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 the Unit Purchase Option. This Unit Purchase Option
is initially exercisable at $[___] per Unit (or 125% of the public offering price of the unit of securities being sold in the Offering)
so purchased; provided, however, that upon the occurrence of any of the events specified in Section 5 hereof, the rights granted by this
Unit Purchase Option, including the exercise price per Unit and the number of Units 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. This Unit Purchase Option is one of the Unit Purchase Options (this “Unit Purchase Option”) issued
pursuant to (i) Section 2.3(a)(iii) of the Underwriting Agreement, dated as of June [●], 2021, by and among the Company and Roth
Capital Partners, LLC, as the Representative of the several underwriters, if any, named in Schedule I thereto (the “Underwriting
Agreement”) and (ii) the Company’s Registration Statement.

 

 

		1	 [Insert 5.%
of units issued including overallotment]

 

     

     

    

 

1. EXERCISE
UNIT PURCHASE OPTION.

 

(a) Mechanics
of Exercise. Subject to the terms and conditions hereof, this Unit Purchase Option may be exercised by the Holder on any day on or
after the Exercisability Date, in whole or in part (but not as to fractional shares), by delivery of a written notice, in the form attached
hereto as Exhibit A (the “Exercise Notice”) of the Holder’s election to exercise thisUnit Purchase Option.
No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of
any Notice of Exercise form be required. Within two (2) Trading Days of the delivery of such Exercise Notice, if the Holder is not electing
a Cashless Exercise (as defined below) pursuant to Section 1(d) of thisUnit Purchase Option, the Holder shall pay to the Company an amount
equal to the applicable Exercise Price multiplied by the number of Units as to which thisUnit Purchase Option is being exercised (the
“Aggregate Exercise Price”) in cash or wire transfer of immediately available funds (a “Cash Exercise”).
The Holder shall not be required to surrender this Unit Purchase Option in order to effect an exercise hereunder; provided, however, that
in the event that thisUnit Purchase Option is exercised in full or for the remaining unexercised portion hereof, the Holder shall deliver
this Unit Purchase Option to the Company for cancellation within a reasonable time after such exercise. On or before the first Trading
Day following the date on which the Company has received the Exercise Notice (the date upon which the Company has received the Exercise
Notice, the “Exercise Date”), the Company shall transmit by facsimile or e-mail transmission an acknowledgment of confirmation
of receipt of the Exercise Notice to the Holder and the Company’s transfer agent for the Common Stock (the “Transfer Agent”).
The Company shall deliver any objection to the Exercise Notice on or before the second Trading Day following the date on which the Company
has received the Exercise Notice. On or before the second Trading Day following the date on which the Company has received the Exercise
Notice, provided the Aggregate Exercise Price has been received by the Company prior to such Trading Day (the “Share Delivery
Date”), the Company shall, (X) provided that the Transfer Agent is participating in The Depository Trust Company (“DTC”)
Fast Automated Securities Transfer Program (the “FAST Program”) and so long as the certificates therefor are not required
to bear a legend regarding restriction on transferability, upon the request of the Holder, credit such aggregate number of shares of Common
Stock to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC
through its Deposit Withdrawal Agent Commission system, or (Y), if the Transfer Agent is not participating in the FAST Program or if the
certificates are required to bear a legend regarding restriction on transferability, issue and dispatch by overnight courier to the address
as specified in the Exercise Notice, a certificate, registered in the Company’s share register in the name of the Holder or its
designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. Upon delivery of the Exercise
Notice and payment of the Aggregate Exercise Price, the Holder shall be deemed for all corporate purposes to have become the holder of
record of the Units with respect to which this Unit Purchase Option has been exercised, irrespective of the date such Units are credited
to the Holder’s DTC account or the date of delivery of the certificates evidencing such Units, as the case may be. If this Unit
Purchase Option is submitted in connection with any exercise pursuant to this Section 1(a) and the number of Units represented by this
Unit Purchase Option submitted for exercise is greater than the number of Units being acquired upon an exercise, then the Company shall
as soon as practicable and in no event later than three Trading Days after any such submission and at its own expense, issue a new Unit
Purchase Option (in accordance with Section 7(d)) representing the right to purchase the number of Units purchasable immediately prior
to such exercise under this Unit Purchase Option, less the number of Units with respect to which this Unit Purchase Option has been and/or
is exercised. The Company shall pay any and all taxes and other expenses of the Company (including overnight delivery charges) that may
be payable with respect to the issuance and delivery of Units upon exercise of this Unit Purchase Option; provided, however,
that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration of
any certificates for Units or Unit Purchase Options in a name other than that of the Holder or an affiliate thereof. The Holder shall
be responsible for all other tax liability that may arise as a result of holding or transferring this Unit Purchase Option or receiving
Units upon exercise hereof.

 

(b) Exercise
Price. For purposes of this Unit Purchase Option, “Exercise Price” means $[●], subject to adjustment as provided
herein.

 

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(c) Company’s
Failure to Timely Deliver Securities. If the Company shall fail for any reason or for no reason to issue to the Holder within five
(5) Business Days of the Exercise Date certificates for the number of shares of Common Stock and Warrants to which the Holder is entitled
and register such shares of Common Stock and Warrants on the Company’s share and warrant register, respectively, or to credit the
Holder’s balance account with DTC for such number of shares of Common Stock and Warrants to which the Holder is entitled upon the
Holder’s exercise of this Unit Purchase Option, and if on or after such Trading Day the Holder purchases, or another Person purchasers
on the Holder’s behalf or for the Holder’s account (in an open market transaction or otherwise) shares of Common Stock and/or
Warrants to deliver in satisfaction of a sale by the Holder of shares of Common Stock and/or Warrants issuable upon such exercise that
the Holder anticipated receiving from the Company (a “Buy-In”), then the Company shall, within three (3) Business Days
after the Holder’s written request and in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal
to the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock and Warrants so purchased
(the “Buy-In Price”), at which point the Company’s obligation to deliver such certificate (and to issue such
Units) shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such
Units and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of
shares of Common Stock and the number of Warrants, times (B) the Weighted Average Price (as reported by Bloomberg) of the Common Stock
and the Warrants, respectively, on the date of the event giving rise to the Company’s obligation to deliver such certificates.

 

(d) Cashless
Exercise. In lieu of the payment of the Exercise Price multiplied by the number of Units for which this Unit Purchase Option is exercisable
(and in lieu of being entitled to receive Shares and Warrants) in the manner required by Section 1(a), the Holder shall have the
right (but not the obligation) to convert any exercisable but unexercised portion of this Unit Purchase Option into Units consisting of
Shares and Warrants (the “Conversion Right”) as follows:

 

(A) Upon
exercise of the Conversion Right, the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise Price
in cash) that number of Shares equal to the quotient obtained by dividing (x) the Value of the portion of the Unit Purchase Option
being converted by (y) the Current Market Price of a Share.

 

(B) The
“Value” of the portion of the Unit Purchase Option being converted shall equal the remainder derived by subtracting
(a) (i) the Exercise Price multiplied by (ii) the number of Units underlying the portion of this Unit Purchase Option being
converted, from (b) the Current Market Value of a Unit multiplied by the number of Units underlying the portion of the Unit Purchase
Option being converted.

 

(C) As
used herein, the term “Current Market Value” per Unit at any date means the remainder derived by subtracting
(x) the exercise price of the Warrants multiplied by the number of Shares issuable upon exercise of the Warrants underlying one Unit
from (y) the Current Market Price of the Shares multiplied by the number of Shares included within one Unit and underlying the Warrants
included within one Unit.

 

(D) The
“Current Market Price” of a Share shall mean (i) if the Shares are listed on a national securities exchange
or quoted on the OTCQB or OTCQX (or any successor exchange or entity), the closing or last sale price of the Shares in the principal trading
market for the Shares on the last trading day preceding the day in question as reported by the exchange, the OTCQB or OTCQX, as the case
may be; (ii) if the Shares are not listed on a national securities exchange or quoted on the OTCQB or OTCQX, but are traded in the
residual over-the-counter market, the closing bid price for the Shares on the last trading day preceding the date in question for which
such quotations are reported in the “Pink Sheets” published by OTC Markets Group, Inc. or similar publisher of such quotations;
and (iii) if the fair market value of the Shares cannot be determined pursuant to clause (i) or (ii) above, such price as the
Board of Directors of the Company shall determine, in good faith.

 

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The Cashless Exercise Right
may be exercised by the Holder on any business day on or after the Sales Commencement Date and not later than the Expiration Date by delivering
the Unit Purchase Option with the duly executed exercise form attached hereto with the cashless exercise section completed to the Company,
exercising the Cashless Exercise Right and specifying the total number of Units the Holder will purchase pursuant to such Cashless Exercise
Right.

 

(e) Rule
144. For purposes of Rule 144(d) promulgated under the Securities Act of 1933, as amended, as in effect on the date hereof, assuming
the Holder is not an affiliate of the Company, it is intended that the Units issued in a Cashless Exercise shall be deemed to have been
acquired by the Holder, and the holding period for the Units shall be deemed to have commenced, on the Issuance Date.

 

(f) Disputes.
In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Units, the Company shall promptly
issue to the Holder the number of Units that are not disputed.

 

(g) Beneficial
Ownership. The Company shall not effect the exercise of this Unit Purchase Option, and the Holder shall not have the right to exercise
this Unit Purchase Option, to the extent that after giving effect to such exercise, such Person (together with such Person’s affiliates)
would beneficially own in excess of 4.99% (the “Maximum Percentage”) of the shares of Common Stock outstanding immediately
after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially
owned by such Person and its affiliates shall include the number of shares of Common Stock issuable upon exercise of this Unit Purchase
Option with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock which would be
issuable upon (i) exercise of the remaining, unexercised portion of this Unit Purchase Option beneficially owned by such Person and its
affiliates and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially
owned by such Person and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants)
subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence,
for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”). For purposes of this Warrant, in determining the number of outstanding shares
of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected in the most recent of (1) the Company’s
most recent Form 10-K, Form 10-Q, Current Report on Form 8-K or other public filing with the Securities and Exchange Commission, as the
case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or the Transfer Agent setting
forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written or oral request of the Holder, the
Company shall within two (2) Business Days confirm to the Holder the number of shares of Common Stock then outstanding. In any case, the
number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the
Company, including this Unit Purchase Option, by the Holder and its affiliates since the date as of which such number of outstanding shares
of Common Stock was reported. By written notice to the Company, the Holder may from time to time increase or decrease the Maximum Percentage
to any other percentage not in excess of 9.99% specified in such notice; provided that (i) any such increase will not be effective until
the sixty-first (61st) day after such notice is delivered to the Company, and (ii) any such increase or decrease will apply only to the
Holder. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms
of this Section 1(g) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended beneficial
ownership limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation.

 

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2. ADJUSTMENT
OF EXERCISE PRICE AND NUMBER OF UNITS. The Exercise Price and the number of Units shall be adjusted from time to time as follows:

 

(a) Voluntary
Adjustment by Company. The Company may at any time during the term of this Unit Purchase Option reduce the then current Exercise Price
to any amount and for any period of time deemed appropriate by the Board of Directors of the Company.

 

(b) Adjustment
upon Subdivision or Combination of Common Stock. If the Company at any time on or after the Issuance Date subdivides (by any stock
split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) one or more classes of its outstanding shares
of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately
reduced and the number of Units will be proportionately increased. If the Company at any time on or after the Issuance Date combines (by
any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) one or more classes of its outstanding
shares of Common Stock into a smaller number of shares, the Exercise Price in effect immediately prior to such combination will be proportionately
increased and the number of Units will be proportionately decreased. Any adjustment under this Section 2(b) shall become effective at
the close of business on the date the subdivision or combination becomes effective.

 

(c) Other
Events. If any event occurs of the type contemplated by the provisions of this Section 2 but not expressly provided for by such provisions
(including, without limitation, the granting of stock appreciation rights or phantom stock rights), then the Company’s Board of
Directors will make an appropriate adjustment in the Exercise Price and the number of Units so as to protect the rights of the Holder;
provided that no such adjustment pursuant to this Section 2(c) will increase the Exercise Price or decrease the number of Units as otherwise
determined pursuant to this Section 2.

 

3. RIGHTS
UPON DISTRIBUTION OF ASSETS.

 

(a) If
the Company, at any time while this Unit Purchase Option is outstanding, shall distribute to all holders of Common Stock (and not to the
Holders) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants to subscribe for or purchase
any security other than the Common Stock (including, without limitation, any distribution of cash, stock or other securities, property
or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction),
then in each such case the Exercise Price shall be adjusted by multiplying the Exercise Price in effect immediately prior to the record
date fixed for determination of stockholders entitled to receive such distribution by a fraction of which the denominator shall be the
Weighted Average Price determined as of the record date mentioned above, and of which the numerator shall be such Weighted Average Price
on such record date less the then per share fair market value at such record date of the portion of such assets or evidence of indebtedness
so distributed applicable to one outstanding share of the Common Stock as determined by the Board of Directors in good faith. In either
case the adjustments shall be described in a statement provided to the Holder of the portion of assets or evidences of indebtedness so
distributed or such subscription rights applicable to one share of Common Stock. Such adjustment shall be made whenever any such distribution
is made and shall become effective immediately after the record date mentioned above.

 

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4. PURCHASE
RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a) Purchase Rights. In
addition to any adjustments pursuant to Section 2 above, if at any time the Company grants, issues or sells any Options, Convertible Securities
or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of Common Stock (the “Purchase
Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase
Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise
of this Unit Purchase Option and the underlying Warrants (without regard to any limitations on the exercise of this Unit Purchase Option)
immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record
is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such
Purchase Rights.

 

(b) Fundamental
Transactions. The Company shall not enter into or be party to a Fundamental Transaction unless the Successor Entity assumes in writing
(unless the Company is the Successor Entity) all of the obligations of the Company under this Unit Purchase Option in accordance with
the provisions of this Section (4)(b) pursuant to written agreements in form and substance reasonably satisfactory to the Required Holders
and approved by the Required Holders prior to such Fundamental Transaction, including agreements to deliver to each holder of the Warrants
in exchange for such Warrants a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance
to this Unit Purchase Option, including, without limitation, an adjusted exercise price equal to the value for the shares of Common Stock
reflected by the terms of such Fundamental Transaction, and exercisable for a corresponding number of shares of capital stock equivalent
to the shares of Common Stock acquirable and receivable upon exercise of this Unit Purchase Option (without regard to any limitations
on the exercise of this Unit Purchase Option) prior to such Fundamental Transaction, and reasonably satisfactory to the Required Holders.
Upon the occurrence of any Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after
the date of such Fundamental Transaction, the provisions of this Unit Purchase Option referring to the “Company” shall refer
instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the
Company under this Unit Purchase Option with the same effect as if such Successor Entity had been named as the Company herein. Upon consummation
of the Fundamental Transaction, the Successor Entity shall deliver to the Holder confirmation that there shall be issued upon exercise
of this Unit Purchase Option at any time after the consummation of the Fundamental Transaction, in lieu of the shares of Common Stock
and Warrants (or other securities, cash, assets or other property) issuable upon the exercise of the Warrant prior to such Fundamental
Transaction, such shares of the publicly traded common stock or common shares (or its equivalent) of the Successor Entity (including its
Parent Entity) which the Holder would have been entitled to receive upon the happening of such Fundamental Transaction had this Unit Purchase
Option been converted immediately prior to such Fundamental Transaction, as adjusted in accordance with the provisions of this Unit Purchase
Option. In addition to and not in substitution for any other rights hereunder, prior to the consummation of any Fundamental Transaction
pursuant to which holders of shares of Common Stock are entitled to receive securities or other assets with respect to or in exchange
for shares of Common Stock (a “Corporate Event”), the Company shall make appropriate provision to insure that the Holder
will thereafter have the right to receive upon an exercise of this Unit Purchase Option at any time after the consummation of the Corporate
Event but prior to the Expiration Date, in lieu of shares of Common Stock (or other securities, cash, assets or other property) purchasable
upon the exercise of this Unit Purchase Option prior to such Corporate Event, such shares of stock, securities, cash, assets or any other
property whatsoever (including warrants or other purchase or subscription rights) which the Holder would have been entitled to receive
upon the happening of such Corporate Event had this Unit Purchase Option been exercised immediately prior to such Corporate Event. Provision
made pursuant to the preceding sentence shall be in a form and substance reasonably satisfactory to the Required Holders. The provisions
of this Section 4(b) shall apply similarly and equally to successive Fundamental Transactions and Corporate Events and shall be applied
without regard to any limitations on the exercise of this Unit Purchase Option.

 

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(c) Applicability
to Successive Transactions. The provisions of this Section shall apply similarly and equally to successive Fundamental Transactions
and Corporate Events and shall be applied without regard to any limitations on the exercise of this Unit Purchase Option.

 

5. NONCIRCUMVENTION.
The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of Incorporation, Bylaws or
through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of
securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Unit
Purchase Option, and will at all times in good faith comply with all the provisions of this Unit Purchase Option and take all
actions consistent with effectuating the purposes of this Unit Purchase Option. Without limiting the generality of the foregoing,
the Company (i) shall not increase the par value of any shares of Common Stock receivable upon the exercise of this Unit
Purchase Option above the Exercise Price then in effect, (ii) shall take all such actions as may be necessary or appropriate in
order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this
Unit Purchase Option, and (iii) shall, so long as this Unit Purchase Option is outstanding, take all action necessary to reserve and
keep available out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting the exercise of this
Unit Purchase Option, 100% of the number of shares of Common Stock issuable upon exercise of this Unit Purchase Option then
outstanding (without regard to any limitations on exercise).

 

6. WARRANT
HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in such Person’s capacity
as a holder of this Unit Purchase Option, shall not be entitled to vote or receive dividends or be deemed the holder of share capital
of the Company for any purpose, nor shall anything contained in this Unit Purchase Option be construed to confer upon the Holder, solely
in such Person’s capacity as the Holder of this Unit Purchase Option, any of the rights of a stockholder of the Company or any right
to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation,
merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance
to the Holder of the Units which such Person is then entitled to receive upon the due exercise of this Unit Purchase Option. In addition,
nothing contained in this Unit Purchase Option shall be construed as imposing any liabilities on the Holder to purchase any securities
(upon exercise of this Unit Purchase Option or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by
the Company or by creditors of the Company.

 

7. REISSUANCE
OF UNIT PURCHASE OPTIONS.

 

(a) Transfer
of Unit Purchase Option. If this Unit Purchase Option is to be transferred, the Holder shall surrender this Unit Purchase Option to
the Company and deliver the completed and executed Assignment Form, in the form attached hereto as Exhibit B, whereupon the Company
will forthwith issue and deliver upon the order of the Holder a new Unit Purchase Option (in accordance with Section 7(d)), registered
as the Holder may request, representing the right to purchase the number of Units being transferred by the Holder and, if less then the
total number of Units then underlying this Unit Purchase Option is being transferred, a new Unit Purchase Option (in accordance with Section
7(d)) to the Holder representing the right to purchase the number of Units not being transferred.

 

(b) Lost,
Stolen or Mutilated Unit Purchase Option. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss,
theft, destruction or mutilation of this Unit Purchase Option, and, in the case of loss, theft or destruction, of any indemnification
undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Unit
Purchase Option, the Company shall execute and deliver to the Holder a new Unit Purchase Option (in accordance with Section 7(d)) representing
the right to purchase the Units then underlying this Unit Purchase Option.

 

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(c) Exchangeable
for Multiple Unit Purchase Options. This Unit Purchase Option is exchangeable, upon the surrender hereof by the Holder at the principal
office of the Company, for a new Unit Purchase Option or Unit Purchase Options (in accordance with Section 7(d)) representing in the aggregate
the right to purchase the number of Units then underlying this Unit Purchase Option, and each such new Unit Purchase Option will represent
the right to purchase such portion of such Units as is designated by the Holder at the time of such surrender; provided, however, that
no Unit Purchase Options for fractional shares of Common Stock shall be given.

 

(d) Issuance
of New Unit Purchase Options. Whenever the Company is required to issue a new Unit Purchase Option pursuant to the terms of this Unit
Purchase Option, such new Unit Purchase Option (i) shall be of like tenor with this Unit Purchase Option, (ii) shall represent, as indicated
on the face of such new Unit Purchase Option, the right to purchase the Units then underlying this Unit Purchase Option (or in the case
of a new Unit Purchase Option being issued pursuant to Section 7(a) or Section 7(c), the Units designated by the Holder which, when added
to the number of shares of Common Stock underlying the other new Unit Purchase Options issued in connection with such issuance, does not
exceed the number of Units then underlying this Unit Purchase Option), (iii) shall have an issuance date, as indicated on the face of
such new Unit Purchase Option which is the same as the Issuance Date, and (iv) shall have the same rights and conditions as this Unit
Purchase Option.

 

8. NOTICES.
The Company shall provide Holder with prompt written notice of all actions taken pursuant to this Unit Purchase Option. Whenever notice
is required to be given under this Unit Purchase Option, unless otherwise provided herein, such notice shall be given in writing, will
be mailed (a) if within the domestic United States by first-class registered or certified airmail, or nationally recognized overnight
express courier, postage prepaid, or by facsimile or (b) if delivered from outside the United States, by International Federal Express
or facsimile, and (c) will be deemed given (i) if delivered by first-class registered or certified mail domestic, three business days
after so mailed, (ii) if delivered by nationally recognized overnight carrier, one business day after so mailed, (iii) if delivered by
International Federal Express, two business days after so mailed and (iv) if delivered by facsimile, upon electronic confirmation of receipt,
and will be delivered and addressed as follows:

 

(i) if to the Company,
to:

 

Unicycive Therapeutics Inc.

5150 El Camino Real Suite #A-32

Los Altos, CA 94022

Attn: Shalabh Gupta, MD, MPA

President & Chief Executive Officer

Facsimile: [●]

 

with a copy to:

 

Sheppard Mullin

30 Rockefeller Plaza

New York, NY 10112-0015

Attn:       Jeffrey Fessler,
Esq.

 Facsimile: (212)
[___-____]

 

(ii) if to the Holder,
at the address of the Holder appearing on the books of the Company.

 

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9. AMENDMENT
AND WAIVER. Except as otherwise provided herein, the provisions of this Unit Purchase Option may be amended and the Company may take
any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written
consent of the Required Holders. Any such amendment shall apply to all Unit Purchase Options and be binding upon all registered holders
of such Unit Purchase Options.

 

10. GOVERNING
LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL. This Unit Purchase Option shall be governed by, and construed in accordance with,
the internal laws of the State of New York, without reference to the choice of law provisions thereof. The Company and, by accepting this
Unit Purchase Option, the Holder, each irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located
in New York County and the United States District Court for the Southern District of New York for the purpose of any suit, action, proceeding
or judgment relating to or arising out of this Unit Purchase Option and the transactions contemplated hereby. Service of process in connection
with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified
for the giving of notices under this Unit Purchase Option. The Company and, by accepting this Unit Purchase Option, the Holder, each irrevocably
consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. The Company
and, by accepting this Unit Purchase Option, the Holder, each irrevocably waives any objection to the laying of venue of any such suit,
action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such
court has been brought in an inconvenient forum. EACH OF THE COMPANY AND, BY ITS ACCEPTANCE HEREOF, THE HOLDER HEREBY WAIVES ANY RIGHT
TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS WARRANT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY
AS TO THIS WAIVER.

 

11. CONSTRUCTION;
HEADINGS. This Unit Purchase Option shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed
against any person as the drafter hereof. The headings of this Unit Purchase Option are for convenience of reference and shall not form
part of, or affect the interpretation of, this Unit Purchase Option.

 

12. DISPUTE
RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Units, the
Company shall submit the disputed determinations or arithmetic calculations via facsimile within two (2) Business Days of receipt of the
Exercise Notice giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company are unable to agree upon
such determination or calculation of the Exercise Price or the Units within three Business Days of such disputed determination or arithmetic
calculation being submitted to the Holder, then the Company shall, within two (2) Business Days submit via facsimile (a) the disputed
determination of the Exercise Price to an independent, reputable investment bank selected by the Company and approved by the Holder, which
approval shall not be unreasonably withheld, or (b) the disputed arithmetic calculation of the Units to the Company’s independent,
outside accountant. The Company shall cause the investment bank or the accountant, as the case may be, to perform the determinations or
calculations and notify the Company and the Holder of the results no later than ten Business Days from the time it receives the disputed
determinations or calculations. The prevailing party (which, for purposes of this Unit Purchase Option, is the party whose determinations
or calculations is closest to those of the investment bank or the accountant, as the case may be) in any dispute resolved pursuant to
this Section 12 shall be entitled to the full amount of all reasonable expenses, including all costs and fees paid or incurred in good
faith, in relation to the resolution of such dispute. Such investment bank’s or accountant’s determination or calculation,
as the case may be, shall be binding upon all parties absent demonstrable error.

 

    -9-

     

    

 

13. REMEDIES,
OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Unit Purchase Option shall be cumulative and in addition
to all other remedies available under this Unit Purchase Option, at law or in equity (including a decree of specific performance and/or
other injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual damages for any failure by the Company
to comply with the terms of this Unit Purchase Option.

 

14. TRANSFER.
Subject to applicable laws and the restrictions set forth in this paragraph, this Unit Purchase Option may be offered for sale, sold,
transferred or assigned without the consent of the Company. The Holder agrees that, pursuant to the Lock-Up Period (as defined below)
contained in Rule 5110(e)(1) of the Financial Industry Regulatory Authority, Inc. (“FINRA”), it will not (a) sell,
transfer, assign, pledge, hypothecate or otherwise transfer this Unit Purchase Option (including any Units issued or issuable hereunder);
provided that the following will not be prohibited: (i) the transfer of this Unit Purchase Option or any Units to any member participating
in the offering and/or to its officers or partners, its registered persons or affiliates, if all transferred securities remain subject
to the lock-up restriction in Rule 5110(e)(1) for the remainder of the Lock-Up Period; (ii) the exercise of this Unit Purchase Option,
if all securities received remain subject to the lock-up restriction in Rule 5110(e)(1) for the remainder of the Lock-Up Period; or (iii)
the transfer or sale of this Unit Purchase Option or any Units to the Company in a transaction exempt from registration under the Securities
Act of 1933, as amended. As used herein, the term “Lock-Up Period” means the period beginning on the date of the commencement
of sales of the public offering contemplated by the Underwriting Agreement under the registration statement registering this Unit Purchase
Option (the “Sales Commencement Date”) and ending on the one hundred eighty day anniversary of the Sales Commencement
Date. In addition, notwithstanding the other terms of this Unit Purchase Option or any agreement between the Company and the Holder, the
Holder agrees that, as required by FINRA Rule 5110, (i) this Unit Purchase Option may not be exercised more than five years from the Sales
Commencment Date; (ii) the Holder shall not have more than one demand registration right at the Company’s expense; (iii) the Holder
shall not have the right to demand registration of this Unit Purchase Option or the Units more than five years after the Sales Commencement
Date; (iv) the Holder shall not have the right to piggyback registration with respect to this Unit Purchase Option or the Units more than
seven years from the Sales Commencement Date; (v) this Unit Purchase Option may not have anti-dilution terms that allow the Holder and
related persons to receive more shares or to exercise at a lower price than originally agreed upon at the time of the public offering,
when the public shareholders have not been proportionally affected by a stock split, stock dividend, or other similar event; and (vi)
this Unit Purchase Option may not have anti-dilution terms that allow the Holder and related persons to receive or accrue cash dividends
prior to the exercise or conversion of the security.

 

15. CERTAIN
DEFINITIONS. For purposes of this Unit Purchase Option, the following terms shall have the following meanings:

 

(a)
“Bloomberg” means Bloomberg Financial Markets.

 

(b) “Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed.

 

(c) “Closing
Bid Price” and “Closing Sale Price” means, for any security as of any date, the last closing bid price and
last closing trade price, respectively, for such security on the Principal Market, as reported by Bloomberg, or, if the Principal Market
begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade price, as the case may
be, then the last bid price or the last trade price, respectively, of such security prior to 4:00:00 p.m., New York time, as reported
by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such security, the last closing
bid price or last trade price, respectively, of such security on the principal securities exchange or trading market where such security
is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing bid price or last trade price, respectively,
of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no
closing bid price or last trade price, respectively, is reported for such security by Bloomberg, the average of the bid prices, or the
ask prices, respectively, of any market makers for such security as reported in the “pink sheets” by Pink Sheets LLC (formerly
the National Quotation Bureau, Inc.). If the Closing Bid Price or the Closing Sale Price cannot be calculated for a security on a particular
date on any of the foregoing bases, the Closing Bid Price or the Closing Sale Price, as the case may be, of such security on such date
shall be the fair market value as mutually determined by the Company and the Holder. All such determinations to be appropriately adjusted
for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation period.

 

    -10-

     

    

 

(d) “Common
Stock” means (i) the Company’s shares of Common Stock, par value $0.01 per share, and (ii) any share capital
into which such Common Stock shall have been changed or any share capital resulting from a reclassification of such Common Stock.

 

(e)
“Convertible Securities” means any stock or securities (other than Options) directly or indirectly convertible into
or exercisable or exchangeable for shares of Common Stock.

 

(f) “Eligible
Market” means the Principal Market, The New York Stock Exchange, Inc., The NYSE MKT, The NASDAQ Global Market or The NASDAQ
Global Select Market.

 

(g) “Expiration
Date” means the fifth (5th) anniversary of the Exercisability Date or, if such date falls on a day other than a Trading Day
or on which trading does not take place on the Principal Market, or, if the Principal Market is not the principal trading market for the
Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded (a “Holiday”),
the next date that is not a Holiday.

 

(h)
“Fundamental Transaction” means that the Company shall, directly or indirectly, in one or more related transactions,
(i) consolidate or merge with or into (whether or not the Company is the surviving corporation) another Person (but excluding a migratory
merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company), or (ii) sell, assign, transfer,
convey or otherwise dispose of all or substantially all of the properties or assets of the Company to another Person, or (iii) allow another
Person to make a purchase, tender or exchange offer that is accepted by the holders of more than the 50% of the outstanding shares of
Common Stock (not including any shares of Common Stock held by the Person or Persons making or party to, or associated or affiliated with
the Persons making or party to, such purchase, tender or exchange offer), or (iv) consummate a stock purchase agreement or other business
combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person
whereby such other Person acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held
by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock
purchase agreement or other business combination), (v) reorganize, recapitalize or reclassify its Common Stock, or (vi) any “person”
or “group” (as these terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act) is or shall become the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% of the aggregate ordinary voting power
represented by issued and outstanding Common Stock.

 

(i)
“Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock or Convertible
Securities.

 

(j) “Parent
Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and whose common stock or equivalent
equity security is quoted or listed on an Eligible Market, or, if there is more than one such Person or Parent Entity, the Person or Parent
Entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction.

 

    -11-

     

    

 

(k) “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity and a government or any department or agency thereof.

 

(l) “Principal
Market” means The NASDAQ Capital Market.

 

(m) “Required
Holders” means, as of any date, the holders of at least a majority of the Unit Purchase Options outstanding as of such date.

 

(n) “Successor
Entity” means the Person (or, if so elected by the Holder, the Parent Entity) formed by, resulting from or surviving any Fundamental
Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction shall have been
entered into.

 

(o) “Trading
Day” means any day on which the Common Stock are traded on the Principal Market, or, if the Principal Market is not the principal
trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock are then
traded; provided that “Trading Day” shall not include any day on which the Common Stock are scheduled to trade on such
exchange or market for less than 4.5 hours or any day that the Common Stock are suspended from trading during the final hour of trading
on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or
market, then during the hour ending at 4:00:00 p.m., New York time).

 

(p) “Weighted
Average Price” means, for any security as of any date, the dollar volume-weighted average price for such security on the Principal
Market during the period beginning at 9:30:01 a.m., New York time (or such other time as the Principal Market publicly announces is the
official open of trading), and ending at 4:00:00 p.m., New York time (or such other time as the Principal Market publicly announces is
the official close of trading), as reported by Bloomberg through its “Volume at Price” function or, if the foregoing does
not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for
such security during the period beginning at 9:30:01 a.m., New York time (or such other time as the Principal Market publicly announces
is the official open of trading), and ending at 4:00:00 p.m., New York time (or such other time as the Principal Market publicly announces
is the official close of trading), as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security
by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers
for such security as reported in the “pink sheets” by OTC Markets LLC. If the Weighted Average Price cannot be calculated
for a security on a particular date on any of the foregoing bases, the Weighted Average Price of such security on such date shall be the
fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair
market value of such security, then such dispute shall be resolved pursuant to Section 12 with the term “Weighted Average Price”
being substituted for the term “Exercise Price.” All such determinations shall be appropriately adjusted for any stock dividend,
stock split, stock combination or other similar transaction during the applicable calculation period.

 

[Signature Page Follows]

 

    -12-

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Unit Purchase Option to be duly executed as of the Issuance Date set out above.

 

	 	UNICYCIVE THERAPEUTICS, INC.
	 	 
	 	By:	                         
	 	Name: 	 
	 	Title:	

 

 

     

     

    

EXHIBIT A

 

EXERCISE NOTICE

 

TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE
THIS

UNIT PURCHASE OPTION

 

UNICYCIVE THERAPEUTICS, INC.

 

The undersigned holder hereby
exercises the right to purchase Units (“Units”) of Unicycive Therapeutics, Inc., a Delaware corporation (the “Company”)
securities, evidenced by the attached Unit Purchase Option. Capitalized terms used herein and not otherwise defined shall have the respective
meanings set forth in the Unit Purchase Option.

 

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

 

____________       a
“Cash Exercise” with respect to _________________ Units; and/or

 

____________       a
“Cashless Exercise” with respect to _______________ Units.

 

2. Payment of Exercise
Price. In the event that the holder has elected a Cash Exercise with respect to some or all of the Units to be issued pursuant hereto,
the holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the Company in accordance with the terms of the
Unit Purchase Option.

 

3. Delivery of Units.
The Company shall deliver to the holder __________ Units in accordance with the terms of the Unit Purchase Option and, after delivery
of such Units, _____________ Units remain subject to the Unit Purchase Option.

 

Date: _______________ __, ______

 

	 	 
	Name of Registered Holder	 
	 	 
	By:	            	 
	Name:	 	 
	Title:	 	 

 

    A-1

     

    

EXHIBIT B

 

ASSIGNMENT FORM

 

ECHO THERAPEUTICS, INC.

 

(To assign the foregoing
Unit Purchase Option, execute this form and supply required information. Do not use this form to purchase Units.)

 

FOR VALUE RECEIVED, the foregoing
Unit Purchase Option and all rights evidenced thereby are hereby assigned to

 

	Name:	 	
	 	 	(Please Print)
	 	 	 
	Address:	 	
	 	 	(Please Print)
	 	 	 
	Dated: _______________ __, ______	 	 
	 	 	 
	Holder’s Signature:_____________________	 	 
	 	 	 
	Holder’s
Address:______________________	 	 

 

NOTE: The signature to this Assignment Form must
correspond with the name as it appears on the face of the Unit Purchase Option, without alteration or enlargement or any change whatever.
Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to
assign the foregoing Unit Purchase Option.

 

 

B-1cosm_ex42.htm

EXHIBIT 4.2
  
 THIRD FORBEARANCE AND AMENDMENT AGREEMENT
  
 This Third Forbearance and Amendment Agreement (“Agreement”) is made and entered into this 18th day of June, 2021, by and between, Hudson Bay Master Fund Ltd (the “Investor”) and Cosmos Holdings Inc., a Nevada corporation with offices located at 141 West Jackson Blvd, Suite 4236, Chicago, Illinois 60604 (the “Company”) (collectively, the “Parties”).
  
 WHEREAS, the Parties refer herein to the following:
  
 (i) that certain Securities Purchase Agreement, dated as of May 15, 2019 (as amended, restated or otherwise modified from time to time prior to the date hereof, the “Securities Purchase Agreement”), by and among the Company and the buyers signatory thereto (the “Buyers”), pursuant to which, among other things, the Company sold, and the Investor, in its capacity as a Buyer, purchased (A) that certain Senior Convertible Note, dated May 15, 2019, with an original principal amount of US$1,500,000 (as amended, restated or otherwise modified from time to time prior to the date hereof, the “Note”), convertible into shares of Common Stock (as defined in the Securities Purchase Agreement) in accordance therewith;
  
 (ii) that certain Forbearance and Amendment Agreement, dated March 23, 2020, by and between the Company and the Investor (the “First Forbearance Agreement”);
  
 (iii) that certain Forbearance and Amendment Agreement, dated September 23, 2020, by and between the Company and the Investor (the “Second Forbearance Agreement” and collectively with the First Forbearance Agreement, the “Existing Forbearance Agreements”);
  
 (iv) capitalized terms not defined herein shall have the meaning as set forth in the Note;
  
 (v) as of the date hereof, the Company is in breach of (x) the Second Forbearance Agreement for failure to repay the Note in full on or prior to June 16, 2021, (y) the First Forbearance Agreement for failure to repay the Note in full on or prior to September 16, 2020, and (z) Section 4(a)(iv) of the Note for failure to repay the Note in full on or prior to March 15, 2020 (collectively, the “Existing Default”) and, as a result thereof, the Investor has the right to seek various remedies, including without limitation an Event of Default Redemption at the Event of Default Redemption Price, with such Event of Default Redemption Price payable in cash five (5) Business Days after the Investor’s delivery of an Event of Default Redemption Notice to the Company;
  
 	 
	1
	

	 

  
 (v) pursuant to the terms of this Agreement, the Investor has agreed (a) to forbear (i) from taking any action with respect to the Existing Default and (ii) from issuing any demand for redemption of the Note on the basis of the Existing Default (collectively, the “Agreed Forbearances”), in each case for a period commencing on the Effective Date (as defined below) and expiring at the earlier of (1) 5:00PM, New York City time on November 16, 2021, (or, if earlier, such date when all amounts outstanding under the Note shall be paid in full or otherwise converted into shares of Common Stock in accordance therewith), and (2) the time of any breach by the Company of any term or provision of this Agreement or the occurrence of any Event of Default that is not an Existing Default (the “Forbearance Expiration Date”), (b) during the Forbearance Period (as defined below) to waive the prepayment premium to any Company Optional Redemption (which, for the avoidance of doubt, will result in the “120%” in Section 8(a) of the Note to be effectively replaced with “100%”) (the “Investor Prepayment Premium Waiver”) and (c) during the Forbearance Period, to waive the repayment, in full, of the Note (other than the Required Prepayments (as defined below)) prior to November 16, 2021 (which, for the avoidance of doubt, will result in the “March 15, 2020” in the definition of “Maturity Date” in the Note to be effectively replaced with “November 16, 2021”) (the “Maturity Date Partial Waiver”); and
  
 (vi) the Company has also agreed, in consideration for the Investor’s entry into this Agreement, (a) to prepay the Note in accordance with the payment schedule attached hereto as Schedule I (or prior to such required prepayment date pursuant to a Company Optional Redemption but excluding any Subsequent Offering Mandatory Prepayments) (the “Scheduled Required Prepayments”), and (b) from and after the date hereof, if the Company consummates any Subsequent Placement (as defined in the Securities Purchase Agreement) of equity securities or otherwise incurs any indebtedness with a term of over one year (other than (x) equity investments or loans from holders of at least 10% of the Common Stock of the Company or any officers or directors of the Company including those on the Company’s current Advisory Board (as of the date of this Agreement), and (y) factoring and other purchase order indebtedness), in either case, at any time the Note remains outstanding, the Company shall be deemed to have elected to effect a Company Optional Redemption on the date of consummation of such Subsequent Placement or other issuance with a Company Optional Redemption Amount equal to 50% of the gross proceeds (less reasonable expenses of counsel and any investment bank) thereof (each, a “Subsequent Offering Mandatory Prepayment”, and together with each Scheduled Required Prepayments, collectively, the “Required Prepayments”. All Required Prepayments shall be consummated in accordance with Section 8 of the Note (after giving effect to the Investor Prepayment Premium Waiver), except with respect to Scheduled Required Prepayments each of which shall have a Company Optional Redemption Date determined in accordance with Schedule I attached hereto. 
  
 	 
	2
	

	 

  
 NOW, THEREFORE, in consideration of the promises, mutual covenants, understandings and agreements contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are acknowledged by all parties, the parties do hereby agree as follows:
  
 1. Forbearance. Effective upon the Effective Date (as defined below) until the Forbearance Expiration Date (such date from the Effective Date through the Forbearance Expiration Date, the “Forbearance Period”), the Investor agrees to the Agreed Forbearances. 
  
 2. Investor Waivers during Forbearance Period. The parties hereto acknowledge and agree that, as of the Effective Date, but only during the Forbearance Period, the Investor Prepayment Premium Waiver and the Maturity Date Partial Waiver shall become effective and shall be irrevocable.
  
 3. Required Prepayments. Effective upon the Effective Date, the Company agrees it is required to pay the Required Prepayments at such times and in such amounts as required hereunder. The Company acknowledges the Company’s willingness to negotiate and enter into this Agreement with the Holder is the sole reason the Holder did not previously deliver an Event of Default Redemption Notice to the Company or exercise any other default remedy pursuant to the Note.
  
 4. Rights; Effective Date. Notwithstanding anything herein to the contrary, nothing herein shall be deemed to limit the rights of the Investor with respect to any amounts outstanding under the Note at any time of determination with respect to any Event of Default other than the Existing Default and, solely during the Forbearance Period, the Agreed Forbearances, or with respect to any right, remedy, election among remedies, or defense not expressly described in the Agreed Forbearances, and all such rights, remedies, elections among remedies, and defenses of the Investor are hereby reserved. This Agreement shall be effective upon the latest of (a) the date of execution of this Agreement by the parties hereto and (b) payment of the first Scheduled Required Prepayment by the Company (the “Effective Date”)
  
 	 
	3
	

	 

  
 5. The Investor’s Representations and Warranties. The Investor hereby represents and warrants as follows: 
  
 a. It is not under any contractual or other restriction or other obligation which is inconsistent with this Agreement.
  
 b. It has not assigned to any Person any right, claim or cause of action encompassed or arising from matters set forth in this Agreement.
  
 c. It has had a full and fair opportunity to make inquiries about the terms and conditions of this Agreement, to discuss the same and all related matters with its own independent counsel, accountant and tax advisers; and this Agreement has been executed and delivered by it of its own free will and without promises, threats or the exertion of any duress.
  
 d. This Agreement has been duly executed by the Investor and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligations of the Investor enforceable against the Investor 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. 
  
 6. The Company’s Representations and Warrants. The Company hereby represents and warrants as follows: 
  
 a. Each of the Company and each of its Subsidiaries are entities duly organized and validly existing and in good standing under the laws of the jurisdiction in which they are formed, and have the requisite power and authorization to own their properties and to carry on their business as now being conducted and as presently proposed to be conducted. Each of the Company and each of its Subsidiaries is duly qualified as a foreign entity to do business and is in good standing in every jurisdiction in which its ownership of property or the nature of the business conducted by it makes such qualification necessary, except to the extent that the failure to be so qualified or be in good standing would not have a Material Adverse Effect (as defined in the Securities Purchase Agreement). 
   
 	 
	4
	

	 

  
 b. Neither the Company nor any of its Subsidiaries are under any contractual or other restriction or other obligation which is inconsistent with this Agreement and any other related documents. The execution, delivery and performance of this Agreement by the Company and each of its Subsidiaries and the consummation by the Company and its Subsidiaries of the transactions contemplated hereby and thereby will not (I) result in a violation of the organizational documents of the Company or any of its Subsidiaries, any share capital of the Company or any of its Subsidiaries, (II) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company or any of its Subsidiaries is a party, or (III) result in a violation of any law, rule, regulation, order, judgment or decree (including foreign, federal and state securities laws and regulations and the rules and regulations of the Principal Market and including all applicable federal laws, rules and regulations) applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected except, in the case of clause (II) or (III) above, to the extent that such violations could not reasonably be expected to have a Material Adverse Effect.
  
 c. The execution and delivery of this Agreement and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, its board of directors or the Company’s shareholders in connection therewith. This Agreement have been duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligations of the Company, enforceable against the Company 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.
  
 d. Neither the Company nor any Subsidiary is required to obtain any consent from, authorization or order of, or make any filing or registration with any Governmental Entity (as defined below) other than the necessary consent, filing or registration with any regulatory or self-regulatory agency or any other Person in order for it to execute, deliver or perform any of its respective obligations under or contemplated hereby. All consents, authorizations, orders, filings and registrations which the Company or any Subsidiary is required to obtain pursuant to the preceding sentence have been obtained or effected, and neither the Company nor any of its Subsidiaries are aware of any specific facts or circumstances which might prevent the Company or any of its Subsidiaries from obtaining or effecting any of the registrations, applications or filings contemplated hereby. “Governmental Entity” means any nation, state, county, city, town, village, district, or other political jurisdiction of any nature, federal, state, local, municipal, foreign, or other government, governmental or quasi-governmental authority of any nature (including any governmental agency, branch, department, official, or entity and any court or other tribunal), multi-national organization or body; or body exercising, or entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory, or taxing authority or power of any nature.
   
 	 
	5
	

	 

  
 e. All disclosure provided to the Investor regarding the Company and its Subsidiaries, their businesses and the transactions contemplated hereby, including the schedules to this Agreement, furnished by or on behalf of the Company or any of its Subsidiaries is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. Except the execution of this Forbearance Agreement, no event or circumstance has occurred or information exists with respect to the Company or any of its Subsidiaries or its or their business, properties, liabilities, prospects, operations (including results thereof) or conditions (financial or otherwise), which, under applicable law, rule or regulation, requires public disclosure at or before the date hereof or announcement by the Company but which has not been so publicly disclosed.
  
 7. No Change To Terms Except As Set Forth. The Company hereby confirms and agrees that, except as set forth in Section 1 above, (i) each of the Transaction Documents is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects, and (ii) the execution, delivery and effectiveness of this Agreement shall not operate as an amendment of any right, power or remedy of the Investor under this Agreement or any other Transaction Document, nor constitute an amendment of any provision of any this Agreement or any other Transaction Document. 
  
 8. Disclosure. The Company shall issue a disclosure of all material terms of the transactions contemplated hereby and attaching this Agreement, as an exhibit thereto in a Current Report on Form 8-K to be filed with the SEC on or prior to 9:00 AM on the first (1st) Business Day after the date of this Agreement (the “Cleansing 8-K”). After the Company’s filing of the Cleansing 8-K with the SEC, the Investor shall not be in possession of any material, nonpublic information received from the Company or any of its Subsidiaries or any of their respective officers, directors, employees, affiliates or agents. The Company shall not, and shall cause its officers, directors, employees, affiliates and agents, not to, provide the Investor with any material, nonpublic information regarding the Company from and after the date hereof without the express written consent of the Investor. To the extent that the Company delivers any material, non-public information to the Investor from and after the date hereof without the Investor's express prior written consent, the Company hereby covenants and agrees that the Investor shall not have any duty of confidentiality to the Company, any of its Subsidiaries or any of their respective officers, directors, employees, affiliates or agent with respect to, or a duty to the Company, any of its Subsidiaries or any of their respective officers, directors, employees, affiliates or agent or not to trade on the basis of, such material, non-public information. The Company shall not disclose the name of the Investor in any filing, announcement, release or otherwise, unless such disclosure is required by law or regulation or with Investor or Investor’s counsel’s prior written consent. In addition, effective upon the date hereof, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one hand, and the Investor or any of its affiliates, on the other hand, shall terminate and be of no further force or effect. The Company understands and confirms that the Investor will rely on the foregoing representations in effecting transactions in securities of the Company. 
  
 	 
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 9. Binding. This Agreement shall inure to the benefit of the parties and shall be binding upon each of the parties and their assigns, successors, heirs, and representatives.
  
 10. Authority. Each of the Parties represents and warrants that it has the authority to enter into this Agreement, that the person(s) signing this Agreement on its behalf is authorized to do so and that it has not assigned or otherwise transferred any interest in any claim which is the subject of this Agreement. 
  
 11. No Recitals. Each of the Parties agrees and understands that all of the terms of this Agreement are contractual and not merely recitals.
  
 12. Fees and Expenses. With respect to the drafting and negotiation of this Agreement, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. Notwithstanding the foregoing, the provisions in this Section 12 shall not govern any expenses incurred after the Forbearance Expiration Date, and any such expenses shall be governed by the Transaction Documents without regard to this Section 12.
  
 13. No Duress. Each of the Parties to this Agreement was represented by counsel and this Agreement was negotiated at arm's length and should not be read against any party. Each of the Parties and their respective counsel acknowledge that they have carefully read and fully understand the provisions of this Agreement, that they have been given a reasonable period of time to consider the terms of this Agreement, and that they enter into this Agreement knowingly and voluntarily and not as a result of any pressure, coercion, or duress and thus no party shall attempt to invoke the rule of construction to the effect that ambiguities, if any, are to be resolved against the drafting party.
  
 	 
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 14. Severability. If any of the provisions of this Agreement is held by a court of competent jurisdiction to be invalid, void, or otherwise unenforceable, the remaining provisions shall nevertheless continue in full force and effect without being impaired or invalidated in any way.
  
 15. Amendment to Securities Purchase Agreement; Indemnification Rights. Effective as of the Effective Date, the defined term “Transaction Documents” in the Securities Purchase Agreement are hereby automatically amended (such amendment, the “SPA Amendment”) to include this Agreement. For the avoidance of doubt, after giving effect to the SPA Amendment, the Investor shall be entitled to the indemnification rights from the Company as set forth in Section 9(k) of the Securities Purchase Agreement with respect to any breach or other violation of this Agreement and the other Transaction Documents.
  
 16. Choice of Law and Venue. This Agreement will be governed as to validity, interpretation, construction, effect and in all other respects by the internal laws of the State of New York. The Company and the Investor each (i) agree that any legal suit, action or proceeding arising out of or relating to this Agreement shall be instituted exclusively in the New York State Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, (ii) waives any objection to the venue of any such suit, action or proceeding, and the right to assert that such forum is an inconvenient forum, and (iii) irrevocably consents to the jurisdiction of the New York State Supreme Court, County of New York, and the United States District Court for the Southern District of New York in any such suit, action or proceeding. Each of the Company and the Investor further agrees to accept and acknowledge service of any and all process that may be served in any such suit, action or proceeding in the New York State Supreme Court, County of New York, or in the United States District Court for the Southern District of New York and agree that service of process upon it mailed by certified mail in accordance with the terms of the Securities Purchase Agreement shall be deemed in every respect effective service of process in any such suit, action or proceeding. 
  
 	 
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 17. Entire, Final and Binding Agreement. Each of the Parties acknowledges and agrees that this Agreement is the final and binding Agreement between them concerning the matters released. This writing contains the entire Agreement of the Parties and, in entering into this Agreement, each of the Parties acknowledges that it has not relied on any promise, agreement, representation or statement, whether oral or written, that is not expressly set forth in this Agreement. 
  
 18. Amendments or Waivers. No change to or modification of this Agreement shall be valid or binding unless it is in writing and signed by the Parties. 
  
 19. Conflicts with Existing Forbearance Agreements. Notwithstanding anything in the Existing Forbearance Agreements to the contrary, in the event of any conflict between any term or condition set forth in this Agreement and any term or condition set forth in the Existing Forbearance Agreements, such term or condition in this Agreement shall govern.
  
 20. Date of Execution. The date of execution of this Agreement shall be the date upon which the last of the Parties signs this Agreement.
  
 21. Counterparts. This Agreement may be signed in counterparts and, if so signed, this Agreement shall have the same force and effect as if signed at the same time. A facsimile or PDF signature shall be deemed to be an original signature for all purposes. 
  
 22. Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall made in accordance with the terms and conditions of the Securities Purchase Agreement.
  
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 IN WITNESS WHEREOF, expressly intending to be legally bound, the Parties through their duly authorized agents, have executed this Agreement as of the dates set forth below.
  
 	 COSMOS HOLDINGS INC.
	  
	 HUDSON BAY MASTER FUND LTD
	  

	  
	  
	  
	  

	 By:
	 /s/ Grigorios Siokas
	  
	 By:
	 /s/ Richard Allison
	  

	 Name:
	 Grigorios Siokas 
	  
	 Name:
	 Richard Allison
	  

	 Title:
	 CEO, Cosmos Holdings 
	  
	 Title:
	 Authorized Signatory*
	  

	  
	  
	  
	  
	  
	  

	  
	  
	  
	  
	  
	  

	  
	  
	  
	  
	 * Authorized Signatory
	  

	  
	  
	  
	  
	 Hudson Bay Capital Management LP
	  

	  
	  
	  
	  
	 not individually, but solely as
	  

	  
	  
	  
	  
	 Investment Advisor to Hudson Bay Master Fund Ltd.
	  

  
 	 
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 Schedule I
Scheduled Required Prepayments
  
 	 Date of Required Prepayment
	 Amount of Required Prepayment*

	 Effective Date
	 $62,000

	 July 10, 2021
	 $47,000

	 July 16, 2021
	 $60,000

	 August 16, 2021
	 $60,000

	 September 16, 2021
	 $60,000

	 October 16, 2021
	 $60,000

	 November 16, 2021
	 All amounts outstanding under the Note

  
 *Any other voluntary prepayment or Required Prepayment under this Agreement or the Note shall be applied in reverse order against the foregoing scheduled Required Payments amounts under the Note backwards from November 16, 2021 (assuming, for such purpose, that $258,000 is scheduled to be repaid on November 16, 2021), unless otherwise elected by the Investor to the Company in writing (and then in accordance with such election by the Investor).
  
 	 
	11

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