Document:

FIRST AMENDMENT

TO

AGREEMENT OF LIMITED PARTNERSHIP

OF

BOSTON CAPITAL TAX CREDIT FUND III L.P.

 

 

This First Amendment (this “First
Amendment”) to Agreement of Limited Partnership of Boston Capital Tax Credit Fund III L.P. (the “Partnership”)
dated as of January 27, 1992 (the “Partnership Agreement”) is entered into effective as of May 3, 2018 by and between
Boston Capital Associates III L.P., as general partner (the “General Partner”) and BCTC III Assignor Corp., as assignor
limited partner (the “Assignor Limited Partner”)

 

WHEREAS, the
Partnership is a limited partnership organized under the laws of the State of Delaware pursuant to a Certificate of Limited Partnership
filed with the Delaware Secretary of State on September 19, 1991; and

 

WHEREAS, the
Partnership is presently governed by an Agreement of Limited Partnership dated as of January 27, 1992 by and among the General
Partner, the Assignor Limited Partner and those persons who are limited partners of the Partnership (the “Limited Partners”);
and

 

WHEREAS,
Section 12.02(b) of the Partnership Agreement provides that the General Partner, without the consent of the limited partners or
assignees, may amend the Partnership Agreement to add to the duties or obligations of the General Partner or to cure any ambiguity
or correct or supplement any provision of the Partnership Agreement which may be inconsistent with the administrative efficiency
of the Partnership; and

 

WHEREAS,
on May 3, 2018, the General Partner has approved this First Amendment.

 

NOW, THEREFORE,
the Partners hereby agree as follows:

 

1.       Capitalized
terms used and not defined herein shall have the meanings ascribed to such terms in the Partnership Agreement.

 

2.       Article
IX of the Partnership Agreement is hereby amended by adding the following provisions:

 

“9.10 Application of Bipartisan
Budget Act of 2015. If, and to the extent that, provisions of Section 1101 of the Bipartisan Budget Act of 2015, Public Law
No. 114-74 (the “2015 Act”) apply to any audit of any tax return of the Partnership (an “Affected
Tax Return”), then the following provisions shall apply:

 

(a) Designation
of Partnership Representative. The then-Tax Matters Partner shall be designated as the “partnership representative”
(the “Partnership Representative”) pursuant to Section 6223(a) of the Code (as then in effect) in connection
with any audit of an Affected Tax Return. Following such designation, any references to “Tax Matters Partner” in this
Agreement shall be deemed to refer to the Partnership Representative, and the Partnership Representative shall succeed to all
of the duties and obligations of the Tax Matters Partner that existed prior to the application of the provisions of the 2015 Act,
and be entitled to all the protections and reimbursements to which the Tax Matters Partner is entitled under this Agreement, subject
to any limitations contained in this Agreement. For the avoidance of doubt, any tax liability of the General Partner due to any
BAC Holder’s

    	 

    	 

    

 

failure to pay federal
income taxes shall be an expense for which the Partnership shall indemnify and reimburse the General Partner under Section 9.09
of this Agreement.

 

(b) Liability
to be Allocated to BAC Holders for the Year Being Examined. Upon receipt of notice of any final partnership adjustment occurring
under the procedures of the 2015
Act, the Partnership Representative may, without the Consent of the BAC Holders, cause the Partnership to timely elect to utilize
the alternative procedure described in Section 6226 of the
Code (as modified by the 2015 Act) to have each Partner or BAC Holder, as applicable, of the Partnership for the year which is
under examination pay its applicable tax liability, and the Partnership Representative shall provide the U.S. Department of the
Treasury and each affected BAC Holder with such information as required by such Section 6226
and any Treasury Regulations promulgated thereunder. Each BAC Holder agrees to cooperate with the Partnership in utilizing the
procedures under Section 6226 of the Code, whether or not such person is a BAC Holder at the time of a final partnership adjustment.

 

3.       Except as specifically modified hereby, the Partnership Agreement shall remain in full
force and effect and, except as amended hereby, all of the terms, covenants, provisions and conditions of the Partnership Agreement
are hereby ratified and confirmed in all respects.

 

4.       This
Amendment may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall
constitute one instrument.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the General Partner and the Assignor Limited Partner have executed this First Amendment in accordance with Section
10.02(b) of the Partnership Agreement as of the date first written above.

 

BOSTON CAPITAL ASSOCIATES III L.P.

 

	By:	BCA Associates Limited Partnership,

its General Partner	 
	 	 	 
	By:	C&M Management, Inc., its General Partner	 
	 	 	 
	By:		 
	 	Name: John P. Manning	 
	 	Title:   President	 

 

BCTC III ASSIGNOR CORP.

	 	 	 
	By:		 
	 	Name: John P. Manning	 
	 	Title:   PresidentExhibit 4.1

 

NEITHER THIS WARRANT NOR THE SHARES OF
COMMON STOCK ISSUABLE ON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER SECURITIES LAWS (THE
“ACTS”). NEITHER THIS WARRANT NOR THE SHARES OF COMMON STOCK PURCHASABLE HEREUNDER MAY BE SOLD, TRANSFERRED, PLEDGED
OR HYPOTHECATED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THIS WARRANT OR COMMON STOCK PURCHASABLE HEREUNDER,
AS APPLICABLE, UNDER THE ACTS, OR (B) AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION THAT REGISTRATION IS NOT
REQUIRED UNDER SUCH ACTS.

 

SYNTHETIC BIOLOGICS, INC. 

WARRANT 

 

VOID AFTER
5:00 P.M. NEW YORK TIME 

 

Issue Date:
December 26, 2017

 

1.           Basic Terms. This Warrant (the “Warrant”) certifies that, for value received,
the registered holder specified below or its registered assigns (“Holder”) is the owner of a warrant of Synthetic Biologics,
Inc., a Nevada corporation (the “Corporation”), subject to adjustments as provided herein, to purchase Twenty Five
Thousand (25,000) shares of
the Common Stock, $.001 par value, of the Corporation (the “Common Stock”) from the Corporation at the price per share
shown below (the “Exercise Price”).

 

	Holder:	In-Site Communications, Inc.
	 	 
	Exercise Price per share:	$0.52

 

Except as specifically provided otherwise,
all references in this Warrant to the Exercise Price and the number of shares of Common Stock purchasable hereunder shall be to
the Exercise Price and number of shares after any adjustments are made thereto pursuant to this Warrant.

 

2.           Method
of Exercise; Fractional Shares. 

 

(a) Method of Exercise.
This Warrant is exercisable at the option of the Holder at any time by surrendering this Warrant, on any business day during the
period (the “Exercise Period”) beginning the business day after the issue date of this Warrant specified above and
ending at 5:00 p.m. (New York time) five (5) years after the issue date. To exercise this Warrant, the Holder shall surrender this
Warrant at the principal office of the Corporation or that of the duly authorized and acting transfer agent for its Common Stock,
together with the executed exercise form (substantially in the form of that attached hereto) and payment in cash or by wire transfer
of immediately available funds of an amount equal to the Exercise Price multiplied by the number of shares of the Common Stock
being purchased under this Warrant. The principal office of the Corporation is located at 9605 Medical Center Drive, Suite 270,
Rockville, Maryland 20850; provided, however, that the Corporation may change its principal office upon notice to
the Holder. Payment shall be made by check payable to the order of the Corporation or by wire transfer. This Warrant is not exercisable
with respect to a fraction of a share of Common Stock. In lieu of issuing a fraction of a share remaining after exercise of this
Warrant as to all full shares covered by this Warrant, the Corporation shall either at its option (1) pay for the fractional share
cash equal to the same fraction at the fair market price for such share; or (2) issue scrip for the fraction in the registered
or bearer form which shall entitle the Holder to receive a certificate for a full share of Common Stock on surrender of scrip aggregating
a full share.

 

3.           Protection
Against Dilution. If the Corporation, with respect to the Common Stock: (a) pays a dividend or makes a distribution on shares
of common stock that is paid in shares of common stock or in securities convertible into or exchangeable for Common Stock (in which
latter event the number of shares of common stock initially issuable upon the conversion or exchange of such securities shall be
deemed to have been distributed); (b) subdivides outstanding shares of Common Stock; (c) combines outstanding shares of Common
Stock into a smaller number of shares; or (d) issues by reclassification of common stock any shares of capital stock of the
Corporation, the Exercise Price in effect immediately prior thereto and the number of shares of Common Stock issuable under this
Warrant shall be adjusted so that each Holder thereafter shall be entitled to receive the number and kind of shares of Common Stock
or other capital stock of the Corporation that it would have owned or been entitled to receive in respect of this Warrant immediately
after the happening of any of the events described above had this Warrant been converted immediately prior to the happening of
that event. An adjustment made in accordance with this section shall become effective immediately after the record date, in the
case of a dividend, and shall become effective immediately after the effective date, in the case of a subdivision, combination,
or reclassification. If, as a result of an adjustment made in accordance with this Section 4, the Holder becomes entitled
to receive shares of two or more classes of capital stock or shares of common stock and other capital stock of the Corporation,
the board of directors (whose determination shall be conclusive) shall determine the allocation of the adjusted Exercise Rate between
or among shares of such classes of capital stock or shares of Common Stock and other capital stock.

 

     

     

    

 

4.           Adjustment
for Reorganization, Consolidation, Merger, Etc. In the event of any consolidation or merger to which the Corporation is a party
other than a consolidation or merger in which the Corporation is the continuing corporation, or the sale or conveyance to another
corporation of the property of the Corporation as an entirety or substantially as an entirety or any statutory exchange of securities
with another corporation (including any exchange effected in connection with a merger of a third corporation into the Corporation)
(each such transaction referred to herein as “Reorganization”), the Company shall give the Holder at least ten
(10) days written notice prior to the earlier of (I) the closing or effectiveness of such Reorganization and (II) the record date
for receipt of such shares of stock or securities or other assets or the Corporation, and the Holder shall be permitted to exercise
this Warrant in whole or in part at any time prior to the record date for the receipt of such consideration and shall be entitled
to receive, for each share of Common Stock issuable to the Holder upon such exercise, the same per share consideration payable
to the other holders of Common Stock in connection with such Reorganization. If and to the extent that the Holder retains this
Warrant or any portion hereof following such record date, the Corporation will cause the surviving or, in the event of a sale of
assets, purchasing entity, as a condition precedent to such Reorganization, to assume the obligations of the Corporation with respect
to this Warrant, with such adjustments to the Exercise Price and the securities covered hereby as may be necessary in order to
preserve the economic benefits of this Warrant to the Holder.

 

5.           Notice
of Adjustment. On the happening of an event requiring an adjustment of the Exercise Price or the shares purchasable under this
Warrant, the Corporation shall, within thirty (30) days, give written notice to the Holder stating the adjusted Exercise Price
and the adjusted number and kind of securities or other property purchasable under this Warrant resulting from the event and setting
forth in reasonable detail the method of calculation and the facts upon which the calculation is based.

 

6.           Dissolution,
Liquidation. In case of the voluntary or involuntary dissolution, liquidation or winding up of the Corporation (other than
in connection with reorganization, consolidation, merger, or other transaction covered by paragraph 5 above) is at any time proposed;
the Corporation shall give at least thirty (30) days prior written notice to the Holder. Such notice shall contain: (a) the date
on which the transaction is to take place; (b) the record date (which shall be at least thirty (30) days after the giving of the
notice) as of which holders of Common Stock will be entitled to receive distributions as a result of the transaction; (c) a brief
description of the transaction; (d) a brief description of the distributions to be made to holders of Common Stock as a result
of the transaction; and (e) an estimate of the fair value of the distributions. On the date of the transaction, if it actually
occurs, this Warrant and all rights under this Warrant shall terminate.

 

7.           Rights
of Holder. This Warrant does not entitle the Holder to any voting rights or, except for the foregoing notice provisions, any
other rights as a shareholder of the Corporation. No dividends are payable or will accrue on this Warrant or the shares of Common
Stock purchasable under this Warrant until, and except to the extent that, this Warrant is exercised. Upon the surrender of this
Warrant and payment of the Exercise Price as provided above, the person or entity entitled to receive the shares of Common Stock
issuable upon such exercise shall be treated for all purposes as the record holder of such shares as of the close of business on
the date of the surrender of this Warrant for exercise as provided above. Upon the exercise of this Warrant, the Holder shall have
all of the rights of a shareholder in the Corporation.

 

8.           Exchange
for Other Denominations. This Warrant is exchangeable, on its surrender by the Holder to the Corporation, for a new Warrant
of like tenor and date representing in the aggregate the right to purchase the balance of the number of shares purchasable under
this Warrant in denominations and subject to restrictions on transfer contained herein, in the names designated by the Holder at
the time of surrender.

 

9.           Substitution.
Upon receipt by the Corporation of evidence satisfactory (in the exercise of reasonable discretion) to it of the ownership of and
the loss, theft or destruction or mutilation of the Warrant, and (in the case or loss, theft or destruction) of indemnity satisfactory
(in the exercise of reasonable discretion) to it, and (in the case of mutilation) upon the surrender and cancellation thereof,
the Corporation will issue and deliver, in lieu thereof, a new Warrant of like tenor.

 

10.           Restrictions
on Transfer. Neither this Warrant nor the shares of Common Stock issuable on exercise of this Warrant have been registered
under the Securities Act or any other securities laws (the “Acts”). Neither this Warrant nor the shares of Common Stock
purchasable hereunder may be sold, transferred, pledged or hypothecated in the absence of (i) an effective registration statement
for this Warrant or Common Stock purchasable hereunder, as applicable, under the Acts, or (ii) an opinion of counsel reasonably
satisfactory to the Corporation that registration is not required under such Acts. If the Holder seeks an opinion as to transfer
without registration from Holder’s counsel, the Corporation shall provide such factual information to Holder’s counsel
as Holder’s counsel reasonably requests for the purpose of rendering such opinion. Each certificate evidencing shares of
Common Stock purchased hereunder will bear a legend describing the restrictions on transfer contained in this paragraph unless,
in the opinion of counsel reasonably acceptable to the Corporation, the shares need no longer to be subject to the transfer restrictions.

 

     

     

    

 

11.           Transfer.
Except as otherwise provided in this Warrant, this Warrant is transferable only on the books of the Corporation by the Holder in
person or by attorney, on surrender of this Warrant, properly endorsed.

 

12.           Recognition
of Holder. Prior to due presentment for registration of transfer of this Warrant, the Corporation shall treat the Holder as
the person exclusively entitled to receive notices and otherwise to exercise rights under this Warrant. All notices required or
permitted to be given to the Holder shall be in writing and shall be given by facsimile, email if receipt is confirmed or first
class mail, postage prepaid, addressed to the Holder at the address of the Holder appearing in the records of the Corporation.

 

13.           Payment
of Taxes. The Corporation shall pay all taxes and other governmental charges, other than applicable income taxes, that may
be imposed with respect to the issuance of shares of Common Stock pursuant to the exercise of this Warrant.

 

14.           Headings.
The headings in this Warrant are for purposes of convenience in reference only, shall not be deemed to constitute a part of this
Warrant and shall not affect the meaning or construction of any of the provisions of this Warrant.

 

15.           Miscellaneous.
This Warrant may not be changed, waived, discharged or terminated except by an instrument in writing signed by the Corporation
and the Holder. This Warrant shall inure to the benefit of and shall be binding upon the successors and assigns of the Corporation.
Under no circumstances may this Warrant be assigned by the Holder.

 

16.           Governing
Law. This Warrant shall be governed by and construed in accordance with the laws of the State of Maryland without giving effect
to its principles governing conflicts of law.

 

     

     

    

 

	 	SYNTHETIC BIOLOGICS, INC.	 
	 	 	 
	 	 	 
	 	By: 	/s/ Steven A. Shallcross	 
	 	Name:

Title:	Steven A. Shallcross
Interim Chief
Executive Officer and

Chief Financial Officer	 

 

     

     

    

 

SYNTHETIC BIOLOGICS, INC.

Form of Transfer

 

 

(To be executed by the Holder to transfer
the Warrant)

 

 

For value received the undersigned registered
holder of the attached Warrant hereby sells, assigns, and transfers the Warrant to the Assignee(s) named below:

 

 

	Names of Assignee	 	Address	 	Taxpayer ID No.	 	Number of shares subject to transferred Warrant
     
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

 

The undersigned registered holder further
irrevocably appoints ____________________ _______________________________ attorney (with full power of substitution) to transfer
this Warrant as aforesaid on the books of the Corporation.

 

 

	 	 	 	 	 
	Date:	       	 	        	 
	 	 	 	Signature	 

 

     

     

    

 

SYNTHETIC BIOLOGICS, INC.

Exercise Form

 

 

(To be executed by the Holder to purchase

Common Stock pursuant to the Warrant)

 

 

The undersigned holder of the attached Warrant hereby irrevocably
elects to exercise purchase rights represented by such Warrant for, and to purchase, ___________ shares of Common Stock of Synthetic
Biologics, Inc., a Nevada corporation. The undersigned tenders payment for those shares by wire transfer or enclosed check.

 

The undersigned requests that (1) a certificate
for the shares be issued in the name of the undersigned and (2) if the number of shares with respect to which the undersigned holder
has exercised purchase rights is not all of the shares purchasable under this Warrant, that a new Warrant of like tenor for the
balance of the remaining shares purchasable under this Warrant be issued.

 

 

	 	 	 	 	 
	Date:	       	 	        	 
	 	 	 	Signature

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