Document:

EXHIBIT
4.14

 

FORM
OF WARRANT AGENCY AGREEMENT

 

WARRANT
AGENCY AGREEMENT made as of November___, 2016 (the “Issuance Date”), between Soligenix, Inc., a Delaware
corporation, with offices at 29 Emmons Drive, Suite C-10 Princeton, New Jersey 08540 (the “Company”), and
American Stock Transfer & Trust Company, LLC, with offices at 6201 15th Avenue, Brooklyn, New York 11219 (the
“Warrant Agent”).

 

WHEREAS,
the Company is engaged in a public offering (the “Offering”) of up to ______ shares of the Company’s common
stock, par value $0.01 per share (“Common Stock”), and up to _______ warrants (the “Warrants”), with each
such Warrant evidencing the right of the holder thereof to purchase one share of Common Stock for $____ , subject to adjustment
as described herein; and

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission a Registration Statement on Form S-1 (File No. 333-214038) (as
the same may be amended from time to time, the “Registration Statement”) for the registration, under the Securities
Act of 1933, as amended (the “Securities Act”), of, among other securities, the Warrants and the Common Stock issuable
upon exercise of the Warrants (the “Warrant Shares”), and such Registration Statement was declared effective on November__,
2016; and

 

WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection
with the issuance, registration, transfer, exchange and exercise of the Warrants; and

 

WHEREAS,
the Company desires to provide for the provisions of the Warrants, the terms upon which they shall be issued and exercised, and
the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants;
and

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Warrants the valid, binding and legal obligations
of the Company, and to authorize the execution and delivery of this Warrant Agreement.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.
Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants,
and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the express terms and
conditions set forth in this Warrant Agreement (and no implied terms or conditions).

 

2.
Warrants.

 

2.1
Form of Warrant. Each Warrant, whenever issued, shall be issued in registered form only. All of the Warrants shall be represented
by one or more book-entries maintained by the Warrant Agent.

 

2.2.
Registration.

 

2.2.1.
Warrant Register. The Warrant Agent shall maintain books (“Warrant Register”), for the registration of original
issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall
issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance
with written instructions delivered to the Warrant Agent by the Company. All of the Warrants shall be represented by one or more
Warrants and registered in the name of Cede & Co., a nominee of The Depository Trust Company (the “Depository”).
Ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through,
records maintained (i) by the Depository or its nominee for each Warrant; (ii) by institutions that have accounts with the Depository
(such institution, with respect to a Warrant in its account, a “Participant”); or (iii) directly on the book-entry
records of the Warrant Agent with respect only to owners of beneficial interests that represent such direct registration.

 

    	 	1	 

     

    

 

2.2.2.
Beneficial Owner; Registered Holder. The term “beneficial owner” shall mean any person in whose name ownership
of a beneficial interest in the Warrants evidenced by a Warrant is recorded in the records maintained by the Depository or its
nominee. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and
treat the person in whose name such Warrant shall be registered upon the Warrant Register (“registered holder”), as
the absolute owner of such Warrant and of each Warrant represented thereby, for the purpose of any exercise thereof, and for all
other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

3.
Terms and Exercise of Warrants.

 

3.1.
Exercise Price. Each Warrant shall entitle the registered holder thereof, subject to the provisions of such Warrant and
of this Warrant Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the price of $[
] per whole share, subject to the subsequent adjustments provided in Section 4 hereof. The term “Exercise Price” as
used in this Warrant Agreement refers to the price per share at which Common Stock may be purchased at the time a Warrant is exercised.

 

3.2.
Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) commencing
on the Issuance Date and terminating at 5:00 P.M., New York City time (the “close of business”) on ________, 2021
(“Expiration Date”). Each Warrant not exercised on or before the Expiration Date shall become void, and all rights
thereunder and all rights in respect thereof under this Warrant Agreement shall cease at the close of business on the Expiration
Date.

 

3.3.
Exercise of Warrants.

 

3.3.1.
Exercise and Payment. Subject to the provisions of this Warrant Agreement, a registered holder may exercise a Warrant by
delivering, not later than 5:00 P.M., New York time, on any business day during the Exercise Period (the “Exercise Date”)
to the Warrant Agent at its office designated for such purpose (i) the Warrants to be exercised shown on the records of the Depository
to an account of the Warrant Agent at the Depository designated for such purpose in writing by the Warrant Agent to the Depository
from time to time, (ii) an election to purchase the Warrant Shares underlying the Warrants to be exercised (“Election to
Purchase”), properly delivered by the Participant in accordance with the Depository’s procedures, and (iii) the Warrant
Price for each Warrant to be exercised, and all applicable taxes and charges due in connection with the exercise of such Warrants,
in lawful money of the United States of America by certified or official bank check or by bank wire transfer in immediately available
funds.

 

If
any of (A) the Warrants, (B) the Election to Purchase, or (C) the Warrant Price therefor, and all applicable taxes and charges
due in connection therewith, is received by the Warrant Agent after 5:00 P.M., New York time, on any date, or on a date that is
not a business day, the Warrants with respect thereto will be deemed to have been received and exercised on the business day next
succeeding such date. For the avoidance of doubt, the “Exercise Date” will be the date the materials in the foregoing
sentence are received by the Warrant Agent (if by 5:00 P.M., New York time), or the following business day (if after 5:00 P.M.,
New York time), regardless of any earlier date written on the materials. If the Warrants are received or deemed to be received
after the Expiration Date, the exercise thereof will be null and void and any funds delivered to the Warrant Agent will be returned
to the registered holder or Participant, as the case may be, as soon as practicable. In no event will interest accrue on any funds
deposited with the Warrant Agent in respect of an exercise or attempted exercise of Warrants. The validity of any exercise of
Warrants will be determined by the Company in its sole discretion and such determination will be final and binding upon the registered
holder or Participant and the Warrant Agent. Neither the Company nor the Warrant Agent shall have any obligation to inform a registered
holder or the Participant, as applicable, of the invalidity of any exercise of Warrants.

 

The
Warrant Agent shall deposit all funds received by it in payment of the Warrant Price in the account of the Company maintained
with the Warrant Agent for such purpose and shall advise the Company via telephone at the end of each day on which funds for the
exercise of the Warrants are received of the amount so deposited to its account. The Warrant Agent shall promptly confirm such
telephonic advice to the Company in writing.

 

    	 	2	 

     

    

 

3.3.2.
Issuance of Warrant Shares. The Warrant Agent shall, by 11:00 A.M. New York Time on the business day following the Exercise
Date of any Warrant, advise the Company or, if instructed in writing to do so by the Company, the transfer agent and registrar,
in respect of (i) the number of Warrant Shares indicated on the Election to Purchase as issuable upon such exercise with respect
to such exercised Warrants, (ii) the instructions of each registered holder or Participant, as the case may be, provided to the
Warrant Agent with respect to the notation that shall be made to the records maintained by the Depository, its nominee for each
Warrant, or a Participant, as appropriate, evidencing the balance, if any, of the Warrants remaining after such exercise and (iii)
such other information as the Company shall reasonably request.

 

The
Company shall, by 5:00 P.M., New York time, on the third business day next succeeding the Exercise Date of any Warrant and the
clearance of the funds in payment of the Warrant Price, use its reasonable best efforts to cause its transfer agent to electronically
transmit the Warrant Shares issuable upon exercise to the Depository by crediting the account of the Depository or of the Participant
through its Deposit Withdrawal Agent Commission system. The time periods for delivery described in the immediately preceding paragraph
shall apply to the electronic transmittals described herein.

 

3.3.3.
Valid Issuance. All shares of Common Stock issued by the Company upon the proper exercise of a Warrant in conformity with
this Warrant Agreement shall be validly issued, fully paid and non-assessable.

 

3.3.4.
No Fractional Exercise. Warrants may be exercised only in whole numbers of Warrant Shares. No fractional Warrant Shares
are to be issued upon the exercise of the Warrant, but rather the number of Warrant Shares to be issued shall be rounded up or
down, as applicable, to the nearest whole number. If fewer than all the Warrants evidenced by a Warrant are exercised, a notation
shall be made to the records maintained by the Depository, its nominee for each Warrant, or a Participant, as appropriate, evidencing
the balance of the Warrants remaining after such exercise.

 

3.3.5
No Transfer Taxes. The Company shall not be required to pay any stamp or other tax or charge required to be paid in connection
with any transfer involved in the issue of the Warrant Shares upon the exercise of Warrants; and in the event that any such transfer
is involved, the Company shall not be required to issue or deliver any Warrant Shares until such tax or other charge shall have
been paid or it has been established to the Company’s and the Warrant Agent’s satisfaction that no such tax or other
charge is due.

 

3.3.6
Date of Issuance. Each person in whose name any such shares of Common Stock is issued shall for all purposes be deemed
to have become the holder of record of such shares on the date on which the Warrant was validly exercised and payment of the Warrant
Price was made, irrespective of the date of delivery of such Election to Purchase, except that, if the date of such Election to
Purchase and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become
the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are open.

 

3.3.7
Cashless Exercise Under Certain Circumstances.

 

(i)
The Company shall provide to the Warrant Agent and each registered holder of Warrants prompt written notice of any time that the
Company is unable to issue the Warrant Shares via DTC transfer or otherwise (without restrictive legend), because (A) the Commission
has issued a stop order with respect to the Registration Statement, (B) the Commission otherwise has suspended or withdrawn the
effectiveness of the Registration Statement, either temporarily or permanently, (C) the Company has suspended or withdrawn the
effectiveness of the Registration Statement, either temporarily or permanently, or (D) otherwise (each a “Restrictive Legend
Event”). To the extent that a Restrictive Legend Event occurs after the registered holder has exercised a Warrant in accordance
with the terms of the Warrants but prior to the delivery of the Warrant Shares, the Company shall, at the election of the registered
holder, which shall be given within five (5) days of receipt of such notice of the Restrictive Legend Event, either (A) rescind
the previously submitted Election to Purchase and the Company shall return all consideration paid by registered holder for such
shares upon such rescission or (B) treat the attempted exercise as a cashless exercise as described in the next paragraph and
refund the cash portion of the exercise price to the registered holder.

 

    	 	3	 

     

    

 

(ii)
If a Restrictive Legend Event has occurred and no exemption from the registration requirements is available, the Warrant shall
only be exercisable on a cashless basis. Notwithstanding anything herein to the contrary, the Company shall not be required to
make any cash payments or net cash settlement to the registered holder in lieu of issuance of the Warrant Shares. Upon a “cashless
exercise,” the Holder shall be entitled to receive the number of Warrant Shares equal to the quotient obtained by dividing
[(A-B) (X)] by (A), where:

 

	 	(A)	=
    the VWAP on the Business Day preceding the Exercise Date;

 

	 	(B)	=
    the Exercise Price of the Warrant; and

 

	 	(X)	=
    the number of Warrant Shares that would be issuable upon exercise of the Warrant in accordance with the terms of the Warrant
    if such exercise were by means of a cash exercise rather than a cashless exercise.

 

Upon
receipt of an Election to Purchase for a cashless exercise, the Warrant Agent will promptly deliver a copy of the Election to
Purchase to the Company to confirm the number of Warrant Shares issuable in connection with the cashless exercise. The Company
shall calculate and transmit to the Warrant Agent in a written notice, and the Warrant Agent shall have no duty, responsibility
or obligation under this section to calculate, the number of Warrant Shares issuable in connection with any cashless exercise.
The Warrant Agent shall be entitled to rely conclusively on any such written notice provided by the Company, and the Warrant Agent
shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with such written instructions or
pursuant to this Warrant Agreement.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then
listed or quoted on NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New
York Stock Exchange (each, a “Trading Market”), the daily volume weighted average price of the Common Stock for such
date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg
L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) the volume weighted average
price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, OTCQB or OTCQX (c) if the Common
Stock is not then listed or quoted for trading on the OTC Bulletin Board, OTCQB or OTCQX and if prices for the Common Stock are
then reported in the OTC Pink Market maintained by OTC Markets Group, Inc. (or a similar organization or agency succeeding to
its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases,
the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the holders
of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of
which shall be paid by the Company.

 

3.3.8
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant
Shares, the Company shall promptly issue to the registered holder the number of Warrant Shares that are not disputed.

 

4.
Adjustments.

 

4.1
Adjustment upon Subdivision or Combination of Common Stock. If the Company at any time after the Issuance Date subdivides
(by any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) 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 Warrant Shares will be proportionately increased. If the Company at any time after the Issuance Date
combines (by any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) 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 Warrant Shares will be proportionately decreased. Any adjustment under this Section
4.1 shall become effective at the close of business on the date the subdivision or combination becomes effective. The Company
shall promptly notify Warrant Agent in writing of any adjustment to the Warrants and give specific instructions to the Warrant
Agent with respect to any adjustments to the warrant register.

 

    	 	4	 

     

    

 

4.2
Adjustment for Other Distributions. In the event the Company shall fix a record date for the making of a dividend or distribution
to all holders of Common Stock of any evidences of indebtedness or assets or subscription rights or warrants (excluding those
referred to in Section 4.1 or other dividends paid out of retained earnings), then in each such case the Holder will, upon the
exercise of this Warrant, be entitled to receive, in addition to the number of shares of Common Stock issuable thereupon, and
without payment of any additional consideration therefor, the amount of such dividend or distribution, as applicable, which such
Holder would hold on the date of such exercise had such Holder been the holder of record of such Common Stock as of the date on
which holders of Common Stock received or became entitled to receive such dividend or distribution. Such adjustment shall be made
whenever any such distribution is made and shall become effective immediately after the record date mentioned above.

 

4.3.
Reclassification, Consolidation, Purchase, Combination, Sale or Conveyance. If, at any time while the Warrants are outstanding,
(i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company
with or into another person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer,
conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any,
direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another person) is completed pursuant
to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property
and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly,
in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any
compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities,
cash or property, (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share 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 or share purchase agreement or other business combination) (each a “Fundamental
Transaction”), then, upon any subsequent exercise of a Warrant, the registered holder shall have the right to receive, for
each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction,
the number of shares of Common Stock, if any, of the successor or acquiring corporation or of the Company, if it is the surviving
corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental
Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such
Fundamental Transaction. For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted
to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the registered
holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following
such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is
not the survivor (the “Successor Entity”) and for which shareholders received any equity securities of the Successor
Entity, to assume in writing all of the obligations of the Company under this Warrant Agreement in accordance with the provisions
of this Section 4.3 pursuant to written agreements and shall, upon the written request of the registered holder of a Warrant,
deliver to the registered holder in exchange for this Warrant created by this Warrant Agreement a security of the Successor Entity
evidenced by a written instrument substantially similar in form and substance to the Warrant which is exercisable for a corresponding
number of shares of capital stock of such Successor Entity (or its parent entity), if any, plus any Alternate Consideration, receivable
as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which the Warrant is exercisable
immediately prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such
shares of capital stock, if any, plus any Alternate Consideration (but taking into account the relative value of the shares of
Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of
capital stock and such exercise price being for the purpose of protecting the economic value of such Warrant immediately prior
to the consummation of such Fundamental Transaction). Upon the occurrence of any such 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
Warrant Agreement and the Warrant 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 Warrant Agreement
and the Warrant with the same effect as if such Successor Entity had been named as the Company herein.

 

    	 	5	 

     

    

 

The
Company shall instruct the Warrant Agent in writing to mail by first class mail, postage prepaid, to each registered holder of
a Warrant, written notice of the execution of any such amendment, supplement or agreement. Any supplemented or amended agreement
entered into by the successor corporation or transferee shall provide for adjustments, which shall be as nearly equivalent as
may be practicable to the adjustments provided for in Section 4. The Warrant Agent shall have no duty, responsibility or obligation
to determine the correctness of any provisions contained in such agreement or such notice, including but not limited to any provisions
relating either to the kind or amount of securities or other property receivable upon exercise of warrants or with respect to
the method employed and provided therein for any adjustments, and shall be entitled to rely conclusively for all purposes upon
the provisions contained in any such agreement. The provisions of this Section 4.3 shall similarly apply to successive reclassifications,
changes, consolidations, mergers, sales and conveyances of the kind described above.

 

4.4
Other Events. If any event occurs of the type contemplated by the provisions of Section 4.1, 4.2 or 4.3 but not expressly
provided for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights
or other rights with equity features to all holders of Common Stock for no consideration), then the Company's Board of Directors
will, at its discretion and in good faith, make an adjustment in the Exercise Price and the number of Warrant Shares or designate
such additional consideration to be deemed issuable upon exercise of a Warrant, so as to protect the rights of the registered
holder.

 

4.5.
Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise
of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting
from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise
of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based.
Upon the occurrence of any event specified in Sections 4.1 or 4.2, then, in any such event, the Company shall give written notice
to each registered holder, at the last address set forth for such holder in the warrant register, of the record date or the effective
date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.
The Warrant Agent shall be entitled to rely conclusively on, and shall be fully protected in relying on, any certificate, notice
or instructions provided by the Company with respect to any adjustment of the Warrant Price or the number of shares issued able
upon exercise of a Warrant, or any related matter, and the Warrant Agent shall not be liable for any action taken, suffered or
omitted to be taken by it in accordance with any such certificate, notice or instructions or pursuant to this Warrant Agreement.
The Warrant Agent shall not be deemed to have knowledge of any such adjustment unless and until it shall have received written
notice thereof from the Company.

 

5.
Transfer and Exchange of Warrants.

 

5.1.
Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant
upon the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly medallion signature
guaranteed and accompanied by appropriate instructions for transfer, and written confirmation from the Company that such transfer
is approved. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the
old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent to the
Company from time to time upon request.

 

5.2.
Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request
for exchange or transfer reasonably acceptable to Warrant Agent, and thereupon the Warrant Agent shall request written confirmation
from the Company that such transfer is approved, and upon receipt of such written confirmation, the Warrant Agent shall issue
in exchange therefor one or more new Warrants as requested by the registered holder of the Warrants so surrendered, representing
an equal aggregate number of Warrants; provided, however, that except as otherwise provided herein, each Warrant may be transferred
only in whole and only to the Depository, to another nominee of the Depository, to a successor depository, or to a nominee of
a successor depository; provided further, however, that in the event that a Warrant surrendered for transfer bears a restrictive
legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has
received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants
must also bear a restrictive legend.

 

    	 	6	 

     

    

 

5.3.
Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will
result in the issuance of a Warrant for a fraction of a Warrant.

 

6.
Limitations on Exercise. The Company shall not, and shall not instruct the Warrant Agent to, effect any exercise of any
Warrant, and a registered holder shall not have the right to exercise any portion of a Warrant, to the extent that after giving
effect to the issuance of shares of Common Stock after exercise as set forth on the applicable Election to Purchase, the registered
holder (together with such registered holder’s Affiliates (as defined in Rule 405 under the Securities Act of 1933), and
any other persons acting as a group together with the registered holder or any of the registered holder’s Affiliates), would
beneficially own in excess of 4.99% of the Company’s Common Stock. For purposes of the foregoing sentence, the number of
shares of Common Stock beneficially owned by the registered holder and its Affiliates shall include the number of shares of Common
Stock issuable upon exercise of the Warrant with respect to which such determination is being made, but shall exclude the number
of shares of Common Stock which would be issuable upon exercise of the remaining, non-exercised portion of any Warrant beneficially
owned by the registered holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section
6, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder, it being acknowledged by the registered holder that neither the Warrant Agent nor the Company is representing
to the registered holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the registered holder
is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained
in this Section 6 applies, the determination of whether a Warrant is exercisable (in relation to other securities owned by the
registered holder together with any Affiliates) and of which portion of a Warrant is exercisable shall be in the sole discretion
of the registered holder, and the submission of an Election to Purchase shall be deemed to be the registered holder’s determination
of whether such Warrant is exercisable (in relation to other securities owned by the registered holder together with any Affiliates)
and of which portion of a Warrant is exercisable, and neither the Warrant Agent nor the Company shall have any obligation to verify
or confirm the accuracy of such determination and neither of them shall have any liability for any error made by the registered
holder. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section
13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 6, in determining
the number of outstanding shares of Common Stock, a registered holder may rely on the number of outstanding shares of Common Stock
as reflected in (A) the Company’s most recent periodic or annual report filed with the Securities and Exchange Commission,
as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or
the Company’s transfer agent setting forth the number of shares of Common Stock outstanding. The provisions of this Section
6 shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 6 to correct
this subsection (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. The limitations
contained in this paragraph shall apply to a successor holder of a Warrant.

 

7.
Other Provisions Relating to Rights of Holders of Warrants.

 

7.1.
No Rights as Stockholder. Except as otherwise specifically provided herein, a registered holder, solely in its capacity
as a holder of a Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company
for any purpose, nor shall anything contained in this Warrant Agreement be construed to confer upon a registered holder, solely
in its capacity as the registered holder of a Warrant, any of the rights of a stockholder of the Company or any right to vote,
give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation,
merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to
the issuance to the registered holder of the Warrant Shares which it is then entitled to receive upon the due exercise of a Warrant.
A Warrant does not entitle the registered holder thereof to any of the rights of a stockholder.

 

7.2.
Reservation of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued
shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this
Warrant Agreement.

 

8.
Concerning the Warrant Agent and Other Matters.

 

    	 	7	 

     

    

 

8.1
Concerning the Warrant Agent. The Warrant Agent:

 

a)
shall have no duties or obligations other than those expressly set forth herein and no duties or obligations shall be inferred
or implied;

 

b)
may rely on and shall be held harmless and protected and shall incur no liability for or in respect of any action taken, suffered
or omitted to be taken by it in reliance upon any certificate, statement, instrument, opinion, notice, letter, facsimile transmission,
telegram or other document, or any security delivered to it, and believed by it to be genuine and to have been made or signed
by the proper party or parties, or upon any written or oral instructions or statements from the Company with respect to any matter
relating to its acting as Warrant Agent hereunder;

 

c)
may consult with counsel satisfactory to it (including counsel for the Company) and the advice or opinion of such counsel shall
be full and complete authorization and protection in respect of any action taken, suffered or omitted to be taken by it in accordance
with such advice or opinion of such counsel;

 

d)
shall be held harmless by the Company and any other person in respect of any action taken, suffered or omitted to be taken by
the Warrant Agent hereunder in accordance with any determination as to whether or not a Warrant received by the Warrant Agent
is duly, completely and correctly executed;

 

e)
shall not be obligated to expend or risk its own funds or to take any action that it believes would expose or subject it to expense
or liability or to a risk of incurring expense or liability, unless it has been furnished with assurances of repayment or indemnity
satisfactory to it;

 

f)
shall not be liable or responsible for any failure of the Company to comply with any of its obligations relating to the Registration
Statement or this Warrant Agreement, including without limitation obligations under applicable regulation or law;

 

g)
and its officers, directors and employees, may become the owner of, or acquire any interest in, any Warrant, with the same rights
that it or they would have were it not the Warrant Agent hereunder, and, to the extent permitted by applicable law, it or they
may engage or be interested in any financial or other transaction with the Company and may act on, or as a depositary, trustee
or agent for, any committee or body of holders of Warrants, or other securities or obligations of the Company, as freely as if
it were not the Warrant Agent hereunder. Nothing in this Warrant Agreement shall be deemed to prevent the Warrant Agent from acting
as trustee under an indenture;

 

h)
shall not be under any liability for interest on any monies at any time received by it pursuant to any of the provisions of this
Warrant Agreement;

 

i)
shall not be accountable or under any duty or responsibility for the use by the Company of any Warrants authenticated by the Warrant
Agent and delivered by it to the Company pursuant to this Warrant Agreement or for the application by the Company of the proceeds
of the issue and sale, or exercise, of the Warrants;

 

j)
shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained
herein or in any Warrant or in the case of the receipt of any written demand from any Warrant holder with respect to such default,
including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any
proceedings at law or otherwise or to make any demand upon the Company;

 

k)
shall not be responsible for any failure of the Company to comply with any of the covenants contained in this Warrant Agreement
or in the Warrants to be complied with by the Company;

 

    	 	8	 

     

    

 

l)
may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys-in-fact,
and the Warrant Agent shall not be responsible for any loss or expense arising out of, or in connection with, the actions or omissions
to act of its agents or attorneys-in-fact, so long as the Warrant Agent acts without gross negligence or willful misconduct (each
as determined by a final, non-appealable judgment of a court of competent jurisdiction) in connection with the selection of such
agents or attorneys-in-fact; and

 

m)
shall act hereunder solely as agent for the Company, and its duties shall be determined solely by the provisions hereof. The Warrant
Agent shall not assume any obligations or relationship of agency or trust with any of the owners or holders of the Warrants. The
Warrant Agent shall not be liable for anything which it may do or refrain from doing in connection with this Warrant Agreement
except for its own gross negligence, bad faith or willful misconduct (as each is determined by a final, non-appealable judgment
of a court of competent jurisdiction). The Warrant Agent shall not be liable for any error of judgment made by it, unless it shall
be proved that the Warrant Agent was grossly negligent in ascertaining the pertinent facts (as determined by a final, non-appealable
judgment of a court of competent jurisdiction).

 

8.2
Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company
or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of Warrants, but the Company
may require the Common Stock holders to pay any transfer taxes in respect of the Warrants or such shares. The Warrant Agent may
refrain from registering any transfer or issue or delivery of any Warrant Shares unless or until the persons requesting the registration
or issuance shall have paid to the Warrant Agent for the account of the Company the amount of such tax or charge, if any, or shall
have established to the reasonable satisfaction of the Company and the Warrant Agent that such tax or charge, if any, has been
paid.

 

8.3  Resignation, Consolidation, or Merger of Warrant Agent.

 

8.3.1.
Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties
and be discharged from all further duties and liabilities hereunder after giving thirty (30) days’ notice in writing to
the Company, or such shorter period of time agreed to by the Company. If the office of the Warrant Agent becomes vacant by resignation
or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent.
If the Company shall fail to make such appointment within a period of 30 days after it has been notified in writing of such resignation
or incapacity by the Warrant Agent or by the holder of the Warrant (who shall, with such notice, submit his Warrant for inspection
by the Company), then the Warrant Agent or the holder of any Warrant may apply to the any court of competent jurisdiction for
the appointment of a successor Warrant Agent at the Company’s cost. Pending appointment of a successor to such Warrant Agent,
either by the Company or by such a court, the duties of the Warrant Agent shall be carried out by the Company. Any successor Warrant
Agent (but not including the initial Warrant Agent), whether appointed by the Company or by such court, shall be a person organized
and existing under the laws of any state or of the United States of America, in good standing, and authorized under such laws
to exercise shareowner services powers and subject to supervision or examination by federal or state authority. After appointment,
any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its
predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed,
and except for executing and delivering documents as provided in the sentence that follows, the predecessor Warrant Agent shall
have no further duties, obligations, responsibilities or liabilities hereunder, but shall be entitled to all rights that survive
the termination of this Warrant Agreement and the resignation or removal of the Warrant Agent, including but not limited to its
right to indemnity hereunder. If for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute
and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers,
and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make,
execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming
to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

8.3.2.
Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice
thereof to the predecessor Warrant Agent and the transfer agent for the Common Stock not later than the effective date of any
such appointment.

 

    	 	9	 

     

    

 

8.3.3.
Merger or Consolidation of Warrant Agent. Any person into which the Warrant Agent may be merged or converted or with which
it may be consolidated or any person resulting from any merger, conversion or consolidation to which the Warrant Agent shall be
a party or any person succeeding to the shareowner services business of the Warrant Agent or any successor Warrant Agent shall
be the successor Warrant Agent under this Warrant Agreement, without any further act or deed. For purposes of this Warrant Agreement,
“person” shall mean any individual, firm, corporation, partnership, limited liability company, joint venture, association,
trust or other entity, and shall include any successor (by merger or otherwise) thereof or thereto.

 

8.4.
Fees and Expenses of Warrant Agent.

 

8.4.1.
Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration in an amount separately agreed to between
Company and Warrant Agent for its services as Warrant Agent hereunder and will reimburse the Warrant Agent upon demand for all
expenditures (including reasonable counsel fees and expenses) that the Warrant Agent may reasonably incur in the preparation,
delivery, administration, execution and amendment of this Warrant Agreement and the exercise and performance of its duties hereunder.
The Warrant Agent fees, including postage and any out-of-pocket and/or per item fees incurred by the Warrant Agent, shall be paid
in accordance with the payment terms and instructions set forth on each invoice provided to the Company by the Warrant Agent.
It is understood and agreed that all services to be performed by Warrant Agent shall cease if full payment for its services has
not been received in accordance with such payment terms and conditions, and said services will not commence thereafter until all
payment due has been received by Warrant Agent.

 

8.4.2.
Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed,
acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the
Warrant Agent for the carrying out or performing of the provisions of this Warrant Agreement.

 

8.5.
Liability of Warrant Agent.

 

8.5.1.
Reliance on Company Statement. Whenever in the performance of its duties under this Warrant Agreement, the Warrant Agent
shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering
any action hereunder, such fact or matter may be deemed to be conclusively proved and established by a statement signed by the
President of the Company and delivered to the Warrant Agent, and the Warrant Agent is hereby authorized and directed to apply
to such officer for advice and instructions in connection with its duties and responsibilities hereunder. Such certificate will
be full authorization to the Warrant Agent for any action taken, suffered or omitted to be taken by it in reliance upon such certificate,
and the Warrant Agent will not be liable for any such action taken, suffered or omitted to be taken by it in accordance with any
such instructions or pursuant to the provisions of this Warrant Agreement.

 

8.5.2.
Indemnity. The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith
(each as determined by a final, non-appealable judgment of a court of competent jurisdiction). The Company agrees to indemnify
the Warrant Agent for, and to hold it harmless against, any loss, liability, suit, action, proceeding, judgment, claim, settlement,
cost or expense (including reasonable counsel fees and expenses), incurred without gross negligence, willful misconduct or bad
faith on the part of the Warrant Agent (each as determined by a final, non-appealable judgment of a court of competent jurisdiction),
for any action taken, suffered or omitted to be taken by the Warrant Agent in connection with the preparation, delivery, acceptance,
administration, execution and amendment of this Warrant Agreement and the exercise and performance of its duties hereunder, including
the costs and expenses of defending against any claim of liability arising therefrom, directly or indirectly, and the costs and
expenses of enforcing its rights hereunder.

 

8.5.3.
Limitation of Liability. The Warrant Agent’s aggregate liability, if any, during the term of this Warrant Agreement
with respect to, arising from, or arising in connection with this Warrant Agreement, or from all services provided or omitted
to be provided under this Warrant Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed,
the annual amounts paid or payable hereunder by the Company to Warrant Agent as fees and charges, but not including reimbursable
expenses.

 

    	 	10	 

     

    

 

8.5.4
Disputes. In the event any question or dispute arises with respect to the proper interpretation of this Warrant Agreement
or the Warrant Agent’s duties hereunder or the rights of the Company or of any holder of a Warrant, the Warrant Agent shall
not be required to act and shall not be held liable or responsible for refusing to act until the question or dispute has been
judicially settled (and the Warrant Agent may, if it deems it advisable, but shall not be obligated to, file a suit in interpleader
or for a declaratory judgment for such purpose) by final judgment rendered by a court of competent jurisdiction, binding on all
parties interested in the matter which is no longer subject to review or appeal, or settled by a written document in form and
substance satisfactory to the Warrant Agent and executed by the Company and each other interested party. In addition, the Warrant
Agent may require for such purpose, but shall not be obligated to require, the execution of such written settlement by all the
Warrant holders, as applicable, and all other parties that may have an interest in the settlement.

 

8.5.5
Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Warrant Agreement or with
respect to the validity of any Warrant; nor shall it be responsible for any breach by the Company of any covenant or condition
contained in this Warrant Agreement or in any Warrant; nor shall it be responsible or have any duty to make any calculation or
adjustment, or to determine when any calculation or adjustment required under the provisions of this Warrant Agreement, including
but not limited to Section 4 hereof, should be made, how it should be made or what it should be, or have any responsibility or
liability for the manner, method or amount of any such calculation or adjustment or the ascertaining of the existence of facts
that would require any such calculation or adjustment, including but not limited to any calculation or determination of “fair
market value” and any calculation or determination made in connection with an exercise of Warrants on a “cashless
basis;” nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation
of any shares of Common Stock to be issued pursuant to this Warrant Agreement or any Warrant or as to whether any securities will,
when issued, be validly authorized and issued, fully paid, non-assessable and free from all preemptive rights, taxes, liens and
charges; nor will the Warrant Agent be under any duty or responsibility to ensure compliance with any applicable federal or state
securities laws in connection with the issuance, transfer or exchange of Warrants.

 

8.6.
Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Warrant Agreement and agrees to perform
the same upon the express terms and conditions herein set forth and among other things, shall account promptly to the Company
with respect to Warrants exercised and concurrently account for, and pay to the Company, all moneys received by the Warrant Agent
for the purchase of shares of Common Stock through the exercise of Warrants.

 

9.
Miscellaneous Provisions.

 

9.1.
Successors. All the covenants and provisions of this Warrant Agreement by or for the benefit of the Company or the Warrant
Agent shall bind and inure to the benefit of their respective successors and assigns.

 

9.2.
Notices. Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent
or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery
or if sent by certified mail or private courier service within five days after deposit of such notice, postage prepaid, addressed
(until another address is filed in writing by the Company with the Warrant Agent), as follows:

 

Soligenix, Inc.

29 Emmons Drive, Suite C-10

Princeton, New Jersey 08540

(609) 538-8200

Attn:
Chief Executive Officer

 

    	 	11	 

     

    

 

Any
notice, statement or demand authorized by this Warrant Agreement to be given or made by the holder of any Warrant or by the Company
to or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified
mail or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address
is filed in writing by the Warrant Agent with the Company), as follows:

 

American
Stock Transfer & Trust Company, LLC

6201
15th Avenue

Brooklyn,
NY 11219

Attn:
Legal Department

 

with
a copy in each case to:

 

________________

________________

________________

Attn:
_________________

 

9.3.
Applicable law. The validity, interpretation, and performance of this Warrant Agreement and of the Warrants shall be governed
in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in
the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim
against it arising out of or relating in any way to this Warrant Agreement may be brought and enforced in the courts of the State
of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be non-exclusive. The Company hereby waives any objection to such non-exclusive jurisdiction and that
such courts represent an inconvenience forum. Any such process or summons to be served upon the Company may be served by transmitting
a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set
forth in Section 9.2 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in
any action, proceeding or claim.

 

9.4.
Persons Having Rights under this Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing that may be
implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation
other than the parties hereto, the registered holders of the Warrants, certain indemnitees pursuant to Section 8.4.2, and, for
purposes of Sections 3.3, 9.3 and 9.8, the Underwriter, any right, remedy, or claim under or by reason of this Warrant Agreement
or of any covenant, condition, stipulation, promise, or agreement hereof. The Underwriters shall be deemed to be an express third-party
beneficiary of this Warrant Agreement with respect to Sections 3.3, 9.3 and 9.8 hereof. All covenants, conditions, stipulations,
promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto
(and the Underwriters with respect to the Sections 3.3, 9.3 and 9.8 hereof and those certain indemnitees pursuant to Section 8.4.2)
and their successors and assigns and of the registered holders of the Warrants.

 

9.5.
Examination of the Warrant Agreement. A copy of this Warrant Agreement shall be available at all reasonable times at the
office of the Warrant Agent designated for such purpose for inspection by the registered holder of any Warrant. Prior to such
inspection, the Warrant Agent may require any such holder to submit his Warrant for inspection by it.

 

9.6.
Counterparts. This Warrant Agreement may be executed in any number of original, facsimile or electronic counterparts and
each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute
but one and the same instrument.

 

9.7.
Effect of Headings. The Section headings herein are for convenience only and are not part of this Warrant Agreement and
shall not affect the interpretation thereof.

 

9.8
Amendments. This Warrant Agreement may be amended by the parties hereto without the consent of any registered holder for
the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding
or changing any other provisions with respect to matters or questions arising under this Warrant Agreement as the parties may
deem necessary or desirable and that the parties deem shall not adversely affect the interest of the registered holders. All other
modifications or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require
the written consent of the Underwriter and the registered holders of a majority of the then outstanding Warrants.

 

    	 	12	 

     

    

 

9.9
Severability. This Warrant Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision
hereof shall not affect the validity or enforceability of this Warrant Agreement or of any other term or provision hereof; provided,
that if such invalid or unenforceable term affects the rights, duties, obligations or liabilities of the Warrant Agent, the Warrant
Agent shall be entitled to resign immediately. Furthermore, in lieu of any such invalid or unenforceable term or provision, the
parties hereto intend that there shall be added as a part of this Warrant Agreement a provision as similar in terms to such invalid
or unenforceable provision as may be possible and be valid and enforceable.

 

9.10
Force Majeure. In the event either party is unable to perform its obligations under the terms of this Warrant Agreement
because of acts of God, strikes, failure of carrier or utilities, equipment or transmission failure or damage that is reasonably
beyond its control, or any other cause that is reasonably beyond its control, such party shall not be liable for damages to the
other for any damages resulting from such failure to perform or otherwise from such causes. Performance under this Warrant Agreement
shall resume when the affected party or parties are able to perform substantially that party’s duties; provided, that in
no event shall this provision relieve the Company of its indemnification obligations hereunder.

 

9.11
Consequential Damages. Notwithstanding anything in this Warrant Agreement to the contrary, except for indemnification of
third party claims by the Company pursuant to Section 8.4.2, neither party to this Warrant Agreement shall be liable to the other
party for any consequential, indirect, punitive, special or incidental damages of any kind whatsoever (including but not limited
to lost profits), even if that party has been advised of or has foreseen the likelihood of such losses or damages and regardless
of the form of action.

 

9.12
Customer Identification Program. The Company acknowledges that the Warrant Agent is subject to the customer identification
program (“Customer Identification Program”) requirements under the USA PATRIOT Act and its implementing regulations,
and that the Warrant Agent must obtain, verify and record information that allows the Warrant Agent to identify the Company. Accordingly,
prior to accepting an appointment hereunder, the Warrant Agent may request information from the Company that will help the Warrant
Agent to identify the Company, including without limitation the Company’s physical address, tax identification number, organizational
documents, certificate of good standing, license to do business, or any other information that the Warrant Agent deems necessary.
The Company agrees that the Warrant Agent cannot accept an appointment hereunder unless and until the Warrant Agent verifies the
Company’s identity in accordance with the Customer Identification Program requirements.

 

IN
WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	SOLIGENIX,
    INC.	 
	 	 	 
	By:	           	 
	Name:	 	 
	Title:	 	 
	 	 	 
	AMERICAN
    STOCK TRANSFER & TRUST COMPANY, LLC
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

 

 

13EXHIBIT 4.15

 

Form of Representative’s Warrant

 

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

 

THIS PURCHASE WARRANT IS
NOT EXERCISABLE PRIOR TO NOVEMBER [__], 2017. VOID AFTER 5:00 P.M., EASTERN TIME, NOVEMBER [___], 2021.

 

COMMON STOCK PURCHASE WARRANT

 

For the Purchase of [___] Shares of Common Stock

of

SOLIGENIX, INC.

 

1.            Purchase
Warrant. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of Aegis Capital Corp. or its assigns (“Holder”),
as registered owner of this Purchase Warrant, to Soligenix, Inc., a Delaware corporation (the “Company”), Holder
is entitled, at any time or from time to time from November [      ], 2017 (the “Commencement
Date”), and at or before 5:00 p.m., Eastern time, November [      ], 2021 (the “Expiration Date”),
but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to [____] shares (the “Shares”)
of common stock of the Company, par value $0.001 per share (the “Common Stock”), subject to adjustment as provided
in Section 6 hereof. If the Expiration Date is a day on which banking institutions are authorized by law to close, then this Purchase
Warrant may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the period
ending on the Expiration Date, the Company agrees not to take any action that would terminate this Purchase Warrant. This Purchase
Warrant is initially exercisable at $____per Share; provided, however, that upon the occurrence of any of the events
specified in Section 6 hereof, the rights granted by this Purchase Warrant, including the exercise price per Share and the number
of Shares to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise Price”
shall mean the initial exercise price or the adjusted exercise price, depending on the context. For the avoidance of doubt, this
Purchase Warrant will be exercisable at any time, and from time to time, in whole or in part, during the four-year period commencing
one (1) year from the Effective Date (as defined in the Underwriting Agreement (as defined below)), which period shall not extend
further than five (5) years from the Effective Date in compliance with FINRA Rule 5110(f)(2)(G)(i).

 

2.            Exercise.

 

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

 

    

     

    

 

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

 

	X	=	Y(A-B)	 
	A	 

 

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

 

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

 

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

 

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

 

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

 

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

 

2.4           Cash
Payment. For the avoidance of doubt, the Company shall not be required to make any cash payments or net cash settlement to
any registered holder in lieu of issuance of Shares.

 

3.            Transfer.

 

3.1           General
Restrictions. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that this Purchase
Warrant and the securities issuable hereunder shall not be sold during the Offering, or 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 Purchase Warrant or the securities issuable hereunder by any person for a period of one hundred eighty
(180) days immediately following the Effective Date (as defined in the Underwriting Agreement (as defined below)), except as provided
for in FINRA Rule 5110(g)(2).

 

    2

     

    

 

On and after 180 days after the Effective Date,
transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make any
permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed and completed, together
with the Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within
five (5) Business Days transfer this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase
Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate
number of Shares purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

 

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

 

4.            Registration
Rights.

 

4.1          Demand
Registration.

 

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

 

    3

     

    

 

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

 

4.2          “Piggy-Back”
Registration.

 

4.2.1           Grant
of Right. In addition to the demand right of registration described in Section 4.1 hereof, the Holder shall have the right,
for a period of no more than seven (7) years from the date of effectiveness of the registration statement in accordance with FINRA
Rule 5110(f)(2)(G)(v), to include the Registrable Securities as part of any other registration of securities filed by the Company
(other than in connection with a transaction contemplated by Rule 145(a) promulgated under the Securities Act or pursuant to Form
S-8 or any equivalent form); provided, however, that if, solely in connection with any primary underwritten public
offering for the account of the Company, the managing underwriter(s) thereof shall, in its reasonable discretion, impose a limitation
on the number of shares of Common Stock which may be included in the registration statement because, in such underwriter(s)’
judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall
be obligated to include in such registration statement only such limited portion of the Registrable Securities with respect to
which the Holder requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable Securities
shall be made pro rata among the Holders seeking to include Registrable Securities in proportion to the number of Registrable Securities
sought to be included by such Holders; provided, however, that the Company shall not exclude any Registrable Securities
unless the Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion of such securities
in such registration statement or are not entitled to pro rata inclusion with the Registrable Securities.

 

4.2.2           Terms.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 4.2.1
hereof, but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the
Holders to represent them in connection with the sale of the Registrable Securities. In the event of such a proposed
registration, the Company shall furnish the then Holders of outstanding Registrable Securities with not less than thirty (30)
days written notice prior to the proposed date of filing of such registration statement. Such notice to the Holders shall
continue to be given for each registration statement filed by the Company until such time as all of the Registrable
Securities have been sold by the Holder. The holders of the Registrable Securities shall exercise the
“piggy-back” rights provided for herein by giving written notice within ten (10) days of the receipt of the
Company’s notice of its intention to file a registration statement. Except as otherwise provided in this Purchase
Warrant, there shall be no limit on the number of times the Holder may request registration under this Section 4.2.2; provided, however,
that such registration rights shall terminate on the sixth anniversary of the Commencement Date.

 

    4

     

    

 

4.3          General
Terms.

 

4.3.1           Indemnification.
The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder
and each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or Section 20 (a) of
the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or
liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or
defending against any claim whatsoever) to which any of them may become subject under the Securities Act, the Exchange Act or otherwise,
arising from such registration statement but only to the same extent and with the same effect as the provisions pursuant to which
the Company has agreed to indemnify the Underwriters contained in Section 5.1 of the Underwriting Agreement between the Underwriters
and the Company, dated as of [___] 2016 (the “Underwriting Agreement”). The Holder(s) of the Registrable Securities
to be sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify
the Company, against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses
reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under
the Securities Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or their
successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect
as the provisions contained in Section 5.2 of the Underwriting Agreement pursuant to which the Underwriters have agreed to indemnify
the Company.

 

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

 

4.3.3           Documents
Delivered to Holders. The Company shall furnish to each Holder participating in any of the foregoing offerings and to
each underwriter of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) an
opinion of counsel to the Company, dated the effective date of such registration statement (and, if such registration
includes an underwritten public offering, an opinion dated the date of the closing under any underwriting agreement related
thereto), and (ii) a “cold comfort” letter dated the effective date of such registration statement (and, if such
registration includes an underwritten public offering, a letter dated the date of the closing under the underwriting
agreement) signed by the independent registered public accounting firm or firms which has issued a report on the
Company’s financial statements included in such registration statement, in each case covering substantially the same
matters with respect to such registration statement (and the prospectus included therein) and, in the case of such
accountants’ letter, with respect to events subsequent to the date of such financial statements, as are customarily
covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriters in underwritten
public offerings of securities. The Company shall also deliver promptly to each Holder participating in the
offering requesting the correspondence and memoranda described below and to the managing underwriter, if any, copies of all
correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with
the Commission or its staff with respect to the registration statement and permit each Holder and underwriter to do such
investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration
statement as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation
shall include access to books, records and properties and opportunities to discuss the business of the Company with its
officers and independent auditors, all to such reasonable extent and at such reasonable times as any such Holder shall
reasonably request.

 

    5

     

    

 

4.3.4           Underwriting
Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any
Holders whose Registrable Securities are being registered pursuant to this Section 4, which managing underwriter shall be reasonably
satisfactory to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder
and such managing underwriters, and shall contain such representations, warranties and covenants by the Company and such other
terms as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be parties to
any underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option, require that
any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters shall also be
made to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties to or
agreements with the Company or the underwriters except as they may relate to such Holders, their Shares and their intended methods
of distribution.

 

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

 

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

 

5.            New
Purchase Warrants to be Issued.

 

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

 

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

 

    6

     

    

 

6.            Adjustments.

 

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

 

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

 

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

 

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

 

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

 

    7

     

    

 

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

 

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

 

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

 

8.            Certain
Notice Requirements.

 

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

 

    8

     

    

 

8.2           Events
Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the following
events: (i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them to receive a dividend
or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings,
as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer
to all the holders of its Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable
for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation
or winding up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a sale
of all or substantially all of its property, assets and business shall be proposed.

 

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

 

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

 

If to the Holder:

 

Aegis Capital Corp. (“Aegis”)

810 Seventh Avenue, 11th Floor

New York, New York 10019

Attn: Mr. David Bocchi, Head of Investment Banking

Fax No.: (212) 813-1047

 

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

 

Gracin & Marlow, LLP

The Chrysler Building

405 Lexington Avenue, 26th Floor

New York, New York 10174

Attention: Leslie Marlow, Esq.

Fax No: (212) 208-4657

 

If to the Company:

 

Soligenix, Inc.

29 Emmons Drive, Suite C-10

Princeton, New Jersey 08540

Attention: Christopher J. Schaber, Ph.D., President and
Chief Executive Officer

Fax No: (609) 452-6467

  

    9

     

    

 

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

 

Duane Morris LLP

200 South Biscayne Boulevard

Suite 3400

Miami, Florida 33131-2318

Attention: Leslie
J. Croland, Esq.

Fax No: (305) 397-1882

 

9.            Miscellaneous.

 

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

 

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

 

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

 

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

 

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

 

    10

     

    

 

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

 

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

 

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

 

[Signature Page Follows]

 

    11

     

    

 

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

 

	SOLIGENIX, INC.	 
	 	 
	By:	   	 
	 	Name:	 
	 	Title:	 

 

    12

     

    

 

[Form to be used to exercise Purchase Warrant]

 

Date: __________, 20___

 

The undersigned
hereby elects irrevocably to exercise the Purchase Warrant for ______ shares of common stock, par value $0.001 per share (the “Shares”),
of Soligenix, Inc., a Delaware corporation (the “Company”), and hereby makes payment of $____ (at the rate of
$____ per Share) in payment of the Exercise Price pursuant thereto. Please issue the Shares as to which this Purchase Warrant is
exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number of
Shares for which this Purchase Warrant has not been exercised.

 

or

 

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

 

	 	X	=	Y(A-B)	 
	A	 

 

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

 

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

 

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

 

Signature ____________________________________ 

 

Signature Guaranteed ___________________________

 

	 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

	Name: 	 	 
	 	(Print in Block Letters)	 
	 	 	 
	Address: 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

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

 

    13

     

    

 

[Form to be used to assign Purchase
Warrant]

 

ASSIGNMENT

 

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

 

FOR VALUE RECEIVED, __________________ does
hereby sell, assign and transfer unto the right to purchase shares of common stock, par value $0.001 per share, of Soligenix, Inc.,
a Delaware corporation (the “Company”), evidenced by the Purchase Warrant and does hereby authorize the Company
to transfer such right on the books of the Company.

 

Dated: __________, 20__

 

Signature ____________________________________ 

 

Signature Guaranteed ___________________________

 

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

 

 

14

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