Document:

Exhibit 10.6

 

This TAX MATTERS AGREEMENT (this “Agreement”),
dated as of [ ], 2020, by and between Neurotrope Inc., a Nevada corporation (“Neurotrope”), and Neurotrope Bioscience, Inc.,
a Delaware corporation (“SpinCo” and, together with Neurotrope, the “Parties”) shall become
effective as of the Distribution (as defined below). Capitalized terms used in this Agreement and not defined herein shall have
the meanings ascribed to such terms in the Separation and Distribution Agreement dated as of the date of this Agreement by and
between Neurotrope and SpinCo, including the Schedules thereto (the “Separation Agreement”).

 

W I T N E S S E T H:

 

WHEREAS, SpinCo is a wholly-owned subsidiary
of Neurotrope and a member of its consolidated group;

 

WHEREAS, Neurotrope entered into an Agreement
and Plan of Merger dated as of May 17, 2020, 2020 (the “Merger Agreement”), by and among Petros Pharmaceuticals, Inc.,
a Delaware corporation (“Parent”), PN Merger Sub 1, LLC, a Delaware limited liability company and direct wholly
owned subsidiary of Parent, PM Merger Sub 2, Inc., a Nevada corporation (“Merger Sub 2”), Neurotrope, and
Metuchen Pharmaceuticals LLC, a Delaware limited liability company (the “Company”), as amended, pursuant to
which, among other things, (i) Merger Sub 1 will merge with and into the Company with the Company surviving as the surviving
limited liability company (the “Metuchen Merger”), and (ii) Merger Sub 2 will merge with and into Neurotrope
with Neurotrope surviving as the surviving corporation (the “Neurotrope Merger” and together with the Metuchen
Merger, the “Mergers”), all upon the terms and subject to the conditions set forth in the Merger Agreement;

 

WHEREAS, pursuant to the Separation Agreement,
following the Mergers, Neurotrope shall distribute all of the shares of SpinCo (the “Distribution”) to those
shareholders of Neurotrope that were shareholders of the Neurotrope as of [              ] prior to the Merger; and

 

NOW, THEREFORE, in consideration of the
mutual covenants and agreements contained herein, the Parties hereby agree as follows:

 

ARTICLE I

 

Definitions

 

SECTION 1.01 Definition of Terms.
The following terms shall have the following meanings. Capitalized terms used but not defined in this Agreement shall have the
meanings ascribed to them in the Separation Agreement.

 

“Agreement” has the meaning
set forth in the preamble.

 

“Code” means the Internal
Revenue Code of 1986, as amended.

 

“Company” has the meaning
set forth in the recitals.

 

     

     

    

 

“Determination” means
(i) any final determination of liability in respect of a Tax that, under applicable Law, is not subject to further appeal,
review or modification through proceedings or otherwise (including the expiration of a statute of limitations or period for the
filing of claims for refunds, amended Tax Returns or appeals from adverse determinations), including a “determination”
as defined in Section 1313(a) of the Code or execution of an IRS Form 870-AD, or (ii) the payment of Tax by
a Party (or its Subsidiary) that is responsible for payment of that Tax under applicable Law, with respect to any item disallowed
or adjusted by a Taxing Authority, as long as the responsible Party determines that no action should be taken to recoup that payment
and the other Party agrees.

 

“Distribution” has the
meaning set forth in the recitals.

 

“Indemnifying Party”
means a Party that has an obligation to make an Indemnity Payment.

 

“Indemnitee” means a
Party that is entitled to receive an Indemnity Payment.

 

“Indemnity Payment” means
an indemnity payment contemplated by the Separation Agreement, this Agreement or any other ancillary Agreement.

 

“IRS” means the U.S.
Internal Revenue Service.

 

“Merger Agreement” has
the meaning set forth in the recitals.

 

“Merger Sub 1” has the
meaning set forth in the recitals.

 

“Merger Sub 2” has the
meaning set forth in the recitals.

 

“Mergers” has the meaning
set forth in the recitals.

 

“Metuchen Merger” has
the meaning set forth in the recitals.

 

“Neurotrope” has the
meaning set forth in the preamble.

 

“Neurotrope Consolidated Group”
means any consolidated, combined, unitary or similar group of which (i) any member of the Neurotrope Tax Group is or was a
member and (ii) SpinCo.

 

“Neurotrope Merger” has
the meaning set forth in the recitals.

 

“Neurotrope Tax Group”
means Neurotrope and any Person that is or was a Subsidiary of Neurotrope as of the Distribution or at any time prior to the Distribution,
excluding SpinCo.

 

“Ordinary Taxes” means
Taxes other than Transfer Taxes described in Section 2.04.

 

“Parent” has the meaning
set forth in the recitals.

 

“Parties” has the meaning
set forth in the preamble.

 

“Pre-Distribution Tax Period”
means any taxable period (or portion thereof) that ends on or before the Distribution Date.

 

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“Records” has the meaning
set forth in Section 3.06.

 

“Refund Recipient” has
the meaning set forth in Section 2.05.

 

“Regulations” means the
Treasury regulations promulgated under the Code.

 

“Separation Agreement”
has the meaning set forth in the preamble.

 

“SpinCo” has the meaning
set forth in the preamble.

 

“Straddle Period” has
the meaning set forth in Section 2.07.

 

“Subsidiary” of any Person
means any corporation or other organization, whether incorporated or unincorporated, of which at least a majority of the securities
or interests having by their terms ordinary voting power to elect at least a majority of the board of directors (or others performing
similar functions with respect to such corporation or other organization) is directly or indirectly owned by such Person or by
any one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries.

 

“Tax Advisor” has the
meaning set forth in Section 4.04.

 

“Tax Attribute” has the
meaning set forth in Section 2.06(a).

 

“Tax Contest” means an
audit, review, examination or other administrative or judicial proceeding, in each case by any Taxing Authority.

 

“Tax Dispute” has the
meaning set forth in Section 4.04.

 

“Tax Return” means any
return, declaration, statement, report, form, estimate or information return relating to Taxes, including any amendments thereto
and any related or supporting information, required or permitted to be filed with any Taxing Authority.

 

“Taxes” means all forms
of taxation or duties imposed by any Governmental Authority, or required by any Governmental Authority to be collected or withheld,
including charges, together with any related interest, penalties and other additional amounts.

 

“Taxing Authority” means
any Governmental Authority charged with the determination, collection or imposition of Taxes.

 

“Transfer Taxes” means
all transfer, sales, use, excise, stock, stamp, stamp duty, stamp duty reserve, stamp duty land, documentary, filing, recording,
registration, value-added and other similar Taxes (excluding, for the avoidance of doubt, any income, gains, profit or similar
Taxes, however assessed).

 

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ARTICLE II

Allocation of Tax Liabilities and Tax Benefits

 

SECTION 2.01 Neurotrope Indemnification
of SpinCo. After the Distribution, Neurotrope shall be liable for, and shall indemnify and hold SpinCo harmless from, the following
Taxes (in each case, other than Taxes for which SpinCo is liable under Section 2.02):

 

(a)            Ordinary
Taxes of Neurotrope and its Subsidiaries for any taxable period; and

 

(b)            Transfer
Taxes for which Neurotrope is responsible under Section 2.04.

 

SECTION 2.02 SpinCo Indemnification
of Neurotrope. After the Distribution, SpinCo shall be liable for, and shall indemnify and hold Neurotrope harmless from, the
following Taxes, whether incurred directly by Neurotrope or indirectly through one of its Subsidiaries (but without duplication
of any such Taxes that SpinCo has already paid (or caused to be paid) pursuant to Article VI):

 

(a)            Ordinary
Taxes (i) of Neurotrope and its Subsidiaries for any Pre-Distribution Tax Period to the extent attributable to SpinCo, (ii) of
SpinCo for any taxable period other than a Pre-Distribution Tax Period or (iii) of Neurotrope and its Subsidiaries imposed
under Section 1.1503(d)-6 of the Regulations relating to the recapture of any “dual consolidated loss” (within
the meaning of Section 1503(d)(2) of the Code) incurred by SpinCo.

 

(b)            Transfer
Taxes for which SpinCo is responsible under Section 2.04.

 

SECTION 2.03 Allocation of Ordinary
Taxes.

 

(a)            For
purposes of Section 2.03(a)(i), in the case of any Neurotrope Consolidated Group:

 

(i)            If
any Ordinary Taxes arise as a result of any adjustments made after the Distribution Date to the portion of the relevant Tax Return
for a Pre-Distribution Tax Period that relates to SpinCo, the amount of Ordinary Taxes attributable to SpinCo shall equal the excess,
if any, of (A) the amount of Ordinary Taxes actually payable by the Neurotrope Consolidated Group as a result of the adjustments
for the relevant period over (B) the amount of Ordinary Taxes that would have been so payable had no adjustments been made
to the portions of the relevant Tax Returns relating to SpinCo; and

 

(ii)            The
amount of Ordinary Taxes shown as due on any Tax Return filed after the Distribution Date that are attributable to SpinCo shall
equal the excess, if any, of (A) the amount of Ordinary Taxes actually shown as due on that Tax Return over (B) the amount
of Ordinary Taxes that would have been shown as due on that Tax Return had SpinCo not been included in the Neurotrope Consolidated
Group.

 

(b)            For
the avoidance of doubt, SpinCo shall be liable for Taxes of any Neurotrope Consolidated Group under Section 2.02(a)(i) only
to the extent any adjustment (as described in Section 2.03(a)(i)) or the inclusion of SpinCo in the relevant Neurotrope
Consolidated Group (as described in Section 2.03(a)(ii)) results in an actual increase in the aggregate Tax liability
of the Neurotrope Consolidated Group in any period. To the extent that any such adjustment or inclusion in one taxable period increases
the amount of Ordinary Taxes actually payable by the Neurotrope Consolidated Group in another taxable period, principles consistent
with those in Section 2.03(a) shall apply to determine the amount of Ordinary Taxes attributable to SpinCo.

 

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SECTION 2.04 Allocation of Transfer
Taxes. Neurotrope and SpinCo each shall be responsible for any Transfer Taxes incurred by the Neurotrope Tax Group and SpinCo,
respectively, as a result of the Distribution. If, under applicable Law, both Parties or neither Party are liable for Transfer
Taxes, then Neurotrope and SpinCo shall be equally responsible for such Transfer Taxes.

 

SECTION 2.05 Refunds, Credits and
Offsets.

 

(a)            Subject
to Section 2.06, if Neurotrope, SpinCo or any of their respective Subsidiaries receives any refund of any Taxes for
which the other Party is liable under this Article II (a “Refund Recipient”), such Refund Recipient
shall pay to the other Party the entire amount of the refund (including interest, but net of any Taxes imposed with respect to
such refund) within 10 business days of receipt or accrual; provided, however, that the other Party, upon the request
of such Refund Recipient, shall repay the amount paid to the other Party (plus any penalties, interest or other charges imposed
by the relevant Taxing Authority) in the event such Refund Recipient is required to repay such refund. In the event a Party would
be a Refund Recipient but for the fact it elected to apply a refund to which it would otherwise have been entitled against a Tax
liability arising in a subsequent taxable period, then such Party shall be treated as a Refund Recipient and the economic benefit
of so applying the refund shall be treated as a refund, and shall be paid within 10 business days of the due date of the Tax Return
to which such refund is applied to reduce the subsequent Tax liability.

 

(b)            For
purposes of Section 2.05(a), in the case of any Neurotrope Consolidated Group, the SpinCo shall be entitled to any
refund of Taxes only to the extent of the excess, if any, of (i) the amount of any refund (or reduction in subsequent Taxes)
that the Neurotrope Consolidated Group actually receives over (ii) the amount of any refund (or reduction in subsequent Taxes)
that the Neurotrope Consolidated Group would have received had any adjustments made after the Distribution Date to the portions
of any Tax Return relating SpinCo not been made.

 

SECTION 2.06 Carrybacks.

 

(a)            If
a Tax Return of SpinCo for any taxable period ending after the Distribution Date reflects any net operating loss, net capital loss,
excess Tax credit or other Tax attribute (a “Tax Attribute”), then SpinCo shall waive the right to carry back
any such Tax Attribute to a Pre-Distribution Tax Period to the extent permissible under applicable Law. In the event that SpinCo
does carry back a Tax Attribute to a Pre-Distribution Tax Period, then (i) subject to Section 2.06(b), no payment
with respect to such carryback shall be due to SpinCo from Neurotrope and (ii) if SpinCo receives any refund, credit or offset
of any Taxes in connection with such carryback, SpinCo shall promptly pay to Neurotrope the full amount of such refund or the economic
benefit of the credit or offset (including interest, but net of any Taxes imposed with respect to such refund).

 

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(b)            Notwithstanding
Section 2.06(a), if Neurotrope determines, in its sole discretion, that it has received, either from SpinCo under Section 2.06(a) or
directly from a Taxing Authority, a refund of Taxes that SpinCo has actually paid to Neurotrope or to any Taxing Authority pursuant
to this Agreement in connection with a carryback by SpinCo of a Tax Attribute to a Pre-Distribution Tax Period, Neurotrope shall
pay (or repay) to SpinCo the amount of such refund (net of any Taxes imposed with respect to such refund); provided, however,
that SpinCo agrees, upon Neurotrope’s request, to repay such amount (plus any penalties, interest or other charges imposed
by the relevant Taxing Authority) in the event Neurotrope is required to repay such refund.

 

SECTION 2.07 Straddle Periods.
For U.S. Federal income Tax purposes, the taxable year of SpinCo will close as of the end of the Distribution Date. For any taxable
period that includes (but does not end on) the Distribution Date (a “Straddle Period”), Taxes for the Pre-Distribution
Tax Period shall be computed (i) in the case of Taxes imposed on a periodic basis (such as real, personal and intangible property
Taxes), on a daily pro rata basis and (ii) in the case of other Taxes generally, as if the taxable period ended as of the
close of business on the Distribution Date.

 

ARTICLE III

 

Tax Returns, Tax Contests and Other Administrative
Matters

 

SECTION 3.01 Responsibility for
Preparing Tax Returns. Neurotrope

 

(a)            With
respect to any Tax Return that is required or permitted to be filed for a taxable period:

 

(i)            Neurotrope
shall prepare and file all Tax Returns of the Neurotrope Tax Group that are required or permitted to be filed for any taxable period.

 

(ii)            Neurotrope
shall prepare and file all Tax Returns of SpinCo for any taxable period ending on or before the Distribution Date, including any
short taxable year ending by reason of the Distribution. SpinCo shall provide to Neurotrope any information or documentation as
reasonably necessary for Neurotrope to prepare any such Tax Returns.

 

(iii)            SpinCo
shall prepare and file any Tax Returns of SpinCo that are required or permitted to be filed for any taxable period ending after
the Distribution Date, including any Straddle Period.

 

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(b)            To
the extent that any Tax Return described in Section 3.01(a) directly relates to matters for which SpinCo may have
an indemnification obligation to Neurotrope, or that may give rise to a refund to which SpinCo would be entitled, under this Agreement,
Neurotrope shall (i) prepare the relevant portions of the Tax Return on a basis consistent with past practice, except (A) as
required by applicable Law or to correct any clear error, (B) as a result of changes or elections made on any Tax Return of
a Neurotrope Consolidated Group that do not relate primarily to SpinCo or (C) as mutually agreed by the Parties; (ii) notify
SpinCo of any such portions not prepared on a basis consistent with past practice; (iii) provide SpinCo a reasonable opportunity
to review the relevant portions of the Tax Return; (iv) consider in good faith any reasonable comments made by SpinCo; and
(v) use commercially reasonable efforts to incorporate, in the portion of such Tax Return related to SpinCo’s potential
indemnification obligation (or refund entitlement), any reasonable comments made by SpinCo relating to the Neurotrope’s compliance
with clause (i). The Parties shall attempt in good faith to resolve any issues arising out of the review of any such Tax Return.

 

(c)            Neurotrope
shall, no later than 5 business days before the due date (including extensions) of any Tax Return described in Section 3.01(b),
notify SpinCo of any amount (or any portion of any such amount) shown as due on that Tax Return for which SpinCo must indemnify
Neurotrope under this Agreement. SpinCo shall pay such amount to the Neurotrope no later than one day prior to the due date (including
extensions) of the relevant Tax Return. A failure of Neurotrope to give notice as provided in this Section 3.01(c) shall
not relieve SpinCo from its indemnification obligations under this Agreement, except to the extent that the Indemnifying Party
shall have been actually and materially prejudiced by such failure.

 

(d)            Without
the prior written consent of SpinCo (which consent shall not be unreasonably withheld, conditioned or delayed), Neurotrope shall
not file, amend, withdraw, revoke or otherwise alter any Tax Return that relates to any event occurring on or before the Distribution
Date to the extent such alternation could reasonably be expected to adversely and materially impact matters for which SpinCo may
have an indemnification obligation to Neurotrope.

 

SECTION 3.02 Tax Contests. Neurotrope

 

(a)            Neurotrope
or SpinCo, as applicable, shall, within 10 business days of becoming aware of any Tax Contest that could reasonably be expected
to cause the other Party to have an indemnification obligation under this Agreement, notify the other Party of such Tax Contest
and thereafter promptly forward or make available to the Indemnifying Party copies of notices and communications relating to the
relevant portions of such Tax Contest. A failure by an Indemnitee to give notice as provided in this Section 3.02(a) (or
to promptly forward any such notices or communications) shall not relieve the Indemnifying Party’s indemnification obligations
under this Agreement, except to the extent that the Indemnifying Party shall have been actually prejudiced by such failure.

 

(b)            Neurotrope
shall have the exclusive right to control the conduct and settlement of any Tax Contest. Notwithstanding the foregoing, if the
conduct or settlement of any portion or aspect of any such Tax Contest could reasonably be expected to cause a SpinCo to have an
indemnification obligation under this Agreement, then (i) Neurotrope shall keep SpinCo reasonably informed as to material
aspects of any such Tax Contest, (ii) and Neurotrope shall not accept or enter into any settlement of such Tax Context without
the consent of SpinCo, which consent shall not be unreasonably withheld or delayed.

 

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SECTION 3.03 Cooperation. Each
Party shall cooperate with reasonable requests from the other Party in matters covered by this Agreement, including in connection
with the preparation and filing of Tax Returns, the calculation of Taxes, the determination of the proper financial accounting
treatment of Tax items and the conduct and settlement of Tax Contests. Such cooperation shall include:

 

(a)            retaining
until the expiration of the relevant statute of limitations (including extensions) records, documents, accounting data, computer
data and other information (“Records”) necessary for the preparation, filing, review, audit or defense of all Tax Returns
relevant to an obligation, right or liability of either Party under this Agreement;

 

(b)            providing
the other Party reasonable access to Records and to its personnel (ensuring their cooperation) and premises during normal business
hours to the extent relevant to an obligation, right or liability of the other Party under this Agreement or otherwise reasonably
required by the other Party to complete Tax Returns or to compute the amount of any payment contemplated by this Agreement; and

 

(c)            notifying
the other Party prior to disposing of any relevant Records and affording the other Party the opportunity to take possession or
make copies of such Records at its discretion.

 

ARTICLE IV

 

Indemnification Claims and Payments

 

SECTION 4.01 Indemnification Claims
and Payments.

 

(a)            An
Indemnitee shall be entitled to make a claim for payment with respect to Taxes under this Agreement when the Indemnitee determines
that it is entitled to such payment and is able to calculate with reasonably accuracy the amount of such payment. Except as otherwise
provided in Section 3.01(c), the Indemnitee shall provide to the Indemnifying Party notice of such claim within 30
business days of the first date on which it so becomes entitled to make such claim. Such notice shall include a description of
such claim and a detailed calculation of the amount claimed.

 

(b)            Except
as otherwise provided in Section 3.01(c), the Indemnifying Party shall make the claimed payment to the Indemnitee within
10 business days after receiving such notice, unless the Indemnifying Party reasonably disputes its liability for, or the amount
of, such payment.

 

(c)            A
failure by an Indemnitee to give notice as provided in Section 3.01(c) or this Section 4.01(b) shall
not relieve the Indemnifying Party’s indemnification obligations under this Agreement, except to the extent that the Indemnifying
Party shall have been actually prejudiced by such failure.

 

(d)            Nothing
in this Section 4.01 shall prejudice Neurotrope’s right to receive payments pursuant to Section 3.01(c).

 

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SECTION 4.02 Amount of Indemnity
Payments. The amount of any Indemnity Payment shall be (i) reduced to take into account any Tax benefit actually realized
by the Indemnitee resulting from the incurrence of the liability in respect of which the Indemnity Payment is made and (ii) increased
to take into account any Tax cost actually realized by the Indemnitee resulting from the receipt of the Indemnity Payment (including
any Tax cost arising from such Indemnity Payment having resulted in income or gain to either Party, for example, under Section 1.1502-19
of the Regulations, and any Taxes imposed on additional amounts payable pursuant to this clause (ii)).

 

SECTION 4.03 Treatment of Indemnity
Payments. Any Indemnity Payment (other than any portion of a payment that represents interest accruing after the Distribution
Date) shall be treated by Neurotrope and SpinCo for all Tax purposes as a distribution from SpinCo to Neurotrope immediately prior
to the Distribution (if made by SpinCo to Neurotrope) or as a contribution from Neurotrope to SpinCo immediately prior to the Distribution
(if made by Neurotrope to SpinCo), except as otherwise required by applicable Law or a Determination.

 

SECTION 4.04 Tax Disputes. The
Parties shall negotiate in good faith to resolve any disputes relating to Tax matters governed by this Agreement (“Tax
Disputes”). If any Tax Disputes remain unresolved after 30 calendar days, the matter will be referred to a mutually acceptable
Tax advisor with a reputable accounting firm (a “Tax Advisor”). The Parties shall instruct the Tax Advisor to
furnish notice to each Party of its resolution of the Tax Dispute as soon as practicable, but in any event no later than 60 calendar
days after its acceptance of the matter for resolution. Any such resolution by the Tax Advisor will be binding on the Parties and
the Parties shall take, or cause to be taken, any action necessary to implement the resolution. All fees and expenses of the Tax
Advisor shall be shared equally by the Parties.

 

ARTICLE V

 

Miscellaneous

 

SECTION 5.01 Termination. This
Agreement will terminate without further action at any time before the Distribution upon termination of the Separation Agreement.
If terminated, no Party will have any Liability of any kind to the other Party or any other Person on account of this Agreement,
except as provided in the Separation Agreement.

 

SECTION 5.02 Survival. Except
as expressly set forth in this Agreement, the covenants and indemnification obligations in this Agreement shall survive the Spin-Off
and shall remain in full force and effect.

 

SECTION 5.03 Separation Agreement.
The Parties agree that, in the event of a conflict between the terms of this Agreement and the Separation Agreement with respect
to the subject matter hereof, the terms of this Agreement shall govern.

 

SECTION 5.04 Confidentiality.
Each Party hereby acknowledges that confidential Information of such Party or its Subsidiaries may be exposed to employees and
agents of the other Party or its Subsidiaries as a result of the activities contemplated by this Agreement. Each Party agrees,
on behalf of itself and its Subsidiaries, that such Party’s obligations with respect to Information and data of the other
Party or its Subsidiaries shall be governed by the Separation Agreement.

 

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SECTION 5.05 Counterparts; Entire
Agreement.

 

(a)            This
Agreement may be executed in one or more counterparts, all of which counterparts shall be considered one and the same agreement,
and shall become effective when one or more counterparts have been signed by each Party and delivered to the other Party. This
Agreement may be executed by facsimile or PDF signature and a facsimile or PDF signature shall constitute an original for all purposes.

 

(b)            This
Agreement, the Separation Agreement, the other ancillary Agreements and the Appendices, Exhibits and Schedules hereto and thereto
contain the entire agreement between the Parties with respect to the subject matter hereof and supersede all previous agreements,
negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter, and there
are no agreements or understandings between the Parties with respect to the subject matter hereof other than those set forth or
referred to herein or therein.

 

SECTION 5.06 Governing Law; Jurisdiction.
This Agreement shall be governed by, and construed in accordance with, the Laws of the State of New York, regardless of the Laws
that might otherwise govern under applicable principles of conflicts of laws thereof. Each Party irrevocably consents to the exclusive
jurisdiction, forum and venue of the Commercial Division of the Supreme Court of the State of New York, New York County and the
United States District Court for the Southern District of New York over any and all claims, disputes, controversies or disagreements
between the Parties or any of their respective Subsidiaries, Affiliates, successors and assigns under or related to this Agreement
or any document executed pursuant to this Agreement or any of the transactions contemplated hereby or thereby.

 

SECTION 5.07 Waiver of Jury Trial.
EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED
AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH PARTY
CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT THE OTHER PARTY WOULD NOT, IN THE EVENT OF ANY LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) EACH
PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) EACH PARTY MAKES THIS WAIVER VOLUNTARILY AND (iv) EACH
PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.07.

 

SECTION 5.08 Assignability.
Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned, in whole or in part,
by operation of law or otherwise by either Party without the prior written consent of the other Party. Any purported assignment
without such consent shall be void. Subject to the preceding sentences, this Agreement will be binding upon, inure to the benefit
of, and be enforceable by, the Parties and their respective successors and assigns. Notwithstanding the foregoing, either Party
may assign this Agreement without consent in connection with (a) a merger transaction in which such Party is not the surviving
entity and the surviving entity acquires or assumes all or substantially all of such Party’s assets, or (b) the sale
of all or substantially all of such Party’s assets; provided, however, that the assignee expressly assumes
in writing all of the obligations of the assigning Party under this Agreement, and the assigning Party provides written notice
and evidence of such assignment and assumption to the non-assigning Party. No assignment permitted by this Section 5.08
shall release the assigning Party from liability for the full performance of its obligations under this Agreement.

 

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SECTION 5.09 Third-Party Beneficiaries.
(a) The provisions of this Agreement are solely for the benefit of the Parties hereto and are not intended to confer upon
any Person except the Parties hereto any rights or remedies hereunder and (b) there are no third-party beneficiaries of this
Agreement and this Agreement shall not provide any third Person with any remedy, claim, liability, reimbursement, cause of action
or other right in excess of those existing without reference to this Agreement.

 

SECTION 5.10 Notices. All notices
or other communications under this Agreement shall be in writing and shall be provided in the manner set forth in the Separation
Agreement. In addition, copies of all documents mentioned in the preceding sentence shall also be sent to the address set forth
below:

 

If to Neurotrope, to:

 

 

 

with a copy to:

 

 

 

If to SpinCo, to:

 

 

 

with a copy to:

 

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Chrysler Center

666 Third Avenue

New York, NY 10017

Attn:       Abraham A.
Reshtick, Esq.

Kenneth Koch, Esq.

 

Either Party may, by notice to the other Party, change the address
to which such copies of documents are to be given.

 

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SECTION 5.11 Severability. If
any provision of this Agreement or the application thereof to any Person or circumstance is determined by a court of competent
jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons
or circumstances or in jurisdictions other than those as to which it has been held invalid or unenforceable, shall remain in full
force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of
the transactions contemplated hereby is not affected in any manner materially adverse to either Party. Upon any such determination,
any such provision, to the extent determined to be invalid, void or unenforceable, shall be deemed replaced by a provision that
such court determines is valid and enforceable and that comes closest to expressing the intention of the invalid, void or unenforceable
provision.

 

SECTION 5.12 Headings. The article,
section and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement.

 

SECTION 5.13 Waivers of Default.
No failure or delay of either Party (or the applicable member of its Group) in exercising any right or remedy under this Agreement
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance
of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise
of any other right or power. Waiver by either Party of any default by the other Party of any provision of this Agreement shall
not be deemed a waiver by the waiving Party of any subsequent or other default.

 

SECTION 5.14 Specific Performance.
In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement,
Neurotrope shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement,
in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative.
SpinCo shall not oppose the granting of such relief on the basis that money damages are an adequate remedy. The Parties agree that
the remedies at law for any breach or threatened breach hereof, including monetary damages, are inadequate compensation for any
loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements
for the securing or posting of any bond with such remedy are waived. The Parties acknowledge and agree that the right of specific
enforcement is an integral part of this Agreement and without that right, neither Neurotrope nor SpinCo would have entered into
this Agreement.

 

SECTION 5.15 Amendments. No
provisions of this Agreement shall be deemed waived, amended, supplemented or modified by either Party, unless such waiver, amendment,
supplement or modification is in writing and signed by the authorized representative of each Party.

 

SECTION 5.16 Interpretation.
The rules of interpretation set forth in Section 12.14 of the Separation Agreement shall be incorporated by reference
to this Agreement, mutatis mutandis. NOTWITHSTANDING THE FOREGOING, THE PURPOSE OF ARTICLE IV IS TO ENSURE THAT EACH
STEP OF THE TRANSACTIONS QUALIFY FOR ITS INTENDED TAX TREATMENT AND, ACCORDINGLY, THE PARTIES AGREE THAT THE LANGUAGE THEREOF SHALL
BE INTERPRETED IN A MANNER THAT SERVES THIS PURPOSE TO THE GREATEST EXTENT POSSIBLE.

 

    12

     

    

 

SECTION 5.17 Compliance by Subsidiaries.
The Parties shall cause their respective Subsidiaries to comply with this Agreement.

 

IN WITNESS WHEREOF, the Parties have executed
this Agreement as of the date first written above.

 

	 	Neurotrope Inc.
	 	 
	 	by 	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	Neurotrope Bioscience, Inc.
	 	 
	 	by 	 
	 	 	Name:
	 	 	Title:

 

    13Exhibit 4.1

 

SCHOLAR ROCK HOLDING CORPORATION

FORM OF WARRANT TO PURCHASE COMMON
STOCK

 

Number of Shares: [●]

 

(subject to adjustment)

 

	Warrant No. [●]	 	Original Issue Date: November [●], 2020

 

Scholar Rock Holding Corporation., a Delaware corporation (the
 “Company”), hereby certifies that, for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, [●] or its registered assigns (the “Holder”), is entitled, subject to the terms
set forth below, to purchase from the Company up to a total of [●] shares of common stock, $0.001 par value per share (the
 “Common Stock”), of the Company (each such share, a “Warrant Share” and all such shares,
the “Warrant Shares”) at an exercise price per share equal to $0.0001 per share (as adjusted from time to time
as provided in Section 9 herein, the “Exercise Price”) upon surrender of this Warrant to Purchase
Common Stock (including any Warrants to Purchase Common Stock issued in exchange, transfer or replacement hereof, the “Warrant”)
at any time and from time to time on or after the date hereof (the “Original Issue Date”), subject to the following
terms and conditions:

 

1. Definitions. For purposes of this Warrant, the following
terms shall have the following meanings:

 

(a) “Affiliate”
means any Person directly or indirectly controlled by, controlling or under common control with, a Holder, as such terms are used
in and construed under Rule 405 under the Securities Act, but only for so long as such control shall continue.

 

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

 

(c) “Closing Sale Price”
means, for any security as of any date, the last trade price for such security on the Principal Trading Market for such security,
as reported by Bloomberg L.P., or, if such Principal Trading Market begins to operate on an extended hours basis and does not designate
the last trade price, then the last trade price of such security prior to 4:00 P.M., New York City time, as reported by Bloomberg
L.P., or if the security is not listed for trading on a national securities exchange or other trading market on the relevant date,
the last quoted bid price for the security in the over-the-counter market on the relevant date as reported by OTC Markets Group
Inc. (or a similar organization or agency succeeding to its functions of reporting prices). If the Closing Sale Price cannot be
calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date
shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to
agree upon the fair market value of such security, then the Board of Directors of the Company shall use its good faith judgment
to determine the fair market value. The Board of Directors’ determination shall be binding upon all parties absent demonstrable
error. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other
similar transaction during the applicable calculation period.

 

(d) “Principal Trading Market”
means the national securities exchange or other trading market on which the Common Stock is primarily listed on and quoted for
trading, which, as of the Original Issue Date, shall be the Nasdaq Global Select Market.

 

(e) “Registration Statement”
means the Company’s Registration Statement on Form S-3 (File No. 333-231920), declared effective on June 10,
2019.

 

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

 

(g) “Trading Day”
means any weekday on which the Principal Trading Market is open for trading. If the Common Stock is not listed or admitted for
trading, “Trading Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the
United States or any day on which banking institutions in New York City are authorized or required by law or other governmental
action to close.

 

(h) “Transfer Agent”
means Computershare Trust Company, N.A., the Company’s transfer agent and registrar for the Common Stock, and any successor
appointed in such capacity.

 

    

     

    

 

2. Issuance of Securities; Registration of Warrants.
The Warrant, as initially issued by the Company, is offered and sold pursuant to the Registration Statement. As of the Original
Issue Date, the Warrant Shares are issuable under the Registration Statement. Accordingly, the Warrant and, assuming issuance pursuant
to the Registration Statement or an exchange meeting the requirements of Section 3(a)(9) of the Securities Act as in
effect on the Original Issue Date, the Warrant Shares, are not “restricted securities” under Rule 144 promulgated
under the Securities Act as of the Original Issue Date. The Company shall register ownership of this Warrant, upon records to be
maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder (which
shall include the initial Holder or, as the case may be, any assignee to which this Warrant is assigned hereunder) from time to
time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any
exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

3. Registration of Transfers. Subject to compliance with
all applicable securities laws and the rules of the Principal Trading Market, the Company shall, or will cause its Transfer
Agent to, register the transfer of all or any portion of this Warrant in the Warrant Register, upon surrender of this Warrant,
and payment for all applicable transfer taxes (if any). Upon any such registration or transfer, a new warrant to purchase Common
Stock in substantially the form of this Warrant (any such new warrant, a “New Warrant”) evidencing the portion
of this Warrant so transferred shall be issued to the transferee, and a New Warrant evidencing the remaining portion of this Warrant
not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof
shall be deemed the acceptance by such transferee of all of the rights and obligations in respect of the New Warrant that the Holder
has in respect of this Warrant. The Company shall, or will cause its Transfer Agent to, prepare, issue and deliver at the Company’s
own expense any New Warrant under this Section 3. Until due presentment for registration of transfer, the Company may
treat the registered Holder hereof as the owner and holder for all purposes, and the Company shall not be affected by any notice
to the contrary.

 

4. Exercise and Duration of Warrants.

 

(a) All or any part of this Warrant
shall be exercisable by the registered Holder in any manner permitted by this Warrant at any time and from time to time on or after
the Original Issue Date.

 

(b) The Holder may exercise this Warrant
by delivering to the Company (i) an exercise notice, in the form attached as Schedule 1 hereto (the “Exercise
Notice”), completed and duly signed, and (ii) payment of the Exercise Price for the number of Warrant Shares as
to which this Warrant is being exercised (which may take the form of a “cashless exercise” if so indicated in the Exercise
Notice pursuant to Section 10 below). The date on which such exercise notice is delivered to the Company (as determined
in accordance with the notice provisions hereof) is an “Exercise Date.” The Holder shall not be required to
deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the Exercise Notice shall have
the same effect as cancellation of the original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining
number of Warrant Shares, if any. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by
reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of
Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

5. Delivery of Warrant Shares.

 

(a) Upon exercise of this Warrant,
the Company shall promptly (but in no event later than three (3) Trading Days after the Exercise Date), upon the request of
the Holder, cause the Transfer Agent to credit such aggregate number of shares of Common Stock to which the Holder is entitled
pursuant to such exercise to the Holder’s or its designee’s balance account with The Depository Trust Company (“DTC”)
through its Deposit Withdrawal Agent Commission system or if the Transfer Agent is not participating in the Fast Automated Securities
Transfer Program (the “FAST Program”) or if the certificates are required to bear a legend regarding restriction
on transferability, issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate,
registered in the Company’s share register in the name of the Holder or its designee, for the number of shares of Common
Stock to which the Holder is entitled pursuant to such exercise. The Holder, or any natural person or legal entity (each, a “Person”)
so designated by the Holder to receive Warrant Shares, shall be deemed to have become the holder of record of such Warrant Shares
as of the Exercise Date, irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or the date
of delivery of the certificates evidencing such Warrant Shares, as the case may be.

 

    

     

    

 

(b) If by the close of the third (3rd)
Trading Day after the Exercise Date, the Company fails to deliver to the Holder a certificate representing the required number
of Warrant Shares in the manner required pursuant to Section 5(a) or fails to cause the Transfer Agent to credit
the Holder’s DTC account for such number of Warrant Shares to which the Holder is entitled, and if after such third (3rd)
Trading Day and prior to the receipt of such Warrant Shares, the Holder purchases (in an open market transaction or otherwise,
provided such purchases shall be made in a commercially reasonable manner at prevailing market prices) shares of Common Stock to
deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise
(a “Buy-In”), then the Company shall, within three (3) Trading Days after the Holder’s written request
and in the Holder’s sole discretion, either (i) pay in cash to the Holder an amount equal to the Holder’s total
purchase price (including commercially reasonable brokerage commissions, if any) for the shares of Common Stock so purchased, at
which point the Company’s obligation to deliver such certificate (and to issue such Warrant Shares) or to cause the Holder’s
DTC account to be credited for such Warrant Shares shall terminate or (ii) (x)pay cash to the Holder in an amount equal to
the excess (if any) of Holder’s total purchase price (including commercially reasonable brokerage commissions, if any) for
the shares of Common Stock so purchased in the Buy-In (assuming such sale was executed on commercially reasonable terms at prevailing
market prices) over the product of (A) the number of shares of Common Stock purchased in the Buy-In, times (B) the Closing
Sale Price of a share of Common Stock on the Exercise Date and (y) at the option of the holder, either promptly deliver to
the Holder a certificate or certificates representing such Warrant Shares or reinstate the portion of the Warrant and equivalent
number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded).

 

(c) To the extent permitted by law
and subject to Section 5(b), the Company’s obligations to cause the Transfer Agent to issue and deliver Warrant
Shares in accordance with and subject to the terms hereof (including the limitations set forth in Section 11 below)
are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent
with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any
setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or any other Person
of any obligation to the Company or any violation or alleged violation of law by the Holder or any other Person, and irrespective
of any other circumstance that might otherwise limit such obligation of the Company to the Holder in connection with the issuance
of Warrant Shares. Subject to Section 5(b), nothing herein shall limit the Holder’s right to pursue any other
remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock
upon exercise of the Warrant as required pursuant to the terms hereof.

 

6. Charges, Taxes and Expenses. Issuance and delivery
of certificates for shares of Common Stock, if any, upon exercise of this Warrant shall be made without charge to the Holder for
any issue or transfer tax, transfer agent fee or other incidental tax or expense (excluding any applicable stamp duties) in respect
of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however,
that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the registration
of any certificates for Warrant Shares or the Warrants in a name other than that of the Holder or an Affiliate thereof. The Holder
shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving
Warrant Shares upon exercise hereof.

 

7. Replacement of Warrant. If this Warrant is mutilated,
lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation
hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon receipt of evidence reasonably satisfactory
to the Company of such loss, theft or destruction (in such case) and, in each case, a customary and reasonable indemnity and surety
bond, if requested by the Company. Applicants for a New Warrant under such circumstances shall also comply with such other reasonable
regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe. If a New Warrant is requested
as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant to the Company as a condition
precedent to the Company’s obligation to issue the New Warrant.

 

8. Reservation of Warrant Shares. The Company covenants
that it will, at all times while this Warrant is outstanding, reserve and keep available out of the aggregate of its authorized
but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise
of this Warrant as herein provided, the number of Warrant Shares that are initially issuable and deliverable upon the exercise
of this entire Warrant, free from preemptive rights or any other contingent purchase rights of persons other than the Holder (taking
into account the adjustments and restrictions of Section 9). The Company covenants that all Warrant Shares so issuable
and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly
and validly authorized, issued and fully paid and non-assessable. The Company will take all such action as may be reasonably necessary
to assure that such shares of Common Stock may be issued as provided herein without violation of any applicable law or regulation,
or of any requirements of any securities exchange or automated quotation system upon which the Common Stock may be listed. The
Company further covenants that it will not, without the prior written consent of the Holder, take any actions to increase the par
value of the Common Stock at any time while this Warrant is outstanding.

 

    

     

    

 

9. Certain Adjustments. The Exercise Price and number
of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth in this Section 9.

 

(a) Stock Dividends and Splits.
If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common Stock or otherwise
makes a distribution on any class of capital stock issued and outstanding on the Original Issue Date and in accordance with the
terms of such stock on the Original Issue Date, as described in the Registration Statement, that is payable in shares of Common
Stock, (ii) subdivides its outstanding shares of Common Stock into a larger number of shares of Common Stock, (iii) combines
its outstanding shares of Common Stock into a smaller number of shares of Common Stock or (iv) issues by reclassification
of shares of capital stock any additional shares of Common Stock of the Company, then in each such case the Exercise Price shall
be multiplied by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding immediately before
such event and the denominator of which shall be the number of shares of Common Stock outstanding immediately after such event.
Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for
the determination of stockholders entitled to receive such dividend or distribution, provided, however, that if such record date
shall have been fixed and such dividend is not fully paid on the date fixed therefor, the Exercise Price shall be recomputed accordingly
as of the close of business on such record date and thereafter the Exercise Price shall be adjusted pursuant to this paragraph
as of the time of actual payment of such dividends. Any adjustment pursuant to clause (ii) or (iii) of this paragraph
shall become effective immediately after the effective date of such subdivision or combination.

 

(b) Pro Rata Distributions.
If the Company, at any time while this Warrant is outstanding, distributes to all holders of Common Stock for no consideration
(i) evidences of its indebtedness, (ii) any security (other than a distribution of Common Stock covered by the preceding
paragraph) (iii) rights or warrants to subscribe for or purchase any security, or (iv) cash or any other asset (in each
case, a “Distribution”), other than a reclassification as to which Section 9(c) applies, then
in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have
participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant
(without regard to any limitations on exercise hereof, including without limitation, the ownership limitation set forth in Section 11(a) hereof)
immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which
the record holders of Common Stock are to be determined for the participation in such Distribution (provided, however, to the extent
that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the ownership limitation
set forth in Section 11(a) hereof, then the Holder shall not be entitled to participate in such Distribution to
such extent (or in the beneficial ownership of any Common Stock as a result of such Distribution to such extent) and the portion
of such Distribution shall be held in abeyance for the benefit of the Holder until the earlier of (i) such time, if ever,
as the delivery to such Holder of such portion would not result in the Holder exceeding the ownership limitation set forth in Section 11(a) hereof
and (ii) such time as the Holder has exercised this Warrant.

 

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

 

    

     

    

 

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

 

(e) Calculations. All calculations
under this Section 9 shall be made to the nearest one-hundredth of one cent or the nearest share, as applicable.

 

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

 

(g) Notice of Corporate Events.
If, while this Warrant is outstanding, the Company (i) declares a dividend or any other distribution of cash, securities or
other property in respect of its Common Stock, including, without limitation, any granting of rights or warrants to subscribe for
or purchase any capital stock of the Company or any subsidiary, (ii) authorizes or approves, enters into any agreement contemplating
or solicits stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation
or winding up of the affairs of the Company, then, except if such notice and the contents thereof shall be deemed to constitute
material non-public information, the Company shall deliver to the Holder a notice of such transaction at least ten (10) days
prior to the applicable record or effective date on which a Person would need to hold Common Stock in order to participate in or
vote with respect to such transaction; provided, however, that the failure to deliver such notice or any defect therein shall not
affect the validity of the corporate action required to be described in such notice. In addition, if while this Warrant is outstanding,
the Company authorizes or approves, enters into any agreement contemplating or solicits stockholder approval for any Fundamental
Transaction contemplated by Section 9(c), other than a Fundamental Transaction under clause (iii) of Section 9(c),
then, except if such notice and the contents thereof shall be deemed to constitute material non-public information, the Company
shall deliver to the Holder a notice of such Fundamental Transaction at least ten (10) days prior to the date such Fundamental
Transaction is consummated.

 

10. Payment of Cashless Exercise Price. Notwithstanding
anything contained herein to the contrary, the Holder may, in its sole discretion, satisfy its obligation to pay the Exercise Price
through a “cashless exercise,” in which event the Company shall issue to the Holder the number of Warrant Shares in
an exchange of securities effected pursuant to Section 3(a)(9) of the Securities Act as determined as follows:

 

    

     

    

 

X = Y [(A-B)/A]

 

where:

 

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

 

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

 

“A” equals the Closing Sale
Price per share of Common Stock as of the Trading Day on the date immediately preceding the Exercise Date; and

 

“B” equals the Exercise Price
per Warrant Share then in effect on the Exercise Date.

 

For purposes of Rule 144 promulgated under the Securities
Act, it is intended, understood and acknowledged that the Warrant Shares issued in such a “cashless exercise” transaction
shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced,
on the Original Issue Date (provided that the Commission continues to take the position that such treatment is proper at the time
of such exercise). In the event that the Registration Statement or another registration statement registering the issuance of Warrant
Shares is, for any reason, not effective at the time of exercise of this Warrant, then this Warrant may only be exercised through
a cashless exercise, as set forth in this Section 10.

 

In no event will the exercise of this Warrant be settled in
cash.

 

11. Limitations on Exercise.

 

(a) Notwithstanding anything to the
contrary contained herein, the Company shall not effect any exercise of this Warrant, and the Holder shall not be entitled to exercise
this Warrant for a number of Warrant Shares in excess of that number of Warrant Shares which, upon giving effect or immediately
prior to such exercise, would cause (i) the aggregate number of shares of Common Stock beneficially owned by the Holder, its
Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes
of Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), to exceed
9.99% (the “Maximum Percentage”) of the total number of issued and outstanding shares of Common Stock of the
Company following such exercise, or (ii) the combined voting power of the securities of the Company beneficially owned by
the Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s
for purposes of Section 13(d) of the Exchange Act to exceed 9.99% of the combined voting power of all of the securities
of the Company then outstanding following such exercise. For purposes of this Warrant, in determining the number of outstanding
shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company’s
most recent Form 10-Q or Form 10-K, as the case may be, filed with the Commission prior to the Exercise Date, (y) a
more recent public announcement by the Company or (z) any other notice by the Company or the Transfer Agent setting forth
the number of shares of Common Stock outstanding. Upon the written request of the Holder, the Company shall within three (3) Trading
Days confirm in writing or by electronic mail to the Holder the number of shares of Common Stock then outstanding. In any case,
the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
of the Company, including this Warrant, by the Holder since the date as of which such number of outstanding shares of Common Stock
was reported. By written notice to the Company, the Holder may from time to time increase or decrease the Maximum Percentage to
any other percentage not in excess of 19.99% specified in such notice; provided that any such increase or decrease will not be
effective until the sixty-first (61st) day after such notice is delivered to the Company. For purposes of this Section 11(a),
the aggregate number of shares of Common Stock or voting securities beneficially owned by the Holder and its Affiliates and any
other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of
the Exchange Act shall include the shares of Common Stock issuable upon the exercise of this Warrant with respect to which such
determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (x) exercise
of the remaining unexercised and non-cancelled portion of this Warrant by the Holder and (y) exercise or conversion of the
unexercised, non-converted or non-cancelled portion of any other securities of the Company that do not have voting power (including
without limitation any securities of the Company which would entitle the holder thereof to acquire at any time Common Stock, including
without limitation any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or
exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock), is subject to a limitation
on conversion or exercise analogous to the limitation contained herein and is beneficially owned by the Holder or any of its Affiliates
and other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of
the Exchange Act.

 

    

     

    

 

(b) This Section 11 shall
not restrict the number of shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount
of securities or other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in
Section 9(c) of this Warrant.

 

12. No Fractional Shares. No fractional Warrant Shares
will be issued in connection with any exercise of this Warrant. In lieu of any fractional shares that would otherwise be issuable,
the number of Warrant Shares to be issued shall be rounded down to the next whole number and the Company shall pay the Holder in
cash the fair market value (based on the Closing Sale Price) for any such fractional shares.

 

13. Notices. Any and all notices or other communications
or deliveries hereunder (including, without limitation, any Exercise Notice) shall be in writing and shall be deemed given and
effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile or confirmed
e-mail prior to 5:30 P.M., New York City time, on a Trading Day, (ii) the next Trading Day after the date of transmission,
if such notice or communication is delivered via facsimile or confirmed e-mail on a day that is not a Trading Day or later than
5:30 P.M., New York City time, on any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally
recognized overnight courier service specifying next business day delivery, or (iv) upon actual receipt by the Person to whom
such notice is required to be given, if by hand delivery. The addresses, facsimile numbers and e-mail addresses for such communications
shall be:

 

If to the Company:

 

Scholar Rock Holding Corporation

620 Memorial Drive, 2nd Floor

Cambridge, Massachusetts 02139

Attention: Head of Legal

Email: jho@scholarrock.com

 

If to the Holder, to its address, facsimile number
or e-mail address set forth herein or on the books and records of the Company.

 

Or, in each of the above instances, to such other address, facsimile
number or e-mail address as the recipient party has specified by written notice given to each other party at least five (5) days
prior to the effectiveness of such change.

 

14. Warrant Agent. The Company shall initially serve
as warrant agent under this Warrant. Upon ten (10) days’ notice to the Holder, the Company may appoint a new warrant
agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting from any consolidation
to which the Company or any new warrant agent shall be a party or any corporation to which the Company or any new warrant agent
transfers substantially all of its corporate trust or shareholders services business shall be a successor warrant agent under this
Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession as warrant agent
to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register.

 

15. Miscellaneous.

 

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

 

    

     

    

 

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

 

(c) Successors and Assigns.
Subject to compliance with applicable securities laws, this Warrant may be assigned by the Holder. This Warrant may not be assigned
by the Company without the written consent of the Holder, except to a successor in the event of a Fundamental Transaction. This
Warrant shall be binding on and inure to the benefit of the Company and the Holder and their respective successors and assigns.
Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and
the Holder any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing
signed by the Company and the Holder, or their successors and assigns.

 

(d) Amendment and Waiver. Except
as otherwise provided herein, the provisions of the Warrants may be amended and the Company may take any action herein prohibited,
or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the Holder.

 

(e) Acceptance. Receipt of
this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained herein.

 

(f) Governing Law; Jurisdiction.
ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED
AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF.
EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING
IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH
ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF THE WARRANT OR ANY OF THE
DOCUMENTS DELIVERED HEREUNDER), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY
CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT. EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY
WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY
THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PERSON AT THE ADDRESS IN EFFECT
FOR NOTICES TO IT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING
CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. EACH OF THE COMPANY
AND THE HOLDER HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY.

 

(g) Headings. The headings
herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any of the
provisions hereof.

 

(h) Severability. In case any
one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby, and the Company and
the Holder will attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable
substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    

     

    

 

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

 

	 	SCHOLAR ROCK HOLDING CORPORATION
	 	 	 
	 	 	 
	 	By: 	 
	 	 	Name: Edward Myles
	 	 	Title: Chief Financial Officer

 

[Signature Page to Prefunded Warrant]

 

    

     

    

 

SCHEDULE 1

 

FORM OF EXERCISE NOTICE

 

[To be executed by the Holder to purchase
Warrant Shares under the Warrant]

 

Ladies and Gentlemen:

 

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

 

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

 

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

 

	 	 ̈	Cash Exercise 

 

	 	 ̈	“Cashless Exercise” under Section 10 of the Warrant 

 

(4) If the Holder has elected a Cash Exercise, the Holder
shall pay the sum of $ __________ in immediately available funds to the Company in accordance with the terms of the Warrant.

 

(5) Pursuant to this Exercise Notice, the Company shall
deliver to the Holder Warrant Shares determined in accordance with the terms of the Warrant. The Warrant Shares shall be delivered
to the following DWAC Account Number:

 

	 	 

 

(6) By its delivery of this Exercise Notice, the undersigned
represents and warrants to the Company that in giving effect to the exercise evidenced hereby the Holder, its Affiliates and any
other Person whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of
the Exchange Act will not beneficially own in excess of the number of shares of Common Stock (as determined in accordance with
Section 13(d) of the Securities Exchange Act of 1934, as amended) permitted to be owned under Section 11(a) of
the Warrant to which this notice relates.

 

	Dated:	 	 
	 	 	 
	Name of Holder: 	 	 
	 	 	 
	By:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 

 

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

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