Document:

formofwarrant.htm

    
      

      

    

    EXHIBIT
10.2

    

    THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES
LAW.  SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF
SUCH REGISTRATION OR UNLESS SUCH SALE OR TRANSFER IS EXEMPT FROM THE
REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE ACT OR THE ISSUER HAS
RECEIVED AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY ACCEPTABLE TO
THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT OR APPLICABLE STATE
SECURITIES LAWS.  THESE SECURITIES AND THE SECURITIES
ISSUABLE UPON EXERCISE OF THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A
BONA FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES.

    

    

    

    DOR BIOPHARMA,
INC.

    

    

    

    Warrant for the Purchase of
Shares of

    Common
Stock

    

    No.                                                                                                

                                                                                Original
Issue Date January __, 2009

    

    

    FOR VALUE RECEIVED, DOR BIOPHARMA,
INC., a Delaware corporation (the "Company"), hereby certifies
that
___________________ (the “Holder”), is entitled to
purchase from the Company, at any time or from time to time commencing after the
Original Issue Date and expiring at 5:00 P.M., New York City time, on the fifth
(5th) anniversary after the Original Issue Date (as such date may be changed
pursuant to Section 2 hereof, the “Expiration Date” being January __, 2014, ______________________ (________), fully paid and
non-assessable shares of Common Stock, par value $.001 per share, of the Company
(the “Warrant Shares”)
for a per share exercise price equal to $0.14 per share (the “Per Share Warrant Price”). The
Per Share Warrant Price is subject to adjustment as hereinafter provided.
Capitalized terms used and not otherwise defined in this Warrant shall have the
meanings specified in Section 9, unless the context otherwise
requires.

    

    1.           Exercise of
Warrant.

    

    (a)           This
Warrant may be exercised, in whole at any time or in part from time to time,
commencing after the Original Issue Date and expiring at 5:00 P.M., New York
City time, on the Expiration Date (with the Exercise Notice at the end of this
Warrant duly executed) at the address set forth in Section 10 hereof, together
with payment of the Per Share Warrant Price multiplied by the number of Warrant
Shares to which such exercise relates made by delivery to the Company of one or
more types of Permitted Consideration.

    

     

    (b)           If
this Warrant is exercised in part, the Company will deliver to the Holder within
ten Trading Days of the date such Holder delivers to the Company this Warrant
and an Exercise Notice, together with the payment of the aggregate Per Share
Warrant Price for such exercise, a new Warrant covering the Warrant Shares which
have not been exercised.  By the expiration of the third Trading Day
following the Holder’s delivery of a Warrant, together with an Exercise Notice
and the payment of the aggregate Per Share Warrant Price for such exercise, the
Company will (i) issue a certificate or certificates in the name of the Holder
for the largest number of whole shares of the Common Stock to which the Holder
shall be entitled and, if this Warrant is exercised in whole, in lieu of any
fractional share of the Common Stock to which the Holder shall be entitled, pay
to the Holder cash in an amount equal to the fair value of such fractional share
(determined by reference to the closing sales price of the Common Stock on the
date of the Exercise Notice), and (ii) deliver the other securities and
properties receivable upon the exercise of this Warrant, or the proportionate
part thereof if this Warrant is exercised in part, pursuant to the provisions of
this Warrant.

    

    (c)           If,
six months after the Original Issue Date, the Warrant Shares to be issued are
not registered and available for resale by the Holder pursuant to a registration
statement in accordance with the Registration Rights Agreement entered into on
the date hereof, then the Holder may, at its election exercised in its sole
discretion, exercise this Warrant in whole or in part and, in lieu of making a
cash payment of Permitted Consideration, elect instead to receive upon such
exercise the “Net Number” of shares of Common Stock determined according to the
following formula:

    

    Net Number = (A x B) – (A x
C)

    B

    For purposes of the foregoing
formula:

    

    A=the total number of Warrant Shares
with respect

    to which this Warrant is then being
exercised.

    

    B=the average of the closing sales
prices for the five

    Trading Days immediately prior to (but
not including)

    the day that the Holder delivers the
Exercise Notice at issue.

    

    C=the Per Share Warrant
Price;

    

    provided,
however that Holder may not exercise this Warrant in whole or in part pursuant
to this Section 1(c) if a registration statement has been filed but the Holder
is not permitted to use the prospectus included in such registration
statement.  However, the Holder may exercise the only the first 10% of
this Warrant in whole or in part pursuant to this Section 1(c) at any
time.

    

    (d)           If,
by the third Trading Day after the date that the Holder delivers an Exercise
Notice, together with the payment of the aggregate Per Share Warrant Price for
such exercise, the Company fails to deliver the required number of Warrant
Shares in the manner required pursuant to Section 1(b), then the Holder will
have the right to rescind such exercise.

    

    (e)           If,
by the third Trading Day after the date that the Holder delivers an Exercise
Notice, together with the payment of the aggregate Per Share Warrant Price for
such exercise, the Company fails to deliver the required number of Warrant
Shares in the manner required pursuant to Section 1(b), and if after such third
Trading Day and prior to the receipt of such Warrant Shares, the Holder
purchases (in an open market transaction or otherwise) 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 (1) pay in cash to the Holder the amount by which (x) the Holder's total
purchase price (including brokerage commissions, if any) for the shares of
Common Stock so purchased exceeds (y) the amount obtained by multiplying (A) the
number of Warrant Shares that the Company was required to deliver to the Holder
in connection with the exercise at issue by (B) the closing bid price of the
Common Stock at the time of the obligation giving rise to such purchase
obligation and (2) at the option of the Holder, either reinstate the portion of
the Warrant and equivalent number of Warrant Shares for which such exercise was
not honored or deliver to the Holder the number of shares of Common Stock that
would have been issued had the Company timely complied with its exercise and
delivery obligations hereunder.  The Holder shall provide the Company
written notice indicating the amounts payable to the Holder in respect of the
Buy-In.

    

    (f)           Notwithstanding
anything to the contrary contained herein, the number of shares of Common Stock
that may be acquired by the Holder upon any exercise of this Warrant shall be
limited to the extent necessary to insure that, following such exercise, the
total number of shares of Common Stock then beneficially owned by such 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, does not exceed 4.999% of the total number of issued and
outstanding shares of Common Stock (including for such purpose the shares of
Common Stock issuable upon such exercise).  For such purposes,
beneficial ownership shall be determined in accordance with Section 13(d) of the
Exchange Act and the rules and regulations promulgated
thereunder.  Each delivery of an Exercise Notice will constitute a
representation by the Holder that it has evaluated the limitation set forth in
this paragraph and determined that issuance of the full number of Warrant Shares
requested in such Exercise Notice is permitted under this paragraph. This
provision 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 3. By written notice to the
Company, the Holder may waive the provisions of this Section but any such waiver
will not be effective until the 61st day after such notice is delivered to the
Company.

    

    (g)           Notwithstanding
anything to the contrary contained herein, the number of shares of Common Stock
that may be acquired by the Holder upon any exercise of this Warrant (or
otherwise in respect hereof) shall be limited to the extent necessary to insure
that, following such exercise (or other issuance), the total number of shares of
Common Stock then beneficially owned by such 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, does not
exceed 9.999% of the total number of issued and outstanding shares of Common
Stock (including for such purpose the shares of Common Stock issuable upon such
exercise).  For such purposes, beneficial ownership shall be
determined in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder.  Each delivery of an Exercise
Notice will constitute a representation by the Holder that it has evaluated the
limitation set forth in this paragraph and determined that issuance of the full
number of Warrant Shares requested in such Exercise Notice is permitted under
this paragraph.  This provision 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
3.  This restriction may not be waived.

    

    2.           Company’s Option to Change
Expiration Date.

    

    Notwithstanding anything herein to the
contrary, in the event that (i) the closing sales price per share of Common
Stock is in excess of 400% of the Per Share Warrant
Price (as may be adjusted pursuant to Section 3) for any twenty (20)
Trading Days during any thirty (30) consecutive Trading Days, (ii) the Warrant
Shares are either registered for resale pursuant to an effective registration
statement naming the Holder as a selling stockholder thereunder (and the
prospectus thereunder is available for use by the Holder as to all then
available Warrant Shares) or freely transferable without volume restrictions
pursuant to Rule 144(k) promulgated under the Securities Act, as determined by
counsel to the Company pursuant to a written opinion letter addressed and in
form and substance reasonably acceptable to the Holder and the transfer agent
for the Common Stock, during the entire twenty (20) Trading Day period
referenced in (i) above through the expiration of the Call Date as set forth in
the Company’s notice pursuant to this Section (the “Call Condition Period”), and
(iii) the Company shall have complied in all material respects with its
obligations under this Warrant and under the Purchase Agreement, then, subject
to the conditions set forth in this Section, the Company may, in its sole
discretion, elect to change the Expiration Date to 5:00 P.M., New York City time
on 50% of the Holder’s warrants on the date that is thirty (30) days after
written notice thereof (a “Call
Notice”) is received by the Holder (the “Call Date”) at the address
last shown on the records of the Company for the Holder or given by the Holder
to the Company for the purpose of notice; provided, that the conditions to
giving such notice must be in effect at all times during the Call Condition
Period or any such notice shall be null and void.  In the event that
the closing sales price per share of Common Stock is in excess of 600% of the Per Share Warrant
Price (as may be adjusted pursuant to Section 3) for any twenty (20)
Trading Days during any thirty (30) consecutive Trading Days, the Company
reserves the right change the Expiration Date to 5:00 P.M., New York City time
on the remaining 50% of the Holder’s warrants on the date that is thirty (30)
days after written notice thereof (a “Call Notice”) is received by
the Holder (the “Call
Date”) at the address last shown on the records of the Company for the
Holder or given by the Holder to the Company for the purpose of notice;
provided, that the conditions to giving such notice must be in effect at all
times during the Call Condition Period or any such notice shall be null and
void. The Company and the Holder agree that, if and to the
extent Section 1(f) or (g) of this Warrant would restrict the ability of
the Holder to exercise this Warrant in the event of a delivery of a Call Notice,
then notwithstanding anything to the contrary set forth in the Call Notice,
the Call Notice shall be deemed automatically amended to apply only to such
portion of this Warrant as may be exercised by the Holder by the Call Date in
accordance with Section 1(f) and (g).  The Holder will promptly (and, in
any event, prior to the Call Date) notify the Company in writing following
receipt of a Call Notice if Section 1(f) or (g) would restrict its
exercise of the Warrant, specifying therein the number of Warrant Shares so
restricted.

    

    3.           Certain
Adjustments.  The Per Share Warrant 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 3.

    

    (a)  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 that is
payable in shares of Common Stock, (ii) subdivides outstanding shares of Common
Stock into a larger number of shares, or (iii) combines outstanding shares of
Common Stock into a smaller number of shares, then in each such case the Per
Share Warrant Price shall be multiplied by a fraction of which the numerator
shall be the number of shares of Common Stock outstanding immediately before
such event and of which the denominator 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 shareholders entitled to receive
such dividend or distribution, and 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)  If, at any time while
this Warrant is outstanding, (1) the Company effects any merger or consolidation
of the Company with or into another person, (2) any tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which
holders of Common Stock are permitted to tender or exchange their shares for
other securities, cash or property, or (3) 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 (in any such case, a "Fundamental Transaction"),
then thereafter this Warrant shall represent 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 (the "Alternate
Consideration").  For purposes of any such exercise, the
determination of the Per Share Warrant 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 Per Share Warrant
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 Holder shall be given the same choice as to the Alternate Consideration
it receives upon any exercise of this Warrant following such Fundamental
Transaction.  At the Holder's option and request, any successor to the
Company or surviving entity (and, if an entity different from the successor or
surviving entity, the entity whose capital stock or assets the Holders of Common
Stock are entitled to receive as a result of such Fundamental Transaction) in
such Fundamental Transaction shall, either (1) issue to the Holder a new warrant
substantially in the form of this Warrant and consistent with the foregoing
provisions and evidencing the Holder's right to purchase the Alternate
Consideration for the aggregate Per Share Warrant Price upon exercise thereof,
or (2) purchase the Warrant from the Holder for a purchase price, payable in
cash within five trading days after such request (or, if later, on the effective
date of the Fundamental Transaction), equal to the Black Scholes value of the
remaining unexercised portion of this Warrant on the date of such request. The
terms of any agreement pursuant to which a Fundamental Transaction is effected
shall include terms requiring any such successor or surviving entity (and, if an
entity different from the successor or surviving entity, the entity whose
capital stock or assets the Holders of Common Stock are entitled to receive as a
result of such Fundamental Transaction) to comply with the provisions of this
paragraph (b) and insuring that the Warrant (or any such replacement security)
will be similarly adjusted upon any subsequent transaction analogous to a
Fundamental Transaction.

    

    (c)           Simultaneously
with any adjustment to the Per Share Warrant Price pursuant to Section 3(a), 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 Per Share Warrant Price payable hereunder for the adjusted number
of Warrant Shares shall be the same as the aggregate Per Share Warrant Price in
effect immediately prior to such adjustment.

    

    (d)           All
calculations under this Section 3 shall be made to the nearest cent or the
nearest 1/100th of a
share, as applicable.  The number of shares of Common Stock
outstanding at any given time shall not include shares owned or held by or for
the account of the Company.

    

    (e)           Upon
the occurrence of each adjustment pursuant to this Section 3, the Company at its
expense will promptly compute such adjustment in accordance with the terms of
this Warrant and prepare a certificate setting forth such adjustment, including
a statement of the adjusted Per Share Warrant 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 Company's transfer agent.

    

    4.           Fully Paid Stock;
Taxes.

    

    The Company agrees that the shares of
Common Stock represented by each and every certificate for Warrant Shares
delivered on the exercise of this Warrant shall at the time of such delivery, be
validly issued and outstanding, fully paid and nonassessable, and not subject to
preemptive rights or rights of first refusal, and the Company will take all such
actions as may be necessary to assure that the par value or stated value, if
any, per share of the Common Stock is at all times equal to or less than the
then Per Share Warrant Price.  The Company further covenants and
agrees that it will pay, when due and payable, any and all Federal and state
stamp, original issue or similar taxes which may be payable in respect of the
issue of any Warrant Share or any certificate thereof to the extent required
because of the issuance by the Company of such security.

    

    5.           Registration Under
Securities Act .

    

    (a)  The Holder shall, with
respect to the Warrant Shares, have the registration rights set forth in the
Registration Rights Agreement.  By acceptance of this Warrant, the
Holder agrees to comply with the provisions of the Registration Rights
Agreement.

    

    (b)           Until
the later of (i) such time as the Holder shall be eligible to resell all of its
Warrant Shares without volume restrictions pursuant to Rule 144(k) promulgated
under the Securities Act (assuming Holder is not an “affiliate” of the Company,
as defined in Rule 144), as evidenced by a legal opinion to such effect
delivered by the Company’s counsel and acceptable to each of the Company’s
transfer agent and the Holder, or (ii) the date on which all Warrant Shares have
been sold under a Registration Statement or pursuant to Rule 144 (“Rule 144”) as promulgated
under the Securities Act, the Company shall use its reasonable best efforts to
file with the Securities and Exchange Commission all current reports and the
information as may be necessary to enable the Holder to effect sales of the
Warrant Shares in reliance upon Rule 144 promulgated under the Securities
Act.

    

    

    6.           Investment Intent;
Restrictions on Transferability.

    

    (a)           The
Holder represents, by accepting this Warrant that it understands that this
Warrant and any securities obtainable upon exercise of this Warrant have not
been registered for sale under Federal or state securities laws and are being
offered and sold to the Holder pursuant to one or more exemptions from the
registration requirements of such securities laws.  Certificates
representing Warrant Shares may, for so long as required in accordance with the
Purchase Agreement, bear the restrictive legend set forth on the first page
hereof.  The Holder understands that the Holder must bear the economic
risk of such Holder’s investment in this Warrant and any Warrant Shares or other
securities obtainable upon exercise of this Warrant for an indefinite period of
time, as this Warrant and such Warrant Shares or other securities have not been
registered under Federal or state securities laws and therefore cannot be sold
unless subsequently registered under such laws, or an exemption from such
registration is available.

    

    (b)           The
Holder, by such Holder’s acceptance of this Warrant, represents to the Company
that such Holder is acquiring this Warrant and will acquire any Warrant Shares
or other securities obtainable upon exercise of this Warrant for such Holder’s
own account for investment and not with a view to, or for sale in connection
with, any distribution thereof in violation of the Securities
Act.  The Holder agrees that this Warrant and any such Warrant Shares
or other securities will not be sold or otherwise transferred unless (i) a
registration statement with respect to such transfer is effective under the
Securities Act or (ii) such sale or transfer is made pursuant to one or more
exemptions from the Securities Act.

    

    7.           Loss, Theft, Destruction or
Mutilation of Warrant.

    

    Upon receipt of evidence satisfactory
to the Company of the loss, theft, destruction or mutilation of this Warrant,
and of indemnity reasonably satisfactory to the Company, if lost, stolen or
destroyed, and upon surrender and cancellation of this Warrant, if mutilated,
the Company shall execute and deliver to the Holder, a new Warrant of like date,
tenor and denomination.

    

    8.           Warrant Holder Not
Stockholder.

    

    This Warrant does not confer upon the
Holder any right to vote or to consent to or receive notice as a stockholder of
the Company, as such, in respect of any matters whatsoever, or any other rights
or liabilities as a stockholder, prior to the exercise hereof; this Warrant
does, however, require certain notices to Holders as set forth
herein.

    

    9.           Definitions.

    

    In addition to the terms defined
elsewhere in this Warrant, the following terms have the following
meanings:

    

    “Closing Date” shall have the
meaning given such term in the Purchase Agreement.

    

               “Common Stock” shall mean the
Common Stock, par value $.001 per share, of the Company, for which the Warrant
is exercisable and any securities into which such common stock may hereafter be
classified.

    

    “Exchange Act”  means
the Securities Exchange Act of 1934, as amended.

    

    “Holder” shall mean the holder
of this Warrant and “Holders” shall mean the holder
of this Warrant and the holders of all other Warrants.

    

    “Majority of the Holders” shall
mean Holders of Warrants representing more than fifty percent (50%) of the
shares of Common Stock obtainable upon exercise of the Warrants then
outstanding.

    

    “Permitted Consideration” shall
mean (a) cash or other funds immediately available to the Company or (b) Warrant
Shares in the event of a net exercise in accordance with the terms
hereof.

    

    "Purchase Agreement" shall mean
that certain Securities Purchase Agreement, dated as of January ___, 2009 by and
among the Company and the investors named therein, pursuant to which, among
other things, the initial Holder purchased this Warrant.

    

    "Registration Rights Agreement"
shall mean that certain Registration Rights Agreement, dated as of January __,
2009 by and among the Company and the investor parties thereto.

    

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

    

    “Trading Day” means (i) a day
on which the Common Stock is traded on a Trading Market, or (ii) if the Common
Stock is not listed on a Trading Market (other than the OTC Bulletin Board), a
day on which the Common Stock is traded in the over-the-counter market, as
reported by the OTC Bulletin Board, or (iii) if the Common Stock is not quoted
on the OTC Bulletin Board, a day on which the Common Stock is quoted in the
over-the-counter market as reported by the National Quotation Bureau
Incorporated (or any similar organization or agency succeeding to its functions
of reporting prices); provided, that in the event that the Common Stock is not
listed or quoted as set forth in (i), (ii) and (iii) hereof, then Trading Day
shall mean a Business Day.

    

    “Warrants” shall mean this
Warrant, all similar Warrants issued on the date hereof and all warrants
hereafter issued in exchange or substitution for this Warrant or such similar
Warrants.

    

    10.           Communication.

    

    All notices and communications
hereunder shall be in writing and shall be deemed to be duly given if sent by
registered or certified mail, return receipt requested, via a national
recognized overnight mail delivery service, or by facsimile (provided the sender
receives a machine-generated confirmation of successful transmission), if to the
Company, to:

    

    If to the Company:

    

    DOR
BioPharma Inc.

    850 Bear
Tavern Road

    Suite
201

    Ewing, NJ
08628

    Attn:                 James
Clavijo

    Fax:                 (609)
538-8205

    

    With a
copy to (except in the case of Exercise Notices, Assignments and Partial
Assignments):

    

    Edwards
Angell Palmer & Dodge LLP

    350 E.
Las Olas Boulevard

    Suite
1150

    Fort
Lauderdale, Florida 33301-4215

    Attn:                 Leslie
J. Croland, P.A.

    Fax:                 (904)
727-2601

    

    If to the
Holder of this Warrant, to such Holder at the address listed on the records of
the Company.

    

    11.           Reservation of Warrant
Shares; Listing.

    

    The Company shall at all times prior to
the Expiration Date have authorized and in reserve, and shall keep available,
solely for issuance and delivery upon the exercise of this Warrant, the shares
of the Common Stock and other securities and properties as from time to time
shall be receivable upon the exercise of this Warrant, free and clear of all
restrictions on sale or transfer, other than under Federal or state securities
laws, and free and clear of all preemptive rights and rights of first
refusal.

    

    12.           Headings;
Severability.

    

    The headings of this Warrant have been
inserted as a matter of convenience and shall not affect the construction
hereof.  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 parties 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.

    

    13.           Applicable
Law.

    

    This Warrant shall be governed by and
construed in accordance with the law of the State of New York without giving
effect to the principles of conflicts of law thereof.

    

    14.           Specific
Performance.  The Company agrees that the remedies at law of
the Holder of this Warrant in the event of any default or threatened default by
the Company in the performance of or compliance with any of the terms of this
Warrant are not and will not be adequate and that, to the fullest extent
permitted by law, such terms maybe specifically enforced by a decree for the
specific performance of any obligation contained herein or by an injunction
against a violation of any of the terms hereof or otherwise.

    

    15.           Amendment, Waiver,
etc.

    

    Except as expressly provided herein,
neither this Warrant nor any term hereof may be amended, waived, discharged or
terminated other than by a written instrument signed by the party against whom
enforcement of any such amendment, waiver, discharge or termination is sought;
provided,
however, that any provisions hereof may be amended, waived, discharged or
terminated upon the written consent of the Company and the Majority of the
Holders; provided, that
neither the Per Share Warrant Price, Sections 1(f) or 1(g), nor the Expiration
Date (subject to Section 2), nor this Section 15 may be amended without the
consent of each affected Holder.

     

    [Signature
Page Follows]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the Company has
caused this Warrant to be duly signed by its President and its corporate seal to
be hereunto affixed and attested by its Secretary as of the Original Issue Date
first above referenced.

    

    DOR
BIOPHARMA, INC.

    

    

    

    By:                      _________________________

    Name:                      _________________________

    Title:                      _________________________

    

    ATTEST:

    

    

    _____________________________

    Secretary

    [Corporate
Seal]

    
      
        
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    ASSIGNMENT

    

    FOR VALUE RECEIVED _______________
hereby sells, assigns and transfers unto ____________________ the foregoing
Warrant and all rights evidenced thereby, and does irrevocably constitute and
appoint _____________________, attorney, to transfer said Warrant on the books
of DOR BioPharma, Inc.

    

    Dated:_______________                                                                           Signature:____________________

    

    Address:______________________

    

    PARTIAL
ASSIGNMENT

    

    FOR VALUE RECEIVED _______________
hereby assigns and transfers unto ____________________ the right to purchase
_______ shares of the Common Stock, par value $.001 per share, of DOR BioPharma,
Inc. covered by the foregoing Warrant, and a proportionate part of said Warrant
and the rights evidenced thereby, and does irrevocably constitute and appoint
____________________, attorney, to transfer that part of said Warrant on the
books of DOR BioPharma, Inc.

    

    Dated:_______________                                                                           Signature:____________________

    

    Address:______________________

    
      
        
          - - 

          

        

         

      

      
         

        
          

        

      

      
         

      

    

    EXERCISE
NOTICE

     

    
      	 
      

    

    The
undersigned hereby elects to purchase  _____________ shares of Common
Stock of DOR BioPharma, Inc. pursuant to the attached Warrant, and, if such
Holder is not utilizing the cashless (or net) exercise provisions set forth in
the Warrant, encloses herewith (if the undersigned shall not be utilizing the
net exercise provisions of the Warrant) $________ in cash, certified or official
bank check or checks or other immediately available funds, which sum represents
the aggregate Per Share Warrant Price for the number of shares of Common Stock
to which this Exercise Notice relates, together with any applicable taxes
payable by the undersigned pursuant to the Warrant.

    

    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 will
not beneficially own in excess of the number of shares of Common Stock
(determined in accordance with Section 13(d) of the Securities Exchange Act of
1934) permitted to be owned under Section 1(f) or 1(g) (as applicable) of this
Warrant to which this notice relates.

    

    By its
delivery of this Exercise Notice, the undersigned represents and warrants to the
Company that it is an "accredited investor" as defined in Rule 501(a) under the
Securities Act of 1933.

    

    The
undersigned requests that certificates for the shares of Common Stock issuable
upon this exercise be issued in the name of

     

    PLEASE
INSERT SOCIAL SECURITY OR

     

     

    TAX
IDENTIFICATION NUMBER

     

    (Please
print name and address)

    

    

    
      
        
          - -registrationrightsagreement.htm

    
      

      

    

    

      EXHIBIT
10.3

       

      REGISTRATION
RIGHTS AGREEMENT

       

      This
Registration Rights Agreement (this “Agreement”) is dated
as of January 12, 2009, among DOR BioPharma, Inc., a Delaware corporation (the
"Company"), and
the Investors signatory hereto (each such Investor, an “Investor” and
collectively, the “Investors”).

       

      This
Agreement is made pursuant to the Securities Purchase Agreement, dated as of the
date hereof among the Company and the Investors (the “Purchase
Agreement”).

       

      The
Company and the Investors hereby agree as follows:

       

      1. Definitions.  Capitalized
terms used and not otherwise defined herein that are defined in the Purchase
Agreement shall have the meanings given such terms in the Purchase
Agreement.  As used in this Agreement, the following terms shall have
the following meanings:

       

      “Advice” shall have
the meaning set forth in Section 6(c).

       

      “Common Stock” means
the common stock of the Company, par value $.001 per share, and any securities
into which such common stock may hereafter be classified.

       

      “Effectiveness Date”
means, (a) with respect to the initial Registration Statement required to be
filed hereunder, the earlier of (i) the 90th day following the Closing Date, and
(ii) the fifth Trading Day following the date on which the Company is notified
by the Commission that the Registration Statement will not be reviewed or is no
longer subject to further review and comments, and (b) with respect to any
additional Registration Statement(s) that may be required pursuant to Section
2(b), the earlier of (i) the 120th day following (x) if such Registration
Statement is required because the Commission shall have notified the Company in
writing that certain Registrable Securities were not eligible for inclusion on a
previously filed Registration Statement, the date or time on which the
Commission shall indicate as being the first date or time that such Registrable
Securities may then be included in a Registration Statement, or (y) if such
Registration Statement is required for a reason other than as described in (x)
above, the date on which the Company first knows, or reasonably should have
known, that such additional Registration Statement(s) is required and (ii) the
fifth Trading Day following the date on which the Company is notified by the
Commission that such additional Registration Statement will not be reviewed or
is no longer subject to further review and comments.

       

      “Effectiveness Period”
shall have the meaning set forth in Section 2(a).

       

      “Event” shall have the
meaning set forth in Section 2(c).

       

      “Event Date” shall
have the meaning set forth in Section 2(c).

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      “Filing Date” means,
with (a) respect to the initial Registration Statement required to be filed
hereunder, the 20th day
after the Closing, and (b) with respect to any additional Registration
Statements that may be required pursuant to Section 2(b), the 30th day
following (x) if such Registration Statement is required because the Commission
shall have notified the Company in writing that certain Registrable Securities
were not eligible for inclusion on a previously filed Registration Statement,
the date or time on which the Commission shall indicate as being the first date
or time that such Registrable Securities may then be included in a Registration
Statement, or (y) if such Registration Statement is required for a reason other
than as described in (x) above, the date on which the Company first knows, or
reasonably should have known, that such additional Registration Statements is
required.

       

      “Force Majeure” shall
mean any unusual event arising from causes reasonably beyond the control of the
Company that could not be reasonably anticipated that causes a delay in or
prevents the performance of any obligation under this Agreement, including but
not limited to, acts of God, fire, war, terrorism, insurrection, civil
disturbance, explosion, adverse weather conditions, unusual delay in
transportation, strikes or other labor disputes, and restraint by court order or
order of public authority.

       

      “Grace Period” shall
have the meaning set forth in Section 2(c)(iv).

       

      “Holder” or “Holders” means the
holder or holders, as the case may be, from time to time of Registrable
Securities.

       

      “Indemnified Party”
shall have the meaning set forth in Section 5(c).

       

      “Indemnifying Party”
shall have the meaning set forth in Section 5(c).

       

      “Losses” shall have
the meaning set forth in Section 5(a).

       

      “Proceeding” means an
action, claim, suit, investigation or proceeding (including, without limitation,
an investigation or partial proceeding, such as a deposition), whether commenced
or threatened.

       

      “Prospectus” means the
prospectus included in a Registration Statement (including, without limitation,
a prospectus that includes any information previously omitted from a prospectus
filed as part of an effective registration statement in reliance upon Rule 430A
promulgated under the Securities Act), as amended or supplemented by any
prospectus supplement, with respect to the terms of the offering of any portion
of the Registrable Securities covered by the Registration Statement, and all
other amendments and supplements to the Prospectus, including post-effective
amendments, and all material incorporated by reference or deemed to be
incorporated by reference in such Prospectus.

       

      “Registrable
Securities” means all of the Shares, together with any shares of Common
Stock issued or issuable upon any stock split, dividend or other distribution,
recapitalization or similar event with respect to the foregoing.

       

      “Registration
Statement” means the registration statement(s) required to be filed
hereunder, including (in each case) the Prospectus, amendments and supplements
to such registration statement(s) or Prospectus, including pre- and
post-effective amendments, all exhibits thereto, and all material incorporated
by reference or deemed to be incorporated by reference in such registration
statement(s).

       

      “Response Date” shall
have the meaning set forth in Section 2(c)(ii).

       

      “Rule 415” means Rule
415 promulgated by the Commission pursuant to the Securities Act, as such Rule
may be amended from time to time, or any similar rule or regulation hereafter
adopted by the Commission having substantially the same purpose and effect as
such Rule.

       

      “Rule 424” means Rule
424 promulgated by the Commission pursuant to the Securities Act, as such Rule
may be amended from time to time, or any similar rule or regulation hereafter
adopted by the Commission having substantially the same purpose and effect as
such Rule.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      2. Registration.

       

      (a) On or
prior to each Filing Date, the Company shall prepare and file with the
Commission the Registration Statement covering the resale of all of the
Registrable Securities for an offering to be made on a continuous basis pursuant
to Rule 415.  The Registration Statement required hereunder shall be
on Form S-1 (except if the Company is not then eligible to register for resale
the Registrable Securities on Form S-1, in which case the Registration shall be
on another appropriate form in accordance herewith).  The Registration
Statement required hereunder shall contain (except if otherwise directed by the
Holders) the “Plan of
Distribution” attached hereto as Annex
A.  Subject to the terms of this Agreement, the Company shall
use its best efforts to cause the Registration Statement to be declared
effective under the Securities Act as promptly as possible after the filing
thereof, but in any event not later than the Effectiveness Date, and shall use
its best efforts to keep the Registration Statement continuously effective under
the Securities Act until the date when all Registrable Securities covered by the
Registration Statement have been sold or may be sold without volume restrictions
pursuant to Rule 144(k) as determined by the counsel to the Company pursuant to
a written opinion letter to such effect, addressed and acceptable to the
Company’s transfer agent and the affected Holders (the “Effectiveness
Period”).

       

      (b) If for
any reason the Commission does not permit all of the Shares to be included in
the Registration Statement filed pursuant to Section 2(a), or for any other
reason any Registrable Securities are not then included in a Registration
Statement filed under this Agreement, then the Company shall prepare and file as
soon as possible after the date on which the Commission shall indicate as being
the first date or time that such filing may be made, but in any event by its
Filing Date, an additional Registration Statement covering the resale of all
Registrable Securities not already covered by an existing and effective
Registration Statement for an offering to be made on a continuous basis pursuant
to Rule 415.  Each such Registration Statement shall contain (except
if otherwise directed by the Holders) the "Plan of Distribution" attached hereto
as Annex
A.  The Company shall use its best efforts to cause each such
Registration Statement to be declared effective under the Securities Act as soon
as possible but, in any event, no later than its Effectiveness Date, and shall
use its best efforts to keep such Registration Statement continuously effective
under the Securities Act during its entire Effectiveness Period.

       

      (c) If: (i) a
Registration Statement is not filed on or prior to its Filing Date (if the
Company files a Registration Statement without affording the Holders the
opportunity to review and comment on the same as required by Section 3(a)
hereof, the Company shall not be deemed to have satisfied this clause (i)), or
(ii) prior to the date when such Registration Statement is first declared
effective by the Commission, the Company fails to file a pre-effective amendment
and otherwise respond in writing to comments made by the Commission in respect
of such Registration Statement within 30 calendar days (the “Response Date”) after
the receipt of comments by or notice from the Commission that such amendment is
required in order for such Registration Statement to be declared effective, or
(iii) a Registration Statement filed or required to be filed hereunder is not
declared effective by the Commission on or before its Effectiveness Date, or
(iv) during the Effectiveness Period, a Registration Statement ceases for any
reason to remain continuously effective as to all Registrable Securities for
which it is required to be effective, or the Holders are not permitted to
utilize the Prospectus therein to resell such Registrable Securities, for in any
and all such cases for more than an aggregate of 20 Trading Days (the “Grace Period”) during
any 12-month period during the Effectiveness Period (which need not be
consecutive Trading Days)(any such failure or breach being referred to as an
“Event,” and
for purposes of clause (i) or (iii) the date on which such Event occurs, or for
purposes of clause (ii) the date which such 30 calendar days is exceeded, or for
purposes of clause (iv) the date on which such 20 Trading Days is exceeded being
referred to as “Event
Date”), then in addition to any other rights the Holders may have
hereunder or under applicable law: (x) on each such Event Date the Company shall
pay to each Holder an amount in cash, as partial liquidated damages and not as a
penalty, equal to 1.5% of the aggregate Investment Amount paid by such Holder
pursuant to the Purchase Agreement; and (y) on each monthly anniversary of each
such Event Date (if the applicable Event shall not have been cured by such date)
until the applicable Event is cured, the Company shall pay to each Holder an
amount in cash, as partial liquidated damages and not as a penalty, equal to
1.5% of the aggregate Investment Amount paid by such Holder pursuant to the
Purchase Agreement.  If the Company fails to pay any partial
liquidated damages pursuant to this Section in full within seven days after the
date payable, the Company will pay interest thereon at a rate of 10% per annum
(or such lesser maximum amount that is permitted to be paid by applicable law)
to the Holder, accruing daily from the date such partial liquidated damages are
due until such amounts, plus all such interest thereon, are paid in
full.  The partial liquidated damages pursuant to the terms hereof
shall apply on a daily pro-rata basis for any portion of a month prior to the
cure of an Event, except in the case of the first Event
Date.  Notwithstanding the foregoing, any day on which a Force Majeure
has occurred or is continuing shall not count toward the calculation of the
number of days for the Filing Date, the Effectiveness Date, the Response Date
and a Grace Period.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      3. Registration
Procedures

       

      In
connection with the Company's registration obligations hereunder, the Company
shall:

       

      (a) Not less
than three Trading Days prior to the filing of a Registration Statement or any
related Prospectus or any amendment or supplement thereto, the Company shall
furnish to the Holders copies of the “Selling Stockholders” section of such
document, the “Plan of Distribution” and any risk factor contained in such
document that addresses specifically this transaction or the Selling
Stockholders, as proposed to be filed which documents will be subject to the
review of such Holders.  The Company shall not file a Registration
Statement or any such Prospectus or any amendments or supplements thereto that
does not contain the disclosure regarding such Holder as a “Selling Stockholder”
as provided to the Company by such Holder in connection therewith.

       

      (b)  (i)
Prepare and file with the Commission such amendments, including post-effective
amendments, to the Registration Statement and the Prospectus used in connection
therewith as may be necessary to keep the Registration Statement continuously
effective as to the applicable Registrable Securities for the Effectiveness
Period and prepare and file with the Commission such additional Registration
Statements in order to register for resale under the Securities Act all of the
Registrable Securities; (ii) cause the related Prospectus to be amended or
supplemented by any required Prospectus supplement, and as so supplemented or
amended to be filed pursuant to Rule 424; (iii) respond as promptly as
reasonably possible to any comments received from the Commission with respect to
the Registration Statement or any amendment thereto and, as promptly as
reasonably possible, upon request, provide the Holders true and complete copies
of all correspondence from and to the Commission relating to the Registration
Statement; and (iv) comply in all material respects with the provisions of the
Securities Act and the Exchange Act with respect to the disposition of all
Registrable Securities covered by the Registration Statement (to the extent such
provisions are applicable to the Company).  Notwithstanding anything
else contained herein to the contrary, the Company shall not provide any
material, nonpublic information to the Holders.

       

      (c) Notify
the Holders of Registrable Securities as promptly as reasonably possible (and,
in the case of (i)(A) below, not less than two Trading Days prior to such
filing) and (if requested by any such Person) confirm such notice in writing
promptly following the day (i)(A) when a Prospectus or any Prospectus supplement
or post-effective amendment to the Registration Statement is proposed to be
filed; (B) when the Commission notifies the Company whether there will be a
“review” of the Registration Statement and whenever the Commission comments in
writing on the Registration Statement (the Company shall provide copies thereof
and all written responses thereto to each of the Holders to the extent such
materials address the Selling Stockholder or Plan of Distribution sections of
such Registration Statement, and to the extent they address risk factors or
other disclosure in such Registration Statement particular to the Holder or the
transactions contemplated hereby); and (C) with respect to the Registration
Statement or any post-effective amendment, when the same has become effective;
(ii) of any request by the Commission or any other Federal or state governmental
authority during the period of effectiveness of the Registration Statement for
amendments or supplements to the Registration Statement or Prospectus or for
additional information; (iii) of the issuance by the Commission or any other
federal or state governmental authority of any stop order suspending the
effectiveness of the Registration Statement covering any or all of the
Registrable Securities or the initiation of any Proceedings for that purpose;
(iv) of the receipt by the Company of any notification with respect to the
suspension of the qualification or exemption from qualification of any of the
Registrable Securities for sale in any jurisdiction, or the initiation or
threatening of any Proceeding for such purpose; and (v) of the occurrence of any
event or passage of time that makes the financial statements included in the
Registration Statement ineligible for inclusion therein or any statement made in
the Registration Statement or Prospectus or any document incorporated or deemed
to be incorporated therein by reference untrue in any material respect or that
requires any revisions to the Registration Statement, Prospectus or other
documents so that, in the case of the Registration Statement or the Prospectus,
as the case may be, it will not contain any untrue statement of a material fact
or omit to state any material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were
made, not misleading.

       

      (d) Use
reasonable best efforts to avoid the issuance of, or, if issued, obtain the
withdrawal of (i) any order suspending the effectiveness of the Registration
Statement, or (ii) any suspension of the qualification (or exemption from
qualification) of any of the Registrable Securities for sale in any
jurisdiction, at the earliest practicable moment.

       

      (e) Deliver
to each Holder, by 9:00 a.m. (New York City time) on the date following the
Effective Date, without charge, as many copies of the Prospectus or Prospectuses
(including each form of prospectus) and each amendment or supplement thereto as
such Persons may reasonably request in connection with resales by the Holder of
Registrable Securities.  Subject to the terms of this Agreement, the
Company hereby consents to the use of such Prospectus and each amendment or
supplement thereto by each of the selling Holders in connection with the
offering and sale of the Registrable Securities covered by such Prospectus and
any amendment or supplement thereto, subject to notices pursuant to Section
3(c).

       

      (f) Prior to
any resale of Registrable Securities by a Holder, use its commercially
reasonable efforts to register or qualify or cooperate with the selling Holders
in connection with the registration or qualification (or exemption from the
Registration or qualification) of such Registrable Securities for the resale by
the Holder under the securities or Blue Sky laws of such jurisdictions within
the United States as any Holder reasonably requests in writing, to keep the
Registration or qualification (or exemption therefrom) effective during the
Effectiveness Period and to do any and all other acts or things reasonably
necessary to enable the disposition in such jurisdictions of the Registrable
Securities covered by the Registration Statement; provided, that the
Company shall not be required to qualify generally to do business or file a
general consent to service of process in any jurisdiction where it is not then
so qualified.

       

      (g) If
requested by the Holders, cooperate with each Holder to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to
be delivered to a transferee pursuant to the Registration Statement, which
certificates shall be free, to the extent permitted by the Purchase Agreement,
of all restrictive legends, and to enable such Registrable Securities to be in
such denominations and registered in such names as any such Holders may
request.

       

      (h) Upon the
occurrence of any event contemplated by this Section 3, as promptly as
commercially reasonably possible under the circumstances taking into account the
Company’s good faith assessment of any adverse consequences to the Company and
its stockholders of the premature disclosure of such events, prepare a
supplement or amendment, including a post-effective amendment, to the
Registration Statement or a supplement to the related Prospectus or any document
incorporated or deemed to be incorporated therein by reference, and file any
other required document so that, as thereafter delivered, neither the
Registration Statement nor such Prospectus will contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading. If the
Company notifies the Holders in accordance with clauses (ii) through (v) of
Section 3(c) above to suspend the use of any Prospectus until the requisite
changes to such Prospectus have been made, then the Holders shall suspend use of
such Prospectus.  The Company will use its best efforts to ensure that
the use of the Prospectus may be resumed as promptly as is commercially
practicable.  The Company shall be entitled to exercise its right
under this Section 3(h) to suspend the availability of a Registration Statement
and Prospectus, subject to the payment of liquidated damages pursuant to Section
2(c), for a period not to exceed 60 days (which need not be consecutive days) in
any 12 month period.

       

      (i) Comply
with all applicable rules and regulations of the Commission.

       

      (j) Each
Holder agrees to furnish to the Company a completed Questionnaire in the form
attached to this Agreement as Annex B (a “Selling Holder
Questionnaire”).  The Company shall not be required to include
the Registrable Securities of a Holder in a Registration Statement and shall not
be required to pay any liquidated or other damages under Section 2(c) to such
Holder who fails to furnish to the Company a fully completed Selling Holder
Questionnaire at least one Trading Day prior to the Filing Date (subject to the
requirements set forth in Section 3(a)).

       

      (k)           Upon
notification by the Commission that a Registration Statement will not be
reviewed or is no longer subject to further review and comments, the Company
shall request acceleration of such Registration Statement such that it becomes
effective at 5:00 p.m. (New York City time) on the Effective Date.

       

      
        4. Registration
Expenses.

         

                      
All fees and expenses incident to the performance of or compliance with this
Agreement by the Company shall be borne by the Company whether or not any
Registrable Securities are sold pursuant to the Registration
Statement.  The fees and expenses referred to in the foregoing
sentence shall include, without limitation, (i) all registration and filing fees
(including, without limitation, fees and expenses (A) with respect to filings
required to be made with the Principal Market on which the Common Stock is then
listed for trading, and (B) in compliance with applicable state securities or
Blue Sky laws), (ii) printing expenses (including, without limitation, expenses
of printing certificates for Registrable Securities and of printing prospectuses
if the printing of prospectuses is reasonably requested by the holders of a
majority of the Registrable Securities included in the Registration Statement),
(iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of
counsel for the Company, (v) Securities Act liability insurance, if the Company
so desires such insurance, and (vi) fees and expenses of all other Persons
retained by the Company in connection with the consummation of the transactions
contemplated by this Agreement.  In addition, the Company shall be
responsible for all of its internal expenses incurred in connection with the
consummation of the transactions contemplated by this Agreement (including,
without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), the expense of any annual audit and the
fees and expenses incurred in connection with the listing of the Registrable
Securities on any securities exchange or market as required hereunder. In no
event shall the Company be responsible for any broker or similar commissions of
the Holders.

         

      

      5. Indemnification

       

      (a) Indemnification by the
Company.  The Company shall, notwithstanding any termination of
this Agreement, indemnify and hold harmless each Holder, the officers,
directors, agents and employees of each of them, each Person who controls any
such Holder (within the meaning of Section 15 of the Securities Act or Section
20 of the Exchange Act) and the officers, directors, agents and employees of
each such controlling Person, to the fullest extent permitted by applicable law,
from and against any and all losses, claims, damages, liabilities, costs
(including, without limitation, reasonable attorneys' fees) and expenses
(collectively, “Losses”), as
incurred, arising out of or relating to any untrue or alleged untrue statement
of a material fact contained in the Registration Statement, any Prospectus or
any form of prospectus or in any amendment or supplement thereto or in any
preliminary prospectus, or arising out of or relating to any omission or alleged
omission of a material fact required to be stated therein or necessary to make
the statements therein (in the case of any Prospectus or form of prospectus or
supplement thereto, in light of the circumstances under which they were made)
not misleading, except to the extent, but only to the extent, that (i) such
untrue statements or omissions are based solely upon information regarding such
Holder furnished in writing to the Company by such Holder expressly for use
therein, or to the extent that such information relates to such Holder or such
Holder's proposed method of distribution of Registrable Securities and was
reviewed and expressly approved in writing by such Holder expressly for use in
the Registration Statement, such Prospectus or such form of Prospectus or in any
amendment or supplement thereto (it being understood that the Holder has
approved Annex A hereto for this purpose), (ii) in the case of an occurrence of
an event of the type specified in Section 3(c)(ii)-(v), the use by such Holder
of an outdated or defective Prospectus after the Company has notified such
Holder in writing that the Prospectus is outdated or defective and prior to the
receipt by such Holder of the Advice or an amended or supplemented Prospectus,
but only if and to the extent that following the receipt of the Advice or the
amended or supplemented Prospectus the misstatement or omission giving rise to
such Loss would have been corrected or (iii) such Holder fails to comply with
any applicable prospectus delivery requirements of the Securities Act applicable
to it in connection with sales of Registrable Securities pursuant to a
Registration Statement.  The Company shall notify the Holders promptly
of the institution, threat or assertion of any Proceeding of which the Company
is aware in connection with the transactions contemplated by this
Agreement.

       

      (b) Indemnification by
Holders. Each Holder shall, severally and not jointly, indemnify and hold
harmless the Company, its directors, officers, agents and employees, each Person
who controls the Company (within the meaning of Section 15 of the Securities Act
and Section 20 of the Exchange Act), and the directors, officers, agents or
employees of such controlling Persons, to the fullest extent permitted by
applicable law, from and against all Losses, as incurred, arising solely out of
or based solely upon: (x) such Holder's failure to comply with the prospectus
delivery requirements of the Securities Act to the extent that delivery of such
Prospectus would have avoided such Loss or (y) any untrue or alleged untrue
statement of a material fact contained in any Registration Statement, any
Prospectus, or any form of prospectus, or in any amendment or supplement thereto
or in any preliminary prospectus, or arising solely out of or based solely upon
any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading to the
extent, but only to the extent, that such untrue statements or omissions are
based solely upon information regarding such Holder furnished in writing to the
Company by such Holder expressly for use therein. In no event shall the
liability of any selling Holder hereunder be greater in amount than the dollar
amount of the net proceeds received by such Holder upon the sale of the
Registrable Securities giving rise to such indemnification
obligation.

       

      (c) Conduct of Indemnification
Proceedings. If any Proceeding shall be brought or asserted against any
Person entitled to indemnity hereunder (an “Indemnified Party”),
such Indemnified Party shall promptly notify the Person from whom indemnity is
sought (the “Indemnifying Party”)
in writing, and the Indemnifying Party shall have the right to assume the
defense thereof, including the employment of counsel reasonably satisfactory to
the Indemnified Party and the payment of all fees and expenses incurred in
connection with defense thereof; provided, that the failure of any Indemnified
Party to give such notice shall not relieve the Indemnifying Party of its
obligations or liabilities pursuant to this Agreement, except (and only) to the
extent that it shall be finally determined by a court of competent jurisdiction
(which determination is not subject to appeal or further review) that such
failure shall have proximately and materially prejudiced the Indemnifying
Party.

       

      An
Indemnified Party shall have the right to employ separate counsel in any such
Proceeding and to participate in the defense thereof, but the fees and expenses
of such counsel shall be at the expense of such Indemnified Party or Parties
unless:  (1) the Indemnifying Party has agreed in writing to pay such
fees and expenses; (2) the Indemnifying Party shall have failed promptly to
assume the defense of such Proceeding and to employ counsel reasonably
satisfactory to such Indemnified Party in any such Proceeding; or (3) the named
parties to any such Proceeding (including any impleaded parties) include both
such Indemnified Party and the Indemnifying Party, and such Indemnified Party
shall have been advised by counsel that a material conflict of interest is
likely to exist if the same counsel were to represent such Indemnified Party and
the Indemnifying Party (in which case, if such Indemnified Party notifies the
Indemnifying Party in writing that it elects to employ separate counsel at the
expense of the Indemnifying Party, the Indemnifying Party shall not have the
right to assume the defense thereof and the reasonable fees and expenses of up
to an aggregate of three separate counsel shall be at the expense of the
Indemnifying Party).  The Indemnifying Party shall not be liable for
any settlement of any such Proceeding effected without its written
consent.  No Indemnifying Party shall, without the prior written
consent of the Indemnified Party, effect any settlement of any pending
Proceeding in respect of which any Indemnified Party is a party, unless such
settlement includes an unconditional release of such Indemnified Party from all
liability on claims that are the subject matter of such Proceeding.

       

      Subject
to the terms of this Agreement, all reasonable fees and expenses of the
Indemnified Party (including reasonable fees and expenses to the extent incurred
in connection with investigating or preparing to defend such Proceeding in a
manner not inconsistent with this Section) shall be paid to the Indemnified
Party, as incurred, within ten Trading Days of written notice thereof to the
Indemnifying Party; provided, that the
Indemnified Party shall promptly reimburse the Indemnifying Party for that
portion of such fees and expenses applicable to such actions for which such
Indemnified Party is not entitled to indemnification hereunder, determined based
upon the relative faults of the parties.

       

      (d) Contribution.  If
a claim for indemnification under Section 5(a) or 5(b) is unavailable to an
Indemnified Party (by reason of public policy or otherwise), then each
Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall
contribute to the amount paid or payable by such Indemnified Party as a result
of such Losses, in such proportion as is appropriate to reflect the relative
fault of the Indemnifying Party and Indemnified Party in connection with the
actions, statements or omissions that resulted in such Losses as well as any
other relevant equitable considerations.  The relative fault of such
Indemnifying Party and Indemnified Party shall be determined by reference to,
among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission of a
material fact, has been taken or made by, or relates to information supplied by,
such Indemnifying Party or Indemnified Party, and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
action, statement or omission.  The amount paid or payable by a party
as a result of any Losses shall be deemed to include, subject to the limitations
set forth in this Section 5, any reasonable attorneys’ or other reasonable fees
or expenses incurred by such party in connection with any Proceeding to the
extent such party would have been indemnified for such fees or expenses if the
indemnification provided for in this Section was available to such party in
accordance with its terms.

       

      The
parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 5(d) were determined by pro rata allocation or by any
other method of allocation that does not take into account the equitable
considerations referred to in the immediately preceding
paragraph.  Notwithstanding the provisions of this Section 5(d), no
Holder shall be required to contribute, in the aggregate, any amount in excess
of the amount by which the proceeds actually received by such Holder from the
sale of the Registrable Securities subject to the Proceeding exceeds the amount
of any damages that such Holder has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission or other
act in question.  No party guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any party that was not
guilty of such fraudulent misrepresentation.

       

      The
indemnity and contribution agreements contained in this Section are in addition
to any liability that the Indemnifying Parties may have to the Indemnified
Parties.

       

      6. Miscellaneous

       

      (a) Remedies.  In
the event of a breach by the Company or by a Holder, of any of their obligations
under this Agreement, each Holder or the Company, as the case may be, in
addition to being entitled to exercise all rights granted by law and under this
Agreement, including recovery of damages, will be entitled to specific
performance of its rights under this Agreement.  The Company and each
Holder agree that monetary damages would not provide adequate compensation for
any losses incurred by reason of a breach by it of any of the provisions of this
Agreement and hereby further agrees that, in the event of any action for
specific performance in respect of such breach, it shall waive the defense that
a remedy at law would be adequate.

       

      (b) Compliance.  Each
Holder covenants and agrees that it will comply with the prospectus delivery
requirements of the Securities Act as applicable to it in connection with sales
of Registrable Securities pursuant to the Registration Statement.

       

      (c) Discontinued
Disposition.  Each Holder agrees by its acquisition of such
Registrable Securities that, upon receipt of a notice from the Company of the
occurrence of any event of the kind described in Section 3(c), such Holder will
forthwith discontinue disposition of such Registrable Securities under the
Registration Statement until such Holder's receipt of the copies of the
supplemented Prospectus and/or amended Registration Statement or until it is
advised in writing (the “Advice”) by the
Company that the use of the applicable Prospectus may be resumed, and, in either
case, has received copies of any additional or supplemental filings that are
incorporated or deemed to be incorporated by reference in such Prospectus or
Registration Statement.  The Company will use its best efforts to
ensure that the use of the Prospectus may be resumed as promptly as is
commercially practicable.  The Company agrees and acknowledges that
any periods during which the Holder is required to discontinue the disposition
of the Registrable Securities hereunder shall be subject to the provisions of
Section 2(c).

       

      (d) Piggy-Back
Registrations.  If at any time during the Effectiveness Period
there is not an effective Registration Statement covering all of the Registrable
Securities and the Company shall determine to prepare and file with the
Commission a registration statement relating to an offering for its own account
or the account of others under the Securities Act of any of its equity
securities, other than on Form S-4 or Form S-8 (each as promulgated under the
Securities Act) or their then equivalents relating to equity securities to be
issued solely in connection with any acquisition of any entity or business or
equity securities issuable in connection with the stock option or other employee
benefit plans, then the Company shall send to each Holder a written notice of
such determination and, if within fifteen days after the date of such notice,
any such Holder shall so request in writing, the Company shall include in such
registration statement all or any part of such Registrable Securities such
Holder requests to be registered, subject to customary underwriter cutbacks
applicable to all holders of registration rights.

       

      (e) Amendments and
Waivers. No provision of this Agreement may be waived or amended except
in a written instrument signed by the Company and the Investors holding a
majority of the Registrable Securities.  No waiver of any default with
respect to any provision, condition or requirement of this Agreement shall be
deemed to be a continuing waiver in the future or a waiver of any subsequent
default or a waiver of any other provision, condition or requirement hereof, nor
shall any delay or omission of either party to exercise any right hereunder in
any manner impair the exercise of any such right.

       

      (f) Notices.  Any
and all notices or other communications or deliveries required or permitted to
be provided hereunder shall be made in accordance with the provisions of the
Purchase Agreement.

       

      (g) Successors and
Assigns.  This Agreement shall inure to the benefit of and be
binding upon the successors and permitted assigns of each of the parties and
shall inure to the benefit of each Holder.  Each Holder may assign
their respective rights hereunder in the manner and to the Persons as permitted
under the Purchase Agreement.  The Company may not assign its rights
or obligations hereunder.

       

      (h) Execution and
Counterparts.  This Agreement may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original
and, all of which taken together shall constitute one and the same
Agreement.  In the event that any signature is delivered by facsimile
transmission, such signature shall create a valid binding obligation of the
party executing (or on whose behalf such signature is executed) the same with
the same force and effect as if such facsimile signature were the original
thereof.

       

      (i) Governing
Law.  All questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be determined with the
provisions of the Purchase Agreement.

       

      (j) Cumulative
Remedies.  The remedies provided herein are cumulative and not
exclusive of any remedies provided by law.

       

      (k) Severability. If any
term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction to be invalid, illegal, void or unenforceable, the
remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired
or invalidated, and the parties hereto shall use their reasonable best efforts
to find and employ an alternative means to achieve the same or substantially the
same result as that contemplated by such term, provision, covenant or
restriction.  It is hereby stipulated and declared to be the intention
of the parties that they would have executed the remaining terms, provisions,
covenants and restrictions without including any of such that may be hereafter
declared invalid, illegal, void or unenforceable.

       

      (l) Headings.  The
headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof.

       

      (m) Independent Nature of
Holders' Obligations and Rights.  The obligations of each
Holder hereunder are several and not joint with the obligations of any other
Holder hereunder, and no Holder shall be responsible in any way for the
performance of the obligations of any other Holder hereunder.  Nothing
contained herein or in any other agreement or document delivered at any closing,
and no action taken by any Holder pursuant hereto or thereto, shall be deemed to
constitute the Holders as a partnership, an association, a joint venture or any
other kind of entity, or create a presumption that the Holders are in any way
acting in concert with respect to such obligations or the transactions
contemplated by this Agreement.  Each Holder acknowledges that no
other Holder has acted as agent for such Holder in connection with executing
this Agreement and that no Holder will be acting as agent of such Holder in
connection with monitoring the registration of the Registrable Securities or
enforcing its rights under this Agreement.  Each Holder shall be
entitled to protect and enforce its rights, including without limitation the
rights arising out of this Agreement, and it shall not be necessary for any
other Holder to be joined as an additional party in any Proceeding for such
purpose.  The Company acknowledges that each of the Investors has been
provided with the same Transaction Documents and will likely have their
respective Registrable Securities included on the same Registration Statement,
for the purpose of closing a transaction with multiple Investors and not because
it was required or requested to do so by any Investor.

       

      *************************

      
        
           

        

        
           

          
            

          

        

        
           

        

      

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

       

      DOR
BIOPHARMA, INC.

       

      /s/ Christopher J.
Schaber

      Name:
Christopher J. Schaber, Ph.D.

      Title:   President
& Chief Executive Officer

       

      

      

      [SIGNATURE
PAGE OF HOLDERS FOLLOWS]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      [INVESTOR
SIGNATURE PAGE TO DOR RRA]

      

      
        	
                Name
      of Investing Entity:

              	
                McAnna, LTD

              
	
                Signature
      of Authorized Signatory of Investing entity:

              	
                /s/ Robert Kessler

              
	
                Name
      of Authorized Signatory:

              	
                Robert Kessler

              
	
                Title
      of Authorized Signatory:

              	
                Authorized
  Signatory

              

      

      

      

      

      

      [SIGNATURE
PAGES CONTINUE]

      

       

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      [INVESTOR
SIGNATURE PAGE TO DOR RRA]

      

      
        	
                Name
      of Investing Entity:

              	
                Omacatl Capital, LTD

              
	
                Signature
      of Authorized Signatory of Investing entity:

              	
                /s/ Baruch Ruttner

              
	
                Name
      of Authorized Signatory:

              	
                Baruch Ruttner

              
	
                Title
      of Authorized Signatory:

              	
                Director

              

      

      

      

      

      

      [SIGNATURE
PAGES CONTINUE]

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      [INVESTOR
SIGNATURE PAGE TO DOR RRA]

      

      
        	
                Name
      of Investing Entity:

              	
                Richard Molinsky

              
	
                Signature
      of Authorized Signatory of Investing entity:

              	
                /s/ Richard Molinsky

              
	
                Name
      of Authorized Signatory:

              	
                Richard Molinsky

              
	
                Title
      of Authorized Signatory:

              	
                Investor

              

      

      

      

      

      

      [SIGNATURE
PAGES CONTINUE]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      [INVESTOR
SIGNATURE PAGE TO DOR RRA]

      

      
        	
                Name
      of Investing Entity:

              	
                Bernard or Miriam
Pismeny

              
	
                Signature
      of Authorized Signatory of Investing entity:

              	
                /s/ Bernard Pismeny

              
	
                Name
      of Authorized Signatory:

              	
                Bernard Pismeny

              
	
                Title
      of Authorized Signatory:

              	
                Co-owner

              

      

      

      

      

      

      [SIGNATURE
PAGES CONTINUE]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      [INVESTOR
SIGNATURE PAGE TO DOR RRA]

      

      
        	
                Name
      of Investing Entity:

              	
                Robin B. Lipinski

              
	
                Signature
      of Authorized Signatory of Investing entity:

              	
                /s/ Robin B. Lipinski

              
	
                Name
      of Authorized Signatory:

              	
                Robin B. Lipinski

              
	
                Title
      of Authorized Signatory:

              	
                Investor

              

      

      

      

      

      

      [SIGNATURE
PAGES CONTINUE]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       ANNEX
A

       

      

       

      Plan of
Distribution

       

      The
selling stockholders and any of their pledgees, donees, transferees, assignees
and successors-in-interest may, from time to time, sell any or all of their
shares of common stock on any stock exchange, market or trading facility on
which the shares are traded or in private transactions.  These sales
may be at fixed or negotiated prices.  The selling stockholders may
use any one or more of the following methods when selling shares:

       

      
        	
                ·  

              	
                ordinary
      brokerage transactions and transactions in which the broker-dealer
      solicits investors;

              

      

       

      
        	
                ·  

              	
                block
      trades in which the broker-dealer will attempt to sell the shares as agent
      but may position and resell a portion of the block as principal to
      facilitate the transaction;

              

      

       

      
        	
                ·  

              	
                purchases
      by a broker-dealer as principal and resale by the broker-dealer for its
      account;

              

      

       

      
        	
                ·  

              	
                an
      exchange distribution in accordance with the rules of the applicable
      exchange;

              

      

       

      
        	
                ·  

              	
                privately
      negotiated transactions;

              

      

       

      
        	
                ·  

              	
                to
      cover short sales and other hedging transactions made after the date that
      the registration statement of which this prospectus is a part is declared
      effective by the Securities and Exchange
  Commission;

              

      

       

      
        	
                ·  

              	
                broker-dealers
      may agree with the selling stockholders to sell a specified number of such
      shares at a stipulated price per
share;

              

      

       

      
        	
                ·  

              	
                a
      combination of any such methods of sale;
and

              

      

       

      
        	
                ·  

              	
                any
      other method permitted pursuant to applicable
  law.

              

      

       

      The
selling stockholders may also sell shares under Rule 144 under the Securities
Act, if available, rather than under this prospectus.

       

      Broker-dealers
engaged by the selling stockholders may arrange for other brokers-dealers to
participate in sales.  Broker-dealers may receive commissions or
discounts from the selling stockholders (or, if any broker-dealer acts as agent
for the investor of shares, from the purchaser) in amounts to be
negotiated.  The selling stockholders do not expect these commissions
and discounts to exceed what is customary in the types of transactions
involved.

       

      The
selling stockholders may from time to time pledge or grant a security interest
in some or all of the Shares owned by them and, if they default in the
performance of their secured obligations, the pledgees or secured parties may
offer and sell shares of common stock from time to time under this prospectus,
or under an amendment to this prospectus under Rule 424(b)(3) or other
applicable provision of the Securities Act of 1933 amending the list of selling
stockholders to include the pledgee, transferee or other successors in interest
as selling stockholders under this prospectus.

       

      Upon our
being notified in writing by a selling stockholder that any material arrangement
has been entered into with a broker-dealer for the sale of common stock through
a block trade, special offering, exchange distribution or secondary distribution
or a purchase by a broker or dealer, a supplement to this prospectus will be
filed, if required, pursuant to Rule 424(b) under the Securities Act, disclosing
(i) the name of each such selling stockholder and of the participating
broker-dealer(s), (ii) the number of shares involved, (iii) the price at which
such shares of common stock were sold, (iv) the commissions paid or discounts or
concessions allowed to such broker-dealer(s), where applicable, (v) that such
broker-dealer(s) did not conduct any investigation to verify the information set
out or incorporated by reference in this prospectus, and (vi) other facts
material to the transaction.  In addition, upon our being notified in
writing by a selling stockholder that a donee or pledge intends to sell more
than 500 shares of common stock, a supplement to this prospectus will be filed
if then required in accordance with applicable securities law.

       

      The
selling stockholders also may transfer the shares of common stock in other
circumstances, in which case the transferees, pledgees or other successors in
interest will be the selling beneficial owners for purposes of this
prospectus.

       

      The
selling stockholders and any broker-dealers or agents that are involved in
selling the shares may be deemed to be "underwriters" within the meaning of the
Securities Act in connection with such sales.  In such event, any
commissions received by such broker-dealers or agents and any profit on the
resale of the shares purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act.  Discounts,
concessions, commissions and similar selling expenses, if any, that can be
attributed to the sale of securities will be paid by the selling stockholders
and/or the purchasers of the securities.

       

      Each
selling stockholder that is affiliated with a registered broker-dealer has
confirmed to us that, at the time it acquired the securities subject to the
registration statement of which this prospectus is a part, it did not have any
agreement or understanding, directly or indirectly, with any person to
distribute any of such securities.  The Company has advised each
selling stockholder that it may not use shares registered on the registration
statement of which this prospectus is a part to cover short sales of our common
stock made prior to the date on which such registration statement was declared
effective by the SEC.

       

      We are
required to pay certain fees and expenses incident to the registration of the
shares.  We have agreed to indemnify the selling stockholders against
certain losses, claims, damages and liabilities, including liabilities under the
Securities Act.  We agreed to keep this prospectus effective until the
earlier of (i) the date on which the shares may be resold by the selling
stockholders without registration and without regard to any volume limitations
by reason of Rule 144(e) under the Securities Act or any other rule of similar
effect and (ii) such time as all of the shares have been publicly
sold.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Annex
B

       

      DOR
BIOPHARMA, INC.

       

      Selling
Securityholder Questionnaire

       

      The
undersigned beneficial owner of shares of Common Stock  (the “Registrable Securities”) of
DOR BioPharma, Inc. (the “Company”) understands that
the Company has filed or intends to file with the Securities and Exchange
Commission a registration statement (the “Registration Statement”) for
the registration and resale under the Securities Act of 1933, as amended (the
“Securities Act”), of
the Registrable Securities.  This Questionnaire is delivered pursuant
to the terms of the Registration Rights Agreement, dated as of January 12, 2009
(the “Registration Rights
Agreement”), among the Company and the Investors named
therein.  A copy of the Registration Rights Agreement is available
from the Company upon request at the address set forth below.  All
capitalized terms not otherwise defined herein shall have the meanings ascribed
thereto in the Registration Rights Agreement.

       

      Certain
legal consequences arise from being named as a selling securityholder in the
Registration Statement and the related prospectus.  Accordingly,
holders and beneficial owners of Registrable Securities are advised to consult
their own securities law counsel regarding the consequences of being named or
not being named as a selling securityholder in the Registration Statement and
the related prospectus.

       

      The
undersigned beneficial owner (the “Selling Securityholder”) of
Registrable Securities hereby elects to include the Registrable Securities owned
by it and listed below in Item 3 (unless otherwise specified under such Item 3)
in the Registration Statement.

       

      The
undersigned hereby provides the following information to the Company and
represents and warrants that such information is accurate:

       

      
        	
                 
      

              	
                1.

              	
                Name.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Full
      Legal Name of Selling
Securityholder

              

      

       

      
        	 
      
	 
      

      

      

      
        	
                 
      

              	
                (b)

              	
                Full
      Legal Name of Registered Holder (if not the same as (a) above) through
      which Registrable Securities Listed in Item 3 below are
    held:

              

      

       

      
        	 
      
	 
      

      

      

      
        	
                 
      

              	
                (c)

              	
                Full
      Legal Name of each Control Person (which means a natural person that
      directly or indirectly has power to vote or dispose of the securities
      covered by this Questionnaire):

              

      

       

      
        	 
      
	 
      

      

      

       

      
        	
                 
      

              	
                2.  Address
      for Notices to Selling
Securityholder:

              

      

       

      
        	 
      
	 
      
	 
      
	
                Telephone:

              
	
                Fax:

              
	
                Contact
      Person:

              

      

      

      
        	
                 
      

              	
                3.  Beneficial
      Ownership of Registrable
Securities:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Type
      and Principal Amount of Registrable Securities beneficially
      owned:

              

      

       

      
        	 
      
	 
      
	 
      
	 
      

      

      

       

      
        	
                 
      

              	
                4.  Broker-Dealer
      Status:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Are
      you a broker-dealer?

              

      

       

      Yes    ̈                      No    ̈

       

      
        	
                Note:

              	
                If
      yes, the Commission’s staff has indicated that you should be identified as
      an underwriter in the Registration
Statement.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                Are
      you an affiliate of a
broker-dealer?

              

      

       

      Yes    ̈                      No    ̈

       

      
        	
                 
      

              	
                (c)

              	
                If
      you are an affiliate of a broker-dealer, do you certify that you bought
      the Registrable Securities in the ordinary course of business, and at the
      time of the purchase of the Registrable Securities to be resold, you had
      no agreements or understandings, directly or indirectly, with any person
      to distribute the Registrable
Securities?

              

      

       

      Yes    ̈                      No    ̈

       

      
        	
                Note:

              	
                If
      no, the Commission’s staff has indicated that you should be identified as
      an underwriter in the Registration
Statement.

              

      

       

      
        	
                 
      

              	
                5.  Beneficial
      Ownership of Other Securities of the Company Owned by the Selling
      Securityholder.

              

      

       

      Except
as set forth below in this Item 5, the undersigned is not the beneficial or
registered owner of any securities of the Company other than the Registrable
Securities listed above in Item 3.

       

      
        	
                 
      

              	
                (a)

              	
                Type
      and Amount of Other Securities beneficially owned by the Selling
      Securityholder:

              

      

       

      
        	 
      
	 
      
	 
      

      

      

      
        	
                 
      

              	
                6.  Relationships
      with the Company:

              

      

       

      Except
as set forth below, neither the undersigned nor any of its affiliates, officers,
directors or principal equity holders (owners of 5% of more of the equity
securities of the undersigned) has held any position or office or has had any
other material relationship with the Company (or its predecessors or affiliates)
during the past three years.

       

      
        	
                 
      

              	
                State
      any exceptions here:

              

      

       

      
        	 
      
	 
      
	 
      

      

      

       

      7.           Claims
against the Company:

       

      Except
as set forth below, to the actual knowledge of the officers and directors or
persons performing similar functions for the undersigned, neither the
undersigned nor any of its Affiliates, officers, directors or principal equity
holders (owners of 5% or more of the equity securities of the undersigned) has
any claims against the Company, its directors, officers, agents and employees,
and each Person who controls the Company (within the meaning of Section 15 of
the Securities Act and Section 20 of the Exchange Act) relating to the Company’s
sale of Registrable Securities to the undersigned.

       

      State any
exceptions here:

       

      ________________________________________________________________________________________________________________________________________________________________________________________________________________________

       

      

       

      The
undersigned agrees to promptly notify the Company of any inaccuracies or changes
in the information provided herein (other than changes in beneficial ownership
of Common Stock after the effectiveness of the Registration Statement) that may
occur subsequent to the date hereof at any time prior to the effectiveness of
the Registration Statement or while the Registration Statement remains
effective.

       

      By
signing below, the undersigned consents to the disclosure of the information
contained herein in its answers hereto and the inclusion of such information in
the Registration Statement and the related prospectus and any amendments or
supplements thereto.  The undersigned understands that such
information will be relied upon by the Company in connection with the
preparation or amendment of the Registration Statement and the related
prospectus.

       

      IN
WITNESS WHEREOF the undersigned, by authority duly given, has caused this
Questionnaire to be executed and delivered either in person or by its duly
authorized agent.

       

      Dated:                                                      Beneficial
Owner:                                                                         

      
        	 
      

      

      

      By:                                                                         

      Name:

      Title:

      

      

      PLEASE FAX A COPY OF THE COMPLETED AND
EXECUTED QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL,
TO:

      

      Leslie
J. Croland

      Edwards
Angell Palmer & Dodge, LLP

      350
E. Las Olas Boulevard

      Suite
1150

      Fort
Lauderdale, FL 33301-4215

      Fax
No. (954) 727-2601

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