Document:

Exhibit 4.1

 

THIS
PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS AND
MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, ASSIGNED OR OTHERWISE DISPOSED OF, AND NO TRANSFER OF THIS PROMISSORY NOTE WILL BE
MADE BY THE COMPANY OR ITS TRANSFER AGENT IN THE ABSENCE OF SUCH REGISTRATION OR AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED.

 

8%
SENIOR SECURED PROMISSORY NOTE

 

	$_______	Durham, North Carolina

                                              April
, 2017 (the “Issue Date”)

 

FOR
VALUE RECEIVED, Icagen, Inc., a Delaware corporation (the “Company”), with its principal place of business
at 4222 Emperor Boulevard, Suite 350, Research Triangle Park, Durham, North Carolina 27703, its successors and assigns (the “Company”),
promises to pay to the order of _______________________________ (“Payee”), having an address at ________________
___________________________, the principal sum of __________________ Dollars ($___________) on the earlier of (i) the date that
is thirty (30) days after the Issue Date or (ii) the closing of the Company’s next debt financing (the “Maturity
Date”), together with interest on the principal amount hereof at the rate of 8% per annum, payable on the Maturity Date,
commencing on the Issue Date. Payments on both principal and interest are to be made in lawful money of the United States of America
unless Payee agrees to another form of payment.

 

1.       This
Note is secured by and entitled to the benefit of a first priority lien granted by the Company on all of the current assets of
the Company (excluding the equity of Icagen-T, Inc. and the assets of Icagen-T, Inc.), as set forth in a Pledge and Security Agreement,
dated as of the date hereof, between the Payee and the Company (the “Pledge Agreement”), to which Pledge Agreement
reference is hereby made for a description of the collateral accepted as security for this Note, and the nature and extent of
the security and the rights of the Payee.

 

2.       This
Note is one of a series of a minimum of One Million Five Hundred Thousand Dollars ($1,500,000) of notes being issued by and among
the Company and certain note investors (the “Investors”) as part of a bridge financing. This Note and all obligations
hereunder, and the other Notes issued as part of this series to the Investors and all obligations thereunder, respectively, shall
rank pari passu with each other and shall be senior in right of payment to all other indebtedness of the Company.

 

3.       As
used herein, a “Default” means a material default by the Company of this Note, the Note Purchase Agreement
dated the date hereof between the Company and Payee, or the Pledge Agreement issued by the Company to Payee on the date hereof.
Amounts not paid when due hereunder shall bear interest from the due date until such amounts are paid at the rate of one percent
(1%) per month; provided, however, that in the event such interest rate would violate any applicable usury law,
the default rate shall be the highest lawful interest rate permitted under such usury law. Upon the occurrence of a Default and
receipt of written notice by the Company from Payee of such Default, the principal and interest due hereunder shall be immediately
due and payable by the Company to Payee.

 

4.       Presentment,
demand, protest or notice of any kind are hereby waived by the Company. The Company may not set off against any amounts due to
Payee hereunder any claims against Payee or other amounts owed by Payee to the Company.

 

     

     

    

 

5.       All
rights and remedies of Payee under this Note are cumulative and in addition to all other rights and remedies available at law
or in equity, and all such rights and remedies may be exercised singly, successively and/or concurrently. Failure to exercise
any right or remedy shall not be deemed a waiver of such right or remedy.

 

6.       The
Company agrees to pay all reasonable costs of collection, including attorneys' fees which may be incurred in the collection of
this Note or any portion thereof and, in case an action is instituted for such purposes, the amount of all attorneys' fees shall
be such amount as the court shall adjudge reasonable.

 

7.       This
Note is made and delivered in, and shall be governed, construed and enforced under the laws of the State of New York.

 

8.       This
Note shall be subject to prepayment, at the option of the Company, in whole or in part, at any time and from time to time, without
premium or penalty.

 

9.       This
Note or any benefits or obligations hereunder may not be assigned or transferred by the Company.

 

	 	ICAGEN, INC.
	 	 	 
	 	By:	 
	 	Name:	Richard
    Cunningham
	 	Title:	Chief
    Executive Officer

 

 

2Exhibit 4.2

 

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

 

ICAGEN, INC.

WARRANT AGREEMENT

 

VOID AFTER 5:00 P.M. NEW YORK TIME, April 12, 2022

 

Issue Date: April 12, 2017

 

1.     Basic Terms. This Warrant
Agreement (the “Warrant”) certifies that, for value received, the registered holder specified below or its registered
assigns (“Holder”) is the owner of a warrant of Icagen, Inc., a Delaware corporation having its principal place of
business at 4222 Emperor Blvd., Suite 350, Durham, North Carolina 27703 (the “Corporation”), subject to adjustments
as provided herein, to purchase ___________ (_________) shares of the Common Stock, $.001 par value, of the Corporation (the “Common
Stock”) from the Corporation at the price per share shown below (the “Exercise Price”).

 

Holder:

 

Exercise Price per share: $3.50

 

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

 

2.     Corporation’s Representations/Covenants.
The Corporation represents and covenants that the shares of Common Stock issuable upon the exercise of this Warrant shall at delivery
be fully paid and non-assessable and free from taxes, liens, encumbrances and charges with respect to their purchase. The Corporation
shall take any necessary actions to assure that the par value per share of the Common Stock is at all times equal to or less than
the then current Exercise Price per share of Common Stock issuable pursuant to this Warrant. The Corporation shall at all times
reserve and hold available sufficient shares of Common Stock to satisfy all conversion and purchase rights of outstanding convertible
securities, options and warrants of the Corporation, including this Warrant.

 

3.     Method of Exercise; Fractional
Shares.

 

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

 

     

     

    

 

4.     Protection Against Dilution.

 

If the Corporation, with respect
to the Common Stock, (1) pays a dividend or makes a distribution on shares of Common Stock that is paid in shares of Common Stock
or in securities convertible into or exchangeable for Common Stock (in which latter event the number of shares of Common Stock
initially issuable upon the conversion or exchange of such securities shall be deemed to have been distributed), (2) subdivides
outstanding shares of Common Stock, (3) combines outstanding shares of Common Stock into a smaller number of shares, or (4) issues
by reclassification of Common Stock any shares of capital stock of the Corporation, the Exercise Price in effect immediately prior
thereto shall be adjusted so that each Holder thereafter shall be entitled to receive the number and kind of shares of Common Stock
or other capital stock of the Corporation that it would have owned or been entitled to receive in respect of this Warrant immediately
after the happening of any of the events described above had this Warrant been converted immediately prior to the happening of
that event. An adjustment made in accordance with this section shall become effective immediately after the record date, in the
case of a dividend, and shall become effective immediately after the effective date, in the case of a subdivision, combination,
or reclassification. If, as a result of an adjustment made in accordance with this Section 4, the Holder becomes entitled to receive
shares of two or more classes of capital stock or shares of Common Stock and other capital stock of the Corporation, the board
of directors (whose determination shall be conclusive) shall determine the allocation of the adjusted Exercise Rate between or
among shares of such classes of capital stock or shares of Common Stock and other capital stock.

 

5.     Adjustment for Reorganization,
Consolidation, Merger.

 

In the event of any consolidation
or merger to which the Corporation is a party other than a consolidation or merger in which the Corporation is the continuing corporation,
or the sale or conveyance to another corporation of the property of the Corporation as an entirety or substantially as an entirety
or any statutory exchange of securities with another corporation (including any exchange effected in connection with a merger of
a third corporation into the Corporation) (each such transaction referred to herein as “Reorganization”), no adjustment
of exercise rights or the Exercise Price shall be made; provided, however, the Holder shall thereupon be entitled
to receive if the Holder chooses to exercise the Warrant within ten days of the notice of the Reorganization and provision shall
be made therefor in any agreement relating to a Reorganization, the kind and number of securities or property (including cash)
of the corporation resulting from such consolidation or surviving such merger or to which such properties and assets shall have
been sold or otherwise transferred or with whom securities have been exchanged, which the Holder would have owned or been entitled
to receive as a result of such Reorganization had this Warrant been exercised immediately prior to such Reorganization (and assuming
the Holder failed to make an election, if any was available, as to the kind or amount of securities, property or cash receivable
by reason of such Reorganization; provided that if the kind or amount of securities, property or cash receivable upon such Reorganization
is not the same for each share of Common Stock in respect of which such rights of election shall not have been exercised (“non
electing share”) then for the purpose of this section the kind and amount of securities, property or cash receivable upon
such Reorganization for each non electing share shall be deemed to be the kind and amount so receivable per share by a plurality
of the non electing shares). In any case, appropriate adjustment shall be made in the application of the provisions herein set
forth with respect to the rights and interests thereafter of the Holder, to the end that the provisions set forth herein (including
the specified changes and other adjustments to the conversion rate) shall thereafter be applicable, as nearly as reasonably may
be, in relation to any shares, other securities or property thereafter receivable upon exercise of this Warrant. The provisions
of this section similarly apply to successive Reorganizations.

 

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

 

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

 

    	 	2	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	3	 

     

    

 

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

 

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

 

	 	ICAGEN, INC. 
	 	 	 
	 	By:	 
	 	 	Name:  Richard Cunningham
	 	 	Title:  Chief Executive Officer

 

    	 	4	 

     

    

 

ICAGEN, INC.

Form of Transfer

 

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

 

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

 

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

 

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

 

 

 

 

 

	Date:	 	 	 
	 	 	 	Signature

 

     

     

    

 

ICAGEN, INC.

Exercise Form

 

(To be executed by the Holder to purchase Common Stock
pursuant to the Warrant)

 

The undersigned holder of the attached Warrant hereby
irrevocably elects to exercise purchase rights represented by such Warrant for, and to purchase, ___________ shares of Common Stock
of Icagen, Inc., a Delaware corporation for the cash payment for those shares.

 

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

 

 

 

 

 

	Date:	 	 	 
	 	 	 	Signature

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