Document:

Exhibit 10.6

 

AMENDED AND RESTATED STOCKHOLDERS
AGREEMENT

 

AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (this
“Agreement”), dated August [___], 2017, among HOTH THERAPEUTICS INC., a Nevada corporation (the
“Company”), the current stockholders of the Company listed on Schedule A hereto (collectively, the
“Existing Stockholders”) and the Series A Investors (as defined herein) of the Company listed on Schedule B
hereto. The Existing Stockholders, the Series A Investors and any other stockholder of the Company who agrees in writing to
become bound by the terms and conditions of this Agreement are herein referred to collectively as the
“Stockholders” and each individually as a “Stockholder”.

 

RECITALS

 

WHEREAS,
the Company and the Existing Stockholders are parties to that certain Stockholders Agreement dated as of June 30, 2017;

 

WHEREAS,
pursuant to the Private Placement Memorandum, dated the date hereof (the “Memorandum”), among the Company and the investors
executing the Subscription Agreement thereto (the “Series A Investors”), the Company proposes to issue and sell to
such Series A Investors up to an aggregate of $5,000,000 in units (the “Units”) which Units consist of (i) 100,000
shares of the Company’s Series A Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock”)
and (ii) warrants to purchase twenty-five (25%) percent of the shares of common stock, par value $0.0001 per share (the “Common
Stock”) issuable upon conversion of the Series A Preferred Stock;

 

WHEREAS,
each Stockholder owns the respective number of Shares (as hereinafter defined) of the Company (after giving effect to the transactions
contemplated by the Memorandum) set forth opposite such Stockholder’s name on Schedules A and B hereto;

 

WHEREAS,
this Agreement is being entered into contemporaneously with, and as a condition to, the Series A Investors’ consummation
of the transactions contemplated by the Memorandum; and

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

1.            
Definitions. As used in this Agreement, the following terms shall have the meanings set forth below:

 

“Affiliate”
means any Person who is an “affiliate” as defined in Rule 12b-2 of the General Rules and Regulations under the Exchange
Act.

 

“Agreement”
means this Agreement as the same may be amended, supplemented or modified in accordance with the terms hereof.

 

“Board of Directors” means the Board of
Directors of the Company.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks in the State of New York are authorized
or required by law or executive order to close.

 

“CEO Director” has the
meaning set forth in Section 6.2(b)(ii) of this Agreement.

 

“Articles”
means the Articles of Incorporation of the Company as in effect on the date hereof, as the same may be amended, supplemented or
modified.

 

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“Charter
Documents” means the Articles and the Bylaws of the Company as in effect on the date hereof, as the same may be amended,
supplemented or modified.

 

“Code”
means the Internal Revenue Code of 1986, as amended, or any successor statute thereto.

 

“Commission”
means the Securities and Exchange Commission or any similar agency then having jurisdiction to enforce the Securities Act.

 

“Common
Stock” means the Common Stock, par value $0.0001 per share, of the Company and any other common stock of the Company or any
other capital stock into which such stock is reclassified or reconstituted, whether by way of recapitalization, merger, consolidation
or other reorganization or otherwise.

 

“Common
Stock Equivalents” means any security or obligation which is by its terms convertible into, or exercisable or exchangeable
for, shares of Common Stock, including, without limitation the Preferred Stock, and any option, warrant or other subscription or
purchase right with respect to Common Stock or any such convertible, exercisable or exchangeable security or obligation.

 

“Company” has the meaning set forth in
the introduction to this Agreement.

 

“Company Option” has
the meaning set forth in Section 3.1(b) of this Agreement.

 

“Company Option Period”
has the meaning set forth in Section 3.1(b) of this Agreement.

 

“Designating Party”
has the meaning set forth in Section 6.3(a) of this Agreement.

 

“Drag-Along Event” has
the meaning set forth in Section 3.1(g)(i) of this Agreement.

 

“Drag-Along Notice”
has the meaning set forth in Section 3.1(g)(ii) of this Agreement.

 

“Drag-Along Rights”
has the meaning set forth in Section 3.1(g)(i) of this Agreement.

 

“Drag-Along Stockholders”
has the meaning set forth in Section 3.1(g)(i) of this Agreement.

 

“Eligible
Investor” means a Stockholder that is (i) a Series A Investor who or which, at the time in question, holds any of the issued
and outstanding Series A Preferred Stock.

 

“Excess Offered Securities”
has the meaning set forth in Section 3.1(c)(i) of this Agreement.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder.

 

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“Excluded
Securities” means the following:

a.      
the issuance of shares of Common Stock (or options to purchase or acquire shares of Common Stock) to employees, consultants,
officers or directors of the Company or any Affiliate or subsidiary of the Company pursuant to a stock option plan or restricted
stock plan or arrangement, which issuance of shares of Common Stock (or options to purchase or acquire shares of Common Stock)
are approved by a majority of the entire Board of Directors;

 

b.     
the issuance of any shares of Common Stock upon the conversion of the Series A Preferred Stock then outstanding and the
issuance of any shares of Common Stock upon the exercise of the warrants sold concurrently with the Series A Preferred Stock.

 

c.      
The issuance of shares of Common Stock in a Qualified Initial Public Offering or merger of the Company with or acquisition
of the Company by an entity whose capital stock is traded on a national securities exchange;

 

d.     
the issuance of Common Stock, Common Stock Equivalents or other securities to financial institutions or other lenders or
lessors in connection with any loan, commercial credit arrangement, equipment financing, commercial property lease or similar transaction
that is primarily for purposes other than raising equity capital for the Company or any of its Affiliates and are approved by a
majority of the entire Board of Directors;

 

e.      
the issuance of any Common Stock, Common Stock Equivalent or other securities pursuant to any capital reorganization, reclassification
or similar transaction that is primarily for purposes other than raising equity capital for the Company or any of its Affiliates
and that are approved a majority of the entire Board of Directors;

 

f.      
the issuance of any Common Stock, Common Stock Equivalent or other securities to an entity as a component of any business
relationship with such entity for the purpose of (1) joint venture, technology licensing or development activities, (2) distribution,
supply or manufacture of the Company’s products or services or (3) any other arrangement involving corporate partners that
is primarily for purposes other than raising equity capital for the Company or any of its Affiliates and, in each of the foregoing
cases, is approved by a majority of the entire Board of Directors; or

 

g.      
the issuance of Common Stock, Common Stock Equivalents or other securities in any transaction primarily for the purpose
of raising equity capital for the Company or any of its Affiliates to investment bankers, placement agents or advisors in connection
with the issuance of Series A Preferred Stock.

 

“Existing Stockholders”
has the meaning set forth in the introduction to this Agreement.

 

“Fair Value” has the meaning set
forth in Section 3.2(b) of this Agreement.

 

“Governmental
Authority” means the government of any nation, state, city, locality or other political subdivision thereof, any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, and any corporation or
other entity owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing.

 

“Investors”
means the Existing Stockholders, the Series A Investors and any Transferees of any of such Shares, in any case to whom Shares are
Transferred in accordance with Section 2.4 of this Agreement, and the term “Investor” shall mean any such Person.

 

“Involuntary
Transfer” means any Transfer, proceeding or action by or in which a Stockholder shall be deprived or divested of any right,
title or interest in or to any of the Shares, including, without limitation, (i) any seizure under levy of attachment or execution,
(ii) any Transfer in connection with bankruptcy (whether pursuant to the filing of a voluntary or an involuntary petition under
the United States Bankruptcy Code of 1978, or any modifications or revisions thereto) or other court proceeding to a debtor in
possession, trustee in bankruptcy or receiver or other officer or agency, (iii) any Transfer to a state or to a public officer
or agency pursuant to any statute pertaining to escheat or abandoned property, (iv) any Transfer pursuant to a divorce or separation
agreement or a final decree of a court in a divorce action and (v) any Transfer resulting from the death of a Stockholder.

 

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“Involuntary Transferee”
has the meaning set forth in Section 3.2(a) of this Agreement.

 

“Liens”
means any mortgage, deed of trust, pledge, hypothecation, assignment, encumbrance, lien (statutory or other) or preference, priority,
right or other security interest or preferential arrangement of any kind or nature whatsoever (excluding preferred stock and equity-related
preferences).

 

“Memorandum”
has the meaning set forth in the Recitals to this Agreement.

 

“Offer Price” has the meaning set forth
in Section 3.1(a) of this Agreement.

 

“Offered Securities”
has the meaning set forth in Section 3.1(a) of this Agreement.

 

“Offering Notice” has
the meaning set forth in Section 3.1(a) of this Agreement.

 

“Permitted Transferee”
has the meaning set forth in Section 2.2 of this Agreement.

 

“Person”
means any individual, firm, corporation, partnership, trust, incorporated or unincorporated association, joint venture, joint stock
company, limited liability company, Governmental Authority or other entity of any kind, and shall include any successor (by merger
or otherwise) of such entity.

 

“Placement Agent” means Laidlaw &
Company (UK) Ltd.

 

“Preferred
Stock” means any shares of preferred stock of the Company.

 

“Price Negotiation Period”
has the meaning set forth in Section 3.2(a) of this Agreement.

 

“Prior Stockholders Agreement”
has the meaning set forth in the Recitals of this Agreement.

 

“Pubco
Transaction” means (i) a reverse merger or similar transaction between the Company and a corporation whose securities are
publicly traded in the U.S. or other mutually agreed upon jurisdiction (“Pubco”) by the Company and the Placement
Agent, (ii) the quotation (a “Public Quotation”) of the Company’s securities for purchase and sale on a U.S.
quotation service or (iii) any filing with an applicable regulatory body which will result in the Company becoming an entity whose
securities are traded on a public exchange in the U.S. or other mutually agreed upon jurisdiction ( any of the foregoing, a “Pubco
Transaction”).

 

“Qualified
Initial Public Offering” means the Company’s offering of its securities for sale or resale pursuant to a registration
statement under the Securities Act, with aggregate gross proceeds to the Company of no less than $5,000,000.

 

“Rightholder(s)”
has the respective meanings set forth in Sections 3.1(c)(i) and 3.2(a) of this Agreement.

 

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“Rightholder Option Period”
has the meaning set forth in Section 3.1(c)(i) of this Agreement.

 

“Sale Majority” has
the meaning set forth in Section 3.1(g)(i) of this Agreement.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder.

 

“Selling Stockholder”
has the meaning set forth in Section 3.1(a) of this Agreement.

 

“Series
A Certificate of Designations” means the Certificate of Designations, Rights and Preferences for the Series A Preferred Stock
filed with the Secretary of State of Delaware, as such may be amended, restated and/or supplemented on or after the date hereof.

 

“Series A Investor”
means an Investor who owns any shares of Series A Preferred Stock.

 

“Series A Preferred Director”
has the meaning set forth in Section 6.2(b)(i) of this Agreement.

 

“Series
A Preferred Stock” means the Company’s Series A Convertible Participating Preferred Stock, par value $0.0001 per share.

 

“Shares”
means, with respect to each Stockholder, all shares, whether now owned or hereafter acquired, of Common Stock and Preferred Stock,
owned by such Stockholder; provided, however, for the purposes of any computation of the number of “Shares” owned by
any Stockholder pursuant to the definition of “Eligible Investor” and any of Sections 2, 3, 6 and 8.3, all outstanding
Common Stock Equivalents owned by any Stockholder shall be deemed converted, exercised or exchanged as applicable and the shares
of Common Stock issuable upon such conversion, exercise or exchange shall be deemed outstanding and owned by such Stockholder,
whether or not such conversion, exercise or exchange has actually been effected.

 

“Stated
Value” means with respect to the Series A Preferred Stock, $1.00 per share, subject to appropriate and proportionate adjustment
for stock dividends, stock splits and other subdivisions and combinations of, and recapitalizations and like occurrences.

 

“Stock
Option Plan” means any stock option plan of the Company pursuant to which Common Stock or options to purchase shares of Common
Stock in such amounts as are determined from time to time by the Board of Directors in its discretion are reserved and available
for grant to officers, directors, employees and consultants of the Company and its subsidiaries.

 

“Stockholders” has the meaning set forth
in the Recitals to this Agreement.

 

“Stockholders Agreement”
has the meaning set forth in the Recitals to this Agreement.

 

“Stockholders Meeting”
has the meaning set forth in Section 6.1 of this Agreement.

 

“Subsequent Financing”
has the meaning set forth in Section 4 of this Agreement.

 

“Tag-Along Rightholder”
has the meaning set forth in Section 3.1(f)(i) of this Agreement.

 

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“Third-Party
Purchaser” means any Person to whom any Stockholder wishes to Transfer all or any portion of its or his Shares other than
a Person which is a Permitted Transferee of such Stockholder.

 

“Transfer” has the meaning set forth in
Section 2.1 of this Agreement.

 

“Transferred Shares”
has the meaning set forth in Section 3.2(a) of this Agreement.

 

“Transferring Stockholder”
has the meaning set forth in Section 3.1(f)(i) of this Agreement.

 

“Written
Consent” has the meaning set forth in Section 6.1 of this Agreement.

 

		2.	Restrictions on Transfer of Shares.

 

2.1             
Limitation on Transfer. No Stockholder shall sell, give, assign, hypothecate, pledge, encumber, grant a security interest
in or otherwise dispose of (whether by operation of law or otherwise) (each a “Transfer”) any Shares or any right,
title or interest therein or thereto, except in accordance with the provisions of this Agreement, including, without limitation,
Section 2.4. Any attempt to Transfer any Shares or any rights thereunder in violation of the preceding sentence shall be null
and void ab initio.

 

2.2             
Permitted Transfers. Notwithstanding anything to the contrary contained in this Agreement, but subject to Sections 2.1,
2.3 and 2.4, at any time each Stockholder may Transfer all or a portion of his Shares to any of its Affiliates, to any other Investor
or to any Affiliate of any other Investor (the Persons referred to in the preceding clause are each referred to hereinafter as
a “Permitted Transferee”). A Permitted Transferee of Shares pursuant to this Section 2.2 may Transfer its Shares pursuant
to this Section 2.2 only to the Transferor Stockholder or to a Person that is a Permitted Transferee of such Transferor Stockholder.

 

2.3             
Permitted Transfer Procedures. If any Stockholder wishes to Transfer Shares to a Permitted Transferee under Section 2.2,
such Stockholder shall give notice to the Company of its intention to make any Transfer permitted under Section 2.2 not less than
ten (10) days prior to effecting such Transfer, which notice shall state the name and address of each Permitted Transferee to
whom such Transfer is proposed, the relationship of such Permitted Transferee to such Stockholder, and the number of Shares proposed
to be Transferred to such Permitted Transferee.

 

2.4             
Transfers in Compliance with Law; Substitution of Transferee. Notwithstanding any other provision of this Agreement, no
Transfer may be made unless (a) the Transferee has agreed in writing to be bound by the terms and conditions of this Agreement
pursuant to an instrument substantially in the form attached hereto as Exhibit A, (b) the Transfer complies in all respects with
the applicable provisions of this Agreement and (c) the Transfer complies in all respects with applicable federal and state securities
laws, including, without limitation, the Securities Act. If requested by the Company, an opinion of counsel to such Transferring
Stockholder shall be supplied to the Company at such Transferring Stockholder’s expense, to the effect that such Transfer
complies with the applicable federal and state securities laws; provided, that no opinion of counsel shall be required for any
Transfer by any Investor to any Permitted Transferee of such Investor. Upon becoming a party to this Agreement, (i) a Permitted
Transferee of an Investor shall be substituted for, and shall enjoy the same rights and be subject to the same obligations as,
the Transferring Stockholder hereunder with respect to the Shares Transferred to such Transferee.

 

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		3.	Right of First Refusal, Drag-Along and Tag-Along Rights.

 

		3.1	Proposed Voluntary Transfers.

 

(a)            
Offering Notice. Subject to Section 2, if any Stockholder, (a “Selling Stockholder”) wishes to Transfer all
or any portion of its or his Shares, to any Third-Party Purchaser, such Selling Stockholder shall offer such Shares first to the
Company by sending written notice (an “Offering Notice”) to the Company, which shall state: (a) the name and address
of the Third-Party Purchaser; the number of Shares proposed to be Transferred (the “Offered Securities”); (c) the
proposed purchase price per Share for the Offered Securities (the “Offer Price”) and the type of consideration offered
(including, if the consideration consists in whole or in part of non-cash consideration, such information available to the Selling
Stockholder as is necessary for the Company and the Rightholders (as hereinafter defined) under this Section 3.1 to analyze the
economic value and investment risk of such non-cash consideration); and (d) the other terms and conditions of such sale. Upon
delivery of the Offering Notice, such offer shall be irrevocable unless and until the rights of first offer provided for herein
shall have been waived or shall have expired. The Company shall promptly deliver a copy of the Offering Notice to each of the
Rightholders under this Section 3.1. The Offering Notice shall include a copy of the agreement between the Selling Stockholder
and the Third-Party Purchaser pertaining to the proposed Transfer of the Offered Securities to the Third-Party Purchaser.

 

(b)        
Company Option; Exercise. For a period of fifteen (15) days after the giving of the Offering Notice pursuant to Section
3.1(a) (the “Company Option Period”), the Company shall have the right (the “Company Option”) but not
the obligation to purchase any or all of the Offered Securities at a purchase price per share equal to the Offer Price and upon
the terms and conditions set forth in the Offering Notice, except that the Company may, at its option, substitute cash consideration
for non-cash consideration (other than notes) based upon the value of such non- cash consideration (as determined in good faith
by a majority of the entire Board of Directors, which determination must include the Series A Preferred Director). The right of
the Company to purchase any or all of the Offered Securities under this Section 3.1(b) shall be exercisable by delivering written
notice of the exercise thereof, prior to the expiration of the Company Option Period, to the Selling Stockholder, with a copy
to the Eligible Investors, which notice shall state the number of Offered Securities, respectively, proposed to be purchased by
the Company. The failure of the Company to respond within the Company Option Period shall be deemed to be a waiver of the Company
Option, provided that the Company may waive its rights under this Section 3.1(b) prior to the expiration of the Company Option
Period by giving written notice to the Selling Stockholder, with a copy to the Eligible Investors.

 

(c)         
Rightholder Option; Exercise.

 

(i)       If the Company does not elect to purchase all of the Offered Securities, then for a period of thirty (30) days after the
earlier to occur of (a) the expiration of the Company Option Period and (b) the date upon which the Selling Stockholder shall
have received written notice from the Company of its exercise of the Company Option pursuant to Section 3.1(b) or its waiver thereof
(the “Rightholder Option Period”), each of the Eligible Investors who is not a Selling Stockholder (for the purpose
of Section 3.1, (each, a “Rightholder” and collectively, the “Rightholders”) shall have the right to purchase
all, but not less than all, of the remaining Offered Securities at a per share purchase price equal to the Offer Price and upon
the terms and conditions set forth in the Offering Notice, except that each Rightholder may, at its option, substitute cash consideration
for non-cash consideration (other than notes) based upon the value of such non-cash consideration (as determined in good faith
by a majority of the entire Board of Directors, which determination must include the Series A Preferred Director). Each such Rightholder
shall have the right to purchase that percentage of the Offered Securities determined by dividing (i) the total number of Shares
then owned by such Rightholder by (ii) the total number of Shares then owned by all such Rightholders. If any Rightholder does
not fully subscribe for the number or amount of Offered Securities it or he is entitled to purchase, then each other fully participating
Rightholder shall have the right to purchase that percentage of the Offered Securities not so subscribed for (for the purposes
of this Section 3.1(c), the “Excess Offered Securities”) determined by dividing (x) the total number of Shares then
owned by such fully participating Rightholder by (y) the total number of Shares then owned by all fully participating Rightholders
who elected to purchase Excess Offered Securities. The procedure described in the preceding sentence shall be repeated until there
are no remaining Excess Offered Securities. If the Company and/or the Rightholders do not purchase all of the Offered Securities
pursuant to Section 3.1(b) and/or Section 3.1(c), then the Selling Stockholder may, subject to Section 3.1(f), sell the Offered
Securities to a Third-Party Purchaser in accordance with Section 3.1(e).

 

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(ii)       The right of each Rightholder to purchase all of the remaining Offered Securities under subsection (i) above shall be exercisable
by delivering written notice of the exercise thereof, prior to the expiration of the Rightholder Option Period, to the Selling
Stockholder with a copy to the Company. Each such notice shall state (a) the number of Shares held by such Rightholder and (b)
the number of Shares that such Rightholder is willing to purchase pursuant to this Section 3.1(c). The failure of a Rightholder
to respond within the Rightholder Option Period to the Selling Stockholder shall be deemed to be a waiver of such Rightholder’s
rights under subsection (i) above, provided that each Rightholder may waive its rights under subsection (ii) above prior to the
expiration of the Rightholder Option Period by giving written notice to the Selling Stockholder, with a copy to the Company.

 

(d)           Closing.
The closing of the purchases of Offered Securities subscribed for by the Company under Section 3.1(b) and/or the Rightholders
under Section 3.1(c) shall be held at the executive offices of the Company at 11:00 a.m., local time, on the 60th day after the
giving of the Offering Notice pursuant to Section 3.1(a) or at such other time and place as the parties to the transaction may
agree. At such closing, the Selling Stockholder shall deliver certificates representing the Offered Securities, duly endorsed
for Transfer and accompanied by all requisite Transfer taxes, if any, and such Offered Securities shall be free and clear of any
Liens (other than those arising hereunder and those attributable to actions by the purchasers thereof) and the Selling Stockholder
shall so represent and warrant, and shall further represent and warrant that it is the sole beneficial and record owner of such
Offered Securities. The Company and/or each Rightholder, as the case may be, purchasing Offered Securities shall deliver at the
closing consideration to be paid in full and the cash portion of such consideration shall be paid in immediately available funds
for the Offered Securities purchased by it or him. At such closing, all of the parties to the transaction shall execute such additional
documents as are otherwise necessary or appropriate.

 

(e)     
  Sale to the Third-Party Purchaser. Unless the Company and/or the Rightholders elect to purchase all, but not less
than all, of the Offered Securities under Sections 3.1(b) and 3.1(c), the Selling Stockholder may, subject to Section 3.1(f),
sell all, but not less than all, the Offered Securities to the Third-Party Purchaser and not to any assignee or designee of
such Third-Party Purchaser at a purchase price per share equal to the Offer Price and on the terms and conditions set forth
in the Offering Notice; provided, however, that such sale is bona fide and consummated within sixty (60) days after the
earlier to occur of (i) the waiver by the Company and all of the Rightholders of their options to purchase the Offered
Securities and (ii) the expiration of the Rightholder Option Period; and provided further, that such sale shall not be
consummated unless and until (x) such Third-Party Purchaser shall represent in writing to the Company and each Rightholder
that it is aware of the rights of the Company and the Stockholders contained in this Agreement and (y) prior to the purchase
by such Third-Party Purchaser of any of such Offered Securities, such Third-Party Purchaser shall become a party to this
Agreement and shall agree to be bound by the terms and conditions hereof in accordance with Section 2.4 hereof. If such sale
is not consummated within such sixty (60) day period for any reason, then the restrictions provided for herein shall again
become effective, and no Transfer of such Offered Securities may be made thereafter by the Selling Stockholder without again
offering the same to the Company and the Rightholders in accordance with this Section 3.1.

 

		(f)	Tag-Along Rights.

 

(i)       If any Stockholder (a “Transferring Stockholder”) wishes to Transfer all or any portion of its or his Shares
to a Third-Party Purchaser, then each of the Stockholders (other than the Transferring Stockholder) (each, a “Tag-Along
Rightholder”) shall have the right to sell to such Third-Party Purchaser, upon the same terms and conditions as the Transferring
Stockholder, up to that number of Shares held by such Tag-Along Rightholder equal to that percentage of the number of Shares proposed
to be Transferred by the Transferring Stockholder determined by dividing (i) the total number of Shares then owned by such Tag-Along
Rightholder by (ii) the sum of (x) the total number of Shares then owned by all such Tag-Along Rightholders exercising their rights
pursuant to this Section 3.1(f) and (y) the total number of Shares then owned by the Transferring Stockholder. To the extent that
the Tag-Along Rightholders exercise their rights pursuant to this Section 3.1(f), the number of Shares proposed to be Transferred
by the Transferring Stockholder shall be reduced accordingly.

 

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(ii)         The
Transferring Stockholder shall give written notice to each Tag-Along Rightholder of each proposed sale by it of Shares which gives
rise to the rights of the Tag-Along Rightholders set forth in this Section 3.1(f) at least fifteen (15) days prior to the proposed
consummation of such sale, setting forth the name of such Transferring Stockholder, the number of Shares proposed to be sold, the
name and address of the proposed Third-Party Purchaser, the proposed amount and form of consideration and terms and conditions
of payment offered by such Third-Party Purchaser, the percentage of Shares that such Tag-Along Rightholder may sell to such Third-Party
Purchaser (determined in accordance with Section 3.1(f)(i)), and a representation that such Third-Party Purchaser has been informed
of the “tag-along” rights provided for in this Section 3.1(f) and has agreed to purchase Shares in accordance with
the terms hereof. The tag-along rights provided by this Section 3.1(f) must be exercised by any Tag-Along Rightholder wishing to
sell Shares pursuant to this Section 3.1(f) within ten (10) days following receipt of the notice required by the preceding sentence,
by delivery of a written notice to the Transferring Stockholder indicating such Tag-Along Rightholder’s wish to exercise
its rights and specifying the number of Shares (up to the maximum number of Shares owned by such Tag-Along Rightholder required
to be purchased by such Third-Party Purchaser) it wishes to sell. The failure of a Tag-Along Rightholder to respond within such
10-day period shall be deemed to be a waiver of such Tag-Along Rightholder’s rights under this Section 3.1(f), provided that
any Tag-Along Rightholder may waive its rights under this Section 3.1(f) prior to the expiration of such 10-day period by giving
written notice to the Transferring Stockholder, with a copy to the Company. If a Third-Party Purchaser fails to purchase Shares
from any Tag-Along Rightholder that has properly exercised its tag-along rights pursuant to this Section 3.1(f)(ii), then the Transferring
Stockholder shall not be permitted to consummate the proposed sale of his or its Shares unless and until, simultaneous with such
sale, the Transferring Stockholder purchases from such Tag-Along Rightholder the number of Shares such Tag-Along Rightholder is
entitled to sell under this Section 3.1(f) on the same terms and conditions as the Transferring Stockholder is Transferring his
or its Shares to the Third-Party Purchaser.

 

		(g)	Drag-Along Rights.

 

(i)     If the Stockholders holding a majority of the voting power of the Shares (the “Sale Majority”) approve a bona
fide sale or exchange, whether directly or pursuant to a sale, merger, consolidation or other business combination, of all or
substantially all of the Shares to a Third-Party Purchaser (a “Drag-Along Event”), then the Stockholders comprising
a part of the Sale Majority shall have the right, subject to all of the provisions of this Section 3.1(g) (“Drag-Along Rights”),
to require all of the other Stockholders (the “Drag-Along Stockholders” and each individually a “Drag-Along
Stockholder”) to (A) if such Drag-Along Event is structured as a sale of Shares, sell, Transfer and deliver or cause to
be sold, Transferred and delivered to such Third- Party Purchaser all Shares and Common Stock Equivalents owned by the Drag-Along
Stockholders or (B) if such Drag-Along Event is structured as a merger, consolidation or other business combination requiring
the consent or approval of the Drag-Along Stockholders, vote their Shares in accordance with the written instructions of the Stockholders
comprising a part of the Sale Majority in favor thereof, and otherwise consent to and raise no objection to such transaction,
and waive any dissenters’ rights, appraisal rights or similar rights which the Drag-Along Stockholders may have in connection
therewith; and, in any such event, subject to the provisions of subsection (iii) of this Section 3.1(g), the Drag-Along Stockholders
shall agree to and shall be bound by the same terms, provisions and conditions in respect of the Drag-Along Event. The provisions
of Section 3.1(f) shall not apply to any transaction to which this Section 3.1(g) applies to the extent the Stockholders comprising
a part of the Sale Majority shall have in fact exercised their Drag-Along Rights under this Section 3.1(g).

 

    9

     

    

 

(ii)      If
the Stockholders comprising a part of the Sale Majority desire to exercise their Drag-Along Rights, they shall give written notice
to the Drag-Along Stockholders (“Drag-Along Notice”) of the Drag-Along Event which gives rise to the obligations of
the Drag-Along Stockholders set forth in this Section 3.1(g), at least thirty (30) days prior to the proposed consummation of
the transaction. The Drag-Along Notice shall set forth (A) the name and address of the Third-Party Purchaser, (B) the date on
which such transaction is proposed to be consummated, (C) the proposed amount and form of consideration and terms and conditions
of payment offered by the Third-Party Purchaser and (D) a representation that the Third-Party Purchaser has been informed of the
Drag-Along Rights provided for in this Section 3.1(g) and has agreed to purchase Shares in accordance with the terms hereof.

 

(iii)     In connection with a Drag-Along Event pursuant to this Section 3.1(g), the Drag-Along Stockholders shall make substantially
the same representations, warranties, covenants and indemnities and other similar agreements as the Stockholders comprising a
part of the Sale Majority agree to make in connection with the proposed Transfer by them relating to the ownership of and title
to their Shares. No Drag-Along Stockholder shall be subject to the requirements of this Section 3.1(g) with respect to a Drag-Along
Event if such Drag-Along Event (A) requires that the payment with respect to each share of Common Stock or Preferred Stock, as
applicable, held by such Drag-Along Stockholder is not in accordance with the Articles if such Drag-Along Event were deemed a
“Liquidation” or “Acquisition Transaction” for purposes of Article IV, Section 3 thereof (or such equivalent
Article and Section thereof), (B) provides that such Drag-Along Stockholder will not receive the same form of consideration or
the same per share consideration for their shares of Common Stock or Preferred Stock, as applicable, as all other holders of such
shares of Common Stock or Preferred Stock, as applicable, or (C) requires such Drag-Along Stockholder to agree to any indemnification
obligations which (1) are for breaches of representations and warranties of any Person other than the Company or such Drag-Along
Stockholder, (2) provide for indemnification other than in proportion to such Drag-Along Stockholder’s ownership interest
in the Company, determined on a fully-diluted basis as-converted to Common Stock basis (excluding: (a) all Shares issuable pursuant
to the exercise of an option wherein such right of exercise has not yet vested as of the closing of the Drag-Along Event, (b)
all Shares exercisable pursuant to either a warrant or an option for which the exercise price is greater than the fair market
value of the underlying Shares as of the closing of the Drag-Along Event; and (c) all options and Shares reserved for the issuance
of options under the Stock Option Plan for which options have not yet issued as of the closing of the Drag-Along Event), and (3)
are not limited to the value of the consideration actually received by such Drag-Along Stockholder pursuant to such Drag-Along
Event (excluding liability for such Drag-Along Stockholder’s own fraud or malfeasance). In addition and without limitation
to the foregoing, no Drag-Along Stockholder shall be subject to the requirements of this Section 3.1(g) with respect to a Drag-Along
Event if such Drag-Along Stockholder is required to provide indemnification in connection with such Drag-Along Event and any of
the Stockholders comprising a part of the Sale Majority are not required to provide indemnification or such Drag- Along Stockholder’s
indemnification obligations in connection with such Drag-Along Event are upon terms and conditions which are less favorable to
such Drag-Along Stockholder than the terms and conditions upon which any of the Stockholders comprising a part of the Sale Majority
are obligated to provide indemnification in connection with such Drag-Along Event.

 

3.2           Involuntary
Transfers.

 

(a)    Rights of First Offer upon Involuntary Transfer. If an Involuntary Transfer of any Shares (the “Transferred Shares”)
owned by any Stockholder other than an Eligible Investor shall occur, then the Company and the Stockholders other than the Stockholder
who suffered or will suffer such Involuntary Transfer (for the purpose of Section 3.2, each, a “Rightholder” and collectively,
the “Rightholders”) shall have the same rights as specified in Sections 3.1(b) and 3.1(c), respectively, with respect
to such Transferred Shares as if the Involuntary Transfer had been a proposed voluntary Transfer by a Selling Stockholder and
shall be governed by Section 3.1 except that (i) the time periods shall run from the date of receipt by the Company of actual
notice of the Involuntary Transfer (and the Company shall immediately give notice to the Rightholders of the date of receipt of
such notice), (ii) such rights shall be exercised by notice to the Transferee of such Transferred Shares (the “Involuntary
Transferee”) rather than to the Stockholder who suffered or will suffer the Involuntary Transfer and (iii) the purchase
price per Transferred Share shall be agreed upon by the Involuntary Transferee and the Company and/or the purchasing Rightholders
purchasing a majority of the Transferred Shares, as the case may be; provided, however, that if such parties fail to agree as
to such per share purchase price within thirty (30) days after the date on which the Company or the last of the Rightholders exercised
its rights under this Section 3.2(a), whichever is later (such period, the “Price Negotiation Period”), the per share
purchase price shall be the Fair Value thereof as determined in accordance with Section 3.2(b).

 

    10

     

    

 

(b)          Fair Value. If the parties fail to agree upon the per share purchase price of the Transferred Shares in accordance with
Section 3.2(a) hereof, then the Company or the Rightholders, as the case may be, shall purchase the Transferred Shares at a per
share purchase price equal to the Fair Value (as hereinafter defined) thereof. The Fair Value of the Transferred Shares shall
be determined by a panel of three independent appraisers, which shall be nationally recognized investment banking firms or nationally
recognized experts experienced in the valuation of corporations engaged in the business conducted by the Company. Within five
(5) Business Days after the last day of the Price Negotiation Period or such earlier date as the applicable parties determine
that they cannot agree as to the per share purchase price, the Involuntary Transferee and the Board of Directors (in the case
of a purchase by the Company), or the purchasing Rightholders purchasing a majority of the Transferred Shares being purchased
by the purchasing Rightholders (if the Company is not purchasing any Transferred Shares), or the Board of Directors and such purchasing
Rightholders jointly (in the case of a purchase by the Company and Rightholders), as the case may be, shall each designate one
such appraiser that is willing and able to conduct such determination. If either the Involuntary Transferee or the Board of Directors
or the purchasing Rightholders or both, as the case may be, fails to make such designation within such period, then the other
party that has made the designation shall have the right to make the designation on its behalf. The two appraisers designated
shall, within a period of five (5) Business Days after the designation of the second appraiser, designate a mutually acceptable
third appraiser. The three appraisers shall conduct their determination as promptly as practicable, and the Fair Value of the
Transferred Shares shall be the average of the determination of the two appraisers that are closer to each other than to the determination
of the third appraiser, which third determination shall be discarded; provided, however, that if the determination of two appraisers
are equally close to the determination of the third appraiser, then the Fair Value of the Transferred Shares shall be the average
of the determination of all three appraisers. Such determination shall be final and binding on the Involuntary Transferee, the
Company and the Rightholders. The Involuntary Transferee shall be responsible for the fees and expenses of the appraiser designated
by or on behalf of it, and the Company or the purchasing Rightholders (if both the Company and the purchasing Rightholders), or
the purchasing Rightholders (if the Company is not purchasing any Transferred Shares) for the fees and expenses of the appraiser
designated by or on behalf of the Board of Directors or the purchasing Rightholders (if the Company is not purchasing any Transferred
Shares), as the case may be. The Involuntary Transferee and the Company or the purchasing Rightholders, as the case may be, shall
each share half the fees and expenses of the appraiser designated by the appraisers. For purposes of this Section 3.2(b), the
“Fair Value” of the Transferred Shares means the per share fair market value of such Transferred Shares determined
in accordance with this Section 3.2(b) based upon all considerations that the appraisers determine to be relevant. All expenses
to be shared by the Company and the purchasing Rightholders, or among the purchasing Rightholders (if the Company is not purchasing
any Transferred Shares), shall be shared in proportion to the number of Transferred Shares purchased.

 

(c)          Closing. The closing of any purchase under this Section 3.2 shall be held at the offices of the Company’s legal counsel
or such other location as may be designated by the Company at 11:00 a.m., local time, on the earlier to occur of (i) the fifth
(5th) Business Day after the purchase price per Transferred Share shall have been agreed upon by the Involuntary Transferee
and the Company or the purchasing Rightholders, as the case may be, in accordance with Section 3.2(a)(iii), or (ii) the fifth
(5th) Business Day after the determination of the Fair Value of the Transferred Shares in accordance with Section 3.2(b),
or at such other time and place as the parties to the transaction may agree. At such closing, the Involuntary Transferee shall
deliver certificates, if applicable, or other instruments or documents representing the Transferred Shares being purchased under
this Section 3.2, duly endorsed with a signature guarantee for Transfer and accompanied by all requisite Transfer taxes, if any,
and such Transferred Shares shall be free and clear of any Liens (other than those arising hereunder) arising through the action
or inaction of the Involuntary Transferee and the Involuntary Transferee shall so represent and warrant, and further represent
and warrant that it is the beneficial owner of such Transferred Shares. The Company or each Rightholder, as the case may be, purchasing
such Transferred Shares shall deliver at closing payment in full in immediately available funds for such Transferred Shares. At
such closing, all parties to the transaction shall execute such additional documents as are otherwise necessary or appropriate.

 

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(d)          General. In the event that the provisions of this Section 3.2 shall be held to be unenforceable with respect to any particular
Involuntary Transfer, the Company and the Rightholders shall have the rights specified in Sections 3.1(b) and 3.1(c), respectively,
with respect to any Transfer by an Involuntary Transferee of such Shares, and each Rightholder agrees that any Involuntary Transfer
shall be subject to such rights, in which case the Involuntary Transferee shall be deemed to be the Selling Stockholder for purposes
of Section 3.1 of this Agreement and shall be bound by the provisions of Section 3.1 and other related provisions of this Agreement.

 

4.             Most
Favored Nations. From the date hereof until such time that the Series A Preferred Stock is no longer outstanding, if the Company
effects a subsequent financing of its equity and/or debt securities (including any securities convertible, exercisable and/or
exchangeable for capital stock of the Company) (a “Subsequent Financing”), each Series A Investor may elect, in its
sole discretion, to exchange all of the Series A Preferred Stock then held by such Series A Investor for the securities issued
in a Subsequent Financing on a $1.00 for $1.00 basis based on the outstanding Stated Value of such Series A Preferred Stock, along
with any other amounts owing thereon, at the effective price at which such securities are to be sold in such Subsequent Financing;
provided, however, that this Section shall not apply with respect to (i) any Excluded Securities (as defined in the Series A Certificate
of Designations) or (ii) an underwritten public offering of Common Stock.

 

		5.	After-Acquired Securities; Agreement to be Bound.

 

5.1       After-Acquired Securities. All of the provisions of this Agreement shall apply to all of the Shares and Common Stock Equivalents
now owned or which may be issued or Transferred hereafter to a Stockholder in consequence of any additional issuance, purchase,
exchange or reclassification of any of such Shares or Common Stock Equivalents, corporate reorganization, or any other form of
recapitalization, consolidation, merger, share split or share dividend, or which are acquired by a Stockholder in any other manner.

 

5.2       Agreement to be Bound. The Company shall not issue any shares of capital stock or any Common Stock Equivalents to any Person
not a party to this Agreement, other than any Common Stock Equivalents issued to directors, officers, employees or consultants
of the Company pursuant to the Stock Option Plan, unless such Person has agreed in writing to be bound by the terms and conditions
of this Agreement pursuant to an instrument substantially in the form attached hereto as Exhibit B,. Upon the exercise of any
Common Stock Equivalents under the Stock Option Plan, the holder of such Common Stock Equivalents shall agree in writing to be
bound by the terms and conditions of this Agreement pursuant to an instrument substantially in the form attached hereto as Exhibit
B. Upon becoming a party to this Agreement, such Person shall be deemed to be a party to, and bound by, the provisions of this
Agreement. Any issuance of Shares or any Common Stock Equivalents by the Company in violation of this Section 5.2 shall be null
and void ab initio.

 

    12

     

    

 

		6.	Corporate Governance.

 

6.1           General. From and after the execution of this Agreement, each Stockholder shall vote its Shares at any regular or special
meeting of stockholders of the Company (a “Stockholders Meeting”) or in any written consent executed in lieu of such
a meeting of stockholders (a “Written Consent”), and shall take all other actions necessary, to give effect to the
provisions of this Agreement (including, without limitation, Section 6.2 hereof).

 

		6.2	Election of Directors; Number and Composition.

 

(a)        Number. Each Stockholder shall vote its Shares at any Stockholders Meeting, or act by Written Consent with respect to such
Shares, and take all other actions necessary to ensure that the number of directors constituting the entire Board of Directors
shall consist of such number of directors as is authorized in accordance with the Charter Documents.

 

(b)        Composition. Each Stockholder shall vote its Shares at any Stockholders Meeting called for the purpose of filling the positions
on the Board of Directors, or in any Written Consent executed for such purpose, and take all other actions necessary to ensure:
(i) the nomination and election to the Board of Directors of one individual designated by the holders of at least a majority of
the issued and outstanding Series A Preferred Stock (the “Series A Preferred Director”); (ii) the nomination and election
to the Board of Directors of one individual who shall be the then current chief executive officer of the Company (the “CEO
Director”), who shall initially be Rob Knie, (iii) the nomination and election to the Board of Directors of one individual
(the “Spherix Director”) who shall be designated by Spherix Incorporated (“Spherix”) until such time as
Spherix owns at least 10% of the issued and outstanding shares of Common Stock of the Company, who shall initially be Anthony
Hayes; and (iii) the nomination and election to the Board of Directors of two individuals who are not employees, officers or directors
of any of the Investors or any of their respective Affiliates, who shall initially be Vadim Mats and Ken Rice.

 

		6.3	Removal and Replacement of Directors.

 

(a)        Replacement of Directors. If at any time, a vacancy is created on the Board of Directors by reason of the incapacity, death,
removal or resignation of a director designated by the Stockholders entitled to designate directors under Section 6.2(b) (each
a “Designating Party”), then the Designating Party shall promptly designate a new director and, after written notice
to each of the other Stockholders and the Company of such new designee, each Stockholder shall vote all of its or his Shares so
as to elect such new designee to the Board of Directors.

 

(b)        Removal of Directors. Each Designating Party may remove its designated director at any time and for any reason (or no reason)
in such Designating Party’s sole discretion and, after written notice to each of the other Stockholders and the Company
of the new designee to replace such removed director, each Stockholder shall vote all of its Shares so as to elect such new designee
to the Board of Directors.

 

6.4           Reimbursement of Expenses; D&O Insurance. The Company shall reimburse the members of the Board of Directors for all
reasonable travel and accommodation expenses incurred by the directors in connection with the performance of their duties as directors
of the Company upon presentation of appropriate documentation therefor. The Company will use commercially reasonable efforts to
obtain and maintain, a directors’ and officers’ insurance policy on the directors and officers of the Company in an
aggregate amount of at least two million dollars ($2,000,000).

 

6.5           Annual Budget. Not less than thirty (30) days prior to the end of each fiscal year, the Company shall prepare and submit
to the Board of Directors for its approval an annual operating budget for the next succeeding fiscal year in reasonable detail.

 

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6.6           Books and Records. The Company shall, and shall cause its subsidiaries to, keep proper books of records and account, in
which full and correct entries shall be made of all financial transactions and the assets and business of the Company and each
of its subsidiaries in accordance with generally accepted accounting principles consistently applied.

 

7.             Stock Certificate Legend. A copy of this Agreement shall be filed with the Secretary of the Company and kept with the records
of the Company. Each certificate representing Shares now held or hereafter acquired by any Stockholder shall for as long as this
Agreement is effective bear legends substantially in the following forms:

 

THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES
LAWS OF ANY STATE. THE SECURITIES MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT
AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND
SUCH LAWS.

 

THE SALE, ASSIGNMENT,
HYPOTHECATION, PLEDGE, ENCUMBRANCE OR OTHER DISPOSITION (EACH A “TRANSFER”) AND VOTING OF ANY OF THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE RESTRICTED BY THE TERMS OF THE AMENDED AND RESTATED STOCKHOLDERS AGREEMENT, DATED AS OF THE DATE HEREOF,
AMONG THE COMPANY AND THE STOCKHOLDERS NAMED THEREIN, A COPY OF WHICH MAY BE INSPECTED AT THE COMPANY’S PRINCIPAL OFFICE.
THE COMPANY WILL NOT REGISTER THE TRANSFER OF SUCH SECURITIES ON THE BOOKS OF THE COMPANY UNLESS AND UNTIL THE TRANSFER HAS
BEEN MADE IN COMPLIANCE WITH THE TERMS OF THE AMENDED AND RESTATED STOCKHOLDERS AGREEMENT.

 

8.            Miscellaneous.

 

8.1
Recapitalizations, Exchanges, etc. The provisions of this Agreement shall apply to the full extent set forth herein with respect
to (a) the shares of Common Stock and Preferred Stock, (b) any and all shares of capital stock of the Company into which the shares
of Common Stock or Preferred Stock, as applicable, are converted, exchanged or substituted in any recapitalization or other capital
reorganization by the Company and (c) any and all equity securities of the Company or any successor or assign of the Company (whether
by merger, consolidation, sale of assets or otherwise) which may be issued in respect of, in conversion of, in exchange for or
in substitution of, the shares of Common Stock and Preferred Stock, as applicable, and shall be appropriately adjusted for any
stock dividends, splits, reverse splits, combinations, recapitalizations and the like occurring after the date hereof. The Company
shall cause any successor or assign (whether by merger, consolidation, sale of assets or otherwise) to enter into a stockholders
agreement with the Stockholders on terms substantially the same as this Agreement as a condition of any such transaction.

 

8.2 Notices.
All notices, demands or other communications provided for or permitted hereunder shall be made in writing and shall be sent by
registered or certified first class mail, return receipt requested, telecopier, courier service, overnight mail or personal delivery:

 

		(a)	if to the Company:

 

Hoth Therapeutics Inc.

1 Rockefeller Plaza, Suite 1039

New York, NY 10020

Telefax:  

Attention: Robb Knie, Chief
Executive Officer

 

    14

     

    

 

with a copy to:

Sheppard, Mullin, Richter
& Hampton LLP

30 Rockefeller Plaza

New York, NY 10112

Telefax: (212) 655-1729

Attention: Richard A.
Friedman, Esq.

 

		(b)	if to any Stockholder, at
                                         its address as it appears on the record books of the Company.

 

Any party may, by notice
given in accordance with this Section 8.2, designate another address or Person for receipt of notices hereunder. All such notices,
demands and other communications shall be deemed to have been duly given when delivered by hand, if personally delivered; when
delivered by courier, if delivered by commercial courier service; five (5) Business Days after being deposited in the mail, postage
prepaid, if mailed; and when receipt is mechanically acknowledged, if telecopied or sent by electronic mail.

 

8.3      
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors,
heirs, legatees and legal representatives. This Agreement is not assignable except in connection with a Transfer of Shares in
accordance with this Agreement.

 

8.4        Amendment
and Waiver.

 

(a)        Except as specifically set forth in this Agreement, no failure or delay on the part of any party hereto in exercising any
right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right,
power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies
provided for herein are cumulative and are not exclusive of any remedies that may be available to the parties hereto at law, in
equity or otherwise.

 

(b)        Any amendment, supplement or modification of or to any provision of this Agreement, any waiver of any provision of this
Agreement, and any consent to any departure by any party from the terms of any provision of this Agreement, shall be effective
only if it is made or given in writing and signed by the Company, the Stockholders holding a majority of the voting power of the
Shares held by the Stockholders Any such amendment, supplement, modification, waiver or consent shall be binding upon the Company
and all of the Stockholders.

 

8.5  Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which taken
together shall constitute one and the same instrument. This Agreement may be executed by facsimile signature(s) which shall be
binding on the party delivering same, to be followed by delivery of originally executed signature pages.

 

8.6  Specific
Performance. The parties hereto intend that each of the parties have the right to seek damages or specific performance in the
event that any other party hereto fails to perform such party’s obligations hereunder. Therefore, if any party shall institute
any action or proceeding to enforce the provisions hereof, any party against whom such action or proceeding is brought hereby
waives any claim or defense therein that the plaintiff party has an adequate remedy at law.

 

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

 

    15

     

    

 

8.8
 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO THE PRINCIPLES OF CONFLICTS OF LAW OF ANY JURISDICTION. NO SUIT, ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE
BROUGHT IN ANY COURT OR BEFORE ANY SIMILAR AUTHORITY OTHER THAN IN A COURT OF COMPETENT JURISDICTION IN THE STATE OF NEW YORK
AND THE PARTIES HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS FOR THE PURPOSE OF SUCH SUIT, PROCEEDING OR JUDGMENT.
EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT WHICH IT MAY HAVE HAD TO BRING SUCH AN ACTION IN ANY OTHER COURT,
DOMESTIC OR FOREIGN, OR BEFORE ANY SIMILAR DOMESTIC OR FOREIGN AUTHORITY AND AGREES NOT TO CLAIM OR PLEAD THE SAME. EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING IN RELATION TO THIS
AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

8.9 Severability.
If any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal
or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired, unless the provisions held invalid, illegal or
unenforceable shall substantially impair the benefits of the remaining provisions hereof.

 

8.10
Entire Agreement. This Agreement, together with the exhibits hereto, is intended by the parties as a final expression of their
agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect
of the subject matter contained herein and therein. There are no restrictions, promises, warranties or undertakings, other than
those set forth or referred to herein or therein. This Agreement, together with the exhibits hereto, supersedes all prior agreements
and understandings among the parties with respect to such subject matter, including the Prior Stockholders Agreement.

 

8.11 Term
of Agreement. This Agreement shall become effective upon the execution hereof and shall terminate upon the first to occur of (a)
the consummation of the Qualified Initial Public Offering or (b) the consummation of a Pubco Transaction.

 

8.12 Further
Assurances. Each of the parties shall, and shall cause their respective Affiliates to, execute such instruments and take such
action as may be reasonably required or desirable to carry out the provisions hereof and the transactions contemplated hereby.

 

[Remainder of Page Intentionally Left Blank]

 

    16

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed, or have caused to be executed, this Amended and Restated Stockholders Agreement on the date first written above.

 

	 	HOTH THERAPEUTICS INC.	 
	 	 	 
	 	By:	 	 
	 	 	Name: Robb Knie	 
	 	 	Title: Chief Executive Officer	 

 

The Purchasers of Series
A Preferred Shares, to be set forth on Schedule B to this Agreement, have executed a Subscription Agreement with the Company which
provides, among other things, that by executing the Subscription Agreement each Purchaser is deemed to have executed the AMENDED
AND RESTATED STOCKHOLDERS AGREEMENT in all respects.

 

    17

     

    

 

SCHEDULE A

 

	Stockholder

         
	Type of Shares of
                           Capital Stock

         
	Number of
                           Shares of Capital Stock

         

 

    18

     

    

 

SCHEDULE B

 

	Stockholder

         
	Type of Shares of
                           Capital Stock

         
	Number of
                           Shares of Capital Stock

         

 

    19

     

    

 

EXHIBIT A1

ACKNOWLEDGMENT AND AGREEMENT

 

The
undersigned wishes to receive from                      (“Transferor”)                      shares, par value $[insert number] per share, of
[Common Stock] [Preferred Stock] or certain options, warrants or other rights to purchase                      shares of [Common Stock] [Preferred
Stock] (the “Shares”) of Hoth Therapeutics, Inc., a Nevada corporation (the “Company”);

 

The Shares
are subject to the Amended and Restated Stockholders Agreement, dated [ ] (the “Agreement”), among the Company
and the other parties listed on the signature pages thereto;

 

The undersigned
has been given a copy of the Agreement and afforded ample opportunity to read and to have counsel review it, and the undersigned
is thoroughly familiar with its terms;

 

Pursuant
to the terms of the Agreement, the Transferor is prohibited from Transferring such Shares and the Company is prohibited from registering
the Transfer of the Shares unless and until a Transfer is made in accordance with the terms and conditions of the Agreement and
the recipient of such Shares acknowledges the terms and conditions of the Agreement and agrees to be bound thereby; and

 

The undersigned
wishes to receive such Shares and have the Company register the Transfer of such Shares.

 

 

1 For
Transfers of previously issued stock.

 

    20

     

    

 

In consideration
of the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and to induce the Transferor to Transfer such Shares to the undersigned and the Company to register such
Transfer, the undersigned does hereby acknowledge and agree that (i) [he/she] has been given a copy of the Agreement and afforded
ample opportunity to read and to have counsel review it, and the undersigned is thoroughly familiar with its terms, (ii) the Shares
are subject to the terms and conditions set forth in the Agreement, and (iii) the undersigned does hereby agree fully to be bound
thereby as a “Stockholder” and as [SELECT AS APPROPRIATE] [an “Investor”] [an “Eligible Investor”]
(as therein defined).

 

This                      day of                      , 20__.

 

    21

     

    

 

EXHIBIT
B1/

 

ACKNOWLEDGMENT AND AGREEMENT

 

The undersigned
wishes to receive from Hoth Therapeutics Inc., a Nevada corporation (the “Company”),                              shares, par value $[insert
number] per share, of [Common Stock] [Preferred Stock], or certain newly issued options, warrants or other rights to purchase
                                           shares of [Common Stock] [Preferred Stock] (the “Shares”), of the Company;

 

The Shares
are subject to the Amended and Restated Stockholders Agreement, dated [ ] (the “Agreement”), among the Company
and the other parties listed on the signature pages thereto;

 

The undersigned
has been given a copy of the Agreement and afforded ample opportunity to read and to have counsel review it, and the undersigned
is thoroughly familiar with its terms;

 

Pursuant
to the terms of the Agreement, the Company is prohibited from issuing the Shares unless and until a Transfer is made in accordance
with the terms and conditions of the Agreement and the recipient of such Shares acknowledges the terms and conditions of the Agreement
and agrees to be bound thereby; and

 

The undersigned wishes to receive such Shares.

 

In
consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and to induce the Company to issue such Shares, the undersigned does hereby
acknowledge and agree that (i) [he/she] has been given a copy of the Agreement and afforded ample opportunity to read and to
have counsel review it, and the undersigned is thoroughly familiar with its terms, (ii) the Shares are subject to terms and
conditions set forth in the Agreement, and (iii) the undersigned does hereby agree fully to be bound thereby as a
“Stockholder”.

 

This                      day of                  , 20__.

 

 

1/ For
newly issued stock.

 

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TABLE OF CONTENTS

 

	 	 	 	Page
	1.	Definitions	1
	 	 	 
	2.	Restrictions on Transfer of Shares	6
	 	2.1	Limitation on Transfer	6
	 	2.2	Permitted Transfers	6
	 	2.3	Permitted Transfer Procedures	6
	 	2.4	Transfers in Compliance with Law; Substitution of Transferee	6
	 	 	 	 
	3.	Right of First Offer, Drag-Along and Tag-Along Rights	7
	 	3.1	Proposed Voluntary Transfers	7
	 	3.2	Involuntary Transfers	10
	 	 	 	 
	4.	Most Favored Nations	12
	 	 	 
	5.	After-Acquired Securities; Agreement to be Bound	12
	 	5.1	After-Acquired Securities	12
	 	5.2	Agreement to be Bound	12
	 	 	 	 
	6.	Corporate Governance	13
	 	6.1	General	13
	 	6.2	Stockholder Actions	13
	 	6.3	Election of Directors; Number and Composition	13
	 	6.4	Removal and Replacement of Director	13
	 	6.5	Reimbursement of Expenses; D&O Insurance	13
	 	6.6	Annual Budget	14
	 	6.7	Books and Records	14
	 	 	 	 
	7.	Stock Certificate Legend	14
	 	 	 
	8.	Miscellaneous	14
	 	8.1	Notices	14
	 	8.2	Successors and Assigns	15
	 	8.3	Amendment and Waiver	15
	 	8.4	Counterparts	15
	 	8.5	Specific Performance	15
	 	8.6	Headings	15
	 	8.7	Governing Law	16
	 	8.8	Severability	16
	 	8.9	Entire Agreement	16

 

    23

     

    

 

	 	8.10	Term of Agreement	16
	 	8.11	Further Assurances	16

  

EXHIBITS

 

	A	Form of Transfer Agreement (Previously issued shares)

 

	B	Form of Transfer Agreement (Newly issued shares)

 

    24Exhibit 10.8

 

NEITHER THIS SECURITY NOR THE SECURITIES
FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH
EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE
OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

FORM OF COMMON STOCK PURCHASE WARRANT

 

HOTH
THERAPEUTICS, INC.

 

	Warrant No. [___]	Issue Date: _______ __, 2017

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, _____________ (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the date hereof (the “Initial Exercise Date”) and on or prior to the close of business on the
seven-year anniversary of the Issue Date of the Warrant (the “Termination Date”) but not thereafter,
to subscribe for and purchase from Hoth Therapeutics, Inc., a Nevada corporation (the “Company”), up
to ____________ shares (the “Warrant Shares”) of Common Stock. The purchase price of one share
of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1.              Definitions.
For the purposes hereof, in addition to the terms defined elsewhere in this Warrant, (a) capitalized terms not otherwise defined
herein shall have the meanings set forth in the Purchase Agreement (as defined below) and (b) the following terms shall have the
following meanings:

 

“Business
Day” means any day except any Saturday, any Sunday, any day which shall be a federal legal holiday in the United
States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental
action to close.

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof
to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, rights, options, warrants or other
instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to
receive Common Stock.

 

“Fair
Market Value” of one share of Common Stock as of a particular date shall mean: (i) if traded on a national securities
exchange, the VWAP (as defined below) of the Common Stock of the Company on such exchange over the five (5) Trading Days ending
immediately prior to the applicable date of valuation; (ii) if quoted on the OTC Bulletin Board or an over the counter market operated
by OTC Markets Group, Inc or its successor, the average VWAP over the thirty (30) Trading Days ending immediately prior to the
applicable date of valuation; and (iii) if neither (i) nor (ii) applies, the Fair Market Value shall be the value thereof, as agreed
upon by the Company and the Holder; provided, however, that if the Company and the Holder cannot agree on such value, such value
shall be determined by an independent valuation firm experienced in valuing businesses such as the Company and jointly selected
in good faith by the Company and the Holder. Fees and expenses of the valuation firm shall be paid for by the Company.

 

    1

     

    

 

“National
Securities Exchange” means the following markets or exchanges on which the Common Stock may be listed or quoted for
trading on the date in question: the NYSE American, LLC, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global
Select Market, the New York Stock Exchange.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Purchase
Agreement” means, collectively, the Unit Purchase Agreement, dated as of [August ___], 2017 and Subscription Agreement,
dated as of [August ___], 2017, between the Company and the original Holder, as amended, modified or supplemented from time to
time in accordance with its terms.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Trading
Day” means a day on which the New York Stock Exchange is open for business.

 

“Trading
Market” means the following markets or exchanges on which the Common Stock is listed or quoted for trading
on the date in question: the NYSE American LLC, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
the New York Stock Exchange or the OTC Bulletin Board.

 

“Transaction
Documents” shall have the meaning set forth in the Purchase Agreement.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a National Securities Exchange, the daily volume weighted average price of the Common Stock for such date (or the
nearest preceding date) on the trading market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P.
(based on a Trading Day from 9:30 a.m. New York City time to 4:02 p.m. New York City time); (b) if the Common Stock is quoted on
any one or more of the OTC Bulletin Board, or the other OTC markets, including the OTCQX, OTCQB and OTC Pink markets, the volume
weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board; (c) if the
Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported
on the OTC markets, including the OTCQX, OTCQB and OTC Pink markets, or in the “Pink Sheets” published by Pink Sheets,
LLC (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share
of the Common Stock so reported; or (d) in all other cases, the Fair Market Value of a share of Common Stock as determined by an
independent appraiser selected in good faith by the Subscribers of a majority in interest of the Securities then outstanding and
reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company; provided that in each case where
Bloomberg L.P. data is being relied upon, Holder shall provide to the Company a copy of such information for the Company’s
records.

 

    2

     

    

 

		Section 2.	Exercise.

 

		a)	Exercise of Warrant.

 

i. Exercise of
the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial
Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as
it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company)
of a duly executed notice of exercise (“Notice of Exercise”) form attached hereto as Exhibit A;
and, within three (3) Trading Days of the date said Notice of Exercise is delivered to the Company, the Company shall have received
payment of the aggregate Exercise Price of the shares thereby purchased by wire transfer or cashier’s check drawn on a United
States bank. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant
to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised
in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of
the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of
a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of
Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the
Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. In the event of any
dispute or discrepancy, the records of the Company shall be controlling and determinative in the absence of manifest error.

 

ii. If at any
time from the Initial Exercise Date, provided that there is no effective registration statement registering, or no current prospectus
available for the resale of the Warrant Shares by the Holder, then in lieu of the payment methods set forth in Section 2(a)(i)
above, the Holder may elect to exchange all or some of this Warrant for shares of Common Stock equal to the value of the amount
of the Warrant being exchanged on the date of exchange. If Holder elects to exchange this Warrant as provided in this Section
2(a)(ii), Holder shall tender to the Company the Warrant for the amount being exchanged, along with written notice of Holder’s
election to exchange some or all of the Warrant, and the Company shall issue to Holder the number of shares of the Common Stock
computed using the following formula:

 

	X =	Y (A-B)

                                                                                 

	 	A

 

	 	Where:   X =	the number of shares of Common Stock to be issued to Holder.
	 	 	 
	 	Y =	the number of shares of Common Stock purchasable under the amount of the Warrant being exchanged (as adjusted to the date of such calculation).
	 	 	 
	 	 A =	the Fair Market Value of one share of the Common Stock on the date that the notice of exercise is received by the Company.
	 	 B =	Exercise Price (as adjusted to the date of such calculation).

 

    3

     

    

 

b)       Exercise
Price. The exercise price per share of the Common Stock under this Warrant shall be $0.25, subject to adjustment hereunder
(the “Exercise Price”).

 

c)       [Exercise
Limitations. Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to
the extent that after giving effect to such issuance after exercise, the Holder (together with the Holder’s affiliates, and
any other person or entity acting as a group together with the Holder or any of the Holder’s affiliates), would beneficially
own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of this Section, beneficial ownership shall
be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. Holder
is solely responsible for any schedules required to be filed in accordance therewith. The Company shall have no obligation to verify
or confirm the accuracy of such filings. In any case, the number of outstanding shares of Common Stock shall be determined after
giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its affiliates
since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership
Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect
to the issuance of Warrant Shares issuable upon exercise of this Warrant. The Holder, upon not less than 61 days’ prior notice
to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(c), provided that the
Beneficial Ownership Limitation may not exceed 9.99% of the number of shares of the Common Stock outstanding immediately after
giving effect to the issuance of Warrant Shares upon exercise of this Warrant held by the Holder and the provisions of this Section
2(c) shall continue to apply, unless the Holder upon not less than 61 days’ prior notice to the Company determines to waive
the Beneficial Ownerhship Limitation requirements described in this Section 2(c) in its entirety. Any such increase or decrease
will not be effective until the 61st day after such notice is delivered to the Company. The limitations contained in
this paragraph shall apply to a successor holder of this Warrant.]

 

d)       Mechanics
of Exercise.

 

i.         Delivery
of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be transmitted by the Company’s transfer
agent (the “Transfer Agent”) to the Holder by crediting the account of the Holder’s prime broker
with the Depository Trust Company through its Deposit Withdrawal Agent Commission (“DWAC”) system if
the Company is then a participant in such system and either (A) there is an effective registration statement permitting the resale
of the Warrant Shares by the Holder or (B) the shares are eligible for resale without volume or manner-of-sale limitations pursuant
to Rule 144, and otherwise by physical delivery of certificates to the address specified by the Holder in the Notice of Exercise
within three (3) Trading Days from the delivery to the Company of the Notice of Exercise Form, surrender of this Warrant (if required)
and payment of the aggregate Exercise Price as set forth above (the “Warrant Share Delivery Date”). This
Warrant shall be deemed to have been exercised on the date the Exercise Price is received by the Company. The Warrant Shares shall
be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become
a holder of record of such shares for all purposes, as of the date the Warrant has been exercised by payment to the Company of
the Exercise Price and all taxes required to be paid by the Holder, if any, pursuant to Section 2(e)(vi) prior to the issuance
of such shares, have been paid.

 

    4

     

    

 

ii.        Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates representing Warrant
Shares, deliver to Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased Warrant Shares called for by
this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

 

iii.       Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder a certificate or the certificates representing
the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind
such exercise.

 

iv.      No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which Holder would otherwise be entitled to purchase upon such exercise, the Company
shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price or round up to the next whole share.

 

v.           Charges,
Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or
transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall
be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed
by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other
than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the assignment form (“Assignment
Form”) attached hereto as Exhibit B duly executed by the Holder and the Company may require, as a condition thereto,
the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.

 

vi.       Closing
of Books. The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this
Warrant, pursuant to the terms hereof.

 

		Section 3.	Intentionally Omitted.

 

		Section 4.	Certain Adjustments.

 

a)       Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
make a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable
in shares of Common Stock (which, for avoidance of doubt, shall not include any Warrant Shares issued by the Company upon exercise
of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including
by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by reclassification
of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the
aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 4(a) shall become
effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

    5

     

    

 

b)        Pro
Rata Distributions. If the Company, at any time while this Warrant is outstanding, shall distribute to all holders of Common
Stock (and not to the Holder) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants
to subscribe for or purchase any security other than the Common Stock, then in each such case the Exercise Price shall be adjusted
by multiplying the Exercise Price in effect immediately prior to the record date fixed for determination of stockholders entitled
to receive such distribution by a fraction of which the denominator shall be the VWAP determined as of the record date mentioned
above, and of which the numerator shall be such VWAP on such record date less than the per share Fair Market Value at such record
date of the portion of such assets or evidence of indebtedness or rights or warrants so distributed applicable to one outstanding
share of the Common Stock as determined by the Board of Directors in good faith. In either case the adjustments shall be described
in a statement provided to the Holder of the portion of assets or evidences of indebtedness so distributed or such subscription
rights applicable to one share of Common Stock. Such adjustment shall be made whenever any such distribution is made and shall
become effective immediately after the record date mentioned above.

 

c)       Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company effects any merger or consolidation of the
Company into another Person, (ii) the Company effects any sale of all or substantially all of its assets in one or a series of
related transactions, (iii) 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 (iv)
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 (each “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, the number of shares
of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional
consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction
by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental
Transaction. For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply
to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock
in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable
manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are
given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given
the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.
To the extent necessary to effectuate the foregoing provisions, any successor to the Company or surviving entity in such Fundamental
Transaction shall issue to the Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s
right to exercise such warrant into Alternate Consideration. The terms of any agreement pursuant to which a Fundamental Transaction
is effected shall include terms requiring any such successor or surviving entity to comply with the provisions of this Section
4(c) and insuring that this Warrant (or any such replacement security) will be similarly adjusted upon any subsequent transaction
analogous to a Fundamental Transaction.

 

    6

     

    

 

d)       d)       Calculations.
All calculations under this Section 4 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 4, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

e)       Notice
to Holder.

 

i.         Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 4, the Company shall promptly
mail to the Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement of the facts
requiring such adjustment.

 

ii.        Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, of any compulsory share exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last
address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or
effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common
Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the
date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or
close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares
of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale,
transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof shall
not affect the validity of the corporate action required to be specified in such notice. The Holder is entitled to exercise this
Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice.

 

		Section 5.	Transfer of Warrant.

 

a)       Transferability.
Subject to compliance with any applicable securities laws and the conditions set forth in Section 5(d) herein and to the provisions
of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable,
in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with
a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney
and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable,
and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly
assigned, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

    7

     

    

 

b)       New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 5(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial
Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c)       Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and
for all other purposes, absent actual notice to the contrary.

 

d)       Transfer
Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the
transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities
Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions
pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder or transferee of this
Warrant, as the case may be, comply with the provisions of the Purchase Agreement.

 

		Section 6.	Miscellaneous.

 

a)       No
Rights as Shareholder Until Exercise. This Warrant does not entitle the Holder to any voting rights or other rights as a shareholder
of the Company prior to the exercise hereof.

 

b)       Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of
the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

    8

     

    

 

c)       Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

d)       Authorized
Shares.

 

The Company
covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock one
hundred (100%) of the number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. In case such amount of Common Stock is insufficient at any time, the Company shall call and hold a special
meeting to increase the number of authorized shares of common stock. Management of the Company shall recommend to shareholders
to vote in favor of increasing the number of authorized shares of common stock.

 

The Company
further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty
of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the
purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant
Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the National
Securities Exchange upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued
upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by
this Warrant, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created
by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such
issue).

 

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

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or
in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.

 

e)       Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Purchase Agreement.

 

    9

     

    

 

f)       Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions
upon resale imposed by state and federal securities laws.

 

g)      Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies, notwithstanding the fact that all rights
hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with any provision of this
Warrant, which results in any material damages to the Holder, the Company shall pay to Holder such amounts as shall be sufficient
to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings,
incurred by Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.

 

h)      Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
in accordance with the notice provisions of the Purchase Agreement.

 

i)       Limitation
of Liability. No provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant to purchase
Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder for
the purchase price of any Common Stock or as a shareholder of the Company, whether such liability is asserted by the Company or
by creditors of the Company.

 

j)       Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

k)       Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors of the Company and the successors and permitted assigns of Holder. The provisions
of this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant and shall be enforceable by
the Holder or holder of Warrant Shares.

 

l)       Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

m)      Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

n)      Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

    10

     

    

 

[Signature Page Follows.] 

 

    11

     

    

 

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

 

	HOTH THERAPEUTICS, INC.

	 
	 	 
	By:	 	 
	 	Name:	 
	

         
	Title:	 

 

     

     

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

TO:       HOTH THERAPEUTICS, INC.

 

(1)  The
undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant and
tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2)  Please
issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is
specified below:

 

_______________________________       

 

The Warrant Shares shall be delivered to the following DWAC
Account Number or by physical delivery of a certificate to:

 

_______________________________

 

_______________________________

 

_______________________________

 

(3)  Accredited Investor. The undersigned
is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity:

________________________________________________________________________

 

Signature of Authorized Signatory of Investing Entity:

_________________________________________________

 

Name of Authorized Signatory:

___________________________________________________________________

 

Title of Authorized Signatory:

____________________________________________________________________

 

Date:

___________________________________________________________________________________________________________________________________

 

     

     

    

 

EXHIBIT B

 

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

FOR VALUE RECEIVED, [____] all of or [_______]
shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

_______________________________________________ whose address
is

 

____________________________________________________________.

 

_______________________________________________________________

 

Dated: ______________, _______

 

Holder’s Signature:      _____________________________

 

Holder’s Address:        _____________________________

 

  _____________________________

 

Signature Guaranteed: ___________________________________________

 

NOTE: The signature to this Assignment Form must correspond
with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be
guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Warrant.

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