Document:

Exhibit 4.19

 

SECURITY AGREEMENT

 

SECURITY AGREEMENT
(this “Agreement”), dated as of __________, 2018, by and between Adial Pharmaceuticals, Inc., a Delaware corporation
(the “Company”), and the secured parties signatory hereto and their respective endorsees, transferees and assigns
(collectively, the “Secured Parties” and each, a “Secured Party”).

 

W I T
N E S S E T H:

 

WHEREAS, pursuant to
separate Securities Purchase Agreements, between the Company and the Secured Parties (the “Purchase Agreement”),
the Company has agreed to issue to the Secured Parties and the Secured Parties have agreed to purchase from the Company various
18% Senior Secured Promissory Notes in the aggregate principal amount of up to $550,000 (the “Secured Notes”);
and

 

WHEREAS, in order to
induce the Secured Parties to purchase the Secured Notes, Company has agreed to execute and deliver to the Secured Parties this
Agreement for the benefit of the Secured Parties and to grant to them a security interest in certain property of Company to secure
the prompt payment, performance and discharge in full of all of Company’s obligations under the Secured Notes; and

 

WHEREAS, in light of
the foregoing, the Company expects to derive substantial benefit from the Purchase Agreement and sale of the Secured Notes and
the transactions contemplated thereby and, in furtherance thereof, has agreed to execute and deliver this Agreement.

 

NOW, THEREFORE, in
consideration of the agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1. Certain Definitions. As used in this Agreement, the following terms shall have the meanings set forth in this Section
1. Terms used but not otherwise defined in this Agreement that are defined in Article 9 of the UCC shall have the respective meanings
given such terms in Article 9 of the UCC.

 

(a) “Collateral” means the collateral, as set forth below, in which the Secured Parties is granted a security
interest by this Agreement and which shall include the following assets of the Company, whether presently owned or existing or
hereafter acquired or coming into existence, and all additions and accessions thereto and all substitutions and replacements thereof,
and all proceeds, products and accounts thereof, including, without limitation, all proceeds from the sale, transfer or other disposition
of the Collateral and of insurance covering the same and of any tort claims in connection therewith:

 

(i) All
goods of the Company, including, without limitations, all machinery, equipment, computers, motor vehicles, trucks, tanks, boats,
ships, appliances, furniture, special and general tools, fixtures, test and quality control devices and other equipment of every
kind and nature and wherever situated, together with all documents of title and documents representing the same, all additions
and accessions thereto, replacements therefor, all parts therefor, and all substitutes for any of the foregoing and all other
items used and useful in connection with the Company’s businesses and all improvements thereto; and

 

      

     

    

 

(ii) All inventory of the Company; and

 

(iii) All of the Company’s contract rights, rights to the payment of money and general intangibles, including, without limitation,
all payment intangibles, partnership interests, stock or other securities, licenses, distribution and other agreements, computer
software development rights, leases, franchises, customer lists, quality control procedures, grants and rights, goodwill, trademarks,
service marks, trade styles, trade names, patents, patent applications, copyrights and other intellectual property); and

 

(iv) All accounts and receivables of the Company including all insurance proceeds, and rights to refunds or indemnification whatsoever
owing, together with all instruments, all documents of title representing any of the foregoing, all rights in any merchandising,
goods, equipment, motor vehicles and trucks which any of the same may represent, and all right, title, security and guaranties
with respect to each account, including any right of stoppage in transit; and

 

(v) All of the Company’s deposit accounts, letter-of-credit rights (whether or not the letter of credit is evidenced by
a writing), commercial tort claims, insurance claims, income tax refunds, and supporting obligations; and

 

(vi) All of the Company’s documents, instruments (including, without limitation, all promissory notes) and chattel paper
(whether tangible or electronic), investment property, files, records, books of account, business papers, computer programs and
the products and proceeds of all of the foregoing Collateral set forth in clauses (i)-(v) above.

 

(b) “Company” shall mean, collectively, Company and all of the subsidiaries of Company, a list of which is
contained in Schedule A, attached hereto.

 

(c) “Event of Default” has the meaning set forth in the Secured Notes.

 

(d)  “Obligations” means all of the Company’s obligations under this Agreement, the Secured Notes and
all agreements, instruments and other documents executed and delivered in connection herewith or therewith, in each case, whether
now or hereafter existing, voluntary or involuntary, direct or indirect, absolute or contingent, liquidated or unliquidated, whether
or not jointly owed with others, and whether or not from time to time decreased or extinguished and later decreased, created or
incurred, and all or any portion of such obligations or liabilities that are paid, to the extent all or any part of such payment
is avoided or recovered directly or indirectly from the Secured Parties as a preference, fraudulent transfer or otherwise as such
obligations may be amended, supplemented, converted, extended or modified from time to time.

 

(e) “UCC” means the Uniform Commercial Code, as currently in effect in the State of New York.

 

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2. Grant of Security Interest. As an inducement for the Secured Parties to purchase the Secured Notes and to secure
the complete and timely payment, performance and discharge in full, as the case may be, of all of the Obligations, the Company
hereby, unconditionally and irrevocably, pledges, grants and hypothecates to the Secured Parties, a continuing security interest
in, a continuing lien upon, an unqualified right to possession and disposition of and a right of set-off against, in each case
to the fullest extent permitted by law, all of the Company’s right, title and interest of whatsoever kind and nature in and
to, the Collateral (the “Security Interest”).

 

3. Representations, Warranties, Covenants and Agreements of the Company. The Company represents and warrants to, and
covenants and agrees with, the Secured Parties as follows:

 

(a) The Company has the requisite corporate power and authority to enter into this Agreement and otherwise to carry out its
obligations thereunder. The execution, delivery and performance by the Company of this Agreement and the filings contemplated therein
have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company.
This Agreement constitutes a legal, valid and binding obligation of the Company enforceable in accordance with its terms, except
as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement
of creditor’s rights generally.

 

(b) The Company represents and warrants that it has no place of business or offices where its respective books of account and
records are kept (other than temporarily at the offices of its attorneys or accountants) or places where Collateral is stored or
located, except as set forth on Schedule A attached hereto;

 

(c) The Company is the sole owner of the Collateral (except for non-exclusive licenses granted to the Company in the ordinary
course of business), free and clear of any liens, security interests, encumbrances, rights or claims, and is fully authorized to
grant the Security Interest in and to pledge the Collateral. There is not on file in any governmental or regulatory authority,
agency or recording office an effective financing statement, security agreement, license or transfer or any notice of any of the
foregoing (other than those that have been filed in favor of the Secured Parties pursuant to this Agreement) covering or affecting
any of the Collateral. So long as this Agreement shall be in effect, the Company shall not execute and shall not knowingly permit
to be on file in any such office or agency any such financing statement or other document or instrument (except to the extent filed
or recorded in favor of the Secured Parties pursuant to the terms of this Agreement).

 

(d) No part of the Collateral has been judged invalid or unenforceable. No written claim has been received that any Collateral
or the Company’s use of any Collateral violates the rights of any third party. There has been no adverse decision to the
Company’s claim of ownership rights in or exclusive rights to use the Collateral in any jurisdiction or to the Company’s
right to keep and maintain such Collateral in full force and effect, and there is no proceeding involving said rights pending or,
to the best knowledge of the Company, threatened before any court, judicial body, administrative or regulatory agency, arbitrator
or other governmental authority.

 

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(e) The Company shall at all times maintain its books of account and records relating to the Collateral at its principal place
of business and its Collateral at the locations set forth on Schedule A attached hereto and may not relocate such books
of account and records or tangible Collateral unless it delivers to the Secured Parties at least 30 days prior to such relocation
(i) written notice of such relocation and the new location thereof (which must be within the United States) and (ii) evidence that
appropriate financing statements and other necessary documents have been filed and recorded and other steps have been taken to
perfect the Security Interest to create in favor of the Secured Parties valid, perfected and continuing lien in the Collateral.
Within 45 days from the end of each quarter while the Secured Notes remains outstanding, the Company shall provide the Secured
Parties with Financial statements of the entity/entities funded using the proceeds of the Secured Notes.

 

(f) This Agreement creates in favor of the Secured Parties a valid security interest in the Collateral securing the payment
and performance of the Obligations and, upon making the filings described in the immediately following sentence, a perfected priority
security interest in such Collateral. Except for the filing of UCC financing statements under the UCC with the jurisdiction indicated
on Schedule B, attached hereto, no authorization or approval of or filing with or notice to any governmental authority or
regulatory body is required either (i) for the grant by the Company of, or the effectiveness of, the Security Interest granted
hereby or for the execution, delivery and performance of this Agreement by the Company or (ii) for the perfection of or exercise
by the Secured Parties of their rights and remedies hereunder.

 

(g) On the date of execution of this Agreement, the Company will deliver to the Secured Parties one or more executed UCC financing
statements with respect to the Security Interest for filing with the jurisdictions indicated on Schedule B, attached hereto
and in such other jurisdictions as may be requested by the Secured Parties.

 

(h) The execution, delivery and performance of this Agreement does not conflict with or cause a breach or default, or an event
that with or without the passage of time or notice, shall constitute a breach or default, under any agreement to which the Company
is a party or by which the Company is bound. No consent (including, without limitation, from stock holders or creditors of the
Company) is required for the Company to enter into and perform its obligations hereunder.

 

(i) The Company shall at all times maintain the liens and Security Interest provided for hereunder as valid and perfected priority
liens in favor of the Secured Parties until this Agreement and the Security Interest hereunder shall terminate pursuant to Section
11. The Company hereby agrees to defend the same against any and all persons. The Company shall safeguard and protect all Collateral
for the account of the Secured Parties. At the request of the Secured Parties, the Company will sign and deliver to the Secured
Parties at any time or from time to time one or more financing statements pursuant to the UCC (or any other applicable statute)
in form reasonably satisfactory to the Secured Parties and will pay the cost of filing the same in all public offices wherever
filing is, or is deemed by the Secured Parties to be, necessary or desirable to effect the rights and obligations provided for
herein. Without limiting the generality of the foregoing, the Company shall pay all fees, taxes and other amounts necessary to
maintain the Collateral and the Security Interest hereunder, and the Company shall obtain and furnish to the Secured Parties from
time to time, upon demand, such releases and/or subordinations of claims and liens which may be required to maintain the priority
of the Security Interest hereunder.

 

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(j) The Company will not transfer, pledge, hypothecate, encumber, license (except for non-exclusive licenses granted by the
Company in the ordinary course of business), sell or otherwise dispose of any of the Collateral without the prior written consent
of the Secured Parties.

 

(k) The Company shall keep and preserve the Collateral in good condition, repair and order and shall not operate or locate any
such Collateral (or cause to be operated or located) in any area excluded from insurance coverage.

 

(l) The Company shall, within ten (10) days after obtaining knowledge thereof, advise the Secured Parties promptly, in sufficient
detail, of any substantial change in the Collateral, and of the occurrence of any event which would have a material adverse effect
on the value of the Collateral or on the Secured Parties’ security interest therein.

 

(m) The Company shall promptly execute and deliver to the Secured Parties such further deeds, mortgages, assignments, security
agreements, financing statements or other instruments, documents, certificates and assurances and take such further action as the
Secured Parties may from time to time request and may in its sole discretion deem necessary to perfect, protect or enforce its
security interest in the Collateral.

 

(n) The Company shall permit the Secured Parties and its representatives and agents to inspect the Collateral at any time, and
to make copies of records pertaining to the Collateral as may be requested by the Secured Parties from time to time.

 

(o) The Company will take all steps reasonably necessary to diligently pursue and seek to preserve, enforce and collect any
rights, claims, causes of action and accounts receivable in respect of the Collateral.

 

(p) The Company shall promptly notify the Secured Parties in sufficient detail upon becoming aware of any attachment, garnishment,
execution or other legal process levied against any Collateral and of any other information received by the Company that may materially
affect the value of the Collateral, the Security Interest or the rights and remedies of the Secured Parties hereunder.

 

(q) All information heretofore, herein or hereafter supplied to the Secured Parties by or on behalf of the Company with respect
to the Collateral is accurate and complete in all material respects as of the date furnished.

 

(r) Schedule A attached hereto contains a list of all of the subsidiaries of Company.

 

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4. Duty
To Hold In Trust. Upon the occurrence of any Event of Default and at any time thereafter, the Company shall, upon receipt
by it of any revenue, income or other sums, whether payable pursuant to the Secured Notes or otherwise, or of any check, draft,
note, trade acceptance or other instrument evidencing an obligation to pay any such sum, hold the same in trust for the Secured
Parties and shall forthwith endorse and transfer any such sums or instruments, or both, to the Secured Parties for application
to the satisfaction of the Obligations.

 

5. Rights and Remedies Upon Default. Upon occurrence of any Event of Default and at any time thereafter, the Secured
Parties shall have the right to exercise all of the remedies conferred hereunder and under the Secured Notes, and the Secured Parties
shall have all the rights and remedies of a secured party under the UCC and/or any other applicable law (including the Uniform
Commercial Code of any jurisdiction in which any Collateral is then located). Without limitation, the Secured Parties shall have
the following rights and powers:

 

(a) The
Secured Parties shall have the right to take possession of the Collateral and, for that purpose, enter, with the aid and assistance
of any person, any premises where the Collateral, or any part thereof, is or may be placed and remove the same, and the Company
shall assemble the Collateral and make it available to the Secured Parties at places which the Secured Parties shall reasonably
select, whether at the Company’s premises or elsewhere, and make available to the Secured Parties, without rent, all of
the Company’s respective premises and facilities for the purpose of the Secured Parties taking possession of, removing or
putting the Collateral in saleable or disposable form.

 

(b) The Secured Parties shall have the right to operate the business of the Company using the Collateral and shall have the
right to assign, sell, lease or otherwise dispose of and deliver all or any part of the Collateral, at public or private sale or
otherwise, either with or without special conditions or stipulations, for cash or on credit or for future delivery, in such parcel
or parcels and at such time or times and at such place or places, and upon such terms and conditions as the Secured Parties may
deem commercially reasonable, all without (except as shall be required by applicable statute and cannot be waived) advertisement
or demand upon or notice to the Company or right of redemption of the Company, which are hereby expressly waived. Upon each such
sale, lease, assignment or other transfer of Collateral, the Secured Parties may, unless prohibited by applicable law which cannot
be waived, purchase all or any part of the Collateral being sold, free from and discharged of all trusts, claims, right of redemption
and equities of the Company, which are hereby waived and released.

 

6. Applications
of Proceeds. The proceeds of any such sale, lease or other disposition of the Collateral hereunder shall be applied first,
to the expenses of retaking, holding, storing, processing and preparing for sale, selling, and the like (including, without limitation,
any taxes, fees and other costs incurred in connection therewith) of the Collateral, to the reasonable attorneys’ fees and
expenses incurred by the Secured Parties in enforcing its rights hereunder and in connection with collecting, storing and disposing
of the Collateral, and then to satisfaction of the Obligations, and to the payment of any other amounts required by applicable
law, after which the Secured Parties shall pay to the Company any surplus proceeds. If, upon the sale, license or other disposition
of the Collateral, the proceeds thereof are insufficient to pay all amounts to which the Secured Parties is legally entitled,
the Company will be liable for the deficiency, together with interest thereon, at the rate of 15% per annum (the “Default
Rate”), and the reasonable fees of any attorneys employed by the Secured Parties to collect such deficiency. To the
extent permitted by applicable law, the Company waives all claims, damages and demands against the Secured Parties arising out
of the repossession, removal, retention or sale of the Collateral, unless due to the gross negligence or willful misconduct of
the Secured Parties.

 

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7. Costs
and Expenses. The Company agrees to pay all out-of-pocket fees, costs and expenses incurred in connection with any filing
required hereunder, including without limitation, any financing statements, continuation statements, partial releases and/or
termination statements related thereto or any expenses of any searches reasonably required by the Secured Parties. The
Company shall also pay all other claims and charges which in the reasonable opinion of the Secured Parties might prejudice,
imperil or otherwise affect the Collateral or the Security Interest therein. The Company will also, upon demand, pay to the
Secured Parties the amount of any and all reasonable expenses, including the reasonable fees and expenses of its counsel and
of any experts and agents, which the Secured Parties may incur in connection with (i) the enforcement of this Agreement, (ii)
the custody or preservation of, or the sale of, collection from, or other realization upon, any of the Collateral, or (iii)
the exercise or enforcement of any of the rights of the Secured Parties under the Secured Notes. Until so paid, any fees
payable hereunder shall be added to the principal amount of the Secured Notes and shall bear interest at the Default
Rate.

 

8. Responsibility for Collateral. The Company assumes all liabilities and responsibility in connection with all Collateral,
and the obligations of the Company hereunder or under the Secured Notes shall in no way be affected or diminished by reason of
the loss, destruction, damage or theft of any of the Collateral or its unavailability for any reason.

 

9. Security Interest Absolute. All rights of the Secured Parties and all Obligations of the Company hereunder, shall
be absolute and unconditional, irrespective of: (a) any lack of validity or enforceability of this Agreement, the Secured Notes
or any agreement entered into in connection with the foregoing, or any portion hereof or thereof; (b) any change in the time, manner
or place of payment or performance of, or in any other term of, all or any of the Obligations, or any other amendment or waiver
of or any consent to any departure from the Secured Notes or any other agreement entered into in connection with the foregoing;
(c) any exchange, release or nonperfection of any of the Collateral, or any release or amendment or waiver of or consent to departure
from any other collateral for, or any guaranty, or any other security, for all or any of the Obligations; (d) any action by the
Secured Parties to obtain, adjust, settle and cancel in its sole discretion any insurance claims or matters made or arising in
connection with the Collateral; or (e) any other circumstance which might otherwise constitute any legal or equitable defense available
to the Company, or a discharge of all or any part of the Security Interest granted hereby. Until the Obligations shall have been
paid and performed in full, the rights of the Secured Parties shall continue even if the Obligations are barred for any reason,
including, without limitation, the running of the statute of limitations or bankruptcy. The Company expressly waives presentment,
protest, notice of protest, demand, notice of nonpayment and demand for performance. In the event that at any time any transfer
of any Collateral or any payment received by the Secured Parties hereunder shall be deemed by final order of a court of competent
jurisdiction to have been a voidable preference or fraudulent conveyance under the bankruptcy or insolvency laws of the United
States, or shall be deemed to be otherwise due to any party other than the Secured Parties, then, in any such event, the Company’s
obligations hereunder shall survive cancellation of this Agreement, and shall not be discharged or satisfied by any prior payment
thereof and/or cancellation of this Agreement, but shall remain a valid and binding obligation enforceable in accordance with the
terms and provisions hereof. The Company waives all right to require the Secured Parties to proceed against any other person or
to apply any Collateral which the Secured Parties may hold at any time, or to marshal assets, or to pursue any other remedy. The
Company waives any defense arising by reason of the application of the statute of limitations to any obligation secured hereby.

 

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10. Term of Agreement. This Agreement and the Security Interest shall terminate on the date on which all payments under
the Secured Notes has been made in full and all other Obligations have been paid or discharged. Upon such termination, the Secured
Parties, at the request and at the expense of the Company, will join in executing any termination statement with respect to any
financing statement executed and filed pursuant to this Agreement.

 

11. Power of Attorney; Further Assurances.

 

(a) The
Company authorizes the Secured Parties, and does hereby make, constitute and appoint the Secured Parties, and their respective
officers, agents, successors or assigns with full power of substitution, as the Company’s true and lawful attorney-in-fact,
with power, in its own name or in the name of the Company, to, after the occurrence and during the continuance of an Event of
Default, (i) endorse any notes, checks, drafts, money orders, or other instruments of payment (including payments payable under
or in respect of any policy of insurance) in respect of the Collateral that may come into possession of the Secured Parties; (ii)
to sign and endorse any UCC financing statement or any invoice, freight or express bill, bill of lading, storage or warehouse
receipts, drafts against debtors, assignments, verifications and notices in connection with accounts, and other documents relating
to the Collateral; (iii) to pay or discharge taxes, liens, security interests or other encumbrances at any time levied or placed
on or threatened against the Collateral; (iv) to demand, collect, receipt for, compromise, settle and sue for monies due in respect
of the Collateral; and (v) generally, to do, at the option of the Secured Parties, and at the Company’s expense, at any
time, or from time to time, all acts and things which the Secured Parties deem necessary to protect, preserve and realize upon
the Collateral and the Security Interest granted therein in order to effect the intent of this Agreement and the Secured Notes
all as fully and effectually as the Company might or could do; and the Company hereby ratifies all that said attorney shall lawfully
do or cause to be done by virtue hereof. This power of attorney is coupled with an interest and shall be irrevocable for the term
of this Agreement and thereafter as long as any of the Obligations shall be outstanding.

 

(b) On a continuing basis, the Company will make, execute, acknowledge, deliver, file and record, as the case may be, in the
proper filing and recording places in any jurisdiction, including, without limitation, the jurisdiction indicated on Schedule
B, attached hereto, all such instruments, and take all such action as may reasonably be deemed necessary or advisable, or as
reasonably requested by the Secured Parties, to perfect the Security Interest granted hereunder and otherwise to carry out the
intent and purposes of this Agreement, or for assuring and confirming to the Secured Parties the grant or perfection of a security
interest in all the Collateral.

 

(c) The Company hereby irrevocably appoints the Secured Parties as the Company’s attorney-in-fact, with full authority
in the place and stead of the Company and in the name of the Company, from time to time in the Secured Parties’ discretion,
to take any action and to execute any instrument which the Secured Parties may deem necessary or advisable to accomplish the purposes
of this Agreement, including the filing, in its sole discretion, of one or more financing or continuation statements and amendments
thereto, relative to any of the Collateral without the signature of the Company where permitted by law.

 

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12. Notices.
All notices, requests, demands and other communications hereunder shall be in writing, with copies to all the other parties hereto,
and shall be deemed to have been duly given when (i) if delivered by hand, upon receipt, (ii) if sent by facsimile, upon receipt
of proof of sending thereof, (iii) if sent by nationally recognized overnight delivery service (receipt requested), the next business
day or (iv) if mailed by first-class registered or certified mail, return receipt requested, postage prepaid, four days after
posting in the U.S. mails, in each case if delivered to the following addresses:

 

	If to the Company, to:	Adial Pharmaceuticals, Inc.
	 	
        1180 Seminole Trail

        Charlottesville, VA 22902

	 	Attention: William B. Stilley
	 	Telephone: (434) 422-9800
	 	Facsimile:

 

	With a copy to:	
         

        Attn:

	 	 
	 	Telephone:
	 	Facsimile:

 

If to the Secured Parties, then the address set forth in the
Purchase Agreement.

 

13. Other Security. To the extent that the Obligations are now or hereafter secured by property other than the Collateral
or by the guarantee, endorsement or property of any other person, firm, corporation or other entity, then the Secured Parties shall
have the right, in their sole discretion, to pursue, relinquish, subordinate, modify or take any other action with respect thereto,
without in any way modifying or affecting any of the Secured Parties’ rights and remedies hereunder.

 

14. Miscellaneous.

 

(a) No
course of dealing between the Company and the Secured Parties, nor any failure to exercise, nor any delay in exercising, on the
part of the Secured Parties, any right, power or privilege hereunder or under the Secured Notes shall operate as a waiver thereof;
nor shall any single or partial exercise of any right, power or privilege hereunder or thereunder preclude any other or further
exercise thereof or the exercise of any other right, power or privilege.

 

(b) All of the rights and remedies of the Secured Parties with respect to the Collateral, whether established hereby or by the
Secured Notes or by any other agreements, instruments or documents or by law shall be cumulative and may be exercised singly or
concurrently.

 

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(c) This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and is intended
to supersede all prior negotiations, understandings and agreements with respect thereto. Except as specifically set forth in this
Agreement, no provision of this Agreement may be modified or amended except by a written agreement specifically referring to this
Agreement and signed by the parties hereto.

 

(d) In the event that any provision of this Agreement is held to be invalid, prohibited or unenforceable in any jurisdiction
for any reason, unless such provision is narrowed by judicial construction, this Agreement shall, as to such jurisdiction, be construed
as if such invalid, prohibited or unenforceable provision had been more narrowly drawn so as not to be invalid, prohibited or unenforceable.
If, notwithstanding the foregoing, any provision of this Agreement is held to be invalid, prohibited or unenforceable in any jurisdiction,
such provision, as to such jurisdiction, shall be ineffective to the extent of such invalidity, prohibition or unenforceability
without invalidating the remaining portion of such provision or the other provisions of this Agreement and without affecting the
validity or enforceability of such provision or the other provisions of this Agreement in any other jurisdiction.

 

(e) No waiver of any breach or default or any right under this Agreement shall be considered valid unless in writing and signed
by the party giving such waiver, and no such waiver shall be deemed a waiver of any subsequent breach or default or right, whether
of the same or similar nature or otherwise.

 

(f) This Agreement shall be binding upon and inure to the benefit of each party hereto and its successors and assigns.

 

(g) Each party shall take such further action and execute and deliver such further documents as may be necessary or appropriate
in order to carry out the provisions and purposes of this Agreement.

 

(h) This Agreement shall be construed in accordance with the laws of the State of New York, except to the extent the validity,
perfection or enforcement of a security interest hereunder in respect of any particular Collateral which are governed by a jurisdiction
other than the State of New York in which case such law shall govern. Each of the parties hereto irrevocably submit to the exclusive
jurisdiction of any New York State or United States Federal court sitting in New York County over any action or proceeding arising
out of or relating to this Agreement, and the parties hereto hereby irrevocably agree that all claims in respect of such action
or proceeding may be heard and determined in such New York State or Federal court. The parties hereto agree that a final judgment
in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. The parties hereto further waive any objection to venue in the State of New York and any objection
to an action or proceeding in the State of New York on the basis of forum non conveniens.

 

(i) EACH PARTY HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
OR ARISING OUT OF THIS AGREEMENT. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY DISPUTES THAT MAY BE FILED
IN ANY COURT AND THAT RELATE TO THE SUBJECT MATER OF THIS AGREEMENT, INCLUDING WITHOUT LIMITATION CONTRACT CLAIMS, TORT CLAIMS,
BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL
INDUCEMENT FOR EACH PARTY TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH PARTY HAS ALREADY RELIED ON THIS WAIVER IN ENTERING
INTO THIS AGREEMENT AND THAT EACH PARTY WILL CONTINUE TO RELY ON THIS WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY FURTHER
WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY HAS KNOWINGLY AND VOLUNTARILY
WAIVES ITS RIGHTS TO A JURY TRIAL FOLLOWING SUCH CONSULTATION. THIS WAIVER IS IRREVOCABLE, MEANING THAT, NOTWITHSTANDING ANYTHING
HEREIN TO THE CONTRARY, IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS AND SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. IN THE EVENT OF A LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN
CONSENT TO A TRIAL BY THE COURT.

 

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

 

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IN WITNESS WHEREOF,
the parties hereto have caused this to be duly executed on the day and year first above written.

 

	 	COMPANY
	 	 	 
	 	ADIAL PHARMACEUTICALS, INC.
	 	 	 
	 	By:	 
	 	 	Name: William B. Stilley
	 	 	Title:   Chief Executive Officer
	 	 	 
	 	SECURED PARTY:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

      

     

    

 

SCHEDULE A

 

Location of Collateral:

 

1180 Seminole Trail, Charlottesville, VA 22911

308 Pleasant Place, Charlottesville, VA 22911

3031 Red Lion Rd, Philadelphia, PA 19114

 

Subsidiary:

 

      

     

    

  

SCHEDULE B

 

UCC -1 Financing 

 

 

DelawareExhibit 4.20(a)

 

THIS WARRANT AND THE SHARES ISSUABLE
UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. EXCEPT AS OTHERWISE SET
FORTH HEREIN OR IN A SECURITIES PURCHASE AGREEMENT DATED AS OF FEBRUARY , 2018 (THE “SECURITIES PURCHASE AGREEMENT”),
NEITHER THIS WARRANT NOR ANY OF SUCH SHARES MAY BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
FOR SUCH SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL, IN FORM, SUBSTANCE AND SCOPE, CUSTOMARY FOR OPINIONS OF COUNSEL IN
COMPARABLE TRANSACTIONS, THAT REGISTRATION IS NOT REQUIRED UNDER SUCH ACT, THE SUBSTANCE OF WHICH OPINION SHALL BE REASONABLY ACCEPTABLE
TO THE COMPANY.

 

Right to Purchase _______
shares of Common Stock, par value $0.001 per share

 

STOCK PURCHASE WARRANT

 

THIS CERTIFIES THAT,
for value received, ___________________ (“Holder”) or its assigns, is entitled to purchase from Adial Pharmaceuticals,
Inc., a Delaware corporation (the “Company”), at any time or from time to time during the period specified in Paragraph 2
hereof and subject to adjustment as provided herein, _________ fully paid and nonassessable shares of the Company’s
Common Stock, par value $0.001 per share (the “Common Stock”), at an exercise price per share equal to $________ per
share of Common Stock (the “Exercise Price”). The term “Warrant Shares,” as used herein, refers to the
shares of Common Stock purchasable hereunder. The Warrant Shares and the Exercise Price are subject to adjustment as provided in
Paragraph 4 hereof. The term “Warrant” means this Stock Purchase Warrant issued pursuant to that certain Securities
Purchase Agreement, dated ___________ __, 2018, by and among the Company and the Investor listed on the execution page thereof
(the “Securities Purchase Agreement”). In addition to the terms and conditions set forth herein, this Warrant is subject
to the terms and conditions of the Securities Purchase Agreement.

 

This Warrant is subject to the following
terms, provisions, and conditions:

 

1. Manner
of Exercise; Issuance of Certificates; Payment for Shares. Subject
to the provisions hereof, this Warrant may be exercised by the Holder, in whole or in part, by the surrender of this Warrant, together
with a completed exercise agreement in the form attached hereto (the “Exercise Agreement”), to the Company during normal
business hours on any business day at the Company’s principal executive offices (or such other office or agency of the Company
as it may designate by notice to the Holder), and upon payment to the Company in cash, by certified or official bank check or by
wire transfer for the account of the Company of the Exercise Price for the Warrant Shares specified in the Exercise Agreement or
by “cashless exercise” as provided below. The Warrant Shares so purchased shall be deemed to be issued to the Holder
or such Holder’s designee, as the record owner of such shares, as of the close of business on the date on which this Warrant
shall have been surrendered, the completed Exercise Agreement shall have been delivered, and payment shall have been made for such
shares as set forth above. Certificates for the Warrant Shares so purchased, representing the aggregate number of shares specified
in the Exercise Agreement, shall be delivered to the Holder within a reasonable time, not exceeding three (3) business days, after
this Warrant shall have been so exercised. If this Warrant shall have been exercised only in part, then, unless this Warrant has
expired, the Company shall, at its expense, at the time of delivery of such certificates, deliver to the Holder a new Warrant representing
the number of shares with respect to which this Warrant shall not then have been exercised. 

 

    	 	 	 

     

    

 

This Warrant may also
be exercised at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a certificate
for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	 	(A) =	the average VWAP on the thirty (30) Trading Days immediately preceding the date on which Holder elects to exercise this Warrant
by means of a “cashless exercise,” as set forth in the applicable Notice of Exercise;
	 	 	 
	 	(B) =	the Exercise Price of this Warrant, as adjusted; and
	 	 	 
	 	(X) =	the number of Warrant Shares issuable upon exercise of this Warrant in accordance with the terms of this Warrant by means of
a cash exercise rather than a cashless exercise.

  

“VWAP”
means, for any Trading Day, the price determined by the first of the following clauses that applies: (a) if Common Stock is then
traded or quoted on the Trading Market, the daily volume weighted average price of Common Stock for such Trading Day on the Trading
Market; (b) if Common Stock is not then traded or quoted on the Trading Market and if prices for Common Stock are then reported
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 Common Stock so reported as of such Trading Day; or (c) in all other
cases, the fair market value of a share of Common Stock as of such Trading Day, as determined by an independent appraiser selected
in good faith by the Holder and reasonably acceptable to the Company.

 

“Trading Day”
means, at any time, a day on which the Trading Market is open for the general trading or quotation of securities and Common Stock
is traded or quoted thereon or, if Common Stock is not then traded or quoted on the Trading Market, a business day.

 

“Trading Market”
means, at any time, the securities exchange, quotation system or over-the-counter trading facility on which Common Stock is principally
traded or quoted at such time.

 

2. Period
of Exercise. This Warrant is exercisable at any
time or from time to time on or after the date on which this Warrant is issued and delivered pursuant to the terms of the Securities
Purchase Agreement and before 5:00 p.m., New York, New York time on the fifth (5th) anniversary of the date of issuance (the “Exercise
Period”). 

 

3. Certain
Agreements of the Company. The Company hereby
covenants and agrees as follows:

 

(a) Shares to
be Fully Paid. All Warrant Shares will, upon issuance in accordance with the terms of this Warrant, be validly issued,
fully paid, and nonassessable and free from all taxes, liens, and charges with respect to the issue thereof.

 

    	 	2	 

     

    

 

(b) Reservation
of Shares. During the Exercise Period, the Company shall at all times have authorized, and reserved for the purpose of
issuance upon exercise of this Warrant, a sufficient number of shares of Common Stock to provide for the exercise in full of this
Warrant.

 

(c) Successors
and Assigns. This Warrant will be binding upon any entity succeeding to the Company by merger, consolidation, or acquisition
of all or substantially all the Company’s assets.

 

4. Antidilution
Provisions. During the Exercise Period, the Exercise
Price and the number of Warrant Shares shall be subject to adjustment from time to time as provided in this Paragraph 4.

 

In the event that any
adjustment of the Exercise Price as required herein results in a fraction of a cent, such Exercise Price shall be rounded up to
the nearest cent.

 

(a) Subdivision
or Combination of Common Stock. If the Company at any time subdivides (by any stock split, stock dividend, recapitalization,
reorganization, reclassification or otherwise) the shares of Common Stock acquirable hereunder into a greater number of shares,
then, after the date of record for effecting such subdivision, the Exercise Price in effect immediately prior to such subdivision
will be proportionately reduced. If the Company at any time combines (by reverse stock split, recapitalization, reorganization,
reclassification or otherwise) the shares of Common Stock acquirable hereunder into a smaller number of shares, then, after the
date of record for effecting such combination, the Exercise Price in effect immediately prior to such combination will be proportionately
increased.

 

(b) Adjustment
in Number of Warrant Shares. Upon each adjustment of the Exercise Price pursuant to the provisions of this Paragraph 4,
the number of Warrant Shares issuable upon exercise of this Warrant shall be adjusted by multiplying a number equal to the Exercise
Price in effect immediately prior to such adjustment by the number of Warrant Shares issuable upon exercise of this Warrant immediately
prior to such adjustment and dividing the product so obtained by the adjusted Exercise Price.

 

(c) Consolidation,
Merger or Sale. In case of any consolidation of the Company with, or merger of the Company into any other corporation or
other entity, or in case of any sale or conveyance of all or substantially all of the assets of the Company other than in connection
with a plan of complete liquidation of the Company, then as a condition of such consolidation, merger or sale or conveyance, adequate
provision will be made whereby the Holder of this Warrant will have the right to acquire and receive upon exercise of this Warrant
in lieu of the shares of Common Stock immediately theretofore acquirable upon the exercise of this Warrant, such shares of stock,
securities or assets as would be issued or payable with respect to or in exchange for the number of shares of Common Stock immediately
theretofore acquirable and receivable upon exercise of this Warrant in connection with such consolidation, merger or sale or conveyance.
In any such case, the Company will make appropriate provision to insure that the provisions of this Paragraph 4 hereof will thereafter
be applicable as nearly as may be in relation to any shares of stock or securities thereafter deliverable upon the exercise of
this Warrant. The Company will not effect any consolidation, merger or sale or conveyance unless prior to the consummation thereof,
the successor corporation or other entity (if other than the Company) assumes by written instrument the obligations under this
Paragraph 4(c) and the obligations to deliver to the Holder of this Warrant such shares of stock, securities or assets as, in accordance
with the foregoing provisions, the Holder may be entitled to acquire.

 

    	 	3	 

     

    

 

5. Issue
Tax. The issuance of certificates for Warrant
Shares upon the exercise of this Warrant shall be made without charge to the Holder of this Warrant or such shares for any issuance
tax or other costs in respect thereof, provided that the Company shall not be required to pay any tax which may be payable in respect
of any transfer involved in the issuance and delivery of any certificate in a name other than the Holder of this Warrant.

 

6. No
Rights or Liabilities as a Shareholder. This
Warrant shall not entitle the Holder to any voting rights or other rights as a shareholder of the Company. No provision of this
Warrant, in the absence of affirmative action by the Holder to purchase Warrant Shares, and no mere enumeration herein of the rights
or privileges of the Holder, shall give rise to any liability of such Holder for the Exercise Price or as a shareholder of the
Company, whether such liability is asserted by the Company or by creditors of the Company.

 

7. Transfer,
Exchange, and Replacement of Warrant.

 

(a) Restriction
on Transfer. This Warrant and the rights granted to the Holder are transferable, in whole or in part, upon surrender of
this Warrant, together with a properly executed assignment in the form attached hereto, at the office or agency of the Company,
provided, however, that any transfer or assignment shall be subject to the conditions set forth in Paragraph 7(f) hereof and to
the applicable provisions of the Securities Purchase Agreement. Until due presentment for registration of transfer on the books
of the Company, the Company may treat the registered Holder as the owner and Holder for all purposes, and the Company shall not
be affected by any notice to the contrary. Notwithstanding the above, Holder may subdivide this warrant (i.e. transfer it in part)
no more than 3 times without the written consent of the Company in its sole discretion.

 

(b) Warrant
Exchangeable for Different Denominations. This Warrant is exchangeable, upon the surrender hereof by the Holder at the
office or agency of the Company, for new Warrants of like tenor representing in the aggregate the right to purchase the number
of shares of Common Stock which may be purchased hereunder, each of such new Warrants to represent the right to purchase such number
of shares as shall be designated by the Holder at the time of such surrender.

 

(c) Replacement
of Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation
of this Warrant and, in the case of any such loss, theft, or destruction, upon delivery of an indemnity agreement reasonably satisfactory
in form and amount to the Company, or, in the case of any such mutilation, upon surrender and cancellation of this Warrant, the
Company, at its expense, will execute and deliver, in lieu thereof, a new Warrant of like tenor.

 

(d) Cancellation;
Payment of Expenses. Upon the surrender of this Warrant in connection with any transfer, exchange, or replacement as provided
in this Paragraph 7, this Warrant shall be promptly canceled by the Company. The Company shall pay all taxes (other than securities
transfer taxes) and all other expenses (other than legal expenses, if any, incurred by the Holder or transferees) and charges payable
in connection with the preparation, execution, and delivery of Warrants pursuant to this Paragraph 7.

 

    	 	4	 

     

    

 

(e) Register.
The Company shall maintain, at its principal executive offices (or such other office or agency of the Company as it may designate
by notice to the Holder), a register for this Warrant, in which the Company shall record the name and address of the person in
whose name this Warrant has been issued, as well as the name and address of each transferee and each prior owner of this Warrant.

 

(f) Exercise
or Transfer Without Registration. If, at the time of the surrender of this Warrant in connection with any exercise, transfer,
or exchange of this Warrant, this Warrant (or, in the case of any exercise, the Warrant Shares issuable hereunder), shall not be
registered under the Securities Act of 1933, as amended (the “Securities Act”) and under applicable state securities
or blue sky laws, the Company may require, as a condition of allowing such exercise, transfer, or exchange, (i) that the Holder
or transferee of this Warrant, as the case may be, furnish to the Company a written opinion of counsel, which opinion and counsel
are reasonably acceptable to the Company, to the effect that such exercise, transfer, or exchange may be made without registration
under said Act and under applicable state securities or blue sky laws, (ii) that the Holder or transferee execute and deliver to
the Company an investment letter in form and substance acceptable to the Company and (iii) that the transferee be an “accredited
investor” as defined in Rule 501(a) promulgated under the Securities Act; provided that no such opinion, letter or status
as an “accredited investor” shall be required in connection with a transfer pursuant to Rule 144 under the Securities
Act. The first holder of this Warrant, by taking and holding the same, represents to the Company that such holder is acquiring
this Warrant for investment and not with a view to the distribution thereof. In no event shall the Holder be permitted to assign
the Warrant unless provided with express written consent by the Company.

 

8. [Intentionally
Omitted]

 

9. Notices.
All notices, requests, and other communications required
or permitted to be given or delivered hereunder to the Holder of this Warrant shall be in writing, and shall be personally delivered,
or shall be sent by certified or registered mail or by recognized overnight mail courier, postage prepaid and addressed, to such
holder at the address shown for such holder on the books of the Company, or at such other address as shall have been furnished
to the Company by notice from such holder. All notices, requests, and other communications required or permitted to be given or
delivered hereunder to the Company shall be in writing, and shall be personally delivered, or shall be sent by certified or registered
mail or by recognized overnight mail courier, postage prepaid and addressed, to the office of the Company at the address set forth
in the Securities Purchase Agreement, or at such other address as shall have been furnished to the Holder of this Warrant by notice
from the Company. Any such notice, request, or other communication may be sent by facsimile, but shall in such case be subsequently
confirmed by a writing personally delivered or sent by certified or registered mail or by recognized overnight mail courier as
provided above. All notices, requests, and other communications shall be deemed to have been given either at the time of the receipt
thereof by the person entitled to receive such notice at the address of such person for purposes of this Paragraph 9, or, if mailed
by registered or certified mail or with a recognized overnight mail courier upon deposit with the United States Post Office or
such overnight mail courier, if postage is prepaid and the mailing is properly addressed, as the case may be.

 

    	 	5	 

     

    

 

10. Governing
Law. THIS WARRANT SHALL BE ENFORCED,
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED
ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS. THE PARTIES HERETO HEREBY SUBMIT TO THE EXCLUSIVE
JURISDICTION OF THE UNITED STATES FEDERAL COURTS LOCATED IN NEW YORK, NEW YORK WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS WARRANT,
THE AGREEMENTS ENTERED INTO IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. BOTH PARTIES IRREVOCABLY
WAIVE THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH SUIT OR PROCEEDING. BOTH PARTIES FURTHER AGREE THAT SERVICE
OF PROCESS UPON A PARTY MAILED BY FIRST CLASS MAIL SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE PARTY
IN ANY SUCH SUIT OR PROCEEDING. NOTHING HEREIN SHALL AFFECT EITHER PARTY’S RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED
BY LAW. BOTH PARTIES AGREE THAT A FINAL NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED
IN OTHER JURISDICTIONS BY SUIT ON SUCH JUDGMENT OR IN ANY OTHER LAWFUL MANNER. THE PARTY WHICH DOES NOT PREVAIL IN ANY DISPUTE
ARISING UNDER THIS WARRANT SHALL BE RESPONSIBLE FOR ALL FEES AND EXPENSES, INCLUDING ATTORNEYS’ FEES, INCURRED BY THE PREVAILING
PARTY IN CONNECTION WITH SUCH DISPUTE.

 

11. Miscellaneous.

 

(a) Amendments;
Waivers. No purported amendment to any provision of this Warrant shall be binding on the parties unless each party has
duly executed and delivered to the other party a written instrument which states that it constitutes an amendment to this Warrant
and specifies the provision(s) hereof that are being amended. No purported waiver of any provision of this Warrant shall be binding
on any party unless it has duly executed and delivered to the other party a written instrument which states that it constitutes
a waiver of one or more provisions of this Warrant and specifies the provision(s) hereof that are being waived. Any such waiver
shall be effective only to the extent specifically set forth in such written instrument. No waiver of any right, power or remedy
of a party shall be deemed to be a waiver of any other right, power or remedy of such party or shall, except to the extent so waived,
impair, limit or restrict the exercise of such right, power or remedy.

 

(b) Descriptive
Headings. The descriptive headings of the several paragraphs of this Warrant are inserted for purposes of reference only,
and shall not affect the meaning or construction of any of the provisions hereof.

 

(c) Remedies.
The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder, by vitiating
the intent and purpose of the transaction contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for
a breach of its obligations under this Warrant will be inadequate and agrees, in the event of a breach or threatened breach by
the Company of the provisions of this Warrant, that the Holder shall be entitled, in addition to all other available remedies at
law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or
curing any breach of this Warrant and to enforce specifically the terms and provisions thereof, without the necessity of showing
economic loss and without any bond or other security being required.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	6	 

     

    

 

IN WITNESS WHEREOF, the Company has
caused this Warrant to be signed by its duly authorized officer.

 

	 	ADIAL PHARMACEUTICALS, INC.
	 	 	 
	 	By: 	 
	 	Name:	William B. Stilley
	 	Title:	Chief Executive Officer

 

Dated as of February __, 2018

 

    	 	 	 

     

    

 

FORM OF EXERCISE AGREEMENT

 

Dated: ________ __, 20__

 

To:   ______________________

 

The undersigned, pursuant
to the provisions set forth in the within Warrant, hereby agrees to purchase ________ shares of Common Stock covered by such Warrant.
The undersigned intends that payment of the Exercise Price shall be made as (check one):

 

____ “cash exercise” in the
amount of $_________

 

____ “cashless exercise” pursuant
to Section 1 of the Warrant.

 

Please issue a certificate or certificates
for such shares of Common Stock in the name of and pay any cash for any fractional share to:

 

	 	Name:	 
	 	 	 
	 	Signature:	 
	 	Address:	 
	 	 	 
	 	 	 
	 	Note:	The
    above signature should correspond exactly with the name on the face of the within Warrant, if applicable.

  

    	 	 	 

     

    

 

FORM OF ASSIGNMENT

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns, and transfers all the rights of the undersigned under the within Warrant, with respect to
the number of shares of Common Stock covered thereby set forth hereinbelow, to:

  

	Name of Assignee	 	Address	 	No of Shares
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

, and hereby irrevocably constitutes and appoints ___________________________________
as agent and attorney-in-fact to transfer said Warrant on the books of the within-named corporation, with full power of substitution
in the premises.

  

Dated:________ __, 20__

 

	In the presence
    of:	 	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Signature:	 
	 	Title
                                         of Signing Officer or Agent (if any):

	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	 	 
	 	Note:	The
    above signature should correspond exactly with the name on the face of the within Warrant, if applicable.

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