Document:

Exhibit
      10.20

    

    BORU
      ENTERPRISES

    INVESTMENT
      BANKING * MERCHANT BANKING * CONSULTING

    

    To:
      John
      Berger

    From:
      John T. Moran

    Re:
      Trulite Inc. / Boru Enterprises, Inc. Consulting Agreement

    March
      26,
      2006

     

           Thank
      you for the confidence that you have shown Boru Enterprises Inc. (Boru) by
      agreeing to hire us to assist you in the going public and capital raising
      process for Trulite, Inc. (Trulite). My understanding of the terms of our
      agreement is as follows:

    

           1)       Trulite
      desires to go public through the filing of a Form 10SB with the SEC followed
      by
      the filing of a Form 15C-211 with NASDAQ in order to permit its stock to trade
      on the NASDAQ Bulletin Board. The 10SB has been filed and been declared
      Effective. The 15C-211 will be filed in the immediate future. Boru will assist
      Trulite with identifying a NASD member firm to make this filing and will
      coordinate the effort until it is completed.

    

           2)       Trulite
      seeks to raise Bridge Capital to see it through its larger financing which
      will
      take place as soon as possible after the stock is trading. Boru will assist
      Trulite in raising this capital by introducing certain parties that may help
      Trulite in the public markets. These introductions shall be made pursuant to
      Boru’s sum certain consulting fee and no transaction based compensation shall be
      received by Boru for these introductions.

    

           3)       Trulite
      desires to file a Form SB-2 registration statement with the SEC. Boru will
      coordinate with Trulite and its professionals until the filing is declared
      Effective.

    

           4)       Trulite
      desires to raise significant capital in the public markets as soon as possible
      after SB-2 is declaired Effective. Boru will assist Trulite in this endeavor
      by
      introducing the Company to NASD Member Firms who might have an interest in
      raising this money.

    

           5)       It
      is anticipated that Trulite’s capital requirements will be ongoing. Boru will
      continue to assist Trulite in its search for capital through NASD Member
      Firms.

    

           6)       Boru
      will be available to the management of Trulite on an “As-Needed” basis for
      general consulting advice throughout this process.

    

           7)       The
      length of this commitment can not be determined at this time but it shall be
      for
      the duration of Trulite’s requirements. It is anticipated that these
      requirements will not be satisfied for at least two years.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    In
      exchange for its efforts Boru shall receive the following
      compensation:

    

           1)       250,000
      shares of Trulite’s restricted common stock which shall be included in Trulite’s
      currently anticipated SB-2 filing.

    

           2)       250,000
      5-Year warrants to purchase Trulite’s common stock at a strike price of $3. The
      shares underlying these warrants shall be included in currently anticipated
      registration statement. 

    

           3)       Boru
      shall be responsible for all of its own reasonable and customary expenses
      including but not limited to travel, entertainment, lodging and
      communications.

    

           4)       Boru
      shall serve Trulite as a consultant and not as an officer, director or
      employee.

    

           I
      look forward to continuing to work with you on this exciting project. If this
      memorandum accurately reflects your understanding of our agreement please
      indicate by signing below.

    

    Acknowledge
      and Accepted

     

    
      	Trulite, Inc.   	 	 	Boru Enterprizes, Inc
	By:	 	 	By:
	
               

              /s/ William
                J
                Berger

            	 	 	
               

              /s/ John
                Moran

            
	
              

            	 	 	
              

            
	
              William
                J. Berger 
Chairman of the Board

              Trulite, Inc.

            	 	 	
              John
                Moran

              PresidentExhibit
      10.21

    MEMORANDUM
      OF UNDERSTANDING

    

    between
      

    

    Trulite,
      Inc.

    

    And
      

    

    Synexus
      Energy, Inc.

    

    I. PURPOSE
      

    

    Trulite
      Technologies, Inc. (“Trulite”) and Synexus Energy, Inc. (“Synexus”) are both
      developing technologies and products to compete commercially in the public
      and
      private hydrogen fuel cell markets. Successful development, testing, evaluation,
      and deployment of these technologies and products require expertise in both
      chemical science & engineering and in the development of operational and
      manufacturing standards. 

    

    Therefore,
      wherever possible and mutually beneficial, the Trulite and Synexus seek to
      collaborate on research and planning activities, and share where appropriate
      facilities, personnel, scientific and technical information. This Memorandum
      of
      Understanding (MOU) sets forth the basic principles and guidelines under which
      the parties will work together to accomplish these goals. 

    

    II.
      AUTHORITY
      

    

    Authority
      for cooperation in areas of overlapping interests and responsibilities is
      provided for by this agreement as executed by the executive officers
      below.

    

    III. IMPLEMENTATION
      OF AGREEMENT 

    

    (a)
      In
      order to enable close and effective collaboration, it is agreed that the scope
      of cooperative activity will be reviewed monthly. Both Trulite and Synexus
      will
      identify managers to implement and coordinate the MOU. The managers shall meet
      on a regular basis to discuss and direct activities conducted under the
      MOU.

     

    (b)
      The
      managers shall obtain appropriate express written agreement by Trulite and
      Synexus on each significant activity to be undertaken pursuant to the MOU --
      including consensus on the scope of work; deliverables (if any) and delivery
      dates; anticipated products and outcomes; periods of performance; levels of
      funding and resources to be provided for each activity by the parties; and
      any
      other appropriate and necessary aspects of mutual activities. 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    (d)
      Costs
      associated with participation by Trulite personnel who use Synexus’ facilities
      and resources, including equipment, laboratory, and office facilities, will
      be
reimbursed
      to Synexus by Trulite at actual cost.
      Costs
      associated with participation by Synexus personnel who use Trulite’s facilities
      and resources, including equipment, laboratory, and office facilities, will
      be
      reimbursed to Trulite by Synexus at actual cost.

    

    (e)
      The
      managers shall seek to resolve any dispute concerning the MOU through good-faith
      discussions.

    

    IV.
      EFFECTIVE
      DATE 

    

    This
      MOU
      is effective upon signature of the parties and will remain in effect unless
      and
      until terminated as provided under Article VI. 

    

    V.
      AMENDMENTS 

    

    This
      MOU
      may be modified or amended by written agreement among the parties hereto.
      Additionally, any terms or conditions involving Trulite and Synexus not stated
      in this MOU but expressly agreed to in a future MOU signed by executive officers
      of each company is considered integrated into this MOU. 

    

    VI.
      TERMINATION 

    

    This
      MOU
      will expire sixty (60) months from the date of execution unless renewed by
      mutual agreement of the parties. This MOU may be terminated at any time by
      mutual agreement of both parties. Expiration or termination would affect only
      pursuit of new projects under the MOU. Projects under way will be governed
      by
      the specific individual agreements anticipated above. 

    

    AGREED
      TO
      BY: 

     

    
      	Trulite,
              Inc.	 	 	Synexus
              Energy,
              Inc.
	
               

               

              

            	 	 	
               

               

              

               

               

            
	
              John
                Sifonis

              CEO, Trulite, Inc.

            	 	 	Evan
              G. Hughes
              
              President

            
	
               

              On
                this date;

            	 	 	 

              On
                this date;

            
	
              
                 

                July
                  9, 2005

              

            	 	 	 

              July
                9, 2005Exhibit
      4.1

    

    Execution
      Copy

    CLASS
      C INVESTOR WARRANT

     

    For
      the Purchase of Common Stock

     

    THE
      SECURITIES EVIDENCED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE U.S.
      SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER
      APPLICABLE SECURITIES LAWS AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION
      FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER
      SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN
      MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED, HYPOTHECATED
      OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
      UNDER THE SECURITIES ACT OR PURSUANT TO A TRANSACTION WHICH IS EXEMPT FROM,
      OR
      NOT SUBJECT TO, SUCH REGISTRATION.

     

    APRIL
      17, 2006

     

    Warrant
      to Purchase up to 490,000 shares of Common Stock of Discovery Laboratories,
      Inc.
      (the “Company”).

     

    In
      consideration for Kingsbridge Capital Limited, an entity organized and existing
      under the laws of the British Virgin Islands (the “Investor”) agreeing to enter
      into that certain Common Stock Purchase Agreement, dated as of the date hereof,
      between the Investor and the Company (the “Agreement”), the Company hereby
      agrees that the Investor or any other Warrant Holder (as defined below) is
      entitled, on the terms and conditions set forth below, to purchase from the
      Company at any time during the Exercise Period (as defined below) up to 490,000
      fully paid and nonassessable shares of common stock, par value $0.001 per share,
      of the Company (the “Common Stock”) at the Exercise Price (hereinafter defined),
      as the same may be adjusted from time to time pursuant to Section 6 hereof.
      The
      resale of the shares of Common Stock or other securities issuable upon exercise
      or exchange of this Warrant is subject to the provisions of the Registration
      Rights Agreement. Capitalized terms used herein and not otherwise defined shall
      have the meanings given them in the Agreement.

     

    Section
      1. Definitions.

     

    “Affiliate”
shall
      mean any Person that, directly or indirectly through one or more intermediaries,
      controls or is controlled by, or is under direct or indirect common control
      with
      any other Person. For the purposes of this definition, “control,” when used with
      respect to any Person, means the power to direct the management and policies
      of
      such Person, directly or indirectly through the ownership of voting securities,
      and the term “controls” and “controlled” have meanings correlative to the
      foregoing.

     

    “Closing
      Price”
as
      of
      any particular day shall mean the closing price per share of the Company’s
      Common Stock as reported by Bloomberg L.P. on such day.

     

    “Exercise
      Period”
shall
      mean that period beginning six months after the date of this Warrant and
      continuing until (i) the expiration of the five-year period thereafter, or
      (ii)
      a Funding Default, subject in each case to earlier termination in accordance
      with Section 6 hereof.

     

    “Exercise
      Price”
as
      of
      the date hereof shall mean $5.6186, representing 130% of the average Closing
      Price of the Common Stock during the five (5) Trading Days immediately preceding
      the date of this Warrant.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    “Funding
      Default”
shall
      mean a failure by Investor to accept a Draw Down Notice made by the Company
      and
      to acquire and pay for the Shares in accordance therewith within three (3)
      Trading Days following the delivery of such Shares to the Investor, provided
      such Draw Down Notice was made in accordance with the terms and conditions
      of
      the Agreement (including the satisfaction or waiver of the conditions to the
      obligation of the Investor to accept a Draw Down set forth in Article VII of
      the
      Agreement), provided further, that such failure was reasonably within the
      control of the Investor. 

    

    “Per
      Share Warrant Value”
shall
      mean the difference resulting from subtracting the Exercise Price from the
      Closing Price on the Trading Day immediately preceding the Exercise
      Date.

     

    “Person”
shall
      mean an individual, a corporation, a partnership, a limited liability company,
      an association, a trust or other entity or organization, including a government
      or political subdivision or an agency or instrumentality thereof.

     

    “Principal
      Market”
shall
      mean the Nasdaq National Market, the Nasdaq SmallCap Market, the American Stock
      Exchange or the New York Stock Exchange, whichever is at the time the principal
      trading exchange or market for the Common Stock.

     

    “SEC”
shall
      mean the United States Securities and Exchange Commission.

     

    “Trading
      Day”
shall
      mean any day other than a Saturday or a Sunday on which the Principal Market
      is
      open for trading in equity securities.

     

    “Warrant
      Holder”
shall
      mean the Investor or any permitted assignee or permitted transferee of all
      or
      any portion of this Warrant.

     

    “Warrant
      Shares”
shall
      mean those shares of Common Stock received or to be received upon exercise
      of
      this Warrant.

     

    Section
      2. Exercise.

     

    (a) Method
      of Exercise.
      This
      Warrant may be exercised in whole or in part (but not as to a fractional share
      of Common Stock), at any time and from time to time during the Exercise Period,
      by the Warrant Holder by surrender of this Warrant, with the form of exercise
      attached hereto as Exhibit A completed and duly executed by the Warrant Holder
      (the “Exercise
      Notice”),
      to
      the Company at the address set forth in Section 10.04 of the Agreement,
      accompanied by payment of the Exercise Price multiplied by the number of shares
      of Common Stock for which this Warrant is being exercised (the “Aggregate
      Exercise Price”).
      The
      later of the date on which an Exercise Notice or payment of the full Exercise
      Price (unless this Warrant is exercised in accordance with Section 2(c) below)
      is received by the Company in accordance with this clause (a) shall be deemed
      an
“Exercise Date.”

     

    (b) Payment
      of Aggregate Exercise Price.
      Subject
      to paragraph (c) below, payment of the Aggregate Exercise Price shall be made
      by
      wire transfer of immediately available funds to an account designated by the
      Company. If the amount of the payment received by the Company is less than
      the
      Aggregate Exercise Price, the Warrant Holder will be notified of the deficiency
      and shall make payment in that amount within three (3) Trading Days. In the
      event the payment exceeds the Aggregate Exercise Price, the Company will refund
      the excess to the Warrant Holder within five (5) Trading Days of
      receipt.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

       

    

    (c) Cashless
      Exercise.
      In the
      event that the Warrant Shares to be received by the Warrant Holder upon exercise
      of the Warrant may not be resold pursuant to an effective registration statement
      or an exemption to the registration requirements of the Securities Act of 1933,
      as amended, and applicable state laws, the Warrant Holder may, as an alternative
      to payment of the Aggregate Exercise Price upon exercise in accordance with
      paragraph (b) above, elect to effect a cashless exercise by so indicating on
      the
      Exercise Notice and including a calculation of the number of shares of Common
      Stock to be issued upon such exercise in accordance with the terms hereof (a
      “Cashless
      Exercise”).
      If a
      registration statement on Form S-1 or Form S-3 under the Securities Act of
      1933,
      as amended, or such other form as deemed appropriate by counsel to the Company
      for the registration for the resale by the Warrant Holder of (x) the shares
      of
      Common Stock of the Company that may be purchased under the Agreement, (y)
      the
      Warrant Shares, or (z) any securities issued or issuable with respect to any
      of
      the foregoing by way of exchange, stock dividend or stock split or in connection
      with a combination of shares, recapitalization, merger, consolidation or other
      reorganization or otherwise, has been declared effective by the SEC and remains
      effective, the Company may, in its sole discretion, permit the Warrant Holder
      to
      effect a Cashless Exercise or require the Warrant Holder to pay the Exercise
      Price of the Warrant Shares being purchased by the Warrant Holder under this
      Warrant. In the event of a Cashless Exercise, the Warrant Holder shall receive
      that number of shares of Common Stock determined by (i) multiplying the number
      of Warrant Shares for which this Warrant is being exercised by the Per Share
      Warrant Value and (ii) dividing the product by the Closing Price on the Trading
      Day immediately preceding the Exercise Date, rounded to the nearest whole share.
      The Company shall cancel the total number of Warrant Shares equal to the excess
      of the number of the Warrant Shares for which this Warrant is being exercised
      over the number of Warrant Shares to be received by the Warrant Holder pursuant
      to such Cashless Exercise.

     

    (d) Replacement
      Warrant.
      In the
      event that the Warrant is not exercised in full, the number of Warrant Shares
      shall be reduced by the number of such Warrant Shares for which this Warrant
      is
      exercised, and the Company, at its expense, shall forthwith issue and deliver
      to
      or upon the order of the Warrant Holder a new Warrant of like tenor in the
      name
      of the Warrant Holder, reflecting such adjusted number of Warrant
      Shares.

     

    Section
      3. Ten
      Percent Limitation.
      The
      Warrant Holder may not exercise this Warrant such that the number of Warrant
      Shares to be received pursuant to such exercise aggregated with all other shares
      of Common Stock then owned by the Warrant Holder beneficially or deemed
      beneficially owned by the Warrant Holder would result in the Warrant Holder
      owning more than 9.9% of all of such Common Stock as would be outstanding on
      such Exercise Date, as determined in accordance with Section 13(d) of the
      Exchange Act of 1934 and the rules and regulations promulgated
      thereunder.

     

    Section
      4. Delivery
      of Warrant Shares.

     

    (a) Subject
      to the terms and conditions of this Warrant, as soon as practicable after the
      exercise of this Warrant in full or in part, and in any event within ten (10)
      Trading Days thereafter, the Company at its expense (including, without
      limitation, the payment by it of any applicable issue taxes) will cause to
      be
      issued in the name of and delivered to the Warrant Holder, or as the Warrant
      Holder may lawfully direct, a certificate or certificates for, or make deposit
      with the Depositary Trust Company via book-entry of, the number of validly
      issued, fully paid and non-assessable Warrant Shares to which the Warrant Holder
      shall be entitled on such exercise, together with any other stock or other
      securities or property (including cash, where applicable) to which the Warrant
      Holder is entitled upon such exercise in accordance with the provisions
      hereof.

     

    (b) This
      Warrant may not be exercised as to fractional shares of Common Stock. In the
      event that the exercise of this Warrant, in full or in part, would result in
      the
      issuance of any fractional share of Common Stock, then in such event the Warrant
      Holder shall receive the number of shares rounded to the nearest whole
      share.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

       

    

    Section
      5. Representations,
      Warranties and Covenants of the Company.

     

    (a) The
      Warrant Shares, when issued in accordance with the terms hereof, will be duly
      authorized and, when paid for or issued in accordance with the terms hereof,
      shall be validly issued, fully paid and non-assessable.

     

    (b) The
      Company shall take all commercially reasonable action and proceedings as may
      be
      required and permitted by applicable law, rule and regulation for the legal
      and
      valid issuance of this Warrant and the Warrant Shares to the Warrant
      Holder.

     

    (c) The
      Company has authorized and reserved for issuance to the Warrant Holder the
      requisite number of shares of Common Stock to be issued pursuant to this
      Warrant. The Company shall at all times reserve and keep available, solely
      for
      issuance and delivery as Warrant Shares hereunder, such shares of Common Stock
      as shall from time to time be issuable as Warrant Shares.

     

    (d) From
      the
      date hereof through the last date on which this Warrant is exercisable, the
      Company shall take all steps commercially reasonable to ensure that the Common
      Stock remains listed or quoted on the Principal Market.

     

    Section
      6. Adjustment
      of the Exercise Price.
      The
      Exercise Price and, accordingly, the number of Warrant Shares issuable upon
      exercise of the Warrant, shall be subject to adjustment from time to time upon
      the happening of certain events as follows:

     

    (a) Reclassification,
      Consolidation, Merger, Mandatory Share Exchange, Sale or Transfer.

     

    (i) Upon
      occurrence of any of the events specified in subsection (a)(ii) below (the
      “Adjustment
      Events”)
      while
      this Warrant is unexpired and not exercised in full, the Warrant Holder may
      in
      its sole discretion require the Company, or any successor or purchasing
      corporation, as the case may be, without payment of any additional consideration
      therefor, to execute and deliver to the Warrant Holder a new Warrant providing
      that the Warrant Holder shall have the right to exercise such new Warrant (upon
      terms not less favorable to the Warrant Holder than those then applicable to
      this Warrant) and to receive upon such exercise, in lieu of each share of Common
      Stock theretofore issuable upon exercise of this Warrant, the kind and amount
      of
      shares of stock, other securities, money or property receivable upon such
      Adjustment Event by the holder of one share of Common Stock issuable upon
      exercise of this Warrant had this Warrant been exercised immediately prior
      to
      such Adjustment Event. Such new Warrant shall provide for adjustments that
      shall
      be as nearly equivalent as may be practicable to the adjustments provided for
      in
      this Section 6.

     

    (ii) The
      Adjustment Events shall be (1) any reclassification or change of Common Stock
      (other than a change in par value, as a result of a subdivision or combination
      of Common Stock or in connection with an Excluded Merger or Sale), (2) any
      consolidation, merger or mandatory share exchange of the Company with or into
      another corporation (other than a merger or mandatory share exchange with
      another corporation in which the Company is a continuing corporation and which
      does not result in any reclassification or change other than a change in par
      value or as a result of a subdivision or combination of Common Stock), other
      than (each of the following referred to as an “Excluded
      Merger or Sale”)
      a
      transaction involving (A) sale of all or substantially all of the assets of
      the
      Company, (B) any merger, consolidation or similar transaction where the
      consideration payable to the shareholders of the Company by the acquiring Person
      consists substantially of cash or publicly traded securities, or a combination
      thereof, or where the acquiring Person does not agree to assume the obligations
      of the Company under outstanding warrants (including this Warrant). In the
      event
      of an Excluded Merger or Sale, the Company shall deliver a notice to the Warrant
      Holder at least 10 days before the consummation of such Excluded Merger or
      Sale,
      the Warrant Holder may exercise this Warrant at any time before the consummation
      of such Excluded Merger or Sale (and such exercise may be made contingent upon
      the consummation of such Excluded Merger or Sale), and any portion of this
      Warrant that has not been exercised before consummation of such Excluded Merger
      or Sale shall terminate and expire, and shall no longer be
      outstanding.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

       

    

    (b) Subdivision
      or Combination of Shares.
      If the
      Company, at any time while this Warrant is unexpired and not exercised in full,
      shall subdivide its Common Stock, the Exercise Price shall be proportionately
      reduced as of the effective date of such subdivision, or, if the Company shall
      take a record of holders of its Common Stock for the purpose of so subdividing,
      as of such record date, whichever is earlier. If the Company, at any time while
      this Warrant is unexpired and not exercised in full, shall combine its Common
      Stock, the Exercise Price shall be proportionately increased as of the effective
      date of such combination, or, if the Company shall take a record of holders
      of
      its Common Stock for the purpose of so combining, as of such record date,
      whichever is earlier.

     

    (c) Stock
      Dividends.
      If the
      Company, at any time while this Warrant is unexpired and not exercised in full,
      shall pay a dividend or other distribution in shares of Common Stock to all
      holders of Common Stock, then the Exercise Price shall be adjusted, as of the
      date the Company shall take a record of the holders of its Common Stock for
      the
      purpose of receiving such dividend or other distribution (or if no such record
      is taken, as at the date of such payment or other distribution), to that price
      determined by multiplying the Exercise Price in effect immediately prior to
      such
      payment or other distribution by a fraction: (i) the numerator of which shall
      be
      the total number of shares of Common Stock outstanding immediately prior to
      such
      dividend or distribution, and (ii) the denominator of which shall be the total
      number of shares of Common Stock outstanding immediately after such dividend
      or
      distribution. The provisions of this subsection (c) shall not apply under any
      of
      the circumstances for which an adjustment is provided in subsections (a) or
      (b).

     

    (d) Liquidating
      Dividends, Etc.
      If the
      Company, at any time while this Warrant is unexpired and not exercised in full,
      makes a distribution of its assets or evidences of indebtedness to the holders
      of its Common Stock as a dividend in liquidation or by way of return of capital
      or other than as a dividend payable out of earnings or surplus legally available
      for dividends under applicable law or any distribution to such holders made
      in
      respect of the sale of all or substantially all of the Company’s assets (other
      than under the circumstances provided for in the foregoing subsections (a)
      through (c)), then the Warrant Holder shall be entitled to receive upon exercise
      of this Warrant in addition to the Warrant Shares receivable in connection
      therewith, and without payment of any consideration other than the Exercise
      Price, the kind and amount of such distribution per share of Common Stock
      multiplied by the number of Warrant Shares that, on the record date for such
      distribution, are issuable upon such exercise of the Warrant (with no further
      adjustment being made following any such event which causes an adjustment in
      the
      number of Warrant Shares issuable), and an appropriate provision therefor shall
      be made a part of any such distribution. The value of a distribution that is
      paid in other than cash shall be determined in good faith by the Board of
      Directors of the Company. Notwithstanding the foregoing, in the event of a
      proposed dividend in liquidation or distribution to the shareholders made in
      respect of the sale of all or substantially all of the Company’s assets, the
      Company shall deliver a notice to the Warrant Holder at least 10 days before
      the
      consummation of such event, the Warrant Holder may exercise this Warrant at
      any
      time before the consummation of such event (and such exercise may be made
      contingent upon the consummation of such event), and any portion of this Warrant
      that has not been exercised before consummation of such event shall terminate
      and expire, and shall no longer be outstanding.

     

    Section
      7. Notice
      of Adjustments.
      Whenever the Exercise Price or number of Warrant Shares shall be adjusted
      pursuant to Section 6 hereof, the Company shall promptly prepare a certificate
      signed by its Chief Executive Officer or Chief Financial Officer setting forth
      in reasonable detail the event requiring the adjustment, the amount of the
      adjustment, the method by which such adjustment was calculated (including a
      description of the basis on which the Company’s Board of Directors made any
      determination hereunder), and the Exercise Price and number of Warrant Shares
      purchasable at that Exercise Price after giving effect to such adjustment,
      and
      shall promptly cause copies of such certificate to be sent by overnight courier
      to the Warrant Holder. 

     

    
      
         

      

      
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    Section
      8. No
      Impairment.
      The
      Company will not, by amendment of its Amended and Restated Certificate of
      Incorporation or Amended and Restated By-Laws or through any reorganization,
      transfer of assets, consolidation, merger, dissolution or issue or sale of
      securities, 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 action as may
      be
      necessary or appropriate in order to protect the rights of the Warrant Holder
      against impairment. Without limiting the generality of the foregoing, the
      Company (a) will not increase the par value of any Warrant Shares above the
      amount payable therefor on such exercise, and (b) will take all such action
      as
      may be reasonably necessary or appropriate in order that the Company may validly
      and legally issue fully paid and nonassessable Warrant Shares on the exercise
      of
      this Warrant.

     

    Section
      9. Rights
      As Stockholder.
      Except
      as set forth in Section 6 above, prior to exercise of this Warrant, the Warrant
      Holder shall not be entitled to any rights as a stockholder of the Company
      with
      respect to the Warrant Shares, including (without limitation) the right to
      vote
      such shares, receive dividends or other distributions thereon or be notified
      of
      stockholder meetings. 

     

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

     

    Section
      11. Choice
      of Law.
      This
      Warrant shall be construed under the laws of the State of New York.

     

    Section
      12. Entire
      Agreement; Amendments.
      Except
      for any written instrument concurrent or subsequent to the date hereof executed
      by the Company and the Investor, this Warrant and the Agreement contain the
      entire understanding of the parties with respect to the matters covered hereby
      and thereby. No provision of this Warrant may be waived or amended other than
      by
      a written instrument signed by the party against whom enforcement of any such
      amendment or waiver is sought.

     

    Section
      13. Restricted
      Securities.

     

    (a) Registration
      or Exemption Required.
      This
      Warrant has been issued in a transaction exempt from the registration
      requirements of the Securities Act of 1933, as amended, in reliance upon the
      provisions of Section 4(2) thereof and Regulation D. This Warrant and the
      Warrant Shares issuable upon exercise of this Warrant may not be resold except
      pursuant to an effective registration statement or an exemption to the
      registration requirements of the Securities Act of 1933 and applicable state
      laws.

     

    (b) Legend.
      Any
      replacement Warrants issued pursuant to Section 2 and Section 10 hereof
      and, unless a registration statement has been declared effective by the SEC
      and
      remains effective in accordance with the Securities Act of 1933, as amended,
      with respect thereto, any Warrant Shares that have not otherwise been sold,
      hypothecated or otherwise transferred shall bear the following
      legend:

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

       

    

    “THE
      SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      U.S.
      SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER
      APPLICABLE SECURITIES LAWS, AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION
      FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER
      SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN
      MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED, HYPOTHECATED
      OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
      UNDER THE SECURITIES ACT OR PURSUANT TO A TRANSACTION WHICH IS EXEMPT FROM,
      OR
      NOT SUBJECT TO, SUCH REGISTRATION.”

     

    (c) No
      Other Legend or Stock Transfer Restrictions.
      No
      legend other than the one specified in Section 13(b) has been or shall be placed
      on the share certificates representing the Warrant Shares and no instructions
      or
“stop transfer orders” (so called “stock transfer restrictions”) or other
      restrictions have been or shall be given to the Company’s transfer agent with
      respect thereto other than as expressly set forth in this Section
      13.

     

    (d) Assignment.
      Assuming
      the conditions of Section 13(a) above regarding registration or exemption have
      been satisfied, the Warrant Holder may sell, transfer, assign, pledge or
      otherwise dispose of this Warrant (each of the foregoing, a “Transfer”), in
      whole or in part, but only to an Affiliate of the Warrant Holder. The Warrant
      Holder shall deliver a written notice to the
      Company,
      substantially in the form of the Assignment attached hereto as Exhibit B,
      indicating the person or persons to whom the Warrant shall be Transferred and
      the respective number of Warrant Shares to be covered by the warrants to be
      Transferred to each assignee. The Company shall effect the Transfer within
      ten
      (10) days, and shall deliver to the Transferee(s) designated by the Warrant
      Holder a Warrant or Warrants of like tenor and terms for the appropriate number
      of shares. In connection with and as a condition of any such proposed Transfer,
      the Company may require
      (i)
      the
      Warrant Holder to provide an opinion of counsel to the Warrant Holder in form
      and substance reasonably satisfactory to the Company to the effect that the
      proposed Transfer complies with all applicable federal and state securities
      laws and
      (ii)
      any such Transferee
      to provide customary representations and warranties attendant to the acquisition
      of unregistered securities, including without limitation the Transferee’s
      investment intent and status as an “accredited investor” as defined in
      Regulation D.

     

    (e) Investor’s
      Compliance.
      Nothing
      in this Section 13 shall affect in any way the Investor’s obligations under any
      agreement to comply with all applicable securities laws upon resale of the
      Common Stock.

     

    Section
      14. Notices.
      All
      notices, demands, requests, consents, approvals, and other communications
      required or permitted hereunder shall be given in accordance with Section 10.04
      of the Agreement.

     

    Section
      15. Miscellaneous.
      This
      Warrant and any term hereof may be changed, waived, discharged or terminated
      only by an instrument in writing signed by the party against which enforcement
      of such change, waiver, discharge or termination is sought. The headings in
      this
      Warrant are for purposes of reference only, and shall not limit or otherwise
      affect any of the terms hereof. The invalidity or unenforceability of any
      provision hereof shall in no way affect the validity or enforceability of any
      other provision.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

       

    

    Section
      16.  Company
      Call Right. 

     

    (a)
       If
      a
      Funding Default occurs, the Company shall have the right to demand the surrender
      of this Warrant or any remaining portion thereof, Shares and/or cash from the
      Investor as follows (the “Call
      Right”):
      

     

    (i)
       If
      the
      Investor has not previously exercised this Warrant in full, then this Warrant
      shall automatically be deemed to have been canceled and shall have no further
      force or effect. 

     

    (ii)
       If,
      prior
      to receiving a Call Right Notice, the Investor has previously exercised this
      Warrant with respect to some or all of the Warrant Shares, and the Investor
      has
      not previously sold such Warrant Shares, then the Company shall have a right
      to
      purchase from the Investor that number of shares of Common Stock equal to the
      number of shares of Common Stock issued in connection with the exercise(s)
      of
      the Warrant, at a repurchase price per share equal to the cash price per share
      paid by the Investor in connection with such exercise(s). For greater certainty,
      (a) if Warrant Shares were exercised for cash, the purchase price per share
      under the Call Right shall be equal to the Exercise Price, (b) if Warrant Shares
      were exercised on a cashless exercise basis, the purchase price per share for
      such Warrant Shares under the Call Right shall be zero, and (c) if such Warrant
      Shares were exercised on both a cash and cashless exercise basis, the purchase
      price per share under the Call Right shall be equal to the total amount of
      cash
      paid in connection with such cash exercise(s) divided by the total number of
      shares of Common Stock issued in connection with all exercises of the Warrant
      (whether on a cash or cashless basis). 

     

    (iii)
       If,
      prior
      to receiving a Call Right Notice, the Investor has previously exercised this
      Warrant with respect to some or all of the Warrant Shares, and the Investor
      subsequently sold such Warrant Shares, then the Investor shall remit to the
      Company the excess, if any, of (x) the proceeds received by Investor through
      the
      sale of such Warrant Shares, over (y) the aggregate Exercise Price for such
      Warrant Shares. In the event that the Investor obtained such Warrant Shares
      through a Cashless Exercise, then the Investor shall instead remit to the
      Company all proceeds received by the Investor through the sale of such Warrant
      Shares. For the avoidance of doubt, in the event that the Investor has sold
      some
      or all of the Warrant Shares prior to receiving a Call Right Notice, then the
      right set forth in this paragraph (iii) shall constitute the sole Call Right
      of
      the Company with respect to such Warrant Shares which have been sold.

     

    (b)
       The
      Company
      may exercise the Call Right by delivering a notice (the “Call
      Right Notice”)
      to
      Investor within thirty (30) days after the occurrence of a Funding Default.
      On
      the tenth (10th)
      Trading
      Day following
      delivery of the Call Right Notice to Investor, the
      Company
      shall tender the purchase price, if any, and Investor shall tender shares of
      Common Stock, if any, to be sold to the
      Company
      pursuant to the Call Right Notice, immediately following which the
      Company
      and the Investor
      shall consummate such purchase and sale. The Call Right shall survive both
      the
      assignment of the Warrant by the Investor and the disposition of the Warrant
      Shares by the Investor following exercise of the Warrant. 

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, this Warrant was duly executed by the undersigned, thereunto
      duly authorized, as of the date first set forth above.

     

    DISCOVERY
      LABORATORIES, INC.

    

    

    
      	
            	By:	
              /s/
                John G. Cooper    

            

    

    
      	
            	 	
              John
                G. Cooper

            

      	 	 	Executive Vice President and Chief
              Financial
              Officer

    

       

    

     

    Investor
      acknowledges and agrees to the terms and conditions of this Warrant.

    

    KINGSBRIDGE
      CAPITAL LIMITED

     

     

    
      	
            	By:	
              /s/
                Adam Gurney     

            

      	 	 	Adam Gurney

      	 	 	Chief Executive
              Officer

      	 	 	 

      	 	 	Palm
              Grove House

      	 	 	2nd
              Floor

      	 	 	Road
              Town, Tortola

      	 	 	British Virgin
              Islands

    

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

       

    

    EXHIBIT
      A TO THE WARRANT

     

    EXERCISE
      FORM

     

    DISCOVERY
      LABORATORIES, INC.

     

    The
      undersigned hereby irrevocably exercises the right to purchase
      __________________ shares of Common Stock of Discovery Laboratories, Inc.,
      a
      Delaware corporation, evidenced by the attached Warrant, and (CIRCLE EITHER
      (i)
      or (ii)) (i) tenders herewith payment of the Aggregate Exercise Price with
      respect to such shares in full, in the amount of $________, in cash, by
      certified or official bank check or by wire transfer for the account of the
      Company or (ii) elects, pursuant to Section 2(c) of the Warrant, to convert
      such
      Warrant into shares of Common Stock of Discovery Laboratories, Inc. on a
      cashless exercise basis, all in accordance with the conditions and provisions
      of
      said Warrant.

     

    The
      undersigned requests that stock certificates for such Warrant Shares be issued,
      and a Warrant representing any unexercised portion hereof be issued, pursuant
      to
      this Warrant, in the name of the registered Warrant Holder and delivered to
      the
      undersigned at the address set forth below.

     

    Dated:_______________________________________

    

    

    ____________________________________________

    Signature
      of Registered Holder

    

    

    ____________________________________________

    Name
      of
      Registered Holder (Print)

    

    

    ____________________________________________

    Address

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
      B TO THE WARRANT

     

    ASSIGNMENT

     

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

     

    FOR
      VALUED RECEIVED, the undersigned Warrant Holder of the attached Warrant hereby
      sells, assigns and transfers unto the persons below named the right to purchase
      ______________ shares of Common Stock of Discovery Laboratories, Inc. (the
      “Company”) evidenced by the attached Warrant and does hereby irrevocably
      constitute and appoint ______________________ attorney to transfer the said
      Warrant on the books of the Company, with full power of substitution in the
      premises.

     

    Dated:

    ______________________________

    Signature

    

    Fill
      in
      for new Registration of Warrant:

    

    _________________________________________

    Name

    

    _________________________________________

    Address

    

    _________________________________________

    Please
      print name and address of assignee

    (including
      zip code number)

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