Document:

EX-4.4

 Exhibit 4.4 

REPRESENTATIVE’S PURCHASE WARRANT 

IMPERIAL PETROLEUM INC. 
  

			
	Warrant Shares: 1,500,000	  	 Issue Date: March 23, 2022

Initial Exercise Date: September 18, 2022

 THIS REPRESENTATIVE’S PURCHASE WARRANT (the “Warrant”) certifies that, for value
received, Maxim Partners LLC or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the Initial Exercise Date and on or
prior to 5:00 p.m. (New York City time) on March 18, 2027 (the “Termination Date”) but not thereafter, to subscribe for and purchase from Imperial Petroleum Inc., a Marshall Islands corporation (the “Company”),
up to 1,500,000 Common Shares (as subject to adjustment hereunder, the “Warrant Shares”). The purchase price of one Common Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). 

Section 1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that
certain Underwriting Agreement (the “Underwriting Agreement”), dated as of March 20, 2022, between the Company and Maxim Group LLC, as representative of the several Underwriters named in Schedule I thereto. 

Section 2. Exercise. 

a) Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time
or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by email (or e-mail attachment) of the Notice of Exercise
in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i)
herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless
the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee
(or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased
all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice
of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares
purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver
any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the
purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof. 

b) Exercise Price. The exercise price per Common Share under this Warrant shall be $2.00, subject to adjustment hereunder
(the “Exercise Price”). 
 c) Cashless Exercise. This Warrant may also be exercised, in whole or in part, at
such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where: 

(A) = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of
Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of
“regular trading hours” (as defined 

 
in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day
immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Shares on the principal Trading Market as reported by Bloomberg L.P. (“Bloomberg”) as of the time of the Holder’s
execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close
of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise
is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day; 

(B) = the Exercise Price of this Warrant, as adjusted hereunder; and 

(X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such
exercise were by means of a cash exercise rather than a cashless exercise. 
 “VWAP” means, for any date, the price
determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest preceding date) on
the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the
volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common
Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Common Share so reported, or (d) in all other cases, the fair market value of
a Common Share as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the
Company. 
 If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with
Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrant being exercised. The Company agrees not to take any position contrary to this Section 2(c). 

d) Mechanics of Exercise. 

i. Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be
transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if
the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is being
exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled
pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, provided that payment of the
aggregate Exercise Price (other than in the instance of a cashless exercise) is received by the Company one (1) Trading Day prior to such second Trading Day after the delivery of the Notice of Exercise, (ii) one (1) Trading Day after
delivery of the aggregate Exercise Price to the Company and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise, provided that payment of the aggregate Exercise
Price (other than in the instance of a cashless exercise) is received by the Company one (1) Trading Day prior to such number of Trading Days comprising the Standard Settlement Period after the delivery, (such date, the

 
“Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant
Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the
earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason (other than failure of the Holder to timely
deliver the aggregate Exercise Price, unless the Warrant is validly exercised by means of a cashless exercise) to deliver or cause the delivery to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the
Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Shares on the date of the applicable Notice of Exercise), $10 per
Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such
exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard settlement
period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice of Exercise. 

ii. Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall,
at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for
by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 
 iii. Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise. 

iv. Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon
Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an
exercise on or before the Warrant Share Delivery Date (other than as a result of failure of the Holder to timely deliver the aggregate Exercise Price, unless the Warrant is validly exercised by means of a cashless exercise), and if after such date
the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the
Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase
price (including brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with
the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant
Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Common Shares that would have been issued had the Company timely complied with its exercise and delivery
obligations hereunder. For example, if the Holder purchases Common Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of this Warrant to purchase
Common Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) 

 
of the immediately preceding sentence, the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in
respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law
or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver Common Shares upon exercise of the Warrant as required pursuant to the terms hereof.

 v. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be
issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction
in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share. 
 vi. Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be
paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a
name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum
sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to The Depository
Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares. 

vii. Closing of Books. The Company will not close its shareholder books or records in any manner which prevents
the timely exercise of this Warrant, pursuant to the terms hereof. 
 e) Holder’s Exercise Limitations. The Company shall
not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on
the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution
Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of Common Shares beneficially owned by the Holder and its Affiliates and
Attribution Parties shall include the number of Common Shares issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of Common Shares which would be issuable upon (i) exercise
of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the
Company (including, without limitation, any other Common Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution
Parties. For purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that
the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent
that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion
of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities
owned by the Holder together with any Affiliates and Attribution Parties) and of which 

 
portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such
determination, and a submission of a Notice of Exercise shall be deemed a representation and warranty by the Holder of the foregoing determination. In addition, a determination as to any group status as contemplated above shall be determined in
accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding Common Shares, a Holder may rely on the number of
outstanding Common Shares as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written
notice by the Company or the Transfer Agent setting forth the number of Common Shares outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of
Common Shares then outstanding. In any case, the number of outstanding Common Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or
Attribution Parties since the date as of which such number of outstanding Common Shares was reported. The “Beneficial Ownership Limitation” shall be 4.99% (or, upon election by the Holder prior to the issuance of any Warrants,
9.99%) of the number of the Common Shares outstanding immediately after giving effect to the issuance of Common Shares issuable upon exercise of this Warrant. The Holder may, upon notice to the Company, increase or decrease the Beneficial
Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of the Common Shares outstanding immediately after giving effect to the issuance of Common Shares
upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of
this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly
give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. 

Section 3. Certain Adjustments. 

a) Share Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or
otherwise makes a distribution or distributions on its Common Shares or any other equity or equity equivalent securities payable in Common Shares (which, for avoidance of doubt, shall not include any Common Shares issued by the Company upon exercise
of this Warrant or other Warrants), (ii) subdivides outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse share split) outstanding Common Shares into a smaller number of shares or (iv) issues
by reclassification of the Common Shares any capital shares of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Common Shares (excluding treasury shares, if any)
outstanding immediately before such event and of which the denominator shall be the number of Common Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled to
receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification. 

b) Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company
grants, issues or sells any Common Share Equivalents or rights to purchase shares, warrants, securities or other property pro rata to all of the record holders of any class of Common Shares (the “Purchase Rights”), then the Holder
will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Common Shares acquirable upon complete exercise of this Warrant
(without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such
record is taken, the date as of which the record holders of Common Shares are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that, to the extent that the Holder’s right to
participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Common
Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial
Ownership Limitation). 

 c) Pro Rata Distributions. During such time as this Warrant is outstanding, if
the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to all holders of record of its Common Shares, by way of return of capital or otherwise, other than cash (including, without
limitation, any distribution of stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any
time after the issuance of this Warrant, then, in each such case except to the extent an adjustment was already made pursuant to Section 3(a), the Holder shall be entitled to participate in such Distribution to the same extent that the Holder
would have participated therein if the Holder had held the number of Common Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership
Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Common Shares are to be determined for the participation in such Distribution
(provided, however, that, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate
in such Distribution to such extent (or in the beneficial ownership of any Common Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time,
if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). 
 d) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the
Company (and all of its Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related
transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Shares are permitted to sell, tender or exchange their
shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Shares or any compulsory share exchange pursuant to which the Common Shares are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or
indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off,
merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Common Shares (not including any Common Shares held by the other Person or other Persons making or
party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this
Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any
limitation in Section 2(e) on the exercise of this Warrant), the number of Common Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate
Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of Common Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in
Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate
Consideration issuable in respect of one Common Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different
components of the Alternate Consideration. If holders of Common Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate
Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below)
shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental Transaction),
purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction;
provided, however, if the 

 
Fundamental Transaction is not within the Company’s control, including not approved by the Company’s Board of Directors, the Holder shall only be entitled to receive from the Company or
any Successor Entity, as of the date of consummation of such Fundamental Transaction, the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of this Warrant, that is being offered
and paid to the holders of Common Shares of the Company in connection with the Fundamental Transaction, whether that consideration be in the form of cash, shares or any combination thereof, or whether the holders of Common Shares are given the
choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction; provided, further, that if holders of Common Stock of the Company are not offered or paid any consideration in such
Fundamental Transaction, such holders of Common Stock will be deemed to have received common stock of the Successor Entity (which Entity may be the Company following such Fundamental Transaction). “Black Scholes Value” means the
value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting
(A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility
equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the public announcement of the applicable
Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any
non-cash consideration, if any, being offered in such Fundamental Transaction and (ii) the highest VWAP during the period beginning on the Trading Day immediately preceding the announcement of the
applicable Fundamental Transaction (or the consummation of the applicable Fundamental Transaction, if earlier) and ending on the Trading Day of the Holder’s request pursuant to this Section 3(d), (D) a remaining option time equal to the
time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date and (E) a zero cost of borrow. The payment of the Black Scholes Value will be made by wire transfer of immediately
available funds within five Business Days of the Holder’s election (or, if later, on the date of consummation of the Fundamental Transaction). The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not
the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance
reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the
Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to
the Common Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price
hereunder to such shares of capital stock (but taking into account the relative value of the Common Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such
exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the
occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall
refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company
herein. 
 e) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a
share, as the case may be. For purposes of this Section 3, the number of Common Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Common Shares (excluding treasury shares, if any) issued and
outstanding. 
 f) Notice to Holder. 

i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this
Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement
of the facts requiring such adjustment. 

 ii. Notice to Allow Exercise by Holder. If (A) the Company shall
declare a Distribution on the Common Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Shares, (C) the Company shall authorize the granting to all holders of the Common Shares
rights or warrants to subscribe for or purchase any capital shares of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Common Shares, any
consolidation or merger to which the Company (and its Subsidiaries, taken as a whole) is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Shares are converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by
facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 10 calendar days prior to the applicable record or effective date hereinafter specified, a notice
stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Shares of record to be
entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and
the date as of which it is expected that holders of the Common Shares of record shall be entitled to exchange their Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or
share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice
provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission
pursuant to a Report on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice
except as may otherwise be expressly set forth herein. 
 (g) Voluntary Adjustment by Company. Subject to the rules and regulations
of the Trading Market, the Company may at any time during the term of this Warrant, subject to the prior written consent of the Holder reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the Board of
Directors of the Company. 
 Section 4. Transfer of Warrant. 

a) Transferability. Pursuant to FINRA Rule 5110(e)(1), neither this Warrant nor any Warrant Shares issued upon exercise of this
Warrant shall be sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of the securities by any person for a
period of 180 days immediately following the commencement of sales of the offering pursuant to which this Warrant is being issued, except as permitted under FINRA Rule 5110(e)(2). Subject to the foregoing restriction, this Warrant and all rights
hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly
executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or
Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so
assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full,
in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly
assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. 

 b) New Warrants. This Warrant may be divided or combined with other Warrants upon
presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with
Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such
notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto. 

c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by or on behalf of the Company for that
purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or
any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 
 Section 5. Registration
Rights. 
 a) To the extent the Company does not maintain an effective registration statement for the Warrant Shares and in the further
event that the Company files a registration statement with the Securities and Exchange Commission covering the sale of its shares of Common Stock (other than a registration statement on Form S-4 or S-8, or on another form, or in another context, in which such “piggyback” registration would be inappropriate), then, for a period of five (5) years from the commencement of sales of the Offering, the
Company shall give written notice of such proposed filing to the Holder as soon as practicable but in no event less than ten (10) days before the anticipated filing date, which notice shall describe the amount and type of securities to be
included in such offering, the intended method(s) of distribution, and the name of the proposed managing underwriter or underwriters, if any, of the offering, and offer to the Holder in such notice the opportunity to register the sale of such number
of shares of Warrant Shares as such Holder may request in writing within five (5) days following receipt of such notice (a “Piggyback Registration”). The Company shall cause such Warrant Shares to be included in such
registration and shall use its commercially reasonable efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit the Warrant Shares requested to be included in a Piggyback Registration on the same terms
and conditions as any similar securities of the Company and to permit the sale or other disposition of such Warrant Shares in accordance with the intended method(s) of distribution thereof. All Holders proposing to distribute their securities
through a Piggyback Registration that involves an underwriter or underwriters shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such Piggyback Registration. Furthermore, each Holder must
provide such information as reasonably requested by the Company (which information shall be limited to that which is required for disclosure under the Securities Act and the forms, rules and regulations promulgated thereunder) to be included in the
registration statement timely or the Company may elect to exclude such Holder from the registration statement. 
 b) In addition, to the
extent the Company does not maintain an effective registration statement for the Warrant Shares, for a period of five (5) years from the commencement of sales of the Offering, the Holder shall be entitled to one (1) demand right for the
registration of the Warrant Shares at the Company’s expense (other than any underwriting discounts, selling commissions, share transfer taxes applicable to the sale of the Warrant Shares, and fees and disbursements of counsel for the Holder)
and one (1) additional demand right for the registration of the Warrant Shares at the Holder’s expense (the “Demand Registration”). In the event of a Demand Registration, the Company shall use its commercially reasonable
efforts to register the applicable Warrant Shares. All Holders of Warrant Shares proposing to distribute their securities through a Demand Registration that involves an underwriter or underwriters shall enter into an underwriting agreement in
customary form with the underwriter or underwriters selected for such Demand Registration. Furthermore, each Holder must provide such information as reasonably requested by the Company (which information shall be limited to that which is required
for disclosure under the Securities Act and the forms, rules and regulations promulgated thereunder) to be included in the registration statement timely or the Company may elect to exclude such Holder from the registration statement. 

 c) Notwithstanding the foregoing, the registration rights described in this Section 5
shall be subject to limitations imposed by the Commission’s rules or comments of the Commission staff in connection with its review of the registration statement for any such resale registration. Moreover, notwithstanding the foregoing
registration obligations of the Company, if the Company furnishes to the Holders requesting a Demand Registration a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s Board
of Directors it would be materially detrimental to the Company and its stockholders for a registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain
effective, because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the
Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with
respect to such Demand Registration or withdraw a related registration statement for a period of not more than forty-five (45) calendar days; provided, however, that the Company may not invoke this right more than twice in any twelve
(12) month period or during the twelve (12) month period prior to the Termination Date. 
 Section 6. Miscellaneous.

 a) No Rights as Shareholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting
rights, dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant
Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this
Warrant. 
 b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of an
affidavit of loss reasonably satisfactory to the Company evidencing the loss, theft, destruction or mutilation of this Warrant or any share certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or share certificate, if mutilated, the Company will make and deliver a new
Warrant or share certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or share certificate. 
 c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Trading Day, then, such action may be taken or such right may be
exercised on the next succeeding Trading Day. 
 d) Authorized Shares. 

The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Shares a
sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its
officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares
may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Shares may be listed. The Company covenants that all Warrant Shares which may be issued
upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid
and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 

Except and to the extent as waived or consented to by the holders of a majority of the then outstanding Warrants (based on the number of
Warrant Shares underlying such Warrants), the Company shall not by any action, including, without limitation, amending its articles of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale
of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such
actions as may be necessary or appropriate to protect the rights of 

 
Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the
amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable
Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable
the Company to perform its obligations under this Warrant. 
 Before taking any action which would result in an adjustment in the number of
Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having
jurisdiction thereof. 
 e) Governing Law. All questions concerning the construction, validity, enforcement and interpretation
of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. 

f) Jurisdiction; Agent for Process. Each party agrees that all legal proceedings concerning the interpretations, enforcement and
defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state
and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit,
action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that, subject to applicable law,
such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an
action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses incurred with
the investigation, preparation and prosecution of such action or proceeding. In addition to and without limiting the foregoing, the Company hereby confirms that it has appointed CT Corp. as its authorized agent (the “Authorized
Agent”) upon whom process may be served in any suit, action or proceeding arising out of or based upon this Warrant or the transactions contemplated herein which may be instituted in any New York federal or state court, by a Holder, the
directors, officers, partners, employees and agents of such Holder and each affiliate of such Holder, and expressly accept the non-exclusive jurisdiction of any such court in respect of any such suit, action
or proceeding. The Company hereby represents and warrants that the Authorized Agent has accepted such appointment and has agreed to act as said agent for service of process, and the Company agrees to take any and all action, including the filing of
any and all documents that may be necessary to continue such appointment in full force and effect as aforesaid. The Company hereby authorizes and directs the Authorized Agent to accept such service. Service of process upon the Authorized Agent shall
be deemed, in every respect, effective service of process upon the Company. If the Authorized Agent shall cease to act as agent for service of process, the Company shall appoint, without unreasonable delay, another such agent in the United States,
and notify the Holders of such appointment. Notwithstanding the foregoing and except as set forth herein, any action arising out of or based upon this Warrant may be instituted by a Holder, the directors, officers, partners, employees and agents of
the Holder (if applicable) and each respective affiliate of the Holder, in any court of competent jurisdiction in the Republic of the Marshall Islands. Notwithstanding the foregoing, nothing in this paragraph shall limit or restrict the federal
district court in which a Holder may bring a claim under the federal securities laws. This paragraph shall survive any termination of this Warrant, in whole or in part. 

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

 h) Nonwaiver and Expenses. No course of dealing or any delay or failure to
exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company willfully and
knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to,
reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 

i) Notices. Any and all notices or other communications or deliveries to be provided hereunder shall be made in accordance with
Section 7.3 of the Underwriting Agreement. 
 j) Limitation of Liability. No provision hereof, in the absence of any
affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Share or
as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 
 k)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary
damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would
be adequate. 
 l) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations
evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any
Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares. 
 m)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder of this Warrant, on the other hand. 

n) Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such
provisions or the remaining provisions of this Warrant. 
 o) Headings. The headings used in this Warrant are for the
convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 
 ******************** 

(Signature Page Follows) 

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

			
	 IMPERIAL PETROLEUM INC.

		
	 By:
	 	 
		 	 Name:

		 	 Title:

 NOTICE OF EXERCISE 

TO: IMPERIAL PETROLEUM INC. 
 (1) The
undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only required if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable
transfer taxes, if any. 
 (2) Payment shall take the form of (check applicable box): 

[    ] in lawful money of the United States; or 

[    ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set
forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c). 

(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below: 

The Warrant Shares shall be delivered to the following DWAC Account Number: 

 

					
	DTC number:	 	   
	 	  

			
	Account name:	 	   
	 	  

			
	Account number:	 	   
	 	  

 [SIGNATURE OF HOLDER] 
  

			
	 Name of Investing Entity:
	 	 
		
	 Signature of Authorized

Signatory of Investing Entity:
	 	 
		
	 Name of Authorized Signatory:
	 	 
		
	 Title of Authorized Signatory:
	 	 
		
	 Date:
	 	 

 EXHIBIT B 

ASSIGNMENT FORM 
 (To assign the foregoing
Warrant, execute this form and supply required information. Do not use this form to purchase shares.) 
 FOR VALUE RECEIVED, the
foregoing Warrant and all rights evidenced thereby are hereby assigned to 
  

			
	Name:	  	 
	 	  	(Please Print)
		
	Address:	  	 
	 	  	(Please Print)
		
	Phone Number:	  	
		
	Email Address:	  	
		
	Dated: _______________ __, ______	  	
		
	Holder’s Signature: _______________	  	
		
	Holder’s Address: _______________Exhibit 10.1

 

EXECUTION COPY

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(the “Agreement”) between Synthetic Biologics, Inc., a Nevada corporation, (the “Company”),
and Frank Tufaro (the “Executive”) is effective as of March 22, 2022 (the “Effective Date”).

 

W I T N E S S E T H:

 

 

WHEREAS, the Company
desires to employ the Executive as its Chief Operating Officer and the Executive desires to accept such employment, on the terms and conditions
set forth in this Agreement.

 

NOW, THEREFORE, in
consideration of the promises and the mutual covenants and agreements contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

 

1.             EMPLOYMENT
TERM.

  

The Company hereby offers to
employ the Executive, and the Executive hereby accepts employment by the Company, upon the terms and conditions set forth in this Agreement,
until the termination of the Executive’s employment in accordance with Section 9 below, as applicable (the “Employment
Term”). The Executive shall be employed for three years unless there is an earlier termination in accordance with Section
9 below.

 

2.             POSITION
 & DUTIES. During the Employment Term, the Executive shall serve as the Company’s Chief Operating Officer. As Chief Operating
Officer, the Executive shall have such duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities
of persons in similar capacities in similarly sized companies and such other duties and responsibilities as the Company’s Chief
Executive Officer shall designate that are consistent with the Executive’s position as Chief Operating Officer. The Executive shall
report to, and be subject to, the lawful direction of the Chief Executive Officer. During the Employment Term, the Executive shall use
his best efforts to perform faithfully and efficiently the duties and responsibilities assigned to the Executive hereunder and devote
all of the Executive’s business time (excluding periods of vacation and other approved leaves of absence) to the performance of
the Executive’s duties with the Company.

  

3.            LOCATION.
Unless the parties otherwise agree in writing, at all times during the Employment Term, the Executive’s principal place of business
for performance of the services under this Agreement shall be in San Diego, California.

 

4.            BASE
SALARY. The Company agrees to pay the Executive a base salary (the “Base Salary”) at an annual rate
of $375,000, payable semi-monthly in accordance with the regular payroll practices of the Company. The Executive’s Base Salary shall
be subject to review and adjustment from time to time by the Board (or a committee thereof) in its sole discretion, but may not be decreased.
The base salary as determined herein from time to time shall constitute “Base Salary” for purposes of this Agreement.

 

5.            ANNUAL
BONUS. With respect to each calendar year during the Employment Term (beginning in the year of the Effective Date), the Executive
will be eligible to earn a cash annual performance bonus (the “Annual Bonus”). Beginning in the 2022 calendar
year and for each full calendar year thereafter, the Executive will be eligible for an Annual Bonus of up to forty percent (40%) of the
Base Salary. The Annual Bonus will be based upon the Board’s assessment of the Executive’s performance and the Company’s
attainment of targeted goals as set by the Board in its sole discretion. The Annual Bonus, if any, will be subject to applicable payroll
deductions and withholdings. Following the close of each calendar year, the Board will determine whether the Executive has earned the
Annual Bonus, and the amount of any Annual Bonus, based on the set criteria. No amount of the Annual Bonus is guaranteed, and the Executive
must be an employee in good standing through the end of the applicable calendar year to be eligible to receive an Annual Bonus; no partial
or prorated bonuses will be provided. The Annual Bonus, if earned, will be paid on or about December 1, but no later than December 31,
of the applicable calendar year for which the Annual Bonus is being measured. The Executive’s eligibility for an Annual Bonus is
subject to change in the discretion of the Board (or any authorized committee thereof). In addition, the Executive will also be eligible
to receive annual equity awards pursuant to the Company’s incentive equity plans, such awards (including the number and type of
awards), if any, to be in the sole discretion of the Board.

 

     

     

    

 

EXECUTION COPY

 

6.            EMPLOYEE
BENEFITS.

 

(a)               BENEFIT
PLANS. The Executive shall, in accordance with Company policy and the terms of the applicable Company benefit plan documents, be eligible
to participate in any benefit plan or arrangement, including health, life and disability insurance, retirement plans and the like, that
may be in effect from time to time and made available to the Company’s senior management. All matters of eligibility for coverage
or benefits under any benefit plan shall be determined in accordance with the provisions of such plan. The Company reserves the right
to change, alter, or terminate any benefit plan in its sole discretion. Notwithstanding the foregoing, in the event that the terms of
this Agreement differ from or are in conflict with the Company’s general employment policies or practices, this Agreement shall
control.

 

(b)               VACATION.
The Executive shall be entitled to twenty-two (22) days paid vacation and sick leave per year in accordance with the Company’s policies
and shall be entitled to accrue ten (10) days of vacation time during the Employment Term in accordance with the Company’s vacation
policy. Vacation is to be taken at such intervals as shall be appropriate and consistent with the proper performance of the Executive’s
duties hereunder. The existing vacation accrued for the past four (4) years to date not to exceed sixty (60) days will rollover into this
Agreement.

 

(c)               SUPPLEMENTAL
DISABILITY BENEFITS. During the Employment Term, the Company will pay for the applicable premiums for the Executive’s coverage
under its existing supplemental disability policy.

 

(d)               GENERAL
EXPENSE REIMBURSEMENTS. The Company will reimburse the Executive for all reasonable business expenses, including travel, computer
and cellular phone costs that the Executive incurs in performing the services hereunder pursuant to the Company’s usual expense
reimbursement policies and practices, following submission by the Executive of reasonable documentation thereof. All reimbursements provided
under this Agreement shall be made in accordance with the requirements of Section 409A (as defined below) to the extent that such reimbursements
are subject to Section 409A, including, as applicable, the requirements that (i) any reimbursement is for expenses incurred during the
Employment Term, (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for
reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense shall be made on or before the last day of the
calendar year following the calendar year in which the expense was incurred, and (iv) the right to reimbursement is not subject to liquidation
or exchange for any other benefit.

 

(e)               INDEMNIFICATION.
The Company shall provide the Executive with full advance indemnification to the extent permitted by Nevada law, including indemnification
for activities at all subsidiaries.

 

7.             CONFIDENTIALITY
AND POST-EMPLOYMENT OBLIGATIONS. As a condition of this Agreement, Executive is required to enter into the Company’s form
of Proprietary Information, Inventions, Non-Solicitation and Non-Competition Agreement (the “Confidentiality Agreement”),.
The Confidentiality Agreement may be amended by the parties from time to time without regard to this Agreement.

  

The Confidentiality Agreement contains provisions
that are intended by the parties to survive and do survive termination of this Agreement.

 

8.             OUTSIDE
ACTIVITIES DURING EMPLOYMENT.

 

(a)               NO
ADVERSE INTERESTS. The Executive agrees not to acquire, assume or participate in, directly or indirectly, any position, investment
or interest known by him to be adverse or antagonistic to the Company, its business or prospects, financial or otherwise during the Employment
Term without the consent of the Board. Except with the prior written consent of the Board, during the Employment Term the Executive will
not undertake or engage in any other employment, occupation or business enterprise. Notwithstanding the foregoing, nothing shall not prevent
the Executive from participating in charitable, civic, educational, professional, community or industry affairs or, with prior approval
of the Board, serving on the board of directors or advisory boards of other companies; provided that such activities
or services do not (i) create a conflict with his employment hereunder; (ii) materially interfere with the performance of his duties;
or (iii) violate the terms of the Confidentiality Agreement.

 

    2

     

    

 

EXECUTION COPY

 

(b)               NONCOMPETITION.
Other than as permitted by Section 8(a), during the Employment Term and for the six month period thereafter (the “Non-Competition
Period”), except on behalf of the Company, the Executive will not directly or indirectly, whether as an officer, director,
stockholder, partner, proprietor, associate, representative, consultant, or in any capacity whatsoever engage in, become financially interested
in, participate in, be employed by or have any business connection with any other person, corporation, firm, partnership or other entity
whatsoever which competes with the Company, anywhere throughout the world, in any line of business engaged in (or planned to be engaged
in) by the Company other than de minimis stock holdings in public companies; provided, however, that
anything above to the contrary notwithstanding, he may own, as a passive investor, securities of any competitor corporation, so long as
his direct holdings in any one such corporation shall not in the aggregate constitute more than one percent (1%) of the voting stock of
such corporation, and provided that the Executive promptly discloses to the Board any such participation, other than
such de minimis stock holdings.

 

(c)               NONSOLICITATION.
During the Non-Competition Period, Executive shall not, directly or indirectly, (i) induce or attempt to induce or aid others in inducing
anyone working at or for the Company to cease working at or for the Company, or in any way interfere with the relationship between the
Company and anyone working at or for the Company except in the proper exercise of Executive’s authority or (ii) in any way interfere
with the relationship between the Company and any customer, supplier, licensee or other business relation of the Company.

 

(d)               SCOPE. If,
at the time of enforcement of this Section 8, a court shall hold that the duration, scope, area or other restrictions stated herein are
unreasonable under circumstances then existing, the parties agree that the maximum duration, scope, area or other restrictions reasonable
under such circumstances shall be substituted for the stated duration, scope, area or other restrictions.

  

(e)             INDEPENDENT
AGREEMENT. The covenants made in this Section 8 shall be construed as an agreement independent of any other provisions of this
Agreement, and shall survive the termination of this Agreement.  Moreover, the existence of any claim or cause of action of
Executive against the Company or any of its affiliates, whether or not predicated upon the terms of this Agreement, shall not constitute
a defense to the enforcement of these covenants.

 

9.           TERMINATION.
The Executive’s employment and the Employment Term shall terminate on the first of the following to occur:

 

(a)               DISABILITY.
Upon the 30th day following the Executive’s receipt of notice of the Company’s termination due to Disability
(as defined in this Section); provided that, the Executive has not returned to full-time performance of his duties within
thirty (30) days after receipt of such notice. If the Company determines in good faith that the Executive’s Disability has
occurred during the term of this Agreement, it will give the Executive written notice of its intention to terminate his employment. 
For purposes of this Agreement, “Disability” shall occur when the Board determines that the Executive has become
physically or mentally incapable of performing the essential functions of his job duties under this Agreement with or without reasonable
accommodation, for ninety (90) consecutive days or one hundred twenty (120) nonconsecutive days in any twelve (12) month period, subject
to any applicable law. For purposes of this Section, at the Company’s request, the Executive agrees to make himself available and
to cooperate in a reasonable examination by an independent qualified physician selected by the Board.

 

(b)               DEATH.
Automatically on the date of death of the Executive.

 

(c)               CAUSE.
Immediately upon written notice by the Company to the Executive of a termination for Cause. For purposes of this Agreement, “Cause”
shall mean the occurrence of any of the following events, as determined by the Board in its sole and absolute discretion: (i) gross insubordination,
acts of embezzlement or misappropriation of funds, fraud, dereliction of fiduciary obligations; (ii) conviction of a felony or other crime
involving moral turpitude, dishonesty or theft (including entry of a nolo contendere plea); (iii) willful unauthorized
disclosure of confidential information belonging to the Company or entrusted to the Company by a client; (iv) material violation of any
provision of this Agreement, of any Company policy, and/or of the Confidentiality Agreement, which, to the extent it is curable by the
Executive, is not cured by the Executive within thirty (30) days of receiving written notice of such violation by the Company; (v) being
under the influence of drugs (other than prescription medicine or other medically-related drugs to the extent that they are taken in accordance
with their directions) during the performance of the Executive’s duties under this Agreement; (vi) engages in conduct that violates
the Company’s non-discrimination/harassment policy and warrants termination; (vii) willful failure to perform his written assigned
tasks, where such failure is attributable to the fault of the Executive which, to the extent it is curable by the Executive, is not cured
by Executive within thirty (30) days of receiving written notice of such violation by the Company.

 

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(d)               WITHOUT
CAUSE. Upon written notice by the Company to the Executive of an involuntary termination without Cause and other than due to death
or Disability.

  

(e)               WITH
GOOD REASON. Upon the Executive’s notice following the end of the Cure Period (as defined in this Section). For purposes of
this Agreement, “Good Reason” for the Executive to terminate his employment hereunder shall mean the occurrence
of any of the following events without the Executive’s consent: (i) a material reduction in the Executive’s Base Salary (other
than an across-the-board decrease in base salary applicable to all executive officers of the Company); (ii) a material breach of this
Agreement by the Company; (iii) a material diminution in the Employee’s title; or (iv) the relocation of the Executive’s principal
place of employment, without the Executive’s consent, in a manner that lengthens his one-way commute distance by fifty (50) or more
miles from his then-current principal place of employment immediately prior to such relocation; provided, however, that,
any such termination by the Executive shall only be deemed for Good Reason pursuant to this definition if: (1) the Executive gives the
Company written notice of his intent to terminate for Good Reason within thirty (30) days following the first occurrence of the condition(s)
that he believes constitute(s) Good Reason, which notice shall describe such condition(s); (2) the Company fails to remedy such condition(s)
within thirty (30) days following receipt of the written notice (the “Cure Period”); and (3) the Executive voluntarily
terminates his employment within thirty (30) days following the end of the Cure Period.

 

(f)                WITHOUT
GOOD REASON. Upon the expiration of the Transition Period (as defined in this Section) unless otherwise provided by the Company as
provided herein, the Executive shall provide thirty (30) days’ prior written notice (the “Transition Period”)
to the Company of the Executive’s intended termination of employment without Good Reason (“Voluntary Termination”).
During the Transition Period, the Executive shall assist and advise the Company in any transition of business, customers, prospects, projects
and strategic planning, and the Company shall continue to pay Executive’s Base Salary and benefits through the end of the Transition
Period. The Company may, in its sole discretion, upon five (5) days prior written notice to the Executive, make such termination of employment
effective earlier than the expiration of the Transition Period (“Early Termination Right”), but it shall pay
the Executive’s Base Salary and benefits through the earlier of: the end of the Transition Period, or the date that the Executive
accepts full-time employment or a full-time consulting engagement from a third party.

 

10.          CONSEQUENCES
OF TERMINATION. Any termination payments made and benefits provided under this Agreement to the Executive shall be in lieu of
any termination or severance payments or benefits for which the Executive may be eligible under any of the plans, policies or programs
of the Company or its affiliates as may be in effect from time to time. Subject to satisfaction of each of the conditions set forth in
Section 11, the following amounts and benefits shall be due to the Executive. Any Accrued Amounts (as defined in Section 10(a)) shall
be payable on the next regularly scheduled Company payroll date following the date of termination or earlier if required by applicable
law.

 

(a)               DISABILITY.
Upon employment termination due to Disability, the Company shall pay or provide the Executive: (i) any unpaid Base Salary through the
date of termination and any accrued vacation; (ii) any unpaid Annual Bonus earned with respect to any calendar year ending on or preceding
the date of termination; (iii) reimbursement for any unreimbursed expenses incurred through the date of termination; and (iv) all other
payments and benefits to which the Executive may be entitled under the terms of any applicable compensation arrangement or benefit, equity
or perquisite plan or program or grant or this Agreement, including but not limited to any applicable insurance benefits (collectively,
 “Accrued Amounts”). In addition, upon the Executive’s termination due to Disability, the Executive shall
be entitled to exercise any vested equity award(s) granted to the Executive for a period equal to the shorter of: (i) six (6) months after
termination, or (ii) the remaining term of the award(s).

  

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(b)               DEATH.
In the event the Employment Term ends on account of the Executive’s death, the Executive’s estate (or to the extent a beneficiary
has been designated in accordance with a program, the beneficiary under such program) shall be entitled to any Accrued Amounts, including
but not limited to proceeds from any Company sponsored life insurance programs. In addition, upon the Executive’s death, the Company
will extend the time period that the Executive’s estate (or to the extent a beneficiary has been designated in accordance with a
program, the beneficiary under such program) shall be entitled to exercise any vested equity award(s) granted to the Executive for a period
equal to the shorter of: (i) six (6) months after termination, or (ii) the remaining term of the award(s).

 

(c)               TERMINATION
FOR CAUSE OR WITHOUT GOOD REASON. If the Executive’s employment should be terminated (i) by the Company for Cause, or (ii) by
the Executive without Good Reason, the Company shall pay to the Executive any Accrued Amounts only, and shall not be obligated to make
any additional payments to the Executive. In addition, upon the Executive’s termination by the Company for Cause, or by the Executive
for Good Reason, all options not exercised shall terminate.

 

(d)               TERMINATION
WITHOUT CAUSE OR FOR GOOD REASON. If the Executive’s employment by the Company is terminated by the Company without Cause (and
not due to Disability or death) or by the Executive for Good Reason, then the Company shall pay or provide the Executive with the Accrued
Amounts and subject to compliance with Section 11:

 

i.                        continued
payment of the Executive’s Base Salary as in effect immediately preceding the last day of the Employment Term (ignoring any decrease
in Base Salary that forms the basis for Good Reason), for a period of six (6) months following the termination date (the “Severance
Period”) on the Company’s regular payroll dates; provided, however, that any payments otherwise scheduled
to be made prior to the effective date of the General Release (namely, the date it can no longer be revoked) shall accrue and be paid
in the first payroll date that follows such effective date with subsequent payments occurring on each subsequent Company payroll date;

 

ii.                        if
the Executive timely elects continued coverage under COBRA for himself and his covered dependents under the Company’s group health
plans following such termination, then the Company shall pay the COBRA premiums necessary to continue the Executive’s and his covered
dependents’ health insurance coverage in effect for himself (and his covered dependents) on the termination date until the earliest
of (i) six (6) months following the termination date; (ii) the date when the Executive becomes eligible for substantially equivalent health
insurance coverage in connection with new employment or self-employment; or (iii) the date the Executive ceases to be eligible for COBRA
continuation coverage for any reason, including plan termination (such period from the termination date through the earlier of (i)-(iii),
the “COBRA Payment Period”). Notwithstanding the foregoing, if at any time the Company determines that its payment
of COBRA premiums on the Executive’s behalf would result in a violation of applicable law (including but not limited to the 2010
Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of paying
COBRA premiums pursuant to this Section, the Company shall pay the Executive on the last day of each remaining month of the COBRA Payment
Period, a fully taxable cash payment equal to the COBRA premium for such month, subject to applicable tax withholding (such amount, the
 “Special Severance Payment”), such Special Severance Payment to be made without regard to the Executive’s
payment of COBRA premiums and without regard to the expiration of the COBRA period prior to the end of the COBRA Payment Period. Nothing
in this Agreement shall deprive the Executive of his rights under COBRA or ERISA for benefits under plans and policies arising under his
employment by the Company; and

  

iii.                        all
unvested stock options and other equity awards shall immediately vest and Executive shall be entitled to exercise any vested equity awards
for a period equal to the shorter of: (i) six (6) months after termination, or (ii) the remaining term of the award(s).

 

If the Executive’s employment
by the Company is terminated by the Company without Cause (and not due to Disability or death) or by the Executive for Good Reason, then
the Executive will be eligible to receive additional severance benefits including, but not limited to, a pro-rata portion of the Executive’s
Annual Bonus, as determined by the Board of Directors, for the performance year in which the Executive’s termination occur.

 

11.          CONDITIONS.
Any payments or benefits made or provided pursuant to Section 9 (other than Accrued Amounts) are subject to the Executive’s
(or, in the event of the Executive’s death, the beneficiary’s or estate’s, or in the event of the Executive’s
Disability, the guardian’s):

 

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(a)               compliance
with the provisions of Section 7 hereof;

 

(b)               delivery
to the Company of an executed waiver and general release of any and all known and unknown claims, and other provisions and covenants,
in the form acceptable to the Company (which shall be delivered to the Executive within five (5) business days following the termination
date) (the “General Release”) within 21 days of presentation thereof by the Company to the Executive (or a longer
period of time if required by law), and permitting the General Release to become effective in accordance with its terms; and

 

(c)               delivery
to the Company of a resignation from all offices, directorships and fiduciary positions with the Company, its affiliates and employee
benefit plans effective as of the termination date.

 

Notwithstanding the due date
of any post-employment payments, any amounts due following a termination under this Agreement (other than Accrued Amounts) shall not be
due until after the expiration of any revocation period applicable to the General Release without the Executive having revoked such General
Release, and any such amounts shall be paid or commence being paid to the Executive within fifteen (15) days of the expiration of such
revocation period without the occurrence of a revocation by the Executive (or such later date as may be required under Section 18 of this
Agreement). Nevertheless (and regardless of whether the General Release has been executed by the Executive), upon any termination of the
Executive’s employment, the Executive shall be entitled to receive any Accrued Amounts, payable after the date of termination in
accordance with the Company’s applicable plan, program, policy or payroll procedures. Notwithstanding anything to the contrary in
this Agreement, if any severance pay or benefits are deferred compensation under Section 409A (as defined below), and the period during
which the Executive may sign the General Release begins in one calendar year and the first payroll date following the period during which
the Executive may sign the General Release occurs in the following calendar year, then the severance pay or benefit shall not be paid
or the first payment shall not occur until the later calendar year.

  

12.           CONSEQUENCES
OF A CHANGE IN CONTROL.

 

(a)               Upon
the closing of a Change in Control (as defined below), all unvested stock options and other equity awards shall immediately vest and the
time period that the Executive shall have to exercise all vested stock options and other awards that the Executive may have under the
Plan (including the Initial Grant) or any successor equity compensation plan as may be in place from time to time shall be equal to the
shorter of: (i) eighteen (18) months days after termination, or (ii) the remaining term of the award(s).

 

(b)               If
within one year after the occurrence of a Change in Control, the Executive terminates his employment with the Company for Good Reason
or the Company terminates the Executive's employment for any reason other than death, Disability or Cause, the Company (or the then former
Company subsidiary employing the Executive), or the consolidated, surviving or transferee person in the event of a Change in Control pursuant
to a consolidation, merger or sale of assets, the Executive shall be entitled to receive from the Company (i) the portion of the Base
Salary for periods prior to the effective date of termination accrued but unpaid (if any); (ii) all unreimbursed expenses (if any), subject
to Section 6(d); (iii) an aggregate amount (the “Change in Control Severance Amount”) equal to two times the sum of the Base
Salary plus an amount equal to the bonus that would be payable if the “target” level performance were achieved under the Company's
annual bonus plan (if any) in respect of the fiscal year during which the termination occurs (or the prior fiscal year if bonus levels
have not yet been established for the year of termination). The Change in Control Severance Amount shall be paid in a lump sum, if the
Change in Control event constitutes a “change in the ownership” or a “change in the effective control” of the
Company or a “change in the ownership of a substantial portion of a corporation's assets” (each within the meaning of Section
409A), or in 48 substantially equal payments, if the Change in Control event does not so comply with Section 409A. The lump sum amount
shall be paid, or the installment payments shall commence, as applicable, on the first scheduled payroll date (in accordance with the
Company's payroll schedule in effect for the Executive immediately prior to such termination) that occurs on or following the date that
is 30 days after the Executive's termination of employment; provided, however, that the payment of such Change in Control
Severance Amount and is subject to the Executive's compliance with the requirement to deliver the General Release contemplated pursuant
to Section 11(b). Any such installment payment shall be treated as a separate payment as defined under Treasury Regulation §1.409A-2
(b)(2). If the Executive is a “specified employee” (as determined under the Company's policy for identifying specified employees)
on the date of his “separation from service” (within the meaning of Section 409A) and if any portion of the severance amount
described in clause (iii) would be considered “deferred compensation” under Section 409A, such severance amount shall not
be paid or commence to be paid on any date prior to the first business day after the date that is six months following the Executive's
separation from service (unless any such payment(s) shall satisfy the short-term deferral rule, as defined in Treasury Regulation §1.409A-1(b)(4),
or shall be treated as separation pay under Treasury Regulation §1.409A-1(b)(9)(iii) or §1.409A-1(b)(9)(v)). If paid in installments,
the first payment that can be made shall include the cumulative amount of any amounts that could not be paid during such six-month period.
In addition, interest will accrue at the 10-year T-bill rate (as in effect as of the first business day of the calendar year in which
the separation from service occurs) on such lump sum amount or installment payments, as applicable, not paid to the Executive prior to
the first business day after the sixth month anniversary of his separation from service that otherwise would have been paid during such
six-month period had this delay provision not applied to the Executive and shall be paid at the same time at which the lump sum payment
or the first installment payment, as applicable, is made after such six-month period. Notwithstanding the foregoing, a payment delayed
pursuant to the preceding three sentences shall commence earlier in the event of the Executive's death prior to the end of the six-month
period. Upon the termination of employment with the Company for Good Reason by the Executive or upon the involuntary termination of employment
with the Company of the Executive for any reason other than death, Disability or Cause, in either case within two years after the occurrence
of a Change in Control, the Company (or the then former Company subsidiary employing the Executive), or the consolidated, surviving or
transferee person in the event of a Change in Control pursuant to a consolidation, merger or sale of assets, shall also provide, for the
period of two consecutive years commencing on the date of such termination of employment, medical, dental, life and disability insurance
coverage for the Executive and the members of his family which is not less favorable to the Executive than the group medical, dental,
life and disability insurance coverage carried by the Company for the Executive and the members of his family at the time of termination; provided,
however, that such payments are subject to the Executive's compliance with the requirement to deliver the General Release contemplated
pursuant to Section 11(b).

  

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(c)        For
purposes of this Agreement, “Change in Control” means:

 

(i) any person or entity becoming
the beneficial owner, directly or indirectly, of securities of the Company representing fifty percent (50%) of the total voting power
of all its then outstanding voting securities;

 

(ii) a merger or consolidation
of the Company in which its voting securities immediately prior to the merger or consolidation do not represent, or are not converted
into securities that represent, a majority of the voting power of all voting securities of the surviving entity immediately after the
merger or consolidation; or

 

(iii) a sale of substantially
all of the assets of the Company or a liquidation or dissolution of the Company.

 

13.           ASSIGNMENT.
This Agreement shall be binding upon and inure to the benefit of the Executive and the Executive’s heirs, executors, personal representatives,
assigns, administrators and legal representatives. Because of the unique and personal nature of the Executive’s duties under this
Agreement, neither this Agreement nor any rights or obligations under this Agreement shall be assignable by the Executive. This Agreement
shall be binding upon and inure to the benefit of the Company and its successors, assigns and legal representatives. Any such successor
or assign of the Company will be deemed substituted for the Company under the terms of this Agreement for all purposes. For this purpose,
 “successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger or
otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company.

  

14.           NOTICE.
For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be
deemed to have been duly given (a) on the date of delivery if delivered by hand, (b) on the date of transmission, if delivered by confirmed
facsimile, (c) on the first business day following the date of deposit if delivered by guaranteed overnight delivery service, or (d) on
the fourth business day following the date delivered or mailed by United States registered or certified mail, return receipt requested,
postage prepaid, addressed as follows:

 

If to the Company:

 

Synthetic Biologics,
Inc.

9605 Medical Center
Drive, Suite 270

Rockville, Maryland
20850

Attention: Board
of Directors

Facsimile: (734)
332-7878

 

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and a copy (which
shall not constitute notice) shall also be sent to:

 

Blank Rome, LLP

1271 Avenue of the
Americas

New York, New York
10020

Attention: Leslie
Marlow, Esq.

Facsimile: 917-332-3824

 

If to the Executive:

 

To the most recent
address of the Executive set forth in the personnel records of the Company.

 

or to such other address as either party may have
furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

 

15.           SECTION
HEADINGS; INCONSISTENCY. The section headings used in this Agreement are included solely for convenience and shall not affect,
or be used in connection with, the interpretation of this Agreement. If there is any inconsistency between this Agreement and any other
agreement (including but not limited to any option, stock, long-term incentive or other equity award agreement), plan, program, policy
or practice (collectively, “Other Provision”) of the Company the terms of this Agreement shall control over
such Other Provision.

  

16.          SEVERABILITY.
The provisions of this Agreement shall be deemed severable and the invalidity of unenforceability of any provision shall not affect the
validity or enforceability of the other provisions hereof.

 

17.          COUNTERPARTS.
This Agreement may be executed in counterparts, each of which shall be deemed to be an original but all of which together will constitute
one and the same instruments. One or more counterparts of this Agreement may be delivered by facsimile, with the intention that delivery
by such means shall have the same effect as delivery of an original counterpart thereof.

 

18.           SECTION
409A.

 

(a)               Notwithstanding
anything to the contrary herein, the following provisions apply to the extent severance benefits provided herein are subject to Section
409A of the Internal Revenue Code (the “Code”) and the regulations and other guidance thereunder and any state
law of similar effect (collectively “Section 409A”). Severance benefits shall not commence until the Executive
has a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative
definition thereunder, a “separation from service”). Each installment of severance benefits is a separate “payment”
for purposes of Treas. Reg. Section 1.409A-2(b)(2)(i), and the severance benefits are intended to satisfy the exemptions from application
of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4) and 1.409A-1(b)(9). However, if such exemptions are not available
and the Executive is, upon separation from service, a “specified employee” for purposes of Section 409A, then, solely to the
extent necessary to avoid adverse personal tax consequences under Section 409A, the timing of the severance benefits payments shall be
delayed until the earlier of (i) six (6) months and one day after the Executive’s separation from service, or (ii) the Executive’s
death. The parties acknowledge that the exemptions from application of Section 409A to severance benefits are fact specific, and any later
amendment of this Agreement to alter the timing, amount or conditions that will trigger payment of severance benefits may preclude the
ability of severance benefits provided under this Agreement to qualify for an exemption.

 

(b)               It
is intended that this Agreement shall comply with the requirements of Section 409A, and any ambiguity contained herein shall be interpreted
in such manner so as to avoid adverse personal tax consequences under Section 409A. Notwithstanding the foregoing, the Company shall in
no event be obligated to indemnify the Executive for any taxes or interest that may be assessed by the Internal Revenue Service pursuant
to Section 409A of the Code to payments made pursuant to this Agreement.

 

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19.           SECTION
4999 EXCISE TAX.

 

(a)               If
any payments, rights or benefits (whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement of the Executive
with the Company or any person affiliated with the Company) (the “Payments”) received or to be received by the
Executive will be subject to the tax (the “Excise Tax”) imposed by Section 4999 of the Code (or any similar
tax that may hereafter be imposed), then, except as set forth in Section 19(b) below, the Company shall pay to the Executive an amount
in addition to the Payments (the “Gross-Up Payment”) as calculated below. The Gross Up Payment shall be in an
amount such that, after deduction of any Excise Tax on the Payments and any federal, state and local income and employment tax and Excise
Tax on the Gross Up Payment, but before deduction for any federal, state or local income and employment tax on the Payments, the net amount
retained by the Executive shall be equal to the Payments.

  

(b)               The
process for calculating the Excise Tax, determining the amount of any Gross-Up Payment and other procedures relating to this Section 19,
including the time period for making the Gross-Up Payment, are set forth in Appendix A attached hereto. For purposes
of making the determinations and calculations required herein, the Accounting Firm (as defined in Appendix A) may rely
on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code, provided that the
Accounting Firm shall make such determinations and calculations on the basis of “substantial authority” (within the meaning
of Section 6662 of the Code) and the Company shall use reasonable efforts to cause the Accounting Firm to provide opinions to that effect
to both the Company and Executive.

 

20.          REPRESENTATIONS.
The Executive represents and warrants to the Company that the Executive has the legal right to enter into this Agreement and to perform
all of the obligations on the Executive’s part to be performed hereunder in accordance with its terms and that the Executive is
not a party to any agreement or understanding, written or oral, which could prevent the Executive from entering into this Agreement or
performing all of the Executive’s obligations hereunder. The Executive further represents and warrants that he has been advised
to consult with an attorney and that he has been represented by the attorney of his choosing during the negotiation of this Agreement,
that he has consulted with his attorney before executing this Agreement, that he has carefully read and fully understand all of the provisions
of this Agreement and that he is voluntarily entering into this Agreement.

 

21.          WITHHOLDING.
The Company may withhold from any and all amounts payable under this Agreement such federal, state and local taxes as may be required
to be withheld pursuant to any applicable law or regulation.

 

22.          SURVIVAL.
The respective obligations of, and benefits afforded to, the Company and the Executive which by their express terms or clear intent survive
termination of the Executive’s employment with the Company, including, without limitation, the provisions of Section 7 and Sections
9 through 28, inclusive of this Agreement, will survive termination of the Executive’s employment with the Company, and will remain
in full force and effect according to their terms.

 

23.           AGREEMENT
OF THE PARTIES. The language used in this Agreement will be deemed to be the language chosen by the parties hereto to express
their mutual intent, and no rule of strict construction will be applied against any party hereto. No agreements or representations, oral
or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set
forth in this Agreement. Neither the Executive nor the Company shall be entitled to any presumption in connection with any determination
made hereunder in connection with any arbitration, judicial or administrative proceeding relating to or arising under this Agreement.

 

24.         INTEGRATION.
This Agreement, together with the Confidentiality Agreement and the Grant Agreements, contains the complete, final and exclusive agreement
of the parties relating to the terms and conditions of the Executive’s employment and the termination of the Executive’s employment,
and supersedes all prior and contemporaneous oral and written employment agreements or arrangements between the parties, including but
not limited to the Prior Employment Agreement. The Executive acknowledges and agrees that the Company has fully satisfied, and has no
further obligations to the Executive arising under, or relating to, the Prior Employment Agreement or any other employment or consulting
arrangement or understanding or otherwise.

 

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25.           AMENDMENT. This
Agreement cannot be amended or modified except by a written agreement signed by the Executive and a duly authorized officer of the Company.

 

26.           WAIVER. No
term, covenant or condition of this Agreement or any breach thereof shall be deemed waived, except with the written consent of the party
against whom the wavier is claimed, and any waiver or any such term, covenant, condition or breach shall not be deemed to be a waiver
of any preceding or succeeding breach of the same or any other term, covenant, condition or breach.

 

27.          CHOICE
OF LAW. This Agreement shall be construed and interpreted in accordance with the internal laws of the State of Nevada without
regard to its conflict of laws principles.

 

28.          DISPUTE
RESOLUTION. To ensure the rapid and economical resolution of disputes that may arise in connection with the Executive’s
employment with the Company, the Executive and the Company both agree that any and all disputes, claims, or causes of action, in law or
equity, including but not limited to statutory claims, arising from or relating to the enforcement, breach, performance, or interpretation
of this Agreement, the Executive’s employment with the Company, or the termination of the Executive’s employment from the
Company, will be resolved pursuant to the Federal Arbitration Act, 9 U.S.C. §1-16, and to the fullest extent permitted by law, by
final, binding and confidential arbitration conducted in Delaware by JAMS, Inc. (“JAMS”) or its successors. Both
the Executive and the Company acknowledge that by agreeing to this arbitration procedure, each waives the right to resolve any such dispute
through a trial by jury or judge or administrative proceeding. Any such arbitration proceeding will be governed by JAMS’
then applicable rules and procedures for employment disputes, which can be found at http://www.jamsadr.com/rules-clauses/,
and which will be provided to the Executive upon request. In any such proceeding, the arbitrator shall: (i) have the authority to compel
adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (ii) issue a
written arbitration decision including the arbitrator’s essential findings and conclusions and a statement of the award. The Executive
and the Company each shall be entitled to all rights and remedies that either would be entitled to pursue in a court of law; provided,
however, that in no event shall the arbitrator be empowered to hear or determine any class or collective claim of any type. Nothing
in this Agreement is intended to prevent either the Company or the Executive from obtaining injunctive relief in court to prevent irreparable
harm pending the conclusion of any such arbitration pursuant to applicable law. The Company shall pay all filing fees in excess of those
which would be required if the dispute were decided in a court of law, and shall pay the arbitrator’s fees and any other fees or
costs unique to arbitration. Notwithstanding the foregoing, nothing in this Section 28 shall prevent the Company from seeking and obtaining
a judicial junction in a court of competent jurisdiction to enforce a violation of Section 7 (and the Agreement referenced in Section
7) or 8 of this Agreement. Executive hereby agrees to waive a jury and filing of a bond for any such action by the Company.

  

 

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

 

	 	SYNTHETIC
    BIOLOGICS, INC.
	 	 
	 	By:	 /s/ Steven A. Shallcross
	 	Name:
    Steven A. Shallcross
	 	Title:
    President and Chief Executive Officer
	 	 
	 	Dated:
    March 22, 2022
	 	 
	 	/s/
    Frank Tufaro
	 	Frank
    Tufaro
	 	 
	 	Dated:
    March 22, 2022

 

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EXECUTION COPY

 

APPENDIX A

 

TAX GROSS-UP PAYMENT RULES AND PROCEDURES

 

1.             Subject
to Paragraph 3 below, all determinations required to be made under Section 20 of this Agreement, including whether a Gross-Up Payment
is required and the amount of such Gross-Up Payment, shall be made by an accounting firm (the “Accounting Firm”)
selected in accordance with Paragraph 2 below. The Company shall use reasonable efforts to cause the Accounting Firm to provide detailed
supporting calculations both to the Company and Executive within 15 business days before the event that results in the potential for an
excise tax liability for the Executive, which could include but is not limited to a Change in Control and the subsequent vesting of any
cash payments or awards, or the Executive’s termination of employment, or such earlier time as is required by the Company. The initial
Gross-Up Payment, if any, as determined pursuant to this Paragraph 1, shall be paid on the Executive’s behalf to the applicable
taxing authorities by no later than the date the Executive is required to remit the taxes to such taxing authority. If the Accounting
Firm determines that no Excise Tax is payable to the Executive, the Company shall use reasonable efforts to cause the Accounting Firm
to furnish the Executive with a written report indicating that he has substantial authority not to report any Excise Tax on his federal
income tax return. Any determination by the Accounting Firm shall be binding upon the Company and Executive. As a result of the uncertainty
in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible
that Gross-Up Payments which will not have been made by the Company should have been made (“Underpayment”),
consistent with the calculations required to be made hereunder. In the event that the Company exhausts its remedies pursuant to Paragraph
3 below and the Executive thereafter is required to make a payment or additional payment of any Excise Tax, the Accounting Firm shall
determine the amount of the Underpayment that has occurred and any such Underpayment, increased by all applicable interest and penalties
associated with the Underpayment, shall be promptly paid by the Company to or for the benefit of the Executive. For purposes of determining
the amount of the Gross-Up Payment, the Executive shall be deemed to pay federal income tax at the highest marginal rate of federal income
taxation in the calendar year in which the Gross-Up Payment is to be made and state and local income taxes on earned income at the highest
marginal rate of taxation in the state and locality of the Executive’s residence on the Effective Date of Termination, net of the
maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes.

 

2.             The
Accounting Firm shall be a public accounting firm proposed by the Company and agreed upon by the Executive. If the Executive and the Company
cannot agree on the firm to serve as the Accounting Firm within ten (10) days after the date on which the Company proposed to the Executive
a public accounting firm to serve in such capacity, then the Executive and the Company shall each select one accounting firm and those
two firms shall jointly select the accounting firm to serve as the Accounting Firm within ten (10) days after being requested by the Company
and the Executive to make such selection. The Company shall pay the fees of the Accounting Firm.

  

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EXECUTION COPY

 

3.             The
Executive shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require the payment
by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than fifteen (15) business
days after the Executive knows of such claim and shall apprise the Company of the nature of such claim and the date on which such claim
is requested to be paid. The Executive shall not pay such claim prior to the expiration of the period ending on the date that any payment
of taxes with respect to such claim is due or the thirty (30) day period following the date on which the Executive gives such notice to
the Company, whichever period is shorter. If the Company notifies the Executive in writing prior to the expiration of such period that
it desires to contest such claim, the Executive shall (i) give the Company any information reasonably requested by the Company relating
to such claim, (ii) take such action in connection with contesting such claim as the Company shall reasonably request in writing from
time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected
by the Company, (iii) cooperate with the Company in good faith in order effectively to contest such claim, and (iv) permit the Company
to participate in any proceedings relating to such claim; provided, however, that the Company shall bear and pay directly
all costs and expenses (including attorneys’ fees and any additional interest and penalties) incurred in connection with such contest
and shall indemnify and hold the Executive harmless, on an after-tax basis, for any Excise Tax or income tax, including interest and penalties
with respect thereto, imposed as a result of such representation and payment of costs and expenses. Without limitation of the foregoing
provisions of this Paragraph 3, the Company shall control all proceedings taken in connection with such contest and, at its sole option,
may pursue or forego any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect to
such claim and may, at its sole option, either direct the Executive to pay the tax claimed and sue for a refund or contest the claim in
any permissible manner, and the Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a
court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that
if the Company directs the Executive to pay such claim and sue for a refund, the Company shall advance the amount of such payment to Executive,
on an interest-free basis and shall indemnify and hold the Executive harmless, on an after-tax basis, from any Excise Tax and income tax,
including interest or penalties with respect thereto, imposed with respect to such advance or with respect to any imputed income with
respect to such advance; and further provided that any extension of the statute of limitations relating to payment of
taxes for the taxable year of the Executive with respect to which such contested amount is claimed to be due is limited solely to such
contested amount. Furthermore, the Company’s control of the contest shall be limited to issues with respect to which a Gross-Up
Payment would be payable hereunder and the Executive shall be entitled to settle or contest, as the case may be, any other issue raised
by the Internal Revenue Service or any other authority.

 

4.             If,
after the receipt by the Executive of an amount advanced by the Company pursuant to Paragraph 3 above, the Executive becomes entitled
to receive any refund with respect to such claim, the Executive shall (subject to the Company’s complying with the requirements
of Paragraph 3), promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon after taxes
applicable thereto).

 

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