Document:

Exhibit
4.4

 

Exhibit
A

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED, QUALIFIED, APPROVED OR DISAPPROVED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT“), OR THE SECURITIES LAWS OF ANY STATE OR JURISDICTION AND MAY NOT
BE SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND/OR THE SECURITIES
LAWS OF ANY APPLICABLE JURISDICTIONS OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER SUCH ACT OR LAWS AND
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY OTHER FEDERAL, STATE OR OTHER APPLICABLE REGULATORY AUTHORITY HAS PASSED
ON OR ENDORSED THE MERITS OF THESE SECURITIES.

  

________
____, 2013

 

WARRANT
TO PURCHASE MEMBERSHIP UNITS

 

OF

 

ADIAL
PHARMACEUTICALS, L.L.C.

 

THIS
IS TO CERTIFY THAT ________________________ or its assigns (the “Holder”), is the owner of the right to subscribe
for and to purchase from ADial Pharmaceuticals, L.L.C., a Virginia limited liability company (including any successor entities)
(the “Company”), _______ Class B Units (the “Warrant Units”) at a price per unit equal to
$1.42 (the “Exercise Price”) during the period starting on the date hereof and ending at 5:00 p.m. Eastern
Time on December 31, 2031 (the “Expiration Date”) all on the terms and subject to the conditions hereinafter
set forth (“Warrants”). The number of Warrant Units stated above shall be the “Number Issuable”.

 

The
Number Issuable is subject to further adjustment from time to time pursuant to the provisions of Section 2 of this Warrant Agreement.

 

Capitalized
terms used herein but not otherwise defined shall have the meanings given to them in Section 12 hereof.

 

This
Warrant Agreement is entered into pursuant to and in connection with the Subscription Agreement of even date herewith (“Subscription
Agreement”) between the parties in which Holder invested $______________ to purchase ___________ Class B Units from
the Company. Therefore, for the avoidance of doubt, the parties hereto acknowledge that the obligation of the Company to deliver
the Warrant Units hereunder is contingent upon Holder fully performing its obligations under the Subscription Agreement up to
and on the date on which Holder seeks to exercise the Warrants.

 

    	 	Page 1 of 9

    

    

 

Exhibit
A

 

Section
1.          Exercise of Warrants.

 

(a)          The
Warrants evidenced hereby may be exercised, in whole but not in part, by the Holder hereof, on or after the date hereof and prior
to the Expiration Date and upon the occurrence of an event triggering the delivery by the Company of a notice as described in
Section 4 hereof. Holder shall exercise via the delivery to the Company, at the principal executive office of the Company, of
(A) an executed form of this Warrant Agreement, (B) a written notice stating that such Holder elects to exercise the Warrants
evidenced hereby in accordance with the provisions of this Section 1 and specifying the number of Warrants being exercised and
the name in which the Holder wishes the certificate or certificates for Warrant Units to be issued, (C) payment of the Exercise
Price for such Warrants, which shall be payable, in immediately available funds, by any one or any combination of the following:
(i) cash; or, (ii) certified or official bank check payable to the order of the Company, and (D) an executed Member Signature
Page to the Operating Agreement binding Holder to the terms of the Operating Agreement. The documentation and consideration, if
any, delivered in accordance with subsections (A), (B), (C) and (D) are collectively referred to herein as the “Warrant
Exercise Documentation.”

 

(b)          As
promptly as practicable, and in any event within ten (10) Business Days after receipt of the duly executed Warrant Exercise Documentation,
the Company will deliver or cause to be delivered (A) acknowledgment of the receipt and acceptance of the Warrant Exercise Documents,
(B) if applicable, cash in lieu of any fraction of a unit, as hereinafter provided. Such exercise shall be deemed to have been
made at the close of business on the date of delivery of the Warrant Exercise Documentation so that the Person entitled to receive
the Warrant Units upon such exercise shall be treated for all purposes as having become the record holder of such Warrant Units
on such date.

 

(c)          The
Company shall pay all expenses incurred by the Company in connection with, and taxes and other governmental charges (other than
income taxes of the Holder) imposed in respect of, the issue or delivery of any Warrant Units issuable upon the exercise of the
Warrants evidenced hereby. The Company shall not be required, however, to pay any tax or other charges imposed in connection with
any transfer involved in the issue of any certificate for Warrant Units, as the case may be, in any name other than that of the
registered holder of the Warrant evidenced hereby.

 

(d)          In
connection with the exercise of any Warrants evidenced hereby, the Company may elect that no fractions of Warrant Units shall
be issued, but in lieu thereof the Company shall pay a cash adjustment in respect of such fractional interest in an amount equal
to such fractional interest multiplied by the Fair Market Value of one Warrant Unit on the Business Day which immediately precedes
the day of exercise. If more than one (1) such Warrant shall be exercised by the holder thereof at the same time, the number of
full Warrant Units issuable on such exercise shall be computed on the basis of the total number of Warrants so exercised.

 

    	 	Page 2 of 9

    

    

 

Exhibit
A

 

Section
2.          Certain Adjustments.

 

(a)          The
number of Warrant Units purchasable upon the exercise of this Warrant and the Exercise Price shall be subject to adjustment as
follows:

 

(i)         Split
or Reverse Split. In the event that Company completes a split or reverse split of its Warrant Units, or any class of security
into which such Warrant Units are convertible (the “Reverse Split”), the number and kind of units to be delivered
upon exercise of this Warrant will be adjusted so that the Holder will be entitled to receive the number and kind of units that
such Holder would have owned or been entitled to receive upon or by reason of such event had this Warrant been exercised immediately
prior thereto, and the Exercise Price will be adjusted as provided below.

 

(ii)        Distributions;
Subdivision; Combination or Reclassification of Units.If at any time after the date of the issuance of this Warrant the
Company shall (A) pay a distribution to holders on the Warrant Units or on any class of security into which the Warrant Units
are convertible, in any equity security of the Company, (B) combine its outstanding units of the Warrant Units, or any class of
security into which the Warrant Units are convertible into, a smaller number of units, (C) subdivide its outstanding units of
the Warrant Units, or any class of security into which the Warrant Units are convertible, or (D) issue by reclassification of
its units of the Warrant Units, or any class of security into which the Warrant Units are convertible, any units of the Company,
then, on the record date for such distribution or the effective date of such subdivision or split-up, combination or reclassification,
as the case may be, the number and kind of units to be delivered upon exercise of this Warrant will be adjusted so that the Holder
will be entitled to receive the number and kind of units that such Holder would have owned or been entitled to receive upon or
by reason of such event had the Warrants been exercised immediately prior thereto, and the Exercise Price will be adjusted as
provided below in paragraph 2(a)(v).

 

(iii)       Reorganization.
etc. If at any time after the date of issuance of this Warrant any consolidation of the Company with or merger of the Company
with or into any other Person (other than a merger or consolidation in which the Company is the surviving or continuing business
entity and which does not result in any reclassification of, or change in, outstanding units of either the Warrant Units, or any
class of security into which the Warrant Units are convertible) or any sale, lease or other transfer of all or substantially all
of the assets of the Company to any other person (each, a “Reorganization Event”) shall be effected in such
a way that the holders of the Warrant Units or any class of security into which the Warrant Units are convertible shall be entitled
to receive cash, units, other securities or assets (whether such cash, units, other securities or assets are issued or distributed
by the Company or another Person) with respect to or in exchange for the Warrant Units, or any class of security into which the
Warrant Units are convertible, then, upon exercise of this Warrant, the Holder shall have the right to receive the kind and amount
of cash, units, other securities or assets receivable upon such Reorganization Event by a holder of the number of units of the
Warrant Units that such holder would have been entitled to receive upon exercise of this Warrant had this Warrant been exercised
immediately before such Reorganization Event, subject to adjustments that shall be as nearly equivalent as may be practicable
to the adjustments provided for in this Section 2(a). The Company shall not enter into any of the transactions referred to in
this Section 2(a)(iii) unless effective provision shall be made so as to give effect to the provisions set forth in this Section
2(a)(iii).

 

(iv)       Carryover.
Notwithstanding any other provision of this Section 2(a), no adjustment shall be made to the number of units of Warrant Units
to be delivered to the Holder (or to the Exercise Price) if such adjustment represents less than .05% of the number of units to
be so delivered, but any lesser adjustment shall be carried forward and shall be made at the time and together with the next subsequent
adjustment that together with any adjustments so carried forward shall amount to .05% or more of the number of units to be so
delivered.

 

    	 	Page 3 of 9

    

    

 

Exhibit
A

 

(v)        Exercise
Price Adjustment. Whenever the Number Issuable upon the exercise of the Warrant is adjusted as provided pursuant to this Section
2(a), the Exercise Price per unit payable upon the exercise of this Warrant shall be adjusted by multiplying such Exercise Price
immediately prior to such adjustment by a fraction, the numerator of which shall be the Number Issuable upon the exercise of the
Warrant immediately prior to such adjustment, and the denominator of which shall be the Number Issuable immediately thereafter.

 

(b)          Notice
of Adjustment. Whenever the Number Issuable or the Exercise Price is adjusted, as herein provided, the Company shall promptly
mail by first class mail, postage prepaid, to the Holder, notice of such adjustment or adjustments setting forth (i) the Number
Issuable and the Exercise Price after such adjustment, (ii) a brief statement of the facts requiring such adjustment and (iii)
the computation by which such adjustment was made.

 

Section
3.         No Redemption. The Company shall not have any right to redeem any
of the Warrants evidenced hereby.

 

Section
4.        Notice of Certain Events. In the event at any time or from
time to time that (i) the Company shall make any other distribution to the holders of the Warrant Units, or any class of security
into which the Warrant Units are convertible, (ii) the Company shall authorize the granting to the holders of the Warrant Units,
or any class of security into which the Warrant Units are convertible, of rights or Warrants to subscribe for or purchase any
additional units of any class or any other right, (iii) the Company shall authorize the issuance or sale of any other units or
rights which would result in an adjustment to the Number Issuable pursuant to Section 2(a)(i), (ii), or (iii), or (iv) there shall
be any capital reorganization or reclassification of the Warrant Units, or any class of security into which the Warrant Units
are convertible, of the Company or consolidation or merger of the Company with or into another Person, or any sale or other disposition
of all or substantially all the assets of the Company, or (v) there shall be a voluntary or involuntary dissolution, liquidation
or winding up of the Company, then, in any one or more of such cases the Company shall mail to the Holder at such Holder’s address
as it appears on the transfer books of the Company, as promptly as practicable but in any event at least 10 days prior to the
date on which the transactions contemplated in Section 2(a)(i), (ii), or (iii), a notice stating (a) the date on which a record
is to be taken for the purpose of such distribution, rights or Warrants or, if a record is not to be taken, the date as of which
the holders of record of either the Warrant Units, or any class of security into which the Warrant Units are convertible, to be
entitled to such distribution, rights or Warrants are to be determined, or (b) the date on which such reclassification, consolidation,
merger, sale, conveyance, dissolution, liquidation or winding up is expected to become effective. Such notice also shall specify
the date as of which it is expected that the holders of record of the Warrant Units, or any class of security into which the Warrant
Units are convertible, shall be entitled to exchange the Warrant Units, or any class of security into which the Warrant Units
are convertible, for units or other securities or property or cash deliverable upon such reorganization, reclassification, consolidation,
merger, sale, conveyance, dissolution, liquidation or winding up.

 

    	 	Page 4 of 9

    

    

 

Exhibit
A

 

Section
5.          Certain Covenants. The Company covenants and agrees that
all units of the Company which may be issued upon the exercise of the Warrants evidenced hereby will be duly authorized, validly
issued and fully paid and nonassessable. The Company covenants and agrees that all of the terms and conditions of this Warrant
shall be fully binding on any successor entity.

 

Section
6.          Registered Holder. The persons in whose names this Warrant
Agreement is registered shall be deemed the owner hereof and of the Warrants evidenced hereby for all purposes. The registered
Holder of this Warrant Agreement, in their capacity as such, shall not be entitled to any rights whatsoever as a member of the
Company.

 

Section
7.          Transfer of Warrants. The Holder may transfer at one time
all but not part of this Warrant Agreement without the consent of the Company to any one (1), but only one (1), individual or
entity (the “Transferee”) as long as such individual or entity is an “Accredited Investor,” as that term
is defined in Regulation D (“Regulation D”) promulgated under the Securities Act of 1933, as amended; provided,
however, that the Transferee must provide the Company with an executed Member Signature Page of the Operating Agreement
binding the Transferee to the terms of the Operating Agreement before the transfer could be valid. Any transfer of the rights
represented by this Warrant Agreement shall be effected by the surrender of this Warrant Agreement, along with the form of assignment
attached hereto, properly completed and executed by the registered Holder hereof, at the principal executive office of the Company
in the United States of America, together with an appropriate investment letter and opinion of counsel, if deemed reasonably necessary
by counsel to the Company to assure compliance with applicable securities laws. Thereupon, the Company shall issue in the name
of the Transferee specified by the registered Holder hereof, a new Warrant Agreement, mutatis mutandis, in the name of
the Transferee.

 

Section
8.          Replacement of Warrants. Upon receipt of evidence satisfactory
to the Company of the loss, theft, destruction or mutilation of this Warrant Agreement and, in the case of loss, theft or destruction,
upon delivery of an indemnity reasonably satisfactory to the Company (in the case of an insurance company or other institutional
investor, its own unsecured indemnity agreement shall be deemed to be reasonably satisfactory), or, in the case of mutilation,
upon surrender and cancellation thereof, the Company will issue a new Warrant Agreement of like tenor for a number of Warrants
equal to the number of Warrants evidenced by this Warrant Agreement.

 

Section
9.         Governing Law. THIS WARRANT AGREEMENT SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAWS OF THE STATE OF VIRGINIA APPLICABLE TO AGREEMENTS
MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE.

 

Section
10.        Rights Inure to Registered Holder. The Warrants evidenced by this Warrant
Agreement will inure to the benefit of and be binding upon the registered Holder thereof and the Company and their respective
successors and permitted assigns. Nothing in this Warrant Agreement shall be construed to give to any Person other than the Company
and the registered Holder thereof any legal or equitable right, remedy or claim under this Warrant Agreement, and this Warrant
Agreement shall be for the sole and exclusive benefit of the Company and such registered Holder. Nothing in this Warrant Agreement
shall be construed to give the registered Holder hereof any rights as a Holder of units until such time, if any, as the Warrants
evidenced by this Warrant Agreement are exercised in accordance with the provisions hereof.

 

    	 	Page 5 of 9

    

    

 

Exhibit
A

 

Section
11.       Exercise if a Corporation. In the event of exercise of this Warrant in accordance
with Section 1 at a time at which the Company is a corporation, then all references in this Warrant to “units” or
“equity” of any kind in the Company shall be interpreted to mean “shares” or “stock” in the
Company and all references to the Operating Agreement shall be interpreted to mean any stockholders’ agreement of such corporation.

 

Section
12.        Definitions. For the purposes of this Warrant Agreement, the following
terms shall have the meanings indicated below:

 

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

 

“Class
A Unit” shall mean the Class A Membership Unit of the Company as defined the Operating Agreement.

 

“Class
B Unit” shall mean the Class B Membership Unit of the Company as defined the Operating Agreement.

 

“Fair
Market Value” shall mean, per unit of Warrant Units, on any date specified herein: (a) if the Warrant Units are not then
listed or admitted to trading on any national securities exchange but is designated as a national market system security, the
average of the closing bid and ask price of the Warrant Units on such date; or (b) if there shall have been no trading on such
date or if the Warrant Units are not so designated, the average of the reported closing bid and asked price of the Warrant Units,
on such date as shown by NASDAQ and reported by any member firm of the NYSE selected by the Company; or (c) if neither (a) nor
(b) is applicable, the value per unit determined in good faith by the Board of Directors of the Company.

 

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

 

“Operating
Agreement” means the Operating Agreement of the Company dated April 8, 2013 , as may be amended from time to time.

 

    	 	Page 6 of 9

    

    

 

Exhibit
A

 

Section
13.       Notice. Any notice election, communication, request or other document or demand
required or permitted under this Note shall be in writing and shall be deemed delivered on the earlier to occur of (i) receipt
or (ii) three days after depositing such notice with the United States postal service, postage prepaid first class certified or
registered mail, return receipt requested, addressed to Company or Holder as the case may be at the following locations:

 

	 	If
    to Company	ADial
        Pharmaceuticals, L.L.C.

        1001
        Research Park Blvd.

        Suite
        100

        Charlottesville,
        VA 22911

        

	 	 	 
	 	With a copy
    to:	________________________________________

        

        ________________________________________

        

        ________________________________________

         

	 	If to Holder:	________________________________________

        ________________________________________

        ________________________________________

         

	 	With a copy
    to:	________________________________________

        

        ________________________________________

        

        ________________________________________

        

 

Either
party may, from time to time, change the address at which such written notices or elections, communications, requests, or other
documents or demands are to be mailed, by giving the other party ten (10) days’ written notice of such changed address in the
manner hereinabove provided.

 

Section
14.       Registration of Units. The Holder understands and acknowledges that the units
of Warrant Units that will be issued upon exercise of this Warrant will not be registered under the Securities Act.

 

 

 

[Signature
Page Follows]

 

    	 	Page 7 of 9

    

    

 

Exhibit
A

 

IN
WITNESS WHEREOF, the Company has caused this Warrant Agreement to be duly executed as of the date first written above.

 

	 	ADIAL
    PHARMACEUTICALS, L.L.C.
	 	 	 
	 	By:	                          
	 	 	Name:
	 	 	Title

 

 

    	 	Page 8 of 9

    

    

 

Exhibit
A

 

[Form
of Assignment Form]

 

[To
be executed upon assignment of Warrants]

 

The
undersigned hereby assigns and transfer this Warrant Agreement to ________ whose Social Security Number or Federal Tax ID Number
is ____________________ and whose record address is ________________, and irrevocably appoints ________________,
as agent to transfer this security on the books of the Company. Such agent may substitute another to act for such agent.

 

	 	Signature:
	 	 
	 	 
	 	Signature Guarantee:

 

	Date:	 	 

 

 

Page
9 of 9Exhibit 4.5

 

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

 

COMMON
STOCK PURCHASE WARRANT

 

ADIAL PHARMACEUTICALS, LLC

Warrant
Shares: ___________

Date
of Issuance: _____________, 2017 (“Issuance Date”)

 

This
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received (in connection with the issuance
of the $287,500.00 senior secured promissory note to the Holder (as defined below) of even date) (the “Note”), FirstFire
Global Opportunities Fund, LLC, a Delaware limited liability company (including any permitted and registered 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 date of issuance hereof, to purchase from ADial Pharmaceuticals, LLC, a Virginia limited liability company (the “Company”),
_______________ shares of Common Stock (as defined below) (the “Warrant Shares”) (whereby such number
may be adjusted from time to time pursuant to the terms and conditions of this Warrant) at the exercise price per share of ____________
(the “Exercise Price”). This Warrant is issued by the Company as of the date hereof in connection with that
certain securities purchase agreement dated May 1, 2017, by and among the Company and the Holder (the “Purchase Agreement”).

 

Capitalized
terms used in this Warrant shall have the meanings set forth in the Purchase Agreement unless otherwise defined in the body of
this Warrant or in Section 12 below. The term “Exercise Period” shall mean the period commencing on the Issuance
Date and ending on 5:00 p.m. eastern standard time on the two-year anniversary of the later of (i) the consummation of the Next
Financing (as defined in the Purchase Agreement) and (ii) the end of the Lock-Up Period (as defined in the Purchase Agreement).

 

1. EXERCISE
OF WARRANT.

 

(a)
Mechanics of Exercise. Subject to the terms and conditions hereof, the rights represented by this Warrant may be exercised
in whole or in part at any time or times during the Exercise Period by delivery of a written notice, in the form attached hereto
as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant. The Holder
shall not be required to deliver the original Warrant in order to effect an exercise hereunder. 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.
On or before the third Trading Day (the “Warrant Share Delivery Date”) following the date on which the Company
shall have received the Exercise Notice, and upon receipt by the Company on or prior to the second Trading Day following the date
on which the Company shall have received the Exercise Notice of payment to the Company of an amount equal to the applicable Exercise
Price multiplied by the number of Warrant Shares as to which all or a portion of this Warrant is being exercised (the “Aggregate
Exercise Price” and together with the Exercise Notice, the “Exercise Delivery Documents”) in cash
or by wire transfer of immediately available funds (or by cashless exercise, in which case there shall be no Aggregate Exercise
Price provided), the Company shall (or direct its transfer agent to) issue and dispatch by overnight courier to the address as
specified in the Exercise Notice, a certificate, registered in the Company’s share register in the name of the Holder or
its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. Upon delivery
of the Exercise Delivery Documents, 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 certificates
evidencing such Warrant Shares. If this Warrant is submitted in connection with any exercise and the number of Warrant Shares
represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise,
then the Company shall as soon as practicable and in no event later than three Business Days after any exercise and at its own
expense, issue a new Warrant (in accordance with Section 6) representing the right to purchase the number of Warrant Shares purchasable
immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is
exercised.

 

    	 	1	 

     

    

 

If
the Company fails to cause its transfer agent to transmit to the Holder the respective shares of Common Stock by the respective
Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise in Holder’s sole discretion, and
such failure shall be deemed an event of default under the Note.

 

If
at any time the Company does not have an effective registration statement registering the shares of Common Stock underlying the
Warrant and the Market Price of one share of Common Stock is greater than the Exercise Price, the Holder may elect to receive
Warrant Shares pursuant to a cashless exercise, in lieu of a cash exercise, equal to the value of this Warrant determined in the
manner described below (or of any portion thereof remaining unexercised) by surrender of this Warrant and a Notice of Exercise,
in which event the Company shall issue to Holder a number of Common Stock computed using the following formula:

 

X
= Y (A-B)

      A

 

	 	Where 	X =	the number of Shares to be issued to Holder.
	 	 	 	 
	 	 	Y =  	the number of Warrant Shares that the Holder elects to purchase under this Warrant (at the date of such calculation).
	 	 	 	 
	 	 	A =  	 the average of the VWAP for the five days prior to the date of the Notice.
	 	 	 	“VWAP” on a trading day means the volume weighted average price of the Common Stock for such trading day on the principal market on which the Common Stock then trades as reported by Bloomberg Financial Markets or, if Bloomberg Financial Markets is not then reporting such prices, by a comparable reporting service of national reputation selected by the Company and reasonably satisfactory to the Holder
	 	 	 	 
	 	 	B =  	Exercise Price (as adjusted to the date of such calculation).

 

(b)
No Fractional Shares. No fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment
pursuant hereto. All Warrant Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes
of determining whether the exercise would result in the issuance of any fractional share. If, after aggregation, the exercise
would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder
otherwise entitled to such fraction a sum in cash equal to the product resulting from multiplying the then-current fair market
value of a Warrant Share by such fraction.

 

    	 	2	 

     

    

 

(c) 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, to the extent that after giving effect to issuance of Warrant Shares upon 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), would beneficially own in
excess of the Beneficial Ownership Limitation, as defined below. For purposes of the foregoing sentence, the number of shares
of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock
issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number
of shares of Common Stock which would be issuable upon (i) exercise of the remaining, non-exercised portion of this Warrant
beneficially owned by the Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised or non-converted
portion of any other securities of the Company (including without limitation any other Common Stock 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. Except as set forth in the preceding sentence, for purposes of this paragraph (d), beneficial ownership shall
be calculated in accordance with Section 13(d) of the Exchange Act, 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 paragraph applies, the determination of whether this Warrant is exercisable (in relation to other
securities owned by the Holder together with any affiliates) 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 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.

 

For
purposes of this paragraph, in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of
outstanding shares of Common Stock 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 its transfer agent setting forth the number of shares of Common Stock outstanding. Upon the request of a Holder, the
Company shall within two Trading Days confirm to the Holder the number of shares of Common Stock then outstanding. In any case,
the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
of the Company, including this Warrant, by the Holder or its affiliates since the date as of which such number of outstanding
shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of
shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon
exercise of this Warrant. Upon no fewer than 61 days’ prior notice to the Company, a Holder may increase or decrease the
Beneficial Ownership Limitation provisions of this paragraph, provided that the Beneficial Ownership Limitation in no event exceeds
9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common
Stock upon exercise of this Warrant held by the Holder and the provisions of this paragraph shall continue to apply. Any such
increase or decrease will not be effective until the 61st day after such notice is delivered to the Company and shall only apply
to such Holder and no other Holder. The limitations contained in this paragraph shall apply to a successor Holder of this Warrant.

 

2. 
ADJUSTMENTS. The Exercise Price and the number of Warrant Shares shall be adjusted from time to time as follows:

 

(a) 
Distribution of Assets. If the Company shall make any dividend or other distribution of its assets (or rights to acquire
its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including without limitation any distribution
of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement
or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such
case, the Holder shall for ten (10) days after receipt of notice of a Distribution have the right to exercise this Warrant and
after such exercise will be entitled to participate in such Distribution with respect to the number of Warrant Shares acquired
upon complete exercise of this Warrant immediately before the date on which a record is taken for such Distribution, or, if no
such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation
in such Distribution.

 

    	 	3	 

     

    

 

(b) 
Splits and Reverse Splits. In the event that Company completes a split or reverse split of its Common Stock (the “Split”),
the number of Warrant Shares to be delivered upon exercise of this Warrant will be adjusted so that the Holder will be entitled
to receive the number of shares that the Holder would have owned or been entitled to receive upon or by reason of such event had
this Warrant been exercised immediately prior to the Split and the Exercise Price will be adjusted so that the total amount required
to exercise the purchase of all the Warrant Shares under this Warrant shall be the same as it was prior to the adjustment of the
number of Warrant Shares for the Split.

 

3.
FUNDAMENTAL TRANSACTIONS. If, at any time while this Warrant is outstanding, (i) the Company effects any merger of the
Company with or into another entity and the Company is not the surviving entity (such surviving entity, the “Successor
Entity”), (ii) the Company effects any sale of all or substantially all of its assets in one or a series of related
transactions, (iii) any tender offer or exchange offer (whether by the Company or by another individual or entity, and approved
by the Company) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares of Common
Stock for other securities, cash or property and the holders of at least 50% of the Common Stock accept such offer, or (iv) the
Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property (other than as a result of a subdivision or combination
of shares of Common Stock) (in any such case, a “Fundamental Transaction”), then, at least ten (10) days prior
to the consummation of each Fundamental Transaction pursuant to which holders of shares of Common Stock are entitled to receive
securities or other assets with respect to or in exchange for shares of Common Stock (a “Corporate Event”), the Company
shall provide notice of the Corporate Event and make appropriate provision to insure that the Holder will have an opportunity
to exercise this Warrant prior to the Corporate Event and receive the number of shares of Common Stock of the Successor Entity
or of the Company and any additional consideration (the “Alternate Consideration”) receivable upon or as a
result of such reorganization, reclassification, merger, consolidation or disposition of assets by a holder of the number of shares
of Common Stock for which this Warrant is exercisable immediately prior to such event (disregarding any limitation on exercise
contained herein solely for the purpose of such determination). For purposes of any such exercise, the determination of the Exercise
Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise
Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the
Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received
in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon
any exercise of this Warrant following such Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions,
any Successor Entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent with the foregoing provisions
and evidencing the Holder’s right to exercise such warrant into Alternate Consideration.

 

4.
NON-CIRCUMVENTION. The Company covenants and agrees that it will not, by amendment of its certificate of incorporation,
bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, 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, and will at all times in good faith carry out all the provisions of this Warrant and take all action as may be required
to protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the
par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect,
(ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully
paid and non-assessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, for so long as this Warrant
is outstanding, have authorized and reserved, free from preemptive rights, thirty five (35) times the number of shares of Common
Stock into which the Warrants are then exercisable into to provide for the exercise of the rights represented by this Warrant
(without regard to any limitations on exercise).

 

    	 	4	 

     

    

 

5.
WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, this Warrant, in and of itself,
shall not entitle the Holder to any voting rights or other rights as a stockholder of the Company. In addition, nothing contained
in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this
Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors
of the Company.

 

6. REISSUANCE.

 

(a)
Lost, Stolen or Mutilated Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company will, on such terms
as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender
thereof), issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed.

 

(b)
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant shall be of like tenor with this Warrant, and shall have an issuance date, as indicated on the face of such new
Warrant which is the same as the Issuance Date.

 

7. TRANSFER.

 

(a)
Notice of Transfer. The Holder agrees to give written notice to the Company before transferring this Warrant or transferring
any Warrant Shares of such Holder’s intention to do so, describing briefly the manner of any proposed transfer. Promptly
upon receiving such written notice, the Company shall present copies thereof to the Company’s counsel. If the proposed transfer
may be effected without registration or qualification (under any federal or state securities laws), the Company, as promptly as
practicable, shall notify the Holder thereof, whereupon the Holder shall be entitled to transfer this Warrant or to dispose of
Warrant Shares received upon the previous exercise of this Warrant, all in accordance with the terms of the notice delivered by
the Holder to the Company; provided, however, that an appropriate legend may be endorsed on this Warrant or the certificates for
such Warrant Shares respecting restrictions upon transfer thereof necessary or advisable in the opinion of counsel and satisfactory
to the Company to prevent further transfers which would be in violation of Section 5 of the Securities Act and applicable state
securities laws; and provided further that the prospective transferee or purchaser shall execute the Assignment of Warrant attached
hereto as Exhibit B and such other documents and make such representations, warranties, and agreements as may be required
solely to comply with the exemptions relied upon by the Company for the transfer or disposition of the Warrant or Warrant Shares.

 

(b)
If the proposed transfer or disposition of this Warrant or such Warrant Shares described in the written notice given pursuant
to this Section 7 may not be effected without registration or qualification of this Warrant or such Warrant Shares, the Holder
will limit its activities in respect to such transfer or disposition as are permitted by law.

 

(c)
Any transferee of all or a portion of this Warrant shall succeed to the rights and benefits of the initial Holder of this Warrant.

 

8.
NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall
be given in accordance with the notice provisions contained in the Purchase Agreement. The Company shall provide the Holder with
prompt written notice (i) immediately upon any adjustment of the Exercise Price, setting forth in reasonable detail, the calculation
of such adjustment and (ii) at least 20 days prior to the date on which the Company closes its books or takes a record (A) with
respect to any dividend or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances or sales of
any stock or other securities directly or indirectly convertible into or exercisable or exchangeable for shares of Common Stock
or other property, pro rata to the holders of shares of Common Stock or (C) for determining rights to vote with respect to any
Fundamental Transaction, dissolution or liquidation, provided in each case that such information shall be made known to the public
prior to or in conjunction with such notice being provided to the Holder.

 

9.
AMENDMENT AND WAIVER. The terms of this Warrant may be amended or waived (either generally or in a particular instance
and either retroactively or prospectively) only with the written consent of the Company and the Holder.

 

    	 	5	 

     

    

 

10.
GOVERNING LAW. This Warrant shall be governed by and construed in accordance with the laws of the State of New York without
regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Warrant shall be brought only in the state courts or federal courts located in New York. The parties to this Warrant hereby
irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense
based on lack of jurisdiction or venue or based upon forum non conveniens. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY
RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER
TRANSACTION DOCUMENT ENTERED INTO IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY OR THEREBY. The prevailing party shall be entitled to recover from the other party its reasonable attorney's
fees and costs. In the event that any provision of this Warrant or any other agreement delivered in connection herewith is invalid
or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that
it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may
prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement.
Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding
in connection with this Agreement or any other Transaction Document 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 Agreement
and agrees that 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.

 

11.
ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and
conditions contained herein.

 

12. CERTAIN
DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a) “Nasdaq”
means www.Nasdaq.com.

 

(c) “Common
Stock” means the Company’s common stock, and any other class of securities into which such securities may
hereafter be reclassified or changed.

 

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

 

(e)
This section intentionally left blank.

 

(f)
“Exempt Issuance” means the issuance of (i) shares of Common Stock or options to employees, officers, or directors
of the Company pursuant to any stock or option plan duly adopted by a majority of the non-employee members of the Board of Directors
of the Company or a majority of the members of a committee of non-employee directors established for such purpose, (ii) securities
issued pursuant to acquisitions approved by a majority of the disinterested directors of the Company, and (iii) shares of Common
Stock issued pursuant to any real property leasing arrangement or debt financing from a bank approved by the Board of Directors
of the Company.

 

(g) “Principal
Market” means the primary national securities exchange on which the Common Stock is then traded.

 

(h) “Market
Price” means the highest traded price of the Common Stock during the thirty (30) Trading Days prior to the date of
the respective Exercise Notice.

 

(i)
“Trading Day” means (i) any day on which the Common Stock is listed or quoted and traded on its Principal Market,
(ii) if the Common Stock is not then listed or quoted and traded on any national securities exchange, then a day on which trading
occurs on any over-the-counter markets, or (iii) if trading does not occur on the over-the-counter markets, any Business Day.

 

*
* * * * * *

    	 	6	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed as of the Issuance Date set forth above.

 

	 	ADIAL
    PHARMACEUTICALS, LLC
	 	 
	 	 
	 	Name:
    William Stilley
	 	Title:
     Chief Executive Officer

 

     

     

    

 

EXHIBIT
A

 

EXERCISE
NOTICE

 

(To
be executed by the registered holder to exercise this Common Stock Purchase Warrant)

  

The
undersigned holder hereby exercises the right
to purchase ____________________of the shares of Common Stock (“Warrant Shares”) of ADial Pharmaceuticals, LLC, a
Virginia limited liability company (the “Company”), evidenced by the attached copy of the Common Stock Purchase Warrant
(the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth
in the Warrant.

 

	1.	Form of Exercise Price. The Holder intends that payment of the Exercise Price shall
be made as (check one):

 

☐
a cash exercise with respect to ___________________ Warrant Shares; or

☐
by cashless exercise pursuant to the Warrant.

 

	2.	Payment of
    Exercise Price. If cash exercise is selected above, the holder shall pay the applicable Aggregate Exercise Price in the
    sum of $ ________________ to the Company in accordance
with the terms of the Warrant.

 

	3.	Delivery of Warrant
    Shares. The Company shall deliver to the holder ____________________ Warrant Shares in accordance with the terms of the
    Warrant.

 

Date:
_____________________

 

	 	 
	 	(Print Name of Registered Holder)
	 	 	 
	 	By:  	 
	 	Name: 	 
	 	Title: 	 

  

     

     

    

 

EXHIBIT
B

 

ASSIGNMENT
OF WARRANT

 

(To
be signed only upon authorized transfer of the Warrant)

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto the right to purchase shares of common stock of
ADial Pharmaceuticals, LLC, to which the within Common Stock Purchase Warrant relates and appoints , as attorney-in-fact, to
transfer said right on the books of ADial Pharmaceuticals, LLC with full power of substitution and re-substitution in the
premises. By accepting such transfer, the transferee has agreed to be bound in all respects by the terms and conditions of
the within Warrant.

 

	Dated: _____________________	 
	 	 
	 	(Signature)
    *
	 	 
	 	 
	 	(Name)
	 	 
	 	 
	 	(Address)
	 	 
	 	 
	 	(Social
    Security or Tax Identification No.)

 

*
The signature on this Assignment of Warrant must correspond to the name as written upon the face of the Common Stock Purchase
Warrant in every particular without alteration or enlargement or any change whatsoever. When signing on behalf of a corporation,
partnership, trust or other entity, please indicate your position(s) and title(s) with such entity.

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