Document:

msci-ex102_412.htm

 

Exhibit 10.2

MSCI INC.
ANNUAL INCENTIVE PLAN

Section 1.Purpose.  The purpose of the MSCI Inc. Annual Incentive Plan (as amended from time to time, the “Plan”) is to provide to certain employees of MSCI Inc. (the “Company”) and its Subsidiaries incentive compensation based upon the achievement of financial, business and other performance goals. 

Section 2.Definitions.  As used in the Plan, the following terms shall have the meanings set forth below:

(a)“Award” means a cash incentive award opportunity granted to a Participant under the Plan with respect to a Performance Period in accordance with ‎Section 5.

(b)“Beneficiary” means a Person entitled to receive payments or other benefits or exercise rights that are available under the Plan in the event of the Participant’s death.  If no such Person can be named or is named by the Participant, or if no Beneficiary designated by such Participant is eligible to receive payments or other benefits or exercise rights that are available under the Plan at the Participant’s death, such Participant’s Beneficiary shall be such Participant’s estate.

(c)“Board” means the Board of Directors of the Company.

(d)“Change in Control” has the meaning set forth in the Omnibus Plan.

(e)“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules, regulations and guidance thereunder.  Any reference to a provision in the Code shall include any successor provision thereto.

(f)“Committee” means the Compensation, Talent and Culture Committee of the Board unless another committee is designated by the Board.  If there is no Compensation, Talent and Culture Committee of the Board and the Board does not designate another committee, references herein to the “Committee” shall refer to the Board.

(g)“Disability” means (a) being unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months or (b) receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company by reason of any medically determinable physical or mental impairment that can be expected to result in 

	
	
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death or can be expected to last for a continuous period of not less than 12 months. 

(h)“Effective Date” means February 23, 2018.

(i) “Executives” means, collectively, each (i) “officer” of the Company (as defined under Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended) and (ii) other individual as determined by the Committee from time to time to be an “Executive”. 

(j)“Final Award” means, with respect to a Performance Period, the amount of an Award that will become payable to a Participant, subject to any additional terms and conditions applicable to the Award, as determined by the Committee under ‎Section 7.

(k)“KPIs” means key performance indicators/effective leadership measures, as may be applicable to a Participant from time to time. 

(l)“Omnibus Plan” means the MSCI Inc. 2016 Omnibus Incentive Plan, as may be amended from time to time. 

(m)“Participant” means any employee of the Company or any Subsidiary who is selected by the Committee to participate in the Plan. 

(n)“Performance Measures” means any one or more performance measures (including, for the avoidance of doubt, any financial measures, financial “grids” and/or KPIs), as determined by (i) the Committee in its sole discretion for Executives or (ii) unless otherwise determined by the Committee, by the Committee’s delegate for all other Participants. Performance Measures may be measured on an absolute (e.g., plan or budget) or relative basis, may be established on a corporate-wide basis or with respect to one or more business units, divisions, Subsidiaries or business or product segments, may be based on a ratio or separate calculation of any performance criteria and may be made relative to an index, one or more of the performance goals themselves, a previous period’s results or to a designated comparison group.  Relative performance may be measured against a group of peer companies, a financial market index or other acceptable objective and quantifiable indices. If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company, or the manner in which the Company conducts its business, or other events or circumstances render the performance objectives unsuitable, the Committee may modify the performance objectives or the related minimum acceptable level of achievement, in whole or in part, as the Committee deems appropriate and equitable.  Performance Measures may vary from Performance Award to Performance Award and from Participant to Participant, and may be established on a stand-alone basis, in tandem or in the alternative.

(o)“Performance Period” means the Company’s fiscal year, or any other period as determined by the Committee.

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(p)“Person” has the meaning ascribed to such term in Section 3(a)(9) of the Securities and Exchange Act of 1934 and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) thereof. 

(q)“Subsidiary” means an entity of which the Company directly or indirectly holds all or a majority of the value of the outstanding equity interests of such entity or a majority of the voting power with respect to the voting securities of such entity.   

(r)“Target Award” means the amount that a Participant may earn under an Award if targeted performance levels are achieved (including corporate and individual performance).  Target Awards may be denominated as a percentage of base salary or a dollar amount.

(s)“Termination of Service” has the meaning set forth in the Omnibus Plan. 

Section 3.Eligibility.  Any person who is employed by the Company or any Subsidiary (including any Executive) may be designated by the Committee as a Participant from time to time.

Section 4.Administration.

(a)Unless provided otherwise by the Committee, (i) the Committee shall administer the Plan with respect to the Executives who are eligible to participate in the Plan and (ii) the Committee’s delegate shall administer the Plan with respect to all other Participants.  With respect to participation in this Plan by Participants other than the Executives, unless otherwise determined by the Committee, all references to “Committee” in this Plan (other than in respect of Section 12 hereof) shall instead refer to the Committee’s delegate.  

(b)All decisions of the Committee shall be final, conclusive and binding upon all parties, including the Company, its shareholders, Participants and any Beneficiaries thereof.  The Committee may issue rules and regulations for administration of the Plan. It shall meet at such times and places as it may determine.

(c)To the extent necessary or desirable to comply with applicable regulatory regimes, any action by the Committee shall require the approval of Committee members who are independent, within the meaning of and to the extent required by applicable rulings and interpretations of the applicable stock market or exchange on which any equity securities issued by the Company are quoted or traded.  To the extent permitted by applicable law, the Committee may delegate to one or more members of the Committee or officers of the Company the authority to establish the terms of Awards, determine Final Awards or take any other actions permitted under the Plan, within any limits established by the Committee.

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(d)Subject to the terms of the Plan and applicable law, the Committee (or its delegate) shall have full discretion and authority to: (i) subject to Section 3, designate eligible individuals who will be Participants; (ii) determine the terms and conditions of any Award; (iii) determine whether, to what extent and under what circumstances amounts payable with respect to an Award under the Plan shall be deferred either automatically or at the election of the Participant or of the Committee; (iv) interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; (v) establish, amend, suspend or waive such rules and regulations as it shall deem appropriate for the proper administration of the Plan and due compliance with applicable law or accounting or tax rules and regulations; (vi) make any other determination and take any other action that the Committee in its sole discretion deems necessary or desirable for the administration of the Plan and due compliance with applicable law or accounting or tax rules and regulations; (vii) correct any defect, supply any omission and reconcile any inconsistency in the Plan or any Award, in the manner and to the extent it shall deem desirable to carry the Plan into effect; and (viii) construe, interpret and apply the provisions of this Plan. Notwithstanding anything to the contrary contained herein, the Board may, in its sole discretion, at any time and from time to time, grant Awards or administer the Plan.  In any such case, the Board shall have all of the authority and responsibility granted to the Committee herein.

Section 5.Establishment of Award Terms.

(a)Subject to the limitations described in Section 8, unless otherwise determined by the Committee, the Committee (with respect to the Executives eligible to participate in the Plan) and the Committee’s delegate (with respect to all other Participants) shall establish: (i) the terms of each Award, including the Performance Period; (ii) the positions or names of the employees who will be Participants for the applicable Performance Period; (iii) the Target Award for each Participant or group of Participants (including any minimum or maximum amount); (iv) the applicable Performance Measures and any other additional goals, formulas or performance-based measures relating to the Company, any business unit, Subsidiary or business segment of the Company or to an individual Participant; (v) targeted achievement levels (including any minimum or maximum achievement levels) relating to such Performance Measures or other goals; and (vi) the formula or methodology that will be applied to determine the extent to which Awards have been earned and any other terms that will be applicable to the Awards, including the payment date, payment conditions and any vesting schedule applicable to any Final Award.

(b)In connection with any Award, the Committee may require a Participant to enter into such agreements as the Committee considers appropriate.  Awards may be subject to conditions established by the Committee, which may include, but are not limited to, continuous service with the Company or any Subsidiary. The failure by a Participant to satisfy any of the requirements or conditions imposed on any Award by the Committee shall, in the discretion of the 

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Committee, result in the immediate cancellation of any unpaid portion of such Participant’s Award, and such Participant will not be entitled to receive any consideration with respect to such cancellation.

Section 6.Adjustments to Performance Measures, Goals and Formulas.  The Committee may adjust, in whole or in part, any Performance Measures or any other applicable goals, formulas or performance-based measures, the targeted achievement levels (including any minimum or maximum achievement levels) relating to such Performance Measures, goals, formulas or performance-based measures, and the formula or methodology to be applied against the Performance Measures goals, formulas or performance-based measures, as the Committee may deem appropriate and equitable and to avoid undue harm or enrichment to account for any of the following events that occur during a Performance Period, without duplication: 

(a)the effects of currency fluctuations; 

(b)any adjustments used to derive non-GAAP (Generally Accepted Accounting Principles (“GAAP”)) financial performance measures, as reflected in any Company press release or current report on Form 8-K, annual report on Form 10-K or quarterly report on Form 10-Q;

(c)asset write-downs, write-offs, impairments and losses, and the positive impact on depreciation and amortization expenses as a result of the impairment for the period commencing on the date of the impairment and ending on the last day of the Performance Period;

(d)gains or losses (or amortization thereof) resulting from any newly-enacted law or regulation, litigation and regulatory claims, charges, judgments or settlements, including legal fees;

(e)the effect of changes in tax law, accounting principles, regulatory pronouncements or other such laws or provisions affecting reported results;

(f)reorganization and restructuring programs, capital return strategies or financings or refinancings;

(g)accelerated amortization or write-off of deferred financing and debt discount costs as a result of debt repayments or refinancings;

(h)gains or losses that are the direct result of a major casualty or natural disaster;

(i)the effect of events that are non-recurring, infrequent or unusual in occurrence as deemed appropriate by the Committee in good faith to avoid undue harm or enrichment accounting and non-operational items;

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(j)the effect of any acquisition or divestiture on financial statements, including pre-and post-transition, alignment, purchase accounting adjustments, restructuring charges and integration costs; 

(k)any errors in calculating projected financial results used as the basis for determining a Performance Measure or goal; 

(l)the tax effects of any of the above adjustments; or

(m)any other events, as reasonably determined by the Committee.

In the event of an acquisition or divestiture of the type described in subsection (j) above, adjustments to performance measures, goals and formulas shall be made as reasonably determined by the Committee. In making this determination, the Committee, may rely on, among other things, the Company’s operating plan, as presented to the Board in connection with approving the annual budget (the “Board Plan”), budget or other planning models, including any analyses or valuations prepared in connection with or underlying the information contained in such Board Plan, budget or other planning model and presented to or relied on by the Board or senior management in connection with approving the acquisition or divestiture, as applicable.

                     The above referenced adjustments pursuant to (a) through (m) above shall be as reflected in the Company’s consolidated statements of income, as applicable, and, in each case, shall not result in an adjustment to the performance measures, goals or formulas if the occurrence, in isolation, is considered de minimis (i.e., less than 1% of the applicable performance measure).

                     The Committee may delegate to certain officers of the Company the authority to make the referenced adjustments pursuant to (a) through (m) above, subject to such limitations as may be deemed appropriate by the Committee and to extent permitted by applicable law.

Section 7.Determination of Final Awards.

(a)As soon as practicable after the end of each Performance Period, the Committee shall determine the extent to which the targeted achievement levels of the applicable Performance Measures and any other goals, formulas or performance-based measures applicable to each Award have been satisfied.

(b)The Committee may, in its sole discretion, adjust (upward or downward) the Award of any Participant or group of Participants, subject to and in accordance with the requirements of any applicable plan, program, policy or arrangement maintained or entered into by the Company (including the MSCI Inc. Performance Formula and Incentive Plan), as may be in effect from time to time, to the extent applicable to any such Participant.

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(c)The Committee (i) shall determine the Final Award for each Participant who is an Executive and (ii) unless as otherwise determined by the Committee, the Committee’s delegate shall determine the Final Award for any other Participant, in each case, after applying any adjustments described in Section 7(b) and subject to the limitations described in Section 8‎.

Section 8.Payment of Awards.

(a)Subject to Section 9, payment of the Final Awards for a Performance Period shall be made in cash on or as soon as administratively practicable after the Committee’s (or its delegate’s) determination of the Final Awards (or if later, any vesting date or dates applicable to the Final Award), but in no event later than March 15 of the year following the end of the applicable Performance Period (or the applicable vesting date or dates); provided that at the time of grant, subject to ‎Section 13, the Committee may determine that an Award will be paid at a later date. 

(b)Notwithstanding Section 8(a), the Company may, in its sole discretion, permit or require the deferral of payment of any Final Award in accordance with the terms of any deferred compensation plan or arrangement established or maintained by the Company or its Subsidiaries from time to time.

Section 9.Effect of a Termination of Service or Change in Control.  

(a)Unless otherwise provided (a) in any agreement or arrangement in effect between the Company (or any Subsidiary) and the Participant, (b) by the Committee at the time of the grant of the Award or (c) as the Committee may determine in any individual case, upon the Participant’s Termination of Service for any reason, any unpaid portion of any Award shall be forfeited; provided that, in the event of the Participant’s Termination of Service due to his or her death or Disability, unless otherwise determined by the Committee, such Participant shall receive his or her Final Award in respect of the Performance Period during which such Termination of Service occurs, payable at the same time Final Awards are paid to other Participants, based on, as applicable, (i) for the portion of the Final Award, if any, based on Performance Measures (other than KPIs), the Company’s actual achievement of the Performance Measures (other than KPIs) over the Performance Period  and, (ii) for the portion of the Final Award, if any, based on KPIs, 100% of the target KPIs. 

(b)In the event of a Change in Control, unless otherwise determined by the Committee, (i) the Performance Period applicable to any outstanding Award shall cease as of the date immediately prior to such Change in Control, (ii) (A) with respect to the portion of any Award based on Performance Measures (other than KPIs), such Award shall be payable based on the higher of (x) the Company’s actual achievement of the Performance Measures (other than KPIs) for the period commencing on the first day of the Performance Period and ending on the date immediately prior to such Change in Control and (y) 100% and (B) 

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with respect to the portion any Award based on KPIs, such Award shall be payable at 100% of the target KPIs and (iii) any such Award shall be payable by the Company (or the successor or survivor entity (or its parent)) within 60 days of the date of such Change in Control, prorated for the portion of the applicable Performance Period that has elapsed prior to the date of such Change in Control; provided that the Committee may elect not to prorate such Awards in its discretion if the Company’s successor will not be implementing a comparable annual incentive plan for the remaining portion of the year in which the Change in Control occurs.  If any Participant is eligible to receive a prorated annual bonus pursuant to any change in control severance plan that is maintained by the Company and in effect at the time of such Change in Control (any such plan, a “CIC Plan”), any such prorated annual bonus payable to such Participant pursuant to such CIC Plan in respect of the year in which the Change in Control occurs will be reduced (but in no event reduced to less than zero) by any Awards paid to such Participant under the Plan in respect of such year.

Section 10.General Provisions Applicable to Awards.

(a)Except pursuant to Section 10(b) or the laws of descent, no Award and no right under any Award may be voluntarily or involuntarily assigned, alienated, sold or transferred, including as between spouses or pursuant to a domestic relations order in connection with dissolution of marriage, or by operation of law other than the laws of descent.

(b)Any designation of a Beneficiary to receive all or part of any Award will be governed by local law.  To make a Beneficiary designation, the Participant must coordinate with his or her personal tax or estate planning representative.  Any Award (or portion thereof) that become payable upon the Participant’s death will be distributed to his or her estate in accordance with local law rules.  A Participant may replace or revoke your Beneficiary designation at any time.  

(c)The entire expense of offering and administering the Plan shall be borne by the Company and its Subsidiaries.

(d)Any Awards granted under the Plan (including any amounts or benefits arising from such Awards) shall be subject to any clawback or recoupment policies the Company has in place from time to time.

(e)Notwithstanding any other provision of the Plan (including Section 8, Section 9 and Section 13), the Committee may determine at any time and in its sole discretion, to accelerate or to delay any amounts payable with respect to any Award, or grant Awards subject to accelerated or delayed payment terms.

(f)No employee, Participant or other person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of employees, Participants or Beneficiaries under the Plan.  The terms 

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and conditions of Awards need not be the same with respect to each recipient.  Any Award granted under the Plan shall be a one-time Award that does not constitute a promise of future grants.

(g)The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of, or to continue to provide services to, the Company or any Subsidiary.  Further, the Company or the applicable Subsidiary may at any time dismiss a Participant, free from any liability, or any claim under the Plan, unless otherwise expressly provided in the Plan or in any other agreement binding the parties.

(h)Nothing contained in the Plan shall prevent the Committee or the Company from adopting other non-shareholder approved plans, policies and arrangements for granting incentives and other compensation to employees of the Company and its Subsidiaries or adopting or continuing in effect other or additional compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases.

(i)The Company (or any Subsidiary) shall be authorized to withhold from any payment due with respect to any Final Award the amount of applicable withholding taxes due in respect of an Award as may be necessary in the opinion of the Company (or the Subsidiary) to satisfy all obligations for the payment of such taxes. The Company (or any Subsidiary) shall have the right to offset from any amount payable hereunder any amount that the Participant owes to the Company or to any Subsidiary without the consent of the Participant (or Beneficiary, in the event of the Participant’s death).

(j)If any provision of the Plan is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder of the Plan shall remain in full force and effect.

(k)This Plan is unfunded and unsecured.  Nothing in this Plan shall be construed to create a trust or to establish or evidence any Participant’s claim of any right to payment of an Award other than as an unsecured general creditor with respect to any payment to which he or she may be entitled.

Section 11.Effective Date of the Plan.  The Plan shall be effective as of the Effective Date.

Section 12.Amendment, Modification, Suspension and Termination of the Plan; Rescissions and Corrections.  Except to the extent prohibited by applicable law, the Board may amend, alter, suspend, discontinue or terminate the Plan or any portion 

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thereof at any time.  The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem desirable to carry the Plan into effect.

Section 13.Section 409A of the Code.  With respect to any Award subject to Section 409A of the Code, the Plan is intended to comply with the requirements of Section 409A of the Code, and the provisions of the Plan shall be interpreted in a manner that satisfies the requirements of Section 409A of the Code, and the Plan shall be operated accordingly.  If any provision of the Plan or any term or condition of any Award would otherwise frustrate or conflict with this intent, the provision, term or condition will be interpreted and, to the extent necessary, deemed amended so as to avoid this conflict.  If an amount payable under an Award as a result of the Participant’s termination of employment (other than due to death) occurring while the Participant is a “specified employee” under Section 409A of the Code constitutes a deferral of compensation subject to Section 409A of the Code, then payment of such amount shall not occur until six months and one day after the date of the Participant’s termination of employment, except as permitted under Section 409A of the Code.  To the extent any amount that is “nonqualified deferred compensation” for purposes of Section 409A of the Code becomes payable upon a termination of employment, such termination of employment shall not be deemed to have occurred any earlier than a “separation from service” would occur under Section 409A of the Code, and related regulations and guidance thereunder.  Notwithstanding any of the foregoing, the Company makes no representations or warranty and shall have no liability to the Participant or any other person if any provisions or payments, compensation or other benefits under the Plan are determined to constitute nonqualified deferred compensation subject to Section 409A of the Code but do not satisfy the provisions thereof.

Section 14.Governing Law.  The Plan shall be governed by the laws of the State of Delaware, without application of the conflicts of law principles thereof.

 

Page 10Exhibit 4.3

 

 

KIORA PHARMACEUTICALS, INC.

 

and

 

VSTOCK TRANSFER, LLC, as 

Warrant Agent

 

 

Warrant Agency Agreement

 

Dated as of July 22, 2022

 

     

     

    

 

WARRANT AGENCY AGREEMENT

 

WARRANT AGENCY AGREEMENT,
dated as of July 22, 2022 (“Agreement”), by and between Kiora Pharmaceuticals, Inc., a Delaware corporation
(the “Company”), and VStock Transfer, LLC, a New York limited liability trust company (“VStock”
or the “Warrant Agent”).

 

W I T N E S S E T H

 

WHEREAS, pursuant to an offering
by the Company of Warrants (as defined below), the Company wishes to issue Warrants in book entry form entitling the respective holders
of the Warrants (the “Holders”, which term shall include a Holder’s transferees, successors and assigns and “Holder”
shall include, if the Warrants are held in “street name”, a Participant (as defined below) or a designee appointed by such
Participant) to purchase an aggregate of up to 60,191,394 shares of Common Stock underlying the Warrants (as defined below) upon the terms
and subject to the conditions hereinafter set forth (the “Offering”);

 

WHEREAS, the Company wishes
the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to act on behalf of the Company, in connection with
the issuance, registration, transfer, exchange, exercise and replacement of the Warrants.

 

NOW, THEREFORE, in consideration
of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:

 

Section 1. Certain
Definitions. For purposes of this Agreement, the following terms have the meanings indicated:

 

(a) “Affiliate”
has the meaning ascribed to it in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 

(b) “Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day
on which the Nasdaq Stock Market is authorized or required by law or other governmental action to close.

 

(c) “Class A
Warrants” means Common Stock Purchase Warrants of the Company with a term of exercise of one (1) year following the Initial
Exercise Date.

 

(d) “Class B
Warrants” means Common Stock Purchase Warrants of the Company with a term of exercise of five (5) years following the Initial
Exercise Date.

 

(e) “Close of
Business” on any given date means 5:00 p.m., New York City time, on such date; provided, however, that if such
date is not a Business Day, it means 5:00 p.m., New York City time, on the next succeeding Business Day.

 

(f) “Person”
means an individual, corporation, association, partnership, limited liability company, joint venture, trust, unincorporated organization,
government or political subdivision thereof or governmental agency or other entity.

 

(g)  “Warrants”
means, collectively, the Class A Warrants and the Class B Warrants.

 

(h)  “Warrant
Certificate” means a certificate in substantially the form attached as Exhibit 1-A hereto (as it relates to the
Class A Warrants) or Exhibit 1-B hereto (as it relates to the Class B Warrants), representing such number of Warrant
Shares (as defined below) as is indicated therein, provided that any reference to the delivery of a Warrant Certificate in this Agreement
shall include delivery of notice from the Depository or a Participant (each as defined below) of the transfer or exercise of the Warrant
in the form of a Global Warrant (as defined below).

 

(i)  “Warrant
Shares” means the shares of Common Stock underlying the Warrants and issuable upon exercise of the Warrants.

 

All other capitalized terms
used but not otherwise defined herein shall have the meaning ascribed to such terms in the Warrant Certificates.

 

     

     

    

 

Section 2. Appointment
of Successor Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with the express
terms or conditions hereof (and no implied terms and conditions), and the Warrant Agent hereby accepts such appointment. The Company may
from time to time appoint such Co-Warrant Agents as it may, in its sole discretion, deem necessary or desirable upon ten (10) calendar
days’ prior written notice to the Warrant Agent. The Warrant Agent shall have no duty to supervise, and shall in no event be liable
for, the acts or omissions of any such Co-Warrant Agent. In the event the Company appoints one or more co-Warrant Agents, the respective
duties of the Warrant Agent and any Co-Warrant Agent shall be as the Company shall reasonably determine, provided that such duties and
determination are consistent with the terms and provisions of this Agreement.

 

Section 3. Global
Warrants.

 

(a) The Warrants shall
be issuable in book entry form. All of the Warrants shall initially be represented by one or more Global Warrants (the “Global
Warrants” and, each, a “Global Warrant”), deposited with the Warrant Agent and registered in the name of
Cede & Co., a nominee of The Depository Trust Company (the “Depository”), or as otherwise directed by the
Depository. Ownership of beneficial interests in the Warrants, shall be shown on, and the transfer of such ownership shall be effected
through, records maintained by (i) the Depository or its nominee for each Global Warrant or (ii) institutions that have accounts
with the Depository (such institution, with respect to a Warrant in its account, a “Participant”). For purposes of
Regulation SHO, a holder whose interest in a Global Warrant is a beneficial interest in certificate(s) representing such Warrant
held in book-entry form through the Depository shall be deemed to have exercised its interest in such Warrant upon instructing its broker
that is a Participant to exercise its interest in such Warrant, provided that in each such case payment of the applicable aggregate Exercise
Price (other than in the case of a cashless exercise) is delivered by such Participant within the earlier of (i) two trading days
and (ii) the number of trading days comprising the Standard Settlement Period, in each case following such instruction. 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 Stock as in effect on the date of delivery of the Exercise Notice.

 

(b) If the Depository
subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may instruct the Warrant Agent regarding
other arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary to have
the Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depository to deliver to the Warrant
Agent for cancellation each Global Warrant, and the Company shall deliver to each Holder a Warrant Certificate.

 

(c)  A Holder has
the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a Warrant Certificate Request
Notice (as defined below). Upon written notice by a Holder to the Warrant Agent for the exchange of some or all of such
Holder’s Global Warrants for a Warrant Certificate, evidencing the same number of Warrants, which request shall be in the form
attached hereto as Annex A (a “Warrant Certificate Request Notice” and the date of delivery of such
Warrant Certificate Request Notice by the Holder, the “Warrant Certificate Request Notice Date” and the deemed
surrender upon delivery by the Holder of a number of Global Warrants for the same number of Warrants evidenced by a Warrant
Certificate, a “Warrant Exchange”), the Warrant Agent shall promptly effect the Warrant Exchange and shall
promptly instruct the Company to issue and deliver, at the expense of the Company, to the Holder a Warrant Certificate, for such
number of Warrants in the name set forth in the Warrant Certificate Request Notice. Such Warrant Certificate shall be dated the
original issue date of the Warrants, shall be executed by manual signature by an authorized signatory of the Company, and shall be
in the form attached hereto as Exhibit 1-A or Exhibit 1-B, as the case may be. In connection with a Warrant
Exchange, the Company agrees to deliver, or to direct the Warrant Agent to deliver, the Warrant Certificate, to the Holder within
three (3) Business Days of the Warrant Certificate Request Notice pursuant to the delivery instructions in the Warrant
Certificate Request Notice (“Warrant Certificate Delivery Date”). Notwithstanding anything herein to the
contrary, the Company shall act as warrant agent with respect to any physical Warrant Certificate issued pursuant to this section
and VStock shall have no further obligations under this Agreement with respect to any physical Warrant Certificates issued under
this Agreement. If the Company fails for any reason to deliver to the Holder the Warrant Certificate subject to the Warrant
Certificate Request Notice by the Warrant Certificate 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 evidenced by such Warrant Certificate (based on the VWAP (as defined
in the Warrants) of the Common Stock on the Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day
after such Warrant Certificate Delivery Date until such Warrant Certificate is delivered or, prior to delivery of such Warrant
Certificate, the Holder rescinds such Warrant Exchange. In no event shall the Warrant Agent be liable for the Company’s
failure to deliver the Warrant Certificate by the Warrant Certificate Delivery Date. The Company covenants and agrees that, upon the
date of delivery of the Warrant Certificate Request Notice, the Holder shall be deemed to be the holder of the Warrant Certificate,
as applicable, and, notwithstanding anything to the contrary set forth herein, the Warrant Certificate shall be deemed for all
purposes to contain all of the terms and conditions of the Warrants, evidenced by such Warrant Certificate, and the terms of this
Agreement, other than Sections 3(c) and 9 herein, shall not apply to the Warrants evidenced by the Warrant Certificate.

 

     

     

    

 

Section 4. Form of
Warrant Certificates. The Warrant Certificate, together with the form of election to purchase Common Stock (“Exercise Notice”)
and the form of assignment to be printed on the reverse thereof, shall be in the form of Exhibit 1-A or Exhibit 1-B,
as the case may be, hereto.

 

Section 5. Countersignature
and Registration. The Warrant Certificates shall be executed on behalf of the Company by its Chief Executive Officer, Chief Financial
Officer or Vice President, either manually or by .pdf via email signature. In case any officer of the Company who shall have signed any
of the Warrant Certificates shall cease to be such officer of the Company, such Warrant Certificates, nevertheless, may be issued and
delivered with the same force and effect as though the Person who signed such Warrant Certificate had not ceased to be such officer of
the Company; and any Warrant Certificate may be signed on behalf of the Company by any Person who, at the actual date of the execution
of such Warrant Certificate, shall be a proper officer of the Company to sign such Warrant Certificate, although at the date of the execution
of this Agreement any such Person was not such an officer.

 

The Company will keep or
cause to be kept, at its office designated for such purposes, books for registration and transfer of the Warrant Certificates issued hereunder.
Such books shall show the names and addresses of the respective Holders of the Warrant Certificates, the number of warrants evidenced
on the face of each such Warrant Certificate and the date of each such Warrant Certificate. The Company will create a special account
for the issuance of Warrant Certificates.

 

Section 6. Transfer,
Split Up, Combination and Exchange of Warrant Certificates; Mutilated, Destroyed, Lost or Stolen Warrant Certificates. With respect
to the Global Warrant, subject to the provisions of the Warrant Certificate, and the last sentence of this first paragraph of Section 6
and subject to applicable law, rules or regulations, or any “stop transfer” instructions the Company may give to the
Warrant Agent, at any time after the closing date of the Offering, and at or prior to the Close of Business on the Termination Date (as
such term is defined in the Warrant Certificate), any Warrant Certificate or Warrant Certificates or Global Warrant or Global Warrants
may be transferred, split up, combined or exchanged for another Warrant Certificate or Warrant Certificates or Global Warrant or Global
Warrants, entitling the Holder to purchase a like number of shares of Common Stock as the Warrant Certificate or Warrant Certificates
or Global Warrant or Global Warrants surrendered then entitled such Holder to purchase. Any Holder desiring to transfer, split up, combine
or exchange any Warrant Certificate or Global Warrant shall make such request in writing delivered to the Warrant Agent or the Company,
as applicable, and shall surrender the Warrant Certificate or Warrant Certificates, together with the required form of assignment and
certificate duly executed and properly completed and such other documentation as the Warrant Agent or the Company, as applicable, may
reasonably request, to be transferred, split up, combined or exchanged at the office of the Warrant Agent designated for such purpose,
provided that no such surrender is applicable to the Holder of a Global Warrant. Any requested transfer of Warrants, whether in book-entry
form or certificate form, shall be accompanied by evidence of authority of the party making such request that may be reasonably required
by the Warrant Agent or the Company, as applicable. Thereupon the Company shall, subject to the last sentence of this first paragraph
of Section 6, countersign and deliver to the Person entitled thereto a Warrant Certificate or Warrant Certificates, as the case may
be, as so requested. The Company may require payment from the Holder of a sum sufficient to cover any tax or governmental charge that
may be imposed in connection with any transfer, split up, combination or exchange of Warrant Certificates. The Warrant Agent shall not
have any duty or obligation to take any action under any section of this Agreement that requires the payment of taxes and/or charges unless
and until it is satisfied that all such payments have been made.

 

Upon receipt by the Company
of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of a Warrant Certificate, which evidence shall
include an affidavit of loss, or in the case of mutilated certificates, the certificate or portion thereof remaining, and, in case of
loss, theft or destruction, of indemnity or security reasonably acceptable to the Company, and satisfaction of any other reasonable requirements
established by Section 8-405 of the Uniform Commercial Code as in effect in the State of Delaware, and reimbursement to the Company
of all reasonable expenses incidental thereto, and upon surrender to the Company and cancellation of the Warrant Certificate if mutilated,
the Company will make and deliver a new Warrant Certificate of like tenor to the Holder in lieu of the Warrant Certificate so lost, stolen,
destroyed or mutilated.

 

     

     

    

 

Section 7. Exercise
of Warrants; Exercise Price; Termination Date.

 

(a) The Warrants shall
be exercisable commencing on the Initial Exercise Date. The Warrants shall cease to be exercisable on the Termination Date (as such term
is defined in the Warrant Certificate). Subject to the foregoing and to Section 7(b) below, the Holder of a Warrant may exercise
the Warrant, in whole or in part upon surrender of the Warrant Certificate, if required, with the properly completed and duly executed
Exercise Notice and payment of the Exercise Price (unless exercised via a cashless exercise), which may be made, at the option of the
Holder, by wire transfer or by certified or official bank check in United States dollars, to the Warrant Agent at the office of the Warrant
Agent designated for such purposes. In the case of the Holder of a Global Warrant, the Holder shall deliver the duly executed Exercise
Notice and the payment of the Exercise Price as described herein. Notwithstanding any other provision in this Agreement, a holder whose
interest in a Global Warrant is a beneficial interest in a Global Warrant held in book-entry form through the Depository (or another established
clearing corporation performing similar functions) shall effect exercises by delivering to the Depository (or such other clearing corporation,
as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that is required by the
Depository (or such other clearing corporation, as applicable). The Company acknowledges that the bank accounts maintained by the Warrant
Agent in connection with the services provided under this Agreement will be in its name and that the Warrant Agent may receive investment
earnings in connection with the investment at Warrant Agent risk and for its benefit of funds held in those accounts from time to time.
Neither the Company nor the Holders will receive interest on any deposits or Exercise Price. No ink-original Exercise Notice shall be
required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Exercise Notice be required.

 

(b) Upon receipt of an
Exercise Notice for a Cashless Exercise, the Warrant Agent shall deliver a copy of the Exercise Notice to the Company and request from
the Company, and the Company shall promptly calculate and transmit to the Warrant Agent in writing, the number of Warrant Shares issuable
in connection with such Cashless Exercise. The Warrant Agent shall have no obligation under this Agreement to calculate, the number of
Warrant Shares issuable in connection with a Cashless Exercise, nor shall the Warrant Agent have any duty or obligation to investigate
or confirm whether the Company’s determination of the number of Warrant Shares issuable upon such exercise, pursuant to this Section 7,
is accurate or correct.

 

(c) Upon exercise of
the Warrant Certificate pursuant to Section 2 of the Warrant Certificate, the Warrant Agent or the Company, as applicable, shall
cause the Warrant Shares underlying such Warrant Certificate, or Global Warrant, to be delivered to or upon the order of the Holder of
such Warrant Certificate, or Global Warrant, registered in such name or names as may be designated by such Holder, no later than the Warrant
Share Delivery Date (as such term is defined in the Warrant Certificate). If the Company is then a participant in the DWAC system of the
Depository and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale
of the Warrant Shares by Holder or (B) the Warrant is being exercised via Cashless Exercise, then the certificates for Warrant Shares
shall be transmitted by the Warrant Agent to the Holder by crediting the account of the Holder’s broker with the Depository through
its DWAC system. For the avoidance of doubt, if the Company becomes obligated to pay any amounts to any Holders pursuant to Sections 2(d)(i) or
2(d)(iv) of the Warrant Certificate, such obligation shall be solely that of the Company and not that of the Warrant Agent. Notwithstanding
anything else to the contrary in this Agreement, except in the case of a Cashless Exercise, if any Holder fails to duly deliver payment
to the Warrant Agent or the Company, as applicable, of an amount equal to the aggregate Exercise Price of the Warrant Shares to be purchased
upon exercise of such Holder’s Warrant as set forth in Section 7(a) hereof by the Warrant Share Delivery Date, the Warrant
Agent or the Company, as applicable, will not be obligated to deliver such Warrant Shares (via DWAC or otherwise) until following receipt
of such payment, and the applicable Warrant Share Delivery Date shall be deemed extended by one day for each day (or part thereof) until
such payment is delivered to the Warrant Agent or the Company, as applicable.

 

(d) The Warrant Agent
shall deposit all funds received by it in payment of the Exercise Price for all Warrants in the account of the Company maintained with
the Warrant Agent for such purpose (or to such other account as directed by the Company in writing) and shall advise the Company via email
at the end of each day on which exercise notices are received, or funds for the exercise of any Warrant are received, of the amount so
deposited to its account.

 

(e) In case the Holder
of any Warrant Certificate shall exercise fewer than all Warrants evidenced thereby, upon the request of the Holder, a new Warrant Certificate
evidencing the number of Warrants equivalent to the number of Warrants remaining unexercised may be issued by the Company to the Holder
of such Warrant Certificate or to his duly authorized assigns in accordance with Section 2(d)(ii) of the Warrant Certificate,
subject to the provisions of Section 6 hereof.

 

Section 8. Cancellation
and Destruction of Warrant Certificates. All Warrant Certificates surrendered for the purpose of exercise, transfer, split up, combination
or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Warrant Agent for cancellation or in canceled
form, shall be canceled by it, and no Warrant Certificates shall be issued in lieu thereof except as expressly permitted by any of the
provisions of this Agreement. The Company shall cancel and retire any other Warrant Certificate purchased or acquired by the Company otherwise
than upon the exercise thereof. The Warrant Agent shall deliver all canceled Warrant Certificates to the Company, or shall, at the written
request of the Company, destroy such canceled Warrant Certificates, and in such case shall deliver a certificate of destruction thereof
to the Company, subject to any applicable law, rule or regulation requiring the Warrant Agent to retain such canceled certificates.

 

     

     

    

 

Section 9. Certain
Representations; Reservation and Availability of Shares of Common Stock or Cash.

 

(a) This Agreement has
been duly authorized, executed and delivered by the Company and, assuming due authorization, execution and delivery hereof by the Warrant
Agent, constitutes a valid and legally binding obligation of the Company enforceable against the Company in accordance with its terms,
and the Warrants have been duly authorized, executed and issued by the Company and, assuming due execution thereof by the Warrant Agent
pursuant hereto and payment therefor by the Holders, constitute valid and legally binding obligations of the Company enforceable against
the Company in accordance with their terms and entitled to the benefits hereof; in each case except as enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally or
by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

(b) As of the date hereof,
the authorized capital stock of the Company consists of (i) 50,000,000 shares of Common Stock, of which 13,067,426 shares of Common
Stock are issued and outstanding, and 6,312,721 shares of Common Stock are reserved for issuance upon exercise of warrants, (ii) 10,000,000
shares of preferred stock, 7.3735 of which are issued and outstanding and 2,089 shares of Common Stock are reserved for issuance upon
conversion of the preferred stock; and (iii) 806,005 shares of Common Stock are authorized for issuance to employees, consultants
and directors pursuant to the Company’s stock plan, under which options to purchase 522,066 shares are issued and outstanding. There
are no other outstanding obligations, warrants, options or other rights to subscribe for or purchase from the Company any class of capital
stock of the Company.

 

(c) The Company covenants
and agrees that it will cause to be reserved and kept available out of its authorized and unissued shares of Common Stock or its authorized
and issued shares of Common Stock held in its treasury, free from preemptive rights, the number of shares of Common Stock that will be
sufficient to permit the exercise in full of all outstanding Warrants.

 

(d) The Warrant Agent
will create a special account for the issuance of Common Stock upon the exercise of Warrants.

 

(e) The Company further
covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes and charges which may be payable
in respect of the original issuance or delivery of the Warrant Certificates or certificates evidencing Common Stock upon exercise of the
Warrants. The Company shall not, however, be required to pay any tax or governmental charge which may be payable in respect of any transfer
involved in the transfer or delivery of Warrant Certificates or the issuance or delivery of certificates for Common Stock in a name other
than that of the Holder of the Warrant Certificate evidencing Warrants surrendered for exercise or to issue or deliver any certificate
for shares of Common Stock upon the exercise of any Warrants until any such tax or governmental charge shall have been paid (any such
tax or governmental charge being payable by the Holder of such Warrant Certificate at the time of surrender) or until it has been established
to the Company’s and the Warrant Agent’s reasonable satisfaction that no such tax or governmental charge is due.

 

Section 10. Common
Stock Record Date. Each Person in whose name any certificate for shares of Common Stock is issued (or to whose broker’s account
is credited shares of Common Stock through the DWAC system) upon the exercise of Warrants shall for all purposes be deemed to have become
the holder of record for the Common Stock represented thereby on, and such certificate shall be dated, the date on which submission of
the Exercise Notice was made, provided that the Warrant Certificate evidencing such Warrant was duly surrendered (but only if required
herein) and payment of the Exercise Price (and any applicable transfer taxes) was received on or prior to the Warrant Share Delivery Date;
provided, however, that, if the date of submission of the Exercise Notice is a date upon which the Common Stock transfer
books of the Company are closed, such Person shall be deemed to have become the record holder of such shares on, and such certificate
shall be dated, the next succeeding day on which the Common Stock transfer books of the Company are open.

 

Section 11. Adjustment
of Exercise Price, Number of Shares of Common Stock or Number of the Company Warrants. The Exercise Price, the number of shares covered
by each Warrant and the number of Warrants outstanding are subject to adjustment from time to time as provided in Section 3 of the
Warrant Certificate. In the event that at any time, as a result of an adjustment made pursuant to Section 3 of the Warrant Certificate,
the Holder of any Warrant thereafter exercised shall become entitled to receive any shares of capital stock of the Company other than
shares of Common Stock, thereafter the number of such other shares so receivable upon exercise of any Warrant shall be subject to adjustment
from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the shares contained
in Section 3 of the Warrant Certificate, and the provisions of Sections 7, 9 and 13 of this Agreement with respect to the shares
of Common Stock shall apply on like terms to any such other shares. All Warrants originally issued by the Company subsequent to any adjustment
made to the Exercise Price pursuant to the Warrant Certificate shall evidence the right to purchase, at the adjusted Exercise Price, the
number of shares of Common Stock purchasable from time to time hereunder upon exercise of the Warrants, all subject to further adjustment
as provided herein.

 

     

     

    

 

Section 12. Certification
of Adjusted Exercise Price or Number of Shares of Common Stock. Whenever the Exercise Price or the number of shares of Common
Stock issuable upon the exercise of each Warrant Certificate is adjusted as provided in Section 11 or 13, the Company shall
(a) promptly prepare a certificate setting forth the Exercise Price of each Warrant Certificate, as so adjusted, and a brief,
reasonably detailed statement of the facts accounting for such adjustment, (b) promptly file with the Warrant Agent and with
each transfer agent for the Common Stock a copy of such certificate and (c) instruct the Warrant Agent, at the Company’s
expense, to send a brief summary thereof to each Holder of a Warrant Certificate. The Warrant Agent shall be fully protected in
relying on such certificate and on any adjustment or statement therein contained and shall have no duty or liability with respect to
and shall not be deemed to have knowledge of any such adjustment or any such event unless and until it shall have received such
certificate.

 

Section 13. Fractional
Shares of Common Stock.

 

(a) The Company shall
not issue fractions of Warrants or distribute Warrant Certificates which evidence fractional Warrants. Whenever any fractional Warrant
would otherwise be required to be issued or distributed, the actual issuance or distribution shall reflect a rounding of such fraction
to the nearest whole Warrant (rounded up).

 

(b) The Company shall
not issue fractions of shares of Common Stock upon exercise of Warrants or distribute stock certificates which evidence fractional shares
of Common Stock. Whenever any fraction of a share of Common Stock would otherwise be required to be issued or distributed, the actual
issuance or distribution in respect thereof shall be made in accordance with Section 2(d)(v) of the Warrant Certificate.

 

Section 14. Concerning the Warrant Agent.

 

(a) The Company agrees
to pay to the Warrant Agent, pursuant to the fee schedule mutually agreed upon by the parties hereto and provided separately on the date
hereof, for all services rendered by it hereunder and, from time to time, its reasonable expenses and counsel fees and other disbursements
incurred in the preparation, delivery, negotiation, amendment, administration and execution of this Agreement and the exercise and performance
of its duties hereunder.

 

(b) The Company covenants
and agrees to indemnify and to hold the Warrant Agent harmless against any costs, expenses (including reasonable fees and expenses of
its legal counsel), losses or damages, which may be paid, incurred or suffered by or to which it may become subject, arising from or out
of, directly or indirectly, any claims or liability resulting from its actions or omissions as Warrant Agent pursuant hereto; provided,
that such covenant and agreement does not extend to, and the Warrant Agent shall not be indemnified with respect to, such costs, expenses,
losses and damages incurred or suffered by the Warrant Agent as a result of, or arising out of, its gross negligence, bad faith, or willful
misconduct (each as determined by a final non-appealable court of competent jurisdiction). Notwithstanding anything in this Agreement
to the contrary, any liability of the Warrant Agent under this Agreement will be limited to the amount of annual fees paid by the Company
to the Warrant Agent during the twelve (12) months immediately preceding the event for which recovery from the Warrant Agent is being
sought. The costs and expenses incurred by the Warrant Agent in enforcing this right of indemnification shall be paid by the Company.

 

(c)  Upon the assertion
of a claim for which the Company may be required to indemnify the Warrant Agent, the Warrant Agent shall promptly notify the Company of
such assertion, and shall keep the other party reasonably advised with respect to material developments concerning such claim. However,
failure to give such notice shall not affect the Warrant Agent’s right to and the Company’s obligations for indemnification
hereunder.

 

(d) Neither party to
this Agreement shall be liable to the other party for any consequential, indirect, punitive, special or incidental damages under any provisions
of this Agreement or for any consequential, indirect, punitive, special or incidental damages arising out of any act or failure to act
hereunder even if that party has been advised of or has foreseen the possibility of such damages.

 

(e) Notwithstanding anything
contained herein to the contrary, the rights and obligations of the parties set forth in this Section 14 shall survive termination
of this Agreement, the expiration of the Warrants and/or the resignation, removal or replacement of the Warrant Agent.

 

Section 15. Purchase
or Consolidation or Change of Name of Warrant Agent. Any Person into which the Warrant Agent or any successor Warrant Agent may be
merged or with which it may be consolidated, or any Person resulting from any merger or consolidation to which the Warrant Agent or any
successor Warrant Agent shall be party, or any Person succeeding to the stock transfer or other shareholder services business of the Warrant
Agent or any successor Warrant Agent, shall be the successor to the Warrant Agent under this Agreement without the execution or filing
of any paper or any further act on the part of any of the parties hereto, provided that such Person would be eligible for appointment
as a successor Warrant Agent under the provisions of Section 17.

 

     

     

    

 

Section 16. Duties
of Warrant Agent. The Warrant Agent undertakes the duties and obligations imposed by this Agreement upon the following express terms
and conditions (and no implied terms and conditions), by all of which the Company, by its acceptance hereof, shall be bound and shall
not assume any obligations or relationship of agency or trust with any of the Holders of the Warrants or any other Person:

 

(a) The Warrant Agent
may consult with legal counsel selected by it (who may be legal counsel for the Company), and the opinion and advice of such counsel shall
be full and complete authorization and protection to the Warrant Agent as to any action taken or omitted by it in accordance with such
opinion or advice.

 

(b) Whenever in the performance
of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established
by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein
specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by the Chief Executive Officer,
Chief Financial Officer or Vice President of the Company; and such certificate shall be full authorization and protection to the Warrant
Agent, and the Warrant Agent shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it under
the provisions of this Agreement in reliance upon such certificate. The Warrant Agent shall have no duty to act without such a certificate
as set forth in this Section 16(b).

 

(c) Subject to the limitation
set forth in Section 14, the Warrant Agent shall be liable hereunder only for its own gross negligence, bad faith or willful misconduct
(each as determined in a final, non-appealable judgment of a court of competent jurisdiction).

 

(d) The Warrant Agent
shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Warrant Certificates
(including in the case of any notation in book-entry form to reflect ownership), except its countersignature thereof, by the Company or
be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only.

 

(e) The Warrant Agent
shall not have any liability or be under any responsibility in respect of the validity of this Agreement or the execution and delivery
hereof (except the due execution hereof by the Warrant Agent) or in respect of the validity or execution of any Warrant Certificate (except
its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this
Agreement or in any Warrant Certificate; nor shall it be responsible for the adjustment of the Exercise Price or the making of any change
in the number of shares of Common Stock required under the provisions of Section 11 or 13 or responsible for the manner, method or
amount of any such change or adjustment or the ascertaining of the existence of facts that would require any such adjustment or change
(except with respect to the exercise of Warrants evidenced by Warrant Certificates after actual notice of any adjustment of the Exercise
Price); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any
shares of Common Stock to be issued pursuant to this Agreement or any Warrant Certificate or as to whether any shares of Common Stock
will, when issued, be duly authorized, validly issued, fully paid and nonassessable.

 

(f) Each party hereto
agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such
further and other acts, instruments and assurances as may reasonably be required by the other party hereto for the carrying out or performing
by any party of the provisions of this Agreement.

 

(g) The Warrant Agent
is hereby authorized to accept instructions with respect to the performance of its duties hereunder from the Chief Executive Officer,
Chief Financial Officer or Vice President of the Company, and to apply to such officers for advice or instructions in connection with
its duties, and it shall not be liable and shall be indemnified and held harmless for any action taken or suffered to be taken by it in
good faith in accordance with instructions of any such officer, provided Warrant Agent carries out such instructions without gross negligence,
bad faith or willful misconduct.

 

     

     

    

 

(h) The Warrant
Agent and any shareholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or other
securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract
with or lend money to the Company or otherwise act as fully and freely as though it were not Warrant Agent under this Agreement.
Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other Person. In the
event that the Warrant Agent seeks to exercise a Warrant, and provides the Company with (i) an opinion of counsel to the effect
that a public sale or transfer of the Common Stock issuable upon exercise of the Warrant may be made without registration under the
1933 Act and such sale or transfer is effected or (ii) the Purchaser provides reasonable assurances that the Securities can be
sold pursuant to an effective registration statement under the Securities Act of 1933, as amended, Rule 144,
Section 4(a)(1), or other applicable exemption, the Company shall permit the transfer, and, in the case of the Common Stock
issuable upon exercise of the Warrant, promptly instruct its transfer agent to issue one or more certificates, free from restrictive
legend, in such name and in such denominations as specified by the Holder. The Company acknowledges that a breach by it of its
obligations hereunder will cause irreparable harm to the Holder by vitiating the intent and purpose of the transactions contemplated
hereby. Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations under this
Section 16(h) may be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions
of this Section, that the Holder shall be entitled, in addition to all other available remedies, to an injunction restraining any
breach and requiring immediate transfer, without the necessity of showing economic loss and without any bond or other security being
required.

 

(i) The Warrant Agent
may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through
its attorney or agents, and the Warrant Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any
such attorney or agents or for any loss to the Company resulting from any such act, default, neglect or misconduct, absent gross negligence
or bad faith in the selection and continued employment thereof (which gross negligence and bad faith must be determined by a final, non-appealable
judgment of a court of competent jurisdiction).

 

(j) The Warrant Agent
shall not be obligated to expend or risk its own funds or to take any action that it believes would expose or subject it to expense or
liability or to a risk of incurring expense or liability, unless it has been furnished with assurances of repayment or indemnity satisfactory
to it.

 

(k) The Warrant Agent shall not be liable
or responsible for any failure of the Company to comply with any of its obligations relating to any registration statement filed with
the Securities and Exchange Commission or this Agreement, including without limitation obligations under applicable regulation or law.

 

(l) The Warrant Agent may rely on and be fully
authorized and protected in acting or failing to act upon (a) any guaranty of signature by an “eligible guarantor institution”
that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable “signature guarantee program”
or insurance program in addition to, or in substitution for, the foregoing; or (b) any law, act, regulation or any interpretation
of the same even though such law, act, or regulation may thereafter have been altered, changed, amended or repealed.

 

(m) In the event the Warrant Agent believes
any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other communication, paper or document
received by the Warrant Agent hereunder, the Warrant Agent, may, in its sole discretion, refrain from taking any action, and shall be
fully protected and shall not be liable in any way to Company, the holder of any Warrant or any other Person for refraining from taking
such action, unless the Warrant Agent receives written instructions signed by the Company which eliminates such ambiguity or uncertainty
to the satisfaction of Warrant Agent.

 

(n) This Section 16 shall survive the
expiration of the Warrants, the termination of this Agreement and the resignation, replacement or removal of the Warrant Agent. The costs
and expenses incurred in enforcing this right of indemnification shall be paid by the Company.

 

     

     

    

 

Section 17. Change
of Warrant Agent. The Warrant Agent may resign and be discharged from its duties under this Agreement upon thirty (30) days’
notice in writing sent to the Company and, in the event that the Warrant Agent or one of its affiliates is not also the transfer agent
for the Company, to each transfer agent of the Common Stock. In the event the transfer agency relationship in effect between the Company
and the Warrant Agent terminates, the Warrant Agent will be deemed to have resigned automatically and be discharged from its duties under
this Agreement as of the effective date of such termination, and the Company shall be responsible for sending any required notice thereunder.
The Company may remove the Warrant Agent or any successor Warrant Agent upon thirty (30) days’ notice in writing, sent to the Warrant
Agent or successor Warrant Agent, as the case may be, and to each transfer agent of the Common Stock, and to the Holders of the Warrant
Certificates. If the Warrant Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall appoint
a successor to the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after such removal
or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Warrant Agent or by the Holder
of a Warrant Certificate (who shall, with such notice, submit this Warrant Certificate for inspection by the Company), then the Holder
of any Warrant Certificate may apply to any court of competent jurisdiction for the appointment of a new Warrant Agent, provided that,
for purposes of this Agreement, the Company shall be deemed to be the Warrant Agent until a new warrant agent is appointed. Any successor
Warrant Agent, whether appointed by the Company or by such a court, shall be a Person, other than a natural person, organized and doing
business under the laws of the United States or of a state thereof, in good standing, which is authorized under such laws to exercise
stock transfer powers and is subject to supervision or examination by federal or state authority and which has at the time of its appointment
as Warrant Agent a combined capital and surplus of at least $50,000,000. After appointment, the successor Warrant Agent shall be vested
with the same powers, rights, duties and responsibilities as if it had been originally named as Warrant Agent without further act or deed;
but the predecessor Warrant Agent shall deliver and transfer to the successor Warrant Agent any property at the time held by it hereunder,
and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose but such predecessor Warrant Agent shall
not be required to make any additional expenditure (without prompt reimbursement by the Company) or assume any additional liability in
connection with the foregoing. Not later than the effective date of any such appointment, the Company shall file notice thereof in writing
with the predecessor Warrant Agent and each transfer agent of the Common Stock and mail a notice thereof in writing to the Holders of
the Warrant Certificates. However, failure to give any notice provided for in this Section 17, or any defect therein, shall not affect
the legality or validity of the resignation or removal of the Warrant Agent or the appointment of the successor Warrant Agent, as the
case may be.

 

Section 18. Issuance
of New Warrant Certificates. Notwithstanding any of the provisions of this Agreement or of the Warrants to the contrary, the Company
may, at its option, issue new Warrant Certificates evidencing Warrants in such form as may be approved by its Board of Directors to reflect
any adjustment or change in the Exercise Price per share and the number or kind or class of shares of stock or other securities or property
purchasable under the several Warrant Certificates made in accordance with the provisions of this Agreement.

 

Section 19. Notices.
Notices or demands authorized by this Agreement to be given or made (i) by the Warrant Agent or by the Holder of any Warrant Certificate
to or on the Company, (ii) by the Company or by the Holder of any Warrant Certificate to or on the Warrant Agent or (iii) by
the Company or the Warrant Agent to the Holder of any Warrant Certificate, shall be deemed given when in writing (a) on the date
delivered, if delivered personally, (b) on the first Business Day following the deposit thereof with Federal Express or another recognized
overnight courier, if sent by Federal Express or another recognized overnight courier, (c) on the fourth Business Day following the
mailing thereof with postage prepaid, if mailed by registered or certified mail (return receipt requested), and (d) the time of transmission,
if such notice or communication is delivered via e-mail attachment at or prior to 5:30 p.m. (New York City time) on a Business Day
and (e) the next Business Day after the date of transmission, if such notice or communication is delivered via e-mail attachment
on a day that is not a Business Day or later than 5:30 p.m. (New York City time) on any Business Day, in each case to the parties
at the following addresses (or at such other address for a party as shall be specified by like notice):

 

		(a)	If to the Company, to:

Kiora Pharmaceuticals, Inc. 

1371 East 2100 South, Suite 200 

Salt Lake City, UT 84105 

E-mail: bstrem@kiorapharma.com 

Attn: Brian Strem

 

With a copy (which shall not constitute notice) to:

 

Burns & Levinson LLP 

125 High Street 

Boston, MA 02110 

E-mail: rpetitt@burnslev.com 

Attn: Robert Petitt

 

		(b)	If to the Warrant Agent, to:

 

VStock Transfer, LLC 

18 Lafayette Place

Woodmere, NY 11598 

E-mail: young@vstocktransfer.com 

Attn:     Young Kim

 

     

     

    

 

For any notice delivered by email to be deemed
given or made, such notice must be followed by notice sent by overnight courier service to be delivered on the next Business Day following
such email, unless the recipient of such email has acknowledged via return email receipt of such email.

 

(c) If to the Holder
of any Warrant Certificate, to the address of such Holder as shown on the registry books of the Company. Any notice required to be delivered
by the Company to the Holder of any Warrant may be given by the Warrant Agent on behalf of the Company. Notwithstanding any other provision
of this Agreement, where this Agreement provides for notice of any event to a Holder of any Warrant, such notice shall be sufficiently
given if given to the Depository (or its designee) pursuant to the procedures of the Depository or its designee. To the extent that any
notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company
shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.

 

Section 20. Supplements
and Amendments.

 

(a) The Company and the
Warrant Agent may from time to time supplement or amend this Agreement without the approval of any Holders of Global Warrants in order
to (i) add to the covenants and agreements of the Company for the benefit of the Holders of the Global Warrants, (ii) to surrender
any rights or power reserved to or conferred upon the Company in this Agreement, (iii) to cure
any ambiguity, (iv) to correct or supplement any provision contained herein which may be defective or inconsistent with any other
provisions herein, or (v) to make any other provisions with regard to matters or questions arising hereunder which the Company and
the Warrant Agent may deem necessary or desirable, provided that such addition, correction or surrender shall not adversely affect
the interests of the Holders of the Global Warrants or Warrant Certificates in any material respect.

 

(b) In addition to the
foregoing, with the consent of Holders of Warrants entitled, upon exercise thereof, to receive not less than a majority of the shares
of Common Stock issuable thereunder, the Company and the Warrant Agent may modify this Agreement for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Agreement or modifying in any manner the rights of the Holders
of the Global Warrants; provided, however, that that (i) if any amendment, modification or waiver disproportionately
and adversely impacts a Holder (or group of Holders), the consent of such disproportionately impacted Holder (or group of Holders) shall
also be required and (ii) no modification of the terms (including but not limited to the adjustments described in Section 11)
upon which the Warrants are exercisable or reducing the percentage required for consent to modification of this Agreement may be made
without the consent of the Holder of each outstanding warrant certificate affected thereby; provided further, however, that
no amendment hereunder shall affect any terms of any Warrant Certificate issued in a Warrant Exchange. As a condition precedent to the
Warrant Agent’s execution of any amendment, the Company shall deliver to the Warrant Agent a certificate from a duly authorized
officer of the Company that states that the proposed amendment complies with the terms of this Section 20. No supplement or amendment
to this Agreement shall be effective unless duly executed by the Warrant Agent.

 

Section 21. Successors.
All covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit
of their respective successors and assigns hereunder.

 

Section 22. Benefits
of this Agreement. Nothing in this Agreement shall be construed to give any Person other than the Company, the Holders of Warrant
Certificates and the Warrant Agent any legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for
the sole and exclusive benefit of the Company, the Warrant Agent and the Holders of the Warrant Certificates.

 

Section 23. Governing
Law; Jurisdiction. This Agreement and each Warrant Certificate issued hereunder shall be governed by, and construed in accordance
with, the laws of the State of New York without giving effect to the conflicts of law principles thereof. The Company hereby agrees that
any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the
courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to
such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that
such courts represent an inconvenience forum.

 

Section 24. Counterparts.
This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original,
and all such counterparts shall together constitute but one and the same instrument. A signature to this Agreement transmitted electronically
shall have the same authority, effect and enforceability as an original signature.

 

Section 25. Captions.
The captions of the sections of this Agreement have been inserted for convenience only and shall not control or affect the meaning or
construction of any of the provisions hereof.

 

     

     

    

 

Section 26.       Severability.
Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement 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 Agreement; provided, however, that if such prohibited and invalid provision shall adversely affect the
rights, immunities, liabilities, duties or obligations of the Warrant Agent, the Warrant Agent shall be entitled to resign
immediately upon written notice to the Company.

 

Section 27. Conflicts.
To the extent any provision of this Agreement conflicts with the express provisions of the Warrant Certificate, the provisions of the
Warrant Certificate shall govern and be controlling.

 

Section 28.       Force
Majeure. Notwithstanding anything to the contrary contained herein, the Warrant Agent will not be liable for any delays or
failures in performance resulting from acts beyond its reasonable control, including, without limitation, acts of God, terrorist
acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to
power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil
unrest.

 

Section 29.       Entire
Agreement. The parties hereto acknowledge that there are no agreements or understandings, written or oral, between them with
respect to matters contemplated hereunder other than as set forth herein and the Warrant Certificates, that this Agreement and the
Warrant Certificates contain the entire agreement between them with respect to the subject matter hereof and thereof.

 

Section 30.       Fees;
Expenses. As consideration for the services provided by VStock (the “Services”), the Company shall pay to
VStock the fees set forth on Schedule 1 hereto (the “Fees”). If the Company requests that VStock provide
additional services not contemplated hereby, the Company shall pay to VStock fees for such services at VStock’s reasonable and
customary rates, such fees to be governed by the terms of a separate agreement to be mutually agreed to and entered into by the
Parties at such time (the “Additional Service Fee”; together with the Fees, the “Service
Fees”).

 

(a)              The
Company shall reimburse VStock for all reasonable and documented expenses incurred by VStock (including, without limitation, reasonable
and documented fees and disbursements of counsel) in connection with the Services (the “Expenses”); provided,
however, that VStock reserves the right to request advance payment for any out-of-pocket expenses. The Company agrees to pay all
Service Fees and Expenses within thirty (30) days following receipt of an invoice from VStock.

 

(b)              The
Company agrees and acknowledges that VStock may adjust the Service Fees annually, on or about each anniversary date of this Agreement,
by the annual percentage of change in the latest Consumer Price Index of All Urban Consumers United States City Average, as published
by the U.S. Department of Labor, Bureau of Labor Statistics.

 

(c)              Upon
termination of this Agreement for any reason, VStock shall assist the Company with the transfer of records of the Company held by VStock.
VStock shall be entitled to reasonable additional compensation and reimbursement of any Expenses for the preparation and delivery of such
records to the successor agent or to the Company, and for maintaining records and/or Stock Certificates that are received after the termination
of this Agreement (the “Record Transfer Services”).

 

     

     

    

 

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

 

	 	KIORA
    PHARMACEUTICALS, INC.
	 	 
	 	By: 	/s/ Brian Strem 
	 	 	Name: 	Brian Strem 
	 	 	Title: 	President and Chief Executive Officer
	 	 
	 	VSTOCK
    TRANSFER, LLC
	 	 
	 	By: 	/s/ Young D. Kim 
	 	 	Name: 	Young D. Kim 
	 	 	Title: 	Compliance Officer

 

     

     

    

 

Annex A: Form of Warrant Certificate Request
Notice

 

WARRANT CERTIFICATE REQUEST NOTICE

 

To: VStock Transfer, LLC, as Warrant
Agent for Kiora Pharmaceuticals, Inc. (the “Company”)

 

The undersigned Holder of Common Stock
Purchase Warrants (“Warrants”) in the form of Global Warrants issued by the Company hereby elects to receive a Warrant Certificate
evidencing the Warrants held by the Holder as specified below:

 

		1.	Name of Holder of Warrants in form of Global Warrants: ___________________________

 

		2.	Name of Holder in Warrant Certificate (if different from name of Holder of Warrants in form of Global Warrants): ________________________________

 

		3.	Number of Warrants in name of Holder in form of Global Warrants: ___________________

 

		4.	Number of Warrants for which Warrant Certificate shall be issued: __________________

 

		5.	Number of Warrants in name of Holder in form of Global Warrants after issuance of Warrant Certificate,
if any: ___________

 

		6.	Warrant Certificate shall be delivered to the following address:

 

______________________________

 

______________________________

 

______________________________

 

______________________________

 

The undersigned hereby acknowledges
and agrees that, in connection with this Warrant Exchange and the issuance of the Warrant Certificate, the Holder is deemed to have surrendered
the number of Warrants in form of Global Warrants in the name of the Holder equal to the number of Warrants evidenced by the Warrant Certificate.

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity: ____________________________________________________

 

Signature of Authorized Signatory of Investing Entity:
______________________________

 

Name of Authorized Signatory: ________________________________________________

 

Title of Authorized Signatory: _________________________________________________

 

Date: _______________________________________________________________

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