Document:

Exhibit 4.9

    

    

    Dated [●] June 2022

    

    

    (originally) US$22,500,000 facility with

    US$4,950,000 outstanding

    

    

    

    

    

    

    

    

    

    

    SEA GLORIUS SHIPPING CO.

    as Borrower

    

    

    and

    

    

    SEANERGY MARITIME HOLDINGS CORP.

    as Existing Guarantor

    

    

    and

    

    

    UNITED MARITIME CORPORATION

    as Replacement Guarantor

    

    

    and

    

    

    KROLL AGENCY SERVICES LIMITED

    as Facility Agent

    

    

    and

    

    

    KROLL TRUSTEE SERVICES LIMITED

    as Security Agent

    

    

    

    

    

    

    

    

    

    

    DEED OF RELEASE, ACCESSION AND AMENDMENT

    

    

    relating to a facility agreement dated 15 July 2020

    in respect of the refinancing of certain existing indebtedness

    secured on m.v. “GLORIUSHIP”

     

      

    

    

     

    
      
        

    

    

    

    Index

    

    

    	
            Clause

          	 	
            Page

          
	 	 	 
	
            1

          	
            Definitions and Interpretation

          	
            1

          
	 	 	 
	
            2

          	
            Conditions Precedent

          	
            3

          
	 	 	 
	
            3

          	
            Representations

          	
            3

          
	 	 	 
	
            4

          	
            Release of Existing Guarantor

          	
            4

          
	 	 	 
	
            5

          	
            Agreement and Waiver

          	
            4

          
	 	 	 
	
            6

          	
            Accession of Replacement Guarantor

          	
            4

          
	 	 	 
	
            7

          	
            Amendments to Facility Agreement and Other Finance Documents

          	
            5

          
	 	 	 
	
            8

          	
            Further Assurance

          	 8

          
	 	 	 
	 9

          	
            Costs and Expenses

          	 8

          
	 	 	 
	
            10

          	
            Notices

          	
            8

          
	 	 	 
	
            11

          	
            Counterparts

          	
            8

          
	 	 	 
	
            12

          	
            Governing Law

          	
            8

          
	 	 	 
	
            13

          	
            Enforcement

          	
            8

          

    

    

    	
            Schedules

          	 
	 	 
	
            Schedule 1 Conditions Precedent

          	
            10

          
	 	 
	
            Execution

          	 
	 	 
	
            Execution Pages

          	
            12

          

    

    

    
      
        

    

    

    

    THIS DEED is made on [●] June 2022

    

    

    PARTIES

    

    

    	(1)	
            SEA GLORIUS SHIPPING CO., a corporation incorporated in the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960, Majuro,
              Marshall Islands as borrower (the “Borrower”)

          

    

    

    	(2)	
            SEANERGY MARITIME HOLDINGS CORP., a corporation incorporated in the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, MH96960,
              Majuro, Marshall Islands as existing guarantor (the “Existing Guarantor”)

          

    

    

    	(3)	
            UNITED MARITIME CORPORATION, a corporation incorporated in the Republic of the Marshall Islands whose registered address is at Trust Company
              Complex, Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall Islands as new guarantor (the “Replacement
                Guarantor”)

          

    

    

    	(4)	
            KROLL AGENCY SERVICES LIMITED (previously Lucid Agency Services Limited) as agent of the other Finance Parties (the “Facility Agent”)

          

    

    

    	(5)	
            KROLL TRUSTEE SERVICES LIMITED (previously Lucid Trustee Services Limited) as security agent for the Secured Parties (the “Security Agent”)

          

    

    

    BACKGROUND

    

    

    	(A)	
            By the Facility Agreement, the Lenders agreed to make available to the Borrower a secured term loan facility of (originally) up to US$22,500,000 of which a principal amount of US$4,950,000 is outstanding as at the date of this Deed.

          

    

    

    	(B)	
            The Borrower and the Existing Guarantor have requested that the Finance Parties consent to the Shares Transfer (as this term is defined below) and the replacement of the Existing Guarantor by the Replacement
              Guarantor subject to the terms and conditions of this Deed and have agreed to amend and supplement the Facility Agreement as set out in this Deed.

          

    

    

    OPERATIVE PROVISIONS

    

    

    	1	
            DEFINITIONS AND INTERPRETATION

          

    

    

    	1.1	
            Definitions

          

    

    

    In this Deed:

    

    

    “Amended Facility Agreement” means the Facility Agreement as amended and supplemented by this Deed.

    

    

    “Effective Date” means the date on which the conditions precedent as provided in Clause 2 (Conditions
        Precedent) have been satisfied.

    

    

    “Existing Obligor” means the Borrower and the Existing Guarantor.

    

    

    “Facility Agreement” means the facility agreement dated 15 July 2020 (as amended and supplemented from time to time) and made between, amongst
      others, (i) the Borrower, (ii) the Existing Guarantor, (iii) the Lenders, (iv) the Facility Agent and (v) the Security Agent.

    
      
        

    

    
    

    

    “New Shares Security” means the shares security to be entered into between (i) the Replacement Guarantor as shareholder and (ii) the Security
      Agent in relation to the shares in the Borrower, in agreed form.

    

    

    “Obligor” means the Borrower and the Replacement Guarantor.

    

    

    “Party” means a party to this Deed.

    

    

    “Released Shares Security” means the shares security dated 17 July 2020 between (i) the Existing Guarantor as shareholder and (ii) the
      Security Agent in relation to the shares in the Borrower.

    

    

    “Shares Transfer” means the transfer of ownership of all the shares in the Borrower from the Existing Guarantor to the Replacement
      Guarantor.

    

    

    “Spin-Off” means a series of transactions following which the Borrower and the Replacement Guarantor will separate from the Existing
      Guarantor and, simultaneously, the Replacement Guarantor:

    

    

    	

          	(a)	
            will hold directly all of the shares in the Borrower; and

          

    

    

    	

          	(b)	
            will hold indirectly, through the Borrower, Ship A.

          

    

    

    “Spin-Off Completion Date” means, the date on which the shares of the Replacement Guarantor are distributed to the shareholders of the Existing
      Guarantor.

    

    

    	1.2	
            Defined expressions

          

    

    

    Defined expressions in the Facility Agreement shall have the same meanings when used in this Deed unless the context otherwise requires or unless otherwise defined in this Deed.

    

    

    	1.3	
            Application of construction and interpretation provisions of Facility Agreement

          

    

    

    Clause 1.2 (construction) of the Facility Agreement applies to this Deed as if it were expressly incorporated in it with any necessary
      modifications.

    

    

    	1.4	
            Agreed forms of new, and supplements to, Finance Documents

          

    

    

    References in Clause 1.1 (Definitions) to any new or supplement to a Finance Document being in “agreed form” are to that Finance Document:

    

    

    	(a)	
            in a form attached to a certificate dated the same date as this Deed (and signed by the Borrower and the Facility Agent) (acting on the instructions of the Majority Lenders); or

          

    

    

    	(b)	
            in any other form agreed in writing between the Borrower and the Facility Agent (acting with the authorisation of the Majority Lenders or, where clause 42.2 (all lender matters)
              of the Facility Agreement applies, all the Lenders).

          

    

    

    	1.5	
            Designation as a Finance Document

          

    

    

    The Borrower and the Facility Agent designate this Deed as a Finance Document.

    
      2

      
        

    

    

    

    	1.6	
            Authorisation of Facility Agent

          

    

    

    The Facility Agent confirms that it is authorised to execute this Deed for an on behalf of each of the Lenders pursuant to clause 29.2 (instructions)
      of the Facility Agreement.

    

    

    	1.7	
            Third party rights

          

    

    

    	(a)	
            Unless provided to the contrary in a Finance Document, a person who is not a Party has no right under the Third Parties Act to enforce or to enjoy the benefit of any term of this Deed.

          

    

    

    	(b)	
            Subject to clause 42.3 (other exceptions) of the Facility Agreement but otherwise notwithstanding any term of any Finance Document, the consent of any person who is not a
              Party is not required to rescind or vary this Deed at any time.

          

    

    

    	2	
            CONDITIONS PRECEDENT

          

    

    

    	(a)	
            The Facility Agent shall send to the Lenders all of the documents and other evidence listed in Schedule 1 (Conditions Precedent) which it has received.

          

    

    

    	(b)	
            Once each Lender has confirmed to the Facility Agent in writing that it is satisfied as to the satisfaction of the conditions precedent referred to in listed in Schedule 1 (Conditions

                Precedent), the Facility Agent shall notify the Borrower promptly upon receipt of such confirmations.

          

    

    

    	(c)	
            Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the contrary at any time before the Facility Agent gives the notification described in paragraph (b) above, the Lenders
              authorise (but do not require) the Facility Agent to give that notification.  The Facility Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.

          

    

    

    	3	
            REPRESENTATIONS

          

    

    

    	3.1	
            Facility Agreement representations

          

    

    

    	(a)	
            Each Existing Obligor makes the representations and warranties set out in clause 18 (representations) of the Facility Agreement by reference to the circumstances then
              existing on the date of this Deed.

          

    

    

    	(b)	
            Each Obligor makes the representations and warranties set out in clause 18 (representations) of the Amended Facility Agreement by reference to the circumstances then existing
              on the Effective Date.

          

    

    

    	3.2	
            Finance Document representations

          

    

    

    	(a)	
            Each Existing Obligor makes the representations and warranties set out in the Finance Documents (other than the Facility Agreement) to which it is a party, by reference to the circumstances then existing on the date
              of this Deed.

          

    

    

    	(b)	
            Each Obligor makes the representations and warranties set out in the Finance Documents (other than the Facility Agreement) to which it is a party, as amended and supplemented by this Deed and updated with
              appropriate modifications to refer to this Deed, by reference to the circumstances then existing on the Effective Date.

          

    
      3

      
        

    

    

    

    	4	
            RELEASE OF EXISTING GUARANTOR

          

    

    

    	4.1	
            Release of Security

          

    

    

    On and from the Effective Date, the Security Agent (acting on the instructions of the Lenders) irrevocably and unconditionally releases any Security created in its favour under the
      Released Shares Security.

    

    

    	4.2	
            Release of obligations and liabilities

          

    

    

    On and from the Effective Date, the Facility Agent (on behalf of the Finance Parties) and the Security Agent (each acting on the instructions of the Lenders) releases the Existing
      Guarantor from its obligations and liabilities of any nature (except any surviving indemnities)  under any Finance Document to which it is a party.

    

    

    	4.3	
            Reassignment of assigned property

          

    

    

    One and from the Effective Date, the Security Agent (acting on the instructions of the Lenders), without any warranty, representation, covenant or other recourse whatsoever, agrees
      to reassign and hereby reassigns to the Existing Guarantor, all rights and interests of every kind in any asset assigned to the Security Agent by the Existing Guarantor under the Released Shares Security.

    

    

    	4.4	
            Delivery of Documents

          

    

    

    Subject to the occurrence of the Effective Date, the Security Agent shall promptly deliver to the Existing Guarantor each document delivered to it pursuant to the Released Shares
      Security.

    

    

    	5	
            AGREEMENT AND WAIVER

          

    

    

    On and from the Effective Date, the Facility Agent (acting on the instructions of the Lenders and on behalf of the Finance Parties):

    

    

    	(a)	
            consents to the Shares Transfer;

          

    

    

    	(b)	
            waives the application of Clause 19 (Financial Covenants); and

          

    

    

    	(c)	
            waives any Event of Default that has occurred in relation to the Borrower as a result of the occurrence of the Spin-Off Completion Date pursuant to:

          

    

    

    	

          	(i)	
            clause 26.4 (other obligations) of the Facility Agreement in relation to paragraph (c) of clause 21.18 (share capital);

          

    

    

    	

          	(ii)	
            clause 26.5 (misrepresentation) of the Facility Agreement in relation to a breach of paragraph (a) or (c) of clause 18.3 (share capital and
                ownership); and

          

    

    

    	

          	(iii)	
            clause 26.10 (ownership of the obligors) of the Facility Agreement.

          

    

    

    	6	
            ACCESSION OF REPLACEMENT GUARANTOR

          

    

    

    With effect on and from the Effective Date:

    

    

    	(a)	
            the Replacement Guarantor agrees that:

          

    

    

    	

          	(i)	
            it will accede to the Amended Facility Agreement as the Guarantor and it will assume the obligations of the Guarantor and an Obligor; and

          

    

    

    	

          	(ii)	
            it will be bound by the terms of the Amended Facility Agreement; and

          

    
      4

      
        

    

    

    

    	(b)	
            the Borrower and the Facility Agent (acting on the instructions of the Lenders and on behalf of the Finance Parties) agree to the accession by the Replacement Guarantor to the Amended Facility Agreement.

          

    

    

    	7	
            AMENDMENTS TO FACILITY AGREEMENT AND OTHER FINANCE DOCUMENTS

          

    

    

    	7.1	
            Specific amendments to the Facility Agreement

          

    

    

    With effect on and from the Effective Date the Facility Agreement shall be, and shall be deemed by this Deed to be, amended as follows:

    

    

    	(a)	
            any reference in the Facility Agreement to “Seanergy Maritime Holdings Corp.” shall be deleted entirely and replaced with “United Maritime Corporation”;

          

    

    

    	(b)	
            any reference in the Facility Agreement to the Guarantor shall be construed as if it refers to the Replacement Guarantor;

          

    

    

    	(c)	
            any reference to the Shares Security in relation to Borrower A in the Facility Agreement shall be construed as if it refers to the “New Shares Security”;

          

    

    

    	(d)	
            in clause 1.1 (definitions) of the Facility Agreement:

          

    

    

    	

          	(i)	
            the following definition shall be added:

          

    

    

    ““Deed of Release, Accession and Amendment” means the deed of release,
        accession and amendment dated [●] June 2022 between (i) Borrower A, (ii) Seanergy Maritime Holdings Corp. as existing guarantor, (iii) the Guarantor as replacement guarantor, (iv) the Facility Agent and (v) the
        Security Agent.”;

    

    

    	

          	(ii)	
            an additional paragraph to the definition of “Finance Documents” shall be added to include a reference to “the Deed of Release, Accession and Amendment”;

          

    

    

    	

          	(iii)	
            the definition of “Original Financial Statements” shall be deleted entirely;

          

    

    

    	(e)	
            paragraph (b) of clause 18.3 (share capital and ownership) of the Facility Agreement shall be deleted entirely and replaced with the following:

          

    

    

    “The Guarantor is authorised to issue 2,000,000,000 shares of common stock, par value $0.0001, of which 1.5 million
      shares are issued and outstanding, and 100,000,000 shares of preferred stock, par value $0.0001, of which 40,000 shares are designated Series B Preferred Stock and 5,000 shares are designated Series C Preferred Stock.”;

    

    

    	(f)	
            paragraphs (a) and (b) of clause 18.15 (financial statements) shall be deleted entirely and the existing paragraphs (c) to (f) in that clause shall be redesignated as
              paragraphs (a) to (d);

          

    

    

    	(g)	
            paragraph (e) of clause 18.15 (financial statements) shall be deleted in its entirety;

          

    

    

    	(h)	
            paragraph (b) of clause 20.3 (requirements as to financial statements) shall be deleted in its entirety and replaced with the following:

          

    

    

    	

          	“(b)	
            Each Obligor shall procure that each set of financial statements delivered pursuant to Clause 20.2 (Financial statements) is prepared using GAAP.”;

          

    
      5

      
        

    

    

    

    	(i)	
            paragraph (b) of clause 26.10 (ownership of the obligors) shall be deleted entirely and replaced with the following:

          

    

    

    	

          	“(b)	
            Any person or group of persons acting in concert (other than Seanergy Maritime Holdings Corp. and its ultimate beneficial owner) gains control of the Guarantor.”;

          

    

    

    	(j)	
            the registration number of the Guarantor in part A of schedule 1 (the parties) of the Facility Agreement shall be
                deleted and replaced with 112801;

          

    

    

    
      	(k)	
              the address, fax number and other contact details of the Facility Agent and the Security Agent in part C of schedule 1 (the parties) of the Facility Agreement shall be deleted and replaced with the following:

              
                

                

                “The News Building, Level 6, 3 London Bridge Street, London, England SE1 9SG

                

                 

                

                Fax: + 44 207 354 6132

                

                 

                

                Attention: Kroll Agency and Trustee Services Limited (deals@ats.kroll.com)”

                

                

            

    

    

    

    	(l)	
            any reference in the Facility Agreement to “Lucid Agency Services Limited” and “Lucid Trustee Services Limited” shall be construed as if the same referred to “Kroll Agency Services Limited” and “Kroll Trustee
              Services Limited” respectively;

          

    

    

    	(m)	
            the definition of, and references throughout to, each Finance Document, shall be construed as if the same referred to that Finance Document as amended and supplemented by this Deed; and

          

    

    

    	(n)	
            by construing references throughout to “this Agreement” and other like expressions as if the same referred to the Facility Agreement as amended and supplemented by this Deed.

          

    

    

    	7.2	
            Amendments to Finance Documents

          

    

    

    With effect on and from the Effective Date, each of the Finance Documents (other than the Released Shares Security) shall be, and shall be deemed by this Deed to be, amended as
      follows:

    

    

    	(a)	
            the definition of, and references throughout each of the Finance Documents to the Facility Agreement and any of the other Finance Documents shall be construed as if the same referred to, respectively:

          

    

    

    	

          	(i)	
            the Amended Facility Agreement; and

          

    

    

    	

          	(ii)	
            the other Finance Documents as amended and supplemented by this Clause 7.2 (Amendments to Finance Documents);

          

    

    

    	(b)	
            by construing references throughout each of the Finance Documents to the Guarantor as if the same referred to the Replacement Guarantor; and

          

    

    

    
      	(c)	
              by construing references throughout each of the Finance Documents to the address of each of the Security Agent and the Facility Agent as if the same referred to “The News Building, Level 6, 3 London Bridge Street,
                London, England SE1 9SG”;

              

            

    

    

    

    	(d)	
            by construing references throughout each of the Finance Documents to “Lucid Agency Services Limited” and “Lucid Trustee Services Limited” as if the same referred to “Kroll Agency Services Limited” and “Kroll Trustee
              Services Limited” respectively;

          

    

    

    	(e)	
            by construing references throughout each of the Finance Documents to “this Deed”, “hereunder” and other like expressions as if the same referred to those Finance Documents as amended and/or supplemented by this
              Deed.

          

    

    

    	7.3	
            Obligor Confirmation

          

    

    

    On the Effective Date, each Obligor:

    

    

    	(a)	
            confirms its acceptance of the amendments effected by this Deed;

          

    
      6

      
        

    

    

    

    	(b)	
            agrees that it is bound as an Obligor (as defined in the Amended Facility Agreement);

          

    

    

    	(c)	
            confirms that the definition of, and references throughout each of the Finance Documents to, the Facility Agreement and any of the other Finance Documents shall be construed as if the same referred to the Facility
              Agreement and those Finance Documents as amended and supplemented by this Deed;

          

    

    

    	(d)	
            (if it is the Replacement Guarantor) confirms that its guarantee and indemnity:

          

    

    

    	

          	(i)	
            will have full force and effect on the terms of the Amended Facility Agreement; and

          

    

    

    	

          	(ii)	
            extends to the obligations of the Transaction Obligors under the Finance Documents as amended and supplemented by this Deed.

          

    

    

    	7.4	
            Security confirmation

          

    

    

    On the Effective Date, each Obligor confirms that:

    

    

    	(a)	
            any Security created by it under the Finance Documents extends to the obligations of the Obligors under the Finance Documents as amended and supplemented by this Deed;

          

    

    

    	(b)	
            the obligations of the relevant Obligors under the Amended Facility Agreement are included in the Secured Liabilities (as defined in the Security Documents to which it is a party); and

          

    

    

    	(c)	
            the Security created under the Finance Documents continues in full force and effect on the terms of the respective Finance Documents.

          

    

    

    	7.5	
            Finance Documents to remain in full force and effect

          

    

    

    The Finance Documents (other than the Released Shares Security) shall remain in full force and effect and, from the Effective Date:

    

    

    	(a)	
            in the case of the Facility Agreement as amended and supplemented pursuant to Clause 7.1 (Specific amendments to the Facility Agreement);

          

    

    

    	(b)	
            in the case of the Finance Documents (other than the Facility Agreement) as amended and supplemented pursuant to Clause 7.2 (Amendments to Finance Documents);

          

    

    

    	(c)	
            the Facility Agreement and the applicable provisions of this Deed will be read and construed as one document;

          

    

    

    	(d)	
            the Finance Documents (other than the Facility Agreement) and the applicable provisions of this Deed will be read and construed as one document; and

          

    

    

    	(e)	
            except to the extent expressly effected by this Deed, no waiver is given by this Deed and the Lenders expressly reserve all their rights and remedies in respect of any breach of or other Default under the Finance
              Documents.

          

    
      7

      
        

    

    

    

    	8	
            FURTHER ASSURANCE

          

    

    

    Clause 21.25 (further assurance) of the Facility Agreement, as amended and supplemented by this Deed, applies to this Deed as if it were
      expressly incorporated in it with any necessary modifications.

    

    

    	9	
            COSTS AND EXPENSES

          

    

    

    Clause 15.2 (amendment costs) of the Facility Agreement, as amended and supplemented by this Deed, applies to this Deed as if it were
      expressly incorporated in it with any necessary modifications.

    

    

    	10	
            NOTICES

          

    

    

    Clause 26 (notices) of the Facility Agreement, as amended and supplemented by this Deed, applies to this Deed as if it were expressly
      incorporated in it with any necessary modifications save that for the purposes of clause 26.2 (addresses) the notice details of the Replacement Guarantor are:

    

    

    154 Vouliagmenis Avenue, 166 74 Glyfada, Athens Greece

    

    

    Tel: +302130181507

    Email: legal@seanergy.gr

    Fax: +302109638404

    

    

    	11	
            COUNTERPARTS

          

    

    

    This Deed may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Deed.

    

    

    	12	
            GOVERNING LAW

          

    

    

    This Deed and any non-contractual obligations arising out of or in connection with it are governed by English law.

    

    

    	13	
            ENFORCEMENT

          

    

    

    	13.1	
            Jurisdiction

          

    

    

    	(a)	
            The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Deed (including a dispute regarding the existence, validity or termination of this Deed or any
              non-contractual obligation arising out of or in connection with this Deed) (a “Dispute”).

          

    

    

    	(b)	
            The Obligors and the Existing Guarantor accept that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly none of them will argue to the contrary.

          

    

    

    	(c)	
            To the extent allowed by law, this Clause 13.1 (Jurisdiction) is for the benefit of the Secured Parties only.  As a result, no Secured Party shall be prevented from taking
              proceedings relating to a Dispute in any other courts with jurisdiction.  To the extent allowed by law, the Secured Parties may take concurrent proceedings in any number of jurisdictions.

          

    
      8

      
        

    

    

    

    	13.2	
            Service of process

          

    

    

    	(a)	
            Without prejudice to any other mode of service allowed under any relevant law, each Obligor and the Existing Guarantor:

          

    

    

    	

          	(i)	
            irrevocably appoints Messrs Shoreside Agents Ltd, presently at 11 The Timber Yard, Drysdale Street, London, N1 6ND (T: +44 (0)20 3771 8869, M: + 44 (0) 7591 440086, Fax: +44 (0)20 3771 8870, attention:
              Andrew Johnson) as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document; and

          

    

    

    	

          	(ii)	
            agrees that failure by a process agent to notify the relevant Obligor or Existing Guarantor of the process will not invalidate the proceedings concerned.

          

    

    

    	(b)	
            If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process, the Borrower (on behalf of all the Obligors and the Existing Guarantor) must immediately
              (and in any event within five days of such event taking place) appoint another agent on terms acceptable to the Facility Agent.  Failing this, the Facility Agent may appoint another agent for this purpose.

          

    

    

    This Deed has been executed as a deed and delivered on the date stated at the beginning of this Deed.

    
      9

      
        

    

    

    

    SCHEDULE 1

    

    

    CONDITIONS PRECEDENT

    

    

    	1	
            OBLIGORS AND EXISTING GUARANTOR

          

    

    

    In relation to each Obligor and the Existing Guarantor, documents of the kind specified in schedule 2, part A, paragraph 1 of the Facility Agreement.

    

    

    	2	
            Finance Documents

          

    

    

    	2.1	
            A duly executed original of this Deed.

          

    

    

    	2.2	
            A duly executed original of the New Shares Security (and of each document to be delivered under it).

          

    

    

    	3	
            Legal opinions

          

    

    

    	3.1	
            A legal opinion of Watson Farley & Williams Greece, legal advisers to the Lenders in England, substantially in the form distributed to the Lenders before signing this Deed.

          

    

    

    	3.2	
            A legal opinion of Watson Farley & Williams, New York, legal advisers to the Lenders in the Republic of the Marshall Islands, substantially in the form distributed to the Lenders before signing this Deed.

          

    

    

    	4	
            Other documents and evidence

          

    

    

    	4.1	
            On or immediately prior to the Spin-Off Completion Date, documentary evidence satisfactory to the Facility Agent (acting on the instructions of the Majority Lenders) that the Spin-Off has occurred.

          

    

    

    	4.2	
            Evidence satisfactory to the Facility Agent (acting on the instructions of the Majority Lenders) that (i) the Shares Transfer has been completed and (ii) the Spin-Off Completion Date has occurred.

          

    

    

    	4.3	
            Evidence that any process agent referred to in Clause 13.2 (Service of process) has accepted its appointment.

          

    

    

    	4.4	
            A copy of any other Authorisation or other document, opinion or assurance which the Facility Agent (acting on the instructions of the Majority Lenders) considers to be necessary or desirable (if it has notified the
              Borrower accordingly) in connection with the entry into and performance of the transactions contemplated by this Deed, the New Shares Security or for the validity and enforceability of any Finance Document as amended and supplemented by this
              Deed.

          

    

    

    	4.5	
            Evidence that the fees, costs and expenses then due from the Borrower pursuant to Clause 9 (Costs and Expenses) have been paid or will be paid by the Effective Date.

          

    

    

    	4.6	
            Such evidence as the Facility Agent may require for the Finance Parties to be able to satisfy each of their “know your customer”, FATCA or similar identification procedures in
              relation to the transactions contemplated by this Deed and the New Shares Security.

          

    
      10

      
        

    

    

    

    EXECUTION PAGES

    

    

    BORROWER

    

    

    	
            EXECUTED AS A DEED

          	
            )

          	 
	
            by SEA GLORIUS SHIPPING CO.

          	
            )

          	 
	
            acting by

          	
            )

          	 
	
            being

          	
            )

          	 
	
            in the presence of:

          	
            )

          	 
	 	 	 
	
            Witness’ signature:

          	
            )

          	 
	
            Witness’ name:

          	
            )

          	 
	
            Witness’ address:

          	
            )

          	 

    

    

    

    

    

    

    EXISTING GUARANTOR

    

    

    	
            EXECUTED AS A DEED

          	
            )

          	 
	
            by SEANERGY MARITIME HOLDINGS CORP.

          	
            )

          	 
	
            acting by

          	
            )

          	 
	
            being

          	
            )

          	 
	
            in the presence of:

          	
            )

          	 
	 	 	 
	
            Witness’ signature:

          	
            )

          	 
	
            Witness’ name:

          	
            )

          	 
	
            Witness’ address:

          	
            )

          	 

    

    

    

    

    

    

    REPLACEMENT GUARANTOR

    

    

    	
            EXECUTED AS A DEED

          	
            )

          	 
	
            by UNITED MARITIME CORPORATION

          	
            )

          	 
	
            acting by

          	
            )

          	 
	
            being

          	
            )

          	 
	
            in the presence of:

          	
            )

          	 
	 	 	 
	
            Witness’ signature:

          	
            )

          	 
	
            Witness’ name:

          	
            )

          	 
	
            Witness’ address:

          	
            )

          	 

    
      11

      
        

    

    

    

    FACILITY AGENT

    

    

    	
            EXECUTED AS A DEED

          	
            )

          	 
	
            by KROLL AGENCY SERVICES LIMITED

          	
            )

          	 
	
            (previously Lucid Agency Services Limited)

          	
            )

          	 
	
            acting by

          	
            )

          	 
	
            being

          	
            )

          	 
	
            in the presence of:

          	
            )

          	 
	 	 	 
	
            Witness’ signature:

          	
            )

          	 
	
            Witness’ name:

          	
            )

          	 
	
            Witness’ address:

          	
            )

          	 

    

    

    

    

    

    

    SECURITY AGENT

    

    

    	
            EXECUTED AS A DEED

          	
            )

          	 
	
            by KROLL TRUSTEE SERVICES LIMITED

          	
            )

          	 
	
            (previously Lucid Trustee Services Limited)

          	
            )

          	 
	
            acting by

          	
            )

          	 
	
            being

          	
            )

          	 
	
            in the presence of:

          	
            )

          	 
	 	 	 
	
            Witness’ signature:

          	
            )

          	 
	
            Witness’ name:

          	
            )

          	 
	
            Witness’ address:

          	
            )

          	 

    

    

  

  12Exhibit 4.1

 

NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH
THIS SECURITY IS EXERCISABLE 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. 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.

 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE1

 

PREFERRED INVESTMENT OPTION

 

INMED PHARMACEUTICALS INC.

 

	Preferred Investment Option Shares: _______	Initial Issuance Date: ______, 2022
	 	 
	 	Initial Exercise Date: ______, 2022

 

THIS PREFERRED INVESTMENT OPTION
(the “Preferred Investment Option”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after
the date set forth above (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) ____________2 (the
“Termination Date”) but not thereafter, to subscribe for and purchase from InMed Pharmaceuticals Inc., a company incorporated
under the laws of the Province of British Columbia (the “Company”), up to ______ shares (as subject to adjustment hereunder,
the “Preferred Investment Option Shares”) of Common Shares. The purchase price of one share of Common Shares under
this Preferred Investment Option shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1. Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement
(the “Purchase Agreement”), dated June , 2022, among the Company and the purchasers signatory thereto.

 

 

		1	Insert the date that is four (4) months and a day after the
closing date

		2	Insert the date that is the ( ) year anniversary of the Initial
Exercise Date, provided that, if such date is not a Trading Day, insert the immediately following Trading Day.

 

     

    

    

 

Section 2. Exercise.

 

a) Exercise
of Preferred Investment Option. Exercise of the purchase rights represented by this Preferred Investment Option may be made, in whole
or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company
of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed
hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days
comprising the Standard Settlement Period (as defined below) following the date of exercise as aforesaid, the Holder shall deliver the
aggregate Exercise Price for the Preferred Investment Option Shares specified in the applicable Notice of Exercise by wire transfer or
cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified
in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other
type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder
shall not be required to physically surrender this Preferred Investment Option to the Company until the Holder has purchased all of the
Preferred Investment Option Shares available hereunder and the Preferred Investment Option has been exercised in full, in which case,
the Holder shall surrender this Preferred Investment Option to the Company for cancellation within five (5) Business Days of the date
on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Preferred Investment Option resulting in
purchases of a portion of the total number of Preferred Investment Option Shares available hereunder shall have the effect of lowering
the outstanding number of Preferred Investment Option Shares purchasable hereunder in an amount equal to the applicable number of Preferred
Investment Option Shares purchased. The Holder and the Company shall maintain records showing the number of Preferred Investment Option
Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Trading
Day of receipt of such notice. The Holder and any assignee, by acceptance of this Preferred Investment Option, acknowledge and
agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Preferred Investment Option Shares
hereunder, the number of Preferred Investment Option Shares available for purchase hereunder at any given time may be less than the amount
stated on the face hereof.

 

b) Exercise
Price. The exercise price per share of Common Shares under this Preferred Investment Option shall be $             
, subject to adjustment hereunder (the “Exercise Price”).

 

    2

    

    

 

c) Cashless
Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained
therein is not available for the resale of the Preferred Investment Option Shares by the Holder, then this Preferred Investment Option
may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled
to receive a number of Preferred Investment Option Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = as applicable:
(i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1)
both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant
to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of
Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) the VWAP on the Trading Day immediately preceding
the date of the applicable Notice of Exercise as of the time of the Holder’s execution of the applicable Notice of Exercise if such
Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter
(including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof
or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice
of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such
Trading Day;

 

(B) = the Exercise
Price of this Preferred Investment Option, as adjusted hereunder; and

 

		(X) =	 the number of Preferred Investment Option Shares that would
be issuable upon exercise of this Preferred Investment Option in accordance with the terms of this Preferred Investment Option if such
exercise were by means of a cash exercise rather than a cashless exercise.

 

“Bid Price”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed
or quoted on a Trading Market, the bid price of the Common Shares for the time in question (or the nearest preceding date) on the Trading
Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (“Bloomberg”) (based on a
Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the
volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c)
if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported
on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price
per share of the Common Shares so reported, or (d) in all other cases, the fair market value of a share of Common Shares as determined
by an independent appraiser selected in good faith by the Holders of a majority in interest of the Securities then outstanding and reasonably
acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest preceding date)
on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average
price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares are
not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on The Pink Open Market
(or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common
Shares so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected
in good faith by the Holders of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the
fees and expenses of which shall be paid by the Company.

 

    3

    

    

 

If Preferred Investment
Option Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the
Securities Act, the Preferred Investment Option Shares shall take on the characteristics of the Preferred Investment Option being exercised,
and the holding period of the Preferred Investment Option Shares being issued may be tacked
on to the holding period of this Preferred Investment Option. The Company agrees not to take any position contrary to this Section
2(c).

 

d) Mechanics
of Exercise.

 

i. Delivery
of Preferred Investment Option Shares Upon Exercise. The Company shall cause the Preferred Investment Option Shares purchased hereunder
to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account
with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is
then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Preferred
Investment Option Shares to or resale of the Preferred Investment Option Shares by the Holder or (B) the Preferred Investment Option Shares
are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144 (assuming cashless exercise of
the Preferred Investment Options), and otherwise by physical delivery of a certificate, registered in the Company’s share register
in the name of the Holder or its designee, for the number of Preferred Investment Option Shares to which the Holder is entitled pursuant
to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the later of (i) two (2) Trading
Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price
to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the
Notice of Exercise (such date, the “Preferred Investment Option Share Delivery Date”). Upon delivery of the Notice
of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Preferred Investment Option
Shares with respect to which this Preferred Investment Option has been exercised, irrespective of the date of delivery of the Preferred
Investment Option Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received
within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following
delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Preferred Investment Option Shares
subject to a Notice of Exercise by the Preferred Investment Option Share Delivery Date, the Company shall pay to the Holder, in cash,
as liquidated damages and not as a penalty, for each $1,000 of Preferred Investment Option Shares subject to such exercise (based on the
VWAP of the Common Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on
the fifth Trading Day after such Preferred Investment Option Share Delivery Date) for each Trading Day after such Preferred Investment
Option Share Delivery Date until such Preferred Investment Option Shares are delivered or Holder rescinds such exercise. The Company agrees
to maintain a transfer agent that is a participant in the FAST program so long as this Preferred Investment Option remains outstanding
and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a
number of Trading Days, on the Company’s primary Trading Market with respect to the Common Shares as in effect on the date of delivery
of the Notice of Exercise.

 

    4

    

    

 

ii. Delivery
of New Preferred Investment Options Upon Exercise. If this Preferred Investment Option shall have been exercised in part, the Company
shall, at the request of a Holder and upon surrender of this Preferred Investment Option certificate, at the time of delivery of the Preferred
Investment Option Shares, deliver to the Holder a new Preferred Investment Option evidencing the rights of the Holder to purchase the
unpurchased Preferred Investment Option Shares called for by this Preferred Investment Option, which new Preferred Investment Option shall
in all other respects be identical with this Preferred Investment Option.

 

iii. Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Preferred Investment Option Shares pursuant
to Section 2(d)(i) by the Preferred Investment Option Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv. Compensation
for Buy-In on Failure to Timely Deliver Preferred Investment Option Shares Upon Exercise. In addition to any other rights available
to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Preferred Investment Option Shares in accordance
with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Preferred Investment Option Share Delivery Date,
and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s
brokerage firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Preferred Investment Option
Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash
to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the
Common Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Preferred Investment Option Shares that the
Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving
rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Preferred Investment
Option and equivalent number of Preferred Investment Option Shares for which such exercise was not honored (in which case such exercise
shall be deemed rescinded) or deliver to the Holder the number of Common Shares that would have been issued had the Company timely complied
with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Shares having a total purchase price
of $11,000 to cover a Buy-In with respect to an attempted exercise of Common Shares with an aggregate sale price giving rise to such purchase
obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000.
The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request
of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available
to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect
to the Company’s failure to timely deliver Common Shares upon exercise of the Preferred Investment Option as required pursuant to
the terms hereof.

 

v. No Fractional
Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Preferred
Investment Option. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company
shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price or round up to the next whole share.

 

    5

    

    

 

vi. Charges,
Taxes and Expenses. Issuance of Preferred Investment Option Shares shall be made without charge to the Holder for any issue or transfer
tax or other incidental expense in respect of the issuance of such Preferred Investment Option Shares, all of which taxes and expenses
shall be paid by the Company, and such Preferred Investment Option Shares shall be issued in the name of the Holder or in such name or
names as may be directed by the Holder; provided, however, that, in the event that Preferred Investment Option
Shares are to be issued in a name other than the name of the Holder, this Preferred Investment Option when surrendered for exercise shall
be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto,
the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees
required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing
corporation performing similar functions) required for same-day electronic delivery of the Preferred Investment Option Shares.

 

vii. Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Preferred
Investment Option, pursuant to the terms hereof.

 

e) Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Preferred Investment Option, and a Holder shall not have the
right to exercise any portion of this Preferred Investment Option, pursuant to Section 2 or otherwise, to the extent that after giving
effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s
Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution
Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of
the foregoing sentence, the number of Common Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall
include the number of Common Shares issuable upon exercise of this Preferred Investment Option with respect to which such determination
is being made, but shall exclude the number of Common Shares which would be issuable upon (i) exercise of the remaining, nonexercised
portion of this Preferred Investment Option beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii)
exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation,
any other Common Shares Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially
owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for purposes
of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and
regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation
is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in
accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Preferred
Investment Option is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties)
and of which portion of this Preferred Investment Option 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 Preferred Investment Option is exercisable
(in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this
Preferred Investment Option 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. In addition, a determination as to any group status as contemplated
above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For
purposes of this Section 2(e), in determining the number of outstanding Common Shares, a Holder may rely on the number of outstanding
Common Shares as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may
be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting
forth the number of Common Shares outstanding.  Upon the written or oral request of a Holder, the Company shall within one Trading
Day confirm orally and in writing to the Holder the number of Common Shares then outstanding.  In any case, the number of outstanding
Common Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Preferred
Investment Option, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding Common
Shares was reported. The “Beneficial Ownership Limitation” shall be 4.99% (or, upon election by a Holder prior to the
issuance of any Preferred Investment Options, 9.99%) of the number of shares of the Common Shares outstanding immediately after giving
effect to the issuance of Common Shares issuable upon exercise of this Preferred Investment Option. The Holder, upon notice to the Company,
may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation
in no event exceeds 9.99% of the number of shares of the Common Shares outstanding immediately after giving effect to the issuance of
Common Shares upon exercise of this Preferred Investment Option held by the Holder and the provisions of this Section 2(e) shall continue
to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice
is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict
conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent
with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly
give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Preferred Investment
Option.

 

    6

    

    

 

Section 3. Certain
Adjustments.

 

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

 

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

 

c) Pro Rata Distributions.
During such time as this Preferred Investment Option is outstanding, if the Company shall declare or make any dividend or other distribution
of its assets (or rights to acquire its assets) to holders of Common Shares, 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, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance
of this Preferred Investment Option, then, in each such case, the Holder shall be entitled to participate in such Distribution to the
same extent that the Holder would have participated therein if the Holder had held the number of Common Shares acquirable upon complete
exercise of this Preferred Investment Option (without regard to any limitations on exercise hereof, including without limitation, the
Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is
taken, the date as of which the record holders of Common Shares are to be determined for the participation in such Distribution (provided,
however, that to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial
Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership
of any Common Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for
the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership
Limitation).

 

    7

    

    

 

d) Fundamental
Transaction. If, at any time while this Preferred Investment Option is outstanding, (i) the Company, directly or indirectly, in one
or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (and all
of its Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or
other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect,
purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common
Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders
of 50% or more of the outstanding Common Shares or 50% or more of the voting power of the common equity of the Company, (iv) the Company,
directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common
Shares or any compulsory share exchange pursuant to which the Common Shares is effectively converted into or exchanged for other securities,
cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase
agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme
of arrangement) with another Person or group of Persons whereby such other Person or group acquires 50% or more of the outstanding Common
Shares or 50% or more of the voting power of the common equity of the Company (each a “Fundamental Transaction”), then,
upon any subsequent exercise of this Preferred Investment Option, the Holder shall have the right to receive, for each Preferred Investment
Option Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at
the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Preferred Investment Option), the number
of Common Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of
Common Shares for which this Preferred Investment Option is exercisable immediately prior to such Fundamental Transaction (without regard
to any limitation in Section 2(e) on the exercise of this Preferred Investment Option). 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 Shares in such Fundamental Transaction, and the Company shall apportion the Exercise Price
among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.
If holders of Common Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then
the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Preferred Investment
Option following such Fundamental Transaction. Notwithstanding anything to the contrary but subject to the rules and regulations of the
Trading Market, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s
option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later,
the date of the public announcement of the applicable Fundamental Transaction), purchase this Preferred Investment Option from the Holder
by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of
this Preferred Investment Option on the date of the consummation of such Fundamental Transaction; provided, however,
that, if the Fundamental Transaction is not within the Company’s control, including not approved by the Company’s Board of Directors,
Holder shall only be entitled to receive from the Company or any Successor Entity the same type or form of consideration (and in the same
proportion), at the Black Scholes Value of the unexercised portion of this Preferred Investment Option, that is being offered and paid
to the holders of Common Shares of the Company in connection with the Fundamental Transaction, whether that consideration be in the form
of cash, stock or any combination thereof, or whether the holders of Common Shares are given the choice to receive from among alternative
forms of consideration in connection with the Fundamental Transaction; provided, further, that if holders of Common
Shares of the Company are not offered or paid any consideration in such Fundamental Transaction, such holders of Common Shares will be
deemed to have received Common Shares of the Successor Entity (which Entity may be the Company following such Fundamental Transaction)
in such Fundamental Transaction. “Black Scholes Value” means the value of this Preferred Investment Option based on
the Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg determined as of the day of consummation
of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S.
Treasury rate for a period equal to the time between the date of the public announcement of the applicable contemplated Fundamental Transaction
and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function
on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the public announcement
of the applicable contemplated Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the greater
of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered
in such Fundamental Transaction and (ii) the greater of (x) the last VWAP immediately prior to the public announcement of such contemplated
Fundamental Transaction and (y) the last VWAP immediately prior to the consummation of such Fundamental Transaction and (D) a remaining
option time equal to the time between the date of the public announcement of the applicable contemplated Fundamental Transaction and the
Termination Date and (E) a zero cost of borrow. The payment of the Black Scholes Value will be made by wire transfer of immediately available
funds within five Business Days of the Holder’s election (or, if later, on the effective date of the Fundamental Transaction). The
Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”) to assume in writing all of the obligations of the Company under this Preferred Investment Option in accordance with
the provisions of this Section 3(b) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved
by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the
Holder in exchange for this Preferred Investment Option a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Preferred Investment Option which is exercisable for a corresponding number of shares of capital
stock of such Successor Entity (or its parent entity) equivalent to the Common Shares acquirable and receivable upon exercise of this
Preferred Investment Option (without regard to any limitations on the exercise of this Preferred Investment Option) prior to such Fundamental
Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account
the relative value of the Common Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number
of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Preferred Investment
Option immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance
to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for
(so that from and after the date of such Fundamental Transaction, the provisions of this Preferred Investment Option referring to the
“Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume
all of the obligations of the Company under this Preferred Investment Option with the same effect as if such Successor Entity had been
named as the Company herein.

 

    8

    

    

 

e) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes
of this Section 3, the number of Common Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of
Common Shares (excluding treasury shares, if any) issued and outstanding.

 

f) Notice
to Holder.

 

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

 

ii. Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common
Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Shares, (C) the Company shall
authorize the granting to all holders of the Common Shares rights or warrants to subscribe for or purchase any shares of capital stock
of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification
of the Common Shares, any consolidation or merger to which the Company (and all of its Subsidiaries, taken as a whole) is a party, any
sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Shares
is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its
last email address as it shall appear upon the Preferred Investment Option Register of the Company, at least 5 calendar days prior to
the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the
purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders
of the Common Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or
(y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or
close, and the date as of which it is expected that holders of the Common Shares of record shall be entitled to exchange their shares
of the Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer
or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect
the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Preferred
Investment Option constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company
shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K or otherwise make public disclosure
of such information. The Holder shall remain entitled to exercise this Preferred Investment Option during the period commencing on the
date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

Section 4. Transfer
of Preferred Investment Option.

 

a) Transferability.
Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions of
Section 4.1 of the Purchase Agreement, this Preferred Investment Option and all rights hereunder (including, without limitation, any registration
rights) are transferable, in whole or in part, upon surrender of this Preferred Investment Option at the principal office of the Company
or its designated agent, together with a written assignment of this Preferred Investment Option substantially in the form attached hereto
duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.
Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Preferred Investment Option or Preferred
Investment Options in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such
instrument of assignment, and shall issue to the assignor a new Preferred Investment Option evidencing the portion of this Preferred Investment
Option not so assigned, and this Preferred Investment Option shall promptly be cancelled. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Preferred Investment Option to the Company unless the Holder has assigned
this Preferred Investment Option in full, in which case, the Holder shall surrender this Preferred Investment Option to the Company within
three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Preferred Investment
Option in full. The Preferred Investment Option, if properly assigned in accordance herewith, may be exercised by a new holder for the
purchase of Preferred Investment Option Shares without having a new Preferred Investment Option issued.

 

    9

    

    

 

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

 

c) Preferred
Investment Option Register. The Company shall register this Preferred Investment Option, upon records to be maintained by the Company
for that purpose (the “Preferred Investment Option Register”), in the name of the record Holder hereof from time to
time. The Company may deem and treat the registered Holder of this Preferred Investment Option as the absolute owner hereof for the purpose
of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

d) Transfer
Restrictions. If, at the time of the surrender of this Preferred Investment Option in connection with any transfer of this Preferred
Investment Option, the transfer of this Preferred Investment Option shall not be either (i) registered pursuant to an effective registration
statement under the Securities Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or
manner-of-sale restrictions or current public information requirements pursuant to Rule 144, the Company may require, as a condition of
allowing such transfer, that the Holder or transferee of this Preferred Investment Option, as the case may be, comply with the provisions
of Section 5.7 of the Purchase Agreement.

 

e) Representation
by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Preferred Investment Option
and, upon any exercise hereof, will acquire the Preferred Investment Option Shares issuable upon such exercise, for its own account and
not with a view to or for distributing or reselling such Preferred Investment Option Shares or any part thereof in violation of the Securities
Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.

 

Section 5. Miscellaneous.

 

a) No Rights
as Stockholder Until Exercise; No Settlement in Cash. This Preferred Investment Option does not entitle the Holder to any voting rights,
dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly
set forth in Section 3. Without limiting any rights of a Holder to receive Preferred Investment Option Shares on a “cashless exercise”
pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company
be required to net cash settle an exercise of this Preferred Investment Option.

 

    10

    

    

 

b) Loss,
Theft, Destruction or Mutilation of Preferred Investment Option. The Company covenants that upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Preferred Investment Option or any stock certificate
relating to the Preferred Investment Option Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory
to it (which, in the case of the Preferred Investment Option, shall not include the posting of any bond), and upon surrender and cancellation
of such Preferred Investment Option or stock certificate, if mutilated, the Company will make and deliver a new Preferred Investment Option
or stock certificate of like tenor and dated as of such cancellation, in lieu of such Preferred Investment Option or stock certificate.

 

c) Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted
herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

 

d) Authorized
Shares.

 

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

 

Except and to the
extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate
of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or
any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Preferred Investment Option,
but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary
or appropriate to protect the rights of Holder as set forth in this Preferred Investment Option against impairment. Without limiting the
generality of the foregoing, the Company will (i) not increase the par value of any Preferred Investment Option Shares above the amount
payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid and nonassessable Preferred Investment Option Shares upon
the exercise of this Preferred Investment Option and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions
or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations
under this Preferred Investment Option.

 

    11

    

    

 

Before taking any
action which would result in an adjustment in the number of Preferred Investment Option Shares for which this Preferred Investment Option
is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto,
as may be necessary from the Trading Market or any public regulatory body or bodies having jurisdiction thereof, as applicable.

 

e) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Preferred Investment Option shall
be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles
of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the
transactions contemplated by this Preferred Investment Option (whether brought against a party hereto or their respective affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts
sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting
in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any
claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is
an inconvenient venue for such proceeding. Notwithstanding the foregoing, the foregoing provisions will not apply to any claims arising
under the Securities Act or the Exchange Act, or any claim in which exclusive jurisdiction is vested in a court or forum other than the
state or federal courts of the City of New York, Borough of Manhattan or for which these courts do not have subject matter jurisdiction.
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address
in effect for notices to it under this Preferred Investment Option 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. If either party shall commence an action, suit or proceeding to enforce any provisions of this Preferred Investment
Option, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’
fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

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

 

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

 

    12

    

    

 

h) Notices.
Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice
of Exercise, shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier
service, addressed to the Company, at 310-815 W Hastings St., Vancouver, BC, Canada V6C 1B4, Attention: Chief Financial Officer, facsimile
number: +1 (778) 945-6800, email address: warrants@inmedpharma.com, or such other facsimile number, email address or address as the Company
may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the
Company hereunder shall be in writing and delivered personally, by or e-mail, or sent by a nationally recognized overnight courier service
addressed to each Holder at the e-mail address or address of such Holder appearing on the books of the Company. Any notice or other communication
or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication
is delivered via facsimile at the facsimile number or via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New
York City time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via
facsimile at the facsimile number or via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or
later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S.
nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given.
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.

 

i) Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Preferred Investment Option
to purchase Preferred Investment Option Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to
any liability of the Holder for the purchase price of any Common Shares or as a stockholder of the Company, whether such liability is
asserted by the Company or by creditors of the Company.

 

j) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Preferred Investment Option. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Preferred Investment Option and hereby agrees to waive and
not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

k) Successors
and Assigns. Subject to applicable securities laws, this Preferred Investment Option and the rights and obligations evidenced hereby
shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted
assigns of Holder. The provisions of this Preferred Investment Option are intended to be for the benefit of any Holder from time to time
of this Preferred Investment Option and shall be enforceable by the Holder or holder of Preferred Investment Option Shares.

 

l) Amendment.
This Preferred Investment Option may be modified or amended or the provisions hereof waived with the written consent of the Company, on
the one hand, and the Holder or the beneficial owner of this Preferred Investment Option, on the other hand.

 

m) Severability.
Wherever possible, each provision of this Preferred Investment Option shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Preferred Investment Option 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 Preferred Investment Option.

 

n) Headings.
The headings used in this Preferred Investment Option are for the convenience of reference only and shall not, for any purpose, be deemed
a part of this Preferred Investment Option.

 

********************

 

(Signature Page Follows

 

    13

    

    

 

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

 

 

	 	INMED PHARMACEUTICALS INC.
	 	 	 
	 	By:	 
	 	 	Name:         
	 	 	Title:

 

    14

    

    

 

NOTICE OF EXERCISE

 

TO: INMED
PHARMACEUTICALS INC.

 

(1) The undersigned hereby elects
to purchase ________ Preferred Investment Option Shares of the Company pursuant to the terms of the attached Preferred Investment Option
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes,
if any.

 

(2) Payment shall take the form
of (check applicable box):

 

☐ in lawful money of the United
States; or

 

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

 

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

 

_______________________________

 

The Preferred Investment Option Shares shall be
delivered to the following DWAC Account Number:

_______________________________

 

_______________________________

 

_______________________________

 

(4) Accredited Investor.
The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: ________________________________________________________________________

 

Signature of Authorized Signatory of Investing
Entity: _________________________________________________

 

Name of Authorized Signatory: ___________________________________________________________________

 

Title of Authorized Signatory: ____________________________________________________________________

 

Date: ________________________________________________________________________________________

 

    15

    

    

 

ASSIGNMENT FORM

 

(To assign the foregoing
Preferred Investment Option, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing
Preferred Investment Option and all rights evidenced thereby are hereby assigned to

 

	Name:	 	______________________________________
	 	 	(Please Print)
	Address:	 	 
	 	 	______________________________________
	 	 	(Please Print)
	Phone Number:	 	______________________________________
	 	 	 
	Email Address:                                                             	 	______________________________________
	 	 	 
	Dated: _______________ __, ______	 	 
	 	 	 
	Holder’s Signature:_____________________	 	 
	 	 	 
	Holder’s Address:______________________	 	 

 

 

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