Document:

EX-10.27

 Exhibit 10.27 

 

			
	

		
	5005 Rockside Rd., Cleveland, OH 44131	  	

  

 Contract of Sale 
  

			
	Seller: Paul Morrisroe	  	Offer Date: June 12, 2013
	Seller: Elizabeth S. Morrisroe	  	Expiration Date: July 13, 2013

 This agreement between Paul and Elizabeth S. Morrisroe, collectively known as the “Seller”, and
Choice Relocation Management, LLC, the “Buyer”, is made in consideration of the mutual promises, covenants and agreements contained below. Seller and Buyer agree to the following: 

 

	 	A.	Price and Property Description. 

 Buyer agrees to buy and Seller agrees to sell the property located at ************************************* and further described per the Legal Description for the price of $535,500
. The property shall include the land, all appurtenant rights, privileges and easements and (a) Improvements: The house, garage, any outbuildings and all other fixtures and improvements attached to the above-described real
property, including without limitation, the following permanently installed and built-in items, if any: all equipment and built-in appliances (disposal, dishwasher, range, microwave, etc.), valances, screens, shutters, awnings, wall-to-wall
carpeting, mirrors, ceiling fans, attic fans, mail boxes, television antennas, heating and air-conditioning units, security and fire detection equipment, wiring, plumbing and lighting fixtures, chandeliers, water softener system (if not rented),
garage door opener and controls, built-in cleaning equipment and tools, shrubbery, landscaping, permanently attached outdoor cooking equipment, and all other property owned by Seller and attached to the above described real property.
(b) Accessories: The following described related accessories, if any, window air conditioning units, fireplace screens, glass door, grate, tools and artificial logs, curtains and rods, blinds, window shades, draperies, valences
and rods, controls for entry gates, door keys, mailbox keys, swimming pool equipment and maintenance accessories and Items per MLS . (c) Exclusions: The following improvements and accessories will be retained by
Seller and excluded from this agreement:             
 Seller
further agrees to the following:                      
  

	 	B.	Contingencies 

 This
agreement is subject to the following terms and conditions: 
  

	 	1.	 Seller shall convey a marketable title in fee simple to Buyer or to any person designated by Buyer by general warranty deed and/or other fiduciary
deed, if required, with homestead and dower rights waived and released, free and clear of all liens and encumbrances whatsoever, except (a) any mortgage assumed or taken subject to by Buyer, (b) such restrictions, conditions easements
(however created), encroachments, and zoning ordinances, if any, as do not in Buyer’s 

	 	
opinion materially adversely affect the use or value of the property. If Seller is notified of a defect or objection to the title, Seller shall have 30 days to remove such defects or objections.
If Seller is unable to deliver clear title, this agreement may become, at Buyer’s option, null and void and all monies paid to Seller shall be returned immediately to Buyer as specified in paragraph H. 

 

	 	2.	Seller agrees to fully execute and return all documents requested by Buyer to complete the sale of the property. Seller agrees to provide all information necessary to
obtain clear title to the property as requested by Buyer, Buyer’s representative, title insurer and/or the closing agent or attorney. 

  

	 	3.	Buyer’s purchase of the property is subject to the satisfactory completion with documentation and re-inspection, if necessary, of any repairs requested by Buyer as
a result of inspections performed by Buyer and/or disclosures made by Seller. Buyer acknowledges that Seller may decline to make any or all of the requested repairs and may declare this agreement null and void in which case, Seller will return to
Buyer all monies delivered to Seller as a result of this agreement, as specified in paragraph H. 

  

	 	C.	Damages 

 Seller agrees to
keep the property insured and to bear the risk of any damage to the property until the Prorate Date (as defined below). Seller is responsible for canceling Seller’s homeowner insurance policy after the Prorate Date and obtaining any refunds
due. If any building or other improvements are destroyed or materially damaged between the date hereof and the closing and Seller is unable or unwilling to restore the Property to its previous condition prior to closing, Buyer shall have the option
of terminating this agreement and receiving back all monies paid to Seller in the manner specified in paragraph H, or accepting the property in its damaged condition and any insurance proceeds otherwise payable to Seller by reason of such damage
shall be applied to the balance of the purchase price or otherwise paid to Buyer. 
  

	 	D.	Closing and Possession 

  

	 	1.	The closing date of this sale is subject to notice of clear and insurable title, the receipt by Buyer or Buyer’s representative of all properly executed documents
needed to complete the sale as of record, the satisfactory completion of repairs and conditions requested by Buyer and the delivery of possession to the property to Buyer or Buyer’s representative, whichever is later.

  

	 	2.	The Closing and Possession date shall be referred to as the “Prorate Date”. Seller agrees to vacate and deliver possession on or before
TBD. 

  

	 	3.	Seller will be responsible until the Prorate Date for all repairs, mortgage payments, taxes, maintenance, utilities, insurance and all other operating costs of the
Property. Seller agrees to arrange with Buyer’s local representative to have essential utilities (fuel, water, electricity, etc.) maintained after the Prorate Date in the name of Buyer’s designated representative. 

 

	 	4.	Seller agrees to deliver the property (including all keys, garage door and gate openers, security codes, if any) to Buyer or Buyer’s representative in the same
physical condition as existed at the time of this agreement, ordinary wear and tear excepted, and with all appliances, heating, cooling, plumbing, pool and spa, electrical, well and sanitary/septic systems, and all other fixtures and systems, if
any, in good working order. Seller agrees to leave the property in broom clean condition with all trash and debris removed. 

  

	 	5.	Commencing upon the Prorate Date, Buyer will assume all benefits and burdens of ownership of the property. 

  
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	 	E.	Calculate and Payment of Seller’s Equity 

 1. Seller will be paid Seller’s full equity in the property, described as the purchase price less the following deductions (if applicable) calculated as of the Prorate Date: 

 

	 	•	 	 The unpaid balance of principal, interest, bank fees (late charges, pre-payment penalties, escrow shortages, etc.) due on all loans effecting the
property 

  

	 	•	 	 Taxes, prorated and apportioned in the manner customary in the area where the property is located, based upon the latest available tax bills or upon a
tax estimate if the property was assessed as unimproved or semi-improved land or is being reassessed 

  

	 	•	 	 Unpaid assessments or special assessments which have been levied or approved for levy 

 

	 	•	 	 Monetary liens and judgments 

  

	 	•	 	 Unpaid owner’s association dues, fees, maintenance, common and other charges 

 

	 	•	 	 Rent deposits or pre-paid rents 

  

	 	•	 	 Utility and fuel charges 

  

	 	•	 	 Other charges customarily apportioned in the area where the property is located or to which Seller has agreed to pay 

 

	 	•	 	 Estimated cost of any repairs or warranties agreed to by Seller 

 

	 	2.	If Sellers’s equity, computed with the adjustments above, is a negative amount, Buyer will send Seller a statement setting forth the amount of Seller’s
negative equity. This amount shall be paid by Seller within ten (10) days. Unless and until the negative equity amount is paid by Seller, Buyer shall have no obligation to purchase the property or to perform under this agreement.

  

	 	3.	Seller will receive Seller’s net equity, calculated as above, following the last to occur of: (a) Buyer or Buyer’s representative receiving all documents
and information required by Seller, (b) a satisfactory title report, (c) completion of all repairs agreed upon, (d) Seller’s vacating the property and (e) Seller’s satisfactory compliance with any other requirements of
Seller’s employer relating to the employer’s relocation program. 

  

	 	4.	Buyer computes Seller’s equity based upon information supplied by Seller and others. Any incorrect, estimated or presently unknown items may require a future
adjustment. Buyer will promptly notify Seller of any adjustments to be made, and Seller agrees to promptly reimburse Buyer any overpayments; similarly, Buyer shall promptly forward to Seller any amounts due Seller. 

 

	 	F.	Mortgages 

 Buyer will buy
Seller’s property subject to any disclosed existing mortgage(s) deducted from Seller’s equity. Buyer may pay off any or all of said mortgages or may continue to service Seller’s mortgage. After the Prorate Date, Buyer shall hold
Seller harmless from any balance due on such mortgages. Seller’s mortgage lender may be holding a deposit or escrow fund for real estate taxes, insurance or other items. If Buyer pays off the mortgage(s), Seller will be responsible for
obtaining a refund of any deposit or escrow funds held by the lender. If Buyer services the mortgage, Seller will be credited with the amount of funds held by the lender (as of the Prorate Date) which amount will be paid with Seller’s equity.
Seller hereby assigns any money for which Seller was given credit to the Buyer; if Seller receives any money which rightfully belongs to Buyer, Seller agrees to promptly return the funds to the Buyer. 

 

	 	G.	Representations and Warranties 

  
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 Seller represents, warrants, and guarantees the following to Buyer as of the date Seller
signs this contract and as of the Prorate Date: 
  

	 	•	 	 All appliances, air conditioning, heating, electrical and plumbing systems are in proper working order; the roof has not and does not leak; the
basement has not and does not flood or leak; there are no cracks in the foundation; there is no urea formaldehyde foam insulation, asbestos, radon gas, lead base paint, chlordane, toxic mold, or other hazardous or toxic or potentially hazardous or
toxic substance, material, chemical or gas in or about the property; the structures on the property, including wells and septic or sewer systems comply with applicable codes and work properly; there are not undisclosed underground storage tanks of
any kind; an adequate amount of water, safe and suitable for drinking is supplied to the property; and the property is free from infestation or damage from termites, dry rot, fungi, and other wood destroying pests and organisms.

  

	 	•	 	 Seller has disclosed to Buyer all information regarding the physical condition of the property of which Seller has knowledge.

  

	 	•	 	 Seller(s) is the only person(s) having any ownership interest in the property, and no other person(s) or entities have any ownership interest in or
claims to any proceeds of the sale of the property, whether legal, equitable, beneficial, contractual, or otherwise. 

  

	 	•	 	 Seller has disclosed all mortgages, liens, and other encumbrances affecting the property whether or not they are of record, including common walls,
fences, driveways, or other common areas or facilities shared with a neighbor(s), encroachments; easements; rights of way; covenants; restrictions; homeowner’s association agreements; judgments, etc. 

 

	 	•	 	 Seller has taken no action which would create an additional encumbrance of any kind against the property. 

 

	 	•	 	 The property and the equipment and fixtures therein do not violate any dwelling, zoning, building or other code or law of any city, county, state or
other governmental authority, and all zoning permits or variances, building permits, setback agreements, certificates of occupancy and other similar documents required for the property have been obtained. 

 

	 	•	 	 There are no actual or contemplated condemnation, urban renewal, eminent domain, abatement, citation, or other legal or equitable proceedings affecting
the property. 

  

	 	•	 	 Seller has not received notification from any lawful authority regarding any assessments, pending public improvements, repairs, replacements or
alterations to the property that have not been satisfactorily made. 

  

	 	•	 	 All labor and materials supplied to you, the Seller, in connection with any repairs, alterations, additions, or other work affecting the property have
been paid in full, and no mechanic’s lien or similar lien has been or can be filed against the Seller or the property. 

  

	 	•	 	 Any listing agreement the Seller has signed contains an exclusion clause that provides that no commission will be payable to any broker as a result of
the sale of the property to Buyer or Buyer’s nominee. 

  

	 	H.	Right to Terminate 

 This
agreement may be terminated by Buyer without recourse from Seller if any of the following occur: 
  

	 	•	 	 The property is not insurable at standard rates for normal hazards of fire and extended coverage. 

 

	 	•	 	 The title to the property is not acceptable to Buyer under paragraph B of this agreement, and/or mortgages and encumbrances on the property cannot be
prepaid in full without a penalty, or Seller declines to make repairs requested by Buyer, or to restore the property as specified in paragraph C. 

  
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	 	•	 	 Any of the warranties made by Seller hereunder are untrue or Seller fails to perform any obligation under this agreement or is in breach of any
provision set forth in this agreement. 

  

	 	•	 	 Buyer’s agreement with Seller’s employer as to the transaction contemplated by this agreement is no longer in effect or Seller’s
employer has directed Buyer not to close the purchase under this agreement. 

  

	 	•	 	 If this agreement is terminated, seller agrees to repay any money paid by Buyer to Seller in connection with this agreement for the property within
fifteen (15) days after written notice from Buyer. If the monies are not repaid within the 15-day time period, interest will be due at the highest rate permitted, and further, Seller shall pay all costs of collection, including reasonable
attorney fees and court costs. All payments made by Buyer under this agreement may be recorded as a lien against the property until all of Seller’s obligations under this agreement are satisfied. 

 

	 	I.	Miscellaneous 

 The
provisions of this agreement, unless they have been fully performed, shall survive the execution and delivery of any deed or other document to the Buyer, its representatives or its nominee and shall apply to and bind the Seller and Seller’s
heirs, executors, administrators and assigns and Buyer’s successors and assigns. This agreement can only be changed with a written document signed by Seller and Buyer. Failure of either party to insist upon strict performance of this agreement
at any given time will not act as a waiver of default. This agreement cannot be assigned by the Seller. This is not a third-party beneficiary contract, meaning that the Seller and the Buyer or Buyer’s nominee are the only parties who have any
enforceable rights in this agreement. 
 Seller acknowledges that Buyer intends to resell the property and in connection
therewith, Seller agrees that Seller will execute all documents that Buyer may reasonably request to effect the sale from Seller to Buyer and the resale by Buyer to a third party and that Seller will take such actions as may reasonably be requested
by Buyer to ensure the consummation of the resale by Buyer. 
 Buyer reserves the right to record any documents or instruments it
deems necessary to record, and Seller shall take such steps (including execution of documents) as may reasonably be required to allow or effect such recording. 
 Seller shall not record, or have recorded, any documents or instruments affecting the property without the written consent of the Buyer. 

Seller acknowledges that Buyer, Choice Relocation Management, is a licensed real estate broker in the State of Ohio. 

  
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 Choice Relocation Management 

 

									
	By	 		  	/s/ Jean Gura	  		  	
		 	  
	  	
		 		  		  	Date    6/12/13	  	
					
	Seller:	 		  	/s/ Paul Morrisroe	  		  	
		 	  

		 		  	Paul Morrisroe	  		  	Date    6/17/13
					
	Seller:	 		  	/s/ Elizabeth S. Morrisroe	  		  	
		 	  

		 		  	Elizabeth S. Morrisroe	  		  	Date    6/17/13

  
 Page 6 of 6EX-4.1

 Exhibit 4.1 
 EXHIBIT A 
 COMMON STOCK WARRANT 

REXAHN PHARMACEUTICALS, INC. 
  

			
	Warrant Shares:             	  	Initial Exercise Date: January 26, 2014

 THIS COMMON STOCK WARRANT (the “Warrant”) 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 January 26, 2014 (the “Initial Exercise Date”) and on or prior to the close of business on the five year anniversary of the date this Warrant is issued (the “Termination Date”) but not thereafter,
to subscribe for and purchase from Rexahn Pharmaceuticals, Inc., a Delaware corporation (the “Company”), up to              shares (as subject to adjustment
hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). 

Section 1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in
that certain Securities Purchase Agreement (the “Purchase Agreement”), dated July 23, 2013, among the Company and the purchasers signatory thereto 
 Section 2. Exercise. 
 a) Exercise of
Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other
office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise Form annexed hereto.
Within three (3) Trading Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a
United States bank unless the cashless exercise procedure specified in Section 2(c) below is available and 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 form be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder
has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date the final
Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant
Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of 

  
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Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within two (2) Business Days of receipt of such notice. The
Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for
purchase hereunder at any given time may be less than the amount stated on the face hereof. 
 b) Exercise
Price. The exercise price per share of the Common Stock under this Warrant shall be $0.59, subject to adjustment hereunder (the “Exercise Price”). 

c) Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering
the Warrant Shares, or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may only 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 the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where: 
  

	 	(A)    =    	the VWAP on the Trading Day immediately preceding the date on which Holder elects to exercise this Warrant by means of a “cashless exercise,” as set forth in
the applicable Notice of Exercise; 

  

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

  

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

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

  
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 d) Mechanics of Exercise. 

i. Delivery of Warrant Shares Upon Exercise. The Company shall use best efforts to cause the Warrant Shares
purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s prime broker with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if
the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) this Warrant is being exercised
via cashless exercise, and otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise by the date that is three (3) Trading Days after the latest of (x) the delivery to the Company of the Notice of
Exercise, (y) surrender of this Warrant (if required) and (z) payment of the aggregate Exercise Price as set forth above (including by cashless exercise, if permitted) (such date, the “Warrant Share Delivery Date”). The
Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised,
with payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares, having been paid. 

ii. Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall,
at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for
by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 
 iii.
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such
exercise. 
 iv. Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In
addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to an exercise on or before the Warrant 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 shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which
the Holder reasonably anticipated receiving upon such exercise pursuant to the terms hereof (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 shares of 

  
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Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the
exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares
for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery
obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock 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 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 shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof. 

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

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

e) Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder
shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together
with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For
purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such
determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates and
(ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the
limitation contained herein beneficially owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the
Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be
the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial
Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination and shall have no liability for exercises of the Warrant that are not in compliance with the Beneficial Ownership Limitation. 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, and the Company shall have no obligation to
verify or confirm the accuracy of such determination and shall have no liability for exercises of the Warrant that are not in compliance with the Beneficial Ownership Limitation. For purposes of this Section 2(e), in determining the number of
outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a
more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written request of the Holder, the

  
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Company shall within two (2) Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding as determined pursuant to clauses (A), (B) or
(C), as applicable, in the preceding sentence. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the
Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding
immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon not less than 61 days’ prior 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 Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon
exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any such increase or decrease will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented
in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or
to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. 

Section 3. Certain Adjustments. 

a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock
dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other security exchangeable or convertible into shares of Common Stock payable in shares of Common Stock (which, for avoidance of doubt, shall not
include any shares of Common Stock issued by the Company upon exercise of this Warrant without payment therefor), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of
reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock 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 shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock
outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant
to this Section 3(a) shall become effective immediately after the record date for the determination of 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. 

  
 6 

 b) [RESERVED] 

c) Subsequent Rights Offerings. In addition to any adjustments pursuant to the other subsections of this
Section 3, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (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 shares of
Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the
grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, 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 shares of Common Stock 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). 
 d) Pro Rata Distributions. During such time
as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including,
without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a
“Distribution”), at any time after the issuance of this Warrant, 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 shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the
date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided,
however, 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 shares of Common Stock 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). 
 e) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the
Company, 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 

  
 7 

 
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 Stock 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 Stock, (iv) the Company, directly or indirectly, in one or
more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash
or property, 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 or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or
other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any
subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder
(without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock 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 shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental
Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration
based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting
the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the
same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor
(the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements in
form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a
security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity)
equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this 

  
 8 

 
Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value
of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this
Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to,
and be substituted for, the Company (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor
Entity), and the Successor Entity may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had
been named as the Company herein. 
 f) 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 shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares
of Common Stock (excluding treasury shares, if any) issued and outstanding. 
 g) 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 mail to the Holder a notice setting forth the Exercise Price and number of Warrant Shares after such adjustment and setting forth a brief statement of the facts requiring such adjustment. 

ii. Notice to Allow Exercise by Holder. If during the term in which this Warrant may be exercised by the Holder
(A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company
shall authorize the granting to all holders of the Common Stock 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 Stock, any consolidation or merger to which the Company 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
Stock 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
mailed to the Holder at its last address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior 

  
 9 

 
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 Stock 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 Stock of record shall be entitled to exchange their shares of
the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof
shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided hereunder 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. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the
effective date of the event triggering such notice except as may otherwise be expressly set forth herein. 

Section 4. Transfer of Warrant. 

a) Transferability. Subject to compliance with applicable securities laws, this Warrant and all rights hereunder
(including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant
substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company
shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new
Warrant issued. 
 b) New Warrants. This Warrant may be divided or combined with other Warrants upon
presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with
Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such
notice. All Warrants issued on transfers or exchanges shall include reference to the initial issuance date set forth on the first page of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable
pursuant thereto and the Warrant number. 

  
 10 

 c) Warrant Register. The Company shall register this Warrant, upon
records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner
hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 
 Section 5. Miscellaneous. 
 a) No Rights as
Stockholder Until Exercise. This Warrant 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. 
 b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that
upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new
Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant 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 Warrant is outstanding, it will reserve from its
authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall
constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such
reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed.
The Company covenants that all Warrant Shares which may be issued 

  
 11 

 
upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance
herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue). 
 Except and to the extent as waived or consented to by the 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 Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights
of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately
prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and
(iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this
Warrant. 
 Before taking any action which would result in an adjustment in the number of Warrant Shares for
which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

 e) Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of
this Warrant shall be determined in accordance with the provisions of the Purchase Agreement. 
 f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal
securities laws. 
 g) No Net Cash Settlement. The Holder acknowledges that in the event the Warrant is
not exercisable for cash pursuant to Section 2 hereof, the Warrant Shares may not be settled with the Company for the cash value or in assets or otherwise. 
 h) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the
Holder’s rights, powers or remedies. Without limiting any 

  
 12 

 
other provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the
Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in
collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 
 i) Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the
Purchase Agreement. 
 j) Limitation of Liability. No provision hereof, in the absence of any affirmative
action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a
stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 

k) Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and
hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate. 
 l) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and
permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder
of Warrant Shares. 
 m) Amendment. This Warrant may be modified or amended or the provisions hereof
waived with the written consent of the Company and the Holder. 
 n) Severability. Wherever possible, each
provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant. 
 o) Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 

******************** 
 (Signature Page Follows) 

  
 13 

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

			
	REXAHN PHARMACEUTICALS, INC.
		
	By: 	 	 
		 	 Name:

		 	 Title:

  
 14 

 NOTICE OF EXERCISE 
 TO: REXAHN PHARMACEUTICALS, INC. 
 (1) The undersigned hereby elects to purchase
             Warrant Shares of the Company pursuant to the terms of the attached Warrant (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 Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum
number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c). 
 (3) Please
issue said Warrant Shares in the name of the undersigned or in such other name as is specified below: 
  

									
		  	 	  		  		  	

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

 

									
		  	 	  		  		  	
					
		  	 	  		  		  	
					
		  	 	  		  		  	

 [SIGNATURE OF HOLDER] 
  

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

 ASSIGNMENT FORM 

(To assign the foregoing Warrant, execute 
 this form and supply required information. 
 Do not use this form to exercise the
Warrant.) 
 FOR VALUE RECEIVED, [            ] all of or
[                ] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to 

                         
                                         
                                         
          whose address is 

                         
                                         
                                         
                                         
    . 
  
  

 

                         
                                         
                                         
 Dated:             ,          
  

									
		  	Holder’s Signature:	 	 	  		  	
					
		  	Holder’s Address:	 	 	  		  	
					
		  		 	 	  		  	

 Signature Guaranteed:
                                         
                                         
                                         
  
 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without
alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the
foregoing Warrant.

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