Document:

CONSULTING AGREEMENT

         This Consulting Agreement is entered into this 29th day of March, 2005
by and between Pay88, Ltd., a New Hampshire corporation (the "Company") and
First Line Capital, LLC, a New York limited liability company (the
"Consultant").

                                    RECITALS

         Whereas the Company is a developmental stage company which desires to
enter the business of wire transfers originating from the United States to
overseas, particularly to China;

         Whereas, in recognition of the potential for its services with adequate
development and operating capital, the Company wishes to take the steps
necessary to become a reporting company under Section 12g of the Securities Act
of 1934;

         Whereas, the Consultant provides consulting services to other companies
and desires to provide such services to Client;

         Whereas, the Company desires to retain the Consultant, and the
Consultant desires to provide consulting services to the Company, on the terms
and conditions contained herein.

                                    AGREEMENT

         Now, therefore, in consideration of the premises and of the mutual
promises and covenants herein contained, the parties hereto agree as follows:

                                    Article I
                                   Engagement

         The Company agrees to and does hereby engage the Consultant, and the
Consultant agrees to and does hereby accept engagement by the Company for period
commencing on the date hereof and ending on the earlier of (i) the termination
of this Agreement as provided below or (ii) the securities of the Company being
traded or listed on a securities exchange or otherwise. The period during which
Consultant shall serve in such capacity shall be deemed the "Engagement Period"
and shall hereinafter be referred to as such.

                                   Article II
                                    Services

         Section 2.1 The Consultant shall render to the Company the services
described below, with respect to which the Consultant shall apply its best
efforts and devote such

<PAGE>

time as shall be reasonably necessary to perform its duties hereunder and
advance the interests of the Company. The Consultant shall report directly to
the Chief Executive Officer of the Company and to such persons as the Chief
Executive Officer shall direct.

         Section 2.2 The services to be rendered by the Consultant to the
Company shall consist of (a) developing an in-depth familiarization with the
Company's business objectives and bring to its attention potential or actual
opportunities which meet those objectives or logical extensions thereof; (b)
advising the Company with respect to its corporate development including such
factors as position in competitive environment, financial performances vs.
competition, strategies, operational viability, etc.; (c) preparing a business
plan with respect to the Company and its business; (d) assisting in the
preparation of all necessary documentation in connection with the listing of the
Company on a national securities exchange, the Over the Counter Bulletin Board
or the Pink Sheets, as determined by the Company; and (e) any and all services
in connection with the foregoing.

         In connection with said services, the Company agrees to fully cooperate
with the Consultant in connection with providing all necessary information,
documentation and the time of the executive and management staff which shall be
required. This shall include, without limitation, providing audited financial
statements as required by the SEC and all due diligence material. The Company
agrees to fully cooperate with the Consultant.

         Section 2.3 The services to be rendered by the Consultant to the
Company shall under no circumstances include (a) any activities which could be
deemed by the SEC to constitute investment banking or any other activities
requiring the Consultant to register as a broker-dealer under the Securities
Exchange Act of 1934; (b) any activities which could be deemed by the SEC to be
in connection with the offer or sale of securities; or (c) any activities which
directly or indirectly promote or maintain a market for the Company's
securities.

                                   Article III
                                  Compensation

         Section 3.1 For the services and duties to be rendered and performed by
the Consultant during the Engagement Period and in consideration of the
Consultant's having entered into this Agreement, the Company agrees to pay to
the Consultant $120,000. Said sum shall be payable [simultaneous with the
execution and delivery of this Agreement]. The Company agrees that the Company
shall bear full responsibility for its own accounting, legal and any other fees
relating to the services provided by the Consultant.

<PAGE>

                                   Article IV
                                  Trade Secrets

         Consultant agrees that any trade secrets, material non-public
information or any other like information of value relating to the business of
the Company or any of its affiliates, including but not limited to, information
relating to pricing, potential transactions, processes, systems, methods,
formulae, patents, patent application, research activities and plans, contracts,
names of potential customers, which it will acquire during its engagement by the
Company or any of its affiliates or which it may hereafter acquire during the
Engagement Period as the result of any disclosures to it, or in any other way,
shall be regarded as held by the Consultant in a fiduciary capacity solely for
the benefit of the Company, its successors or assigns, and shall not at any
time, either during the term of this Agreement or thereafter, be disclosed,
divulged, furnished, or made accessible by the Consultant to anyone, or be
otherwise used by it or its employees or agents except in the course of business
of the Company. The covenants set forth herein shall survive the expiration of
the Engagement Period and termination of this Agreement and shall remain in full
force and effect regardless of the cause of such termination.

                                    Article V
                                   Assignment

         This Agreement may be assigned by the Company to an affiliate, provided
that any such affiliate shall expressly assume all obligations of the Company
under this Agreement. Consultant agrees that if this Agreement is so assigned,
all the terms and conditions of this Agreement shall be between assignee and
itself with the same force and effect as if said Agreement had been made with
such assignee in the first instance. This Agreement shall not be assigned by the
Consultant without the express written consent of the Company.

                                   Article VI
                                  Miscellaneous

         Section 6.1 Consultant is and shall at all times be an independent
contractor with respect to the services that it is rendering to Company pursuant
to this Agreement and Consultant shall at no times be an affiliate, employee,
agent, partner or representative of Company and Consultant shall not take any
action nor in any way hold itself out as such. At no time shall Consultant have
any authority or power to bind the Company or to act on behalf of the Company in
any manner, including without limitation, making any direct or indirect
representation or covenant by the Company to any third party.

         Section 6.2 This Agreement shall be governed by, and construed in
accordance with, the internal laws of the State of New York, without reference
to the choice of law principles thereof.

<PAGE>

         Section 6.3 Whenever possible, each provision of this Agreement shall
be interpreted in such manner as to be effective and valid under applicable law,
but if any provision is unenforceable or invalid under such law, such provision
shall be ineffective only to the extent of such unenforceability or invalidity,
and the remainder of such provision and the balance of this Agreement shall in
such event continue to be binding and in full force and effect.

         Section 6.4 This Agreement may be terminated by either party upon
30-days' prior written notice.

         Section 6.5 The parties agree that all prior negotiations, statements,
representations, warranties and agreements are superseded by this Agreement and
that the terms and conditions of this Agreement constitute the complete
agreement between them.

         Section 6.6 The individuals signed this Agreement represent to each
other that they have the authority to bind their respective corporations to the
terms and conditions of this Agreement. These individuals shall not, however,
incur personal liability by executing this Agreement and sign this Agreement
only in their representative capacities as authorized officers of the Consultant
and the Company, respectively.

         IN WITNESS WHEREOF, the parties hereto have executed the above
Agreement as of the day and year first above written:

PAY88, LTD.                                  FIRST LINE CAPITAL, LLC

By: /s/ Guo Fan                              By:   /s/ Daniel J. Hirsch
    -----------                                    --------------------
Name:  Guo Fan                               Name:  Daniel J. Hirsch
Title: President                             Title: PartnerUnassociated Document

    

      Exhibit
        4.2

      

      

      THE
        WARRANT REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON
        EXERCISE THEREOF HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED
        UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY APPLICABLE STATE SECURITIES
        LAW. SUCH SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED
        OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS AN
        EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE THEREFOR.

      

      

      ZIOPHARM,
        INC.

      

      

      

      Warrant
        for the Purchase of Shares of

      Series
        A Convertible Preferred Stock

      

        
          	
                  No.
                    [                  
                    ]

                	
                  [                  
                    ]
                    Shares

                	
                  Date:
                    [                               
                    ], 2005

                

        

      

      

      FOR
        VALUE
        RECEIVED, ZIOPHARM, INC., a Delaware corporation (the "Company"),
        hereby certifies that PARAMOUNT
        BIOCAPITAL, INC.,
        its
        designees or its permitted assigns is entitled to purchase from the Company,
        in
        whole or in part, at any time or from time to time commencing on the date
        hereof
        and prior to 5:00 P.M., New York City time, on the Expiration Date (as defined
        below),
        for
        an
        aggregate purchase price of $[________________]
        (computed
        on the basis of $2.38 per share) (the
        “Aggregate
        Warrant Price”), (a)
        [______] ([___])
        fully
        paid and non-assessable shares (subject to adjustment pursuant to the provisions
        hereof, the “Warrant
        Shares”)
        of the
        Series A Convertible Preferred Stock, $0.001 par value per share, $2.16
        stated
        value per share, of the Company (together with any other equity securities
        which
        may be issued by the Company with respect thereto (other than upon conversion
        thereof) or in substitution therefor, the “Preferred
        Stock”)
        or (b)
        if all outstanding shares of Preferred Stock have been converted into Common
        Stock, $0.001 par value, of the Company (the “Common
        Stock”),
        the
        number of shares of Common Stock into which the Warrant Shares receivable
        upon
        the exercise of this Warrant are convertible (subject to adjustment pursuant
        to
        the provisions hereof, the “Conversion
        Shares”).
        Hereinafter, (i) the price payable (initially $2.38 per share, subject to
        adjustment) for each of the Warrant Shares or the Conversion Shares, as the
        case
        may be, hereunder is referred to as the “Per
        Share Warrant Price”;
        (ii)
        this Warrant, all similar Warrants issued on the date hereof and all warrants
        hereafter issued in exchange or substitution for this Warrant or such similar
        Warrants are referred to as the “Warrants”;
        (iii)
        the “Expiration
        Date”
        shall
        be the date that is seven (7) years from the date hereof, (iv) the holder
        of
        this Warrant is referred to as the “Holder”
        and the
        holder(s) of this Warrant and all other Warrants, Warrant Shares and Conversion
        Shares are referred to as the “Holders”
        and
        Holders of more than fifty percent (50%) of the outstanding Warrants, Warrant
        Shares and Conversion Shares are referred to as the “Majority
        of the Holders”;
        and
        (v) the then Current Market Price per share (the “Current
        Market Price”)
        as of
        any date shall be deemed to be the last sale price of the Common Stock on
        the
        trading day prior to such date or, in case no such reported sales take place
        on
        such day, the average of the last reported bid and asked prices of the Common
        Stock on such day, in either case on the principal national securities exchange
        on which the Common Stock is admitted to trading or listed, or if not listed
        or
        admitted to trading on any such exchange, the representative closing bid
        price
        of the Common Stock as reported by the National Association of Securities
        Dealers, Inc., Automated Quotations System (“NASDAQ”),
        or
        other similar organization if NASDAQ is no longer reporting such information,
        or, if the Common Stock is not reported on NASDAQ, the high per share bid
        price
        for the Common Stock in the over-the-counter market as reported by the National
        Quotation Bureau or similar organization, or if not so available, the fair
        market value of the Common Stock as determined by agreement between the then
        current Majority of the Holders and the Company’s Board of Directors. The then
“Current Market
        Price Per Share of Preferred Stock”
        shall
        equal the then Current Market Price multiplied by the Conversion Rate (as
        such
        term is defined and used in the Certificate
        of Designations of the Preferred Stock)
        then in
        effect with respect to the Preferred Stock. 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      The
        Aggregate Warrant Price is not subject to adjustment. The Per Share Warrant
        Price is subject to adjustment as hereinafter provided; in the event of any
        such
        adjustment, the number of Warrant Shares or Conversion Shares, as the case
        may
        be, deliverable upon exercise of this Warrant shall be adjusted by dividing
        the
        Aggregate Warrant Price by the Per Share Warrant Price in effect immediately
        after such adjustment.

      
         

      

      1. Exercise
        of Warrant.
        

      

      (a) This
        Warrant may be exercised, in whole at any time or in part from time to time,
        commencing on the date hereof and prior to 5:00 P.M., New York City time,
        on the
        Expiration Date by the Holder:

      

      (i) by
        the
        surrender of this Warrant (with the subscription form at the end hereof duly
        executed) at the address set forth in Section 9(a) hereof, together with
        proper
        payment of the Aggregate Warrant Price, or the proportionate part thereof
        if
        this Warrant is exercised in part, with payment for Warrant Shares or Conversion
        Shares, as the case may be, made by certified or official bank check payable
        to
        the order of the Company or by wire transfer of immediately available funds;
        or

      

      (ii) by
        the
        surrender of this Warrant (with the cashless exercise form at the end hereof
        duly executed) (a "Cashless
        Exercise")
        at the
        address set forth in Section 9(a) hereof. Such presentation and surrender
        shall
        be deemed a waiver of the Holder's obligation to pay the Aggregate Warrant
        Price, or the proportionate part thereof if this Warrant is exercised in
        part.
        In the event of a Cashless Exercise, the Holder shall exchange its Warrant
        for
        that number of Warrant Shares or Conversion Shares, as the case may be, subject
        to such Cashless Exercise multiplied by a fraction, the numerator of which
        shall
        be the difference between the then Current Market Price Per Share of Preferred
        Stock (or the Common Stock into which the Preferred Stock is convertible)
        and
        the Per Share Warrant Price, and the denominator of which shall be the then
        Current Market Price Per Share of Preferred Stock (or the Common Stock into
        which the Preferred Stock is convertible). For purposes of any computation
        under
        this Section 1(a), the then Current Market Price shall be based on the trading
        day prior to the Cashless Exercise.

      

      (b) If
        this
        Warrant is exercised in part, this Warrant must be exercised for a number
        of
        whole shares of the Preferred Stock (or the Common Stock following conversion
        of
        all the Preferred Stock), and the Holder shall be entitled to receive a new
        Warrant covering the Warrant Shares or Conversion Shares, as the case may
        be,
        which have not been exercised and setting forth the proportionate part of
        the
        Aggregate Warrant Price applicable to such Warrant Shares or Conversion Shares,
        as the case may be. Upon surrender of this Warrant, the Company will (i)
        issue a
        certificate or certificates in the name of the Holder for the largest number
        of
        whole shares of the Preferred Stock (or the Common Stock following conversion
        of
        all the Preferred Stock) to which the Holder shall be entitled and, if this
        Warrant is exercised in whole, in lieu of any fractional share of the Preferred
        Stock (or the Common Stock following conversion of all the Preferred Stock)
        to
        which the Holder shall be entitled, pay to the Holder cash in an amount equal
        to
        the fair value of such fractional share (determined in such reasonable manner
        as
        the Board of Directors of the Company shall determine), and (ii) deliver
        the
        other securities and properties receivable upon the exercise of this Warrant,
        or
        the proportionate part thereof if this Warrant is exercised in part, pursuant
        to
        the provisions of this Warrant.

      

      (c) If
        this
        Warrant is exercised on or after the date on which all shares of Preferred
        Stock
        have been converted into shares of Common Stock (the “Conversion
        Date”),
        then
        this Warrant shall be exercisable only for Conversion Shares at the then
        applicable Per Share Warrant Price (including any adjustment pursuant to
        Section
        3 below).

      

      (d) The
        Company shall mail notice to Holders not less than thirty (30) days prior
        to the
        occurrence of the Expiration Date, unless such a notice has previously been
        given to the holders pursuant to any other provisions hereof.

      

      2. Reservation
        of Warrant Shares and Conversion Shares; Listing.
        The
        Company agrees that from the date hereof until the expiration of this Warrant,
        the Company shall at all times (a) have authorized and in reserve, and shall
        keep available, solely for issuance and delivery upon the exercise of this
        Warrant, the shares of the Preferred Stock and other securities and properties
        as from time to time shall be receivable upon the exercise of this Warrant,
        free
        and clear of all restrictions on sale or transfer, other than under Federal
        or
        state securities laws, and free and clear of all preemptive rights and rights
        of
        first refusal; (b) have authorized and in reserve, and shall keep available,
        solely for issuance or delivery upon conversion of the Warrant Shares or
        the
        exercise of this Warrant for Conversion Shares, the shares of Common Stock
        and
        other securities and properties as from time to time shall be receivable
        upon
        such conversion, free and clear of all restrictions on sale or transfer,
        other
        than under Federal or state securities laws, and free and clear of all
        preemptive rights and rights of first refusal; and (c) if the Company hereafter
        lists its Common Stock on any national securities exchange, use its best
        efforts
        to keep the Conversion Shares authorized for listing on such exchange upon
        notice of issuance.

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      

      3. Protection
        Against Dilution.
        

      

      (a) In
        case
        the Company shall distribute (other than a distribution in liquidation of
        the
        Company) to all or substantially all holders of its Preferred Stock, without
        any
        charge to such holders, evidences of its indebtedness or assets (excluding
        cash
        dividends or distributions out of earnings) or rights, options, warrants
        or
        convertible securities containing the right to subscribe for or purchase
        Preferred Stock (excluding those referred to in Section 3(c)), then in each
        case
        the Company shall simultaneously distribute such evidences of its indebtedness
        or assets or such rights, options, warrants or convertible securities pro
        rata
        to the Holders of Warrants on the record date or date of effectiveness, as
        the
        case may be, fixed for determining the holders of Preferred Stock entitled
        to
        participate in such distribution in an amount equal to the amount that such
        Holders would have been entitled to receive had their Warrants been exercised
        for Warrant Shares immediately prior to the time for determination of the
        holders of Preferred Stock entitled to participate in such
        distribution.

      

      (b) In
        case
        the Company shall hereafter (i) pay a dividend or make a distribution on
        its
        capital stock in shares of Preferred Stock, (ii) subdivide its outstanding
        shares of Preferred Stock into a greater number of shares, (iii) combine
        its
        outstanding shares of Preferred Stock into a smaller number of shares or
        (iv)
        issue by reclassification of its Preferred Stock any shares of capital stock
        of
        the Company (other than the Conversion Shares), the Per Share Warrant Price
        shall be adjusted to be equal to a fraction, the numerator of which shall
        be the
        Aggregate Warrant Price and the denominator of which shall be the number
        of
        shares of Preferred Stock or other capital stock of the Company which the
        Holder
        would have owned immediately following such action had such Warrants been
        exercised for Warrant Shares immediately prior thereto. An adjustment made
        pursuant to this Section 3(b) shall become effective immediately after the
        record date in the case of a dividend, or distribution, and shall become
        effective immediately after the effective date in the case of a subdivision,
        combination or reclassification.

      

      (c) In
        the
        event that following the conversion of all shares of Preferred Stock (other
        than
        shares of Preferred Stock issuable upon the exercise of Warrants) into shares
        of
        Common Stock, the Company shall sell
        or
        grant any Common Stock, any evidences of indebtedness, shares or other
        securities directly or indirectly convertible into or exchangeable for Common
        Stock, any rights, options or warrants to purchase or otherwise acquire Common
        Stock or any other securities directly or indirectly convertible into or
        exchangeable for Common Stock, in each case for a price per share or entitling
        the holders thereof to purchase Preferred Stock at a price per share
(determined
        by dividing (i) the total amount, if any, received or receivable by the Company
        in consideration of the issuance or sale of such securities plus the total
        consideration, if any, payable to the Company upon exercise or conversion
        thereof (the "Total
        Consideration")
        by
        (ii) the number of additional shares of Common Stock issuable upon exercise
        or
        conversion of such securities) which is less than the Per Share Warrant Price
        in
        effect on the date of such issuance or sale, then the Per Share Warrant Price
        shall be adjusted as of the date of such issuance or sale by multiplying
        the Per
        Share Warrant Price then in effect by a fraction, the numerator of which
        shall
        be (x) the sum of (A) the number of shares of Common Stock outstanding, on
        a
        fully diluted basis, on the record date of such issuance or sale plus (B)
        the
        Total Consideration divided by the current Per Share Warrant Price, and the
        denominator of which shall be (y) the number of shares of Common Stock
        outstanding, on a fully diluted basis, on the record date of such issuance
        or
        sale plus the maximum number of additional shares of Common Stock issued,
        sold
        or issuable upon exercise or conversion of such securities. Notwithstanding
        the
        foregoing, no adjustment in the Per Share Warrant Price shall be required
        under
        this Section 3(c) in the case of the issuance by the Company of Common Stock
        pursuant to (i) the exercise of any Warrant; (ii) the exercise of any stock
        options or warrants currently outstanding; (iii)
        the
        exercise of options and other stock rights granted pursuant to an employee
        stock
        option plan approved by the Company’s Board of Directors; and (iv) a stock
        split, reverse stock split or other recapitalization of the Company for which
        anti-dilution protection is provided elsewhere in this Section
        3.

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

      (d) In
        case
        of any capital reorganization or reclassification, or any consolidation or
        merger to which the Company is a party other than a merger or consolidation
        in
        which the Company is the continuing corporation, or in case of any sale or
        conveyance to another entity of the property of the Company as an entirety
        or
        substantially as a entirety, or in the case of any statutory exchange of
        securities with another corporation (including any exchange effected in
        connection with a merger of another corporation or other entity into the
        Company), the Holder of this Warrant shall have the right thereafter to receive
        on the exercise of this Warrant the kind and amount of securities, cash or
        other
        property which the Holder would have owned or have been entitled to receive
        immediately after such reorganization, reclassification, consolidation, merger,
        statutory exchange, sale or conveyance had this Warrant been exercised
        immediately prior to the effective date of such reorganization,
        reclassification, consolidation, merger, statutory exchange, sale or conveyance
        and in any such case, if necessary, appropriate adjustment shall be made
        in the
        application of the provisions set forth in this Section 3 with respect to
        the
        rights and interests thereafter of the Holder of this Warrant to the end
        that
        the provisions set forth in this Section 3 shall thereafter correspondingly
        be
        made applicable, as nearly as may reasonably be, in relation to any shares
        of
        stock or other securities or property thereafter deliverable on the exercise
        of
        this Warrant. The above provisions of this Section 3(d) shall similarly apply
        to
        successive reorganizations, reclassifications, consolidations, mergers,
        statutory exchanges, sales or conveyances. The Company shall require the
        issuer
        of any shares of stock or other securities or property thereafter deliverable
        on
        the exercise of this Warrant to be responsible for all of the agreements
        and
        obligations of the Company hereunder. Notice of any such reorganization,
        reclassification, consolidation, merger, statutory exchange, sale or conveyance
        and of said provisions so proposed to be made, shall be mailed to the Holders
        of
        the Warrants not less than thirty (30) days prior to such event. A sale of
        all
        or substantially all of the assets of the Company for a consideration consisting
        primarily of securities shall be deemed a consolidation or merger for the
        foregoing purposes. 

      

      (e) The
        Company will not, by amendment of its certificate of incorporation or through
        reorganization, consolidation, merger, dissolution, sale of assets 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 action as may
        be
        necessary or appropriate in order to protect the rights of the Holders against
        dilution or other impairment. In case there is a dispute between the Majority
        of
        the Holders and the Company as to application of this Section 3, or as to
        protection of the rights of the Holders against dilution, then, in such case,
        the Majority of the Holders may appoint a firm of independent public accountants
        of recognized national standing reasonably acceptable to the Company, which
        shall give their opinion as to the adjustment, if any, on a basis consistent
        with the essential intent and principles established herein, necessary to
        preserve the purchase rights represented by the Warrants. Upon receipt of
        such
        opinion, the Company will promptly mail a copy thereof to the Holder of this
        Warrant and shall make the adjustments described therein. The fees and expenses
        of such independent public accountants shall be borne by the
        Company.

      

      (f) No
        adjustment in the Per Share Warrant Price shall be required unless such
        adjustment would require an increase or decrease of at least $0.01 per Warrant
        Share; provided, however, that any adjustments which by reason of this Section
        3(f) are not required to be made shall be carried forward and taken into
        account
        in any subsequent adjustment; provided, further, however, that adjustments
        shall
        be required and made in accordance with the provisions of this Section 3
        (other
        than this Section 3(f)) not later than such time as may be required in order
        to
        preserve the tax-free nature of a distribution to the Holder of this Warrant
        or
        the Warrant Shares or Conversion Shares issuable upon the exercise hereof.
        All
        calculations under this Section 3 shall be made to the nearest cent or to
        the
        nearest 1/100th of a share, as the case may be. Anything in this Section
        3 to
        the contrary notwithstanding, the Company shall be entitled to make such
        reductions in the Per Share Warrant Price, in addition to those required
        by this
        Section 3, as it in its discretion shall deem to be advisable in order that
        any
        stock dividend, subdivision of shares or distribution of rights to purchase
        stock or securities convertible or exchangeable for stock hereafter made
        by the
        Company to its stockholders shall not be taxable.

      

      (g) Whenever
        the Per Share Warrant Price is adjusted as provided in this Section 3 and
        upon
        any modification of the rights of a Holder of Warrants in accordance with
        this
        Section 3, the Company shall promptly prepare a brief statement of the facts
        requiring such adjustment or modification and the manner of computing the
        same
        and cause copies of such certificate to be mailed to the Holders of the
        Warrants. The Company may, but shall not be obligated to unless requested
        by a
        Majority of the Holders, obtain, at its expense, a certificate of a firm
        of
        independent public accountants of recognized standing selected by the Company’s
        Board of Directors (who may be the regular auditors of the Company) setting
        forth the Per Share Warrant Price and the number of Warrant Shares or Conversion
        Shares, as the case may be, after such adjustment or the effect of such
        modification, a brief statement of the facts requiring such adjustment or
        modification and the manner of computing the same and cause copies of such
        certificate to be mailed to the Holders of the Warrants.

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      

      (h) If
        the
        Board of Directors of the Company shall declare any dividend or other
        distribution with respect to the Preferred Stock or Common Stock other than
        a
        cash distribution out of earned surplus, the Company shall mail notice thereof
        to the Holders of the Warrants not less than ten days prior to the record
        date
        fixed for determining stockholders entitled to participate in such dividend
        or
        other distribution. 

      

      (i) If,
        as a
        result of an adjustment made pursuant to this Section 3, the Holder of any
        Warrant thereafter surrendered for exercise shall become entitled to receive
        shares of two or more classes of capital stock or shares of Preferred Stock
        and
        other capital stock of the Company, the Company’s Board of Directors (whose
        determination shall be conclusive and shall be described in a written notice
        to
        the Holder of any Warrant promptly after such adjustment) shall determine
        in
        good faith
        the
        allocation of the adjusted Per Share Warrant Price between or among shares
        or
        such classes of capital stock or shares of Preferred Stock and other capital
        stock.

       

      (j) Notwithstanding
        the foregoing or anything to the contrary in this Warrant, upon issuance
        of the
        Warrant Shares pursuant to the terms of this Warrant, each such share of
        Preferred Stock shall have the same Conversion
        Price (as defined in the Certificate of Designations of the Preferred Stock)
        and
        be convertible into the same number of shares of Common Stock which would
        have
        been applicable if the Warrant Shares had been issued on the original issue
        date
        of this Warrant and had been subject since such date to the adjustment
        provisions of Section 4(e) of the Certificate of Designations of the Preferred
        Stock. This
        provision is intended to protect the rights of the Holders against dilution
        or
        other impairment and shall not be construed, by itself or in combination
        with
        any other provision of this Section 3, so as to result in "double dipping"
        by
        the Holder or any other inequitable adjustment.

      

      (k) Notwithstanding
        the foregoing or anything to the contrary in this Warrant, for
        purposes of the anti-dilution protection contained in this Section 3, at
        all
        times following the conversion of all shares of Preferred Stock (other than
        shares of Preferred Stock issuable upon the exercise of Warrants) into shares
        of
        Common Stock, the term Preferred Stock shall be read to be Common Stock,
        context
        permitting, so that the anti-dilution provisions of this Section 3 will continue
        to protect the purchase rights represented by this Warrant after the conversion
        of all the Preferred Stock into the Common Stock (other than Preferred Stock
        issuable upon the exercise of Warrants) in accordance with the essential
        intent
        and principles of this Section 3 (it being understood that prior to such
        conversion, the anti-dilution provisions of
        the Certificate of Designations of
        the
        Preferred Stock shall protect the Holder from dilution, as contemplated by
        Section 3(j) hereof). This provision is intended to protect the rights of
        the
        Holders against dilution or other impairment and shall not be construed,
        by
        itself or in combination with any other provision of this Section 3, so as
        to
        result in "double dipping" by the Holder or any other inequitable
        adjustment.

      

      (l) Upon
        the
        expiration of any rights, options, warrants or conversion privileges, if
        such
        shall not have been exercised, the Per Share Warrant Price, to the extent
        this
        Warrant has not then been exercised, shall, upon such expiration, be readjusted
        to such amount as would have obtained had the adjustment made upon the granting
        or issuance of such rights, options, warrants or conversion privileges been
        made
        based upon the issuance of only the number of shares of Preferred Stock actually
        issued on exercise of such rights, options, warrants or conversion privileges;
        provided, however, that no such readjustment shall have the effect of increasing
        the Per Share Warrant Price by an amount in excess of the amount of the
        adjustment initially made in respect of the issuance, sale or grant of such
        rights, options, warrants or conversion privileges.

       

      4. Fully
        Paid Stock; Taxes.
        The
        Company agrees that the shares of the Preferred Stock represented by each
        and
        every certificate for Warrant Shares delivered on the exercise of this Warrant
        and the shares of Common Stock delivered upon the conversion of the Warrant
        Shares or the exercise of this Warrant following the conversion of all shares
        of
        Preferred Stock into Common Stock, shall at the time of such delivery, be
        duly
        and validly issued and outstanding, fully paid and nonassessable, and not
        subject to preemptive rights or rights of first refusal, and the Company
        will
        take all such actions as may be necessary to assure that the par value, if
        any,
        per share of the Preferred Stock and the Common Stock is at all times equal
        to
        or less than the then Per Share Warrant Price. The Company further covenants
        and
        agrees that it will pay, when due and payable, any and all Federal and state
        stamp, original issue or similar taxes which may be payable in respect of
        the
        issue of any Warrant Share, Conversion Share or any certificate thereof to
        the
        extent required because of the issuance by the Company of such security;
        provided, however, that if Warrant Shares or Conversion Shares are to be
        delivered in a name other than the Holder, no such delivery shall be made
        unless
        the person requesting the same has paid to the Company the amount of transfer
        taxes or charges incident thereto, if any.

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      

      5. Registration
        Under Securities Act of 1933.
        The
        Holder shall have the right to participate in the registration rights granted
        to
        purchasers of Preferred Stock pursuant to Article V of the Subscription
        Agreement (the “Subscription
        Agreement”)
        entered into between each such purchaser and the Company in connection with
        the
        issuance and sale of the Preferred Stock on or about the date hereof, to
        the
        same extent as if the Holder were a party thereto. The Company shall have
        the
        same obligations to the Holder as it has under Article V of the Subscription
        Agreement to the “Subscribers” and the “Holders” thereunder, and the Holder
        shall be entitled to enforce such obligations against the Company as if the
        Holder were a party thereto. By acceptance of this Warrant, the Holder agrees
        to
        comply with the provisions in Article V of the Subscription Agreement to
        the
        same extent as if it were a party thereto.

        

      6. Investment
        Intent; Limited Transferability. 

      

      (a)
        The
        Holder represents, by accepting this Warrant, that it is an “accredited
        investor” as that term is defined in Rule 501 promulgated under the Act and
        understands that this Warrant and any securities issuable upon exercise of
        this
        Warrant have not been registered for sale under Federal or state securities
        laws
        or “Blue Sky” laws and are being offered and sold to the Holder pursuant to one
        or more exemptions from the registration requirements of such securities
        laws.
        The Holder further represents to the Company that it is acquiring this Warrant
        and will acquire any securities issuable upon exercise of this Warrant for
        its
        own account for investment and not with a view to, or for sale in connection
        with, any distribution thereof in violation of the Act, and agrees that this
        Warrant and any such securities will not be sold or otherwise transferred
        unless
        (i) a registration statement with respect to such transfer is effective under
        the Act and any applicable state securities laws or “Blue Sky” laws or (ii) such
        sale or transfer is made pursuant to one or more exemptions from the Act
        and
        under any state securities laws or “Blue Sky” laws.

      

      (b)
        This
        Warrant and all rights hereunder are transferable, in whole or in part, upon
        (i)
        notice to the Company, (ii) surrender of the Warrant to the Company with
        a
        properly executed assignment (in the form attached at the end hereof) at
        the
        address set forth in Section 9(a) hereof, and (iii) upon delivery to the
        Company
        at such address of an executed agreement by which the transferee of the Warrant
        agrees to be bound by all of the terms and conditions of this Warrant. The
        Company will maintain a register containing the names and addresses of the
        registered Holder of this Warrant. Any registered Holder may change such
        registered holder's address as shown on the warrant register by written notice
        to the Company requesting such change. The Company may treat the registered
        Holder of this Warrant as he or it appears on the warrant register at any
        time
        as the Holder for all purposes. The Company shall permit any Holder of a
        Warrant
        or his duly authorized attorney, upon written request during ordinary business
        hours, to inspect and copy or make extracts from its books showing the
        registered holders of Warrants. All Warrants issued upon the transfer or
        assignment of this Warrant will be dated the same date as this Warrant, and
        all
        rights of the holder thereof shall be identical to those of the
        Holder.

      

      7. Loss,
        etc., of Warrant.
        Upon
        receipt of evidence satisfactory to the Company of the loss, theft, destruction
        or mutilation of this Warrant, and of indemnity reasonably satisfactory to
        the
        Company, if lost, stolen or destroyed, and upon surrender and cancellation
        of
        this Warrant, if mutilated, the Company shall execute and deliver to the
        Holder
        a new Warrant of like date, tenor and denomination.

      

      8. Warrant
        Holder Not Stockholder.
        This
        Warrant does not confer upon the Holder any right to vote or to consent to
        or
        receive notice as a stockholder of the Company, as such, in respect of any
        matters whatsoever, or any other rights or liabilities as a stockholder,
        prior
        to the exercise hereof; this Warrant does, however, require certain notices
        to
        Holders as set forth herein.

      

      9. Communication.
        All
        notices under this Warrant shall be in writing and shall be deemed to have
        been
        given if one day after deposit with a nationally recognized overnight delivery
        carrier or three days after mailing by U.S. certified or registered mail,
        return
        receipt requested, postage prepaid, addressed to:

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      

      (a) the
        Company at 197 Eighth Street, Suite 300, Charlestown, MA 02129, or such other
        address as the Company has designated in writing to the Holder, or

      

      (b) the
        Holder at c/o Paramount BioCapital, Inc., 787 Seventh Avenue, 48th
        Floor,
        New York, NY 10019 or other such address as the Holder has designated in
        writing
        to the Company.

      

      10. Headings.
        The
        headings of this Warrant have been inserted as a matter of convenience and
        shall
        not affect the construction hereof.

      

      11. Applicable
        Law.
        This
        Warrant shall be governed by and construed in accordance with the law of
        the
        State of Delaware without giving effect to the principles of conflicts of
        law
        thereof.

      

      12. Recovery
        of Litigation Costs.
        If any
        legal action or other proceeding is brought for the enforcement of this Warrant,
        or because of an alleged dispute, breach, default, or misrepresentation in
        connection with any of the provisions of this Warrant, the successful or
        prevailing party or parties shall be entitled to recover reasonable attorneys'
        fees and other costs incurred in that action or proceeding, in addition to
        any
        other relief to which it or they may be entitled.

      

      13. Amendment,
        Waiver, etc.
        Except
        as expressly provided herein, neither this Warrant nor any term hereof may
        be
        amended, waived, discharged or terminated other than by a written instrument
        signed by the party against whom enforcement of any such amendment, waiver,
        discharge or termination is sought; provided, however, that notwithstanding
        the
        foregoing any provisions hereof may be amended, waived, discharged or terminated
        upon the written consent of the Company and the then current Majority of
        the
        Holders of the Warrants.

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF, the Company has caused this Warrant to be signed by its
        President and attested to by its Secretary this
        [       ] day
        of
        [______], 2005.

      

      
        
          	 	 	 
	 	ZIOPHARM,
                  INC. 
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
                  
Name:
                  Dr. Jonathan Lewis
	 	Title:
                  Chief Executive Officer

        

       

      
        	 ATTEST:	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 By:	 	 	 	 
	Name:
                Richard Bagley
Title: President	 	 	 
	 	
                 

              	 	 	 

      

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      SUBSCRIPTION

      

      The
        undersigned, ___________________, pursuant to the provisions of the foregoing
        Warrant, hereby agrees to subscribe for and purchase ____________________
        shares
        of the Preferred Stock, par value $0.001 per share, stated value $ per share,
        of
        Ziopharm, Inc., covered by said Warrant, and makes payment therefor in full
        at
        the price per share provided by said Warrant. 

      

      
        	 	 	 	 	 
	
                Dated:
                  

              	 	 	
                Signature:

              	 
	 	 	 	 	 
	 	 	 	
                Address: 

              	 
	 	 	 	 	 
	 	 	 	 	 

      

       

      CASHLESS
        EXERCISE

      

      The
        undersigned ___________________, pursuant to the provisions of the foregoing
        Warrant, hereby elects to exchange its Warrant for ___________________ shares
        of
        Preferred Stock, par value $0.001 per share, stated value $ per share, of
        Ziopharm, Inc., pursuant to the Cashless Exercise provisions of the
        Warrant.

      
        

        
          	 	 	 	 	 
	
                  Dated:
                    

                	 	 	
                  Signature:

                	 
	 	 	 	 	 
	 	 	 	
                  Address: 

                	 
	 	 	 	 	 
	 	 	 	 	 

        

        
ASSIGNMENT

      

      

      FOR
        VALUE
        RECEIVED _______________ hereby sells, assigns and transfers unto
        ____________________ the foregoing Warrant and all rights evidenced thereby,
        and
        does irrevocably constitute and appoint _____________________, attorney,
        to
        transfer said Warrant on the books of Ziopharm, Inc.

      
        

        
          	 	 	 	 	 
	
                  Dated:
                    

                	 	 	
                  Signature:

                	 
	 	 	 	 	 
	 	 	 	
                  Address: 

                	 
	 	 	 	 	 
	 	 	 	 	 

        

        
        

      

      PARTIAL
        ASSIGNMENT

      

      FOR
        VALUE
        RECEIVED _______________ hereby assigns and transfers unto ____________________
        the right to purchase _______ shares of the Preferred Stock, par value $0.001
        per share, stated value $ per share, of Ziopharm, Inc., covered by the foregoing
        Warrant, and a proportionate part of said Warrant and the rights evidenced
        thereby, and does irrevocably constitute and appoint ____________________,
        attorney, to transfer that part of said Warrant on the books of Ziopharm,
        Inc.

         

      
        
          	 	 	 	 	 
	
                  Dated:
                    

                	 	 	
                  Signature:

                	 
	 	 	 	 	 
	 	 	 	
                  Address: 

                	 
	 	 	 	 	 
	 	 	 	 	 

        

         

        
 

        
          
            
            

          

          
            9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]