Document:

Blueprint

 

Exhibit 10.1

 

November
10, 2015

 

Teri W.
Hunt

3107
Village Creek Road

Decatur,
AL 35603

 

Dear
Ms. Hunt:

 

The
purpose of this letter is to confirm your continuing employment
with Lakeland Industries, Inc. on the following terms and
conditions:

 

1.         THE PARTIES

 

This is
an Agreement between Teri W. Hunt, residing at 3107 Village Creek
Road Decatur, AL 35603 (hereinafter referred to as
“you”), and Lakeland Industries, Inc., a Delaware
corporation, with a principal place of business located at 3555
Veterans Memorial Hwy, Suite C, Ronkonkoma, NY  11779-7410
(hereinafter the “Company”).

 

2.         TERM

 

The
term of the Agreement shall be for a three-year period, from
November 10, 2015 through and including November 9,
2018.

 

3.         CAPACITY

 

You
shall be employed in the capacity of Chief Financial Officer for
Lakeland Industries, Inc. or such other position or positions as
may be determined from time to time by the Company.

 

You
agree to devote your full time and attention and best efforts to
the faithful and diligent performance of your duties to the Company
and shall serve and further the best interests and enhance the
reputation of the Company to the best of your ability.

 

4.         COMPENSATION

 

As full
compensation for your services, you shall receive the
following from the Company:

 

(a)

A base
annual salary of $215,000 payable bi-weekly (the “Base
Salary”); and

 

 

1

 

 

(b)

Participation, if
and when eligible, in any of the Company’s pension plans,
profit sharing plans, medical and disability plans, restrictive
stock or appreciation rights plans, and/or stock option plans,
401(k) plans when any such plans are or become effective;
and

 

(c)

Such benefits as
are provided from time to time by the Company to its officers and
employees; provided however that your annual vacation shall be for
a period of 3 weeks; and

 

(d)

Reimbursement for
any dues and expenses incurred by you that are necessary and proper
in the conduct of the Company’s business; and

 

(e)

Participation in
the Company’s 2015 Restricted Stock Plan.

 

5.         ANNUAL BONUS

 

During
the Term, in addition to Base Salary, you have the opportunity to
earn an Annual Bonus under an incentive compensation plan as
determined by the Compensation Committee of the Board of Directors
of the Company (the “Board”). In May of each year
during the Term commencing in 2016, you may be awarded an Annual
Bonus of between 80% and 120% of your target bonus amount of
$35,000, subject to adjustment by the Compensation Committee from
time to time (the “Target Bonus Amount”). Such Annual
Bonus shall be calculated based upon the Company’s actual
earnings per share (“EPS”) as compared to an EPS target
amount (the “FY EPS Target”), EPS threshold amount (the
“FY EPS Threshold”) or EPS maximum amount (the
“FY EPS Maximum”) for such year set by the Board of
Directors with input from you; provided, however, the Compensation
Committee shall have final decision-making authority. More
particularly, (i) 80% of the Target Bonus Amount will be awarded to
you as an Annual Bonus if the Company’s actual EPS equals or
exceeds the FY EPS Threshold but is less than the FY EPS Target,
(ii) 100% of the Target Bonus Amount will be awarded to you as an
Annual Bonus if the Company’s actual EPS equals or exceeds
the FY EPS Target but is less than the FY EPS Maximum, and (iii)
120% of the Target Bonus Amount will be awarded to you as an Annual
Bonus if the Company’s actual EPS equals or exceeds the FY
EPS Maximum. Payment of the Annual Bonus, if any, due you, shall be
made in accordance with the Company’s normal payroll
procedures, but no later than June 18 following the year for which
the Annual Bonus was earned. The Annual Bonus will be calculated
each May during the Term.

 

6.         NON-COMPETITION/SOLICITATION/CONFIDENTIALITY

 

During
your employment with the Company and for one year thereafter, (if
you are receiving your normal compensation from the Company under
Section 7 (a), (e) or (f)) you shall not, either directly or
indirectly, as an agent, employee, partner, stockholder, director,
investor or otherwise, engage in any business in competition with
the business of the Company within the Company’s market
area(s).  You shall also abide by the Code of Ethics Agreement
and other Corporate Governance Rules.  You shall disclose
prior to the execution of this Agreement (or later on as the case
may be) all business relationships you presently have or
contemplate entering into or enter into in the future that might
affect your responsibilities or loyalties to the
Company.

 

 

 

2

 

 

During
your employment with the Company and for one year thereafter, you
shall not, directly or indirectly, hire, offer to hire or otherwise
solicit the employment or services of, any employee of the Company
on behalf of yourself or any other person, firm or
entity.

 

Except
as may be required to perform your duties on behalf of the Company,
you agree that during your employment with the Company and for a
period of one year thereafter, you shall not, directly or
indirectly, solicit, service, or accept business from, on your own
behalf or on behalf of any other person, firm or entity, any
customers or potential customers of the Company with whom you had
contact during your employment or about whom you acquired
confidential information during your employment.

 

Except
as required in your duties to the Company, you shall not at any
time during or after your employment, directly or indirectly, use
or disclose any confidential or proprietary information relating to
the Company or its business or customers which is disclosed to you
or known by you as a consequence of or through your employment by
the Company and which is not otherwise generally obtainable by the
public at large.

 

In the
event that any of the provisions in this Section 6 shall ever be
adjudicated to exceed limitations permitted by applicable law, you
agree that such provisions shall be modified and enforced to the
maximum extent permitted under applicable law.

 

7.         TERMINATION

 

You or
the Company may terminate your employment prior to the end of the
Term upon written notice to the other party in accordance with the
following provisions:

 

(a)       Voluntary
Termination. You may terminate your employment voluntarily
at any time during the Term by providing the Company with 60 days
prior written notice. If you do so, except for Good Reason (as
defined below), you shall be entitled to receive from the Company
your (i) accrued and unpaid Base Salary through the date of
termination (which shall be on the date that is 60 days after the
date on which you give notice of resignation to the Company), (ii)
any Annual Bonus earned for the year completed prior to the year of
termination but not yet paid, and (iii) any other employee benefits
generally paid by the Company up to the date of termination
(collectively (i), (ii), and (iii), the “Accrued
Obligations”). If the Company fails to notify you that it
will not renew this contract 180 days before July 31, 2018, it
shall pay (i) through (iii) above for 180 days after its notice of
non-renewal of this contract.

 

(b) 

Death.  This Agreement shall
automatically terminate on the date of your death without further
obligation to you other than for payment by the Company to your
estate or designated beneficiaries, as designated in writing to the
Company, of (i) the Accrued Obligations through the last day of the
month in which your death occurs, and (ii) a pro-rata portion of
the Annual Bonus, if any, for the year of termination up to and
including the date of death which shall be determined in good faith
by the Compensation Committee of the Board. Your estate or
beneficiaries, as applicable, shall also be entitled to all other
benefits generally paid by the Company on an employee’s
death.

 

(c)       Disability. 
This Agreement and your employment shall terminate without any
further obligation to you if you become “totally
disabled” (as defined below) other than for payment by the
Company of (i) the Accrued Obligations though the last day of the
month in which you are deemed to be totally disabled and (ii) a
pro-rata portion of the Annual Bonus, if any, for the year of
termination up to and including the date you are deemed to be
totally disabled as determined in good faith by the Compensation
Committee of the Board.

 

 

 

3

 

 

You
shall be deemed to be “totally disabled” in you are
unable, for any reason, to perform any of your duties and
obligations to the Company, with or without a reasonable
accommodation, for a period of 90 consecutive days or for periods
aggregating 120 days in any period of 180 consecutive
days.

 

(d)       Cause. 
The Company may terminate your employment at any time for
“Cause” (as defined below) and this Agreement shall
terminate immediately with no further obligations to you other than
the Company shall pay you, within thirty days of such termination,
the Accrued Obligations up to the date of such termination for
Cause.

 

(e)       Termination
by the Company Without Cause or by you for Good
Reason.  If, during the Term, the Company terminates
your employment without Cause or you terminate your employment for
Good Reason (as defined below), in either such case, other than
within 24 months after a Change in Control (which is covered by
Subsection (f) below), you shall be entitled to receive from the
Company, subject to your continued compliance with the restrictive
covenants contained in Section 6 hereof and your execution and
non-revocation of a release of claims substantially in the form
attached hereto as Annex
A, (i) the Accrued Obligations payable within 15 days after
the date of termination (or, in the case of the prior year’s
Annual Bonus, at such time such bonus is payable pursuant hereto),
(ii) an additional 12 months of your then current Base Salary,
payable in equal monthly installments beginning with the first
payroll date after the date on which the release of claims becomes
effective and can no longer be revoked, and (iii) a pro rata
portion of the Annual Bonus, if any, for the year of termination up
to and including the date of termination which shall be determined
in good faith by the Compensation Committee of the Board and paid
at such time as such bonus is payable pursuant hereto.

 

(f) 

Termination by the Company Without Cause or by
you for Good Reason within 24 Months After a Change in
Control. If, during the Term, the Company terminates your
employment without Cause or you terminate your employment for Good
Reason, in either such case, within 24 months after a Change in
Control (as defined below), you shall be entitled to receive from
the Company, subject to your continued compliance with the
restrictive covenants contained in Section 6 hereof and your
execution and non-revocation of a release of claims substantially
in the form attached hereto as Annex A, (i) the Accrued
Obligations payable within fifteen days after termination (or, in
the case of the prior year’s Annual Bonus, at such time such
bonus is payable pursuant hereto), (ii) a lump sum amount equal to
24 months of Base Salary in effect as of the date of termination of
employment or the year immediately prior to the Change in Control,
whichever is higher, and (iii) two times the Target Bonus Amount in
effect as of the date of termination of employment or the year
immediately prior to the Change in Control, whichever is higher.
The severance payments under sub-paragraphs (ii) and (iii) hereof
shall be paid with the first payroll date after the date on which
the release of claims becomes effective and can no longer be
revoked.

()

 

 

 

4

 

 

(g) 

Notwithstanding the
foregoing, if your severance payments payable hereunder constitute
nonqualified deferred compensation subject to 409A of the Internal
Revenue Code of 1986, as amended (the “Code”), and the
period in which you must execute the release begins in one calendar
year and ends in another, the severance payments will be made in
the later calendar year.

 

(h) 

For purposes of
this Agreement:

 

(i)            

“Cause”
shall mean termination based upon: (A) your failure to
substantially perform your material duties and responsibilities
with the Company, after a written demand for such performance is
delivered to you by the Company, which identifies the manner in
which you have not performed your duties or responsibilities and a
cure period of 60 days, (ii) your commission of an act of fraud,
theft, misappropriation, dishonesty or embezzlement, (iii) your
conviction for a felony or pleading nolo contendere to a felony, (iv) your
willful and continuing failure or refusal to carry out, or comply
with, in any material respect any reasonable directive of the
President or the Board consistent with the terms of this Agreement,
or (v) your material breach of any provision of this
Agreement.

 

(ii)            

“Good
Reason” shall mean the occurrence of any of the following
events without your prior written consent:

 

(A)           

the failure of the
Company to pay your Base Salary or Annual Bonus when due and if
earned, other than an inadvertent administrative error or failure,
within 10 days of receipt of notice by you,

 

(B)           

a material
diminution in your authority or responsibilities from those
described herein,

 

(C)           

any material breach
of this Agreement by the Company, or

 

(D)           

a failure of the
Company to have any successor assume in writing the obligations
under this Agreement.

 

(ii)            

“Change in
Control” shall mean the occurrence of any of the following
events during the Term:

 

(A)           

any person, or more
than one person acting as a group within the meaning of Code
Section 409A and the regulations issued thereunder, acquires
ownership of stock of the Company that, together with stock held by
such person or group, constitutes more than 50% of the total fair
market value and total voting power of the stock of the Company;
provided, however, that for purposes of this subsection (A), the
following acquisitions shall not be deemed to result in a Change in
Control: (1) any acquisition directly from the Company,
(2) any acquisition by the Company or an affiliate of the
Company, or (3) any acquisition by (x) any employee
benefit plan (or related trust) intended to be qualified under
Section 401(a) of the Code or (y) any trust
established in connection with any broad-based employee benefit
plan sponsored or maintained, in each case, by the Company or any
corporation controlled by the Company (collectively (1), (2) and
(3), the “Exempt Acquisitions”);

 

 

 

5

 

 

(B)           

any person, or more
than one person acting as a group within the meaning of Code
Section 409A and the regulations issued thereunder, acquires
(or has acquired during the 12-month period ending on the date of
the most recent acquisition) ownership of stock of the Company
possessing 30% or more of the total voting power of the
Company’s stock; provided, however, that none of the Exempt
Acquisitions shall constitute a Change in Control.

 

(C)           

individuals who, as
of the Effective Date, constitute the Board (the “Incumbent
Board”) cease for any reason to constitute at least a
majority of the Board; provided, however, that any individual
becoming a director subsequent to the Effective Date whose
election, or nomination for election by the Company’s
stockholders, was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board shall be considered
as though such individual were a member of the Incumbent Board, but
excluding, as a member of the Incumbent Board, any such individual
whose initial assumption of office occurs as a result of either an
actual or threatened election contest (as such terms are used in
Rule 14a-11 of Regulation 14A promulgated under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”))
or other actual or threatened solicitation of proxies or consents
by or on behalf of an individual, entity or group (a
“Person” within the meaning of the Exchange Act) other
than the Board; or

 

(D)           

a person, or more
than one person acting as a group within the meaning of Code
Section 409A and the regulations issued thereunder (other than
a subsidiary or an affiliate of the Company), acquires (or has
acquired during the 12-month period ending on the date of the most
recent acquisition) assets of the Company that have a total gross
fair market value equal to or more than 50% of the total gross fair
market value of all assets of the Company immediately before such
acquisition(s).

 

Notwithstanding the
foregoing, a Change in Control shall not include any event,
circumstance or transaction that results from an action of any
Person, entity or group which includes, is affiliated with or is
wholly or partly controlled by one or more executive officers of
the Company and in which you participate directly or actively
(other than a renegotiation of your employment arrangements or in
your capacity as an employee of the Company or any successor entity
thereto or to the business of the Company).

 

8.         NOTICES

 

Any
notices required to be given under this Agreement shall, unless
otherwise agreed to by you and the Company, be in writing and by
certified mail, return receipt requested and mailed to the Company
at its headquarters at 3555 Veterans Memorial Highway, Suite C,
Ronkonkoma, NY  11779-7410 or to you at your home address at
3107 Village Creek Road, Decatur, AL 35603

 

 

 

6

 

 

9.         ASSIGNMENT AND
SUCCESSORS

 

The
rights and obligations of the Company under this Agreement shall
inure to the benefit of and shall be binding upon the successors of
the Company.  This Agreement may not be assigned by the
Company unless the assignee or successor (as the case may be)
expressly assumes the Company’s obligations hereunder in
writing.  In the event of a successor to the Company or the
assignment of the Agreement, the term “Company” as used
herein shall include any such successor or assignee.

 

10.       WAIVER OR
MODIFICATION

 

No
waiver or modification in whole or in part of this Agreement or any
term or condition hereof shall be effective against any party
unless in writing and duly signed by the party sought to be
bound.  Any waiver of any breach of any provision hereof or
right or power by any party on one occasion shall not be construed
as a waiver of or a bar to the exercise of such right or power on
any other occasion or as a waiver of any subsequent
breach.

 

11.       SEPARABILITY

 

Any
provision of this Agreement which is unenforceable or invalid in
any respect in any jurisdiction shall be ineffective in such
jurisdiction to the extent that it is unenforceable or invalid
without effecting the remaining provisions hereof, which shall
continue in full force and effect.  The unenforceability or
invalidity of any provision of the Agreement in one jurisdiction
shall not invalidate or render unenforceable such provision in any
other jurisdiction.

 

12.       GOVERNING LAW AND
ARBITRATION

 

This
Agreement shall be interpreted and construed in accordance with the
laws of the State of New York without regard to its choice of law
principles.  Any dispute, controversy or claim of any kind
arising under, in connection with, or relating to this Agreement or
your employment with the Company shall be resolved exclusively by
binding arbitration.  Such arbitration shall be conducted in
New York City in accordance with the rules of the American
Arbitration Association (“AAA”) then in effect. 
The costs of the arbitration (fees to the AAA and for the
arbitrator(s)) shall be shared equally by the parties, subject to
apportionment or shifting in the arbitration award.  In
addition, the prevailing party in arbitration shall be entitled to
reimbursement by the other party for its reasonable
attorney’s fees incurred.  Judgment may be entered on
the arbitration award in any court of competent
jurisdiction.

 

13.       HEADINGS

 

The
headings contained in this Agreement are for convenience only and
shall not effect, restrict or modify the interpretation of this
Agreement.

 

 

 

7

 

 

 

AGREED
AND
ACCEPTED:             
        

 

By:      

/s/ Teri W.
Hunt

Teri W.
Hunt

Chief
Financial Officer

 

Date:       
November 10, 2015

 

 

 

 

By:   
/s/
Christopher J. Ryan   
           
           
           
           
        By:   /s/
Thomas McAteer

Christopher J.
Ryan, CEO and President 

Thomas McAteer,
Compensation Committee Chairman

 

 

Date:                

November 10,
2015

Date:                       

November 10,
2015

 

 

 

8

 

ANNEX A

 

General Release

 

 

IN
CONSIDERATION OF good and valuable consideration, the receipt of
which is hereby acknowledged, and in consideration of the terms and
conditions contained in the Employment Agreement, effective as of
July 31, 2015 (the “Agreement”), by and between
Teri W. Hunt (the
“Executive”) and Lakeland Industries, Inc. (the
“Company”), the Executive on behalf of himself and his
heirs, executors, administrators, assigns, attorneys, successors,
and assigns, knowingly and voluntarily, hereby waives, remits,
releases and forever discharges the Company and its past, present
and future subsidiaries, divisions, affiliates and parents, and
their respective current and former officers, directors,
stockholders, employees, agents, attorneys, lenders, and/or owners,
and their respective successors, and assigns and any other person
or entity claimed to be jointly or severally liable with the
Company or any of the aforementioned persons or entities, both
individually and in their business capacities, and their employee
benefit plans and programs and their administrators and fiduciaries
(the “Released Parties”) of and from any and all manner
of actions and causes of action, suits, debts, dues, accounts,
bonds, covenants, contracts, agreements, judgments, charges,
claims, complaints, damages, demands, and obligations of any other
nature whatsoever, past or present, known or unknown
(“Losses”) which the Executive and his heirs,
executors, administrators, and assigns have, had, or may hereafter
have, against the Released Parties or any of them arising out of or
by reason of any cause, matter, or thing whatsoever from the
beginning of the world to the date hereof, relating to the
Executive’s employment by the Company and the cessation
thereof, and any and all matters arising under any federal, state,
or local statute, rule, or regulation, or principle of contract law
or common law relating to the Executive’s employment by the
Company and the cessation thereof, including, but not limited to, the Family
and Medical Leave Act of 1993, as amended, 29 U.S.C. §§
2601 et seq., Title VII of the Civil Rights Act of 1964, as
amended, 42 U.S.C. §§ 2000 et seq., the Age
Discrimination in Employment Act of 1967, as amended, 29 U.S.C.
§§ 621 et seq. (the “ADEA”), the Americans
with Disabilities Act of 1990, as amended, 42 U.S.C. §§
12101 et seq., the Worker Adjustment and Retraining Notification
Act of 1988, as amended, 29 U.S.C. §§2101 et seq., the
Employee Retirement Income Security Act of 1974, as amended, 29
U.S.C. §§ 1001 et seq., the New York State and New York
City Human Rights Laws, the New York Labor Laws, and any other
equivalent or similar federal, state, or local statute, and any
claim for or obligation to pay for attorneys’ fees, costs,
fees, or other expenses; provided, however, that the Executive does
not release or discharge the Released Parties from (i) any
rights to any payments, benefits or reimbursements due to the
Executive under the Agreement; or (ii) any rights to any
vested benefits due to the Executive under any employee benefit
plans sponsored or maintained by the Company.  It is
understood that nothing in this general release is to be construed
as an admission on behalf of the Released Parties of any wrongdoing
with respect to the Executive, any such wrongdoing being expressly
denied.

 

 

 

9

 

 

Included in this
general release are any and all claims for future damages allegedly
arising from the alleged continuation of the effect of any past
action, omission or event. Notwithstanding the foregoing, Executive
shall retain the right, if any to claim unemployment insurance with
respect to the termination of his employment.

 

The
Executive represents and warrants that he fully understands the
terms of this General Release, that he has been encouraged to seek,
and has sought, the benefit of advice of legal counsel, and that he
knowingly and voluntarily, of his own free will, without any
duress, being fully informed, and after due deliberation, accepts
its terms and signs below as his own free act. Except as otherwise
provided herein, the Executive understands that as a result of
executing this General Release, he will not have the right to
assert that the Company or any other of the Released Parties
unlawfully terminated his employment or violated any of his rights
in connection with his employment or otherwise.

 

The
Executive further represents and warrants that he has not filed,
and will not initiate, or cause to be initiated on his behalf any
complaint, charge, claim, or proceeding against any of the Released
Parties before any federal, state, or local agency, court, or other
body relating to any claims barred or released in this General
Release thereof, and will not voluntarily participate in such a
proceeding.  However, nothing in this General Release shall
preclude or prevent the Executive from filing a claim, which
challenges the validity of this General Release solely with respect
to the Executive’s waiver of any Losses arising under the
ADEA. The Executive shall not accept any relief obtained on his
behalf by any government agency, private party, class, or otherwise
with respect to any claims covered by this General
Release.

 

The
Executive may take twenty-one (21) days to consider whether to
execute this General Release.  Upon the Executive’s
execution of this general release, the Executive will have seven
(7) days after such execution in which he may revoke such
execution. In the event of revocation, the Executive must present
written notice of such revocation to the office of the
Company.  If seven (7) days pass without receipt of such
notice of revocation, this General Release shall become binding and
effective on the eighth (8th) day after the execution hereof (the
“Effective Date”).

 

INTENDING
TO BE LEGALLY BOUND, I hereby set my hand below:

 

	
 

	
____________________________________________

	
 

	

Teri W.
Hunt

	
 

	
 

	
 

	
 

	
 

	

Dated:

	
 ____________________________________________

 

 

STATE OF NEW
YORK 

)

)
s/s:

COUNTY OF
_______ 

)

 

On the
___ day of _________, 2015, before me personally came Teri W. Hunt,
to me known, and known to me to be the individual described in, and
who executed the foregoing General Release, and duly acknowledged
to me that he executed the same.

 

 

____________________________

Notary
Public

 

 

 

 

10Exhibit 4.1

 

SERIES G COMMON
STOCK PURCHASE WARRANT

 

NEUROTROPE,
INC.

 

	Warrant Shares:                	 	
        Initial Exercise Date: June [ ], 2019

        Issue Date: December [ ], 2018

 

THIS
SERIES G COMMON STOCK PURCHASE 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 June [ ], 2019 (the “Initial Exercise Date”) and on
or prior to 5:00 p.m. (New York City time) on June [ ], 20241
(the “Termination Date”) but not thereafter, to subscribe for and purchase from Neurotrope, Inc., a Nevada 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 December 17, 2018, 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 of a duly executed facsimile
copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto
(the “Notice of Exercise”) and, by 12:00 p.m. (Eastern time) on the earlier of (i) the second Trading Day
and (ii) the last Trading Day of the applicable Standard Settlement Period (as defined in Section 2(d)(i) herein) following
the date said Notice of Exercise is delivered to the Company, payment of the aggregate Exercise Price of the shares thereby purchased
pursuant to the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank or, if available,
pursuant to the cashless exercise procedure specified in Section 2(c) below if 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 five (5) 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 Warrant Shares purchased and the date
of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day 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 Common Stock under this Warrant shall be $4.37, subject to adjustment hereunder
(the “Exercise Price”).

 

 

1 Insert
date of the five year anniversary of the Initial Exercise Date; provided, that if such date falls on a date that is
not a Trading Day, the next succeeding Trading Day.

 

    	 	1	 

     

    

 

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

 

		(A) = 	as applicable: (i) the VWAP on the Trading
Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and
delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant
to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64)
of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either
(y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price
of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. (“Bloomberg”) as of the time
of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular
trading hours” on a Trading Day and is delivered to the Company within two (2) hours thereafter (including until two
(2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or
(iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and
such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular
trading hours” on such Trading Day;

 

		(B) = 	the Exercise Price, 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.

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The
Company agrees not to take any position contrary to this Section 2(c). For avoidance of doubt, except as set forth in Section
2(d)(iv), the Company shall not be required to pay cash if it cannot deliver registered Warrant Shares upon settlement.

 

“Bid
Price” 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 bid price of the Common Stock for the time in question (or the nearest
preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the foregoing does not apply, the bid price
of the Common Stock in the over-the-counter market on the electronic bulletin board for such Common Stock as reported by Bloomberg
as of such time of determination, (c) if no bid price is reported for the Common Stock by Bloomberg as of such time of determination,
the average of the bid prices of all of the market makers for the Common Stock as reported in the “pink sheets” by
OTC Markets Group Inc. (formerly Pink Sheets LLC) (the “Pink Sheets”) as of such time of determination, 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 Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees
and expenses of which shall be paid by the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common 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 (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 foregoing does not apply, the bid price
of the Common Stock in the over-the-counter market on the electronic bulletin board for such Common Stock as reported by Bloomberg
as of such time of determination, (c) if no bid price is reported for the Common Stock by Bloomberg as of such time of determination,
the average of the bid prices of all of the market makers for the Common Stock as reported in the Pink Sheets as of such time of
determination, 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 Purchasers of a majority in interest of the Securities then outstanding and reasonably
acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

    	 	2	 

     

    

 

Notwithstanding
anything herein to the contrary, on the Termination Date, if the conditions of a cashless exercise are otherwise met, this Warrant
shall be automatically exercised via cashless exercise pursuant to this Section 2(c).

 

d)    Mechanics
of Exercise.

 

i.    Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer
Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository
Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant
in such system and either (A) there is an effective registration statement permitting the issuance of the 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 of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the
number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the
Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice
of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price (other than in the case of a cashless
exercise) to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery
to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the
Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares
with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that
payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two
(2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice
of Exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant
remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard settlement
period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as
in effect on the date of delivery of the Notice of Exercise.

 

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 by delivering written notice to
the Company at any time prior to the Company delivering such Warrant Shares.

 

    	 	3	 

     

    

 

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 in accordance with the
provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date (other than any failure
due solely to any action or inaction by the Holder with respect to such exercise), 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 was entitled to
receive upon such exercise but did not receive (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 Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant
Shares that the Company was required to deliver, but did not 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, upon request of
the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies
available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive
relief with respect to the Company’s failure to timely deliver 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; 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 may require,
as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall
pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository
Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic
delivery of the Warrant Shares.

 

    	 	4	 

     

    

 

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 (such Persons, “Attribution
Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes
of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution
Parties 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 or Attribution Parties and (ii) exercise
or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation,
any other Common 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 or Attribution Parties. Except as set forth in the preceding sentence,
for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange
Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing
to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible
for any schedules required to be filed in accordance therewith.

 

To
the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) 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 Attribution Parties) 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. 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, 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.

 

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
or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number of
shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined
after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates
or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial
Ownership Limitation” shall be [4.99%] [9.99%] 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 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 increase in the Beneficial Ownership Limitation will not be effective until the 61st day
after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof)
which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or
supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall
apply to a successor holder of this Warrant.

 

    	 	5	 

     

    

 

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 equity or equity equivalent securities 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), (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.

 

b)     Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time while this Warrant
is outstanding the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities
or other property pro rata to all record holders 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).

 

c)
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 all 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 (other than as contemplated
by Section 3(a) above), 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).

 

    	 	6	 

     

    

 

d)    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, exclusive lease, exclusive license, assignment, transfer, conveyance or other disposition of all
or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer,
tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common 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, or (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, if the Company is not the surviving entity in the
Fundamental Transaction or the Common Stock is converted into the right to receive the Alternate Consideration only in the Fundamental
Transaction, the Holder shall have the right to receive, in lieu of each Warrant Share that would have been issuable upon such
exercise immediately prior to the occurrence of such Fundamental Transaction (without regard to any limitation in Section 2(e)
on the exercise of this Warrant), the same securities and/or other property as would have been paid for a Warrant Share as if such
Warrant Share were outstanding on and as of the closing of such Fundamental Transaction (without regard to any limitation in Section 2(e)
on the exercise of this Warrant) (the “Alternate Consideration”). 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 in accordance with the provisions of this Warrant and to covenant to, at the option
of the Holder, deliver to the Holder in exchange for this Warrant a warrant of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant which is exercisable for the Alternate Consideration (without regard
to any limitations on the exercise of this Warrant), and with an exercise price which applies the exercise price hereunder to such
Alternate Consideration consistent with this Section 3(d). Upon the occurrence of any such Fundamental Transaction, the Successor
Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions
of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right
and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents
with the same effect as if such Successor Entity had been named as the Company herein.

 

e)    Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may
be. For purposes of this Section 3, the number of 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.

 

    	 	7	 

     

    

 

f)    Notice
to Holder.

 

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

 

ii.    Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form)
on the Common 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 delivered by facsimile
or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company,
at least 10 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the
date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record
is not to be taken, the date as of which the holders of the Common 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 deliver
such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to
be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall contemporaneously 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.
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. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant
in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date the
Holder delivers an assignment form to the Company assigning this Warrant in full. 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.

 

    	 	8	 

     

    

 

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 be dated the Issue
Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

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
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).

 

    	 	9	 

     

    

 

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)    Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision
of this 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.

 

h)    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.

 

i)    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.

 

j)    Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this 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.

 

k)    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.

 

    	 	10	 

     

    

 

l)    Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

m)    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.

 

n)    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)

 

    	 	11	 

     

    

 

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.

 

	 	NEUROTROPE, INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	12	 

     

    

 

NOTICE OF EXERCISE

 

TO: NEUROTROPE, 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:                                     
                                                 
                                                 
                                                 
                      

 

    	 	13	 

     

    

 

EXHIBIT B

 

ASSIGNMENT FORM

 

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

 

FOR VALUE RECEIVED,
the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	 	 	 	 	 
	Name:	 	
 	 	 
	 	 	(Please Print)	 	 
	 	 	 
	Address:	 	
 	 	 
	 	 	(Please Print)	 	 
	 	 	 
	Phone Number:	 	
 	 	 
	 	 	 
	Email Address:	 	
 	 	 

 

	Dated:               ,        	 	 	 	 

 

	Holder’s Signature:	 	 	 	 
	 	 	 
	Holder’s Address:	 		 	 

 

    	 	14

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