Document:

Exhibit 4.2

Form of Representative’s Warrant
Agreement

 

THE REGISTERED HOLDER
OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT
AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR
HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE
OTHER THAN (I) DAWSON JAMES SECURITIES, INC. OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A
BONA FIDE OFFICER OR PARTNER OF DAWSON JAMES SECURITIES, INC. OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

 

THIS PURCHASE WARRANT
IS NOT EXERCISABLE PRIOR TO [________________] [DATE THAT IS ONE YEAR FROM THE EFFECTIVE DATE OF THE OFFERING]. VOID AFTER
5:00 P.M., EASTERN TIME, [___________________] [DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE OFFERING].

 

COMMON STOCK PURCHASE WARRANT

 

For the Purchase of [_____] Shares of Common
Stock

of

RUTHIGEN, INC.

 

1.           Purchase Warrant. THIS
CERTIFIES THAT, in consideration of funds duly paid by or on behalf of Dawson James Securities, Inc.
(“Holder”), as registered owner of this Purchase Warrant, to Ruthigen, Inc., a Delaware corporation (the
“Company”), Holder is entitled, at any time or from time to time from [________________] [DATE THAT IS
ONE YEAR FROM THE EFFECTIVE DATE OF THE OFFERING] (the “Commencement Date”), and until at or before
5:00 p.m., Eastern time, [____________] [DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE OFFERING]
(the ”Expiration Date”), but not thereafter, to subscribe for, purchase and receive, in whole or
in part, up to [____] shares of common stock of the Company, par value $0.0001 per share (the “Shares”),
subject to adjustment as provided in Section 6 hereof. If the Expiration Date is a day on which banking institutions are
authorized by law to close, then this Purchase Warrant may be exercised on the next succeeding day which is not such a day in
accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action
that would terminate this Purchase Warrant. This Purchase Warrant is initially exercisable at $[___] per Share [125% of
the public price of the Company’s common stock and Series A Warrant combination sold in the
Offering]; provided, however, that upon the occurrence of any of the events specified in Section 6 hereof,
the rights granted by this Purchase Warrant, including the exercise price per Share and the number of Shares to be received
upon such exercise, shall be adjusted as therein specified. The term “Exercise Price” shall mean the
initial exercise price or the adjusted exercise price, depending on the context. The term “Effective Date”
shall mean [____], the date on which the Registration Statement on Form S-1 (File No. 333-190476) of the Company was declared
effective by the Securities and Exchange Commission.

 

    	 

    	 

    

 

2.           Exercise.

 

2.1          Exercise
Form. In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed and
delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased
payable in cash by wire transfer of immediately available funds to an account designated by the Company or by certified check
or official bank check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time,
on the Expiration Date, this Purchase Warrant shall become and be void without further force or effect, and all rights represented
hereby shall cease and expire.

 

2.2          Cashless
Exercise.  Holder may elect to receive the number of Shares equal to the value of this Purchase Warrant (or the portion
thereof being exercised), by surrender of this Purchase Warrant to the Company, together with the exercise form attached hereto,
in which event the Company shall issue to Holder Shares in accordance with the following formula:

  

	X	=	Y(A-B)	 
	A	 

 

	Where,	 	 	 
	 	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share; and
	 	B	=	The Exercise Price.

 

For purposes of this
Section 2.2, the fair market value of a Share is defined as follows:

 

		(i)	if the Company’s common stock is traded on a securities exchange, the value shall be deemed
to be the closing price on such exchange prior to the exercise form being submitted in connection with the exercise of the Purchase
Warrant; or

 

		(ii)	if the Company’s common stock is actively traded over-the-counter, the value shall be deemed
to be the closing bid price prior to the exercise form being submitted in connection with the exercise of the Purchase Warrant;
if there is no active public market, the value shall be the fair market value thereof, as determined in good faith by the Company’s
Board of Directors.

 

2.3         Delivery
of Shares. Upon exercise, Shares shall be delivered to the Holder within three (3) business days of the Company’s receipt
of this Purchase Warrant with exercise form completed and payment of the Exercise Price, if paid in cash.

 

2.4.         Legend. Each certificate
representing Shares shall bear a legend as follows unless such securities have been registered under the Securities Act of 1933,
as amended (the “Securities Act”):

 

“The securities
represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), or applicable state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise
transferred except pursuant to an effective registration statement under the Securities Act, or pursuant to an exemption from registration
under the Securities Act and applicable state law which, in the opinion of counsel to the Company, is available.”

 

    	 

    	 

    

 

3.           Transfer.

 

3.1          General Restrictions
on Transfer of Purchase Warrant. The Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such
Holder will not: (a) sell, transfer, assign, pledge or hypothecate this Purchase Warrant for a period of one hundred eighty (180)
days following the Effective Date to anyone other than: (i) Dawson James Securities, Inc. (“Dawson”) or an underwriter
or a selected dealer participating in the offering, or (ii) a bona fide officer or partner of Dawson or of any such underwriter
or selected dealer, in each case in accordance with FINRA Conduct Rule 5110(g)(1), or (b) cause this Purchase Warrant or the Shares
to be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition
of this Purchase Warrant or the Shares, except as provided for in FINRA Rule 5110(g)(2). On and after 180 days after the Effective
Date, transfers of this Purchase Warrant to others may be made subject to compliance with or exemptions from applicable securities
laws. In order to make any permitted assignment of this Purchase Warrant, the Holder must deliver to the Company the assignment
form attached hereto duly executed and completed, together with the Purchase Warrant and payment of all transfer taxes, if any,
payable in connection therewith. The Company shall within five (5) business days transfer this Purchase Warrant on the books of
the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate assignee(s)
expressly evidencing the right to purchase the aggregate number of Shares purchasable hereunder or such portion of such number
as shall be contemplated by any such assignment.

 

3.2          Restrictions
Imposed by the Securities Act. The Holder shall not transfer the Shares unless and until: (i) the Company has received the
opinion of counsel for the Holder that the Shares may be transferred pursuant to an exemption from registration under the Securities
Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company
(the Company hereby agreeing that the opinion of Ellenoff Grossman & Schole LLP shall be deemed satisfactory evidence of the
availability of an exemption), or (ii) a registration statement or a post-effective amendment to the Registration Statement relating
to the offer and sale of the Shares has been filed by the Company and declared effective by the U.S. Securities and Exchange Commission
(the “Commission”) and compliance with applicable state securities law has been established.

 

4.           Registration Rights.

 

4.1         Demand Registration.

 

4.1.1         Grant of
Right. The Company, upon written demand (a “Demand Notice”) of the Holder(s) of at least 51% of the Purchase
Warrants and/or the underlying Shares (“Majority Holders”), agrees to register, on one occasion, all or any
portion of the Shares underlying the Purchase Warrants (collectively, the “Registrable Securities”). On such
occasion, the Company will file a registration statement with the Commission covering the Registrable Securities within sixty (60)
days after receipt of a Demand Notice and use commercially reasonable efforts to have the registration statement declared effective
promptly thereafter, subject to compliance with review by the Commission; provided, however, that the Company shall
not be required to comply with a Demand Notice if the Company has filed a registration statement with respect to which the Holder
is entitled to piggyback registration rights pursuant to Section 4.2 hereof and either: (i) the Holder has elected to participate
in the offering covered by such registration statement or (ii) if such registration statement relates to an underwritten primary
offering of securities of the Company, until the offering covered by such registration statement has been withdrawn or until thirty
(30) days after such offering is consummated. The demand for registration may be made at any time during a period of five (5) years
beginning on the Effective Date. The Company covenants and agrees to give written notice of its receipt of any Demand Notice by
any Holder(s) to all other registered Holders of the Purchase Warrants and/or the Registrable Securities within ten (10) days after
the date of the receipt of any such Demand Notice.

 

    	 

    	 

    

 

4.1.2         Terms.
The Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section 4.1.1,
but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to
represent them in connection with the sale of the Registrable Securities. The Company agrees to use commercially reasonable efforts
to cause the filing required herein to become effective promptly and to qualify or register the Registrable Securities in such
states as are reasonably requested by the Holder(s); provided, however, that in no event shall the Company be required
to register the Registrable Securities in a state in which such registration would cause: (i) the Company to be obligated to register
or license to do business in such state or submit to general service of process in such state, or (ii) the principal shareholders
of the Company to be obligated to escrow their shares of capital stock of the Company. The Company shall cause any registration
statement filed pursuant to the demand right granted under Section 4.1.1 to remain effective for a period of at least twelve (12)
consecutive months after the date that the Holders of the Registrable Securities covered by such registration statement are first
given the opportunity to sell all of such securities. The Holders shall only use the prospectuses provided by the Company to sell
the shares covered by such registration statement, and will immediately cease to use any prospectus furnished by the Company if
the Company advises the Holder that such prospectus may no longer be used due to a material misstatement or omission. Notwithstanding
the provisions of this Section 4.1.2, the Holder shall be entitled to a demand registration under Section 4.1 on only one (1) occasion
and such demand registration right shall terminate on the fifth anniversary of the Effective Date in accordance with FINRA Rule
5110(f)(2)(H)(iv).

 

4.2          “Piggy-Back”
Registration.

 

4.2.1         Grant of
Right. In addition to the demand right of registration described in Section 4.1 hereof, the Holder shall have the right to
include the Registrable Securities as part of any other registration of securities filed by the Company (other than in connection
with a transaction contemplated by Rule 145(a) promulgated under the Securities Act or pursuant to Form S-8 or any equivalent form);
provided, however, that if, solely in connection with any primary underwritten public offering for the account of
the Company, the managing underwriter(s) thereof shall, in its reasonable discretion, impose a limitation on the number of shares
of common stock which may be included in the Registration Statement because, in such underwriter(s)’ judgment, marketing
or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall be obligated to
include in such Registration Statement only such limited portion of the Registrable Securities with respect to which the Holder
requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable Securities shall be made
pro rata among the Holders seeking to include Registrable Securities in proportion to the number of Registrable Securities sought
to be included by such Holders; provided, however, that the Company shall not exclude any Registrable Securities
unless the Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion of such securities
in such Registration Statement or are not entitled to pro rata inclusion with the Registrable Securities.

 

4.2.2         Terms.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 4.2.1 hereof,
but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to
represent them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company
shall furnish the then Holders of outstanding Registrable Securities with not less than thirty (30) days written notice prior to
the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for each registration
statement filed by the Company until such time as all of the Registrable Securities have been sold by the Holder. The holders of
the Registrable Securities shall exercise the “piggy-back” rights provided for herein by giving written notice within
ten (10) days of the receipt of the Company’s notice of its intention to file a registration statement. Except as otherwise
provided in this Purchase Warrant, there shall be no limit on the number of times the Holder may request registration under this
Section 4.2.2; provided, however, that such “piggy-back” registration rights shall terminate on the seventh
anniversary of the Effective Date in accordance with FINRA Rule 5110(f)(2)(H)(v).

 

    	 

    	 

    

 

4.3         General Terms.

 

4.3.1         Indemnification.
The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder
and each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or Section 20 (a) of
the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or
liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or
defending against any claim whatsoever) to which any of them may become subject under the Securities Act, the Exchange Act or otherwise,
arising from such registration statement but only to the same extent and with the same effect as the provisions pursuant to which
the Company has agreed to indemnify the Underwriters under Section 5.1 of the Underwriting Agreement between Dawson (as Representative
of the several Underwriters named on Schedule 1 attached thereto) and the Company, dated as of [___________], 2014 (the “Underwriting
Agreement”). The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and their
successors and assigns, shall severally, and not jointly, indemnify the Company, its directors, its officers who signed the registration
statement and persons who control the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably
incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Securities
Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or their successors or
assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect as the provisions
contained in Section 5.2 of the Underwriting Agreement pursuant to which the Underwriters have agreed to indemnify the Company
and such persons.

 

4.3.2        Exercise
of Purchase Warrants. Nothing contained in this Purchase Warrant shall be construed as requiring the Holder(s) to exercise
their Purchase Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof.

 

4.3.3       Documents
Delivered to Holders. The Company shall furnish to each Holder participating in any of the foregoing underwritten offerings
and to each underwriter of any such underwritten offering, if any, a signed counterpart, addressed to such Holder or underwriter,
of: (i) an opinion of counsel to the Company, dated the effective date of such registration statement (and, if such registration
includes an underwritten public offering, an opinion dated the date of the closing under any underwriting agreement related thereto),
and (ii) a “cold comfort” letter dated the effective date of such registration statement (and, if such registration
includes an underwritten public offering, a letter dated the date of the closing under the underwriting agreement) signed by the
independent registered public accounting firm which has issued a report on the Company’s financial statements included in
such registration statement, in each case covering substantially the same matters with respect to such registration statement (and
the prospectus included therein) and, in the case of such accountants’ letter, with respect to events subsequent to the date
of such financial statements, as are customarily covered in opinions of issuer’s counsel and in accountants’ letters
delivered to underwriters in underwritten public offerings of securities. The Company shall also deliver promptly to each Holder
participating in the offering requesting the correspondence and memoranda described below and to the managing underwriter, if any,
copies of all correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions
with the Commission or its staff with respect to the registration statement and permit each Holder and underwriter to do such investigation,
upon reasonable advance notice, with respect to information contained in or omitted from the registration statement as it deems
reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall include access to books,
records and properties and opportunities to discuss the business of the Company with its officers and independent auditors, all
to such reasonable extent and at such reasonable times as any such Holder shall reasonably request.

 

    	 

    	 

    

 

4.3.4        Underwriting
Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any
Holders whose Registrable Securities are being registered pursuant to this Section 4, which managing underwriter(s) shall be reasonably
satisfactory to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, Dawson and such
managing underwriter(s), and shall contain such representations, warranties and covenants by the Company and such other terms as
are customarily contained in agreements of that type used by the managing underwriter(s). The Holders shall be parties to any underwriting
agreement relating to an underwritten sale of their Registrable Securities and may, at their option, require that any or all the
representations, warranties and covenants of the Company to or for the benefit of such underwriters shall also be made to and for
the benefit of such Holders. Such Holders shall not be required to make any representations or warranties to or agreements with
the Company or the underwriters except as they may relate to such Holders, their Shares and their intended methods of distribution.

 

4.3.5        Documents
to be Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company
a completed and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.

 

4.3.6        Damages.
Should the registration or the effectiveness thereof required by Sections 4.1 and 4.2 hereof be delayed by the Company or the Company
otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to
the Holder(s), be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened
breach of such provisions or the continuation of any such breach, without the necessity of proving actual damages and without the
necessity of posting bond or other security.

 

5.           New Purchase Warrants to be Issued.

 

5.1         Partial Exercise
or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned in whole or
in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax
if exercised pursuant to Section 2.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase
Warrant of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number
of Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

 

5.2        Lost Certificate.
Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Warrant
and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Warrant
of like tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft, mutilation or destruction
shall constitute a substitute contractual obligation on the part of the Company.

 

    	 

    	 

    

 

6.           Adjustments.

 

6.1         Adjustments
to Exercise Price and Number of Securities. The Exercise Price and the number of Shares underlying the Purchase Warrant shall
be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1         Share Dividends;
Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding shares
of the Company’s common stock is increased by a stock dividend payable in shares of the Company’s common stock or by
a split up of shares of the Company’s common stock or other similar event, then, on the effective day thereof, the number
of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding shares of the Company’s
common stock, and the Exercise Price shall be proportionately decreased.

 

6.1.2        Aggregation
of Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding shares
of the Company’s common stock is decreased by a consolidation, combination or reclassification of shares of the Company’s
common stock or other similar event, then, on the effective date thereof, the number of Shares purchasable hereunder shall be decreased
in proportion to such decrease in outstanding shares of the Company’s common stock, and the Exercise Price shall be proportionately
increased.

 

6.1.3         Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of the
Company’s common stock other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value
of such shares, or in the case of any share reconstruction or amalgamation or consolidation of the Company with or into another
corporation (other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing corporation
and that does not result in any reclassification or reorganization of the outstanding shares of the Company’s common stock),
or in the case of any sale or conveyance to another corporation or entity of the property of the Company as an entirety or substantially
as an entirety, the Holder of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise
of this Purchase Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately
prior to such event, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such
reclassification, reorganization, share reconstruction or amalgamation, or consolidation, or following any such sale or transfer
(whether or not the Company is thereafter formally dissolved), by a Holder of the number of shares of the Company’s common
stock of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event; and if any reclassification
also results in a change in shares of the Company’s common stock covered by Section 6.1.1 or 6.1.2, then such adjustment
shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply
to successive reclassifications, reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers.

 

6.1.4        Changes
in Form of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this Section
6.1, and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated
in this Purchase Warrants. The acceptance by any Holder of the issuance of new Purchase Warrants reflecting a required or permissive
change shall not be deemed to waive any rights to an adjustment occurring after the Commencement Date or the computation thereof.

 

    	 

    	 

    

 

6.2        Substitute
Purchase Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company
with or into, another corporation (other than a consolidation or share reconstruction or amalgamation which does not result in
any reclassification or change of the outstanding shares of the Company’s common stock), the corporation formed by such consolidation
or share reconstruction or amalgamation shall execute and deliver to the Holder a supplemental Purchase Warrant providing that
the holder of each Purchase Warrant then outstanding or to be outstanding shall have the right thereafter (until the stated expiration
of such Purchase Warrant) to receive, upon exercise of such Purchase Warrant, the kind and amount of shares of stock and other
securities and property receivable upon such consolidation or share reconstruction or amalgamation, by a holder of the number of
shares of the Company’s common stock for which such Purchase Warrant might have been exercised immediately prior to such
consolidation, share reconstruction or amalgamation, sale or transfer. Such supplemental Purchase Warrant shall provide for adjustments
which shall be identical to the adjustments provided for in this Section 6. The above provision of this Section shall similarly
apply to successive consolidations or share reconstructions or amalgamations.

 

6.3        Elimination of Fractional
Interests. The Company shall not be required to issue certificates representing fractions of Shares upon the exercise of the
Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent
of the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may be, to the
nearest whole number of Shares or other securities, properties or rights.

 

7.           Reservation and Listing.
The Company shall at all times reserve and keep available out of its shares of authorized capital stock, solely for the purpose
of issuance upon exercise of the Purchase Warrants, such number of Shares or other securities, properties or rights as shall be
issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Warrants and payment of
the Exercise Price therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall
be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder. The Company
further covenants and agrees that upon exercise of the Purchase Warrants and payment of the exercise price therefor, all Shares
and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject
to preemptive rights of any shareholder. As long as the Purchase Warrants shall be outstanding, the Company shall use its commercially
reasonable efforts to cause the Company’s common stock to be listed (subject to official notice of issuance) on all national
securities exchanges (or, if applicable, on the OTC Bulletin Board or any successor trading market) on which the shares of common
stock issued to the public in the Company’s initial public offering may then be listed and/or quoted.

 

8.            Certain Notice Requirements.

 

8.1         Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to
receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder
of the Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the events
described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event
at least fifteen days prior to the date fixed as a record date or the date of closing the transfer books for the determination
of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled
to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of
the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder
a copy of each notice given to the other shareholders of the Company at the same time and in the same manner that such notice is
given to the shareholders.

 

    	 

    	 

    

 

8.2         Events Requiring
Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the following events:
(i) if the Company shall take a record of the holders of shares of the Company’s common stock for the purpose of entitling
them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise
than out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company,
(ii) the Company shall offer to all the holders of shares of the Company’s common stock any additional shares of capital
stock of the Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any option,
right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the Company (other than in connection
with a consolidation or share reconstruction or amalgamation) or a sale of all or substantially all of its property, assets and
business shall be proposed.

 

8.3         Notice of
Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section
6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall describe
the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company’s
Chief Financial Officer.

 

8.4         Transmittal
of Notices. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing and shall
be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered
Holder of the Purchase Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company,
to following address or to such other address as the Company may designate by notice to the Holders:

 

If to the Holder:

Dawson James Securities, Inc.

1 North Federal Highway, 5th Floor

Boca Raton, FL 33432

Attention: Robert D. Keyser, Jr., CEO

Fax No.: (561) 391-5757

 

If to the Company:

 

Ruthigen, Inc.

2455 Bennett Valley Road, Suite C116

Santa Rosa, California 95404

Attention: Hojabr Alimi, Chief Executive Officer

Fax No.: (925) 954-6472

 

    	 

    	 

    

 

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

 

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Chrysler Center

666 Third Avenue

New York, New York 10017

Attention: Ivan K. Blumenthal, Esq.

Fax No.: (212) 983-3115

 

9.           Miscellaneous.

 

9.1        Amendments.
The Company and Dawson may from time to time supplement or amend this Purchase Warrant without the approval of any of the Holders
in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with
any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company
and Dawson may deem necessary or desirable and that the Company and Dawson deem shall not adversely affect the interest of the
Holders. All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement
of the modification or amendment is sought.

 

9.2         Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Purchase Warrant.

 

9.3.      Entire
Agreement. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection
with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and
supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4         Binding
Effect. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and
their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed
to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions
herein contained.

 

9.5        Governing
Law; Submission to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed and enforced in accordance
with the laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees
that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant shall be brought
and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District
of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any
objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served
upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage
prepaid, addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service and shall
be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing
party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees
and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on
its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and the Holder hereby
irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding
arising out of or relating to this Agreement or the transactions contemplated hereby.

 

    	 

    	 

    

 

9.6         Waiver,
etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall
not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant
or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase
Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be
effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such
waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver
of any other or subsequent breach, non-compliance or non-fulfillment.

 

9.7         Execution in Counterparts. This Purchase Warrant may be executed in one or more counterparts, and by the different parties
hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute
one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto
and delivered to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic
transmission.

 

[Signature Page Follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the Company has caused
this Purchase Warrant to be signed by its duly authorized officer as of the ____ day of _______, 2014.

 

	Ruthigen, Inc.	 
	 	 	 
	By:	 	 
	 	Name: 	 
	 	Title: 	 

 

    	 

    	 

    

  

[Form to be used to exercise Purchase
Warrant]

 

Date: __________, 20___

 

The undersigned
hereby elects irrevocably to exercise the Purchase Warrant for ______ shares of common stock, par value $0.0001 per share (the
“Shares”), of Ruthigen, Inc., a Delaware corporation (the “Company”), and hereby makes payment
of $____ (at the rate of $____ per Share) in payment of the Exercise Price pursuant thereto. Please issue the Shares as to which
this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing
the number of Shares for which this Purchase Warrant has not been exercised.

 

or

 

The undersigned
hereby elects irrevocably to convert its right to purchase ___ Shares of the Company under the Purchase Warrant for ______ Shares,
as determined in accordance with the following formula:

 

	 	X	=	Y(A-B)	 
	A	 

 

	Where,	 	 	 
	 	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The fair market value of one Share which is equal to $_____; and
	 	B	=	The Exercise Price which is equal to $______ per share

The undersigned
agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with
respect to the calculation shall be resolved by the Company in its sole discretion.

 

Please issue
the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a
new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been converted.

 

Signature ______________________________________

 

Signature Guaranteed
____________________________

 

    	 

    	 

    

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

	Name:	 	 
	 	(Print in Block Letters)	 
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

DWAC (if applicable):

 

NOTICE: The signature
to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement or
any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership
on a registered national securities exchange.

 

    	 

    	 

    

  

[Form to be used to assign Purchase Warrant]

 

ASSIGNMENT

 

(To be executed by the registered Holder
to effect a transfer of the within Purchase Warrant):

 

FOR VALUE RECEIVED, __________________
does hereby sell, assign and transfer unto the right to purchase shares of common stock, par value $0.0001 per share, of Ruthigen,
Inc., a Delaware corporation (the “Company”), evidenced by the Purchase Warrant and does hereby authorize the
Company to transfer such right on the books of the Company.

 

Dated: __________, 20__

 

Signature ______________________________________

 

Signature Guaranteed ____________________________

 

NOTICE: The signature to this form must correspond with the
name as written upon the face of the within Purchase Warrant without alteration or enlargement or any change whatsoever, and must
be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership on a registered national
securities exchange.Exhibit 4.3

 

SERIES A WARRANT

 

RUTHIGEN,
inc.

 

	Warrant Shares: [*]	 
	Series B Warrants: [*]	Issue Date: _____________

 

THIS SERIES A WARRANT
(the “Warrant”) certifies that, for value received, _____________ (the “Holder”) is entitled,
upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the
Issue Date and on or prior to the close of business on the two (2) year anniversary of the Issue Date (the “Termination
Date”) but not thereafter, to subscribe for and purchase from Ruthigen, Inc., a Delaware corporation (the “Company”),
up to [*] shares (the “Warrant Shares”) of the Company’s common stock, par value $0.0001 per share
(“Common Stock”) and Series B Warrants to purchase up to [*] shares of Common Stock (“Series
B Warrant”)[equal to the number of Warrants Shares]. The initial number of Warrant Shares and Series B Warrants
shall be an amount to equal to the number of shares of Common Stock the Holder has purchased from the Company on the Issue Date
(rounded (up or down) to the nearest whole Warrant Share). The purchase price of one share of Common Stock and one Series B Warrant
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 Warrant Agent Agreement
between the Company and VStock Transfer, LLC (the “Warrant Agent”), dated as of March ____, 2014 (the “Warrant
Agent Agreement”).

 

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 Issue Date and on or before the Termination Date by delivery (whether via facsimile or otherwise) to the Warrant
Agent or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address
of the Holder appearing on the books of the Company or the Warrant Agent of a duly executed copy of the Notice of Exercise form
annexed hereto. 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. Within two (2) Trading Days following an exercise of this Warrant
as aforesaid (the “Price Delivery Date”), the Holder shall deliver payment to the Warrant Agent of an amount
equal to the aggregate Exercise Price of the Warrant Shares and Series B Warrants thereby purchased, payable to the order of the
Company, 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. Notwithstanding anything herein to the contrary, the Holder shall not be required to
physically surrender this Warrant to the Company or the Warrant Agent until the Holder has purchased all of the Warrant Shares
and Series B Warrants available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender
this Warrant to the Warrant Agent for cancellation within three (3) Trading Days after the date the final Notice of Exercise is
delivered to the Warrant Agent. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant
Shares and Series B Warrants available hereunder shall have the effect of lowering the outstanding number of Warrant Shares and
Series B Warrants purchasable hereunder in an amount equal to the applicable number of Warrant Shares and Series B Warrants purchased.
The Holder and the Company or the Warrant Agent shall maintain records showing the number of Warrant Shares and Series B Warrants
purchased and the date of such purchases. The Company or the Warrant Agent shall deliver any objection to any Notice of Exercise
form within 2 Business Days of receipt of the applicable Notice of Exercise. 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 and Series B Warrants hereunder, the number of Warrant Shares and Series B Warrants 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 combination of one share of the Common Stock and one Series B Warrant under this Warrant shall
be $_______[100% of the IPO Price], subject to adjustment as provided hereunder (the “Exercise Price”).

 

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 and the Series B Warrants to the Holder, then this Warrant may
only be exercised, in whole or in part, at such time by means of a “cashless exercise” (a “Cashless Exercise”).
In no event will the Company be required to net cash settle the Warrant exercise. In a Cashless Exercise, 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) = the
VWAP on the Trading Day immediately prior to the date on which Holder elects to exercise this Warrant by means of a Cashless Exercise,
as set forth in the applicable Notice of Exercise;

 

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

 

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

 

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

 

    	-2-

    	 

    

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE MKT, the NASDAQ Capital Market, the NASDAQ Global Market, the NASDAQ Global Select Market, the New
York Stock Exchange, the OTC Bulletin Board or the OTC Markets Group, Inc. (or any successors to any of the foregoing).

 

Additionally,
upon such cashless exercise, the Holder shall receive a Series B Warrant to purchase a number of shares of Common Stock equal to
such number of Warrant Shares being exercised.

 

d)            Mechanics
of Exercise.

 

i.             Delivery
of Warrant Shares and Series B Warrants Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Warrant Agent to the Holder by crediting the account of the Holder’s prime broker with
The Depository Trust Company (“DTC”) through its Deposit/Withdrawal at Custodian (“DWAC”)
system 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 Holder or (B) this Warrant is being exercised via Cashless Exercise, and otherwise by physical
delivery to the address specified by the Holder in the Notice of Exercise by the date that is three (3) Trading Days after (A)
receipt by the Warrant Agent of the Notice of Exercise and (B) receipt by the Warrant Agent of payment of the aggregate Exercise
Price (such date, the “Warrant Share Delivery Date”). This Warrant shall be deemed to have been exercised upon
delivery of the Notice of Exercise and payment of the Exercise Price to the Warrant Agent. The Warrant Shares shall be deemed to
have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record
of such shares for all purposes, as of the date the Warrant has been exercised. Notwithstanding anything else to the contrary in
this Warrant, if the Holder fails to duly deliver payment to the Warrant Agent of an amount equal to the aggregate Exercise Price
of the Warrant Shares to be purchased upon exercise of this Warrant by the applicable Price Delivery Date as set forth in Section
2(a) hereof, the Company will not obligated to deliver or cause the Warrant Agent to deliver any such Warrant Shares (via DWAC
or otherwise) until following receipt of such payment, and the applicable Warrant Share Delivery Date shall be deemed extended
by one day for each day (or part thereof) that after the Price Delivery Date until such payment is delivered to the Warrant Agent.

 

The Series B Warrants shall be issuable in book entry form. All of the Series B Warrants shall initially be represented by one or more book-entry warrant certificates deposited with the Warrant Agent and registered in the name of the registered Holder.

 

    	-3-

    	 

    

 

ii.             Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall (or shall direct the Warrant
Agent to), at the request of a Holder and upon surrender of this Warrant, at the time of delivery of the Warrant Shares, deliver
to Holder a new Warrant evidencing the rights of 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 Warrant Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i)
by the Warrant Share Delivery Date, then, the Holder will have the right to rescind such exercise.

 

iv.           Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares and B Warrants Upon Exercise. In addition to any other rights available
to the Holder, if the Company fails to cause the Warrant Agent to transmit to the Holder the Warrant Shares and B Warrants pursuant
to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase
(in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock or
B Warrants to deliver in satisfaction of a sale by the Holder of the Warrant Shares or B Warrants which the Holder anticipated
receiving upon such exercise (a “Buy-In”), then the Company shall (or shall direct the Warrant Agent to), within
five (5) Trading Days after the Holder’s request, either (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 or B Warrants so purchased
exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares or B Warrants, as applicable, that the Company
was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving
rise to such purchase obligation was executed, and (B) at the option of Holder, either reinstate the portion of the Warrant and
equivalent number of Warrant Shares and B Warrants for which such exercise was not honored (in which case such exercise shall be
deemed rescinded) or deliver to Holder the number of shares of Common Stock and B Warrants 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.

 

    	-4-

    	 

    

 

Notwithstanding
the forgoing, the Company shall not be required to make the payments set forth herein if the Holder fails to timely file request
with DTC to receive such Warrant Shares via the Deposit Withdrawal at Custodian system.

 

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 (or shall direct the Warrant Agent to), 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 or down) to the nearest whole share.

 

vi.            Charges,
Taxes and Expenses. Issuance of Warrant Shares and B Warrants 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 or B Warrants, all of which taxes and expenses
shall be paid by the Company, and such Warrant Shares and B Warrants 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 Warrant Shares and/or B Warrants
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 or the Warrant Agent may require, as a condition
thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.

 

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.

 

    	-5-

    	 

    

 

e)             Holder’s
Exercise Limitations. Notwithstanding anything to the contrary contained in this Warrant, this Warrant shall not be exercisable
by the Holder hereof to the extent (but only to the extent) that the Holder or any of its affiliates would beneficially own in
excess of 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock issuable upon exercise of this Warrant (the “Maximum Percentage”). For purposes of the foregoing
sentence, the number of shares of Common Stock beneficially owned by the Holder and its affiliates shall include the number of
Warrant Shares which are subject to the Notice of Exercise with respect to which such determination is being made, but shall exclude
the number of shares of Common Stock which are issuable upon (i) exercise of the remaining, unexercised portion of this Warrant
and beneficially owned by the Holder or any of its affiliates, and (ii) exercise or conversion of the unexercised or unconverted
portion of any other securities of the Company beneficially owned by the Holder or any of its affiliates that are subject to a
limitation on conversion or exercise similar to the limitation contained herein. To the extent the above limitation applies, the
determination of whether this Warrant shall be exercisable (vis-à-vis other convertible, exercisable or exchangeable securities
owned by the Holder or any of its affiliates) and of which such securities shall be exercisable (as among all such securities owned
by the Holder) shall, subject to such Maximum Percentage limitation, be determined by the Holder, and the Company shall have no
responsibility for determining the accuracy of the Holder’s determination. No prior inability to exercise this Warrant pursuant
to this paragraph shall have any effect on the applicability of the provisions of this paragraph with respect to any subsequent
determination of exercisability. For the purposes of this paragraph, beneficial ownership and all determinations and calculations
(including, without limitation, with respect to calculations of percentage ownership) shall be determined in accordance with Section
13(d) of the Exchange Act and the rules and regulations promulgated thereunder. The provisions of this paragraph shall be implemented
in a manner otherwise than in strict conformity with the terms of this paragraph to correct this paragraph (or any portion hereof)
which may be defective or inconsistent with the intended Maximum Percentage beneficial ownership limitation herein contained or
to make changes or supplements necessary or desirable to properly give effect to such Maximum Percentage limitation. The limitations
contained in this paragraph shall apply to a successor Holder of this Warrant. For any reason at any time, upon the written or
oral request of the Holder, the Company shall within two (2) Business Days confirm orally and in writing to the Holder the number
of shares of Common Stock then outstanding, including by virtue of any prior conversion or exercise of convertible or exercisable
securities into Common Stock, including, without limitation, pursuant to this Warrant.

 

    	-6-

    	 

    

 

f)             Call
Provision. Subject to the provisions of Section 2(d) and this Section 2(f), if, after the effective date of the Registration
Statement on Form S-1 (Registration No. 333-190476) (the “Effective Date”), the Fair Market Price for each of
20 consecutive Trading Days (the “Measurement Period,” which 20 consecutive Trading Day period shall not have
commenced until after the Effective Date) exceeds $______1
(subject to adjustment for forward and reverse stock splits, recapitalizations, stock dividends and the like after the Issue Date),
then the Company may, within three (3) Trading Days of the end of such Measurement Period, call for cancellation of all or any
portion of this Warrant for which a Notice of Exercise has not yet been delivered (such right, a “Call”) for
consideration equal to $.0001 per Warrant. To exercise this right, the Company must deliver to the Holder an irrevocable written
notice (a “Call Notice”), indicating therein the portion of unexercised portion of this Warrant to which such
notice applies. If the conditions set forth below for such Call are satisfied from the period from the date of the Call Notice
through and including the Call Date (as defined below), then any portion of this Warrant subject to such Call Notice for which
a Notice of Exercise shall not have been received by the Call Date will be cancelled at 6:30 p.m. (New York City time) on the tenth
Trading Day after the date the Call Notice is received by the Holder (such date and time, the “Call Date”).
Any unexercised portion of this Warrant to which the Call Notice does not pertain will be unaffected by such Call Notice. In furtherance
thereof, the Company covenants and agrees that it will honor all Notices of Exercise with respect to Warrant Shares subject to
a Call Notice that are tendered through 6:30 p.m. (New York City time) on the Call Date. The parties agree that any Notice of Exercise
delivered following a Call Notice which calls less than all the Warrants shall first reduce to zero the number of Warrant Shares
subject to such Call Notice prior to reducing the remaining Warrant Shares available for purchase under this Warrant. For example,
if (A) this Warrant then permits the Holder to acquire 100 Warrant Shares, (B) a Call Notice pertains to 75 Warrant Shares, and
(C) prior to 6:30 p.m. (New York City time) on the Call Date the Holder tenders a Notice of Exercise in respect of 50 Warrant Shares,
then (x) on the Call Date the right under this Warrant to acquire 25 Warrant Shares will be automatically cancelled, (y) the Company,
in the time and manner required under this Warrant, will have issued and delivered to the Holder 50 Warrant Shares in respect of
the exercises following receipt of the Call Notice, and (z) the Holder may, until the Termination Date, exercise this Warrant for
25 Warrant Shares (subject to adjustment as herein provided and subject to subsequent Call Notices). Subject again to the provisions
of this Section 2(f), the Company may deliver subsequent Call Notices for any portion of this Warrant for which the Holder shall
not have delivered a Notice of Exercise. Notwithstanding anything to the contrary set forth in this Warrant, the Company may not
deliver a Call Notice or require the cancellation of this Warrant (and any such Call Notice shall be void), unless, from the beginning
of the Measurement Period through the Call Date, (1) the Company shall have honored in accordance with the terms of this Warrant
all Notices of Exercise delivered by 6:30 p.m. (New York City time) on the Call Date, and (2) a registration statement shall be
effective for the issuance of all Warrant Shares to the Holder, (3) there is a sufficient number of authorized shares of Common
Stock for issuance of all shares under the A Warrants and the B Warrants, and (4) the Common Stock shall be listed or quoted for
trading on the Trading Market. The Company’s right to call the Warrants under this Section 2(f) shall be exercised ratably
among the Holders based on each Holder’s initial purchase of Warrants.

 

 

 1
150% of the then Exercise Price.

 

    	-7-

    	 

    

 

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 or the Series B Warrants), (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 (collectively with
the actions described in (i), (ii), (iii) and (iv), a “Share Reorganization”), 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,
but if the Company shall legally abandon any such dividend, distribution, subdivision, combination or reclassification prior to
effecting such action, no adjustment shall be made pursuant to this Section 3(a) in respect of such action.

 

b)Subsequent
Equity Sales. If the Company at any time while this Warrant is outstanding, shall sell or grant any option to purchase, or
sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase
or other disposition) any Common Stock or Common Stock Equivalents, at an effective price per share less than (i) the Fair Market
Price per share and (ii) the IPO Price per share (such issuances collectively, a “Dilutive Issuance”) (it being
understood and agreed that if the holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by
operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due
to warrants, options or rights per share which are issued in connection with such issuance, be entitled to receive shares of Common
Stock at an effective price per share that is less than the Exercise Price, such issuance shall be deemed to have occurred for
less than the Exercise Price on such date of the Dilutive Issuance at such effective price), then in each case, the Exercise Price
(abbreviated as EP0 below) shall be reduced (and only reduced) based on the following formula:

 

EP’= EP0 * (OS + X) / (OS
+ Y) where:

 

EP’ = the reduced Exercise
Price in effect immediately on and after such Dilutive Issuance;

 

EP0 = the Exercise Price in effect
immediately prior to such issuance or sale;

 

OS = the number of shares of Common
Stock outstanding immediately before such Dilutive Issuance;

 

X = the number of shares of Common
Stock equal to the quotient of (A) the aggregate price payable in the Dilutive Issuance (i) in respect of such shares of Common
Stock issued or sold (in the case of an issuance or sale of Common Stock) or (ii) in respect of the shares of Common Stock issuable
upon exercise, conversion or exchange of the Common Stock Equivalents issued or sold (in the case of an issuance or sale of Common
Stock Equivalents) in the Dilutive Issuance divided by (B) the Fair Market Price immediately before such Dilutive Issuance; and

 

    	-8-

    	 

    

 

Y = (i) the total number of shares
of Common Stock issued (in the case of an issuance or sale of Common Stock) or (ii) the total number of shares of Common Stock
issuable upon exercise, conversion or exchange of Common Stock Equivalents issued or sold (in the case of an issuance or sale of
Common Stock Equivalents) in the Dilutive Issuance. 

 

Such adjustment
shall be made whenever such Common Stock or Common Stock Equivalents are issued. Notwithstanding the foregoing, no adjustments
shall be made, paid or issued under this Section 3(b) in respect of an Exempt Issuance. The Company shall notify the Holder, in
writing, no later than the fifth Trading Day following the issuance or deemed issuance of any Common Stock or Common Stock Equivalents
subject to this Section 3(b), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion
price and other pricing terms (such notice, the “Dilutive Issuance Notice”); provided, however,
that no such notice will be required if the Company has publicly disclosed such Dilutive Issuance on a Current Report on Form 8-K
filed on EDGAR and clearly specified the reduced Exercise Price applicable to this Warrant as a result of such Dilutive Issuance.
For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 3(b), upon
the occurrence of any Dilutive Issuance, the Holder is entitled to receive a number of Warrant Shares based upon the reduced Exercise
Price (as calculated only by using the above formula) regardless of whether the Holder accurately refers to the reduced Exercise
Price in the Notice of Exercise. “Exempt Issuance” means the issuance by the Company of (a) shares of Common
Stock, options or other equity based awards to employees, officers, consultants or directors of the Company pursuant to any stock
or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority
of the members of a committee of non-employee directors established for such purpose, (b) securities upon the exercise or exchange
of or conversion of any securities issued hereunder and/or other securities exercisable or exchangeable for or convertible into
shares of Common Stock issued and outstanding on the Issue Date, provided that such securities have not been amended since the
Issue Date to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such
securities, (c) securities issued pursuant to acquisitions or strategic transactions (including, without limitation, sponsored
research, collaboration, licensing, development, distribution, marketing or similar arrangement or alliance) approved by a majority
of the disinterested directors of the Company, but shall not, for the purposes of this clause (c), include a transaction in which
the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing
in securities, or (d) securities issued or issuable to parties providing leases, credit lines or similar transactions pursuant
to debt financing or commercial arrangements approved by a majority of the disinterested directors of the Company. “IPO
Price” means the initial public offering price of the Company’s combination of one share of Common Stock and one
Series A Warrant. “Common Stock Equivalents” means any securities of the Company which would entitle the holder
thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or
other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof
to receive, Common Stock. “Fair Market 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 closing price of the
Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted
as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time), (b) 
if the OTC Bulletin Board is not a Trading Market, the closing price of the Common Stock for such date (or the nearest preceding
date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and
if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar
organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock
so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser
selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the
Company, the fees and expenses of which shall be paid by the Company.

 

    	-9-

    	 

    

 

c)   Intentionally
Omitted.

 

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 with or into another Person, (ii) the Company, directly or indirectly, effects
any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one
or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by
the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property, (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 whereby such other Person acquires more than 50% of the
outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or
party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other
business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant,
the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately
prior to the occurrence of such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this
Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving
corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such
Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior
to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes
of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration
based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction,
and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities,
cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate
Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. Any such payment of such amount
of such Alternative Consideration shall be made in the same form of consideration (whether securities, cash or property) as is
given to the holders of Common Stock in such Fundamental Transaction, and if multiple forms of consideration are given, the consideration
shall be paid to the Holder in the same proportion as such consideration is paid to the holders of Common Stock. The terms of any
agreement pursuant to which a Fundamental Transaction is effected shall include terms requiring any such successor or surviving
entity to comply with the provisions of this Section 3(c).

 

    	-10-

    	 

    

 

e)  Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest whole share, as the case may be.
For purposes of this Section 3, any calculation of the number of shares of Common Stock deemed to be issued and outstanding as
of a given date shall not include treasury shares, if any. Notwithstanding anything to the contrary in this Section 3, no adjustment
in the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least 1% in such price;
provided however, that any adjustments which by reason of the immediately preceding sentence are not required to
be made shall be carried forward and taken into account in any subsequent adjustment. In any case in which this Section 3 shall
require that an adjustment in the Exercise Price be made effective as of a record date for a specified event, if Holder exercises
this Warrant after such record date, the Company may elect to defer, until the occurrence of such event, the issuance of the shares
of Common Stock and other capital stock of the Company in excess of the shares of Common Stock and other capital stock of the Company,
if any, issuable upon such exercise on the basis of the Exercise Price in effect prior to such adjustment; provided, however,
that in such case the Company or the Warrant Agent shall deliver to Holder a due bill or other appropriate instrument evidencing
Holder’s right to receive such additional shares and/or other capital securities upon the occurrence of the event requiring
such adjustment.

 

    	-11-

    	 

    

 

f)  Notice
to Holder.

 

i.             Adjustment
to Exercise Price. Whenever the Exercise Price or number of Warrant Shares is adjusted pursuant to any provision of this Section
3, the Company shall (or cause the Warrant Agent to) promptly mail to the Holder a notice setting forth the Exercise Price and
number of Warrant Shares after such adjustment and setting forth a brief statement of the facts requiring such adjustment.

 

ii.             Notice
to Allow Exercise by Holder. After the Issue Date and on or prior to the Termination Date, 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 mailed to the Holder at its last address as it shall appear upon the Warrant Register, at least 20
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 mail such notice or
any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified in
such notice. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding
the Company, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The
Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective
date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

    	-12-

    	 

    

 

Section 4.             Transfer
of Warrant.

 

a)
         Transferability. Subject to compliance with any
applicable securities laws, this Warrant and all rights hereunder are transferable, in whole or in part, upon delivery of
this Warrant (or  delivery of the book-entry warrant certificate representing this Warrant) at the principal office of the
Company or the Warrant Agent (or other designated agent), together with a written assignment of this Warrant substantially in
the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes
payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and
deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or
denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the
portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in
accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant
issued.

 

b)          New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company or the Warrant Agent (or other designated agent), 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 (or cause the Warrant
Agent to 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 initial issuance date set forth on the first page
of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c)          Warrant
Register. This Warrant shall be issuable in book entry form (the “Book-Entry Warrant Certificate”) and shall
initially be represented by one or more Book-Entry Warrant Certificates deposited with the Warrant Agent and registered in the name of
the Holder, or as otherwise directed by the Warrant Agent. Ownership of beneficial interests in this Warrant shall be
shown on, and the transfer of such ownership shall be effected through, records maintained by the Warrant Agent (the “Warrant Register”).
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 written notice
to the contrary.

 

    	-13-

    	 

    

 

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.

 

b)          Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company or the Warrant Agent of
evidence reasonably satisfactory to them 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 (including, posting a bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver (or
cause the Warrant Agent to 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; Registration.

 

The Company
covenants that, during the period the Warrant is outstanding, it will maintain the effectiveness of the Registration Statement
such that the Holder may exercise this Warrant to receive registered shares of Common Stock and registered Series B Warrants (and
the shares of Common Stock underlying the Series B Warrants). The Company further covenants that 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 (without regard to any limitations on exercise contained herein). 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).

 

    	-14-

    	 

    

 

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)           Governing
Law. This Warrant shall be governed by, and construed in accordance with, the laws of the State of New York without giving
effect to the conflicts of law principles thereof.

 

f)           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 Holder’s rights, powers or remedies. Without limiting any other provision
of this Warrant, 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 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 Holder in
collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

g)          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 Warrant Agent Agreement.

 

h)          Limitation
of Liability. No provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant to purchase
Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of 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.

 

    	-15-

    	 

    

 

i)           Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to seek specific performance of its rights under this Warrant. The Company agrees that monetary damages may 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.

 

j)            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.

 

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

 

l)            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.

 

m)          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)

 

    	-16-

    	 

    

 

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.

 

	 	RUTHIGEN, inc.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: Chief Financial Officer

 

    	-17-

    	 

    

 

NOTICE OF EXERCISE

 

		To:	RUTHIGEN, inc.

 

(1)  The undersigned
hereby elects to purchase ________ Warrant Shares and Series B Warrants to purchase shares of Common Stock of the Company in an
amount equal to the number of the Warrant Shares, 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 and Series B Warrants in the name of the undersigned or in such other name as is specified below:

 

	 	 	 	 
	 	 	 	 

 

The Warrant Shares and the Series B Warrants
shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:

 

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: __________________________________________________________________________

Signature of Authorized Signatory of
Investing Entity: ____________________________________________________

Name of Authorized Signatory: ______________________________________________________________________

Title of Authorized Signatory: _______________________________________________________________________

Date: __________________________________________________________________________________________

 

    	 

    	 

    

 

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

FOR VALUE RECEIVED, [____]
all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	_______________________________________________ whose address is

 

	_______________________________________________________________.
	 
	_______________________________________________________________
	 

 

	 	 	Dated:  ______________, _______	 
	 	 	 	 

 

	 	Holder’s Signature:		 
	 	 	 	 
	 	Holder’s Address:		 
	 	 	 	 
	 	 		 

  

NOTE: The signature to this Assignment
Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00226-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00226-of-00352.parquet"}]]