Document:

Exhibit 4.1

FORM FINAL

 

FORM OF PRE-FUNDED WARRANT TO PURCHASE
COMMON STOCK 

 

Number
of Shares: [            ]

(subject to adjustment)

 

	Warrant No.     	Original Issue Date: [    ], 2020

 

Leap Pharmaceuticals, Inc., a Delaware corporation (the “Company”),
hereby certifies that, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, [BAKER
BROS. ENTITY] or its registered assigns (the “Holder”), is entitled, subject to the terms set forth below, to
purchase from the Company up to a total of [    ] shares of common stock, $0.001 par value per share (the “Common
Stock”), of the Company (each such share, a “Warrant Share” and all such shares, the “Warrant
Shares”) at an exercise price per share equal to $0.001 per share (as adjusted from time to time as provided in Section 9
herein, the “Exercise Price”), upon surrender of this Pre-Funded Warrant to Purchase Common Stock (the
 “Warrant” (which, for the avoidance of doubt, shall include any New Warrant (as defined below))) at any time
and from time to time on or after the date hereof (the “Original Issue Date”), subject to the following terms
and conditions:

 

1. Definitions. For purposes of this Warrant, the following
terms shall have the following meanings:

 

(a) “Affiliate” means any Person directly or indirectly
controlled by, controlling or under common control with, a Holder, but only for so long as such control shall continue. For purposes
of this definition, “control” (including, with correlative meanings, “controlled by”, “controlling”
and “under common control with”) means, with respect to a Person, possession, direct or indirect, of (a) the power
to direct or cause direction of the management and policies of such Person (whether through ownership of securities or partnership
or other ownership interests, by contract or otherwise), or (b) at least 50% of the voting securities (whether directly or
pursuant to any option, warrant or other similar arrangement) or other comparable equity interests.

 

(b) “Commission” means the United States
Securities and Exchange Commission.

 

(c) “Closing Sale Price” means, for any security
as of any date, the last trade price for such security on the Principal Trading Market for such security, as reported by Bloomberg
Financial Markets, or, if such Principal Trading Market begins to operate on an extended hours basis and does not designate the
last trade price, then the last trade price of such security prior to 4:00 P.M., New York City time, as reported by Bloomberg Financial
Markets, or if the foregoing do not apply, the last trade price of such security in the over-the-counter market on the electronic
bulletin board for such security as reported by Bloomberg Financial Markets (such time, the “Close of Trading”).
If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale
Price of such security on such date shall be the fair market value as mutually determined in good faith by the Company and the
Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then the Board of Directors
of the Company shall use its good faith judgment to determine the fair market value. The Board of Directors’ determination
shall be binding upon all parties absent demonstrable error. All such determinations shall be appropriately adjusted for any stock
dividend, stock split, stock combination or other similar transaction during the applicable calculation period.

 

(d) “Principal Trading Market” means the
national securities exchange or other trading market on which the Common Stock is primarily listed on and quoted for trading, which,
as of the Original Issue Date, shall be the Nasdaq Global Market.

 

(e) “Securities Act” means the Securities
Act of 1933, as amended.

 

(f) “Subject Entity” means any Person, Persons or
Section 13(d) “group” or any Affiliate or associate of any such Person, Person or Section 13(d) “group”.

 

     

     

    

 

(g) “Trading Day” means any weekday on which
the Principal Trading Market is normally open for trading.

 

(h) “Transfer Agent” means Continental Stock
Transfer & Trust Company, the Company’s transfer agent and registrar for the Common Stock, and any successor appointed
in such capacity.

 

2. Warrant Register. The Company shall register ownership
of this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in
the name of the record Holder (which shall include the initial Holder or, as the case may be, any registered assignee to which
this Warrant is assigned hereunder) from time to time. The Company may deem and treat the registered Holder of this Warrant as
the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes,
absent actual notice to the contrary.

 

3. Registration of Transfers. Subject to compliance with
all applicable securities laws, the Company shall, or will cause its Transfer Agent to, register the transfer of all or any portion
of this Warrant in the Warrant Register, upon surrender of this Warrant, and payment for all applicable transfer taxes (if any).
Upon any such registration or transfer, a new warrant to purchase Common Stock in substantially the form of this Warrant (any such
new warrant, a “New Warrant”) evidencing the portion of this Warrant so transferred shall be issued to the transferee,
and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the transferring
Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of
the rights and obligations in respect of the New Warrant that the Holder has in respect of this Warrant. The Company shall, or
will cause its Transfer Agent to, prepare, issue and deliver at the Company’s own expense any New Warrant under this Section 3.
Until due presentment for registration of transfer, the Company may treat the registered Holder hereof as the owner and holder
for all purposes, and the Company shall not be affected by any notice to the contrary.

 

4. Exercise and Duration of Warrants.

 

(a) All or any part of this Warrant shall be exercisable by
the registered Holder in any manner permitted by this Warrant at any time and from time to time on or after the Original Issue
Date.

 

(b) The Holder may exercise this Warrant by delivering to the
Company (i) an exercise notice, in the form attached as Schedule 1 hereto (the “Exercise Notice”),
completed and duly signed, and (ii) payment of the Exercise Price for the number of Warrant Shares as to which this Warrant
is being exercised (which may take the form of a “cashless exercise” if so indicated in the Exercise Notice pursuant
to Section 10 below), and the date on which the last of such items is delivered to the Company (as determined in accordance
with the notice provisions hereof) is an “Exercise Date.” The Holder shall not be required to deliver the original
Warrant in order to effect an exercise hereunder. Execution and delivery of the Exercise Notice shall have the same effect as cancellation
of the original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares,
if any. The aggregate exercise price of this Warrant, except for the Exercise Price, was pre-funded to the Company on or before
the Original Issue Date, and consequently no additional consideration (other than the Exercise Price) shall be required by to be
paid by the Holder to effect any exercise of this Warrant. The Holder shall not be entitled to the return or refund of all, or
any portion, of such pre-funded exercise price under any circumstance or for any reason whatsoever.

 

(c) The Company shall treat the exercise of this Warrant as
a “tax nothing” for U.S. federal, state and/or local tax purposes, as applicable, such that no gain or loss shall be
recognized by the Holder upon exercise, unless an alternative treatment is required as a result of a “final determination”
within the meaning of Section 1313(a) of the U.S. Internal Revenue Code of 1986, as amended. In the event that the U.S. taxing
authorities take a position contrary to the foregoing, or otherwise impose U.S. withholding or income tax in connection with the
foregoing, then the Company shall indemnify any direct or indirect Holders who are non-U.S. persons for U.S. federal income tax
purposes, on an after-tax basis, for any U.S. withholding or income tax actually imposed on such Holders.

 

     

     

    

 

5. Delivery of Warrant Shares.

 

(a) Upon exercise of this Warrant, the Company shall promptly
(but in no event later than three (3) Trading Days after the Exercise Date), upon the request of the Holder, credit such aggregate
number of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s
balance account with The Depository Trust Company (“DTC”) through its Deposit Withdrawal Agent Commission system.
The Company agrees that the Transfer Agent shall be at all times a participant in the Fast Automated Securities Transfer Program
(the “FAST Program”) (or any equivalent or replacement program) so long as this Warrant remains outstanding
and exercisable. The Holder, DTC (or its nominee) or any natural person or legal entity (each, a “Person”) so designated
by the Holder to receive Warrant Shares, shall be deemed to have become the holder of record of such Warrant Shares as of the Exercise
Date, irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the
certificates evidencing such Warrant Shares, as the case may be. If the Exercise Price, in the case of a cash exercise hereunder,
is delivered to the Company any time after the first (1st) Trading Day following the delivery of the Exercise Notice, the Holder
shall be deemed for all purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has
been exercised on the date of delivery of the Exercise Price.

 

(b) If by the close of trading on the third (3rd) Trading Day
after the Exercise Date, the Company fails to deliver to the Holder a certificate representing the required number of Warrant Shares
in the manner required pursuant to Section 5(a) or fails to credit the Holder’s balance account with DTC for
such number of Warrant Shares to which the Holder is entitled, and if after such third (3rd) Trading Day and prior to the receipt
of such Warrant Shares, the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in
satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall, within three (3) Trading Days after the Holder’s request and in the Holder’s sole and
absolute discretion, either (1) pay in cash to the Holder an amount equal to the Holder’s total purchase price (including
brokerage commissions, if any, but less the Exercise Price per Common Stock) for the shares of Common Stock so purchased in the
Buy-In, at which point the Company’s obligation to deliver such certificate (and to issue such Warrant Shares) shall terminate
or (2) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such Warrant Shares
and pay cash to the Holder in an amount equal to the excess (if any) of Holder’s total purchase price (including brokerage
commissions, if any) for the shares of Common Stock so purchased in the Buy-In less the product of (A) the number of shares
of Common Stock purchased in the Buy-In, times (B) the Closing Sale Price of a share of Common Stock on the Exercise Date.

 

(c) To the extent permitted by law and subject to Section 5(b),
the Company’s obligations to issue and deliver Warrant Shares in accordance with and subject to the terms hereof (including
the limitations set forth in Section 11 below) are absolute and unconditional, irrespective of any action or inaction
by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against
any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach
or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law
by the Holder or any other Person, and irrespective of any other circumstance that might otherwise limit such obligation of the
Company to the Holder in connection with the issuance of Warrant Shares. Subject to Section 5(b), nothing herein shall limit
the Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates
representing shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

6. Charges, Taxes and Expenses. Issuance and delivery
of certificates for shares of Common Stock upon exercise of this Warrant shall be made without charge to the Holder for any issue
or transfer tax, transfer agent fee or other incidental tax or expense (excluding any applicable stamp duties) in respect of the
issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however, that the
Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the registration of any
certificates for Warrant Shares or the Warrants in a name other than that of the Holder. The Holder shall be responsible for all
other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise
hereof.

 

7. Replacement of Warrant. If
this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and
substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon
receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction (in such case) and, in each
case, a customary and reasonable indemnity and surety bond, if requested by the Company. Applicants for a New Warrant under
such circumstances shall also comply with such other reasonable regulations and procedures and pay such other reasonable
third-party costs as the Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant,
then the Holder shall deliver such mutilated Warrant to the Company as a condition precedent to the Company’s
obligation to issue the New Warrant.

 

     

     

    

 

8. Reservation of Warrant Shares. The Company covenants
that it will, at all times while this Warrant is outstanding, reserve and keep available out of the aggregate of its authorized
but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise
of this Warrant as herein provided, the number of Warrant Shares that are initially issuable and deliverable upon the exercise
of this entire Warrant, free from preemptive rights or any other contingent purchase rights of persons other than the Holder (taking
into account the adjustments and restrictions of Section 9). The Company covenants that all Warrant Shares so issuable
and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly
and validly authorized, issued and fully paid and non-assessable. The Company will take all such action as may be reasonably necessary
to assure that such shares of Common Stock may be issued as provided herein without violation of any applicable law or regulation,
or of any requirements of any securities exchange or automated quotation system upon which the Common Stock may be listed. The
Company further covenants that it will not, without the prior written consent of the Holder, take any actions to increase the par
value of the Common Stock at any time while this Warrant is outstanding.

 

9. Certain Adjustments. The Exercise Price and number
of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth in this Section 9.

 

(a) Stock Dividends and Splits. If the Company, at any
time while this Warrant is outstanding, (i) pays a stock dividend on its Common Stock or otherwise makes a distribution on
any class of capital stock issued and outstanding on the Original Issue Date and in accordance with the terms of such stock on
the Original Issue Date (or as amended) that is payable in shares of Common Stock, (ii) subdivides its outstanding shares
of Common Stock into a larger number of shares of Common Stock, (iii) combines its outstanding shares of Common Stock into
a smaller number of shares of Common Stock or (iv) issues by reclassification of shares of capital stock any additional shares
of Common Stock of the Company, then in each such case the Exercise Price shall be multiplied by a fraction, the numerator of which
shall be the number of shares of Common Stock outstanding immediately before such event and the denominator of which shall be the
number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this
paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive such
dividend or distribution, provided, however, that if such record date shall have been fixed and such dividend is not fully paid
on the date fixed therefor, the Exercise Price shall be recomputed accordingly as of the close of business on such record date
and thereafter the Exercise Price shall be adjusted pursuant to this paragraph as of the time of actual payment of such dividends.
Any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after the effective date
of such subdivision or combination.

 

(b) Pro Rata Distributions.
If the Company, at any time while this Warrant is outstanding, makes any dividend or distribution to holders of Common Stock
of (i) evidences of its indebtedness, (ii) any security (other than a distribution of Common Stock covered by the
preceding paragraph), or (iii) cash or any other property or asset (in each case, “Distributed
Property”), then, the Company shall (x) cause the Holder of this Warrant to receive its share of the Distributed
Property in respect of such number of Warrant Shares that such Holder would be entitled to receive had the Holder exercised
this Warrant in full (and for cash) and been the record holder of such Warrant Shares immediately prior to the record date in
connection with such distribution, without regard to any limitation on exercise contained herein, and taking into account any
adjustments made pursuant to Section 9(a), and (y) use reasonable best efforts to timely provide to such Holder and
its tax advisers, upon request, with (1) any information or tax forms (including, without limitation, IRS Form 1099 or IRS
Form 1042-S) to the extent necessary to enable such Holder to prepare and file any tax returns or calculate or pay any
withholding or income tax, if any, and (2) reasonable access to the Company’s tax advisors in connection with the
foregoing. Notwithstanding the foregoing, the Company and its tax advisors will not be responsible for preparing any such tax
return for such Holder. In addition to the foregoing, if the Company, at any time while this Warrant is outstanding,
distributes to all holders of Common Stock rights or warrants to subscribe for or purchase any security, indebtedness or any
other property or assets (an “Offering”), (A) the Holder shall be entitled to participate in such
Offering in respect of such number of Warrant Shares that such Holder would be entitled to receive had the Holder exercised
this Warrant in full (and for cash) and been the record holder of such Warrant Shares immediately prior to the record date in
connection with such Offering, without regard to any limitation on exercise contained therein, and taking into account any
adjustments made pursuant to Section 9(a), (B) in connection with such Offering with respect to Common Stock, the
Holder shall receive the right to exercise this Warrant for additional Pre-Funded Warrants to Purchase Common Stock,
in substantially the form of this Warrant (each an “Additional Pre-Funded Warrant”), to purchase the
applicable number of shares of Common Stock that the Holder is entitled to pursuant to this Section 9(b) with respect
to such Offering, in lieu of acquiring such applicable number of shares of Common Stock, and (C) in connection with such
Offering with respect to securities that are convertible or exchangeable into Common Stock, the Holder shall receive the
right to such convertible securities, except that such convertible securities shall be convertible into the right to
Additional Pre-Funded Warrants to purchase the applicable number of shares of Common Stock that the Holder is entitled
pursuant to this Section 9(b) with respect to such Offering, in lieu of acquiring such applicable number of
convertible securities that are convertible into Common Stock.

 

     

     

    

 

(c) Fundamental Transactions.
If, at any time while this Warrant is outstanding, (i) the Company directly, or indirectly, through subsidiaries,
Affiliates or otherwise, in one or more related transactions, (1) consolidates or merges with or into (whether or not the
Company is the surviving corporation) another Subject Entity, or (2) sells, assigns, transfers, conveys or otherwise disposes
of all or substantially all of the properties or assets of the Company or any of its “significant subsidiaries”
(as defined in Rule 1-02 of Regulation S-X) to one or more Subject Entities, or (3) makes, or allows one or more Subject
Entities to make, or allows the Company to be subject to or have its shares of Common Stock be subject to or party to one or
more Subject Entities making, a purchase, tender or exchange offer that is accepted by the holders of at least either (x) 50%
of the outstanding shares of Common Stock, (y) 50% of the outstanding shares of Common Stock calculated as if any shares of
Common Stock held by all Subject Entities making or party to, or Affiliated with any Subject Entities making or party to,
such purchase, tender or exchange offer were not outstanding; or (z) such number of shares of Common Stock such that all
Subject Entities making or party to, or Affiliated with any Subject Entity making or party to, such purchase, tender or
exchange offer, become collectively the beneficial owners (as defined in Rule 13d-3 under the Exchange Act) of at least 50%
of the outstanding shares of Common Stock, or (4) consummates a stock purchase or other business combination (including,
without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with one or more Subject Entities
whereby all such Subject Entities, individually or in the aggregate, acquire, either (x) at least 50% of the outstanding
shares of Common Stock, (y) at least 50% of the outstanding shares of Common Stock calculated as if any shares of Common
Stock held by all the Subject Entities making or party to, or Affiliated with any Subject Entity making or party to, such
stock purchase or other business combination were not outstanding; or (z) such number of shares of Common Stock such that the
Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under the Exchange Act) of at least 50%
of the outstanding shares of Common Stock, or (5) reorganizes, recapitalizes or reclassifies its shares of Common Stock
(other than as a result of a subdivision or combination of shares of Common Stock covered by Section 9(a)
above), (ii) the Company directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more
related transactions, allows any Subject Entity individually or the Subject Entities in the aggregate to be or become the
 “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, whether through
acquisition, purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding shares of Common
Stock, merger, consolidation, business combination, reorganization, recapitalization, spin-off, scheme of arrangement,
reorganization, recapitalization or reclassification or otherwise in any manner whatsoever, of either (x) at least 50% of the
aggregate ordinary voting power represented by issued and outstanding shares of Common Stock, (y) at least 50% of the
aggregate ordinary voting power represented by issued and outstanding shares of Common Stock not held by all such Subject
Entities as of the date of this Warrant calculated as if any shares of Common Stock held by all such Subject Entities were
not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by issued and outstanding shares of
Common Stock or other equity securities of the Company sufficient to allow such Subject Entities to effect a statutory short
form merger or other transaction requiring other stockholders of the Company to surrender their Common Stock without approval
of the stockholders of the Company or (iii) directly or indirectly, including through subsidiaries, Affiliates or otherwise,
in one or more related transactions, there is an issuance by the Company or the Company enters into any other instrument or
transaction structured in a manner to circumvent, or that circumvents, the intent of this definition in which case this
definition shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this
definition to the extent necessary to correct this definition or any portion of this definition which may be defective or
inconsistent with the intended treatment of such instrument or transaction (in any such case, a “Fundamental
Transaction”), then following such Fundamental Transaction the Holder shall have the right to receive, upon
exercise of this Warrant, the same amount and kind of securities, cash or property as it would have been entitled to receive
upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the
holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant without regard to any limitations
on exercise contained herein (the “Alternate Consideration”). The Company shall not effect any Fundamental
Transaction in which the Company is not the surviving entity or the Alternate Consideration includes securities of another
Person unless (x) the Alternate Consideration is solely cash and the Company provides for the simultaneous
 “cashless exercise” of this Warrant pursuant to Section 10 below, or (y) prior to or
simultaneously with the consummation thereof, any successor to the Company, surviving entity or other Person (including
any purchaser of assets of the Company) shall assume the obligation to deliver to the Holder such Alternate Consideration as,
in accordance with the foregoing provisions, the Holder may be entitled to receive, and the other obligations under this
Warrant. The provisions of this Section 9(c) shall similarly apply to subsequent transactions analogous of a
Fundamental Transaction type.

 

     

     

    

 

(d) Number of Warrant Shares. Simultaneously with any
adjustment to the Exercise Price pursuant to Section 9, the number of Warrant Shares that may be purchased upon exercise
of this Warrant shall be increased or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable
hereunder for the increased or decreased number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately
prior to such adjustment.

 

(e) Calculations. All calculations under this Section 9
shall be made to the nearest one-tenth of one cent or the nearest share, as applicable.

 

(f) Notice of Adjustments. Upon the occurrence of each
adjustment pursuant to this Section 9, the Company at its expense will, at the written request of the Holder, promptly
compute such adjustment, in good faith, in accordance with the terms of this Warrant and prepare a certificate setting forth such
adjustment, including a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities
issuable upon exercise of this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing
in detail the facts upon which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each
such certificate to the Holder and to the Company’s transfer agent.

 

(g) Notice of Corporate Events. If, while this Warrant
is outstanding, the Company (i) declares a dividend or any other distribution of cash, securities or other property in respect
of its Common Stock, including, without limitation, any granting of rights or warrants to subscribe for or purchase any capital
stock of the Company or any subsidiary, (ii) authorizes or approves, enters into any agreement contemplating or solicits stockholder
approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or winding up of the affairs
of the Company, then, the Company shall deliver to the Holder a notice of such transaction at least ten (10) days prior to
the applicable record and effective date on which a Person would need to hold Common Stock in order to participate in or vote with
respect to such transaction; provided, however, that the failure to deliver such notice or any defect therein shall not
affect the validity of the corporate action required to be described in such notice (but the Company shall remain liable to the
Holder for any damages resulting therefrom). In addition, if while this Warrant is outstanding, the Company authorizes or approves,
enters into any agreement contemplating or solicits stockholder approval for any Fundamental Transaction contemplated by Section 9(c),
other than a Fundamental Transaction under clause (iii) of Section 9(c), the Company shall deliver to the Holder a notice
of such Fundamental Transaction at least thirty (30) days prior to the date such Fundamental Transaction is consummated. Holder
agrees to maintain any information disclosed pursuant to this Section 9(g) in confidence until such information is publicly
available, and shall comply with applicable law with respect to trading in the Company’s securities following receipt any
such information.

 

     

     

    

 

10. Payment of Exercise Price. Notwithstanding anything
contained herein to the contrary, the Holder may, in lieu of making the cash payment otherwise contemplated to be made to the Company
upon such exercise in payment of the Exercise Price, elect in its sole discretion, to satisfy its obligation to pay the Exercise
Price through a “cashless exercise,” in which event the Company shall issue to the Holder, free of any withholding
or deduction for any taxes, the net number of Warrant Shares in an exchange of securities effected pursuant to Section 3(a)(9)
of the Securities Act, as determined according to the following formula:

 

X = Y [(A-B)/A]

 

where:

 

“X” equals the number of Warrant Shares to be issued
to the Holder;

 

“Y” equals the total number of Warrant Shares with
respect to which this Warrant is then being exercised;

 

“A” equals the Closing Sale Prices of the shares
of Common Stock (as reported by Bloomberg Financial Markets) as of the Trading Day on the date immediately preceding the Exercise
Date; and

 

“B” equals the Exercise Price then in effect for
the applicable Warrant Shares at the time of such exercise.

 

For purposes of Rule 144 promulgated under the Securities Act,
it is intended, understood and acknowledged that the Warrant Shares issued in a “cashless exercise” transaction shall
be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced,
on the date this Warrant was originally issued (provided that the Commission continues to take the position that such treatment
is proper at the time of such exercise). In the event that a registration statement registering the issuance or resale of Warrant
Shares is, for any reason, not effective at the time of exercise of this Warrant, then the Warrant may only be exercised through
a cashless exercise, as set forth in this Section 10. Except as set forth in Section 5(b) (Buy-In remedy) and Section 12
(payment of cash in lieu of fractional shares), in no event will the exercise of this Warrant be settled in cash.

 

11. Limitations on Exercise.

 

(a) Notwithstanding anything to the
contrary contained herein, the Company shall not effect any exercise of this Warrant, and the Holder shall not be entitled to
exercise this Warrant for a number of Warrant Shares in excess of that number of Warrant Shares which, upon giving effect or
immediately prior to such exercise, would cause (i) the aggregate number of shares of Common Stock beneficially owned by
the Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the
Holder’s for purposes of Section 13(d) of the Exchange Act (such as any other members of a Section 13(d)
 “group”), to exceed 4.99% (the “Maximum Percentage”) of the total number of issued and
outstanding shares of Common Stock of the Company following such exercise, or (ii) the combined voting power of the
securities of the Company beneficially owned by the Holder and its Affiliates and any other Persons whose beneficial
ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act
(such as any other members of a Section 13(d) “group”) to exceed 4.99% of the combined voting power of all of the
securities of the Company then outstanding following such exercise. For purposes of this Warrant, in determining the number
of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected
in (x) the Company’s most recent Form 10-Q or Form 10-K, as the case may be, filed with the Commission prior to
the date of exercise, (y) a more recent public announcement by the Company, or (z) any other written notice by the
Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written request of the
Holder, the Company shall within three (3) Trading Days following receipt of the written request confirm in writing or
by electronic mail to the Holder the number of shares of Common Stock then outstanding. In any case, the number of
outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the
Company, including this Warrant, by the Holder since the date as of which such number of outstanding shares of Common
Stock was reported. By written notice to the Company, the Holder may from time to time increase or decrease the Maximum
Percentage to any other percentage not in excess of 19.99% specified in such notice; provided that any such increase will not
be effective until the sixty-first (61st) day after such written notice is delivered to the Company. For purposes of this Section 11(a),
the aggregate number of shares of Common Stock or voting securities beneficially owned by the Holder and its Affiliates and
any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of
Section 13(d) of the Exchange Act (such as any other members of a Section 13(d) “group”) shall include the
shares of Common Stock issuable upon the exercise of this Warrant with respect to which such determination is being made, but
shall exclude the number of shares of Common Stock which would be issuable upon (1) exercise of the remaining
unexercised and non-cancelled portion of this Warrant by the Holder and (2) exercise or conversion of the unexercised,
non-converted or non-cancelled portion of any other securities of the Company that do not have voting power (including
without limitation 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), is
subject to a limitation on conversion or exercise analogous to the limitation contained herein and is beneficially owned by
the Holder or any of its Affiliates and other Persons whose beneficial ownership of Common Stock would be aggregated with the
Holder’s for purposes of Section 13(d) of the Exchange Act (such as any other members of a Section 13(d)
 “group”).

 

     

     

    

 

(b) This Section 11 shall not restrict the number
of shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount of securities or other
consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in Section 9(c)
of this Warrant.

 

12. No Fractional Shares. No fractional Warrant Shares
will be issued in connection with any exercise of this Warrant. In lieu of any fractional shares that would otherwise be issuable,
the number of Warrant Shares to be issued shall be rounded down to the next whole number and the Company shall pay the Holder in
cash the fair market value (based on the Closing Sale Price) for any such fractional shares.

 

13. Notices. Any and all notices or other communications
or deliveries hereunder (including, without limitation, any Exercise Notice) shall be in writing and shall be deemed given and
effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile or confirmed
e-mail at the facsimile number or e-mail address specified in the books and records of the Transfer Agent prior to 5:30 P.M., New
York City time, on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication
is delivered via facsimile or confirmed e-mail at the facsimile number or e-mail address specified in the books and records of
the Transfer Agent on a day that is not a Trading Day or later than 5:30 P.M., New York City time, on any Trading Day, (iii) the
Trading Day following the date of mailing, if sent by nationally recognized overnight courier service specifying next business
day delivery, or (iv) upon actual receipt by the Person to whom such notice is required to be given, if by hand delivery.

 

14. Warrant Agent. The Company shall initially serve
as warrant agent under this Warrant. Upon thirty (30) days’ notice to the Holder, the Company may appoint a new warrant
agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting from any consolidation
to which the Company or any new warrant agent shall be a party or any corporation to which the Company or any new warrant agent
transfers substantially all of its corporate trust or shareholders services business shall be a successor warrant agent under this
Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession as warrant agent
to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register.

 

15. Miscellaneous.

 

(a) No Rights as a Stockholder. Except as set forth in
Section 9(b) of this Warrant, the Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be entitled
to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained
in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this Warrant, any
of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any
reorganization, issue of stock, reclassification of stock, consolidation, merger, amalgamation, conveyance or otherwise), receive
notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant
Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this
Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant
or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.

 

(b) Authorized Shares.
(i) 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 or articles 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 (a) 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, (b) take all such action as may be necessary or appropriate in order that the Company may validly
and legally issue fully paid and non-assessable Warrant Shares upon the exercise of this Warrant, and (c) 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.

 

     

     

    

 

(ii) 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.

 

(c) Successors and Assigns. Subject to compliance with
applicable securities laws, this Warrant may be assigned by the Holder. This Warrant may not be assigned by the Company without
the written consent of the Holder, except to a successor in the event of a Fundamental Transaction. This Warrant shall be binding
on and inure to the benefit of the Company and the Holder and their respective successors and assigns. Subject to the preceding
sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder any legal or equitable
right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed by the Company and the
Holder, or their successors and assigns.

 

(d) Amendment and Waiver. Except as otherwise provided
herein, the provisions of this Warrant may be amended and the Company may take any action herein prohibited, or omit to perform
any act herein required to be performed by it, only if the Company has obtained the written consent of the Holder.

 

(e) Acceptance. Receipt of this Warrant by the Holder
shall constitute acceptance of and agreement to all of the terms and conditions contained herein.

 

(f) Governing Law; Jurisdiction. ALL QUESTIONS CONCERNING
THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. EACH OF THE COMPANY AND THE
HOLDER HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK,
BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED
HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF ANY OF THE TRANSACTION DOCUMENTS), AND HEREBY IRREVOCABLY
WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION
OF ANY SUCH COURT. EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS
BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY
(WITH EVIDENCE OF DELIVERY) TO SUCH PERSON AT THE ADDRESS IN EFFECT FOR NOTICES TO IT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE
GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT
TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. EACH OF THE COMPANY AND THE HOLDER HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY.

 

(g) Headings. The headings herein are for convenience
only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any of the provisions hereof.

 

(h) Severability. In case any
one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and
enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby,
and the Company and the Holder will attempt in good faith to agree upon a valid and enforceable provision which shall be a
commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this
Warrant.

 

(i) Interpretation. For purposes of this Warrant, (a)
the words “include,” “includes” and “including” are deemed to be followed by the words “without
limitation”; (b) the word “or” is not exclusive; and (c) the words “herein,” “hereof, “hereby,”
 “hereto” and “hereunder” refer to this Warrant as a whole. Unless the context otherwise requires, references
herein: (x) to sections and schedules mean the sections of, and schedules attached to, this Warrant; (y) to an agreement, instrument,
or other document means such agreement, instrument, or other document (as amended, supplemented and modified from time to time
to the extent permitted by the provisions thereof/without regard to subsequent amendments, supplements, and modifications thereto);
and (z) to a statute means such statute (as amended from time to time and includes/enforced at the time and date of this Warrant
becoming effective) and does not include any successor legislation thereto and any regulations promulgated thereunder. This Warrant
shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting
an instrument or causing any instrument to be drafted. The schedules referred to herein shall be construed with, and as an integral
part of, this Warrant to the same extent as if they were set forth verbatim herein. All references to “$” or “dollars”
mean the lawful currency of the United States of America. Whenever the singular is used in this Warrant, the same shall include
the plural, and whenever the plural is used herein, the same shall include the singular, where appropriate.

 

(j) 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.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

     

     

    

 

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

 

	 	LEAP THERAPEUTICS, INC. 
	 	 
	 	By:	           
	 	Name:
	 	Title:

 

     

     

    

 

SCHEDULE 1 

 

FORM OF EXERCISE NOTICE

 

[To be executed by the Holder to purchase
shares of Common Stock under the Warrant]

 

Ladies and Gentlemen:

 

(1) The undersigned is the Holder of Warrant No. __ (the “Warrant”)
issued by Leap Therapeutics, Inc., a Delaware corporation (the “Company”). Capitalized terms used herein and
not otherwise defined herein have the respective meanings set forth in the Warrant.

 

(2) The undersigned hereby exercises its right to purchase Warrant
Shares pursuant to the Warrant.

 

(3) The Holder intends that payment of the Exercise Price shall
be made as (check one):

 

	 	☐	Cash Exercise 

 

	 	☐	“Cashless Exercise” under Section 10 of the Warrant 

 

(4) If the Holder has elected a Cash Exercise, the Holder shall
pay the sum of $ in immediately available funds to the Company in accordance with the terms of the Warrant.

 

(5) Pursuant to this Exercise Notice, the Company shall deliver
to the Holder Warrant Shares determined in accordance with the terms of the Warrant.

 

(6) By its delivery of this Exercise Notice, the undersigned
represents and warrants to the Company that in giving effect to the exercise evidenced hereby the Holder will not beneficially
own in excess of the number of shares of Common Stock (as determined in accordance with Section 13(d) of the Securities Exchange
Act of 1934, as amended) permitted to be owned under Section 11(a) of the Warrant to which this notice relates.

 

	Dated:	 	 
	 	 	 
	Name of Holder:	 	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

(Signature must conform in all respects to name of Holder as
specified on the face of the Warrant)Exhibit 4.2

FORM FINAL

 

THIS WARRANT AND THE UNDERLYING SHARES
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES
LAWS OF ANY STATE. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT (1) PURSUANT
TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR IN A TRANSACTION NOT SUBJECT TO THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE, IN ACCORDANCE
WITH ALL APPLICABLE STATE SECURITIES LAWS AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED
AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT
AND SUCH OTHER APPLICABLE LAWS.

 

LEAP THERAPEUTICS,
INC.

WARRANT TO PURCHASE COMMON STOCK or pre-funded warrants

 

Warrant No.: 2020-[ ]

Number of Warrant Shares: [ ]

Date of Issuance: [ ], 2020 (“Issuance
Date”)

Expiration Date: [ ]1
(“Expiration Date”)

 

Leap Therapeutics, Inc., a Delaware corporation
(the “Company”), certifies that, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, [Purchaser], the registered holder hereof or its permitted assigns (the “Holder”), is entitled,
subject to the terms and conditions set forth below, to purchase from the Company, at the Exercise Price (as defined in Section
1(c) below) then in effect, upon surrender of this Warrant to Purchase Common Stock (including any Warrants to purchase Common
Stock issued in exchange, transfer or replacement hereof, the “Warrant”), at any time or times on or after the
Issuance Date (the “Exercisability Date”), but not after 11:59 p.m., New York Time, on the Expiration Date,
[ ] Warrant Shares (as defined below), provided, however, if at the time of exercise, the Holder or its Affiliates
then holds any Pre-Funded Warrants, this Warrant shall instead be exercisable for additional Pre-Funded Warrants to purchase [
] shares of Common Stock, subject to adjustment as provided herein. For the avoidance of doubt, except for the payment of the exercise
price for the underlying shares of Common Stock upon exercise of the Pre-Funded Warrants, there is intended to be no economic difference
in this Warrant between its exercise for shares of Common Stock or Pre-Funded Warrants. Except as otherwise defined herein, capitalized
terms in this Warrant shall have the meanings set forth in Section 16.

 

 

 

1
NTD: To be date that is seven years from the closing date of the main transaction.

 

     

     

    

 

1.                 
EXERCISE OF WARRANT.

 

(a)              
Mechanics of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations
set forth in Section 4(a)), this Warrant may be exercised by the Holder on any day on or after the Exercisability Date,
in whole or in part (but not as to fractional shares), by (i) delivery of a written notice (including via email or fax), in the
form attached hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this
Warrant to the Company, and (ii) if the Holder is not electing a Cashless Exercise (as defined below) pursuant to Section 1(d)
of this Warrant, payment to the Company of an amount equal to the applicable Exercise Price multiplied by the number of Warrant
Shares as to which this Warrant is being exercised (the “Aggregate Exercise Price”) in cash or wire transfer
of immediately available funds (a “Cash Exercise”). The Holder shall not be required to surrender this Warrant
in order to effect an exercise hereunder, provided, that in the event of an exercise of this Warrant for all Warrant Shares
then issuable hereunder, the Holder shall surrender this Warrant to the Company by the third (3rd) Trading Day following the Share
Delivery Date (as defined below). On or before the first (1st) Trading Day following the date on which the Company has received
the Exercise Notice, the Company shall transmit by email or facsimile an acknowledgement of confirmation of receipt of the Exercise
Notice to the Holder. No ink original or medallion guarantee shall be required on any Exercise Notice. The Company shall cause
the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s
or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system
(or any equivalent or replacement system) if the Company is then a participant in such system and either (with respect to the
Common Stock) (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the
Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale
limitations pursuant to Rule 144 (assuming cashless exercise of the Warrant), and otherwise by physical delivery of a certificate
or copy of book-entry form representing such shares, registered in the Company’s share register in the name of the Holder
or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified
by the Holder in the Exercise Notice, by the date that is the earlier of (i) two (2) Trading Days after the delivery to the Company
of the Exercise Notice, and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the
Company of the Exercise Notice (such date, the “Share Delivery Date”), provided, that, except in the
case of a cashless exercise of the Warrant, the Company shall have received the Aggregate Exercise Price payable by the Holder
for the Warrant Shares purchased hereunder on or prior to the applicable Share Delivery Date. Notwithstanding the foregoing, if
this Warrant is being exercised for Warrant Shares that constitute Pre-Funded Warrants instead of shares of Common Stock, the
Company shall deliver to the Holder, or shall cause the Transfer Agent to deliver to the Holder, such Pre-Funded Warrants. Such
Pre-Funded Warrants may be delivered in certificated or paper form and shall not be required to be delivered to the Holder by
crediting such Pre-Funded Warrants to the account of the Holder’s or its designee’s balance account with The Depository
Trust Company through its Deposit or Withdrawal at Custodian system (or any equivalent or replacement system). If the Company
fails for any reason (other than failure to receive any applicable Aggregate Exercise Price) to deliver to the Holder the Warrant
Shares subject to an Exercise Notice by the Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages
and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the Weighted Average Price of the Common
Stock on the date of the applicable Exercise Notice), $10 per Trading Day (increasing to $20 per Trading Day on the fifth (5th)
Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Share Delivery Date until such Warrant
Shares are delivered or Holder rescinds such exercise as provided in the next sentence, provided, however, that
Holder shall not be entitled to any liquidated damages pursuant to this sentence if Holder is entitled to a cash payment in accordance
with the provisions set forth in the next paragraph in connection with a Buy-In. Any payments made pursuant to this Section
1(a) shall not constitute the Holder’s exclusive remedy for such events; provided further, however,
that any payments made by the Company pursuant to this Section 1(a) shall reduce the amount of any damages that the Holder
may be entitled to as a remedy for such events. If the Company fails to cause the Transfer Agent to transmit to the Holder the
Warrant Shares pursuant to this Section 1(a) by the Share Delivery Date, then the Holder will have the right to rescind
such exercise. The Company agrees that the Transfer Agent shall at all times be a participant in the FAST program (or any equivalent
or replacement program) so long as this Warrant remains outstanding and exercisable. Upon delivery of the Exercise Notice, so
long as the Aggregate Exercise Price, in the case of a Cash Exercise, is delivered to the Company on or before the first (1st)
Trading Day following delivery of the Exercise Notice, the Holder shall be deemed for all corporate purposes to have become the
holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date such Warrant
Shares are issued and deposited into the Holder’s account with the Transfer Agent. If the Aggregate Exercise Price, in the
case of a Cash Exercise, is delivered to the Company any time after the first (1st) Trading Day following delivery of the Exercise
Notice, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect
to which this Warrant has been exercised on the date of delivery of the Aggregate Exercise Price. If this Warrant is submitted
in connection with any exercise pursuant to this Section 1(a) and the number of Warrant Shares represented by this Warrant
submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise, then the Company shall as
soon as practicable and in no event later than two (2) Trading Days after any exercise and at the Company’s own expense,
issue a new Warrant (in accordance with Section 8(e)) representing the right to purchase the number of Warrant Shares purchasable
immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is
exercised. The Company shall pay any and all taxes that may be payable with respect to the issuance and delivery of Warrant Shares
upon exercise of this Warrant; provided, however, that the Company shall not be required to pay any tax which may
be payable based on the income of the Holder or in respect of any transfer involved in the registration of any certificates or
book-entry notation for Warrant Shares or Warrants in a name other than that of the Holder. The Holder shall be responsible for
all other tax liability that may arise as a result of transferring this Warrant.

 

    2

     

    

 

(b)              
Buy-In Remedy. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer
Agent to issue and deposit into the Holder’s account with the Transfer Agent such number of Warrant Shares to which the
Holder is entitled upon the Holder’s exercise pursuant to an exercise on or before the Share Delivery Date, and if after
such Share Delivery Date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the
Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of
the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company
shall (i) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage
commissions, if any) for the shares of Common Stock, so purchased in such Buy-In (the “Buy-In Price”) exceeds
(y) the amount obtained by multiplying (1) the number of shares of Common Stock purchased in such Buy-In by (2) the price at which
the sell order giving rise to such Buy-In was executed, and (ii) at the option of the Holder, either reinstate the portion of
the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall
be deemed rescinded) or deliver to Holder the number of shares of Common Stock that would have been issued had the Company timely
complied with its exercise and delivery obligations hereunder (in which case, if Holder has not previously delivered to the Company
the Aggregate Exercise Price for such shares of Common Stock, Holder shall be required to deliver such Aggregate Exercise Price
to the Company prior the delivery of such shares of Common Stock). For all purposes of this Section 1(b), references to
Warrant Shares shall include shares of Common Stock underlying the Pre-Funded Warrants. For the avoidance of doubt, the remedy
provided in this Section 1(b) shall be in addition to (and not in limitation of) any remedy provided under the Pre-Funded
Warrants.

 

(c)              
Exercise Price. For purposes of this Warrant, “Exercise Price” initially means $2.11 per share
of Common Stock or Pre-Funded Warrant, as applicable, subject to adjustment as provided herein. For the avoidance of doubt, all
references to the “Exercise Price” herein refers to the then current Exercise Price. If this Warrant is exercised for
Pre-Funded Warrants, the Exercise Price shall be reduced to account for the exercise price of the underlying shares of Common Stock
upon exercise of the Pre-Funded Warrants.

 

(d)              
Cashless Exercise. Notwithstanding anything contained herein to the contrary, the Holder may, in its sole discretion,
exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company
upon such exercise in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number”
of shares of Common Stock or Pre-Funded Warrants, as applicable, determined according to the following formula (a “Cashless
Exercise”):

 

Net Number = (A x
B) - (A x C)

B

 

For purposes of the foregoing
formula:

 

		A=	the total number of Warrant Shares with respect to which
this Warrant is then being exercised.

 

		B=	the Weighted Average Price of the shares of Common Stock
(as reported by Bloomberg) on the date immediately preceding the date of the Exercise Notice.

 

		C=	the Exercise Price then in effect for the applicable
Warrant Shares at the time of such exercise.

 

The Company hereby covenants
and agrees that the Warrant Shares issued in a Cashless Exercise shall be deemed to have been acquired by the Holder pursuant to
Rule 3(a)(9) of the Securities Act. The Company hereby covenants and agrees, further, to use reasonable best efforts to treat any
such Cashless Exercise as a “recapitalization” pursuant to a “plan of reorganization” within the meaning
of Section 368(a)(1)(E) of the Code, or otherwise as a “nonrecognition” event for U.S. federal income tax purposes,
unless an alternative treatment is required as a result of a “final determination” within the meaning of Section 1313(a)
of the Code.

 

    3

     

    

 

(e)              
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 that the Holder would otherwise be entitled to purchase upon such exercise,
the Company shall pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the
Exercise Price.

 

2.                 
ADJUSTMENT OF EXERCISE PRICE.

 

The Exercise Price for
the Warrant Shares shall be subject to adjustment (without duplication) upon the occurrence of any of the following events at any
time while this Warrant is outstanding:

 

(a)              
Stock Dividends, Combinations and Splits. The issuance of Common Stock as a dividend or distribution to all holders
of Common Stock, or a subdivision, combination, split, reverse split or reclassification of the outstanding shares of Common Stock
into a greater or smaller number of shares, in which event the Exercise Price shall be adjusted based on the following formula:

 

 

 

		where:	

 

		E1=	the Exercise Price in effect immediately after (i)
9:00 a.m., New York City time (the “Open of Business”) on the first date on which the Common Stock can
be traded without the right to receive an issuance or distribution (the “Ex-Date”) in the case of a dividend
or distribution or (ii) the consummation of the transaction in the case of a subdivision, combination, split, reverse split
or reclassification;

 

		E0=	the Exercise Price in effect immediately prior
to (i) the Open of Business on the Ex-Date in the case of a dividend or distribution or (ii) the consummation of the
transaction in the case of a subdivision, combination, split, reverse split or reclassification;

 

		N0=	the number of shares of Common Stock outstanding
immediately prior to (i) the Open of Business on the Record Date in the case of a dividend or distribution or (ii) the
consummation of the transaction in the case of a subdivision, combination, split, reverse split or reclassification; and

 

		N1=	the number of shares of Common Stock equal to (i) in
the case of a dividend or distribution, the sum of the number of shares outstanding immediately prior to the Open of Business
on the Record Date for such dividend or distribution plus the total number of shares issued pursuant to such dividend or distribution
or (ii) in the case of a subdivision, combination, split, reverse split or reclassification, the number of shares outstanding
immediately after such subdivision, combination, split, reverse split or reclassification.

 

    4

     

    

 

Such adjustment shall become effective
immediately after (i) the Open of Business on the Ex-Date in the case of a dividend or distribution or (ii) the consummation
of the transaction in the case of a subdivision, combination, split, reverse split or reclassification. If any dividend or distribution
or subdivision, combination, split, reverse split or reclassification of the type described in this Section 2 is declared
or announced but not so paid or made, the Exercise Price shall again be adjusted to the Exercise Price that would then be in effect
if such dividend or distribution or subdivision, combination, split, reverse split or reclassification had not been declared or
announced, as the case may be.

 

If any event occurs
of the type contemplated by the provisions of Section 2(a) but not expressly provided for by such provisions (including,
without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features to the
holders of the Company’s equity securities), then the Board of Directors will make an appropriate adjustment in the Exercise
Price and the number of Warrant Shares so as to protect the rights of the Holder; provided, that no such adjustment pursuant
to this paragraph will increase the Exercise Price or decrease the number of Warrant Shares as otherwise determined pursuant to
this Section 2.

 

(b)              
Below Exercise Price Issuances. Other than any dividend or distribution covered in Section 2(c), below, if
there is an issuance of Convertible Securities with an Effective Price lower than the Exercise Price, the Exercise Price will be
adjusted to be the Effective Price of such Convertible Securities being issued. Such adjustment shall become effective immediately
after the Open of Business on the second Business Day preceding
(i) the Ex-Date in the case of a dividend or distribution or (ii)
the date of the issuance in the case of an issuance other than a dividend or distribution. In the event that an issuance of such
Convertible Securities is announced but such Convertible Securities are not so issued, the Exercise Price shall again be adjusted
to be the Exercise Price that would then be in effect if such issuance had not occurred.

 

(c)              
Other Dividends and Distributions. The issuance as a dividend or distribution to any holders of Common Stock of evidences
of indebtedness, shares of capital stock or other securities (other than Common Stock that is the subject of Section 2(a)
above, or Purchase Rights that are the subject of Section 4(b) below), cash or other property, in which event the Exercise
Price will be adjusted based on the following formula:

 

 

 

		where:	

 

		E1=	the Exercise Price in effect immediately after
the Open of Business on the Ex-Date for such dividend or distribution;

 

		E0=	the Exercise Price in effect immediately prior
to the Open of Business on the Ex-Date for such dividend or distribution;

 

		P =	the Weighted Average Price of a share of Common Stock immediately prior to the Open of Business
on the second Business Day preceding the Ex-Date for such dividend or distribution; and

 

		FMV =	the Fair Market Value of the portion of such dividend or distribution applicable to one share of
Common Stock as of the Open of Business on the Ex-Date for such dividend or distribution.

 

    5

     

    

 

Such decrease shall become effective immediately
after the Open of Business on the Ex-Date for such dividend or distribution. In the event that such dividend or distribution is
declared or announced but not so paid or made, the Exercise Price shall again be adjusted to be the Exercise Price which would
then be in effect if such distribution had not been declared or announced.

 

(d)              
Tender or Exchange Offer. The payment in respect of any tender offer or exchange offer by the Company for outstanding
Common Stock on a pro rata basis, where the cash and Weighted Average Price of any other consideration included in the payment
per share of the Common Stock exceeds the Weighted Average Price of a share of Common Stock as of the Open of Business on the second
Business Day preceding the expiration date of the tender or exchange offer (the “Offer Expiration Date”), in
which event the Exercise Price will be adjusted based on the following formula:

 

 

 

		where:	

 

		E1=	the Exercise Price
in effect immediately after the Close of Business on the Offer Expiration Date;

 

		E0=	the Exercise Price in effect immediately prior
to the Close of Business on the Offer Expiration Date;

 

		N0=	the number of shares of Common Stock outstanding
immediately prior to the expiration of the tender or exchange offer (prior to giving effect to the purchase or exchange of shares);

 

		N1=	the number of shares of Common Stock outstanding
immediately after the expiration of the tender or exchange offer (after giving effect to the purchase or exchange of shares);

 

		A =	the aggregate cash and Weighted Average Price of any other consideration payable for shares of
Common Stock purchased in such tender offer or exchange offer; and

 

		P =	the Weighted Average Price of a share of Common Stock as of the Open of Business on the second
Business Day preceding the Offer Expiration Date.

 

An adjustment, if any, to the
Exercise Price pursuant to this Section 2(d) shall become effective immediately after the Close of Business on the
Offer Expiration Date. In the event that the Company or a Subsidiary of the Company is obligated to purchase shares of Common
Stock pursuant to any such tender offer or exchange offer, but the Company or such Subsidiary is permanently prevented by
applicable law from effecting any such purchases, or all such purchases are rescinded, then the Exercise Price shall again be
adjusted to be the Exercise Price which would then be in effect if such tender offer or exchange offer had not been made.
Except as set forth in the preceding sentence, if the application of this Section 2(d) to any tender offer or exchange
offer would result in an increase in the Exercise Price, no adjustment shall be made for such tender offer or exchange offer
under this Section 2(d).

 

    6

     

    

 

(e)              
Multiple Adjustments. If any single action would require adjustment of the Exercise Price pursuant to more than one
subsection of this Section 2, only one adjustment shall be made and such adjustment shall be the amount of adjustment that
has the highest, relative to the rights and interests of the registered holders of the Warrants then outstanding, absolute value.
For the purpose of calculations pursuant to this Section 2, the number of shares of Common Stock outstanding shall be based
solely on the number of shares of Common Stock outstanding on the applicable date of determination, without giving effect to the
conversion of any Convertible Securities outstanding as of such date.

 

(f)               
Tax Adjustments. The Company may from time to time, to the extent permitted by law, decrease the Exercise Price and/or
increase the number of Warrants held by the Holder hereunder by any amount for any period of at least twenty (20) days. In that
case, the Company shall give the Holder at least ten (10) days’ prior written notice of such increase or decrease, and such
notice shall state the decreased Exercise Price and/or increased number of Warrant Shares and the period during which the decrease
and/or increase will be in effect. The Company may make such decreases in the Exercise Price, in addition to those set forth in
this Section 2, as the Company deems advisable, including to avoid or diminish any income tax to holders of the Common Stock
resulting from any dividend or distribution of stock (or rights to acquire stock) or from any event treated as such for income
tax purposes.

 

(g)              
Adjustment Timing. Solely with respect to an exercise of this Warrant for Common Stock, notwithstanding anything
to the contrary set forth in this Section 2 or any other provision of this Warrant, if an Exercise Price adjustment becomes
effective on any Ex-Date, and a Holder that has exercised this Warrant on or after such Ex-Date and on or prior to the related
Record Date would be treated as the record holder of the Common Stock on or prior to such Record Date, then, the Exercise Price
adjustment relating to such Ex-Date will not be made for such exercising Holder. Instead, such Holder will be treated as if it
were the record owner of shares of Common Stock on an un-adjusted basis and participate in the related dividend, distribution or
other event giving rise to such adjustment.

 

3.                 
ADJUSTMENTS TO NUMBER OF WARRANTS. Concurrently with any adjustment to the Exercise Price under Section 2
(other than Section 2(b)), the number of Warrant Shares hereunder will be adjusted such that the number of Warrant Shares
in effect immediately following the effectiveness of such adjustment will be equal to the number of Warrant Shares in effect immediately
prior to such adjustment, multiplied by a fraction, (i) the numerator of which is the Exercise Price in effect immediately
prior to such adjustment, and (ii) the denominator of which is the Exercise Price in effect immediately following such adjustment.

 

4.                 
 PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.

 

(a)              
Purchase Rights. If at any time prior to the Expiration Date the Company grants, issues or sells any Options, Convertible
Securities or rights to purchase stock, warrants, securities or other property pro rata to all of the record holders of any class
of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms
applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the
number of shares of Common Stock acquirable upon complete exercise of this Warrant (and, if applicable, subsequent exercise of
the Pre-Funded Warrant), assuming a Cash Exercise for Common Stock (in both cases, and without regard to any limitations on the
exercise of this Warrant or the Pre-Funded Warrant) immediately before the date on which a record is taken for the grant, issuance
or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock
are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, if the Holder then
holds any amount of Pre-Funded Warrant, to the extent that the Holder’s right to participate in any such Purchase Rights
would result in the Holder exceeding the Maximum Percentage (as defined in the Pre-Funded Warrant), then the Holder shall be entitled
to purchase additional Pre-Funded Warrants in lieu of shares of Common Stock underlying (directly or indirectly) such Purchase
Rights.

 

    7

     

    

 

(b)               Fundamental
Transactions. Upon the occurrence of any Fundamental Transaction in which the Company is neither the Successor Entity nor
the Parent Entity of the Successor Entity, the Successor Entity shall succeed to, and be substituted for (so that from and
after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall
refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of
the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the
Company herein. Upon consummation of any Fundamental Transaction pursuant to which holders of shares of Common Stock are
entitled to receive shares of stock, securities, cash, assets or any other property with respect to or in exchange for shares
of Common Stock, the Successor Entity shall deliver to the Holder confirmation that there shall be issued upon exercise of
this Warrant at any time after the consummation of such Fundamental Transaction, in lieu of, or in addition to, the shares of
the Common Stock (or other share of stock, securities, cash, assets or other property purchasable upon the exercise of the
Warrant prior to such Fundamental Transaction), such shares of stock, securities, cash, assets or any other property
whatsoever (including warrants or other purchase or subscription rights), if any, that the Holder would have been entitled to
receive upon the happening of such Fundamental Transaction had this Warrant been exercised immediately prior to such
Fundamental Transaction, as adjusted in accordance with the provisions of this Warrant. In addition to and not in
substitution for any other rights hereunder, prior to the consummation of any Fundamental Transaction pursuant to which
holders of shares of Common Stock are entitled to receive shares of stock, securities, cash, assets or any other property
with respect to or in exchange for shares of Common Stock, the Company shall make appropriate provision to ensure that the
Holder will thereafter have the right to receive upon exercise of this Warrant within thirty (30) days after the
consummation of the Fundamental Transaction but, in any event, prior to the Expiration Date, in lieu of, or in addition to,
the Warrant Shares (or other securities, cash, assets or other property) purchasable upon the exercise of the Warrant prior
to such Fundamental Transaction, such shares of stock, securities, cash, assets or any other property whatsoever (including
warrants or other purchase or subscription rights) which the Holder would have been entitled to receive upon the happening of
such Fundamental Transaction had the Warrant been exercised immediately prior to such Fundamental Transaction.

 

5.                 
RESERVATION OF WARRANT SHARES. The Company covenants that it will at all times reserve and keep available out of
the aggregate of its authorized but unissued and otherwise unreserved shares of Common Stock, solely for the purpose of enabling
it to issue Warrant Shares upon exercise of this Warrant as herein provided, at least a number of shares of Common Stock equal
to 100% of the number of shares of Common Stock which are then issuable and deliverable upon the Cash Exercise of this entire Warrant
for shares of Common Stock (and not for Pre-Funded Warrants), assuming a Cash Exercise of the Warrant (the “Required Reserve
Amount”), free from preemptive or any other contingent purchase rights of Persons other than the Holder (taking into
account the adjustments and restrictions in Section 2). The Company covenants that all shares of Common Stock so issuable
and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly
and validly authorized, issued and fully paid and nonassessable. The Company will take all such actions as may be reasonably necessary,
including but not limited to seeking stockholder approval, to assure that such shares of Common Stock may be issued as provided
herein without violation of any applicable law or regulation, or of any requirements of any Eligible Market upon which the Common
Stock may be listed.

 

6.                 
INSUFFICIENT AUTHORIZED SHARES. If at any time while this Warrant remains outstanding the Company does not have reserved
for issuance upon exercise of this Warrant at least the then Required Reserve Amount (an “Authorized Share Failure”),
then the Company shall immediately take all action necessary to increase the Company’s authorized shares of Common Stock
to an amount sufficient to allow the Company to reserve the Required Reserve Amount for this Warrant then outstanding. Without
limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share
Failure, but in no event later than one hundred and twenty (120) days after the occurrence of such Authorized Share Failure, the
Company shall hold a meeting of its stockholders for the approval of an increase in the number of authorized shares of Common Stock.
In connection with such meeting, the Company shall provide each stockholder with a proxy statement and shall use its reasonable
best efforts to solicit its stockholders’ approval of such increase in authorized shares of Common Stock and to cause the
Board of Directors to recommend to the stockholders that they approve such proposal.

 

7.                  WARRANT
HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in such
Person’s capacity as a Holder, shall not be entitled to vote or receive dividends or be deemed the holder of
share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the
Holder, solely in such Person’s capacity as a Holder, any of the rights of a stockholder of the Company or any right to
vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of
stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights,
or otherwise, prior to the issuance to the Holder which such Person is then entitled to receive upon the due exercise of this
Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to
purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such
liabilities are asserted by the Company or by creditors of the Company.

 

    8

     

    

 

8.                 
REGISTRATION AND REISSUANCE OF WARRANTS.

 

(a)              
Registration of Warrant. The Company shall register this Warrant, upon the records to be maintained by the Company
for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company
may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or
any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. The Company shall also register
any transfer, exchange, reissuance or cancellation of any portion of this Warrant in the Warrant Register. This Warrant shall automatically
be cancelled at 11:59:01 p.m., New York time, on the Expiration Date and upon such cancellation, the Company shall register the
cancellation of this Warrant in the Warrant Register.

 

(b)              
Transfer of Warrant. This Warrant may be offered for sale, sold, transferred or assigned without the consent of the
Company, except as may otherwise be required by applicable securities laws. Subject to applicable securities laws, if this Warrant
is to be transferred, the Holder shall surrender this Warrant to the Company, together with all applicable transfer taxes and all
additional documentation (including, without limitation, an opinion of counsel reasonably satisfactory to the Company) reasonably
requested by the Company to confirm that any such transfer of this Warrant complies with applicable securities laws, whereupon
the Company will promptly issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 8(e)),
registered as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the
Holder and, if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in
accordance with Section 8(e)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred.
The acceptance and execution of the new Warrant by the transferee thereof shall be deemed the acceptance by such transferee of
all of the rights and obligations in respect of the new Warrant that the Holder has in respect of this Warrant.

 

(c)              
Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company
of the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, if requested by
the Company, of any indemnification undertaking by the Holder to the Company in customary form by the Holder to the Company (but
without the requirement to post a bond) and, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company
shall execute and deliver to the Holder a new Warrant (in accordance with Section 8(e)) representing the right to purchase
the Warrant Shares then underlying this Warrant.

 

(d)               Exchangeable
for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office of
the Company, together with all applicable transfer taxes, for a new Warrant or Warrants (in accordance with Section
8(e)) representing in the aggregate the right to purchase the number of Warrant Shares then underlying this Warrant, and
each such new Warrant will represent the right to purchase such portion of such Warrant Shares as is designated by the
Holder at the time of such surrender; provided, however, that the Company shall not be required to issue new
Warrants for fractional Warrant Shares hereunder.

 

(e)              
Issuance of New Warrants. Whenever the Company or its Transfer Agent, as directed by the Company, is required to
issue a new Warrant pursuant to the terms of this Warrant, such new Warrant shall (i) be of like tenor with this Warrant, (ii)
represent, as indicated on the face of such new Warrant, the right to purchase the Warrant Shares then underlying this Warrant
(or in the case of a new Warrant being issued pursuant to Section 8(b) or Section 8(c), the Warrant Shares designated
by the Holder which, when added to the number of shares of Common Stock underlying the other new Warrants issued in connection
with such issuance, does not exceed the number of Warrant Shares then underlying this Warrant), (iii) have an issuance date, as
indicated on the face of such new Warrant which is the same as the Issuance Date and (iv) have the same terms and conditions as
this Warrant.

 

    9

     

    

 

9.                 
NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice
shall be given in writing, (a) if delivered from within the domestic United States, by first-class registered or certified airmail,
or nationally recognized overnight express courier, postage prepaid, or by facsimile or email or (b) if delivered from outside
the United States, by International Federal Express or by facsimile or email and (c) will be deemed given (i) if delivered by first-class
registered or certified domestic mail, three (3) Business Days after so mailed, (ii) if delivered by nationally recognized overnight
carrier, one (1) Business Day after so mailed, (iii) if delivered by International Federal Express, two (2) Business Days after
so mailed, and (iv) if delivered by facsimile, upon electronic confirmation of receipt, or email, upon receipt, and will be delivered
and addressed as follows:

 

(a) If to the Company,
to
 
 Leap Therapeutics, Inc.
 47 Thorndike St, Suite B1-1
 Cambridge, MA 02141
 Facsimile number:
617-588-1606
 Email address: PIPEnotices@leaptx.com
 Attn: Chief Financial Officer

 

(b) If
to the Holder, to

 

[Purchaser].

 

The Company
shall give written notice to the Holder (i) reasonably promptly following any adjustment of the Exercise Price, setting forth
in reasonable detail, and certifying, the calculation of such adjustment and (ii) at least ten (10) days prior to the date on
which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the shares of
Common Stock, (B) with respect to any grants, issuances or sales of any Options, Convertible Securities or rights to purchase
stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock or (C)
for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation; provided, that
in each case, such information shall be made known to the public prior to or in conjunction with such notice being provided
to the Holder; and provided, further, that the failure to deliver such notice or any defect therein or in the
delivery thereof shall not affect the validity of the corporation action required to be specified in such notice. Upon
receipt or delivery by the Company of any notice in accordance with the terms of this Warrant, unless the Company has in good
faith determined that the matters relating to such notice do not constitute material, nonpublic information relating to the
Company or its subsidiaries, the Company shall contemporaneously with any such receipt or delivery publicly disclose such
material, nonpublic information on a Current Report on Form 8-K or otherwise in accordance with applicable laws. In the event
that the Company believes that a notice contains material, nonpublic information relating to the Company or its subsidiaries,
the Company so shall indicate to such Holder contemporaneously with delivery of such notice, and in the absence of any such
indication, the Holder shall be allowed to presume that all matters relating to such notice do not constitute material,
nonpublic information relating to the Company or its subsidiaries.

 

    10

     

    

 

10.             
NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate
of Incorporation or Bylaws, each as currently in effect, or through any reorganization, transfer of assets, consolidation, merger,
scheme of arrangement, 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, and will at all times in good faith carry out all the provisions of this Warrant
and take all action as may be required to protect the rights of the Holder. Without limiting the generality of the foregoing, the
Company (i) shall not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the
Exercise Price then in effect, and (ii) shall use all reasonable efforts to take all such actions as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock and shares of Pre-Funded
Warrants, as applicable, upon the exercise of this Warrant.

 

11.             
AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may not be modified, amended
or waived except pursuant to an instrument in writing signed by the Company and the Holder. The Company may not take any action
herein prohibited, or omit to perform any act herein required to be performed by it without the written consent of the Holder and
the Holder may not take any action herein prohibited, or omit to perform any act herein required to be performed by it without
the written consent of the Company.

 

12.             
GOVERNING LAW; WAIVER OF JURY TRIAL. This Warrant shall be governed by and construed and enforced in accordance with,
and all questions concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the
internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether
of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than
the State of New York. The Company and the Holder each hereby irrevocably waives any
right it may have to a trial by jury in respect of any claim based upon or arising out of this Warrant or any transaction contemplated
hereby.

 

13.             
CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall
not be construed against any person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall
not form part of, or affect the interpretation of, this Warrant.

 

14.             
DISPUTE RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation
of the Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via email or facsimile within
two (2) Trading Days of receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder. If the Holder
and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within five
(5) Trading Days after such disputed determination or arithmetic calculation is submitted to the Holder, then the Company shall,
within two (2) Trading Days, submit via email or facsimile (a) the disputed determination of the Exercise Price to an independent,
reputable investment bank selected by the Company and approved by the Holder or (b) the disputed arithmetic calculation of the
Warrant Shares to the Company’s independent, outside accountant. The Company shall cause the investment bank or the accountant,
as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the results no later
than ten (10) Trading Days after the date that such investment bank or accountant, as the case may be, receives the disputed determinations
or calculations. Such investment bank’s or accountant’s determination or calculation, as the case may be, shall be
binding upon all parties absent demonstrable error. The expenses of the investment bank and accountant will be borne by the Company
unless the investment bank or accountant determines that the determination of the Exercise Price or the arithmetic calculation
of the Warrant Shares by the Holder was incorrect, in which case the expenses of the investment bank and accountant will be borne
by the Holder.

 

    11

     

    

 

15.             
REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative
and in addition to all other remedies available under this Warrant, at law or in equity (including a decree of specific performance
and/or other injunctive relief). The Company acknowledges that a breach by it of its obligations hereunder may cause irreparable
harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the
event of any such breach or threatened breach, the Holder shall be entitled, in addition to all other available remedies, to seek
an injunction restraining any breach, specific performance and any other relief that may be available from a court of competent
jurisdiction, and in any case no bond or other security shall be required in connection therewith.

 

16.             
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

		(a)	“Affiliate” means, with respect to any Person, any other Person that directly
or indirectly controls, is controlled by, or is under common control with, such Person, it being understood for purposes of this
definition that “control” of a Person means the power directly or indirectly either to vote 10% or more of the stock
having ordinary voting power for the election of directors of such Person or direct or cause the direction of the management and
policies of such Person whether by contract or otherwise.

 

		(b)	“Bloomberg” means Bloomberg Financial Markets.

 

		(c)	“Board of Directors” means the Board of Directors of the Company.

 

		(d)	“Business Day” means a day, other than a Saturday or Sunday, on which banks
in New York are open for the general transaction of business.

 

		(e)	“Code” means the U.S. Internal Revenue Code of 1986, as amended (including any
successor statute).

 

		(f)	“Common Stock” means (i) the Company’s shares of Common Stock, $0.001
par value per share, and (ii) any share capital into which such Common Stock shall have been changed or any share capital resulting
from a reclassification of such Common Stock.

 

		(g)	“Convertible Securities” means any stock or securities (other than Options)
directly or indirectly convertible into or exercisable or exchangeable for shares of Common Stock.

 

		(h)	“Effective Consideration” means the amount paid or payable to acquire shares
of Common Stock (or in the case of Convertible Securities, the amount paid or payable to acquire the Convertible Security, if any,
plus the exercise price for the underlying Common Stock).

 

		(i)	“Eligible Market” means the Principal Market, The New York Stock Exchange, Inc.,
the NYSE American LLC, The Nasdaq Stock Market, or the OTC Bulletin Board.

 

		(j)	“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

		(k)	“Fair Market Value” means, as of the applicable date of determination, the fair
market value of a dividend or distribution as determined reasonably and in good faith by the Board of Directors and the Holder;
provided, that if the Board of Directors and the Holder cannot mutually agree on a determination of Fair Market Value within
30 days of the Ex-Date, the Fair Market Value shall be determined by an independent appraiser selected by the Board of Directors
and reasonably satisfactory to the Holder (the “Appraiser”). The determination of Fair Market Value by the Appraiser
shall be final and binding upon the parties hereto, absent fraud or manifest error, and the Company shall pay the fees and expenses
of the Appraiser.

 

    12

     

    

 

		(l)	“Fundamental Transaction” means (A) that the Company shall, directly or
                                                               indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, (i) consolidate or
                                                               merge with or into (whether or not the Company is the surviving corporation) another Subject Entity, or (ii) sell, assign,
                                                               transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company or any of its
                                                               “significant subsidiaries” (as defined in Rule 1-02 of Regulation S-X) to one or more Subject Entities, or (iii)
                                                               make, or allow one or more Subject Entities to make, or allow the Company to be subject to or have its shares of Common Stock
                                                               be subject to or party to one or more Subject Entities making, a purchase, tender or exchange offer that is accepted by the
                                                               holders of at least either (x) 50% of the outstanding shares of Common Stock, (y) 50% of the outstanding shares of Common
                                                               Stock calculated as if any shares of Common Stock held by all Subject Entities making or party to, or Affiliated with any
                                                               Subject Entities making or party to, such purchase, tender or exchange offer were not outstanding; or (z) such number of
                                                               shares of Common Stock such that all Subject Entities making or party to, or Affiliated with any Subject Entity making or
                                                               party to, such purchase, tender or exchange offer, become collectively the beneficial owners (as defined in Rule 13d-3 under
                                                               the Exchange Act) of at least 50% of the outstanding shares of Common Stock, or (iv) consummate a stock purchase or other
                                                               business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement)
                                                               with one or more Subject Entities whereby all such Subject Entities, individually or in the aggregate, acquire, either (x) at
                                                               least 50% of the outstanding shares of Common Stock, (y) at least 50% of the outstanding shares of Common Stock calculated as
                                                               if any shares of Common Stock held by all the Subject Entities making or party to, or Affiliated with any Subject Entity
                                                               making or party to, such stock purchase or other business combination were not outstanding; or (z) such number of shares of
                                                               Common Stock such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under the
                                                               Exchange Act) of at least 50% of the outstanding shares of Common Stock, or (v) reorganize, recapitalize or reclassify its
                                                               shares of Common Stock, (B) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or
                                                               otherwise, in one or more related transactions, allow any Subject Entity individually or the Subject Entities in the
                                                               aggregate to be or become the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
                                                               indirectly, whether through acquisition, purchase, assignment, conveyance, tender, tender offer, exchange, reduction in
                                                               outstanding shares of Common Stock, merger, consolidation, business combination, reorganization, recapitalization, spin-off,
                                                               scheme of arrangement, reorganization, recapitalization or reclassification or otherwise in any manner whatsoever, of either
                                                               (x) at least 50% of the aggregate ordinary voting power represented by issued and outstanding shares of Common Stock, (y) at
                                                               least 50% of the aggregate ordinary voting power represented by issued and outstanding shares of Common Stock not held by all
                                                               such Subject Entities as of the date of this Warrant calculated as if any shares of Common Stock held by all such Subject
                                                               Entities were not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by issued and
                                                               outstanding shares of Common Stock or other equity securities of the Company sufficient to allow such Subject Entities to
                                                               effect a statutory short form merger or other transaction requiring other stockholders of the Company to surrender their
                                                               Common Stock without approval of the stockholders of the Company,
or (C) directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, the
issuance by the Company of or the entering by the Company into any other instrument or transaction structured in a manner to circumvent,
or that circumvents, the intent of this definition in which case this definition shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this definition to the extent necessary to correct this definition or any
portion of this definition which may be defective or inconsistent with the intended treatment of such instrument or transaction.

 

    13

     

    

 

		(m)	“Group” means a “group” as that term is used in Section 13(d) of
the Exchange Act and as defined in Rule 13d-5 thereunder.

 

		(n)	“Options” means any rights, warrants or options to subscribe for or purchase
shares of Common Stock or Convertible Securities.

 

		(o)	“Parent Entity” of a Person means an entity that, directly or indirectly, controls
the applicable Person and whose common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there
is more than one such Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization as of
the date of consummation of the Fundamental Transaction.

 

		(p)	“Person” means an individual, a limited liability company, a partnership, a
joint venture, a corporation, a trust, an unincorporated organization, any other entity and a government or any department or agency
thereof.

 

		(q)	“Pre-Funded Warrants” means the Pre-Funded Warrants as defined in the Securities
Purchase Agreement.

 

		(r)	“Principal Market” means the NASDAQ Global Market.

 

		(s)	“Record Date” means, with respect to any dividend, distribution or other transaction
or event in which the holders of Common Stock have the right to receive any cash, securities or other property or in which Common
Stock (or other applicable security) is exchanged for or converted into any combination of cash, securities or other property,
the date fixed for determination of holders of Common Stock entitled to receive such Cash, securities or other property (whether
such date is fixed by the Board of Directors or by statute, contract or otherwise).

 

		(t)	“Securities Purchase Agreement” means that certain securities purchase agreement,
dated January 3, 2020, by and among the Company and the Purchasers named therein.

 

		(u)	“Standard Settlement Period” means the standard settlement period, expressed
in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the
date of delivery of the Exercise Notice.

 

		(v)	“Successor Entity” means the Person (or, if so elected by the Holder, the Parent
Entity) formed by, resulting from or surviving any Fundamental Transaction or the Person (or, if so elected by the Holder, the
Parent Entity) with which such Fundamental Transaction shall have been entered into.

 

		(w)	“Subject Entity” means any Person, Persons or Group or any Affiliate or associate
of any such Person, Persons or Group.

 

		(x)	“Subsidiary” means, as to any Person, any corporation, partnership, limited
liability company or other organization, whether incorporated or unincorporated, of which at least a majority of the securities
or other interests having by their terms voting power to elect a majority of the board of directors or others performing similar
functions with respect to such corporation or other organization is directly or indirectly beneficially owned or controlled by
such party or by any one or more of its subsidiaries, or by such party and one or more of its subsidiaries.

 

    14

     

    

 

		(y)	“Trading Day” means any day on which the Common Stock is traded on the Principal
Market, or, if the Principal Market is not the principal trading market for the Common Stock, then on the principal securities
exchange or securities market on which the Common Stock is then traded; provided that “Trading Day” shall not
include any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or market (or
if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the
hour ending at 4:00:00 p.m., New York Time).

 

		(z)	“Transfer Agent” means Continental Stock Transfer & Trust Company, or any
other successor Person appointed to act in the capacity of transfer agent of the Company.

 

		(aa)	“Weighted
                                         Average Price” means, for any security as of any date, the dollar volume-weighted
                                         average price for such security on the Principal Market during the period beginning at
                                         9:30:01 a.m., New York City time, and ending at 4:00:00 p.m., New York City time, as
                                         reported by Bloomberg through its “Volume at Price” function or, if the foregoing
                                         does not apply, the dollar volume-weighted average price of such security in the over-the-counter
                                         market on the electronic bulletin board for such security during the period beginning
                                         at 9:30:01 a.m., New York City time, and ending at 4:00:00 p.m., New York City time,
                                         as reported by Bloomberg, or, if no dollar volume-weighted average price is reported
                                         for such security by Bloomberg for such hours, the average of the highest closing bid
                                         price and the lowest closing ask price of any of the market makers for such security
                                         as reported in the OTC Pink Market maintained by OTC Markets Group Inc. If the Weighted
                                         Average Price cannot be calculated for such security on such date on any of the foregoing
                                         bases, the Weighted Average Price of such security on such date shall be the fair market
                                         value as mutually determined by the Company and the Holder. If the Company and the Holder
                                         are unable to agree upon the fair market value of such security, then such dispute shall
                                         be resolved pursuant to Section 14 with the term “Weighted Average Price”
                                         being substituted for the term “Exercise Price.” All such determinations
                                         shall be appropriately adjusted for any share dividend, share split or other similar
                                         transaction during such period.

 

		(bb)	“Warrant Shares” means, fully paid and nonassessable shares of Common Stock,
provided, however, if at the time of exercise, the Holder or its Affiliates then holds any Pre-Funded Warrants, the
term “Warrant Shares” shall instead refer to Pre-Funded Warrants to purchase shares of Common Stock.

 

[Signature Page Follows]

 

    15

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to Purchase Common Stock or Pre-Funded Warrants to be duly executed as of the Issuance Date
set out above.

 

	 	LEAP THERAPEUTICS, INC.
	 	 
	 	 
	 	By:	               
	 	Name:
	 	Title:
	 	 

 

Accepted as of the date first written above:

 

	[HOLDER]	 
	 	 
	By:	      	 
	Name:	 
	Title:	 

 

[Signature Page to Series A Coverage
Warrant] 

 

     

     

    

 

Warrant
Holders

 

	Investor	 	Warrants
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Total	 	 

 

     

     

    

 

EXHIBIT
A

EXERCISE NOTICE

TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS WARRANT TO PURCHASE COMMON STOCK OR pre-funded warrants

LEAP THERAPEUTICS, INC.

 

The undersigned holder hereby exercises
the right to purchase [_________][shares of [Common Stock/Pre-Funded Warrants] (“Warrant Shares”) of Leap Therapeutics,
Inc., a Delaware corporation (the “Company”), evidenced by the attached Warrant to Purchase Common Stock or
Pre-Funded Warrants (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the
respective meanings set forth in the Warrant.

 

1. Exercise Price.
The Holder intends that payment of the Exercise Price shall be made as (check one):

 

☐
Cash Exercise under Section 1(a).

 

☐
Cashless Exercise under Section 1(d).

 

2. Cash Exercise.
If the Holder has elected a Cash Exercise, the Holder shall pay the sum of $[_________] to the Company in accordance with the terms
of the Warrant.

 

3. Delivery of Warrant
Shares. The Company shall deliver to the holder Warrant Shares in accordance with the terms of the Warrant. If the shares are
to be delivered electronically, please complete the Depositary information below.

 

4. Representations
and Warranties. By its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving
effect to the exercise evidenced hereby the Holder will not beneficially own in excess of the number of shares of [Common Stock/Pre-Funded
Warrants] (determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended) permitted to be owned
under Section 4(a) of this Warrant to which this notice relates.

 

	DATED:______________________

	 	(Signature
must conform in all respects to name of the Holder as specified on the face of the Warrant)

	 	 	 
	 	 	Registered
Holder
	 	 	 
	 	 	Address:__________________________________
	 	 	 
	 	 	If shares are to be delivered electronically:
	 	 	Broker name:
	 	 	Broker Depositary account #:
	 	 	Account at Broker shares are to be delivered to:

 

     

     

    

 

ACKNOWLEDGMENT

 

The Company hereby acknowledges this Exercise
Notice.

	 	 
	 	LEAP THERAPEUTICS, INC.
	 	 
	 	By:	             
	 	Name:
	 	Title:

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