Document:

Exhibit
4.1

 

DESCRIPTION
OF SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES

EXHANGE
ACT OF 1934 

 

As
of March 31, 2022, MyMD Pharmaceuticals, Inc., a New Jersey corporation (“we,” “our” and
the “Company”) has our common stock, no par value per share registered under Section 12 of the Securities Exchange Act of
1934, as amended.

 

The
description of our capital stock included herein is intended as a summary and is qualified in its entirety by reference to our amended
and restated certificate of incorporation (the “Amended and Restated Certificate of Incorporation”) and the amended and restated
by-laws, as amended (the “By-laws”) as currently in effect, copies of which are filed as exhibits to this Annual Report on
Form 10-K and are incorporated herein by reference.

 

Authorized
Capital Stock

 

Our
authorized capital stock consists of 550,000,000 shares, of which 500,000,00 are common stock, without par value, and 50,000,000
are preferred stock, without par value, 1,990,000 of which have been designated as Series C Convertible Preferred Stock (the “Series
C Preferred Stock”), 211,353 of which have been designated as Series D Convertible Preferred Stock (the “Series D Preferred
Stock”), and 100,000 of which have been designated as Series E Junior Participating Preferred Stock. As of March 31,
2022, there were 38,058,245 shares of common stock issued and outstanding and no shares of Series C Convertible Preferred
Stock or Series E Junior Participating Preferred Stock issued and outstanding. As of March 31, 2022, there were 72,992
shares of Series D Preferred Stock issued and outstanding and warrants to purchase Series C Preferred Stock convertible into 27,500
shares of common stock outstanding.

 

Common
Stock

 

Voting
Rights

 

Each
stockholder has one vote for each share of common stock held on all matters submitted to a vote of stockholders. A stockholder may vote
in person or by proxy. Elections of directors are determined by a plurality of the votes cast and all other matters are decided by a
majority of the votes cast by those stockholders entitled to vote and present in person or by proxy.

 

Because
our stockholders do not have cumulative voting rights, stockholders holding a majority of the voting power of our shares of common stock
will be able to elect all of our directors. Our Amended and Restated Certificate of Incorporation and By-laws provide that stockholder
actions may be affected at a duly called meeting of stockholders or pursuant to written consent of the majority of stockholders. A special
meeting of stockholders may be called by the president, chief executive officer or the board of directors pursuant to a resolution approved
by the majority of the board of directors.

 

Dividend
Rights

 

The
holders of outstanding shares of common stock are entitled to receive dividends out of funds legally available at the times and in the
amounts that our board of directors may determine, provided that required dividends, if any, on preferred stock have been paid or provided
for. However, to date we have not paid or declared cash distributions or dividends on our common stock and do not currently intend to
pay cash dividends on our common stock in the foreseeable future. We intend to retain all earnings, if and when generated, to finance
our operations. The declaration of cash dividends in the future will be determined by the board of directors based upon our earnings,
financial condition, capital requirements and other relevant factors.

 

No
Preemptive or Similar Rights

 

Holders
of our common stock do not have preemptive rights, and common stock is not convertible or redeemable.

 

    	 

    	 

     

Right
to Receive Liquidation Distributions

 

Upon
our dissolution, liquidation or winding-up, the assets legally available for distribution to our stockholders and remaining after payment
to holders of preferred stock of the amounts, if any, to which they are entitled, are distributable ratably among the holders of our
common stock subject to any senior class of securities.

 

The
NASDAQ Capital Market Listing

 

Our
common stock is listed on The Nasdaq Capital Market under the symbol “MYMD”.

 

Transfer
Agent and Registrar

 

The
transfer agent and registrar for our common stock is Action Stock Transfer Corporation, 2469 E. Fort Union Blvd., Suite 214, Salt
Lake City, UT 84121.

 

Options,
Warrants and RSUs

 

As
of March 31, 2022, we had 4,176,739 shares of common stock issuable upon exercise of outstanding options, 5,072,432
shares of common stock issuable upon the exercise of warrants, and 135,135 shares of common stock issuable upon the exercise
of pre-funded warrants, 27,500 shares of common stock issuable upon the exercise of warrants to purchase Series C Preferred Stock
and an aggregate of 263,026 shares of common stock issuable upon settlement of vested restricted stock units (“RSUs”)
and upon vesting and settlement of outstanding unvested RSUs. There are 2,795,000 outstanding RSus and no other outstanding warrants
or options at this time.

 

Preferred
Stock

 

We
may issue any class of preferred stock in any series. Our board of directors has the authority, subject to limitations prescribed under
New Jersey law, to issue preferred stock in one or more series, to establish from time to time the number of shares to be included in
each series and to fix the designation, powers, preferences and rights of the shares of each series and any of its qualifications, limitations
and restrictions. Our board of directors can also increase or decrease the number of shares of any series, but not below the number of
shares of that series then outstanding. Our board of directors may authorize the issuance of preferred stock with voting or conversion
rights that could adversely affect the voting power or other rights of the holders of the common stock. The issuance of preferred stock,
while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the
effect of delaying, deferring or preventing a change in control of the Company and may adversely affect the market price of common stock
and the voting and other rights of the holders of common stock.

 

Series
C Convertible Preferred Stock

 

As
of March 31, 2022, Akers had 27,500 warrants to purchase an aggregate of 27,500 shares of Series C Preferred
Stock outstanding, with an exercise price of $8.00 per share of Series C Preferred Stock (the “Series C Warrants”).
The Series C Warrants were issued on December 9, 2019 and expire on January 6, 2025.

 

Rank

 

The
Series C Preferred Stock ranks (1) on parity with common stock on an “as converted” basis, (2) senior to any series of our
capital stock hereafter created specifically ranking by its terms junior to the Series C Preferred Stock, (3) on parity with any series
of our capital stock hereafter created specifically ranking by its terms on parity with the Series C Preferred Stock, and (4) junior
to any series of our capital stock hereafter created specifically ranking by its terms senior to the Series C Preferred Stock in each
case, as to dividends or distributions of assets upon our liquidation, dissolution or winding up whether voluntary or involuntary.

 

    	 

    	 

     

Conversion
Rights

 

Each
share of the Series C Preferred Stock is convertible into one (1) share of common stock, provided that the holder will be prohibited
from converting Series C Preferred Stock into shares of common stock if, as a result of such conversion, the holder would own more than
4.99% of the number of shares of common stock outstanding immediately after giving effect to the issuance of the shares of common stock
issuable upon conversion of the Series C Preferred Stock, or, at the election of a holder, together with its affiliates, would own more
than 9.99% of the number of shares of common stock outstanding immediately after giving effect to the issuance of the shares of common
stock issuable upon conversion of the Series C Preferred Stock. The conversion rate of the Series C Preferred Stock is subject to proportionate
adjustments for stock splits, reverse stock splits and similar events, but is not subject to adjustment based on price anti-dilution
provisions.

 

Dividend
Rights

 

In
addition to stock dividends or distributions for which proportionate adjustments will be made, holders of Series C Preferred Stock are
entitled to receive dividends on shares of Series C Preferred Stock equal, on an as-if-converted-to-common-stock basis, to and in the
same form as dividends actually paid on shares of the common stock when, as and if such dividends are paid on shares of the common stock.
No other dividends are payable on shares of Series C Preferred Stock.

 

Voting
Rights

 

Except
as provided in the Certificate of Designation of Series C Convertible Preferred Stock (the “Series C Certificate of Designation”)
or as otherwise required by law, the holders of Series C Preferred Stock will have no voting rights. However, we may not, without the
consent of holders of a majority of the outstanding shares of Series C Preferred Stock, alter or change adversely the powers, preferences
or rights given to the Series C Preferred Stock, increase the number of authorized shares of Series C Preferred Stock, or enter into
any agreement with respect to the foregoing.

 

Liquidation
Rights

 

Upon
any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, the holders of Series C Preferred Stock
are entitled to receive, pari passu with the holders of common stock, out of the assets available for distribution to stockholders
an amount equal to such amount per share as would have been payable had all shares of Series C Preferred Stock been converted into common
stock immediately before such liquidation, dissolution or winding up, without giving effect to any limitation on conversion as a result
of the beneficial ownership limitation, as described above.

 

Exchange
Listing

 

Akers
does not plan on making an application to list the shares of Series C Preferred Stock on the Nasdaq, any national securities exchange
or other nationally recognized trading system. Our common stock issuable upon conversion of the Series C Preferred Stock is listed on
the Nasdaq under the symbol “MYMD”.

 

Failure
to Deliver Conversion Shares

 

If
we fail to timely deliver shares of common stock upon conversion of the Series C Preferred Stock (the “Series C Conversion
Shares”) within the time period specified in the Series C Certificate of Designation (within two trading days after delivery
of the notice of conversion, or any shorter standard settlement period in effect with respect to trading market on the date notice
is delivered), then we are obligated to pay to the holder, as liquidated damages, an amount equal to $50 per trading day (increasing
to $100 per trading day after the third trading day and $200 per trading day after the tenth trading day) for each $5,000 of Series
C Conversion Shares for which the Series C Preferred Stock being converted are not timely delivered. If we make such liquidated
damages payments, we are not also obligated to make Series C Buy-In (as defined below) payments with respect to the same Series C
Conversion Shares.

 

    	 

    	 

     

Compensation
for Series C Buy-In on Failure to Timely Deliver Shares

 

If
we fail to timely deliver the Series C Conversion Shares to the holder, and if after the required delivery date the holder is required
by its broker to purchase (in an open market transaction or otherwise) or the holder or its brokerage firm otherwise purchases, shares
of common stock to deliver in satisfaction of a sale by the holder of the Series C Conversion Shares which the holder anticipated receiving
upon such conversion or exercise (a “Series C Buy-In”), then we are obligated to (A) pay in cash to the holder the amount,
if any, by which (x) the holder’s total purchase price (including brokerage commissions, if any) for the shares of common stock
so purchased exceeds (y) the amount obtained by multiplying (1) the number of Series C Conversion Shares that we were required to deliver
times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the holder,
either reinstate the portion of the Series C Preferred Stock and equivalent number of Series C Conversion Shares for which such conversion
was not honored (in which case such conversion shall be deemed rescinded) or deliver to the holder the number of shares of common stock
that would have been issued had we timely complied with our conversion and delivery obligations.

 

Subsequent
Rights Offerings; Pro Rata Distributions

 

If
we grant, issue or sell any common stock equivalents pro rata to the record holders of any class of shares of common stock (the “Series
C Purchase Rights”), then a holder of Series C Preferred Stock will be entitled to acquire, upon the terms applicable to such Series
C Purchase Rights, the aggregate Series C Purchase Rights which the holder could have acquired if the holder had held the number of shares
of common stock acquirable upon conversion of the Series C Preferred Stock (without regard to any limitations on conversion). If we declare
or make any dividend or other distribution of our assets (or rights to acquire our assets) to holders of common stock, then a holder
of Series C Preferred Stock is entitled to participate in such distribution to the same extent as if the holder had held the number of
shares of common stock acquirable upon complete conversion of the Series C Preferred Stock (without regard to any limitations on conversion).

 

Fundamental
Transaction

 

If,
at any time while the Series C Preferred Stock is outstanding, (i) the Company, directly or indirectly, in one or more related transactions
effects any merger or consolidation of the Company with or into another person, (ii) the Company, directly or indirectly, effects any
sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series
of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another
person) is completed pursuant to which holders of common stock are permitted to sell, tender or exchange their shares for other securities,
cash or property and has been accepted by the holders of 50% or more of the outstanding common stock, (iv) the Company, directly or indirectly,
in one or more related transactions effects any reclassification, reorganization or recapitalization of the common stock or any compulsory
share exchange pursuant to which the common stock is effectively converted into or exchanged for other securities, cash or property,
or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other
business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another
person whereby such other person acquires more than 50% of the outstanding shares of common stock (not including any shares of common
stock held by the other person or other persons making or party to, or associated or affiliated with the other persons making or party
to, such stock or share purchase agreement or other business combination) (each a “Series C Preferred Stock Fundamental Transaction”),
then upon any subsequent conversion of Series C Preferred Stock, the holder will receive, for each Series C Conversion Share that would
have been issuable upon such conversion immediately prior to the occurrence of such Series C Preferred Stock Fundamental Transaction
(without regard to the beneficial ownership limitation), the number of shares of common stock of the successor or acquiring corporation
or of the Company, if it is the surviving corporation, and any additional consideration (the “Series C Preferred Stock Alternate
Consideration”) receivable as a result of such Series C Preferred Stock Fundamental Transaction by a holder of the number of shares
of common stock for which the Series C Preferred Stock is convertible immediately prior to such Series C Preferred Stock Fundamental
Transaction (without regard to the beneficial ownership limitation). For purposes of any such conversion, the determination of the conversion
ratio will be appropriately adjusted to apply to such Series C Preferred Stock Alternate Consideration based on the amount of Series
C Preferred Stock Alternate Consideration issuable in respect of one share of common stock in such Series C Preferred Stock Fundamental
Transaction. If holders of common stock are given any choice as to the securities, cash or property to be received in a Series C Preferred
Stock Fundamental Transaction, then the holder will be given the same choice as to the Series C Preferred Stock Alternate Consideration
it receives upon automatic conversion of the Series C Preferred Stock following such Series C Preferred Stock Fundamental Transaction.

 

    	 

    	 

     

Series
D Convertible Preferred Stock

 

Rank

 

The
Series D Preferred Stock ranks (1) on parity with common stock on an “as converted” basis, (2) senior to any series of our
capital stock hereafter created specifically ranking by its terms junior to the Series D Preferred Stock, (3) on parity with any series
of our capital stock hereafter created specifically ranking by its terms on parity with the Series D Preferred Stock, and (4) junior
to any series of our capital stock hereafter created specifically ranking by its terms senior to the Series D Preferred Stock in each
case, as to dividends or distributions of assets upon our liquidation, dissolution or winding up whether voluntary or involuntary.

 

Conversion
Rights

 

A
holder of Series D Preferred Stock is entitled at any time to convert any whole or partial number of shares of Series D Preferred Stock
into shares of our common stock, determined by dividing the stated value equal to $0.01 by the conversion price of $0.01 per share. A
holder of Series D Preferred Stock is prohibited from converting Series D Preferred Stock into shares of common stock if, as a result
of such conversion, the holder, together with its affiliates, would own more than 4.99% of the total number of shares of our common stock
then issued and outstanding (with such ownership restriction referred to as the “Series D Beneficial Ownership Limitation”)
immediately after giving effect to the issuance of the shares of common stock issuable upon conversion of the Series D Preferred Stock.
However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%, provided that any increase
in such percentage shall not be effective until 61 days after such notice to us. The conversion rate of the Series D Preferred Stock
is subject to proportionate adjustments for stock splits, reverse stock splits and similar events, but is not subject to adjustment based
on price anti-dilution provisions.

 

Dividend
Rights

 

In
addition to stock dividends or distributions for which proportionate adjustments will be made, holders of Series D Preferred Stock are
entitled to receive dividends on shares of Series D Preferred Stock equal, on an as-if-converted-to-common-stock basis, to and in the
same form as dividends actually paid on shares of the common stock when, as and if such dividends are paid on shares of the common stock.
No other dividends are payable on shares of Series D Preferred Stock.

 

Voting
Rights

 

Subject
to the Series D Beneficial Ownership Limitation, on any matter presented to our stockholders for their action or consideration at any
meeting of our stockholders (or by written consent of stockholders in lieu of a meeting), each holder, in its capacity as such, shall
be entitled to cast the number of votes equal to the number of whole shares of our common stock into which the Series D Preferred Stock
beneficially owned by such holder are convertible as of the record date for determining stockholders entitled to vote on or consent to
such matter (taking into account all Series D Preferred Stock beneficially owned by such holder). Except as otherwise required by law
or by the other provisions of the Certificate of Designation of Series D Convertible Preferred Stock (the “Series D Certificate
of Designation”), the holders of Series D Preferred Stock, in their capacity as such, shall vote together with the holders of our
common stock and any other class or series of stock entitled to vote thereon as a single class.

 

    	 

    	 

     

Liquidation
Rights

 

Upon
any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, the holders of Series D Preferred Stock
are entitled to receive, pari passu with the holders of common stock, out of the assets available for distribution to stockholders
an amount equal to such amount per share as would have been payable had all shares of Series D Preferred Stock been converted into common
stock immediately before such liquidation, dissolution or winding up, without giving effect to any limitation on conversion as a result
of the Series D Beneficial Ownership Limitation, as described above.

 

Exchange
Listing

 

Series
D Preferred Stock is not listed on the Nasdaq, any national securities exchange or other nationally recognized trading system. Our common
stock issuable upon conversion of the Series D Preferred Stock is listed on the Nasdaq under the symbol “MYMD”.

 

Failure
to Deliver Conversion Shares

 

If
we fail to timely deliver shares of common stock upon conversion of the Series D Preferred Stock (the “Series D Conversion Shares”)
within the time period specified in the Series D Certificate of Designation (within two trading days after delivery of the notice of
conversion, or any shorter standard settlement period in effect with respect to trading market on the date notice is delivered), then
we are obligated to pay to the holder, as liquidated damages, an amount equal to $25 per trading day (increasing to $50 per trading day
on the third trading day and $100 per trading day on the sixth trading day) for each $5,000 of stated value of Series D Preferred Stock
being converted which are not timely delivered. If we make such liquidated damages payments, we are not also obligated to make Series
D Buy-In (as defined below) payments with respect to the same Series D Conversion Shares.

 

Compensation
for Series D Buy-In on Failure to Timely Deliver Shares

 

If
we fail to timely deliver the Series D Conversion Shares to the holder, and if after the required delivery date the holder is required
by its broker to purchase (in an open market transaction or otherwise) or the holder or its brokerage firm otherwise purchases, shares
of common stock to deliver in satisfaction of a sale by the holder of the Series D Conversion Shares which the holder anticipated receiving
upon such conversion or exercise (a “Series D Buy-In”), then we are obligated to (A) pay in cash to such holder (in addition
to any other remedies available to or elected by such holder) the amount, if any, by which (x) such holder’s total purchase price
(including any brokerage commissions) for the shares of common stock so purchased exceeds (y) the product of (1) the aggregate number
of Series D Conversion Shares that such holder was entitled to receive from the conversion at issue multiplied by (2) the actual sale
price at which the sell order giving rise to such purchase obligation was executed (including any brokerage commissions) and (B) at the
option of such holder, either reissue (if surrendered) the shares of Series D Preferred Stock equal to the number of shares of Series
D Preferred Stock submitted for conversion (in which case, such conversion shall be deemed rescinded) or deliver to such holder the number
of Series D Conversion Shares that would have been issued if we had timely complied with its delivery requirements.

 

Series
E Junior Participating Preferred Stock

 

In
September 2020, our board of directors declared a dividend of one preferred share purchase right (a “Right”) for each of
our issued and outstanding shares of common stock, payable to the stockholders of record on September 21, 2020. Each such Right entitles
the registered holder, subject to the terms of a Rights Agreement, dated as of September 9, 2020, between the Company and VStock Transfer,
LLC (the “Rights Agreement”), to purchase from the Company one one-thousandth of a share of the Company’s Series E
Junior Participating Preferred Stock, no par value with a stated value of $0.001 (the “Series E Preferred Stock”), at $15.00,
subject to certain adjustments. Pursuant to the Agreement and Plan of Merger, dated November 11, 2020, by and among the Company, XYZ
Merger Sub Inc., a wholly owned subsidiary of the Company, and MyMD Pharmaceuticals, Inc. (“MYMD”), we agreed to take any
and all necessary action to terminate such shareholder rights plan prior to closing of the merger.

 

    	 

    	 

     

The
Rights will not be exercisable until the earlier to occur of (i) the tenth business day following a public announcement or filing that
a person has, or affiliates or associates of such person have, become an “Acquiring Person,” which is defined as a person,
or affiliates or associates of such person, who, at any time after the date of the Rights Agreement, has acquired, or obtained the right
to acquire, Beneficial Ownership of 10% or more of our outstanding shares of common stock, subject to certain exceptions, or (ii) the
tenth business day (or such later date as may be determined by action of our board of directors prior to such time as any person or group
of affiliated or associated persons becomes an Acquiring Person) after the commencement of, or announcement of an intention to commence,
a tender offer or exchange offer the consummation of which would result in any person becoming an Acquiring Person (the earlier of such
dates being called the “Distribution Date”). Beneficial Ownership, as defined in the Rights Agreement, includes certain interests
in securities created by derivatives contracts, which are beneficially owned, directly or indirectly, by a counterparty (or any of such
counterparty’s affiliates or associates) under any derivatives contract to which such person or any of such person’s affiliates
or associates is a receiving party (as such terms are defined in Rights Agreement), subject to certain limitations.

 

Until
the Distribution Date, (i) the Rights will be evidenced by the common stock certificates (or, for uncertificated shares of common stock,
by the book-entry account that evidences record ownership of such shares) and will be transferred with, and only with, such Common Stock,
and (ii) new common stock certificates issued after September 21, 2020 will contain a legend incorporating the Rights Agreement by reference
(for book entry common stock, this legend will be contained in the notations in book entry accounts). Until the earlier of the Distribution
Date and the Expiration Date (defined below), the transfer of any shares of common stock outstanding on September 21, 2020 will also
constitute the transfer of the Rights associated with such shares of common stock. As soon as practicable after the Distribution Date,
VStock Transfer, LLC (the “Rights Agent”) will send by first-class, insured, postage prepaid mail, to each record holder
of the common stock as of the close of business on the Distribution Date separate rights certificates evidencing the Rights (“Right
Certificates”), and such Right Certificates alone will evidence the Rights. We may choose book entry in lieu of physical certificates,
in which case, references to “Rights Certificates” shall be deemed to mean the uncertificated book entry representing the
Rights.

 

The
Rights, which are not exercisable until the Distribution Date, expire upon the earliest to occur of (i) the close of business on September
8, 2021; (ii) the time at which the Rights are redeemed or exchanged pursuant to the Rights Agreement; and (iii) the time at which the
Rights are terminated upon the closing of any merger or other acquisition transaction involving the Company pursuant to a merger or other
acquisition agreement that has been approved by our board of directors prior to any person becoming an Acquiring Person (the earliest
of (i), (ii), and (iii) is referred to as the “Expiration Date”).

 

Each
share of Series E Preferred Stock will be entitled to a preferential per share dividend rate equal to the greater of (i) $0.001 and (ii)
the sum of (1) 1,000 times the aggregate per share amount of all cash dividends, plus (2) 1,000 times the aggregate per share amount
(payable in kind) of all non-cash dividends or other distributions other than certain dividends or subdivisions of the outstanding shares
of common stock. Each shares of Series E Preferred Stock will entitle the holder thereof to a number of votes equal to 1,000 on all matters
submitted to a vote of our stockholders. In the event of any merger, consolidation or other transaction in which shares of common stock
are exchanged, each share of Series E Preferred Stock will be entitled to receive 1,000 times the amount received per one share of common
stock. Pursuant to the Rights Agreement, the preferential rates noted above may be adjusted in the event that we (i) pay dividends in
common stock, (ii) subdivide the outstanding common stock or (iii) combine outstanding common stock into a smaller number of shares.

 

The
purchase price payable, and the number of shares of Series E Preferred Stock or other securities or property issuable, upon exercise
of the Rights are subject to adjustment from time to time to prevent dilution (i) in the event of a stock dividend, or a subdivision,
combination or reclassification of the Series E Preferred Stock, (ii) if the holders of the Series E Preferred Stock are granted certain
rights, options or warrants to subscribe for the applicable Series E Preferred Stock or securities convertible into the applicable Series
E Preferred Stock at less than the current market price of the applicable Series E Preferred Stock, or (iii) upon the distribution to
holders of Series E Preferred Stock of evidences of indebtedness, cash (excluding regular quarterly cash dividends), assets (other than
dividends payable in Series E Preferred Stock) or subscription rights or warrants (other than those referred to in (ii) immediately above).
The number of outstanding Rights and the number of one one-thousandths of a shares of Series E Preferred Stock issuable upon exercise
of each Right are also subject to adjustment in the event of a stock split, reverse stock split, stock dividends and other similar transactions.

 

With
some exceptions, no adjustment in the purchase price relating to a Right will be required until cumulative adjustments amount to at least
one percent (1%) of the purchase price relating to the Right. No fractional shares of Series E Preferred Stock are required to be issued
(other than fractions which are integral multiples of one one-thousandth of a share of Series E Preferred Stock) and, in lieu of the
issuance of fractional shares, we may make an adjustment in cash based on the market price of the Series E Preferred Stock on the trading
date immediately prior to the date of exercise.

 

    	 

    	 

     

In
the event that a person or group of affiliated or associated persons becomes an Acquiring Person, each holder of a Right will thereafter
have the right to receive, upon exercise, common stock (or, in certain circumstances, other securities, cash or other assets of the Company)
having a value equal to two (2) times the exercise price of the Right. Notwithstanding any of the foregoing, following the occurrence
of a person becoming an Acquiring Person, all Rights that are, or (under certain circumstances specified in the Rights Agreement) were,
beneficially owned by any Acquiring Person (or by certain related parties) will be null and void and any holder of such Rights (including
any purported transferee or subsequent holder) will be unable to exercise or transfer any such Rights. However, Rights are not exercisable
following the occurrence of a person becoming an Acquiring Person until the Distribution Date.

 

In
the event that, after a person or a group of affiliated or associated persons has become an Acquiring Person, the Company is acquired
in a merger or other business combination transaction, or 50% or more of the Company’s assets or earning power are sold, proper
provision will be made so that each holder of a Right will thereafter have the right to receive, upon the exercise of a Right that number
of shares of common stock of the person with whom the Company has engaged in the foregoing transaction (or its parent) that at the time
of such transaction have a market value of two (2) times the exercise price of the Right.

 

At
any time before any person or group of affiliated or associated persons becomes an Acquiring Person, our board of directors may redeem
the Rights in whole, but not in part, at a price of $0.001 per Right (subject to certain adjustments) (the “Redemption Price”).
The redemption of the Rights may be made effective at such time, on such basis and with such conditions as our board of directors in
its sole discretion may establish. Immediately upon the action of the board of directors electing to redeem or exchange the Rights, the
right to exercise the Rights will terminate and the only right of the holders of Rights will be to receive the Redemption Price.

 

Our
board of directors may, at its option, at any time after the first occurrence of a Flip-in Event (as defined in the Rights Agreement),
exchange all or part of the then outstanding and exercisable Rights for shares of common stock at an exchange ratio of one share of common
stock per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the effective
date. However, the board of directors shall not effect such an exchange at any time after any person, together with all affiliates and
associates of such person, becomes a beneficial owner of 50% or more of the outstanding shares of common stock. Immediately upon the
action of our board of directors to exchange the Rights, the Rights will terminate and the only right of the holders of Rights will be
to receive the number of shares of common stock equal to the number of Rights held by such holder multiplied by the exchange ratio.

 

Until
a Right is exercised or exchanged, the holder thereof, as such, will have no rights as a stockholder of the Company, including, without
limitation, the right to vote or to receive dividends.

 

Our
board of directors may amend or supplement the Rights Agreement without the approval of any holders of Rights at any time so long as
the Rights are redeemable. At any time the Rights are no longer redeemable, no such supplement or amendment may (i) adversely affect
the interests of the holders of Rights (other than an Acquiring Person or an affiliate or associate of an Acquiring Person), (ii) cause
the Rights Agreement to become amendable other than in accordance with Section 27 of the Rights Agreement, or (iii) cause the Rights
again to become redeemable.

 

Anti-Takeover
Provisions

 

The
authorization of undesignated preferred stock makes it possible for our board of directors to issue preferred stock with voting or other
rights or preferences that could impede the success of any attempt to change our control.

 

These
provisions are intended to enhance the likelihood of continued stability in the composition of our board of directors and its policies
and to discourage certain types of transactions that may involve an actual or threatened acquisition of the Company.

 

    	 

    	 

     

These
provisions are also designed to reduce our vulnerability to an unsolicited acquisition proposal and to discourage certain tactics that
may be used in proxy fights. However, such provisions could have the effect of discouraging others from making tender offers for our
shares and may have the effect of deterring hostile takeovers or delaying changes in our control or management. As a consequence, these
provisions also may inhibit fluctuations in the market price of our stock that could result from actual or rumored takeover attempts.

 

In
addition, we are subject to Section 14A-10A of the New Jersey Shareholders Protection Act, a type of anti-takeover statute designed to
protect stockholders against coercive, unfair or inadequate tender offers and other abusive tactics and to encourage any person contemplating
a business combination with the Company to negotiate with our board of directors for the fair and equitable treatment of all stockholders.
Subject to certain qualifications and exceptions, the statute prohibits an “interested stockholder” of a combined company
from effecting a business combination with the combined company for a period of five years unless its board of directors approved the
combination or transaction or series of related transactions that caused such person to become an interested stockholder prior to the
stockholder becoming an interested stockholder or after the stockholder becomes an interested stockholder if the subsequent business
combination is approved by (i) the combined company’s board of directors (or a committee thereof consisting solely of persons independent
from the interested stockholder), and (ii) the affirmative vote of a majority of the voting stock not beneficially owned by such interested
stockholder. In addition, but not in limitation of the five-year restriction, the combined company may not engage at any time in a business
combination with any interested stockholder of the combined company unless the combination is approved by its board of directors (or
a committee thereof consisting solely of persons independent from such interested stockholder) prior to the consummation of the business
combination, and the combination receives the approval of a majority of the voting stock of the combined company not beneficially owned
by the interested stockholder if the transaction or series of related transactions which caused the interested stockholder to become
an interested stockholder was approved by the board of directors prior to the stockholder becoming an interested stockholder.

 

An
“interested shareholder” is defined to include any beneficial owner of 10% or more of the voting power of the outstanding
voting stock of the corporation and any affiliate or associate of the corporation who within the prior five-year period has at any time
owned 10% or more of the voting power of the then outstanding stock of the corporation.

 

The
term “business combination” is defined to include a broad range of transactions including, among other things:

 

	 	●	the
    merger or consolidation of the corporation, or any of its subsidiaries, with the interested shareholder or any other corporation
    that is, or after the merger or consolidation, would be an affiliate or associate of the interested shareholder,
	 	 	 
	 	●	the
    sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions) to an interested
    shareholder or any affiliate or associate of the interested shareholder of (i) 10% or more of the aggregate market value of corporation’s
    assets, (ii) 10% or more of the aggregate market value of all the corporation’s outstanding stock, or (iii) representing 10%
    or more of the earning power or income of the corporation, determined on a consolidated basis; or
	 	 	 
	 	●	the
    issuance or transfer by the corporation, or any of its subsidiaries, (in one transaction or a series of transactions) to an interested
    shareholder or any affiliate or associate of the interested shareholder of 5% or more of the aggregate market value of the stock
    of the corporation, or any of its subsidiaries, except pursuant to an exercise of warrants or rights to purchase stock offered, or
    a dividend or distribution paid or made, pro rata to all stockholders of the corporation.

 

The
effect of the statute is to protect non-tendering, post-acquisition minority stockholders from mergers in which they will be “squeezed
out” after the merger, by prohibiting transactions in which an acquirer could favor itself at the expense of minority stockholders.
The statute generally applies to corporations that are organized under New Jersey law.Exhibit
4.12

 

PLACEMENT
AGENT COMMON STOCK PURCHASE WARRANT

 

Akers
Biosciences, Inc.

 

	Warrant
    Shares: _______	Issue
    Date: December 9, 2019
	 	 
		Initial
    Exercise Date: December 9, 2019

 

THIS
PLACEMENT AGENT COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or
its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions
hereinafter set forth, at any time on or after the date set forth above (the “Initial Exercise Date”) and on or prior
to 5:00 p.m. (New York City time) on December 5, 2024 (the “Termination Date”) but not thereafter, to subscribe for
and purchase from Akers Biosciences, Inc., a New Jersey corporation (the “Company”), up to ______ shares (as subject
to adjustment hereunder, the “Warrant Shares”) of the Company’s Common Stock. The purchase price of one share
of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant is being issued pursuant
to that certain engagement letter, by and between H.C. Wainwright & Co., LLC and the Company, dated as of September 6, 2019.

 

Section
1. Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated
in this Section 1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

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

 

“Board
of Directors” means the board of directors of the Company.

 

“Commission”
means the United States Securities and Exchange Commission.

 

    	1

     

    

 

“Common
Stock” means the common stock of the Company, no par value, and any other class of securities into which such securities may
hereafter be reclassified or changed.

 

“Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
at any time shares of 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.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Purchase
Agreement” means that certain Securities Purchase Agreement, dated as of December 5, 2019, by and among the Company and the
purchasers signatory thereto.

 

“Registration
Statement” means the Company’s registration statement on Form S-1 (File No. 333-234447), and the related registration
statement on Form S-1 (File No. 333-235359) filed pursuant to Rule 462(b) promulgated under the Securities Act, including the final prospectus
filed in connection with the transaction contemplated by the Purchase Agreement.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Subsidiary”
means Akers Acquisition Sub, Inc. and Bout Time Marketing Corporation and shall, where applicable, also include any direct or indirect
subsidiary of the Company formed or acquired after the date hereof

 

“Trading
Day” means a day on which the Common Stock is traded on a Trading Market.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York
Stock Exchange (or any successors to any of the foregoing).

 

“Transfer
Agent” means VStock Transfer, LLC, the current transfer agent of the Company, with a mailing address of 18 Lafayette Place,
Woodmere, NY 11598, and any successor transfer agent of the Company.

 

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

 

    	2

     

    

 

Section
2. Exercise.

 

a)
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time
or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile
copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice
of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement
Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise
Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United
States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise.
No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization)
of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically
surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has
been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading
Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases
of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant
Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall
maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection
to any Notice of Exercise within one (1) Trading Day of receipt of such notice. The Holder and any assignee, by acceptance of this
Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant
Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated
on the face hereof.

 

b)
Exercise Price. The exercise price per share of Common Stock under this Warrant shall be $5.00, subject to adjustment hereunder
(the “Exercise Price”).

 

    	3

     

    

 

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

 

	 	(A)
  =	as
  applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise
  is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered
  pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68)
  of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y)
  the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common
  Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable
  Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered
  within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading
  Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice
  of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close
  of “regular trading hours” on such Trading Day;
	 	 	 
	 	(B)
  =	the
  Exercise Price of this Warrant, as adjusted hereunder; and
	 	 	 
	 	(X)
  =	the
  number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such
  exercise were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the
Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees not
to take any position contrary to this Section 2(c).

 

Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c).

 

    	4

     

    

 

d)
Mechanics of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by
the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository
Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant
in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale
of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery
of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant
Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by
the date that is the earlier of (A) the earlier of (i) two (2) Trading Days and (ii) the number of days comprising the Standard Settlement
Period, in each case after the delivery to the Company of the Notice of Exercise and (B) one (1) Trading Day after delivery of the aggregate
Exercise Price to the Company (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise,
the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which
this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise
Price (other than in the case of a cashless exercise) is received by the Warrant Share Delivery Date. If the Company fails for any reason
to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant 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 VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading
Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date
until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant
in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period”
means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect
to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

 

ii.
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of
a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in
all other respects be identical with this Warrant.

 

    	5

     

    

 

iii.
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section
2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.
Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to
the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required
by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares
of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon
such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x)
the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds
(y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection
with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B)
at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise
was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock
that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the
Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares
of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately
preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating
the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing
herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares
of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

v.
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company
shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price or round up to the next whole share.

  

vi.
Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax
or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company,
and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided,
however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when
surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may
require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company
shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company
(or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

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

 

    	6

     

    

 

e)
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the
right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance
after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)),
would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the
number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number
of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude
the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant
beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or
nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject
to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its
Affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership
shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being
acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d)
of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent
that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to
other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable
shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status
as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on
the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed
with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by
the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of
a Holder, the Company shall within one (1) Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock
then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion
or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date
as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation”
shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common
Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership
Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number
of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of
this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership
Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this
paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct
this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein
contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained
in this paragraph shall apply to a successor holder of this Warrant.

 

    	7

     

    

 

Section
3. Certain Adjustments.

 

a)
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares
of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this
Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse
stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the
Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which
the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event
and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of
shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant
shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for
the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the
effective date in the case of a subdivision, combination or re-classification.

 

b)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants,
issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire,
upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had
held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise
hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for
the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares
of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that to the
extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership
Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such
shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance
for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

c)
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend (other
than cash) or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return
of capital or otherwise (including, without limitation, any distribution of stock or other securities, property or options by way of
a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable
upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial
Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the
date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided,
however, that to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding
the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in
the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution
shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder
exceeding the Beneficial Ownership Limitation).

 

    	8

     

    

 

d)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or
more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly
or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of
its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer
(whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock,
(iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization
of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for
other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock
or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off,
merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of
the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or
party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business
combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall
have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence
of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this
Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation,
and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction
by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction
(without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination
of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price
among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.
If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then
the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor
Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the
consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental Transaction),
purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of
the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction; provided, however,
if the Fundamental Transaction is not within the Company’s control, including not approved by the Company’s Board of Directors,
Holder shall only be entitled to receive from the Company or any Successor Entity, as of the date of consummation of such Fundamental
Transaction, the same type or form of consideration (and in the same proportion), at the Black Scholes Value (as defined below) of the
unexercised portion of this Warrant, that is being offered and paid to the holders of Common Stock of the Company in connection with
the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders
of Common Stock are given the choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction.
“Black Scholes Value” means the value of this Warrant based on the Black Scholes Option Pricing Model obtained from
the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable
Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for
a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination
Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg
(determined utilizing a 365-day annualization factor) as of the Trading Day immediately following the public announcement of the applicable
Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the greater of (i) the sum of the price
per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction
and (ii) the greater of (x) the last VWAP immediately prior to the public announcement of such Fundamental Transaction and (y) the last
VWAP immediately prior to the consummation of such Fundamental Transaction and (D) a remaining option time equal to the time between
the date of the public announcement of the applicable Fundamental Transaction and the Termination Date. The payment of the Black Scholes
Value will be made by wire transfer of immediately available funds within five (5) Trading Days of the Holder’s election (or, if
later, on the effective date of the Fundamental Transaction). The Company shall cause any successor entity in a Fundamental Transaction
in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the
Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written
agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior
to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security
of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable
for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common
Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior
to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock
(but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such
shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic
value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in
form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and
be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction
Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power
of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the
same effect as if such Successor Entity had been named as the Company herein.

 

    	9

     

    

 

e)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the
case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date
shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

f)
Notice to Holder.

 

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

 

ii.
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on
the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of
capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with
any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or
substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities,
cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs
of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile
number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable
record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such
dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common
Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on
which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the
date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock
for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange;
provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the
corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains,
material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice
with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period
commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly
set forth herein.

 

Section
4. Transfer of Warrant.

 

a)
Transferability. Pursuant to FINRA Rule 5110(g)(1), neither this Warrant nor any Warrant Shares issued upon exercise of this Warrant
shall be sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put or call
transaction that would result in the effective economic disposition of the securities by any person for a period of 180 days immediately
following the date of effectiveness or commencement of sales of the offering pursuant to which this Warrant is being issued, except the
transfer of any security:

 

	 	i.	by
  operation of law or by reason of reorganization of the Company;
	 	 	 
	 	ii.	to
  any FINRA member firm participating in the offering and the officers and partners thereof, if all securities so transferred remain
  subject to the lock-up restriction in this Section 4(a) for the remainder of the time period;
	 	 	 
	 	iii.	if
  the aggregate amount of securities of the Company held by the Holder or related person do not exceed 1% of the securities being offered;
	 	 	 
	 	iv.	that
  is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member manages
  or otherwise directs investments by the fund, and participating members in the aggregate do not own more than 10% of the equity in
  the fund; or

 

    	10

     

    

 

	 	v.	the
  exercise or conversion of any security, if all securities received remain subject to the lock-up restriction in this Section 4(a) for
  the remainder of the time period.

 

Subject
to the foregoing restriction, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable,
in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written
assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient
to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall
execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not
so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required
to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall
surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the
Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for
the purchase of Warrant Shares without having a new Warrant issued.

 

b)
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of
the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division
or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided
or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Issue Date of this Warrant
and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

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

 

Section
5. Miscellaneous.

 

a)
No Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights,
dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly
set forth in Section 3. Without limiting the rights of a Holder to receive Warrant Shares on a “cashless exercise,” and to
receive the cash payments contemplated pursuant to Sections 2(d)(i) and 2(d)(iv), in no event will the Company be required to net cash
settle an exercise of this Warrant.

 

    	11

     

    

 

b)
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares,
and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant,
shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the
Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant
or stock certificate.

 

c)
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised on the next succeeding Trading
Day.

 

d)
Authorized Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a
sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.
The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with
the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all
such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants
that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise
of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly
issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof
(other than taxes in respect of any transfer occurring contemporaneously with such issue).

 

    	12

     

    

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale
of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant,
but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary
or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the
foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise
immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company
may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof,
as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from
any public regulatory body or bodies having jurisdiction thereof.

 

e)
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts
of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders,
partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York.
Each party 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, 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, that such suit, action or proceeding is improper or is an inconvenient
venue for such proceeding. Each party 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 party at the address in effect for notices to it under this Warrant 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
other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant,
the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’
fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

 

f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and
the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

    	13

     

    

 

g)
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall
operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding the fact that
the right to exercise this Warrant terminates on the Termination Date. Without limiting any other provision of this Warrant, if the Company
willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the
Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable
attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto
or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

h)
Notices. Any and all notices or other communications or deliveries to be provided by the holders hereunder including, without
limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized
overnight courier service, addressed to the Company, at [__], Attention: [___], email address: [___], facsimile: [__], or such other
facsimile number, email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices
or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile
or e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, e-mail address
or address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed
given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via facsimile at the
facsimile number or via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii)
the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number
or via e-mail at the e-mail address set forth in this Section 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 second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight
courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. To the extent that any notice
provided hereunder constitutes, or contains, material, non-public information regarding the Company or any subsidiaries, the Company
shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.

 

i)
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of
the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

 

j)
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will
be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to
assert the defense in any action for specific performance that a remedy at law would be adequate.

 

    	14

     

    

 

k)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall
inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall
be enforceable by the Holder or holder of Warrant Shares.

 

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

 

m)
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall
be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining
provisions of this Warrant.

 

n)
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed
a part of this Warrant.

 

********************

 

(Signature
Page Follows)

 

    	15

     

    

 

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

 

	 	AKERS
    BIOSCIENCES, INC. 
	 	 
	 	By:
    	             
	 	Name:	 
	 	Title:	 

 

    	16

     

    

 

NOTICE
OF EXERCISE

 

To:
Akers Biosciences, Inc.

 

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2)
Payment shall take the form of (check applicable box):

 

[
 ] in lawful money of the United States; or

 

[
 ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure
set forth in subsection 2(c).

 

(3)
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

(4)
The time of day this Notice of Exercise is being executed is:

 

_______________________________

 

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

 _______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: ________________________________________________________________________

 

Signature
of Authorized Signatory of Investing Entity: _________________________________________________

 

Name
of Authorized Signatory: ___________________________________________________________________

 

Title
of Authorized Signatory: ____________________________________________________________________

 

Date:
________________________________________________________________________________________

 

    	 

     

    

 

EXHIBIT
B

 

ASSIGNMENT
FORM

 

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

 

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

 

	Name:	______________________________________
	 	(Please
    Print)
	Address:	______________________________________
	 

     

    Phone
    Number:

     

    Email
    Address:
	(Please
    Print)

     

    ______________________________________

     

    ______________________________________

	 	 
	Dated:
    _______________ __, ______	 
	 	 
	Holder’s
    Signature:	 
	 	 
	Holder’s
    Address:

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