Document:

Exhibit 4.1

  

   

  

  
    WARRANT AGENCY AGREEMENT

     

    This WARRANT AGENCY AGREEMENT (this “Warrant Agreement”) is dated as of October 13, 2020 (the “Issuance Date”) between Pyxis Tankers Inc., a
      Marshall Islands corporation (the “Company”), and VStock Transfer, LLC, a California limited liability company (the “Warrant Agent”).

     

    WHEREAS, pursuant to the terms of that certain Underwriting Agreement (“Underwriting Agreement”), dated October 8, 2020, by and between the Company and ThinkEquity, a division of Fordham Financial
        Management, Inc., as representative of the underwriters set forth therein, the Company is engaged in a public offering (the “Offering”) of 200,000 units (“Units”), each Unit consisting of one Series A Cumulative Convertible Preferred Share, par value $0.001 per share of the Company (the “Preferred Shares”) and eight Warrants (the “Warrants”) to purchase common shares, par value $0.001 per share (“Common Shares” and the Common Shares issuable upon exercise of the Warrants, the “Warrant Shares”) of the Company, and 30,000 Preferred Shares and 240,000 Warrants issuable pursuant to the underwriters’
        over-allotment option;

      

    WHEREAS, the
      Company has filed with the Securities and Exchange Commission (the “Commission”) a Registration Statement on Form F-1 (File No. 333-245405) (as the same may be
      amended from time to time, the “Registration Statement”), for the registration under the Securities Act of 1933, as amended (the “Securities Act”), of the Units, including the Preferred Shares, Warrants and Warrant Shares, and such Registration Statement was declared effective on October 8, 2020;

     

    WHEREAS, the
      Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in accordance with the terms set forth in this Warrant Agreement in connection with the issuance, registration, transfer, exchange and
      exercise of the Warrants;

     

    WHEREAS, the
      Company desires to provide for the provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the
      Warrants; and

     

    WHEREAS, all acts
      and things have been done and performed which are necessary to make the Warrants the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Warrant Agreement.

     

    NOW, THEREFORE,
      in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

     

    1. Appointment of Warrant Agent.
      The Company hereby appoints the Warrant Agent to act as agent for the Company with respect to the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the express terms and conditions set
      forth in this Warrant Agreement (and no duties or obligations shall be inferred or implied).

     

    
      
        

    

    
    2. Warrants.

     

    2.1 Form of Warrants. The
      Warrants shall be registered securities and shall be initially evidenced by a global Warrant certificate (“Global Certificate”) in the form of Annex A to this Warrant Agreement, which shall be deposited on behalf of the Company with a custodian for The Depository Trust Company (“DTC”) and registered in the name of Cede & Co., a nominee of DTC. If DTC subsequently ceases to make its settlement system available for the Warrants, the Company may instruct
      the Warrant Agent regarding making arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary to have the Warrants available in, registration in the name of Cede & Co., a nominee of
      DTC, the Company may instruct the Warrant Agent to provide written instructions to DTC to deliver to the Warrant Agent for cancellation the Global Certificate, and the Company shall instruct the Warrant Agent to deliver to each Holder (as defined
      below) separate certificates evidencing Warrants (“Definitive Certificates” and, together with the Global Certificate, “Warrant Certificates”), in the form of Annex C to this Warrant Agreement. The Warrants
      represented by the Global Certificate are referred to as “Global Warrants.”

      

    2.2. Issuance and Registration of
          Warrants.

     

    2.2.1. Warrant Register. The
      Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance and the registration of transfer of the Warrants. Any Person
      in whose name ownership of a beneficial interest in the Warrants evidenced by a Global Certificate is recorded in the records maintained by DTC or its nominee shall be deemed the “beneficial owner” thereof, provided that all such beneficial interests
      shall be held through a Participant (as defined below), which shall be the registered holder of such Warrants.

     

    2.2.2. Issuance of Warrants. Upon the initial issuance of the Warrants, the
      Warrant Agent shall issue the Global Certificate and deliver the Warrants in the DTC settlement system in accordance with written instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the Warrants shall be
      shown on, and the transfer of such ownership shall be effected through, records maintained by (i) DTC, and (ii) institutions that have accounts with DTC (each, a “Participant”),
      subject to a Holder’s right to elect to receive a Warrant in certificated form in the form of Annex C to this Warrant Agreement. Any Holder desiring to elect
      to receive a Warrant in certificated form shall make such request in writing delivered to the Warrant Agent pursuant to Section 2.2.8, and shall surrender to the Warrant Agent the interest of the Holder on the books of the Participant evidencing the
      Warrants which are to be represented by a Definitive Certificate through the DTC settlement system. Thereupon, the Warrant Agent shall countersign and deliver to the person entitled thereto a Warrant Certificate or Warrant Certificates, as the case
      may be, as so requested.

     

    2.2.3. Beneficial Owner; Holder.
      Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name that Warrant shall be registered on the Warrant Register (the “Holder”) as the absolute owner of such Warrant for purposes of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any
      notice to the contrary. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization
      furnished by DTC governing the exercise of the rights of a holder of a beneficial interest in any Warrant. The rights of beneficial owners in a Warrant evidenced by the Global Certificate shall be exercised by the Holder or a Participant through the
      DTC system, except to the extent set forth herein or in the Global Certificate.

    
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    2.2.4. Execution. The Warrant
      Certificates shall be executed on behalf of the Company by any authorized officer of the Company (an “Authorized Officer”), which need not be the same
      authorized signatory for all of the Warrant Certificates, either manually or by facsimile signature. The Warrant Certificates shall be countersigned by an authorized signatory of the Warrant Agent, which need not be the same signatory for all of the
      Warrant Certificates, and no Warrant Certificate shall be valid for any purpose unless so countersigned. In case any Authorized Officer of the Company that signed any of the Warrant Certificates ceases to be an Authorized Officer of the Company
      before countersignature by the Warrant Agent and issuance and delivery by the Company, such Warrant Certificates, nevertheless, may be countersigned by the Warrant Agent, issued and delivered with the same force and effect as though the person who
      signed such Warrant Certificates had not ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by any person who, at the actual date of the execution of such Warrant Certificate, shall be an
      Authorized Officer of the Company authorized to sign such Warrant Certificate, although at the date of the execution of this Warrant Agreement any such person was not such an Authorized Officer.

     

    2.2.5. Registration of Transfer.
      At any time at or prior to the Expiration Date (as defined below), a transfer of any Warrants may be registered and any Warrant Certificate or Warrant Certificates may be split up, combined or exchanged for another Warrant Certificate or Warrant
      Certificates evidencing the same number of Warrants as the Warrant Certificate or Warrant Certificates surrendered. Any Holder desiring to register the transfer of Warrants or to split up, combine or exchange any Warrant Certificate shall make such
      request in writing delivered to the Warrant Agent, and shall surrender to the Warrant Agent the Warrant Certificate or Warrant Certificates evidencing the Warrants the transfer of which is to be registered or that is or are to be split up, combined
      or exchanged. Thereupon, the Warrant Agent shall countersign and deliver to the person entitled thereto a Warrant Certificate or Warrant Certificates, as the case may be, as so requested. The Warrant Agent may require reasonable and customary
      payment, by the Holder requesting a registration of transfer of Warrants or a split-up, combination or exchange of a Warrant Certificate (but, for purposes of clarity, not upon the exercise of the Warrants and issuance of Warrant Shares to the
      Holder), of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with such registration of transfer, split-up, combination or exchange, together with reimbursement to the Warrant Agent of all reasonable expenses
      incidental thereto.

     

     2.2.6. Loss, Theft
          and Mutilation of Warrant Certificates. Upon receipt by the Company and the Warrant Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of a Warrant Certificate, and, in case of loss, theft
      or destruction, of indemnity or security in customary form and amount, and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant
      Certificate if mutilated, the Warrant Agent shall, on behalf of the Company, countersign and deliver a new Warrant Certificate of like tenor to the Holder in lieu of the Warrant Certificate so lost, stolen, destroyed or mutilated. The Warrant Agent
      may charge the Holder an administrative fee for processing the replacement of lost Warrant Certificates, which shall be charged only once in instances where a single surety bond obtained covers multiple certificates. The Warrant Agent may receive
      compensation from the surety companies or surety bond agents for administrative services provided to them.

    
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    2.2.7. Proxies. The Holder of
      a Warrant may grant proxies or otherwise authorize any person, including the Participants and beneficial holders that may own interests through the Participants, to take any action that a Holder is entitled to take under this Agreement or the
      Warrants; provided, however, that at all times that Warrants are
      evidenced by a Global Certificate, exercise of those Warrants shall be effected on their behalf by Participants through DTC in accordance the procedures administered by DTC.

    

    

    2.2.8. Warrant Certificate Request.
      A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a Warrant Certificate Request Notice (as defined below). Upon written notice by a Holder to the Warrant Agent for the exchange of some
      or all of such Holder’s Global Warrants for a Definitive Certificate evidencing the same number of Warrants, which request shall be in the form attached hereto as Annex
          E (a “Warrant Certificate Request Notice” and the date of delivery of such Warrant Certificate Request Notice by the Holder, the “Warrant Certificate Request Notice Date” and the deemed surrender upon delivery by the Holder of a number of Global Warrants for the same number of Warrants
      evidenced by a Definitive Certificate, a “Warrant Exchange”), the Warrant Agent shall promptly effect the Warrant Exchange and shall promptly issue and deliver
      to the Holder a Definitive Certificate for such number of Warrants in the name set forth in the Warrant Certificate Request Notice. Such Definitive Certificate shall be dated the original issue date of the Warrants, shall be manually executed by an
      authorized signatory of the Company, shall be in the form attached hereto as Annex C, and shall be reasonably acceptable in all respects to such Holder. In
      connection with a Warrant Exchange, the Company agrees to deliver, or to direct the Warrant Agent to deliver, the Definitive Certificate to the Holder within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the
      Standard Settlement Period of the Warrant Certificate Request Notice pursuant to the delivery instructions in the Warrant Certificate Request Notice (“Warrant Certificate
          Delivery Date”). If the Company fails for any reason to deliver to the Holder the Definitive Certificate subject to the Warrant Certificate Request Notice by the Warrant Certificate 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 evidenced by such Definitive Certificate (based on the VWAP (as defined in the Warrants) of the Common Shares on the Warrant Certificate Request Notice Date), $10
      per Business Day for each Business Day after such Warrant Certificate Delivery Date until such Definitive Certificate is delivered or, prior to delivery of such Warrant Certificate, the Holder rescinds such Warrant Exchange. The Company covenants and
      agrees that, upon the date of delivery of the Warrant Certificate Request Notice, the Holder shall be deemed to be the holder of the Definitive Certificate and, notwithstanding anything to the contrary set forth herein, the Definitive Certificate
      shall be deemed for all purposes to contain all of the terms and conditions of the Warrants evidenced by such Warrant Certificate and the terms of this Agreement, other than Sections 2.2.8 and 7.8 herein, shall not apply to the Warrants evidenced by
      the Definitive Certificate.

    

    

    2.2.9. Subsequent to the Issuance Date, any and all costs incurred relating to transfers of Warrants, replacement of
      lost, stolen or mutilated Warrants or Warrant Exchanges shall be borne by the Holder of such Warrants.

    

    

    2.2.10. For purposes of clarity, if there is a conflict between the express terms of this Warrant Agreement and the
      Warrant certificate in the form of Annex C hereto with respect to terms of the Warrants, the terms of the Warrant certificate shall govern and control.

     

    3. Terms and Exercise of Warrants.

     

    3.1. Exercise Price. Each
      Warrant shall entitle the Holder, subject to the provisions of the applicable Warrant Certificate and of this Warrant Agreement, to purchase from the Company the number of Common Shares stated therein, at the price of $1.40 per whole share, subject
      to the subsequent adjustments provided in Section 4 hereof. The term “Exercise Price” as used in this Warrant Agreement refers to the price per share at which
      Common Shares may be purchased at the time a Warrant is exercised.

    
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    3.2. Duration of Warrants.
      Warrants may be exercised only during the period (“Exercise Period”) commencing on the Issuance Date and terminating at 5:00 P.M., New York City time (the “close of business”) on October 13, 2025 (the “Expiration Date”).
      Each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Warrant Agreement shall cease at the close of business on the Expiration Date.

     

    3.3. Exercise of Warrants.

     

    3.3.1. Exercise and Payment.

     

    (a)          Exercise
      of the purchase rights represented by a Warrant may be made, in whole or in part, at any time or times during the Exercise Period by delivery to the Warrant Agent of the Notice of Exercise in the form annexed as Annex B 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 following the date the Holder delivers the Notice of Exercise as aforesaid, the Holder shall deliver, in accordance with the payment instructions in the Notice of Exercise, the
      aggregate Exercise Price for the 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 3.3.6 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 form be required. Notwithstanding anything herein to the
      contrary, the Holder shall not be required to physically surrender a Warrant Certificate to the Company until the Holder has purchased all of the Warrant Shares available thereunder and the Warrant has been exercised in full, in which case, the
      Holder shall surrender such Warrant to the Company for cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of a Warrant resulting in purchases of a portion of the total
      number of Warrant Shares available thereunder 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 two (2) Business Days of receipt of such notice. The Holder and any assignee, by acceptance of a 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 thereof.

    Notwithstanding the foregoing in this Section 3.3.1 a holder whose interest in a Warrant is a beneficial interest in certificate(s)
      representing such Warrant held in registered form through DTC (or another established clearing corporation performing similar functions), shall effect exercises made pursuant to this Section 3.3.1 by delivering to DTC (or such other clearing
      corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable), subject to a Holder’s right to elect to receive
      a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply. Upon giving irrevocable instructions to its Participant to exercise Warrants, solely for purposes of Regulation SHO,
      the holder whose interest in the Warrant is a beneficial interest shall be deemed to have exercised such Warrant, notwithstanding when the applicable Warrant Shares are delivered to such holder.

    
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    3.3.2. Issuance of Warrant Shares.
      (a) The Warrant Agent shall, on the Trading Day following the date of exercise of any Warrant, advise the Company, the transfer agent and registrar for the Company’s Common Shares, in respect of (i) the number of Warrant Shares indicated on the
      Notice of Exercise as issuable upon such exercise with respect to such exercised Warrants, (ii) the instructions of the Holder or Participant, as the case may be, provided to the Warrant Agent with respect to the delivery of the Warrant Shares and
      the number of Warrants that remain outstanding after such exercise and (iii) such other information as the Company or such transfer agent and registrar shall reasonably request.

     

    (b) The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder
      by either (1) crediting the account of the Holder’s or its designee’s balance account with DTC through its Deposit or Withdrawal at Custodian system (“DWAC”)
      if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) this Warrant is being exercised via
      cashless exercise, or (2) by delivery of a book-entry position, registered in the Company’s share register in the name of the Holder or its designee, in each case 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 (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of
      the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate
      purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in
      the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days of and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. 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 Shares 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 the Warrants remain
      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 Shares as in effect on the date
      of delivery of the Notice of Exercise.

     

    3.3.3. Valid Issuance. All
      Warrant Shares issued by the Company upon the proper exercise of a Warrant in conformity with this Warrant Agreement shall be validly issued, fully paid and non-assessable.

     

    3.3.4. No Fractional Exercise.
      No fractional Warrant Shares will be issued upon the exercise of the Warrant. If, by reason of any adjustment made pursuant to Section 4, a Holder would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the
      Company shall, upon such exercise, round down to the nearest whole number of Warrant Shares to be issued to such Holder.

     

    
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    3.3.5 No Transfer Taxes.
      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 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.

    

    

    3.3.6 Restrictive Legend Events;
          Cashless Exercise Under Certain Circumstances.

     

    (i) The Company shall use its commercially reasonable efforts to maintain the effectiveness of the
      Registration Statement and the current status of the prospectus included therein or to file and maintain the effectiveness of another registration statement and another current prospectus covering the Warrants and the Warrant Shares at any time that
      the Warrants are exercisable. The Company shall provide to the Warrant Agent and each Holder prompt written notice of any time that the Company is unable to deliver the Warrant Shares via DTC transfer or otherwise without restrictive legend because
      (A) the Commission has issued a stop order with respect to the Registration Statement, (B) the Commission otherwise has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, (C) the Company has
      suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, (D) the prospectus contained in the Registration Statement is not available for the issuance of the Warrant Shares to the Holder or (E)
      otherwise (each a “Restrictive Legend Event”). To the extent that the Warrants cannot be exercised as a result of a Restrictive Legend Event or a Restrictive
      Legend Event occurs after a Holder has exercised Warrants in accordance with the terms of the Warrants but prior to the delivery of the Warrant Shares, the Company shall, at the election of the Holder, which shall be given within five (5) days of
      receipt of such notice of the Restrictive Legend Event, either (A) rescind the previously submitted Election to Purchase and the Company shall return all consideration paid by registered holder for such shares upon such rescission or (B) treat the
      attempted exercise as a cashless exercise as described in paragraph (ii) below and refund the cash portion of the exercise price to the Holder.

     

    (ii) If a Restrictive Legend Event has occurred, the Warrant may also be exercisable on a cashless
      basis. Notwithstanding anything herein to the contrary, the Company shall not be required to make any cash payments or net cash settlement to the Holder in lieu of delivery of the Warrant Shares. Upon a “cashless exercise”, the Holder shall be
      entitled to receive the number of Warrant Shares equal to the quotient (if such quotient would be a positive number) obtained by dividing (A-B) (X) by (A), where:

    
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    (A) = the last VWAP immediately preceding the date of exercise giving rise to the applicable “cashless exercise”, as set forth in the applicable Election to
          Purchase (to clarify, the “last VWAP” will be the last VWAP as calculated over an entire Trading Day such that, in the event that this Warrant is exercised at a time that the Trading Market is open, the prior Trading Day’s VWAP shall be used in
          this calculation)

    

    

    (B) = the Exercise Price of the Warrant, as adjusted as set forth herein; and

    

    

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

     

    If the Warrant Shares are issued in such a cashless exercise, the Company acknowledges and agrees
      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 and the Company agrees not to take any position contrary thereto. Upon receipt of an
      Election to Purchase for a cashless exercise, the Warrant Agent will promptly deliver a copy of the Election to Purchase to the Company to confirm the number of Warrant Shares issuable in connection with the cashless exercise. The Company shall
      calculate and transmit to the Warrant Agent in a written notice, and the Warrant Agent shall have no duty, responsibility or obligation under this section to calculate, the number of Warrant Shares issuable in connection with any cashless exercise.
      The Warrant Agent shall be entitled to rely conclusively on any such written notice provided by the Company, and the Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with such written
      instructions or pursuant to this Warrant Agreement. Notwithstanding anything herein to the contrary, on the Termination Date (as defined below), this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 3.3.6.

       

    3.3.7 Disputes. In the case
      of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of Warrant Shares issuable in connection with any exercise, the Company shall promptly deliver to the Holder the number of Warrant Shares that are
      not disputed.

     

    3.3.8 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 3.3.2(b) 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, Common Shares 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 Common Shares 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; provided, however, that such Holder provides reasonable evidence of the date and time of such sell order and such sell order occurred after the missed Warrant Share Delivery Date and prior to the delivery of
        the related Warrant Shares, and (B) at the option of the Holder, either reinstate the portion of the Warrant and

    
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    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 Common Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Shares having a total
      purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Common Shares 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 Common Shares upon exercise of the Warrant as required pursuant to the terms hereof.

      

    3.3.9 Beneficial Ownership Limitation.
      The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of a Warrant, pursuant to Section 3 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 Common Shares
      beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of Common Shares issuable upon exercise of such Warrant with respect to which such determination is being made, but shall exclude the number of
      Common Shares which would be issuable upon (i) exercise of the remaining, non-exercised portion of such Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or
      non-converted portion of any other securities of the Company (including, without limitation, any other securities of the Company which would entitle the holder thereof to acquire at any time Common Shares, 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 Shares (“Common Share 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 3.3.9, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (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 3.3.9 applies, the determination of
      whether a Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of a 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 a Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of
      a 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

    
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    3.3.9, in determining the number of outstanding Common Shares, a Holder may rely on the number of outstanding Common Shares 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 Common Shares outstanding.  Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing (including by e-mail) to the Holder the number of Common Shares then outstanding.  In any
      case, the number of outstanding Common Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including such Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of
      which such number of outstanding Common Shares was reported. The “Beneficial Ownership Limitation” shall be 4.99% (or, upon election by a Holder prior to the
      issuance of any Warrants, 9.99%) of the number of Common Shares outstanding immediately after giving effect to the issuance of Common Shares issuable upon exercise of a Warrant. The Holder, upon notice to the Company, may increase or decrease the
      Beneficial Ownership Limitation provisions of this Section 3.3.9, provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Common Shares outstanding immediately after giving effect to the issuance of Common Shares
      upon exercise of this Warrant held by the Holder and the provisions of this Section 3.3.9 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 3.3.9 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.

     

    4. Adjustments.

     

    4.1 Adjustment upon Subdivisions or
          Combinations. If the Company, at any time while the Warrants are outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on its Common Shares or any other equity or equity equivalent securities payable
      in Common Shares (which, for avoidance of doubt, shall not include any Common Shares issued by the Company upon exercise of the Warrants), (ii) subdivides outstanding Common Shares into a larger number of shares, (iii) combines (including by way of
      reverse stock split) outstanding Common Shares into a smaller number of shares, or (iv) issues by reclassification of the Common Shares 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 Common Shares and such other capital stock of the Company (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Common Shares
      and such other capital stock of the Company (excluding treasury shares, if any) outstanding immediately after such event, and the number of shares issuable upon exercise of each Warrant shall be proportionately adjusted such that the aggregate
      Exercise Price of such Warrant shall remain unchanged. Any adjustment made pursuant to this Section 4.1 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.

    
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    4.2 Adjustment for Other Distributions.

    

    

    (a) Subsequent Rights Offerings.
      In addition to any adjustments pursuant to Section 4.1 above, if at any time the Company grants, issues or sells any Common Share Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any
      class of Common Shares (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 Common Shares acquirable upon complete exercise of a 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 Common Shares are to be determined for
      the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not
      be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Common Shares 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).

     

    (b) Extraordinary Dividends. If the Company, at any time during the Exercise Period, shall pay a dividend in cash, securities or other assets to all holders of Common Shares (or
      other shares of the Company’s capital stock into which the Warrants are convertible), other than (i) as described in Sections 4.1, 4.2(a) or 4.3, or (ii) regular quarterly or other periodic dividends (any such non-excluded event being referred to
      herein as an “Extraordinary Dividend”), then the Exercise Price shall be decreased, effective immediately after the effective date of such Extraordinary
      Dividend, by the quotient of (1) the gross amount of cash and/or fair market value (as determined by the Company’s Board of Directors, in good faith) of all securities or other assets paid to the holders of Common Shares (or other shares of the
      Company’s capital stock into which the Warrants are convertible) in respect of such Extraordinary Dividend divided by (2) the sum of the number of Common Shares (or other shares of the Company’s capital stock into which the Warrants are exercisable)
      outstanding at the time of the Extraordinary Dividend plus the number of Common Shares then issuable upon exercise of all outstanding Warrants, provided, that the Exercise Price shall not be reduced below zero.

       

    4.3. Fundamental Transaction.
      If, at any time while the Warrants are 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 all holders of Common Shares 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 Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Shares or any compulsory share exchange pursuant to
      which all outstanding Common Shares are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or
      other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding
      Common Shares (not including any Common

    
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    Shares 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 a Warrant, the
      Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction (without regard to any limitation in Section 3.3.9 on the exercise of
      a Warrant), the number of Common Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and such amount of cash or any other consideration (collectively, the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of Common Shares for which a Warrant is exercisable immediately prior to such Fundamental
      Transaction (without regard to any limitation in Section 3.3.9 on the exercise of a 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 Common Share 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 Shares 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 a Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under the Warrants in accordance with the provisions of this Section 4.3 pursuant to
      written agreements prior to or during such Fundamental Transaction. 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 the Warrants 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 the Warrants with
      the same effect as if such Successor Entity had been named as the Company therein.

     

    The Company shall instruct the Warrant Agent in writing (including by e-mail) to send by e-mail or by first class mail,
      postage prepaid, to each Holder, written notice of the execution of any such amendment, supplement or agreement with the Successor Entity. Any supplemented or amended agreement entered into by the successor corporation or transferee shall provide for
      adjustments, which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 4.3. The Warrant Agent shall have no duty, responsibility or obligation to determine the correctness of any provisions contained in
      such agreement or such notice, including but not limited to any provisions relating either to the kind or amount of securities or other property receivable upon exercise of warrants or with respect to the method employed and provided therein for any
      adjustments, and shall be entitled to rely conclusively for all purposes upon the provisions contained in any such agreement. The provisions of this Section 4.3 shall similarly apply to successive reclassifications, changes, consolidations, mergers,
      sales and conveyances of the kind described above.

     

    4.4. Notices to Holder. (a)
      Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 4, the Company shall promptly deliver to the
      Holder by facsimile or e-mail 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. Provided, however,
      that the Company may satisfy this notice requirement in this Section 4.4(a) by filing such notice with the Commission pursuant to a Report on Form 6-K, or, to the extent that the Company is no longer subject to the reporting requirements of Section
      13 or 15(d) of the Exchange Act, by posting such notice on the Company’s website.

    
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    (b) Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Shares, (B) the Company shall declare a special
      nonrecurring cash dividend on or a redemption of the Common Shares, (C) the Company shall authorize the granting to all holders of the Common Shares 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 Shares, 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 Shares are 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 mail, facsimile or e-mail to the Holder at its last mailing address, facsimile number or e-mail address as it shall appear upon the Warrant Register of the
      Company, at least five (5) 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 Shares 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 Shares of record shall be entitled to exchange their Common Shares
      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 required to be provided in this Warrant Agreement 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 Report on Form 6-K. Provided such notice occurs within the Exercise Period, 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.

     

    4.5 Other Events. If any
      event occurs of the type contemplated by the provisions of Section 4.1 or 4.2 but not expressly provided for by such provisions (including, without limitation, the granting of stock appreciation rights, Adjustment Rights, phantom stock rights or
      other rights with equity features to all holders of Common Shares for no consideration), then the Company's Board of Directors will, at its discretion and in good faith, make an adjustment in the Exercise Price and the number of Warrant Shares or
      designate such additional consideration to be deemed issuable upon exercise of a Warrant, so as to protect the rights of the registered Holder. No adjustment to the Exercise Price will be made pursuant to more than one sub-section of this Section 4
      in connection with a single issuance.

    
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    4.6. Notices of Changes in Warrant.
      Upon every adjustment of the Exercise Price or the number of Warrant Shares issuable upon exercise of a Warrant, the Company shall give written notice thereof (including by e-mail) to the Warrant Agent, which notice shall state the Exercise Price
      resulting from such adjustment and the increase or decrease, if any, in the number of Warrant Shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such
      calculation is based. Upon the occurrence of any event specified in Sections 4.1 or 4.2, then, in any such event, the Company shall give written notice by mail, e-mail or facsimile to each Holder, at the last address set forth for such holder in the
      Warrant Register, as of the record date or the effective date of the event. Provided, however, that the Company may satisfy the notice requirement to Holders in this Section 4.6 by filing such notice with the Commission pursuant to a Report on Form
      6-K, or, to the extent that the Company is no longer subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, by posting such notice on the Company’s website. Failure to give such notice, or any defect therein, shall not
      affect the legality or validity of such event. The Warrant Agent shall be entitled to rely conclusively on, and shall be fully protected in relying on, any certificate, notice or instructions provided by the Company with respect to any adjustment of
      the Exercise Price or the number of shares issuable upon exercise of a Warrant, or any related matter, and the Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with any such certificate,
      notice or instructions or pursuant to this Warrant Agreement. The Warrant Agent shall not be deemed to have knowledge of any such adjustment unless and until it shall have received written notice thereof (including by e-mail) from the Company.

     

    5. Restrictive Legends; Fractional
          Warrants.

     

    In the event that a Warrant Certificate surrendered for transfer bears a restrictive legend, the
      Warrant Agent shall not register that transfer until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the Warrants must also bear a restrictive legend upon that
      transfer. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the transfer of or delivery of a Warrant Certificate for a fraction of a Warrant.

     

    

    6. Other Provisions Relating to Rights
          of Holders of Warrants.

     

    6.1. No Rights as Stockholder.
      Except as otherwise specifically provided herein, a Holder, solely in its capacity as a holder of Warrants, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything
      contained in this Warrant Agreement be construed to confer upon a Holder, solely in its capacity as the registered holder of Warrants, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate
      action (whether any reorganization, issue of stock, reclassification of share capital, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights or rights to participate in new issues of
      shares, or otherwise, prior to the issuance to the Holder of the Warrant Shares which it is then entitled to receive upon the due exercise of Warrants.

     

    6.2. Reservation of Common Shares.
      The Company shall at all times reserve and keep available a number of its authorized but unissued Common Shares that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant Agreement.

    
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    7. Concerning the Warrant Agent and
          Other Matters.

     

    7.1. Any instructions given to the Warrant Agent orally, as permitted by any provision of this Warrant Agreement, shall
      be confirmed in writing (including by e-mail) by the Company as soon as practicable. The Warrant Agent shall not be liable or responsible and shall be fully authorized and protected for acting, or failing to act, in accordance with any oral
      instructions which do not conform with the written confirmation received in accordance with this Section 7.1.

     

    7.2. (a) Whether or not any Warrants are exercised, for the Warrant Agent’s services as agent for the Company hereunder,
      the Company shall pay to the Warrant Agent such fees as may be separately agreed between the Company and Warrant Agent and the Warrant Agent’s out of pocket expenses in connection with this Warrant Agreement, including the reasonable fees and
      expenses of the Warrant Agent’s counsel. While the Warrant Agent endeavors to maintain out-of-pocket charges (both internal and external) at competitive rates, these charges may not reflect actual out-of-pocket costs, and may include handling charges
      to cover internal processing and use of the Warrant Agent’s billing systems.

     

    (b) No provision of this Warrant Agreement shall require Warrant Agent to expend or risk its own funds or otherwise
      incur any financial liability in the performance of any of its duties under this Warrant Agreement or in the exercise of its rights.

     

    7.3 As agent for the Company hereunder
          the Warrant Agent:

     

    (a) shall have no duties or obligations other than those specifically set forth herein or as may subsequently be agreed
      to in writing by the Warrant Agent and the Company;

     

    (b) shall be regarded as making no representations and having no responsibilities as to the validity, sufficiency,
      value, or genuineness of the Warrants or any Warrant Shares;

     

    (c) shall not be obligated to take any legal action hereunder; if, however, the Warrant Agent determines to take any
      legal action hereunder, and where the taking of such action might, in its judgment, subject or expose it to any expense or liability it shall not be required to act unless it has been furnished with an indemnity reasonably satisfactory to it;

      

    (d) may rely on and shall be fully authorized and protected in acting or failing to act upon any certificate,
      instrument, opinion, notice, letter, telegram, telex, facsimile transmission or other document or security delivered to the Warrant Agent and believed by it to be genuine and to have been signed by the proper party or parties;

      

    (e) shall not be liable or responsible for any recital or statement contained in the Registration Statement or any other
      documents relating thereto;

     

    (f) shall not be liable or responsible for any failure on the part of the Company to comply with any of its covenants
      and obligations relating to the Warrants, including without limitation obligations under applicable securities laws;

    
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    (g) may rely on and shall be fully authorized and protected in acting or failing to act upon the written, telephonic or
      oral instructions with respect to any matter relating to its duties as Warrant Agent covered by this Warrant Agreement (or supplementing or qualifying any such actions) of officers of the Company, and is hereby authorized and directed to accept
      instructions with respect to the performance of its duties hereunder from the Company or counsel to the Company, and may apply to the Company, for advice or instructions in connection with the Warrant Agent’s duties hereunder, and the Warrant Agent
      shall not be liable for any delay in acting while waiting for those instructions; any applications by the Warrant Agent for written instructions from the Company may, at the option of the Warrant Agent, set forth in writing any action proposed to be
      taken or omitted by the Warrant Agent under this Warrant Agreement and the date on or after which such action shall be taken or such omission shall be effective; the Warrant Agent shall not be liable for any action taken by, or omission of, the
      Warrant Agent in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than five (5) Business Days after the date such application is sent to the Company, unless the
      Company shall have consented in writing to any earlier date) unless prior to taking any such action, the Warrant Agent shall have received written instructions in response to such application specifying the action to be taken or omitted;

     

    

     (h) may consult with counsel satisfactory to the Warrant Agent, including its in-house counsel, and the advice of such
      counsel shall be full and complete authorization and protection in respect of any action taken, suffered, or omitted by it hereunder in good faith and in accordance with the advice of such counsel;

     

    (i) may perform any of its duties hereunder either directly or by or through nominees, correspondents, designees, or
      subagents, and it shall not be liable or responsible for any misconduct or negligence on the part of any nominee, correspondent, designee, or subagent appointed with reasonable care by it in connection with this Warrant Agreement;

     

    (j) is not authorized, and shall have no obligation, to pay any brokers, dealers, or soliciting fees to any person; and

     

    (k) shall not be required hereunder to comply with the laws or regulations of any country other than the United States
      of America or any political subdivision thereof.

     

    7.4. (a) In the absence of gross negligence or willful or illegal misconduct on its part, the Warrant Agent shall not be
      liable for any action taken, suffered, or omitted by it or for any error of judgment made by it in the performance of its duties under this Warrant Agreement. Anything in this Warrant Agreement to the contrary notwithstanding, in no event shall the
      Warrant Agent be liable for special, indirect, incidental, consequential or punitive losses or damages of any kind whatsoever (including but not limited to lost profits), even if the Warrant Agent has been advised of the possibility of such losses or
      damages and regardless of the form of action. Any liability of the Warrant Agent will be limited in the aggregate to the amount of fees paid by the Company hereunder. The Warrant Agent shall not be liable for any failures, delays or losses, arising
      directly or indirectly out of conditions beyond its reasonable control including, but not limited to, acts of government, exchange or market ruling, suspension of trading, work stoppages or labor disputes, fires, civil disobedience, riots,
      rebellions, storms, electrical or mechanical failure, computer hardware or software failure, communications facilities failures including telephone failure, war, terrorism, insurrection, earthquakes, floods, acts of God or similar occurrences.

     

     (b) In the event any question or dispute arises with respect to the proper interpretation of the
      Warrants or the Warrant Agent’s duties under this Warrant Agreement or the rights of the Company or of any Holder, the Warrant Agent shall not be required to act and shall not be held liable or responsible for its refusal to act until the question or
      dispute has been judicially settled (and, if appropriate, it may file a suit in interpleader or for a declaratory judgment for such purpose) by final judgment rendered by a court of competent jurisdiction, binding on all persons interested in the
      matter which is no longer subject to review or appeal, or settled by a written document in form and substance satisfactory to Warrant Agent and executed by the Company and each such Holder. In addition, the Warrant Agent may require for such purpose,
      but shall not be obligated to require, the execution of such written settlement by all the Holders and all other persons that may have an interest in the settlement.  

    
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    7.5. The Company covenants to indemnify the Warrant Agent and hold it harmless from and against any loss, liability,
      claim or expense (“Loss”) arising out of or in connection with the Warrant Agent’s duties under this Warrant Agreement, including the costs and expenses of
      defending itself against any Loss, unless such Loss shall have been determined by a court of competent jurisdiction to be a result of the Warrant Agent’s gross negligence or willful misconduct.

     

    7.6. Unless terminated earlier by the parties hereto, this Warrant Agreement shall terminate ninety (90) days after the
      earlier of the Expiration Date and the date on which no Warrants remain outstanding (the “Termination Date”). On the Business Day following the Termination
      Date, the Warrant Agent shall deliver to the Company any entitlements, if any, held by the Warrant Agent under this Warrant Agreement. The Warrant Agent’s right to be reimbursed for fees, charges and out-of-pocket expenses as provided in this Section
      7 shall survive the termination of this Warrant Agreement.

     

    7.7. If any provision of this Warrant Agreement shall be held illegal, invalid, or unenforceable by any court, this
      Warrant Agreement shall be construed and enforced as if such provision had not been contained herein and shall be deemed an Agreement among the parties to it to the full extent permitted by applicable law.

     

    7.8. The Company represents and warrants that (a) it is duly incorporated and validly existing under the laws of its
      jurisdiction of incorporation, (b) the offer and sale of the Warrants and the execution, delivery and performance of all transactions contemplated thereby (including this Warrant Agreement) have been duly authorized by all necessary corporate action
      and will not result in a breach of or constitute a default under the articles of incorporation, bylaws or any similar document of the Company or any indenture, agreement or instrument to which it is a party or is bound, (c) this Warrant Agreement has
      been duly executed and delivered by the Company and constitutes the legal, valid, binding and enforceable obligation of the Company, (d) the Warrants will comply in all material respects with all applicable requirements of law and (e) to the best of
      its knowledge, there is no litigation pending or threatened as of the date hereof in connection with the offering of the Warrants.

     

    7.9. In the event of inconsistency between this Warrant Agreement and the descriptions in the Registration Statement, as
      they may from time to time be amended, the terms of this Warrant Agreement shall control.

     

    7.10. Set forth in Annex D hereto
      is a list of the names and specimen signatures of the persons authorized to act for the Company under this Warrant Agreement (the “Authorized Representatives”).
      The Company shall, from time to time, certify to you the names and signatures of any other persons authorized to act for the Company under this Warrant Agreement.

     

    7.11. Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent or
      by the holder of any Warrant to or on the Company including, without limitation, any Notice of Exercise, shall be in writing and delivered by e-mail, hand or sent by registered or certified mail or a nationally recognized overnight courier service,
      addressed (until another address is filed in writing by the Company with the Warrant Agent) as set forth below and if to any holder any notice, statement or demand shall be given to the last address set forth for such holder (if any) in the Warrant
      Register:

    
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    Pyxis Tankers Inc.

    59 K. Karamanli Street,

    Maroussi 15125 Greece

    Attention: Henry P. Williams, Chief Financial Officer

    Facsimile No.: +30 210 638 0066

    E-mail: hwilliams@pyxistankers.com

    

    

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

    

    

    Seward & Kissel LLP

    One Battery Park Plaza

    New York, New York 10004

    Attention: Keith Billotti, Esq.

    Facsimile No.: (212) 480-8421

    E-mail: billotti@sewkis.com

    

    

    Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the holder of any Warrant or
      by the Company to or on the Warrant Agent including, without limitation, any Notice of Exercise, shall be in writing and delivered by e-mail, facsimile, hand or sent by registered or certified mail a nationally recognized overnight courier service,
      addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows:

    

    

    VStock Transfer, LLC

    18 Lafayette Place

    Woodmere, New York 11598

    Facsimile No.: (646) 536-3179

    Attention: Operations Department

    E-mail: L-Z@vstocktransfer.com

    

    

    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 e-mail at the e-mail address set forth above in this Section 7.11 prior to 5:30 p.m. (New York City time) on any Trading Day, (ii) the next
      Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or e-mail at the e-mail address set forth in this Section 7.11 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.  Notwithstanding any other provision of this Warrant, where this Warrant provides for notice of any event to the Holder, if this Warrant is held in global form by DTC (or any successor depositary), such notice shall be sufficiently given if
      given to DTC (or any successor depositary) pursuant to the procedures of DTC (or such successor depositary), subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in
      which case this sentence shall not apply.

    
      18

      
        

    

     7.12. (a) This Warrant Agreement shall be governed by and construed in accordance with the laws of the State of New
      York. All actions and proceedings relating to or arising from, directly or indirectly, this Warrant Agreement may be litigated in courts located within the Borough of Manhattan in the City and State of New York. The Company hereby submits to the
      personal jurisdiction of such courts and consents that any service of process may be made by certified or registered mail, return receipt requested, directed to the Company at its address last specified for notices hereunder.

    

    

    (b) This Warrant Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties
      hereto. This Warrant Agreement may not be assigned, or otherwise transferred, in whole or in part, by either party without the prior written consent of the other party, which the other party will not unreasonably withhold, condition or delay; except
      that (i) consent is not required for an assignment or delegation of duties by Warrant Agent to any affiliate of Warrant Agent and (ii) any reorganization, merger, consolidation, sale of assets or other form of business combination by Warrant Agent or
      the Company shall not be deemed to constitute an assignment of this Warrant Agreement.

     

    (c) No provision of this Warrant Agreement may be amended, modified or waived, except in a written document signed by
      both parties. The Company and the Warrant Agent may amend or supplement this Warrant Agreement without the consent of any Holder for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein
      or adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties determine, in good faith, shall not materially and adversely affect the
      interests of the Holders.  All other amendments and supplements shall require the vote or written consent of Holders of at least 50.1% of the then outstanding Warrants, provided that adjustments may be made to the Warrant terms and rights in
      accordance with Section 4 without the consent of the Holders.

     

    7.13 Payment of Taxes. The
      Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of Warrant Shares upon the exercise of Warrants, but the Company may require the
      Holders to pay any transfer taxes in respect of the Warrants or such shares. The Warrant Agent may refrain from registering any transfer of Warrants or any delivery of any Warrant Shares unless or until the persons requesting the registration or
      issuance shall have paid to the Warrant Agent for the account of the Company the amount of such tax or charge, if any, or shall have established to the reasonable satisfaction of the Company and the Warrant Agent that such tax or charge, if any, has
      been paid. 

      

    7.14 Resignation of Warrant Agent.

     

    7.14.1. Appointment of Successor Warrant
          Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties and liabilities hereunder after giving thirty (30) days’ notice in writing to the Company, or such
      shorter period of time agreed to by the Company. The Company may terminate the services of the Warrant Agent, or any successor Warrant Agent, after giving thirty (30) days’ notice in writing to the Warrant Agent or successor Warrant Agent, or such
      shorter period of time as agreed to by the parties. If the office of the Warrant Agent becomes vacant by resignation, termination or incapacity to act or otherwise, the

    
      19

      
        

    

    Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such
      appointment within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent, then the Warrant Agent or any Holder may apply to any court of competent jurisdiction for the appointment of
      a successor Warrant Agent at the Company’s cost. Pending appointment of a successor to such Warrant Agent, either by the Company or by such a court, the duties of the Warrant Agent shall be carried out by the Company. Any successor Warrant Agent (but
      not including the initial Warrant Agent), whether appointed by the Company or by such court, shall be a person organized and existing under the laws of any state of the United States of America, in good standing, and authorized under such laws to
      exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its
      predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed, and except for executing and delivering documents as provided in the sentence that follows, the predecessor Warrant Agent
      shall have no further duties, obligations, responsibilities or liabilities hereunder, but shall be entitled to all rights that survive the termination of this Warrant Agreement and the resignation or removal of the Warrant Agent, including but not
      limited to its right to indemnity hereunder. If for any reason it becomes necessary or appropriate or at the request of the Company, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to
      such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in
      writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

      

    7.14.2. Notice of Successor Warrant
          Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the transfer agent for the Common Shares not later than the effective date of any such
      appointment.

     

    7.14.3. Merger or Consolidation of
          Warrant Agent. Any person into which the Warrant Agent may be merged or converted or with which it may be consolidated or any person resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party or
      any person succeeding to the shareowner services business of the Warrant Agent or any successor Warrant Agent shall be the successor Warrant Agent under this Warrant Agreement, without any further act or deed. For purposes of this Warrant Agreement,
      “person” shall mean any individual, firm, corporation, partnership, limited liability company, joint venture, association, trust or other entity, and shall include any successor (by merger or otherwise) thereof or thereto.

     

    8. Miscellaneous Provisions.

     

    8.1. Persons Having Rights under this
          Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the
      parties hereto and the Holders any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof.

    
      20

      
        

    

    8.2. Examination of the Warrant
          Agreement. A copy of this Warrant Agreement shall be available at all reasonable times at the office of the Warrant Agent designated for such purpose for inspection by any Holder. Prior to such inspection, the Warrant Agent may require
      any such holder to provide reasonable evidence of its interest in the Warrants.

     

    8.3. Counterparts. This
      Warrant Agreement may be executed in any number of original, facsimile or electronic counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the
      same instrument.

     

    8.4. Effect of Headings. The
      Section headings herein are for convenience only and are not part of this Warrant Agreement and shall not affect the interpretation thereof.

     

    9. Certain Definitions.

     

    As used herein, the following terms shall have the following meanings:

     

    (i) “Adjustment Right” means
      any right granted with respect to any securities issued in connection with, or with respect to, any issuance, sale or delivery (or deemed issuance, sale or delivery in accordance with Section 4) of Common Shares (other than rights of the type
      described in Section 4.2 and 4.3 hereof) that could result in a decrease in the net consideration received by the Company in connection with, or with respect to, such securities (including, without limitation, any cash settlement rights, cash
      adjustment or other similar rights) but excluding anti-dilution and other similar rights (including pursuant to Section 4.4 of this Agreement).

    

    

    (ii) “Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New
      York are authorized or required by law or other governmental action to close.

      

    (iii) “Trading Day” means any
      day on which the Common Shares are traded on the Trading Market, or, if the Trading Market is not the principal trading market for the Common Shares, then on the principal securities exchange or securities market in the United States on which the
      Common Shares are then traded, provided that “Trading Day” shall not include any day on which the Common Shares are scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Shares are suspended from trading
      during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00 P.M., New York City time).

     

    (iv) “Trading Market” means
      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).

    
      21

      
        

    

    (v) “VWAP” means, for any
      date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest
      preceding date) on the Trading Market on which the Common Shares are 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 Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices
      for the Common Shares are then reported in the “Pink Open Market” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Common Share so reported, or
      (d) in all other cases, the fair market value of a Common Share 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.

    

    

     

    [SIGNATURE PAGE FOLLOWS]

    
      22

      
        

    

    

    

    IN WITNESS WHEREOF, this Warrant Agency Agreement has been duly executed by the parties hereto as of
      the day and year first above written.

    

    

    	 	
            PYXIS TANKERS INC.

          
	 	 	 
	 	
            By:

          	
            /s/ Henry P. Williams

          
	 	
            Name:

          	
              Henry P. Williams

          
	 	
            Title:

          	
              Chief Financial Officer

          

     

    

    

    

    

    	 	
            VSTOCK TRANSFER, LLC

          
	 	
            As Warrant Agent

          
	 	 	 
	 	
            By:

          	
            /s/ Shay Galam

          
	 	
            Name:

          	
              Shay Galam

          
	 	
            Title:

          	
              Compliance Officer

          

    

    

    

    

    Annex A:    Form of Global Certificate

    Annex B:    Election to Purchase

    Annex C:    Form of Certificated Warrant

    Annex D:    Authorized Representatives

    Annex E:    Form of Warrant Certificate Request
      Notice

     

    
      23

      
        

    

    ANNEX A

     

    [FORM OF GLOBAL CERTIFICATE]

     

    UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
      CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
      ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    PYXIS TANKERS INC.

      WARRANT CERTIFICATE

      NOT EXERCISABLE AFTER ______, 2025

     

    This certifies that [_______], or its registered assigns, is the registered owner of [__] Warrants. Each Warrant
      entitles its registered holder to purchase from Pyxis Tankers Inc., a Marshall Islands corporation (the “Company”), at any time prior to 5:00 P.M.
      (New York City time) on [____], 2025, one common share, par value $0.001 per share, of the Company (each, a “Warrant Share” and collectively, the “Warrant Shares”), at an exercise price of $1.40 per share, subject to possible adjustments as provided in the Warrant Agreement (as defined below).

    

    

    The terms and conditions of the Warrants and the rights and obligations of the holder of this Warrant Certificate are
      set forth in the Warrant Agency Agreement, dated as of [____], 2020 (the “Warrant Agreement”) between the Company and VStock Transfer, LLC (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this
      Warrant Certificate. A copy of the Warrant Agreement is available for inspection during business hours at the office of the Warrant Agent. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in
      the Warrant Agreement.

     

    A transfer of the Warrants evidenced hereby may be registered upon surrender of this Warrant Certificate at the
      designated office of the Warrant Agent by the registered holder in person or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer, a signature guarantee, and such other and further documentation as the
      Warrant Agent may reasonably request and duly stamped as may be required by the laws of the State of New York and of the United States of America.

    

    

    The Company and the Warrant Agent may deem and treat the registered Holder(s) hereof as the absolute owner(s) of this
      Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor the
      Warrant Agent shall be affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of the Company. 

    
      24

      
        

    

    This Warrant Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by an
      authorized signatory of the Warrant Agent.

    

    

    [Signature Page Follows]

     

    
      25

      
        

    

    IN WITNESS WHEREOF, the parties hereto have caused this Warrant Certificate to be duly executed as of the date
      first written above.

    	 	
            Pyxis Tankers Inc.

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    Dated: [●], 202[●]

    Countersigned:

    

    

    	
            VStock Transfer, LLC

          	 
	
            As Warrant Agent

          	 
	 	 	 
	
            By:

          	 	 
	
            Name:

          	 	 
	
            Title:

          	 	 

    

    

    
      26

      
        

    

    ANNEX B

    

    

    NOTICE OF EXERCISE

    

    

    	TO:	
            VSTOCK TRANSFER, LLC, AS WARRANT AGENT

          

    

    

    	

          	(1)	
            The undersigned hereby elects to purchase ________ Warrant Shares of Pyxis Tankers Inc. (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 (check applicable box):

    

    

    [  ] Cashier’s check drawn on a United States bank, made payable to: Pyxis Tankers Inc.; or

    

    

    [_] Wire transfer to:

    

    

    [WIRE INSTRUCTIONS]

    

    

    [  ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in
      subsection 3.3.6 of the Warrant Agreement, to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 3.3.6 of the Warrant Agreement.

    

    

    	

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

          

    

    

    	 	 	 

    

    

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

    

    

    

    

    	 	 	 
	 	 	 
	 	 	 

    

    

    [SIGNATURE OF HOLDER]

    
      27

      
        

    

    

    

    

    

    	
            Name of Investing Entity: 

          	
             

          

    

    

    	
            Signature of Authorized Signatory of Investing Entity:
            

          	
             

          

    

    

    	
            Name of Authorized Signatory: 

          	
             

          

    

    

    	
            Title of Authorized Signatory: 

          	
             

          

    

    

    	
            Date: 

          	
             

          

    

    

    
      28

      
        

    

    ANNEX C

    

    

    [FORM OF CERTIFICATED WARRANT]

    

    

    WARRANT TO PURCHASE COMMON SHARES

     

    PYXIS TANKERS INC.

     

    	
            Warrant Shares: _______

          	
            Initial Exercise Date: [●] ___, [●]

          
	
             

          	
            Issue Date: [●] ___, 2020

          

     

    	
             

          	
            CUSIP: ______________

          
	
             

          	
             

          
	
             

          	
            ISIN: _______________

          

     

    THIS COMMON SHARE 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 ___, 2020 (the “Initial Exercise Date”) and on or prior to the close of business on the five (5) year
      anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from PYXIS TANKERS INC., a Marshall Islands corporation (the “Company”), up to ______
      Common Shares, par value $0.001 per share, of the Company (as subject to adjustment hereunder, the “Warrant Shares”). The purchase price of one Common Share
      under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant shall initially be issued and maintained in the form of a security held in book-entry form and the Depository Trust Company or its nominee (“DTC”) shall initially be the sole registered holder of this Warrant, subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the
      terms of the Warrant Agency Agreement, in which case this sentence shall not apply.

     

    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.

     

    “Business Day” means any day except any
      Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

     

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

    

    

    “Common Share Equivalents” means any
      securities of the Company or its subsidiaries that would entitle the holder thereof to acquire at any time Common Shares, 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 Shares.

    
      29

      
        

    

    “Common Shares” means the Company’s common
      shares, par value $0.001 per share.

     

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

     

    “Liens” means a lien, charge pledge, security
      interest, encumbrance, right of first refusal, preemptive right or other restriction.

     

    “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.

     

    “Proceeding” means an action, claim, suit,
      investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened.

     

    “Registration Statement” means the Company’s
      registration statement on Form F-1 (File No. 333-245405).

     

    “Rule 144” means Rule 144 promulgated by the
      Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

     

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

     

    “Trading Day” means a day on which the Common
      Shares are traded on a Trading Market.

     

    “Trading Market” means any of the following
      markets or exchanges on which the Common Shares are 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, with a mailing address of 18 Lafayette
        Place, Woodmere, New York 11598, and a facsimile number of (646) 536-3179, and any successor transfer agent of the Company.

     

    “Warrant Agreement” means that certain
      Warrant Agency Agreement, dated as of the Issuance Date, between the Company and the Warrant Agent.

     

    “Warrant Agent” means the Transfer Agent and
      any successor warrant agent of the Company.

     

    “Warrants” means this Warrant and other
      Common Share Purchase Warrants issued by the Company pursuant to the Registration Statement.

     

    
      30

      
        

    

     Section 2.          Exercise.

     

    a)          Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time
      or times during the Exercise Period by delivery to the Warrant Agent of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise in the form annexed hereto. Within the earlier of (i) two (2) Trading Days and (ii) the number of
      Trading Days comprising the Standard Settlement Period following the date of exercise as aforesaid, the Holder shall deliver, in accordance with the payment instructions in the Notice of Exercise, the aggregate Exercise Price for the 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 form be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically
      surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation
      within three (3) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect
      of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and
      the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within two (2) Trading Days 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.

     

    Notwithstanding the foregoing in this Section 2(a), a Holder whose interest in this Warrant is a beneficial interest in certificate(s)
      representing this Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall effect exercises made pursuant to this Section 2(a) by delivering to DTC (or such other clearing
      corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable), subject to a Holder’s right to elect to receive
      a Warrant in certificated form pursuant to the terms of the Warrant Agreement, in which case this sentence shall not apply.

     

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

     

    c)          Cashless Exercise.
      If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of the Warrant Shares to 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 (if such quotient would be a positive number) by dividing (A-B) (X) by (A), where:

    
      31

      
        

    

     

    	

          	(A) =	
            the last VWAP immediately preceding the time of delivery of the Notice of Exercise giving rise to the applicable “cashless exercise”, as set forth in the applicable
              Notice of Exercise (to clarify, the “last VWAP” will be the last VWAP as calculated over an entire Trading Day such that, in the event that this Warrant is exercised at a time that the Trading Market is open, the prior Trading Day’s VWAP
              shall be used in this calculation);

          

    

    

    	

          	(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.

          

     

    Notwithstanding anything herein to the contrary, the Company shall not be required to make any cash payments or
        net cash settlement to the Holder in lieu of delivery of the Warrant Shares. 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).

     

    “VWAP” means, for any
      date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest
      preceding date) on the Trading Market on which the Common Shares are 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 Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices
      for the Common Shares are then reported in the “Pink Open Market” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Common Share so reported, or
      (d) in all other cases, the fair market value of a Common Share 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.

     

    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).

     

    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 either (1) crediting the account of the Holder’s or its designee’s balance account with DTC
      through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective
      registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or

    
      32

      
        

    

    

    

    (B) this Warrant is being exercised via cashless exercise, or (2) by delivery of a book-entry position, registered in the Company’s
      share register in the name of the Holder or its designee, in each case 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
      earlier of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the
      “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of
      record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is
      received the earlier of (i) two (2) Trading Days of and (ii) the number of Trading Days comprising the Standard Settlement Period following the delivery of the Notice of Exercise. 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 Shares 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 Shares as in effect on the date of delivery of the Notice of
      Exercise.

     

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

     

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

    
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     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, Common Shares 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 Common Shares 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; provided, however, that the
      Holder provides reasonable evidence of the date and time of such sell order and such sell order occurred after the missed Warrant Share Delivery Date and prior to the delivery of the related Warrant Shares, 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 Common Shares that would have been
      issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Common
      Shares 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 Common Shares upon exercise of the Warrant as required pursuant to the terms hereof. For the
      avoidance of doubt, except in the event of gross negligence or willful misconduct on its part, the Warrant Agent shall not be liable for any failure of the Company to timely deliver Warrant Shares pursuant to this Section 2(d)(iv).

     

    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, upon such exercise, round down to the next whole number of Warrant Shares to be issued to the Holder.

    
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    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 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 DTC (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.

     

    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 Common Shares beneficially owned by the Holder and its Affiliates and
      Attribution Parties shall include the number of Common Shares issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of Common Shares which would be issuable upon (i) exercise of
      the remaining, non-exercised 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 non-converted portion of any other securities of the Company
      (including, without limitation, any other Common Share 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 Common Shares, a Holder may rely on the number of outstanding Common Shares as reflected in (A) the Company’s most recent periodic or annual report filed

    
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    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 Common Shares outstanding.  Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing (including by e-mail) to the Holder the number
      of Common Shares then outstanding.  In any case, the number of outstanding Common Shares 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 Common Shares was reported. The “Beneficial Ownership Limitation” shall be 4.99% (or,
      upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of  the Common Shares outstanding immediately after giving effect to the issuance of Common Shares 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  the Common Shares outstanding immediately
      after giving effect to the issuance of Common Shares 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.

     

    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 Shares or any other equity or equity equivalent securities
      payable in Common Shares (which, for avoidance of doubt, shall not include any Common Shares issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Common Shares into a larger number of shares, (iii) combines (including by
      way of reverse stock split) outstanding Common Shares into a smaller number of shares, or (iv) issues by reclassification of  the Common Shares 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 Common Shares and such other capital stock of the Company(excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Common
      Shares such other capital stock of the Company(excluding treasury shares, if any) 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.

      

    
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    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 Share Equivalents or rights to purchase stock, warrants, securities or other property pro rata to
      the record holders of any class of Common Shares (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 Common Shares 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 Common
      Shares are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership
      Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Common Shares 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)          Extraordinary Dividends.
      If the Company, at any time during the Exercise Period, shall pay a dividend in cash, securities or other assets to all holders of Common Shares (or other shares of the Company’s capital stock into which the Warrants are convertible), other than (i)
      as described in Sections 3(a), 3(b) or 3(d), or (ii) regular quarterly or other periodic dividends (any such non-excluded event being referred to herein as an “Extraordinary
          Dividend”), then the Exercise Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the quotient of (i) the gross amount of cash and/or fair market value (as determined by the
      Company’s Board of Directors, in good faith) of all securities or other assets paid to the holders of Common Shares (or other shares of the Company’s capital stock into which the Warrants are convertible) in respect of such Extraordinary Dividend
      divided by (ii) the sum of the number of Common Shares (or other shares of the Company’s capital stock into which the Warrants are exercisable) outstanding at the time of the Extraordinary Dividend plus the number of Common Shares then issuable upon
      exercise of all outstanding Warrants, provided, that the Exercise Price shall not be reduced below zero.

    

    

     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 all holders of Common Shares 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 Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Shares or any compulsory share exchange pursuant to
      which all outstanding Common Shares are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or

    
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    indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination
      (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Common Shares (not including
      any Common Shares held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have
      been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Common Shares of the successor or acquiring
      corporation or of the Company, if it is the surviving corporation, and such amount of cash or any other consideration (collectively, the “Alternate Consideration”)
      receivable as a result of such Fundamental Transaction by a holder of the number of Common Shares 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
      Common Share 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 Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this
      Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
          Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written agreements prior or during such Fundamental Transaction. 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 the Warrants 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 the Warrants with the same effect as if such Successor Entity had been named as the Company therein.

     

    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 Common Shares deemed to be issued and outstanding as of a given date shall be
      the sum of the number of Common Shares (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 e-mail 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. Provided, however, that the Company may satisfy this notice requirement in this Section 3(f) by filing such notice with
      the Commission pursuant to a Report on Form 6-K, or, to the extent that the Company is no longer subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, by posting such notice on the Company’s website.

    
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    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 Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Shares, (C)
      the Company shall authorize the granting to all holders of the Common Shares 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 Shares, 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 Shares are 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 mail, facsimile or e-mail to the Holder at its last mailing address, facsimile number or e-mail address as it shall appear upon the Warrant Register of the Company, at least five (5) 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 Shares 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 Shares of record shall be entitled to exchange their Common Shares 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 required to be 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 Report on Form 6-K. Provided such notice occurs within the Exercise Period, 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.

    
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    Section 4.          Transfer of Warrant.

     

    a)          Transferability.
      This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form
      attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a
      new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant
      not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to
        physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date the Holder delivers an assignment
        form to the Company assigning this Warrant 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.
      If this Warrant is not held in global form through DTC (or any successor depository), 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 original Issuance 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 Warrant Agent shall register this Warrant, upon records to be maintained by the Warrant Agent for that purpose (the “Warrant Register”), in the name of the
      record Holder hereof from time to time. The Company and the Warrant Agent may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all
      other purposes, absent actual notice to the contrary.

     

    Section 5.          Miscellaneous.

     

    a)          No Rights as Stockholder
          Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in
      Section 3.

     

    b)          Loss, Theft, Destruction
          or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
      Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it, 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.

     

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

    

    

    d)            Expenses Borne by Holder.  Subsequent to the Issuance Date, any and all costs incurred
        relating to transfers of Warrants or replacement of lost, stolen or mutilated Warrants shall be borne by the Holder of such Warrants.

     

    e)          Authorized Shares.

     

    The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and
      unissued Common Shares 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 Shares 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 non-assessable 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).

     

    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 articles of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or
      performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in
      this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (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 non-assessable 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.

    
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    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.

     

    f)          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
      conflict of laws thereof. Each party agrees that all legal Proceedings concerning the interpretation, enforcement and defense of this Warrant shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan
      (the “New York Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute
      hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any provision hereunder), 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 such New York Courts, or such New York Courts are improper or inconvenient venue for such Proceeding. If any party shall commence an action or Proceeding to enforce any
      provisions of this Warrant, then the prevailing party in such action or Proceeding shall be reimbursed by the other party for its attorneys’ fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action
      or Proceeding.

    

    

    g)         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.

     

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

     

    i)          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 by e-mail, or sent by a nationally
      recognized overnight courier service, addressed to the Company, at:

    

    

    Pyxis Tankers Inc.

    59 K. Karamanli Street

    Maroussi 15125 Greece

    Attention: Henry P. Williams, Chief Financial Officer

    Facsimile number: +30 210 638 0066

    E-mail address: hwilliams@pyxistankers.com

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

    

    

    Seward & Kissel LLP

    One Battery Park Plaza

    New York, New York 10004

    Attention: Keith Billotti, Esq.

    Facsimile No: (212) 480-8421

    E-mail: billotti@sewkis.com

    

    

    or such other facsimile number, e-mail 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 e-mail, by facsimile, or sent by registered or certified mail or 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 Warrant Agent. 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 e-mail at the e-mail address set forth in this Section 5(i) prior to 5:30 p.m. (New York City time) on any Trading Day,
      (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or e-mail at the e-mail address set forth in this Section 5(i) 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. Notwithstanding any other provision of this Warrant, where this Warrant provides for notice of any event to the Holder, if this Warrant is held in global form by DTC (or any successor depositary), such notice shall be
      sufficiently given if given to DTC (or any successor depositary) pursuant to the procedures of DTC (or such successor depositary), subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant
      Agency Agreement, in which case this sentence shall not apply.

     

    j)         Warrant Agreement.
      If this Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued subject to the Warrant Agreement. To the extent any provision of this Warrant conflicts with the express provisions of the Warrant Agreement, the
      provisions of this Warrant shall govern and be controlling.

     

    k)         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 Shares or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

     

    l)          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.

    
      43

      
        

    

    m)         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.

     

    n)          Amendment.
      This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and either: (i) the Holder or the beneficial owner of this Warrant, on the other hand, or (ii) the vote or written
      consent of the Holders of at least 50.1% of the then outstanding Warrants issued pursuant to the Warrant Agreement, on the other hand, provided that adjustments may be made to the Warrant terms and rights of this Warrant in accordance with Section 3
      of this Warrant without the consent of any Holder or beneficial owner of the Warrants.

     

    o)          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.

     

    p)          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)

    
      44

      
        

    

     

    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.

     

    	
             

          	
            PYXIS TANKERS INC.

          
	
             

          	
             

          	
             

          
	
             

          	
            By:

          	
             

          
	
             

          	
             

          	
            Name:

          
	
             

          	
             

          	
            Title:

          

     

    
      45

      
        

    

    NOTICE OF EXERCISE

     

    	 	
            TO:

          	
            VSTOCK TRANSFER, LLC, AS WARRANT AGENT

          

     

    	

          	(1)	
            The undersigned hereby elects to purchase ________ Warrant Shares of Pyxis Tankers Inc. (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 (check applicable box):

    [  ] Cashier’s check drawn on a United States bank, made payable to: Pyxis Tankers Inc.;
      or

    [_] Wire transfer to:

    [WIRE INSTRUCTIONS]

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

    	

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

          

    	 	 	 

     

    

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

    	 	 	 
	 	 	 
	 	 	 

    

    

    [SIGNATURE OF HOLDER]

    	
            Name of Investing Entity: 

          	
             

          

    

    

    	
            Signature of Authorized Signatory of Investing Entity:
            

          	
             

          

    

    

    	
            Name of Authorized Signatory: 

          	
             

          

    

    

    	
            Title of Authorized Signatory: 

          	
             

          

    

    

    	
            Date: 

          	
             

          

    
      46

      
        

    

    ASSIGNMENT FORM

    

    

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

     

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

     

    	
            Name:

          	
             

          	
             

          	
             

          
	
             

          	
             

          	
            (Please Print)

          	
             

          
	
             

          	
             

          	
             

          	
             

          
	
            Address:

          	
             

          	
             

          	
             

          
	
             

          	
             

          	
            (Please Print)

          	
             

          
	
             

          	
             

          	
             

          	
             

          
	
            Phone Number:

          	
             

          	
             

          	
             

          
	
             

          	
             

          	
             

          	
             

          
	
            E-mail Address:

          	
             

          	
             

          	
             

          
	
             

          	
             

          	
             

          	
             

          
	
            Dated: _____________________ __, ______

          	
             

          	
             

          	
             

          
	
             

          	
             

          	
             

          	
             

          
	
            Holder’s Signature:

          	
             

          	
             

          	
             

          	
             

          
	
             

          	
             

          	
             

          	
             

          	
             

          
	
            Holder’s Address:

          	
             

          	
             

          	
             

          	
             

          

     

    
      47

      
        

    

    

    

    ANNEX D

     

    AUTHORIZED REPRESENTATIVES

     

    	
            Name

          	
             

          	
            Title

          	
             

          	
            Signature

          
	 	 	 	 	 
	
            Henry P. Williams

          	 	
            Chief Financial Officer

          	 	 
	 	 	 	 	 
	
            

              Konstantinos Lytras

          	 	
            Chief Operating Officer

              and Secretary

          	 	 

     

    
      48

      
        

    

    ANNEX E

    

    

    FORM OF

    WARRANT CERTIFICATE REQUEST NOTICE

     

    	 	
            To:

          	
            VSTOCK TRANSFER, LLC, as Warrant Agent for PYXIS TANKERS INC. (the “Company”)

          

     

    The undersigned Holder of Common Share Purchase Warrants (“Warrants”)
      in the form of Global Warrants issued by the Company hereby elects to receive a Definitive Certificate evidencing the Warrants held by the Holder as specified below:

     

    	 	
            1)

          	
            Name of Holder of Warrants in form of Global Warrants:

          

    

    

    	 	
            2)

          	
            Name of Holder in Definitive Certificate (if different from name of Holder of Warrants in form of Global Warrants):

          

     

    	 	
            3)

          	
            Number of Warrants in name of Holder in form of Global Warrants:

          

     

    	 	
            4)

          	
            Number of Warrants for which Definitive Certificate shall be issued:

          

     

    	 	
            5)

          	
            Number of Warrants in name of Holder in form of Global Warrants after issuance of

          

     

    Definitive Certificate, if any:

     

    	 	
            6)

             

          	
            Definitive Certificate shall be delivered to the following address:

             

          

     

    	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

     

    The undersigned hereby acknowledges and agrees that, in connection with this Warrant Exchange and the issuance of the Definitive Certificate, the Holder is
      deemed to have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number of Warrants evidenced by the Definitive Certificate.

    
      49

      
        

    

     

    [SIGNATURE OF HOLDER]

     

    Name of Investing Entity: _____________________________________

     

    Signature of Authorized Signatory of Investing Entity: _____________________________

     

    Name of Authorized Signatory: _____________________________________

     

    Title of Authorized Signatory: _____________________________________

     

    Date:____________________________________

     

    

    

  

  50Exhibit 10.1

 

CONFIDENTIAL PORTIONS OF THIS EXHIBIT
HAVE BEEN OMITTED PURSUANT TO REGULATION S-K ITEM 601(b)(10)(iv) OF THE SECURITIES ACT OF 1933, AS AMENDED. CERTAIN CONFIDENTIAL
INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT (i) IS NOT MATERIAL AND (ii) WOULD LIKELY CAUSE COMPETITIVE HARM TO
EYENOVIA, INC. IF PUBLICLY DISCLOSED. THE REDACTED TERMS HAVE BEEN MARKED IN THIS EXHIBIT AT THE APPROPRIATE PLACES WITH EMPTY
BRACKETS INDICATED BY [ ].

 

Execution Version

 

LICENSE
AGREEMENT

 

by
and between

 

eyenovia,
Inc.

 

and

 

Bausch
Health IRELANd limited

 

    	 	 	 

     

    

 

TABLE OF CONTENTS

 

	ARTICLE I           Definitions	1
	 	 
	ARTICLE II          Licenses	11
	2.1           Licenses
    Granted by Eyenovia to Bausch Health	11
	2.2           Sublicense
    Rights	12
	2.3           Section
    365(n) of The Bankruptcy Code	13
	2.4           No
    Implied Licenses	13
	2.5           Competing
    Program	13
	2.6           No
    Harmful Actions	14
	2.7           Right
    of First Negotiation	14
	 	 
	ARTICLE III         INFORMATION
    TRANSFER; Development; Regulatory Matters	15
	3.1           Information
    Transfer	15
	3.2           Conduct
    of Development Activities	17
	3.3           Development
    of and Changes to the Device	17
	3.4           Cost
    of Development Activities	19
	3.5           Regulatory
    Matters Related to Licensed Products	19
	3.6           Development
    and Regulatory Support by Eyenovia	21
	 	 
	ARTICLE IV       
    Clinical and Commercial Supply	21
	4.1          
    Clinical Supply	21
	4.2          
    Commercial Supply; Tech Transfer	22
	 	 
	ARTICLE V          Commercialization	23
	5.1           Commercialization
    Responsibilities	23
	5.2           Commercialization
    Diligence	23
	5.3           Trademarks	23
	5.4           Unauthorized
    Sales	24
	 	 
	ARTICLE VI        Intellectual
    Property Ownership, Protection, and Related Matters	25
	6.1           Inventorship;
    Ownership	25
	6.2           Prosecution
    and Maintenance of Patent Rights	25
	6.3           Patent
    Marking	26
	6.4           Third
    Party Infringement	26
	6.5           Defense
    of Infringement Claims	28
	6.6           Third
    Party Licenses	29
	 	 
	ARTICLE VII       Financial
    Provisions	30
	7.1           License
    Fee	30
	7.2           Milestone
    Payments	30
	7.3           Gross
    Profit Split	31
	7.4           Gross
    Profit Reports; Payment	32
	7.5           Financial
    Records	32
	7.6           Audit
    Rights	32
	7.7           Tax
    Matters	33
	7.8           Currency
    Exchange	33
	7.9           Late
    Payments	33
	7.10         Third
    Party Agreements	34

 

    	 	-i-	 

     

    

 

	ARTICLE VIII      Term
    and Termination	34
	8.1           Agreement
    Term	34
	8.2           Termination	34
	8.3           Effects
    of Termination	35
	 	 
	ARTICLE IX        Indemnification;
    Limitation of Liability	37
	9.1           By
    Bausch Health	37
	9.2           By
    Eyenovia	38
	9.3           Limitation
    of Liability	39
	9.4           Insurance	39
	 	 
	ARTICLE X          Representations
    and Warranties and Covenants	39
	10.1         Representation
    of Authority; Consents	39
	10.2         No
    Conflict	40
	10.3         Additional
    Eyenovia Representations and Warranties	40
	10.4         Eyenovia
    Covenants	43
	10.5         Non-Solicitation	43
	10.6         Disclaimer
    of Warranty	43
	 	 
	ARTICLE XI        Confidentiality	44
	11.1         Confidential
    Information	44
	11.2         Permitted
    Disclosure	44
	11.3         Publicity;
    Attribution; Terms of this Agreement; Non-Use of Names	45
	11.4         Publications	46
	11.5         Term	46
	11.6         Return
    of Confidential Information	46
	 	 
	ARTICLE XII       GOVERNANCE;
    Dispute Resolution	47
	12.1         Joint
    Steering Committee	47
	12.2         General
    Purpose	47
	12.3         JSC
    Membership and Meetings	47
	12.4         Decision-Making;
    Limitations on Authority	48
	12.5         Discontinuation
    of the JSC	48
	12.6         Dispute
    Resolution Process	48
	12.7         Arbitration	49
	12.8         Injunctive
    Relief	49
	12.9         Continuance
    of Rights and Obligations During Pendency of Dispute Resolution	49
	 	 
	ARTICLE XIII      Miscellaneous	50
	13.1         Governing
    Law	50
	13.2         Consent
    to Jurisdiction	50
	13.3         Waiver
    of Jury Trial	50
	13.4         Assignment
    and Successors	50
	13.5         Entire
    Agreement; Amendments	51
	13.6         Notices	51
	13.7         Force
    Majeure	52
	13.8         Compliance
    with Laws	52
	13.9         Use
    of Names, Logos or Symbols	52
	13.10       Independent
    Contractors	52
	13.11       Designation
    of Affiliates	52
	13.12       Headings	52
	13.13       No
    Implied Waivers; Rights Cumulative	52
	13.14       Severability	53
	13.15       Execution
    in Counterparts	53
	13.16       No
    Third Party Beneficiaries	53
	13.17       Exhibits	53

 

    	 	-ii-	 

     

    

 

Exhibits

 

Exhibit A: Licensed Patent Rights

 

Schedules

 

Schedule 1.9: Assumed Contracts

Schedule 1.10: Atropine Product

Schedule 1.39: Device

Schedule 1.69: Knowledge of Eyenovia

Schedule 1.77: Licensed Marks

Schedule 4.1: Current Estimate of Costs of Goods for Clinical
Supply

Schedule 10: Exceptions to Representations and Warranties

 

    	 	-iii-	 

     

    

 

LICENSE AGREEMENT

 

THIS LICENSE AGREEMENT
(the “Agreement”) is entered into as of the 9th day of October, 2020 (the “Effective Date”),
by and between Eyenovia, Inc., a Delaware corporation having an office at 295 Madison Ave., Suite 2400, New York, NY 10017 (“Eyenovia”
or “Licensor”), and Bausch Health Ireland Limited, an Ireland corporation having an office at 3013 Citywest
Business Campus, Dublin 34, Ireland (“Bausch Health” or “Licensee”).

 

WHEREAS, Eyenovia
Controls the Licensed IP relating to the Licensed Product (as defined below); and

 

WHEREAS, Bausch Health
wishes to obtain, and Eyenovia wishes to grant, rights to the Licensed Product in the Licensed Field in the Licensed Territory
(each, as defined below) on the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

ARTICLE
I

Definitions

 

When used in this
Agreement, each of the following terms shall have the meanings set forth in this Article I:

 

1.1      [
].

 

1.2      “Accounting
Standards” means U.S. GAAP (United States Generally Accepted Accounting Principles).

 

1.3      “Affiliate”
means any Person that, directly or indirectly, controls, is controlled by or is under common control with a Party. For the purposes
of this Section 1.2, the word “control” (including, with correlative meaning, the terms “controlled by”
or “under common control with”) means the actual power, either directly or indirectly through one or more intermediaries,
to direct the management and policies of such entity, whether by the ownership of more than fifty percent (50%) of the voting
securities of such entity, by contract or otherwise. The Parties acknowledge that in the case of certain entities organized under
the laws of certain countries outside of the United States, the maximum percentage ownership permitted by law for a foreign investor
may be less than fifty percent (50%), and that in such case such lower percentage shall be substituted in the preceding sentence,
provided that such foreign investor has the power to direct the management and policies of such entity.

 

1.4      “Agreement”
has the meaning set forth in the Preamble.

 

1.5      “Alliance
Manager” has the meaning set forth in Section 3.1(g).

 

1.6      [
].

 

    	 	 	 

     

    

 

1.7      [
].

 

1.8      “Annual
Gross Profits” means aggregate Gross Profits of Licensed Products in the Licensed Territory by Bausch Health or its
Affiliates or sublicensees in any Calendar Year.

 

1.9      “Assumed
Contracts” means each of those agreements set out in Schedule 1.9 hereto, which agreements shall be assigned
to Bausch Health by Eyenovia in accordance with Section 3.1(f).

 

1.10    “Atropine
Product” means Eyenovia’s proprietary microdose formulation of atropine sulfate that is covered by a Valid Claim
of a Licensed Patent Right or is otherwise covered by the Licensed Know-How, in any and all current and future strengths, in any
and all current or future dosages and for any and all current or future modes of administration ([ ]), as more fully described
on Schedule 1.10, and any and all Improvements thereof made by or on behalf of, or otherwise Controlled by, Eyenovia or
its Affiliates. For greater certainty, the Atropine Product does not include (i) any atropine sulfate product that is developed
independently by or on behalf of Bausch Health without the use of the Licensed IP or (ii) any atropine sulfate product that Bausch
Health or its Affiliate otherwise obtains rights to and that has been developed independently and without the use of the Licensed
IP.

 

1.11    “Bankruptcy
Code” has the meaning set forth in Section 2.3.

 

1.12    “Bankruptcy
Event” means with respect to a Party: (a) the entry of an order for relief under the Bankruptcy Code (or any other bankruptcy,
insolvency, reorganization, or other similar act or law of any jurisdiction now or hereafter in effect) by such Party; (b) the
commencement of an involuntary proceeding under the Bankruptcy Code or any other bankruptcy, insolvency, reorganization, or other
similar act or law of any jurisdiction now or hereafter in effect against such Party, if not dismissed, bonded, or stayed within
[ ] ([ ]) [ ] after such commencement; (c) the making by such Party of a general assignment for the benefit of creditors; or (d)
the appointment of or taking possession by a receiver, liquidator, assignee, custodian, or trustee of all or substantially all
of the business or property of such Party.

 

1.13    “Bausch
Health” has the meaning set forth in the Preamble.

 

1.14    “Bausch
Health Indemnified Party” has the meaning set forth in Section 9.2(a).

 

1.15    “BH
Parent” means Bausch Health’s ultimate parent company, Bausch Health Companies Inc.

 

1.16    “Breaching
Party” has the meaning set forth in Section 8.2(b).

 

1.17    “Business
Day” means a day other than a Saturday, a Sunday, or another day on which banks are authorized or required to close
in New York, New York or Dublin, Ireland.

 

1.18    “Calendar
Quarter” means a calendar quarter ending on the last day of March, June, September, or December.

 

    	 	2	 

     

    

 

1.19       “Calendar
Year” means a period of time commencing on January 1 and ending on the following December 31.

 

1.20       “Cartridge”
means that portion of the Device into which the Atropine Product is loaded for delivery using the Dispenser Base, as further described
on Schedule 1.39.

 

1.21       “Clinical
Supply” has the meaning set forth in Section 4.1(a).

 

1.22       “Clinical
Supply Agreement” has the meaning set forth in Section 4.1(a).

 

1.23       “Combination
Product” means a finished dosage form containing the Licensed Product (including the Atropine Product itself) in combination
with one (1) or more other active ingredients, pharmaceutical products or other medical devices (other than the Device).

 

1.24       “Commercial
Launch” means the First Commercial Sale of a Licensed Product following the receipt of Regulatory Approval.

 

1.25       “Commercial
Supply” has the meaning set forth in Section 4.2(c).

 

1.26       “Commercial
Supply Agreement” has the meaning set forth in Section 4.2(c).

 

1.27       “Commercialization”
or “Commercialize” means any activities directed to obtaining pricing and/or reimbursement approvals, marketing,
promoting, distributing, importing, offering to sell, and selling a product (including establishing the price for and booking
sales for such product). When used as a verb, “Commercialize” means to engage in Commercialization.

 

1.28       “Commercially
Reasonable Efforts” means, [ ].

 

1.29       “Competing
Program” has the meaning set forth in Section 2.5(a).

 

1.30       “Confidential
Information” means all confidential or proprietary documents, technology, Know-How, or other information (whether or
not patentable) disclosed by one Party to the other pursuant to this Agreement or the Prior Confidentiality Agreement, regardless
of its form or medium. The terms of this Agreement shall be considered each Party’s Confidential Information.

 

1.31       “Control”
or “Controlled” means, with respect to any (a) material, document, item of information, method, data, or other
Know-How or (b) Patent Rights or other Intellectual Property Rights, the possession by a Party or its Affiliates, whether by ownership
or license (other than by licenses granted under this Agreement), of the ability to grant to the other Party access, a license,
and/or a sublicense as provided herein without requiring the consent of a Third Party or violating the terms of any agreement
or other arrangement with any Third Party.

 

1.32       “Copyrights”
means any copyrights and copyrightable works, including all rights of authorship, use, publication, reproduction, distribution,
performance transformation, moral rights, rights to create derivative works and rights of ownership of copyrightable works, and
all rights to register and obtain renewals and extensions of registrations, together with all other interests accruing by reason
of international copyright.

 

    	 	3	 

     

    

 

1.33       “Cost
of Goods” means, [ ].

 

1.34       “Cover”,
 “Covering”, or “Covered” with respect to a product, technology, process, or method, means
that, but for a license granted to a Person under a Valid Claim of Patent Rights under which such license is granted, the Development,
Manufacture, Commercialization and/or other use of such product or the practice of such technology, process, or method, by such
Person would infringe such Valid Claim (or, in the case of a Valid Claim that has not yet issued, would infringe such Valid Claim
if it were to issue).

 

1.35       “Default”
means: (a) any actual breach, violation, or default; (b) the existence of circumstances or the occurrence of an event that with
the passage of time or the giving of notice or both would constitute a breach, violation, or default; or (c) the existence of
circumstances or the occurrence of an event that, with or without the passage of time or the giving of notice or both, would give
rise to a right of termination, renegotiation, acceleration, or material change of terms.

 

1.36       “Defense”
has the meaning set forth in Section 6.5(b).

 

1.37       “Development”
or “Develop” means, with respect to a compound or product, preclinical and clinical drug development activities,
including: the conduct of clinical trials, test method development and stability testing, toxicology, formulation and delivery
system development, process development, Manufacturing scale-up, development-stage Manufacturing, quality assurance/quality control
procedure development and performance with respect to clinical materials, statistical analysis and report writing, regulatory
affairs, and all other pre-Regulatory Approval activities. When used as a verb, “Develop” means to engage in Development.

 

1.38       “Development
Costs” means the actual, documented and reasonable costs incurred by a Party or its Affiliate that are specifically
directed (or reasonably allocable) to the Development of a Licensed Product or a component thereof (including the Device) and
include only [ ].

 

1.39       “Device”
means Eyenovia’s proprietary medical device microdose dispenser, known as Optejet, as further described on Schedule 1.39,
that is covered by a Valid Claim of a Licensed Patent Right or is otherwise covered by the Licensed Know-How, and any and
all Improvements thereof made by or on behalf of, or otherwise Controlled by, Eyenovia or its Affiliates (including any Improvements
made by or on behalf of Eyenovia as a result of any changes or further Development of the Device pursuant to Section 3.3 herein).
For greater certainty, (i) the Device shall include both the Dispenser Base and the Cartridge and (ii) the Device shall include
both the First Generation Device and the Second Generation Device.

 

1.40       “Direct
Labor” means [ ].

 

1.41       “Disclosing
Party” has the meaning set forth in Section 11.1.

 

1.42       “Dispenser
Base” means that portion of the Device that delivers the Atropine Product (once loaded into the Cartridge), as further
described on Schedule 1.39.

 

1.43       “Effective
Date” has the meaning set forth in the Preamble.

 

    	 	4	 

     

    

 

1.44       “Encumbrance”
shall mean any lien, mortgage, deed of trust, right-of-way, right of setoff, assessment, security interest, pledge, lease, attachment,
adverse claim, levy, charge, easement, covenant, restriction, license, encumbrance or other similar restriction or any conditional
sale contract, title retention contract or other contract to give any of the foregoing.

 

1.45       “Eyenovia”
has the meaning set forth in the Preamble.

 

1.46       “Eyenovia
Indemnified Party” has the meaning set forth in Section 9.1(a).

 

1.47       “FDA”
means the United States Food and Drug Administration, or a successor agency thereto.

 

1.48       “First
Commercial Sale” means, with respect to a Licensed Product, the first sale of such Licensed Product to a Third Party
by Bausch Health or its Affiliates or sublicensees in a country in the Licensed Territory following applicable Regulatory Approval
(other than applicable governmental price and reimbursement approvals) of such Licensed Product in such country. Sales or transfers
of reasonable quantities of Licensed Product for Development purposes, or for compassionate or similar use, shall not be considered
a First Commercial Sale.

 

1.49       “First
Generation Device” means the current version of the Device having the specifications set forth on Schedule 1.39.

 

1.50       “Floor”
has the meaning set forth in Section 6.6(b).

 

1.51       “Force
Majeure Event” means an event, act, occurrence, condition, or state of facts, in each case outside the reasonable control
of a Party, including acts of God; acts of any government; any rules, regulations, or orders issued by any Governmental Authority
or by any officer, department, agency or instrumentality thereof; fire; storm; flood; earthquake; accident; war; rebellion; insurrection;
riot; terrorism, and invasion, that interfere with the normal business operations of such Party.

 

1.52       “Generic
Product” means either of (1) any pharmaceutical product (other than the Atropine Product or Licensed Product itself)
that (a) is approved by the Regulatory Authority in such country for at least one indication for which the Atropine Product obtained
Regulatory Approval from the applicable Regulatory Authority in such jurisdiction (i) through an abbreviated new drug application
as defined in 21 U.S.C. 355(j) (or equivalent outside the United States) or (ii) as an A-rated therapeutically equivalent product
(or the foreign equivalent thereof), including pursuant to an application under 21 U.S.C. 355(b)(2) (or the foreign equivalent
thereof); and (b) is sold in such jurisdiction by a Third Party that is not a sublicensee of Bausch Health, or (2) any combination
of pharmaceutical and medical device product that (a) contains (i) the same active pharmaceutical ingredient(s) as the Atropine
Product and (ii) a medical device that is intended to deliver such active pharmaceutical ingredient(s) in substantially the same
manner as the Licensed Product; (b) is approved by the Regulatory Authority in such regulatory jurisdiction as a freely substitutable
generic for such Licensed Product; and (c) is sold in such jurisdiction by a Third Party that is not a sublicensee of Bausch Health.

 

1.53       “Global
Safety Database” has the meaning set forth in Section 3.5(d).

 

    	 	5	 

     

    

 

1.54       “Governmental
Authority” means any court, judicial, legislative, administrative, or regulatory authority, commission, department,
board, bureau, or body or other government authority or instrumentality or any Person exercising executive, legislative, judicial,
regulatory, or administrative functions of or pertaining to government, whether foreign or domestic, whether federal, state, provincial,
municipal, or other.

 

1.55       “Gross
Profit” means, [ ].

 

1.56       “Gross
Profit Split Term” has the meaning set forth in Section 7.3(c).

 

1.57       “Health
Canada” means Health Canada and any successor Governmental Authority thereto having substantially the same function.

 

1.58       “Improvements”
means: (a) any and all ideas, information, Know-How, data research results, writings, inventions, discoveries, modifications,
enhancements, derivatives, new uses, developments, techniques, materials, compounds, products, designs, processes, or other technology
or Intellectual Property Rights, whether or not patentable or copyrightable, in each case, that involves the use of the Licensed
Products or the Device itself and that is an improvement to then-existing Licensed IP, and is developed by either Party, its Affiliates,
or Third Parties acting on their behalf while performing activities under this Agreement; and (b) all Patent Rights and other
Intellectual Property Rights in any of the foregoing.

 

1.59       “IND”
means an Investigational New Drug Application filed with the FDA under 21 C.F.R. Part 312 or similar non-United States application
or submission in any country or group of countries for permission to conduct human clinical investigations.

 

1.60       “Indication”
shall mean any disease, condition, or syndrome, or sign or symptom of, or associated with, a disease or condition.

 

1.61       “Infringement
Claim” has the meaning set forth in Section 6.5(a).

 

1.62       “Initial
Indication” means the reduction of myopia progression in children diagnosed with myopia.

 

1.63       “Intellectual
Property Rights” means Patent Rights, Know-How, Copyrights, and other forms of intellectual property.

 

1.64       “Interest
Rate” means the prime rate, as reported by The Wall Street Journal from time to time, plus [ ] or the maximum applicable legal rate, if less.

 

1.65       “Joint
IP” has the meaning set forth in Section 6.1(b).

 

1.66       “Joint
Patent Rights” has the meaning set forth in Section 6.1(b).

 

1.67       “JSC”
has the meaning set forth in Section 12.1.

 

1.68       “Know-How”
means any information, data (including clinical, non-clinical, analytical, pharmacology, toxicology data), inventions, discoveries,
works of authorship, trade secrets, technology, or materials, including formulations, molecules, assays, reagents, compounds,
compositions, human or animal tissue, samples or specimens, and combinations or components thereof, whether or not proprietary
or patentable, or public or confidential, and whether stored or transmitted in oral, documentary, electronic or other form, including
all Regulatory Documentation, but excluding any such information or materials publicly disclosed in Patent Rights.

 

    	 	6	 

     

    

 

1.69       “Knowledge
of Eyenovia” means the actual knowledge of the individuals listed on Schedule 1.69, in each case, after reasonable
investigation or inquiry.

 

1.70       “Law”
means any law, statute, rule, regulation, ordinance, or other pronouncement having the effect of law, of any federal, national,
multinational, state, provincial, county, city, or other political subdivision, including (a) good clinical practices and adverse
event reporting requirements, guidance from the International Conference on Harmonization or other generally accepted conventions,
and all other rules, regulations, and requirements of the FDA, Health Canada, and other applicable Regulatory Authorities, (b)
the Foreign Corrupt Practices Act of 1977, as amended, or any comparable laws in any country, and (c) all export control laws.

 

1.71       “Licensed
Field” means any and all current or future fields of use with respect to humans and animals.

 

1.72       “Licensed
IP” means the Licensed Patent Rights and the Licensed Know-How.

 

1.73       “Licensed
Know-How” means all Know-How (including Improvements) that (a) is Controlled by Eyenovia or any of its Affiliates as
of the Effective Date or at any time during the Term; and (b) is necessary or useful to Develop, Manufacture, or Commercialize
the Licensed Products (including the Device itself). Licensed Know-How includes Eyenovia’s interest in any Know-How constituting
Joint IP.

 

1.74       “Licensed
Patent Rights” means all Patent Rights owned or Controlled by Eyenovia as of the Effective Date or at any time during
the Term which claim or are otherwise necessary or useful to practice, use, and exploit the Licensed Products (including the Device
itself) or to Manufacture, Develop, or Commercialize the Licensed Products (including the Device itself), including those Patent
Rights licensed or sublicensed to Eyenovia from Third Parties, if any, and those Covering any Improvements. Licensed Patent Rights
include Eyenovia’s interest in any Joint Patent Rights. Without limiting Section 10.3(a), Exhibit A lists all patents
and patent applications constituting Licensed Patent Rights as of the Effective Date. Eyenovia shall update Exhibit A as
necessary from time to time to reflect the then-current patents and patent applications constituting Licensed Patent Rights.

 

1.75       “Licensed
Product” means (i) the Atropine Product (whether alone or in combination with another pharmaceutical product or medical
device (including any device resulting from changes or Development of the Device by either Party pursuant to Section 3.3 herein)
and whether used in combination with the Device or not) or (ii) the Device used in combination with the Atropine Product. For
clarity, Licensed Product does not include the Device used in combination with any other product or compound other than the Atropine
Product. For greater certainty, a Licensed Product includes a Licensed Product approved for human use or animal use.

 

1.76       
“Licensed Territory” means the United States and Canada.

 

    7

     

    

 

1.77       “Licensed
Marks” means the Trademarks identified on Schedule 1.77.

 

1.78       “Licensee”
has the meaning set forth in the Preamble.

 

1.79       “Licensor”
has the meaning set forth in the Preamble.

 

1.80       “Licensor
Third Party Agreements” has the meaning set forth in Section 7.10.

 

1.81       “Licensor
Third Party Obligations” has the meaning set forth in Section 7.10.

 

1.82       “Losses”
has the meaning set forth in Section 9.1(a).

 

1.83       “Manufacture”
means any and all activities relating to the synthesis, expression, manufacture, processing, formulation, packaging, labeling,
releasing, holding, testing, quality control, quality assurance, purifying, finishing, storing, and supplying the bulk and finished
product, including manufacturing process development and scale-up, validation, qualification, and audit of clinical and commercial
manufacturing facilities. When used as a verb, “Manufacturing” means to engage in Manufacture.

 

1.84       “MicroDose
Device” has the meaning set forth in Section 2.5(a).

 

1.85       “NDA”
means (a) (i) a New Drug Application submitted to the FDA, or any successor application or procedure, as more fully defined in
21 C.F.R. § 314.50 et. seq., or (ii) any non-United States counterpart of such a New Drug Application, and (b) all supplements
and amendments, including supplemental New Drug Applications (and any non-United States counterparts) that may be filed with respect
to the foregoing.

 

1.86       “Negative
Gross Profit” means, with respect to a Calendar Quarter, the amount of Bausch Health’s Gross Profit less than
Zero U.S. Dollars ($0).

 

1.87       “Net
Sales” means, [ ]:

 

(i)       [
];

 

(ii)      [
];

 

(iii)    
[ ];

 

(iv)     [
];

 

(v)      [
];

 

(vi)     [
];

 

(vii)    [
];

 

(viii)   [
]; and

 

(ix)     [
].

 

[ ].

 

    8

     

    

 

1.88       “Non-Breaching
Party” has the meaning set forth in Section 8.2(b).

 

1.89       “Overhead”
means [ ].

 

1.90       “Party”
means Bausch Health or Eyenovia. “Parties” means Bausch Health and Eyenovia.

 

1.91       “Patent
Rights” means all patents and patent applications in any country in the Licensed Territory, including any continuations,
continuations-in-part, divisions, provisionals, or any substitute applications, any patent issued with respect to any such patent
applications, any reissue, reexamination, renewal, or extension (including any supplemental protection certificate) of any such
patent, and any confirmation patent or registration patent or patent of addition based on any such patent; provided, however,
that for the purposes of the license granted hereunder by Licensor to Licensee for Manufacturing and related activities, “Patents”
will include patents and patent applications in any country in the world excluding Afghanistan, Bahrain, Bangladesh, Bhutan, Brunei,
Burma, Cambodia, China (including Hong Kong, Macao and Taiwan), Cyprus, East Timor India, Indonesia, Japan, Laos, Malaysia, Maldives,
Mongolia, Myanmar, Nepal, North Korea, Pakistan, Philippines, Papua New Guinea, Singapore, Sri Lanka, South Korea, Thailand, Uzbekistan,
and Vietnam.

 

1.92       “Patent
Term Extension” means any patent term extension, adjustment, or restoration or supplemental protection certificates.

 

1.93       “Payments”
has the meaning set forth in Section 7.7.

 

1.94       “Person”
means any natural person, general or limited partnership, corporation, limited liability company, limited liability partnership,
firm, association, or organization or other legal entity.

 

1.95       “Pharmacovigilance
Agreement” has the meaning set forth in Section 3.5(d).

 

1.96       “Prior
Confidentiality Agreement” means that certain Confidentiality Agreement, executed by and between BH Parent and Eyenovia
on or about [ ].

 

1.97       “Publication”
means any publication in a scientific journal, any abstract to be presented to any scientific audience, any presentation at any
scientific conference, including slides and texts of oral or other public presentations, any other scientific presentation, and
any other oral, written, or electronic disclosure directed to a scientific audience which pertains to the Licensed Products.

 

1.98       “Receiving
Party” has the meaning set forth in Section 11.1.

 

1.99       “Regulatory
Approval” means, with respect to a Licensed Product in any country or jurisdiction, any approval, registration, license,
or authorization from a Regulatory Authority in a country or other jurisdiction that is necessary to market and sell such Licensed
Product in such country or jurisdiction.

 

    9

     

    

 

1.100       “Regulatory
Authority” means, with respect to a country, the regulatory authority or regulatory authorities of such country with
authority over the testing, manufacture, use, storage, importation, promotion, marketing, pricing or sale of a pharmaceutical
product in such country.

 

1.101       “Regulatory
Documentation” means, with respect to the Licensed Products, all INDs, NDAs, and other regulatory applications submitted
to any Regulatory Authority, Regulatory Approvals, pre-clinical and clinical data and information, regulatory materials, drug
dossiers, master files (including Drug Master Files, as defined in 21 C.F.R. 314.420 and any non-United States equivalents), and
any other reports, records, regulatory correspondence, and other materials relating to the Licensed Product, or required to Develop,
Manufacture, or Commercialize the Licensed Products, including any information that relates to pharmacology, toxicology, chemistry,
Manufacturing and controls data, batch records, safety and efficacy, and any safety database. For clarity, Regulatory Documentation
includes all documentation and correspondence with the FDA or any other Governmental Authority with respect to the Licensed Products.

 

1.102       “Right
of Reference or Use” means a “Right of Reference or Use” as that term is defined in 21 C.F.R. §314.3(b),
and any non-United States equivalents.

 

1.103       “Rules”
has the meaning set forth in Section 12.7.

 

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

 

1.105       “Second
Generation Device” means the version of the Device to be Developed by Eyenovia pursuant to the terms of this Agreement
and having the specifications set forth on Schedule 1.39.

 

1.106       [
].

 

1.107       “Severed
Clause” has the meaning set forth in Section 13.14.

 

1.108       “Senior
Officers” has the meaning set forth in Section 12.6.

 

1.109       “Term”
has the meaning set forth in Section 8.1.

 

1.110       “Third
Party” means any Person other than a Party or any of its Affiliates.

 

1.111       “Third
Party CMO” has the meaning set forth in Section 4.2(a).

 

1.112       “Third
Party Infringement” has the meaning set forth in Section 6.4(a).

 

1.113       “Third
Party License” has the meaning set forth in Section 6.6(a).

 

1.114       “Trademark”
means any word, name, symbol, color, shape, designation or any combination thereof, including any trademark, service mark, trade
name, brand name, sub-brand name, trade dress, product configuration, program name, delivery form name, certification mark, collective
mark, logo, tagline, slogan, design or business symbol, that functions as an identifier of source or origin, whether or not registered
and all statutory and common law rights therein and all registrations and applications therefor, together with all goodwill associated
with, or symbolized by, any of the foregoing.

 

    10

     

    

 

1.115       “Transferred
IND” means [ ].

 

1.116       “Valid
Claim” means (a) a claim of a pending patent application included within the Licensed Patents that has not been (i)
abandoned, finally rejected or expired without the possibility of appeal or re-filing or (ii) pending for more than [ ] ([ ])
[ ] since such claim was first presented to the patent authority; and (b) a claim of an issued patent within the Licensed Patents
that has not expired or been abandoned, or been revoked, held invalid or unenforceable by a patent office, court, or other governmental
agency of competent jurisdiction in a final and non-appealable judgment (or judgment from which no appeal was taken within the
allowable time period).

 

1.117       Construction.
In construing this Agreement, unless expressly specified otherwise:

 

(a)       references
to Sections, Exhibits, and Schedules are to sections of, and schedules and exhibits to, this Agreement;

 

(b)       except
where the context otherwise requires, use of either gender includes the other gender, and use of the singular includes the plural
and vice versa;

 

(c)       headings
and titles are for convenience only and do not affect the interpretation of this Agreement;

 

(d)       any
list or examples following the word “including” shall be interpreted without limitation to the generality of the preceding
words;

 

(e)       the
word “or” will not be exclusive, unless the context otherwise requires;

 

(f)       all
references to “dollars” or “$” herein shall mean U.S. Dollars; and

 

(g)       each
Party represents that it has been represented by legal counsel in connection with this Agreement and acknowledges that it has
participated in the drafting hereof. In interpreting and applying the terms and provisions of this Agreement, the Parties agree
that no presumption will apply against the Party which drafted such terms and provisions.

 

ARTICLE
II

 

Licenses

 

2.1             
Licenses Granted by Eyenovia to Bausch Health. Subject to the terms of this Agreement, Eyenovia hereby grants
Bausch Health an exclusive (including as to Eyenovia and its Affiliates) license, with the right to sublicense (subject to Section
2.2), under the Licensed IP: (a) in the Licensed Territory, to Develop, Manufacture, and Commercialize the Licensed Products in
the Licensed Field; and (b) outside of the Licensed Territory, to Develop and Manufacture the Licensed Products, solely to Commercialize
Licensed Products in the Licensed Field in the Licensed Territory. For greater certainty, the grant of the exclusive license in
this Section 2.1 shall grant Bausch Health (i) the exclusive right under the Licensed IP to Develop, Manufacture and Commercialize
in or for the Licensed Territory the Atropine Product, either alone, in combination with the Device or as a Combination Product,
and (ii) the exclusive right (but excluding Eyenovia), subject to Section 3.3, to Develop, Manufacture and Commercialize in or
for the Licensed Territory the Device itself, but solely for use with or in combination with the Atropine Product. Nothing in
this Section 2.1 shall grant Bausch Health the right to Develop, Manufacture or Commercialize the Device for use with or in combination
with any other pharmaceutical product or active pharmaceutical ingredient (other than the Atropine Product). Upon request from
Bausch Health, Eyenovia shall use commercially reasonable efforts to (i) assist Bausch Health in obtaining rights to Manufacture
the Licensed Product in any country which is excluded from the Licensed Patent Rights, and (ii) [ ].

 

    11

     

    

 

2.2             
Sublicense Rights.

 

(i)                
Bausch Health may sublicense (including in multiple tiers) the rights granted to it by Eyenovia under this Agreement at
any time with Eyenovia’s prior written approval, such approval not to be unreasonably withheld; provided that Bausch Health
may sublicense such rights to its Affiliates at any time without the consent of Eyenovia. Each sublicense granted by Bausch Health
pursuant to this Section 2.2 will be subject to this Agreement and, in the case of sublicenses to a Third Party, subject to a
written agreement between Bausch Health and such sublicensee that will contain provisions consistent with the terms and conditions
of this Agreement. Notwithstanding any sublicense, Bausch Health shall remain primarily liable to Eyenovia for the performance
of all of its obligations under, and its compliance with all provisions of, this Agreement. Upon the granting by Bausch Health
of a sublicense to an approved sublicensee pursuant to this Section 2.2 (other than to an Affiliate of Bausch Health), Bausch
Health shall promptly (and no less than [ ] ([ ]) [ ] after execution) provide Eyenovia with a copy of the executed sublicense
agreement and shall provide Eyenovia with copies of any subsequent amendments thereto within [ ] ([ ]) [ ] of the execution of
such amendment; provided that Bausch Health may redact any confidential or sensitive information contained in any such sublicense
agreement or amendment thereto that is not necessary to confirm compliance with this Agreement. With respect to any sublicense
granted to an Affiliate, Bausch Health shall provide Eyenovia with written notice of such sublicense within [ ] ([ ]) [ ] of granting
the sublicense to such Affiliate.

 

(ii)             
To the extent that Eyenovia is granted any licenses or rights by Bausch Health under the terms of this Agreement, Eyenovia
may sublicense (including in multiple tiers) the rights granted to it by Bausch Health under this Agreement at any time with Bausch
Health’s prior written approval, such approval not to be unreasonably withheld; provided that Eyenovia may sublicense such
rights to its Affiliates at any time without the consent of Bausch Health. Each sublicense granted by Eyenovia to a Third Party
pursuant to this Section 2.2 will be subject to this Agreement and, in the case of sublicenses to a Third Party, a written agreement
between Eyenovia and such sublicensee that will contain provisions consistent with the terms and conditions of this Agreement.
Notwithstanding any sublicense, Eyenovia shall remain primarily liable to Bausch Health for the performance of all of its obligations
under, and its compliance with all provisions of, this Agreement. Upon the granting by Eyenovia of a sublicense to an approved
sublicensee pursuant to this Section 2.2 (other than to an Affiliate of Eyenovia), Eyenovia shall promptly (and no less than [
] ([ ]) [ ] after execution) provide Bausch Health with a copy of the executed sublicense agreement and shall provide Bausch Health
with copies of any subsequent amendments thereto within [ ] ([ ]) [ ] of the execution of such amendment; provided that Eyenovia
may redact any confidential or sensitive information contained in any such sublicense agreement or amendment thereto that is not
necessary to confirm compliance with this Agreement. With respect to any sublicense granted to an Affiliate, Eyenovia shall provide
Bausch Health with written notice of such sublicense within [ ] ([ ]) [ ] of granting the sublicense to such Affiliate.

 

    12

     

    

 

2.3             
Section 365(n) of The Bankruptcy Code. All rights and licenses granted under or pursuant to any section of
this Agreement, including the licenses granted under this Article II, are and will otherwise
be deemed to be for purposes of Section 365(n) of the United States Bankruptcy Code (Title 11, U.S. Code), as amended (the “Bankruptcy
Code”), licenses of rights to “intellectual property” as defined in Section 101(35A) of the Bankruptcy Code.
The Parties will retain and may fully exercise all of their respective rights and elections under the Bankruptcy Code. Each Party
agrees that the other Party, as licensee of such rights under this Agreement, will retain and may fully exercise all of its rights
and elections under the Bankruptcy Code or any other provisions of applicable Law outside the United States that provide similar
protection for “intellectual property.” The Parties further agree that, in the event of the commencement of a bankruptcy
proceeding by or against a Party under the Bankruptcy Code or analogous provisions of applicable Law outside the United States,
the other Party will be entitled to a complete duplicate of (or complete access to, as the other (non-bankrupt) Party deems appropriate)
such intellectual property and all embodiments of such intellectual property, which, if not already in such Party’s possession,
will be promptly delivered to it upon such Party’s written request thereof. Any agreements supplemental hereto will be deemed
to be “agreements supplementary to” this Agreement for purposes of Section 365(n) of the Bankruptcy Code.

 

2.4             
No Implied Licenses. Except as expressly provided in Section 2.1 and 3.1(c), all rights in and to the Licensed IP,
and any other Patent Rights or Know-How of Eyenovia and its Affiliates, are hereby retained by Eyenovia and its Affiliates. Except
as expressly set forth in Sections 4.1(b) and 4.2(b), all rights in and to all Patent Rights and Know-How of Bausch Health and
its Affiliates are hereby retained by Bausch Health and its Affiliates.

 

2.5             
Competing Program.

 

(a)              
During the period commencing on the Effective Date and ending on the [ ] ([ ]) [ ], Eyenovia shall not, and shall ensure
that its Affiliates will not, directly or indirectly (independently or for or with any Third Party), including through the grant
or receipt of any license to or from any Third Party, engage in [ ], or (ii) [ ], in each case, without the prior written consent
of Bausch Health, which consent may be granted or withheld in the sole discretion of Bausch Health (each, a “Competing
Program”). As used in this Section 2.5 (a), [ ]. Notwithstanding the first sentence of this Section 2.5(a), [ ] [ ]
([ ]) [ ] [ ], then the provisions of this Section 2.5 shall remain in effect for as long as [ ].

 

(b)              
Each Party acknowledges and agrees that: (i) if, at the time of enforcement of any covenant or agreement set forth in this
Section 2.5, a court shall hold that the duration or scope stated herein is unreasonable under circumstances then existing, the
maximum duration or scope under such circumstances shall be substituted for the stated duration or scope and the court shall be
allowed to revise the restrictions contained herein to cover the maximum period and scope permitted by applicable Law; and (ii)
if the courts of any one (1) or more of such jurisdictions hold any covenant or agreement set forth in this Section 2.5 unenforceable
in whole or in part, such determination shall not bar or in any way adversely affect the rights of any Party hereto to equitable
relief and remedies hereunder in courts of any other jurisdiction as to breaches or violations of any covenant or agreement set
forth in this Section 2.5, such covenants and agreements being, for this purpose, severable into diverse and independent covenants
and agreements.

 

    13

     

    

 

(c)              
In the event that Eyenovia or its Affiliates acquires a Third Party or a portion of the business of a Third Party (whether
by merger, stock purchase, purchase of assets, or other means) that is, prior to such acquisition, conducting a Manufacturing,
Development, or Commercialization program that, if conducted by Eyenovia at such time, would be a Competing Program, Eyenovia
will use commercially reasonable efforts to divest such Competing Program promptly following the closing of such acquisition,
and in any event will complete such divestment within [ ] ([ ]) [ ] after the closing of such acquisition. Such Party will not
be deemed in breach of Section 2.5(a) with respect to such Competing Program so long as it complies with the terms of this Section
2.5(c).

 

(d)              
In the event that Eyenovia or its Affiliates is acquired by a Third Party (whether by merger, stock purchase, purchase
of assets, or other means) that is, prior to such acquisition, conducting a Manufacturing, Development, or Commercialization program
involving a [ ] that, if conducted by Eyenovia at such time, would be a Competing Program, Eyenovia (or its successor
entity) will use commercially reasonable efforts to divest (or cause the divestiture of) such Competing Program promptly following
the closing of such acquisition, and in any event will complete (or will cause to be completed) such divestment within [ ] ([
]) [ ] after the closing of such acquisition. Such Party will not be deemed in breach of Section 2.5(a) with respect to such Competing
Program so long as it complies with the terms of this Section 2.5(d).

 

2.6             
No Harmful Actions. If Bausch Health believes that Eyenovia is taking or intends to take any action with respect
to the Device or the Licensed Product that could have a material adverse effect on the Licensed Product in the Licensed Field
in the Licensed Territory, Bausch Health may bring the matter to the attention of Eyenovia, and the Parties shall discuss in good
faith to resolve such concern. Without limiting the foregoing, unless the Parties otherwise agree, unless expressly permitted
or required hereunder: (a) Eyenovia shall not communicate with any Regulatory Authority having jurisdiction in the Licensed Territory
respecting the Device or the Licensed Product in the Licensed Field, unless so ordered by such Regulatory Authority, in which
case Eyenovia shall immediately notify Bausch Health of such order; and (b) Eyenovia shall not submit any Regulatory Submissions
or seek Regulatory Approvals for the Device or the Licensed Products in the Licensed Field in the Licensed Territory.

 

2.7             
Right of First Negotiation. If, within [ ] ([ ]) [ ] [ ], Bausch Health has not commenced Development of [ ] [ ]
[ ], then, at the request of Eyenovia, the Parties shall meet to discuss, acting reasonably and in good faith, the potential Development
of [ ], whether by Bausch Health or Eyenovia or jointly between the Parties, including the allocation of responsibilities, any
cost-sharing and other financial terms. If the Parties mutually agree to proceed with the Development of [ ], then the Parties
shall amend this Agreement accordingly, if necessary. If the Parties cannot mutually agree on whether to proceed with the Development
of [ ], then Eyenovia shall have no rights to Develop (or Manufacture or Commercialize) [ ] and Bausch Health shall not be required
to Develop (or Manufacture or Commercialize) [ ]; provided that, Bausch Health shall retain rights to [ ].

 

    14

     

    

 

ARTICLE
III

INFORMATION TRANSFER; Development; Regulatory Matters

 

3.1             
Information Transfer.

 

(a)              
Initial Information Transfer to Bausch Health. (A) Within a reasonable period not to exceed [ ] ([ ]) [ ] after
the Effective Date, Eyenovia shall provide to Bausch Health, in a mutually-agreed upon format and without further financial consideration,
the clinical data, the Regulatory Documentation and other material Know-How included in the Licensed Know-How; and (B) during
the Term, Eyenovia shall make its relevant personnel reasonably available to Bausch Health, at reasonable times during Eyenovia’s
normal business hours and upon reasonable prior notice, to answer any questions or provide instruction as reasonably requested
by Bausch Health concerning the information delivered pursuant to this Section 3.1 or otherwise in connection with Development
of Licensed Products.

 

(b)              
Continuing Information Transfer to Bausch Health. On an ongoing basis, from time to time during the Term, as reasonably
requested by Bausch Health, Eyenovia shall provide to Bausch Health, in a mutually agreed-upon format, the clinical data and other
material Know-How included in the Licensed Know-How to the extent not provided previously pursuant to Section 3.1(a)(i).

 

(c)              
Right of Reference or Use. Eyenovia hereby grants to Bausch Health for use in connection with any activities under
this Agreement, a Right of Reference or Use to any and all Regulatory Documentation Controlled by Eyenovia during the Term relating
to Licensed Products or the Device, and agrees to sign, and cause its Affiliates to sign, any instruments reasonably requested
by Bausch Health in order to effect such grant.

 

(d)              
Applicability of Bankruptcy Code. For the avoidance of doubt, rights granted under this Article III shall be deemed
to be a license of rights to “intellectual property” as defined in Section 101 (35A) of the Bankruptcy Code and shall
otherwise be subject to Section 2.3.

 

(e)              
Transfer of Regulatory Filings. Subject to the terms and conditions of this Agreement,
Bausch Health will own all Regulatory Approvals for Licensed Products in the Licensed Territory, including the Transferred IND.
On the Effective Date or such later date as requested by Bausch Health (not to exceed [ ]), Eyenovia
shall (or shall cause its Affiliate to) assign and transfer to Bausch Health (or Bausch Health’s designated Affiliate) the
Transferred IND (and all of Eyenovia’s and its Affiliates rights, interest and title therein, free and clear of all Encumbrances).
In connection therewith, on the Effective Date or such later date as requested by Bausch Health pursuant to the preceding sentence,
each Party shall submit to the FDA letters (in a form reasonably agreed to by the Parties) relating to the transfer of the Transferred
IND. Bausch Health and Eyenovia each agree to use all Commercially Reasonable Efforts to take all actions required by the FDA
to effect the transfer of the Transferred IND from Eyenovia to Bausch Health (or Bausch Health’s designated Affiliate) and
further agree to cooperate with each other in order to effectuate the foregoing transfer of the Transferred IND. Until such time
as the Transferred IND is effectively transferred and assigned to Bausch Health, Eyenovia shall keep the Transferred IND active
and current and maintained in accordance with Applicable Laws.

 

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(f)               
Assignment of Assumed Contracts.

 

(i)               As
of the Effective Date (or within [ ] ([ ]) [ ] thereafter if requested by Eyenovia), Eyenovia shall assign to Bausch Health (or
its designated Affiliate), and Bausch Health (or its designated Affiliate) shall assume, the Assumed Contracts (and the rights
and obligations thereunder arising after the Effective Date); provided however that Bausch Health shall not assume or agree to
pay, discharge, or perform any liabilities or obligations relating to the period prior to the Effective Date or actual date of
assignment and assumption, if later, including any such liabilities arising out of any breach by Eyenovia or its Affiliates of
any provision of any Assumed Contract. In connection herewith, as of the Effective Date, the Parties (or their respective Affiliates)
shall execute an assignment and assumption agreement with respect to such Assumed Contracts, in a form to be agreed upon by the
Parties, acting reasonably and good faith.

 

(ii)             
Notwithstanding anything herein to the contrary, if the assignment or assumption of all or any portion of any rights or
obligations under any Assumed Contract shall require the consent of any other party thereto or any other Third Party that has
not been obtained prior to the Effective Date, this Agreement shall not constitute an agreement to assign or otherwise transfer
any rights or obligations under any such Assumed Contract if an attempted assignment without any such consent would constitute
a breach or violation thereof. If any such Third Party consent is not obtained prior to the Effective Date, Eyenovia will continue
to use its commercially reasonable efforts to obtain such Third Party consents after the Effective Date. Pending assignment to
Bausch Health, Eyenovia shall use good faith efforts to cooperate with Bausch Health after the Effective Date to provide to Bausch
Health substantially equivalent benefits under or with respect to the applicable Assumed Contract as to which the requisite Third
Party consent has not been obtained or for which Eyenovia has, pursuant to Section 3.1(f)(i) requested that the assignment occur
within [ ] ([ ]) [ ] after the Effective Date. Upon obtaining the requisite consent, Eyenovia shall promptly assign, or cause
to be assigned, such Assumed Contract to Bausch Health hereunder. Until such time as the Assumed Contracts are effectively transferred
and assigned to Bausch Health, Eyenovia shall comply with its obligations under the Assumed Contracts and shall not modify, amend,
terminate or waive any rights under the Assumed Contracts, without the prior written consent of Bausch Health.

 

(g)              
Alliance Managers. Promptly after the Effective Date, each Party shall appoint (and notify the other Party of the
identity of) a representative having the appropriate qualifications to act as its alliance manager under this Agreement (“Alliance
Manager”). The Alliance Managers will serve as the primary contact points between the Parties regarding the activities
contemplated by this Agreement. The Alliance Managers will facilitate the flow of information and otherwise promote communication,
coordination, and collaboration between the Parties. Each Party may replace its Alliance Manager by written notice to the other
Party. For greater certainty, the obligation to maintain an Alliance Manager and the roles and responsibilities of the Alliance
Managers shall survive the dissolution of the JSC.

 

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3.2             
 Conduct of Development Activities.

 

(a)              
From and after the Effective Date, Bausch Health will, subject to the terms of this Agreement (including Sections 3.2(b)
and 3.3), be solely responsible and have sole decision-making authority, at its expense, for the Development of Licensed Products
(including the Device itself) in the Licensed Field in the Licensed Territory.

 

(b)              
Promptly following the Effective Date, Eyenovia shall, and shall cause its Affiliates to transfer control to Bausch Health
of any and all ongoing clinical and non-clinical studies and trials involving Licensed Products in the Licensed Territory being
conducted by or on behalf of Eyenovia or its Affiliates as of the Effective Date. Notwithstanding the foregoing, at the reasonable
request of Bausch Health, Eyenovia shall continue to conduct some or all of such clinical and/or non-clinical studies and trials
and assist in any related Development activities (including any related regulatory activities with respect to the Licensed Product)
for up to [ ] ([ ]) [ ] to enable such transfer to be completed without interruption of any such clinical or non-clinical study
or trial and Bausch shall reimburse Eyenovia for all of its Development Costs incurred in connection with such transitional activities.
In the event that Eyenovia continues to conduct clinical and/or non-clinical studies and trials and perform such additional Development
and regulatory activities pursuant to this Section 3.2(b), Eyenovia shall take direction from Bausch Health with respect to the
conduct of such studies and trials and shall conduct such studies and trials in accordance with the instructions of Bausch Health
and in compliance with applicable Law.

 

(c)              
Diligence. Bausch Health shall use Commercially Reasonable Efforts to Develop [ ]. For greater certainty, [ ] shall
satisfy Bausch Health’s obligations under this Section 3.2(c).

 

(d)              
All data (including pre-clinical, clinical, technical, chemical, safety, and scientific data and information), know-how
and other results generated by, or on behalf of, Bausch Health or resulting from or in connection with the conduct of Bausch Health’s
Development activities (including such data, know-how and results generated by Eyenovia on behalf of Bausch Health pursuant to
its Development activities under Section 3.2(b) above) shall be owned solely and exclusively by Bausch Health, provided that,
ownership of such data shall not limit Bausch’s obligations under the Pharmacovigilance Agreement.

 

3.3             
Development of and Changes to the Device.

 

(a)              
Development of Device. If, in connection with the Regulatory Approval for the Licensed Product in either country
in the Licensed Territory, the applicable Regulatory Authority requires that additional Development work be completed on the Device
in connection with or as a condition of granting or maintaining such Regulatory Approval, then Eyenovia will conduct any such
additional Development activities on the Device, at its own expense. In addition, if a Regulatory Authority in the Licensed Territory
requires that Development work be completed on the Device on a post-Regulatory Approval basis, then Eyenovia will conduct any
such post-approval Development at its own cost. Nothing in this Section 3.3(a) shall diminish or otherwise limit the license grant
to Bausch Health under Section 2.1. In particular, Bausch Health shall have the right, but not the obligation, to Develop the
Device for the Licensed Product in the Licensed Territory.

 

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(b)              
 Second Generation Device. In addition to its Development obligations under Section 3.3(a), Eyenovia shall be responsible
for Developing the Second Generation Device, such Development activities to be completed prior to the Commercial Launch of the
first Licensed Product. The Second Generation Device must conform to the specifications and other requirements set out on Schedule
1.39 and any deviations from or updates to these specifications and requirements and any other changes to the Second Generation
Device must be approved in writing by both Parties. Eyenovia shall keep Bausch Health reasonably informed of the status and progress
of the Development of the Second Generation Device. If Eyenovia fails to complete the Development of the Second Generation Device
and to have the Second Generation Device ready for dosing in patients by [ ], then Bausch Health shall have the right, but not
the obligation, to assume any remaining Development activities with respect to the Development of the Second Generation Device
and Eyenovia shall reimburse Bausch Health for its reasonable costs in completing such Development activities.

 

(c)              
Changes to the Device.

 

(i)                
Required Changes. In the event that (a) a Regulatory Authority in the Licensed Territory requires a change to the
Device in connection with the Regulatory Approval of a Licensed Product in the Licensed Field in the Licensed Territory, or (b)
a Regulatory Authority in the Licensed Territory requires a change to the Device in order for Bausch Health to continue to Develop,
Manufacture or Commercialize a Licensed Product then the Parties shall meet to discuss any such necessary changes to the Device
and Eyenovia shall promptly implement such changes to the Device, at its cost.

 

(ii)             
Requested Changes. Other than as set forth in Section 3.5(c)(i), if Bausch Health reasonably requests that Eyenovia
modify or otherwise make changes to the Device, either in connection with Regulatory Approval under Section 3.3 (a) or at any
time thereafter, Eyenovia shall discuss such changes in good faith and, if mutually agreed, shall modify or make changes to the
Device, provided that, Bausch Health will be solely responsible for all Development Costs incurred by Eyenovia to implement any
such changes conducted under this Section 3.5(c)(ii); provided that, in agreeing to implement such changes, Eyenovia will provide
to Bausch Health a budget setting out its good faith estimate of the Development Costs it expects to incur in connection with
implementing such change and Eyenovia will use good faith efforts to adhere to such budget. If, following such good faith discussions,
Eyenovia decides not to modify or make such changes to the Device, then Bausch Health shall have the right to make such changes
to the Device, at its own cost.

 

(d)              
Unique Device. Eyenovia acknowledges and agrees that it is the intention of the Parties that the Device will be
unique to the Atropine Product in the Licensed Field in the Licensed Territory. As a result, in developing the Device, Eyenovia
shall ensure that (i) [ ] and (ii) [ ]. Eyenovia (or its Affiliates or licensees) shall not be permitted to use or Commercialize
(and shall not grant rights to a Third Party to use or Commercialize) and shall not otherwise supply to a Third Party (i) [ ],
or (ii) [ ]. In addition, Eyenovia (or its Affiliates or licensees) shall not be permitted to use or Commercialize (and shall
not grant rights to a Third Party to use or Commercialize) and shall not otherwise supply to a Third Party [ ] in the Licensed
Field in the Licensed Territory.

 

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3.4             
 Cost of Development Activities.

 

(a)              
Other than as set out in Section 3.4(b), Eyenovia shall be financially responsible for Development Costs associated with
activities conducted prior to the Effective Date in connection with the Licensed Product and Bausch Health shall be financially
responsible for the Development Costs associated with activities conducted following the Effective Date in connection with the
Licensed Product in the Licensed Territory. To the extent that any Development Costs relate to both the periods before and after
the Effective Date, promptly following the Effective Date, the Parties shall determine the portion of such Development Costs that
relate to the period prior to the Effective Date, which shall be the responsibility of Eyenovia, and the portion of such Development
Costs that relate to the period on or after to the Effective Date, which shall be the responsibility of Bausch Health. If the
Parties are not able to determine the period to which such Development Costs relates, then, promptly following the Effective Date,
the Parties shall, acting in good faith, agree on a fair and reasonable allocation between the Parties of such Development Costs.

 

(b)              
Notwithstanding Section 3.4(a), Eyenovia shall be financially responsible for the Development Costs associated with activities
conducted by or on behalf of Eyenovia pursuant to Section 3.3, prior to or after the Effective Date, in connection with the development
of the Device. Bausch Health shall be responsible for the costs of the Development activities it conducts on the Device after
the Effective Date. For greater certainty, Bausch Health shall only be responsible for the Development Costs incurred by Eyenovia
for those Development and related activities that are expressly stated in Section 3.3 to be at Bausch Health’s costs or
that Bausch Health otherwise expressly requests that Eyenovia conduct. Other than as set out in Section 3.3, any Development Costs
incurred by Eyenovia that are not incurred in connection with Development activities requested by or otherwise consented to by
Bausch Health shall be paid by Eyenovia (and not reimbursed by Bausch Heath).

 

3.5             
Regulatory Matters Related to Licensed Products.

 

(a)              
Regulatory Strategies and Submissions. Bausch Health shall (i) determine the regulatory plans and strategies for
the Licensed Products in the Licensed Field in the Licensed Territory, (ii) be responsible for making all regulatory submissions
and filings with respect to the Licensed Products in the Licensed Field in the Licensed Territory (either itself or through its
Affiliates, sublicensees, or distributors), and (iii) be responsible for obtaining and maintaining Regulatory Approvals for the
Licensed Product in the Licensed Field in the Licensed Territory in the name of Bausch Health or its Affiliates, sublicensees,
or distributors. As between the Parties, Bausch Health shall own all right, title and interest in all Regulatory Approvals for
sale of the Licensed Product in the Licensed Field in the Licensed Territory and all related Regulatory Documentation. Eyenovia
shall (x) determine the regulatory plans and strategies for the Licensed Products outside the Licensed Territory, (y) be responsible
for making all regulatory submissions and filings with respect to the Licensed Products outside the Licensed Territory (either
itself or through its Affiliates, sublicensees, or distributors), and (z) be responsible for obtaining and maintaining Regulatory
Approvals for the Licensed Product outside the Licensed Territory in the name of Eyenovia or its Affiliates, sublicensees, or
distributors. As between the Parties, Eyenovia shall own all right, title and interest in all Regulatory Approvals for sale of
the Licensed Product outside the Licensed Territory and all related Regulatory Documentation. Each Party shall keep the other
Party informed in connection with the preparation of all Regulatory Documentation, Regulatory Authority review of Regulatory Documentation,
and Regulatory Approvals, annual reports, annual re-assessments, and variations and labeling, in each case with respect to the
Licensed Products in or outside the Licensed Territory, as applicable; provided, that each Party shall have the right to
redact any information to the extent not related to the Licensed Products or that otherwise is confidential, proprietary, or competitive
in nature. Unless already the Confidential Information of a Party, any information disclosed pursuant to this Section 3.5(a) shall
be the Confidential Information of the disclosing Party.

 

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(b)              
Regulatory Meetings. Bausch Health shall be responsible for interfacing, corresponding, and meeting with the applicable
Regulatory Authorities, including the FDA and Health Canada, regarding the Licensed Products with respect to the Licensed Field
in the Licensed Territory. Eyenovia shall be responsible for interfacing, corresponding, and meeting with applicable Regulatory
Authorities regarding the Licensed Products outside the Licensed Territory.

 

(c)              
Transferred IND. Until such time as the Transferred IND is transferred and assigned to Bausch Health, Eyenovia shall,
sufficiently in advance of any submission or correspondence to the applicable Regulatory Authority regarding the Licensed Product
in the Licensed Field in the Licensed Territory, provide Bausch Health with all materials relating to such correspondence and
obtain Bausch Health’s prior written approval of such correspondence prior to making such correspondence.

 

(d)              
Global Safety Database; Pharmacovigilance Agreement. Within [ ] ([ ]) [ ] of the Effective Date, the Parties shall
negotiate, acting reasonably and in good faith, and execute a pharmacovigilance agreement for the Licensed Products with customary
terms and conditions (the “Pharmacovigilance Agreement”). The Pharmacovigilance Agreement shall, among other
things, govern cooperation between the Parties that will enable each of them to comply with its respective obligations under applicable
Laws with regard to adverse event data collection, analysis, and reporting and to enable each Party to satisfy its duty of care.
Eyenovia shall establish, hold, and maintain the global safety databases for each Licensed Product (and the Device itself) (the
 “Global Safety Database”) into which it shall enter information on all adverse events concerning such Licensed
Products occurring anywhere in the world and reported to either of the Parties, in accordance with the Pharmacovigilance Agreement.

 

(e)              
Recalls. The Parties shall immediately contact each other in the event that either Party has reason to believe that
the recall or product withdrawal of the Licensed Product may be necessary. The Parties shall, in good faith, acting reasonably,
cooperate and coordinate on the process for such recall or Licensed Product withdrawal prior to its implementation. Subject to
the terms of the Pharmacovigilance Agreement, Bausch Health shall be responsible for the administration and implementation, at
its cost, of any recall or product withdrawal with respect to the Licensed Product in the Licensed Field in the Licensed Territory
and Eyenovia shall be responsible for the administration and implementation, at its cost, of any recall or product withdrawal
with respect to the Licensed Product outside the Licensed Field or outside the Licensed Territory. In the event of any dispute
between the Parties as to whether a recall or product withdrawal of the Licensed Product is required or advisable or the process
for such recall or product withdrawal of the Licensed Product, then Bausch Health shall have the final decision-making authority
with respect to recalls or product withdrawals of the Licensed Product in the Licensed Territory and Eyenovia shall have the final
decision-making authority with respect to recalls or product withdrawals of the Licensed Product outside the Licensed Territory.

 

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3.6             
Development and Regulatory Support by Eyenovia. At the request of Bausch Health, Eyenovia shall support Bausch Health
in the Development of and seeking Regulatory Approval for the Licensed Product (including the Device) in the Licensed Territory
by providing certain assistance, activities and services as agreed by the Parties. Such support shall include, but not be limited
to, (i) Eyenovia making available its relevant personnel to Bausch Health, at reasonable times during Eyenovia’s normal
business hours and upon reasonable prior notice, to answer any questions, advise on or provide instruction as reasonably requested
by Bausch Health concerning the Development of or Regulatory Approval for Licensed Products and Device, and (ii) reviewing and
commenting on Regulatory Documentation or correspondence from or to the Regulatory Authorities relating to the Licensed Product
and Device and the Regulatory Approval thereof.

 

ARTICLE
IV

Clinical and Commercial Supply

 

4.1             
Clinical Supply.

 

(a)              
As soon as reasonably practicable but in no event later than [ ] ([ ]) [ ] following the Effective Date, the Parties shall
negotiate in good faith and enter into a clinical supply agreement (the “Clinical Supply Agreement”) for the
supply by Eyenovia to Bausch Health of Licensed Products for use in clinical and non-clinical studies and trials and other Development
activities with respect to the Licensed Product (including the Atropine Product and the Device) in the Licensed Territory (the
 “Clinical Supply”), such Clinical Supply to include both the First Generation Device and the Second Generation
Device. The Clinical Supply Agreement shall include such terms and conditions as are reasonable and customary for similar clinical
supply agreements in the pharmaceutical industry; provided, that the Clinical Supply Agreement shall in no event require
Bausch Health to pay Eyenovia any amounts in excess of [ ] ([ ]%) of Eyenovia’s actual Cost of Goods of Manufacturing or
having Manufactured the Clinical Supply. The current estimate of Eyenovia’s Cost of Goods for the Manufacture of the Clinical
Supply is set forth on Schedule 4.1 hereto. In connection with the negotiation and execution of the Clinical Supply Agreement,
the Parties will also negotiate and execute any ancillary agreements necessary for or desirable in connection with the Clinical
Supply, including a quality agreement containing customary and industry-standard quality terms.

 

(b)              
Notwithstanding the above, at Bausch Health’s sole discretion, Bausch Health may elect to have the Clinical Supply
(or a component of the Clinical Supply, including the Atropine Product and/or the Device) Manufactured by one of its Affiliates
or a Third Party CMO, including the Third Party CMO(s) used by Eyenovia. If Bausch Health elects to have the Clinical Supply Manufactured
by an Affiliate or a Third Party CMO, then, upon the request of Bausch Health, Eyenovia shall (i) provide a technology transfer
to Bausch Health’s Affiliate or its Third Party CMO(s) for purposes of Manufacturing the Clinical Supply or (ii) permit
and facilitate Bausch Health’s contracting directly with the Third Party CMO(s) that currently Manufacture Licensed Product
for Clinical Trials in order for Bausch Health to source Clinical Supply for clinical use. Such technology transfer shall include
the transfer of all material clinical data and Manufacturing Know-How included in the Licensed Know-How that is necessary or useful
for Manufacture of the Clinical Supply. Bausch Health shall reimburse Eyenovia for its reasonable, out-of-pocket costs incurred
in connection with such technology transfer; provided that Eyenovia shall be responsible for its own costs relating solely to
the technology transfer of the Device. Eyenovia agrees to sign, and cause its Affiliates to sign, any documents or instruments
reasonably requested by Bausch Health in order to permit Bausch Health or its Affiliates to engage Eyenovia’s Third Party
CMO(s) in accordance with this Section 4.1(b). If, in the conduct of Manufacturing the Licensed Product, Bausch Health or any
Third Party CMO develops any Improvements to the Manufacturing Know-How included in the Licensed Know-How that is necessary or
useful for Manufacture of the Licensed Products for Commercial use, Bausch Health shall (i) disclose such Improvements to Eyenovia
(provided that, in the case of Improvements developed by a Third Party CMO, Bausch Health has the right to disclose such improvements
to Eyenovia) and (ii) grant Eyenovia a non-exclusive, worldwide, right and license (with the right to sublicense, subject to Section
2.2(b)) to use such Improvements in connection with the Manufacture of Licensed Products for sale outside the Licensed Territory
(provided that, in the case of Improvements developed by a Third Party CMO, such Third Party CMO has granted rights to Bausch
Health to such Improvements, including the right to sublicense such Improvements to Eyenovia).

 

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4.2             
Commercial Supply; Tech Transfer.

 

(a)              
Bausch Health shall have the right to Manufacture, itself or through its Affiliates, or have Manufactured by Eyenovia or
a Third Party contract manufacturing organization(s) (“Third Party CMO(s)”), including the Third Party CMO(s)
used by Eyenovia, bulk or finished Licensed Products (including the Atropine Product and the Device) for Commercial use in accordance
with this Agreement.

 

(b)              
If Bausch Health determines to Manufacture itself (or through its Affiliates) or have Manufactured by a Third Party CMO
its commercial supply of the Licensed Product (including the Atropine Product and/or the Device), then, upon the request of Bausch
Health, Eyenovia shall (a) provide a technology transfer to Bausch Health, its Affiliates, or its Third Party CMO(s) for purposes
of Manufacturing Licensed Products for Commercial use or (b) permit and facilitate Bausch Health’s contracting directly
with the Third Party CMO(s) that Manufactured Licensed Product for Clinical Trials in order for Bausch Health to source Licensed
Product for Commercial use. Such technology transfer shall include the transfer of all material clinical data and Manufacturing
Know-How included in the Licensed Know-How that is necessary or useful for Manufacture of the Licensed Products for Commercial
use. Bausch Health shall reimburse Eyenovia for its reasonable, out-of-pocket costs incurred in connection with such technology
transfer; provided that Eyenovia shall be responsible for its own costs relating solely to the technology transfer of the Device.
Eyenovia agrees to sign, and cause its Affiliates to sign, any documents or instruments reasonably requested by Bausch Health
in order to permit Bausch Health or its Affiliates to engage Eyenovia’s Third Party CMO(s) in accordance with this Section
4.2. If, in the conduct of Manufacturing the Licensed Product, Bausch Health or any Third Party CMO develops any Improvements
to the Manufacturing Know-How included in the Licensed Know-How that is necessary or useful for Manufacture of the Licensed Products
for Commercial use, Bausch Health shall (i) disclose such Improvements to Eyenovia (provided that, in the case of Improvements
developed by a Third Party CMO, Bausch Health has the right to disclose such improvements to Eyenovia) and (ii) grant Eyenovia
a non-exclusive, worldwide, right and license (with the right to sublicense, subject to Section 2.2(b)) to use such Improvements
in connection with the Manufacture of Licensed Products for sale outside the Licensed Territory (provided that, in the case of
Improvements developed by a Third Party CMO, such Third Party CMO has granted rights to Bausch Health to such Improvements, including
the right to sublicense such Improvements to Eyenovia).

 

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(c)              
If Bausch Health determines to have Eyenovia Manufacture its commercial supply of the Licensed Product (including the Atropine
Product and/or the Device), then the Parties shall promptly negotiate in good faith and enter into a commercial supply agreement
(the “Commercial Supply Agreement”) for the supply by Eyenovia to Bausch Health of the Licensed Product (or
component thereof) for Commercial use in the Licensed Territory (the “Commercial Supply”). The Commercial Supply
Agreement shall include such terms and conditions as are reasonable and customary for similar commercial supply agreements in
the pharmaceutical industry; provided, that the Commercial Supply Agreement shall in no event require Bausch Health to
pay Eyenovia any amounts in excess of [ ]. In connection with the negotiation and execution of the Commercial Supply Agreement,
the Parties will also negotiate and execute any ancillary agreements necessary for or desirable in connection with the Commercial
Supply, including a quality agreement containing customary and industry-standard quality terms.

 

(d)              
For clarity, this Section 4.2 shall not limit the license granted by Eyenovia to Bausch Health with respect to the Manufacture
of Licensed Product.

 

ARTICLE
V

 

Commercialization

 

5.1             
Commercialization Responsibilities. During the Term, Bausch Health will be solely responsible, at its sole
cost and expense, for Commercializing all Licensed Products in the Licensed Field in the Licensed Territory. All decisions regarding
Commercialization of the Licensed Products in the Licensed Field in the Licensed Territory, including the design, sale, pricing,
distribution, branding, marketing and promotion of the Licensed Products in the Licensed Field in the Licensed Territory under
this Agreement, shall be within the sole discretion of Bausch Health and its Affiliates.

 

5.2             
Commercialization Diligence. During the Term, Bausch Health shall use Commercially Reasonable Efforts to
Commercialize  [ ].

 

5.3             
Trademarks.

 

(a)              
Bausch Health shall have the non-exclusive right, but not the obligation, to use the Licensed Marks in connection with
the Development, Manufacture and Commercialization of Licensed Products in the Licensed Field in the Licensed Territory; provided
that, in its sole discretion, Bausch Health may also use other Trademarks of its selection and/or its own corporate Trademarks
in connection with such Development, Manufacture and Commercialization of Licensed Products in the Licensed Field in the Licensed
Territory (provided, that no such Trademark shall contain the word “Eyenovia”). Eyenovia shall own all rights in and
to all Licensed Marks in the Licensed Territory and shall register and maintain the Licensed Marks in the Licensed Territory,
at Eyenovia’s cost and expense. Bausch Health shall own all rights in and to all other Trademarks (other than the Licensed
Marks) used in the Development, Manufacture and Commercialization of the Licensed Products in the Licensed Field in the Licensed
Territory and shall register and maintain such Trademarks in the Licensed Territory, at Bausch Health’s cost and expense.
During the Term, Bausch Health agrees (i) to not do anything inconsistent with Eyenovia’s ownership of the Licensed Marks,
(ii) to comply with any terms of use for such Licensed Marks mutually agreed to by the Parties, and (iii) that any goodwill associated
with the use of Licensed Marks by Bausch Health shall inure solely to the benefit of Eyenovia.

 

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(b)              
At the request of Bausch Health, Eyenovia shall apply for the registration of [ ], in the name of Eyenovia and at Eyenovia’s
cost and expense. Once such application has been made [ ], such Trademark will become a Licensed Mark for the purposes of this
Agreement and Schedule 1.77 shall be automatically amended accordingly and the terms of Section 5.3(a) above shall apply
to such Trademark.

 

(c)              
Eyenovia hereby grants to Bausch the right (and Bausch Health shall hereby have the right, but not the obligation) to apply
for the registration of, register and maintain [ ] in the Licensed Territory, in the name of Bausch Health and at Bausch Health’s
cost and expense, for use in the Development, Manufacture and Commercialization of the Licensed Products in the Licensed Field
in the Licensed Territory. As between the Parties, Bausch Health shall own all rights in and to such Trademarks. During the Term,
Eyenovia (and its Affiliates) shall not apply for the registration of or register [ ] in the Licensed Territory nor shall it grant
a Third Party the right or license to use, apply for the registration of or register [ ] in the Licensed Territory.

 

5.4             
Unauthorized Sales.

 

(a)              
Unauthorized Sales by Bausch Health. Bausch Health shall, and shall cause its Affiliates and sublicensees to, distribute,
market, promote, offer for sale and sell Licensed Products only in the Licensed Territory. Bausch Health shall not, and shall
not permit its Affiliates or sublicensees to, distribute, market, promote, offer for sale or sell Licensed Products (i) to
any Person outside the Licensed Territory or (ii) to any Person that Bausch Health or its Affiliates or sublicensees, as
applicable, knows (A) is likely to distribute, market, promote, offer for sale or sell Licensed Products outside the Licensed
Territory or assist another Person to do so, or (B) has directly or indirectly distributed, marketed, promoted, offered for
sale or sold Licensed Products outside the Licensed Territory or assisted another Person to do so. If Bausch Health or its Affiliates
or sublicensees receives any orders for Licensed Products for outside the Licensed Territory, it shall promptly refer such orders
to Eyenovia.

 

(b)              
Unauthorized Sales by Eyenovia. Eyenovia shall, and shall cause its Affiliates and licensees to, distribute, market,
promote, offer for sale and sell Licensed Products only outside the Licensed Territory. Eyenovia shall not, and shall not permit
its Affiliates or licensees to, distribute, market, promote, offer for sale or sell Licensed Products (i) to any Person other
than outside the Licensed Territory or (ii) to any Person that Eyenovia or its Affiliates or licensees, as applicable, knows
(A) is likely to distribute, market, promote, offer for sale or sell Licensed Products for use in the Licensed Territory
or assist another Person to do so, or (B) has directly or indirectly distributed, marketed, promoted, offered for sale or
sold Licensed Products for use in the Licensed Territory or assisted another Person to do so. If Eyenovia or its Affiliates or
licensees receives any orders for Licensed Products for use in the Licensed Territory, it shall promptly refer such orders to
Bausch Health.

 

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ARTICLE
VI

Intellectual Property Ownership,

Protection, and Related Matters

 

6.1             
Inventorship; Ownership.

 

(a)              
Inventorship. Inventorship of Improvements conceived or reduced to practice during the course of the performance
of activities pursuant to this Agreement shall be determined in accordance with the patent Laws of the United States.

 

(b)              
Ownership. As between the Parties, all Improvements made or created by a Party’s or any of its Affiliates’
employees, independent contractors, or consultants, in the course of conducting activities under this Agreement, together with
all Intellectual Property Rights therein, shall be owned by such Party. Subject to Section 3.2(d), all Improvements made or created
jointly by each Party’s (or any of its Affiliates’) employees, independent contractors, or consultants, in the course
of conducting activities under this Agreement, together with all Patent Rights therein (“Joint Patent Rights”),
shall be jointly owned by the Parties and are “Joint IP”. Joint IP shall be owned jointly by Eyenovia and Bausch
Health on the basis of an undivided interest without a duty to account to the other Party and shall be deemed to be Controlled
by each Party. Notwithstanding anything to the contrary herein, each Party shall have the right to use such Joint IP, or license
such Joint IP to its Affiliates or any Third Party, or sell or otherwise transfer its interest in such Joint IP to its Affiliates
or a Third Party, in each case without the consent of the other Party, so long as such use, sale, license, or transfer is subject
to the licenses granted pursuant to this Agreement and is otherwise consistent with this Agreement. Each Party hereby authorizes
and grants the other Party its permission and consent to assume, directly or through its authorized agents, attorneys, or representatives,
the responsibilities set forth in Section 6.2.

 

6.2             
Prosecution and Maintenance of Patent Rights.

 

(a)              
Licensed Patent Rights in the Licensed Territory. Eyenovia shall have the obligation to file, prosecute, and maintain
the Licensed Patent Rights and Joint Patent Rights in the Licensed Territory, at Eyenovia’s expense. Eyenovia shall keep
Bausch Health reasonably informed of the status of such Licensed Patent Rights and Joint Patent Rights in the Licensed Territory
and shall consult with Bausch Health on the prosecution strategy for such Licensed Patent Rights and Joint Patent Rights in the
Licensed Territory and shall consider Bausch Health’s reasonable comments. Eyenovia shall promptly provide Bausch Health
with all material correspondence received from any patent authority in the Licensed Territory in connection with respect to any
Licensed Patent Rights or Joint Patent Rights and shall promptly provide Bausch Health with drafts of all proposed material filings
and correspondence to any patent authority in the Licensed Territory with respect to any such Licensed Patent Rights or Joint
Patent Rights for Bausch Health’s review and comment prior to the submission of such proposed filings and correspondences
and shall use reasonable efforts to incorporate Bausch Health’s reasonable comments.

 

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(b)              
Eyenovia shall not be permitted to decline to file, prosecute, or maintain any Licensed Patent Rights or Joint Patent Rights
in any country of the Licensed Territory, or allow any Licensed Patent Rights or Joint Patent Rights to lapse in any country of
the Licensed Territory, without the prior written consent of Bausch Health. If Bausch Health does provide its consent and Eyenovia
declines to file, prosecute, or maintain any Licensed Patent Rights or Joint Patent Rights in any country of the Licensed Territory,
or desires to allow any Licensed Patent Rights or Joint Patent Rights to lapse in any country of the Licensed Territory, then:

 

(i)               Eyenovia
shall provide Bausch Health with reasonable written notice of such decision so as to permit Bausch Health to decide whether to
file, prosecute, or maintain such Licensed Patent Rights or Joint Patent Rights in the Licensed Territory and to take any necessary
action.

 

(ii)             
Following notice from Eyenovia pursuant to Section 6.2(b)(i), Bausch Health may, by providing prompt written notice thereof
to Eyenovia, assume control of the filing, prosecution, and/or maintenance of such Licensed Patent Rights or Joint Patent Rights
in the name of the owner(s) of such Licensed Patent Rights or Joint Patent Rights, at Bausch Health’s expense.

 

(c)              
Licensed Patent Rights outside the Licensed Territory. Eyenovia shall have the sole right to file, prosecute, and
maintain Licensed Patent Rights outside the Licensed Territory, at its expense. Bausch Health shall have no right to be consulted
or comment on filings outside the Licensed Territory, unless such filings would reasonably be likely to give rise to substantive
arguments, comments, or remarks that could reasonably be seen as impacting the Infringement Claims, Defenses or Licensed Patent
Rights in the Licensed Territory.

 

(d)              
Patent Term Extensions. Bausch Health may, in consultation with Eyenovia, select which, if any, Licensed Patent
Rights for which a Patent Term Extension is to be sought or obtained with respect to the Licensed Products in the Licensed Territory.

 

6.3             
Patent Marking. If permitted, Eyenovia shall, and shall cause its Affiliates, distributors, and licensees,
to: (a) mark the Licensed Products (and any other products covered by the Licensed Patents) with the number of each issued patent
under the Licensed Patent Rights that apply to the Licensed Product or such other product; and (b) comply with the patent marking
statutes in each country in which the Licensed Products or such other products are Manufactured.

 

6.4             
Third Party Infringement.

 

(a)              
Notice. Each Party shall promptly provide the other Party with written notice reasonably detailing any known
or alleged infringement by a Third Party of any Licensed Patent Rights in the Licensed Territory, and of any declaratory judgment,
opposition, or similar action alleging the invalidity, unenforceability, or non-infringement of any such Licensed Patent Rights
(collectively “Third Party Infringement”) in the
Licensed Territory.

 

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(b)              
 Enforcement. Eyenovia shall have the first right to determine and control a course of action designed to curtail
such Third Party Infringement, whether legal or commercial in the Licensed Territory, in connection with the Third Party Infringement,
at its own expense, as it reasonably determines appropriate; provided that, in all cases, Eyenovia shall consult with Bausch Health
prior to taking any material action and shall consider Bausch Health’s reasonable comments in making a determination to
commence such material action and in its strategy with respect to such material action. In the event such course of action includes
litigation, Eyenovia shall keep Bausch Health reasonably informed (and shall consult with Bausch Health and shall consider Bausch
Health’s reasonable comments) as to any legal or commercial courses of action it pursues pursuant to this Section 6.4(b).
In addition, in the event such course of action includes litigation, at the reasonable request of Eyenovia, Bausch Health shall
be obligated to join as a party to such proceedings, to be represented by Eyenovia’s counsel (other than to the extent that
Bausch Health cannot reasonably be jointly represented by Eyenovia’s counsel because of a conflict that leaves Bausch Health
without representation and requires that Bausch Health obtain its own counsel). If Bausch Health elects to engage its own counsel,
it shall have the right to do so, at its sole cost, provided that, if Bausch Health engages its own counsel at the request of
Eyenovia or because of a conflict, the reasonable fees and related costs of one such separate counsel as such separate counsel
is reasonably approved by Eyenovia shall be reimbursed by Eyenovia. At the request of Eyenovia, Bausch Health shall provide reasonable
assistance to Eyenovia in connection therewith, including by executing reasonably appropriate documents and cooperating in discovery.
Any recoveries resulting from such an action relating to a claim of Third Party Infringement first shall be applied to reimburse
the Parties’ costs in connection with the Third Party Infringement, with the balance retained by Bausch Health and deemed
Net Sales for the purpose of calculating the split of Gross Profits due to Eyenovia pursuant to Section 7.3.

 

(c)              
Nothing herein shall restrict Bausch Health, at its own expense, from exercising any right to bring proceedings against
any Third Party in the event that Eyenovia elects not to pursue an alleged Third Party Infringement, in which case any recoveries
resulting from such an action relating to a claim of Third Party Infringement first shall be applied to reimburse the Parties’
costs in connection with the Third Party Infringement, with the balance retained by Bausch Health and deemed Net Sales for the
purpose of calculating the split of Gross Profits due to Eyenovia pursuant to Section 7.3; provided that, to the extent the Third
Party Infringement relates to a Licensed Patent covering the Device (other than a Third Party Infringement involving a Generic
Product of the Licensed Product), then Bausch Health shall be entitled to retain [ ]% of such balance (and such amounts will not
be deemed Net Sales). At the request of Bausch Health, Eyenovia shall provide reasonable assistance to Bausch Health in connection
therewith, including by executing reasonably appropriate documents, cooperating in discovery, and joining as a party to the action.
In the event that Eyenovia elects not to pursue an alleged Third Party Infringement and Bausch Health elects to pursue such Third
Party Infringement, then Eyenovia covenants that it will not (and will direct its Affiliates, directors, officers, employees,
licensees and sublicensees not to) sue or otherwise seek damages or other recourse from Bausch Health (or its affiliates and its
and their officers, directors, employees or advisors) in connection with Bausch Health’s conduct of any proceedings involving
such Third Party Infringement and/or any losses, costs, damages, fees, or expenses incurred by Eyenovia as a result of such Third
Party Infringement or the result thereof, provided that, this sentence shall not limit Eyenovia’s rights to reimbursement
of its costs in connection with the Third Party Infringement as set forth in this Section.

 

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6.5             
 Defense of Infringement Claims.

 

(a)              
If a Party becomes aware of any actual or potential claim alleging that the actual or planned Development, Manufacture
or Commercialization of the Licensed Product in the Licensed Territory infringes, misappropriates, or otherwise violates any Intellectual
Property Rights of a Third Party (or would if carried out) (each, an “Infringement Claim”), then such Party
will notify the other Party as promptly as possible following the receipt of service of process in such action, suit, or proceeding,
or the date on which such Party becomes aware that such action, suit, or proceeding has been instituted.

 

(b)              
Defense. As between the Parties, Eyenovia shall have the first right to defend against any such Infringement Claim
(irrespective of whether such Infringement Claim was brought against Bausch Health, Eyenovia or any of their respective Affiliates,
subcontractors, suppliers, licensors, (sub-)licensees or customers), including directing all aspects, stages, motions, and proceedings
of litigation, as well as bringing any counter-claims against the Infringement Claim (collectively, “Defense”).

 

(c)              
The Parties shall cooperate in relation to any such Defense as follows:

 

(i)                Prior
to undertaking any action of Defense, Eyenovia shall notify Bausch Health in writing and shall, upon Bausch Health’s request,
discuss with Bausch Health in good faith the applicable Infringement Claim and the Defense strategy Eyenovia wishes to pursue;

 

(ii)             
Eyenovia shall give due consideration to Bausch Health’s comments with respect to any items discussed pursuant to
Section 6.5(c)(i) above, but shall have the final decision-making authority on all aspects of such Defense;

 

(iii)             
If Eyenovia decides to undertake a Defense after giving due consideration to Bausch Health’s comments, Eyenovia shall
control the Defense against the Infringement Claim;

 

(iv)            
Eyenovia shall keep Bausch Health reasonably informed of all material developments in connection with any such Infringement
Claim or Defense, including providing Bausch Health with copies of draft and filed filings, motions, pleadings and other material
submissions and communications (including oral communications) with the relevant judicial authority relating to such Infringement
Claim or Defense, sufficiently in advance, where reasonable, for Bausch Health to comment on such Infringement Claim or such Defense;

 

(v)               Eyenovia
shall give due consideration to Bausch Health’s comments with respect to the Infringement Claim or the Defense given under
Section 6.5(c)(iv) above, but shall have the final decision-making authority as to whether to incorporate such comments;

 

(vi)            
Upon Eyenovia’s request, Bausch Health shall cooperate in any such Defense, including, if requested by Eyenovia,
by being joined as a party and hereby agrees to be joined;

 

(vii)            
Eyenovia shall not enter into a settlement that imposes a financial obligation upon Bausch Health or any of its Affiliates,
subcontractors, suppliers, licensors or (sub- )licensees or which limits any of their rights in any Licensed IP without Bausch
Health’s prior written consent, and in any such settlement Eyenovia shall always take into consideration the interest of
Bausch Health; and

 

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(viii)       
Bausch Health shall be jointly represented in any Defense by Eyenovia’s counsel (such counsel to be mutually agreed
upon by both Parties, acting reasonably and in good faith, provided that, if the Parties are unable to agree on a counsel, Eyenovia
shall have the right to appoint such counsel); provided that Bausch Health has the right to be represented in any Defense by its
own counsel, at its sole cost; provided that if Bausch Health cannot reasonably be jointly represented by Eyenovia’s counsel
because of a conflict that leaves Bausch Health without representation and requires Bausch Health to obtain its own counsel, subject
to Eyenovia’s reasonable approval of such counsel, in which case the reasonable attorney fees and costs for Bausch Health
shall be reimbursed by Eyenovia.

 

(d)              
Nothing herein shall restrict Bausch Health, at its own expense, from exercising any right to defend against any such Infringement
Claim in the event that Eyenovia elects not to defend any Infringement Claim. In the event that Eyenovia elects not to defend
an Infringement Claim and Bausch Health elects to defend such Infringement Claim, then Eyenovia covenants that it will not (and
will direct its Affiliates, directors, officers, employees, licensees and sublicensees not to) sue or otherwise seek damages or
other recourse from Bausch Health (or its affiliates and its and their officers, directors, employees or advisors) in connection
with Bausch Health’s conduct of any Defense of such Infringement Claim and/or any losses, costs, damages, fees, or expenses
incurred by Eyenovia as a result of such Infringement Claim or its Defense or the result thereof, provided that, this sentence
shall not limit Eyenovia’s rights to reimbursement of its costs in connection with an Infringement Claim in accordance with
Section 6.5(e).

 

(e)              
All monies recovered upon the final judgment or settlement of any Infringement Claim or Defense shall accrue to Bausch
Health and shall first be allocated to reimburse the Parties for their respective costs and expenses in making such recovery (other
than those costs and expenses expressly required to be paid by a Party itself). Any remainder after such reimbursement shall be
regarded as Net Sales for the purposes of Section 7.3; provided that, where Bausch Health has exercised its right to defend any
such Infringement Claim, to the extent the Infringement Claim relates to the Device (other than an Infringement Claim involving
a Generic Product of the Licensed Product), Bausch Health shall be entitled to retain [ ]% of any such remainder (and such amounts
will not be deemed Net Sales).

 

6.6             
Third Party Licenses.

 

(a)              
If Bausch Health or its Affiliates or sublicensees are subject to any claim or proceeding (including an Infringement Claim)
and Bausch Health (after consultation with Eyenovia) in good faith reasonably believes that it is necessary to obtain a license
under any Patent Rights or Know-How of a Third Party that would be infringed or be deemed misappropriated or otherwise violated
by the Development, Manufacture, or Commercialization of the Licensed Products in the Licensed Field in the Licensed Territory
(including as a result of a decision by the applicable court or arbiter that such Third Party Intellectual Property Rights have
been infringed), then Bausch Health shall have the right to negotiate and execute a license agreement (a “Third Party
License”). The mere existence of a claim or proceeding alone shall not constitute the basis for a good faith, reasonable
belief of Bausch Health that such Third Party License is required; provided that Bausch Health may consider, among other things,
the merits of such claim and/or the relative economic benefit of pursuing a proceeding or obtaining a license.

 

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(b)              
Without limiting Bausch Health’s rights under Article IX and notwithstanding any other provision of this Agreement,
Bausch Health shall be entitled to deduct up to [ ] ([ ]%]) of the damages, royalties, milestone payments, or other payments paid
or payable to such Third Party in respect of such claim or proceeding or pursuant to such Third Party License from the royalties
and milestone payments payable by Bausch Health to Eyenovia hereunder; provided that, in no event shall any royalties, milestone
payments or other payments payable by Bausch Health to Eyenovia hereunder be reduced by more than [ ] ([ ]%) (the “Floor”).
Notwithstanding the foregoing sentence, the Floor shall not apply to the extent such damages, royalties, milestone payments, or
other payments paid or payable to such Third Party in respect of such claim or proceeding or pursuant to such Third Party License
relate to Patent Rights or Know-How of a Third Party that would be infringed or be deemed misappropriated or otherwise violated
by the Development, Manufacture, or Commercialization of the Device itself, [ ]. Any damages, royalties, milestone payments, or
other payments paid or payable to such Third Party which cannot be deducted in accordance with this Section 6.6 in a given Calendar
Quarter shall be carried forward and Bausch Health shall be entitled to deduct such amounts from payments to Eyenovia in future
Calendar Quarters in accordance with this Section 6.6(b).

 

ARTICLE
VII

 

Financial Provisions

 

7.1             
License Fee. In partial consideration of the rights granted to Bausch Health hereunder, within three (3)
Business Days following the Effective Date, Bausch Health shall pay to Eyenovia, via electronic wire transfer in immediately available
funds, a one-time, non-creditable, non-refundable license fee of Ten Million U.S. Dollars (US $10,000,000).

 

7.2             
Milestone Payments.

 

(a)              
Bausch Health shall pay Eyenovia the following non-refundable, non-creditable, one (1)-time milestone payments after the
first achievement by Bausch Health, its Affiliates, or its sublicensees of the corresponding milestone events set forth below:

 

	Development Milestone Event	Milestone
    Payment
	[  ]	US $[  ]
	[  ]	US $[  ]

 

(b)              
Notwithstanding any other provision of this Agreement, none of the payments listed in this Section 7.2, shall be payable
more than once, and, subject to the foregoing, each shall be payable at the first achievement of a milestone event for a Licensed
Product and shall not be payable again if subsequently another Licensed Product achieves the same milestone event.

 

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(c)              
 Bausch Health shall pay to Eyenovia, by wire transfer to an account designated by Eyenovia, any milestone payment(s) required
under Section 7.2 within [ ] ([ ]) [ ] after the end of any Calendar Quarter in which the corresponding milestone event(s) is
achieved.

 

7.3             
Gross Profit Split.

 

(a)              
During the Gross Profit Split Term, with respect to each Calendar Year, Bausch Health shall pay to Eyenovia a portion of
the Annual Gross Profit for such Calendar Year based on the following percentages:

 

	Annual Gross Profits of Licensed
    Products	Split
    of Gross Profits Payable to Eyenovia
	[  ]	[  ]%
	[  ]	[  ]%
	[  ]	[  ]%

 

For clarity, each gross profit rate set
forth in the table immediately above shall only be applied to the Annual Gross Profits within the applicable gross profit split
range. For example, Gross Profit split due to Eyenovia for Annual Gross Profits of $[ ] would be calculated as follows:

 

	Royalty =	$[  ] * [  ]  =	$[  ]
	 	$[  ] * [  ]  =	$[  ]
	 	$[  ] * [  ]  =	$[  ]
	 	 	$[  ]

 

(b)              
Negative Gross Profit. In the event that, in any Calendar Quarter, there is applicable Negative Gross Profit, then,
in calculating the Gross Profit in subsequent Calendar Quarter(s), the Gross Profit for such subsequent Calendar Quarter shall
be reduced by an amount equal to any applicable Negative Gross Profit that has not been previously applied to reduce Gross Profit.

 

(c)              
Gross Profit Split Term. On a country-by-country and Licensed Product-by-Licensed Product basis, Bausch Health shall
make the payments under Section 7.3(a) on the Gross Profit of such Licensed Product in such country in the Licensed Territory
during the period of time beginning on the First Commercial Sale of such Licensed Product in such country in the Licensed Territory
and ending on the later of (i) the date of expiration of the last Valid Claim of the Licensed Patent Rights that Covers such Licensed
Product in such country in the Licensed Territory, and (ii) ten (10) years after First Commercial Sale of such Licensed Product
in such country in the Licensed Territory (the “Gross Profit Split Term”). Notwithstanding the foregoing, in
the event that the Gross Profit Split Term continues in a country solely due to Section 7.3(c)(ii) (i.e., in such country
the Licensed Product is no longer Covered by a Valid Claim of the Licensed Patent Rights), then the portion of the Gross Profit
in such country for such Licensed Product payable by Bausch Health to Eyenovia under Section 7.3(a) shall be reduced by [ ] ([
]%). Upon the expiration of the Gross Profit Split Term with respect to a Licensed Product in a country in the Licensed Territory,
the licenses granted by Eyenovia to Bausch Health pursuant to Section 2.1 shall be deemed to be fully paid-up, perpetual, and
irrevocable with respect to such Licensed Product in such country.

 

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(d)              
Launch of Generic Product. Upon the launch of a Generic Product to a Licensed Product in any country in the Licensed
Territory, the Gross Profit Split Term for such Licensed Product in such country in the Licensed Product shall [ ].

 

7.4             
Gross Profit Reports; Payment.

 

(a)              
Commencing with the First Commercial Sale of the Licensed Product in the Licensed Territory, within [ ] ([ ]) [ ]] after
the end of each Calendar Quarter, Bausch Health shall deliver to Eyenovia a written report setting forth in reasonable detail,
the calculation of (a) the aggregate Net Sales achieved for Licensed Products in such Calendar Quarter (including a description
of invoiced gross sales prices and all deductions), (b) the aggregate Gross Profit for such Licensed Products for such Calendar
Quarter, including a calculation of COGS, for such Calendar Quarter, (c) any Negative Gross Profit applied during such Calendar
Quarter, and (d) the calculation of the portion of the Gross Profit owing by Bausch Health to Eyenovia pursuant to Section 7.3
for such Calendar Quarter.

 

(b)              
Payments of the applicable Gross Profit split shall be made by Bausch Health, on a quarterly basis, to the bank account
indicated by Eyenovia within [ ] ([ ]) [ ] after the end of the applicable Calendar Quarter.

 

7.5             
Financial Records. Bausch Health shall maintain, and shall ensure that its Affiliates maintain, records, in sufficient
detail to support calculations, which shall be complete and accurate and shall fully and properly reflect all Net Sales, Cost
of Goods and Gross Profits (and Negative Gross Profits) indicated in the quarterly reports described in Section 7.4(a). Bausch
Health will maintain such records for at least [ ] ([ ]) [ ] following the end of the Calendar Year to which they pertain. Such
books of accounts shall be kept at the principal place of business of the financial personnel with responsibility for preparing
and maintaining such records. With respect to Gross Profit split, such records shall be in sufficient detail to support calculations
of the split of Gross Profit due to Eyenovia. The provisions of this Section 7.5 shall survive the expiration or termination of
this Agreement for [ ] ([ ]) [ ].

  

7.6             
Audit Rights. Upon reasonable written request of Eyenovia, no more than once per Calendar Year, Bausch Health shall
make all records reasonably necessary to verify the accuracy of its reports pursuant to Section 7.4(b) for up to the [ ] ([ ])
[ ] immediately prior to the date of such request available for inspection by an independent auditor of an internationally recognized
auditing firm during standard business hours, selected by Eyenovia and agreed to by Bausch Health, acting reasonably. The same
records may not be audited more than once pursuant to this Section 7.6. If the auditor concludes that additional amounts were
owed by Bausch Health to Eyenovia during the audited period, then Bausch Health shall pay any such additional amounts to Eyenovia
within [ ] ([ ]) [ ] after delivery of the audit report (subject to the right of Bausch Health to dispute such findings), plus
interest thereon at the Interest Rate from the time such payment was due. If the auditor concludes that amounts were overpaid
by Bausch Health to Eyenovia during the audited period, then Eyenovia shall repay such overpaid amounts within [ ] ([ ]) [ ] after
delivery of the audit report (subject to the right of Eyenovia to dispute such findings). Eyenovia shall pay all audit expenses,
provided, however, that in the event the audit reveals a greater than [ ] ([ ]%) payment shortfall in the amounts owed to Eyenovia
by Bausch Health during the relevant period, Bausch Health shall be responsible for the reasonable costs of the audit. Eyenovia
shall treat all financial information subject to review under this Section 7.6 as confidential and shall cause its accounting
firm to retain all such financial information in confidence under Article 11 below. The provisions of this Section 7.6 shall survive
the expiration or termination of this Agreement for [ ] ([ ]) [ ].

 

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7.7             
Tax Matters. The royalties, milestones, and other amounts payable by Bausch Health to Eyenovia pursuant to this
Agreement (“Payments”) shall not be reduced on account of any taxes unless required by Law. Eyenovia alone
shall be responsible for paying any and all taxes (other than withholding taxes required by Law to be deducted and paid on Eyenovia’s
behalf by Bausch Health) levied on account of, or measured in whole or in part by reference to, any Payments it receives. The
Parties will cooperate in good faith to obtain the benefit of any relevant tax treaties to minimize as far as reasonably possible
any taxes which may be levied on any Payments. Bausch Health shall deduct or withhold from the Payments any taxes that it is required
by Law to deduct or withhold. Notwithstanding the foregoing, if Eyenovia is entitled under any applicable tax treaty to a reduction
of the rate of, or the elimination of, applicable withholding tax, it may deliver to Bausch Health or the appropriate Governmental
Authority (with the assistance of Bausch Health to the extent that this is reasonably required and is expressly requested in writing)
the prescribed forms necessary to reduce the applicable rate of withholding or to relieve Bausch Health of its obligation to withhold
tax, and Bausch Health shall apply the reduced rate of withholding tax, or dispense with withholding tax, as the case may be;
provided, that Bausch Health has received evidence of Eyenovia’s delivery of all applicable forms (and, if necessary, its
receipt of appropriate governmental authorization) at least [ ] ([ ]) [ ] prior to the time that the Payment is due. If, in accordance
with the foregoing, Bausch Health withholds any amount, it shall make timely payment to the proper taxing authority of the withheld
amount, and send to Eyenovia proof of such payment within [ ] ([ ]) [ ] following that latter payment.

 

7.8             
Currency Exchange. All payments under this Agreement shall be payable in United States Dollars. When conversion
of payments from any foreign currency is required to be undertaken by Bausch Health, the United States or Canadian Dollar equivalent
shall be calculated using Bausch Health’s then-current standard exchange rate methodology as applied in its external reporting.

 

7.9             
Late Payments. A paying Party shall pay interest to the other Party on the aggregate amount of any payments
that are not paid on or before the date such payments are due under this Agreement at the Interest Rate, calculated on the number
of days such payments are paid after the date such payments are due; provided, that with respect to any disputed payments,
no interest payment shall be due until such dispute is resolved and the interest which shall be payable thereon shall be based
on the finally-resolved amount of such payment, calculated from the original date on which the disputed payment was due through
the date on which payment is actually made.

 

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7.10         
Third Party Agreements. Notwithstanding anything to the contrary in this Agreement, Eyenovia shall remain solely
responsible for the payment of royalty, milestone, and other payment obligations, if any, due to Third Parties in connection with
any Licensed IP which has been licensed or sublicensed to Eyenovia and is sublicensed to Bausch Health under this Agreement (collectively,
the “Licensor Third Party Obligations”). All such payments in respect of the Licensor Third Party Obligations
shall be made promptly by Eyenovia in accordance with the terms of its agreements with the applicable Third Parties (collectively,
all such agreements, the “Licensor Third Party Agreements”). Without limiting Eyenovia’s obligations
hereunder, in the event that Eyenovia threatens to fail to pay or fails to pay any Licensor Third Party Obligation, or a Third
Party otherwise threatens to either terminate or diminish the scope or exclusivity of any licenses or rights under any Licensor
Third Party Agreement in a manner which would terminate or diminish the scope or exclusivity of the licenses granted to Bausch
Health under any Licensed IP, Bausch Health shall have the right, but not the obligation, to pay such Licensor Third Party Obligation
directly, and/or negotiate and acquire such rights through a direct license, and in any such case, to deduct from the royalty
and milestone payments due to Eyenovia with respect to the Licensed Products hereunder, [ ] ([ ]%) of the amounts paid (including
milestone payments, royalties, or other license fees) by Bausch Health to such Third Party.

 

ARTICLE
VIII

Term and Termination

 

8.1             
Agreement Term. The term of this Agreement shall commence on the Effective Date and shall remain in full force for
an unlimited period of time until terminated in accordance with Section 8.2 (the “Term”).

 

8.2             
Termination.

 

(a)              
Termination for Convenience. Bausch Health shall have the right to terminate this Agreement, in its entirety or
on a country-by-country basis, for convenience upon ninety (90) days’ prior written notice to Eyenovia.

 

(b)              
Termination for Material Breach. If either Party (the “Non-Breaching Party”) believes that the
other Party (the “Breaching Party”) is in material breach of this Agreement, then the Non-Breaching Party may
deliver notice of such material breach to the Breaching Party. If the Breaching Party fails to cure such material breach, or take
such steps as would be considered reasonable to effectively cure such material breach, within the sixty (60)-day period after
delivery of such notice, the Non-Breaching Party may terminate this Agreement in its entirety.

 

(c)              
Material Breach Specific to a Country. Notwithstanding anything to the contrary set forth in Section 8.2(b), if
the Breaching Party can reasonably establish that the material breach is limited to, and only has an impact on, Canada, then the
Non-Breaching Party shall only be entitled to terminate this Agreement with respect to Canada and the termination of the Agreement
with respect to Canada shall not impact the Breaching Party’s rights in the United States.

 

(d)              
Termination Disputes. If the Non-Breaching Party gives notice of termination under Section 8.2(b), and the Breaching
Party disputes whether such notice was proper, then the issue of whether or not this Agreement was properly terminated shall be
resolved in accordance with Article XII, and the Agreement shall remain in full force and effect until such dispute is resolved.
If, as a result of such dispute resolution process, it is determined that the notice of termination was proper, then such termination
shall be deemed to be effective on the date on which such notice was first provided. On the other hand, if as a result of the
dispute resolution process it is determined that the notice of termination was improper, then no termination shall have occurred
and this Agreement shall remain in full force and effect.

 

    34

     

    

 

(e)              
Bankruptcy Event. Either Party may terminate this Agreement in its entirety, on written notice to the other Party,
upon the occurrence of a Bankruptcy Event of such other Party.

 

8.3             
Effects of Termination.

 

(a)              
Upon termination of this Agreement in its entirety by Bausch Health in accordance with Section 8.2(a) or by Eyenovia in
accordance with Section 8.2(b) or 8.2(e):

 

(i)                
all licenses granted by Eyenovia to Bausch Health hereunder shall terminate and Bausch Health shall not have any rights
to use or exercise any rights under the Licensed IP;

 

(ii)              
all licenses granted by Bausch Health to Eyenovia hereunder shall terminate and Eyenovia shall not have any rights to use
or exercise any rights under the Know-How Controlled by Bausch Health;

 

(iii)             
Bausch Health shall be released from its Development and Commercialization obligations hereunder;

 

(iv)            
Bausch Health shall provide to Eyenovia a fair and accurate summary report of the status of the Development and Commercialization
of the Licensed Products through the effective date of termination within [ ] ([ ]) [ ] after such termination;

 

(v)              
Bausch Health shall as soon as reasonably practicable transfer and assign to Eyenovia all Regulatory Documentation and
other documented technical and other information or materials Controlled by Bausch Health or its Affiliates, in each case, to
the extent solely related to the Licensed Product and necessary for Developing, Manufacturing, or Commercializing the Licensed
Product in the Licensed Field in the Licensed Territory; provided, that Bausch Health may retain a copy of such items for
its records. Within [ ] ([ ]) [ ] after Eyenovia’s receipt of an invoice therefor, Eyenovia shall reimburse Bausch Health
for Bausch Health’s and its Affiliates’ reasonable out-of-pocket costs incurred in connection with such transfers
and assignment;

 

(vi)             
Eyenovia shall have the option, exercisable within [ ] ([ ]) [ ] following the effective date of such termination, to obtain
Bausch Health’s inventory of Licensed Product at a price equal to [ ] ([ ]%) of Bausch Health’s costs for such inventory
of Licensed Product(s). Eyenovia may exercise such option by written notice to Bausch Health during such [ ] ([ ]) [ ] period;
provided, that in the event Eyenovia exercises such right to purchase such inventory, Bausch Health shall grant, and hereby
does grant, a royalty-free right and license to any trademarks, names, and logos of Bausch Health contained therein for a period
of [ ] ([ ]) [ ] solely to permit the orderly sale of such inventory; and provided further that, in the event that Eyenovia
does not exercise its right to obtain all of Bausch Health’s inventory of Licensed Product, Bausch Health shall be permitted
to continue selling its and its Affiliates’ inventory of Licensed Products existing on the termination effective date in
accordance with this Agreement for a maximum period of [ ] ([ ]) [ ] (in which case all terms and conditions of this Agreement,
including Bausch Health’s obligation to report and pay royalties, shall continue to apply to such continued sale);

 

    35

     

    

 

(vii)            
any and all sublicense agreements entered into by Bausch Health or any of its Affiliates with a sublicensee pursuant to
this Agreement shall survive the termination of this Agreement, except to the extent that any such sublicensee under any sublicense
is in material breach of this Agreement or such sublicense or Eyenovia elects to grant such sublicensee a direct license of the
sublicensed rights on the same terms applicable to Bausch Health under this Agreement. Bausch Health shall, at the request of
Eyenovia, assign any such sublicense (to the extent not terminated pursuant to the preceding sentence) to Eyenovia or its Affiliates
and, upon such assignment, Eyenovia or its Affiliates, as applicable, shall assume such sublicense, as applicable, provided
that at Eyenovia’s request, Bausch Health shall promptly provide to Eyenovia copies of each such sublicense for purposes
of Eyenovia’s determining whether to instruct Bausch Health to assign such sublicense to Eyenovia or its Affiliates. For
clarity, any sublicense agreement entered into by Bausch Health with any of its Affiliates shall terminate upon the termination
of this Agreement; and

 

(viii)           
Bausch Health shall, and shall cause its Affiliates and sublicensees to, reasonably cooperate with Eyenovia to facilitate
the orderly transition of the Development, Manufacture and Commercialization of Licensed Products
to Eyenovia.

 

(b)              
Upon termination of this Agreement by Bausch Health in its entirety in accordance with Section 8.2(b) or Section 8.2(e):

 

(i)                
all rights and licenses granted by Bausch Health to Eyenovia hereunder, if any, shall terminate;

 

(ii)              
Bausch Health shall be released from its Development and Commercialization obligations;

 

(iii)             
the license granted to Bausch Health pursuant to Section 2.1 shall remain in effect and shall become perpetual [ ] [ ]
([ ]%) [ ]; and

 

(iv)             
Bausch Health’s rights and Eyenovia’s obligations pursuant to Sections 6.2, 6.4, 6.5 and 6.6. shall survive.

 

(c)              
In the case of a termination of a country only, the terms of Sections 8.3(a) or 8.3(b), as the case may be, shall apply
only to such terminated country, mutatis mutandis.

 

    36

     

    

 

(d)              
Survival. Sections 6.1(a) (Inventorship), 6.1 (b) (Ownership), 7.3 (Gross Profit Split) (but
solely to the extent relating to the sale of Licensed Product prior to the expiration or termination of the Agreement and during
any sell-off period under Section 8.3(a)(vi)), 7.4 (Gross Profit Split; Payment) (but solely to the extent relating to
the sale of Licensed Product prior to the expiration or termination of the Agreement and during any sell-off period under Section
8.3(a)(vi)), 7.5 (Financial Records), 7.6 (Audit Rights), 7.7 (Tax Matters), 7.8 (Currency Exchange),
7.9 (Late Payments), 7.10 (Third Party Agreements), 8.2 (d) (Termination Disputes), 8.3 (Effect of Termination),
12.6 (Dispute Resolution Process), 12.7 (Arbitration), 12.8 (Injunctive Relief) and 12.9 (Continuation
of Rights) and Article I (Definitions), Article IX (Indemnification; Limitation of Liability), Article XI (Confidentiality)
and Article XIII (Miscellaneous) shall survive termination or expiration (in accordance with Section 8.1 (Agreement
Term) of this Agreement). Termination of this Agreement will not relieve either Party of any liability that accrued hereunder
prior to the effective date of such termination nor preclude either Party from pursuing all rights and remedies it may have hereunder
or at law or in equity with respect to any breach of this Agreement.

 

(e)              
Remedies. Termination of this Agreement shall be in addition to, and shall not prejudice, the Parties’ remedies
at law or in equity, including the Parties’ ability to receive legal damages and/or equitable relief with respect to any
breach of this Agreement (including a breach of a representation or warranty set forth in Article X), regardless of whether or
not such breach was the reason for the termination.

 

ARTICLE
IX

Indemnification; Limitation of Liability

 

9.1             
By Bausch Health.

 

(a)              
Bausch Health agrees, at Bausch Health’s cost and expense, to defend, indemnify, and hold harmless Eyenovia and its
Affiliates and their respective directors, officers, employees, and agents (the “Eyenovia Indemnified Parties”)
from and against any losses, costs, damages, fees, or expenses (including reasonable attorneys’ fees and amounts paid in
settlement) arising out of any Third Party claim (“Losses”) to the extent relating to: (a) any breach by Bausch
Health of any of its representations, warranties, or obligations pursuant to this Agreement, (b) the fraud, gross negligence or
willful misconduct of Bausch Health, and (c) the Development, Manufacture, or Commercialization by Bausch Health, its Affiliates,
or its sublicensees of the Licensed Product in the Licensed Field in the Licensed Territory.

 

(b)              
In the event of any such claim against the Eyenovia Indemnified Parties by any Third Party, Eyenovia shall promptly, and
in any event within [ ] ([ ]) [ ], notify Bausch Health in writing of the claim. Bausch Health shall have the right, exercisable
by notice to Eyenovia within [ ] ([ ]) [ ] after receipt of notice from Eyenovia of the claim, to assume direction and control
of the defense, litigation, settlement, appeal, or other disposition of the claim (including the right to settle the claim solely
for monetary consideration) with counsel selected by Bausch Health and reasonably acceptable to Eyenovia; provided, that
the failure to provide timely notice of a claim by a Third Party shall not limit an Eyenovia Indemnified Party’s right for
indemnification hereunder except to the extent such failure results in actual prejudice to Bausch Health, and provided, further
that before entering into a settlement, Bausch Health shall provide Eyenovia with a bond, or other evidence reasonably satisfactory
to Eyenovia that Bausch Health has readily available funds, in either case in an amount sufficient to indemnify Eyenovia in full
promptly thereafter. The Eyenovia Indemnified Parties shall cooperate with Bausch Health and may, at their option and expense,
be separately represented in any such action or proceeding. Bausch Health shall not be liable for any litigation costs or expenses
incurred by the Eyenovia Indemnified Parties without Bausch Health’s prior written authorization. In addition, Bausch Health
shall not be responsible for the indemnification or defense of any Eyenovia Indemnified Party to the extent arising from any negligent
or intentional acts by any Eyenovia Indemnified Party or the breach by Eyenovia of any representations, warranties, or obligations
under this Agreement, or any claims compromised or settled without its prior written consent.

 

    37

     

    

 

(c)              
Notwithstanding anything to the contrary above, (i) in the event of any such claim against the Eyenovia Indemnified Parties
by a governmental or criminal action seeking an injunction against Eyenovia, Eyenovia shall have the right to control the defense,
litigation, settlement, appeal, or other disposition of the claim at Bausch Health’s expense or (ii) if at the time that
a claim for which indemnification may be sought under this Section 9.2, or at any time thereafter prior to the final resolution
of such claim, a Bankruptcy Event of Bausch Health has occurred, Eyenovia shall have the right to control the defense, litigation,
settlement, appeal, or other disposition of the claim at Bausch Health’s expense.

 

9.2             
By Eyenovia.

 

(a)              
Eyenovia agrees, at Eyenovia’s cost and expense, to defend, indemnify, and hold harmless Bausch Health and its Affiliates
and their respective directors, officers, employees, and agents (the “Bausch Health Indemnified Parties”) from
and against any Losses relating to: (a) any breach by Eyenovia of any of its representations, warranties, or obligations pursuant
to this Agreement; (b) the fraud, gross negligence or willful misconduct of Eyenovia; (c) the Development by Eyenovia, its Affiliates,
or its sublicensees of the Licensed Products or the Device; and (d) the Commercialization by Eyenovia, its Affiliates, or its
sublicensees of the Licensed Products or the Device outside the Licensed Territory.

 

(b)              
In the event of any such claim against the Bausch Health Indemnified Parties by any Third Party, Bausch Health shall promptly,
and in any event within [ ] ([ ]) [ ], notify Eyenovia in writing of the claim. Eyenovia shall have the right, exercisable by
notice to Bausch Health within [ ] ([ ]) [ ] after receipt of notice from Bausch Health of the claim, to assume direction and
control of the defense, litigation, settlement, appeal, or other disposition of the claim (including the right to settle the claim
solely for monetary consideration) with counsel selected by Eyenovia and reasonably acceptable to Bausch Health; provided,
that the failure to provide timely notice of a claim by a Third Party shall not limit a Bausch Health Indemnified Party’s
right for indemnification hereunder except to the extent such failure results in actual prejudice to Eyenovia; and provided,
further that before entering into a settlement, Eyenovia shall provide Bausch Health with a bond, or other evidence reasonably
satisfactory to Bausch Health that Eyenovia has readily available funds, in either case in an amount sufficient to indemnify Bausch
Health in full promptly thereafter. The Bausch Health Indemnified Parties shall cooperate with Eyenovia and may, at their option
and expense, be separately represented in any such action or proceeding. Eyenovia shall not be liable for any litigation costs
or expenses incurred by the Bausch Health Indemnified Parties without Eyenovia’s prior written authorization. In addition,
Eyenovia shall not be responsible for the indemnification or defense of any Bausch Health Indemnified Party to the extent arising
from any negligent or intentional acts by any Bausch Health Indemnified Party, or the breach by Bausch Health of any representations,
warranties, or obligations under this Agreement, or any claims compromised or settled without its prior written consent.

 

    38

     

    

 

(c)           Notwithstanding
anything to the contrary above: (i) in the event of any such claim against the Bausch Health Indemnified Parties by a governmental
or criminal action seeking an injunction against Bausch Health, or (ii) if at the time that a claim for which indemnification
may be sought under this Section 9.2, or at any time thereafter prior to the final resolution of such claim, a Bankruptcy Event
of Eyenovia has occurred, Bausch Health shall have the right to control the defense, litigation, settlement, appeal, or other
disposition of the claim at Eyenovia’s expense.

 

9.3          Limitation
of Liability. EXCEPT WITH RESPECT TO FRAUD, A BREACH OF ARTICLE XI OR A PARTY’S LIABILITY FOR DAMAGES PAID TO
THIRD PARTIES PURSUANT TO A THIRD PARTY CLAIM PURSUANT TO ARTICLE IX, NEITHER PARTY SHALL BE LIABLE
FOR SPECIAL, CONSEQUENTIAL, EXEMPLARY, PUNITIVE, OR OTHER INDIRECT OR REMOTE DAMAGES, FOR LOSS OF PROFITS, LOSS OF DATA, OR LOSS
OF USE DAMAGES, IN EACH CASE ARISING IN ANY WAY OUT OF THIS AGREEMENT OR THE EXERCISE OF ITS RIGHTS HEREUNDER, WHETHER
BASED UPON WARRANTY, CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF
SUCH DAMAGES OR LOSS.

 

9.4          Insurance.
Each Party shall use all commercially reasonable efforts to maintain Third Party insurance and/or self-insurance, as applicable,
including product liability insurance, with respect to its activities hereunder in amounts customary to such insurance and sufficient
to meet its obligations under this Agreement, and shall claim upon such insurance policy according to such policy’s relevant
terms and conditions before relying upon indemnification from the other Party.

 

ARTICLE
X

Representations and Warranties and Covenants

 

10.1        Representation
of Authority; Consents. Eyenovia and Bausch Health each represents and warrants to the other Party that, as of the
Effective Date:

 

(a)           it
has full right, power, and authority to enter into this Agreement;

 

(b)           this
Agreement has been duly executed by such Party and constitutes a legal, valid, and binding obligation of such Party, enforceable
in accordance with its terms, except as enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization,
moratorium, and other Laws relating to or affecting creditors’ rights generally and by general equitable principles and
public policy constraints (including those pertaining to limitations and/or exclusions of liability, competition Laws, penalties,
and jurisdictional issues, including conflicts of Laws); and

 

(c)           other
than as disclosed on Section 10.1(c) of Schedule 10, all necessary consents, approvals, and authorizations of all Governmental
Authorities and other Persons required to be obtained by such Party in connection with the execution, delivery, and performance
of this Agreement have been and shall be obtained.

 

    	 	39	 

     

    

 

10.2        No
Conflict. Each Party represents and warrants to the other Party that, as of the Effective Date, the execution and delivery
of this Agreement and the performance of such Party’s obligations hereunder: (a) do not conflict with or violate such Party’s
corporate charter and bylaws or any requirement of applicable Laws; and (b) do not and shall not conflict with, violate, or breach
or constitute a default or require any consent under, any oral or written contractual obligation of such Party (including, in
the case of Eyenovia, the Licensor Third Party Agreements), other than as disclosed on Section 10.2 of Schedule 10. Each
Party agrees that it shall not during the Term of this Agreement grant any right, license, consent, or privilege to any Third
Party or otherwise undertake any action, either directly or indirectly, that would conflict with the rights granted to the other
Party or interfere with any obligations of such Party set forth in this Agreement.

 

10.3        Additional
Eyenovia Representations and Warranties. Eyenovia represents and warrants that, as of the Effective Date, except as
disclosed in Schedule 10:

 

(a)           Licensed
Patent Rights. Exhibit A sets forth a complete and accurate list of all Licensed Patent Rights in existence (including
whether such Licensed Patent Rights are owned or licensed by Eyenovia and, in the case of licensed/sublicensed Licensed Patent
Rights, the relevant license agreement), all of which are owned or Controlled by Eyenovia. The issued patents in the Licensed
Patent Rights are valid and enforceable without any claims, challenges, oppositions, nullity actions, interferences, inter-partes
reexaminations, inter-partes reviews, post-grant reviews, derivation proceedings, or other proceedings pending or threatened and
Eyenovia has filed and prosecuted patent applications within the Licensed Patent Rights owned by Eyenovia in good faith and complied
with all duties of disclosure with respect thereto. Eyenovia has not committed any act, or omitted to commit any act, that may
cause the Licensed Patent Rights to expire prematurely or be declared invalid or unenforceable. All application, registration,
maintenance, and renewal fees in respect of the Licensed Patent Rights have been paid and all necessary documents and certificates
have been filed with the relevant agencies for the purpose of maintaining the Licensed Patent Rights set forth on Exhibit A.

 

(b)           Licensor
Third Party Agreements. Section 10.3 of Schedule 10 sets forth a complete and accurate list of all Licensor Third Party
Agreements. Each Licensor Third Party Agreement is in full force and effect and there has been no Default of or under any such
Licensor Third Party Agreement as a result of any action or omission of Eyenovia or its Affiliates or, to the Knowledge of Eyenovia,
the actions or omissions of any Third Party. Eyenovia has not waived any of its rights under any Licensor Third Party Agreement
to which it is party. Immediately following the Effective Date, Eyenovia will continue to be permitted to exercise all of its
rights under each Licensor Third Party Agreement to which it is party pursuant to the terms thereof without the payment of any
additional amounts of consideration beyond ongoing fees, royalties, or payments that Eyenovia would otherwise be required to pay
in accordance with the terms of such Licensor Third Party Agreement had the transactions contemplated by this Agreement not occurred.

 

    	 	40	 

     

    

 

(c)           Inventions
and Assignments. Eyenovia (or, in the case of Licensed IP licensed by Eyenovia, its licensors) and its Affiliates have obtained
from all individuals who contributed to the conception or reduction to practice thereof, effective assignments of all ownership
rights of such individuals in such Licensed IP, either pursuant to written agreement or by operation of law. All of Eyenovia’s
employees, officers, and consultants have executed agreements requiring assignment to Eyenovia or its Affiliates, as applicable,
of all inventions made during the course of performance under this Agreement, and no officer or employee of Eyenovia or its Affiliates
is subject to any agreement with any other Third Party that requires such officer or employee to assign any interest in any Licensed
IP to any Third Party.

 

(d)           No
Third Party Infringement or Misappropriation. To the Knowledge of Eyenovia, no Third Party is infringing or misappropriating
any Licensed Patent Rights or Licensed Know-How.

 

(e)           Title.
Eyenovia is the legal and beneficial owner of or otherwise Controls all Licensed IP.

 

(f)            License
to Bausch Health. Eyenovia has the right and authority to: (i) grant to Bausch Health and its Affiliates the licenses under
the Licensed IP that Eyenovia grants to Bausch Health in accordance with the terms and conditions of this Agreement; and (ii)
use, disclose, and commercially exploit, and to enable Bausch Health and its Affiliates to use, disclose, and commercially exploit
the Licensed IP in accordance with the terms and conditions of this Agreement.

 

(g)           Disclosure.
Eyenovia has disclosed to Bausch Health all material information known to it and its Affiliates with respect to the safety and
efficacy of the Device, Atropine Product and the Licensed Products.

 

(h)           No
Third Party Limitations. Eyenovia has not granted its Affiliates or any Third Party, including any academic organization or
agency, rights that would interfere or conflict with Bausch Health’s rights hereunder, and there are no Third Party agreements
or arrangements to which Eyenovia or any of its Affiliates is a party relating to the Licensed IP that would: (i) limit the rights
granted to Bausch Health under this Agreement; or (ii) restrict or result in a restriction on Bausch Health’s ability to
Develop, Manufacture, or Commercialize the Licensed Products in the Licensed Territory, in accordance with this Agreement.

 

(i)            Confidentiality.
All employees, officers, and consultants of Eyenovia and its Affiliates have executed agreements or have existing obligations
under applicable Law obligating the individual to maintain as confidential Eyenovia’s Confidential Information as well as
confidential information of other parties (including of Bausch Health and its Affiliates) that such individual may receive in
its performance under this Agreement, to the extent required to support Eyenovia’s obligations under this Agreement, and
Eyenovia and its Affiliates have taken commercially reasonable precautions to preserve the confidentiality of Licensed Know-How
that is not claimed in a published Licensed Patent Right or that has not been publicly disclosed.

 

(j)            No
Interference. Neither Eyenovia nor any Affiliate has been involved in any proceedings or other claims in which such Person
alleges any Third Party interference, infringement, misappropriation, or other violation of the Licensed IP, nor have any such
proceedings been threatened in writing by Eyenovia or its Affiliates.

 

    	 	41	 

     

    

 

(k)           No
Eyenovia Infringement. There is no pending action or proceeding alleging that the practice of the Licensed IP (including the
Development, Manufacture, and Commercialization of the Device or Licensed Products in accordance with this Agreement) infringes,
misappropriates, or otherwise violates any Intellectual Property Rights of any Third Party.

 

(l)            No
Third Party Infringement. No Patent Right or Know-How owned or controlled by a Third Party is or will be infringed or misappropriated
by the Development, Manufacture, or Commercialization of the Device or the Licensed Products by either Party or its Affiliates
or sublicensees in accordance with this Agreement, nor has Eyenovia or its Affiliates received in writing any notice alleging
such infringement or misappropriation.

 

(m)          No
Claims or Actions. There are no claims, judgments, or settlements against or amounts with respect thereto owed by Eyenovia
or any of its Affiliates relating to the Licensed IP, Licensed Products or Device. There are no pending, and to the Knowledge
of Eyenovia, no threatened, adverse actions, suits or proceedings (including interferences, reissues, reexaminations, cancellations,
oppositions, nullity actions, invalidation actions or post-grant reviews) against Eyenovia involving the Licensed IP, Device or
Licensed Products.

 

(n)           No
U.S. Government Funding. None of Eyenovia, its Affiliates, or its licensors has entered into a government funding relationship
that would result in rights to the Device, Atropine Product or any Licensed Product residing in the U.S. Government, National
Institutes of Health, National Institute for Drug Abuse, or other agency, and the licenses granted hereunder are not subject to
overriding obligations to the U.S. Government as set forth in Public Law 96 517 (35 U.S.C. 200 204), as amended, or any similar
obligations under the Laws of any other country.

 

(o)           Liens.
Eyenovia has not granted any liens or security interests in or to any of the Licensed IP other than under any licenses, sublicenses,
liens, or security interests that would not conflict with the rights or licenses granted to Bausch Health under this Agreement.

 

(p)           Compliance
with Laws. Eyenovia and its Affiliates (including, to the Knowledge of Eyenovia and its Affiliates, their contractors) have
complied with all applicable Laws in connection with the Development of the Device and Licensed Products, and have not used any
employee, consultant, or contractor who has been debarred by any Regulatory Authority, or to the Knowledge of Eyenovia, is the
subject of a debarment proceeding by any Regulatory Authority.

 

(q)           Regulatory
Documentation. All Regulatory Documentation filed in the Licensed Territory by or on behalf of Eyenovia with respect to the
Device, the Atropine Product and any Licensed Product was, at the time of filing, true, complete, and accurate.

 

(r)            Regulatory
Communications. Eyenovia has not received any communications from any Regulatory Authority (i) describing any matters specific
to the Licensed Product or Device that may be necessary to be overcome to obtain Regulatory Approval of the Licensed Product or
(ii) commencing or threatening withdrawal of the Transferred IND.

 

    	 	42	 

     

    

 

(s)           No
IP Rights under Consulting Agreements. No Intellectual Property Rights have been created or generated by the counterparties
under the terms of or pursuant to the consulting agreements between Eyenovia and each of [ ] and [ ].

 

10.4       Eyenovia
Covenants.

 

(a)           Conflicting
Transactions. Eyenovia shall not grant to any Third Party rights that would be inconsistent with Bausch Health’s rights
hereunder, including a grant of rights that would remove the Licensed IP from Eyenovia’s Control or limit the rights granted
to Bausch Health under this Agreement. Eyenovia shall not (and shall cause its Affiliates, licensees and sublicensees not to)
take any action that adversely affects Bausch Health’s rights and licenses granted hereunder, and Eyenovia shall (and shall
cause its Affiliates, licensees and sublicensees to) coordinate and conduct its activities outside of the Licensed Territory so
as to avoid or minimize any problems, difficulties or harm to Bausch Health.

 

(b)           Eyenovia
Third Party Agreements. Eyenovia shall: (i) maintain Control of all Licensed IP licensed or sublicensed to Eyenovia under
each Licensor Third Party Agreement; and (ii) not breach or otherwise be in Default under any Licensor Third Party Agreement in
a manner that would permit the counterparty thereto to terminate such Licensor Third Party Agreement or otherwise diminish the
scope or exclusivity of the licenses granted to Bausch Health under any Licensed IP. In the event that Eyenovia receives notice
of an alleged Default by Eyenovia or its Affiliates under any such Licensor Third Party Agreement, where termination of such Licensor
Third Party Agreement or any diminishment of the scope or exclusivity of the licenses granted to Bausch Health under the Licensed
IP is being or could be sought by the counterparty or result from such Default, then Eyenovia will promptly, but in no event less
than [ ] ([ ]) [ ] thereafter, provide written notice thereof to Bausch Health and grant Bausch Health the right (but not the
obligation) to cure such alleged breach. Eyenovia shall not modify, amend, or terminate any Licensor Third Party Agreement, or
exercise, waive, release, or assign any rights or claims thereunder, without obtaining, in each case, Bausch Health’s prior
written consent.

 

10.5       Non-Solicitation.
Without the prior written consent of the other Party, each of Bausch Health and Eyenovia agrees that, [ ], neither it nor any
of its Affiliates will directly or indirectly solicit for purposes of hiring any Person employed by the other Party or any of
their Affiliates or who was employed by the other Party or any of their Affiliates within the then prior [ ] ([ ]) [ ], or in
any manner seek to induce any such Person to leave his or her employment; provided, however, that this restriction
shall not apply to: (a) conducting any general solicitation not specifically targeted at any such employee; or (b) hiring any
employee who responds to such general advertising or who approaches such Party or its Affiliates without any solicitation or inducement
to leave the employ of such other Party or its Affiliates.

 

10.6       Disclaimer
of Warranty. Nothing in this Agreement shall be construed as a representation made or warranty given by either Party
that either Party will be successful in obtaining any Patent Rights, Regulatory Approvals, or otherwise Developing, Manufacturing,
or Commercializing any Licensed Product. EXCEPT AS EXPRESSLY SET FORTH IN THIS
AGREEMENT, EACH PARTY EXPRESSLY DISCLAIMS, WAIVES, RELEASES, AND RENOUNCES ANY WARRANTY, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, AND NONINFRINGEMENT.

 

    	 	43	 

     

    

 

ARTICLE
XI

Confidentiality

 

11.1       Confidential
Information. All Confidential Information of a Party (“Disclosing Party”) shall not be used by the
other Party (the “Receiving Party”) except in performing its obligations or exercising rights granted under
this Agreement and shall be maintained in confidence by the Receiving Party and shall not otherwise be disclosed by the Receiving
Party to any Third Party, without the prior written consent of the Disclosing Party with respect to such Confidential Information,
except to the extent that the Confidential Information:

 

(a)           was
known by the Receiving Party or its Affiliates prior to its date of disclosure to the Receiving Party, as established by written
records;

 

(b)           is
lawfully disclosed to the Receiving Party or its Affiliates by sources other than the Disclosing Party rightfully in possession
of the Confidential Information;

 

(c)           becomes
published or generally known to the public through no fault or omission on the part of the Receiving Party, its Affiliates, or
its sublicensees; or

 

(d)           is
independently developed by or for the Receiving Party or its Affiliates without reference to or reliance upon such Confidential
Information, as established by written records.

 

Specific information
shall not be deemed to be within any of the foregoing exclusions merely because it is embraced by more general information falling
within those exclusions.

 

11.2       Permitted
Disclosure. The Receiving Party may provide the Disclosing Party’s Confidential Information:

 

(a)           to
the Receiving Party’s respective employees, consultants, and advisors, and to the employees, consultants, and advisors of
such Party’s Affiliates, who have a need to know such information and materials for performing obligations or exercising
rights expressly granted under this Agreement and have an obligation to treat such information and materials as confidential;

 

(b)           to
patent offices in order to seek or obtain Patent Rights or to Regulatory Authorities in order to seek or obtain approval to conduct
Clinical Trials or to gain Regulatory Approval with respect to any Licensed Product to the extent contemplated by this Agreement;
or

 

(c)           if
such disclosure is required by Law or to defend or prosecute litigation or arbitration; provided, that prior to such disclosure,
to the extent permitted by Law, the Receiving Party promptly notifies the Disclosing Party of such requirement and furnishes only
that portion of the Disclosing Party’s Confidential Information that the Receiving Party is legally required to furnish.

 

    	 	44	 

     

    

 

11.3       Publicity;
Attribution; Terms of this Agreement; Non-Use of Names.

 

(a)          Except
as required by judicial order or applicable Law or as set forth below, neither Party shall make any public announcement concerning
this Agreement without the prior written consent of the other Party, which consent shall not be unreasonably withheld or delayed
and shall only apply in the first instance that specific information is to be disclosed. The Party preparing any such public announcement
shall provide the other Party with a draft thereof as far in advance of its scheduled release as reasonably practicable. Neither
Party shall use the name, trademark, trade name, or logo of the other Party or its Affiliates or their respective employees in
any publicity or news release relating to this Agreement or its subject matter, without the prior express written permission of
the other Party.

 

(b)          Notwithstanding
the terms of this Article XI,

 

(i)             either
Party shall be permitted to disclose the existence and terms of this Agreement to the extent required, in the reasonable opinion
of such Party’s legal counsel, to comply with applicable Laws, including the rules and regulations promulgated by the SEC
or any other Governmental Authority or securities exchange. Notwithstanding the foregoing, before disclosing this Agreement or
any of the terms hereof pursuant to this Section 11.3(b), the Parties will coordinate in advance with each other and in a reasonable
manner in order to allow the Party seeking disclosure to make such disclosure within the timelines required by applicable Laws
(including the rules and regulations promulgated by the SEC or any other Governmental Authority or securities exchange) or as
reasonably requested by the Party seeking disclosure, including in connection with the redaction of certain provisions of this
Agreement with respect to any filings with the SEC, Nasdaq, or any other stock exchange on which securities issued by a Party
or a Party’s Affiliate are traded, and each Party will use commercially reasonable efforts to seek confidential treatment
for such terms as may be reasonably requested by the other Party; provided, that each Party will ultimately retain control
over what information that Party discloses to the SEC and their relevant exchange.

 

(ii)            Either
Party may disclose the existence and terms of this Agreement in confidence to its attorneys and advisors, and to potential acquirers
(and their respective professional attorneys and advisors), in connection with a potential merger, acquisition, or reorganization
and to existing and potential investors or lenders of such Party, or to existing and potential licensees or sublicensees or to
permitted assignees, in each case under an agreement to keep the terms of confidentiality and non-use substantially no less rigorous
than the terms contained in this Agreement and to use such information solely for the purpose permitted pursuant to this Section
11.3(b).

 

(c)          For
clarity, either Party may issue a press release or public announcement or make such other disclosure relating to this Agreement
if the contents of such press release, public announcement, or disclosure have previously been made public other than through
a breach of this Agreement by the issuing Party or its Affiliates.

 

    	 	45	 

     

    

 

11.4       Publications.
Each Party and its Affiliates shall have the right to make disclosures pertaining to the Licensed Products to Third Parties in
Publications in accordance with the following procedure: The publishing Party shall provide the non-publishing Party with an advance
copy of the proposed Publication, and the non-publishing Party shall then have [ ] ([ ]) [ ] prior to submission for any Publication
in which to recommend any changes it reasonably believes are necessary to preserve any Confidential Information, Patent Rights
or Know-How belonging in whole or in part to the non-publishing Party. If the non-publishing Party informs the publishing Party
that such Publication, in the non-publishing Party’s reasonable judgment, could be expected to have a material adverse effect
on any patentable invention owned by or licensed, in whole or in part, to the non-publishing Party (other than pursuant to a license
granted under this Agreement), or on any Confidential Information or Know-How which is Confidential Information of the non-publishing
Party, the publishing Party shall delay or prevent such Publication as follows: (a) with respect to a patentable invention, such
Publication shall be delayed sufficiently long (not to exceed [ ] ([ ]) [ ]) to permit the timely preparation and filing of a
patent application; and (b) with respect to Know-How which is Confidential Information of such non-publishing Party, such Know-How
shall be deleted from the Publication.

 

11.5       Term.
All obligations under this Article XI shall expire [ ] ([ ]) [ ] following termination of this
Agreement.

 

11.6       Return
of Confidential Information. Upon the expiration or termination of this Agreement, the Receiving Party shall return
to the Disclosing Party or destroy (and certify as to the destruction of) all Confidential Information received by the Receiving
Party from the Disclosing Party (and all copies and reproductions thereof). In addition, the Receiving Party shall destroy: (a)
any notes, reports, or other documents prepared by the Receiving Party which contain Confidential Information of the Disclosing
Party; and (b) any Confidential Information of the Disclosing Party (and all copies and reproductions thereof) which is in electronic
form or cannot otherwise be returned to the Disclosing Party. Nothing in this Section 11.6 shall
require the alteration, modification, deletion, or destruction of archival tapes or other electronic back-up media made in the
ordinary course of business; provided, that the Receiving Party shall continue to be bound by its obligations of confidentiality
and other obligations under this Article XI with respect to any Confidential Information contained
in such archival tapes or other electronic back-up media. Notwithstanding the foregoing: (i) the Receiving Party’s legal
counsel may retain one (1) copy of the Disclosing Party’s Confidential Information solely for the purpose of determining
the Receiving Party’s continuing obligations under this Article XI; and (ii) the Receiving
Party may retain the Disclosing Party’s Confidential Information and its own notes, reports, and other documents (A) to
the extent reasonably required (1) to exercise the rights and licenses of the Receiving Party expressly surviving expiration or
termination of this Agreement; (2) to perform the obligations of the Receiving Party expressly surviving expiration or termination
of this Agreement; or (B) to the extent it is impracticable to do so without incurring disproportionate cost, provided,
that the Receiving Party shall continue to be bound by its obligations of confidentiality and other obligations under this Article
XI with respect to any Confidential Information retained for any of the foregoing reasons. Notwithstanding the return or
destruction of the Disclosing Party’s Confidential Information, the Receiving Party shall continue to be bound by its obligations
of confidentiality and other obligations under this Article XI.

 

    	 	46	 

     

    

 

ARTICLE
XII

 

GOVERNANCE; Dispute Resolution

 

12.1       Joint
Steering Committee. Within [ ] ([ ]) [ ] after the Effective Date, the Parties shall establish a joint steering committee
(the “JSC”), composed of [ ] ([ ]) senior employees of each Party, to oversee and guide the coordination of
the Parties under this Agreement with respect to Development activities. The JSC shall act as a joint consultative body. The JSC
shall in particular:

 

(a)           review
and discuss the strategy and progress of the Development of the Licensed Product in and outside the Licensed Territory;

 

(b)           review
and discuss the strategy and progress of the Development of the Second Generation Device;

 

(c)           oversee
and facilitate the Parties’ communications and activities with respect to Publications;

 

(d)           establish
joint subcommittees as it deems necessary or advisable to further the purpose of this Agreement; and

 

(e)           perform
such other functions as appropriate to further the purposes of this Agreement, as expressly set forth in this Agreement or allocated
to it by the Parties’ written agreement.

 

12.2       General
Purpose. The Parties acknowledge and agree that, as of the Effective Date and unless and to the extent later agreed in good
faith by the Parties in writing, the JSC’s general and sole purpose shall be for information sharing and advisory purposes,
and the JSC shall not have any decision-making power under this Agreement with respect to either Party’s Development, Manufacture,
or Commercialization of any products (including any Licensed Products).

 

12.3       JSC
Membership and Meetings.

 

(a)           Committee
Members. Each JSC representative shall have appropriate knowledge and expertise and sufficient seniority within the applicable
Party to make decisions arising within the scope of the JSC’s responsibilities. Each Party may replace its representatives
on the JSC on written notice to the other Party. Each Party shall appoint one of its JSC representatives to be a co-chairperson
of the JSC. The co-chairpersons shall prepare and circulate agendas to JSC members at least [ ] ([ ]) [ ] before each JSC meeting
and shall direct the preparation of reasonably detailed minutes for each JSC meeting, which shall be approved by the co-chairpersons
and circulated to JSC members within [ ] ([ ]) [ ] after such meeting. The Parties shall determine their respective initial members
of the JSC within [ ] ([ ]) [ ] following the Effective Date.

 

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(b)           Meetings.
The JSC shall hold meetings at such times as it elects to do so, but in no event shall meetings of the JSC be held less frequently
than once every [ ] ([ ]) [ ], unless otherwise agreed to by both Parties. The first JSC meeting shall be held within [ ] ([ ])
[ ] after the Effective Date or such other date as mutually agreed to by both Parties. JSC meetings may be held in person or by
audio or video teleconference, or any combination thereof. In-person JSC meetings shall be held at locations alternately selected
by the Parties. Each Party shall be responsible for all of its own expenses of participating in any JSC meeting. No action taken
at any JSC meeting shall be effective unless at least [ ] ([ ]) representative of each Party is participating. In addition, upon
written notice to the other Party, either Party may request that a special ad hoc meeting of the JSC be convened for the purpose
of resolving any disputes in connection with, or for the purpose of reviewing any material subject-matter within the scope of
the JSC, the review of which cannot be reasonably postponed until the following scheduled JSC meeting. Such ad hoc meeting shall
be convened at such time as may be mutually agreed by the Parties, but no later than [ ] ([ ]) [ ] following the notification
date of request that such meeting be held.

 

(c)           Non-Member
Attendance. Each Party may from time to time invite a reasonable number of participants, in addition to its representatives,
to attend JSC meetings in a non-voting capacity; provided that if either Party intends to have any Third Party (including any
consultant) attend such a meeting, such Party shall provide reasonable prior written notice to the other Party and obtain the
other Party’s approval for such Third Party to attend such meeting, which approval shall not be unreasonably withheld or
delayed. Such Party shall ensure that such Third Party is bound by written confidentiality and non-use obligations consistent
with the terms of this Agreement.

 

12.4       Decision-Making;
Limitations on Authority. The Parties agree that the JSC has no decision-making power. The JSC shall have only such powers
as are expressly assigned to it in this Agreement, and such powers shall be subject to the terms and conditions of this Agreement.
Without limiting the generality of the foregoing, the JSC will not have the power to amend this Agreement or waive any provision
of this Agreement, and no JSC decision may be in contravention of any terms and conditions of this Agreement.

 

12.5       Discontinuation
of the JSC. The activities to be performed by the JSC shall solely relate to governance under this Agreement and are not intended
to be or involve the delivery of services. The JSC shall continue to exist until [ ], or earlier if either (i) the Agreement is
terminated or expires, or (ii) the Parties mutually agree in writing to disband the JSC. Thereafter, each Party shall designate
a contact person for the exchange of information under this Agreement or such exchange of information shall be made through the
Alliance Managers.

 

12.6       Dispute
Resolution Process. Any controversy, claim, or dispute arising out of or relating to this Agreement shall be settled,
if possible, by the JSC or through good faith negotiations between the Parties. If the Parties are unable to settle such dispute
through the JSC, and a Party wishes to pursue the matter, the matter may be referred by either Party to designated senior officers
of each Party (the “Senior Officers”), who shall meet to attempt to resolve the dispute in good faith. Such
resolution, if any, of a referred issue shall be final and binding on the Parties. All negotiations pursuant to this Section 12.6
are confidential and shall be treated as compromise and settlement negotiations for purposes of applicable rules of evidence.

 

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12.7       Arbitration.
If the Senior Officers are not able to agree on the resolution of a dispute within [ ] ([ ]) [ ] (or such other period of time
as mutually agreed in writing by the Senior Officers) after such dispute was first referred to them, then, if a Party wishes to
pursue further resolution of such dispute, such dispute shall be finally resolved by binding arbitration in accordance with this
Section 12.7. Such dispute shall be referred to and finally resolved by arbitration administered by the [ ] pursuant to [ ] then
in effect (the “Rules”), except as otherwise provided herein and applying the substantive law specified in
Section 13.2. The arbitration will be conducted in [ ], by [ ]; provided that each Party will, within [ ] ([ ]) [ ] after the
institution of the arbitration proceedings, [ ], within [ ]. Each arbitrator must have significant business or legal experience
in the pharmaceutical business. [ ]. After conducting any hearing and taking any evidence deemed appropriate for consideration,
the arbitrators will be requested to render their opinion within [ ] ([ ]) [ ] of the final arbitration hearing. The arbitration
shall be conducted, and all documents submitted to the arbitrators shall be, in English. No panel of arbitrators will have the
power to award damages excluded pursuant to this Agreement and any arbitral award that purports to award such damages is expressly
prohibited and void ab initio. Each Party shall bear its own legal costs for its counsel and other expenses, and the Parties shall
equally share the costs of the arbitration; provided that the arbitral tribunal shall have the discretion to provide that the
losing Party is responsible for all or a portion of such arbitration and legal costs, in such case the arbitral award will so
provide. Decisions of the panel of arbitrators that conform to the terms of this Section 12.7 shall be final and binding upon
the Parties, and the Parties undertake to carry out any award without delay. Judgment on the award may be entered in any court
of competent jurisdiction. Except to the extent necessary to confirm, enforce, or challenge an award of the arbitration, to protect
or pursue a legal right, or as otherwise required by applicable Law or regulation or securities exchange, neither Party nor any
arbitrator may disclose the existence, content, or results of any arbitration hereunder without the prior written consent of both
Parties. Notwithstanding anything to the contrary in the foregoing, in no event shall an arbitration be initiated after the date
when commencement of a legal or equitable proceeding based on the dispute, controversy, or claim would be barred by the applicable
[ ] statute of limitations. Any disputes concerning the propriety of the commencement of the arbitration shall be finally settled
by the arbitral tribunal. Nothing herein shall be deemed a waiver by either Party of any expedited process available under the
Rules.

 

12.8       Injunctive
Relief. Notwithstanding anything to the contrary in this Article XII, in the event of a breach of any covenant or agreement
set forth in this Agreement, money damages may be inadequate and, in such case, the other Party would not have adequate remedy
at law and that the non-breaching Party, in addition and supplementary to other rights and remedies existing in their favor, may
apply to any court of law or equity of competent jurisdiction for specific performance, injunctive relief, and/or other relief
in order to enforce or prevent any violations of such covenants or agreements (without posting a bond or other security), and
the breaching Party will not oppose the granting of an injunction, specific performance, and other equitable relief on the basis
that the non-breaching Party has an adequate remedy at law or an award of specific performance is not an appropriate remedy for
any reason at law or equity.

 

12.9       Continuance
of Rights and Obligations During Pendency of Dispute Resolution. If there are any disputes in connection with this Agreement,
including disputes related to termination of this Agreement, all rights and obligations of the Parties shall continue until such
time as any dispute has been resolved in accordance with the provisions of this Agreement.

 

    	 	49	 

     

    

 

ARTICLE
XIII

 

Miscellaneous

 

13.1         
Governing Law. This Agreement (and any claims or disputes arising out of or related thereto or to the transactions
contemplated thereby or to the inducement of any party to enter therein, whether for breach of contract, tortious conduct, or
otherwise and whether predicated on common law, statute, or otherwise) shall in all respects be governed by and construed in accordance
with the laws of the [ ], including all matters of construction, validity, and performance, in each case without reference to
any conflict of law rules that might lead to the application of the laws of any other jurisdiction.

 

13.2         
Consent to Jurisdiction. Each Party irrevocably submits to the exclusive jurisdiction of [ ] for the purposes
of any suit, action, or other proceeding arising out of this Agreement or the transactions contemplated thereby. Each Party agrees
to commence any such action, suit, or proceeding in [ ] or if such suit, action, or other proceeding may not be brought in such
court for jurisdictional reasons, in [ ]. Each Party further agrees that service of any process, summons, notice, or document
by U.S. registered mail or internationally recognized overnight courier service to such Party’s respective address set forth
in Section 13.6 shall be effective service of process for any action, suit, or proceeding in [ ] with respect to any matters to
which it has submitted to jurisdiction in this Section 13.2. Each Party irrevocably and unconditionally
waives any objection to the laying of venue of any action, suit, or proceeding arising out of this Agreement in [ ], and hereby
and thereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action,
suit, or proceeding brought in any such court has been brought in an inconvenient forum.

 

13.3         
Waiver of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, THE PARTIES HEREBY
WAIVE, AND COVENANT THAT THEY WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT, OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY
ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS AGREEMENT, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND
WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE. THE PARTIES AGREE THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY
COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY, AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE ITS RIGHT
TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT WILL INSTEAD BE TRIED IN A COURT OF COMPETENT
JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.

 

13.4         
Assignment and Successors. Neither Party may assign its rights and obligations under this Agreement without
the other Party’s prior written consent, except that Bausch Health may: (a) assign its rights and obligations under this
Agreement or any part hereof to one (1) or more of its Affiliates; or (b) assign this Agreement in its entirety to a successor
to all or substantially all of its business or assets to which this Agreement relates. Any permitted assignee will assume all
applicable obligations of its assignor under this Agreement (or related to the assigned portion in case of a partial assignment).
Any attempted assignment in contravention of the foregoing will be void. Subject to the terms of this Agreement, this Agreement
will be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns.

 

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13.5         
Entire Agreement; Amendments. This Agreement, any Clinical Supply Agreement and/or Commercial Supply Agreement
entered into pursuant to Article IV, and the Exhibits and Schedules referred to in this Agreement constitute the entire agreement
between the Parties with respect to the subject matter hereof, and supersede all previous arrangements with respect to the subject
matter hereof, whether written or oral, including the Prior Confidentiality Agreement. Any amendment or modification to this Agreement
shall be made in writing signed by both Parties.

 

13.6         
Notices. Unless otherwise specified herein, all notices required or permitted to be given under this Agreement
shall be in writing and shall be delivered (a) by hand, (b) by internationally recognized overnight delivery service that maintains
records of delivery, or (c) by electronic mail (including “.pdf”) with transmission confirmed, in each case, addressed
to the Parties at their respective addresses specified in this Section 13.6 or to such other address as the Party to whom notice
is to be given may have provided to the other Party in accordance with this Section. Such notice shall be deemed to have been
given under subsection (a) above as of the date delivered by hand, under subsection (b) above on the second (2nd) Business
Day (at the place of delivery) after deposit with an internationally recognized overnight delivery service, and under subsection
(c) above at the time the recipient confirms to the sender the transmission of such electronic mail:

 

If to Eyenovia:

 

Eyenovia, Inc.

 

295 Madison Ave., Suite 2400

New York, NY 10017

Attention: John Gandolfo

Email: [ ]

 

with a copy to:

 

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

One Financial Center

Boston, MA 02111

Attention: Laura Stacey, Special Counsel

Email: [ ]

 

If to Bausch Health:

 

Bausch Health Ireland Limited

3013 Citywest Business Campus

Dublin 34, Ireland

Attention: Vice President, General Manager

Email: [ ]

 

with a copy to:

 

Bausch Health Companies Inc.

400 Somerset Corporate Boulevard

Bridgewater, NJ 08807

Attention: General Counsel

Email: [ ]

 

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13.7         
Force Majeure. No failure or omission by either Party in the performance of any obligation of this Agreement
shall be deemed a breach of this Agreement or create any liability if the same shall arise from any Force Majeure Event; provided,
that the Party affected by such Force Majeure Event promptly notifies the other Party and uses diligent efforts to cure such failure
or omission as soon as is practicable after the occurrence of one or more Force Majeure Events.

 

13.8         
Compliance with Laws. Each Party shall perform its obligations under this Agreement in compliance with all
applicable Laws.

 

13.9         
Use of Names, Logos or Symbols. Subject to Section 11.3, no Party shall
use the name, trademarks, logos, physical likeness, employee names, or owner symbol of the other Party for any purpose, except
as otherwise required by Law, without the prior written consent of the affected Party. Nothing contained in this Agreement shall
be construed as granting either Party any rights or license to use any of the other Party’s trademarks or trade names or
the names of any employees thereof, without separate, express written permission of the owner of such trademark or trade name
or name.

 

13.10       
Independent Contractors. It is understood and agreed that the relationship between the Parties is that of
independent contractors and that nothing in this Agreement shall be construed to create a joint venture or any relationship of
employment, agency, or partnership between the Parties to this Agreement. Neither Party is authorized to make any representations,
commitments, or statements of any kind on behalf of the other Party or to take any action that would bind the other Party except
as explicitly provided in this Agreement. Furthermore, none of the transactions contemplated by this Agreement shall be construed
as a partnership for any tax purposes.

 

13.11       
Designation of Affiliates. Each Party may discharge any obligations and exercise any rights under this Agreement
through delegation of its obligations or rights to any of its Affiliates. Each Party hereby guarantees the performance by its
Affiliates of such Party’s obligations under this Agreement, and will cause its Affiliates to comply with the provisions
of this Agreement in connection with such performance. Any breach by a Party’s Affiliate of any of such Party’s obligations
under this Agreement will be a breach by such Party, and the other Party may proceed directly against such Party without any obligation
to first proceed against such Party’s Affiliate.

 

13.12       
Headings. The captions or headings of the Sections or other subdivisions hereof are inserted only as a matter
of convenience or for reference and shall have no effect on the meaning of the provisions hereof.

 

13.13       
No Implied Waivers; Rights Cumulative. No failure on the part of Eyenovia or Bausch Health to exercise, and
no delay by either Party in exercising, any right, power, remedy, or privilege under this Agreement, or provided by statute or
at law or in equity or otherwise, shall impair, prejudice, or constitute a waiver of any such right, power, remedy, or privilege
by such Party or be construed as a waiver of any breach of this Agreement or as an acquiescence therein by such Party, nor shall
any single or partial exercise of any such right, power, remedy, or privilege by a Party preclude any other or further exercise
thereof or the exercise of any other right, power, remedy, or privilege.

 

    52

     

    

 

13.14       
Severability. If, under applicable Laws, any provision of this Agreement is invalid or unenforceable, or
otherwise directly or indirectly affects the validity of any other material provision(s) of this Agreement (such invalid or unenforceable
provision, a “Severed Clause”), this Agreement shall endure except for the Severed Clause. The Parties shall
consult one another and use good faith efforts to agree upon a valid and enforceable provision that is a reasonable substitute
for the Severed Clause in view of the intent of this Agreement.

 

13.15       
Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall
be deemed an original, and all of which together shall constitute one (1) and the same instrument. Signatures provided in Portable
Document Format (.pdf) sent by electronic mail shall be deemed to be original signatures.

 

13.16       
No Third Party Beneficiaries. No Person other than Bausch Health and Eyenovia (and their respective assignees)
shall be deemed an intended beneficiary hereunder or have any right to enforce any obligation of this Agreement.

 

13.17       
Exhibits. In the event of inconsistencies between this Agreement and any exhibits or attachments hereto,
the terms of this Agreement shall control.

 

[THE REMAINDER OF THIS PAGE HAS BEEN
INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF,
the Parties have caused their duly authorized officers to execute and acknowledge this Agreement as of the date first written
above.

 

	Eyenovia, Inc.	 	Bausch Health IRELAND LIMITED
	 	 	 
	By:	/s/ John Gandalfo	 	By:	/s/ Graham Jackson
	Name: John Gandalfo	 	Name: Graham Jackson
	Title: Chief Financial Officer	 	Title: Director

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