<SEC-DOCUMENT>0001144204-15-047653.txt : 20150810
<SEC-HEADER>0001144204-15-047653.hdr.sgml : 20150810
<ACCEPTANCE-DATETIME>20150810134955
ACCESSION NUMBER:		0001144204-15-047653
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20150810
DATE AS OF CHANGE:		20150810
EFFECTIVENESS DATE:		20150810

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Synthetic Biologics, Inc.
		CENTRAL INDEX KEY:			0000894158
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				133808303
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-206268
		FILM NUMBER:		151040107

	BUSINESS ADDRESS:	
		STREET 1:		617 DETROIT STREET, SUITE 100
		CITY:			ANN ARBOR
		STATE:			MI
		ZIP:			48104
		BUSINESS PHONE:		(734) 332-7800

	MAIL ADDRESS:	
		STREET 1:		155 GIBBS STREET
		STREET 2:		SUITE 412
		CITY:			ROCKVILLE
		STATE:			MD
		ZIP:			20850

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADEONA PHARMACEUTICALS, INC.
		DATE OF NAME CHANGE:	20081027

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIPEX PHARMACEUTICALS, INC.
		DATE OF NAME CHANGE:	20061214

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SHEFFIELD PHARMACEUTICALS INC
		DATE OF NAME CHANGE:	19970730
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>v414477_s-8.htm
<DESCRIPTION>S-8
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As filed with the United States Securities and Exchange Commission
on August 10, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C.&nbsp;&nbsp;20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SYNTHETIC BIOLOGICS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
    <td style="width: 50%; padding-right: 0.8pt; text-align: center; font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Nevada</b></font></td>
    <td style="width: 50%; padding-right: 0.8pt; text-align: center; font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>13-3808303</b></font></td></tr>
<tr style="background-color: white">
    <td style="padding-right: 0.8pt; text-align: center; font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">(State or other jurisdiction of incorporation or organization)</font></td>
    <td style="padding-right: 0.8pt; text-align: center; font-size: 10pt"><font style="font: 10pt Times New Roman, Times, Serif">(IRS Employer Identification No.)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>9605 Medical Center Drive, Suite 270</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rockville, Maryland 20850</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Synthetic Biologics, Inc. 2010 Incentive
Stock Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the plan)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Jeffrey Riley</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chief Executive Officer<BR>
<B>9605 Medical Center Drive, Suite 270</B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Rockville, Maryland 20850</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name and address of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(734) 282-7800</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Telephone number, including area code,
of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Leslie Marlow, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Gracin &amp; Marlow, LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Chrysler Building</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>405 Lexington Avenue, 26<SUP>th</SUP>
Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10174</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.&nbsp;&nbsp;See
the definitions of &ldquo;large accelerated filer&rdquo;, &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo;
in Rule 12b-2 of the Exchange Act. (Check one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Large accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Wingdings">o</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Wingdings">x</FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0">Non-accelerated filer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(do
        not check if smaller</FONT><BR>
        <FONT STYLE="font-family: Times New Roman, Times, Serif">reporting company)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">o</FONT></P></TD>
    <TD STYLE="width: 25%; padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Smaller reporting company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font: 10pt Wingdings">o</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CALCULATION OF REGISTRATION FEE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Title of securities<BR> to be registered (1)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount to<BR> be<BR> Registered (2)</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Proposed<BR> maximum<BR> offering price<BR> per share (3)</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Proposed<BR> maximum<BR> aggregate<BR> offering price(1)</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount of<BR> registration fee(4)</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Common Stock, par value $0.001 per share</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,000,000</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">3.10</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">6,200,000</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">721</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">(1)</font></td>
    <td style="width: 97%; padding-right: 0.8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The securities to be registered include options and rights to acquire the common stock of Synthetic Biologics, Inc.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt; text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">(2)</font></td>
    <td style="padding-right: 0.8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this registration statement also covers any additional securities that may be offered or issued in connection with any stock split, stock dividend or similar transaction.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt; text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">(3)</font></td>
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">Estimated pursuant to Rule 457(c) and 457(h) of the Securities Act solely for purposes of calculating the registration fee. The price for the shares under the plan is based upon the average of the high and low sale prices of the Common Stock on August 6, 2015, as reported by the NYSE MKT.</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">(4)</font></td>
    <td style="padding-right: 0.8pt; text-align: justify; text-indent: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">Calculated pursuant to Section 6(b) of the Securities Act as .00011620 of the proposed maximum aggregate offering price.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Explanatory Note</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrant filed
with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) its Registration Statement on Form S-8 (Registration No. 333-170858)
on November 29, 2010 (the &ldquo;2010 Registration Statement&rdquo;) pursuant to and in accordance with the requirements of General
Instruction E to Form S-8 for the purpose of registering under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;),
3,000,000 shares of the Registrant&rsquo;s common stock, par value $0.001 per share (the &ldquo;Common Stock&rdquo;), to be offered
and sold under the Registrant&rsquo;s 2010 Stock Incentive Plan (the &ldquo;2010 Plan&rdquo;).&nbsp;&nbsp;Pursuant to General Instruction
E to Form S-8, the contents of the 2010 Registration Statement are incorporated into this Registration Statement by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrant filed
with the SEC its Registration Statement on Form S-8 (Registration No. 333-192355) on November 15, 2013 (the &ldquo;2013 Registration
Statement&rdquo;) pursuant to and in accordance with the requirements of General Instruction E to Form S-8 for the purpose of registering
under the Securities Act 3,000,000 shares of Common Stock to be offered and sold under the Registrant&rsquo;s 2010 Plan.&nbsp;&nbsp;Pursuant
to General Instruction E to Form S-8, the contents of the 2013 Registration Statement are incorporated into this Registration Statement
by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Registration Statement
on Form S-8 has been prepared and filed pursuant to and in accordance with the requirements of General Instruction E to Form S-8
for the purpose of registering under the Securities Act 2,000,000 additional shares of Common Stock to be offered and sold under
the 2010 Plan.&nbsp;&nbsp;These shares represented 2,000,000 shares of Common Stock that were added to the 2010 Plan as of May
15, 2015 by vote of the Registrant&rsquo;s stockholders at the Registrant&rsquo;s 2015 Annual Meeting of Stockholders and, in accordance
with the terms of the 2010 Plan, are to be assigned to and made available for grant under the 2010 Plan.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>PART II</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3. <U>Incorporation of Documents By Reference</U>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has filed the documents listed
below with the SEC under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), and these documents
are incorporated into this registration statement by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
Annual Report on Form 10-K for the year ended December&nbsp;31, 2014, filed with the SEC on March 16, 2015;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 58.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
Quarterly Report on Form 10-Q for the Quarter ended&nbsp;March 31, 2015, filed with the SEC on May 11, 2015;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 58.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 58.5pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
Quarterly Report on Form 10-Q for the Quarter ended&nbsp;June 30, 2015, filed with the SEC on August 10, 2015;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 58.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
Current Report on Form 8-K filed with the SEC on January&nbsp;12, 2015;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 58.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
Current Report on Form 8-K filed with the SEC on March 19, 2015;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 58.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
Current Report on Form 8-K filed with the SEC on May 4, 2015;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 58.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
Current Report on Form 8-K filed with the SEC on May 18, 2015;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 58.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
Current Report on Form 8-K filed with the SEC on June 16, 2015;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
Current Report on Form 8-K filed with the SEC on July 9, 2015;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
Current Report on Form 8-K filed with the SEC on July 17, 2015;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.25pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
Current Report on Form 8-K filed with the SEC on August 10, 2015; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.25pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 56.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
description of our Common Stock contained in our registration statement on Form 8-A filed with the SEC on June 20, 2007 (Registration
No. 001-12584).</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All documents filed by the Company pursuant
to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the Exchange Act subsequent to the date hereof and prior to the filing of a post-effective
amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining
unsold, shall be deemed to be incorporated by reference in this registration statement and to be a part hereof from the date of
filing of such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 4.</B> <B><U>Description of Securities</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not Applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5.</B> <B><U>Interests of Named Experts and Counsel</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 6.</B> <B><U>Indemnification of Directors and Officers</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 78.138 of the
Nevada Revised Statutes provides that a director or officer is not individually liable to the Registrant or its stockholders or
creditors for any damages as a result of any act or failure to act in his capacity as a director or officer unless it is proven
that (1) his act or failure to act constituted a breach of his fiduciary duties as a director or officer and (2) his breach of
those duties involved intentional misconduct, fraud or a knowing violation of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This provision is intended
to afford directors and officers protection against and to limit their potential liability for monetary damages resulting from
suits alleging a breach of the duty of care by a director or officer. As a consequence of this provision, the Registrant&rsquo;s
stockholders will be unable to recover monetary damages against directors or officers for action taken by them that may constitute
negligence or gross negligence in performance of their duties unless such conduct falls within one of the foregoing exceptions.
The provision, however, does not alter the applicable standards governing a director&rsquo;s or officer&rsquo;s fiduciary duty
and does not eliminate or limit the right of the Registrant or any of its stockholder to obtain an injunction or any other type
of non-monetary relief in the event of a breach of fiduciary duty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrant&rsquo;s
Articles of Incorporation, as amended, and amended and restated bylaws provide for indemnification of directors, officers, employees
or agents of the Registrant to the fullest extent permitted by Nevada law (as amended from time to time).&nbsp;&nbsp;Section 78.7502
of the Nevada Revised Statutes provides that such indemnification may only be provided if the person acted in good faith and in
a manner he reasonably believed to be in, or not opposed to, the best interest of the Registrant and, with respect to any criminal
action or proceeding, had no reasonable cause to behave his conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7.</B> <B><U>Exemption from Registration Claimed</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8.</B> <B><U>Exhibits</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 13%; padding-right: 0.8pt; text-decoration: underline"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Exhibit No.</u></b></font></td>
    <td style="width: 4%; padding-right: 0.8pt">&nbsp;</td>
    <td style="width: 83%; padding-right: 0.8pt; text-decoration: underline"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Description</u></b></font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">4.1</font></td>
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">Synthetic Biologics, Inc. 2010 Incentive Stock Plan (as amended and restated on May 15, 2015)*</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">5.1</font></td>
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">Opinion of Parsons Behle &amp; Latimer as to the legality of securities being registered*</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">23.1</font></td>
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">Consent of BDO USA, LLP*</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">23.2</font></td>
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">Consent of Parsons Behle &amp; Latimer (included in Exhibit 5.1 hereof)*</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">24.1</font></td>
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">Power of Attorney (included on the signature page of this registration statement)*</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*Filed Herewith</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.</B> <B><U>Undertakings</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The undersigned Registrant hereby undertakes:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) To file, during any period in which
offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) To include any
prospectus required by Section 10(a)(3) of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii) To reflect in
the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this
registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(iii) To include any
material information with respect to the plan of distribution not previously disclosed in the registration statement or any material
change to such information in this registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Provided, however,</I> that paragraphs
(a)(1)(i) and (a)(1)(ii) of this section do not apply if the registration statement is on Form S-8 and the information required
to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the
Securities Exchange Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated
by reference in the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) That, for the purpose of determining
any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I>
offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(3) To remove from registration by means
of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(4) That, for purposes of determining any
liability under the Securities Act, each filing of the Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d)
of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section&nbsp;15(d)
of the Exchange Act) that is incorporated by reference in this registration statement shall be deemed to be a new registration
statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the
initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(5) Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to
existing provisions or arrangements whereby the Registrant may indemnify a trustee, officer or controlling person of the Registrant
against liabilities arising under the Securities Act, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable.&nbsp;&nbsp;In
the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will,
unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final
adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SIGNATURES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form&nbsp;S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Rockville and State of Maryland, on the 10<SUP>th</SUP> day of August, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <td colspan="2" style="padding-right: 1.8pt"><font style="font: 10pt Times New Roman, Times, Serif">SYNTHETIC BIOLOGICS, INC.</font></td>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td></tr>
<tr>
    <TD STYLE="width: 55%; padding-right: 0.8pt">&nbsp;</td>
    <TD STYLE="width: 5%; padding-right: 0.8pt">&nbsp;</td>
    <TD STYLE="width: 30%; padding-right: 0.8pt">&nbsp;</td>
    <TD STYLE="width: 10%; padding-right: 0.8pt">&nbsp;</td></tr>
<tr>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <TD STYLE="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">By:</font></td>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;/s/ Jeffrey Riley</font></td>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td></tr>
<tr>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <td colspan="2" style="padding-right: 1.8pt"><font style="font: 10pt Times New Roman, Times, Serif">Chief Executive Officer,</font></td></tr>
<tr>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <td colspan="2" style="padding-right: 1.8pt"><font style="font: 10pt Times New Roman, Times, Serif">President and Director</font></td></tr>
<tr>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <td colspan="2" style="padding-right: 1.8pt"><font style="font: 10pt Times New Roman, Times, Serif">(Principal Executive Officer)</font></td></tr>
<tr>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td></tr>
<tr>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td></tr>
<tr>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <TD STYLE="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">By:</font></td>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">/s/ Steven A. Shallcross</font></td>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td></tr>
<tr>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <TD STYLE="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer</font></td>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td></tr>
<tr>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <TD COLSPAN="2" STYLE="padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Principal Financial and Accounting Officer)</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the undersigned,
whose signature appears below, hereby severally constitute and appoint each of Jeffrey Riley and Steven A. Shallcross, with full
power to each of them to act alone, as our true and lawful attorneys-in-fact and agent, with full power of substitution and resubstitution
to each of said attorneys to each to sign for us, and in our names in the capacities indicated below, to the registration statement,
and any amendment, post-effective amendment, supplement or papers supplemental thereto, any subsequent registration statements
pursuant to Rule 462 of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto and other documents
in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each
of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about
the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that
said attorneys-in-fact and agents, or any of them or their or his or her substitute or substitutes, may lawfully do or cause to
be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the date indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Signature</B></FONT></TD>
    <TD>&nbsp;</td>
    <TD STYLE="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Title</b></font></td>
    <TD>&nbsp;</td>
    <TD STYLE="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>&nbsp;Date</b></font></td>
    </tr>
<tr style="vertical-align: top">
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</td>
    <TD STYLE="width: 54%">&nbsp;</td>
    <TD STYLE="width: 5%">&nbsp;</td>
    <TD STYLE="width: 15%">&nbsp;</td>
    </tr>
<tr>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Jeffrey Riley</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif">Chief Executive Officer (Principal Executive Officer) and Director</font></td>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: top"><font style="font: 10pt Times New Roman, Times, Serif">August 10, 2015</font></td>
    </tr>
<tr>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jeffrey Riley</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    </tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    </tr>
<tr style="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Steven A. Shallcross</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</td>
    <TD><font style="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer (Principal Financial and Accounting Officer)</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font: 10pt Times New Roman, Times, Serif">August 10, 2015</font></td>
    </tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Steven A. Shallcross</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    </tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    </tr>
<tr style="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Jeffrey J. Kraws</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</td>
    <TD><font style="font: 10pt Times New Roman, Times, Serif">Chairman of the Board</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font: 10pt Times New Roman, Times, Serif">August 10, 2015</font></td>
    </tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jeffrey J. Kraws</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    </tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    </tr>
<tr style="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Scott L. Tarriff</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</td>
    <TD><font style="font: 10pt Times New Roman, Times, Serif">Director</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font: 10pt Times New Roman, Times, Serif">August 10, 2015</font></td>
    </tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Scott L. Tarriff</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    </tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    </tr>
<tr style="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Jeffrey Wolf</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</td>
    <TD><font style="font: 10pt Times New Roman, Times, Serif">Director</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font: 10pt Times New Roman, Times, Serif">August 10, 2015</font></td>
    </tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jeffrey Wolf</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    </tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 7; Options: NewSection; Value: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT INDEX</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 13%; padding-right: 0.8pt; text-decoration: underline"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Exhibit No.</u></b></font></td>
    <td style="width: 4%; padding-right: 0.8pt">&nbsp;</td>
    <td style="width: 83%; padding-right: 0.8pt; text-decoration: underline"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Description</u></b></font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">4.1</font></td>
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">Synthetic Biologics, Inc. 2010 Incentive Stock Plan (as amended and restated on May 15, 2015)*</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">5.1</font></td>
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">Opinion of Parsons Behle &amp; Latimer as to the legality of securities being registered*</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">23.1</font></td>
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">Consent of BDO USA, LLP*</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">23.2</font></td>
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">Consent of Parsons Behle &amp; Latimer (included in Exhibit 5.1 hereof)*</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">24.1</font></td>
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt"><font style="font: 10pt Times New Roman, Times, Serif">Power of Attorney (included on the signature page of this registration statement)*</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*Filed Herewith</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>v414477_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 4.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SYNTHETIC BIOLOGICS, INC.<BR>
2010 STOCK INCENTIVE PLAN<BR>
(as amended and restated on May 15, 2015) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE I<BR>
GENERAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>1.1 <U>Purpose</U> </B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">The purpose of the Synthetic Biologics, Inc.
(formerly known as Adeona Pharmaceuticals, Inc.) 2010 Stock Incentive Plan (the &ldquo;Plan&rdquo;) is to provide an incentive
for the employees, directors, and consultants to Synthetic Biologics, Inc. (formerly known as Adeona Pharmaceuticals, Inc.) (the
&ldquo;Company&rdquo;) and its subsidiaries an incentive (a) to enter into and remain in the service of the Company, (b) to enhance
the long-term performance of the Company, and (c) to acquire a proprietary interest in the success of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>1.2 <U>Administration</U>
</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">1.2.1 The Plan shall be administered by the
Compensation Committee (the &ldquo;Committee&rdquo;) of the board of directors of the Company (the &ldquo;Board&rdquo;), which
shall consist of not less than two directors. The members of the Committee shall be appointed by, and serve at the pleasure of,
the Board. To the extent required for transactions under the Plan to qualify for the exemptions available under Rule 16b-3 (&ldquo;Rule
16b-3&rdquo;) promulgated under the Securities Exchange Act of 1934 (the &ldquo;1934 Act&rdquo;), all actions relating to awards
to persons subject to Section 16 of the 1934 Act shall be taken by the Board unless each person who serves on the Committee is
a &ldquo;non-employee director&rdquo; within the meaning of Rule 16b-3 or such actions are taken by a sub-committee of the Committee
(or the Board) comprised solely of &ldquo;non-employee directors&rdquo;. To the extent required for compensation realized from
awards under the Plan to be deductible by the Company pursuant to section 162(m) of the Internal Revenue Code of 1986 (the &ldquo;Code&rdquo;),
the members of the Committee shall be &ldquo;outside directors&rdquo; within the meaning of section 162(m).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">1.2.2 The Committee shall have the authority
(a) to exercise all of the powers granted to it under the Plan, (b) to construe, interpret and implement the Plan and any Plan
Agreements executed pursuant to Section 2.1, (c) to prescribe, amend and rescind rules and regulations relating to the Plan, including
rules governing its own operations, (d) to make all determinations necessary or advisable in administering the Plan, (e) to correct
any defect, supply any omission and reconcile any inconsistency in the Plan, (f) to amend the Plan to reflect changes in applicable
law, (g) to determine whether, to what extent and under what circumstances awards may be settled or exercised in cash, shares of
the Company&rsquo;s common stock, par value $.001 (the &ldquo;Common Stock&rdquo;), other securities, other awards or other property,
or canceled, forfeited or suspended and the method or methods by which awards may be settled, canceled, forfeited or suspended,
and (h) to determine whether, to what extent and under what circumstances cash, shares of the Common Stock, other securities, other
awards or other property and other amounts payable with respect to an award shall be deferred either automatically or at the election
of the holder thereof or of the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">1.2.3 Actions of the Committee shall be taken
by the vote of a majority of its members. Any action may be taken by a written instrument signed by a majority of the Committee
members, and action so taken shall be fully as effective as if it had been taken by a vote at a meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">1.2.4 The determination of the Committee
on all matters relating to the Plan or any Plan Agreement shall be final, binding and conclusive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">1.2.5 No member of the Committee shall be
liable for any action or determination made in good faith with respect to the Plan or any award thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">1.2.6 Notwithstanding anything to the contrary
contained herein: (a) until the Board shall appoint the members of the Committee, the Plan shall be administered by the Board;
and (b) the Board may, in its sole discretion, at any time and from time to time, grant awards or resolve to administer the Plan.
In either of the foregoing events, the Board shall have all of the authority and responsibility granted to the Committee herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1.3 <U>Persons Eligible for Awards</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">Awards under the Plan may be made to such
directors, officers and other employees of the Company and its subsidiaries (including prospective employees conditioned on their
becoming employees), and to such consultants to the Company and its subsidiaries (collectively, &ldquo;key persons&rdquo;) as the
Committee shall in its discretion select.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1.4 <U>Types of Awards Under the Plan</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">Awards may be made under the Plan in the
form of (a) incentive stock options (within the meaning of section 422 of the Code), (b) nonqualified stock options, (c) stock
appreciation rights, (d) restricted stock, (e) restricted stock units and (f) other stock-based awards, all as more fully set forth
in Article II. The term &ldquo;award&rdquo; means any of the foregoing. No incentive stock option may be granted to a person who
is not an employee of the Company on the date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1.5 <U>Shares Available for Awards</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">1.5.1 The total number of shares of the Common
Stock which may be transferred pursuant to awards granted under the Plan shall not exceed 8,000,000. The 8,000,000 shares referred
to in the immediately preceding sentence include 3,000,000 shares of common stock initially included in the Plan when the Plan
was adopted on September 27, 2010, 3,000,000 shares added to the Plan as of September 17, 2013 and 2,000,000 shares added to the
Plan as of May 15, 2015. Such shares may be authorized but unissued shares of the Common Stock or authorized and issued shares
of the Common Stock held in the Company&rsquo;s treasury or acquired by the Company for the purposes of the Plan. The Committee
may direct that any stock certificate evidencing shares issued pursuant to the Plan shall bear a legend setting forth such restrictions
on transferability as may apply to such shares pursuant to the Plan. If, after the effective date of the Plan, any award is forfeited
or any award otherwise terminates or is cancelled without the delivery of shares of Stock, then the shares covered by such award
or to which such award relates shall again become available for transfer pursuant to awards granted or to be granted under this
Plan. Any shares of Stock delivered by the Company, any shares of Stock with respect to which awards are made by the Company and
any shares of Stock with respect to which the Company becomes obligated to make awards, through the assumption of, or in substitution
for, outstanding awards previously granted by an acquired entity, shall not be counted against the shares available for awards
under this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">1.5.2 Upon certain changes in Stock, the
number of shares of Stock available for issuance with respect to awards under the Plan, as set forth in Sections 1.5.1 and 1.5.2,
shall be adjusted pursuant to Section 3.7.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">1.5.3 Except as provided in this Section
1.5 and in Section 2.3.7, there shall be no limit on the number or the value of the shares of Stock that may be subject to awards
to any individual under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1.6 <U>Definitions of Certain Terms</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">1.6.1 The &ldquo;Fair Market Value&rdquo;
of a share of Stock on any day shall be determined as follows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">(a) If the principal market for the Stock
(the &ldquo;Market&rdquo;) is a national securities exchange, the last sale price or, if no reported sales take place on the applicable
date, the average of the high bid and low asked price of Stock as reported for such Market on such date or, if no such quotation
is made on such date, on the next preceding day on which there were quotations, provided that such quotations shall have been made
within the ten (10) business days preceding the applicable date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">(b) If the Market is the Over the Counter
Bulletin Board or another market, the average of the high bid and low asked price for Stock on the applicable date, or, if no such
quotations shall have been made on such date, on the next preceding day on which there were quotations, provided that such quotations
shall have been made within the ten (10) business days preceding the applicable date; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">(c) In the event that neither paragraph (a)
nor (b) shall apply, the Fair Market Value of a share of Stock on any day shall be determined in good faith by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">1.6.2 The term &ldquo;incentive stock option&rdquo;
means an option that is intended to qualify for special federal income tax treatment pursuant to sections 421 and 422 of the Code,
as now constituted or subsequently amended, or pursuant to a successor provision of the Code, and which is so designated in the
applicable Plan Agreement. Any option that is not specifically designated as an incentive stock option shall under no circumstances
be considered an incentive stock option. Any option that is not an incentive stock option is referred to herein as a &ldquo;nonqualified
stock option.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">1.6.3 The term &ldquo;employment&rdquo; means,
in the case of a grantee of an award under the Plan who is not an employee of the Company, the grantee&rsquo;s association with
the Company or a subsidiary as a director, consultant or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">1.6.4 A grantee shall be deemed to have a
&ldquo;termination of employment&rdquo; upon ceasing to be employed by the Company and all of its subsidiaries or by a corporation
assuming awards in a transaction to which section 424(a) of the Code applies. The Committee may in its discretion determine (a)
whether any leave of absence constitutes a termination of employment for purposes of the Plan, (b) the impact, if any, of any such
leave of absence on awards theretofore made under the Plan, and (c) when a change in a non-employee&rsquo;s association with the
Company constitutes a termination of employment for purposes of the Plan. The Committee shall have the right to determine whether
the termination of a grantee&rsquo;s employment is a dismissal for cause and the date of termination in such case, which date the
Committee may retroactively deem to be the date of the action that is cause for dismissal. Such determinations of the Committee
shall be final, binding and conclusive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">1.6.5 The term &ldquo;cause,&rdquo; when
used in connection with termination of a grantee&rsquo;s employment, shall have the meaning set forth in any then-effective employment
agreement between the grantee and the Company or a subsidiary thereof. In the absence, of or in addition to, as the case may be,
such an employment agreement provision, &ldquo;cause&rdquo; means: (a) conviction of any crime (whether or not involving the Company)
constituting a felony in the jurisdiction involved; (b) engaging in any substantiated act involving moral turpitude; (c) engaging
in any act which, in each case, subjects, or if generally known would subject, the Company to public ridicule or embarrassment;
(d) material violation of the Company&rsquo;s policies, including, without limitation, those relating to sexual harassment or the
disclosure or misuse of confidential information; (e) serious neglect or misconduct in the performance of the grantee&rsquo;s duties
for the Company or a subsidiary or willful or repeated failure or refusal to perform such duties; in each case as determined by
the Committee, which determination shall be final, binding and conclusive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE II<BR>
AWARDS UNDER THE PLAN </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2.1 <U>Agreements Evidencing Awards</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">Each award granted under the Plan shall be
evidenced by a written agreement (&ldquo;Plan Agreement&rdquo;) which shall contain such provisions as the Committee in its discretion
deems necessary or desirable. Such provisions may include, without limitation, a requirement that the grantee become a party to
a shareholders&rsquo; agreement with respect to any shares of Stock acquired pursuant to the award, a requirement that the grantee
acknowledge that such shares are acquired for investment purposes only, and a right of first refusal exercisable by the Company
in the event that the grantee wishes to transfer any such shares. The Committee may grant awards in tandem with or in substitution
for any other award or awards granted under this Plan or any award granted under any other plan of the Company or any subsidiary.
Payments or transfers to be made by the Company or any subsidiary upon the grant, exercise or payment of an award may be made in
such form as the Committee shall determine, including cash, shares of Stock, other securities, other awards or other property and
may be made in a single payment or transfer, in installments or on a deferred basis, in each case in accordance with rules established
by the Committee. By accepting an award pursuant to the Plan, a grantee thereby agrees that the award shall be subject to all of
the terms and provisions of the Plan and the applicable Plan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2.2 <U>No Rights as a Shareholder</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">No grantee of an option or stock appreciation
right (or other person having the right to exercise such award) shall have any of the rights of a shareholder of the Company with
respect to shares subject to such award until the issuance of a stock certificate to such person for such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2.3 <U>Grant of Stock Options and Stock Appreciation Rights</U>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">2.3.1 The Committee may grant incentive stock
options and nonqualified stock options (collectively, &ldquo;options&rdquo;) to purchase shares of the Common Stock from the Company,
to such key persons, in such amounts and subject to such terms and conditions, as the Committee shall determine in its discretion,
subject to the provisions of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">2.3.2 The Committee may grant stock appreciation
rights to such key persons, in such amounts and subject to such terms and conditions, as the Committee shall determine in its discretion,
subject to the provisions of the Plan. Stock appreciation rights may be granted in connection with all or any part of, or independently
of, any option granted under the Plan. A stock appreciation right granted in connection with a nonqualified stock option may be
granted at or after the time of grant of such option. A stock appreciation right granted in connection with an incentive stock
option may be granted only at the time of grant of such option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">2.3.3 The grantee of a stock appreciation
right shall have the right, subject to the terms of the Plan and the applicable Plan Agreement, to receive from the Company an
amount equal to (a) the excess of the Fair Market Value of a share of the Common Stock on the date of exercise of the stock appreciation
right over (b) the exercise price of such right as set forth in the Plan Agreement (or over the option exercise price if the stock
appreciation right is granted in connection with an option), multiplied by (c) the number of shares with respect to which the stock
appreciation right is exercised. Payment upon exercise of a stock appreciation right shall be in cash or in shares of the Common
Stock (valued at their Fair Market Value on the date of exercise of the stock appreciation right) or both, all as the Committee
shall determine in its discretion. Upon the exercise of a stock appreciation right granted in connection with an option, the number
of shares subject to the option shall be correspondingly reduced by the number of shares with respect to which the stock appreciation
right is exercised. Upon the exercise of an option in connection with which a stock appreciation right has been granted, the number
of shares subject to the stock appreciation right shall be correspondingly reduced by the number of shares with respect to which
the option is exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">2.3.4 Each Plan Agreement with respect to
an option shall set forth the amount (the &ldquo;option exercise price&rdquo;) payable by the grantee to the Company upon exercise
of the option evidenced thereby. The option exercise price per share shall be determined by the Committee in its discretion; provided,
however, that the option exercise price of an incentive stock option shall be at least 100% of the Fair Market Value of a share
of the Common Stock on the date the option is granted, and provided further that in no event shall the option exercise price be
less than the par value of a share of the Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">2.3.5 Each Plan Agreement with respect to
an option or stock appreciation right shall set forth the periods during which the award evidenced thereby shall be exercisable,
whether in whole or in part. Such periods shall be determined by the Committee in its discretion; provided, however, that no incentive
stock option (or a stock appreciation right granted in connection with an incentive stock option) shall be exercisable more than
10 years after the date of grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">2.3.6 The Committee may in its discretion
include in any Plan Agreement with respect to an option (the &ldquo;original option&rdquo;) a provision that an additional option
(the &ldquo;additional option&rdquo;) shall be granted to any grantee who, pursuant to Section 2.4.3(b), delivers shares of the
Common Stock in partial or full payment of the exercise price of the original option. The additional option shall be for a number
of shares of the Common Stock equal to the number thus delivered, shall have an exercise price equal to the Fair Market Value of
a share of the Common Stock on the date of exercise of the original option, and shall have an expiration date no later than the
expiration date of the original option. In the event that a Plan Agreement provides for the grant of an additional option, such
Agreement shall also provide that the exercise price of the original option be no less than the Fair Market Value of a share of
Stock on its date of grant, and that any shares that are delivered pursuant to Section 2.4.3(b) in payment of such exercise price
shall have been held for at least six months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">2.3.7 To the extent that the aggregate Fair
Market Value (determined as of the time the option is granted) of the stock with respect to which incentive stock options granted
under this Plan and all other plans of the Company and any subsidiary are first exercisable by any employee during any calendar
year shall exceed the maximum limit (currently, $100,000), if any, imposed from time to time under section 422 of the Code, such
options shall be treated as nonqualified stock options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">2.3.8 Notwithstanding the provisions of Sections
2.3.4 and 2.3.5, to the extent required under section 422 of the Code, an incentive stock option may not be granted under the Plan
to an individual who, at the time the option is granted, owns stock possessing more than 10% of the total combined voting power
of all classes of stock of his employer corporation or of its parent or subsidiary corporations (as such ownership may be determined
for purposes of section 422(b)(6) of the Code) unless (a) at the time such incentive stock option is granted the option exercise
price is at least 110% of the Fair Market Value of the shares subject thereto and (b) the incentive stock option by its terms is
not exercisable after the expiration of 5 years from the date it is granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2.4 <U>Exercise of Options and Stock Appreciation Rights</U>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">Subject to the provisions of this Article
II, each option or stock appreciation right granted under the Plan shall be exercisable as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">2.4.1 Unless the applicable Plan Agreement
otherwise provides, an option or stock appreciation right may be exercised from time to time as to all or part of the shares as
to which such award is then exercisable (but, in any event, only for whole shares). A stock appreciation right granted in connection
with an option may be exercised at any time when, and to the same extent that, the related option may be exercised. An option or
stock appreciation right shall be exercised by the filing of a written notice with the Company, on such form and in such manner
as the Committee shall prescribe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">2.4.2 Any written notice of exercise of an
option shall be accompanied by payment for the shares being purchased. Such payment shall be made: (a) by certified or official
bank check (or the equivalent thereof acceptable to the Company) for the full option exercise price; or (b) unless the applicable
Plan Agreement provides otherwise, by delivery of shares of the Common Stock (which, if acquired pursuant to exercise of a stock
option, were acquired at least six months prior to the option exercise date) and having a Fair Market Value (determined as of the
exercise date) equal to all or part of the option exercise price and a certified or official bank check (or the equivalent thereof
acceptable to the Company) for any remaining portion of the full option exercise price; or (c) at the discretion of the Committee
and to the extent permitted by law, by such other provision as the Committee may from time to time prescribe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">2.4.3 Promptly after receiving payment of
the full option exercise price, or after receiving notice of the exercise of a stock appreciation right for which payment will
be made partly or entirely in shares, the Company shall, subject to the provisions of Section 3.3 (relating to certain restrictions),
deliver to the grantee or to such other person as may then have the right to exercise the award, a certificate or certificates
for the shares of the Common Stock for which the award has been exercised. If the method of payment employed upon option exercise
so requires, and if applicable law permits, an optionee may direct the Company to deliver the certificate(s) to the optionee&rsquo;s
stockbroker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2.5 <U>Termination of Employment; Death</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">2.5.1 Except to the extent otherwise provided
in Section 2.5.2 or 2.5.3 or in the applicable Plan Agreement, all options and stock appreciation rights not theretofore exercised
shall terminate upon termination of the grantee&rsquo;s employment for any reason (including death).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">2.5.2 If a grantee&rsquo;s employment terminates
for any reason other than death or dismissal for cause, the grantee may exercise any outstanding option or stock appreciation right
on the following terms and conditions: (a) exercise may be made only to the extent that the grantee was entitled to exercise the
award on the date of employment termination; and (b) exercise must occur within 90 days after employment terminates, except that
this 90 day period shall be increased to one year if the termination is by reason of disability, but in no event after the expiration
date of the award as set forth in the Plan Agreement. In the case of an incentive stock option, the term &ldquo;disability&rdquo;
for purposes of the preceding sentence shall have the meaning given to it by section 422(c)(6) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">2.5.3 If a grantee dies while employed by
the Company or any subsidiary, or after employment termination but during the period in which the grantee&rsquo;s awards are exercisable
pursuant to Section 2.5.2, any outstanding option or stock appreciation right shall be exercisable on the following terms and conditions:
(a) exercise may be made only to the extent that the grantee was entitled to exercise the award on the date of death; and (b) exercise
must occur by the earlier of the first anniversary of the grantee&rsquo;s death or the expiration date of the award. Any such exercise
of an award following a grantee&rsquo;s death shall be made only by the grantee&rsquo;s executor or administrator, unless the grantee&rsquo;s
will specifically disposes of such award, in which case such exercise shall be made only by the recipient of such specific disposition.
If a grantee&rsquo;s personal representative or the recipient of a specific disposition under the grantee&rsquo;s will shall be
entitled to exercise any award pursuant to the preceding sentence, such representative or recipient shall be bound by all the terms
and conditions of the Plan and the applicable Plan Agreement which would have applied to the grantee including, without limitation,
the provisions of Sections 3.3 and 3.7 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2.6 <U>Grant of Restricted Stock</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">2.6.1 The Committee may grant restricted
shares of Stock to such key persons, in such amounts, and subject to such terms and conditions as the Committee shall determine
in its discretion, subject to the provisions of the Plan. Restricted stock awards may be made independently of or in connection
with any other award under the Plan. A grantee of a restricted stock award shall have no rights with respect to such award unless
such grantee accepts the award within such period as the Committee shall specify by executing a Plan Agreement in such form as
the Committee shall determine and, if the Committee shall so require, makes payment to the Company by certified or official bank
check (or the equivalent thereof acceptable to the Company) in such amount as the Committee may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">2.6.2 Promptly after a grantee accepts a
restricted stock award, the Company shall issue in the grantee&rsquo;s name a certificate or certificates for the shares of the
Common Stock covered by the award. Upon the issuance of such certificate(s), the grantee shall have the rights of a shareholder
with respect to the restricted stock, subject to the nontransferability restrictions and Company repurchase rights described in
Sections 2.6.4 and 2.6.5 and to such other restrictions and conditions as the Committee in its discretion may include in the applicable
Plan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">2.6.3 Unless the Committee shall otherwise
determine, any certificate issued evidencing shares of restricted stock shall remain in the possession of the Company until such
shares are free of any restrictions specified in the applicable Plan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">2.6.4 Shares of restricted stock may not
be sold, assigned, transferred, pledged or otherwise encumbered or disposed of except as specifically provided in this Plan or
the applicable Plan Agreement. The Committee at the time of grant shall specify the date or dates (which may depend upon or be
related to the attainment of performance goals and other conditions) on which the nontransferability of the restricted stock shall
lapse. Unless the applicable Plan Agreement provides otherwise, additional shares of Stock or other property distributed to the
grantee in respect of shares of restricted stock, as dividends or otherwise, shall be subject to the same restrictions applicable
to such restricted stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">2.6.5 During the 120 days following termination
of the grantee&rsquo;s employment for any reason, the Company shall have the right to require the return of any shares to which
restrictions on transferability apply, in exchange for which the Company shall repay to the grantee (or the grantee&rsquo;s estate)
any amount paid by the grantee for such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2.7 <U>Grant of Restricted Stock Units</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">2.7.1 The Committee may grant awards of restricted
stock units to such key persons, in such amounts, and subject to such terms and conditions as the Committee shall determine in
its discretion, subject to the provisions of the Plan. Restricted stock units may be awarded independently of or in connection
with any other award under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">2.7.2 At the time of grant, the Committee
shall specify the date or dates on which the restricted stock units shall become fully vested and nonforfeitable, and may specify
such conditions to vesting as it deems appropriate. In the event of the termination of the grantee&rsquo;s employment by the Company
and its subsidiaries for any reason, restricted stock units that have not become nonforfeitable shall be forfeited and cancelled.
The Committee at any time may accelerate vesting dates and otherwise waive or amend any conditions of an award of restricted stock
units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">2.7.3 At the time of grant, the Committee
shall specify the maturity date applicable to each grant of restricted stock units, which may be determined at the election of
the grantee. Such date may be later than the vesting date or dates of the award. On the maturity date, the Company shall transfer
to the grantee one unrestricted, fully transferable share of the Common Stock for each restricted stock unit scheduled to be paid
out on such date and not previously forfeited. The Committee shall specify the purchase price, if any, to be paid by the grantee
to the Company for such shares of the Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2.8 <U>Other Stock-Based Awards</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">The Committee may grant other types of stock-based
awards (including the grant of unrestricted shares) to such key persons, in such amounts and subject to such terms and conditions,
as the Committee shall in its discretion determine, subject to the provisions of the Plan. Such awards may entail the transfer
of actual shares of the Common Stock to Plan participants, or payment in cash or otherwise of amounts based on the value of shares
of the Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE III<BR>
MISCELLANEOUS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.1 <U>Amendment of the Plan; Modification of Awards</U>
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">3.1.1 The Board may from time to time suspend,
discontinue, revise or amend the Plan in any respect whatsoever, except that no such amendment shall materially impair any rights
or materially increase any obligations under any award theretofore made under the Plan without the consent of the grantee (or,
after the grantee&rsquo;s death, the person having the right to exercise the award). For purposes of this Section 3.1, any action
of the Board or the Committee that alters or affects the tax treatment of any award shall not be considered to materially impair
any rights of any grantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">3.1.2 Stockholder approval of any amendment
shall be obtained to the extent necessary to comply with section 422 of the Code (relating to incentive stock options) or other
applicable law or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">3.1.3 The Committee may amend any outstanding
Plan Agreement, including, without limitation, by amendment which would accelerate the time or times at which the award becomes
unrestricted or may be exercised, or waive or amend any goals, restrictions or conditions set forth in the Agreement. However,
any such amendment (other than an amendment pursuant to Section 3.7.2, relating to change in control) that materially impairs the
rights or materially increases the obligations of a grantee under an outstanding award shall be made only with the consent of the
grantee (or, upon the grantee&rsquo;s death, the person having the right to exercise the award).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.2 <U>Tax Withholding</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">3.2.1 As a condition to the receipt of any
shares of the Common Stock pursuant to any award or the lifting of restrictions on any award, or in connection with any other event
that gives rise to a federal or other governmental tax withholding obligation on the part of the Company relating to an award (including,
without limitation, FICA tax), the Company shall be entitled to require that the grantee remit to the Company an amount sufficient
in the opinion of the Company to satisfy such withholding obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">3.2.2 If the event giving rise to the withholding
obligation is a transfer of shares of the Common Stock, then, unless otherwise specified in the applicable Plan Agreement, the
grantee may satisfy the withholding obligation imposed under Section 3.2.1 by electing to have the Company withhold shares of the
Common Stock having a Fair Market Value equal to the amount of tax to be withheld. For this purpose, Fair Market Value shall be
determined as of the date on which the amount of tax to be withheld is determined (and any fractional share amount shall be settled
in cash).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.3 <U>Restrictions</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">3.3.1 If the Committee shall at any time
determine that any consent (as hereinafter defined) is necessary or desirable as a condition of, or in connection with, the granting
of any award under the Plan, the issuance or purchase of shares or other rights thereunder, or the taking of any other action thereunder
(each such action being hereinafter referred to as a &ldquo;plan action&rdquo;), then such plan action shall not be taken, in whole
or in part, unless and until such consent shall have been effected or obtained to the full satisfaction of the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">3.3.2 The term &ldquo;consent&rdquo; as used
herein with respect to any plan action means (a) any and all listings, registrations or qualifications in respect thereof upon
any securities exchange or under any federal, state or local law, rule or regulation, (b) any and all written agreements and representations
by the grantee with respect to the disposition of shares, or with respect to any other matter, which the Committee shall deem necessary
or desirable to comply with the terms of any such listing, registration or qualification or to obtain an exemption from the requirement
that any such listing, qualification or registration be made and (c) any and all consents, clearances and approvals in respect
of a plan action by any governmental or other regulatory bodies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.4 <U>Non-assignability</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">Except to the extent otherwise provided in
the applicable Plan Agreement, no award or right granted to any person under the Plan shall be assignable or transferable other
than by will or by the laws of descent and distribution, and all such awards and rights shall be exercisable during the life of
the grantee only by the grantee or the grantee&rsquo;s legal representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.5 <U>Notification of Election Under Code Section 83(b)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">If any grantee shall, in connection with
the acquisition of shares of the Common Stock under the Plan, make the election permitted under section 83(b) of the Code (that
is, an election to include in gross income in the year of transfer the amounts specified in section 83(b)), such grantee shall
notify the Company of such election within 10 days of filing notice of the election with the Internal Revenue Service, in addition
to any filing and notification required pursuant to regulations issued under the authority of Code section 83(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.6 <U>Notification Upon Disqualifying Disposition</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">If any grantee shall make any disposition
of shares of the Common Stock issued pursuant to the exercise of an incentive stock option under the circumstances described in
section 421(b) of the Code (relating to certain disqualifying dispositions), such grantee shall notify the Company of such disposition
within 10 days thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.7 <U>Adjustment Upon Changes in Stock</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">3.7.1 <U>Shares Available for Grants</U>.
In the event of any change in the number of shares of Stock outstanding by reason of any stock dividend or split, reverse stock
split, recapitalization, merger, consolidation, combination or exchange of shares or similar corporate change, the maximum number
of shares of the Common Stock with respect to which the Committee may grant awards under Article II hereof, as described in Section
1.5.1, and the individual annual limit described in Section 1.5.2, shall be appropriately adjusted by the Committee. In the event
of any change in the number of shares of the Common Stock outstanding by reason of any other event or transaction, the Committee
may, but need not, make such adjustments in the number and class of shares of the Common Stock with respect to which awards: (i)
may be granted under Article II hereof and (ii) granted to any one employee of the Company or a subsidiary during any one calendar
year, in each case as the Committee may deem appropriate, unless such adjustment would cause any award that would otherwise qualify
as performance based compensation with respect to a &ldquo;162(m) covered employee&rdquo; (as defined in Section 162 of the Code),
to cease to so qualify.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">3.7.2 <U>Outstanding Restricted Stock and
Restricted Stock Units</U>. Unless the Committee in its absolute discretion otherwise determines, any securities or other property
(including dividends paid in cash) received by a grantee with respect to a share of restricted stock, the issue date with respect
to which occurs prior to such event, but which has not vested as of the date of such event, as a result of any dividend, stock
split, reverse stock split, recapitalization, merger, consolidation, combination, exchange of shares or otherwise will not vest
until such share of restricted stock vests, and shall be promptly deposited with the Company or otherwise treated as was the certificate
for the underlying share of restricted stock, pursuant to Section 2.6.3 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">The Committee may, in its absolute discretion,
adjust any grant of shares of restricted stock, the issue date with respect to which has not occurred as of the date of the occurrence
of any of the following events, or any grant of restricted stock units, to reflect any dividend, stock split, reverse stock split,
recapitalization, merger, consolidation, combination, exchange of shares or similar corporate change as the Committee may deem
appropriate to prevent the enlargement or dilution of rights of grantees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">3.7.3 <U>Outstanding Options and Stock Appreciation
Rights&nbsp;&mdash;&nbsp;Increase or Decrease in Issued Shares Without Consideration</U>. Subject to any required action by the
stockholders of the Company, in the event of any increase or decrease in the number of issued shares of Stock resulting from a
subdivision or consolidation of shares of Stock or the payment of a stock dividend (but only on the shares of Stock), or any other
increase or decrease in the number of such shares effected without receipt of consideration by the Company, the Committee shall
proportionally adjust the number of shares of the Common Stock subject to each outstanding option and stock appreciation right,
and the exercise price-per-share of the Common Stock of each such option and stock appreciation right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">3.7.4 <U>Outstanding Options and Stock Appreciation
Rights&nbsp;&mdash;&nbsp;Certain Mergers</U>. Subject to any required action by the stockholders of the Company, in the event that
the Company shall be the surviving corporation in any merger or consolidation (except a merger or consolidation as a result of
which the holders of shares of Stock receive securities of another corporation), each option and stock appreciation right outstanding
on the date of such merger or consolidation shall pertain to and apply to the securities which a holder of the number of shares
of the Common Stock subject to such option or stock appreciation right would have received in such merger or consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">3.7.5 <U>Outstanding Options and Stock Appreciation
Rights&nbsp;&mdash;&nbsp;Certain Other Transactions</U>. In the event of (i) a dissolution or liquidation of the Company, (ii)
a sale of all or substantially all of the Company&rsquo;s assets, (iii) a merger or consolidation involving the Company in which
the Company is not the surviving corporation or (iv) a merger or consolidation involving the Company in which the Company is the
surviving corporation but the holders of shares of the Common Stock receive securities of another corporation and/or other property,
including cash, the Committee shall, in its absolute discretion, have the power to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 61px; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="width: 20px; padding-top: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="padding-top: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">cancel, effective immediately prior to the occurrence of such event, each option and stock appreciation right outstanding immediately prior to such event (whether or not then exercisable), and, in full consideration of such cancellation, pay to the grantee to whom such option or stock appreciation right was granted an amount in cash, for each share of the Common Stock subject to such option or stock appreciation right, respectively, equal to the excess of (x) the value, as determined by the Committee in its absolute discretion, of the property (including cash) received by the holder of a share of the Common Stock as a result of such event over (y) the exercise price of such option or stock appreciation right; </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 61px; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="width: 20px; padding-top: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD>
    <TD STYLE="padding-top: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">cancel, effective immediately prior to the occurrence of such event, each option and stock appreciation right outstanding immediately prior to such event (whether or not then exercisable), and, in full consideration of such cancellation, pay to the grantee to whom such option or stock appreciation right was granted, for each share of the Common Stock subject to such option or stock appreciation right, respectively, the property (including cash) received by the holder of a share of the Common Stock as a result of such event; or </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 61px; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="width: 20px; padding-top: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD>
    <TD STYLE="padding-top: 3pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">provide for the exchange of each option and stock appreciation right outstanding immediately prior to such event (whether or not then exercisable) for an option on or stock appreciation right with respect to, as appropriate, some or all of the property which a holder of the number of shares of the Common Stock subject to such option or stock appreciation right would have received and, incident thereto, make an equitable adjustment as determined by the Committee in its absolute discretion in the exercise price of the option or stock appreciation right, or the number of shares or amount of property subject to the option or stock appreciation right or, if appropriate, provide for a cash payment to the grantee to whom such option or stock appreciation right was granted in partial consideration for the exchange of the option or stock appreciation right.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">3.7.6 <U>Outstanding Options and Stock Appreciation
Rights&nbsp;&mdash;&nbsp;Other Changes</U>. In the event of any change in the capitalization of the Company or a corporate change
other than those specifically referred to in Sections 3.7.3, 3.7.4 or 3.7.5 hereof, the Committee may, in its absolute discretion,
make such adjustments in the number and class of shares subject to options and stock appreciation rights outstanding on the date
on which such change occurs and in the per-share exercise price of each such option and stock appreciation right as the Committee
may consider appropriate to prevent dilution or enlargement of rights. In addition, if and to the extent the Committee determines
it is appropriate, the Committee may elect to cancel each option and stock appreciation right outstanding immediately prior to
such event (whether or not then exercisable), and, in full consideration of such cancellation, pay to the grantee to whom such
option or stock appreciation right was granted an amount in cash, for each share of the Common Stock subject to such option or
stock appreciation right, respectively, equal to the excess of (i) the Fair Market Value of the Common Stock on the date of such
cancellation over (ii) the exercise price of such option or stock appreciation right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">3.7.7 <U>No Other Rights</U>. Except as expressly
provided in the Plan, no grantee shall have any rights by reason of any subdivision or consolidation of shares of stock of any
class, the payment of any dividend, any increase or decrease in the number of shares of stock of any class or any dissolution,
liquidation, merger or consolidation of the Company or any other corporation. Except as expressly provided in the Plan, no issuance
by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and
no adjustment by reason thereof shall be made with respect to, the number of shares of the Common Stock subject to an award or
the exercise price of any option or stock appreciation right. Except as otherwise provided in Section 3.7, no adjustment shall
be made for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in cash, securities or other
property) for which the record date is prior to the date such stock certificate is issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.8 <U>Right of Discharge Reserved</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">Nothing in the Plan or in any Plan Agreement
shall confer upon any grantee the right to continue in the employ of the Company or affect any right which the Company may have
to terminate such employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.9 <U>Nature of Payments</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">3.9.1 Any and all grants of awards and issuances
of shares of the Common Stock under the Plan shall be in consideration of services performed for the Company by the grantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">3.9.2 All such grants and issuances shall
constitute a special incentive payment to the grantee and shall not be taken into account in computing the amount of salary or
compensation of the grantee for the purpose of determining any benefits under any pension, retirement, profit-sharing, bonus, life
insurance or other benefit plan of the Company or under any agreement between the Company and the grantee, unless such plan or
agreement specifically provides otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.10 <U>Non-Uniform Determinations</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">The Committee&rsquo;s determinations under
the Plan need not be uniform and may be made by it selectively among persons who receive, or are eligible to receive, awards under
the Plan (whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the Committee
shall be entitled, among other things, to make non-uniform and selective determinations, and to enter into non-uniform and selective
Plan agreements, as to (a) the persons to receive awards under the Plan, (b) the terms and provisions of awards under the Plan,
and (c) the treatment of leaves of absence pursuant to Section 1.6.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.11 <U>Other Payments or Awards</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">Nothing contained in the Plan shall be deemed
in any way to limit or restrict the Company from making any award or payment to any person under any other plan, arrangement or
understanding, whether now existing or hereafter in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.12 <U>Section Headings</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">The section headings contained herein are
for the purpose of convenience only and are not intended to define or limit the contents of the sections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.13 <U>Effective Date and Term of Plan</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">3.13.1 The Plan was adopted by the Board
on September 27, 2010, subject to approval by the Company&rsquo;s stockholders. The Plan was amended on May 15, 2015, subject to
approval by the Company&rsquo;s stockholders to increase the number of shares of the Common Stock which may be transferred pursuant
to awards granted under the Plan by 2,000,000 to 8,000,000. All awards under the Plan prior to such stockholder approval are subject
in their entirety to such approval. If such approval is not obtained prior to the first anniversary of the date of adoption of
the Plan, the Plan and all awards thereunder shall terminate on that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">3.13.2 Unless sooner terminated by the Board,
the Plan will terminate on the close of business on September 27, 2020, ten years from the original effective date. All awards
made under the Plan prior to its termination shall remain in effect until such awards have been satisfied or terminated in accordance
with the terms and provisions of the Plan and the applicable Plan Agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>3.14 <U>Governing Law</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">All rights and obligations under the Plan
shall be construed and interpreted in accordance with the laws of the State of Nevada, without giving effect to principles of conflict
of laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 8; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>v414477_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><IMG SRC="image_002.jpg" ALT="http:||content.edgar-online.com|edgar_conv_img|2015|04|10|0001144204-15-022217_TEX5-1BPG1.JPG" STYLE="height: 112px; width: 112px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">August 10, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Synthetic Biologics, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">155 Gibbs Street, Suite 412</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rockville, MD 20850</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 8%; font-size: 10pt; text-align: justify">&nbsp;</td>
    <td style="width: 8%; padding-right: 0.8pt; font-size: 10pt"><font style="font-size: 10pt">Re:</font></td>
    <td style="width: 84%; padding-right: 0.8pt; font-size: 10pt; text-align: justify"><font style="font-size: 10pt">Synthetic Biologics, Inc. Form S-8</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We refer to the Registration
Statement on Form S-8 (the &ldquo;Registration Statement&rdquo;) to be filed on even date by Synthetic Biologics, Inc., a Nevada
corporation (the &ldquo;Company&rdquo;), with the Securities and Exchange Commission with respect to the registration of up to
an aggregate of 2,000,000 shares of the Company&rsquo;s common stock, par value $0.001 per share (the &ldquo;Common Stock&rdquo;),
to be issued in connection with the Company&rsquo;s 2010 Stock Incentive Plan (the &ldquo;Plan&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As counsel to the Company,
we have examined such matters of fact and questions of law as we have considered appropriate for purposes of this letter. With
your consent, we have relied upon certificates and other assurances of officers of the Company and others as to factual matters
without having independently verified such factual matters. We are opining herein as to the Nevada Revised Statutes, and we express
no opinion with respect to the applicability thereto, or the effect thereon, of the laws of any other jurisdiction or, in the case
of Nevada, any other laws, or as to any matters of municipal law or the laws of any local agencies within any state.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have made such examination
as we have deemed necessary for the purpose of this opinion.&nbsp;&nbsp;Based upon such examination, it is our opinion, that, when
the Registration Statement has become effective under the Securities Act of 1933, as amended, and when the shares of Common Stock
to be issued are sold and paid for in the manner described in the Plan, the Common Stock so issued will be validly issued, fully
paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion is given
as of the date hereof and we assume no obligation to advise you of changes that may hereafter be brought to our attention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hereby consent to
the use of this opinion as an exhibit to the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 50%; padding-right: 0.8pt">&nbsp;</td>
    <td style="width: 50%; padding-right: 0.8pt"><font style="font-size: 10pt">Very truly yours,</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: 0.8pt">&nbsp;</td>
    <td style="padding-right: 0.8pt"><font style="font-size: 10pt">PARSONS BEHLE &amp; LATIMER</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>



<P STYLE="margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>v414477_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Synthetic Biologics, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rockville, Maryland</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the incorporation by reference in
this Registration Statement on Form S-8 of our reports dated March 16, 2015, relating to the  consolidated financial
statements and the effectiveness of Synthetic Biologics, Inc&rsquo;s internal control over financial reporting appearing in
the Company&rsquo;s Annual Report on Form&nbsp;10-K for the year ended December 31, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">BDO USA, LLP</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0">/s/ BDO USA, LLP</P></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: justify">Troy, Michigan&nbsp;</P></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August 10, 2015</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font-size: 10pt"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ < !P P$1  (1 0,1 ?_$ +$   $$ @,!
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MGCA8>3\GR8Q;A"@52\R= G#7F&GG+=DZCTX95N_5EV+MFR3.Z<3R272<!#<
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MD58EU!1QVT2X](LGZC\62(78Q# 4G@/LTTID,]:U=BGC=$V$ :EEN=5BPUQ
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MB0SY^:G_ "C&,M*J#C3N.\L&/+*3YG,KX".973A1&013;@C4EJ\X;E:#57$
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;)_\ 2.OS6,_X9?Z\A_L:XXC*=R9M<PTZ5__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
