<SEC-DOCUMENT>0001144204-16-122164.txt : 20160831
<SEC-HEADER>0001144204-16-122164.hdr.sgml : 20160831
<ACCEPTANCE-DATETIME>20160830204701
ACCESSION NUMBER:		0001144204-16-122164
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20160831
DATE AS OF CHANGE:		20160830
EFFECTIVENESS DATE:		20160831

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:	333-213388
		FILM NUMBER:		161861760

	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>v448017_s8.htm
<DESCRIPTION>S-8
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the United States Securities
and Exchange Commission on August 31, 2016</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: right"><B>Registration No. 333-</B>&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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" ALIGN="CENTER" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="background-color: white">
    <TD STYLE="width: 49%; padding-right: 0.8pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nevada</b></font></td>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 0.8pt; text-align: center">&nbsp;</td>
    <TD STYLE="width: 49%; padding-right: 0.8pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13-3808303</b></font></td></tr>
<tr style="background-color: white">
    <TD STYLE="padding-right: 0.8pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(State or other jurisdiction of</font></td>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS Employer</font></td></tr>
<tr style="background-color: white">
    <TD STYLE="padding-right: 0.8pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;incorporation or organization)</font></td>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center">&nbsp;</td>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>9605 Medical Center Drive, Suite 270</B></P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(301) 417-4364</B></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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">&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 NOWRAP STYLE="width: 15%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer&nbsp;&nbsp;</font><font style="font-family: Wingdings; font-size: 10pt">o</font></td>
    <TD NOWRAP STYLE="width: 35%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer&nbsp;&nbsp;</font><font style="font-family: Wingdings; font-size: 10pt">x</font></td>
    <TD NOWRAP STYLE="width: 35%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-accelerated
filer&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P></td>
    <TD NOWRAP STYLE="width: 15%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company&nbsp;&nbsp;</font><font style="font-family: Wingdings; font-size: 10pt">o</font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(do not check if smaller reporting company)&nbsp;</font></td>
    <TD>&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>


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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<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 be<BR> Registered&nbsp;(2)</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&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&nbsp;(3)</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&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&nbsp;(1)</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&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&nbsp;(4)</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 36%">Common Stock, par value $0.001 per share</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right; width: 13%">6,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right; width: 13%">1.60</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right; width: 13%">9,600,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right; width: 13%">967</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left; width: 1%">&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: 0.25in; padding-right: 0.8pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
    <TD STYLE="padding-right: 0.8pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 26, 2016, 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; text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</font></td>
    <TD STYLE="padding-right: 0.8pt; text-align: justify; text-indent: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculated pursuant to Section 6(b) of the Securities Act as .00010070 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>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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 an additional 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">The Registrant also
filed with the SEC its Registration Statement on Form S-8 (Registration No. 333-206268) on August 10, 2015 (the &ldquo;2015 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 an additional 2,000,000 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 2015 Registration Statement are incorporated
into this Registration Statement by reference.</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 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 6,000,000 additional shares of Common Stock to be offered and sold under
the 2010 Plan.&nbsp;&nbsp;These shares represented 6,000,000 shares of Common Stock that were added to the 2010 Plan as of August
25, 2016 by vote of the Registrant&rsquo;s stockholders at the Registrant&rsquo;s 2016 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;&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>

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

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

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

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

<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: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Item 3.</B></TD><TD STYLE="text-align: justify"><B><U>Incorporation of Documents By Reference</U>.</B></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">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-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 0.25in; text-align: justify"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Annual Report on Form&nbsp;10-K for the fiscal year ended December 31, 2015 filed with the SEC on March 10, 2016 (File No. 001-12584);</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 0.25in; text-align: justify"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 filed with the SEC on May 5, 2016 (File No. 001-12584);</font></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</td>
    <TD>
        <P STYLE="font: 10pt Symbol; margin: 0pt 0; text-align: justify">&middot;</P></td>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Our
Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 filed with the SEC on August 3, 2016 (File No. 001-12584);</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 0.25in; text-align: justify"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Current Reports on Form 8-K filed with the SEC on February 2, 2016, August 5, 2016 and August 26, 2016 (File No. 001-12584); and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: top">
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</td>
    <TD STYLE="width: 0.25in; text-align: justify"><font style="font-family: Symbol; font-size: 10pt">&middot;</font></td>
    <TD STYLE="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The description of our common stock set forth in our registration statement on Form&nbsp;8-A12B, filed with the SEC on June 20, 2007 (File No.&nbsp;000-12584).</font></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; 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-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"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Item 4.</B></TD><TD STYLE="text-align: justify"><B><U>Description of Securities</U></B>.</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">Not Applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Item 5.</B></TD><TD STYLE="text-align: justify"><B><U>Interests of Named Experts and Counsel</U></B>.</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">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Item 6.</B></TD><TD STYLE="text-align: justify"><B><U>Indemnification of Directors and Officers</U></B>.</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">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>

<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: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Item 7.</B></TD><TD STYLE="text-align: justify"><B><U>Exemption from Registration Claimed</U></B>.</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">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Item 8.</B></TD><TD STYLE="text-align: justify"><B><U>Exhibits</U></B>.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&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: 1in; padding-right: 0.8pt; text-decoration: underline"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Exhibit No.</u></b></font></td>
    <TD STYLE="width: 0.25in; padding-right: 0.8pt">&nbsp;</td>
    <TD STYLE="padding-right: 0.8pt; text-decoration: underline"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</font></td>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <TD STYLE="padding-right: 0.8pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Synthetic Biologics, Inc. 2010 Incentive Stock Plan (as amended on May 31, 2016)*</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</font></td>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <TD STYLE="padding-right: 0.8pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</font></td>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <TD STYLE="padding-right: 0.8pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of BDO USA, LLP*</font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</font></td>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <TD STYLE="padding-right: 0.8pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</font></td>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</td>
    <TD STYLE="padding-right: 0.8pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Item 9.</B></TD><TD STYLE="text-align: justify"><B><U>Undertakings</U></B>.</TD>
</TR></TABLE>

<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; text-indent: 0.5in"></P>

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<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-top: 0pt; margin-bottom: 0pt; 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 31<SUP>st</SUP> day of August, 2016.</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; text-decoration: none; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SYNTHETIC BIOLOGICS, INC.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="width: 25%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jeffrey Riley</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jeffrey Riley</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Executive Officer,</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Director</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive Officer)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Steven A. Shallcross</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Steven A. Shallcross</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer</P></TD>
    <TD></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Financial and <BR>
Accounting Officer)</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<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">&nbsp;&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 STYLE="width: 36%; border-bottom: black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Signature</b></font></td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 44%; border-bottom: black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title</b></font></td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 16%; border-bottom: black 1pt solid; text-align: left; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;Date</b></font></td>
    </tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</td>
    </tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jeffrey Riley</font></td>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD NOWRAP STYLE="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer (Principal Executive Officer) and Director</font></td>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 31, 2016</font></td>
    </tr>
<tr>
    <TD STYLE="text-align: left; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey Riley</font></td>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="vertical-align: top">&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</td>
    </tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</td>
    </tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Steven A. Shallcross</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer (Principal Financial and Accounting Officer)</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 31, 2016</font></td>
    </tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven A. Shallcross</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</td>
    </tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</td>
    </tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jeffrey J. Kraws</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of the Board</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 31, 2016</font></td>
    </tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Jeffrey J. Kraws</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</td>
    </tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</td>
    </tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Scott L. Tarriff</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 31, 2016</font></td>
    </tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scott L. Tarriff</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</td>
    </tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</td>
    </tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: bottom; border-bottom: Black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jeffrey Wolf</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</font></td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 31, 2016</font></td>
    </tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey Wolf</font></td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</td>
    </tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<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><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-align: center">&nbsp;&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: 1in; text-decoration: underline"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Exhibit No.</u></b> </font></td>
    <TD STYLE="width: 0.25in">&nbsp;</td>
    <TD STYLE="text-decoration: underline"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><u>Description</u></b></font></td></tr>
<tr style="vertical-align: top">
    <TD>&nbsp;</td>
    <TD>&nbsp;</td>
    <TD>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Synthetic Biologics, Inc. 2010 Incentive Stock Plan (as amended on May 31, 2016)*</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Parsons Behle &amp; Latimer as to the legality of securities being registered*</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of BDO USA, LLP*</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Parsons Behle &amp; Latimer (included in Exhibit 5.1 hereof)*</font></td></tr>
<tr style="vertical-align: top">
    <TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</font></td>
    <TD>&nbsp;</td>
    <TD><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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>


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<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>v448017_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
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<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<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>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SYNTHETIC BIOLOGICS, INC.<BR>
(FORMERLY KNOWN AS ADEONA PHARMACEUTICALS, INC.)<BR>
2010 STOCK INCENTIVE PLAN<BR>
(as amended on May 31, 2016)</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> 1.1 <U>Purpose</U></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.2 <U>Administration</U></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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 14,000,000. The
14,000,000 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, 2,000,000
shares added to the Plan as of May 15, 2015 and 6,000,000 shares added to the plan as of May 31, 2016. 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-align: justify; text-indent: 15pt">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2.2 <U>No Rights as a Stockholder</U></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.2 <U>Tax Withholding</U></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.3 <U>Restrictions</U></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">3.7.1 <U>Shares Available
for Grants</U>.&nbsp;&nbsp;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-align: justify; text-indent: 15pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">3.7.2 <U>Outstanding
Restricted Stock and Restricted Stock Units</U>.&nbsp;&nbsp;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-align: justify; text-indent: 15pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">3.7.4 <U>Outstanding
Options and Stock Appreciation Rights&nbsp;&mdash;&nbsp;Certain Mergers</U>.&nbsp;&nbsp;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-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">3.7.5 <U>Outstanding
Options and Stock Appreciation Rights&nbsp;&mdash;&nbsp;Certain Other Transactions</U>.&nbsp;&nbsp;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-align: justify; 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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT></TD>
    <TD STYLE="text-align: justify"><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: justify">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></TD>
    <TD STYLE="text-align: justify"><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: justify">&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: 0.25in; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="width: 0.25in; padding-top: 3pt; padding-bottom: 8pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></TD>
    <TD STYLE="text-align: justify"><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-align: justify; text-indent: 15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">3.7.6 <U>Outstanding
Options and Stock Appreciation Rights&nbsp;&mdash;&nbsp;Other Changes</U>.&nbsp;&nbsp;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-align: justify; text-indent: 15pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 15pt">3.7.7 <U>No Other Rights</U>.&nbsp;&nbsp;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; text-align: justify; text-indent: 15pt">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.12 <U>Section Headings</U></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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, which approval occurred on
November 2, 2010. The Plan was amended on May 15, 2015, to increase the number of shares of the Common Stock that may be transferred
pursuant to awards granted under the Plan by 2,000,000 to 8,000,000. The Plan was further amended on May 31, 2016, subject to approval
by the Company&rsquo;s stockholders to increase the number of shares of the Common Stock that may be transferred pursuant to awards
granted under the Plan by 6,000,000 to 14,000,000. All awards under the Plan prior to such stockholder approval (if any) 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-align: justify; text-indent: 15pt">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.14 <U>Governing Law</U></P>

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

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

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

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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>v448017_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<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-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 84pt; width: 84pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;&nbsp;</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 STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">August 30, 2016</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">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: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Re:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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 6,000,000 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>

<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: 50%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 0.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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: 10pt Times New Roman, Times, Serif"><I>/s/ Parsons Behle &amp; Latimer</I></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: 10pt Times New Roman, Times, Serif">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>


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<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>v448017_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
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</HEAD>
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<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-top: 0pt; margin-bottom: 0pt; 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; 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; text-align: justify"></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 10, 2016, 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 10-K for the year ended December 31, 2015.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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="padding-right: 0.8pt; width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ BDO USA, LLP</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; width: 50%">&nbsp;</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; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Troy, Michigan&nbsp;</FONT></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 30, 2016</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; text-indent: 0.5in"></P>

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


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<FILENAME>image_001.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
