Exhibit 10.1

MASTER SERVICE AGREEMENT

THIS MASTER SERVICE AGREEMENT is made and entered into as of this 20 ^th day of May, 2018 (the “Effective Date”), by and between World Wide Holdings, LLC DBA Invictus Resources (hereinafter, the “Consultant”), with an address at 401 Park Avenue South 10 ^th Floor, New York, NY 10016 and IsoRay, Inc. a Minnesota corporation having offices at 350 Hills Street Suite 106, Richland, WA 99354 (the “Company”).

WHEREAS, Consultant is in the business of assisting in the selection and coordination of public relations awareness (the “Services”);

NOW, THEREFORE, in consideration of the premises and mutual covenants set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Consultant hereby agree as follows:

a.      Statement of Work . Consultant agrees to provide Services to the Company in accordance with the terms and conditions of this Agreement. A description of the Services to be provided shall be set forth in one or more mutually agreed upon documents (each, a “Statement of Work”), each of which upon execution by Consultant and the Company shall become binding between the parties and made a part hereof. Each Statement of Work entered into by the parties in connection herewith shall be subject to, and the obligations of the parties hereunder shall be performed in accordance with, the terms and conditions of this Agreement. Each Statement of Work shall (i) supplement and form a part of this Agreement, (ii) be read and construed as one with this Agreement, and (iii) be deemed incorporated by reference herein. In the event of any conflict between the terms of this Agreement and any Statement of Work, the terms of this Agreement shall govern and control unless such Statement of Work expressly indicates otherwise.

b.       Change orders . The scope of the Services to be provided hereunder shall not be changed in any material respect without a mutually agreed upon change order executed by an authorized representative of each party. Unless otherwise agreed to by the parties and set forth in the change order, all additional Services set forth in a change order shall be billable as set forth in the change order.

INVICTUS RESOURCES                    401 PARK AVENUE, 10 ^TH FLOOR   NEWYORK, NY 10016

a.      General . The Company shall pay to Consultant the fees for the Services as set forth in the applicable Statement of Work (the “Fees”), plus costs for expenses. The Company shall make all payments in United States Dollars unless otherwise provided in the Statement of Work. All late payments shall bear interest at the lesser of the rate of 0.5% per month or the highest rate permissible under applicable law, calculated daily and compounded monthly. Commencing on the Effective Date, the Consultant will be retained as a Consultant and independent contractor for the Company for the Term as set forth in Section 3. A description of Services can be found in Exhibit A.

b.       Payment in Stock . To the extent that any Statement of Work provides for payment in Company Stock or other securities (“Stock”), the parties hereby agree as follows:

The term of this Consulting Agreement (the “Term”) shall commence as of the Effective Date and shall continue for a period of (3) months.

a.      Acceptance . All Services to be delivered hereunder shall be deemed accepted by the Company upon its approval of the Statement of Work, unless otherwise set forth in a Statement of Work. If the Company rejects the Services rendered hereunder, the Company shall provide a reasonable level of detailed information for the rejection, and Consultant shall correct and/or modify the non-conforming Services within fifteen (15) days thereof (or such other period of time as mutually agreed upon in writing between the parties). In the event that the Company remains unsatisfied with the delivery of such Services after resubmission by Consultant, Consultant and the Company shall promptly meet and discuss the Company’s rejection in good faith, and agree to a resolution of the Company’s rejection within fifteen (15) days. In the event that Consultant and the Company cannot resolve the Company’s rejection and such rejection was not made in connection with any failure or defect of any third party product or deliverable delivered by Consultant to the Company, the parties hereto shall resolve the dispute in accordance with the terms and conditions of Section 13.

b.      Subcontracting . The Company understands that Consultant will subcontract all Services to subcontractors set forth in each Statement of Work and that the Company’s execution of a Statement of Work constitutes approval of each such subcontractor. No subcontractor will subcontract with call centers or provide any investment advice whatsoever but all Services will consist solely of public relations.

c.      Company Responsibilities .

i.      In connection with Consultant’s performance of the Services specified in the Statement of Work, Company agrees to provide Consultant and/or each subcontractor, such materials as may be necessary for the Services to be performed (the “Materials”). The Company hereby represents, warrants, covenants and agrees that the Materials will be true and accurate and shall be free of any material omissions or misstatements and otherwise compliant will all applicable laws.

ii.      The Company shall provide disclosures in each of its Forms 10-K and 10-Q, and Form 8-K, as applicable, as to the existence of this Agreement and any Statement of Work, the amount paid or to be paid in connection with each Statement of Work and the types of services to be provided under each Statement of Work.

iii.      During the Term, the Company shall advise Consultant of any and all promotional activities with respect to its public relations, prior to the commencement of such activities, including, but not limited to, press releases and engagements with other service providers providing services similar to those or the Services provided in a Statement of Work.

5.     INDEPENDENT CONTACTOR . At all times during the term of this Agreement, Consultant and each subcontractor shall be an independent contractor in providing the Services hereunder with the sole right to supervise, manage, operate, control and direct the provision of such Services and the sole obligation to employ, compensate and manage its own employees and business affairs. Nothing contained in this Agreement shall be deemed or construed to create a partnership or joint venture, to create the relationship of employee/employer or principal/agent, or otherwise create any liability whatsoever of any party with respect to the indebtedness, liabilities, obligations or actions of the other party.

a.      Confidentiality . Consultant and the Company agree that they may gain access to or become familiar with trade secrets, computer databases, computer files, documentation, and other confidential information, which may be valuable assets and property rights of the other party (“Confidential Information”). Information disclosed hereunder shall not be considered “Confidential Information” to the extent it: (i) is known to the receiving party prior to the disclosure thereof by the disclosing party, other than by breach of this Agreement, (ii) is or hereafter becomes, other than through the fault of the receiving party, generally available to the public, (iii) is disclosed to the receiving party by a third party other than in breach of an obligation of confidentiality owed by such third party to the disclosing party; or (iv) is independently developed by the receiving party as shown by the receiving party’s written records, without the benefit of information disclosed by the disclosing party. Consultant and the Company each agree not to disclose or to divulge to any other party such trade secrets or Confidential Information during the term of this Agreement and for a period of three (3) years from the later of (a) the date of completion of the Services provided hereunder or (b) the date of termination of this Agreement pursuant to Section 3 herein. Consultant and the Company further agree that at any time at the disclosing party’s request, the receiving party will surrender or destroy all copies, in any form or format, of the Confidential Information that were developed or provided during the conduct of services hereunder.

b.      Required Disclosure of Confidential Information . Either party may disclose Confidential Information of the other party pursuant to any governmental, judicial, or administrative order, subpoena, or discovery request, provided that the party from whom disclosure is sought uses commercially reasonable efforts to notify the other of such order, subpoena, or discovery request so that the other party may prevent such disclosure or otherwise seek to make such disclosure subject to a protective order or confidentiality agreement.

c.      Remedy for Breach . Each party acknowledges and agrees that any violation of this Section 6 may cause immediate and irreparable harm, which money damages would not sufficiently remedy, and that either party shall be entitled to equitable relief, including injunction and specific performance, to prevent the breach or threatened breach of such provisions and to secure their enforcement, in addition to all other remedies available to the party at law or in equity.

7.     FORCE MAJEURE.      Neither party shall be in default hereunder by reason of any failure or delay in the performance of its obligations hereunder where such failure or delay is due to any cause beyond its reasonable control, including, but not limited to, strikes, labor disputes, civil disturbances, riot, rebellion, invasion, epidemic, hostilities, war, terrorist attack, embargo, natural disaster, acts of God, flood, fire, sabotage, accident, delay in transportation, fluctuations or non-availability of electrical power, heat, light, air conditioning or Company equipment, loss and destruction of property, intervention by governmental entities, change in laws, regulations or orders, other events or any other circumstances or causes beyond such party’s reasonable control (a “Force Majeure Occurrence”).

8.     DISCLAIMER OF REPRESENTATIONS AND WARRANTIES. Any description of the Services is given by way of indication only and shall not constitute any representation or warranty as to the quality or nature of the relevant Services or concerning their fitness for any purpose, other than as set forth in a Statement of Work. Furthermore, Company acknowledges that neither Consultant nor any person purporting to act on its behalf has made any representation or given any promise or undertaking which is not expressly set out in this Agreement or a Statement of Work. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT OR A STATEMENT OF WORK, NO EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY IS MADE WITH RESPECT TO THE SERVICES TO BE PROVIDED BY CONSULTANT HEREUNDER, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. THE REPRESENTATIONS AND WARRANTIES PROVIDED IN THIS AGREEMENT, IF ANY, SHALL NOT APPLY TO DEFECTS OR FAILURE OF ANY DELIVERABLE DUE TO ANY OF THE FOLLOWING BY THE COMPANY OR ANY THIRD PARTY: ACCIDENT, NEGLECT OR MISUSE; UNUSUAL STRESS; OR ANY UNAUTHORIZED MODIFICATION OR ADJUSTMENT MADE TO ANY DELIVERABLE. NOTWITHSTANDING THIS SECTION 8, NONE OF THE SERVICES PROVIDED WILL CONSTITUTE INVESTOR RELATIONS OR INVESTMENT SERVICES BUT SOLELY PUBLIC RELATIONS SERVICES AND IN NO EVENT WILL CONSULTANT SOLICIT ANY INVESTORS OR POTENTIAL INVESTORS IN ANY MANNER WHATSOEVER.

9.     LIMITATION OF LIABILITY. NEITHER PARTY SHALL BE LIABLE HEREUNDER FOR ANY INDIRECT, SPECIAL OR CONSEQUENTIAL LOSS OR DAMAGES (INCLUDING, BUT NOT LIMITED TO, LOST PROFITS OR LOST SAVINGS) EVEN IF THE OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL EITHER PARTY’S AGGREGATE LIABILITY FOR ANY MATTER ARISING OUT OF THE SUBJECT MATTER OF THIS AGREEMENT, WHETHER IN CONTRACT, TORT OR OTHERWISE, EXCEED THE AMOUNT OF THE FEES PAID FOR THE PARTICULAR SERVICES WHICH GAVE RISE TO SUCH CLAIM UNDER THIS AGREEMENT. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, THE REMEDIES PROVIDED HEREIN ARE THE PARTIES’ SOLE AND EXCLUSIVE REMEDIES.

10.      NO PUBLICITY. Neither party hereto shall (i) issue any press release or make any other written public statement with respect to this Agreement and matters related hereto, or (ii) use the other party’s name, logo, or any abbreviation derivation thereof, for any advertising, promotions, trade display or other commercial purposes, without the prior written consent of the other party, except as required for section 4.C.ii.

11.     NOTICES. All notices, requests, permissions, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given, five (5) business days following sending by registered or certified mail, postage prepaid, when sent, if sent by facsimile (provided that the facsimile transmission is promptly confirmed by telephone), when delivered, if delivered personally to the intended recipient, and one (1) business day following sending by overnight delivery via a national courier service.

12.     GOVERNING LAW. This Agreement and any and all other matters between the parties hereto shall be construed in accordance with, and governed by, the laws of the State of New York, without regard to the application of conflicts of law principles.

13.     DISPUTE RESOLUTION. Except as provided above, each party agrees to submit any and all disputes, claims and controversies arising between the parties hereto to final and binding arbitration, which shall be administered by the American Arbitration Association (“AAA”) in accordance with its Commercial Arbitration Rules then in effect. Any arbitration brought hereunder shall be heard by three (3) independent and impartial arbitrators. Two arbitrators shall be selected by the respective parties, one by the claimant(s) and one by the respondent(s). The third arbitrator shall be appointed by the two party-appointed arbitrators or by the AAA if such two arbitrators cannot agree. The place of the arbitration shall be New York, New York. Any party’s refusal to select, or unreasonable delay in selecting, an arbitrator shall be considered a material breach of this Agreement. The arbitrators shall have the authority to grant any equitable and legal remedies that would be available in any judicial proceeding intended to resolve a dispute. Notwithstanding the foregoing, either party shall be entitled to seek preliminary injunctive relief from any court of competent jurisdiction, pending the final decision or award of the arbitrators. The award rendered in an arbitration hereunder shall be final and non-appealable. Judgment on the award rendered may be entered in any court having jurisdiction thereof. Each of the parties shall keep the proceedings and any and all transcripts, statements, documents, discovery, correspondence and all other non-public information produced or otherwise disclosed in connection with any such arbitration confidential. Each party shall be responsible for and shall pay its own direct and indirect costs and expenses incident to any arbitration brought hereunder, including all attorney fees and travel-related expenses. If any dispute arises in connection with this Agreement or the Services to be provided hereunder, Company shall not be entitled to deduct monies otherwise due hereunder by way of set off or otherwise.

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IN WITNESS WHEREOF, each party has read this Agreement and agrees to be bound thereby. This Agreement shall be effective as of the Effective Date.

ISORAY, INC.

Signature: __ /s/ Thomas C. LaVoy ________________________

Print Name: Thomas C. LaVoy

Title: CEO

WORLD WIDE HOLDINGS, LLC DBA INVICTUS RESOURCES

Signature: __ /s/ Jeffrey Auerbach _________________________

Print Name: Jeffrey Auerbach

Title: Managing Partner

EXHIBIT A

WORLD WIDE HOLDINGS, LLC DBA INVICTUS RESOURCES, for IsoRay, Inc.

STATEMENT OF WORK NO. 1

This Statement of Work No. 1 (“Statement of Work”) is entered into as of this 20th day of May 2018 (“Statement of Work Effective Date”), by and between IsoRay, Inc. a Delaware Corporation having offices at 350 Hills Street Suite 106, Richland, WA 99354 (“Company”), and World Wide Holdings, LLC DBA Invictus Resources (“Consultant”), pursuant to that certain Master Services Agreement dated as of May 20 ^th , 2018 by and between Company and Consultant (the “MSA”).

The parties have entered into the Agreement for the provision of certain services and deliverables to Company. The Agreement contemplates that the parties may enter into specific Statements of Work describing in detail the services and deliverables to be provided by Consultant to Company.

NOW, THEREFORE, for and in consideration of the foregoing premises, and the agreements of the parties set forth below, Company or Company Affiliate and Consultant agree as follows:

1.     General. This Statement of Work sets forth the agreement of the parties with respect to the services and deliverables to be provided as described herein. Except to the extent expressly set forth in this Statement of Work in respect of the Services described herein, all terms and conditions of the MSA will apply to this Statement of Work, and this Statement of Work is hereby incorporated into the MSA by reference. All capitalized terms not defined in this Statement of Work will have the meanings set forth in the MSA.

2.     Statement of Work Term. This Statement of Work shall become effective as of the Statement of Work Effective Date and shall expire in (3) months. The term of this Consulting Agreement (the “Term”) shall commence as of the Effective Date and shall continue for a period of (3) months.

3.     Services. Consultant shall provide the following Services in accordance with the terms and conditions of the MSA and the framework set forth in this Statement of Work:

INVICTUS RESOURCES                     401 PARK AVENUE, 10 ^TH FLOOR   NEWYORK, NY 10016

4.     Approach/Organization: Consultant shall, upon receipt of payment, engage the service providers set forth above, on behalf of the Company.

5.     Fees: In consideration for Consultant’s provision of the services, Company shall pay to Consultant:

IN WITNESS WHEREOF, the parties have caused this Statement of Work to be executed by their duly authorized representatives as of the Statement of Work Effective Date.

IsoRay, Inc.

Signature: __ /s/ Thomas C. LaVoy ________________

Print Name: Thomas C. LaVoy

Title: CEO

WORLD WIDE HOLDINGS, LLC DBA INVICTUS RESOURCES

Signature: __ /s/ Jeffrey Auerbach _________________

Print Name: Jeffrey Auerbach

Title: Managing Partner

A-2

Exhibit 10.2

ISORAY, INC.

Warrant To Purchase Common Stock

Warrant No.: CS- 2

Number of Shares of Common Stock: 250,000

Date of Issuance: May 20, 2018 (“ Issuance Date ”)

IsoRay, Inc., a Minnesota a corporation (the “ Company ”), hereby certifies that, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, World Wide Holdings, LLC, the registered holder hereof or its permitted assigns (the “ Holder ”), is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise Price (as defined below) then in effect, upon surrender of this Warrant to Purchase Common Stock (including any Warrants to Purchase Common Stock issued in exchange, transfer or replacement hereof, the “ Warrant ”), at any time or times on or before the two year anniversary of the date hereof, but not after 11:59 p.m., New York time, on the Expiration Date (as defined below), TWO HUNDRED FIFTY THOUSAND (250,000) fully paid nonassessable shares of Common Stock (as defined below); (the “ Warrant Shares ”). Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings set forth in Section 12. This Warrant is issued in connection with the transaction contemplated by and among the Company and World Wide Holdings, LLC pursuant to that certain Master Service Agreement dated May 20, 2018 (the “ Agreement ”).

1.      EXERCISE OF WARRANT.

(a)      Mechanics of Exercise . Subject to the terms and conditions hereof, this Warrant may be exercised by the Holder on any day on or after issuance, in whole or in part, by (i) delivery to the Company of a written notice, in the form attached hereto as Exhibit A (the “ Exercise Notice ”), of the Holder’s election to exercise this Warrant and payment to the Company of an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the “ Aggregate Exercise Price ”) in cash or by wire transfer of immediately available funds. The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation of the original Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. On or before the first (1 ^st ) Trading Day following the date on which the Company has received the Exercise Notice (such date, the “ Exercise Date ”), the Company shall transmit by facsimile an acknowledgment of confirmation of receipt of the Exercise Notice to the Holder and the Company’s transfer agent (the “ Transfer Agent ”). On or before the third (3 ^rd ) Trading Day following the date on which the Company has received the Exercise Notice (the “ Share Delivery Date ”), so long as the Holder delivers the Aggregate Exercise Price on or prior to the Share Delivery Date, the Company shall (X) provided that the Transfer Agent is participating in The Depository Trust Company (“ DTC ”) Fast Automated Securities Transfer Program, upon the request of the Holder, credit such aggregate number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal At Custodian system, or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. The Company shall be responsible for all fees and expenses of the Transfer Agent and all fees and expenses with respect to the issuance of Warrant Shares via DTC, if any. Upon delivery of the Exercise Notice, so long as the Holder delivers the Aggregate Exercise Price on or prior to the Share Delivery Date, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares, as the case may be. If this Warrant is submitted in connection with any exercise pursuant to this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable and in no event later than three (3) Trading Days after any exercise and at its own expense, issue a new Warrant (in accordance with Section 5(d)) representing the right to purchase the number of Warrant Shares issuable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. No fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but rather the number of shares of Common Stock to be issued shall be rounded up to the nearest whole number. The Company shall pay any and all taxes which may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant.

(b)      Exercise Price . For purposes of this Warrant, “ Exercise Price ” means $ .01 (subject to adjustment for stock splits, stock dividends, recapitalizations, reorganizations, reclassification, combinations, reverse stock splits or other similar events).

2.      ADJUSTMENT OF EXERCISE PRICE . The Exercise Price shall be adjusted from time to time as follows: If the Company at any time on or after the date of issuance subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the number of Warrant Shares will be proportionately increased. If the Company at any time on or after the date of issuance combines (by combination, reverse stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares will be proportionately decreased. Any adjustment under this Section 2 shall become effective at the close of business on the date the subdivision or combination becomes effective.

3.      RIGHTS UPON DISTRIBUTION OF ASSETS . If the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “ Distribution ”), at any time after the issuance of this Warrant, then, in each such case, upon an exercise of this Warrant, in whole or in part, the Holder will be entitled to receive the amount of any such Distribution that the Holder would have received if the Holder had held, immediately before the date on which a record is taken for the declaration or payment of the Distribution, or, if no such record date is taken, the date as of which the record holders of shares of Common Stock are to be determined for the declaration or payment of the Distribution, the number of shares of Common Stock that the Holder is entitled to receive upon such exercise (without taking into account any limitations or restrictions on the convertibility of this Warrant).

4.      WARRANT HOLDER NOT DEEMED A STOCKHOLDER . Except as otherwise specifically provided herein, the Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding this Section 4, the Company shall provide the Holder with copies of the same notices and other information given to the stockholders of the Company generally, contemporaneously with the giving thereof to the stockholders.

5.      REISSUANCE OF WARRANTS .

(a)      Transfer of Warrant . If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Warrant, registered as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and, if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant to the Holder representing the right to purchase the number of Warrant Shares not being transferred. No transfer of this warrant may be completed unless and until (i) the Company has received an opinion of counsel for the Company that such securities may be sold pursuant to an exemption from registration under the Securities Act of 1933, as amended (the “ Securities Act ”), or (ii) a registration statement relating to this Warrant has been filed by the Company and declared effective by the Securities and Exchange Commission. Subject to the foregoing, this Warrant and all rights hereunder are transferable, in whole or in part, at the principal office of the Company by the Holder in person or by duly authorized attorney, upon surrender of this Warrant properly endorsed to any person or entity who represents in writing that he/she/it is acquiring the Warrant for investment and without any view to the sale or other distribution thereof. Each Holder of this Warrant, by taking or holding the same, consents and agrees that the bearer of this Warrant, when endorsed, may be treated by the Company and all other persons dealing with this Warrant as the absolute owner hereof for any purpose and as the person entitled to exercise the rights represented by this Warrant or perform the obligations required hereby, or to the transfer hereof on the books of the Company, any notice to the contrary notwithstanding; but until such transfer on such books, the Company may treat the registered owner hereof as the owner for all purposes.

(b)      Lost, Stolen or Mutilated Warrant . Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder a new Warrant representing the right to purchase the Warrant Shares then underlying this Warrant.

(c)      Exchangeable for Multiple Warrants . This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office of the Company, for a new Warrant or Warrants representing in the aggregate the right to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however, that no Warrants for fractional shares of Common Stock shall be given.

(d)      Issuance of New Warrants . Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Section 10, the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as the original issuance date, and (iv) shall have the same rights and conditions as this Warrant.

6.      NOTICES . Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in accordance with Section 6 of the Agreement. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Warrant, including in reasonable detail a description of such action and the reason therefor. Without limiting the generality of the foregoing, the Company will give written notice to the Holder (i) immediately upon any adjustment of the Exercise Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment and (ii) at least fifteen days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the shares of Common Stock, or (B) with respect to any grants, issuances or sales of any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property to holders of shares of Common Stock.

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

8.     GOVERNING LAW . This Warrant shall be governed by and construed and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of Minnesota, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Minnesota or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Minnesota.

9.      HEADINGS . The headings of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this Warrant.

10.    TRANSFER . This Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company.

11.    SEVERABILITY .     If any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

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

(a)  “ Business Day ” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed.

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

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

(d)  “ Expiration Date ” means the date three (3) years after the date of issuance, or, if such date falls on a day other than a Business Day or on which trading does not take place on the Principal Market (a “ Holiday ”), the next date that is not a Holiday.

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

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

(g)  “ Principal Market ” means the NYSE American.

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

[Signature Page Follows]

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

EXHIBIT A

EXERCISE NOTICE

TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

ISORAY, INC.

The undersigned holder hereby exercises the right to purchase _________________ of the shares of Common Stock (“ Warrant Shares ”) of IsoRay, Inc., a Minnesota corporation (the “ Company ”), evidenced by the attached Warrant to Purchase Common Stock (the “ Warrant ”). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

1. Holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the Company in accordance with the terms of the Warrant.

2. Delivery of Warrant Shares. The Company shall deliver to the holder __________ Warrant Shares in accordance with the terms of the Warrant.

Date: _______________ __, ______

   Name of Registered Holder

By:                                                                                             

Name:

Title:

ACKNOWLEDGMENT

The Company hereby acknowledges this Exercise Notice and hereby directs Computershare Trust Company, N.A. to issue the above indicated number of shares of Common Stock in accordance with the Transfer Agent Instructions dated ___________ from the Company and acknowledged and agreed to by Computershare Trust Company, N.A.