Exhibit
10.2


 


THIS
WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR THE SECURITIES LAWS OF ANY STATE OR FOREIGN SECURITIES LAWS AND, EXCEPT AS SET FORTH IN Sections
6.1 and 6.2 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND
LAWS OR IN A TRANSACTION EXEMPT FROM REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE ACT.


 


AMENDED
AND RESTATED WARRANT TO PURCHASE SHARES OF COMMON STOCK


 


	Company:	VBI
    Vaccines Inc., a corporation existing pursuant
    to the laws of British Columbia
	 	 
	Class
    of Stock:	Common
    Stock
	 	 
	Number
    of Shares:	A
    number equal to the Warrant Coverage Amount divided by the Warrant Price, as in effect from time to time.
	 	 
	Warrant
    Coverage Amount:	An
    amount equal to the sum of $1,050,000, plus 3.50% multiplied by the aggregate original principal amount of the Third Tranche w and
    Fourth Tranche Term Loan actually funded by Lenders pursuant to the Loan Agreement
	 	 
	Warrant
    Price:	$1.12
	 	 
	Original
    Issue Date:	May
    22, 2020
	 	 
	Restatement
    Date:	May
    17, 2021
	 	 
	Expiration
    Date:	10
    years from the Original Issue Date
	 	 
	Loan
    Agreement:	This
    Amended and Restated Warrant to Purchase Shares of Common Stock (“Warrant”) is issued in connection with, and
    as consideration of the commitments pursuant to, that certain Loan and Guaranty Agreement, dated as of May 22, 2020, among the Company
    and certain other borrowers and guarantors from time to time party thereto, K2 HealthVentures LLC, as administrative agent for the
    lenders, Ankura Trust Company, LLC, as collateral agent for lenders, and the lenders party thereto (as amended, restated, supplemented
    or otherwise modified from time to time, the “Loan Agreement”). Capitalized terms used herein without definition,
    shall have the meanings set forth in the Loan Agreement.


 


This
Amended and Restated WARRANT TO PURCHASE Common
STOCK certifies that, for good and valuable consideration, K2 HEALTHVENTURES EQUITY
TRUST LLC (together with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise
hereof, “Holder”) is entitled to purchase the number of fully paid and non-assessable shares of the above-stated class,
series and type of stock of the above-named company (the “Company”) at the above-stated Warrant Price, all as set
forth above and as adjusted pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms and conditions
set forth in this Warrant. This Warrant amends and restates in its entirety that certain Warrant to Purchase Shares of Common Stock dated
as of May 22, 2020, issued by the Company to Holder, which is deemed automatically cancelled and of no further force and effect upon
the issuance of this Warrant.


 




    	1



     


    




 


SECTION
1 DEFINITIONS.


 


As
used in this Warrant, the following terms have the following meanings:


 


“Acknowledgement”
has the meaning set forth in Section 3.5.


 


“Aggregate
Warrant Price” means, with respect to any exercise of this Warrant, an amount equal to the product of (i) the number of Shares
in respect of which this Warrant is then being exercised pursuant to Section 3 hereof, multiplied by (ii) the applicable Warrant
Price in effect as of the Exercise Date.


 


“Assignment”
has the meaning set forth in Section 6.1.


 


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


 


“Business
Day” means any day which is neither a Saturday or Sunday nor a legal holiday on which banks are authorized or required to be
closed in New York, New York.


 


“Commission”
means the Securities and Exchange Commission or any other federal agency administering the Securities Act and the Exchange Act at the
time.


 


“Common
Stock” means the common stock, no par value, of the Company, and any capital stock into which such Common Stock shall have
been converted, exchanged or reclassified following the Original Issue Date.


 


“Company”
has the meaning set forth in the preamble.


 


“Convertible
Securities” means any securities, whether debt, equity or other securities (directly or indirectly) convertible into or exchangeable
for Common Stock, but excluding Options.


 


“Covered
Persons” has the meaning set forth in Section 3.9.


 


“Disqualification
Events” has the meaning set forth in Section 3.9.


 


“dollars”
or “$” refers to lawful money of the United States of America.


 


“Exercise
Date” means, for any given exercise of this Warrant, the date on which the conditions to such exercise as set forth in Section
3 shall have been satisfied at or prior to 5:00 p.m., New York time, on a Business Day, including, without limitation, the receipt
by the Company of a Subscription Agreement, the Warrant and the Aggregate Warrant Price.


 


“Exercise
Period” has the meaning set forth in Section 2.


 


“Expiration
Date” has the meaning set for in the preamble.


 


“Fair
Market Value” means, as of any particular date: (i) the volume weighted average of the closing sales prices of the Common Stock
for such day on all domestic securities exchanges on which the Common Stock may at the time be listed; (ii) if there have been no sales
of the Common Stock on any such exchange on any such day, the average of the highest bid and lowest asked prices for the Common Stock
on all such exchanges at the end of such day; (iii) if on any such day the Common Stock is not listed on a domestic securities exchange,
the closing sales price of the Common Stock as quoted on Nasdaq, the OTC Bulletin Board, the “pink sheets” or similar quotation
system or association for such day; or (iv) if there have been no sales of the Common Stock on Nasdaq, the OTC Bulletin Board, the “pink
sheets” or similar quotation system or association on such day, the average of the highest bid and lowest asked prices for the
Common Stock quoted on Nasdaq, the OTC Bulletin Board, the “pink sheets” or similar quotation system or association at the
end of such day, in each case, averaged over twenty (20) consecutive Business Days ending on the Business Day immediately prior to the
day as of which “Fair Market Value” is being determined; provided, that if the Common Stock is listed on any domestic securities
exchange, the term “Business Day” as used in this sentence means Business Days on which such exchange is open for trading.
If at any time the Common Stock is not listed on any domestic securities exchange or quoted on Nasdaq, the OTC Bulletin Board, the “pink
sheets” or similar quotation system or association, the “Fair Market Value” of the Common Stock shall be the fair market
value per share as determined jointly by the Board and the Holder, subject to Section 3.10 hereof.


 




    	2



     


    




 


“Holder”
has the meaning set forth in the preamble.


 


“Indemnified
Liabilities” has the meaning set forth in Section 14.2.


 


“Indemnitees”
has the meaning set forth in Section 14.2.


 


“Inspectors”
has the meaning set forth in Section 5.2(h).


 


“Nasdaq”
means The Nasdaq Stock Market, Inc.


 


“Options”
means any warrants or other rights or options to subscribe for or purchase Common Stock or Convertible Securities.


 


“OTC
Bulletin Board” means the National Association of Securities Dealers, Inc. OTC Bulletin Board.


“Person”
means any individual, sole proprietorship, partnership, limited liability company, corporation, joint venture, trust, incorporated organization
or government or department or agency thereof.


 


“Piggyback
Registration” has the meaning set forth in Section 5.1(a).


 


“Prospectus”
means the prospectus or prospectuses included in any Registration Statement, as amended or supplemented by any prospectus supplement
with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and by
all other amendments and supplements to the prospectus, including post- effective amendments and all material incorporated by reference
in such prospectus or prospectuses.


“Records”
has the meaning set forth in Section 5.2(h).


 


“Registrable
Securities” means (x) any shares of Common Stock held by any Person or issuable upon conversion, exercise or exchange of any
securities owned by any Person at any time (including Warrant Shares exercisable upon exercise of this Warrant), and (y) any shares of
Common Stock issued or issuable with respect to any shares described in subsection (x) above by way of a stock dividend or stock
split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization (it being understood
that for purposes of this Warrant, a Person shall be deemed to be a holder of Registrable Securities whenever such Person has the right
to then acquire or obtain from the Company any Registrable Securities, whether or not such acquisition has actually been effected). As
to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (i) a Registration Statement
covering such securities has been declared effective by the Commission and such securities have been disposed of pursuant to such effective
Registration Statement, (ii) such securities are sold under circumstances in which all of the applicable conditions of Rule 144 (or any
similar provisions then in force) under the Securities Act are met, (iii) such securities are otherwise transferred and such securities
may be resold without subsequent registration under the Securities Act, or (iv) such securities shall have ceased to be outstanding.


 


“Registration
Statement” means any registration statement of the Company which covers any of the Registrable Securities pursuant to the provisions
of this Agreement, including the Prospectus, amendments and supplements to such Registration Statement, including post- effective amendments,
all exhibits and all materials incorporated by reference in such Registration Statement.


 


“Securities
Act” means the Securities Act of 1933, as amended.


 


“Solicitor”
has the meaning set forth in Section 3.9.


 


“Subscription
Agreement” means a subscription agreement in substantially the form attached hereto as Exhibit A.


 


“Warrant”
has the meaning set forth in the preamble.


 


“Warrant
Price” has the meaning set forth in the preamble.


 


“Warrant
Shares” means shares of the Common Stock of the Company purchasable upon exercise of this Warrant.


 




    	3



     


    




 


SECTION
2 TERM OF WARRANT.


 


Subject
to the terms and conditions hereof, at any time or from time to time after the date hereof up to and including 5:00 p.m., New York time,
on the Expiration Date (or, if such day is not a Business Day, on the next preceding Business Day) (such period, the “Exercise
Period”), the Holder of this Warrant may exercise this Warrant for all or any part of the Warrant Shares (subject to adjustment
as provided herein).


 


SECTION
3 EXERCISE OF WARRANT.


 


3.1       Exercise
Procedure. This Warrant may be exercised from time to time on any Business Day during the Exercise Period, for all or any part of
the unexercised Warrant Shares, upon:


 


(a)       surrender
of this Warrant (if, but only if, this Warrant is being exercised in full) to the Company at its then principal executive offices (or
an indemnification undertaking with respect to this Warrant in the case of its loss, theft or destruction), together with one or more
Subscription Agreements, duly completed (including specifying the number and type of Warrant Shares to be purchased) and executed; and


 


(b)       payment
to the Company of the Aggregate Warrant Price in accordance with Section 3.2.


 


3.2       Method
of Payment of the Aggregate Warrant Price. Payment of the Aggregate Warrant Price shall be made, at the option of the Holder as expressed
in one or more Subscription Agreements, by the following methods:


 


(a)       by
delivery to the Company of a certified bank check payable to the order of the Company or by wire transfer of immediately available funds
to an account designated in writing by the Company, in the amount of such Aggregate Warrant Price (representing a cashless exercise);


 


(b)       by
instructing the Company to withhold a number of Warrant Shares then issuable upon exercise of this Warrant with an aggregate Fair Market
Value as of the Exercise Date equal to such Aggregate Warrant Price; or


 


(c)       any
combination of the foregoing.


 


In
the event of any withholding of Warrant Shares pursuant to clause (b) above where the number of Warrant Shares whose value is
equal to the Aggregate Warrant Price is not a whole number, the number of Warrant Shares withheld by the Company shall be rounded up
to the nearest whole share and the Company shall make a cash payment to the Holder (by delivery of a certified or official bank check
or by wire transfer of immediately available funds) based on the incremental fraction of a Warrant Share being so withheld by the Company
in an amount equal to the product of (x) such incremental fraction of a Warrant Share being so withheld multiplied by (y) the Fair Market
Value per Warrant Share as of the Exercise Date; provided that such valuation shall be subject to Section 3.10.


 


3.3       Delivery
of Stock Certificates. Upon receipt by the Company of a Subscription Agreement, surrender of this Warrant (if, but only if, this
Warrant is being exercised in full) and payment of the Aggregate Warrant Price (in accordance with Section 3.1 hereof), the Company
shall, as promptly as practicable, and in any event within three (3) Business Days thereafter, deliver (or cause to be delivered) to
the Holder the Warrant Shares issuable upon such exercise, together with cash in lieu of any fraction of a Warrant Share, as provided
in Section 3.4 hereof. The Warrant Shares shall be registered in the name of the Holder or, subject to compliance with Section
6.1 below, such other Person’s name as shall be designated in the Subscription Agreement. This Warrant shall be deemed to have
been exercised (in whole or in part, as the case may be) and such Warrant Shares shall be deemed to have been issued, and the Holder
or any other Person so designated to be named therein shall be deemed to have become a holder of record of such Warrant Shares for all
purposes, as of the Exercise Date.


 




    	4



     


    




 


3.4       Fractional
Shares. The Company shall not be required to issue a fractional Warrant Share upon exercise of any Warrant. As to any fraction of
a Warrant Share that the Holder would otherwise be entitled to purchase upon such exercise, the Company shall pay to such Holder an amount
in cash (by delivery of a certified or official bank check or by wire transfer of immediately available funds) equal to the product of
(i) such fraction multiplied by (ii) the Fair Market Value of one Warrant Share on the Exercise Date.


 


3.5       Acknowledgement;
Partial Exercise. Unless the purchase rights represented by this Warrant shall have expired or shall have been fully exercised, the
Company shall, at the time of delivery of the Warrant Shares being issued in accordance with Section 3.3 hereof, deliver to the
Holder promptly an acknowledgement in substantially the form attached hereto as Exhibit B (each, an “Acknowledgement”)
indicating the number and type of Warrant Shares which remain issuable upon exercise of this Warrant, if any.


 


3.6       Representations,
Warranties and Covenants. With respect to the exercise of this Warrant, the Company hereby represents, covenants and agrees:


 


(a)       This
Warrant is, and any Warrant issued in substitution for or replacement of this Warrant shall be, upon issuance, duly authorized and validly
issued.


 


(b)       All
Warrant Shares issuable upon the exercise of this Warrant pursuant to the terms hereof shall be, upon issuance, and the Company shall
take all such actions as may be necessary or appropriate in order that such Warrant Shares are, validly issued, fully paid and non-assessable,
issued without violation of any preemptive or similar rights of any stockholder of the Company and free and clear of all taxes, liens
and charges.


 


(c)       The
Company shall take all such actions as may be necessary to ensure that all such Warrant Shares are issued without violation by the Company
of any applicable law or governmental regulation or any requirements of any domestic securities exchange upon which shares of Common
Stock or other securities constituting Warrant Shares may be listed at the time of such exercise (except for official notice of issuance
which shall be immediately delivered by the Company upon each such issuance).


 


(d)       Without
in any way limiting Section 5 hereof, the Company shall use its best efforts to cause the Warrant Shares, immediately upon such
exercise, to be listed on any domestic securities exchange upon which shares of Common Stock are listed at the time of such exercise.


 


(e)       The
Company shall pay all expenses in connection with, and all taxes and other governmental charges that may be imposed with respect to,
the issuance or delivery of Warrant Shares upon exercise of this Warrant; provided, that the Company shall not be required to
pay any tax or governmental charge that may be imposed with respect to any applicable withholding or the issuance or delivery of the
Warrant Shares to any Person other than the Holder, and no such issuance or delivery shall be made unless and until the Person requesting
such issuance has paid to the Company the amount of any such tax, if any, or has established to the satisfaction of the Company that
such tax has been paid.


 


3.7       Conditional
Exercise. Notwithstanding any other provision hereof, if an exercise of any portion of this Warrant is to be made in connection with
a sale of the Company (pursuant to a merger, sale of stock, sale of assets or otherwise), such exercise may at the election of the Holder
be conditioned upon the consummation of such transaction, in which case such exercise shall not be deemed to be effective until immediately
prior to the consummation of such transaction.


 


3.8       Reservation
of Shares. During the Exercise Period, the Company shall at all times reserve and keep available out of its authorized but unissued
Common Stock or other securities constituting Warrant Shares, solely for the purpose of issuance upon the exercise of this Warrant, the
maximum number of Warrant Shares issuable upon the exercise of this Warrant, and the par value per Warrant Share shall at all times be
less than or equal to the lowest applicable Warrant Price. The Company shall not increase the par value of any Warrant Shares receivable
upon the exercise of this Warrant above the lowest Warrant Price then in effect, and shall take all such actions as may be necessary
or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise
of this Warrant.


 




    	5



     


    

 


3.9       No
“Bad Actor” Disqualification. The Company has exercised reasonable care, in accordance with Commission rules and guidance,
to determine whether any Covered Person (as defined below) is subject to any of the “bad actor” disqualifications described
in Rule 506(d)(1)(i) through (viii) under the Securities Act (“Disqualification Events”). To the Company’s knowledge,
no Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable, with all disclosure obligations
under Rule 506(e) under the Securities Act. “Covered Persons” are those persons specified in Rule 506(d)(1) under
the Securities Act, including the Company, any predecessor or affiliate of the Company, any director, executive officer, other officer
participating in the offering, general partner or managing member of the Company, any beneficial owner of 20% or more of the Company’s
outstanding voting equity securities, calculated on the basis of voting power, any promoter (as defined in Rule 405 under the Securities
Act) connected with the Company in any capacity at the time of the exercise of this Warrant, and any person that has been or will be
paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any securities of the Company
(a “Solicitor”), any general partner or managing member of any Solicitor, and any director, executive officer or other
officer participating in the offering of any Solicitor or general partner or managing member of any such Solicitor.


 


3.10       Dispute
Resolution. In the case of any dispute as to the determination of any closing sales price, the calculation of any Warrant Price or
Aggregate Warrant Price, the determination of Fair Market Value or any other computation or valuation required to be made hereunder or
in connection herewith, in the event the Holder, on the one hand, and the Company, on the other hand, are unable to settle such dispute
within five (5) Business Days, then either party may elect to submit the disputed matter(s) for resolution by a public accounting firm
as may be mutually agreed upon by the Holder and the Board. Such accounting firm’s determination of such disputed matter(s) shall
be binding upon all parties absent demonstrable error, and the Company and the Holder shall each pay one half of the fees and costs of
such firm.


 


SECTION
4 ADJUSTMENT TO WARRANT PRICE AND NUMBER OF WARRANT
SHARES.


 


The
Warrant Price and the number of Warrant Shares issuable upon exercise of this Warrant shall be subject to adjustment from time to time
as provided in this Section 4.


 


4.1       Dividends
and Distributions of Non-Company Securities.


 


If,
at any time or from time to time after the Original Issue Date, the Company makes or declares, or fixes a record date for the determination
of holders of Common Stock entitled to receive, a dividend or any other distribution payable in securities of the Company (other than
a dividend or distribution of shares of Common Stock or Options or Convertible Securities in each case in respect of Common Stock), cash
or other property, then, and in each such event, provision shall be made so that the Holder shall receive upon exercise in full of the
Warrant, in addition to the number of Warrant Shares receivable thereupon, the kind and amount of securities of the Company, cash or
other property which the Holder would have been entitled to receive had the Warrant been exercised in full into Warrant Shares on the
date of such event and had the Holder thereafter, during the period from the date of such event to and including the Exercise Date, retained
such securities, cash or other property receivable by them as aforesaid during such period, giving application to all adjustments called
for during such period under this Section 4 with respect to the rights of the Holder; provided that no such provision shall
be made if the Holder receives, simultaneously with the distribution to the holders of Common Stock, a dividend or other distribution
of such securities, cash or other property in an amount equal to the amount of such securities, cash or other property as the Holder
would have received if the Warrant had been exercised in full into Warrant Shares on the date of such event.


 


4.2       Adjustment
to Warrant Price and Warrant Shares Upon Dividend, Subdivision or Combination of Common Stock. If the Company shall, at any time
or from time to time after the Original Issue Date, (i) pay a dividend or make any other distribution upon the Common Stock or any other
capital stock of the Company payable in shares of Common Stock or in Options or Convertible Securities (in each case in respect of Common
Stock), or (ii) subdivide (by any stock split, recapitalization or otherwise) its outstanding shares of Common Stock into a greater number
of shares, each Warrant Price in effect immediately prior to any such dividend, distribution or subdivision shall be proportionately
reduced and the number of Warrant Shares issuable upon exercise of this Warrant shall be proportionately increased. If the Company at
any time combines (by combination, reverse stock split or otherwise) its outstanding shares of Common Stock into a smaller number of
shares, each Warrant Price in effect immediately prior to such combination shall be proportionately increased and the number of Warrant
Shares issuable upon exercise of this Warrant shall be proportionately decreased. Any adjustment under this Section 4.2 shall
become effective at the close of business on the date the dividend, subdivision or combination becomes effective.


 




    	6



     


    




 


4.3       Adjustment
to Warrant Price and Warrant Shares Upon Reorganization, Reclassification, Consolidation or Merger. In the event of any (i) capital
reorganization of the Company, (ii) reclassification of the stock of the Company (other than a change in par value or from par value
to no par value or from no par value to par value or as a result of a stock dividend or subdivision, split-up or combination of shares),
(iii) consolidation or merger of the Company with or into another Person, (iv) sale of all or substantially all assets of the Company
and its Subsidiaries (taken as a whole) to another Person, (v) Change in Control (as defined in the Loan Agreement), or (vi) other similar
transaction, in each case which entitles the holders of Common Stock to receive (either directly or upon subsequent liquidation) cash,
stock, securities or assets with respect to or in exchange for Common Stock, each Warrant shall, immediately after such reorganization,
reclassification, consolidation, merger, sale, Change in Control or similar transaction, remain outstanding and shall thereafter, in
lieu of or in addition to (as the case may be) the number of Warrant Shares then exercisable under this Warrant, be exercisable for the
amount of cash or the kind and number of shares of stock or other securities or assets of the Company or of the successor Person resulting
from such transaction to which the Holder would have been entitled upon such reorganization, reclassification, consolidation, merger,
sale, Change in Control or similar transaction if the Holder had exercised this Warrant in full immediately prior to the time of such
reorganization, reclassification, consolidation, merger, sale, Change in Control or similar transaction and acquired the applicable number
of Warrant Shares then issuable hereunder as a result of such exercise (without taking into account any limitations or restrictions on
the exercisability of this Warrant); and, in such case, appropriate adjustment (in form and substance satisfactory to the Holder) shall
be made with respect to the Holder’s rights under this Warrant to insure that the provisions of this Section 4 hereof shall
thereafter be applicable, as nearly as possible, to this Warrant in relation to any cash, shares of stock, securities or assets thereafter
acquirable upon exercise of this Warrant (including, in the case of any consolidation, merger, sale, Change in Control or similar transaction
in which the successor or purchasing Person is other than the Company, an immediate adjustment in the Warrant Price to the value per
share for the Common Stock reflected by the terms of such consolidation, merger, sale, Change in Control or similar transaction, and
a corresponding immediate adjustment to the number of Warrant Shares acquirable upon exercise of this Warrant without regard to any limitations
or restrictions on exercise, if the value so reflected is less than the Warrant Price in effect immediately prior to such consolidation,
merger, sale, Change in Control or similar transaction). The provisions of this Section 4.3 shall similarly apply to successive
reorganizations, reclassifications, consolidations, mergers, sales, Changes in Control or similar transactions. The Company shall not
effect any such reorganization, reclassification, consolidation, merger, sale, Change in Control or similar transaction unless, prior
to the consummation thereof, the successor Person (if other than the Company) resulting from such reorganization, reclassification, consolidation,
merger, sale, Change in Control or similar transaction, shall assume, by written instrument substantially similar in form and substance
to this Warrant and satisfactory to the Holder, the obligation to deliver to the Holder such shares of stock, securities or assets which,
in accordance with the foregoing provisions, such Holder shall be entitled to receive upon exercise of this Warrant. Notwithstanding
anything to the contrary contained herein, with respect to any corporate event or other transaction contemplated by the provisions of
this Section 4.3, the Holder shall have the right to elect prior to the consummation of such event or transaction, to give effect
to the exercise rights contained in Section 2 instead of giving effect to the provisions contained in this Section 4.3
with respect to this Warrant.


 


4.4       Certain
Events. If any event of the type contemplated by the provisions of this Section 4 but not expressly provided for by such provisions
occurs, then the Board shall make an appropriate adjustment in the Warrant Price and the number of Warrant Shares issuable upon exercise
of this Warrant so as to protect the rights of the Holder in a manner consistent with the provisions of this Section 4; provided
that no such adjustment pursuant to this Section 4.4 shall increase the Warrant Price or decrease the number of Warrant Shares
issuable as otherwise determined pursuant to this Section 4.


 


4.5       Certificate
as to Adjustment.


 


(a)       As
promptly as reasonably practicable following any adjustment of the Warrant Price, but in any event not later than three (3) Business
Days thereafter, the Company shall furnish to the Holder a certificate of an executive officer setting forth in reasonable detail such
adjustment and the facts upon which it is based and certifying the calculation thereof.


 




    	7



     


    

 


(b)       As
promptly as reasonably practicable following the receipt by the Company of a written request by the Holder, but in any event not later
than three (3) Business Days thereafter, the Company shall furnish to the Holder a certificate (in substantially the form of Exhibit
B) of an executive officer certifying the Warrant Price then in effect and the number and type of Warrant Shares or the amount, if
any, of other shares of stock, securities or assets then issuable upon exercise of the Warrant.


 


4.6       Notices.
In the event:


 


(a)       that
the Company shall take a record of the holders of its Common Stock (or other capital stock or securities at the time issuable upon exercise
of the Warrant) for the purpose of entitling or enabling them to receive any dividend or other distribution, to vote at a meeting (or
by written consent), to receive any right to subscribe for or purchase any shares of capital stock of any class or any other securities,
or to receive any other security; or


 


(b)       of
any capital reorganization of the Company, any reclassification of the Common Stock of the Company, any consolidation or merger of the
Company with or into another Person, or sale of all or substantially all of the Company’s assets to another Person; or


 


(c)       of
the voluntary or involuntary dissolution, liquidation or winding-up of the Company;


 


then,
and in each such case, the Company shall send or cause to be sent to the Holder at least ten Business Days prior to the applicable record
date or the applicable expected effective date, as the case may be, for the event, a written notice specifying, as the case may be, (A)
the record date for such dividend, distribution, meeting or consent or other right or action, and a description of such dividend, distribution
or other right or action to be taken at such meeting or by written consent, or (B) the effective date on which such reorganization, reclassification,
consolidation, merger, sale, dissolution, liquidation or winding-up is proposed to take place, and the date, if any is to be fixed, as
of which the books of the Company shall close or a record shall be taken with respect to which the holders of record of Common Stock
(or such other capital stock or securities at the time issuable upon exercise of the Warrant) shall be entitled to exchange their shares
of Common Stock (or such other capital stock or securities) for securities or other property deliverable upon such reorganization, reclassification,
consolidation, merger, sale, dissolution, liquidation or winding-up, and the amount per share and character of such exchange applicable
to the Warrant and the Warrant Shares.


 


(d)       Purchase
Rights. In addition to (and not in limitation or in lieu of) any adjustments pursuant to Section 4 above, if at any time the
Company grants, issues or sells any shares of Common Stock, Options, Convertible Securities or rights to purchase stock, warrants, securities
or other property pro rata to the record holders of Common Stock (the “Purchase Rights”), then the Holder shall be
entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder would have acquired
if the Holder had held the number of Warrant Shares acquirable upon complete exercise of this Warrant immediately before the date on
which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which
the record holders of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights.


 


SECTION
5 REGISTRATION RIGHTS.


 


5.1       Piggyback
Registration.


 


(a)       Whenever
the Company proposes to register any shares of its Common Stock under the Securities Act (other than (i) a registration effected solely
to implement an employee benefit plan or a transaction to which Rule 145 of the Securities Act is applicable, (ii) a Registration Statement
on Form S-4, S-8 or any successor form thereto or another form not available for registering the Registrable Securities for sale to the
public; (iii) any offering of securities for the Company’s own account from a shelf registration statement on Form S-3 that has
already been declared effective by the Commission (except for an underwritten shelf takedown where
the contemplated plan of distribution includes a substantial marketing effort by the Company and the underwriters, or (iv) any
offering of securities for the Company’s own account pursuant to an “at-the-market” offering program or “ATM”)),
whether for its own account or for the account of one or more stockholders of the Company and the form of Registration Statement to be
used may be used for any registration of Warrant Shares (a “Piggyback Registration”), the Company shall give prompt
written notice (in any event no later than twenty (20) days prior to the filing of such Registration Statement) to the Holder of its
intention to effect such a registration and shall include in such registration all Warrant Shares with respect to which the Company has
received written requests for inclusion from the Holder within ten days after the Company’s notice has been given to the Holder.


 




    	8



     


    

 


(b)       If
a Piggyback Registration is initiated as a primary underwritten offering on behalf of the Company and the managing underwriter advises
the Company and the Holder (if the Holder has elected to include Warrant Shares in such Piggyback Registration) in writing that in its
opinion the number of shares of Common Stock proposed to be included in such registration, including all Registrable Securities and all
other shares of Common Stock proposed to be included in such underwritten offering, exceeds the number of shares of Common Stock which
can be sold in such offering and/or that the number of shares of Common Stock proposed to be included in any such registration would
adversely affect the price per share of the Common Stock to be sold in such offering, the Company shall include in such registration
(A) first, the number of shares of Common Stock that the Company proposes to sell; (B) second, the number of shares of Common Stock requested
to be included therein by the Holder; and (C) third, the number of shares of Common Stock requested to be included therein by holders
of Common Stock (other than Warrant Shares held by the Holder).


 


(c)       If
a Piggyback Registration is initiated as an underwritten offering on behalf of one or more holders of Common Stock other than Warrant
Shares, and the managing underwriter advises the Company in writing that in its opinion the number of shares of Common Stock proposed
to be included in such registration, including all Warrant Shares and all other shares of Common Stock proposed to be included in such
underwritten offering, exceeds the number of shares of Common Stock which can be sold in such offering and/or that the number of shares
of Common Stock proposed to be included in any such registration would adversely affect the price per share of the Common Stock to be
sold in such offering, the Company shall, subject to the proviso below, include in such registration (i) first, the number of shares
of Common Stock requested to be included therein by the Holder (on a fully diluted, as converted basis); and (ii) second, the number
of shares of Common Stock requested to be included therein by other holders of Common Stock, allocated among such holders in such manner
as they may agree.


 


(d)       If
any Piggyback Registration is initiated as a primary underwritten offering on behalf of the Company, the Company shall select the investment
banking firm or firms to act as the managing underwriter or underwriters in connection with such offering.


 


5.2       Registration
Procedures. If and whenever the Holder requests that any Warrant Shares be registered pursuant to the provisions of this Warrant,
the Company shall use its best efforts to include the Warrant Shares in such registration in accordance with the intended method of disposition
thereof, and pursuant thereto the Company shall as soon as practicable:


 


(a)       prepare
and file with the Commission a Registration Statement with respect to such Warrant Shares and use its best efforts to cause such Registration
Statement to become effective;


 


(b)       prepare
and file with the Commission such amendments, post-effective amendments and supplements to such Registration Statement and the Prospectus
used in connection therewith as may be necessary to keep such Registration Statement effective for a period of not less than thirty (30)
days, or if earlier, until all of such Warrant Shares have been disposed of and to comply with the provisions of the Securities Act with
respect to the disposition of such Warrant Shares in accordance with the intended methods of disposition set forth in such Registration
Statement;


 


(c)       at
least fifteen (15) Business Days before filing such Registration Statement, Prospectus or amendments or supplements thereto, furnish
to counsel of the Holder copies of such documents proposed to be filed, which documents shall be subject to the review, comment and approval
of such counsel;


 




    	9



     


    




 


(d)       notify
the Holder, promptly after the Company receives notice thereof, of the time when such Registration Statement has been declared effective
or a supplement to any Prospectus forming a part of such Registration Statement has been filed;


 


(e)       furnish
to the Holder such number of copies of the Prospectus included in such Registration Statement (including each preliminary Prospectus)
and any supplement thereto (in each case including all exhibits and documents incorporated by reference therein) and such other documents
as the Holder may request in order to facilitate the disposition of the Warrant Shares;


 


(f)       use
its best efforts to register or qualify such Warrant Shares under such other securities or “blue sky” laws of such jurisdictions
as any selling holder requests and do any and all other acts and things which may be necessary or advisable to enable the Holder to consummate
the disposition; provided that the Company shall not be required to qualify generally to do business, subject itself to general taxation
or consent to general service of process in any jurisdiction where it would not otherwise be required to do so but for this Section
5.2(f);


 


(g)       notify
the Holder, at any time when a Prospectus relating thereto is required to be delivered under the Securities Act, of the happening of
any event as a result of which the Prospectus included in such Registration Statement contains an untrue statement of a material fact
or omits any fact necessary to make the statements therein not misleading, and, at the request of any such holder, the Company shall
prepare a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of such Warrant Shares, such
Prospectus shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein
not misleading;


 


(h)       make
available for inspection by the Holder, any underwriter participating in any disposition pursuant to such Registration Statement and
any attorney, accountant or other agent retained by the Holder or any such underwriter (collectively, the “Inspectors”),
all financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”),
and cause the Company’s officers, directors and employees to supply all information requested by any such Inspector in connection
with such Registration Statement;


 


(i)       use
its commercially reasonable efforts to cause such Warrant Shares to be listed on each securities exchange on which the Common Stock is
then listed;


 


(j)       in
connection with an underwritten offering, enter into such customary agreements (including underwriting and lock-up agreements in customary
form) and take all such other customary actions as the Holder or the managing underwriter of such offering request in order to expedite
or facilitate the disposition of such Warrant Shares (including, without limitation, making appropriate officers of the Company available
to participate in “road show” and other customary marketing activities, including one-on-one meetings with prospective purchasers
of the Warrant Shares);


 


(k)       otherwise
use its best efforts to comply with all applicable rules and regulations of the Commission and make available to its stockholders an
earnings statement (in a form that satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder) no
later than thirty (30) days after the end of the 12-month period beginning with the first day of the Company’s first full fiscal
quarter after the effective date of such Registration Statement, which earnings statement shall cover said 12-month period, and which
requirement will be deemed to be satisfied if the Company timely files complete and accurate information on Forms 10-Q, 10-K and 8-K
under the Exchange Act and otherwise complies with Rule 158 under the Securities Act;


 


(l)       furnish
to the Holder and each underwriter, if any, with (i) a legal opinion of the Company’s outside counsel, dated the effective date
of such Registration Statement (and, if such registration includes an underwritten public offering, dated the date of the closing under
the underwriting agreement), in form and substance as is customarily given in opinions of the Company’s counsel to underwriters
in underwritten public offerings; and (ii) a “comfort” letter signed by the Company’s independent certified public
accountants in form and substance as is customarily given in accountants’ letters to underwriters in underwritten public offerings;


 




    	10



     


    




 


(m)       without
limiting Section 5.2(f) above, use its best efforts to cause such Warrant Shares to be registered with or approved by such other
governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company to enable the Holder
to consummate the disposition of such Warrant Shares in accordance with their intended method of distribution thereof;


 


(n)       notify
the Holder promptly of any request by the Commission for the amending or supplementing of such Registration Statement or Prospectus or
for additional information;


 


(o)       advise
the Holder, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the Commission suspending
the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such purpose and promptly use
its best efforts to prevent the issuance of any stop order or to obtain its withdrawal at the earliest possible moment if such stop order
should be issued; and


 


(p)       otherwise
use its best efforts to take all other steps necessary to effect the registration of such Warrant Shares contemplated hereby.


 


SECTION
6 TRANSFERS.


 


1.1       Transfer
of Warrant. Subject to the transfer conditions referred to in the legend endorsed hereon, this Warrant and all rights hereunder are
freely transferable, in whole or in part, by the Holder without charge to the Holder, upon delivery to the Company of a written request
for assignment in the form attached hereto as Exhibit C (each, an “Assignment”) by the Holder and surrender
of this Warrant to the Company at its then principal executive offices, together with funds sufficient to pay any transfer taxes described
in Section 3.6(e) in connection with the making of such transfer. If requested by the Company, the Holder will also provide an
opinion of counsel satisfactory to the Company to the effect that the transfer or assignment is in compliance with (or is exempt from)
applicable federal and state securities laws. Upon such compliance, surrender and delivery and, if required, such payment, the Company
shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denominations specified in such
instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant, if any, not so assigned
and this Warrant shall promptly be cancelled. Notwithstanding the foregoing, no part of this Warrant or the Shares issuable upon exercise
of this Warrant (or the securities issuable directly or indirectly, upon conversion of the Shares, if any) may be transferred except
to a person named as a “Designated Holder” of K2 HealthVentures LLC in the Loan Agreement.


 


6.1       Holder
Not Deemed a Stockholder; Limitations on Liability. Except as otherwise specifically provided herein (including Section 4.1),
prior to the issuance to the Holder of the Warrant Shares to which the Holder is then entitled to receive upon the due exercise of this
Warrant, the Holder shall not be entitled to vote or receive dividends or be deemed the holder of shares of capital stock of the Company
for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, as such, 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. 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 5, 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 it being understood that such notices or information shall be deemed to have been provided when posted
on the Company’s website.


 


SECTION
7 REPLACEMENT ON LOSS; DIVISION AND COMBINATION.


 


7.1       Replacement
of Warrant on Loss. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation
of this Warrant and upon delivery of an indemnity reasonably satisfactory to it (it being understood that a written indemnification agreement
or affidavit of loss of the Holder shall be a sufficient indemnity) and, in case of mutilation, upon surrender of such Warrant for cancellation
to the Company, the Company at its own expense shall execute and deliver to the Holder, in lieu hereof, a new Warrant of like tenor and
exercisable for an equivalent number of Warrant Shares as the Warrant so lost, stolen, mutilated or destroyed; provided that,
in the case of mutilation, no indemnity shall be required if this Warrant in identifiable form is surrendered to the Company for cancellation.


 




    	11



     


    




 


7.2       Division
and Combination of Warrant. Subject to compliance with the applicable provisions of this Warrant as to any transfer or other assignment
which may be involved in such division or combination, this Warrant may be divided or, following any such division of this Warrant, subsequently
combined with other Warrants, upon the surrender of this Warrant or Warrants to the Company at its then principal executive offices,
together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the respective
Holders or their authorized agents or attorneys. Subject to compliance with the applicable provisions of this Warrant as to any transfer
or assignment which may be involved in such division or combination, the Company shall at its own expense execute and deliver a new Warrant
or Warrants in exchange for the Warrant or Warrants so surrendered in accordance with such notice. Such new Warrant or Warrants shall
be of like tenor to the surrendered Warrant or Warrants and shall be exercisable in the aggregate for an equivalent number of Warrant
Shares as the Warrant or Warrants so surrendered in accordance with such notice.


 


7.3       No
Impairment. The Company shall not, by amendment of its Articles of Incorporation or Bylaws, or through any reorganization, transfer
of assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or circumvent or seek
to avoid or circumvent the observance or performance of any of the terms to be observed or performed by it hereunder, but shall at all
times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may reasonably
be requested by the Holder in order to protect the exercise rights of the Holder against dilution or other impairment, consistent with
the tenor and purpose of this Warrant.


 


7.4       Compliance
with the Securities Act. The parties hereto agree as follows:


 


(a)       The
Holder, by acceptance of this Warrant, agrees to comply in all respects with the provisions of this Section 7.4 and the restrictive
legend requirements set forth on the face of this Warrant and further agrees that such Holder shall not offer, sell or otherwise dispose
of this Warrant or any Warrant Shares to be issued upon exercise hereof except under circumstances that will not result in a violation
of the Securities Act and applicable Canadian securities laws.


 


(b)       This
Warrant and all Warrant Shares issued upon exercise of this Warrant (unless registered under the Securities Act) shall be stamped or
imprinted with a legend in substantially the following form:


 


“THIS
WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “ACT”), OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED,
HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SHARES IS EFFECTIVE UNDER THE ACT
AND IS QUALIFIED UNDER APPLICABLE STATE AND FOREIGN LAW OR (ii) THE TRANSACTION IS EXEMPT
FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE AND
FOREIGN LAW.”


 


“UNLESS
PERMITTED UNDER CANADIAN SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS 4 MONTHS
AND A DAY AFTER THE ORIGINAL ISSUE DATE.”


 


(c)       In
the event that this Warrant or any Warrant Shares issued upon exercise of this Warrant are included in a direct registration or other
electronic book entry system, or if the Holder does not directly receive a certificate representing the Warrant Shares, the Company has
hereby provided the Holder with written notice pursuant to Section 2.5(2)(3.1) of National Instrument 45-102 – Resale of Securities
that:


 


“UNLESS
PERMITTED UNDER APPLICABLE CANADIAN SECURITIES LEGISLATION, THE HOLDER OF SHARES OF COMMON STOCK MUST NOT TRADE] THE SHARES OF COMMON
STOCK BEFORE SEPTEMBER 23, 2020.


 




    	12



     


    

 





7.5       Removal
of Legends. Upon the Holder’s request at any time following September 23, 2020 and delivery of reasonable assurances that this
Warrant and the Warrant Shares can be sold pursuant to Rule 144, the Company shall promptly (but in any event within five (5) Business
Days following such request and delivery), at its sole cost and expense, issue a replacement Warrant or replacement Warrant Shares, as
the case may be, deleting the legends required pursuant to Section 7.4(b) above.


 


SECTION
8 REPRESENTATIONS OF THE HOLDER. 


 


In
connection with the issuance of this Warrant, the Holder specifically represents, as of the date hereof, to the Company by acceptance
of this Warrant as follows:


 


8.1       The
Holder is an “accredited investor” as defined in Rule 501 of Regulation D promulgated under the Securities Act. The Holder
is acquiring this Warrant and the Warrant Shares to be issued upon exercise hereof for investment for its own account and not with a
current view towards, or for resale in connection with, the public sale or distribution of this Warrant or the Warrant Shares, except
pursuant to sales registered or exempted under the Securities Act.


 


8.2       The
Holder understands and acknowledges that this Warrant and the Warrant Shares to be issued upon exercise hereof are “restricted
securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving
a public offering and that, under such laws and applicable regulations, such securities may be resold without registration under the
Securities Act only in certain limited circumstances. In addition, the Holder represents that it is familiar with Rule 144 under the
Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act.


 


8.3       The
Holder acknowledges that it can bear the economic and financial risk of its investment for an indefinite period, and has such knowledge
and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Warrant
and the Warrant Shares. The Holder has had an opportunity to ask questions and receive answers from the Company regarding the terms and
conditions of the offering of the Warrant and the business, properties, prospects and financial condition of the Company.


 


SECTION
9 WARRANT REGISTER.


 


The
Company shall keep and properly maintain at its principal executive offices books for the registration of the Warrant and any transfers
thereof. The Company may deem and treat the Person in whose name the Warrant is registered on such register as the Holder thereof for
all purposes, and the Company shall not be affected by any notice to the contrary, except any assignment, division, combination or other
transfer of the Warrant effected in accordance with the provisions of this Warrant.


 


SECTION
10 NOTICES.


 


All
notices and other communications provided hereunder shall be in writing and mailed, delivered or transmitted, if to the Company or the
Holder, to the applicable party at its address or email address set forth on the signature pages hereto, or at such other address or
email address as may be designated by such party in a notice to the other party. Any notice, if mailed and properly addressed with postage
prepaid or if properly addressed and sent by pre-paid courier service, shall be deemed given when received; any notice, if transmitted
by email, shall be deemed given when the confirmation of receipt thereof is received by the transmitter. Unless otherwise indicated,
all references to the time of a day shall refer to New York City time.


 




    	13



     


    




 


SECTION
11 CUMULATIVE REMEDIES.


 


The
rights and remedies provided in this Warrant are cumulative and are not exclusive of, and are in addition to and not in substitution
for, any other rights or remedies available at law, in equity or otherwise.


 


SECTION
12 EQUITABLE RELIEF.


 


Each
of the Company and the Holder acknowledges that a breach or threatened breach by such party of any of its obligations under this Warrant
would give rise to irreparable harm to the other party hereto for which monetary damages would not be an adequate remedy and hereby agrees
that in the event of a breach or a threatened breach by such party of any such obligations, the other party hereto shall, in addition
to any and all other rights and remedies that may be available to it in respect of such breach, be entitled to equitable relief, including
a restraining order, an injunction, specific performance and any other relief that may be available from a court of competent jurisdiction.


 


SECTION
13 FINDER’S FEE.


 


Each
party represents to the other party that it is not and will not be obligated for any finder’s fee or commission in connection with
the transactions contemplated by this Warrant. The Holder agrees to indemnify and to hold harmless the Company from any liability for
any commission or compensation in the nature of a finder’s fee (and the costs and expenses of defending against such liability
or asserted liability) for which the Holder or any of its officers, employees or representatives is responsible. The Company agrees to
indemnify and hold harmless the Holder from any liability for any commission or compensation in the nature of a finder’s fee (and
the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its officers, employees
or representatives is responsible.


 


SECTION
14 EXPENSES; INDEMNIFICATION.


 


14.1       The
Company will reimburse the reasonable fees and expenses of the Holder, including reasonable legal fees and expenses, with respect to
the negotiation, execution and delivery of this Warrant as provided in Section 2.4(b) of the Loan Agreement.


 


14.2       In
further consideration of the Holder’s acquiring the Warrant hereunder and in addition to all of the Company’s other obligations
hereunder, the Company will defend, indemnify and hold harmless the Holder and each other holder of the Warrant and all of their shareholders,
partners, members, officers, directors, employees and direct or indirect investors and any of the foregoing Persons’ agents or
other representatives (including, without limitation, those retained in connection with the transactions contemplated hereby) (collectively,
the “Indemnitees”) from and against any and all losses, costs, penalties, fees, liabilities and damages, and expenses
(irrespective of whether any such Indemnitee is a party to the action for which indemnification hereunder is sought), and including attorneys’
fees and disbursements (the “Indemnified Liabilities”), incurred by any Indemnitee as a result of, or arising out
of, or relating to any actions, suits or claim brought by third parties alleging (i) any misrepresentation or breach of any representation
or warranty made by the Company in this Warrant or any other certificate, instrument or document contemplated hereby or thereby, (ii)
any breach of any covenant, agreement or obligation of the Company contained in this Warrant or any other certificate, instrument or
document contemplated hereby or thereby, or (iii) any cause of action, suit or claim brought or made against such Indemnitee by a third
party (including for these purposes a derivative action brought on behalf of the Company) and arising out of or resulting from (A) the
execution, delivery, performance or enforcement of this Warrant or any other certificate, instrument or document contemplated hereby
or thereby, or (B) the status of the Holder or holder of the Warrant as an investor in the Company pursuant to the transactions contemplated
hereby. To the extent that the foregoing undertaking by the Company may be unenforceable for any reason, the Company will make the maximum
contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law.


 


14.3       Entire
Agreement. This Warrant constitutes the sole and entire agreement of the parties to this Warrant with respect to the subject matter
contained herein, and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with respect to
such subject matter.


 




    	14



     


    




 


14.4       Successor
and Assigns. This Warrant and the rights evidenced hereby shall be binding upon and shall inure to the benefit of the parties hereto
and the successors of the Company and the successors and permitted assigns of the Holder. Such successors and/or permitted assigns of
the Holder shall be deemed to be a Holder for all purposes hereunder.


 


14.5       No
Third-Party Beneficiaries. This Warrant is for the sole benefit of the Company and the Holder and their respective successors and,
in the case of the Holder, permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person
any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Warrant.


 


SECTION
15 HEADINGS.


 


The
headings in this Warrant are for reference only and shall not affect the interpretation of this Warrant.


 


SECTION
16 AMENDMENT AND MODIFICATION; WAIVER.


 


Except
as otherwise provided herein, this Warrant may only be amended, modified or supplemented by an agreement in writing signed by each party
hereto. No waiver by the Company or the Holder of any of the provisions hereof shall be effective unless explicitly set forth in writing
and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach
or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before
or after that waiver. No failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from this Warrant
shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege hereunder.


 


SECTION
17 SEVERABILITY.


 


If
any term or provision of this Warrant is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other term or provision of this Warrant or invalidate or render unenforceable such term or provision in any other
jurisdiction.


 


SECTION
18 GOVERNING LAW.


 


This
Warrant shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect to any
choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application
of laws of any jurisdiction other than those of the State of New York.


 


SECTION
19 SUBMISSION TO JURISDICTION.


 


Any
legal suit, action or proceeding arising out of or based upon this Warrant or the transactions contemplated hereby may be instituted
in the federal courts of the United States of America or the courts of the State of New York, in either case sitting in the Borough of
Manhattan, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. Service
of process, summons, notice or other document by certified or registered mail to such party’s address set forth herein shall be
effective service of process for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally
waive any objection to the laying of venue of any suit, action or any proceeding in such courts and irrevocably waive and agree not to
plead or claim in any such court that any such suit, action or proceeding brought in any such court has been brought in an inconvenient
forum.


 


SECTION
20 WAIVER OF JURY TRIAL.


 


Each
party acknowledges and agrees that any controversy which may arise under this Warrant is likely to involve complicated and difficult
issues and, therefore, each such party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of
any legal action arising out of or relating to this Warrant or the transactions contemplated hereby.





 


SECTION
21 COUNTERPARTS.


 


This
Warrant may be executed in counterparts, each of which shall be deemed an original, but both of which together shall be deemed to be
one and the same agreement. A signed copy of this Warrant delivered by e-mail or other means of electronic transmission shall be deemed
to have the same legal effect as delivery of an original signed copy of this Warrant.


 


SECTION
22 NO STRICT CONSTRUCTION.


 


This
Warrant shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting
an instrument or causing any instrument to be drafted.


 


[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]


 




    	15



     


    




 


[SIGNATURE
PAGE TO AMENDED AND RESTATED WARRANT TO PURCHASE COMMON STOCK]





 


IN
WITNESS WHEREOF, the Company has duly executed this Warrant on the Restatement Date.


 


	 	 	 	VBI
    VACCINES INC.
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	Name:	Jeff
    Baxter
	 	 	 	Title:	President
    and Chief Executive Officer
	 	 	 	 	 
	Accepted
    and agreed,	 	 	 
	 	 	 	 	 
	K2
    HEALTHVENTURES EQUITY TRUST LLC	 	 	 
	 	 	 	 	 
	By:	 	 	 	 
	Name:	Anup
    Arora	 	 	 
	Title:	Managing
    Director & CIO	 	 	 


 




    	 	 	 



     


    

 


EXHIBIT
A


FORM
OF SUBSCRIPTION AGREEMENT


 


(To
be signed only upon exercise of Warrant)


 


To:                                                                                        


 


The
undersigned, as holder of a right to purchase shares of Common Stock of VBI VACCINES INC., a corporation existing pursuant to the laws
of British Columbia (the “Company”), pursuant to that certain Amended and Restated Warrant to Purchase Shares of Common
Stock of VBI VACCINES INC. (the “Warrant”), dated as of May 17, 2021, hereby irrevocably elects to exercise the purchase
right represented by such Warrant for, and to purchase thereunder, _________ (_____) shares of Common Stock of the Company and herewith
makes payment of ________ Dollars ($_____) therefor by the following method:


 


(Check
all that apply):


 


	                    (check
    if applicable)	 	The
    undersigned hereby elects to make payment of the Aggregate Warrant Price of _________________________________ Dollars ($ _________)
    in cash for ______________ (_____) shares of Common Stock using the method described in Section 3.2(a) of the Warrant.
	 	 	 
	                   (check
    if applicable)	 	The
undersigned hereby elects to make payment of the Aggregate Warrant Price of _________________________________ Dollars ($ _________) for
______________ (_____) shares of Common Stock using the method described in Section 3.2(b) of the Warrant.

	 	 	 
	Requested
Denomination of
	 	 
	 	 	 
	Common
    Stock:	 	                                                                            
    shares 

	Registered
    Holder:	 	                                                                           



 






    	 	 	 



     


    

 


In
order to induce the issuance of such securities the undersigned makes to the Company, as of the date hereof, the representations and
warranties set forth in Section 8 of the Warrant. Unless otherwise defined herein, capitalized terms have the meanings provided
in the Warrant.


 


	DATED:	 	 	 	 
	 	 	 	 	 
	 	 	 	[HOLDER]
	 	 	 	 	 
	 	 	 	By:	    
	 	 	 	Name:	 
	 	 	 	Title:	 


 




    	 



     


    




 


EXHIBIT
B


 


FORM
OF ACKNOWLEDGMENT


 


To:
K2 HealthVentures Equity Trust LLC


 


The
undersigned hereby acknowledges that as of the date hereof ______________ (_____) shares of Common Stock remain subject to the right
of purchase in favor of [HOLDER] pursuant to that certain Amended and Restated Warrant to Purchase Shares of Common Stock of VBI VACCINES
INC. in favor of [HOLDER], dated as of May 17, 2021.


 


	DATED:	 	 	 	 
	 	 	 	 	 
	 	 	 	VBI
    VACCINES INC.
	 	 	 	By:
	          
	 	 	 	Name:	 
	 	 	 	Title:	 


 




    	 



     


    




 


EXHBIT
C


 


FORM
OF ASSIGNMENT


 


REFERENCE
IS MADE to that certain Amended and Restated Warrant to Purchase Shares of Common Stock of VBI VACCINES INC. (the “Warrant”),
dated as of May 17, 2021 in favor of [HOLDER]. Unless otherwise defined, terms used herein have the meanings ascribed thereto in the
Warrant.


 


FOR
VALUE RECEIVED, the undersigned Holder of record of this Warrant of VBI VACCINES INC. (the “Company”), hereby sells,
assigns and transfers unto the Assignee named below all of the rights, including, without limitation, the Purchase Rights (as such term
is defined in this Warrant) of the undersigned under the within Warrant, with respect to the number of shares of Common Stock set forth
below:


 


	Name
    of Transferee/Assignee 	Address	[No.
    of Shares]1



 


and
does hereby irrevocably constitute and appoint the Secretary of VBI VACCINES INC. to make such transfer on the books of VBI VACCINES
INC., maintained for the purpose, with full power of substitution in the premises.


 


Attached
hereto, if and to the extent requested by the Company, is an opinion of counsel that the assignment is in compliance with or is exempt
from, applicable federal and state securities laws. As provided in the Warrant, including but not limited to Section 6.2 of the
Warrant, the Company may, in its reasonable discretion, decide whether such opinion is satisfactory, and Assignee and Holder agree to
any reasonable delay in transfer caused by such evaluation.


 


The
Assignee acknowledges and agrees that the Warrant and the shares of Common Stock to be issued upon exercise thereof or conversion thereof
are being acquired for investment and that the Assignee will not offer, sell or otherwise dispose of the Warrant or any shares of stock
to be issued upon exercise thereof or conversion thereof except under circumstances which will not result in a violation of the Securities
Act of 1933, as amended (the “Act”), or any applicable state securities laws.


 


ACCORDINGLY,
THE FOLLOWING RESTRICTIVE LEGEND IS MADE APPLICABLE TO THIS ASSIGNMENT (AND TO THE WARRANT AND SECURITIES COVERED BY THE WARRANT AS ASSIGNED
HEREBY TO ASSIGNEE):


 


THIS
ASSIGNMENT AND THE WARRANT AND THE SECURITIES UNDERLYING THE WARRANT AS ASSIGNED HEREBY, HAVE NOT BEEN REGISTERED UNDER THE ACT, AND
MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION
THEREFROM UNDER SUCH ACT, ANY APPLICABLE STATE SECURITIES LAWS AND THE RULES AND REGULATIONS THEREUNDER.


 


[UNLESS
PERMITTED UNDER APPLICABLE CANADIAN SECURITIES LEGISLATION, THE HOLDER OF SHARES OF COMMON STOCK MUST NOT TRADE] THE SHARES OF COMMON
STOCK BEFORE SEPTEMBER 23, 2020.]


 


[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]


 






    	 	 	 



     


    

 


	Dated:	 	 	HOLDER:
	 	 	 	 
	 	 	 	By:	       
	 	 	 	Name:	 
	 	 	 	Title:	 


 


	Dated:	 	 	ASSIGNEE:
	 	 	 	 
	 	 	 	By:	       
	 	 	 	Name:	 
	 	 	 	Title: