Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

AMENDED AND RESTATED CASH COLLATERAL AGREEMENT 

AMENDED AND RESTATED CASH COLLATERAL AGREEMENT dated as of March 11, 2014 (the “Initial Date”), and amended and
restated as of July 10, 2014 (the “Amendment Effective Date”), between UTi WORLDWIDE INC., a company incorporated under the laws of the British Virgin Islands with No. 141257 (the “Grantor”), THE ROYAL
BANK OF SCOTLAND PLC, as letter of credit issuing bank (solely in such capacity, the “Issuing Bank”), and, solely with respect to Sections 1(b), 4(b), 8, 9, 10, 11, 12 and 13, THE ROYAL BANK OF SCOTLAND PLC, RBS PLC (Connecticut)
branch, 600 Washington Blvd., Stamford, CT 06901, as depositary bank (solely in such capacity, the “Depositary Bank”). 

WHEREAS, the Grantor and the Issuing Bank are party to that certain Amended and Restated Letter of Credit Agreement, dated as of
June 24, 2011 (as amended pursuant to that certain First Amendment Agreement dated as of June 5, 2013, that certain Second Amendment Agreement dated as of September 5, 2013, that certain Third Amendment Agreement dated as of
December 5, 2013 and that certain Waiver and Amendment (the “Waiver”) dated as of February 25, 2014, the “Credit Agreement”; terms defined in the Credit Agreement and used herein are used herein as defined
therein) among the Grantor, each of the Subsidiary Guarantors party thereto and the Issuing Bank (as assignee of The Royal Bank of Scotland N.V. pursuant to an assignment effective as of June 10, 2013, by and among The Royal Bank of Scotland
N.V., as assignor, and the Issuing Bank, as assignee), and pursuant to which the Issuing Bank has issued for the account of the Grantor one or more Letters of Credit, which as of the Initial Date are described on Annex A hereto; and 

WHEREAS, in connection with the cash collateralization and termination of the Credit Agreement in accordance with the Waiver, the
Grantor has agreed with the Issuing Bank to deposit into a segregated cash collateral account maintained at the Depositary Bank, under the sole dominion and control of the Issuing Bank, cash in an amount equal to 105% of the undrawn face amount of
the Letters of Credit, such deposit to be held by the Issuing Bank as collateral security in respect of the undrawn portion of the outstanding Letters of Credit. 

NOW, THEREFORE, in consideration of the premises herein contained, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, each of the Issuing Bank, the Grantor and, solely with respect to Sections 1(b), 4(b), 8, 9, 10, 11, 12 and 13, the Depositary Bank hereby agrees as follows: 

Section 1. (a) Grant of Security. As security for the payment of all present and future obligations of the Grantor in
respect of each Letter of Credit (whether for the amount of any drawing thereunder, interest, commissions, fees, charges, increased costs, expenses or otherwise) and all present and future obligations of the Grantor under this Agreement (all such
obligations of the Grantor, whether or not any of such obligations are unmatured or contingent, being the “Obligations”), the Grantor hereby irrevocably pledges, assigns and transfers to the Issuing Bank and hereby grants to the
Issuing Bank a first priority lien on and security interest in: (i) account number 456037620501, ABA 026009580, Swift ABNAUS33, established in the name of the Grantor at the Depositary Bank (hereinafter called the “Cash Collateral
Account”), such Cash Collateral Account to be under the sole dominion and control of the Issuing Bank, (ii) all cash from time to time deposited into the Cash Collateral Account, (iii) all interest that accrues from time to time
on the Cash Collateral Account and that is included in the Cash Collateral Account and (iv) to the extent not covered by clauses (i) through (iii) above, all proceeds of any and all of the foregoing (collectively, the
“Collateral”). As between the Grantor and the Issuing Bank, the Grantor shall have no right of withdrawal from the Cash Collateral Account nor any other right or power with respect to the Collateral, except as expressly provided
herein. 
 (b) Control of Cash Collateral Account. As between the Grantor and the Depositary Bank, the Grantor shall have no right of
withdrawal from the Cash Collateral Account nor any other right or power 

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with respect to the Cash Collateral Account, except as expressly provided in Sections 1(b), 4(b), 8, 9, 10, 11, 12 and 13 hereof and in documentation related to the establishment of the Cash
Collateral Account, if any (it being understood that in the event of any conflict between such documentation and this Agreement, this Agreement shall control). It is the intent of the parties to this Agreement that the Issuing Bank have control over
the Cash Collateral Account within the meaning of Section 9-104 of the Uniform Commercial Code as in effect in the state of New York (“UCC”). In furtherance of, and without limiting the effectiveness of the foregoing provisions
in this Section 1, the Depositary Bank shall comply with instructions originated by the Issuing Bank directing the disposition of the funds in the Cash Collateral Account without further consent of the Grantor. The Depositary Bank shall have no
responsibility or obligation to determine whether the Issuing Bank has complied with its obligations under Sections 2 or 3 hereof when complying with the Issuing Bank’s instructions. 

Section 2. Remedies Upon Default. The Grantor hereby agrees that if any amount payable in respect of any Letter of Credit
under this Agreement pursuant to Section 5(c) hereof is not paid when due (whether upon demand, at stated maturity, by acceleration or otherwise): 

(a) The Issuing Bank may, without notice or demand, and at any time or from time to time, charge, set-off and otherwise apply
all or any part of the Obligations against the Cash Collateral Account or any part thereof. 
 (b) The Issuing Bank may also
exercise in respect of the Collateral, in addition to the other rights and remedies provided for herein or otherwise available to it, all of the rights and remedies of a secured party on default under the UCC at that time. 

(c) Any cash held by the Issuing Bank as Collateral may, in the discretion of the Issuing Bank, then or at any time thereafter
be applied in whole or in part by the Issuing Bank against all or any part of the Obligations in such order as the Issuing Bank may elect. Any surplus of such cash or cash proceeds held by the Issuing Bank and remaining after payment in full of all
the Obligations and termination of all Letters of Credit shall be paid over to the Grantor or to whomsoever may be lawfully entitled to receive such surplus. 

Section 3. Maintaining the Cash Collateral Account. The Issuing Bank acknowledges receipt of funds in the Cash Collateral
Account on the Initial Date in the amount of US$40,020,581.77, which is 105% of the undrawn face amount of all the Letters of Credit on the Initial Date (such undrawn face amount is equal on the Initial Date to US$38,114,839.78). 

So long as one or more of the Letters of Credit is outstanding or any Obligations are outstanding, the Grantor agrees that it will maintain at
all times an amount in the Cash Collateral Account equal to at least 105% of the maximum Dollar Equivalent amount then available to be drawn under the Letters of Credit; provided that such amount required to be maintained on deposit in the
Cash Collateral Account shall be reduced by the face amount of any backstop letter of credit or other form of credit support provided by or on behalf of Grantor with respect to one or more Letters of Credit, in each case on terms and subject to
documentation reasonably acceptable to the Issuing Bank. 
 To the extent that the Dollar Equivalent amount in the Cash Collateral Account
exceeds 105% of the maximum Dollar Equivalent amount then available to be drawn under the Letters of Credit, not more than once a month or upon a payment under, or expiration, cancellation or termination of, a Letter of Credit, the Grantor may
submit a written request (the “Request”) for release of such excess amounts to the Issuing Bank and the Issuing Bank shall promptly instruct the Depositary Bank to, and the Depositary Bank shall, return such excess amounts to the Grantor
within five Business Days after receipt of the Request and such amounts shall no longer be Collateral hereunder. 

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 To the extent that the Dollar Equivalent amount in the Cash Collateral Account is less than
the Dollar Equivalent amount that is 105% of the maximum amount then available to be drawn under the Letters of Credit (such amount, the “Deficiency Amount”) on the last Business Day of each calendar month ended after the date
hereof, the Grantor shall, within five Business Days of receipt of notice from the Issuing Bank, pay to the Issuing Bank in immediately available funds in Dollars the Deficiency Amount. 

“Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in Dollars, such amount and
(b) with respect to any amount denominated in any currency other than Dollars, the equivalent amount thereof in Dollars as reasonably determined by the Issuing Bank in accordance with its standard policies and procedures as may be in effect
from time to time. 
 Section 4. Representations and Warranties. 

(a) The Grantor hereby represents and warrants to the Issuing Bank that each of the representations and warranties set forth in
Sections 5.1 and 5.2 of the Credit Agreement, solely with respect to the Grantor and this Agreement, are true and correct on and as of the Initial Date and the date hereof. 

(b) The Depositary Bank hereby represents and warrants to the Issuing Bank and the Grantor that (i) the Depositary Bank is
a “bank” within the meaning of Section 9-102(a)(8) of the UCC, (ii) the Cash Collateral Account is and shall be maintained as a “deposit account” within the meaning of Section 9-102(a)(29) of the UCC and
(iii) the Depositary Bank has not entered into any currently effective agreement with any person under which the Depositary Bank may be obligated to comply with an instruction directing the disposition of funds in the Cash Collateral Account
that is originated by a person other than the Issuing Bank or the Grantor. 
 Section 5. Covenants; Fees. The Grantor
covenants and agrees with the Issuing Bank that: 
 (a) The Grantor will not (1) sell, assign, transfer, exchange, or
otherwise dispose of, or grant any option with respect to, the Collateral, or (2) create, incur or permit to exist any lien or option in favor of, or any claim of any person with respect to, any of the Collateral, or any interest therein,
except for the security interest created by this Agreement. 
 (b) The Grantor will maintain the security interest created by
this Agreement as a first priority, perfected security interest and defend the right, title and interest of the Issuing Bank in and to the Collateral against the claims and demands of all persons whomsoever. At any time and from time to time, upon
the written request of the Issuing Bank and at the sole expense of the Grantor, the Grantor will promptly and duly execute and deliver such further instruments and documents and take such further actions as the Issuing Bank reasonably may request
for the purposes of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted. 

(c) In accordance with Section 3.4(b) of the Credit Agreement, which shall survive the termination of the Credit Agreement
that is described in Section 15 herein, from and after the Initial Date and the date hereof, the Grantor shall pay to the Issuing Bank a letter of credit fee equal to the greater of (A) 1.50% per annum times the daily maximum amount
available to be drawn under each Letter of Credit (regardless of whether any conditions for drawing could then be met and determined as of the close of business on any date of determination) and (B) $75.00, with such fee accruing until the
expiry, cancellation or other termination of such Letter of Credit, payable quarterly in arrears. 
 Section 6. Waiver.
The Grantor hereby waives presentation of any instrument or document evidencing any indebtedness or liability to the Issuing Bank, demand of payment, protest and notice of non-payment or protest. 

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 Section 7. The Issuing Bank’s Appointment as Attorney-In-Fact. 

(a) Appointment. The Grantor hereby irrevocably constitutes and appoints the Issuing Bank and any officer or agent of the
Issuing Bank, with full power of substitution, as its true and lawful attorney-in-fact (such appointment to cease upon the termination of this Agreement) with full irrevocable power and authority in the place and stead of the Grantor and in the name
of the Grantor or in the Issuing Bank’s own name, from time to time in the Issuing Bank’s discretion, for the purpose of carrying out the terms of this Agreement, to take any action and to execute any and all documents and instruments
which may be necessary or desirable to accomplish the purposes of this Agreement, including, without limitation, any financing statements, endorsements, assignments or other instruments of transfer. 

(b) Ratification. The Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done pursuant to the
power of attorney granted in Section 7(a) hereof. All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and the security interests created hereby
are released pursuant to Section 9 hereof. 
 Section 8. Expenses; Indemnity. Without limiting the generality of the
provisions of Sections 16.1 and 16.2 of the Credit Agreement, the Grantor agrees that it will pay the Issuing Bank upon demand any and all expenses (including attorneys’ fees and time charges of attorneys for the Issuing Bank, which attorneys
may be employees thereof) which the Issuing Bank may incur in connection with the exercise or enforcement of any of the rights of the Issuing Bank hereunder. 

Section 9. Continuing Security Interest; Termination. This Agreement shall (a) create a continuing security interest
in the Collateral, (b) remain in full force and effect until the payment in full of the Obligations, (c) be binding upon the Grantor and its successors and assigns (provided that any assignment by the Grantor must be made with the
prior written consent of the Issuing Bank), and (d) inure to the benefit of the Issuing Bank and its successors, transferees and assigns. Upon the expiration, cancellation or other termination of the Letters of Credit and the payment in full of
all Obligations, this Agreement, and the security interests created hereby, shall automatically terminate and be of no further force or effect, and each of the Issuing Bank and the Depositary Bank agrees to do all things reasonably requested by the
Grantor to evidence such termination at the expense of the Grantor. 
 Section 10. Amendments; Waivers; Cumulative Remedies;
Etc. As between the Grantor and the Issuing Bank, no amendment or waiver of any provision of this Agreement nor consent to departure by the Grantor herefrom shall in any event be effective unless the same shall be in writing and signed by
the Grantor and the Issuing Bank, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. As among the Grantor, the Issuing Bank and the Depositary Bank, no amendment or waiver
of Sections 1(b), 4(b), 8, 9, 10, 11, 12 or 13, shall in any event be effective unless the same shall be in writing and signed by the Grantor, the Issuing Bank and the Depositary Bank. No failure on the part of any party to exercise, and no delay in
exercising any right hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The rights and remedies herein provided
are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. 

Section 11. Governing Law. 

(a) Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be
governed by, the law of the State of New York excluding choice of law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State. Each of the Issuing Bank, the Depositary Bank and the
Grantor agrees that the “bank’s jurisdiction” (as defined in Section 9-304 of the UCC) of the Depositary Bank is the State of New York. 

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 (b) Submission to Jurisdiction. The Grantor hereby irrevocably and
unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any
appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all
claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Issuing Bank may otherwise have to bring any action or
proceeding relating to this Agreement against the Grantor or its properties in the courts of any jurisdiction. 
 (c) Waiver of
Venue. The Grantor hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising
out of or relating to this Agreement in any court referred to in paragraph (b) of this Section 11. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such court. 
 Section 12. Waiver of Jury Trial. THE PARTIES HERETO
HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH. 

Section 13. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original
but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 

Section 14. Credit Agreement Termination. Each of the Issuing Bank and Grantor hereby affirms that upon satisfaction of the
Payoff Conditions (as such term is defined in the Waiver) on the Initial Date, the Credit Agreement shall be automatically terminated in accordance with Section 2 of the Waiver. 

Section 15. Reinstatement. If at any time any payment of any portion of the Obligations of the Obligors are rescinded or
must otherwise be restored or returned upon the insolvency, bankruptcy, or reorganization of the Grantor, any Obligor or otherwise, each Obligor’s obligations under the Credit Agreement (as amended by the Waiver) with respect to that payment
shall be reinstated at such time as though the payment had not been made. If acceleration of the time for payment of any of the Obligations is stayed upon the insolvency, bankruptcy or reorganization of the Grantor, all such amounts otherwise
subject to acceleration under the terms of any agreement relating to the Obligations shall nonetheless be payable by the other Obligors forthwith on demand by the Lender. 

Section 16. Judgment Currency. If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum due
hereunder or under the Credit Agreement from one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Issuing Bank could purchase the first currency with such other
currency on the Business Day preceding that on which final judgment is given. The obligation of the Grantor in respect of any such sum due from it to the Issuing Bank hereunder or under the Credit Agreement shall, notwithstanding any judgment in a
currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that on
the Business Day following receipt by the Issuing Bank of any sum adjudged to be so due in the Judgment Currency, the Issuing Bank may in accordance with normal banking procedures purchase the Agreement

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Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Issuing Bank from the Grantor in the Agreement Currency, the
Grantor agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Issuing Bank against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Issuing Bank in such
currency, the Issuing Bank agrees to return the amount of any excess to the Grantor (or to any other Person who may be entitled thereto under applicable requirements of law). 

Section 17. Restatement. On the Amendment Effective Date, this Agreement shall be amended and restated in its entirety as
set forth herein. The parties hereto acknowledge and agree that (i) this Agreement, whether executed and delivered in connection herewith or otherwise, does not constitute a novation or termination of the obligations under this Agreement as in
effect immediately prior to the Amendment Effective Date, which remain outstanding, and (ii) such obligations are in all respects continuing (as amended and restated hereby). 

 IN WITNESS WHEREOF, the parties hereto have executed this Cash Collateral Agreement as of the
date and year first above written. 
  

			
	UTi WORLDWIDE INC.
		
	By	 	          /s/ Thomas Irvin
		 	Name:    Thomas Irvin
		 	Title: VP and Global Treasurer

  
 [Cash Collateral
Agreement Signature Page] 

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	THE ROYAL BANK OF SCOTLAND PLC, as letter of credit Issuing Bank
		
	By	 	          /s/ David W. Stack
		 	Name:	 	David W. Stack
		 	Title:	 	Senior Vice President

  
 [Cash Collateral
Agreement Signature Page] 

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	Solely with respect to Sections 1(b), 4(a), 8, 9, 10, 11, 12 and 13 hereof:
	THE ROYAL BANK OF SCOTLAND PLC, Connecticut branch, as Depositary Bank
		
	By	 	          /s/ David W. Stack
		 	Name:	 	David W. Stack
		 	Title:	 	Senior Vice President

  
 [Cash Collateral
Agreement Signature Page] 

 Annex A 

Letters of Credit 
  

															
	 Release
Date
	  	 Account Party
	  	 Beneficiary
	  	 Currency
	  	Face Amount in
Issuing Currency	 	  	Face Amount in
USD
Equivalent	 
	 09/14/09
	  	MARKET INDUSTRIES LTD	  	ROYAL BANK OF CANADA	  	USD	  	 	442,719.00	  	  	 	442,719.00	  
	 10/06/09
	  	MARKET TRANSPORT LTD	  	COMERICA BANK	  	USD	  	 	2,334,412.00	  	  	 	2,334,412.00	  
	 11/24/09
	  	UTI KOREA CO LIMITED	  	THE ROYAL BANK OF SCOTLAND PLC	  	KRW	  	 	5,500,000,000.00	  	  	 	5,117,707.27	  
	 12/03/09
	  	UTI POLAND SP. Z.O.O.	  	RBS BANK (POLSKA) S.A.	  	PLN	  	 	4,000,000.00	  	  	 	1,426,783.75	  
	 02/01/10
	  	UTI MOZAMBIQUE LIMITADA	  	BANCO INTERNACIONAL DE	  	USD	  	 	1,000,000.00	  	  	 	1,000,000.00	  
	 03/01/10
	  	UTI POLAND SP. Z.O.O.	  	RBS BANK (POLSKA) S.A.	  	PLN	  	 	1,500,000.00	  	  	 	499,916.46	  
	 05/13/10
	  	UTI POLAND SP. Z.O.O.	  	RBS BANK (POLSKA) S.A.	  	PLN	  	 	400,000.00	  	  	 	135,112.46	  
	 05/13/10
	  	UTI POLAND SP. Z.O.O.	  	RBS BANK (POLSKA) S.A.	  	PLN	  	 	200,000.00	  	  	 	68,096.65	  
	 07/08/10
	  	UTI POLAND SP. Z.O.O.	  	RBS BANK (POLSKA) S.A.	  	EUR	  	 	431,775.17	  	  	 	593,439.13	  
	 08/27/10
	  	UTI WORLDWIDE (SINGAPORE) PTE LT	  	THE ROYAL BANK OF SCOTLAND PLC	  	SGD	  	 	797,209.65	  	  	 	641,540.09	  
	 06/09/11
	  	PT UNION TRANS INTERNUSA	  	THE ROYAL BANK OF SCOTLAND PLC	  	USD	  	 	80,000.00	  	  	 	80,000.00	  
	 07/07/11
	  	PT UNION TRANS INTERNUSA	  	THE ROYAL BANK OF SCOTLAND N.V.	  	USD	  	 	10,000.00	  	  	 	10,000.00	  
	 10/03/11
	  	UTI POLAND SP. Z.O.O.	  	RBS BANK (POLSKA) S.A.	  	PLN	  	 	2,000,000.00	  	  	 	659,349.64	  
	 10/14/11
	  	UTI (CZ) S.R.O.	  	THE ROYAL BANK OF SCOTLAND PLC	  	CZK	  	 	7,000,000.00	  	  	 	351,237.52	  
	 10/14/11
	  	UTI (CZ) S.R.O.	  	THE ROYAL BANK OF SCOTLAND PLC	  	CZK	  	 	10,000,000.00	  	  	 	501,767.88	  
	 11/30/11
	  	UTI WORLDWIDE (SINGAPORE) PTE LT	  	THE ROYAL BANK OF SCOTLAND PLC	  	SGD	  	 	250,000.00	  	  	 	197,753.52	  
	 12/20/11
	  	UTI WORLDWIDE (SINGAPORE) PTE	  	THE ROYAL BANK OF SCOTLAND PLC	  	SGD	  	 	300,000.00	  	  	 	237,304.22	  
	 12/20/11
	  	UTI WORLDWIDE (SINGAPORE) PTE LT	  	THE ROYAL BANK OF SCOTLAND PLC	  	SGD	  	 	50,000.00	  	  	 	39,550.70	  
	 01/03/12
	  	PT UNION TRANS INTERNUSA	  	THE ROYAL BANK OF SCOTLAND N.V.	  	USD	  	 	25,000.00	  	  	 	25,000.00	  

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	 01/12/12
	  	PT UNION TRANS INTERNUSA	  	THE ROYAL BANK OF SCOTLAND N.V.	  	USD	  	 	50,000.00	  	  	 	50,000.00	  
	 02/10/12
	  	PT UNION TRANS INTERNUSA	  	THE ROYAL BANK OF SCOTLAND N.V.	  	USD	  	 	60,000.00	  	  	 	60,000.00	  
	 02/16/12
	  	PT UNION TRANS INTERNUSA	  	THE ROYAL BANK OF SCOTLAND N.V.	  	USD	  	 	25,000.00	  	  	 	25,000.00	  
	 02/16/12
	  	PT UNION TRANS INTERNUSA	  	THE ROYAL BANK OF SCOTLAND N.V.	  	USD	  	 	20,000.00	  	  	 	20,000.00	  
	 02/16/12
	  	PT UNION TRANS INTERNUSA	  	THE ROYAL BANK OF SCOTLAND N.V.	  	USD	  	 	80,000.00	  	  	 	80,000.00	  
	 03/20/12
	  	UTI WORLDWIDE (SINGAPORE) PTE LT	  	THE ROYAL BANK OF SCOTLAND PLC	  	SGD	  	 	20,000.00	  	  	 	15,820.28	  
	 04/19/12
	  	UTI RUS OOO	  	THE ROYAL BANK OF SCOTLAND ZAO	  	RUB	  	 	50,000,000.00	  	  	 	1,398,386.26	  
	 05/03/12
	  	PT UNION TRANS INTERNUSA	  	THE ROYAL BANK OF SCOTLAND N.V.	  	IDR	  	 	250,000,000.00	  	  	 	27,533.04	  
	 05/04/12
	  	ACTIVE AIRLINE REPRESENTATIVES B.V.	  	THE ROYAL BANK OF SCOTLAND PLC	  	EUR	  	 	175,000.00	  	  	 	240,522.98	  
	 05/17/12
	  	UTI WORLDWIDE (SINGAPORE) PTE LT	  	THE ROYAL BANK OF SCOTLAND PLC	  	SGD	  	 	5,000.00	  	  	 	3,955.07	  
	 05/29/12
	  	ACTIVE AIRLINE REPRESENTATIVES B	  	THE ROYAL BANK OF SCOTLAND PLC	  	EUR	  	 	40,000.00	  	  	 	54,976.68	  
	 06/26/12
	  	UTI WORLDWIDE (SINGAPORE) PTE LTD	  	THE ROYAL BANK OF SCOTLAND PLC	  	SGD	  	 	111,377.34	  	  	 	88,101.04	  
	 01/03/13
	  	UTI IRELAND LTD	  	THE ROYAL BANK OF SCOTLAND PLC	  	EUR	  	 	100,000.00	  	  	 	137,441.70	  
	 06/20/13
	  	UTI IRELAND LIMITED	  	THE ROYAL BANK OF SCOTLAND PLC	  	EUR	  	 	50,000.00	  	  	 	68,720.85	  
	 06/20/13
	  	UTI IRELAND LTD	  	THE ROYAL BANK OF SCOTLAND PLC	  	EUR	  	 	38,000.00	  	  	 	52,227.85	  
	 07/02/13
	  	UTI LOGISTICS SLOVAKIA S.R.O.	  	TATRA BANKA, A.S.C	  	EUR	  	 	85,780.85	  	  	 	117,898.66	  
	 08/22/13
	  	UTI, UNITED STATES, INC.	  	THE TRAVELERS INDEMNITY COMPANY	  	USD	  	 	210,000.00	  	  	 	210,000.00	  
	 08/27/13
	  	UTI INTEGRATED LOGISTICS, LLC	  	THE TRAVELERS INDEMNITY COMPANY	  	USD	  	 	1,190,000.00	  	  	 	1,190,000.00	  
	 12/17/13
	  	UTI WORLDWIDE (SINGAPORE) PTE LTD	  	THE ROYAL BANK OF SCOTLAND PLC	  	SGD	  	 	80,000.00	  	  	 	63,281.13	  

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	 07/09/09
	  	UTI WORLDWIDE INC.	  	THE ROYAL BANK OF SCOTLAND N.V.	  	USD	  	 	18,894,283.95	  	  	 	18,894,283.95	  
	 03/16/10
	  	UTI INTEGRATED LOGISTICS INC.	  	PALMTREE ACQUISITION	  	USD	  	 	50,000.00	  	  	 	50,000.00	  
	 03/16/10
	  	UTI INTEGRATED LOGISTICS INC,	  	NATIONAL UNION FIRE INSURANCE CO	  	USD	  	 	620,000.00	  	  	 	620,000.00	  
	 08/12/13
	  	UTI INTEGRATED LOGISTICS INC	  	NATIONAL UNION FIRE INS CO + OTHERS	  	USD	  	 	285,000.00	  	  	 	285,000.00	  
		  		  		  	  
	  	  
	  
	 	  	  
	  
	 
		  		  	Total	  		  				  	$	38,114,839.78Exhibit 4.1

THIS WARRANT AND
THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT ARE SECURITIES THAT ARE BEING OFFERED AND SOLD PURSUANT TO REGULATION S
UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) IN AN “OFFSHORE TRANSACTION” TO PERSONS WHO
ARE NOT “U.S. PERSONS” (EACH AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT). ACCORDINGLY, NEITHER THIS
WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN OR WILL BE REGISTERED UNDER THE SECURITIES ACT,
OR ANY APPLICABLE U.S. STATE OR FOREIGN SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD IN THE UNITED
STATES OR, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS EXCEPT IN COMPLIANCE WITH THE PROVISIONS OF REGULATION S UNDER THE
SECURITIES ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN EACH CASE ONLY IN COMPLIANCE WITH APPLICABLE STATE AND
FOREIGN SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN
COMPLIANCE WITH THE SECURITIES ACT.

Guided
Therapeutics, INC.

Form of Common Stock Purchase Warrant

(Regulation S)

	 	Warrant Terms	 
	 	Warrant No.	 	Warrant Shares	 	Exercise Price	 
	 	 	 	325,521	 	$0.4608 per share	 
	 	Date of Issuance	 	 	 	Termination Date	 
	 	 	 	 	 	 	 

 

This Common Stock Purchase Warrant (this
“Warrant”) certifies that, for value received, ITEM MEDIKAL TEKNOLOJILERI LTD STI or its assigns (the
“Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the Date of Issuance listed on the table above (the “Initial Exercise Date”)
and on or prior to the close of business on the Termination Date listed on the table above (the “Termination Date”)
but not thereafter, to subscribe for and purchase from GUIDED THERAPEUTICS, INC., a Delaware corporation (the “Company”),
up to that number of shares of the Company’s common stock, par value $.001 per share (the “Common Stock”),
listed in the table above (the “Warrant Shares”).

1.      
Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
Subscription Agreement of the Holder (the “Subscription Agreement”), dated August 29, 2014, and accepted by
the Company on September 2, 2014.

2.      
Exercise.

(a)     Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or
times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other
office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the
Holder appearing on the books of the Company) of a duly executed facsimile copy of the attached Notice of Exercise Form
(the date such Notice of Exercise is received by the Company, the “Warrant Exercise Date”); and, within
three days of trading on the principal market or exchange on which the Common Stock trades (such market, the
“Trading Market” and each such day, a “Trading Day”) of the Warrant Exercise Date,
receipt of payment by the Company of the aggregate Exercise Price of the shares thereby purchased by wire transfer or
cashier’s check drawn on a United States bank. Notwithstanding anything herein to the contrary, the Holder will not be
required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares
available hereunder and this Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to
the Company for cancelation within three Trading Days of the date the final Notice of Exercise is delivered to the Company.
Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available
hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal
to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of
Warrant Shares purchased and the date of such purchases. The Holder and any assignee, by acceptance of this
Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of
the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less
than the amount stated on the face hereof.

(b)    
Exercise Price. The purchase price of one share of Common Stock under this Warrant shall be equal to the exercise
price listed in the table above, subject to adjustment as provided in this Warrant (the “Exercise Price”).

(c)    
Mechanics of Exercise.

(i)      
Delivery of Warrant Shares Upon Exercise. The Company shall cause its transfer agent to transmit the Warrant Shares
purchased hereunder to the Holder by physical delivery to the address specified by the Holder in the Notice of Exercise, by the
date that is three Trading Days after the Warrant Exercise Date (such date, the “Warrant Share Delivery Date”),
provided that the Holder has paid any required Exercise Price for the portion of this Warrant being exercised on or prior to such
Warrant Share Delivery Date. This Warrant will be deemed to have been exercised on the Warrant Exercise Date. The Warrant Shares
will be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become
a holder of record of such shares for all purposes, as of the Warrant Exercise Date, once Holder has paid to the Company the Exercise
Price and paid all taxes required to be paid by the Holder, if any, pursuant to Section 2(c)(v) prior to the issuance of such shares.

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

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

(iv)  
No Fractional Shares or Scrip. The Company shall not issue fractional shares or scrip representing fractional shares
upon the exercise of this Warrant. As to any fraction of a share that the Holder would otherwise be entitled to purchase upon such
exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal
to such fraction multiplied by the Exercise Price or round up to the next whole share.

(v)    
Charges, Taxes and Expenses. The Company shall not charge the Holder for any issue or transfer tax or other incidental
expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such
Warrant Shares shall be issued in the name of the Holder or, if permitted by applicable law, in such name or names as may be directed
by the Holder. If Warrant Shares are to be issued in a name other than the name of the Holder, then this Warrant when surrendered
for exercise must be accompanied by the attached Assignment Form duly executed by the Holder and the Company may require, as a
condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental to such assignment.

(vi)  
Closing of Books. The Company will not close its stockholder books or records in any manner that prevents the timely
exercise of this Warrant pursuant to its terms.

(d)     Call
Provision. Subject to the provisions of this Section 2(d), if, at any time after the Initial Exercise Date , (i) the VWAP
(as defined below) for each of 30 consecutive Trading Days (the “Measurement Period”) exceeds $0.9216 per
share, and (ii) the Holder is not in possession of any information that constitutes, or might constitute, material non-public
information that was provided by the Company, then the Company may, within three Trading Days after the end of
such Measurement Period, call for cancelation of all or any portion of this Warrant for which a Notice of Exercise has not
yet been delivered (such right, a “Call”) for consideration equal to $.001 per Warrant Share. To exercise
this right, the Company must deliver to the Holder an irrevocable written notice (a “Call Notice”),
indicating the portion of unexercised portion of this Warrant to which the notice applies. If the conditions set forth below
for such Call are satisfied from the period from the date of the Call Notice through and including the Call Date (as defined
below), then any portion of this Warrant subject to such Call Notice for which the Company does not receive a Notice of
Exercise by the Call Date will be canceled at 6:30 p.m. (New York City time) on the tenth Trading Day after the date the Call
Notice is received by the Holder (such date and time, the “Call Date”). Any unexercised portion of this
Warrant to which the Call Notice does not pertain will be unaffected by such Call Notice. In furtherance thereof, the Company
shall honor all Notices of Exercise with respect to Warrant Shares subject to a Call Notice that are tendered through 6:30
p.m. (New York City time) on the Call Date. Any Notice of Exercise delivered following a Call Notice that calls less than all
the Warrants will first reduce to zero the number of Warrant Shares subject to such Call Notice prior to reducing the
remaining Warrant Shares available for purchase under this Warrant. For example, if (A) this Warrant then permits the Holder
to acquire 100 Warrant Shares, (B) a Call Notice pertains to 75 Warrant Shares, and (C) prior to 6:30 p.m. (New York City
time) on the Call Date the Holder tenders a Notice of Exercise in respect of 40 Warrant Shares, then (x) on the Call Date the
right under this Warrant to acquire 35 Warrant Shares will be automatically canceled, (y) the Company, in the time and manner
required under this Warrant, will have issued and delivered to the Holder 40 Warrant Shares in respect of the exercises
following receipt of the Call Notice, and (z) the Holder may, until the Termination Date, exercise this Warrant for 25
Warrant Shares (subject to adjustment as provided in this Warrant and subject to subsequent Call Notices). Subject again to
the provisions of this Section 2(d), the Company may deliver subsequent Call Notices for any portion of this Warrant for
which the Holder has not delivered a Notice of Exercise. Notwithstanding anything to the contrary set forth in this Warrant,
the Company may not deliver a Call Notice or require the cancelation of this Warrant (and any such Call Notice shall be
void), unless, from the beginning of the Measurement Period through the Call Date, (1) the Company shall have honored in
accordance with the terms of this Warrant all Notices of Exercise delivered by 6:30 p.m. (New York City time) on the Call
Date, and (2) there is a sufficient number of authorized shares of Common Stock for issuance of all Securities under the
Transaction Documents. For purposes of this Section 2(d), “VWAP” means, for the Common Stock as of any
date, the dollar volume-weighted average price for such security on the Trading Market during the period beginning at 9:30:01
a.m., New York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its “Volume at
Price” function or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the
over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New
York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg, or, if no dollar volume-weighted average
price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest
closing ask price of any of the market makers for such security as reported by OTC Markets Group Inc. If VWAP cannot be
calculated for such security on such date on any of the foregoing bases, the VWAP of such security on such date will be the
fair market value as mutually determined by the Company and the Holder. All such determinations will be appropriately
adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period.

3.      
Certain Adjustments.

(a)    
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, will not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
will be adjusted to an amount equal to the Exercise Price immediately before such event multiplied by a fraction, the numerator
of which will be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event
and the denominator of which will be the number of shares of Common Stock outstanding immediately after such event, and the number
of shares issuable upon exercise of this Warrant will be proportionately adjusted such that the aggregate Exercise Price of this
Warrant will remain unchanged. Any adjustment made pursuant to this Section 3(a) will become effective immediately after the record
date for the determination of stockholders entitled to receive such dividend or distribution and will become effective immediately
after the effective date in the case of a subdivision, combination or re-classification.

(b)    
Calculations. All calculations under this Section 3 will be made to the nearest cent or the nearest 1/100th of a
share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding
as of a given date will be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

(c)    
Notice to Holder. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company
shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement
of the facts requiring such adjustment.

4.      
Transfer of Warrant.

(a)    
Transferability. Subject to compliance with applicable securities laws (as determined in good faith by the Company),
the Holder may transfer this Warrant and all rights hereunder, in whole or in part, upon surrender of this Warrant at the principal
office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached
hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making
of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument
of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant
shall promptly be canceled. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the
purchase of Warrant Shares without having a new Warrant issued.

(b)    
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the principal
office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges will be dated
the Initial Exercise Date set forth on the first page of this Warrant and will be identical with this Warrant except as to the
number of Warrant Shares issuable pursuant thereto.

(c)    
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that
purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may
deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

5.      
Miscellaneous.

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

(b)    
Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and
in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it, and upon surrender and cancelation
of such Warrant or stock certificate, if mutilated, the Company shall make and deliver a new Warrant or stock certificate of like
tenor, in lieu of such Warrant or stock certificate.

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

(d)     Authorized
Shares. During the period the Warrant is outstanding, the Company shall reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase
rights under this Warrant. The Company’s issuance of this Warrant will constitute full authority to the
Company’s officers, who are charged with the duty of executing stock certificates to execute and issue the necessary
Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company shall take all such reasonable action
as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable
law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. All Warrant Shares
that may be issued upon the exercise of this Warrant will, upon such exercise and payment for such Warrant Shares in
accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and
charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring
contemporaneously with such issue).

Except and to the extent as waived or
consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation
or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but shall at all times
in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate
to protect the rights of the Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing,
the Company shall (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately
prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction
thereof, as may be necessary to enable the Company to perform its obligations under this Warrant.

Before taking any action that would
result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company
shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.

(e)    
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant
shall be determined in accordance with the provisions of the Subscription Agreement.

(f)     
Holder Representations, Warranties, Acknowledgements and Agreements. Upon any exercise or transfer of this Warrant
(in whole or part), the Holder shall confirm the accuracy in all respects of the representations and warranties set forth in Paragraph
1 of the Subscription Agreement as of the date of such exercise or transfer, and shall reaffirm the acknowledgements and agreements
set forth in Paragraph 1 of the Subscription Agreement as of such date.

(g)    
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part
of a party will operate as a waiver of such right or otherwise prejudice the party’s rights, powers or remedies. Without
limiting any other provision of this Warrant or the Subscription Agreement, if a party willfully and knowingly fails to comply
with any provision of this Warrant, which results in any material damages to the other party, the offending party shall pay to
the offended party such amounts as are sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’
fees, incurred by the offended party in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights,
powers or remedies hereunder.

(h)    
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the
Company must be delivered in accordance with the notice provisions of the Subscription Agreement.

(i)      
Limitation of Liability. No provision hereof, in the absence of any affirmative action by Holder to exercise this
Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability
of Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by
the Company or by creditors of the Company.

(j)     
Remedies. The parties, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Warrant. The parties acknowledge that monetary damages
would not be adequate compensation for any loss incurred by reason of a

breach by it of the provisions of this Warrant and hereby
agree to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

(k)    
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced
hereby will inure to the benefit of and be binding upon the successors and permitted assigns of the parties. The provisions of
this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and will be enforceable by the
Holder or holder of Warrant Shares.

(l)      
Amendment. This Warrant may not be amended or modified, and no provision may be waived, without the prior written
consent of the Company and the Holder.

(m)  
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

(n)    
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose,
be deemed a part of this Warrant.

[Signature Page Follows]

    	 

    	 

    

This Warrant is being signed as of the
date first stated above.

GUIDED THERAPEUTICS, INC.

 

By:_________________________________________

Name: Gene S. Cartwright

Title: President and Chief Executive Officer

 

    	 

    	 

    

NOTICE
OF EXERCISE

[All capitalized terms have the meanings
ascribed to such terms in 

the Warrant to which this Notice of Exercise relates.]

 

TO: GUIDED THERAPEUTICS, INC.

 

(1) The
undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes,
if any, in lawful money of the United States.

 

(2) Please
issue said Warrant Shares in the name of the undersigned.

 

The Warrant Shares shall be delivered by physical delivery of a
certificate to:

 

_______________________________

 

_______________________________

 

_______________________________

 

The undersigned hereby confirms, as of the date hereof, that each
of the representations and warranties set forth in Paragraph 1 of the Subscription Agreement is true and correct in all respects,
and reaffirms all acknowledgements and agreements set forth in Paragraph 1 of the Subscription Agreement.

 

 

[SIGNATURE OF HOLDER]

 

Name of Entity:

 

_____________________________________________

 

 

 

By: _________________________________________________

 

Name of Authorized Signatory: ____________________________

 

Title of Authorized Signatory: ____________________________

 

 

Date: ______________

 

 

    	 

    	 

    

ASSIGNMENT FORM

 

[All capitalized terms have the meanings
ascribed to such terms in 

the Warrant to which this Notice of Exercise relates.]

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

FOR VALUE RECEIVED, [____] all of or [_______]
shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

 

_______________________________________________ whose address is

 

_______________________________________________________________.

 

 

 

The undersigned hereby confirms, as of the date hereof, that each
of the representations and warranties set forth in Paragraph 1 of the Subscription Agreement is true and correct in all respects,
and reaffirms all acknowledgements and agreements set forth in Paragraph 1 of the Subscription Agreement.

 

 

[SIGNATURE OF HOLDER]

 

Name of Entity:

 

_____________________________________________

 

 

 

By: _________________________________________________

 

Name of Authorized Signatory: ____________________________

 

Title of Authorized Signatory: ____________________________

 

Date: ______________, _______

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