Document:

Exhibit 10.6

 

Registration
Rights Agreement

 

This REGISTRATION RIGHTS
AGREEMENT (this “Agreement”), dated as of January 18, 2022, is by and between Cariloha, LLC, a Utah limited
liability company (including its successors by merger, acquisition, reorganization, exchange, conversion, reincorporation, or otherwise,
the “Company”), and each investor signatory hereto (each an “Investor” and collectively, the “Investors”).

 

AGREEMENT

 

In consideration of the premises
and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Company and the Investors hereby agree as follows:

 

1.             Definitions.
As used in this Agreement, the following terms shall have the following meanings:

 

a.            “Common
Stock” means, following the Company’s conversion into a corporation, such common stock or class of common stock Investors
receive in exchange for their interests in the Company immediately prior to such conversion.

 

b.            “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, or any similar successor
statute.

 

c.            “IPO”
means an initial underwritten public offering of the Company's Common Stock pursuant to an effective Registration Statement (as defined
below) filed under the Securities Act, other than pursuant to a Registration Statement on Form S-4, Form S-8, or any similar
or successor form.

 

d.            “Person”
means a corporation, a limited liability company, an association, a partnership, an organization, a business, an individual, a government
or political subdivision thereof or a governmental agency.

 

e.            “Register,”
 “registered,” and “registration” refer to a registration effected by preparing and filing one or
more Registration Statements (as defined below) in compliance with the Securities Act and pursuant to Rule 415 under the Securities
Act or any successor rule providing for offering securities on a continuous or delayed basis (“Rule 415”),
and the declaration or ordering of effectiveness of such Registration Statement(s) by the United States Securities and Exchange Commission
(the “SEC”).

 

f.            “Registrable
Securities” means (a) any shares of Common Stock owned by the Investors at any time, and (b) any shares of Common
Stock issued or issuable with respect to any shares described in subsection (a), above, by way of a stock dividend or stock split
or in connection with a combination of shares, recapitalization, merger, exchange, consolidation, conversion or other reorganization (it
being understood that for purposes of this Agreement, 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 SEC and such securities have been disposed of pursuant
to such effective Registration Statement, (ii) such securities are sold pursuant to Rule 144 (or any similar provision then
in force) or are eligible to be sold pursuant to Rule 144 (or any similar provision then in force) without limitation as to the number
of shares that may be sold, (iii) such securities are otherwise transferred and are no longer held by the Investor, or (iv) such
securities shall have ceased to be outstanding.

 

     

     

    

 

g.            “Registration
Statement” means a registration statement under the Securities Act that covers the Registrable Securities.

 

h.            “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute.

 

2.             Registration.

 

a.            At
any time after the earlier of 180 days after the IPO or two years after the date of this Agreement, holders of a majority of the Registrable
Securities then outstanding may request registration under the Securities Act of all or any portion of their Registrable Securities on
Form S-1 or any successor form thereto (each a “Long-Form Registration”). Each request for a Long-Form Registration
shall specify the approximate number of Registrable Securities required to be registered. Upon receipt of such request, the Company shall
promptly (but in no event later than 15 days following receipt thereof) deliver notice of such request to all other holders of Registrable
Securities who shall then have 15 days from the date such notice is given to notify the Company in writing of their desire to be included
in such Long-Form Registration. The Company shall cause a Registration Statement on Form S-1 (or any successor form) to be filed
(or confidentially submitted in draft form to the SEC) within 60 days after the date on which the initial request is given and shall use
its commercially reasonable best efforts to cause such Registration Statement to be declared effective by the SEC as soon as practicable
thereafter. The Company shall not be required to effect a Long-Form Registration more than two times for the holders of Registrable
Securities as a group; provided, that a Registration Statement shall not count as a Long-Form Registration requested under this section
unless and until it has become effective and the holders requesting such registration are able to register and sell at least 75% of the
Registrable Securities requested to be included in such registration. At such time as the Company shall have qualified for the use of
a Registration Statement on Form S-3 or any successor form thereto, the holders of at least 20% of Registrable Securities shall have
the right to request up to three registrations of their Registrable Securities on Form S-3 or any similar short-form registration
(each a “Short-Form Registration” and, together with each Long-Form Registration, a “Demand Registration”).
The Company shall not be obligated to effect any Demand Registration within 180 days after the effective date of a previous Demand Registration.

 

b.            The
Company shall not include in any Demand Registration any securities that are not Registrable Securities without the prior written consent
of the holders of at least 50% of the Registrable Securities included in such registration, which consent shall not be unreasonably withheld
or delayed. If a Demand Registration involves an underwritten offering and the managing underwriter of the requested Demand Registration
advises the Company and the holders of Registrable Securities in writing that in its opinion the number of shares of Common Stock proposed
to be included in the Demand 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 that can be sold in such underwritten offering or the number
of shares of Common Stock proposed to be included in such registration would adversely affect the price per share of the Registrable Securities
proposed to be sold in such underwritten offering, the Company shall include in such Demand Registration (i) first, the number of
shares of Common Stock that the holders of Registrable Securities propose to sell, and (ii) second, the number of shares of Common
Stock proposed to be included therein by any other Persons (including shares of Common Stock to be sold for the account of the Company
or other holders of Common Stock) allocated among such Persons in such manner as they may agree. If the managing underwriter determines
that less than all of the Registrable Securities proposed to be sold can be included in such offering, then the Registrable Securities
that are included in such offering shall be allocated pro rata among the respective holders thereof on the basis of the number of Registrable
Securities owned by each such holder.

 

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c.            If
the holders of the Registrable Securities initially requesting a Demand Registration elect to distribute the Registrable Securities covered
by their request in an underwritten offering, they shall so advise the Company as a part of their request made pursuant to Section 2(a) and
the Company shall include such information in its notice to the other holders of Registrable Securities. The holders of greater than 50%
of the Registrable Securities initially requesting the Demand Registration shall select the investment banking firm or firms to act as
the managing underwriter or underwriters in connection with such offering.

 

d.            Whenever
the Company proposes to register any shares of its Common Stock under the Securities Act (other than a registration effected solely to
implement an employee benefit plan or a transaction to which Rule 145 of the Securities Act is applicable, or 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), 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 to register any Registrable Securities (a “Piggyback Registration”), the Company shall
give prompt written notice (in any event no later than 20 days prior to the filing of such Registration Statement or its confidential
submission to the SEC in draft form) to the holders of Registrable Securities of its intention to effect such a registration and, subject
to Section 2(b) and Section 2(c), shall include in such registration all Registrable Securities with respect to which the
Company has received written requests for inclusion from the holders of Registrable Securities within 10 days after the Company's notice
has been given to each such holder. The Company may postpone or withdraw the filing or effectiveness of a Piggyback Registration at any
time in its sole discretion. A Piggyback Registration shall not be considered a Demand Registration for purposes of this Agreement.

 

e.            The
Company may postpone for up to 120 days the filing or effectiveness of a Registration Statement for a Demand Registration if the Company's
Board determines in its reasonable good faith judgment that such Demand Registration would (i) require premature disclosure of material
information that the Company has a bona fide business purpose for preserving as confidential; (ii) materially interfere with a significant
transaction involving the Company; or (iii) render the Company unable to comply with requirements under the Securities Act or the
Exchange Act; provided, that in such event the holders of at least 50% of the Registrable Securities initiating such Demand Registration
shall be entitled to withdraw such request and, if such request is withdrawn, such Demand Registration shall not count as one of the permitted
Demand Registrations hereunder, and the Company shall pay all registration expenses in connection with such registration. The Company
may delay a Demand Registration hereunder only two times in any period of 12 consecutive months.

 

3.             Related
Obligations. Upon a request by the holders of Registrable Securities that any Registrable Securities be registered pursuant to the
provisions of this Agreement, the Company shall use its best efforts to effect the registration and the sale of such Registrable Securities
in accordance with the intended method of disposition thereof, and pursuant thereto the Company shall:

 

a.            within
the time periods set forth in Section 2, prepare and file with the SEC (or confidentially submit in draft form to the SEC) a Registration
Statement with respect to such Registrable Securities and use its best efforts to cause such Registration Statement to become effective;

 

b.            as
promptly as practicable, prepare and file with the SEC such amendments (including post-effective amendments) and supplements to a Registration
Statement and the prospectus used in connection with such Registration Statement, which prospectus is to be filed pursuant to Rule 424
promulgated under the Securities Act, as may be necessary to update such Registration Statement at all times during a period of not less
than 120 days (the “Registration Period”) and, during such period, comply with the provisions of the Securities Act
with respect to the disposition of all Registrable Securities of the Company covered by such Registration Statement until such time as
all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the seller or
sellers thereof as set forth in such Registration Statement. In the case of amendments and supplements to a Registration Statement that
are required to be filed pursuant to this Agreement (including pursuant to this Section) by reason of the Company's filing of an Annual
Report on Form 10-K, Quarterly Report on Form 10-Q or Current Report on Form 8-K or any analogous report under the Exchange
Act, the Company shall have incorporated such report by reference into the Registration Statement, if applicable, or shall file such amendments
or supplements with the SEC on the same day on which the Exchange Act report is filed that created the requirement for the Company to
amend or supplement the Registration Statement;

 

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c.            as
soon as practicable, furnish to each Investor without charge, (i) at least one copy of such Registration Statement as declared effective
by the SEC and any amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference,
all exhibits and each preliminary prospectus, (ii) ten (10) copies of the final prospectus included in such Registration Statement
and all amendments and supplements thereto (or such other number of copies as such Investor may reasonably request) and (iii) such
other documents as each Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities
owned by such Investor;

 

d.            as
soon as practicable, use its best efforts to (i) register and qualify the Registrable Securities covered by a Registration Statement
under such other securities or “blue sky” laws of such jurisdictions in the United States as the Investors reasonably request,
(ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations
and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other
actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and
(iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions;
provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (w) make
any change to its certificate of incorporation or by-laws, (x) qualify to do business in any jurisdiction where it would not otherwise
be required to qualify but for this Section, (y) subject itself to general taxation in any such jurisdiction, or (z) file a
general consent to service of process in any such jurisdiction. The Company shall promptly notify the Investors of the receipt by the
Company of any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for
sale under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the
initiation or threat of any proceeding for such purpose;

 

e.            as
soon as practicable, after becoming aware of such event or development, notify the Investors in writing of the happening of any event
as a result of which the prospectus included in a Registration Statement, as then in effect, includes an untrue statement of a material
fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading (provided that in no event shall such notice contain any material, nonpublic information),
and promptly prepare a supplement or amendment to such Registration Statement to correct such untrue statement or omission, and deliver
ten (10) copies of such supplement or amendment to each Investor (or such other number of copies as such Investor may reasonably
request). The Company shall also promptly notify the Investors in writing (i) when a prospectus or any prospectus supplement or post-effective
amendment has been filed, and when a Registration Statement or any post-effective amendment has become effective (notification of such
effectiveness shall be delivered to the Investors by electronic transmission on the day of such effectiveness), (ii) of any request
by the SEC for amendments or supplements to a Registration Statement or related prospectus or related information, and (iii) of the
Company's reasonable determination that a post-effective amendment to a Registration Statement would be appropriate;

 

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f.            use
its best efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement, or the suspension
of the qualification of any of the Registrable Securities for sale in any jurisdiction within the United States of America and, if such
an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify the
Investors of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any
proceeding for such purpose;

 

g.            as
soon as practicable, make available for inspection by (i) the Investors and (ii) one firm of accountants or other agents retained
by the Investors (collectively, the “Inspectors”) all pertinent financial and other records, and pertinent corporate
documents and properties of the Company (collectively, the “Records”), as shall be reasonably necessary to enable them
to exercise their due diligence responsibility, and cause the Company's officers, directors and employees to supply all information that
any Inspector may reasonably request in connection with the Registration Statement. Each Investor agrees that Records obtained by it as
a result of such inspections that are conspicuously marked by the Company as “Confidential” (subject to the Company's obligations
with respect to material nonpublic information set forth in Section 8(a) herein) shall be deemed confidential and held in strict
confidence by the Investors, unless (x) the disclosure of such Records is necessary to avoid or correct a misstatement or omission
in any Registration Statement or is otherwise required under the Securities Act, (y) the release of such Records is ordered pursuant
to a final, non-appealable subpoena or order from a court or government body of competent jurisdiction, or (z) the information in
such Records has been made generally available to the public other than by disclosure in breach of this or any other agreement of which
the Inspector and the Investor has knowledge. Each Investor agrees that it shall, upon learning that disclosure of such Records is sought
in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to the Company (to the extent
permitted by law) and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective
order for, the Records deemed confidential;

 

h.            hold
in confidence and not make any disclosure of information concerning the Investors provided to the Company unless (i) disclosure of
such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information is necessary
to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such information is ordered pursuant
to a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction, or (iv) such information
has been made generally available to the public other than by disclosure in breach of this Agreement or any other agreement. The Company
agrees that it shall, upon learning that disclosure of such information concerning an Investor is sought in or by a court or governmental
body of competent jurisdiction or through other means, give prompt written notice to the Investor (to the extent permitted by law) and
allow the Investor, at the Investor's expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order
for, such information;

 

i.             use
its best efforts either to cause all the Registrable Securities covered by a Registration Statement (i) to be listed on each securities
exchange on which securities of the same class or series issued by the Company are then listed, if any, if the listing of such Registrable
Securities is then permitted under the rules of such exchange or to secure the inclusion for quotation of such Registrable Securities
on the highest tier of the OTC Markets Group reasonably available to the Company. The Company shall pay all fees and expenses in connection
with satisfying its obligation under this Section;

 

j.             cooperate
with the Investors to the extent applicable, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive
legend) or book-entry security entitlements representing the Registrable Securities to be offered pursuant to a Registration Statement;

 

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k.            use
its best efforts to cause the Registrable Securities covered by the applicable Registration Statement to be registered with or approved
by such other governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable Securities;

 

l.             within
three business days after a Registration Statement covering Registrable Securities is declared effective by the SEC, deliver, and cause
legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities (with copies to the Investors) confirmation
that such Registration Statement has been declared effective by the SEC;

 

m.           in
connection with an underwritten offering, enter into such customary agreements on market terms (including underwriting and lock-up agreements
in customary form) and take all such other customary actions as the holders of such Registrable Securities or the managing underwriter
of such offering request in order to expedite or facilitate the disposition of such Registrable Securities (including, without limitation,
making appropriate officers of the Company available to participate in “road show” and other customary marketing activities;
and

 

n.           take
all other reasonable actions necessary to expedite and facilitate disposition by the Investors of Registrable Securities pursuant to a
Registration Statement.

 

4.             Obligations
of the Investors. Each Investor agrees that it will:

 

a.            upon
receipt of any notice from the Company of the happening of any event of the kind described in Section 3(f) or the first sentence
of 3(e), the Investor will immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement(s) covering
such Registrable Securities until the Investor's receipt of the copies of the supplemented or amended prospectus contemplated by Section 3(e) or
receipt of notice that no supplement or amendment is required. Notwithstanding anything to the contrary, the Company shall cause its transfer
agent to deliver unlegended certificates or book-entry security entitlements for shares of Common Stock to a transferee of the Investor
in connection with any sale of Registrable Securities with respect to which the Investor has entered into a contract for sale prior to
the Investor's receipt of a notice from the Company of the happening of any event of the kind described in Section 3(f) or the
first sentence of 3(e) and for which the Investor has not yet settled.

 

b.            in
connection with any registration of its Registrable Securities (i) furnish to the Company such information regarding such Investor
and the distribution of such Registrable Securities as the Company may, from time to time, reasonably request in writing and (ii) sign
any underwriting agreement and execute all questionnaires, powers of attorney, custody or escrow agreements, indemnities, lock-up agreements,
and any other documents required under the terms of the underwriting agreement with the underwriters of the offering, and the Company
may exclude from such registration the Registrable Securities of any Investor who unreasonably fails to furnish such information or execute
any such document within a reasonable time after receiving such request.

 

5.             Expenses
of Registration. The Company shall pay the expenses incurred in connection with the preparation of the registration statement(s) pertaining
to the registration of the Registrable Securities pursuant to this Agreement, provided, however, that the Investors will
be responsible for any underwriting discounts or selling commissions with respect to any sales of Registrable Securities pursuant to this
Agreement, and each Investor shall be responsible for any taxes of any kind (including, without limitation, transfer taxes) with respect
to any disposition, sale or transfer of Registrable Securities and for any legal, accounting and other expenses incurred by it in connection
with any Registration Statement.

 

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6.             Indemnification.
With respect to Registrable Securities included in a Registration Statement under this Agreement:

 

a.            To
the fullest extent permitted by law, the Company will indemnify, hold harmless and defend each Investor and the directors, officers, partners,
employees, agents, representatives of, and each Person, if any, who controls such Investor within the meaning of the Securities Act or
the Exchange Act (each, an “Indemnified Person”), against any losses, claims, damages, liabilities, judgments, fines,
penalties, charges, costs, reasonable attorneys' fees, or amounts paid in settlement or expenses (collectively, “Claims”)
incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the
foregoing by or before any court or governmental, administrative or other regulatory agency, body or the SEC, whether pending or threatened,
whether or not an Indemnified Person is or may be a party thereto (“Indemnified Damages”), to which any of them is
or may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out
of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement or any
post-effective amendment thereto or in any filing made in connection with the qualification of the offering under the securities or other
 “blue sky” laws of any jurisdiction in which Registrable Securities are offered, or the omission or alleged omission to state
a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii) any untrue statement
or alleged untrue statement of a material fact contained in any final prospectus (as amended or supplemented, if the Company files any
amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary
to make the statements made therein, in light of the circumstances under which the statements therein were made, not misleading; or (iii) any
violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other law, including, without limitation, any
state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to
a Registration Statement (the matters in the foregoing clauses (i) through (iii) being, collectively, “Violations”).
The Company shall reimburse the Indemnified Person promptly as such expenses are incurred and are due and payable, for any legal fees
or disbursements or other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding
anything to the contrary contained herein, the indemnification agreement contained in this Section: (x) shall not apply to a Claim
by an Indemnified Person arising out of or based on a Violation that occurs in reliance on and in conformity with information furnished
in writing to the Company by such Indemnified Person expressly for use in connection with the preparation of the Registration Statement
or any such amendment thereof or supplement thereto; (y) shall not be available to the extent such Claim is based on a failure of
the Investor to deliver or to cause to be delivered the prospectus made available by the Company, if such prospectus was timely made available
by the Company pursuant to this Agreement; and (z) shall not apply to amounts paid in settlement of any Claim if such settlement
is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld. Such indemnity shall remain
in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person.

 

b.            In
connection with a Registration Statement, each Investor, severally and not jointly, agrees to indemnify, hold harmless and defend, to
the same extent and in the same manner as is set forth in Section 6(a) above, the Company, each of its directors, each of its
officers who signs the Registration Statement and each Person, if any, who controls the Company within the meaning of the Securities Act
or the Exchange Act (each an “Indemnified Party”), against any Claim or Indemnified Damages to which any of them may
become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or
is based upon any Violation, in each case to the extent, and only to the extent, that such Violation occurs in reliance on and in conformity
with written information furnished to the Company by such Investor expressly for use in connection with such Registration Statement; and
such Investor will reimburse any legal or other expenses reasonably incurred by them in connection with investigating or defending any
such Claim; provided, however, that the indemnity agreement contained in this Section and the agreement with respect
to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if such settlement is effected
without the prior written consent of such Investor, which consent shall not be unreasonably withheld; provided further, however, that
each Investor shall be liable under this Section for only that amount of a Claim or Indemnified Damages as does not exceed the net
proceeds to such Investor as a result of the sale of Registrable Securities pursuant to such Registration Statement, except in the case
of fraud or willful misconduct by such Investor. Such indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of such Indemnified Party. Notwithstanding anything to the contrary contained herein, the indemnification agreement
contained in this Section with respect to any prospectus shall not inure to the benefit of any Indemnified Party if the untrue statement
contained in, or omission of material fact from, the prospectus was corrected and such new prospectus was delivered to an Investor prior
to such Investor's use of the prospectus to which the Claim relates.

 

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c.            Promptly
after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any action or proceeding
(including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in
respect thereof is to be made against any indemnifying party under this Section, deliver to the indemnifying party a written notice of
the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party
so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually
satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be; provided, however,
that an Indemnified Person or Indemnified Party shall have the right to retain its own counsel with the fees and expenses of not more
than one counsel for such Indemnified Person or Indemnified Party to be paid by the indemnifying party, if, in the reasonable opinion
of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person or Indemnified Party and the
indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified
Party and any other party represented by such counsel in such proceeding. The Indemnified Party or Indemnified Person shall cooperate
fully with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying party
and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person which
relates to such action or claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person fully apprised at all times
as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement
of any action, claim or proceeding effected without its prior written consent, provided, however, that the indemnifying
party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent
of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise that
does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person
of a release from all liability in respect to such claim or litigation. Following indemnification as provided for hereunder, the indemnifying
party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with respect to all third parties relating to the
matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time
of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified
Party under this Section 6, except to the extent that the indemnifying party is prejudiced in its ability to defend such action.

 

d.           The
indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation
or defense, as and when bills are received or Indemnified Damages are incurred.

 

e.            The
indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party or
Indemnified Person against the indemnifying party or others and (ii) any liabilities the indemnifying party may be subject to pursuant
to the law.

 

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f.            The
Company and the Investors acknowledge and agree that the indemnification provisions of this Section, and the contribution provisions of
Section 7, will be superseded in their entirety by the indemnification and contribution provisions in any underwriting agreement
for an underwritten offering of Registrable Securities.

 

7.             Contribution.
To the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the
maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted
by law; provided, however, that: (i) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who was not guilty of fraudulent misrepresentation; and (ii) contribution
by any Investor shall be limited in amount to the net amount of proceeds received by such Investor from the sale of such Registrable Securities.

 

8.             Reports
under the Exchange Act. With a view to making available to the Investors the benefits of Rule 144 promulgated under the Securities
Act or any similar rule or regulation of the SEC that may at any time permit the Investors to sell securities of the Company to the
public without registration (“Rule 144”) the Company agrees to:

 

a.            make
and keep public information available, as those terms are understood and defined in Rule 144;

 

b.            file
with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act
so long as the Company remains subject to such requirements and the filing of such reports and other documents is required for the applicable
provisions of Rule 144; and

 

c.            furnish
to each Investor so long as such Investor owns Registrable Securities, promptly upon request, (i) a written statement by the Company
that it has complied with the public information requirements of Rule 144(c) and the reporting requirements of the Securities
Act and the Exchange Act, (ii) a copy of the most recent Annual or Quarterly Report of the Company and such other reports and documents
so filed by the Company, and (iii) such other information as may be reasonably requested to permit the Investor to sell such securities
pursuant to Rule 144 without registration.

 

9.             Amendment
of Registration Rights. Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or
in a particular instance and either retroactively or prospectively), only by a written agreement between the Company and the holders of
a majority of the outstanding Registrable Securities. Any amendment or waiver effected in accordance with this Section shall be binding
upon the Investors and the Company. No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification
of any provision of any of this Agreement unless the same consideration also is offered to all of the parties to this Agreement.

 

10.           Miscellaneous.

 

a.            A
Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable Securities.
If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities,
the Company shall act upon the basis of instructions, notice or election received from the registered owner of such Registrable Securities.

 

    9

     

    

 

b.            Any
notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing
and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent electronically
(with confirmation of receipt); or (iii) one business day after deposit with a nationally recognized overnight delivery service,
in each case properly addressed to the party to receive the same. The addresses for such communications shall be:

 

If to the Company: 280 West 10200 South,
Suite 300, Sandy, Utah 84070;

 

If to the Investor(s): 280 West 10200
South, Suite 300, Sandy, Utah 84070

 

Any party may change its address by providing
written notice to the other parties hereto at least five days prior to the effectiveness of such change. Written confirmation of receipt
(A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated
by the sender or recipient, or (C) provided by a courier or overnight courier service shall be rebuttable evidence of personal service,
electronic receipt or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above,
respectively.

 

c.            Failure
of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy,
shall not operate as a waiver thereof.

 

d.            This
Agreement shall be governed by the internal laws of the State of Delaware, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of Delaware. Each party hereby irrevocably submits to the non-exclusive jurisdiction of the Superior
Courts of the State of Utah, sitting in Utah and Federal District Courts in Utah, for the adjudication of any dispute hereunder or in
connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to
assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such
suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each
party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by delivering a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any
right to serve process in any manner permitted by law. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction,
such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction
or the validity or enforceability of any provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY
RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH
OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

e.            This
Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter hereof. There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to herein. This Agreement supersedes all prior agreements
and understandings among the parties hereto with respect to the subject matter hereof.

 

f.            This
Agreement shall inure to the benefit of and be binding on the permitted successors and assigns of each of the parties hereto. The rights
under this Agreement may not be assigned, other than the assignment of such rights (but only with all related obligations) by an Investor
to a transferee that (i) is an Affiliate of such Investor; (ii) is a trust established by the Investor for the benefit of such
Investor or one or more of such Investor’s immediate family members; or (iii) is an equity owner of such Investor that receives
Registrable Securities as a distribution with respect to such equity ownership (and any equity owner of such recipient of a distribution
that receives a subsequent distribution of Registrable Securities from such recipient); provided, however, that the Company
is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable
Securities with respect to which such rights are being transferred, and such transferee agrees in a written instrument delivered to the
Company to be bound by and subject to the terms and conditions of this Agreement.

 

    10

     

    

 

g.           The
headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

h.           This
Agreement and any amendment to it may be signed in counterparts, any of which may be either a physical original or an electronic copy,
and all signed counterparts shall constitute one instrument. Any signature may be affixed physically or electronically and any counterpart,
signed, transmitted as provided in the notice provision of this Agreement, or stored electronically, shall be as valid in every way as
an entirely physical original.

 

i.             Each
party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such
other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent
and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

j.             The
language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules of
strict construction will be applied against any party.

 

k.            This
Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the
benefit of, nor may any provision hereof be enforced by, any other Person.

 

11.           Termination.
This Agreement shall terminate and be of no further force or effect when there shall no longer be any Registrable Securities outstanding;
provided, that the provisions of Sections 5, 6, and 7 shall survive any such termination.

 

12.           Other
Registration Statements. Notwithstanding anything to the contrary herein, nothing in this Agreement shall prevent the Company, whether
for itself or on behalf of holders of the Common Stock, from filing other registration statements including, without limitation on Form S-8,
Form S-4, or Form S-1.

 

    11

     

    

 

IN WITNESS WHEREOF,
the undersigned have executed this Agreement as of the date first set forth above.

 

	 	 
	THE COMPANY	 
	 	 
	By: 	/s/ Jefferson Pederson	 
	Name: Jefferson Pedersen	 
	Its: Manager	 
	 	 
	INVESTORS	 
	 	 
	CARILOHA HOLDINGS, LLC	 
	 	 
	By: 	/s/ Brent Rowser	 
	Name: Brent Rowser	 
	Its: Manager	 
	 	 
	By:	 /s/ Jefferson Pedersen	 
	Name: Jefferson PedersenExhibit
4.3

 

Form
of Representative’s Warrant Agreement

 

THE
REGISTERED HOLDER OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT
EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR
HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER
THAN (I) EF HUTTON, DIVISION OF BENCHMARK INVESTMENTS, LLC OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR
(II) A BONA FIDE OFFICER OR PARTNER OF EF HUTTON, DIVISION OF BENCHMARK INVESTMENTS, LLC OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

 

THIS
PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO [________________] [DATE THAT IS SIX MONTHS FROM THE EFFECTIVE DATE OF THE OFFERING].
VOID AFTER 5:00 P.M., EASTERN TIME, [___________________] [DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE OFFERING].

 

ORDINARY
SHARES PURCHASE WARRANT

 

For
the Purchase of [__] Ordinary Shares

of

TC
BioPharm (Holdings) plc

 

1.
Purchase Warrant. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of EF Hutton, division of Benchmark
Investments, LLC (“Holder”), as registered owner of this Purchase Warrant, TC BioPharm (Holdings) plc, a public limited
company incorporated in the United Kingdom of Great Britain and Northern Ireland (the “United Kingdom”) pursuant to
the Companies Act 2006, as amended (the “Companies Act”), with registered number [*] (collectively with its subsidiaries
and affiliates, including, without limitation, all entities disclosed or described in the Registration Statement as being subsidiaries
(the “Company”), Holder is entitled, at any time or from time to time from [___________], 2022 [DATE THAT IS SIX
MONTHS FROM THE EFFECTIVE DATE OF THE OFFERING] (the “Commencement Date”), and at or before 5:00 p.m., Eastern
time, [__________], 2027 [DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE OFFERING] (the “Expiration Date”),
but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to [__] an aggregate of [__] ordinary shares of the
Company, £0.01 par value per ordinary share (the “Shares”), subject to adjustment as provided in Section 6 hereof.
If the Expiration Date is a day on which banking institutions are authorized by law to close, then this Purchase Warrant may be exercised
on the next succeeding day which is not such a day in accordance with the terms herein. During the period ending on the Expiration Date,
the Company agrees not to take any action that would terminate this Purchase Warrant. This Purchase Warrant is initially exercisable
at a price of $[__] per Share; provided, however, that upon the occurrence of any of the events specified in Section 6
hereof, the rights granted by this Purchase Warrant, including the exercise price per Share and the number of Shares to be received upon
such exercise, shall be adjusted as therein specified. Shares issuable upon exercise of this Purchase Warrant shall be deposited with
the Depositary in exchange for the issuance by the depositary to the holder of the Purchase Warrant such number of American Depositary
Shares (ADSs) representing such number of Shares. The term “Exercise Price” shall mean the initial exercise price
of $ 8.00 per Share (equal to 100% of the initial public offering price) or the adjusted exercise price, depending on the context. The
term “Effective Date” shall mean [ ], 2022, the date on which the Registration Statement on Form F-1 (File No. 333-260492)
of the Company was declared effective by the Securities and Exchange Commission (the “Commission”).

 

2.
Exercise.

 

2.1
Exercise Form. In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed
and delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased payable
in cash by wire transfer of immediately available funds to an account designated by the Company or by certified check or official bank
check. If the subscription rights represented hereby shall not have been exercised in full at or before 5:00 p.m., New York City time,
on the Expiration Date, the remaining unexercised rights represented by this Purchase Warrant shall expire and become and be void without
further force or effect, and all rights represented hereby shall cease and expire.

 

    	 

    	 

    

 

2.2
Cashless Exercise. If at any time after the Commencement Date there is no effective registration statement registering, or no
current prospectus available for, the resale of the ADSs by the Holder, then in lieu of exercising this Purchase Warrant by payment of
cash or check payable to the order of the Company pursuant to Section 2.1 above, Holder may elect to receive the number of Shares (eligible
for deposit with the Depositary against issuance of an ADS therefor) equal to the value of this Purchase Warrant (or the portion thereof
being exercised), by surrender of this Purchase Warrant to the Company, together with the exercise form attached hereto, in which event
the Company shall issue to Holder, Shares in accordance with the following formula:

 

	X	=	Y(A-B)	 
	A	 

 

	Where,	 	 	 
	 	X	=	The
    number of Shares to be issued to Holder;
	 	Y	=	The
    number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The
    fair market value of one Share; and
	 	B	=	The
    Exercise Price.

 

For
purposes of this Section 2.2, the fair market value of a Share is defined as follows:

 

	 	(i)	if
    the Company’s Shares are traded on a securities exchange, the value shall be deemed to be the closing price on such exchange
    prior to the exercise form being submitted in connection with the exercise of the Purchase Warrant; or
	 	(ii)	if
    the Company’s Shares are actively traded over-the-counter, the value shall be deemed to be the closing bid price prior to the
    exercise form being submitted in connection with the exercise of the Purchase Warrant; if there is no active public market, the value
    shall be the fair market value thereof, as determined in good faith by the Company’s Board of Directors.

 

As
of the date of this agreement, the Representative has paid to the Company an amount, to be held in constructive trust until such time
as the Representative’s Warrant shall have been exercised pursuant to this Section 2.2, equal to the aggregate nominal value of
the Shares issuable upon exercise in full of the Representative’s Warrant. In the event that the Representative’s Warrant
is exercised upon payment of the Exercise Price pursuant to Section 2.1, such amounts shall be credited toward the Exercise Price payable
upon such exercise.

 

2.3
Legend. Each certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such securities
have been registered under the Securities Act of 1933, as amended (the “Securities Act”):

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR APPLICABLE STATE LAW. NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT AND APPLICABLE STATE LAW WHICH, IN THE OPINION OF COUNSEL TO THE COMPANY, IS AVAILABLE.”

 

    	 

    	 

    

 

3.
Transfer.

 

3.1
General Restrictions. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder
will not: (a) sell, transfer, assign, pledge or hypothecate this Purchase Warrant or the securities issuable hereunder for a period of
one hundred eighty (180) days following the Effective Date to anyone other than: (i) EF Hutton, division of Benchmark Investments, LLC
(“EF Hutton”) or an underwriter or a selected dealer participating in the Offering, or (ii) a bona fide officer or
partner of EF Hutton or of any such underwriter or selected dealer, in each case in accordance with FINRA Conduct Rule 5110(e)(1), or
(b) for a period of one hundred eighty (180) days following the Effective Date, cause this Purchase Warrant or the securities issuable
hereunder to be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic
disposition of this Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(e)(2). On and after one hundred
eighty (180) days after the Effective Date, transfers to others may be made subject to compliance with or exemptions from applicable
securities laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto
duly executed and completed, together with the Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith.
The Company shall within five (5) business days transfer this Purchase Warrant on the books of the Company and shall execute and deliver
a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the
aggregate number of ADSs purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

 

3.2
Restrictions Imposed by the Securities Act. The securities evidenced by this Purchase Warrant shall not be transferred unless
and until: (i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption
from registration under the Securities Act and applicable state securities laws, the availability of which is established to the reasonable
satisfaction of the Company (the Company hereby agreeing that the opinion of Lucosky Brookman LLP shall be deemed satisfactory evidence
of the availability of an exemption), or (ii) a registration statement or a post-effective amendment to the Registration Statement relating
to the offer and sale of such securities has been filed by the Company and declared effective by the Commission and compliance with applicable
state securities law has been established.

 

4
Registration Rights.

 

4.1
Demand Registration.

 

4.1.1
Grant of Right. The Company, upon written demand (a “Demand Notice”) of the Holders of at least 51% of the
Purchase Warrants and/or the underlying Shares, agrees to register, on one (1) occasion, all or any portion of the ADSs and the underlying
Shares for which the Purchase Warrant is exercisable (collectively, the “Registrable Securities”). On such occasion,
the Company will file such registration statements with the Commission covering the Registrable Securities within sixty (60) days after
receipt of a Demand Notice and use its reasonable best efforts to have the registration statements declared effective promptly thereafter,
subject to compliance with review by the Commission; provided, however, that the Company shall not be required to comply
with a Demand Notice if the Company has filed a registration statement with respect to which the Holder is entitled to piggyback registration
rights pursuant to Section 4.2 hereof and either: (i) the Holder has elected to participate in the offering covered by such registration
statement or (ii) if such registration statement relates to an underwritten primary offering of securities of the Company, until the
offering covered by such registration statement has been withdrawn or until thirty (30) days after such offering is consummated. The
Company covenants and agrees to give written notice of its receipt of any Demand Notice by any Holders to all other registered Holders
of the Purchase Warrants and/or the Registrable Securities within ten (10) days after the date of the receipt of any such Demand Notice.

 

4.1.2
Terms. The Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section
4.1.1, but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to
represent them in connection with the sale of the Registrable Securities. The Company agrees to use its reasonable best efforts to cause
the filings required herein to become effective promptly and to qualify or register the Registrable Securities in such states as are
reasonably requested by the Holders; provided, however, that in no event shall the Company be required to register the
Registrable Securities in a State in which such registration would cause: (i) the Company to be obligated to register or license to do
business in such State or submit to general service of process in such State, or (ii) the principal stockholders of the Company to be
obligated to escrow their shares of capital stock of the Company. The Company shall cause any registration statements filed pursuant
to the demand right granted under Section 4.1.1 to remain effective for a period of at least twelve (12) consecutive months after the
date that the Holders of the Registrable Securities covered by such registration statement are first given the opportunity to sell all
of such securities. The Holders shall only use the prospectuses provided by the Company to sell the shares covered by such registration
statement, and will immediately cease to use any prospectus furnished by the Company if the Company advises the Holder that such prospectus
may no longer be used due to a material misstatement or omission. Notwithstanding the provisions of this Section 4.1.2, the Holder shall
be entitled to a demand registration under this Section 4.1.2 on only one (1) occasion and such demand registration right shall terminate
on the fifth anniversary of the Effective Date in accordance with FINRA Rule 5110(g)(8)(C).

 

    	 

    	 

    

 

4.2
“Piggy-Back” Registration.

 

4.2.1
Grant of Right. In addition to the demand right of registration described in Section 4.1 hereof, the Holder shall have the right,
for a period of no more than seven (7) years from the Effective Date in accordance with FINRA Rule 5110(g)(8)(D), to include the Registrable
Securities as part of any other registration of securities filed by the Company (other than in connection with a transaction contemplated
by Rule 145(a) promulgated under the Securities Act or pursuant to Form S-8 or Form S-4, any successors to such forms or any form equivalent
or analogous to the foregoing as long as the Company is a foreign private issuer); provided, however, that if, solely in
connection with any primary underwritten public offering for the account of the Company, the managing underwriter(s) thereof shall, in
its reasonable discretion, impose a limitation on the number of Shares and ADSs which may be included in the Registration Statement because,
in such underwriter(s)’ judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution,
then the Company shall be obligated to include in such Registration Statement only such limited portion of the Registrable Securities
with respect to which the Holder requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable
Securities shall be made pro rata among the Holders seeking to include Registrable Securities in proportion to the number of Registrable
Securities sought to be included by such Holders; provided, however, that the Company shall not exclude any Registrable
Securities unless the Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion of such
securities in such Registration Statement or are not entitled to pro rata inclusion with the Registrable Securities.

 

4.2.2
Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 4.2.1
hereof, but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders
to represent them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company
shall furnish the then Holders of outstanding Registrable Securities with not less than thirty (30) days’ written notice prior
to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for each registration
statement filed by the Company until such time as all of the Registrable Securities have been sold by the Holder. The holders of the
Registrable Securities shall exercise the “piggy-back” rights provided for herein by giving written notice within ten (10)
days of the receipt of the Company’s notice of its intention to file a registration statement. Except as otherwise provided in
this Purchase Warrant, there shall be no limit on the number of times the Holder may request registration under this Section 4.2.2; provided,
however, that such registration rights shall terminate on the fifth anniversary of the Commencement Date.

 

4.3
General Terms.

 

4.3.1
Indemnification. The Company shall indemnify the Holders of the Registrable Securities to be sold pursuant to any registration
statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or Section
20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense
or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending
against any claim whatsoever) to which any of them may become subject under the Securities Act, the Exchange Act or otherwise, arising
from such registration statement but only to the same extent and with the same effect as the provisions pursuant to which the Company
has agreed to indemnify the Underwriters contained in Section 5.1 of the Underwriting Agreement between the Underwriters (as defined
therein) and the Company, dated as of [___________], 2022 with respect to the Company’s initial public offering of the ADSs. The
Holders of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall severally,
and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including all reasonable attorneys’
fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may
become subject under the Securities Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders,
or their successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same
effect as the provisions contained in Section 5.2 of the Underwriting Agreement pursuant to which the Underwriters have agreed to indemnify
the Company.

 

    	 

    	 

    

 

4.3.2
Exercise of Purchase Warrants. Nothing contained in this Purchase Warrant shall be construed as requiring the Holders to exercise
their Purchase Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof.

 

4.3.3
Documents Delivered to Holders. The Company shall furnish to each Holder participating in any of the foregoing offerings and to
each underwriter of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) an opinion of counsel
to the Company, dated the effective date of such registration statement (and, if such registration includes an underwritten public offering,
an opinion dated the date of the closing under any underwriting agreement related thereto), and (ii) a “cold comfort” letter
dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, a letter
dated the date of the closing under the underwriting agreement) signed by the independent registered public accounting firm which has
issued a report on the Company’s financial statements included in such registration statement, in each case covering substantially
the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants’
letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s
counsel and in accountants’ letters delivered to underwriters in underwritten public offerings of securities. The Company shall
also deliver promptly to each Holder participating in the offering requesting the correspondence and memoranda described below and to
the managing underwriter, if any, copies of all correspondence between the Commission and the Company, its counsel or auditors and all
memoranda relating to discussions with the Commission or its staff with respect to the registration statement and permit each Holder
and underwriter to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the
registration statement as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation
shall include access to books, records and properties and opportunities to discuss the business of the Company with its officers and
independent auditors, all to such reasonable extent and at such reasonable times as any such Holder shall reasonably request.

 

4.3.4
Underwriting Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected
by any Holders whose Registrable Securities are being registered pursuant to this Section 4, which managing underwriter shall be reasonably
satisfactory to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such
managing underwriters, and shall contain such representations, warranties and covenants by the Company and such other terms as are customarily
contained in agreements of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating
to an underwritten sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties
and covenants of the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such
Holders shall not be required to make any representations or warranties to or agreements with the Company or the underwriters except
as they may relate to such Holders, their Shares and their intended methods of distribution.

 

4.3.5
Documents to be Delivered by Holders. Each of the Holders participating in any of the foregoing offerings shall furnish to the
Company a completed and executed questionnaire provided by the Company requesting information customarily sought of selling security
holders.

 

4.3.6
Damages. Should the registration or the effectiveness thereof required by Sections 4.1 and 4.2 hereof be delayed by the Company
or the Company otherwise fails to comply with such provisions, the Holders shall, in addition to any other legal or other relief available
to the Holders, be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened breach
of such provisions or the continuation of any such breach, without the necessity of proving actual damages and without the necessity
of posting bond or other security.

 

4.4
Termination of Registration Rights. The registration rights afforded to the Holders under this Section 4 shall terminate on the
earliest date when all Registrable Securities of such Holder either: (i) have been publicly sold by such Holder pursuant to a Registration
Statement, (ii) have been covered by an effective Registration Statement on Form S-1 or Form S-3 (or successor form), which may be kept
effective as an evergreen Registration Statement, or (iii) may be sold by the Holder within a 90-day period without registration pursuant
to Rule 144 or consistent with applicable SEC interpretive guidance (including CD&I no. 201.04 (April 2, 2007) or similar interpretive
guidance).

 

    	 

    	 

    

 

5.
New Purchase Warrants to be Issued.

 

5.1
Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned
in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised
pursuant to Section 2.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of like tenor
to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Shares purchasable hereunder
as to which this Purchase Warrant has not been exercised or assigned.

 

5.2
Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of
this Purchase Warrant and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver
a new Purchase Warrant of like tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft,
mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

 

6.
Adjustments.

 

6.1
Adjustments to Exercise Price and Number of Securities. The Exercise Price and the number of Shares for which the Purchase Warrant
may be exercised shall be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1
Share Dividends; Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Shares is increased by a stock dividend payable in Shares or by a split up of Shares or other similar event, then, on the effective day
thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Shares, and the
Exercise Price shall be proportionately decreased.

 

6.1.2
Aggregation of Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Shares is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective date
thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding Shares, and the
Exercise Price shall be proportionately increased.

 

6.1.3
Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares
or a variation of share capital of the Company, other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the
par value of such Shares, or in the case of any share reconstruction or amalgamation or consolidation of the Company with or into another
corporation (other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing corporation and
that does not result in any reclassification or reorganization of the outstanding Shares), or in the case of any sale or conveyance to
another corporation or entity of the property of the Company as an entirety or substantially as an entirety in connection with which
the Company is dissolved, the Holder of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise
of this Purchase Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior
to such event, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification,
reorganization, share reconstruction or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by
a Holder of the number of Shares (including those represented by ADSs) for which such Purchase Warrant might have been exercised immediately
prior to such event; and if any reclassification also results in a change in Shares covered by Section 6.1.1 or 6.1.2, then such adjustment
shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply to
successive reclassifications, reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers.

 

6.1.4
Changes in Form of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this
Section 6.1, and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated
in the Purchase Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Warrants
reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement
Date or the computation thereof.

 

    	 

    	 

    

 

6.2
Substitute Purchase Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the
Company with or into, another corporation (other than a consolidation or share reconstruction or amalgamation which does not result in
any reclassification or change of the outstanding Shares), the corporation formed by such consolidation or share reconstruction or amalgamation
shall execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then outstanding
or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise
of such Purchase Warrant, the kind and amount of shares of stock and other securities and property receivable upon such consolidation
or share reconstruction or amalgamation, by a holder of the number of Shares (including those represented by ADSs) for which such Purchase
Warrant might have been exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such
supplemental Purchase Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this Section
6. The above provision of this Section shall similarly apply to successive consolidations or share reconstructions or amalgamations.

 

6.3
Elimination of Fractional Interests. The Company shall not be required to issue fractions of Shares upon the exercise of the Purchase
Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of the parties
that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may be, to the nearest whole number
of Shares or other securities, properties or rights.

 

7.
Reservation and Listing. The Company shall at all times reserve and keep available out of its authorized Shares, solely for the
purpose of issuance upon exercise of the Purchase Warrants, such number of Shares or other securities, properties or rights as shall
be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Warrants and payment of the
Exercise Price therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall be duly
and validly issued, fully paid and non-assessable and not subject to preemptive rights of any stockholder. As long as the Purchase Warrants
shall be outstanding, the Company shall use its commercially reasonable efforts to (a) cause all Shares issuable upon exercise of the
Purchase Warrants to be deposited with the Depositary and for the issuance to the holder of the Purchase Warrant such number of ADSs
to which such Holder is entitled hereunder and (b) list (subject to official notice of issuance) on all national securities exchanges
(or, if applicable, on the OTC Bulletin Board or any successor trading market) on which the ADSs issued to the public in the Offering
may then be listed and/or quoted.

 

8.
Certain Notice Requirements.

 

8.1
Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or
consent or to receive notice as a stockholder for the election of directors or any other matter, or as having any rights whatsoever as
a stockholder of the Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the
events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event
at least fifteen (15) days prior to the date fixed as a record date or the date of closing the transfer books for the determination of
the stockholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to
vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing
of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice
given to the other stockholders of the Company at the same time and in the same manner that such notice is given to the stockholders.

 

8.2
Events Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the
following events: (i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them to receive a
dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings,
as indicated by the accounting treatment of such dividend or distribution on the books of the Company; (ii) the Company shall offer to
all the holders of its Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable for
shares of capital stock of the Company, or any option, right or warrant to subscribe therefor; or (iii) a dissolution, liquidation or
winding up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a sale of all or
substantially all of its property, assets and business shall be proposed.

 

    	 

    	 

    

 

8.3
Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant
to Section 6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall
describe the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company’s
Chief Financial Officer.

 

8.4
Transmittal of Notices. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing
and shall be deemed to have been duly made when hand delivered or mailed by express mail or private courier service: (i) if to the registered
Holder of the Purchase Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to following
address or to such other address as the Company may designate by notice to the Holders:

 

If
to the Holder:

 

EF
Hutton, division of Benchmark Investments, LLC

590
Madison Avenue, 39th Floor

New
York, New York 10022

Attn:
Joseph T. Rallo

 

with
a copy (which shall not constitute notice) to:

 

Lucosky
Brookman LLP

101
Wood Avenue South, 5th Floor

Woodbridge,
NJ 08330

Attn:
Joseph M. Lucosky, Esq.

Fax
No.: (732) 395-4401

Email:
jlucosky@lucbro.com

 

If
to the Company:

 

TC
BioPharm (Holdings) plc

Maxim
1, 2 Parklands Way

Holytown,
Motherwell, ML1 4WR

Scotland,
United Kingdom

+44
(0) 141 433 7557

Attn:
Martin Thorp

E-Mail:
m.thorp@tcbiopharm.com

 

with
a copy (which shall not constitute notice) to:

 

Andrew
D. Hudders, Esq.

Golenbock
Eiseman Assor Bell & Peskoe LLP

711
Third Avenue – 17th Floor

New
York, NY 10017

Email:
ahudders@golenbock.com

 

9.
Miscellaneous.

 

9.1
Amendments. The Company and EF Hutton may from time to time supplement or amend this Purchase Warrant without the approval of
any of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent
with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company
and EF Hutton may deem necessary or desirable and that the Company and EF Hutton deem shall not adversely affect the interest of the
Holders. All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement
of the modification or amendment is sought.

 

    	 

    	 

    

 

9.2
Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or
affect the meaning or interpretation of any of the terms or provisions of this Purchase Warrant.

 

9.3
Entire Agreement. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection
with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes
all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4
Binding Effect. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company
and their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed
to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions
herein contained.

 

9.5
Governing Law; Submission to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed in accordance
with the law of the State of New York. The Company hereby agrees that any action, proceeding or claim against it arising out of, or relating
in any way to this Purchase Warrant shall be brought and enforced in the Supreme Court of the State of New York sitting in the County
of New York, or in the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent
an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting a copy thereof by registered
or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 8 hereof. Such mailing
shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company and
the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its
reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation
therefor. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and
the Holder hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal
proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

 

9.6
Waiver, etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall
not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any
provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No
waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set
forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver
of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach,
non-compliance or non-fulfillment.

 

9.7
Execution in Counterparts. This Purchase Warrant may be executed in one or more counterparts, and by the different parties hereto
in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the
same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered
to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic transmission.

 

9.8
Exchange Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that,
at any time prior to the complete exercise of this Purchase Warrant by Holder, if the Company and EF Hutton enter into an agreement (“Exchange
Agreement”) pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities or cash or
a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

[Signature
Page Follows]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Purchase Warrant to be signed by its duly authorized officer as of the ____ day of _______,
2022.

 

[_________]

 

	By:	 	 
	Name:
    	 	 
	Title:
    	 	 

 

    	 

    	 

    

 

[Form
to be used to exercise Purchase Warrant]

 

Date:
__________, 20___

 

The
undersigned hereby elects irrevocably to exercise the Purchase Warrant for ______ American Depositary Shares (the “ADSs”)
representing _____ ordinary shares, £1.00 par value per ordinary share (the “Shares”), of TC BioPharm (Holdings)
plc, a public limited company incorporated in the United Kingdom of Great Britain and Northern Ireland (the “United Kingdom”)
pursuant to the Companies Act 2006, as amended, with registered number XXXXXX (collectively with its subsidiaries and affiliates, including,
without limitation, all entities disclosed or described in the Registration Statement as being subsidiaries (the “Company”),
and hereby makes payment of $____ (at the rate of $____ per Share) in payment of the Exercise Price pursuant thereto. Please issue the
Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase
Warrant representing the number of Shares for which this Purchase Warrant has not been exercised.

 

or

 

The
undersigned hereby elects irrevocably to convert its right to purchase Shares of the Company under the Purchase Warrant for ______ Shares,
as determined in accordance with the following formula:

 

	 	X	=	Y(A-B)

    

    A
	 

     

 

	Where,	 	 	 
	 	X	=	The
    number of Shares to be issued to Holder;
	 	Y	=	The
    number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The
    fair market value of one Share which is equal to $_____; and
	 	B	=	The
    Exercise Price which is equal to $______ per share

 

The
undersigned agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement
with respect to the calculation shall be resolved by the Company in its sole discretion.

 

Please
issue the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a
new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been exercised.

 

Signature
_______________________________________

 

Signature
Guaranteed ______________________________

 

INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

 

	Name:
    	 	 
	 	(Print
    in Block Letters)	 

 

	Address:
    	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement
or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership
on a registered national securities exchange.

 

    	 

    	 

    

 

[Form
to be used to assign Purchase Warrant]

 

ASSIGNMENT

 

(To
be executed by the registered Holder to effect a transfer of the within Purchase Warrant):

 

FOR
VALUE RECEIVED, __________________ does hereby sell, assign and transfer unto______________ the right to purchase ______ ordinary shares,
par value £1.00 per ordinary share (the “Shares”), of TC BioPharm (Holdings) plc, a public limited company in
the United Kingdom of Great Britain and Northern Ireland (the “United Kingdom”) pursuant to the Companies Act 2006,
as amended, with registered number _______ (collectively with its subsidiaries and affiliates, including, without limitation, all entities
disclosed or described in the Registration Statement as being subsidiaries (the “Company”), evidenced by the Purchase
Warrant and does hereby authorize the Company to transfer such right on the books of the Company.

 

Dated:
__________, 20__

 

	Signature
    	 	 

 

	Signature
    Guaranteed 	 	 

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the within Purchase Warrant without alteration or
enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm
having membership on a registered national securities exchange.

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