Document:

EX-4.3

 Exhibit 4.3 

Warrant Number A-             

THE WARRANT REPRESENTED BY THIS CERTIFICATE AND THE SHARES ISSUABLE UPON EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE. THIS WARRANT AND THE SHARES ISSUABLE UPON EXERCISE THEREOF MAY NOT BE PLEDGED, SOLD, ASSIGNED OR TRANSFERRED UNLESS SUCH TRANSACTION IS MADE PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT FILED UNDER THE SECURITIES ACT OR APPLICABLE STATE SECURITIES LAWS OR THE COMPANY IS PROVIDED WITH AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY, STATING THE SUCH SALE, ASSIGNMENT PLEDGE OR OTHER TRANSFER IS IN COMPLIANCE
WITH EXEMPTIONS FROM THE REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAW. NO TRANSFER OF ANY INTEREST IN THIS WARRANT OR THE SECURITIES PURCHASABLE UPON EXERCISE MAY BE EFFECTED WITHOUT FIRST SURRENDERING THIS WARRANT OR
SUCH SECURITIES, AS THE CASE MAY BE, TO THE COMPANY OR ITS TRANSFER AGENT, IF ANY. 
 Warrant to Purchase 

Shares of 
 Common Stock 

As Herein Described 

                    , 2015 

WARRANT TO PURCHASE COMMON STOCK OF 

CYTODYN INC. 
 This is to
certify that, for value received,                          or a proper assignee (the “Holder”), is entitled to purchase
up to                      shares (“Warrant Shares”) of common stock, no par value per share (the “Common Stock”), of CytoDyn
Inc., a Colorado corporation (the “Company”), subject to the provisions of this Warrant Number A-            , from the Company. This Warrant shall be exercisable at
seventy-five cents ($0.75) per share (the “Exercise Price”). This Warrant also is subject to the following terms and conditions: 

1. Exercise and Payment; Exchange. 

(a) This Warrant may be exercised in whole or in part at any time from and after the date hereof (the “Commencement Date”) through
5:00 p.m., Pacific time, on                     ,2020 (the “Expiration Date”), at which time this Warrant shall expire and become
void, but if such date is a day on which federal or state chartered banking institutions located in the State of Washington are authorized to close, then on the next succeeding day which shall not be such a day. Exercise shall be by presentation and
surrender to the Company, or at the office of any transfer agent designated by the Company (the “Transfer Agent”), of (i) this Warrant, (ii) the attached exercise form properly executed, and (iii) a certified or official
bank check for the 

 
Exercise Price for the number of Warrant Shares specified in the exercise form. If this Warrant is exercised in part only, the Transfer Agent shall, upon surrender of the Warrant, execute and
deliver a new Warrant evidencing the rights of the Holder to purchase the remaining number of Warrant Shares purchasable hereunder. Upon receipt by the Company of this Warrant in proper form for exercise, accompanied by payment as aforesaid, the
Holder shall be deemed to be the holder of record of the Common Stock issuable upon such exercise, notwithstanding that the stock transfer books of the Company shall then be closed or that certificates representing such Warrant Shares shall not then
be actually delivered by the Holder. 
 (b) Conditions to Exercise or Exchange. The restrictions in Section 7 shall apply, to
the extent applicable by their terms, to any exercise or exchange of this Warrant permitted by this Section 1. 
 2. Reservation of
Shares. The Company shall, at all times until the expiration of this Warrant, reserve for issuance and delivery upon exercise of this Warrant the number of Warrant Shares which shall be required for issuance and delivery upon exercise of this
Warrant. 
 3. Fractional Interests. The Company shall not issue any fractional shares or scrip representing fractional shares upon
the exercise or exchange of this Warrant. With respect to any fraction of a share resulting from the exercise or exchange hereof, the Company shall pay to the Holder an amount in cash equal to such fraction multiplied by the current fair market
value per share of Common Stock, determined as follows: 
 (a) If the Common Stock is listed on a national securities exchange or admitted
to unlisted trading privileges on such an exchange, the current fair market value shall be the last reported sale price of the Common Stock on such exchange on the last business day prior to the date of exercise of this Warrant or if no such sale is
made on such day, the mean of the closing bid and asked prices for such day on such exchange; 
 (b) If the Common Stock is not so listed or
admitted to unlisted trading privileges or quoted on a national securities exchange, the current fair market value shall be the mean of the last bid and asked prices reported on the last business day prior to the date of the exercise of this Warrant
by the OTC Markets Group, Inc.; or 
 (c) If the Common Stock is not so listed or admitted to unlisted trading privileges and bid and asked
prices are not so reported, the current fair market value shall be an amount, not less than book value, determined in such reasonable manner as may be prescribed by the Company in good faith. 

4. No Rights as Shareholder. This Warrant shall not entitle the Holder to any rights as a shareholder of the Company, either at law or
in equity. The rights of the Holder are limited to those expressed in this Warrant and are not enforceable against the Company except to the extent set forth herein. 

5. Adjustments in Number and Exercise Price of Warrant Shares. 

5.1 The number of shares of Common Stock for which this Warrant may be exercised and the Exercise Price therefor shall be subject to
adjustment as follows: 
 (a) If the Company is recapitalized through the subdivision or combination of its outstanding shares of Common
Stock into a larger or smaller number of shares, the number of shares of Common Stock for which this Warrant may be exercised shall be increased or reduced, as of the record date for such recapitalization, in the same proportion as the increase or
decrease in the outstanding shares of Common Stock, and the Exercise Price shall be adjusted so that the aggregate amount payable for the purchase of all of the Warrant Shares issuable hereunder immediately after the record date for such
recapitalization shall equal the aggregate amount so payable immediately before such record date. 

  
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 (b) If the Company declares a dividend on Common Stock payable in Common Stock or securities
convertible into Common Stock, the number of shares of Common Stock for which this Warrant may be exercised shall be increased as of the record date for determining which holders of Common Stock shall be entitled to receive such dividend, in
proportion to the increase in the number of outstanding shares (and shares of Common Stock issuable upon conversion of all such securities convertible into Common Stock) of Common Stock as a result of such dividend, and the Exercise Price shall be
adjusted so that the aggregate amount payable for the purchase of all the Warrant Shares issuable hereunder immediately after the record date for such dividend shall equal the aggregate amount so payable immediately before such record date. 

(c) If the Company distributes to holders of its Common Stock, other than as part of its dissolution or liquidation or the winding up of its
affairs, any shares of its Common Stock, any evidence of indebtedness or any of its assets (other than cash, Common Stock or securities convertible into Common Stock), the Company shall give written notice to the Holder of any such distribution at
least fifteen (15) days prior to the proposed record date in order to permit the Holder to exercise this Warrant on or before the record date. There shall be no adjustment in the number of shares of Common Stock for which this Warrant may be
exercised, or in the Exercise Price, by virtue of any such distribution. 
 (d) If the Company offers rights or warrants to the holders of
Common Stock which entitle them to subscribe to or purchase additional Common Stock or securities convertible into Common Stock, the Company shall give written notice of any such proposed offering to the Holder at least fifteen (15) days prior
to the proposed record date in order to permit the Holder to exercise this Warrant on or before such record date. There shall be no adjustment in the number of shares of Common Stock for which this Warrant may be exercised, or in the Exercise Price,
by virtue of any such distribution. 
 (e) If the event, as a result of which an adjustment is made under paragraph (a) or
(b) above, does not occur, then any adjustments in the Exercise Price or number of shares issuable that were made in accordance with such paragraph (a) or (b) shall be adjusted to the Exercise Price and number of shares as were in
effect immediately prior to the record date for such event. 
 5.2 In the event of any reorganization or reclassification of the outstanding
shares of Common Stock (other than a change in par value or from no par value to par value, or from par value to no par value, or as a result of a subdivision or combination) or in the event of any consolidation or merger of the Company with another
entity after which the Company is not 

  
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the surviving entity, at any time prior to the expiration of this Warrant, upon subsequent exercise of this Warrant the Holder shall have the right to receive the same kind and number of shares
of common stock and other securities, cash or other property as would have been distributed to the Holder upon such reorganization, reclassification, consolidation or merger had the Holder exercised this Warrant immediately prior to such
reorganization, reclassification, consolidation or merger, appropriately adjusted for any subsequent event described in this Section 5. The Holder shall pay upon such exercise the Exercise Price that otherwise would have been payable pursuant
to the terms of this Warrant. If any such reorganization, reclassification, consolidation or merger results in a cash distribution in excess of the then applicable Exercise Price, the holder may, at the Holder’s option, exercise this Warrant
without making payment of the Exercise Price, and in such case the Company shall, upon distribution to the Holder, consider the Exercise Price to have been paid in full, and in making settlement to the Holder, shall deduct an amount equal to the
Exercise Price from the amount payable to the Holder. In the event of any such reorganization, merger or consolidation, the corporation formed by such consolidation or merger or the corporation which shall have acquired the assets of the Company
shall execute and deliver a supplement hereto to the foregoing effect, which supplement shall also provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided in this Warrant. 

5.3 If the Company shall, at any time before the expiration of this Warrant, dissolve, liquidate or wind up its affairs, the Holder shall have
the right to receive upon exercise of this Warrant, in lieu of the shares of Common Stock of the Company that the Holder otherwise would have been entitled to receive, the same kind and amount of assets as would have been issued, distributed or paid
to the Holder upon any such dissolution, liquidation or winding up with respect to such Common Stock receivable upon exercise of this Warrant on the date for determining those entitled to receive any such distribution. If any such dissolution,
liquidation or winding up results in any cash distribution in excess of the Exercise Price provided by this Warrant, the Holder may, at the Holder’s option, exercise this Warrant without making payment of the Exercise Price and, in such case,
the Company shall, upon distribution to the Holder, consider the Exercise Price to have been paid in full and, in making settlement to the Holder, shall deduct an amount equal to the Exercise Price from the amount payable to the Holder. 

6. Notices to Holder. So long as this Warrant shall be outstanding (a) if the Company shall pay any dividends or make any
distribution upon the Common Stock otherwise than in cash or (b) if the Company shall offer generally to the holders of Common Stock the right to subscribe to or purchase any shares of any class of Common Stock or securities convertible into
Common Stock or any similar rights or (c) if there shall be any capital reorganization of the Company in which the Company is not the surviving entity, recapitalization of the capital stock of the Company, consolidation or merger of the Company
with or into another corporation, sale, lease or other transfer of all or substantially all of the property and assets of the Company, or voluntary or involuntary dissolution, liquidation or winding up of the Company, then in such event, the Company
shall cause to be mailed to the Holder, at least thirty (30) days prior to the relevant date described below (or such shorter period as is reasonably possible if thirty (30) days is not reasonably possible), a notice containing a
description of the proposed action and stating the date or expected date on which a record of the Company’s shareholders is to be taken for the purpose of any such dividend, distribution of 

  
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rights, or such reclassification, reorganization, consolidation, merger, conveyance, lease or transfer, dissolution, liquidation or winding up is to take place and the date or expected date, if
any is to be fixed, as of which the holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for securities or other property deliverable upon such event. 

7. Transfer, Exercise, Exchange, Assignment or Loss of Warrant, Warrant Shares or Other Securities. 

7.1 This Warrant may be transferred, exercised, exchanged or assigned (“transferred”), in whole or in part, subject to the following
restrictions. This Warrant and the Warrant Shares or any other securities (“Other Securities”) received upon exercise of this Warrant shall be subject to restrictions on transferability until registered under the Securities Act of 1933, as
amended (the “Securities Act”), unless an exemption from registration is available. Until this Warrant and the Warrant Shares or Other Securities are so registered, this Warrant and any certificate for Warrant Shares or Other Securities
issued or issuable upon exercise of this Warrant shall contain a legend on the face thereof, in form and substance satisfactory to counsel for the Company, stating that this Warrant the Warrant Shares or Other Securities may not be sold, transferred
or otherwise disposed of unless, in the opinion of counsel satisfactory to the Company, which may be counsel to the Company, that this Warrant, the Warrant Shares or Other Securities may be transferred without such registration. This Warrant and the
Warrant Shares or Other Securities may also be subject to restrictions on transferability under applicable state securities or blue sky laws. Until this Warrant and the Warrant Shares or Other Securities are registered under the Securities Act, the
Holder shall reimburse the Company for its expenses, including attorneys’ fees, incurred in connection with any transfer or assignment, in whole or in part, of this Warrant or any Warrant Shares or Other Securities. 

7.2 Until this Warrant, the Warrant Shares or other Securities are registered under the Securities Act, the Company may require, as a
condition of transfer of this Warrant, the Warrant Shares, or Other Securities, that the transferee (who may be the Holder in the case of an exercise or exchange) represent that the securities being transferred are being acquired for investment
purposes and for the transferee’s own account and not with a view to or for sale in connection with any distribution of the security. 

7.3 Any transfer permitted hereunder shall be made by surrender of this Warrant to the Company or to the Transfer Agent at its offices with a
duly executed request to transfer the Warrant, which shall provide adequate information to effect such transfer and shall be accompanied by funds sufficient to pay any transfer taxes applicable. Upon satisfaction of all transfer conditions, the
Company or Transfer Agent shall, without charge, execute and deliver a new Warrant in the name of the transferee named in such transfer request, and this Warrant promptly shall be cancelled. 

7.4 Upon receipt by the Company of evidence satisfactory to it of loss, theft, destruction or mutilation of this Warrant and, in the case of
loss, theft or destruction, of reasonable satisfactory indemnification, or, in the case of mutilation, upon surrender of this Warrant, the Company will execute and deliver, or instruct the Transfer Agent to execute and deliver, a new Warrant of like
tenor and date, any such lost, stolen or destroyed Warrant thereupon shall become void. 

  
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 8. Representations and Warranties of the Holder. The Holder hereby represents and
warrants to the Company with respect to the issuance of the Warrant as follows: 
 8.1 Experience. The Holder has substantial
experience in evaluating and investing in securities in companies similar to the Company so that such Holder is capable of evaluating the merits and risks of such Holder’s investment in the Company and has the capacity to protect such
Holder’s own interests. 
 8.2 Investment. The Holder is acquiring this Warrant (and the Warrant Shares issuable upon exercise
of this Warrant) for investment for such Holder’s own account, not as a nominee or agent, and not with the view to, or for resale in connection with, any distribution thereof. The Holder understands that this Warrant (and the Warrant Shares
issuable upon exercise of the Warrant) have not been, and will not be, registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide
nature of the investment intent and the accuracy of such Holder’s representations as expressed herein. 
 8.3 Held Indefinitely.
The Holder acknowledges that this Warrant (and the Warrant Shares issuable upon exercise of this Warrant) must be held indefinitely unless subsequently registered under the Securities Act or an exemption from such registration is available. 

8.4 Accredited Holder. The Holder is an “accredited investor” within the meaning of Rule 501 of Regulation D under the
Securities Act. 
 8.5 Legends. The Holder understands and acknowledges that the certificate(s) evidencing the securities issued by
the Company will be imprinted with a restrictive legend as referenced in Section 7.1 above. 
 8.6 Access to Data. The Holder
has had an opportunity to discuss the Company’s business, management, and financial affairs with the Company’s management and the opportunity to review the Company’s facilities and business plans. The Holder has also had an
opportunity to ask questions of officers of the Company, which questions were answered to its satisfaction. 
 8.7 Authorization.
This Warrant and the agreements contemplated hereby, when executed and delivered by the Holder, will constitute a valid and legally binding obligation of the Holder, enforceable in accordance with their respective terms. 

8.8 Brokers or Finders. The Company has not incurred, and will not incur, directly or indirectly, as a result of any action taken by
such Holder, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with this Warrant or any transaction contemplated hereby. 

  
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 9. Notices. All notices, requests, demands or other communications hereunder shall be in
writing and shall be deemed to have been duly given, if delivered in person or mailed, certified, return-receipt requested, postage prepaid to the address set forth on the signature page below. Any party hereto may from time to time, by written
notice to the other parties, designate a different address, which shall be substituted for the one specified below for such party. If any notice or other document is sent by certified or registered mail, return receipt requested, postage prepaid,
properly addressed as aforementioned, the same shall be deemed served or delivered seventy-two (72) hours after mailing thereof. If any notice is sent by fax or email to a party, it will be deemed to have been delivered on the date the fax or
email thereof is actually received, provided the original thereof is sent by certified mail, in the manner set forth above, within twenty-four (24) hours after the fax or email is sent. 

10. Amendment. Any provision of this Warrant may be amended or the observance thereof may be waived (either generally or in a
particular instance and either retroactively or prospectively), only with the written consent of the Company and the Holder. 
 11.
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of Washington. 
 IN WITNESS
WHEREOF, the Company and the Holder have executed this Warrant on the respective dates set forth below. 
  

							
		 		 	HOLDER
			
	Date:                        	 		 	 
		 		 	Name:
			
		 		 	CYTODYN INC.
				
	Date:                        	 		 	By:	 	 
		 		 	Name:	 	Michael D. Mulholland
		 		 	Title:	 	Chief Financial Officer

  
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 FORM OF EXERCISE 

To be executed upon exercise of Warrant 

(please print) 
 The
undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Number A-             certificate, to
                 shares of common stock, no par value per share (“Common Stock”) of CytoDyn Inc. (the “Company”) and herewith tenders payment for
such shares of Common Stock to the order of the Company the amount of $0.75 per share in accordance with the terms hereof. The undersigned requests that a certificate for such shares of Common Stock be registered in the name of
                         whose address is
                                        .
If said number of shares of Common Stock is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of the shares of Common Stock be registered in
the name of
                                        ,
whose address is
                                        ,
and that such Warrant Certificate be delivered to                         , whose address is
                                        .

 Representations of the undersigned. 
  

	 	a)	The undersigned acknowledges that the undersigned has received, read and understood the Warrant and agrees to abide by and be bound by its terms and conditions. 

 

	 	b)	(i) The undersigned has such knowledge and experience in business and financial matters that the undersigned is capable of evaluating the Company and the proposed activities thereof, and the risks and merits of this
prospective investment. 

 [    ]  YES    
[    ]  NO 
  

	 	    	(ii) If “No”, the undersigned is represented by a “purchaser representative,” as that term is defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”).

 [    ]  YES     [    ]  NO 

 

	 	c)	(i) The undersigned is an “accredited investor,” as that term is defined in the Securities Act. 

[    ]  YES     [    ]  NO 

 

	 	    	(ii) If “Yes,” the undersigned comes within the following category of that definition (check one and complete the blanks as applicable): 

 

	 	[    ]	 1. The undersigned is a natural person whose present net worth (or whose joint net worth with his or her spouse), excluding the value of the
undersigned’s primary residence, exceeds $1,000,000. For purposes of calculating the undersigned’s present net worth, the undersigned has 

	 	included the following as liabilities: (i) any indebtedness that is secured by the undersigned’s primary residence in excess of the estimated fair market value of the undersigned’s primary residence at
the time of the sale of the shares, and (ii) any incremental debt secured by the undersigned’s primary residence that was incurred in the 60 days before the sale of the shares, other than as a result of the acquisition of the
undersigned’s primary residence. 

  

	 	[    ]	2. The undersigned is a natural person who had individual income in excess of $200,000 in each of the last two years or joint income with the undersigned’s spouse in excess of $300,000 during such two years, and
the undersigned reasonably expects to have the same income level in the current year. 

  

	 	[    ]	3. The undersigned is an officer or director of the Company. 

  

	 	[    ]	4. The undersigned is a corporation or partnership not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000. 

 

	 	[    ]	5. The undersigned is a trust with total assets in excess of $5,000,000 whose purchase is directed by a person with such knowledge and experience in financial and business matters that such person is capable of
evaluating the merits and risks of the prospective investment. 

  

	 	[    ]	6. The undersigned is an entity, all of whose equity owners are accredited investors under paragraphs 1, 2, 3, 4 or 5, above. 

  

	 	d)	The undersigned understands that the shares purchased hereunder have not been registered under the Securities Act, in reliance upon the exemption from the registration requirements under the Securities Act pursuant to
Section 4(a)(2) of the Securities Act and Rule 506 promulgated thereunder; and, therefore, that the undersigned must bear the economic risk of the investment for an indefinite period of time since the securities cannot be sold, transferred or
assigned to any person or entity without compliance with the provisions of the Securities Act. 

 

			
	Submitted by:

			
		
	By:	 	 

			
	Date:	 	 

			
	SS/Tax ID:	 	 

			
	Telephone:	 	 

			
	Email:	 	 

			
	Accepted by CytoDyn Inc.:

			
		
	By:	 	 

			
	Date:	 	 

			
	Tax ID:	 	 

 
 

  
 (Signature must conform in all respects to
name of holder as specified on the face of the Warrant Certificate.)EX-4.4

 Exhibit 4.4 

PURCHASE WARRANT 
 Issued to: 

 
  

Exercisable to Purchase 

                     Shares of
Common Stock 
 of 
 CYTODYN
INC. 
 Warrant No. P -              

Void after                 , 2020 

THIS WARRANT HAS NOT BEEN REGISTERED 

UNDER THE SECURITIES ACT OF 1933 

AND IS NOT TRANSFERABLE 
 EXCEPT AS
PROVIDED HEREIN 

 This is to certify that, for value received and subject to the terms and conditions set forth
below, the Warrantholder (hereinafter defined) is entitled to purchase, and the Company (hereinafter defined) promises and agrees to sell and issue to the Warrantholder, at any time on or after the Issue Date and on or before the seventh anniversary
of the Issue Date, up to                  shares of Common Stock (hereinafter defined) at the per share Exercise Price
(hereinafter defined). 
 This Warrant Certificate is issued subject to the following terms and conditions: 

1. Definitions of Certain Terms. Except as may be otherwise clearly required by the context, the following terms have the following
meanings: 
 (a) “Cashless Exercise” means an exercise of a Warrant in which, in lieu of payment of the Exercise Price in cash, the
Warrantholder elects to receive a lesser number of Securities in payment of the Exercise Price, as determined in accordance with Section 2(b). 

(b) “Closing Date” means the date or dates on which a closing under the Offering occurs. 

(c) “Commission” means the Securities and Exchange Commission. 

(d) “Common Stock” means the common stock, no par value, of the Company. 

(e) “Company” means CytoDyn Inc., a Colorado corporation. 

(f) “Exercise Price” means the price at which the Warrantholder may purchase one share of Common Stock or other Securities upon
exercise of a Warrant as determined from time to time pursuant to the provisions hereof, multiplied by the number of Securities as to which the Warrant is being exercised. The initial Exercise Price is $0.75 per share of Common Stock. 

(g) “Issue Date” means the Closing Date on which this Warrant is issued. 

(h) “Memorandum” means the offering materials described in the Placement Agent Agreement. 

(i) “Offering” means the private offering of shares of Common Stock and warrants made pursuant to the Memorandum and the Placement
Agent Agreement. 
 (j) “Placement Agent Agreement” means that certain Placement Agent Agreement, dated June 1, 2015,
July 11, 2015 and July 16, 2015 between the Company, Paulson Investment Company LLC and any Additional Placement Agents as defined therein. 

(k) “Rules and Regulations” means the rules and regulations of the Commission adopted under the Securities Act. 

  
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 (l) “Securities” means the securities obtained or obtainable upon exercise of the
Warrant or securities obtained or obtainable upon exercise, exchange, or conversion of such securities. 
 (m) “Securities Act”
means the Securities Act of 1933, as amended. 
 (n) “Warrant” means the warrant evidenced by this certificate, any similar
certificate issued in connection with the Offering, or any certificate obtained upon transfer or partial exercise of the Warrant evidenced by any such certificate. 

(o) “Warrant Certificate” means a certificate evidencing the Warrant. 

(p) “Warrantholder” means a record holder of the Warrant or Securities. 

2. Exercise of Warrant. 

(a) All or any part of the Warrant represented by this Warrant Certificate may be exercised commencing on the Issue Date and ending at 5:00
p.m. Pacific Time on August 3, 2020 (the “Expiration Date”) by surrendering this Warrant Certificate, together with the Exercise Price and appropriate instructions, duly executed by the Warrantholder or by its duly authorized
attorney, at the office of the Company, 1111 Main Street, Suite 660, Vancouver, Washington, 98660; or at such other office or agency as the Company may designate. The date on which such instructions are received by the Company shall be the date of
exercise. If the Warrantholder has elected a Cashless Exercise, such instructions shall so state. 
 (b) If the Warrantholder elects a
Cashless Exercise, the Warrantholder may surrender in payment of the Exercise Price, shares of Common Stock equal in value to the Exercise Price by surrender of this Warrant at the principal office of the Company together with notice of such
election, in which event the Company shall issue to the Warrantholder a number of shares of Common Stock computed using the following formula: 
  

							
		  		  	X =	  	 Y (A–B)

		  		  	  	      A
			
	 Where:
	  	X =	  	The number of shares of Common Stock to be issued to the Warrantholder pursuant to this Cashless Exercise
			
		  	Y =	  	The number of shares of Common Stock in respect of which the Cashless Exercise election is made
			
		  	A =	  	The fair market value of one share of Common Stock at the time the Cashless Exercise election is made
			
		  	B =	  	The Exercise Price (as adjusted to the date of the Cashless Exercise)

 For purposes of this Section 2(b), the fair market value of one share of Common Stock as of a particular date shall be
determined as follows: (i) if traded on a securities exchange, the value 

  
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shall be deemed to be the average of the closing prices of the Common Stock on such exchange over the thirty (30) day period ending one (1) day prior to the Cashless Exercise;
(ii) if traded over-the-counter, the value shall be deemed to be the average of the closing bid or sale prices (whichever is applicable) of the Common Stock over the thirty (30) day period ending one (1) day prior to the Cashless
Exercise; and (iii) if there is no active public market, the value shall be the fair market value thereof, as determined in good faith by the Board of Directors of the Company. 

(c) Subject to the provisions below, upon receipt of notice of exercise, the Company shall promptly prepare or cause the preparation of
certificates for the Securities to be received by the Warrantholder upon completion of the Warrant exercise. After such certificates are prepared, the Company shall notify the Warrantholder and, upon payment in full by the Warrantholder, in lawful
money of the United States, of the Exercise Price payable with respect to the Securities being purchased, or, in the case of a Cashless Exercise, upon deemed surrender of Securities equal in value to the Exercise Price, deliver such certificates to
the Warrantholder, or as per the Warrantholder’s instructions, promptly after such funds are available, if applicable, and otherwise promptly thereafter. The Securities to be obtained on exercise of the Warrant will be deemed to have been
issued, and any person exercising the Warrant will be deemed to have become a holder of record of those Securities, as of the date of receipt by the Company of (a) available funds in cash in payment of the Exercise Price, or (b) notice of
Cashless Exercise. 
 (d) If fewer than all the Securities purchasable under the Warrant are purchased, the Company will, upon such partial
exercise, execute and deliver to the Warrantholder a new Warrant Certificate (dated the date hereof), in form and tenor similar to this Warrant Certificate, evidencing that portion of the Warrant not exercised. 

(e) Notwithstanding the foregoing, in no event shall such Securities be issued, and the Company is authorized to refuse to honor the exercise
of the Warrant, if such exercise would result in the opinion of the Company’s Board of Directors, upon advice of counsel, in the violation of any law. 

3. Adjustments in Certain Events. The number, class, and price of Securities for which this Warrant Certificate may be exercised are
subject to adjustment from time to time upon the happening of certain events as follows: 
 (a) If the outstanding shares of the
Company’s Common Stock are divided into a greater number of shares or a dividend in stock is paid on the Common Stock, the number of shares of Common Stock for which the Warrant is then exercisable will be proportionately increased and the
Exercise Price will be proportionately reduced; and, conversely, if the outstanding shares of Common Stock are combined into a smaller number of shares of Common Stock, the number of shares of Common Stock for which the Warrant is then exercisable
will be proportionately reduced and the Exercise Price will be proportionately increased. The increases and reductions provided for in this Section 3(a) will be made with the intent and, as nearly as practicable, the effect that neither the
percentage of the total equity of the Company obtainable on exercise of the Warrants nor the price payable for such percentage upon such exercise will be affected by any event described in this Section 3(a). 

  
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 (b) In case of any change in the Common Stock through merger, consolidation, reclassification,
reorganization, partial or complete liquidation, purchase of substantially all the assets of the Company, or other change in the capital structure of the Company, then, as a condition of such change, lawful and adequate provision will be made so
that the Warrantholder will have the right thereafter to receive upon the exercise of the Warrant the kind and amount of shares of stock or other securities or property to which the Warrantholder would have been entitled if, immediately prior to
such event, the Warrantholder had held the number of shares of Common Stock obtainable upon the exercise of the Warrant. In any such case, appropriate adjustment will be made in the application of the provisions set forth herein with respect to the
rights and interest thereafter of the Warrantholder, to the end that the provisions set forth herein will thereafter be applicable, as nearly as reasonably may be, in relation to any shares of stock or other securities or property thereafter
deliverable upon the exercise of the Warrant. The Company will not permit any change in its capital structure to occur unless the issuer of the shares of stock or other securities to be received by the holder of this Warrant Certificate, if not the
Company, agrees to be bound by and comply with the provisions of this Warrant Certificate. 
 (c) When any adjustment is required to be made
in the number of shares of Common Stock, other securities, or the property purchasable upon exercise of the Warrant, the Company will promptly determine the new number of such shares or other securities or property purchasable upon exercise of the
Warrant and (i) prepare and retain on file a statement describing in reasonable detail the method used in arriving at the new number of such shares or other securities or property purchasable upon exercise of the Warrant and (ii) cause a
copy of such statement to be mailed to the Warrantholder within thirty (30) days after the date of the event giving rise to the adjustment. 

(d) No fractional shares of Common Stock or other Securities will be issued in connection with the exercise of the Warrant, and the number of
shares of Common Stock to be issued shall be rounded to the nearest whole number. 
 (e) If securities of the Company or securities of any
subsidiary of the Company are distributed pro rata to holders of Common Stock, such number of securities will be distributed to the Warrantholder or its assignee upon exercise of its rights hereunder as such Warrantholder or assignee would have been
entitled to if this Warrant had been exercised prior to the record date for such distribution. The provisions with respect to adjustment of the Common Stock provided in this Section 3 will also apply to the securities to which the Warrantholder
or its assignee is entitled under this Section 3(e). 
 (f) Notwithstanding anything herein to the contrary, there will be no adjustment
made hereunder on account of the sale by the Company of the Common Stock or any other Securities purchasable upon exercise of the Warrant. 

4. Reservation of Securities. The Company agrees that the number of shares of Common Stock or other Securities sufficient to provide for
the exercise of the Warrant upon the basis set forth above will, at all times during the term of the Warrant, be reserved for issuance. 
 5.
Validity of Securities. All Securities delivered upon the exercise of the Warrant will be duly and validly issued in accordance with their terms and, upon payment of the Exercise Price, will be fully paid and non-assessable. The Company will
pay all documentary and transfer taxes, if any, in respect of the original issuance thereof upon exercise of the Warrant. 

  
 4 

 6. Transferability. This Warrant Certificate and the Warrant may be transferred to
Additional Placement Agents in the Offering as defined in the Placement Agent Agreement or to individuals who are a partner, officer or other representative of the Lead Placement Agent or any Additional Placement Agent. The Warrant may be divided or
combined, upon request to the Company by the Warrantholder, into a certificate or certificates evidencing the same aggregate number of Warrants 

7. Securities Act Compliance. The Warrantholder hereby represents: (a) that this Warrant and any Common Stock to be acquired by the
Warrantholder on exercise of the Warrant will be acquired for investment for the Warrantholder’s own account and not with a view to the resale or distribution of any part thereof, and (b) that the Warrantholder is an accredited investor as
defined in Rule 501(a) of Regulation D promulgated under the Securities Act. In addition, as a condition of its delivery of certificates for the Common Stock, the Company will require the Warrantholder to deliver to the Company representations
regarding the Warrantholder’s sophistication, investor status, investment intent, acquisition for its own account and such other matters as are reasonable and customary for purchasers of securities in an unregistered private offering as set
forth in the attached Exercise Form. The Company may place conspicuously upon each certificate representing the Common Stock a legend substantially in the following form, the terms of which are agreed to by the Warrantholder: 

“THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS AND, IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS
THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.” 

8. No Rights as a Shareholder. Except as otherwise provided herein, the Warrantholder will not, by virtue of ownership of the Warrant,
be entitled to any rights of a shareholder of the Company but will, upon written request to the Company, be entitled to receive such quarterly or annual reports as the Company distributes to its shareholders. 

9. Notice. Any notices required or permitted to be given hereunder will be in writing and may be served personally or by mail, including
by e-mail; and if served will be addressed as follows: 
  

			
	 If to the Company:
	  	 CytoDyn Inc.
 Attn: Michael D. Mulholland

1111 Main Street, Suite 660
 Vancouver, Washington, 98660

Email: mmulholland@cytodyn.com

  
 5 

			
		
	 with a copy to:
	  	 Lowenstein Sandler LLP
 Attn: Steven M.
Skolnick
 65 Livingston Avenue & 6 Becker Farm Road

Roseland, New Jersey 07068
 Email:
sskolnick@lowenstein.com

		
	 If to the Warrantholder:
	  	 c/o Paulson Investment Company LLC
 1001 SW
Fifth Avenue, Ste. 1460
 Portland, Oregon 97204

 Any notice so given by mail will be deemed effectively given 48 hours after mailing when deposited in the
United States mail, registered or certified mail, return receipt requested, postage prepaid and addressed as specified above. Any notice given by e-mail must be accompanied by confirmation of receipt, and will be deemed effectively given upon
confirmation of such receipt. Any party may by written notice to the other specify a different address for notice purposes. 
 10.
Applicable Law. This Warrant Certificate will be governed by and construed in accordance with the laws of the State of Washington, without reference to conflict of laws principles thereunder. All disputes relating to this Warrant Certificate
shall be tried before the courts of Washington located in Clark County, Washington to the exclusion of all other courts that might have jurisdiction. 

Dated as of August 3, 2015 
  

					
	CYTODYN INC.
			
	By:	 	 	 	 
		 	 Name:
 Title:
	 	 Michael D. Mulholland
 Chief Financial
Officer

  
 6 

 EXERCISE FORM 

(To Be Executed by the Warrantholder to Exercise the Warrant) 
  

	TO:	CYTODYN INC. 

  

	1.	The undersigned hereby irrevocably elects to exercise the right to purchase              shares of Common Stock, represented by Warrant No. P –
             as follows: 

  

					
		  	[    ]	  	Exercise for Cash. Pursuant to Section 2(a) of the Warrant, the Holder hereby elects to exercise the Warrant for cash and tenders payment herewith (or has made a wire transfer) to the order of CytoDyn Inc. in the
amount of $                    .
			
	2.	  	[    ]	  	Cashless Exercise. Pursuant to Section 2(b) of the Warrant, the Holder hereby elects to exercise the Warrant on a cashless basis.

  

	3.	The undersigned requests that the applicable number of shares of Common Stock be issued and delivered to the following address: 

  

							
		  	Name:	 	  
	  	
		  	Address:	 	  
	  	
		  		 	  
	  	
		  	Email:	 	  
	  	
		  	SSN:	 	  
	  	

  

	4.	The undersigned understands, agrees and recognizes that: 

  

	 	(a)	No federal or state agency has made any finding or determination as to the fairness of the investment or any recommendation or endorsement of the securities. 

 

	 	(b)	All certificates evidencing the shares of Common Stock, if any, may bear a legend substantially similar to the legend set forth in Section 7 of the Warrant regarding resale restrictions. 

 

	    	Representations of the undersigned. 

  

	5.	The undersigned acknowledges that the undersigned has received, read and understood the Warrant and agrees to abide by and be bound by its terms and conditions. 

 

	6.	(i) The undersigned has such knowledge and experience in business and financial matters that the undersigned is capable of evaluating the Company and the proposed activities thereof, and the risks and merits of
this prospective investment. 

 [    ] YES [    ] NO 

	    	(ii) If “No”, the undersigned is represented by a “purchaser representative,” as that term is defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”).

 [    ] YES [    ] NO 

 

	7.	(i) The undersigned is an “accredited investor,” as that term is defined in the Securities Act. 

[    ] YES [    ] NO 
  

	    	(ii) If “Yes,” the undersigned comes within the following category of that definition (check one): 

  

	 	[    ]	The undersigned is a natural person whose present net worth (or whose joint net worth with his or her spouse), excluding the value of the undersigned’s primary residence, exceeds $1,000,000. For purposes of
calculating the undersigned’s present net worth, the undersigned has included the following as liabilities: (i) any indebtedness that is secured by the undersigned’s primary residence in excess of the estimated fair market value of
the undersigned’s primary residence at the time of the sale of the shares, and (ii) any incremental debt secured by the undersigned’s primary residence that was incurred in the 60 days before the sale of the shares, other than as a
result of the acquisition of the undersigned’s primary residence. 

  

	 	[    ]	The undersigned is a natural person who had individual income in excess of $200,000 in each of the last two years or joint income with the undersigned’s spouse in excess of $300,000 during such two years, and the
undersigned reasonably expects to have the same income level in the current year. 

  

	 	[    ]	The undersigned is an officer or director of the Company. 

  

	 	[    ]	The undersigned is a corporation or partnership not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000. [        ] The
undersigned is a trust with total assets in excess of $5,000,000 whose purchase is directed by a person with such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of the
prospective investment. 

  

	 	[    ]	The undersigned is an entity, all of whose equity owners are accredited investors under one or more of the categories above. 

  

	8.	 The undersigned understands that the shares purchased hereunder have not been registered under the Securities Act, in reliance upon the exemption from
the registration 

	 	
requirements under the Securities Act pursuant to Section 4(2) of the Securities Act and Rule 506 promulgated thereunder; and, therefore, that the undersigned must bear the economic risk of
the investment for an indefinite period of time since the securities cannot be sold, transferred or assigned to any person or entity without compliance with the provisions of the Securities Act 

Dated:                     ,
20        . 
  

			
	By:	 	 

 
			
	Name:	 	 

 
			
	Print:	 	 
	
	Note: Signature must correspond with the name as written upon the face of the Warrant in all respects, without alteration or enlargement or any change whatsoever.

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