Document:

WARRANT AGREEMENT

 

THIS WARRANT AGREEMENT
(this “Warrant Agreement”), dated as of January __, 2014 (the “Issuance Date”), is entered into by and
between Pimi Agro Cleantech, Inc., a Delaware corporation (the “Company”), and Action Stock Transfer & Trust Corporation,
a {______________} corporation (the “Warrant Agent”).

 

WHEREAS, the Company intends
to sell units (the “Units”), each consisting of one share of common stock, par value $0.01 per share (the “Common
Stock”), of the Company and one Class A warrant to purchase one share of Common Stock (each, a “Warrant Share”
and, collectively, the “Warrant Shares”) subject to adjustment (each, a “Warrant” and, collectively, the
“Warrants”), pursuant to a Placement Agent Agreement between the Company and Sandlapper Securities LLC, as the Placement
Agent, (the “Placement Agent Agreement”); and

 

WHEREAS, both the Common
Stock and the Warrants underlying the Units shall be issued by the Company in a public offering pursuant to a registration statement
on Form S-1 (SEC File No. 333 -__________), (the “Registration Statement”) filed with the Securities and Exchange Commission
(the “Commission”) under the Securities Act of 1933, as amended (the “Act”); and

 

WHEREAS, the Company desires
the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance,
registration, transfer, exchange, redemption and exercise of the Warrants;

 

WHEREAS, the Company desires
to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective
rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts and
things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned
by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize
the execution and delivery of this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.                 
Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the
Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and
conditions set forth in this Agreement.

 

2.                 
Warrants.

 

2.1             
Form of Warrant. Each Warrant shall be (a) issued in registered form only, (b) in substantially the form of Exhibit
A hereto, the provisions of which are incorporated herein, and (c) signed by, or bear the facsimile signature of the Chief
Executive Officer, President, Chief Financial Officer, or the Secretary of the Company. In the event the person whose facsimile
signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before
such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

 

 

	{Pimi Agro Cleantech, Inc. Warrant Agreement}

	 	 

  

    	 

    	 

    

  

2.2             
Effect of Countersignature. Unless and until countersigned by the Warrant Agent pursuant to this Warrant Agreement,
a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.3             
Registration.

 

2.3.1       
Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”) for the registration
of the original issuance and transfers of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue
and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with
instructions delivered to the Warrant Agent by the Company. The Warrants may be represented by definitive Warrant Certificates
in physical form or by one or more book-entry warrant certificates (the “Book-Entry Warrant Certificates”) deposited
with the Depository Trust Company (the “Depository”) and registered in the name of Cede & Co., a nominee of the
Depository. Ownership of beneficial interests in the Book-Entry Warrant Certificates shall be shown on, and the transfer of such
ownership shall be effected through, records maintained (i) by the Depository or its nominee for each Book-Entry Warrant Certificate;
(ii) by institutions that have accounts with the Depository (such institution, with respect to a Warrant in its account, a “Participant”);
or (iii) directly on the book-entry records of the Warrant Agent with respect only to owners of beneficial interests that request
such direct registration. If the Depository subsequently ceases to make its book-entry settlement system available for the Warrants,
the Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement within ten (10) days after
the Depository ceases to make its book-entry settlement available. In the event that the Company does not make alternative arrangements
for book-entry settlement within ten (10) days or the Warrants are not eligible for, or it is no longer necessary to have the Warrants
available in, book-entry form, the Warrant Agent shall provide written instructions to the Depository to deliver to the Warrant
Agent for cancellation each Book-Entry Warrant Certificate, and the Company shall instruct the Warrant Agent to deliver to the
Depository definitive Warrant Certificates in physical form evidencing such Warrants.

 

2.3.2       
Registered Holder; Beneficial Owner. Prior to due presentment for registration of transfer of any Warrant, the Company
and the Warrant Agent may deem and treat the person in whose name such Warrant shall be registered upon the Warrant Register (the
“registered holder”), as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding
any notation of ownership or other writing on the warrant certificate made by anyone other than the Company or the Warrant Agent),
for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected
by any notice to the contrary. The term “beneficial owner” shall mean any person in whose name ownership of a beneficial
interest in the Warrants evidenced by (a) a Book-Entry Warrant Certificate is recorded in the records maintained by the Depository
or its nominee or (b) a definitive Warrant Certificate is recorded in the book-entry records of the Warrant Agent.

 

 

	{Pimi Agro Cleantech, Inc. Warrant Agreement}

	2	 

 

    	 

    	 

    

  

2.3.3       
Detachability of Warrants. The securities comprising the Units will be issued separately and will be separately transferable
immediately upon issuance. 

 

2.3.4       
Uncertificated Warrants. Notwithstanding the foregoing and anything else herein to the contrary, the Warrants may
be issued in uncertificated form if so specified by the Company.

 

3.                 
Terms and Exercise of Warrants.

 

3.1             
Exercise Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the registered holder thereof,
subject to the provisions of such Warrant, and, as the case may be, and of this Warrant Agreement, to purchase from the Company
the number of shares of Common Stock stated therein, at the price of $[●] per whole share, subject to the adjustments provided
in Section 4 hereof and in the last sentence of this Section 3.1. The term “Exercise Price” as used in this Warrant
Agreement refers to the price per share at which Common Stock may be purchased at the time a Warrant is exercised. The Company,
in its sole discretion, may lower the Exercise Price at any time prior to the Expiration Date (as defined below).

 

3.2             
Duration of Warrants. A Warrant may be exercised only during the period (“Exercise Period”) commencing
on the Issuance Date and terminating at 5:00 p.m., New York City time on [●] (the “Expiration Date”). Each Warrant
not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under
this Agreement shall cease at the close of business on the Expiration Date. The Company, in its sole discretion, may extend the
duration of the Warrants by delaying the Expiration Date.

 

3.3             
Exercise of Warrants.

 

3.3.1       
Exercise and Payment. A registered holder may exercise a Warrant by delivering, not later than 5:00 P.M., Eastern
time, on any Business Day during the Exercise Period (the “Exercise Date”) to the Warrant Agent at its corporate
trust department (i) the Warrant Certificate evidencing the Warrants to be exercised, or, in the case of a Book-Entry Warrant Certificate,
the Warrants to be exercised (the “Book-Entry Warrants”) on the records of the Depository to an account of the
Warrant Agent at the Depository designated for such purpose in writing by the Warrant Agent to the Depository from time to time,
(ii) an election to purchase the Shares underlying the Warrants to be exercised (the “Election to Purchase”),
properly completed and executed by the registered holder on the reverse of the Warrant Certificate or, in the case of a Book-Entry
Warrant Certificate, properly delivered by the Participant in accordance with the Depository’s procedures, and (iii), except
as provided in 3.3.8, the Exercise Price for each Warrant to be exercised in lawful money of the United States of America by certified
or official bank check or by bank wire transfer in immediately available funds. 

 

If any of (A) the Warrant
Certificate or the Book-Entry Warrants, (B) the Election to Purchase, or (C) the Warrant Price therefor, is received by the Warrant
Agent after 5:00 P.M., Eastern time, on the specified Exercise Date, the Warrants will be deemed to be received and exercised on
the Business Day next succeeding the Exercise Date. If the date specified as the Exercise Date is not a Business Day, the Warrants
will be deemed to be received and exercised on the next succeeding day that is a Business Day. If the Warrants are received or
deemed to be received after the Expiration Date, the exercise thereof will be null and void and any funds delivered to the Warrant
Agent will be returned to the registered holder or Participant, as the case may be, as soon as practicable. In no event will interest
accrue on funds deposited with the Warrant Agent in respect of an exercise or attempted exercise of Warrants. The validity of any
exercise of Warrants will be determined by the Company in its sole discretion and such determination will be final and binding
upon the registered holder and the Warrant Agent. Neither the Company nor the Warrant Agent shall have any obligation to inform
a registered holder of the invalidity of any exercise of Warrants.

 

 

	{Pimi Agro Cleantech, Inc. Warrant Agreement}

	3	 

 

    	 

    	 

    

  

The Warrant Agent shall
deposit all funds received by it in payment of the Warrant Price in the account of the Company maintained with the Warrant Agent
for such purpose and shall advise the Company at the end of each day on which funds for the exercise of the Warrants have been
received and the amount so deposited to its account. The Warrant Agent shall promptly confirm such telephonic advice to the Company
in writing. 

 

3.3.2       
Issuance of Certificates. The Warrant Agent shall, within a reasonable time, advise the Company and the transfer
agent and registrar in respect of (a) the Shares issuable upon such exercise as to the number of Warrants exercised in accordance
with the terms and conditions of this Agreement, (b) the instructions of each registered holder or Participant, as the case may
be, with respect to delivery of the Warrant Shares issuable upon such exercise, and the delivery of definitive Warrant Certificates,
as appropriate, evidencing the balance, if any, of the Warrants remaining after such exercise, (c) in case of a Book-Entry Warrant
Certificate, the notation that shall be made to the records maintained by the Depository, its nominee for each Book-Entry Warrant
Certificate, or a Participant, as appropriate, evidencing the balance, if any, of the Warrants remaining after such exercise and
(d) such other information as the Company or such transfer agent and registrar shall reasonably require.

 

The Company shall,
by 5:00 P.M., Eastern time, on the third Business Day next succeeding the Exercise Date of any Warrant and the clearance of the
funds in payment of the Exercise Price (or upon surrender of the Warrant, or portion thereof, as set forth in Section 3.3.7) (the
“Warrant Shares Delivery Date”), execute, issue and deliver to the Warrant Agent, the Warrant Shares to which
such registered holder or Participant, as the case may be, is entitled, in fully registered form, registered in such name or names
as may be directed by such registered holder or the Participant, as the case may be. Upon receipt of such Warrant Shares, the Warrant
Agent shall, by 5:00 P.M., Eastern Time, on the third Business Day next succeeding such Exercise Date, transmit such Warrant Shares
to or upon the order of the registered holder or Participant, as the case may be. If any such Warrant shall not have been exercised
in full, a new countersigned Warrant for the number of shares as to which such Warrant shall not have been exercised shall be delivered
to the registered holder or Participant, as the case may be.

 

In lieu of delivering
physical certificates representing the Warrant Shares issuable upon exercise, provided the Company’s transfer agent is participating
in the Depository’s Fast Automated Securities Transfer program, the Company shall use its reasonable best efforts to cause
its transfer agent to electronically transmit the Warrant Shares issuable upon exercise to the registered holder or the Participant
by crediting the account of the registered holder’s prime broker with the Depository or of the Participant through its Deposit
Withdrawal Agent Commission system. The time periods for delivery described in the immediately preceding paragraph shall apply
to the electronic transmittals described herein. If the Warrant Agent fails to comply with the preceding paragraphs in this
Section 3.3.2 by the Warrant Shares Delivery Date, then the registered holder will have the right to rescind its exercise.

 

 

	{Pimi Agro Cleantech, Inc. Warrant Agreement}

	4	 

 

    	 

    	 

    

  

Notwithstanding the
foregoing, the Company shall not be obligated to deliver any securities pursuant to the exercise of a Warrant unless (a) a registration
statement under the Act with respect to the Common Stock issuable upon exercise of such Warrants is effective and a current prospectus
relating to the shares of Common Stock issuable upon exercise of the Warrants is available for delivery to the Warrant holders
or (b) in the opinion of counsel to the Company, the exercise of the Warrants is exempt from the registration requirements of the
Act and such securities are qualified for sale or exempt from qualification under applicable securities laws of the states or other
jurisdictions in which the registered holder resides. Warrants may not be exercised by, or securities issued to, any registered
holder in any state in which such exercise or issuance would be unlawful. In the event that a registration statement under the
Act with respect to the Common Stock underlying the Warrants is not effective or a current prospectus is not available, or because
such exercise would be unlawful with respect to a registered holder in any state, the registered holder shall not be entitled to
exercise such Warrants and such Warrants may have no value and expire worthless.

 

3.3.3       
Valid Issuance; Opinions of Counsel. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity
with this Warrant Agreement shall be validly issued, fully paid and nonassessable. The Company will, at its cost and expense, provide
to the Warrant Agent any opinions of legal counsel with respect to the exercise, transfer or assignment of any Warrant or Warrant
Shares.

 

3.3.4       
Date of Issuance. Each person in whose name any such certificate for shares of Common Stock is issued shall for all
purposes be deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment
of the Exercise Price was made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender
and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder
of such shares at the close of business on the next succeeding date on which the stock transfer books are open.

 

3.3.5       
No Fractional Exercise. No fractional Warrant Shares shall be issued upon the exercise of any Warrant. As to any
fraction of a Warrant Share which the registered holder would otherwise be entitled to purchase upon such exercise, the Company
shall, at its election, either pay a cash adjustment in respect of such fraction in an amount equal to such fraction multiplied
by the Exercise Price or round up such fraction to the nearest whole share. If fewer than all of the Warrants evidenced by a Warrant
Certificate are exercised, a new Warrant Certificate for the number of unexercised Warrants remaining shall be executed by the
Company and countersigned by the Warrant Agent as provided in Section 2 of this Warrant Agreement, and delivered to the holder
of this Warrant Certificate at the address specified on the books of the Warrant Agent or as otherwise specified by such registered
holder. If fewer than all the Warrants evidenced by a Book-Entry Warrant Certificate are exercised, a notation shall be made to
the records maintained by the Depository, its nominee for each Book-Entry Warrant Certificate, or a Participant, as appropriate,
evidencing the balance of the Warrants remaining after such exercise.

 

 

	{Pimi Agro Cleantech, Inc. Warrant Agreement}

	5	 

 

    	 

    	 

    

  

3.3.6       
No Transfer Taxes. The Company shall not be required to pay any stamp or other tax or governmental charge required
to be paid in connection with any transfer involved in the issue of the Warrant Shares upon the exercise of Warrants; and in the
event that any such transfer is involved, the Company shall not be required to issue or deliver any Warrant Shares until such tax
or other charge shall have been paid or it has been established to the Company’s satisfaction that no such tax or other charge
is due.

 

3.3.7       
Optional Cashless Exercise. If at any time during the term of this Warrant there is no effective Registration Statement
registering, or no current prospectus available for, the issuance or resale of the Warrant Shares by the registered holder, then
this Warrant may also be exercised at such time by means of a “cashless exercise” in which the registered holder shall
be entitled to receive a certificate for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by
(A), where:

 

	 	(A)	= the VWAP (as defined below) on the Trading Day immediately preceding the date of such election;
	 	 	 
	 	(B)	= the Exercise Price of this Warrant, as adjusted; and
	 	 	 
	 	(X)	= the number of Warrant Shares issuable upon exercise of this Warrant in accordance with the terms of this Warrant by means of a cash exercise rather than a cashless exercise.

 

The term “VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market (as defined below), the daily volume weighted average price of the Common Stock for such date (or
the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P.
(based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (Eastern time), (b) if the OTC Bulletin Board is not a
Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTC
Bulletin Board, (c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the
Common Stock are then reported in the “Pink Sheets” published by Pink Sheets, LLC (or a similar organization or agency
succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in
all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith
by the Warrant Agent and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

The term “Trading
Market” means any of the following U.S. markets or exchanges on which the Common Stock is listed or quoted for trading
on the date in question: the NYSE, NYSE AMEX, the NASDAQ Capital Market, the NASDAQ Global Market or the NASDAQ Global Select Market
(or any successors to any of the foregoing).

 

3.3.8       
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of
the Warrant Shares, the Company shall promptly issue to the registered holder the number of Warrant Shares that are not disputed.

 

3.3.9       
 Reserved.

 

 

	{Pimi Agro Cleantech, Inc. Warrant Agreement}

	6	 

 

    	 

    	 

    

 

4.                 
Adjustments.

 

4.1             
Stock Dividends - Split-Ups. If, after the date hereof but prior to the Expiration Date, and subject to the provisions
of Section 4.6 below, the number of outstanding shares of Common Stock of the Company is increased by a stock dividend payable
in shares of Common Stock, or by a split-up of shares of Common Stock, or other similar event, then, on the effective date of such
stock dividend, split-up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased
in proportion to such increase in outstanding shares of Common Stock.

 

4.2             
Aggregation of Shares. If, after the date hereof but prior to the Expiration Date, and subject to the provisions
of Section 4.6, the number of outstanding shares of Common Stock of the Company is decreased by a consolidation, combination, reverse
stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such consolidation,
combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable on exercise
of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock.

 

4.3             
Adjustments in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the
Warrants is adjusted, as provided in Sections 4.1 and 4.2 above, the Exercise Price shall be adjusted (to the nearest cent) by
multiplying such Exercise Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number
of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator
of which shall be the number of shares of Common Stock purchasable under the Warrants immediately thereafter.

 

4.4             
Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding
shares of Common Stock (other than a change covered by Section 4.1 or 4.2 hereof or one that solely affects the par value of such
shares of Common Stock), or, in the case of any merger or consolidation of the Company with or into another corporation (other
than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification
or reorganization of the outstanding shares of Common Stock), or, in the case of any sale or conveyance to another corporation
or entity of the assets or other property of the Company as an entirety or substantially as an entirety, in connection with which
the Company is dissolved, the Warrant holders shall thereafter have the right to purchase and receive, upon the basis and upon
the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore
purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other
securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon
a dissolution following any such sale or transfer, that the Warrant holder would have received if such Warrant holder had exercised
his, her or its Warrant(s) immediately prior to such event; and if any reclassification also results in a change in shares of Common
Stock covered by Section 4.1 or 4.2, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4.
The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations,
sales or other transfers.

 

 

	{Pimi Agro Cleantech, Inc. Warrant Agreement}

	7	 

 

    	 

    	 

    

  

4.5             
Notices of Changes in Warrant. Upon every adjustment of the Exercise Price or the number of shares issuable upon
exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Exercise
Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon
the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation
is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company shall
give written notice to each Warrant holder, at the last address set forth for such holder in the Warrant Register, of the record
date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity
of such event.

 

4.6             
No Fractional Shares. Notwithstanding any provision contained in this Warrant Agreement to the contrary, the Company
shall not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the
holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company
shall, upon such exercise, round up or down to the nearest whole number the number of shares of Common Stock to be issued to the
Warrant holder.

 

4.7             
Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and
Warrants issued after such adjustment may state the same Exercise Price and the same number of shares as is stated in the Warrants
initially issued pursuant to this Warrant Agreement. However, the Company may, at any time, in its sole discretion, make any change
in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter
issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so
changed.

 

5.                 
Transfer and Exchange of Warrants.

 

5.1             
Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant
in the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly medallion guaranteed
and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate
number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled may be
delivered by the Warrant Agent to the Company from time to time upon request.

 

5.2             
Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request
for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested
by the registered holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however,
that except as otherwise provided herein or in any Book-Entry Warrant Certificate, each Book-Entry Warrant Certificate may be transferred
only in whole and only to the Depository, to another nominee of the Depository, to a successor depository, or to a nominee of a
successor depository; provided further, however, that in the event that a Warrant surrendered for transfer bears a restrictive
legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has
received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must
also bear a restrictive legend. Upon any such registration of transfer, the Company shall execute, and the Warrant Agent shall
countersign and deliver, in the name of the designated transferee a new Warrant Certificate or Warrant Certificates of any authorized
denomination evidencing in the aggregate a like number of unexercised Warrants.

 

 

	{Pimi Agro Cleantech, Inc. Warrant Agreement}

	8	 

 

    	 

    	 

    

  

5.3             
Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which
will result in the issuance of a warrant certificate for a fraction of a warrant.

 

5.4             
Service Charges; Counsel Fees. No service charge shall be made for any exchange or registration of transfer of Warrants.
In connection with any exercise or transfer or assignment of a Warrant or Warrant Shares, all fees and expenses of Counsel for
any opinion of counsel shall be paid by the Company.

 

5.5             
Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in
accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and
the Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the
Company for such purpose.

 

6.                 
Other Provisions Relating to Rights of Holders of Warrants.

 

6.1             
No Rights as Stockholder. Except as otherwise specifically provided herein, a registered holder, solely in its capacity
as a holder of a Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company
for any purpose, nor shall anything contained in this Warrant Agreement be construed to confer upon a registered holder, solely
in its capacity as the registered holder of a Warrant, any of the rights of a stockholder of the Company or any right to vote,
give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation,
merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to
the issuance to the registered holder of the Warrant Shares which it is then entitled to receive upon the due exercise of a Warrant.
 A Warrant does not entitle the registered holder thereof to any of the rights of a stockholder.

 

6.2             
Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated or destroyed, the Company
and the Warrant Agent may, on such terms as to indemnity or otherwise as they may in their discretion impose (which terms shall,
in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor and date as
the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute a substitute contractual obligation
of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone.

 

 

	{Pimi Agro Cleantech, Inc. Warrant Agreement}

	9	 

 

    	 

    	 

    

  

6.3             
Reservation of Common Stock. The Company shall at all times reserve and keep available a number of its authorized
but unissued shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant
to this Warrant Agreement.

 

7.                 
Concerning the Warrant Agent and Other Matters.

 

7.1             
Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon
the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of Warrants,
but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares.

 

7.2             
Resignation, Consolidation, or Merger of Warrant Agent.

 

7.2.1       
Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign
its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing
to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company
shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment
within a period of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the
holder of the Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the holder
of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor
Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall
be a corporation organized and existing under the laws of the State of New York, in good standing and having its principal office
in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and
subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested
with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as
if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or
appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring
to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request
of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for
more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities,
duties, and obligations.

 

7.2.2       
Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give
notice thereof to the predecessor Warrant Agent and the transfer agent for the Common Stock not later than the effective date of
any such appointment.

 

7.2.3       
Merger or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which
it may be consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party
shall be the successor Warrant Agent under this Agreement without any further act.

 

 

	{Pimi Agro Cleantech, Inc. Warrant Agreement}

	10	 

 

    	 

    	 

    

  

7.3             
Fees and Expenses of Warrant Agent.

 

7.3.1       
Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant
Agent hereunder and will reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur
in the execution of its duties hereunder.

 

7.3.2       
Further Assurances. The Company agrees to perform, execute, acknowledge and deliver or cause to be performed, executed,
acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Warrant
Agent for the carrying out or performing of the provisions of this Warrant Agreement. 

 

7.4             
Liability of Warrant Agent.

 

7.4.1       
Reliance on Company Statement. Whenever in the performance of its duties under this Warrant Agreement the Warrant
Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering
any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed
to be conclusively proved and established by a statement signed by the Chief Executive Officer, Chief Financial Officer, President
or Chairman of the Board of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for
any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.

 

7.4.2       
Indemnity. The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad
faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments,
costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement, except
as a result of the Warrant Agent’s gross negligence, willful misconduct or bad faith.

 

7.4.3       
Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Warrant Agreement
or with respect to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible
for any breach by the Company of any covenant or condition contained in this Warrant Agreement or in any Warrant; nor shall it
be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method
or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall
it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of
Common Stock to be issued pursuant to this Warrant Agreement or any Warrant or as to whether any shares of Common Stock will when
issued be valid and fully paid and nonassessable.

 

7.5             
Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Warrant Agreement and agrees
to perform the same upon the terms and conditions herein set forth and, among other things, shall account promptly to the Company
with respect to Warrants exercised and concurrently account for, and pay to the Company, all moneys received by the Warrant Agent
for the purchase of shares of Common Stock through the exercise of Warrants.

 

 

	{Pimi Agro Cleantech, Inc. Warrant Agreement}

	11	 

 

    	 

    	 

    

  

8.                 
Miscellaneous Provisions.

 

8.1             
Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant
Agent shall bind and inure to the benefit of their respective successors and assigns.

 

8.2             
Notices. Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant
Agent or by the holder of any Warrant to or on the Company shall be delivered by hand or sent by registered or certified mail or
overnight courier service, addressed (until another address is filed in writing by the Company with the Warrant Agent) as follows:

 

Pimi Agro Cleantech, Inc.

Kibbutz Alonim,

PO Box 117,

Hutzot Alonim 30049

Israel

Attn: Chief Financial Officer

 

Any notice, statement or
demand authorized by this Warrant Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant
Agent shall be delivered by hand or sent by registered or certified mail or overnight courier service, addressed (until another
address is filed in writing by the Warrant Agent with the Company) as follows:

 

Action Stock Transfer

2469 E. Fort Union Blvd, Suite
214

Salt Lake City, UT 84121

Attn:Compliance Department

 

with a copy in each case to:

 

Foley Shechter LLP

244 Fifth Avenue, Suite
2591

New York, New
York 10001

(F) 917.688.4092

Attn: Jonathan Shechter, Esq.

 

 

Any notice, sent pursuant to this Warrant
Agreement shall be effective, if delivered by hand, upon receipt thereof by the party to whom it is addressed, if sent by overnight
courier, on the next business day of the delivery to the courier, and if sent by registered or certified mail on the third day
after registration or certification thereof.

 

 

	{Pimi Agro Cleantech, Inc. Warrant Agreement}

	12	 

 

    	 

    	 

    

  

8.3             
Applicable Law. The validity, interpretation and performance of this Warrant Agreement and of the Warrants shall
be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would
result in the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding
or claim against it arising out of or relating in any way to this Warrant Agreement shall be brought and enforced in the courts
of the State of New York or 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 such 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 8.2 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the
Company in any action, proceeding or claim.

 

8.4             
Persons Having Rights under this Agreement. Nothing in this Warrant Agreement expressed and nothing that may be implied
from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other
than the parties hereto and the registered holders of the Warrants, any right, remedy, or claim under or by reason of this Warrant
Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises,
and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto and their
successors and assigns and of the registered holders of the Warrants.

 

8.5             
Examination of the Warrant Agreement. A copy of this Warrant Agreement shall be available at all reasonable times
at the office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder
of any Warrant. The Warrant Agent may require any such holder to submit his, her or its Warrant for inspection by it.

 

8.6             
Counterparts. This Warrant Agreement may be executed in any number of original or facsimile counterparts and each
of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but
one and the same instrument.

 

8.7             
Effect of Headings. The section headings herein are for convenience only and are not part of this Warrant Agreement
and shall not affect the interpretation thereof.

 

8.8             
Amendments. This Warrant Agreement may be amended by the parties hereto without the consent of any registered holder:
(i) for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or
(ii) adding or changing any other provisions with respect to matters or questions arising under this Warrant Agreement as the parties
may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the registered holders. All
other modifications or amendments, including any amendment to increase the Exercise Price or shorten the Exercise Period, shall
require the written consent of the registered holders of a majority of the then outstanding Warrants. Notwithstanding the foregoing,
the Company may lower the Exercise Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively,
without the consent of the registered holders.

 

 

	{Pimi Agro Cleantech, Inc. Warrant Agreement}

	13	 

 

    	 

    	 

    

  

8.9             
Severability. Whenever possible, each provision of this Warrant Agreement shall be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this Warrant Agreement is held to be prohibited by or invalid
under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating
the remainder of this Warrant Agreement.

 

8.10         
Certain Definitions. For purposes of this Warrant Agreement, the following terms shall have the following meanings:

 

8.10.1   
“Affiliate” means, with respect to any Person, any other Person which directly or indirectly through
one or more intermediaries Controls, is controlled by, or is under common control with, such Person.

 

8.10.2   
“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The
City of New York are authorized or required by law or executive order to remain closed.

 

8.10.3   
“Common Stock” means (i) the Company’s shares of Common Stock and (ii) any share capital into which
such Common Stock shall have been changed or any share capital resulting from a reclassification of such Common Stock.

 

8.10.4   
 “Control” (including the terms “controlling”, “controlled by”
or “under common control with”) means the possession, direct or indirect, of the power to direct or cause the
direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

8.10.5   
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation,
a trust, an unincorporated organization, any other entity and a government or any department or agency thereof.

 

 

 

 

 

[Signature page follows]

 

 

	{Pimi Agro Cleantech, Inc. Warrant Agreement}

	14	 

 

    	 

    	 

    

  

IN WITNESS WHEREOF, this
Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	PIMI AGRO CLEANTECH, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	 	 
	 	ACTION STOCK TRANSFER CORPORATION
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

	{Pimi Agro Cleantech, Inc. Warrant Agreement}

	 	 

 

    	 

    	 

    

 

EXHIBIT A

 

[FORM
OF WARRANT CERTIFICATE]

 

EXERCISABLE
ONLY IF COUNTERSIGNED BY THE WARRANT

AGENT
AS PROVIDED HEREIN.

 

Warrant Certificate Evidencing Warrants
to Purchase

Common Stock,
par value of $0.01 per share, as
described herein.

 

Cusip No. [●]

 

AUTHENTIDATE HOLDING CORP.

 

No. ___________

 

 

	VOID AFTER 5:00 P.M.,
NEW YORK TIME, 

ON [●]

   

This certifies that
________________________ or registered assigns is the registered holder of _____________________ warrants to purchase certain securities
(each a “Warrant”). Each Warrant entitles the holder thereof, subject to the provisions contained herein and
in the Warrant Agreement (as defined below), to purchase from Pimi Agro Cleantech, Inc.., a Delaware corporation (the “Company”),
[_______] shares (collectively, the “Warrant Shares”) of Common Stock, par value $0.01 per share, of the Company
(“Common Stock”), at the Exercise Price set forth below. The price per share at which each Warrant Share may
be purchased at the time each Warrant is exercised (the “Exercise Price”) is $[●] initially, subject to
adjustments as set forth in the Warrant Agreement (as defined below).

 

Capitalized terms used
but not defined herein shall have the meaning ascribed to them in the Warrant Agreement.

 

Subject to the terms
of the Warrant Agreement, each Warrant evidenced hereby may be exercised at any time, as specified herein, on any Business Day
(as defined below) occurring during the period (the “Exercise Period”) commencing the date hereof and terminating
at 5:00 P.M., New York City time, on [●] (the “Expiration Date”). Each Warrant remaining unexercised after
5:00 P.M., New York City time, on the Expiration Date shall become void, and all rights of the holder of this Warrant Certificate
evidencing such Warrant shall cease.

 

The holder of the Warrants
represented by this Warrant Certificate may exercise any Warrant evidenced hereby by delivering, not later than 5:00 P.M.,
New York time, on any Business Day during the Exercise Period (the “Exercise Date”) to Action Stock Transfer
Corporation (the “Warrant Agent”, which term includes any successor warrant agent under the Warrant Agreement
described below) at its office designated for such purpose at 2469 E. Fort Union Blvd., Suite 214 Salt Lake City, UT 84121, (i)
this Warrant Certificate or, in the case of a Book-Entry Warrant Certificate (as defined in the Warrant Agreement), the Warrants
to be exercised (the “Book-Entry Warrants”) as shown on the records of The Depository Trust Company (the “Depository”)
to an account of the Warrant Agent at the Depository designated for such purpose in writing by the Warrant Agent to the Depository,
(ii) an election to purchase (“Election to Purchase”), properly executed by the holder hereof on the reverse
of this Warrant Certificate or properly executed by the institution in whose account the Warrant is recorded on the records of
the Depository (the “Participant”), and substantially in the form included on the reverse of this Warrant Certificate
and (iii) the Exercise Price for each Warrant to be exercised, and all applicable taxes and charges due in connection therewith,
in lawful money of the United States of America by certified or official bank check or by bank wire transfer in immediately available
funds.

 

 

	{Pimi Agro Cleantech, Inc. Warrant Agreement}

	16	 

 

    	 

    	 

    

  

As used herein, the
term “Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The
City of New York are authorized or required by law or executive order to remain closed.

 

Warrants may be exercised
only in whole numbers of Warrants. No fractional Warrant Shares are to be issued upon the exercise of this Warrant, but rather
the number of Warrant Shares to be issued shall be rounded up or down, as applicable, to the nearest whole number. If fewer than
all of the Warrants evidenced by this Warrant Certificate are exercised, a new Warrant Certificate for the number of Warrants remaining
unexercised shall be executed by the Company and countersigned by the Warrant Agent as provided in Section 2 of the Warrant Agreement,
and delivered to the registered holder of this Warrant Certificate at the address specified on the books of the Warrant Agent or
as otherwise specified by such registered holder.

 

This Warrant
Certificate is issued under and in accordance with the Warrant Agreement, dated as of January , 2014 (the “Warrant Agreement”),
between the Company and the Warrant Agent and is subject to the terms and provisions contained in the Warrant Agreement, to all
of which terms and provisions the holder of this Warrant Certificate and the beneficial owners of the Warrants represented by this
Warrant Certificate consent by acceptance hereof. Copies of the Warrant Agreement are on file and can be inspected at the above-mentioned
office of the Warrant Agent and at the office of the Company at Kibbutz Alonim, PO Box 117, Hutzot Alonim 30049 Israel.

 

The Company shall provide
to the registered holder prompt written notice of any time that the Company is unable to issue the Warrant Shares via DTC transfer
or otherwise (without restrictive legend), because (A) the Commission has issued a stop order with respect to the Registration
Statement, (B) the Commission otherwise has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily
or permanently, (C) the Company has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily
or permanently, or (D) otherwise (each a “Restrictive Legend Event”). To the extent that a Restrictive Legend
Event occurs after the registered holder has exercised a Warrant in accordance with the terms of the Warrants but prior to the
delivery of the Warrant Shares, the Company shall, at the election of the registered holder, which shall be given within five (5)
days of receipt of notice of the Restrictive Legend Event, either (A) rescind the previously submitted Election to Purchase and
the Company shall return all consideration paid by registered holder for such shares upon such rescission or (B) treat the attempted
exercise as a cashless exercise as described in the Warrant Agreement.

 

 

	{Pimi Agro Cleantech, Inc. Warrant Agreement}

	17	 

 

    	 

    	 

    

  

The Exercise Price
and the number of Warrant Shares purchasable upon the exercise of each Warrant shall be subject to adjustment as provided pursuant
to Section 4 of the Warrant Agreement.

 

Upon due presentment
for registration of transfer or exchange of this Warrant Certificate at the office of the Warrant Agent designated for such purpose,
the Company shall execute, and the Warrant Agent shall countersign and deliver, as provided in Section 5 of the Warrant Agreement,
in the name of the designated transferee one or more new Warrant Certificates of any authorized denomination evidencing in the
aggregate a like number of unexercised Warrants, subject to the limitations provided in the Warrant Agreement.

 

Neither this Warrant
Certificate nor the Warrants evidenced hereby entitles the registered holder thereof to any of the rights of a shareholder of the
Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights
to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders or the election of directors
of the Company or any other matter.

 

The Warrant Agreement
and this Warrant Certificate may be amended as provided in the Warrant Agreement including, under certain circumstances described
therein, without the consent of the holder of this Warrant Certificate or the Warrants evidenced thereby.

 

THIS WARRANT CERTIFICATE
AND ALL RIGHTS HEREUNDER AND UNDER THE WARRANT AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS FORMED AND TO BE PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT
REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF TO THE EXTENT SUCH PRINCIPLES OR RULES WOULD REQUIRE OR PERMIT THE APPLICATION
OF THE LAWS OF ANOTHER JURISDICTION.

 

This Warrant Certificate
shall not be entitled to any benefit under the Warrant Agreement or be valid or obligatory for any purpose, and no Warrant evidenced
hereby may be exercised, unless this Warrant Certificate has been countersigned by the manual signature of the Warrant Agent.

 

 

	{Pimi Agro Cleantech, Inc. Warrant Agreement}

	18	 

 

    	 

    	 

    

  

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed.

 

  

Dated as of January , 2014

 

 

	 	PIMI AGRO CLEANTECH, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

  

Action Stock Transfer Corporation,

as Warrant Agent

 

 

By: ________________________

Name:

Title:

 

 

	{Pimi Agro Cleantech, Inc. Warrant Agreement}

	19	 

 

    	 

    	 

    

  

[REVERSE]

 

Instructions for Exercise of Warrant

 

To exercise the Warrants
evidenced hereby, the holder or Participant must, by 5:00 P.M., New York time, on the specified Exercise Date, deliver to
the Warrant Agent at its stock transfer division, a certified or official bank check or a bank wire transfer in immediately available
funds, in each case payable to the Warrant Agent at Account No. ____, in an amount equal to the Exercise Price in full for
the Warrants exercised, and all applicable taxes and charges due in connection therewith. In addition, the Warrant holder or Participant
must provide the information required below and deliver this Warrant Certificate to the Warrant Agent at the address set forth
below and the Book-Entry Warrants to the Warrant Agent in its account with the Depository designated for such purpose. The Warrant
Certificate and this Election to Purchase must be received by the Warrant Agent by 5:00 P.M., New York time, on the specified
Exercise Date.

 

ELECTION
TO PURCHASE

TO
BE EXECUTED IF WARRANT HOLDER DESIRES

TO
EXERCISE THE WARRANTS EVIDENCED HEREBY

 

The undersigned hereby
irrevocably elects to exercise, on __________, ____ (the “Exercise Date”), _____________ Warrants, evidenced
by this Warrant Certificate, to purchase, _________________ shares (the “Warrant Shares”) of Common Stock, par
value of $0.01 per share (the “Common Stock”) of Pimi Agro Cleantech, Inc., a Delaware corporation (the “Company”),
and represents that on or before the Exercise Date.

 

The undersigned requests
that said number of Warrant Shares be in fully registered form, registered in such names and delivered, all as specified in accordance
with the instructions set forth below.

 

If said number of Warrant
Shares is less than all of the Warrant Shares purchasable hereunder, the undersigned requests that a new Warrant Certificate evidencing
the remaining balance of the Warrants evidenced hereby be issued and delivered to the holder of the Warrant Certificate unless
otherwise specified in the instructions below.

 

Dated: ______________ __, ____

 

Name __________________________

(Please Print)

 

/ / / / - / / /- / / / / 
/

(Insert Social Security or Other
Identifying Number of Holder)

 

Address________________________

________________________

 

Signature _______________________

 

 

	{Pimi Agro Cleantech, Inc. Warrant Agreement}

	20	 

 

    	 

    	 

    

 

This Warrant may only
be exercised by presentation to the Warrant Agent at one of the following locations:

 

By hand at:

 

  

By mail at:

 

  

The method of delivery of this Warrant
Certificate is at the option and risk of the exercising holder and the delivery of this Warrant Certificate will be deemed to be
made only when actually received by the Warrant Agent. If delivery is by mail, registered mail with return receipt requested, properly
insured, is recommended. In all cases, sufficient time should be allowed to assure timely delivery.

 

(Instructions as to form and delivery of
Warrant Shares and/or Warrant Certificates)

 

 

	Name in which Warrant Shares are to
be registered if other than in the name of the registered holder of this Warrant Certificate:	 	 
	 	 	 
	Address to which Warrant Shares are
to be mailed if other than to the address of the registered holder of this Warrant Certificate as shown on the books of the
Warrant Agent:	 	 
	 	 	(Street Address)
	 	 	 
	 	 	 
	 	 	(City and State) (Zip
Code)
	 	 	 
	Name in which Warrant Certificate
evidencing unexercised Warrants, if any, are to be registered if other than in the name of the registered holder of this
Warrant Certificate:	 	 
	 	 	 

 

 

	{Pimi Agro Cleantech, Inc. Warrant Agreement}

	21	 

 

    	 

    	 

    

 

	Address to which certificate
representing unexercised Warrants, if any, are to be mailed if other than to the address of the registered holder of this
Warrant Certificate as shown on the books of the Warrant Agent:	 	 
	 	 	(Street Address)
	 	 	 
	 	 	 
	 	 	(City and State) (Zip
Code)
	 	 	 
	 	 	Dated:
	 	 	 
	 	 	 
	 	 	Signature
	 	 	 
	 	 	Signature must conform in all respects to the name of the holder as specified on the face of this Warrant Certificate.
    If Warrant Shares, or a Warrant Certificate evidencing unexercised Warrants, are to be issued in a name other than that of
    the registered holder hereof or are to be delivered to an address other than the address of such holder as shown on the books
    of the Warrant Agent, the above signature must be guaranteed by a participant in a Medallion Signature Guarantee Program at
    a guarantee level acceptable to the Warrant Agent. A notary public is not sufficient.

   

 

SIGNATURE GUARANTEE

 

Name of Firm __________________

Address ______________________

Area Code

   and Number __________________

Authorized

   Signature ____________________

Name ________________________

Title _________________________

Dated: __________________________,
20___

 

 

	{Pimi Agro Cleantech, Inc. Warrant Agreement}

	22	 

 

    	 

    	 

    

 

ASSIGNMENT

 

(FORM
OF ASSIGNMENT TO BE EXECUTED IF WARRANT HOLDER

DESIRES
TO TRANSFER WARRANTS EVIDENCED HEREBY)

FOR VALUE RECEIVED, _________________ hereby sell(s), assign(s) and 

Transfer(s)
unto ________________________________________________________

 

	 	 	 
	(Please print name and address	 	(Please
insert social security or
	including zip code of assignee)	 	other
identifying number of assignee)

 

the rights represented by the within Warrant Certificate and does hereby irrevocably constitute and appoint ____________ Attorney
to transfer said Warrant Certificate on the books of the Warrant Agent with full power of substitution in the premises.

 

 

	 	Dated:
	 	 
	 	 
	 	Signature
	 	 
	 	(Signature must conform in
all respects to the name of the holder as specified on the face of this Warrant Certificate and must bear a signature guaranteed
by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Warrant Agent. 

  

  

SIGNATURE GUARANTEE

Name of Firm ____________________________

Address ________________________________

Area Code

   and Number ____________________________

Authorized

   Signature ______________________________

Name __________________________________

Title ____________________________________

Dated: __________________________,
20___

 

 

	{Pimi Agro Cleantech, Inc. Warrant Agreement}

	23[FORM
OF WARRANT CERTIFICATE]

 

EXERCISABLE
ONLY IF COUNTERSIGNED BY THE WARRANT

AGENT
AS PROVIDED HEREIN.

 

Warrant Certificate Evidencing Warrants
to Purchase

Common Stock,
par value of $0.01 per share, as
described herein.

 

Cusip
No. [●]

 

PIMI AGRO CLEANTECH, INC.

 

No. ___________

 

	VOID AFTER 5:00 P.M.,
NEW YORK TIME, 

ON
[●]

   

This
certifies that ________________________ or registered assigns is the registered holder of _____________________ warrants to purchase
certain securities (each a “Warrant”). Each Warrant entitles the holder thereof, subject to the provisions contained
herein and in the Warrant Agreement (as defined below), to purchase from Pimi Agro Cleantech, Inc., a Delaware corporation (the
“Company”), [_______] shares (collectively, the “Warrant Shares”) of Common Stock, par value
$0.01 per share, of the Company (“Common Stock”), at the Exercise Price set forth below. The price per share
at which each Warrant Share may be purchased at the time each Warrant is exercised (the “Exercise Price”) is
$[●] initially, subject to adjustments as set forth in the
Warrant Agreement (as defined below).

 

Capitalized terms used
but not defined herein shall have the meaning ascribed to them in the Warrant Agreement.

 

Subject
to the terms of the Warrant Agreement, each Warrant evidenced hereby may be exercised at any time, as specified herein, on any
Business Day (as defined below) occurring during the period (the “Exercise Period”) commencing the date hereof
and terminating at 5:00 P.M., New York City time, on [●] (the
“Expiration Date”). Each Warrant remaining unexercised after 5:00 P.M., New York City time, on the Expiration
Date shall become void, and all rights of the holder of this Warrant Certificate evidencing such Warrant shall cease.

 

The holder of the Warrants
represented by this Warrant Certificate may exercise any Warrant evidenced hereby by delivering, not later than 5:00 P.M.,
New York time, on any Business Day during the Exercise Period (the “Exercise Date”) to Action Stock Transfer
Corporation (the “Warrant Agent”, which term includes any successor warrant agent under the Warrant Agreement
described below) at its office designated for such purpose at 2469 E. Fort Union Blvd., Suite 214 Salt Lake City, UT 84121, (i)
this Warrant Certificate or, in the case of a Book-Entry Warrant Certificate (as defined in the Warrant Agreement), the Warrants
to be exercised (the “Book-Entry Warrants”) as shown on the records of The Depository Trust Company (the “Depository”)
to an account of the Warrant Agent at the Depository designated for such purpose in writing by the Warrant Agent to the Depository,
(ii) an election to purchase (“Election to Purchase”), properly executed by the holder hereof on the reverse
of this Warrant Certificate or properly executed by the institution in whose account the Warrant is recorded on the records of
the Depository (the “Participant”), and substantially in the form included on the reverse of this Warrant Certificate
and (iii) the Exercise Price for each Warrant to be exercised, and all applicable taxes and charges due in connection therewith,
in lawful money of the United States of America by certified or official bank check or by bank wire transfer in immediately available
funds.

 

 

	{Pimi Agro Cleantech, Inc. – Form of Warrant}

 

    	 

    	 

    

  

As used herein, the
term “Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The
City of New York are authorized or required by law or executive order to remain closed.

 

Warrants may be exercised
only in whole numbers of Warrants. No fractional Warrant Shares are to be issued upon the exercise of this Warrant, but rather
the number of Warrant Shares to be issued shall be rounded up or down, as applicable, to the nearest whole number. If fewer than
all of the Warrants evidenced by this Warrant Certificate are exercised, a new Warrant Certificate for the number of Warrants remaining
unexercised shall be executed by the Company and countersigned by the Warrant Agent as provided in Section 2 of the Warrant Agreement,
and delivered to the registered holder of this Warrant Certificate at the address specified on the books of the Warrant Agent or
as otherwise specified by such registered holder.

 

This Warrant
Certificate is issued under and in accordance with the Warrant Agreement, dated as of January , 2014 (the “Warrant Agreement”),
between the Company and the Warrant Agent and is subject to the terms and provisions contained in the Warrant Agreement, to all
of which terms and provisions the holder of this Warrant Certificate and the beneficial owners of the Warrants represented by this
Warrant Certificate consent by acceptance hereof. Copies of the Warrant Agreement are on file and can be inspected at the above-mentioned
office of the Warrant Agent and at the office of the Company at Kibbutz Alonim, PO Box 117, Hutzot Alonim 30049, Israel.

 

The Company shall provide
to the registered holder prompt written notice of any time that the Company is unable to issue the Warrant Shares via DTC transfer
or otherwise (without restrictive legend), because (A) the Commission has issued a stop order with respect to the Registration
Statement, (B) the Commission otherwise has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily
or permanently, (C) the Company has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily
or permanently, or (D) otherwise (each a “Restrictive Legend Event”). To the extent that a Restrictive Legend
Event occurs after the registered holder has exercised a Warrant in accordance with the terms of the Warrants but prior to the
delivery of the Warrant Shares, the Company shall, at the election of the registered holder, which shall be given within five (5)
days of receipt of notice of the Restrictive Legend Event, either (A) rescind the previously submitted Election to Purchase and
the Company shall return all consideration paid by registered holder for such shares upon such rescission or (B) treat the attempted
exercise as a cashless exercise as described in the Warrant Agreement.

 

 

	{Pimi Agro Cleantech, Inc. – Form of Warrant}

 

    	 

    	 

    

  

The Exercise Price
and the number of Warrant Shares purchasable upon the exercise of each Warrant shall be subject to adjustment as provided pursuant
to Section 4 of the Warrant Agreement.

 

Upon due presentment
for registration of transfer or exchange of this Warrant Certificate at the office of the Warrant Agent designated for such purpose,
the Company shall execute, and the Warrant Agent shall countersign and deliver, as provided in Section 5 of the Warrant Agreement,
in the name of the designated transferee one or more new Warrant Certificates of any authorized denomination evidencing in the
aggregate a like number of unexercised Warrants, subject to the limitations provided in the Warrant Agreement.

 

Neither this Warrant
Certificate nor the Warrants evidenced hereby entitles the registered holder thereof to any of the rights of a shareholder of the
Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights
to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders or the election of directors
of the Company or any other matter.

 

The Warrant Agreement
and this Warrant Certificate may be amended as provided in the Warrant Agreement including, under certain circumstances described
therein, without the consent of the holder of this Warrant Certificate or the Warrants evidenced thereby.

 

THIS WARRANT CERTIFICATE
AND ALL RIGHTS HEREUNDER AND UNDER THE WARRANT AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS FORMED AND TO BE PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT
REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF TO THE EXTENT SUCH PRINCIPLES OR RULES WOULD REQUIRE OR PERMIT THE APPLICATION
OF THE LAWS OF ANOTHER JURISDICTION.

 

This Warrant Certificate
shall not be entitled to any benefit under the Warrant Agreement or be valid or obligatory for any purpose, and no Warrant evidenced
hereby may be exercised, unless this Warrant Certificate has been countersigned by the manual signature of the Warrant Agent.

 

 

	{Pimi Agro Cleantech, Inc. – Form of Warrant}

 

    	 

    	 

    

  

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed.

 

  

Dated as of January , 2014

 

	 	PIMI AGRO CLEANTECH, INC.
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

  

Action Stock Transfer Corporation,

as Warrant Agent

 

 

By: ________________________

Name:

Title:

 

 

	{Pimi Agro Cleantech, Inc. – Form of Warrant}

 

    	 

    	 

    

  

[REVERSE]

 

Instructions for Exercise of Warrant

 

To exercise the Warrants
evidenced hereby, the holder or Participant must, by 5:00 P.M., New York time, on the specified Exercise Date, deliver to
the Warrant Agent at its stock transfer division, a certified or official bank check or a bank wire transfer in immediately available
funds, in each case payable to the Warrant Agent at Account No. ____, in an amount equal to the Exercise Price in full for
the Warrants exercised, and all applicable taxes and charges due in connection therewith. In addition, the Warrant holder or Participant
must provide the information required below and deliver this Warrant Certificate to the Warrant Agent at the address set forth
below and the Book-Entry Warrants to the Warrant Agent in its account with the Depository designated for such purpose. The Warrant
Certificate and this Election to Purchase must be received by the Warrant Agent by 5:00 P.M., New York time, on the specified
Exercise Date.

 

ELECTION
TO PURCHASE

TO
BE EXECUTED IF WARRANT HOLDER DESIRES

TO
EXERCISE THE WARRANTS EVIDENCED HEREBY

The undersigned hereby
irrevocably elects to exercise, on __________, ____ (the “Exercise Date”), _____________ Warrants, evidenced
by this Warrant Certificate, to purchase, _________________ shares (the “Warrant Shares”) of Common Stock, par
value of $0.01 per share (the “Common Stock”) of Pimi Agro Cleantech, Inc., a Delaware corporation (the “Company”),
and represents that on or before the Exercise Date.

 

The undersigned requests
that said number of Warrant Shares be in fully registered form, registered in such names and delivered, all as specified in accordance
with the instructions set forth below.

 

If said number of Warrant
Shares is less than all of the Warrant Shares purchasable hereunder, the undersigned requests that a new Warrant Certificate evidencing
the remaining balance of the Warrants evidenced hereby be issued and delivered to the holder of the Warrant Certificate unless
otherwise specified in the instructions below.

 

Dated: ______________ __, ____

 

Name __________________________

(Please Print)

 

/ / / / - / / /- / / / /  /

(Insert Social Security or Other Identifying Number
of Holder)

 

Address________________________

________________________

 

Signature _______________________

 

 

	{Pimi Agro Cleantech, Inc. – Form of Warrant}

 

    	 

    	 

    

 

This Warrant may only
be exercised by presentation to the Warrant Agent at one of the following locations:

 

By hand at:

  

 

By mail at:

 

  

The method of delivery of this Warrant
Certificate is at the option and risk of the exercising holder and the delivery of this Warrant Certificate will be deemed to be
made only when actually received by the Warrant Agent. If delivery is by mail, registered mail with return receipt requested, properly
insured, is recommended. In all cases, sufficient time should be allowed to assure timely delivery.

 

(Instructions as to form and delivery of
Warrant Shares and/or Warrant Certificates)

 

	Name in which Warrant Shares are to be registered if other
than in the name of the registered holder of this Warrant Certificate:	 	 
	 	 	 
	 	 	 
	Address to which Warrant Shares are to be mailed if other
than to the address of the registered holder of this Warrant Certificate as shown on the books of the Warrant Agent:	 	 
	 	 	(Street Address)
	 	 	 
	 	 	 
	 	 	(City and State) (Zip Code)
	 	 	 
	Name in which Warrant Certificate evidencing unexercised
Warrants, if any, are to be registered if other than in the name of the registered holder of this Warrant Certificate:	 	 

 

 

 

 

 

	{Pimi Agro Cleantech, Inc. – Form of Warrant}

 

    	 

    	 

    

 

	Address to which certificate representing unexercised
Warrants, if any, are to be mailed if other than to the address of the registered holder of this Warrant Certificate as shown
on the books of the Warrant Agent:	 	 
	 	 	(Street Address)
	 	 	 
	 	 	 
	 	 	(City and State) (Zip Code)
	 	 	 
	 	 	 
	 	 	Dated:
	 	 	 
	 	 	 
	 	 	Signature
	 	 	 
	 	 	Signature must conform in all
respects to the name of the holder as specified on the face of this Warrant Certificate. If Warrant Shares, or a Warrant Certificate
evidencing unexercised Warrants, are to be issued in a name other than that of the registered holder hereof or are to be delivered
to an address other than the address of such holder as shown on the books of the Warrant Agent, the above signature must be guaranteed
by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Warrant Agent. A notary public
is not sufficient.

 

 

 

SIGNATURE GUARANTEE

 

Name of Firm __________________

Address _______________________

Area Code

   and Number __________________

Authorized

   Signature ____________________

Name ________________________

Title __________________________

Dated: __________________________,
20___

 

 

	{Pimi Agro Cleantech, Inc. – Form of Warrant}

 

    	 

    	 

    

 

ASSIGNMENT

 

(FORM
OF ASSIGNMENT TO BE EXECUTED IF WARRANT HOLDER

DESIRES
TO TRANSFER WARRANTS EVIDENCED HEREBY)

FOR VALUE RECEIVED, _________________ hereby sell(s), assign(s) and 

Transfer(s) unto ________________________________________________________

 

	 	 	 
	(Please print name and address	 	(Please
insert social security or
	including zip code of assignee)	 	other
identifying number of assignee)

 

the rights represented by the within Warrant Certificate and does hereby irrevocably constitute and appoint ____________ Attorney
to transfer said Warrant Certificate on the books of the Warrant Agent with full power of substitution in the premises.

 

 

	 	Dated:
	 	 
	 	 
	 	 
	 	Signature
	 	 
	 	(Signature must conform in
all respects to the name of the holder as specified on the face of this Warrant Certificate and must bear a signature guaranteed
by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Warrant Agent. 

 

 

 

SIGNATURE GUARANTEE

Name of Firm ____________________________

Address ________________________________

Area Code

   and Number ____________________________

Authorized

   Signature ______________________________

Name __________________________________

Title ____________________________________

Dated: __________________________,
20___

 

 

	{Pimi Agro Cleantech, Inc. – Form of Warrant}

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}]]