Document:

THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE TRANSFERRED UNLESS THE COMPANY HAS RECEIVED
A WRITTEN OPINION FROM COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY STATING THAT SUCH TRANSFER IS BEING MADE IN COMPLIANCE
WITH ALL APPLICABLE FEDERAL AND STATE SECURITIES LAWS.

 

FOURTH AMENDED AND RESTATED 

PROMISSORY NOTE

 

	Frederick, Maryland	$1,800,000.00
	May 31, 2013	Due: July 31, 2013

 

For value received,
the undersigned, Vaccinogen, Inc., a Maryland corporation (“Maker”), promises to pay to the order of
The Abell Foundation, Inc., a Maryland corporation (“Payee”), at such place as the holder of this Note
may from time to time designate the principal sum of One Million Eight Hundred Thousand Dollars ($1,800,000.00), together with
the interest thereon at the rate hereinafter specified and any and all other sums which may be due and owing to the holder of
this Note in accordance with the following terms:

 

1.          Note
Issuance. This non-negotiable promissory note (this “Note”) is issued pursuant to the Note and Warrant
Purchase Agreement dated as of October 26, 2011, between Maker and Payee, as amended by that certain Amendment No. 1 to Note and
Warrant Purchase Agreement February 16, 2012, between Maker and Payee, as further amended by that certain Amendment No. 2 to Note
and Warrant Purchase Agreement dated January 16, 2013, by and between Maker and Payee, as further amended by that certain Amendment
No. 3 to Note and Warrant Purchase Agreement dated April 18, 2013, by and between Maker and Payee, and as further amended by that
certain Amendment No. 4 to Note and Warrant Purchase Agreement dated as of the date hereof by and between Maker and Payee (as
amended, and as the same may be further amended, supplemented or otherwise modified from time to time, the “Note and
Warrant Purchase Agreement”), and Payee is subject to the terms and entitled to the benefits of this Note and the
Note and Warrant Purchase Agreement and may enforce the agreements of Maker contained herein and therein and exercise the remedies
provided for hereby and thereby or otherwise available in respect hereto and thereto. Capitalized terms used herein without definition
have the meaning assigned thereto in the Note and Warrant Purchase Agreement.

 

2.          Payment;
Interest Rate. Subject to the further provisions of this Section 2 and of Section 4, the principal amount under this
Note shall be due and payable on July 31, 2013 (the “Maturity Date”). Simple interest shall accrue
from and after the date of this Note on the principal amount outstanding from time to time at a rate of eight percent (8%)
per annum and, together with all accrued interest under the Existing Note (as hereinafter defined), shall be due and payable
on the Maturity Date. Notwithstanding the foregoing, to the extent necessary to repay the principal amount of this Note in
full and all accrued interest thereon, this Note shall be paid concurrently with the closing of each issuance or sale of
additional shares of capital stock, or securities directly or indirectly convertible or exchangeable for capital stock, of
the Company (each an “Equity Issuance”) occurring after May 28, 2013 in an amount equal to (a) twenty
percent (20%) of the next $3,778,771 of gross proceeds of such Equity Issuance(s), (b) twenty-five percent (25%) of the next
$6,000,000 of gross proceeds of such Equity Issuance(s), and (c) one hundred percent (100%) of the net proceeds of all Equity
Issuance(s) thereafter.

 

    	 

    	 

    

 

3.          Calculation
of Interest. Interest on this Note shall be calculated on the basis of a 360 day per year factor applied to the actual days
on which there exists an unpaid principal balance due under this Note.

 

4.          Application
of Payments. All payments made hereunder shall be applied first to late penalties, costs of collection or other sums owing
the holder, then to accrued interest (including accrued interest under the Existing Note) and last to payment of the principal
amount of this Note.

 

5.          Prepayment.
Maker may prepay this Note in whole or in part at any time or from time to time without penalty or additional interest, provided
that payments are applied as provided in Section 4 above. Amounts repaid hereunder may not be reborrowed.

 

6.          Use
of Proceeds. The purpose of this Note is to fund the working capital needs of Maker, and, by its execution and delivery of
this Note, Maker covenants and agrees that the proceeds of this Note shall be used solely for such purpose. Without limitation
of the foregoing, no proceeds of this Note will be used to purchase or carry any margin stock (within the meaning of Regulation
U issued by the Board of Governors of the Federal Reserve System) or to extend credit to others for the purpose of purchasing or
carrying any margin stock.

 

7.          Events
of Default. The occurrence of any one or more of the following events (the “Events of Default”)
shall constitute an Event of Default hereunder:

 

(a)          any
failure by Maker to pay any principal, interest or other amount due under this Note at or prior to the time when it is due and
payable;

 

(b)          any
failure of Maker to duly perform, comply with or observe any of the other terms, conditions or covenants contained in this Note
or in any of the other Transaction Documents, if such failure remains uncured for a period of five (5) business days after written
notice of such failure is delivered by Payee;

 

(c)          any
representation or warranty made by Maker herein or in any of the other Transaction Documents or in connection therewith, or any
information provided by or on behalf of Maker pursuant hereto or pursuant to any of the other Transaction Documents or in connection
therewith, being or becoming false, misleading, incomplete or incorrect in any material respect;

 

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(d)          Maker
(i) defaults in any payment of principal of or interest on any of its Debt (as defined below) (other than this Note), beyond the
period of grace, if any, provided in the instrument or promissory note under which such Debt was created; or (ii) defaults in the
observance or performance of any other agreement or condition relating to any such Debt or contained in any instrument or agreement
relating thereto, or any other event occurs or condition exists, the effect of which default or other event or condition is to
cause, or to permit the holder(s) of such Debt to cause, with the giving of notice if required, such Debt to become due prior to
its stated maturity;

 

(e)          any
judgment against Maker or any attachment or levy against the property of Maker with respect to a claim remains unpaid, unstayed,
on appeal, undischarged, unbonded or undismissed for a period of thirty (30) days;

 

(f)          Maker
generally does not pay its debts as such debts become due, or admits in writing its inability to pay its debts generally; or a
petition for relief in a bankruptcy court is filed by Maker; or Maker applies for, consents to or acquiesces in the appointment
of a trustee, custodian or receiver for Maker or any of its assets or property or makes a general assignment for the benefit of
its creditors or, in the absence of such application, consent or acquiescence, a trustee, custodian or receiver is appointed for
Maker or for a substantial part of its assets or property and is not discharged within thirty (30) days hereafter; or any bankruptcy,
reorganization, debt arrangement or other proceeding or case under any bankruptcy or insolvency law or any dissolution or liquidation
proceeding is instituted against Maker and if instituted against Maker is consented to or acquiesced in by Maker or remains undismissed
for sixty (60) days thereafter; or Maker takes any action to authorize any of the actions described in this subsection; or

 

(g)          any
demand by a holder of any of the Current Payables (as defined below) to make payment in excess of $30,000 on any Current Payable
which remains unsatisfied by Maker for a period of ten (10) days.

 

“Debt” of any
person means, without duplication, (a) all indebtedness of such person for borrowed money, (b) all obligations of such person to
pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business,
(c) all obligations of such person evidenced by notes, bonds, debentures or other similar instruments, (d) all
obligations of such person created or arising under any conditional sale or other title retention agreement or arrangement with
respect to property acquired by such person, (e) all obligations of such person as lessee under leases that have been or should
be, in accordance with generally accepted accounting principles, recorded as capital leases, (f) all obligations, contingent or
otherwise, of such person in respect of acceptances, letters of credit or similar extensions of credit, (g) all Debt of others
guaranteed directly or indirectly in any manner by such person, and (h) all Debt of others secured by a lien or other encumbrance
on any asset of such person, whether or not such person has assumed or become liable for the payment of such Debt. Notwithstanding
the foregoing, the term “Debt” shall not include payables of the Maker which are outstanding prior to
the date of this Note (whether or not past due) (the “Current Payables”) including, but not limited
to, the amounts owing to Organon Teknika Corporation and Organon BioSciences International B.V. (and their successors) pursuant
to that certain letter agreement dated October 31, 2007.

 

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8.          Default
Interest Rate. Upon the occurrence of an Event of Default until this Note is paid in full, the interest rate applicable to
the then outstanding balance shall be increased to ten percent (10%) upon written notice to Maker by Payee of such Event of Default.

 

9.          Rights
and Remedies. If any one or more Events of Default shall occur, then in each and every such case, Payee at its option may at
any time thereafter exercise and/or enforce any or all of the following rights and remedies:

 

(a)          declare
upon notice to Maker all of the amounts payable hereunder to be immediately due and payable, whereupon same shall become due and
payable, together with accrued and unpaid interest thereon and all other sums due hereunder, immediately without presentment, demand
or protest, all of which Maker hereby waives, provided that upon the occurrence of an Event of Default described in Section 7(f),
all amounts shall automatically be and become due and payable immediately without any declaration; and

 

(b)          bring
suit for payment and exercise any other rights and remedies available to Payee pursuant to this Note, any of the other Transaction
Documents or applicable law.

 

CONFESSION OF JUDGMENT. IF THIS NOTE IS
NOT PAID WHEN DUE, MAKER HEREBY IRREVOCABLY AUTHORIZES AND EMPOWERS PAYEE, BY ITS ATTORNEY, OR BY THE PRONOTHARY OR CLERK OF ANY
COURT OF RECORD IN THE STATE OF MARYLAND OR IN ANY JURISDICTION WHERE PERMITTED BY LAW TO BE MAKER’S TRUE AND LAWFUL ATTORNEY-IN-FACT,
AND IN MAKER’S NAME AND STEAD, TO APPEAR FOR MAKER AND CONFESS AND ENTER JUDGMENT AGAINST IT IN FAVOR OF PAYEE IN ANY JURISDICTION
IN WHICH MAKER OR ANY OF ITS PROPERTY IS LOCATED FOR: (i) THE ENTIRE UNPAID PRINCIPAL AMOUNT OF THIS NOTE THEN REMAINING UNPAID,
(ii) INTEREST THEREON THEN ACCRUED AND UNPAID, (iii) ATTORNEYS’ FEES IN THE AMOUNT OF $10,000, AND (iv) COURT COSTS, WITH
OR WITHOUT DECLARATION, WITHOUT STAY OF EXECUTION AND WITH RELEASE OF ALL ERRORS AND THE RIGHT TO ISSUE EXECUTION FORTHWITH, AND
FOR DOING SO THIS NOTE OR A COPY VERIFIED BY AFFIDAVIT SHALL BE A SUFFICIENT WARRANT. MAKER HEREBY WAIVES AND RELEASES ALL RELIEF
FROM ANY AND ALL APPRAISEMENT, STAY OR EXEMPTION LAW OF ANY STATE NOW IN FORCE OR HEREAFTER ENACTED. THIS AUTHORITY AND POWER SHALL
NOT BE EXHAUSTED BY THE EXERCISE THEREOF, AND SHALL CONTINUE UNTIL THE OBLIGATIONS ARE FULLY PAID, PERFORMED, DISCHARGED AND SATISFIED.
IT IS THE INTENTION OF THE PARTIES HERETO THAT THE PROVISONS OF THIS NOTE RELATING TO THE PAYMENT OF ATTORNEYS FEES SHALL NOT MERGE
INTO ANY JUDGMENT ENTERED IN CONNECTION HEREWITH, AND PAYEE SHALL RETAIN THE RIGHT TO RECOVER FROM MAKER FEES INCURRED IN THE COLLECTION
HEREOF WHICH ARE INCURRED AFTER THE ENTRY OF FINAL JUDGMENT ON THIS NOTE. Notwithstanding the amount of attorneys’ fees for
which judgment may be confessed hereunder, by its acceptance hereof Payee agrees to use reasonable efforts to retain counsel who
will charge Payee only for time and expenses at standard hourly rates, and Payee will not enforce the attorney’s fee portion
of any confessed judgment for an amount in excess of the actual fees and expenses charged to Payee by its counsel in connection
with confessing judgment against Maker and collecting on such judgment. (This provision shall not limit the obligation of Maker
to pay all reasonable attorneys’ fees incurred by Payee in connection with this Note.)

 

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Each right, power and
remedy of Payee specified herein or available at law or in equity or by statute shall be cumulative and concurrent and shall be
in addition to every other right, power or remedy provided for in this Note or available at law or in equity and the exercise or
beginning of the exercise by Payee of any one or more of such rights, powers or remedies shall not preclude the simultaneous or
later exercise by Payee of any or all other rights, powers or remedies.

 

10.         Costs
of Collection. If at any time the indebtedness evidenced by this Note is collected through legal proceedings or this Note is
placed in the hands of an attorney or attorneys for collection, Maker hereby agrees to pay all costs and expenses (including attorneys’
fees) incurred by the holder of this Note in enforcing its rights and collecting or attempting to collect all amounts due hereunder
and under any related documents.

 

11.         Extensions
or Modifications. Maker agrees that the maturity of this Note or any payment due hereunder may be extended by Payee at any
time or from time to time, this Note may be modified by Payee, and any defaults hereunder may be waived by Payee without releasing,
discharging or affecting the liability of Maker. No modification or waiver of any provision of this Note, and no consent by Payee
to any failure of Maker to comply with any provision of this Note, shall in any event be effective unless the same shall be in
writing signed by Payee.

 

12.         Choice
of Law; Jurisdiction; Severability. This Note shall be governed, construed and enforced in strict accordance with the laws
of the State of Maryland, without reference to principles of conflict of laws. Maker agrees that any suit, action or proceeding
instituted by Payee with respect to any of the obligations of Maker hereunder may be brought in any State or federal court located
in the State of Maryland (in addition to such other courts in which jurisdiction and venue may be appropriate), and Maker consents
to the in personam jurisdiction of such courts. If any provision of this Note shall for any reason be invalid or
unenforceable, such invalidity or unenforceability shall not affect any other provision.

 

13.         Waiver
of Defenses. In the event the holder of this Note transfers this Note for value, Maker agrees that none of such subsequent
holders of this Note shall be subject to any claims or defenses which Maker may have against the prior holder, all of which are
waived as to the subsequent holders and all subsequent holders shall have the rights of a holder in due course with respect to
Maker even though the subsequent holder might not qualify under applicable law absent this paragraph as a holder in due course.

 

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14.         Waivers.
Maker hereby waives (a) presentment, protest and demand and notice of protest, demand, dishonor and nonpayment of this Note; (b)
all claims and causes of action of Maker against Payee for punitive, exemplary or other non-compensatory damages; and (c) diligence
in the enforcement or collection of all of the obligations of Maker hereunder. EACH OF PAYEE AND MAKER AGREES THAT ANY ACTION,
SUIT OR PROCEEDING INVOLVING ANY CLAIM, COUNTERCLAIM OR CROSS-CLAIM ARISING OUT OF OR IN ANY WAY RELATING, DIRECTLY OR INDIRECTLY,
TO ANY OF THE OBLIGATIONS OF MAKER HEREUNDER SHALL BE TRIED BY A COURT AND NOT BY A JURY, EACH OF PAYEE AND MAKER HEREBY WAIVING
ANY RIGHT TO TRIAL BY JURY IN ANY SUCH ACTION, SUIT OR PROCEEDING AND HEREBY AGREEING THAT THIS WAIVER OF TRIAL BY JURY IS A MATERIAL
ASPECT OF THEIR AGREEMENTS.

 

15.         No
Waiver; No assignment. The delay or failure of any holder to exercise its rights hereunder shall not be deemed a waiver thereof.
No waiver of any rights of holder shall be effective unless in writing and signed by the holder and any waiver of any right shall
not apply to any other right or to such right in any subsequent event or circumstance not specifically included in such waiver.
Maker may not assign its rights or obligations under this Note.

 

16.         Headings.
The headings used in this Note are used for convenience only and are not to be considered in construing or interpreting this Note.

 

17.         Replacement
Note. This Note is given pursuant to the terms of that certain Amendment No. 4 to Note and Warrant Purchase Agreement of even
date herewith by and between Maker and Payee in replacement of the “Note” as defined in the Note and Warrant Purchase
Agreement immediately prior to the date hereof (the “Existing Note”). The execution of this Note and
the replacement of the Existing Note hereby shall not constitute or act as a novation, satisfaction or extinguishment of the indebtedness
evidenced by the Existing Note, and all accrued and unpaid interest under the Existing Note shall be due and payable on the Maturity
Date unless required to be paid prior thereto pursuant to the terms hereof. This Note shall for all purposes be the “Note”
as defined in the Note and Warrant Purchase Agreement and in that certain Security Agreement dated October 26, 2011, by
and between Maker and Payee (the “Security Agreement”), the terms of which are incorporated herein and made a part
hereof as if fully set forth herein. This Note is one of the “Transaction Documents” as defined in the Note and Warrant
Purchase Agreement, and the obligations of Maker hereunder are part of the “Obligations” as defined in the Security
Agreement.

 

[THE NEXT PAGE IS THE SIGNATURE PAGE]

 

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IN WITNESS WHEREOF, Maker has caused
this Note to be executed on its behalf by its duly authorized officer as of the day and year first above written.

 

	 	VACCINOGEN, INC.
	 	 	 
	 	By: 	/s/ Michael
G. Hanna, Jr.
	 	Name:	Michael G. Hanna, Jr., Ph.D.
	 	Title:	Chairman and Chief Executive Officer
	 	 	 
	 	By:	/s/ Andrew L. Tussing
	 	Name: 	Andrew L. Tussing
	 	Title:	President and Chief Operating Officer

 

    	-7-THIS WARRANT AND THE SECURITIES ISSUABLE
UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY
NOT BE TRANSFERRED UNLESS THE COMPANY HAS RECEIVED A WRITTEN OPINION FROM COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY
STATING THAT SUCH TRANSFER IS BEING MADE IN COMPLIANCE WITH ALL APPLICABLE FEDERAL AND STATE SECURITIES LAWS.

 

VACCINOGEN, INC.

COMMON STOCK PURCHASE WARRANT

 

This Common Stock Purchase
Warrant (this “Warrant”) is issued as of this ___
day of ______________________, 201__, by Vaccinogen Inc., a Maryland corporation (the “Company”),
to The Abell Foundation, Inc., a Maryland corporation or permitted successors or assigns (the “Holder”).

 

1.            Issuance
of Warrant; Term; Price.

 

1.1           Issuance.
Pursuant to the terms of the Note and Warrant Purchase Agreement, dated as of October 26, 2011, between the Company and the Holder
(as the same has been and hereafter may be amended, supplemented or otherwise modified from time to time, the “Note
and Warrant Purchase Agreement”), the Holder has made a loan to the Company evidenced by the Company’s Second
Amended and Restated Promissory Note in the maximum principal amount of One Million Eight Hundred Thousand Dollars ($1,800,000),
dated as of April ___, 2013 (the “Note”). In consideration of the issuance of the Note, the receipt and
sufficiency of which are hereby acknowledged, the Company hereby grants to Holder the right to purchase, at any time and from time
to time on and after the date hereof until the Expiration Date (as defined below), up to [______________] fully paid and nonassessable
shares (the “Warrant Shares”) of Common Stock of the Company (the “Common Stock”)
on the terms and subject to the conditions set forth below. [Note: the number of Warrant Shares shall be equal to $1,100,000
divided by eighty-five percent (85%) of the lowest purchase price per share of Common Stock sold in the Company’s the Venture
Capital Financing (as defined in the Note and Warrant Purchase Agreement).]

 

1.2           Term.
This Warrant shall be exercisable at any time and from time to time in whole or in part from the date hereof to the earlier of:
(a) the ten-year anniversary of the date hereof; (b) the sale of all or substantially all of the Company’s assets; and (c)
any merger or consolidation of the Company in which the Company is not the surviving entity and the shareholders then owing a majority
of the outstanding equity interests in the Company no longer own or control a majority of such equity interests (the earlier of
such events being the “Expiration Date”) by delivery to the Company at its principal executive offices
of: (i) this Warrant; (ii) the Purchase Form attached hereto as Exhibit A duly completed and executed; and (iii) payment
in accordance with Section 1.3 below. The Warrant Shares so purchased
shall be issued to the Holder as the record and beneficial owner of such Warrant Shares or to the Holder’s transferee as
designated on the Purchase Form as of the close of business on the date on which this Warrant shall have been surrendered and payment
made for such Warrant Shares as aforesaid.

 

    	 

    	 

    

 

1.3.          Exercise
Price. Subject to adjustment as hereinafter provided, the exercise price (the “Warrant Price”) per
share for which all or any of the Warrant Shares may be purchased pursuant to the terms of this Warrant initially shall be equal
to $_______ [Note: the Warrant Price per share shall equal eighty-five percent (85%) of the lowest price per share of the Common
Stock issued in the Venture Capital Financing.] The Warrant Price shall be payable in cash or by certified or official bank
check or by the cancellation of any present or future indebtedness from the Company to the Holder hereof in a dollar amount equal
to the purchase price of the Common Stock for which the consideration is being given, or by surrendering for cancellation shares
of capital stock of the Company which shares have a fair market value equal to the purchase price of Common Stock for which the
consideration is being given.

 

2.            Adjustment
of Warrant Price, Number and Kind of Shares. The Warrant Price and the number and kind of securities issuable upon the exercise
of this Warrant shall be subject to adjustment from time to time and the Company agrees to provide notice upon the happening of
certain events as follows.

 

2.1           Stock
Dividends Adjustment. In case at any time and from time to time after the date hereof, the holders of the Common Stock of the
Company (or any shares of stock or other securities at the time receivable upon the exercise of this Warrant) shall have received,
or, on or after the record date fixed for the determination of eligible stockholders, shall have become entitled to receive, without
payment therefor, other additional securities or other property (other than cash) of the Company by way of dividend or distribution,
then and in each case, the Holder shall, upon the exercise hereof, be entitled to receive, in addition to the number of Warrant
Shares receivable thereupon, and without payment of any additional consideration therefor, the amount of such other or additional
securities or other property (other than cash) of the Company which the Holder would hold on the date of such exercise had it been
the holder of record of such Warrant Shares on the date hereof and had thereafter, during the period from the date hereof to and
including the date of such exercise, retained such Warrant Shares and/or all other additional securities or other property receivable
by it as aforesaid during such period, giving effect to all adjustments called for during such period by this Section 2.

 

2.2           Reclassification
or Reorganization Adjustment. In case of any reclassification or change of the outstanding securities of the Company or of
any reorganization of the Company (or any other corporation the stock or securities of which are at the time receivable upon the
exercise of this Warrant) at any time and from time to time after the date hereof, and the Holder, upon the exercise hereof at
any time after the consummation of such reclassification, change or reorganization, shall be entitled to receive, in lieu of the
stock or other securities and property receivable upon the exercise hereof prior to such consummation, the stock or other securities
or property to which the Holder would have been entitled upon such consummation if such holder had exercised this Warrant immediately
prior thereto, all subject to further adjustment as provided in this Section 2.

 

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2.3           Stock
Splits and Reverse Stock Splits. If at any time and from time to time after the date hereof, the Company shall subdivide or
otherwise change its outstanding shares of Common Stock into a greater number of shares, the Warrant Price in effect immediately
prior to such subdivision shall thereby be proportionately reduced and the number of shares receivable upon exercise of this Warrant
shall thereby be proportionately increased; and, conversely, if at any time and from time to time after the date hereof, the outstanding
number of shares of Common Stock shall be combined or otherwise changed into a smaller number of shares, the Warrant Price in effect
immediately prior to such combination shall thereby be proportionately increased and the number of shares receivable upon exercise
of this Warrant shall thereby be proportionately decreased.

 

2.4           Other
Impairment. The Company will not, by amendment of its articles of incorporation or bylaws or through any reorganization, transfer
of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out
of all such terms and conditions and in the taking of all such action as may be necessary or appropriate in order to protect the
rights of the Holder against impairment.

 

3.            No
Fractional Shares. No fractional shares of Common Stock will be issued in connection with any subscription hereunder. In lieu of any fractional shares that would otherwise be issuable, the Company shall
pay cash equal to the product of such fraction multiplied by the fair market value of one share of Common Stock on the date of
exercise, as determined in good faith by the Company’s Board of Directors.

 

4.            No
Shareholder Rights. This Warrant as such shall not entitle Holder to any of the rights of a shareholder of the Company until
the Holder has exercised this Warrant in accordance with Section 6 hereof.

 

5.            Reservation
of Stock. The Company covenants that during the period this Warrant is exercisable, the Company will reserve from its authorized
and unissued Common Stock a sufficient number of shares thereof to provide for the issuance of Warrant Shares or other securities
upon the exercise of this Warrant. The Company agrees that its issuance of this Warrant shall constitute full authority to its
officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for Warrant
Shares or other securities upon the exercise of this Warrant.

 

6.            Exercise
of Warrant. This Warrant may be exercised by Holder by the surrender of this Warrant at the principal office of the Company,
accompanied by notice of and payment in full of the purchase price of the Warrant Shares the Holder elects to purchase hereunder.
As a condition to the Holder’s exercise of this Warrant, the Holder shall execute any agreement then in effect among the
holders of outstanding shares of capital stock of the Company. This Warrant shall be deemed to have been exercised immediately
prior to the close of business on the date of its surrender for exercise as provided above, and the person entitled to receive
the Warrant Shares or other securities and/or property issuable upon such exercise shall be treated for all purposes as the holder
of such Warrant Shares or other securities of record as of the close of business on such date. As promptly as practicable, the
Company shall issue and deliver to the person or persons entitled to receive the same a certificate or certificates for the number
of full Warrant Shares or other securities issuable upon such exercise, together with cash in lieu of any fraction of a share as
provided above. The Warrant Shares or other securities issuable upon exercise hereof shall, upon their issuance, be fully paid
and nonassessable. If this Warrant shall be exercised in part only, the Company shall, at the time of delivery of the certificate
representing the Warrant Shares in respect of which this Warrant has been exercised, make a notation on this Warrant stating the
Warrant Shares with respect to which this Warrant shall not have been exercised and this Warrant shall then be returned to the
Holder.

 

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7.            Certificate
of Adjustment. Whenever the Warrant Price or number or type of securities issuable upon exercise of this Warrant is
adjusted, as herein provided, the Company shall promptly deliver to the record holder of this Warrant a certificate of an
officer of the Company setting forth the nature of such adjustment and a brief statement of the facts requiring such
adjustment.

 

8.            Notice
of Proposed Transfers. This Warrant is transferable by the Holder hereof subject to compliance with this Section 8. Prior
to any proposed transfer of this Warrant or the Warrant Shares received on the exercise of this Warrant (the
“Securities”), unless there is in effect a registration statement under the Securities Act of 1933,
as amended (the “Securities Act”), covering the proposed transfer, the Holder thereof shall give
written notice to the Company of such Holder’s intention to effect such transfer. Each such notice shall describe the
manner and circumstances of the proposed transfer in sufficient detail, and shall, if the Company so requests, be accompanied
(except in transactions in compliance with Rule 144) by either: (a) a written opinion of legal counsel who shall
be satisfactory to the Company acting reasonably addressed to the Company and satisfactory in form and substance to the
Company’s counsel acting reasonably, to the effect that the proposed transfer of the Securities may be effected without
registration under the Securities Act; or (b) a “no action” letter from the Securities Exchange Commission (the
“Commission”) to the effect that the transfer of such Securities without registration will not
result in a recommendation by the staff of the Commission that action be taken with respect thereto, whereupon the Holder of
the Securities shall be entitled to transfer the Securities in accordance with the terms of the notice delivered by the
Holder to the Company; provided, however, no such registration statement or opinion of counsel shall be
necessary for a transfer by a Holder to any affiliate of such Holder for no consideration, if the transferee agrees in
writing to be subject to the terms hereof to the same extent as if such transferee were the original Holder hereunder. Each
certificate evidencing the Securities transferred as above provided shall bear the appropriate restrictive legend set forth
above, except that such certificate shall not bear such restrictive legend if in the opinion of counsel for the Company
acting reasonably such legend is not required in order to establish compliance with any provisions of the Securities Act.

 

9.            Replacement
of Warrants. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of the Warrant, and in the case of any such loss, theft or destruction of the Warrant, on delivery
of an indemnity agreement or security satisfactory in form and amount to the Company acting reasonably, and reimbursement to
the Company of all reasonable expenses incidental thereto, and upon surrender and cancellation of the Warrant if mutilated,
the Company will execute and deliver, in lieu thereof, a new Warrant of like tenor.

 

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10.          Dividends
and Distributions. So long as any part of this Warrant remains outstanding and unexercised, the Company will, upon the declaration
of a cash dividend upon its Common Stock or other distribution to the holders of its Common Stock and at least ten (10) days prior
to the record date, notify the Holder hereof of such declaration, which notice will contain, at a minimum, the following information:
(a) the date of the declaration of the dividend or distribution; (b) the amount of such dividend or distribution; (c) the record
date of such dividend or distribution; and (d) the payment date or distribution date of such dividend or distribution. The Holder
shall, upon the exercise hereof, be entitled to receive, in addition to the number of shares of Common Stock receivable thereupon,
and without payment of any additional consideration therefor, the amount of such other or additional securities or other property
(other than cash) of the Company which such Holder would hold on the date of such exercise had it been the holder of record of
such Common Stock on the date hereof and had thereafter, during the period from the date hereof to and including the date of such
exercise, retained such shares and/or all other additional securities or other property receivable by it as aforesaid during such
period, giving effect to all adjustments pursuant to Section 2.

 

11.          Miscellaneous.
This Warrant shall be governed by the laws of the State of Maryland. The headings in this Warrant are for purposes of
convenience of reference only, and shall not be deemed to constitute a part hereof. The invalidity or unenforceability of any
provision hereof shall in no way affect the validity or enforceability of any other provisions. All notices and other
communications from the Company to the Holder shall be delivered personally or mailed by first class mail, postage prepaid,
or by facsimile to the address or facsimile number furnished to the Company in writing by the last Holder who shall have
furnished an address and facsimile number to the Company in writing, and if mailed shall be deemed given three days after
deposit in the U.S. Mail.

 

12.          Taxes.
The Company shall pay all issue taxes and other governmental charges (but not including any income taxes of a Holder) that may
be imposed in respect of the issuance or delivery of the Warrant Shares or any portion thereof.

 

13.          Amendment.
Any term of this Warrant may be amended with the written consent of the Company and the Holder. Any amendment effected in accordance
with this Section 13 shall be binding upon the Holder of this Warrant, each future holder of such Warrant, and the Company.

 

14.          Remedies.
In the event of any default or threatened default by the Company in the performance of or observance with any of the terms of this
Warrant, it is agreed that remedies at law are not and will not be adequate for the Holder and that such terms may be specifically
enforced by a decree for the specific performance of any agreement contained herein or by an injunction against a violation of
any of the terms hereof or otherwise.

 

15.          Facsimile
Signature. This Warrant may be executed by the Company in facsimile or pdf. form and upon receipt by the Holder of such faxed
executed copy of this Warrant, this Warrant shall be binding upon and enforceable against the Company in accordance with its terms.
The Company shall promptly forward to the Holder an original of the facsimile signed copy of this Warrant previously delivered
to Holder.

 

    	5

    	 

    

 

16.          Term.
The term of this Warrant (the “Term”), and the Holder’s right to exercise this Warrant, shall terminate
immediately upon the close of business (5:00 p.m., Eastern Standard Time) on the ten-year anniversary of the date hereof. Upon
termination of the Term, the Holder shall surrender this Warrant to the Company at the Company’s principal place of business.

 

    	6

    	 

    

 

IN WITNESS WHEREOF, the undersigned officer
of the Company has executed this Common Stock Purchase Warrant as of the date first above written.

 

	 	VACCINOGEN, INC.
	 	 	 
	 	By:	 
	 	Name:  	Michael G. Hanna, Jr., Ph.D.
	 	Title:	Chairman and Chief Executive Officer
	 	 	 
	 	By:	 
	 	Name:	Andrew L. Tussing
	 	Title:	President and Chief Operating Officer

 

    	7

    	 

    

 

EXHIBIT A 

PURCHASE FORM

 

The undersigned pursuant to the provisions
set forth in the attached Warrant (No. ______) hereby irrevocably elects to purchase ____ shares of Warrant Shares covered by such
Warrant and herewith makes payment of __________ representing the full purchase price for such shares of Warrant Shares at the
price per share of Warrant Share provided for in such Warrant.

 

If the shares of Warrant Shares are not
to be issued in the name of the undersigned, the shares of Warrant Shares shall be issued in the names of permitted assigns and
in the number of units as follows:

 

	Name:	 	Name:
	 	 	 
	Address:	 	Address:
	 	 	 
	Tax ID #:	 	Tax ID #:
	 	 	 
	No. of Units:	 	No. of Units:

 

	Dated:	 	 
	 	 	 
	Signature:	 	 
	 	 	 
	Print Name:	 	 
	 	 	 
	Address:	 	 

  

    	8

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