Document:

NORTHWEST BIOTHERAPEUTICS, INC. WARRANT
AGENCY AGREEMENT

 

WARRANT AGENCY AGREEMENT
made as of December ___, 2012 (the “Issuance Date”), between Northwest Biotherapeutics, Inc., a Delaware corporation,
with offices at 4800 Montgomery Lane, Suite 800, Bethesda, MD 20814 (“Company”), and Computershare
Trust Company, N.A., with offices at ____________ (“Warrant Agent”).

 

WHEREAS,
the Company is engaged in a public offering (the “Offering”) of Common Stock and Warrants and, in connection therewith, has determined
to issue and deliver up to _______ Warrants (the “Warrants”) to the public investors,
with each such Warrant evidencing the right of the holder thereof to purchase one share of common stock, par value $.001 per share,
of the Company's Common Stock (the “Common Stock”) for $_____, subject to adjustment as described herein; and

 

WHEREAS, the Company
has filed with the Securities and Exchange Commission a Registration Statement, No. 333-182470 on Form S-1 (as the same may be
amended from time to time, the “Registration Statement”) for the registration, under the Securities Act of 1933, as
amended (the “Act”) of, among other securities, the Warrants and the Common Stock issuable upon exercise of the Warrants
(the “Warrant Shares”), and such Registration Statement was declared effective on December ___, 2012; 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 and exercise of the Warrants; and

 

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 Warrant 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
Warrant Agreement.

 

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2.           Warrants.

 

2.1          Form
of Warrant. Each Warrant shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto,
the provisions of which are incorporated herein, and shall be signed by, or bear the facsimile signature of, the Chief Executive
Officer, President, Chief Financial Officer or Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile
of the Company’s seal. 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. All of the Warrants shall initially be represented by
one or more book-entry certificates (each a “Book-Entry Warrant Certificate”).

 

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 (“Warrant Register”), for the registration of original issuance
and the registration of transfer 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. To the extent the Warrants are DTC eligible as of the Issuance Date, all of the
Warrants shall be represented by one or more 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 represent such direct registration.

 

If the Warrants are
not DTC Eligible as of the Issuance Date or 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. Such definitive Warrant
Certificates shall be in substantially the form annexed hereto as Exhibit A.

 

2.3.2.          Beneficial
Owner; Registered Holder. The term “beneficial owner” shall mean any person in whose name ownership of a beneficial
interest in the Warrants evidenced by a Book-Entry Warrant Certificate is recorded in the records maintained by the Depository
or its nominee. 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 (“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.

 

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2.5           Uncertificated
Warrants. Notwithstanding the foregoing and anything else herein to the contrary, the Warrants may be issued in uncertificated
form.

 

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 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 subsequent adjustments provided in Section 4 hereof. 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.

 

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 December ____, 2017 (“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 Warrant
Agreement shall cease at the close of business on 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., New York 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”) shown 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 Warrant Shares underlying the Warrants to be exercised (“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) the Warrant 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.

 

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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., New York 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 or Participant, as applicable, and the Warrant Agent. Neither the Company nor the Warrant Agent shall
have any obligation to inform a registered holder or the Participant, as applicable, of the invalidity of any exercise of Warrants.

 

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 via telephone at the end of each day on which funds for the exercise of the Warrants
are received of 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, by 11:00 A.M. New York Time on the business day following the Exercise Date of any
Warrant, advise the Company or the transfer agent and registrar in respect of (a) the Warrant 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., New York time, on the third business day next succeeding the Exercise Date of any Warrant and the clearance of the
funds in payment of the Warrant Price, 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., New York 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.

 

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 Depository by crediting the account
of 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.

 

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3.3.3.          Valid
Issuance. 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.

 

3.3.4.          No
Fractional Exercise. Warrants may be exercised only in whole numbers of Warrant Shares. No fractional Warrant Shares are to
be issued upon the exercise of the 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 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.

 

3.3.5           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.

 

3.3.6           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 Warrant
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.

 

3.3.7           Cashless
Exercise Under Certain Circumstances.

 

(i)          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 to 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 next paragraph and refund the cash portion of the exercise price to the registered
holder.

 

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(ii)         If
a Restrictive Legend Event has occurred and no exemption from the registration requirements is available, the Warrant shall only
be exercisable on a cashless basis. Notwithstanding anything herein to the contrary, the Company shall not be required to make
any cash payments or net cash settlement to the registered holder in lieu of issuance of the Warrant Shares. Upon a “cashless
exercise”, the Holder shall be entitled to receive a certificate (or book entry) for the number of Warrant Shares equal to
the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

		(A)	= the VWAP on the Business Day immediately preceding
the date on which the registered holder elects to exercise the Warrant by means of a “cashless exercise,” as set forth
in the applicable Election to Purchase;

 

		(B)	=the Exercise Price of the Warrant, as it may have
been adjusted hereunder; and

 

		(X)	=the number of Warrant Shares that would be issuable
upon exercise of the Warrant in accordance with the terms of the Warrant if such exercise were by means of a cash exercise rather
than a cashless exercise.

 

Upon receipt of an
Election to Purchase for a cashless exercise, the Warrant Agent will promptly deliver a copy of the Election to Purchase to the
Company to confirm the number of Warrant Shares issuable in connection with the cashless exercise. The Company shall calculate
and transmit to the Warrant Agent, and the Warrant Agent shall have no obligation under this section to calculate, the number of
Warrant Shares issuable in connection with the cashless exercise.

 

“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 NYSE AMEX, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock
Exchange (each, a “Trading Market”), 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. (New York City time)), (b) 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 OTC Markets, Inc. (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 holders of a majority in interest of the
Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

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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.

 

4.          Adjustments.

 

4.1        Adjustment
upon Subdivision or Combination of Common Stock. If the Company at any time after the Issuance Date subdivides (by any stock
split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) its outstanding shares of Common Stock
into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced
and the number of Warrant Shares will be proportionately increased. If the Company at any time after the Issuance Date combines
(by any stock split, stock dividend, recapitalization, reorganization, scheme, arrangement or otherwise) its outstanding shares
of Common Stock into a smaller number of shares, the Exercise Price in effect immediately prior to such combination will be proportionately
increased and the number of Warrant Shares will be proportionately decreased. Any adjustment under this Section 4.1 shall become
effective at the close of business on the date the subdivision or combination becomes effective. Company shall promptly notify
Warrant Agent of any such adjustment and give specific instructions to Warrant Agent with respect to any adjustments to the warrant
register.

 

4.2         Adjustment
for Other Distributions.  In the event the Company shall fix a record date for the making
of a dividend or distribution to all holders of Common Stock of any evidences of indebtedness or assets or subscription rights
or warrants (excluding those referred to in Section 4.1 or other dividends paid out of retained earnings), then in each such case
the Exercise Price shall be adjusted by multiplying the Exercise Price in effect immediately prior to the record date fixed for
determination of stockholders entitled to receive such distribution by a fraction of which the denominator shall be the VWAP determined
as of the record date mentioned above, and of which the numerator shall be such VWAP on such record date less the then per share
fair market value at such record date of the portion of such assets or evidence of indebtedness so distributed applicable to one
outstanding share of the Common Stock as determined by the Board of Directors in good faith. In either case the adjustments shall
be described in a statement provided to the registered holder of the portion of assets or evidences of indebtedness so distributed
or such subscription rights applicable to one share of Common Stock. Such adjustment shall be made whenever any such distribution
is made and shall become effective immediately after the record date mentioned above.

 

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4.3.
Reclassification, Consolidation, Purchase, Combination, Sale or Conveyance. If, at any time while the Warrants are
outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of
the Company with or into another person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment,
transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions,
(iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another person) is completed
pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or
property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly,
in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any
compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash
or property, (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase
agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme
of arrangement) with another person whereby such other person acquires more than 50% of the outstanding shares of Common Stock
(not including any shares of Common Stock held by the other person or other persons making or party to, or associated or affiliated
with the other persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental
Transaction”), then, upon any subsequent exercise of a Warrant, the registered holder shall have the right to receive,
for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental
Transaction, the number of shares of Common Stock, if any, of the successor or acquiring corporation or of the Company, if it is
the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result
of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately
prior to such Fundamental Transaction. For purposes of any such exercise, the determination of the Exercise Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share
of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration
in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of
Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the
registered holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant
following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the
Company is not the survivor (the “Successor Entity”) and for which shareholders received any equity securities
of the Successor Entity, to assume in writing all of the obligations of the Company under this Warrant Agreement in accordance
with the provisions of this Section 4.3 pursuant to written agreements and shall, upon the written request of the registered holder
of a Warrant, deliver to the registered holder in exchange for this Warrant created by this Agreement a security of the Successor
Entity evidenced by a written instrument substantially similar in form and substance to the Warrant which is exercisable for a
corresponding number of shares of capital stock of such Successor Entity (or its parent entity), if any, plus any Alternate Consideration,
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which the Warrant
is exercisable immediately prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder
to such shares of capital stock, if any, plus any Alternate Consideration (but taking into account the relative value of the shares
of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of
capital stock and such exercise price being for the purpose of protecting the economic value of such Warrant immediately prior
to the consummation of such Fundamental Transaction). Upon the occurrence of any such Fundamental Transaction the Successor Entity
shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this
Warrant Agent Agreement and the Warrant referring to the “Company” shall refer instead to the Successor Entity), and
may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Agreement and
the Warrant with the same effect as if such Successor Entity had been named as the Company herein.

 

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The Company shall instruct
the Warrant Agent to mail by first class mail, postage prepaid, to each registered holder of a Warrant, written notice of the execution
of any such amendment, supplement or agreement. Any supplemented or amended agreement entered into by the successor corporation
or transferee shall provide for adjustments, which shall be as nearly equivalent as may be practicable to the adjustments provided
for in Section 4. The Warrant Agent shall be under no responsibility to determine the correctness of any provisions contained in
such agreement relating either to the kind or amount of securities or other property receivable upon exercise of warrants or with
respect to the method employed and provided therein for any adjustments and shall be entitled to rely upon the provisions contained
in any such agreement. The provisions of this Section 4.3 shall similarly apply to successive reclassifications, changes, consolidations,
mergers, sales and conveyances of the kind described above.

 

4.4           Other
Events. If any event occurs of the type contemplated by the provisions of Section 4.1, 4.2 or 4.3 but not expressly provided
for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other
rights with equity features to all holders of Common Stock for no consideration), then the Company's Board of Directors will in
good faith make an adjustment in the Exercise Price and the number of Warrant Shares so as to protect the rights of the registered
holder.

 

4.5.          Notices
of Changes in Warrant. Upon every adjustment of the Warrant 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 Warrant 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 or 4.2, then, in any such event, the Company shall give written notice to each registered
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, as applicable, to the nearest whole number the number of the shares of Common Stock to be
issued to the registered holder.

 

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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 Warrant 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 upon the Warrant
Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly 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 shall 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 reasonably acceptable to Warrant Agent, duly executed by the registered holder thereof, or by a duly authorized attorney,
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.

 

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. A service charge shall be made for any exchange or registration of transfer of Warrants, as negotiated between Company
and Warrant Agent.

 

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5.5.          Warrant
Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the
terms of this Warrant 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.              Limitations
on Exercise. Neither the Warrant Agent nor the Company shall effect any exercise of any Warrant, and a registered holder
shall not have the right to exercise any portion of a Warrant, to the extent that after giving effect to the issuance of shares
of Common Stock after exercise as set forth on the applicable Election to Purchase, the registered holder (together with such registered
holder’s Affiliates (as defined in Rule 405 under The Securities Act of 1933), and any other persons acting as a group together
with the registered holder or any of the registered holder’s Affiliates), would beneficially own in excess of 4.99% of the
Company’s Common Stock. For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by
the registered holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of the Warrant
with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable
upon exercise of the remaining, nonexercised portion of any Warrant beneficially owned by the registered holder or any of its Affiliates.
Except as set forth in the preceding sentence, for purposes of this Section 6, beneficial ownership shall be calculated in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the registered
holder that neither the Warrant Agent nor the Company is representing to the registered holder that such calculation is in compliance
with Section 13(d) of the Exchange Act and the registered holder is solely responsible for any schedules required to be filed in
accordance therewith. To the extent that the limitation contained in this Section 6 applies, the determination of whether a Warrant
is exercisable (in relation to other securities owned by the registered holder together with any Affiliates) and of which portion
of a Warrant is exercisable shall be in the sole discretion of the registered holder, and the submission of a Election to Purchase
shall be deemed to be the registered holder’s determination of whether such Warrant is exercisable (in relation to other
securities owned by the registered holder together with any Affiliates) and of which portion of a Warrant is exercisable, and neither
the Warrant Agent nor the Company shall have any obligation to verify or confirm the accuracy of such determination and neither
of them shall have any liability for any error made by the registered holder. In addition, a determination as to any group status
as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
thereunder. For purposes of this Section 6, in determining the number of outstanding shares of Common Stock, a registered holder
may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual
report filed with the Securities and Exchange Commission, as the case may be, (B) a more recent public announcement by the Company
or (C) a more recent written notice by the Company or the Company’s transfer agent setting forth the number of shares of
Common Stock outstanding. The provisions of this Section 6 shall be construed and implemented in a manner otherwise than in strict
conformity with the terms of this Section 6 to correct this subsection (or any portion hereof) which may be defective or inconsistent
with the intended beneficial ownership limitation herein contained or to make changes or supplements necessary or desirable to
properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of a Warrant.

 

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

 

7.1.          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.

 

7.2.          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 (including obtaining an open penalty bond protecting the Warrant
Agent) or otherwise as they may in their discretion impose (which 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.

 

7.3.          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.

 

8.           Concerning
the Warrant Agent and Other Matters.

 

8.1           Concerning
the Warrant Agent. The Warrant Agent:

 

a)           shall have no duties or obligations
other than those set forth herein and no duties or obligations shall be inferred or implied;

 

b)           may rely on and shall be held
harmless by the Company in acting upon any certificate, statement, instrument, opinion, notice, letter, facsimile transmission,
telegram or other document, or any security delivered to it, and reasonably believed by it to be genuine and to have been made
or signed by the proper party or parties;

 

c)           may rely on and shall be held
harmless by the Company in acting upon written or oral instructions or statements from the Company with respect to any matter relating
to its acting as Warrant Agent;

 

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d)           May consult with counsel satisfactory
to it (including counsel for the Company) and shall be held harmless by the Company in relying on the advice or opinion of such
counsel in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with such advice or
opinion of such counsel;

 

e)           solely shall make the final
determination as to whether or not a Warrant received by Warrant Agent is duly, completely and correctly executed, and Warrant
Agent shall be held harmless by the Company in respect of any action taken, suffered or omitted by Warrant Agent hereunder in good
faith and in accordance with its determination;

 

f)            shall
not be obligated to take any legal or other action hereunder which might, in its judgment subject or expose it to any expense or
liability unless it shall have been furnished with an indemnity satisfactory to it; and

 

g)           shall not be liable or responsible
for any failure of the Company to comply with any of its obligations relating to the Registration Statement or this Warrant Agreement,
including without limitation obligations under applicable regulation or law.

 

8.2           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. The Warrant Agent
shall not register any transfer or issue or deliver any Warrant Certificate(s) or Warrant Shares unless or until the persons requesting
the registration or issuance shall have paid to the Warrant Agent for the account of the Company the amount of such tax, if any,
or shall have established to the reasonable satisfaction of the Company that such tax, if any, has been paid

 

8.3               Resignation,
Consolidation, or Merger of Warrant Agent.

 

8.3.1.       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 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 (but not including the initial 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.

 

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8.2.2.          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.

 

8.2.3.          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 Warrant Agreement without any further act.

 

8.3.        Fees
and Expenses of Warrant Agent.

 

8.3.1.          Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration in an amount separately agreed to between Company and Warrant
Agent for its services as 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. One half of the total Warrant
Agent fees (not including postage) must be paid upon execution of this Warrant Agreement. The remaining half must be paid within
fifteen (15) business days thereafter. An invoice for any out-of-pocket and/or per item fees incurred will be rendered to and payable
by the Company within fifteen (15) days of the date of said invoice. It is understood and agreed that all services to be performed
by Warrant Agent shall cease if full payment for its services has not been received in accordance with the above schedule, and
said services will not commence thereafter until all payment due has been received by Warrant Agent.

 

8.3.2.          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.

 

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8.4.        Liability
of Warrant Agent.

 

8.4.1.          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 President 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
Warrant Agreement.

 

8.4.2.          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, claims, losses, damages,
costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Warrant Agreement
except as a result of the Warrant Agent’s gross negligence, willful misconduct, or bad faith.

 

8.4.3.          Limitation
of Liability. The Warrant Agent’s aggregate liability, if any, during the term of this Warrant
Agreement with respect to, arising from, or arising in connection with this Warrant Agreement, or from all services provided or
omitted to be provided under this Warrant Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not
exceed, the amounts paid or payable hereunder by the Company to Warrant Agent as fees and charges, but not including reimbursable
expenses.

 

8.4.4           Disputes.
In the event any question or dispute arises with respect to the proper interpretation of this Warrant Agreement or the Warrant
Agent’s duties hereunder or the rights of the Company or of any holder of a Warrant, the Warrant Agent shall not be required
to act and shall not be held liable or responsible for refusing to act until the question or dispute has been judicially settled
(and the Warrant Agent may, if it deems it advisable, but shall not be obligated to, file a suit in interpleader or for a declaratory
judgment for such purpose) by final judgment rendered by a court of competent jurisdiction, binding on all parties interested in
the matter which is no longer subject to review or appeal, or settled by a written document in form and substance satisfactory
to the Warrant Agent and executed by the Company and each other interested party. In addition, the Warrant Agent may require for
such purpose, but shall not be obligated to require, the execution of such written settlement by all the Warrant holders, as applicable,
and all other parties that may have an interest in the settlement.

 

8.4.5           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.

 

    	15

    	 

    

 

8.5.        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.

 

9.           Miscellaneous
Provisions.

 

9.1.        Successors.
All the covenants and provisions of this Warrant 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.

 

9.2.        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 sufficiently given when so delivered if by hand or overnight delivery or if sent by
certified mail or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another
address is filed in writing by the Company with the Warrant Agent), as follows:

 

Northwest Biotherapeutics, Inc.

4800 Montgomery Lane, Suite 800

Bethesda, MD 20814

Attn: Chief Executive 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
sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within
five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent
with the Company), as follows:

 

Computershare Trust Company, N.A.

 

Attn: Compliance Department

 

with a copy in each case to: 

Sichenzia Ross Friedman Ference LLP

61 Broadway, 32nd Floor

New York, NY 10006

Attn: Jeffrey J. Fessler, Esq.

 

and:

Aegis Capital Corp.         

810 Seventh Avenue, 11th
Fl

New York, NY 10019

Attn: Compliance Department

 

and:

 

ReedSmith LLP

599 Lexington Avenue

 New York, NY 10022

Attn:Yvan-Claude Pierre, Esq.

 

and;

Computershare Trust Company,
N.A.

 

 

Attention: General Counsel

 

    	16

    	 

    

 

9.3.         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 inconvenience
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 9.2 hereof. Such
mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

9.4.         Persons
Having Rights under this Warrant 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 and, for purposes of Sections 3.3, 9.3 and 9.8, the Underwriter,
any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or
agreement hereof. The Underwriters shall be deemed to be an express third-party beneficiary of this Warrant Agreement with respect
to Sections 3.3, 9.3 and 9.8 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 the Underwriters with respect to the Sections
3.3, 9.3 and 9.8 hereof) and their successors and assigns and of the registered holders of the Warrants.

 

9.5.         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 city of ________, State of ______, for inspection by the registered holder of any Warrant.
The Warrant Agent may require any such holder to submit his Warrant for inspection by it.

 

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9.6.          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.

 

9.7.          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.

 

9.8           Amendments.
This Warrant Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing
any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or 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 Warrant Price or shorten the Exercise Period, shall require the written consent of the
Underwriter and the registered holders of a majority of the then outstanding Warrants.

 

9.9           Severability.
This Warrant Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall
not affect the validity or enforceability of this Warrant Agreement or of any other term or provision hereof. Furthermore, in lieu
of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Warrant
Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

9.10         Force
Majeure. In the event either party is unable to perform its obligations under the terms of this Warrant Agreement because
of acts of God, strikes, failure of carrier or utilities, equipment or transmission failure or damage that is reasonably beyond
its control, or any other cause that is reasonably beyond its control, such party shall not be liable for damages to the other
for any damages resulting from such failure to perform or otherwise from such causes. Performance under this Warrant Agreement
shall resume when the affected party or parties are able to perform substantially that party’s duties.

 

9.11         Consequential
Damages. Notwithstanding anything in this Warrant Agreement to the contrary, neither party to this Warrant Agreement
shall be liable to the other party for any consequential, indirect, special or incidental damages under any provision of this Agreement
or for any consequential, indirect, punitive, special or incidental damages arising out of any act or failure to act hereunder
even if that party has been advised of or has foreseen the possibility of such damages.

 

    	18

    	 

    

 

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

 

	 	NORTHWEST BIOTHERAPEUTICS, INC.
	 	 
	 	By:	 
	 	Name:	Linda Powers
	 	Title:	CEO
	 	 
	 	Computershare Trust Company, N.A.,
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	19

    	 

    

 

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 $0.001 per share, as
described herein.

 

NORTHWEST BIOTHERAPEUTICS, INC.

 

	No. ___________	[CUSIP_________]

 

	VOID AFTER 5:00 P.M., NEW YORK TIME,
	ON _______ __, 2017

 

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 Northwest Biotherapeutics, Inc., a Delaware corporation (the “Company”),
[_______] shares (collectively, the “Warrant Shares”) of Common Stock, par value $0.001 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 in whole but not in part at any time, as specified herein,
on any Business Day (as defined below) occurring during the period (the “Exercise Period”) commencing the date
of detachability of the Warrants from the Common Stock as set forth in Section 2.4 of the Warrant Agreement and terminating on
the earlier to occur of 5:00 P.M., New York City time, on December  __, 2017 (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.

 

    	20

    	 

    

 

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 Computershare Trust Company,
N.A. (the “Warrant Agent”, which term includes any successor warrant agent under the Warrant Agreement described
below) at its corporate trust department at_________________________, (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 in lawful money of the United States of America by certified or official bank check or by bank wire transfer in
immediately available funds, unless cashless exercise is permitted under the Warrant Agreement.

 

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 _____, 2012 (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 4800 Montgomery Lane, Suite 800, Bethesda, MD 20814.

 

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 to 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 next paragraph and refund the cash portion of the exercise price to the registered holder.

 

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If a Restrictive
Legend Event has occurred and no exemption from the registration requirements is available, the Warrant shall only be exercisable
on a cashless basis. Notwithstanding anything herein to the contrary, the Company shall not be required to make any cash payments
or net cash settlement to the registered holder in lieu of issuance of the Warrant Shares. Upon a “cashless exercise”,
the Holder shall be entitled to receive a certificate (or book entry) for the number of Warrant Shares equal to the quotient obtained
by dividing [(A-B) (X)] by (A), where:

 

		(A)	= the VWAP on the Business Day immediately preceding
the date on which the registered holder elects to exercise the Warrant by means of a “cashless exercise,” as set
forth in the applicable Election to Purchase;

 

		(B)	= the Exercise Price of the Warrant, as it may have
been adjusted hereunder; and

 

		(X)	= the number of Warrant Shares that would be issuable
upon exercise of the Warrant in accordance with the terms of the Warrant if such exercise were by means of a cash exercise rather
than a cashless exercise.

 

Upon receipt of an
Election to Purchase for a cashless exercise, the Warrant Agent will promptly deliver a copy of the Election to Purchase to the
Company to confirm the number of Warrant Shares issuable in connection with the cashless exercise. The Company shall calculate
and transmit to the Warrant Agent, and the Warrant Agent shall have no obligation under this section to calculate, the number of
Warrant Shares issuable in connection with the cashless exercise.

 

“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 NYSE AMEX, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock
Exchange (each, a “Trading Market”), 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. (New York City time)), (b) 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 OTC Markets, Inc. (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 holders of a majority in interest of the
Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

    	22

    	 

    

 

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 stock transfer division of the Warrant Agent, 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.

 

    	23

    	 

    

 

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

 

Dated as of ________ __, 2012

 

	 	northwest Biotherapeutics, INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Computershare Trust Company, N.A.,

as Warrant Agent

 

	By: 	 	 
	Name:	 	 
	Title:	 	 

 

    	24

    	 

    

 

[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. 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 $0.001 per share (the “Common Stock”) of Northwest Biotherapeutics, Inc., a Delaware corporation (the
“Company”), and represents that on or before the Exercise Date

 

 £
such holder has tendered payment for such Warrant Shares by certified or official bank check or bank wire transfer in
immediately available funds to the order of the Company c/o Computershare Trust Company, N.A.________________, in the amount
of $_____________ in accordance with the terms hereof, or

 

  £
[if permitted] the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in
subsection 3.3.7 of the Warrant Agreement, to exercise this Warrant with respect to the maximum number of Warrant Shares
purchasable pursuant to the cashless exercise procedure set forth in subsection 3.3.7.

 

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.

 

    	25

    	 

    

 

Dated: ______________ __, ____

 

	 	Name	 	 
	 	 	(Please Print)	 
	 	 	 	 
	 	/ / /  / - /  /  /- /  /   /  /  /
	 	(Insert Social Security or Other Identifying Number of Holder)
	 	 	 	 
	 	Address	 	 
	 	 	 	 
	 	 	 	 
	 	Signature	 	 

 

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:	 	 	 

 

    	26

    	 

    

 

	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 an Eligible Guarantor Institution (as that term is defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended).
	SIGNATURE GUARANTEE	 	 
	 	 	 
	Name of Firm                                                   	 	 
	Address                                                             	 	 
	Area Code	 	 
	and Number                                                   	 	 
	Authorized	 	 
	Signature                                                       	 	 
	Name                                                                	 	 
	Title                                                                  	 	 
	Dated:                                                               ,
    200___	 	 

 

    	27

    	 

    

 

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 guarantee by an Eligible Guarantor Institution (as that term is defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended).
	SIGNATURE GUARANTEE	 	 
	Name of Firm                                                   	 	 
	Address                                                             	 	 
	Area Code	 	 
	and Number                                                   	 	 
	Authorized	 	 
	Signature                                                       	 	 
	Name                                                                	 	 
	Title                                                                  	 	 
	Dated:                                                 ,
    200___	 	 

 

    	28THIRD AMENDMENT TO

MORTGAGE WAREHOUSE LOAN AND SECURITY AGREEMENT

 

THIS THIRD AMENDMENT
TO MORTGAGE WAREHOUSE LOAN AND SECURITY AGREEMENT, dated as of November 29, 2012 (this “Amendment”), is by and
among Centerline Mortgage Capital Inc., a Delaware corporation having its principal place of business at 100 Church Street, 15th
Floor, New York, New York 10007 (“CMC”), Centerline Mortgage Partners Inc., a Delaware corporation having its
principal place of business at 100 Church Street, 15th Floor, New York, New York 10007 (“CMP” and
together with CMC collectively referred to as the “Borrowers”), and Manufacturers and Traders Trust Company,
with offices at 25 South Charles Street, 17th Floor, Baltimore, Maryland 21201 (the “Lender”).

 

RECITALS

 

A.           The
Lender and the Borrowers are parties to that certain Mortgage Warehouse Loan and Security Agreement dated as of November 14, 2011,
as amended by the First Amendment to Mortgage Warehouse Loan and Security Agreement dated as of October 19, 2012 (the “First
Amendment”) and by the Second Amendment to Mortgage Warehouse Loan and Security Agreement dated as of November 9, 2012
(the “Second Amendment”), and as it may be further amended, modified, supplemented and/or restated from time
to time (the “Loan Agreement”), pursuant to which the Lender makes Advances to the Borrowers secured by the
Collateral. Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Loan Agreement.

 

B.           The
Lender and the Borrowers agree and acknowledge that the temporary increase in the Line of Credit Limit under the First Amendment
has expired, and the related temporary increase note described in, and executed and delivered by the Borrowers in connection with,
the First Amendment has been paid in full and is now of no further force and effect.

 

C.           The
Borrowers have requested a further temporary increase in the Line of Credit Limit by One Hundred Fifty Million Dollars ($150,000,000)
for a period of sixty-four (64) days, and the Lender has agreed to such temporary increase subject to the terms and conditions
set forth in this Amendment.

 

NOW THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Lender and the Borrowers,
the Lender and the Borrowers agree as follows:

 

1.          Amendments.

 

(a)          Temporary
Increase. The Line of Credit Limit is hereby increased by One Hundred Fifty Million Dollars ($150,000,000) (the “Temporary
Increase Amount”) for a period commencing on November 29, 2012 and ending on January 31, 2013
(such period is referred to herein as the “Temporary Funding Period”). The Borrowers acknowledge that the Lender’s
agreement herein to provide the Temporary Increase Amount shall not bind the Lender to grant any other or further increase in the
Line of Credit Limit.

 

    	 

    	 

    

 

(b)          Change
in Defined Terms. Solely during the Temporary Funding Period, the following definitions in the Loan Agreement are hereby amended
and restated in their entirety to read as follows:

 

“Credit
Note: means (i) that certain Amended and Restated Daily Adjusting LIBOR Revolving Line Note dated as of November 9, 2012 executed
and delivered by the Borrowers payable to the order of the Lender in the principal face amount of $50,000,000, as amended, modified
and/or restated from time to time (the “Amended and Restated Note”) and (ii) that certain Temporary Increase
Daily Adjusting LIBOR Revolving Line Note dated as of November 29, 2012 executed and delivered by the Borrowers payable to the
order of the Lender, in the principal face amount of $150,000,000, as amended, modified and/or restated from time to time (the
“Temporary Increase Promissory Note”).”

 

“Line
of Credit Limit: means $200,000,000.”

 

(c)          Limit
on Advance Amount. Notwithstanding anything in the Loan Agreement to the contrary, during the Temporary Funding Period, individual
Advances under the Credit Note shall not exceed Forty-Five Million Dollars ($45,000,000).

 

(d)          Effect
of End of Temporary Funding Period. From and after the calendar day following the end of the Temporary Funding Period, all
of the defined terms amended in this Amendment shall be defined in the Loan Agreement as they were defined immediately prior to
the execution and delivery of this Amendment, and as long as all principal and accrued interest due with respect to the Temporary
Increase Amount has been paid in full, the Temporary Increase Daily Adjusting LIBOR Revolving Line Note shall be of no further
force or effect.

 

2.          Miscellaneous.

 

(a)          Condition
Precedent. This Amendment shall become effective upon completion or satisfaction of the following in the Lender’s determination:

 

(i)          The
execution and delivery of this Amendment by the Borrowers and the Lender.

 

(ii)         The
execution and delivery of the Temporary Increase Daily Adjusting LIBOR Revolving Line Note substantially in the form attached hereto
as Exhibit A.

 

(iii)        All
Advances made in connection with the temporary increase in the Line of Credit Limit under the First Amendment have been paid in
full.

 

(iv)        The
execution and delivery of that certain letter agreement dated as of November 29, 2012 with respect to certain fees by the Borrowers
and agreed to and accepted by the Lender (the “Fee Letter”).

 

(v)         The
Borrowers shall have paid to the Lender the fees in immediately available funds in the amount stated in the Fee Letter. The Borrowers
acknowledge that such fees shall be paid in addition to the Nonusage Fee due and payable in accordance with Section 3.1 of the
Loan Agreement during the term of the Loan, including, without limitation, during the Temporary Funding Period.

 

    	2

    	 

    

 

(vi)        The
Borrowers shall have delivered to the Lender the following, all in form and substance reasonably satisfactory to the Lender: (A)
a certificate of good standing of each Borrower, dated no earlier than thirty (30) days prior to the date of this Amendment; (B)
a certificate of the Secretary of each Borrower dated as of the date of this Amendment and certifying as to the Certificate of
Incorporation and By-Laws of each Borrower, the incumbency and signatures of officers of each of the Borrowers executing this Amendment,
the Temporary Increase Promissory Daily Adjusting LIBOR Revolving Line Note or otherwise acting on behalf of each Borrower hereunder
and the resolutions authorizing the transactions contemplated by this Amendment; and (C) a legal opinion of Nixon Peabody LLP,
as counsel to the Borrowers dated as of the date hereof, addressed to and in form and substance reasonably satisfactory to the
Lender and its counsel.

 

(vii)       The
Borrowers shall have paid the Lender’s reasonable attorneys’ fees and expenses related to the preparation, negotiation
and closing of this Amendment.

 

(b)          Release
of Claims. Each Borrower hereby releases, waives and forever relinquishes all claims, demands, obligations, liabilities and
causes of action of whatever kind or nature, whether known or unknown, which they have, may have, or might assert now or in the
future against the Lender and/or the Lender’s affiliates, participants, affiliates, officers, directors, employees, agents,
attorneys, accountants, consultants, successors and assigns, directly or indirectly, arising out of, based upon, or in any manner
connected with (i) any transaction, event, circumstance, action, failure to act or occurrence of any sort or type, whether known
or unknown, which occurred, existed, was taken, permitted or begun prior to the execution of this Amendment with respect to the
Obligations, the Loan Documents and/or the administration thereof or the obligations created thereby; (ii) any discussions, commitments,
negotiations, conversations or communications with respect to the refinancing, restructuring or collection of any obligations;
or (iii) any thing or matter related to any of the foregoing. The inclusion of this paragraph in this Amendment, and the execution
of this Amendment by the Lender, does not constitute an acknowledgment or admission by the Lender of liability for any matter,
or a precedent upon which liability may be asserted. The foregoing paragraph does not constitute a release of the Lender from its
ongoing and future obligations under the Loan Agreement as amended hereby or under the other Loan Documents.

 

(c)          Amendment
as Loan Document. Each party hereto agrees and acknowledges that this Amendment constitutes a “Loan Document” under
and as defined in the Loan Agreement.

 

(d)          Existing
Loan Documents. Unless specifically modified hereby, all terms and provisions of the Loan Agreement and the other Loan Documents
shall remain in full force and effect in accordance with their terms and are hereby ratified and confirmed.

 

(e)          Confirmation
of Representations, Warranties and Covenants. Each Borrower hereby confirms that (i) all representations, warranties and covenants
made in the Loan Agreement, and the other Loan Documents to which it is a party, remain true and correct as of the date hereof,
(ii) there has been no material adverse change in each Borrower’s financial condition from the date of the most recent financial
statements submitted to the Lender pursuant to the Loan Agreement, and (iii) there have occurred no Defaults or Events of Default
under the Loan Agreement and the other Loan Documents which are continuing as of the date hereof.

 

    	3

    	 

    

 

(f)          Governing
Law. This Amendment shall be construed in accordance with and governed by the law of the State of New York.

 

(g)          Counterparts.
This Amendment may be executed in any number of counterparts, all of which constitute one and the same instrument.

 

[Remainder of page intentionally
left blank]

 

    	4

    	 

    

 

IN WITNESS WHEREOF,
the undersigned have executed and delivered this Amendment as an instrument under seal as of the date first set forth above.

 

	 	CENTERLINE MORTGAGE CAPITAL INC., as 

Borrower
	 	 	 
	 	By: 	/s/ Michael P. Larsen
	 	 	Name:  Michael P. Larsen
	 	 	Title:  Chief Financial Officer
	 	 	 
	 	CENTERLINE MORTGAGE PARTNERS INC., as 

Borrower
	 	 	 
	 	By:	/s/ Michael P. Larsen
	 	 	Name:  Michael P. Larsen
	 	 	Title:  Chief Financial Officer
	 	 	 
	 	MANUFACTURERS AND TRADERS TRUST 

COMPANY, as Lender
	 	 	 
	 	By:	/s/ John Mangan
	 	 	Name:  John Mangan
	 	 	Title:  Vice President

 

Signature Page to Third Amendment to

Mortgage Warehouse Loan and Security Agreement

 

    	 

    	 

    

 

EXHIBIT A

 

TEMPORARY
INCREASE DAILY ADJUSTING LIBOR Revolving
Line NOTE

(this “Note”)

 

New York

 

	November 29, 2012	$150,000,000

 

BORROWER (Name): CENTERLINE MORTGAGE
CAPITAL INC. and CENTERLINE MORTGAGE PARTNERS INC.

(Organizational Structure): Corporations

(State Law organized under): Delaware

(Address of residence/chief executive office):
100 Church Street, 15th Floor, New York, New York 10007

 

		BANK:	MANUFACTURERS AND TRADERS TRUST COMPANY, a New York banking corporation with its principal banking
office at One M&T Plaza, Buffalo, NY 14203. Attention: Office of General Counsel

 

		1.	DEFINITIONS. Each capitalized term shall have the meaning specified herein and the following
terms shall have the indicated meanings:

 

		a.	“Applicable Interest Rate Spread” shall mean the sum of the Minimum Interest
Rate Spread plus the Interest Rate Adjustment, provided that in no event shall the Applicable Interest Rate Spread be less than
the Minimum Interest Rate Spread or greater than the Maximum Interest Rate Spread. The Applicable Interest Rate Spread shall be
determined quarterly as follows: for any calendar quarter, the Applicable Interest Rate Spread shall be calculated using the Deposit
Level Average of the prior calendar quarter, provided that for the first calendar quarter (or portion thereof) of the term of this
Note, the Applicable Interest Rate Spread shall mean 1.90%. For illustration purposes only, the chart below shows what the
Applicable Interest Rate Spread would be for a calendar quarter when the corresponding Deposit Level Average of the prior calendar
quarter is at the amount shown below.

 

	Deposit
 Level
 Average	 	 	Applicable
 Interest

Rate Spread	 
	$	15,000,000	 	 	 	1.90	%
	$	7,500,000	 	 	 	2.65	%
	 	0	 	 	 	3.40	%

 

		b.	“Authorized Person” shall mean, each individually, Robert L. Levy, President
of Borrower; William T. Hyman, Chief Executive Officer of Borrower; Philip A. Melton, Senior Managing Director of Borrower; Michael
P. Larsen, Chief Financial Officer of Borrower; John K. Larson, Managing Director of Borrower; David A. Miller, Treasurer and Senior
Vice President of Borrower; Vanessa L. Howes, Senior Vice President of Borrower; Thomas A. Purtill, Vice President of Borrower;
and Randal S. Hering, Vice President of Borrower (include name(s) and title(s), as appropriate), or any other officer, employee
or representative of Borrower who is authorized or designated as a signer of loan documents under the provisions of Borrower’s
most recent resolutions or similar documents on file with the Bank. Notwithstanding that individual names of Authorized Persons
may have been provided to the Bank, the Bank shall be permitted at any time to rely solely on an individual’s title to ascertain
whether that individual is an Authorized Person. Such authorization may be changed only upon written notice to the Bank accompanied
by evidence, reasonably satisfactory to the Bank, of the authority of the person giving such notice and such notice shall be effective
not sooner than five (5) New York Business Days following receipt thereof by the Bank. The Bank shall have a right of approval,
not to be unreasonably withheld or delayed, over the identity of the Authorized Persons so as to assure the Bank that each Authorized
Person is a responsible and senior officer of Borrower.

		c.	“Base Rate” shall mean a rate per annum equal to the sum of the Applicable Interest
Rate Spread plus the rate of interest announced by the Bank from time to time as its prime rate of interest (“Prime
Rate”).

		d.	“Base Rate Loan” shall mean a Loan that accrues interest at the Base Rate.

		e.	“Deposit Level Average” shall mean, for any calendar quarter, the average deposit
balances of Borrower and their affiliates held at the Bank during such calendar quarter, as calculated by the Bank.

 

    	6

    	 

    

 

		f.	“Deposit Level Quotient” shall mean the Deposit Level Average divided by the
Deposit Level Target.

		g.	“Deposit Level Target” shall mean Fifteen Million Dollars ($15,000,000).

		h.	“Draw Date” shall mean, in relation to each Loan, the date that such Loan is
made or deemed to be made to Borrower pursuant to this Note.

		i.	“Interest Rate Adjustment” shall mean the Maximum Interest Rate Adjustment less
the amount obtained by multiplying the Maximum Interest Rate Adjustment by the Deposit Level Quotient.

		j.	“LIBOR” shall mean the rate per annum (rounded upward, if necessary, to the
nearest 1/16th of 1%) obtained by dividing (i) the applicable London Interbank Offered Rate (see LIBOR Rate definition
below), as fixed by the British Bankers Association for United States dollar deposits in the London interbank market at approximately
11:00 a.m. London, England time (or as soon thereafter as practicable) on the appropriate day in accordance with the terms of this
Note, as determined by the Bank from any broker, quoting service or commonly available source utilized by the Bank, by (ii) a percentage
equal to 100% minus the stated maximum rate of all reserves required to be maintained against “Eurocurrency Liabilities”
as specified in Regulation D (or against any other category of liabilities, which includes deposits by reference to which the interest
rate on LIBOR Rate Loan(s) is determined, or any category of extensions of credit or other assets which includes loans by a non-United
States’ office of a bank to United States’ residents) on such date to any member bank of the Federal Reserve System.
Notwithstanding any provision above, the practice of rounding to determine LIBOR may be discontinued at any time in the Bank’s
sole discretion.

		k.	“LIBOR Rate” shall mean the rate per annum equal to the sum of the Applicable
Interest Rate Spread plus one-month LIBOR, adjusting daily.

		l.	“LIBOR Rate Loan” shall mean any Loan that accrues interest at a LIBOR Rate, as
determined by the Bank.

		m.	“Loan” shall mean any advance of funds made to Borrower by the Bank pursuant to
this Note.

		n.	“Loan Agreement” shall mean that certain Mortgage
Warehouse Loan and Security Agreement dated as of November 14, 2011 among Borrower and the Bank, as amended by the First Amendment
to Mortgage Warehouse Loan and Security Agreement dated as of October 19, 2012 among Borrower and the Bank, the Second Amendment
to Mortgage Warehouse Loan and Security Agreement dated as of November 9, 2012 among Borrower and the Bank and the Third Amendment
to Mortgage Warehouse Loan and Security Agreement dated as of the date hereof among Borrower
and the Bank, as amended, restated, supplemented or otherwise modified from time to time.

		o.	“Loan Documents” shall mean this Note, that certain Amended and Restated Daily
Adjusting LIBOR Revolving Line Note dated as of November 9, 2012 from Borrower to the Bank (the “Amended and Restated
Note”), the Loan Agreement and any and all other agreements or documents executed in connection with this Note or the
Loan Agreement, as the same from time to time may be extended, restated, amended, supplemented or waived or modified in whole or
in part.

		p.	“London Business Day” shall mean any day on which dealings in United States dollar
deposits are carried on by banking institutions in the London interbank market.

		q.	“Maximum Interest Rate Adjustment” shall mean one and one-half percent (1.50%).

		r.	“Minimum Interest Rate Spread” shall mean one and ninety hundredths percent (1.90%).

		s.	“Maximum Interest Rate Spread” shall mean three and forty hundredths percent (3.40%).

		t.	“Maximum Principal Amount” shall mean One Hundred Fifty Million Dollars ($150,000,000).

		r.	“New York Business Day” shall mean any day other than Saturday, Sunday or other
day on which commercial banking institutions in New York, New York are authorized or required by law or other governmental action
to remain closed for business.

		s.	“Outstanding Principal Amount” shall mean, at any point in time, the aggregate
outstanding principal amount of all Loans made pursuant to this Note.

 

		2.	PAYMENT OF PRINCIPAL, INTEREST AND EXPENSES.

 

		a.	Promise to Pay. For value received, and intending to be legally bound, Borrower promises
to pay to the order of the Bank, at the times set forth in this Note and the Loan Agreement, the Maximum Principal Amount or the
Outstanding Principal Amount, if less, plus interest as set forth below and all fees and costs (including without limitation the
Bank’s attorneys’ fees and disbursements, whether for internal or outside counsel) the Bank incurs in order to collect
any amount due under this Note and the other Loan Documents, to negotiate or document a workout or restructuring, or to preserve
its rights or realize upon any guaranty or other security for the payment of this Note (“Expenses”).
The total principal sum, or the amount thereof outstanding, together with any accrued but unpaid interest, shall be due
and payable in full at the end of the Temporary Funding Period (as defined in the Loan Agreement), and is subject to acceleration
in accordance with, the Loan Agreement pursuant to which this Note has been issued. The total principal sum due under this Note
together with the total principal sum due under the Amended and Restated Note is intended to be a single consolidated indebtedness
and shall be treated for all purposes as a “Credit Note” as defined in the Loan Agreement, and to the extent the principal
amount of consolidated indebtedness is in excess of Fifty Million Dollars ($50,000,000), shall be due and payable at the end of
the Temporary Funding Period, together with interest on such principal then so due. In any event, the total principal sum due under
this Note, together with interest thereon, shall be due and payable in full on the Facility Termination Date.

 

		b.	Interest. Each Loan shall earn interest on the Outstanding Principal Amount thereof calculated
on the basis of a 360-day year for the actual number of days of each year (365 or 366), as follows:

 

    	7

    	 

    

 

		i.	LIBOR Rate Loans. Interest shall accrue each day on any LIBOR Rate Loan, from and
including the Draw Date to, but not including, the date such LIBOR Rate Loan is paid in full (or converts to a Base Rate Loan),
at the LIBOR Rate in effect for that day. The applicable LIBOR Rate shall be determined each day using LIBOR in effect for that
day, which, if such day is not a London Business Day, shall have been fixed on the nearest preceding London Business Day.

 

		ii.	Base Rate Loans. Interest shall accrue each day on any Base Rate Loan, from and including
the first day a Loan becomes a Base Rate Loan to, but not including, the day such Base Rate Loan is paid in full, at a rate per
annum equal to the Base Rate in effect each day. Any change in the Base Rate resulting from a change in the Prime Rate shall be
effective on the date of such change.

 

		c.	Maximum Legal Rate. It is the intent of the Bank and Borrower that in no event shall interest
be payable at a rate in excess of the maximum rate permitted by applicable law (the “Maximum Legal Rate“). Solely to
the extent necessary to prevent interest under this Note from exceeding the Maximum Legal Rate, any amount that would be treated
as excessive under a final judicial interpretation of applicable law shall be deemed to have been a mistake and automatically canceled,
and, if received by the Bank, shall be refunded to Borrower.

 

		d.	Payment of Loans and Interest. All Loans hereunder shall be due and payable as set forth
in this Note and the Loan Agreement; provided, however, that the Outstanding Principal Amount of this Note and all accrued and
unpaid interest shall automatically become immediately due and payable upon any Event of Default (as defined in the Loan Agreement)
or if Borrower or any guarantor or endorser of this Note commences or has commenced against it any bankruptcy or insolvency proceeding.
Borrower hereby waives protest, presentment and notice of any kind in connection with this Note. Absent demand by the Bank for
payment of interest monthly, interest shall be due and payable at the time any Loan is repaid to the Bank.

 

		e.	Payments. Payments shall be made in immediately available United States funds at any banking
office of the Bank.

 

		f.	Preauthorized Transfers from Deposit Account. If a deposit account number is provided in
the following blank, Borrower hereby authorizes the Bank to debit Centerline Mortgage Capital Inc.’s deposit account #9854533859
with the Bank and/or Centerline Mortgage Partners Inc.’s deposit account #9854533842 with the Bank automatically for any
amount which becomes due under this Note.

 

		g.	Late Charge. If Borrower fails to pay, within five (5) days of its due date, any amount
due and owing pursuant to this Note or any other Loan Document, Borrower shall immediately pay to the Bank a late charge equal
to the greatest of (a) $50.00, (b) five percent (5%) of the delinquent amount, or (c) the Bank’s then current late charge
as announced by the Bank from time to time.

 

		h.	Default Rate. If the Borrower fails to make any payment when due under this Note, the interest
rate on the Outstanding Principal Amount shall immediately and automatically increase to five (5) percentage points per year above
the otherwise applicable rate per year, and any judgment entered hereon or otherwise in connection with any suit to collect amounts
due hereunder shall bear interest at such default rate (the “Default Rate”).

 

		i.	Interest Accrual; Application of Payments. Interest will continue to accrue on the Outstanding
Principal Amount until the earlier of the particular Loan is repaid or the Outstanding Principal Amount is paid in full. All installment
payments (excluding voluntary prepayments of principal) will be applied as of the date each payment is received and processed.
Payments may be applied in any order in the sole discretion of the Bank, but, prior to demand for payment in full, may be applied
chronologically (i.e., oldest invoice first) to unpaid amounts due and owing, in the following order: first to accrued interest,
then to principal, then to late charges and other fees, and then to all other Expenses.

 

		3.	CREDIT AVAILABILITY.

 

		a.	General. This Note is issued by Borrower to the Bank in connection with a certain line of
credit or loan limit made available by the Bank to Borrower pursuant to the Loan Agreement (the “Credit”). Except as
otherwise provided herein, each Loan advanced hereunder shall be in the form of a LIBOR Rate Loan.

 

    	8

    	 

    

 

		b.	Authorized Representatives. The Bank may make any Loan pursuant to the Credit in reliance
upon any oral, telephonic, written, teletransmitted or other request (the “Request(s)”) that the Bank in good faith
believes to be valid and to have been made by Borrower or on behalf of Borrower by an Authorized Person. The Bank may act on the
Request of any Authorized Person until the Bank shall have received from Borrower, and had a reasonable time to act on, written
notice revoking the authority of such Authorized Person. Borrower acknowledges that the transmission between Borrower and Bank
of any Request or other instructions with respect to the Credit involves the possibility of errors, omissions, misinterpretations,
fraud and mistakes, and agrees to adopt such internal measures and operational procedures as may be necessary to prevent such occurrences.
By reason thereof, Borrower hereby assumes all risk of loss and responsibility for, and releases and discharges the Bank from any
and all responsibility or liability for, and agrees to indemnify, reimburse on demand and hold Bank harmless from, any and all
claims, actions, damages, losses, liability and expenses by reason of, arising out of, or in any way connected with or related
to: (i) Bank’s accepting, relying on and acting upon any Request or other instructions with respect to the Credit; or (ii)
any such error, omission, misinterpretation, fraud or mistake, provided such error, omission, misinterpretation, fraud or mistake
is not directly caused by the Bank’s gross negligence or willful misconduct. The Bank shall incur no liability to Borrower
or to any other person as a direct or indirect result of making any Loan pursuant to this paragraph.

 

		c.	Limit on Facility. Any Request for a Loan hereunder shall be limited in amount, such that
the sum of (i) the principal amount of such Request; (ii) the Outstanding Principal Amount under this Note; and (iii) the aggregate
face amounts of (or, if greater, Borrower’s aggregate reimbursement obligations to the Bank (or any of its affiliates) in
connection with) any letters of credit issued by the Bank (or any of its affiliates) at the request (or for the benefit) of Borrower,
pursuant to this Credit; does not exceed the Maximum Principal Amount under this Note.

 

		d.	Revolving Credit. This Note evidences a revolving Credit. Subject
to all applicable provisions in this Note, the Loan Agreement and in any and all other Loan Documents, the Borrower may borrow,
pay, prepay and reborrow hereunder at any time prior to demand for payment in full of the Outstanding Principal Amount. Notwithstanding
that, from time to time, there may be no amounts outstanding respecting this Note, this Note shall continue in full force and effect
until all obligations and liabilities evidenced by this Note are paid in full and the Credit evidenced by this Note has been terminated
by the Bank. Prior to making any Loan hereunder, all conditions precedent to an advance set forth in the Loan Agreement must be
satisfied.

 

		e.	Request for LIBOR Rate Loans. In making any Request for a Loan, Borrower shall specify the
aggregate amount of such Loan and the Draw Date; provided, however, if a Request is received by the Bank after 2:00 p.m. (Eastern
Standard Time) on any given day, the earliest possible Draw Date will be the next New York Business Day.

 

		f.	Delivery of Requests. Delivery of a Request for a LIBOR Rate Loan shall be made to the Bank
at the following address, or such other address designated by the Bank from time to time:

 

M&T Bank

M&T Commercial Real Estate

25 South Charles Street, 17th Floor

Mail Code: MD2-CS64

Baltimore, MD 21201

 

Attn: John Mangan

Tel. (410) 545-2373

jmangan@mtb.com

 

4.          CONVERSION
UPON DEFAULT. Unless the Bank shall otherwise consent in writing, if (i) Borrower fails to pay when due, in whole or in part,
the indebtedness under this Note (whether by demand or otherwise), or (ii) there exists a condition or event which, with the passage
of time, the giving of notice or both, shall constitute an Event of Default under the Loan Agreement or any other Loan Document,
the Bank, in its sole discretion, may convert any LIBOR Rate Loan to a Base Rate Loan. Nothing herein shall be construed to be
a waiver by the Bank to have any Loan accrue interest at the Default Rate of interest (which shall be calculated from the higher
of the LIBOR Rate or the Base Rate, as described above).

 

5.          RIGHT
OF SETOFF. The Bank shall have the right to set off against the amounts owing under this Note any property held in a deposit
or other account with the Bank or any of its affiliates or otherwise owing by the Bank or any of its affiliates in any capacity
to Borrower or any guarantor or endorser of this Note. Such setoff shall be deemed to have been exercised immediately at the time
the Bank or such affiliate elects to do so.

 

6.          BANK
RECORDS CONCLUSIVE. The Bank shall set forth on a schedule attached to this Note or maintained on computer, the date and original
principal amount of each Loan and the date and amount of each payment to be applied to the Outstanding Principal Amount of this
Note. The Outstanding Principal Amount set forth on any such schedule shall be presumptive evidence of the Outstanding Principal
Amount of this Note and of all Loans. No failure by the Bank to make, and no error by the Bank in making, any annotation on any
such schedule shall affect the Borrower’s obligation to pay the principal and interest of each Loan or any other obligation
of Borrower to the Bank pursuant to this Note.

 

    	9

    	 

    

 

7.          PURPOSE.
Borrower certifies (a) that no Loan will be used to purchase margin stock except with the Bank’s express prior written consent
for each such purchase and (b) that all Loans shall be used for a business purpose, and not for any personal, family or household
purpose.

 

8.          AUTHORIZATION.
Borrower, if a corporation, partnership, limited liability company, trust or other entity, represents that it is duly organized
and in good standing or duly constituted in the state of its organization and is duly authorized to do business in all jurisdictions
material to the conduct of its business; that the execution, delivery and performance of this Note have been duly authorized by
all necessary regulatory and corporate or partnership action or by its governing instrument; that this Note has been duly executed
by an authorized officer, partner or trustee and constitutes a binding obligation enforceable against Borrower and not in violation
of any law, court order or agreement by which Borrower is bound; and that Borrower’s performance is not threatened by any
pending or threatened litigation.

 

		9.	INABILITY TO DETERMINE LIBOR RATES, INCREASED COSTS,
ILLEGALITY.

 

		a.	Increased Costs. If the Bank shall determine that, due to either (a) the introduction of
any change in law (other than any change by way of imposition of or increase in reserve requirements included in the calculation
of the LIBOR) or in the interpretation of any requirement of law, or (b) the compliance requirements for any guideline or request
from any central bank or other governmental authority (whether or not having the force of law), there shall be any increase in
the cost to the Bank of agreeing to make or making, funding or maintaining any LIBOR Rate Loans, then Borrower shall be liable
for, and shall from time to time, upon demand therefor by the Bank, pay to the Bank such additional amounts as are sufficient to
compensate the Bank for such increased costs.

 

		b.	Inability to Determine Rates. If the Bank shall determine that for any reason adequate and
reasonable means do not exist for ascertaining LIBOR with respect to a proposed LIBOR Rate Loan, the Bank will give notice of such
determination to Borrower. Thereafter, the Bank may not make or maintain, as the case may be, LIBOR Rate Loans hereunder until
the Bank revokes such notice in writing. Upon receipt of such notice, the Bank may convert any LIBOR Rate Loans to Base Rate Loans,
and Borrower may revoke any pending Request that Borrower previously made for a LIBOR Rate Loan. If Borrower does not revoke any
such Request, the Bank may make the Loans, as proposed by Borrower, in the amount specified in the applicable Request submitted
by Borrower, but such Loans shall be made as Base Rate Loans instead of LIBOR Rate Loans.

 

		c.	Illegality. If the Bank shall determine that the introduction of any law (statutory or common),
treaty, rule, regulation, guideline or determination of an arbitrator or of a governmental authority or in the interpretation or
administration thereof, has made it unlawful, or that any central bank or other governmental authority has asserted that it is
unlawful for the Bank to make LIBOR Rate Loans, then, on notice thereof by the Bank to Borrower, the Bank may suspend the making
of LIBOR Rate Loans until the Bank shall have notified Borrower that the circumstances giving rise to such determination shall
no longer exist. If the Bank shall determine that it is unlawful to maintain any LIBOR Rate Loans, Borrower shall immediately pay
to the Bank the aggregate principal amount of all LIBOR Rate Loans then outstanding, together with accrued interest and related
Expenses. If Borrower is required to pay off any LIBOR Rate Loan as set forth in this subsection, then concurrently with such payment,
Borrower may borrow from the Bank, in the amount of such payment, a Base Rate Loan.

 

10.         MISCELLANEOUS.
This Note, together with any related loan and security agreements and guaranties, contains the entire agreement between the Bank
and Borrower with respect to this Note, and supersedes every course of dealing, other conduct, oral agreement and representation
previously made by the Bank. All rights and remedies of the Bank under applicable law and this Note or amendment of any provision
of this Note are cumulative and not exclusive. No single, partial or delayed exercise by the Bank of any right or remedy shall
preclude the subsequent exercise by the Bank at any time of any right or remedy of the Bank without notice. No waiver or amendment
of any provision of this Note shall be effective unless made specifically in writing by the Bank. No course of dealing or other
conduct, no oral agreement or representation made by the Bank, and no usage of trade, shall operate as a waiver of any right or
remedy of the Bank. No waiver of any right or remedy of the Bank shall be effective unless made specifically in writing by the
Bank. Borrower agrees that in any legal proceeding, a copy of this Note kept in the Bank’s course of business may be admitted
into evidence as an original. This Note is a binding obligation enforceable against Borrower and its successors and assigns and
shall inure to the benefit of the Bank and its successors and assigns. If a court deems any provision of this Note invalid, the
remainder of the Note shall remain in effect. Section headings are for convenience only. Singular number includes plural and neuter
gender includes masculine and feminine as appropriate.

 

    	10

    	 

    

 

11.         NOTICES.
Any demand or notice hereunder or under any applicable law pertaining hereto shall be in writing and duly given if delivered to
Borrower (at its address on the Bank’s records) or to the Bank (at the address on page one and separately to the Bank officer
responsible for Borrower’s relationship with the Bank). Such notice or demand shall be deemed sufficiently given for all
purposes when delivered (i) by personal delivery and shall be deemed effective when delivered, or (ii) by mail or courier and shall
be deemed effective three (3) New York Business Days after deposit in an official depository maintained by the United States Post
Office for the collection of mail or one (1) New York Business Day after delivery to a nationally recognized overnight courier
service (e.g., Federal Express). Notice by e-mail is not valid notice under this or any other agreement between Borrower
and the Bank.

 

12.         JOINT
AND SEVERAL. There is more than one Borrower; therefore, each of them shall be jointly and severally liable for all amounts
which become due under this Note and the term “Borrower“ shall include each as well as all of them.

 

13.         GOVERNING
LAW; JURISDICTION. This Note has been delivered to and accepted by the Bank and will be deemed to be made in the State of New
York. Except as provided under federal law, this Note will be interpreted in accordance with the laws of the State of New York
excluding its conflict of laws rules. Borrower hereby irrevocably consents to the exclusive
jurisdiction of any state or federal court in the State of New York in a county or judicial district where the bank maintains a
branch, and consents that the Bank may effect any service of process in the manner and at Borrower’s address set forth above
for providing notice or demand; provided that nothing contained in this Note will prevent the Bank from bringing any action, enforcing
any award or judgment or exercising any rights against Borrower individually, against any security or against any property of Borrower
within any other county, state or other foreign or domestic jurisdiction.
Borrower acknowledges and agrees that the venue provided above is the most convenient forum for both the Bank and Borrower. Borrower
waives any objection to venue and any objection based on a more convenient forum in any action instituted under this Note.

 

14.         WAIVER
OF JURY TRIAL. Borrower and the Bank hereby knowingly, voluntarily, and intentionally waive
any right to trial by jury Borrower and the Bank may have in any action or proceeding, in law or in equity, in connection with
this note or the transactions related hereto. Borrower represents and warrants that no representative or agent of the Bank has
represented, expressly or otherwise, that the Bank will not, in the event of litigation, seek to enforce this jury trial waiver.
Borrower Acknowledges that the Bank has been induced to enter into this note by, among other things, the provisions of this Section.

 

[Remainder of page intentionally left
blank; signature page follows]

 

    	11

    	 

    

 

Acknowledgment. Borrower acknowledges
that it has read and understands all the provisions of this Note, including the Governing Law, Jurisdiction and Waiver
of Jury Trial, and has been advised by counsel as necessary or appropriate.

 

	 	 	CENTERLINE MORTGAGE CAPITAL INC.
	 	 	 	 	 
	/s/ David A. Miller	 	 	By: 	/s/ Michael P. Larsen
	Signature of Witness	 	 	Name: Michael P. Larsen
	 	 	 	Title:  Chief Financial Officer
	David A. Miller Treasurer	 	 	 	 
	Typed Name of Witness	 	 	 	 

 

	 	 	CENTERLINE MORTGAGE PARTNERS INC.
	 	 	 	 	 
	/s/ James A. Briggs	 	 	By:	/s/ Michael P. Larsen
	Signature of Witness	 	 	Name:  Michael P. Larsen
	 	 	 	Title:  Chief Financial Officer
	James A. Briggs Chief Accounting Officer	 	 	 	 
	Typed Name of Witness	 	 	 	 

 

ACKNOWLEDGMENT

 

	STATE OF NEW YORK)	 	 
	 	:SS.	 
	COUNTY OF NEW YORK)	 	 

 

On the 29th
day of November, in the year 2012, before me, the undersigned, a Notary Public in and for said State, personally appeared Michael
P. Larsen, the Chief Financial Officer of Centerline Mortgage Capital Inc., personally known to me or proved to me on the basis
of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to
me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument,
the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument.

 

	 	 
	Notary Public	 

 

ACKNOWLEDGMENT

 

	STATE OF NEW YORK)	 	 
	 	:SS.	 
	COUNTY OF NEW YORK)	 	 

 

On the 29th
day of November, in the year 2012, before me, the undersigned, a Notary Public in and for said State, personally appeared Michael
P. Larsen, the Chief Financial Officer of Centerline Mortgage Partners Inc., personally known to me or proved to me on the basis
of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to
me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument,
the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument.

 

	 	 
	Notary Public	 

 

    	 

    	 

    
 

 

 

FOR BANK USE ONLY

 

Authorization Confirmed: ____________________________

Product Code: 11900

Disbursement of Funds:

	Credit A/C	# _______________	Off Ck	# _______________	Payoff Obligation	# _______________
	 	 	 	 	 	 
	 	$ _______________	 	$ _______________	 	$ _______________

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