Document:

EX-10.2

 Exhibit 10.2 

July 31, 2014 
 Dear Jay, 

I am delighted to offer you the position of Executive Vice President & General Manager at Oncothyreon Inc. (“Oncothyreon” or the “Company”)
This position is based in San Francisco, California and reports to Robert L. Kirkman, MD, President and Chief Executive Officer. Your official hire date will be coincident with and conditioned upon the closing of the acquisition of Alpine
Biosciences, Inc., by Oncothyreon (the “Closing”). This offer includes the following: 
  

	 	1.	A base salary of $14,583.34 per semi-monthly pay period (equivalent to $350,000 on an annual basis). Your base salary will be paid twice a month, by direct deposit, on the
15th and the last banking day of each month. 

  

	 	2.	You are eligible to participate in the Company’s non-qualified Stock Option Plan. The plan is governed by the Company’s “Amended and Restated Share Option Plan” (the “Option Plan”) and the
terms of this document will govern. 

 Following your acceptance of this offer, we will recommend to the Compensation Committee of our
Board of Directors after commencement of your employment that you receive a grant of options to purchase 100,000 shares of Oncothyreon’s Common Stock (the “Optioned Shares”), and your grant will be subject to the approval of the
Compensation Committee or its delegate. Your grant will be priced in accordance with our equity incentive plan and our policies governing stock option grants. Subject to the terms and conditions set forth herein, twenty-five (25%) per cent of
the Optioned Shares shall vest and become exercisable on the first (1st) anniversary of the Closing (the date of the Closing, the “Vesting Commencement Date”) and the balance of the
Optioned Shares shall vest and become exercisable in equal monthly increments for thirty-six (36) months following the first anniversary of the Vesting Commencement Date, such that all of the Option Shares shall be vested and exercisable on the
fourth (4th) anniversary of the Vesting Commencement Date. 
  

	 	3.	You will be eligible to participate in Oncothyreon’s incentive bonus program with a target incentive bonus of thirty-five percent (35%) of your annual base salary. Generally, goals for the program are
established at the beginning of the year and payment is made following the close of the year. For 2014, you will receive an incentive bonus paid at your target level, pro-rated for your partial year of employment with Oncothyreon. 

  
 Jay Venkatesan, MD 

July 31, 2014 
 Page Two 

 

	 	4.	You and your family are eligible to participate in Oncothyreon’s insured medical, dental, and vision benefits beginning on the first of the month following your hire date. As an employee, you will also be covered
under Oncothyreon’s term life, term accidental death and dismemberment insurance, and short and long term disability plans. Oncothyreon observes eight (8) company holidays per year plus two personal days to use during the calendar year, in
addition to twenty (20) days of accrued vacation. 

  

	 	5.	You will become eligible for Oncothyreon matching contributions into the Company’s 401(k) plan upon your commencement of employment. Oncothyreon will match your contributions into the plan, up to a maximum of 3% of
your monthly gross salary (subject to maximums as deemed by law). Contributions to this plan are made through payroll deductions. Employees are immediately vested in the company match. 

 

	 	6.	Severance: In the event your employment is terminated for reasons other than “Cause” (as defined below) you will be entitled to the following: 

i)    Lump sum payment of nine months’ base salary, less required withholding 

ii)    Lump sum payment of nine months’ equivalent of incentive bonus at target, less required withholding 

“Cause” for the purpose of this agreement shall include but not be limited to (i) willful engaging in illegal conduct or gross misconduct
which is injurious to the Company or an affiliated company, (ii) being convicted of, or entering a plea of nolo contendere or guilty to, a felony or a crime of moral turpitude; (iii) engaging in fraud, misappropriation, embezzlement
or any other act or acts of dishonesty resulting or intended to result directly or indirectly in a gain or personal enrichment to you at the expense of the Company or an affiliated company, (iv) material breach of any written policies of the
Company or an affiliated company, or (v) willful and continual failure substantially to perform your duties with the Company, which failure has continued for a period of at least 30 days after written notice by the Company. 

Section 409A 

i)    Notwithstanding anything to the contrary in this letter agreement, no severance payable to you, if any, pursuant to this letter
agreement that, when considered together with any other severance payments or separation benefits, are considered deferred compensation under Section 409A (together, the “Deferred Payments”) will be payable until you have a
“separation from service” within the meaning of Section 409A of the Internal Revenue Code (“Section 409A”). Similarly, no severance payable to you, if any, pursuant to this letter agreement that otherwise would be exempt
from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9) will be payable until you have a “separation from service” within the meaning of Section 409A. 

  
 Jay Venkatesan, MD 

July 31, 2014 
 Page Three 

 

 ii)    Notwithstanding anything to the contrary in this letter agreement, if you are a
“specified employee” within the meaning of Section 409A at the time of your separation from service, then, if required, the Deferred Payments, which are otherwise due to you on or within the six (6) month period following your
separation from service will accrue, to the extent required, during such six (6) month period and will become payable in a lump sum payment on the date six (6) months and one (1) day following the date of your separation from service
or the date of your death, if earlier. All subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment and benefit payable under this letter agreement is intended
to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). 
 iii)    Any amount paid under
the letter agreement that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments for purposes of clause (i) above. 

iv)    Any amount paid under this letter agreement that qualifies as a payment made as a result of an involuntary separation from
service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit will not constitute Deferred Payments for purposes of clause (i) above. “Section 409A Limit” will mean
the lesser of two (2) times: (i) your annualized compensation based upon the annual rate of pay paid to you during your taxable year preceding your taxable year of your termination of employment as determined under Treasury Regulation
Section 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Internal
Revenue Code for the year in which your employment is terminated. 
 v)    The foregoing provisions are intended to comply with
the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply.
You and the Company agree to work together in good faith to consider amendments to this letter agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income
recognition prior to actual payment to you under Section 409A. 
  

	 	7.	Change in Control: In the event there is a “Change in Control” as defined herein and you remain employed through the date of the Change in Control, you will be entitled to the following:

 i)    Lump sum payment of one year’s base salary, less required withholding, and 

ii)    Lump sum payment of one year’s equivalent of incentive bonus at target less required withholding. 

Such payments will be made within sixty (60) days following the consummation of the Change in Control, provided that, within forty-five
(45) days of the Change in Control, you have signed a separation agreement in a form reasonably satisfactory to the Company, which shall include a general release of all claims against the Company and its affiliated entities. 

  
 Jay Venkatesan, MD 

July 31, 2014 
 Page Four 

 

 “Change in Control” for the purpose of this agreement shall be deemed to have occurred if, on or
after the date hereof (i) the board of directors of the Company passes a resolution to the effect that, for purposes of the Company’s Option Plan, a Change in Control has occurred or (ii) any person or any group of two or more persons
acting jointly or in concert becomes the beneficial owner, directly or indirectly, or acquires the right to control or direct, twenty-five (25%) percent or more of the outstanding voting securities of the Company or any successor to the Company
in any manner, including without limitation as a result of a takeover bid or an amalgamation of the Company with any other corporation or any other business combination or reorganization, and for purposes hereof “voting security” means any
security other than a debt security carrying a voting right either under all circumstances or under some circumstances that have occurred and are continuing.” 

To protect the Company’s proprietary interests, all of Oncothyreon’s employees are required to sign a Confidentiality Agreement as a condition of employment.
The Company also reserves the right to conduct reference checks, academic checks, background and credit checks on potential employees. Our job offer is contingent upon the signing of our Confidentiality Agreement and the positive results of such
screening checks. As a condition of employment and to protect the Company’s interests, you hereby certify that you have not been debarred and are not subject to debarment under Section 306 of the United States Food, Drug and Cosmetic Act
(21 USC 355a) or comparable provision of any other applicable law. You also must be able to prove your eligibility to work within the United States. 
 Oncothyreon
has an at-will relationship with each of its employees. That means that either the Company or you can terminate the employment relationship at any time, for any reason not expressly prohibited by law. No manager or officer of Oncothyreon is
authorized to alter the at-will relationship unless it is done in writing and signed by the President & Chief Executive Officer. 
 Please indicate your
acceptance of this offer by signing below and returning this signed offer letter to me no later than August 8, 2014. You may return the letter via fax to 206-801-2125. You will be expected to sign the enclosed Confidentiality Agreement during
your new hire orientation on your date of hire. A duplicate set of these documents is enclosed for your records. 
 Jay, we look forward to you joining our team at
Oncothyreon and are confident that you will be able to significantly contribute to the success of our company. Please feel free to contact me if you have any questions. 

Sincerely, 
 /s/ Robert L. Kirkman 

Robert L. Kirkman, MD 
 President & Chief Executive Officer 

I have read and accept the terms and conditions of employment as outlined above. 
  

									
					
		 	/s/ Jay Venkatesan	 		 		 	August 8, 2014
		 	Jay Venkatesan, MD	 		 		 	DateExhibit 4.01

 

ACORN ENERGY INC.

 

WARRANT

 

214,285 Shares of Common Stock

 

THE SECURITIES REPRESENTED HEREBY HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY
INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL
FOR THE COMPANY, IS AVAILABLE.

 

November 5, 2014

 

This WARRANT (this
“Warrant”) of Acorn Energy Inc., a Delaware corporation (the “Company”), pursuant
to that certain Placement Agent Agreement, dated as of October 30, 2014, by and between the Company and Maxim Group LLC, the placement
agent (the “Placement Agent”) relating to a private placement (the “Offering”) of
common stock, par value $0.01 per share (the “Common Stock”) and warrants to purchase shares of Common Stock
of the Company.

 

FOR VALUE RECEIVED,
the Company hereby grants to Maxim Partners LLC and its permitted successors and assigns (collectively, the “Holder”)
the right to purchase from the Company up to 214,285 shares of Common Stock (such Common Stock, the “Warrant Shares”),
at a purchase price per share of Common Stock equal to $1.26 (the “Exercise Price”), subject to the
terms, conditions and adjustments set forth below in this Warrant.

 

1.           Exercisability
of Warrant. This Warrant shall become exercisable on the six month anniversary of the Base Date (the “Vesting Date”).
For purposes of this Warrant, the “Base Date” shall mean November 5, 2014. Except as otherwise provided
for herein or as permitted by applicable rules of the Financial Industry Regulatory Authority (“FINRA”), this
Warrant shall not be sold, transferred, assigned, pledged or hypothecated.

 

2.           Expiration
of Warrant. This Warrant shall expire on the five (5) year anniversary of the Base Date (the “Expiration Date”).

 

3.           Exercise
of Warrant. This Warrant shall be exercisable pursuant to the terms of this Section 3.

 

3.1          Manner
of Exercise

 

(a)          This
Warrant is exercisable in whole or in part at any time and from time to time after the Vesting Date. Such exercise shall be effectuated
by submitting to the Company (either by delivery to the Company or by facsimile transmission as provided in Section 12 hereof)
a completed and duly executed Notice of Exercise (substantially in the form attached to this Warrant, the “Notice of Exercise”)
as provided in this paragraph. The “Exercise Date” shall be determined based upon the date of delivery of the
Warrant as set forth in Section 12 hereof. Except that, if such Notice of Exercise is faxed to the Company, the Exercise Date shall
be the date of the facsimile transmission; provided that the Holder of this Warrant tenders this Warrant to the Company within
five (5) business days thereafter. The Notice of Exercise shall be executed by the Holder of this Warrant and shall indicate the
number of Warrant Shares then being purchased pursuant to such exercise. Upon surrender of this Warrant, together with appropriate
payment of the Exercise Price for the Warrant Shares purchased, the Holder shall be entitled to receive a certificate or certificates
for the Warrant Shares so purchased. The Exercise Price may be paid in a “cashless” or “cash” exercise
or a combination thereof pursuant to Section 3.1(b) and/or Section 3.1(c) below, as applicable.

 

(b)          If
the Notice of Exercise form elects a “cashless” exercise, the Holder shall thereby be entitled to receive a number
of Warrant Shares determined as follows:

 

    	 

    	 

    

 

X = Y [(A – B)/A]

 

where:

 

X = the number of Warrant Shares to be issued to the
Holder.

 

Y = the number of Warrant Shares with respect to which
this Warrant is being exercised.

 

A = the Fair Market Value

 

B = the Exercise Price.

 

For purposes of this
Section 3.1(b), “Fair Market Value” shall be the closing price of the Common Stock as reported by the Nasdaq
Capital Market or such other national securities exchange or automated quotation service on which the Common Stock may be listed
or quoted, on the trading date immediately prior to the Exercise Date. If the Common Stock is not then listed on a national stock
exchange or quoted on the OTC Bulletin Board or such other quotation system or association, the Fair Market Value of one share
of Common Stock as of the date of determination, shall be as determined in good faith by the Board of Directors of the Company
and the Holder. If the Common Stock is not then listed on a national securities exchange, the OTC Bulletin Board or such other
quotation system or association, the Board of Directors of the Company shall respond promptly, in writing, to an inquiry by the
Holder prior to the exercise hereunder as to the Fair Market Value of one share of Common Stock as determined by the Board of Directors
of the Company. In the event that the Board of Directors of the Company and the Holder are unable to agree upon the Fair Market
Value, the Company and the Holder shall jointly select an appraiser, who is experienced in such matters. The decision of such appraiser
shall be final and conclusive, and the cost of such appraiser shall be borne equally by the Company and the Holder. Such adjustment
shall be made successively whenever such a payment date is fixed.

 

(c)          If
the Notice of Exercise form elects a “cash” exercise, the Exercise Price per share for the Warrant Shares then being
exercised shall be payable in cash or by certified or official bank check.

 

3.2          When
Exercise Effective. Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business
on the business day on which this Warrant shall have been duly surrendered to the Company as provided in Sections 3.1 and 12 hereof,
and, at such time, the Holder in whose name any certificate or certificates for Warrant Shares shall be issuable upon exercise
as provided in Section 3.3 hereof shall be deemed to have become the holder or holders of record thereof of the number of Warrant
Shares purchased upon exercise of this Warrant.

 

3.3          Delivery
of Common Stock Certificates and New Warrant. As soon as reasonably practicable after each exercise of this Warrant, in whole
or in part, and in any event within five (5) business days thereafter, the Company, at its expense (including the payment by it
of any applicable issue taxes), will cause the name of the Holder (or as Holder may direct) to be entered in the register of holders
in respect of the Warrant Shares and further cause to be issued in the name of and delivered to the Holder hereof or, subject to
Sections 9 and 10 hereof, as the Holder (upon payment by the Holder of any applicable transfer taxes) may direct:

 

(a)          a
certificate or certificates (with appropriate restrictive legends, as applicable) for the number of duly authorized, validly issued,
fully paid and nonassessable Warrant Shares to which the Holder shall be entitled upon exercise; and

 

(b)          in
case exercise is in part only, a new Warrant document of like tenor, dated the date hereof, for the remaining number of Warrant
Shares issuable upon exercise of this Warrant after giving effect to the partial exercise of this Warrant (including the delivery
of any Warrant Shares as payment of the Exercise Price for such partial exercise of this Warrant).

 

    	 

    	 

    

 

4.           Certain
Adjustments. For so long as this Warrant is outstanding:

 

4.1           Mergers
or Consolidations. If at any time after the date hereof there shall be a capital reorganization (other than a combination or
subdivision of the Common Stock otherwise provided for herein) resulting in a reclassification to or change in the terms of securities
issuable upon exercise of this Warrant (a “Reorganization”), or a merger or consolidation of the Company
with another corporation, association, partnership, organization, business, individual, government or political subdivision thereof
or a governmental agency (a “Person” or the “Persons”) (other than a merger
with another Person in which the Company is the continuing corporation, or in which the holders of 50% or more of the capital stock
of the Company immediately preceding such merger hold no less than 50% of the capital stock in the continuing corporation immediately
following such merger and which does not result in any reclassification or change in the terms of securities issuable upon exercise
of this Warrant or a merger effected exclusively for the purpose of changing the domicile of the Company) (a “Merger”),
then, as a part of such Reorganization or Merger, lawful provision and adjustment shall be made so that the Holder shall thereafter
be entitled to receive, upon exercise of this Warrant, the number of shares of stock or any other equity or debt securities or
property receivable upon such Reorganization or Merger by a holder of the number of Warrant Shares which might have been purchased
upon exercise of this Warrant immediately prior to such Reorganization or Merger. In any such case, appropriate adjustment shall
be made in the application of the provisions of this Warrant with respect to the rights and interests of the Holder after the Reorganization
or Merger to the end that the provisions of this Warrant (including adjustment of the Exercise Price then in effect and the number
of Warrant Shares) shall be applicable after that event, as near as reasonably may be, in relation to any shares of stock, securities,
property or other assets thereafter deliverable upon exercise of this Warrant. The provisions of this Section 4.1 shall similarly
apply to successive Reorganizations and/or Mergers.

 

4.2           Splits
and Subdivisions; Dividends. In the event the Company should at any time or from time to time effectuate a split or subdivision
of the outstanding Common Stock or pay a dividend or make a distribution on the outstanding Common Stock that is payable, in each
case, in additional Common Stock or other securities or rights convertible into, or entitling the holder thereof to receive, directly
or indirectly, additional Common Stock (hereinafter referred to as the “Common Stock Equivalents”) without
payment of any consideration by such holder for the additional Common Stock or Common Stock Equivalents (including the additional
Common Stock issuable upon conversion or exercise thereof), then, as of the applicable record date (or the date of such distribution,
split or subdivision if no record date is fixed), the Exercise Price shall be appropriately decreased and the number of Warrant
Shares shall be appropriately increased in proportion to such increase (or potential increase) of outstanding shares; provided,
however, that no adjustment shall be made in the event the split, subdivision, dividend or distribution is not effectuated.

 

4.3           Combination
of Shares. If the number of shares of Common Stock outstanding at any time after the date hereof is decreased by a combination
of the outstanding Common Stock, the Exercise Price shall be appropriately increased and the number of Warrant Shares shall be
appropriately decreased in proportion to such decrease in outstanding shares.

 

4.4           Adjustments
for Other Distributions. In the event the Company shall declare a distribution on the outstanding Common Stock that is payable
in securities of other Persons, evidences of indebtedness issued by the Company or other Persons, assets (excluding cash dividends
or distributions to the holders of Common Stock paid out of current or retained earnings and declared by the Company’s Board
of Directors) or options or rights not referred to in Sections 4.1, 4.2 or 4.3, then, in each such case for the purpose of this
Section 4.4, upon exercise of this Warrant, the Holder shall be entitled to a proportionate share of any such distribution as though
the Holder was the actual record holder of the number of shares of Common Stock which might have been purchased upon exercise of
this Warrant immediately prior to the record date fixed for the determination of the holders of Common Stock of the Company entitled
to receive such distribution (or the date of such distribution if no record date is fixed).

 

5.           No
Impairment. The Company will not, by amendment of its certificate of incorporation or through any consolidation, merger, reorganization,
transfer of assets, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all of the
terms and in the taking of all actions necessary or appropriate in order to protect the rights of the Holder against impairment.

 

6.           Chief
Financial Officer’s Report as to Adjustments. With respect to each adjustment pursuant to Section 4 of this Warrant,
the Company, at its expense, will promptly compute the adjustment or re-adjustment in accordance with the terms of this Warrant
and cause its Chief Financial Officer to certify the computation (other than any computation of the fair value of property of the
Company, as the case may be). Such certification shall set forth, in reasonable detail, the event requiring the adjustment or re-adjustment
and the amount of such adjustment or re-adjustment, the method of calculation thereof and the facts upon which the adjustment or
re-adjustment is based, and the Exercise Price and the number of Warrant Shares or other securities purchasable hereunder after
giving effect to such adjustment or re-adjustment, which certification shall be mailed by first class mail, postage prepaid to
the Holder. The Company will also keep copies of all such certifications at its office maintained pursuant to Section 10.2(a) hereof
and will cause them to be available for inspection at the office during normal business hours upon reasonable notice by the Holder
or any permitted transferee of the Warrant designated by the Holder thereof.

 

    	 

    	 

    

 

7.           Reservation
of Shares. The Company shall, solely for the purpose of effecting the exercise of this Warrant, at all times during the term
of this Warrant, reserve and keep available out of its authorized Common Stock, free from all taxes, liens and charges with respect
to the issue thereof and not subject to preemptive rights or other similar rights of stockholders of the Company, such number of
shares of its Common Stock as shall from time to time be sufficient to effect in full the exercise of this Warrant. If at any time
the number of authorized but unissued Common Stock shall not be sufficient to effect in full the exercise of this Warrant, in addition
to such other remedies as shall be available to Holder, the Company will promptly take such corporate action as may, in the opinion
of its counsel, be necessary to increase the number of authorized but unissued Common Stock to such number of shares as shall be
sufficient for such purposes, including without limitation, using its best efforts to obtain the requisite stockholder approval
necessary to increase the number of authorized Common Stock. The Company hereby represents and warrants that all Common Stock issuable
upon exercise of this Warrant shall be duly authorized and, when sold, issued and delivered against payment therefor upon exercise
of this Warrant, shall be validly issued, fully paid and nonassessable.

 

8.           Registration
Rights

 

8.1           Demand
Registration.  The Company, upon written demand (a “Demand Notice”) of the Holder(s) of at least 51%
of the Warrants and/or the underlying Warrant Shares (“Majority Holders”), agrees to register (a “Demand
Registration”), on one occasion, all or any portion of the Warrant Shares underlying this Warrant (collectively the “Registrable
Securities”). On such occasion, the Company will file a registration statement or a post-effective amendment to the Registration
Statement covering the Registrable Securities within sixty (60) days after receipt of a Demand Notice and use its commercially
reasonable efforts to have such registration statement or post-effective amendment declared effective promptly thereafter, subject
to compliance with review by the Commission; provided, however, that the Company shall not be required to comply with a Demand
Notice if the Company has filed a registration statement with respect to which the Holder is entitled to piggyback registration
rights pursuant to Section 8.2 hereof and either: (i) the Holder was given the opportunity to exercise its rights under Section
8.2 hereof in connection with the offering covered by such registration statement or (ii) if such registration statement relates
to an underwritten primary offering of securities of the Company, until the offering covered by such registration statement has
been withdrawn or until thirty (30) days after such offering is consummated. A Demand Notice may be given at any time during a
period of five (5) years beginning six (6) months from the Base Date. The Company covenants and agrees to give written notice of
its receipt of the Demand Notice by any Holder(s) to all other registered Holders of the Warrants and/or the Registrable Securities
within ten (10) days from the date of the receipt of such Demand Notice.  The Holders shall not effect more than two (2) Demand
Registrations pursuant to this Section 8.1.  A registration will not count as a Demand Registration until the registration
statement filed with the Commission with respect to such Demand Registration has been declared effective and the Company has complied
with all of its obligations hereunder with respect thereto; provided, however, that if, after such registration statement has been
declared effective, the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop order
or injunction of the Commission or any other governmental agency or court, the registration statement with respect to such Demand
Registration will be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed,
rescinded or otherwise terminated, and (ii) the Majority Holders thereafter elect to continue the offering.  The Company shall
bear all fees and expenses attendant to the first Demand Registration pursuant to Section 8.1, including the reasonable and documented
expenses of a single legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities,
but the Holders shall pay any and all underwriting commissions or brokerage fees related to the Registrable Securities, if applicable. 
The Holders shall bear all fees and expenses (including all underwriting commissions and the expenses of any legal counsel selected
by the Holders to represent them) in connection with the second Demand Registration described in Section 8.1 hereof.  The
Company agrees to use its commercially reasonable efforts to cause the filing required herein to become effective promptly and
to qualify or register the Registrable Securities in such States as are reasonably requested by the Holder(s); provided, however,
that in no event shall the Company be required to register the Registrable Securities in a State in which such registration would
cause: (i) the Company to be obligated to register or license to do business in such State or submit to general service of process
in such State, or (ii) the principal stockholders of the Company to be obligated to escrow their shares of capital stock of the
Company.  The Company shall use its commercially reasonable efforts to cause any registration statement filed pursuant to
the demand right granted under this Section 8.1 to remain effective for a period of at least twelve (12) consecutive months from
the date that the Holders of the Registrable Securities covered by such registration statement are first given the opportunity
to sell all of such securities. The Holders shall only use the prospectuses provided by the Company to sell the shares covered
by such registration statements, and will immediately cease to use any prospectus furnished by the Company if the Company advises
the Holder that such prospectus may no longer be used due to a material misstatement or omission.

 

    	 

    	 

    

 

8.2           “Piggy-Back”
Registration.  In addition to the demand rights of registration described in Section 8.1 hereof, the Holder shall have
the right, for a period of three (3) years commencing six (6) months from the Base Date, to include the Registrable Securities
as part of any other registration of securities filed by the Company (other than in connection with a transaction contemplated
by Rule 145(a) promulgated under the Securities Act or pursuant to Form S-8 or any equivalent form); provided, however, that if,
solely in connection with any primary underwritten public offering for the account of the Company, the managing underwriter(s)
thereof shall, in its reasonable discretion, impose a limitation on the number of Warrant Shares which may be included in the registration
statement because, in such underwriter(s)’ judgment, marketing or other factors dictate such limitation is necessary to facilitate
public distribution, then the Company shall be obligated to include in such registration statement only such limited portion of
the Registrable Securities with respect to which the Holder requested inclusion hereunder as the underwriter(s) shall reasonably
permit. Any exclusion of Registrable Securities shall be made pro rata among the Holders seeking to include Registrable Securities
in proportion to the number of Registrable Securities sought to be included by such Holders; provided, however, that the Company
shall not exclude any Registrable Securities unless the Company has first excluded all outstanding securities, the holders of which
are not entitled to inclusion of such securities in such registration statement or are not entitled to pro rata inclusion with
the Registrable Securities.  The Holders shall be entitled to unlimited piggy-back registration rights pursuant to this Section
8.2.  Any holder of Registrable Securities may elect to withdraw such Holder’s request for inclusion of Registrable
Securities in any piggy-back registration by giving written notice to the Company of such request to withdraw prior to the effectiveness
of the registration statement. The Company (whether on its own determination or as the result of a withdrawal by persons making
a demand pursuant to written contractual obligations) may withdraw a registration statement at any time prior to the effectiveness
of the registration statement.  Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the Holders
of Registrable Securities in connection with such piggy-back registration as provided in this Section 8.2.  The Company shall
bear all fees and expenses attendant to registering the Registrable Securities pursuant to this Section 8.2, including the reasonable
and documented expenses of a single legal counsel selected by the Holders to represent them in connection with the sale of the
Registrable Securities, but the Holders shall pay any and all underwriting commissions or brokerage fees related to the Registrable
Securities. In the event of such a proposed registration, the Company shall furnish the then Holders of outstanding Registrable
Securities with not less than fifteen (15) days written notice prior to the proposed date of filing of such registration statement.
Such notice to the Holders shall continue to be given for each registration statement filed by the Company until such time as all
of the Registrable Securities have been sold by the Holder. The holders of the Registrable Securities shall exercise the “piggy-back”
rights provided for herein by giving written notice, within ten (10) days of the receipt of the Company’s notice of its intention
to file a registration statement. The Company shall use its commercially reasonable efforts to cause any registration statement
filed pursuant to the piggyback right granted under this Section 8.2 to remain effective for a period of at least nine (9) consecutive
months from the date that the Holders of the Registrable Securities covered by such registration statement are first given the
opportunity to sell all of such securities

 

9.           Restrictions
on Transfer.

 

9.1           Restrictive
Legends. This Warrant and each warrant issued upon transfer or in substitution for this Warrant pursuant to Section 10 hereof,
each certificate for Common Stock issued upon the exercise of this Warrant and each certificate issued upon the transfer of any
such Common Stock and each certificate for Common Stock issued upon the exercise of this Warrant shall be transferable only upon
satisfaction of the conditions specified in this Section 9. Each of the foregoing securities shall be stamped or otherwise imprinted
with the following legend reflecting the restrictions on transfer set forth herein and any restrictions required under the Securities
Act or other applicable securities laws.

 

THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER
THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS
WHICH, IN THE OPINION OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.

 

    	 

    	 

    

 

9.2          Notice
of Proposed Transfer. Prior to any transfer of any securities which are not registered under an effective registration statement
under the Securities Act (“Restricted Securities”), which transfer may only occur if there is an exemption from
the registration provisions of the Securities Act and all other applicable securities laws, the Holder will give written notice
to the Company of the Holder’s intention to effect a transfer (and shall describe the manner and circumstances of the proposed
transfer). The following provisions shall apply to any proposed transfer of Restricted Securities:

 

(i)          If
in the opinion of counsel for the Holder reasonably satisfactory to the Company the proposed transfer may be effected without registration
of the Restricted Securities under the Securities Act (which opinion shall state in detail the basis of the legal conclusions reached
therein), the Holder shall thereupon be entitled to transfer the Restricted Securities in accordance with the terms of the notice
delivered by the Holder to the Company. Each certificate representing the Restricted Securities issued upon or in connection with
any transfer shall bear the restrictive legends required by Section 9.1 hereof.

 

(ii)         If
the opinion called for in (i) above is not delivered, the Holder shall not be entitled to transfer the Restricted Securities
until either (x) receipt by the Company of a further notice from such Holder pursuant to the foregoing provisions of this
Section 9.2 and fulfillment of the provisions of clause (i) above, or (y) such Restricted Securities have been effectively
registered under the Securities Act.

 

9.3           Certain
Other Transfer Restrictions. Notwithstanding any other provision of this Section 9: (i) prior to the Vesting Date, this Warrant
or the Restricted Securities thereunder may only be transferred or assigned to the persons permitted under FINRA Rule 5110(g),
and (ii) no opinion of counsel shall be necessary for a transfer of Restricted Securities by the holder thereof to any Person employed
by or owning equity in the Holder, if the transferee agrees in writing to be subject to the terms hereof to the same extent as
if the transferee were the original purchaser hereof and such transfer is permitted under applicable securities laws. This Warrant
shall not be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put,
or call transaction that would result in the effective economic disposition of this Warrant by any person prior to the Vesting
Date, except as provided in FINRA Rule 5110(g)(2).

 

9.4           Termination
of Restrictions. Except as set forth in Section 9.3 hereof, the restrictions imposed by this Section 9 upon the transferability
of Restricted Securities shall cease and terminate as to any particular Restricted Securities: (a) which shall have been effectively
registered under the Securities Act, or (b) when, in the opinions of both counsel for the holder thereof and counsel for the
Company, such restrictions are no longer required in order to insure compliance with the Securities Act or Section 10 hereof, including,
but not limited to, the imposition of the restrictive legend required by Section 9.1 hereof. Whenever such restrictions shall cease
and terminate as to any Restricted Securities, the Holder thereof shall be entitled to receive from the Company, without expense
(other than applicable transfer taxes, if any), new securities of like tenor not bearing the applicable legends required by Section
9.1 hereof.

 

10.         Ownership,
Transfer and Substitution of Warrant.

 

10.1         Ownership
of Warrant. The Company may treat any Person in whose name this Warrant is registered in the warrant register maintained pursuant
to Section 10.2(b) hereof as the owner and holder thereof for all purposes, notwithstanding any notice to the contrary, except
that, if and when this Warrant is properly assigned in blank, the Company may (but shall not be obligated to) treat the bearer
thereof as the owner of such Warrant for all purposes, notwithstanding any notice to the contrary. Subject to Sections 9 and 10
hereof, this Warrant, if properly assigned, may be exercised by a new holder without a new Warrant first having been issued.

 

10.2         Office;
Exchange of Warrant.

 

(a)          The
Company will maintain its principal office at the location identified in the prospectus relating to the Offering or at such other
offices as set forth in the Company’s most current filing (as of the date notice is to be given) under the Securities Exchange
Act of 1934, as amended, or as the Company otherwise notifies the Holder.

 

(b)          The
Company shall cause to be kept at its office maintained pursuant to Section 10.2(a) hereof a warrant register for the registration
and transfer of the Warrant. The name and address of the holder of the Warrant, the transfers thereof and the name and address
of the transferee of the Warrant shall be registered in such warrant register. The Person in whose name the Warrant shall be so
registered shall be deemed and treated as the owner and holder thereof for all purposes of this Warrant, and the Company shall
not be affected by any notice or knowledge to the contrary.

 

    	 

    	 

    

 

(c)          Upon
the surrender of this Warrant, properly endorsed, for registration of transfer or for exchange at the office of the Company maintained
pursuant to Section 10.2(a) hereof, the Company at its expense will (subject to compliance with Section 9 hereof, if applicable)
execute and deliver to or upon the order of the holder thereof a new Warrant of like tenor, in the name of such holder or as such
holder (upon payment by such holder of any applicable transfer taxes) may direct, calling in the aggregate on the face thereof
for the number of Warrant Shares called for on the face of the Warrant so surrendered (after giving effect to any previous adjustment(s)
to the number of Warrant Shares).

 

10.3         Replacement
of Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of any such loss, theft or destruction of this Warrant, upon delivery of indemnity reasonably satisfactory
to the Company in form and amount or, in the case of any mutilation, upon surrender of this Warrant for cancellation at the office
of the Company maintained pursuant to Section 10.2(a) hereof, the Company, at its expense, will execute and deliver, in lieu thereof,
a new Warrant of like tenor and dated the date hereof.

 

11.         No
Rights or Liabilities as Stockholder. No holder shall be entitled to vote or receive dividends or be deemed the holder of any
Common Stock or any other securities of the Company which may at any time be issuable on the exercise hereof for any purpose, nor
shall anything contained herein be construed to confer upon the holder, as such, any of the rights of a stockholder of the Company
or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give
or withhold consent to any corporate action (whether upon any recapitalization, issuance of shares, reclassification of shares,
change of par value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive dividends
or subscription rights or otherwise until this Warrant shall have been exercised and the Warrant Shares purchasable upon the exercise
hereof shall have become deliverable, as provided herein. The holder of this Warrant will not be entitled to share in the assets
of the Company in the event of a liquidation, dissolution or the winding up of the Company.

 

12.         Notices.
Any notice or other communication in connection with this Warrant shall be given in writing and directed to the parties hereto
as follows: (a) if to the Holder, c/o Maxim Group LLC, 405 Lexington Avenue, New York, NY 10174, Attn: Cliff Teller, Fax No:
(212) 895-3783; or (b) if to the Company, to the attention of its Chief Executive Officer at its office maintained pursuant
to Section 10.2(a) hereof; provided, that the exercise of the Warrant shall also be effected in the manner provided in Section
3 hereof. Notices shall be deemed properly delivered and received when delivered to the notice party (i) if personally delivered,
upon receipt or refusal to accept delivery, (ii) if sent via facsimile, upon mechanical confirmation of successful transmission
thereof generated by the sending telecopy machine, (iii) if sent by a commercial overnight courier for delivery on the next
business day, on the first business day after deposit with such courier service, (iv) if sent by electronic mail to an address
designated by the recipient without any notice to the sender that the message was undeliverable, or (v) if sent by registered
or certified mail, five (5) business days after deposit thereof in the U.S. mail.

 

13.         Payment
of Taxes. The Company will pay all documentary stamp taxes attributable to the issuance of Common Stock underlying this Warrant
upon exercise of this Warrant; provided, however, that the Company shall not be required to pay any tax which may be payable
in respect of any transfer involved in the transfer or registration of this Warrant or any certificate for Common Stock underlying
this Warrant in a name other that of the Holder. The Holder is responsible for all other tax liability that may arise as a result
of holding or transferring this Warrant or receiving Warrant Shares underlying this Warrant upon exercise hereof.

 

14.         Miscellaneous.
This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the
party against which enforcement of the change, waiver, discharge or termination is sought. This Warrant shall be construed and
enforced in accordance with and governed by the laws of the State of Delaware, without regard to conflict of law principles that
would result in the application of any law other than the laws of the State of Delaware. The section headings in this Warrant are
for purposes of convenience only and shall not constitute a part hereof.

 

[Signature Page Follows]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed as of the date first above written.

 

 

 

	 	ACORN ENERGY INC.
	 	 
	 	By:	 	 
	 	 	Name:  John Moore
	 	 	Title:    Chief Executive Officer
	 	 	 	 	 

 

[Signature Page to Placement Agent’s
Warrant]

 

    	 

    	 

    

 

EXHIBIT
A

FORM OF EXERCISE NOTICE

[To be executed only upon exercise of Warrant]

 

To Acorn Energy Inc.,

 

The undersigned registered
holder of the within Warrant hereby irrevocably exercises the Warrant pursuant to Section 3.1 of the Warrant with respect to ___________shares
of Common Stock at an exercise price of $                  per Warrant Share, and requests that the certificates for such Warrant Shares be
issued, subject to Sections 9 and 10, in the name of, and delivered to:

 

	 	 
	 	 
	 	 
	 	 

 

The undersigned is hereby
making payment for the Warrant Shares in the following manner:

                                        
[describe desired payment method as provided for in 3.1 of the Warrant].

 

The undersigned hereby
represents and warrants that it is, and has been since its acquisition of the Warrant, the record and beneficial owner of the Warrant.

 

	Dated:	 	 

 

	 	 	 
	Print or Type Name
	 	 	 
	 	 	 
	(Signature must conform in all respects to name of holder as specified on the face of Warrant)
	 	 	 
	 	 	 
	(Street Address)
	 	 	 
	 	 	 
	(City)               (State)                (Zip Code)

  

    	 

    	 

    

 

EXHIBIT
B

FORM OF ASSIGNMENT

[To be executed only upon transfer of Warrant]

 

For value received, the undersigned
registered holder of the within Warrant hereby sells, assigns and transfers unto                               
[include name and addresses] the rights represented by the Warrant to purchase                            
shares of Common Stock of Acorn Energy Inc. to which the Warrant relates, and appoints                                
Attorney to make such transfer on the books of Acorn Energy Inc. maintained for the purpose, with full power of substitution in
the premises.

 

	Dated:	 	 
	 	(Signature must conform in all respects to name of holder as specified on the face of Warrant)	 
	 	 	 
	 	 	 
	 	(Street Address)	 
	 	 	 
	 	 	 
	 	(City)               (State)                (Zip Code)	 
	 	 	 
	Signed in the presence of:
	 	 	 
	 	 	 
	 	(Signature of Transferree)	 
	 	 	 
	 	 	 
	 	(Street Address)	 
	 	 	 
	 	 	 
	 	(City)               (State)                (Zip Code)	 
	 	 	 
	Signed in the presence of:

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