Document:

MERRIMAN HOLDINGS, INC.

 

2012 STOCK INCENTIVE PLAN

 

	1.	Purpose

 

The purpose of this 2012 Stock Incentive
Plan (the “Plan”) of Merriman Holdings, Inc., a Delaware corporation (the “Company”), is to advance the
interests of the Company’s stockholders by enhancing the Company’s ability to attract, retain and motivate persons
who are expected to make important contributions to the Company and by providing such persons with equity ownership opportunities
and performance-based incentives that are intended to align their interests with those of the Company’s stockholders. Except
where the context otherwise requires, the term “Company” shall include any of the Company’s present or future
parent or subsidiary corporations as defined in Sections 424(e) or (f) of the Internal Revenue Code of 1986, as amended,
and any regulations promulgated thereunder (the “Code”) and any other business venture (including, without limitation,
joint venture or limited liability company) in which the Company has a controlling interest, as determined by the Board of Directors
of the Company (the “Board”).

 

	2.	Eligibility

 

All of the Company’s employees, officers,
directors, consultants and advisors are eligible to receive stock options (“Options”), stock appreciation rights (“SARs”),
restricted stock, restricted stock units and other stock-based awards (each, an “Award”) under the Plan. Each person
who receives an Award under the Plan is deemed a “Participant.”

 

	3.	Administration and Delegation

 

(a) Administration by Board of Directors.
The Plan will be administered by the Board. The Board shall have authority to grant Awards and to adopt, amend and repeal such
administrative rules, guidelines, and practices relating to the Plan, as it shall deem advisable. The Board may correct any defect,
supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem expedient
to carry the Plan into effect and it shall be the sole and final judge of such expediency. All decisions by the Board shall be
made in the Board’s sole discretion and shall be final and binding on all persons having or claiming any interest in the
Plan or in any Award. Notwithstanding the foregoing, only the Nominations and Corporate Governance Committee of the Board shall
be responsible for the determination of Awards that may be granted to directors who are not employees of the Company at the time
of grant. No director or person acting pursuant to the authority delegated by the Board shall be liable for any action or determination
relating to or under the Plan made in good faith.

 

(b) Appointment of Committees. To
the extent permitted by applicable law, the Board may delegate any or all of its powers under the Plan to one or more committees
or subcommittees of the Board (a “Committee”). All references in the Plan to the “Board” shall mean the
Board or a Committee of the Board or the officers or a committee of officers (“Executive Committee”) referred to in
Section 3(c) to the extent that the Board’s powers or authority under the Plan have been delegated to such Committee,
Executive Committee or officers.

 

(c) Delegation to Officers. To the
extent permitted by applicable law, the Board may delegate to one or more officers of the Company, either individually or in an
Executive Committee, the power to grant Awards to employees or officers of the Company or any of its present or future subsidiary
corporations and to exercise such other powers under the Plan as the Board may determine, provided that the Board shall fix the
terms of the Awards to be granted by such officers and Executive Committee (including the exercise price of such Awards, which
may include a formula by which the exercise price will be determined) and the maximum number of shares subject to Awards that the
officers or Executive Committee may grant; provided further, however, that no officer or Executive Committee shall be authorized
to grant Awards to any “executive officer” of the Company (as defined by Rule 3b-7 under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”)) or to any “officer” of the Company (as defined by Rule 16a-1
under the Exchange Act).

 

    	 

    	 

    
 

 

	4.	Stock Available for Awards; Vesting

 

(a) Number of Shares. Subject to adjustment
under Section 9, Awards may be made under the Plan for up to 4,619,669
shares of common stock, $0.0001 par value per share, of the Company (the “Common Stock”). If any Award expires
or is terminated, surrendered or canceled without having been fully exercised or is forfeited in whole or in part (including as
the result of shares of Common Stock subject to such Award being repurchased by the Company at the original issuance price pursuant
to a contractual repurchase right) or results in any Common Stock not being issued, the unused Common Stock covered by such Award
shall again be available for the grant of Awards under the Plan. Shares issued under the Plan may consist in whole or in part of
authorized but unissued shares or treasury shares.

 

(b) Vesting.

 

(1) The Board may, in its discretion, make
Awards of Stock Option, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units and Other Stock Based Awards which
are fully vested upon grant, or may make awards subject to vesting.  Unless the Board determines otherwise at the time
of grant, any awards to new employees which are initial grants made upon hiring shall vest at the rate of 25% after one year, and
the balance in equal monthly installments over the following three years, and any additional grants made to the same individual
shall vest in equal monthly installments over four years.  Unless the Board determines otherwise at the time of grant,
awards that vest upon the passage of time and provide for accelerated vesting based on performance shall not vest prior to the
first anniversary of the date of grant.

 

	5.	Stock Options

 

(a) General. The Board may grant options
to purchase Common Stock (each, an “Option”) and determine the number of shares of Common Stock to be covered by each
Option, the exercise price of each Option and the conditions and limitations applicable to the exercise of each Option, including
conditions relating to applicable federal or state securities laws, as it considers necessary or advisable.

 

(b) Incentive Stock Options. This
Plan is not intended to be used to grant “incentive stock options” as defined in Section 422 of the Code (an “Incentive
Stock Option”) and it does not qualify under current law and regulation to grant Incentive Stock Options. Thus, all grants
hereunder are not intended to be Incentive Stock Options and shall be designated “Nonqualified Stock Options.” The
Company shall have no liability to a Participant, or any other party, based on options grants not qualifying to be Incentive Stock
Options.

 

(c) Exercise Price. The Board shall
establish the exercise price of each Option and specify such exercise price in the applicable option agreement; provided, however,
that the exercise price shall not be less than 100% of the Fair Market Value (as defined below) at the time the Option is granted.

 

(d) Duration of Options. Each Option
shall be exercisable at such times and subject to such terms and conditions as the Board may specify in the applicable option agreement;
provided, however, that no Option will be granted for a term in excess of 10 years.

 

(e) Exercise of Option. Options may
be exercised by delivery to the Company of a written notice of exercise signed by the proper person or by any other form of notice
(including electronic notice) approved by the Board together with payment in full as specified in Section 5(f) for the number
of shares for which the Option is exercised. Shares of Common Stock subject to the Option will be delivered by the Company following
exercise either as soon as practicable or, subject to such conditions as the Board shall specify, on a deferred basis (with the
Company’s obligation to be evidenced by an instrument providing for future delivery of the deferred shares at the time or
times specified by the Board).

 

(f) Payment Upon Exercise. Common
Stock purchased upon the exercise of an Option granted under the Plan shall be paid for as follows:

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(1) in cash or by check, payable to the order
of the Company; 

 

(2) except as the Board may otherwise provide
in an option agreement, by (i) delivery of an irrevocable and unconditional undertaking by a creditworthy broker to deliver
promptly to the Company sufficient funds to pay the exercise price and any required tax withholding, or (ii) delivery by the
Participant to the Company of a copy of irrevocable and unconditional instructions to a creditworthy broker to deliver promptly
to the Company cash or a check sufficient to pay the exercise price and any required tax withholding;

 

(3) when the Common Stock is registered under
the Exchange Act, by delivery of shares of Common Stock owned by the Participant valued at their fair market value as determined
by (or in a manner approved by) the Board (“Fair Market Value”), provided (i) such method of payment is then permitted
under applicable law; (ii) such Common Stock, if acquired directly from the Company, was owned by the Participant for such
minimum period of time, if any, as may be established by the Board in its discretion; and (iii) such Common Stock is not subject
to any repurchase, forfeiture, unfulfilled vesting or other similar requirements;

 

(4) to the extent permitted by applicable
law and by the Board, by (i) delivery of a promissory note of the Participant to the Company on terms determined by the Board,
or (ii) payment of such other lawful consideration as the Board may determine; or

 

(5) by any combination of the above permitted
forms of payment.

 

(g) Substitute Options. In connection
with a merger or consolidation of an entity with the Company or the acquisition by the Company of property or stock of an entity,
the Board may grant Options in substitution for any options or other stock or stock-based awards granted by such entity or an affiliate
thereof. Substitute Options may be granted on such terms as the Board deems appropriate in the circumstances, notwithstanding any
limitations on Options contained in the other sections of this Section 5 or in Section 2. Substitute Options shall not
count against the overall share limit set forth in Section 4(a), except as may be required by reason of Section 422 and
related provisions of the Code.

 

	6.	Stock Appreciation Rights.

 

(a) General. A Stock Appreciation
Right, or SAR, is an Award entitling the holder, upon exercise, to receive an amount in Common Stock or cash or a combination thereof
(such form to be determined by the Board) determined in whole or in part by reference to appreciation, from and after the date
of grant, in the fair market value of a share of Common Stock. SARs may be based solely on appreciation in the fair market value
of Common Stock or on a comparison of such appreciation with some other measure of market growth such as (but not limited to) appreciation
in a recognized market index. The date as of which such appreciation or other measure is determined shall be the exercise date
unless another date is specified by the Board in the SAR Award.

 

(b) Grants. SARs may be granted in
tandem with, or independently of, Options granted under the Plan.

 

(c) Exercise. SARs may be exercised
by delivery to the Company of a written notice of exercise signed by the proper person, or by any other form of notice (including
electronic notice) approved by the Board, together with any other documents required by the Board.

 

	7.	Restricted Stock; Restricted Stock Units.

 

(a) General. The Board may grant Awards
entitling recipients to acquire shares of Common Stock (“Restricted Stock”), subject to the right of the Company to
repurchase all or part of such shares at their issue price or other stated or formula price (or to require forfeiture of such shares
if issued at no cost) from the recipient in the event that conditions specified by the Board in the applicable Award are not satisfied
prior to the end of the applicable restriction period or periods established by the Board for such Award. Instead of granting Awards
for Restricted Stock, the Board may grant Awards entitling the recipient to receive shares of Common Stock to be delivered at the
time such shares of Common Stock vest (“Restricted Stock Units”) (Restricted Stock and Restricted Stock Units are each
referred to herein as a “Restricted Stock Award”).

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(b) Waiver of Vesting.

 

(1) Notwithstanding any other provision of
this Plan, the Board may, in its discretion, either at the time a Restricted Stock Award is made or at any time thereafter, waive
its right to repurchase shares of Common Stock (or waive the forfeiture thereof) or remove or modify any part or all of the restrictions
applicable to the Restricted Stock Award, provided that the Board may only exercise such rights in extraordinary circumstances
which shall include, without limitation, death or disability of the Participant; estate planning needs of the Participant; a merger,
consolidation, sale, reorganization, recapitalization, or change in control of the Company; or any other nonrecurring significant
event affecting the Company, a Participant or the Plan.

 

(c) Terms and Conditions. The Board
shall determine the terms and conditions of a Restricted Stock Award, including the conditions for repurchase (or forfeiture) and
the issue price, if any.

 

(d) Stock Certificates. Any stock
certificates issued in respect of a Restricted Stock Award shall be registered in the name of the Participant and, unless otherwise
determined by the Board, deposited by the Participant, together with a stock power endorsed in blank, with the Company (or its
designee). At the expiration of the applicable restriction periods, the Company (or such designee) shall deliver the certificates
no longer subject to such restrictions to the Participant or if the Participant has died, to the beneficiary designated, in a manner
determined by the Board, by a Participant to receive amounts due or exercise rights of the Participant in the event of the Participant’s
death (the “Designated Beneficiary”). In the absence of an effective designation by a Participant, “Designated
Beneficiary” shall mean the Participant’s estate.

 

	8.	Other Stock-Based Awards.

 

Other Awards of shares of Common Stock, and
other Awards that are valued in whole or in part by reference to, or are otherwise based on, shares of Common Stock or other property,
may be granted hereunder to Participants (“Other Stock Unit Awards”), including without limitation Awards entitling
recipients to receive shares of Common Stock to be delivered in the future. Such Other Stock Unit Awards shall also be available
as a form of payment in the settlement of other Awards granted under the Plan or as payment in lieu of compensation to which a
Participant is otherwise entitled. Other Stock Unit Awards may be paid in shares of Common Stock or cash, as the Board shall determine.
Subject to the provisions of the Plan, the Board shall determine the conditions of each Other Stock Unit Award, including any purchase
price applicable thereto.

 

	9.	Adjustments for Changes in Common Stock and Certain Other Events.

 

(a) Changes in Capitalization. In
the event of any stock split, reverse stock split, stock dividend, recapitalization, combination of shares, reclassification of
shares, spin-off or other similar change in capitalization or event, or any distribution to holders of Common Stock other than
an ordinary cash dividend, (i) the number and class of securities available under this Plan; (ii) the sub-limits set
forth in Section 4(b); (iii) the number and class of securities and exercise price per share of each outstanding Option;
(iv) the share- and per-share provisions of each SAR; (v) the repurchase price per share subject to each outstanding
Restricted Stock Award; and (vi) the share- and per-share-related provisions of each outstanding Other Stock Unit Award, shall
be appropriately adjusted by the Company (or substituted Awards may be made, if applicable) to the extent determined by the Board.

 

 (b) Reorganization Events.

 

(1) Definition. A “Reorganization
Event” shall mean: (i) any merger or consolidation of the Company with or into another entity as a result of which all
of the Common Stock of the Company is converted into or exchanged for the right to receive cash, securities or other property or
is cancelled; (ii) any exchange of all of the Common Stock of the Company for cash, securities or other property pursuant
to a share exchange transaction; or (iii) any liquidation or dissolution of the Company. 

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(2) Consequences of a Reorganization Event
on Awards Other than Restricted Stock Awards. In connection with a Reorganization Event, the Board shall take any one or more
of the following actions as to all or any outstanding Awards on such terms as the Board determines: (i) provide that Awards
shall be assumed, or substantially equivalent Awards shall be substituted, by the acquiring or succeeding corporation (or an affiliate
thereof); (ii) upon written notice to a Participant, provide that the Participant’s unexercised Options or other unexercised
Awards shall become exercisable in full and will terminate immediately prior to the consummation of such Reorganization Event unless
exercised by the Participant within a specified period following the date of such notice; (iii) provide that outstanding Awards
shall become realizable or deliverable, or restrictions applicable to an Award shall lapse, in whole or in part prior to or upon
such Reorganization Event; (iv) in the event of a Reorganization Event under the terms of which holders of Common Stock will
receive upon consummation thereof a cash payment for each share surrendered in the Reorganization Event (the “Acquisition
Price”), make or provide for a cash payment to a Participant equal to (a) the Acquisition Price times the number of
shares of Common Stock subject to the Participant’s Options or other Awards (to the extent the exercise price does not exceed
the Acquisition Price) minus (b) the aggregate exercise price of all such outstanding Options or other Awards, in exchange
for the termination of such Options or other Awards; (v) provide that, in connection with a liquidation or dissolution of
the Company, Awards shall convert into the right to receive liquidation proceeds (if applicable, net of the exercise price thereof);
and (vi) any combination of the foregoing.

 

For purposes of clause (i) above, an
Option shall be considered assumed if, following consummation of the Reorganization Event, the Option confers the right to purchase,
for each share of Common Stock subject to the Option immediately prior to the consummation of the Reorganization Event, the consideration
(whether cash, securities or other property) received as a result of the Reorganization Event by holders of Common Stock for each
share of Common Stock held immediately prior to the consummation of the Reorganization Event (and if holders were offered a choice
of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of Common Stock); provided,
however, that if the consideration received as a result of the Reorganization Event is not solely common stock of the acquiring
or succeeding corporation (or an affiliate thereof), the Company may, with the consent of the acquiring or succeeding corporation,
provide for the consideration to be received upon the exercise of Options to consist solely of common stock of the acquiring or
succeeding corporation (or an affiliate thereof) equivalent in value to the per share consideration received by holders of outstanding
shares of Common Stock as a result of the Reorganization Event.

 

To the extent all or any portion of an Option
becomes exercisable solely as a result of clause (ii) above, the Board may provide that upon exercise of such Option the Participant
shall receive shares subject to a right of repurchase by the Company or its successor at the Option exercise price; such repurchase
right (a) shall lapse at the same rate as the Option would have become exercisable under its terms; and (b) shall not
apply to any shares subject to the Option that were exercisable under its terms without regard to clause (ii) above.

 

(3) Consequences of a Reorganization Event
on Restricted Stock Awards. Upon the occurrence of a Reorganization Event other than a liquidation or dissolution of the Company,
the repurchase and other rights of the Company under each outstanding Restricted Stock Award shall inure to the benefit of the
Company’s successor and shall apply to the cash, securities or other property which the Common Stock was converted into or
exchanged for pursuant to such Reorganization Event in the same manner and to the same extent as they applied to the Common Stock
subject to such Restricted Stock Award. Upon the occurrence of a Reorganization Event involving the liquidation or dissolution
of the Company, except to the extent specifically provided to the contrary in the instrument evidencing any Restricted Stock Award
or any other agreement between a Participant and the Company, all restrictions and conditions on all Restricted Stock Awards then
outstanding shall automatically be deemed terminated or satisfied.

 

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	10.	General Provisions Applicable to Awards

 

(a) Transferability of Awards. Awards
shall not be sold, assigned, transferred, pledged or otherwise encumbered by the person to whom they are granted, either voluntarily
or by operation of law, except by will or the laws of descent and distribution or pursuant to a qualified domestic relations order,
and, during the life of the Participant, shall be exercisable only by the Participant; provided, however, that the Board may permit
or provide in an Award for the gratuitous transfer of the Award by the Participant to or for the benefit of any immediate family
member, family trust or family partnership established solely for the benefit of the Participant and/or an immediate family member
thereof if, with respect to such proposed transferee, the Company would be eligible to use a Form S-8 for the registration of the
sale of the Common Stock subject to such Award under the Securities Act of 1933, as amended; provided, further, that the Company
shall not be required to recognize any such transfer until such time as the Participant and such permitted transferee shall, as
a condition to such transfer, deliver to the Company a written instrument in form and substance satisfactory to the Company confirming
that such transferee shall be bound by all of the terms and conditions of the Award. References to a Participant, to the extent
relevant in the context, shall include references to authorized transferees.

 

(b) Documentation. Each Award shall
be evidenced in such form (written, electronic or otherwise) as the Board shall determine. Such written instrument may be in the
form of an agreement signed by the Company and the Participant or a written confirming memorandum to the Participant from the Company.
Each Award may contain terms and conditions in addition to those set forth in the Plan.

 

(c) Board Discretion. Except as otherwise
provided by the Plan, each Award may be made alone or in addition or in relation to any other Award. The terms of each Award need
not be identical, and the Board need not treat Participants uniformly.

 

(d) Termination of Status. The Board
shall determine the effect on an Award of the disability, death, retirement, authorized leave of absence, or other change in the
employment or other status of a Participant and the extent to which, and the period during which, the Participant, or the Participant’s
legal representative, conservator, guardian or Designated Beneficiary, may exercise rights under the Award.

 

(e) Withholding. Each Participant
shall pay to the Company, or make provision satisfactory to the Company for payment of, any taxes required by law to be withheld
in connection with an Award to such Participant. Except as the Board may otherwise provide in an Award, for so long as the Common
Stock is registered under the Exchange Act, Participants may satisfy such tax obligations in whole or in part by delivery of shares
of Common Stock, including shares retained from the Award creating the tax obligation, valued at their Fair Market Value; provided,
however, except as otherwise provided by the Board, that the total tax withholding where stock is being used to satisfy such tax
obligations cannot exceed the Company’s minimum statutory withholding obligations (based on minimum statutory withholding
rates for federal and state tax purposes, including payroll taxes, that are applicable to such supplemental taxable income). Shares
surrendered to satisfy tax withholding requirements cannot be subject to any repurchase, forfeiture, unfulfilled vesting or other
similar requirements. The Company may deduct, to the extent permitted by law, any such tax obligations from any payment of any
kind otherwise due to a Participant.

 

(f) Amendment of Award. The Board
may amend, modify or terminate any outstanding Award, including but not limited to, substituting therefor another Award of the
same or a different type, changing the date of exercise or realization, provided that the Participant’s consent to such action
shall be required unless the Board determines that the action, taking into account any related action, would not materially and
adversely affect the Participant.

 

(g) Conditions on Delivery of Stock.
The Company will not be obligated to deliver any shares of Common Stock pursuant to the Plan or to remove restrictions from shares
previously delivered under the Plan until (i) all conditions of the Award have been met or removed to the satisfaction of
the Company; (ii) in the opinion of the Company’s counsel, all other legal matters in connection with the issuance and
delivery of such shares have been satisfied, including any applicable securities laws and any applicable stock exchange or stock
market rules and regulations; and (iii) the Participant has executed and delivered to the Company such representations or
agreements as the Company may consider appropriate to satisfy the requirements of any applicable laws, rules or regulations. 

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(h) Acceleration. Except as otherwise
provided in Section 7, the Board may at any time provide that any Award shall become immediately exercisable in full or in
part, free of some or all restrictions or conditions, or otherwise realizable in full or in part, as the case may be.

 

(i) Book Entry. Notwithstanding anything
to the contrary in this Plan, the Company may, in lieu of issuing a stock certificate representing any shares of Common Stock issued
pursuant to the Plan, have such shares held in book entry by the Company’s transfer agent in the name of the Participant.

 

(j)    Performance
Awards. Awards under the Plan may be made subject to the achievement of performance goals rather than time based vesting.

 

 

	11.	Miscellaneous

 

(a) No Right To Employment or Other Status.
No person shall have any claim or right to be granted an Award, and the grant of an Award shall not be construed as giving a Participant
the right to continued employment or any other relationship with the Company. The Company expressly reserves the right at any time
to dismiss or otherwise terminate its relationship with a Participant free from any liability or claim under the Plan, except as
expressly provided in the applicable Award.

 

(b) No Rights As Stockholder. Subject
to the provisions of the applicable Award, no Participant or Designated Beneficiary shall have any rights as a stockholder with
respect to any shares of Common Stock to be distributed with respect to an Award until becoming the record holder of such shares.
Notwithstanding the foregoing, in the event the Company effects a split of the Common Stock by means of a stock dividend and the
exercise price of and the number of shares subject to such Option are adjusted as of the date of the distribution of the dividend
(rather than as of the record date for such dividend), then an optionee who exercises an Option between the record date and the
distribution date for such stock dividend shall be entitled to receive, on the distribution date, the stock dividend with respect
to the shares of Common Stock acquired upon such Option exercise, notwithstanding the fact that such shares were not outstanding
as of the close of business on the record date for such stock dividend.

 

(c) Effective Date and Term of Plan.
The Plan shall become effective on the date on which it is adopted by the Board. No Awards shall be granted under the Plan after
the completion of 10 years from the date on which the Plan was adopted by the Board, but Awards previously granted may extend beyond
that date.

 

(d) Amendment of Plan. The Board may
amend, suspend or terminate the Plan or any portion thereof at any time.

 

(e) Provisions for Foreign Participants.
The Board may modify Awards or Options granted to Participants who are foreign nationals or employed outside the United States
or establish sub-plans or procedures under the Plan to recognize differences in laws, rules, regulations or customs of such foreign
jurisdictions with respect to tax, securities, currency, employee benefit or other matters.

 

(f) Compliance With Code Section 409A.
No Award shall provide for deferral of compensation that does not comply with Section 409A of the Code, unless the Board,
at the time of grant, specifically provides that the Award is not intended to comply with Section 409A of the Code. 

 

(g) Governing Law. The provisions
of the Plan and all Awards made hereunder shall be governed by and interpreted in accordance with the laws of the State of Delaware,
excluding choice-of-law principles of the law of such state that would require the application of the laws of a jurisdiction other
than such state.

 

 

    	7Exhibit 4.1

 

 

NEITHER THE ISSUANCE AND SALE OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE,
SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED
UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. 

 

	 	Right to Purchase [__] shares of Common Stock of

Advaxis, Inc. (subject to adjustment as provided

herein)

 

FORM OF COMMON STOCK PURCHASE WARRANT

 

No. 2012-05[__]

Issue Date: May [__], 2012

 

ADVAXIS, INC., a corporation
organized under the laws of the State of Delaware (the “Company”), hereby certifies that, for value received,
[__]. or its assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase
from the Company at any time after the Issue Date until 5:00 p.m., E.S.T on [INSERT DATE THAT IS ONE YEAR FOLLOWING THE EXPIRATION
DATE OF THE ORIGINAL WARRANT] (the “Expiration Date”), up to [__] ([__]) fully paid and non-assessable
shares of Common Stock at a per share purchase price of $0.15, subject to adjustment hereunder.  The aforedescribed
purchase price per share, as adjusted from time to time as herein provided, is referred to herein as the “Exercise
Price.”  The number and character of such shares of Common Stock and the Exercise Price are subject to
adjustment as provided herein. The Company may reduce the Exercise Price for some or all of the Warrants, temporarily or permanently.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Exchange Agreement, dated
as of May [__], 2012, entered into by the Company and the initial Holder (as amended from time to time, the “Exchange
Agreement”).

 

As used herein the
following terms, unless the context otherwise requires, have the following respective meanings:

 

(a)          The
term “Company” shall include Advaxis, Inc. and any corporation, which shall succeed or assume the obligations
of Advaxis, Inc. hereunder.

 

(b)          The
term “Common Stock” means (a) the Company’s Common Stock, $0.001 par value per share, as authorized
on the date of the Exchange Agreement and (b) any other securities into which or for which any of the securities described in (a)
may be converted or exchanged pursuant to a plan of recapitalization, reorganization, merger, sale of assets or otherwise.

 

    	 

    	 

    
 

(c)          The
term “Other Securities” refers to any shares of capital stock other than Common Stock and other securities
of the Company or any other person, corporate or otherwise, which the Holder of the Warrant at any time shall be entitled to receive,
or shall have received, on the exercise of the Warrant, in lieu of or in addition to Common Stock, or which at any time shall be
issuable or shall have been issued in exchange for or in replacement of Common Stock or Other Securities pursuant to Section 4
or otherwise.

 

(d)          The
term “Trading Day” means any day on which the Common Stock is traded on the principal securities exchange
or securities market on which the Common Stock is then traded, provided that “Trading Day” shall not include any day
on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Stock
is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate
in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time)
unless such day is otherwise designated as a Trading Day in writing by the Holder.

 

(e)          The
term “Warrant Shares” shall mean the Common Stock issuable upon exercise of this Warrant.

 

1.           Exercise
of Warrant.

 

1.1.          Number
of Shares Issuable upon Exercise.    From and after the Issue Date through and including the Expiration Date,
the Holder hereof shall be entitled to receive, upon exercise of this Warrant in whole in accordance with the terms of subsection 1.2
or upon exercise of this Warrant in part in accordance with subsection 1.3 shares of Common Stock of the Company, subject
to adjustment pursuant to Section 4.

 

1.2.          Full
Exercise.    This Warrant may be exercised in whole by the Holder hereof by delivery of an original or facsimile
copy of the form of subscription attached as Exhibit A hereto (the “Subscription Form”)
duly executed by such Holder. Within one (1) Trading Day following the date of exercise, the Holder shall deliver payment, in
cash, wire transfer or by certified or official bank check payable to the order of the Company, in the amount obtained by multiplying
the number of shares of Common Stock for which this Warrant is then exercisable by the Exercise Price then in effect unless such
exercise was made pursuant to a valid Cashless Exercise (as defined in Section 2 below) as specified by the Holder on the applicable
Subscription Form. The original Warrant is not required to be surrendered to the Company until it has been fully exercised.

 

    	2

    	 

    
 

1.3.          Partial
Exercise.    This Warrant may be exercised in part (but not for a fractional share) by delivery of a Subscription
Form in the manner and at the place provided in subsection 1.2 except that the cash amount payable by the Holder on such
partial exercise (except to the extent such exercise was made pursuant to a valid Cashless Exercise) shall be the amount obtained
by multiplying (a) the number of whole shares of Common Stock designated by the Holder in the Subscription Form by (b) the
Exercise Price then in effect. On any such partial exercise, provided the Holder has surrendered the original Warrant, the Company,
at its expense, will forthwith issue and deliver to or upon the order of the Holder hereof a new Warrant of like tenor, in the
name of the Holder hereof or as such Holder (upon payment by such Holder of any applicable transfer taxes) may request, the whole
number of shares of Common Stock for which such Warrant may still be exercised for the balance of.

 

1.4.          Fair
Market Value.     Fair Market Value of a share of Common Stock as of a particular date (the “Determination
Date”) shall mean:

 

(a)          If
the Company’s Common Stock is listed on a national securities exchange, then the closing or last sale price, respectively,
reported for the trading day immediately preceding but not including the Determination Date;

 

(b)          If
the Company’s Common Stock is not listed on a national securities exchange but is quoted in the over-the-counter market or
the “pink-sheets,” then the closing bid price reported immediately preceding but not including the Determination Date;

 

(c)          Except
as provided in clause (d) below and Section 3.1, if the Company’s Common Stock is not publicly traded, then as the Holder
and the Company agree, or in the absence of such an agreement, by arbitration in accordance with the rules then standing of the
American Arbitration Association, before a single arbitrator to be chosen from a panel of persons qualified by education and training
to pass on the matter to be decided; or

 

(d)          If
the Determination Date is the date of a liquidation, dissolution or winding up, or any event deemed to be a liquidation, dissolution
or winding up pursuant to the Company’s certificate of incorporation (as amended and/or restated from time to time, the “Charter”),
then all amounts to be payable per share to holders of the Common Stock pursuant to the Charter in the event of such liquidation,
dissolution or winding up, plus all other amounts to be payable per share in respect of the Common Stock in liquidation under the
Charter, assuming for the purposes of this clause (d) that all of the shares of Common Stock then issuable upon exercise of
all of the Warrants are outstanding at the Determination Date.

 

1.5.          Company
Acknowledgment.    The Company will, at the time of the exercise of the Warrant, upon the request of the Holder
hereof, acknowledge in writing its continuing obligation to afford to such Holder any rights to which such Holder shall continue
to be entitled after such exercise in accordance with the provisions of this Warrant. If the Holder shall fail to make any such
request, such failure shall not affect the continuing obligation of the Company to afford to such Holder any such rights.

 

1.6.          Trustee
for Warrant Holders.   In the event that a bank or trust company shall have been appointed as trustee
for the Holder of the Warrants pursuant to Subsection 3.2, such bank or trust company shall have all the powers and duties
of a warrant agent (as hereinafter described) and shall accept, in its own name for the account of the Company or such successor
person as may be entitled thereto, all amounts otherwise payable to the Company or such successor, as the case may be, on exercise
of this Warrant pursuant to this Section 1.

 

    	3

    	 

    
 

1.7.          Delivery
of Stock Certificates, etc. on Exercise.   The Company agrees that the shares of Common Stock purchased upon
exercise of this Warrant shall be deemed to be issued to the Holder hereof as the record owner of such shares as of the close
of business on the date on which delivery of a Subscription Form shall have occurred and payment made for such shares as aforesaid.
As soon as practicable after the exercise of this Warrant in whole or in part, the Company at its expense (including the payment
by it of any applicable issue taxes) will cause to be issued in the name of and delivered to the Holder hereof, or as such Holder
(upon payment by such Holder of any applicable transfer taxes) may direct in compliance with applicable securities laws, a certificate
or certificates for the number of duly and validly issued, fully paid and non-assessable shares of Common Stock (or Other Securities)
to which such Holder shall be entitled on such exercise. Certificates for shares purchased hereunder shall be transmitted by the
Company’s transfer agent to the Holder by crediting the account of the Holder’s prime broker with The Depository Trust
Company (“DTC”) through its Deposit / Withdrawal at Custodian system if the Company is then a participant
in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to, or
resale of the Warrant Shares by, the Holder or (B) the shares are eligible for resale by the Holder without volume or manner-of-sale
limitations pursuant to Rule 144, and otherwise by physical delivery to the address specified by the Holder in the Subscription
Form by the date that is three (3) Trading Days after the latest of (A) the delivery to the Company of the Subscription Form,
(B) surrender of this Warrant (if required), and (C) payment of the aggregate Exercise Price as set forth above (including by
cashless exercise, if permitted) (such date, the “Warrant Share Delivery Date”). No fractional shares
of Common Stock are to be issued upon the exercise of this Warrant, but rather the number of shares of Common Stock to be issued
shall be rounded to the nearest whole number. Upon delivery of a Subscription Form, the Holder shall be deemed for all corporate
purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective
of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing
such Warrant Shares (as the case may be). Notwithstanding the foregoing, except in the case where an exercise of this Warrant
is validly made pursuant to a Cashless Exercise, the Company’s failure to deliver Warrant Shares to the Holder on or prior
to the second (2nd) Trading Day after the Company’s receipt of the aggregate Exercise Price in cash shall not be deemed
to be a breach of this Warrant.

 

    	4

    	 

    
 

1.8.          Compensation
for Buy-In on Failure to Timely Deliver Certificates Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Company’s transfer agent to transmit to the Holder a certificate or the certificates representing
the Warrant Shares pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required
by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases,
shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving
upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if
any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock
so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver
to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase
obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number
of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to
the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and
delivery obligations hereunder (the “Buy-In Liquidated Damages”). For example, if the Holder purchases
Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common
Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding
sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating
the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss.

 

1.9.          Rescission
Rights. If the Company fails to transmit to the Holder a certificate or the certificates representing the Warrant Shares pursuant
to exercise by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

2.           Exercise.
Payment upon exercise may be made at the option of the Holder either (i) in cash, wire transfer or by certified or official bank
check payable to the order of the Company equal to the applicable aggregate Exercise Price or (ii) if at the time of exercise
hereof a registration statement is not effective (or the prospectus contained therein is not available for use) for the resale
by the Holder of the Warrant Shares issuable in such exercise of this Warrant, then the Holder may, in its sole discretion, exercise
this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon
such exercise in payment of the Exercise Price, elect instead to receive upon such exercise the “Net Number” of shares
of Common Stock determined according to the following formula (a “Cashless Exercise”):

 

Net Number = (A
x B) - (A x C)

 

                                    B

 

For purposes of the
foregoing formula:

 

A= the total number of shares with
respect to which this Warrant is then being exercised.

 

B= the Fair Market Value of the Common Stock as of the
close of business of the Trading Day immediately preceding the date of the applicable Subscription Form.

 

    	5

    	 

    
 

C= the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 

For purposes of Rule
144 promulgated under the Securities Act of 1933, as amended, it is intended, understood and acknowledged that the Warrant Shares
issued in said for a Cashless Exercise shall be deemed to have been acquired by the Holder, and the holding period for the Warrant
Shares shall be deemed to have commenced, on the date of issuance of the Original Securities (as defined in the Exchange Agreement).

 

3.           Adjustment
for Reorganization, Consolidation, Merger, etc.

 

3.1.          Fundamental
Transaction.    If, at any time while this Warrant is outstanding, (A) the Company effects any merger or consolidation
of the Company with or into another entity, (B) the Company effects any sale of all or substantially all of its assets in one
or a series of related transactions, (C) any tender offer or exchange offer (whether by the Company or another entity) is completed
pursuant to which holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property,
or (D) the Company effects any reclassification 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 (each, a “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the 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 of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional
consideration (the “Alternate Consideration”) receivable upon or as a result of such merger, consolidation
or disposition of assets by a Holder of the number of shares of Common Stock for which this Warrant is exercisable immediately
prior to such event. 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 Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any successor to the Company or surviving
entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent with the foregoing provisions and evidencing
the Holder’s right to exercise such warrant into Alternate Consideration. The terms of any agreement pursuant to which a
Fundamental Transaction is effected shall include terms requiring any such successor or surviving entity to comply with the provisions
of this Section 3.1 and insuring that this Warrant (or any such replacement security) will be similarly adjusted upon any subsequent
transaction analogous to a Fundamental Transaction.

 

    	6

    	 

    
 

3.2.          [INTENTIONALLY
OMITTED.]

 

3.3.          Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable
in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon
exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including
by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by reclassification
of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding
immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the
aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3.3 shall become
effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in the case of a subdivision, combination or re classification.

 

3.4.          Dissolution.
In the event of any dissolution of the Company following the transfer of all or substantially all of its properties or assets,
the Company, prior to such dissolution, shall at its expense deliver or cause to be delivered the stock and other securities and
property (including cash, where applicable) receivable by the Holder of the Warrants after the effective date of such dissolution
pursuant to this Section 3 to a bank or trust company (a “Trustee”) having its principal office
in New York, NY, as trustee for the Holder of the Warrants. Such property shall be delivered only upon payment of the Warrant
exercise price.

 

3.5.          Continuation
of Terms.     Upon any reorganization, consolidation, merger or transfer (and any dissolution following
any transfer) referred to in this Section 3, this Warrant shall continue in full force and effect and the terms hereof shall
be applicable to the Other Securities and property receivable on the exercise of this Warrant after the consummation of such reorganization,
consolidation or merger or the effective date of dissolution following any such transfer, as the case may be, and shall be binding
upon the issuer of any Other Securities, including, in the case of any such transfer, the person acquiring all or substantially
all of the properties or assets of the Company, whether or not such person shall have expressly assumed the terms of this Warrant
as provided in Section 4. In the event this Warrant does not continue in full force and effect after the consummation of
the transaction described in this Section 3, then only in such event will the Company’s securities and property (including
cash, where applicable) receivable by the Holder of the Warrants be delivered to the Trustee as contemplated by Section 3.2.

 

    	7

    	 

    
 

4.          Reservation
of Stock, etc. Issuable on Exercise of Warrant; Financial Statements. The Company will at all times reserve and keep available,
solely for issuance and delivery on the exercise of the Warrants, sufficient shares of Common Stock (or Other Securities) from
time to time issuable on the exercise of the Warrant. This Warrant entitles the Holder hereof to receive copies of all financial
and other information distributed or required to be distributed to the holders of the Company’s Common Stock.

 

5.          Assignment;
Exchange of Warrant. Subject to compliance with applicable securities laws, this Warrant, and the rights evidenced hereby,
may be transferred by any registered Holder hereof (a “Transferor”). On the surrender for exchange of
this Warrant, with the Transferor’s endorsement in the form of Exhibit B attached hereto (the “Transferor
Endorsement Form”) and together with an opinion of counsel reasonably satisfactory to the Company that the transfer
of this Warrant will be in compliance with applicable securities laws, the Company will issue and deliver to or on the order of
the Transferor thereof a new Warrant or Warrants of like tenor, in the name of the Transferor and/or the transferee(s) specified
in such Transferor Endorsement Form (each a “Transferee”), calling in the aggregate on the face or faces
thereof for the number of shares of Common Stock called for on the face or faces of the Warrant so surrendered by the Transferor.

 

6.          Replacement
of Warrant. On 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, on delivery of an indemnity agreement or
security reasonably satisfactory in form and amount to the Company or, in the case of any such mutilation, on surrender and cancellation
of this Warrant, the Company at its expense, twice only, will execute and deliver, in lieu thereof, a new Warrant of like tenor.

 

7.          Limitations
on Exercise. Notwithstanding anything to the contrary contained in this Warrant, this Warrant shall not be exercisable by
the Holder hereof to the extent (but only to the extent) that the Holder or any of its affiliates would beneficially own in excess
of 4.99% (the “Maximum Percentage”) of the Common Stock. To the extent the above limitation applies,
the determination of whether this Warrant shall be exercisable (vis-à-vis other convertible, exercisable or exchangeable
securities owned by the Holder) and of which such securities shall be exercisable (as among all such securities owned by the Holder)
shall, subject to such Maximum Percentage limitation, be determined on the basis of the first submission to the Company for conversion,
exercise or exchange (as the case may be). No prior inability to exercise this Warrant pursuant to this paragraph shall have any
effect on the applicability of the provisions of this paragraph with respect to any subsequent determination of exercisability.
For the purposes of this paragraph, beneficial ownership and all determinations and calculations (including, without limitation,
with respect to calculations of percentage ownership) shall be determined in accordance with Section 13(d) of the Securities Exchange
Act of 1934, as amended (the “1934 Act”) and the rules and regulations promulgated thereunder. The provisions
of this paragraph shall be implemented in a manner otherwise than in strict conformity with the terms of this paragraph to correct
this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Maximum Percentage beneficial
ownership limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such
Maximum Percentage limitation. The limitations contained in this paragraph shall apply to a successor Holder of this Warrant.
The holders of Common Stock shall be third party beneficiaries of this paragraph and the Company may not waive this paragraph
without the consent of holders of a majority of its Common Stock. For any reason at any time, upon the written or oral request
of the Holder, the Company shall within two (2) Trading Days confirm orally and in writing to the Holder the number of shares
of Common Stock then outstanding, including by virtue of any prior conversion or exercise of convertible or exercisable securities
into Common Stock, including, without limitation, pursuant to this Warrant or securities issued pursuant to the Exchange Agreement.

 

    	8

    	 

    
 

8.          Transfer
on the Company’s Books. Until this Warrant is transferred on the books of the Company, the Company may treat the registered
Holder hereof as the absolute owner hereof for all purposes, notwithstanding any notice to the contrary.

 

9.          Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified
most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed
effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile
machine, at the address or number designated below (if delivered on a Trading Day during normal business hours where such notice
is to be received), or the first Trading Day following such delivery (if delivered other than on a Trading Day during normal business
hours where such notice is to be received) or (b) on the second Trading Day following the date of mailing by express courier service,
fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for
such communications shall be as set forth in the Exchange Agreement or such other address as a party designates to the other party
in writing.

 

10.         Law
Governing This Warrant. This Warrant shall be governed by and construed in accordance with the laws of the State of New York
without regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions
contemplated by this Warrant shall be brought only in the state courts of New York or in the federal courts located in the state
and county of New York. The parties to this Warrant hereby irrevocably waive any objection to jurisdiction and venue of any action
instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non-conveniens.
The Company and Holder waive trial by jury. In the event that any provision of this Warrant or any other agreement delivered in
connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed
inoperative to the extent that it may conflict therewith and shall be deemed modified to conform to such statute or rule of law.
Any such provision, which may prove invalid or unenforceable under any law, shall not affect the validity or enforceability of
any other provision of any agreement. Each party hereby irrevocably waives personal service of process and consents to process
being served in any suit, action or proceeding in connection with this Warrant by mailing a copy thereof via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

    	9

    	 

    
 

11.         Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

[SIGNATURES
ON THE FOLLOWING PAGE]

 

    	10

    	 

    

 

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

 

	 	ADVAXIS, INC.
	 	 	 
	 	By:	 
	 	 	Name: Thomas A. Moore
	 	 	Title: Chairman/CEO

 

    	11

    	 

    

 

 

Exhibit A

 

FORM OF SUBSCRIPTION

(to be signed only on exercise of Warrant)

 

TO:  ADVAXIS, INC.

 

The undersigned, pursuant to the provisions
set forth in the attached Warrant (No.____), hereby irrevocably elects to purchase (check applicable box):

 

___        ________
shares of the Common Stock covered by such Warrant; or

 

___        the
maximum number of shares of Common Stock covered by such Warrant pursuant to the cashless exercise procedure set forth in Section 2.

 

The undersigned herewith makes payment
of the full purchase price for such shares at the price per share provided for in such Warrant, which is $______. Such payment
takes the form of (check applicable box or boxes):

 

___         $__________
in lawful money of the United States; and/or

 

___        the
cancellation of such portion of the attached Warrant as is exercisable for a total of _______ shares of Common Stock

 

___         the
cancellation of such number of shares of Common Stock as is necessary to exercise this Warrant with respect to the maximum number
of shares of Common Stock purchasable pursuant to the exercise procedure set forth herein.

 

The undersigned requests that the
certificates for such shares be issued in the name of, and delivered to ___________________ whose address is
______________________________

 

Notwithstanding anything to the contrary
contained herein, this Subscription Form shall constitute a representation by the Holder of the Warrant submitting this Subscription
Form that, after giving effect to the exercise provided for in this Subscription Form, such Holder (together with its affiliates)
will not have beneficial ownership (together with the beneficial ownership of such person's affiliates) of a number of shares Common
Stock which exceeds the Maximum Percentage (as defined in the Warrant) of the total outstanding shares Common Stock of the Company
as determined pursuant to the provisions of Section 7 of the Warrant.

 

    	12

    	 

    
 

The undersigned represents and warrants
that all offers and sales by the undersigned of the securities issuable upon exercise of the within Warrant shall be made pursuant
to registration of the Common Stock under the Securities Act of 1933, as amended (the “Securities Act”),
or pursuant to an exemption from registration under the Securities Act.

 

	Dated:	 	 	 

 

 

    	13

    	 

    

 

Exhibit B

 

FORM OF TRANSFEROR ENDORSEMENT

(To be signed only on transfer of Warrant)

 

For value received,
the undersigned hereby sells, assigns, and transfers unto the person(s) named below under the heading “Transferees”
the right represented by the within Warrant to purchase the percentage and number of shares of Common Stock of ADVAXIS, INC. to
which the within Warrant relates specified under the headings “Percentage Transferred” and “Number Transferred,”
respectively, opposite the name(s) of such person(s) and appoints each such person Attorney to transfer its respective right on
the books of ADVAXIS, INC. with full power of substitution in the premises.

 

	Transferees	Percentage Transferred	Number Transferred
	 	 	 

 

	Dated:                     ,                             	 	 
	 	 	(Signature must conform to name of Holder
	Signed in the presence of:	 	as specified on the face of the warrant)
	 	 	 
	 	 	 
	(Name)	 	 
	 	 	(address)
	ACCEPTED AND AGREED:	 	 
	[TRANSFEREE]	 	 
	 	 	 
	 	 	 
	 	 	(address)
	(Name)	 	 

 

    	14

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