Document:

Form of Shares of Series B Convertible Preferred Stock and Common Stock Warrants

 Exhibit 10.1 
 MultiCell Technologies, Inc. 
 Shares of Series B Convertible Preferred Stock and Common Stock
Warrants 
 SUBSCRIPTION AGREEMENT 
 July 14, 2006 
 Ladies and Gentlemen: 
 MultiCell Technologies, Inc., a Delaware corporation (the “Company”), hereby confirms its agreement with
[                    ] (the “Purchasers”), as set forth below. 
 1. The Securities. Subject to the terms and conditions herein contained, the Company agrees to issue and sell to the Purchasers (i) an
aggregate of [                    ] shares of its Series B Convertible Preferred Stock (the “Series B Stock”), which
shall be convertible into shares (the “Conversion Shares”) of the Company’s Common Stock, par value $0.01 per share (the “Common Stock”), in accordance with the formula set forth in the
Certificate of Designation of the Series B Convertible Preferred Stock further described below and (ii) warrants, substantially in the form attached hereto as Exhibit A (the “Warrants”), to acquire up to an
aggregate of [                    ] shares of Common Stock (the “Warrant Shares”), in accordance with the terms and
conditions set forth in Section 3 hereof. The rights, preferences and privileges of the Series B Stock are as set forth in the Certificate of Designation of Series B Convertible Preferred Stock, as filed with the Delaware Secretary of State
(the “Certificate of Designation”) in the form attached hereto as Exhibit B. The number of Conversion Shares and Warrant Shares that the Purchasers may acquire at any time is subject to limitation in the Certificate of
Designation and in the Warrants, respectively, so that the aggregate number of shares of Common Stock of which such Purchaser and all persons affiliated with such Purchaser have beneficial ownership (calculated pursuant to Rule 13d-3 of the
Securities Exchange Act of 1934, as amended) does not at any time exceed 9.99% of the Company’s then outstanding Common Stock. 
 The
Series B Stock and the Warrants are sometimes herein collectively referred to as the “Securities.” This Agreement, the Certificate of Designation, the Warrants, and the Registration Rights Agreement by and among the Company
and the Purchasers entered into concurrently herewith and attached hereto as Exhibit C, are sometimes herein collectively referred to as the “Transaction Documents.” 
 The Securities will be offered and sold to the Purchasers without such offers and sales being registered under the Securities Act of 1933, as amended
(together with the rules and regulations of the Securities and Exchange Commission (the “SEC”) promulgated thereunder, the “Securities Act”), in reliance on exemptions therefrom. 
 In connection with the sale of the Securities, the Company has made available (including electronically via the SEC’s EDGAR system) to the
Purchasers its periodic and current reports, forms, schedules, proxy statements and other documents (including exhibits and all other information incorporated by reference) filed with the SEC under the Securities 

  

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Exchange Act of 1934, as amended (the “Exchange Act”). The Company’s Annual Report on Form 10-KSB for the fiscal year ended
November 30, 2005, its Quarterly Report on Form 10-QSB for the quarter ended February 28, 2006, its Registration Statement on Form SB-2 filed June 1, 2006, its Registration Statement on Form SB-2 filed June 9, 2006, and all
subsequent reports, forms, schedules, statements, documents, filings and amendments filed by the Company with the SEC under the Exchange Act, are collectively referred to as the “Disclosure Documents.” All references in this
Agreement to financial statements and schedules and other information which is “contained,” “included” or “stated” in the Disclosure Documents (or other references of like import) shall be deemed to mean and include all
such financial statements and schedules, documents, exhibits and other information which is incorporated by reference in the Disclosure Documents. 
 2. Representations and Warranties of the Company. Except as set forth on the Disclosure Schedule (the “Disclosure Schedule”) delivered by the Company to Purchasers on the Closing Date (as defined in
Section 3 below), the Company represents and warrants to and agrees with Purchasers as follows: 
 (a) The Disclosure Documents as of
their respective dates did not, and will not (after giving effect to any updated disclosures therein) as of the Closing Date, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading. The Disclosure Documents and the documents incorporated or deemed to be incorporated by reference therein, at the time they were filed or hereafter are filed with the SEC,
complied and will comply, at the time of filing, in all material respects with the requirements of the Securities Act and/or the Exchange Act, as the case may be, as applicable. 
 (b) Schedule A attached hereto sets forth a complete list of the subsidiaries of the Company (the “Subsidiaries”). Each
of the Company and its Subsidiaries has been duly incorporated and each of the Company and the Subsidiaries is validly existing in good standing as a corporation under the laws of its jurisdiction of incorporation, with the requisite corporate power
and authority to own its properties and conduct its business as now conducted as described in the Disclosure Documents and is duly qualified to do business as a foreign corporation in good standing in all other jurisdictions where the ownership or
leasing of its properties or the conduct of its business requires such qualification, except where the failure to be so qualified would not, individually or in the aggregate, have a material adverse effect on the business, condition (financial or
other), properties or results of operations of the Company and the Subsidiaries, taken as a whole (any such event, a “Material Adverse Effect”); as of the Closing Date, the Company will have the authorized, issued and
outstanding capitalization set forth in on Schedule B attached hereto (the “Company Capitalization”); except as set forth on Schedule A, the Company does not have any subsidiaries or own directly or indirectly
any of the capital stock or other equity or long-term debt securities of or have any equity interest in any other person; all of the outstanding shares of capital stock of the Company and the Subsidiaries have been duly authorized and validly
issued, are fully paid and nonassessable and were not issued in violation of any preemptive or similar rights and are owned free and clear of all liens, encumbrances, equities, and restrictions on transferability (other than those imposed by the
Securities Act and the state securities or “Blue Sky” laws) or voting; all of the outstanding shares 

  

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of capital stock of the Subsidiaries are owned, directly or indirectly, by the Company; except as set forth on Schedule C, no options, warrants or other
rights to purchase from the Company or any Subsidiary, agreements or other obligations of the Company or any Subsidiary to issue or other rights to convert any obligation into, or exchange any securities for, shares of capital stock of or ownership
interests in the Company or any Subsidiary are outstanding; and except as set forth in the Disclosure Documents or on Schedule C, there is no agreement, understanding or arrangement among the Company or any Subsidiary and each of their
respective stockholders or any other person relating to the ownership or disposition of any capital stock of the Company or any Subsidiary or the election of directors of the Company or any Subsidiary or the governance of the Company’s or any
Subsidiary’s affairs, and, if any, such agreements, understandings and arrangements will not be breached or violated as a result of the execution and delivery of, or the consummation of the transactions contemplated by, the Transaction
Documents. 
 (c) The Company has the requisite corporate power and authority to execute, deliver and perform its obligations under the
Transaction Documents. Each of the Transaction Documents has been duly and validly authorized by the Company and, when executed and delivered by the Company, will constitute a valid and legally binding agreement of the Company, enforceable against
the Company in accordance with its terms except as the enforcement thereof may be limited by (i) bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws now or hereafter in effect relating to or affecting
creditors’ rights generally or (ii) general principles of equity and the discretion of the court before which any proceeding therefore may be brought (regardless of whether such enforcement is considered in a proceeding at law or in
equity) (collectively, the “Enforceability Exceptions”). 
 (d) The Series B Stock and the Warrants have been duly
authorized and, when issued upon payment thereof in accordance with this Agreement, will have been validly issued, fully paid and non-assessable. The Conversion Shares issuable have been duly authorized and validly reserved for issuance, and when
issued upon conversion of the Series B Stock in accordance with the terms of the Certificate of Designation, will have been validly issued, fully paid and non-assessable. The Warrant Shares have been duly authorized and validly reserved for
issuance, and when issued upon exercise of the Warrants in accordance with the terms thereof, will have been validly issued, fully paid and non-assessable. The Common Stock of the Company conforms to the description thereof contained in the
Disclosure Documents. The stockholders of the Company have no preemptive or similar rights with respect to the Common Stock. 
 (e) No
consent, approval, authorization, license, qualification, exemption or order of any court or governmental agency or body or third party is required for the performance of the Transaction Documents by the Company or for the consummation by the
Company of any of the transactions contemplated thereby, or the application of the proceeds of the issuance of the Securities as described in this Agreement, except for such consents, approvals, authorizations, licenses, qualifications, exemptions
or orders (i) as have been obtained on or prior to the Closing Date, (ii) as are not required to be obtained on or prior to the Closing Date that will be obtained when required, or (iii) the failure to obtain which would not,
individually or in the aggregate, have a Material Adverse Effect. 
  

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 (f) Except as set forth on Schedule D, none of the Company or the Subsidiaries is (i) in
material violation of its certificate of incorporation or bylaws (or similar organizational document), (ii) in breach or violation of any statute, judgment, decree, order, rule or regulation applicable to it or any of its properties or assets,
which breach or violation would, individually or in the aggregate, have a Material Adverse Effect, or (iii) except as described in Schedule D, in default (nor has any event occurred which with notice or passage of time, or both, would
constitute a default) in the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture, mortgage, deed of trust, loan agreement, note, lease, license, franchise agreement, permit, certificate
or agreement or instrument to which it is a party or to which it is subject, which default would, individually or in the aggregate, have a Material Adverse Effect. 
 (g) The execution, delivery and performance by the Company of the Transaction Documents and the consummation by the Company of the transactions contemplated thereby and the fulfillment of the terms thereof will not
(i) violate, conflict with or constitute or result in a breach of or a default under (or an event that, with notice or lapse of time, or both, would constitute a breach of or a default under) any of (A) the terms or provisions of any
contract, indenture, mortgage, deed of trust, loan agreement, note, lease, license, franchise agreement, permit, certificate or agreement or instrument to which any of the Company or the Subsidiaries is a party or to which any of their respective
properties or assets are subject, (B) the certificate of incorporation or bylaws of any of the Company or the Subsidiaries (or similar organizational document) or (C) any statute, judgment, decree, order, rule or regulation of any court or
governmental agency or other body applicable to the Company or the Subsidiaries or any of their respective properties or assets or (ii) result in the imposition of any lien upon or with respect to any of the properties or assets now owned or
hereafter acquired by the Company or any of the Subsidiaries; which violation, conflict, breach, default or lien would, individually or in the aggregate, have a Material Adverse Effect. 
 (h) The audited consolidated financial statements included in the Disclosure Documents present fairly the consolidated financial position, results of
operations, cash flows and changes in shareholders’ equity of the entities, at the dates and for the periods to which they relate and have been prepared in all material respects in accordance with generally accepted accounting principles
applied on a consistent basis; the interim un-audited consolidated financial statements included in the Disclosure Documents present fairly the consolidated financial position, results of operations and cash flows of the entities, at the dates and
for the periods to which they relate subject to year-end audit adjustments and have been prepared in all material respects in accordance with generally accepted accounting principles applied on a consistent basis with the audited consolidated
financial statements included therein; the selected financial and statistical data included in the Disclosure Documents present fairly the information shown therein and have been prepared and compiled in all material respects on a basis consistent
with the audited financial statements included therein, except as otherwise stated therein; and each of the auditors previously engaged by the Company or to be engaged in the future by the Company is an independent certified public accountant as
required by the Securities Act for an offering registered thereunder. 
  

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 (i) Except as described in Schedule E, there is not pending or, to the knowledge of the Company,
threatened any action, suit, proceeding, inquiry or investigation, governmental or otherwise, to which any of the Company or the Subsidiaries is a party, or to which their respective properties or assets are subject, before or brought by any court,
arbitrator or governmental agency or body, that, if determined adversely to the Company or any such Subsidiary, would, individually or in the aggregate, have a Material Adverse Effect or that seeks to restrain, enjoin, prevent the consummation of or
otherwise challenge the issuance or sale of the Securities to be sold hereunder or the application of the proceeds therefrom or the other transactions described in the Disclosure Documents. 
 (j) The Company and the Subsidiaries own or possess adequate licenses or other rights to use all patents, trademarks, service marks, trade names,
copyrights and know-how that are necessary to conduct their businesses as described in the Disclosure Documents. None of the Company or the Subsidiaries has received any written notice of infringement of (or knows of any such infringement of)
asserted rights of others with respect to any patents, trademarks, service marks, trade names, copyrights or know-how that, if such assertion of infringement or conflict were sustained, would, individually or in the aggregate, have a Material
Adverse Effect. 
 (k) Each of the Company and the Subsidiaries possesses all licenses, permits, certificates, consents, orders, approvals
and other authorizations from, and has made all declarations and filings with, all federal, state, local and other governmental authorities, all self-regulatory organizations and all courts and other tribunals presently required or necessary to own
or lease, as the case may be, and to operate its respective properties and to carry on its respective businesses as now or proposed to be conducted as set forth in the Disclosure Documents (“Permits”), except where the
failure to obtain such Permits would not, individually or in the aggregate, have a Material Adverse Effect and none of the Company or the Subsidiaries has received any notice of any proceeding relating to revocation or modification of any such
Permit, except as described in Schedule F and except where such revocation or modification would not, individually or in the aggregate, have a Material Adverse Effect. 
 (l) Subsequent to February 28, 2006 and except as described on Schedule G, (i) the Company and the Subsidiaries have not incurred any material liabilities or obligations, direct or contingent, or
entered into any material transactions not in the ordinary course of business or (ii) the Company and the Subsidiaries have not purchased any of their respective outstanding capital stock, or declared, paid or otherwise made any dividend or
distribution of any kind on any of their respective capital stock or otherwise (other than, with respect to any of such Subsidiaries, the purchase of capital stock by the Company), (iii) there has not been any material increase in the long-term
indebtedness of the Company or any of the Subsidiaries, (iv) there has not occurred any event or condition, individually or in the aggregate, that has a Material Adverse Effect, and (v) the Company and the Subsidiaries have not sustained
any material loss or interference with respect to their respective businesses or properties from fire, flood, hurricane, earthquake, accident or other calamity, whether or not covered by insurance, or from any labor dispute or any legal or
governmental proceeding. 
  

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 (m) There are no material legal or governmental proceedings nor are there any material contracts or
other documents required by the Securities Act to be described in a prospectus that are not described in Schedule H. Except as described in Schedule H, none of the Company or the Subsidiaries is in default under any of the contracts described
in Schedule H, has received a notice or claim of any such default or has knowledge of any breach of such contracts by the other party or parties thereto, except for such defaults or breaches as would not, individually or in the aggregate, have a
Material Adverse Effect. 
 (n) Each of the Company and the Subsidiaries has good and marketable title to all real property described in the
Disclosure Documents as being owned by it and good and marketable title to the leasehold estate in the real property described therein as being leased by it, free and clear of all liens, charges, encumbrances or restrictions, except, in each case,
as described in the Disclosure Documents or such as would not, individually or in the aggregate, have a Material Adverse Effect. All material leases, contracts and agreements to which the Company or any of the Subsidiaries is a party or by which any
of them is bound are valid and enforceable against the Company or any such Subsidiary, are, to the knowledge of the Company, valid and enforceable against the other party or parties thereto and are in full force and effect, in each case subject to
the Enforceability Exceptions. 
 (o) Each of the Company and the Subsidiaries has filed all necessary federal, state and foreign income and
franchise tax returns, except where the failure to so file such returns would not, individually or in the aggregate, have a Material Adverse Effect, and has paid all taxes shown as due thereon; and other than tax deficiencies which the Company or
any Subsidiary is contesting in good faith and for which adequate reserves have been provided in accordance with generally accepted accounting principles, there is no tax deficiency that has been asserted against the Company or any Subsidiary that
would, individually or in the aggregate, have a Material Adverse Effect. 
 (p) None of the Company or the Subsidiaries is, or immediately
after the Closing Date will be, required to register as an “investment company” or a company “controlled by” an “investment company” within the meaning of the Investment Company Act of 1940, as amended (the
“Investment Company Act”). 
 (q) None of the Company or the Subsidiaries or, to the knowledge of any of such
entities’ directors, officers, employees, agents or controlling persons, has taken, directly or indirectly, any action for the purpose of causing the stabilization or manipulation of the price of the Common Stock. 
 (r) None of the Company, the Subsidiaries or any of their respective Affiliates (as defined in Rule 501(b) of Regulation D under the
Securities Act) directly, or through any agent, engaged in any form of general solicitation or general advertising (as those terms are used in Regulation D under the Securities Act) in connection with the offering of the Securities or engaged
in any other conduct that would cause such offering to be constituted a public offering within the meaning of Section 4(2) of the Securities Act. Assuming the accuracy of the representations and warranties of the Purchasers in Section 6
hereof, it is not necessary in 

  

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connection with the offer, sale and delivery of the Securities to the Purchasers in the manner contemplated by this Agreement to register any of the
Securities under the Securities Act. 
 (s) There is no strike, labor dispute, slowdown or work stoppage with the employees of the Company
or any of the Subsidiaries which is pending or, to the knowledge of the Company or any of the Subsidiaries, threatened. 
 (t) Each of the
Company and the Subsidiaries carries general liability insurance coverage comparable to other companies of its size and similar business. 
 (u) Each of the Company and the Subsidiaries maintains internal accounting controls which provide reasonable assurance that (i) transactions are executed in accordance with management’s authorization, (ii) transactions are
recorded as necessary to permit preparation of its financial statements and to maintain accountability for its assets, and (iii) access to its material assets is permitted only in accordance with management’s authorization and
(iv) the values and amounts reported for its material assets are compared with its existing assets at reasonable intervals. 
 (v) The
Company does not know of any claims for services, either in the nature of a finder’s fee or financial advisory fee, with respect to the offering of the Securities and the transactions contemplated by the Transaction Documents. 
 (w) The Common Stock is traded on the OTC Bulletin Board Stock Market (the “Market”). The Company currently is not in violation
of, and the consummation of the transactions contemplated by the Transaction Documents will not violate, any rule of the National Association of Securities Dealers. 
 (x) The Company is eligible to use Form SB-2 for the resale of the Conversion Shares by Purchasers or their transferees and the Warrant Shares by Purchasers or their transferees. The Company has no reason to believe
that it is not capable of satisfying the registration or qualification requirements (or an exemption therefrom) necessary to permit the resale of the Conversion Shares and the Warrant Shares under the securities or “blue sky” laws of any
jurisdiction within the United States. 
 (y) The Company shall use the proceeds from this investment shall be used to fund research and
development activities and for working capital and general corporate purposes. 
 (z) To the Company’s knowledge, none of the officers
or directors of the Company (i) has been convicted of any crime (other than traffic violations or misdemeanors not involving fraud) or is currently under investigation or indictment for any such crime,
(ii) has been found by a court or governmental agency to have violated any securities or commodities law or to have committed fraud or is currently a party to any legal proceeding in which either is alleged, (iii) has been the
subject of a proceeding under the bankruptcy laws or any similar state laws, or (iv) has been an officer, director, general partner, or managing member of an entity which has been the subject of such a proceeding. 
  

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 3. Purchase, Sale, Exchange and Delivery of the Securities. On the basis of the representations,
warranties, agreements and covenants herein contained and subject to the terms and conditions herein set forth, the Company agrees to issue and sell to Purchasers, and Purchasers agree to purchase from the Company, a total of
[            ] shares of Series B Stock at $100.00 per share. In connection with the purchase and sale of Series B Stock, for no additional consideration, the Purchasers will receive
Warrants to purchase an aggregate of [            ] shares of Common Stock, as set forth below. 
 The closing of the transactions described herein (the “Closing”) shall take place at a time and on a date (the “Closing Date”) to be specified by the parties, which will
shall occur on or about July 14, 2006. On the Closing Date, the Company shall (i) deliver share certificates in definitive form for an aggregate of [            ] shares of
Series B Stock issued to Purchasers in the respective amounts set forth on the signature page hereto, and (ii) deliver Warrants to Purchasers in the respective amounts set forth on the signature page hereto, duly executed on behalf of the
Company, (iii) deliver this Subscription Agreement, duly executed on behalf of the Company, (iv) deliver the Registration Rights Agreement, duly executed on behalf of the Company, and (v) file or cause to be filed the Certificate of
Designation with the Delaware Secretary of State. On the Closing Date, (i) Purchasers shall deliver [            ] (the “Purchase Price”) by wire
transfer of immediately available funds (in the respective amounts set forth on the signature page hereto) to an account as directed by the Company, and (ii) each of the Purchasers shall deliver this Subscription Agreement and Registration
Rights Agreement, each duly executed on behalf of each such Purchaser. The Closing will occur when all documents and instruments necessary or appropriate to effect the transactions contemplated herein are exchanged by the parties and all actions
taken at the Closing will be deemed to be taken simultaneously. 
 4. Certain Covenants of the Company. The Company covenants and
agrees with Purchasers as follows: 
 (a) None of the Company or any of its Affiliates will sell, offer for sale or solicit offers to buy or
otherwise negotiate in respect of any “security” (as defined in the Securities Act) which would be integrated with the sale of the Securities in a manner which would require the registration under the Securities Act of the Securities.

 (b) The Company will not become, at any time prior to the expiration of three years after the Closing Date, an open-end investment
company, unit investment trust, closed-end investment company or face-amount certificate company that is or is required to be registered under the Investment Company Act. 
 (c) None of the proceeds of the Series B Stock will be used to reduce or retire any insider note or convertible debt held by an officer or director of
the Company. 
 (d) Subject to Section 10 of this Agreement, the Conversion Shares and the Warrant Shares will be eligible for trading
on the Market or such market on which the Company’s shares are subsequently listed or traded, immediately following the effectiveness of the Registration Statement (as defined in Section 9). 
  

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 (e) The Company will use reasonable efforts to do and perform all things required to be done and
performed by it under this Agreement and the other Transaction Documents and to satisfy all conditions precedent on its part to the obligations of the Purchasers to purchase and accept delivery of the Securities. 
 (f) At least five (5) business days prior to drawing any proceeds from the Equity Line Credit Facility with Fusion Capital (as amended from time to
time and including any successor or replacement facilities, the “Fusion Equity Line”), the Company shall notify each Purchaser in writing of its intention to make a draw under the Fusion Equity Line. Any Purchaser may (but is
not obligated to) require the Company to use 25% of the gross proceeds received by the Company under the Fusion Equity Line to repurchase and redeem such Purchasers’ shares of Series B Stock or Common Stock, as determined in the discretion of
any such Purchaser which notifies the Company of its election hereunder. Any electing Purchaser shall exercise the foregoing right by notifying the Company in writing on or before the tenth (10th) day after receipt of such notice from the Company that it is exercising its right to cause the Company to redeem its shares of Series A Stock or Common
Stock, as the case may be. Promptly (but in any case no later than two (2) business days after receipt of notice from a Purchaser hereunder) the Company shall repurchase and redeem such Purchasers’ shares of Series B Stock or Common Stock.
Shares of capital stock shall be redeemed at the following redemption price (the “Redemption Price”): (i) in the case of shares of Series B Stock, at a price per share equal to the Series B Purchase Price, plus accrued
and unpaid dividends thereon, and (ii) in the case of shares of Common Stock, at a price per share equal to the value weighted average closing price of the Company’s Common Stock over the immediately preceding five (5) trading days,
plus accrued and unpaid dividends thereon. If the funds of the Company legally available for redemption of any shares are insufficient to redeem the total number of shares to be redeemed on such date, those funds which are legally available will be
used to redeem the maximum possible number of shares ratably among the holders of such shares to be redeemed based upon each holder’s aggregate Redemption Price. 
 5. Conditions of the Purchasers’ Obligations. The obligations of the Purchasers to consummate the Closing is subject to the following conditions unless waived in writing by the Purchasers: 
 (a) The representations and warranties of the Company contained in this Agreement shall be true and correct in all material respects (other than
representations and warranties with a Material Adverse Effect qualifier, which shall be true and correct as written) on and as of the Closing Date; the Company shall have complied in all material respects with all agreements and satisfied all
conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date. 
 (b) None of the issuance and sale of the
Securities pursuant to this Agreement or any of the transactions contemplated by any of the other Transaction Documents shall be enjoined (temporarily or permanently) and no restraining order or other injunctive order shall have been issued in
respect thereof; and there shall not have been any legal action, order, decree or other administrative proceeding instituted or, to the Company’s knowledge, threatened against the Company or against any Purchaser relating to the issuance of the
Securities or either Purchaser’s activities in connection therewith or any other transactions contemplated by this Agreement, the other Transaction Documents or the Disclosure Documents. 
  

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 (c) The Purchasers shall have received an opinion of counsel to the Company with respect to the
authorization of the Series B Stock, the Conversion Shares, the Warrants and the Warrant Shares and other customary matters in the form attached hereto as Exhibit D. 
 6. Representations and Warranties of the Purchasers. 
 (a) Each of the Purchasers represents and warrants to the Company that the Securities to be acquired by it hereunder (including the Conversion Shares and the Warrant Shares that it may acquire upon conversion or
exercise of the Series B Stock or the Warrants, respectively) are being acquired for their own account for investment and with no intention of distributing or reselling such Securities (including the Conversion Shares and the Warrant Shares that it
may acquire upon conversion or exercise thereof, as the case may be) or any part thereof or interest therein in any transaction which would be in violation of the securities laws of the United States of America or any State. Nothing in this
Agreement, however, shall prejudice or otherwise limit the right of each Purchaser to sell or otherwise dispose of all or any part of such Conversion Shares or Warrant Shares under an effective registration statement under the Securities Act and in
compliance with applicable state securities laws or under an exemption from such registration. By executing this Agreement, each Purchaser further represents that such Purchaser does not have any contract, undertaking, agreement or arrangement with
any person to sell, transfer or grant participation to any person with respect to any of the Securities. 
 (b) Each of the Purchasers
understands that the Securities (including the Conversion Shares and the Warrant Shares that it may acquire upon conversion or exercise thereof, as the case may be) have not been registered under the Securities Act and may not be offered, resold,
pledged or otherwise transferred except (a) pursuant to an exemption from registration under the Securities Act (and, if requested by the Company, based upon an opinion of counsel acceptable to the Company) or pursuant to an effective
registration statement under the Securities Act and (b) in accordance with all applicable securities laws of the states of the United States and other jurisdictions. 
 Each of the Purchasers agrees to the imprinting, so long as appropriate, of the following legend on the Securities (including the Conversion Shares and
the Warrant Shares that it may acquire upon conversion or exercise thereof, as the case may be): 
 The shares of stock evidenced by this
certificate have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold, pledged or otherwise transferred (“transferred”) in the absence of such registration or an applicable exemption
therefrom. In the absence of such registration, such shares may not be transferred unless, if the Company requests, the Company has received a written opinion from counsel in form and substance satisfactory to the Company stating that such transfer
is being made in compliance with all applicable federal and state securities laws. 
  

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 The legend set forth above may be removed if and when the Conversion Shares or the Warrant Shares, as the
case may be, are disposed of pursuant to an effective registration statement under the Securities Act or in the opinion of counsel to the Company experienced in the area of United States Federal securities laws such legends are no longer required
under applicable requirements of the Securities Act. The Series B Stock, the Warrants, the Conversion Shares and the Warrant Shares shall also bear any other legends required by applicable Federal or state securities laws, which legends may be
removed when in the opinion of counsel to the Company experienced in the applicable securities laws, the same are no longer required under the applicable requirements of such securities laws. The Company agrees that it will provide any Purchaser,
upon request, with a substitute certificate, not bearing such legend at such time as such legend is no longer applicable. Each of the Purchasers agrees that, in connection with any transfer of the Conversion Shares or the Warrant Shares by it
pursuant to an effective registration statement under the Securities Act, such Purchaser will comply with all prospectus delivery requirements of the Securities Act. The Company makes no representation, warranty or agreement as to the availability
of any exemption from registration under the Securities Act with respect to any resale of the Series B Stock, the Warrants, the Conversion Shares or the Warrant Shares. 
 (c) Each of the Purchasers represents and warrants to the Company that it is an “accredited investor” within the meaning of Rule 501(a) of Regulation D under the Securities Act and that such Purchaser is not
an “underwriter” within the meaning of Section 2(11) of the Securities Act. Each of the Purchasers represents and warrants to the Company that such Purchaser did not learn of the opportunity to acquire Securities or any other security
issuable by the Company through any form of general advertising or public solicitation. 
 (d) Each of the Purchasers represents and
warrants to the Company that it has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, having been represented by
counsel, and has so evaluated the merits and risks of such investment and is able to bear the economic risk of such investment and, at the present time, is able to afford a complete loss of such investment. 
 (e) Each of the Purchasers represents and warrants to the Company that its overall commitment to investments which are not readily marketable is not
disproportionate to its net worth, and its purchase of the Securities will not cause such overall commitment to become excessive. 
 (f)
Each of the Purchasers recognizes that the purchase of the Securities involves a high degree of risk. 
 (g) Each of the Purchasers
represents and warrants to the Company that all information it has provided to the Company including, but not limited to, its financial position and its knowledge of financial and business matters is true, correct and complete as of the date of
execution of this Subscription Agreement. Each of the Purchasers undertakes to 

  

 -11- 

 
provide promptly to the Company written notice of any material changes in its financial position or otherwise, and such information shall be true, correct
and complete as of the date given. Each of the Purchasers understands that the Company will rely to a material degree upon the representations contained therein. 
 (h) Each of the Purchasers represents and warrants to the Company that (i) the purchase of the Securities to be purchased by it has been duly and properly authorized and this Agreement has been duly executed and
delivered by it or on its behalf and constitutes the valid and legally binding obligation of such Purchaser, enforceable against such Purchaser in accordance with its terms, subject to the Enforceability Exceptions, (ii) the purchase of the
Securities to be purchased by it does not conflict with or violate its charter, by-laws or any law, regulation or court order applicable to it; and (iii) the purchase of the Securities to be purchased by it does not impose any penalty or other
onerous condition on such Purchaser under or pursuant to any applicable law or governmental regulation. 
 (i) Each of the Purchasers
represents and warrants to the Company that neither it nor any of its directors, officers, employees, agents, partners, members, controlling persons or shareholders holding 5% or more of the Common Stock outstanding on the Closing Date, has taken or
will take, directly or indirectly, any actions designed, or might reasonably be expected to cause or result in the stabilization or manipulation of the price of the Common Stock. 
 (j) Each of the Purchasers acknowledges it or its representatives have reviewed and understand the Transaction Documents and Disclosure Documents and
further acknowledges that it or its representatives have been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of
the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company and the Company’s financial condition, results of operations, business, properties, management and
prospects sufficient to enable it to evaluate its investment in the Securities; and (iii) the opportunity to obtain such additional information which the Company possesses or can acquire without unreasonable effort or expense that is necessary
to verify the accuracy and completeness of the information contained in the Disclosure Documents. 
 (k) Each of the Purchasers represents
and warrants to the Company that it has based its investment decision solely upon the information contained in the Disclosure Documents and such other information as may have been provided to it or its representatives by the Company in response to
their inquiries, and has not based its investment decision on any research or other report regarding the Company prepared by any third party (“Third Party Reports”). Each of the Purchasers understands and acknowledges that
(i) the Company does not endorse any Third Party Reports and (ii) its actual results may differ materially from those projected in any Third Party Report. 
 (l) Each of the Purchasers represents and warrants to the Company that no oral or written representations have been made and no oral or written information has been furnished to them or their advisors in connection
with this offering that were in any way inconsistent with the information set forth in the Disclosure Documents. 
  

 -12- 

 (m) Each of the Purchasers understands and acknowledges that (i) any forward-looking information
included in the Disclosure Documents supplied to such Purchaser by the Company or its management is subject to risks and uncertainties, including those risks and uncertainties set forth in the Disclosure Documents; and (ii) the Company’s
actual results may differ materially from those projected by the Company or its management in such forward-looking information. 
 (n) Each
of the Purchasers understands and acknowledges that (i) the Securities are offered and sold without registration under the Securities Act in a private placement that is exempt from the registration provisions of the Securities Act and
(ii) the availability of such exemption depends in part on, and that the Company and its counsel will rely upon, the accuracy and truthfulness of the foregoing representations and each of the Purchasers hereby consents to such reliance.

 (o) Each of the Purchasers understands that no U.S. federal or state agency, or any agency or governmental or regulatory authority in any
other country, including without limitation, the U.S. Securities and Exchange Commission, has passed upon the Securities or made any finding or determination as to the fairness of this investment. 
 (p) Each of the Purchasers represents and warrants to the Company that it is not a prohibited investor under the anti-money laundering or anti-terrorism
laws of any jurisdiction, including without limitation, any country, territory, nation or national association. 
 (q) Each of the
Purchasers understands that the Company and its assets may be subject to the laws and regulations of many jurisdictions, including but not limited to anti-terrorism laws and anti-money laundering laws. Neither Purchaser, nor any person or entity who
controls any Purchaser, nor, to the best of the Purchasers’ knowledge, any person or entity who owns any direct equity interest in either Purchaser, is identified on the list of “Specially Designated Nationals and Blocked Persons”
(“SDNs”) maintained by the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”), and neither Purchaser is owned or controlled by any SDN. Neither Purchaser is involved in
business arrangements or otherwise engaged in transactions with or involving countries subject to economic or trade sanctions imposed by the United States Government, or with or involving SDNs in violation of the regulations maintained by the OFAC.
Each of the Purchasers is in full compliance with the Bank Secrecy Act (31 U.S.C. § 5311 et. seq.) and 18 U.S.C. §§ 1956 and 1957 and the regulations under such statutes; and any other applicable anti-terrorist or anti-money
laundering Laws and regulations. 
 (r) Each of the Purchasers represents and warrants to the Company that none of the Purchasers, nor any
of their affiliates has, as of the Closing Date, directly or indirectly, entered into or executed any “short sale” (as such term is defined in Rule 200 of Regulation SHO, or any successor regulation, promulgated by the SEC under the
Exchange Act) of any securities of the Company, except for sales (including without limitation sales “against the box”) of the Common Stock of the Company to the extent such Purchasers owned any securities of the Company which were
convertible, exchangeable or exercisable into at least the number of shares of Common Stock which were subject to such sale and had tendered such shares for conversion or had exercised the right to acquire such shares of Common Stock. 
  

 -13- 

 7. Covenants of Purchasers. Each of the Purchasers, on behalf of itself, its affiliates, its
successors and assigns and any other direct or indirect transferee holding any of the Warrants, the Series B Stock or the Registrable Securities, hereby covenants and agrees not to, directly or indirectly, any “short sale” (as such term is
defined in Rule 200 of Regulation SHO, or any successor regulation, promulgated by the SEC under the Exchange Act) of the Company’s Common Stock; provided, however, that any Purchaser may enter into or execute any sale (including without
limitation sales “against the box”) of the Common Stock of the Company to the extent such Purchasers owns any securities of the Company which are convertible, exchangeable or exercisable into at least the number Conversion Shares and/or
Warrant Shares (as the case may be) which are subject to such sale and, in the case of Series B Stock, has tendered such shares for conversion into Conversion Shares or, in the case of a Warrant, has exercised the right to acquire such Warrant
Shares. 
 8. Termination. 
 (a) This Agreement may be terminated in the sole discretion of the Company by notice to Purchasers if at the Closing Date: 
 (i)
the representations and warranties made by Purchasers in Section 6 are not true and correct in all material respects; or 
 (ii) as to
the Company, the sale of the Securities hereunder (i) is prohibited or enjoined by any applicable law or governmental regulation or (ii) subjects the Company to any penalty, or in its reasonable judgment, other onerous condition under or
pursuant to any applicable law or government regulation that would materially reduce the benefits to the Company of the sale of the Securities to Purchasers, so long as such regulation, law or onerous condition was not in effect in such form at the
date of this Agreement. 
 (b) This Agreement may be terminated by any Purchaser by notice to the Company given in the event that the
Company shall have failed, refused or been unable to satisfy all material conditions on its part to be performed or satisfied hereunder on or prior to the Closing Date, or if after the execution and delivery of this Agreement and immediately prior
to the Closing Date, trading in securities of the Company on the OTC BB shall have been suspended. 
 (c) This Agreement may be terminated by
mutual written consent of all parties. 
 9. Registration. Within 45 days after the Closing Date, the Company shall prepare and file
with the SEC a registration statement (the “Registration Statement”) covering the resale of the maximum number of shares of Conversion Shares issuable upon conversion of the Series B Stock then issued to Purchasers and the
Warrant Shares issuable upon exercise of the Warrants (collectively, the “Registrable Securities”), and shall use its best efforts to have the Registration Statement declared effective within 90 days after the initial filing
as set forth in the 

  

 -14- 

 
Registration Rights Agreement. In addition, within 5 days after then Closing Date, the Company shall file such amendment or other document to its existing
registration statement on Form SB-2 initially filed with the SEC on June 1, 2006 as may be necessary to cause the SEC to declare such registration statement effective. 
 10. Right of First Refusal. Commencing on the Closing Date and continuing until the earlier of (a) two (2) years after the Closing Date,
or (b) the date upon which all of the Series B Stock has been converted into Common Stock, the Purchasers shall have a right of first refusal on any financing in which the Company is the issuer of debt or equity securities. Such right of first
refusal will be exercised within ten (10) trading days after delivery of written notice by the Company to Purchasers of the terms of the prospective financing. 
 In the event that (i) the Company raises debt or equity financing during the Right of First Refusal Period, (ii) the Company’s Common Stock is trading below the Conversion Price at the time of such
financing, and (iii) the Purchasers do not exercise their right of first refusal, then the Company shall, at the option of any Purchaser, use 25% of the net proceeds from such financing to redeem such Purchasers’ shares of Series B Stock
or Common Stock, as determined in the discretion of any such Purchaser which notifies the Company of its election hereunder. The Company shall repurchase and redeem such Purchasers’ shares of Series B Stock or Common Stock, as the case may be.
Shares of capital stock shall be redeemed at the Redemption Price. If the funds of the Company legally available for redemption of any shares are insufficient to redeem the total number of shares to be redeemed on such date, those funds which are
legally available will be used to redeem the maximum possible number of shares ratably among the holders of such shares to be redeemed based upon each holder’s aggregate Redemption Price. 
 11. Event of Default. If an Event of Default (as defined below) occurs, the Purchasers shall have the right to exercise any or all of the rights
given to the Purchasers relating to the Securities, as further described in the Certificate of Designation. In addition to any other rights available to the Purchasers, during the existence of an Event of Default, the Conversion Price (as defined in
the Certificate of Designation) shall be reduced to 85% of the otherwise applicable Conversion Price. 
 No Purchaser need provide and the
Company hereby waives any presentment, demand, protest or other notice of any kind, and any Purchaser may immediately and without expiration of any grace period enforce any and all of its rights and remedies hereunder and all other remedies
available to it under applicable law. Such declaration may be rescinded and annulled by such Purchaser at any time prior to payment hereunder. No such rescission or annulment shall affect any subsequent Event of Default or impair any right
consequent thereon. 
 An “Event of Default” shall include the commencement by the Company of a voluntary case or
proceeding under the bankruptcy laws or the Company’s failure to: (i) file the Registration Statement with the SEC within 45 days after the Closing Date; (ii) file the amendment or other document to its existing registration statement
on Form SB-2 initially filed with the SEC on June 1, 2006 required by Section 9 hereof; (iii) maintain the listing of the Common Stock on the Market, except for any periods when the stock is listed on the NASDAQ 

  

 -15- 

 
Capital Market, the AMEX, or the NYSE; (iv) have the Registration Statement deemed effective by the SEC within 90 days after filing or maintain the
effectiveness of the listing thereafter; (v) discharge or stay a bankruptcy proceeding within 60 days of such action being taken against the company; (vi) pay when due the legal fees required by Section 14; or (vii) pay any other
payment hereunder within 5 days of the due date. 
 12. Notices. All communications hereunder shall be in writing and shall be hand
delivered, mailed by first-class mail, couriered by next-day air courier or by facsimile and confirmed in writing (i) if to the Company, at the addresses set forth below, or (ii) if to a Purchaser, to the address set forth for such party
on the signature page hereto. 
                                        
 If to the Company: 
                                        
 MultiCell Technologies, Inc. 
                                        
 701 George Washington Highway 
                                        
 Lincoln, RI 02865 
                                        
 Telephone No.: 401-333-0610 
                                        
 Facsimile No.: 401-333-0659 
                                        
 Attention: Stephen Chang, Ph.D. 
 All such notices and communications shall be deemed to have been duly given: (i) when delivered
by hand, if personally delivered; (ii) five business days after being deposited in the mail, postage prepaid, if mailed certified mail, return receipt requested; (iii) one business day after being timely delivered to a next-day air courier
guaranteeing overnight delivery; (iv) the date of transmission if sent via facsimile to the facsimile number as set forth in this Section or the signature page hereof prior to 6:00 p.m. on a business day, or (v) the business day following
the date of transmission if sent via facsimile at a facsimile number set forth in this Section or on the signature page hereof after 6:00 p.m. or on a date that is not a business day. Change of a party’s address or facsimile number may be
designated hereunder by giving notice to all of the other parties hereto in accordance with this Section. 
 13. Survival Clause. The
respective representations, warranties, agreements and covenants of the Company and each Purchaser set forth in this Agreement shall survive until the second anniversary of the Closing. 
 14. Legal Expenses. The Company shall reimburse Purchasers for legal expenses incurred in connection with this transaction in the amount of
$            . 
 15. Attorneys’ Fees. If any action at law or
in equity is necessary to enforce or interpret the terms of this Agreement, the Registration Rights Agreement, the Warrants or the Certificate of Designation, the prevailing party or parties shall be entitled to receive from the other party or
parties reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which the prevailing party or parties may be entitled. 
 16. No Brokers or Finders Fees. Each Purchaser and the Company hereby represents and warrants that, other than the fees owed to M.A.G. Capital, LLC contemplated by 

  

 -16- 

 
this agreement in connection with the execution of the transactions contemplated hereby, the Purchasers and the Company shall not pay any brokers fees or
finders fee to any third party in connection with the transactions contemplated hereby. 
 17. Successors. This Agreement shall inure
to the benefit of and be binding upon each Purchaser and the Company and their respective successors and legal representatives, and nothing expressed or mentioned in this Agreement is intended or shall be construed to give any other person any legal
or equitable right, remedy or claim under or in respect of this Agreement, or any provisions herein contained; this Agreement and all conditions and provisions hereof being intended to be and being for the sole and exclusive benefit of such persons
and for the benefit of no other person. The Company may not assign this Agreement or any rights or obligation hereunder without the prior written consent of the Purchasers. 
 18. No Waiver; Modifications in Writing. No failure or delay on the part of the Company or either Purchaser in exercising any right, power or
remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies provided
for herein are cumulative and are not exclusive of any remedies that may be available to the Company or either Purchaser at law or in equity or otherwise. No waiver of or consent to any departure by the Company or either Purchaser from any provision
of this Agreement shall be effective unless signed in writing by the party entitled to the benefit thereof, provided that notice of any such waiver shall be given to each party hereto as set forth below. Except as otherwise provided herein, no
amendment, modification or termination of any provision of this Agreement shall be effective unless signed in writing by or on behalf of each of the Company and each Purchaser. Any amendment, supplement or modification of or to any provision of this
Agreement, any waiver of any provision of this Agreement, and any consent to any departure by the Company or any Purchaser from the terms of any provision of this Agreement shall be effective only in the specific instance and for the specific
purpose for which made or given. Except where notice is specifically required by this Agreement, no notice to or demand on the Company in any case shall entitle the Company to any other or further notice or demand in similar or other circumstances.

 19. Entire Agreement. This Agreement, together with the Transaction Documents, constitutes the entire agreement among the parties
hereto and supersedes all prior agreements, understandings and arrangements, oral or written, among the parties hereto with respect to the subject matter hereof and thereof. 
 20. Severability. If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the
remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby. 
 21. APPLICABLE LAW. THE
VALIDITY AND INTERPRETATION OF THIS AGREEMENT, AND THE TERMS AND CONDITIONS SET FORTH HEREIN SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, WITHOUT GIVING EFFECT TO PROVISIONS RELATING TO CONFLICTS OF LAW
TO THE EXTENT THE APPLICATION OF THE LAWS OF 

  

 -17- 

 
ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREE THAT ACTIONS, SUITS OR PROCEEDINGS ARISING OUT OF OR
RELATING TO THIS AGREEMENT MAY BE BROUGHT ONLY IN STATE OR FEDERAL COURTS LOCATED IN THE CITY OF LOS ANGELES, CALIFORNIA AND HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS FOR SUCH PURPOSE. 
 22. Counterparts. This Agreement may be executed in two or more counterparts and may be delivered by facsimile transmission, each of which shall
be deemed an original, but all of which together shall constitute one and the same instrument. 
 23. If the foregoing correctly sets forth
our understanding, please indicate your acceptance thereof in the space provided below for that purpose, whereupon this Agreement shall constitute a binding agreement among the Company and the Purchasers. 
  

 -18- 

			
	Very truly yours,
	
	MultiCell Technologies, Inc.
		
	By:	 	  

	Name:	 	Stephen Chang, Ph.D.
	Title:	 	Chief Executive Officer

  

 -19- 

 ACCEPTED AND AGREED: 
 [                    ] 
  

			
	 By:
	 	  

 Addresses for Notice to
Purchasers:                                      
       
  

 -20- 

 Exhibit A 
 Forms of Warrant 
  

 -21- 

 Exhibit B 
 Certificate of Designation 
 of 
 Series B Convertible Preferred Stock 
  

 -1- 

 Exhibit C 
 Form of Registration Rights Agreement 
  

 -1- 

 Exhibit D 
 Matters to be covered in Opinion of Counsel 
  

 -1-Form of  Warrant

 Exhibit 4.1 
 COMMON STOCK PURCHASE WARRANT 
 To Purchase _________ Shares of Common Stock of 
 GTC Biotherapeutics, Inc. 
 Date of Issuance: July __, 2006 
 This Common Stock Purchase Warrant (this “Warrant”) certifies that, for value received,
___________________________ (the “Holder”), is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after __________ __, 2006 (the “Initial Exercise
Date”) and on or prior to the close of business on the tenth anniversary of the Date of Issuance (the “Termination Date”) but not thereafter, to subscribe for and purchase from GTC Biotherapeutics, Inc., a corporation incorporated in
the Commonwealth of Massachusetts (the “Company”), up to __________ shares (the “Warrant Shares”) of the Company’s Common Stock, par value $0.01 per share (the “Common Stock”). The purchase price of one
share of Common Stock (the “Exercise Price”) under this Warrant shall be $1.4145. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Subscription Agreement (the “Subscription
Agreement”), dated as of July 18, 2006, between the Company and the Investor. This Warrant is one of a series of warrants issued as of the date hereof (the “Warrants”) pursuant to subscription agreements substantially the same as the
Subscription Agreement. 
 1. Title to Warrant. Prior to the Termination Date and subject to compliance with applicable laws and to
the conditions set forth in Section 7(d) hereof, this Warrant and all rights hereunder are transferable, in whole or in part, at the office or agency of the Company by the Holder in person or by duly authorized attorney, upon surrender of this
Warrant together with the Assignment Form annexed hereto properly endorsed. 
 2. Authorization of Shares. The Company covenants that
all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant, be duly authorized, validly issued, fully paid and nonassessable and
free from all taxes, liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 
 3. Exercise of Warrant. 
 (a) Except as provided elsewhere herein, exercise of the purchase rights
represented by this Warrant may be made at any time or times on or after the Initial Exercise Date until 6:30 p.m. (New York City time) on the Termination Date by delivery of the Notice of Exercise Form annexed hereto duly executed, at the office of
the Company specified in Section 17(k) hereto and upon payment of the Exercise Price of the shares thereby purchased by wire transfer or cashier’s check drawn on a United States bank or notification to the Company of a cashless exercise as
provided in clause (c) below. On or before the third (3rd) business day following the Date of Exercise (as
defined herein), certificates for Warrant Shares purchased 

 hereunder shall be transmitted by the transfer agent of the Company to the Holder by crediting the account of the
Holder’s prime broker with the Depository Trust Company through its Deposit Withdrawal Agent Commission (“DWAC”) system if the Company is a participant in such system, and otherwise by physical delivery to the address specified by the
Holder in the Notice of Exercise Form. This Warrant shall be deemed to have been exercised and such certificate or certificates shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to
have become a holder of record of such shares for all purposes, as of the Date of Exercise and all taxes required to be paid by the Holder, if any, pursuant to Section 5 prior to the issuance of such shares, have been paid. A “Date of
Exercise” means the date on which the Holder shall have delivered to the Company (i) the Notice of Exercise Form appropriately completed and duly signed and (ii) (A) payment of the Exercise Price for the number of Warrant Shares
so indicated by the Holder to be purchased or (B) notification to the Company that this Warrant is being exercised pursuant to a cashless exercise pursuant to clause (c) below. The foregoing not withstanding, the holder shall deliver the
Warrant to the Company within three (3) business days following the Date of Exercise if the Warrant was not delivered with the Notice of Exercise Form. 
 (b) If this Warrant shall have been exercised in part, the Company shall, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver to Holder a new Warrant evidencing the rights
of Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 
 (c) If at the time of the exercise of this Warrant there is no effective registration statement permitting the sale of the Warrant Shares by the Company to the Holder, then this Warrant may also be exchanged at such
time and from time to time, in whole or in part, for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where: 
 (A) = the Weighted Average Price (as defined in Section 17) on the trading day preceding the date of such election; 
 (B) = the Exercise Price of the Warrants, as adjusted; and 
 (X) = the number of Warrant Shares
issuable upon exercise of the Warrants in accordance with the terms of this Warrant. 
 (d) Company’s Failure to Timely Deliver
Securities. If the Company shall fail for any reason or for no reason to issue to the Holder on the Share Delivery Date, a certificate for the Common Shares to which the Holder is entitled or to credit the Holder’s balance account with DTC
for such number of Common Shares to which the Holder is entitled upon the Holder’s exercise of this Warrant, if on or after such date the Holder purchases (in an open market transaction or otherwise) Common Shares to deliver in satisfaction of
a sale by the Holder of Common Shares issuable upon such exercise that the Holder anticipated receiving from the Company (a “Buy-In”), then the Company shall, within three (3) business days after the Holder’s request and
in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total purchase price (including brokerage commissions, if any) for the Common Shares so purchased (the “Buy-In Price”),
at which point the Company’s obligation to 

  

 2 

 
deliver such certificate (and to issue such Common Shares) shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate
or certificates representing such Common Shares and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of Common Shares, times (B) the Weighted Average Price on the date
of exercise. 
 4. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon
the exercise of this Warrant. As to any fraction of a share which Holder would otherwise be entitled to purchase upon such exercise, the Company shall pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price. 
 5. Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without
charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the
Holder or in such name or names as may be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be
accompanied by the Assignment Form attached hereto duly executed by the Holder; and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. 
 6. Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant,
pursuant to the terms hereof. 
 7. Transfer, Division and Combination. 
 (a) Subject to compliance with any applicable securities laws and the conditions set forth in Sections 1 and 7(d) hereof, this Warrant and all rights
hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its
agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the
assignee or assignees and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be
cancelled. A Warrant, if properly assigned, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. 
 (b) This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new
Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 7(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or
Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. 
  

 3 

 (c) The Company shall prepare, issue and deliver at its own expense (other than transfer taxes) the new
Warrant or Warrants under this Section 7. 
 (d) The Company agrees to maintain, at its aforesaid office, books for the registration and
the registration of transfer of the Warrants. 
 8. No Rights as Shareholder until Exercise. This Warrant does not entitle the Holder
to any voting rights or other rights as a shareholder of the Company prior to the exercise hereof. Upon the surrender of this Warrant and the payment of the aggregate Exercise Price (or if permitted hereunder, by means of a cashless exercise), the
Warrant Shares so purchased shall be and be deemed to be issued to such Holder as the record owner of such shares as of the close of business on the later of the date of such surrender or payment. 
 9. Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the
Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or stock certificate. 
 10. Saturdays, Sundays, Holidays, etc. If the last or appointed day for
the taking of any action or the expiration of any right required or granted herein shall be a Saturday, Sunday or a legal holiday, then such action may be taken or such right may be exercised on the next succeeding day not a Saturday, Sunday or
legal holiday. 
 11. Adjustments of Exercise Price and Number of Warrant Shares. The number and kind of securities purchasable upon
the exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time upon the happening of any of the following. In case the Company shall (i) pay a dividend in shares of Common Stock or make a distribution in
shares of Common Stock to holders of its outstanding Common Stock, (ii) subdivide its outstanding shares of Common Stock into a greater number of shares, (iii) combine its outstanding shares of Common Stock into a smaller number of shares
of Common Stock, or (iv) issue any shares of its capital stock in a reclassification of the Common Stock, then the number of Warrant Shares purchasable upon exercise of this Warrant immediately prior thereto shall be adjusted so that the Holder
shall be entitled to receive the kind and number of Warrant Shares or other securities of the Company which it would have owned or have been entitled to receive had such Warrant been exercised in advance thereof. Upon each such adjustment of the
kind and number of Warrant Shares or other securities of the Company which are purchasable hereunder, the Holder shall thereafter be entitled to purchase the number of Warrant Shares or other securities resulting from such adjustment at an Exercise
Price per Warrant Share or other security obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of Warrant Shares purchasable pursuant hereto immediately prior to such adjustment, and dividing such
product by the number of Warrant Shares or other securities of the Company resulting from such adjustment. An adjustment made pursuant to this paragraph shall become effective immediately after the effective date of such event retroactive to the
record date, if any, for such event. 

  

 4 

 12. Fundamental Transactions. If, at any time while this Warrant is outstanding, (1) the
Company effects any merger or consolidation of the Company with or into another person or entity, (2) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (3) any tender offer
or exchange offer approved or authorized by the Board of Directors of the Company (whether by the Company or another person or 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 (4) 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 (in any such case, a “Fundamental Transaction”), then the Holder shall have the right thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as it would have been entitled to
receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant (the “Alternate
Consideration”). 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; provided that this Warrant shall have been cancelled or amended to the extent such cancellation or amendment is necessary so
that such new warrant does not unjustly or disproportionately enrich the holder of the new warrant relative to a holder of the number of Shares for which this Warrant is exercisable immediately prior to such event. 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 12 and insuring that this Warrant (or any such replacement security) will
be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction. Notwithstanding the foregoing, upon a Fundamental Transaction a reverse stock split or other reclassification of the common stock that results in
conversion or exchange of the common stock solely for other securities of the Company, at the written request of the Holder delivered before the 10th trading day after such Fundamental Transaction, the Company (or the successor entity) shall purchase this Warrant from the Holder by paying to the Holder, within five days after such request, cash in
an amount equal to the Black-Scholes Value (as defined below) of the remaining unexercised portion of this Warrant. “Black-Scholes Value” means the value of the unexercised portion of this Warrant calculated using the Black-Scholes
Option Pricing Model determined as of the trading day immediately prior to consummation of the applicable Fundamental Transaction and reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the
remaining term of this Warrant as of the trading day immediately prior to consummation of the applicable Fundamental Transaction and (ii) an expected volatility equal to the 100 day historical price volatility obtained from the HVT function on
Bloomberg as of the trading day immediately prior 
  

 5 

 to the public announcement of the applicable Fundamental Transaction., capped at (A) until and including the seventh
anniversary of the Initial Exercise Date, 100% and (B) thereafter, 60%. 
 13. Limitation on Exercise. Notwithstanding anything
to the contrary contained herein, the number of shares of Common Stock that may be acquired by the Holder upon any exercise of this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to insure that, following such
exercise (or other issuance), the total number of shares of Common Stock then beneficially owned by such Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for
purposes of Section 13(d) of the Exchange Act, does not exceed 4.999% of the total number of issued and outstanding shares of Common Stock (including for such purpose the shares of Common Stock issuable upon such exercise). For such purposes,
beneficial ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. Each delivery of an Exercise Notice hereunder will constitute a representation by the Holder
that it has evaluated the limitation set forth in this paragraph and determined that issuance of the full number of Warrant Shares requested in such Exercise Notice is permitted under this paragraph. This provision shall not restrict the number of
shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount of securities or other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in Section 12 of
this Warrant. This restriction may not be waived without the consent of the Holder. 
 14. Notice of Adjustment. Whenever the number
of Warrant Shares or number or kind of securities or other property purchasable upon the exercise of this Warrant or the Exercise Price is adjusted, as herein provided, the Company shall promptly give notice thereof to the Holder, which notice shall
state the number of Warrant Shares (and other securities or property) purchasable upon the exercise of this Warrant and the Exercise Price of such Warrant Shares (and other securities or property) after such adjustment, setting forth a brief
statement of the facts requiring such adjustment and setting forth the computation by which such adjustment was made. 
 15. Notice of
Corporate Action. If at any time: (a) the Company shall take a record of the holders of its Common Stock for the purpose of entitling them to receive a dividend or other distribution, or any right to subscribe for or purchase any evidences
of its indebtedness, any shares of stock of any class or any other securities or property, or to receive any other right, or (b) there shall be any capital reorganization of the Company, any reclassification or recapitalization of the capital
stock of the Company or any consolidation or merger of the Company with, or any sale, transfer or other disposition of all or substantially all the property, assets or business of the Company to, another corporation or, (c) there shall be a
voluntary or involuntary dissolution, liquidation or winding up of the Company; then, in any one or more of such cases, the Company shall give to Holder (i) at least 20 days’ prior written notice of the date on which a record date shall be
selected for such dividend, distribution or right or for determining rights to vote in respect of any such reorganization, reclassification, merger, consolidation, sale, transfer, disposition, liquidation or winding up, and (ii) in the case of
any such reorganization, reclassification, merger, consolidation, sale, transfer, disposition, dissolution, liquidation or winding up, at least 20 days’ prior written notice of the date when the same shall take place. Such notice in accordance
with the foregoing clause also shall specify 

  

 6 

 
(i) the date on which any such record is to be taken for the purpose of such dividend, distribution or right, the date on which the holders of Common
Stock shall be entitled to any such dividend, distribution or right, and the amount and character thereof, and (ii) the date on which any such reorganization, reclassification, merger, consolidation, sale, transfer, disposition, dissolution,
liquidation or winding up is to take place and the time, if any such time is to be fixed, as of which the holders of Common Stock shall be entitled to exchange their Warrant Shares for securities or other property deliverable upon such disposition,
dissolution, liquidation or winding up. Each such written notice shall be sufficiently given if addressed to Holder at the last address of Holder appearing on the books of the Company and delivered in accordance with Section 17(c). 

16. Authorized Shares. The Company covenants that during the period the Warrant is outstanding, it will reserve from its authorized and
unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full
authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all
such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Principal Market (as defined in Section 17) upon
which the Common Stock may be listed at such time. 
 Except and to the extent as waived or consented to by the Holder, the Company shall not
by any action, including, without limitation, amending its articles of organization or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights
of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (a) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately
prior to such increase in par value, (b) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant, and
(c) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this
Warrant. 
 Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is
exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof. 
 17. Miscellaneous. 
 (a)
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law
provision or rule 

  

 7 

 
(whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New
York. Each party hereby irrevocably submits to the non-exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action
or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or
proceeding by mailing a copy thereof to such party at the address for such notices to it under this Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. EACH PARTY HEREBY IRREVOCABLY WAIVES
ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY. 
 (b) Nonwaiver. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of
such right or otherwise prejudice Holder’s rights, powers or remedies, notwithstanding all rights hereunder terminate on the Termination Date. 
 (c) Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Subscription Agreement. 
 (d) Limitation of Liability. No provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant or purchase Warrant
Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or
by creditors of the Company. 
 (e) Remedies. 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 the defense in any action for specific performance that a remedy at law would be adequate. 
 (f)
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and permitted
assigns of Holder. The provisions of this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant and shall be enforceable by any such Holder or holder of Warrant Shares. 
 (g) Amendment. Except as provided in Section 13, this Warrant may be modified or amended or the provisions hereof waived with the written
consent of the Company 

  

 8 

 
and the holders of Warrants issued under the Purchase Agreement representing two-thirds of the Warrant Shares issuable under Warrants then outstanding as of
the date such consent is sought; provided, however, that (i) no such amendment shall adversely affect any Holder differently than it affects all other Holders, unless such Holder consents thereto and (ii) no amendment may increase
the Exercise Price, decrease the number of shares or class of shares obtainable upon exercise of this Warrant or decrease the time period in which this Warrant can be exercised without the written consent of the Holder. 
 (h) Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant. 
 (i) Headings. The headings used in this Warrant are for the convenience of reference
only and shall not, for any purpose, be deemed a part of this Warrant. 
 (j) Acceptance. Receipt of this Warrant by the Holder shall
constitute acceptance of and agreement to all of the terms and conditions contained herein. 
 (k) Notices. Any and all notices or
other communications or deliveries hereunder (including without limitation any Notice of Exercise Form) shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number specified in this Section prior to 6:30 p.m. (New York City time) on a trading day, (ii) the next Trading day after the date of transmission, if such notice or communication is delivered via
facsimile at the facsimile number specified in this Section on a day that is not a trading day or later than 6:30 p.m. (New York City time) on any trading day, (iii) the trading day following the date of mailing, if sent by nationally
recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. The addresses for such communications shall be: (i) if to the Company, to __________________________________

 (l) Certain Definitions. 
 (i) “Principal Market” means any of the following markets which shares of Common Stock are listed or quoted: the American Stock Exchange, the New York Stock Exchange, the Nasdaq Global Market or the Nasdaq Capital
Market 
 (ii) “Weighted Average Price” means, for any security as of any date, the dollar volume-weighted average price
for such security on NASDAQ during the period beginning at 9:30:01 a.m., New York Time (or such other time as NASDAQ publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York Time (or such other time as NASDAQ
publicly announces is the official close of trading) as reported by Bloomberg through its “Volume at Price” functions, or, if the foregoing does not apply, the volume-weighted average price of such security on another Principal Market for
such security during the period beginning at 9:30:01 a.m., New York Time (or such other time as such Principal Market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York Time 

  

 9 

 
(or such other time as such Principal Market publicly announces is the official close of trading) as reported by Bloomberg, or, if the foregoing does not
apply, the volume-weighted average price of such security in the over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York Time (or such other time as such Principal Market
publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York Time (or such other time as such market publicly announces is the official close of trading) as reported by Bloomberg, if no dollar volume-weighted average
price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported in the “pink sheets” by Pink Sheets
LLC (formerly the National Quotation Bureau, Inc.). If the Weighted Average Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Weighted Average Price of such security on such date shall be the fair
market value as mutually determined by the Company and the Holder. All such determinations shall be appropriately adjusted for any share dividend, share split, share combination or other similar transaction during the applicable calculation period.

  
  
  
 [Remainder of page intentionally left blank.] 
  

 10 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly
authorized. 
 Dated: July ___, 2006 
 GTC BIOTHERAPEUTICS, INC. 
 By:  _______________________________ 
         Name: 
         Title:

  

 11 

 NOTICE OF EXERCISE 
  

	To:	GTC Biotherapeutics, Inc. 

 (1) The undersigned hereby
elects to purchase ___________ Warrant Shares of GTC Biotherapeutics, Inc. pursuant to the terms of the attached Warrant, and tenders herewith payment of the exercise price of such Warrant Shares in full, together with all applicable transfer
taxes, if any. 
 (2) Payment shall take the form of (check applicable box): 
  

	 	 ̈	lawful money of the United States; or 

  

	 	 ̈	the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 3(c), to exercise this Warrant with respect to the maximum
number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 3(c). 

 (3) Please
issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is specified below: 
 ____________________________________ 
 The Warrant Shares shall be delivered to the
following: 
 ____________________________________ 
 ____________________________________ 
 ____________________________________ 
 OR 
 DWAC the shares to: 
 DTC# _______________________________ 
 Account # ____________________________

 Reference# ___________________________ 
  

 12 

 SIGNATURE OF HOLDER 
  
 Dated as of:     ___________, 2006 

 
 _____________________________________ 
 HOLDER 
  
 By: __________________________________ 
  
 Print Name: ____________________________ 
  

 13 

 ASSIGNMENT FORM 
 for 
 Common Stock Purchase Warrant 
 of GTC Biotherapeutics, Inc. 
 (To assign the foregoing Warrant, execute

 this form and supply required information. 
 Do not use this form to exercise the warrant.) 
 FOR VALUE RECEIVED, the foregoing Warrant and all
rights evidenced thereby are hereby assigned to 
 Dated: _______________________ 
 Holder’s Signature: ________________________________ 
 Holder’s Address: _________________________________ 
 Signature Guaranteed:
______________________________ 
 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the
Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of
authority to assign the foregoing Warrant. 
  
  

 14

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