Document:

EX-4.1

 Exhibit 4.1 

DYNAVAX TECHNOLOGIES CORPORATION 

WARRANT TO PURCHASE COMMON STOCK 
 Warrant
No.: 
 Number of Shares of Common Stock: 
 Date of Issuance:
August 12, 2019 (“Issuance Date”) 
 Dynavax Technologies Corporation, a Delaware corporation (the
“Company”), hereby certifies that, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, ____________________, the registered holder hereof or its permitted assigns (the
“Holder”), is entitled, subject to the terms set forth below, to purchase from the Company, at the Exercise Price (as defined below) then in effect, at any time or times on or after ___________________ (the “Initial
Exercisability Date”), but not after 11:59 p.m., New York time, on the Expiration Date (as defined below), ____________ fully paid non-assessable shares of Common Stock (as defined below), subject to
adjustment as provided herein (the “Warrant Shares”). Except as otherwise defined herein, capitalized terms in this Warrant to Purchase Common Stock (including any Warrants to Purchase Common Stock issued in exchange, transfer or
replacement hereof, this “Warrant”), shall have the meanings set forth in Section 14. This Warrant is one of the Warrants to Purchase Common Stock (the “Warrants”) issued in connection with the transactions
contemplated by (i) that certain Underwriting Agreement, dated as of August 7, 2019 (the “Subscription Date”) by and between the Company and Cowen and Company, LLC and William Blair & Company, L.L.C., as the
representatives of the several underwriters named therein, (ii) the Company’s Registration Statement on Form S-3 (File number 333-219781) (the
“Registration Statement”) and (iii) the Company’s prospectus supplement dated as of August 7, 2019. 
 1.
EXERCISE OF WARRANT. 
 (a) Mechanics of Exercise. Subject to the terms and conditions hereof (including, without limitation,
the limitations set forth in Section 1(f)), this Warrant may be exercised by the Holder at any time or times on or after the Initial Exercisability Date, in whole or in part, by delivery (whether via facsimile, electronic mail or otherwise) of
a written notice, in the form attached hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant. Within one (1) Trading Day following the delivery of the Exercise Notice, the
Holder shall make payment to the Company of an amount equal to the Exercise Price in effect on the date of such exercise multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the “Aggregate Exercise
Price”) in cash by wire transfer of immediately available funds or, if the provisions of Section 1(d) are applicable, by notifying the Company that this Warrant is being exercised pursuant to a Cashless Exercise (as defined in
Section 1(d)). The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder (until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full),
nor shall any ink-original signature or 

 
medallion guarantee (or other type of guarantee or notarization) with respect to any Exercise Notice be required. Execution and delivery of the Exercise Notice with respect to less than all of
the Warrant Shares shall have the same effect as cancellation of the original Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares and the Holder shall not be required to physically surrender
this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three
(3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. On or before the first (1st) Trading Day following the date on which the Holder has delivered
the applicable Exercise Notice, the Company shall transmit by facsimile or electronic mail an acknowledgment of confirmation of receipt of the Exercise Notice, in the form attached to the Exercise Notice, to the Holder and the Company’s
transfer agent (the “Transfer Agent”). So long as the Holder delivers the Aggregate Exercise Price (or notice of a Cashless Exercise, if applicable) on or prior to the first (1st)
Trading Day following the date on which the Exercise Notice has been delivered to the Company, then on or prior to the earlier of (i) the second (2nd) Trading Day and (ii) the number of
Trading Days comprising the Standard Settlement Period, in each case following the date on which the Exercise Notice has been delivered to the Company, or, if the Holder does not deliver the Aggregate Exercise Price (or notice of a Cashless
Exercise, if applicable) on or prior to the first (1st) Trading Day following the date on which the Exercise Notice has been delivered to the Company, then on or prior to the first (1st) Trading Day following the date on which the Aggregate Exercise Price (or notice of a Cashless Exercise, if applicable) is delivered (such earlier date, or if later, the earliest day on which the
Company is required to deliver Warrant Shares pursuant to this Section 1(a), the “Share Delivery Date”), the Company shall (X) provided that the Transfer Agent is participating in The Depository Trust Company
(“DTC”) Fast Automated Securities Transfer Program, credit such aggregate number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC
through its Deposit / Withdrawal At Custodian system, or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program (“FAST”), issue and dispatch by overnight courier to the address as
specified in the Exercise Notice, a certificate, registered in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise. The Company shall be responsible for all fees and
expenses of the Transfer Agent and all fees and expenses with respect to the issuance of Warrant Shares via DTC, if any, including without limitation for same day processing. Upon delivery of the Exercise Notice, the Holder shall be deemed for all
corporate purposes to have become the holder of record and beneficial owner of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or
the date of delivery of the certificates evidencing such Warrant Shares, as the case may be. If this Warrant is physically delivered to the Company in connection with any exercise pursuant to this Section 1(a) and the number of Warrant Shares
represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable and in no event later than three (3) Trading Days after any exercise
and at its own expense, issue and deliver to the Holder (or its designee) a new Warrant (in accordance with Section 6(d)) representing the right to purchase the number of Warrant Shares issuable immediately prior to such exercise under this
Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. No fractional 

  
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Warrant Shares are to be issued upon the exercise of this Warrant, but rather the number of Warrant Shares to be issued shall be rounded to the nearest whole number. The Company shall pay any and
all transfer, stamp, issuance and similar taxes, costs and expenses (including, without limitation, fees and expenses of the Transfer Agent) which may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this
Warrant. The Company’s obligations to issue and deliver Warrant Shares in accordance with the terms and subject to the conditions hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same,
any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination; provided, however, that
the Company shall not be required to deliver Warrant Shares with respect to an exercise prior to the Holder’s delivery of the Aggregate Exercise Price (or notice of a Cashless Exercise, if applicable) with respect to such exercise. If the
Company fails to deliver to the Holder the Warrant Shares pursuant to this Section 1(a) by the Share Delivery Date, then the Holder will have the right to rescind such exercise by delivering written notice to the Company at any time prior to
the Company delivering such Warrant Shares. 
 (b) Exercise Price. For purposes of this Warrant, “Exercise Price”
means $4.50 per share, subject to adjustment as provided herein. 
 (c) Company’s Failure to Timely Deliver Securities. The
Company understands that a delay in the delivery of the Warrant Shares after the Share Delivery Date could result in economic loss to the Holder. As compensation to the Holder for such loss, if (i) the Company fails to cause the Transfer Agent
to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 1(a) above pursuant to an exercise on or before the Share Delivery Date (other than a failure caused by incorrect or incomplete information provided by
the Holder to the Company) and (ii) the Holder has not exercised its Buy-In rights as provided below with respect to such Warrant Shares, the Company agrees to pay (as liquidated damages and not as a
penalty) to the Holder for late issuance of the Warrant Shares the proportionate amount of $100 per Trading Day (increasing to $200 per Trading Day after the tenth (10th) Trading Day) after the
Share Delivery Date for each $10,000 of Warrant Shares for which this Warrant is exercised which are not timely delivered. For purposes of clarification, if the Company is obligated to make payments of liquidated damages pursuant to this
Section 1(c) for late issuance of the Warrant Shares, then it shall not also be obligated to make Buy-In payments as described below with respect to those same Warrant Shares. In addition to any other
rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 1(a) above pursuant to an exercise on or before the Share Delivery Date
(other than a failure caused by incorrect or incomplete information provided by the Holder to the Company), and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s
brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a
“Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for
the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the
price at which the sell order giving rise to such purchase 

  
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obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in
which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the
Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause
(A) of the immediately preceding sentence, the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice within three (3) Trading Days after the occurrence of a
Buy-In, indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall
limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely
deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof. The Company shall pay any payments incurred under this Section 1(c) in immediately available funds upon demand. The Company’s current
transfer agent participates in FAST. In the event that the Company changes transfer agents while this Warrant is outstanding, the Company shall use commercially reasonable efforts to select a transfer agent that participates in FAST. While this
Warrant is outstanding, the Company shall request its transfer agent to participate in FAST with respect to this Warrant. 
 (d) Cashless
Exercise. Notwithstanding anything contained herein to the contrary, if a registration statement (which may be the Registration Statement) covering the issuance or resale of the Warrant Shares is not available for the issuance or resale, as
applicable, of such Warrant Shares, the Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the
Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number” of shares of Common Stock determined according to the following formula (a “Cashless Exercise”): 

 

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

  

					
		  		 	        For purposes of the foregoing formula:
			
		  	A=	 	the total number of shares with respect to which this Warrant is then being exercised.
			
	            	  	B=	 	as applicable: (i) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the date of the applicable Exercise Notice if such Exercise Notice is (1) both executed and delivered pursuant to
Section 1(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 1(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in
Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the

  
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		  		 	option of the Holder, either (y) the Weighted Average Price on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock as of the time of the
Holder’s execution of the applicable Exercise Notice if such Exercise Notice is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after
the close of “regular trading hours” on a Trading Day) pursuant to Section 1(a) hereof or (iii) the Closing Sale Price of the Common Stock on the date of the applicable Exercise Notice if the date of such Exercise Notice is
a Trading Day and such Exercise Notice is both executed and delivered pursuant to Section 1(a) hereof after the close of “regular trading hours” on such Trading Day.
			
		  	C=	 	the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 If Warrant Shares are issued in such a cashless exercise, the Company acknowledges and agrees that in
accordance with Section 3(a)(9) of the Securities Act of 1933, as amended, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised, and the holding period of the Warrants being exercised may be
tacked on to the holding period of the Warrant Shares. The Company agrees not to take any position contrary to this Section 1(d).

(e) Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant
Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute in accordance with Section 10. 

(f) Beneficial Ownership. Notwithstanding anything to the contrary contained herein, the Company shall not effect the exercise of any
portion of this Warrant, and the Holder shall not have the right to exercise any portion of this Warrant, pursuant to the terms and conditions of this Warrant and any such exercise shall be null and void and treated as if never made, to the extent
that immediately prior to or after giving effect to such exercise, the Holder together with the other Attribution Parties collectively would beneficially own in excess of 4.99% (the “Maximum Percentage”) of the number of shares of
Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by the Holder and the other Attribution Parties shall include the
number of shares of Common Stock held by the Holder and all other Attribution Parties plus the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which the determination of such sentence is being made, but shall
exclude the number of shares of Common Stock which would be issuable upon (A) exercise of the remaining, unexercised portion of this Warrant beneficially owned by the Holder or any of the other Attribution Parties and (B) exercise or
conversion of the unexercised or unconverted portion of any other securities of the Company (including, without limitation, any convertible notes or convertible preferred stock or warrants, including the other Warrants) beneficially owned by the
Holder or any other Attribution Party subject to a limitation on conversion or exercise analogous to the limitation contained in this Section 1(f). For purposes of this Section 1(f), beneficial ownership shall be calculated in accordance
with Section 13(d) of the Securities 

  
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Exchange Act of 1934, as amended (the “1934 Act”), it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance
with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 1(f) applies, the determination of
whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the
Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the
rules and regulations promulgated thereunder. For purposes of this Warrant, in determining the number of outstanding shares of Common Stock the Holder may acquire upon the exercise of this Warrant without exceeding the Maximum Percentage, the Holder
may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form
10-Q and Current Reports on Form 8-K or other public filing with the Securities and Exchange Commission (the “SEC”), as the case may be, (y) a more
recent public announcement by the Company or (z) any other written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding (the “Reported Outstanding Share Number”). If the
Company receives an Exercise Notice from the Holder at a time when the actual number of outstanding shares of Common Stock is less than the Reported Outstanding Share Number, the Company shall (i) notify the Holder in writing of the number of
shares of Common Stock then outstanding and, to the extent that such Exercise Notice would otherwise cause the Holder’s beneficial ownership, as determined pursuant to this Section 1(f), to exceed the Maximum Percentage, the Holder must
notify the Company of a reduced number of Warrant Shares to be purchased pursuant to such Exercise Notice (the number of shares by which such purchase is reduced, the “Reduction Shares”) and (ii) as soon as reasonably
practicable, the Company shall return to the Holder any exercise price paid by the Holder for the Reduction Shares. For any reason at any time, upon the written or oral request of the Holder, the Company shall within one (1) Business Day
confirm orally and in writing or by electronic mail to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or
exercise of securities of the Company, including this Warrant, by the Holder and any other Attribution Party since the date as of which the Reported Outstanding Share Number was reported. In the event that the issuance of Common Stock to the Holder
upon exercise of this Warrant results in the Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding shares of Common Stock (as determined under
Section 13(d) of the 1934 Act), the number of shares so issued by which the Holder’s and the other Attribution Parties’ aggregate beneficial ownership exceeds the Maximum Percentage (the “Excess Shares”) shall be
deemed null and void and shall be cancelled ab initio, and the Holder shall not have the power to vote or to transfer the Excess Shares. As soon as reasonably practicable after the issuance of the Excess Shares has been deemed null and void, the
Company shall return to the Holder the exercise price paid by the Holder for the Excess Shares. Upon delivery of a written notice to the Company, the Holder may from time to time increase or decrease the Maximum Percentage to any other percentage as
specified in such notice (not to exceed 19.99%); provided that (i) any such increase in the Maximum Percentage will not be effective until the sixty-first (61st) day after such notice
is 

  
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delivered to the Company, (ii) the Holder may elect, upon delivery of written notice to the Company, that it shall not have the right to increase the Maximum Percentage from and after such
time as may be specified in such notice, and any such election shall be irrevocable, and (iii) any such increase or decrease will apply only to the Holder and the other Attribution Parties and not to any other holder of Warrants that is not an
Attribution Party of the Holder. For purposes of clarity, the shares of Common Stock issuable pursuant to the terms of this Warrant in excess of the Maximum Percentage shall not be deemed to be beneficially owned by the Holder for any purpose
including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the 1934 Act. No prior inability to exercise this Warrant pursuant to this paragraph shall have any effect on the applicability of the
provisions of this paragraph with respect to any subsequent determination of exercisability. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 1(f)
to the extent necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended beneficial ownership limitation contained in this Section 1(f) or to make changes or supplements
necessary or desirable to properly give effect to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor holder of this Warrant. 

(g) Required Reserve Amount. So long as this Warrant remains outstanding, the Company shall at all times keep reserved for issuance
under this Warrant a number of shares of Common Stock at least equal to 100% of the maximum number of shares of Common Stock as shall be necessary to satisfy the Company’s obligation to issue shares of Common Stock under the Warrants then
outstanding (without regard to any limitations on exercise) (the “Required Reserve Amount”); provided that at no time shall the number of shares of Common Stock reserved pursuant to this Section 1(g) be reduced other
than in connection with any exercise of Warrants or such other event covered by Section 2 below. The Required Reserve Amount (including, without limitation, each increase in the number of shares so reserved) shall be allocated pro rata among
the holders of the Warrants based on the number of shares of Common Stock issuable upon exercise of Warrants held by each holder thereof on the Issuance Date (without regard to any limitations on exercise) (the “Authorized Share
Allocation”). In the event that a holder shall sell or otherwise transfer any of such holder’s Warrants, each transferee shall be allocated a pro rata portion of such holder’s Authorized Share Allocation. Any shares of Common
Stock reserved and allocated to any Person which ceases to hold any Warrants shall be allocated to the remaining holders of Warrants, pro rata based on the number of shares of Common Stock issuable upon exercise of the Warrants then held by such
holders thereof (without regard to any limitations on exercise). 
 (h) Insufficient Authorized Shares. If at any time while this
Warrant remains outstanding the Company does not have a sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance the Required Reserve Amount (an “Authorized Share
Failure”), then the Company shall promptly take all action reasonably necessary to increase the Company’s authorized shares of Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount for this
Warrant then outstanding. Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later than ninety (90) days after the occurrence of
such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval of an increase in the number of authorized shares of 

  
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Common Stock. In connection with such meeting, the Company shall provide each stockholder with a proxy statement and shall use its reasonable best efforts to solicit its stockholders’
approval of such increase in authorized shares of Common Stock and to cause its board of directors to recommend to the stockholders that they approve such proposal. Notwithstanding the foregoing, if any such time of an Authorized Share Failure, the
Company is able to obtain the written consent of a majority of the shares of its issued and outstanding shares of Common Stock to approve the increase in the number of authorized shares of Common Stock, the Company may satisfy this obligation by
obtaining such consent and submitting for filing with the SEC an Information Statement on Schedule 14C. 
 2. ADJUSTMENT OF EXERCISE PRICE
AND NUMBER OF WARRANT SHARES UPON SUBDIVISION OR COMBINATION OF COMMON STOCK. 
 (a) If the Company at any time on or after the
Subscription Date subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to such
subdivision will be proportionately reduced and the number of Warrant Shares will be proportionately increased. If the Company at any time on or after the Subscription Date combines (by combination, reverse stock split or otherwise) one or more
classes of its outstanding shares of Common Stock into a smaller number of shares, the Exercise Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares will be proportionately
decreased. Any adjustment under this Section 2(a) shall become effective at the close of business on the date the subdivision or combination becomes effective. 

(b) Voluntary Adjustment by Company. The Company may at any time during the term of this Warrant reduce the then current Exercise Price
to any amount and for any period of time deemed appropriate by the Board of Directors of the Company. 
 (c) Rights Upon Distribution of
Assets. In addition to any adjustments pursuant to the other subsections of Section 2 above, if, on or after the Subscription Date and on or prior to the Expiration Date, the Company shall declare or make any dividend or other distribution
of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property, options, evidence of
indebtedness or any other assets by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant,
then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete
exercise of this Warrant (without regard to any limitations or restrictions on exercise of this Warrant, including without limitation, the Maximum Percentage) immediately before the date on which a record is taken for such Distribution, or, if no
such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, that to the extent that the Holder’s right to participate in any such
Distribution would result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Distribution to such extent (and shall not be entitled to beneficial

  
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ownership of such shares of Common Stock as a result of such Distribution (and beneficial ownership) to such extent) and the portion of such Distribution shall be held in abeyance for the benefit
of the Holder until such time or times as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which time or times the Holder shall be granted such Distribution (and any
Distributions declared or made on such initial Distribution or on any subsequent Distribution held similarly in abeyance) to the same extent as if there had been no such limitation). 

(d) Purchase Rights. In addition to any adjustments pursuant to the other subsections of Section 2 above, if at any time on or
after the Subscription Date and on or prior to the Expiration Date the Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any
class of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held
the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations or restrictions on exercise of this Warrant, including without limitation, the Maximum Percentage) immediately before the date
on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Stock are to be determined for the grant, issuance or sale of such Purchase Rights
(provided, however, that to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled to
participate in such Purchase Right to such extent (and shall not be entitled to beneficial ownership of such Common Stock as a result of such Purchase Right (and beneficial ownership) to such extent) and such Purchase Right to such extent shall be
held in abeyance for the benefit of the Holder until such time or times as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which time or times the Holder shall be granted such
right (and any Purchase Right granted, issued or sold on such initial Purchase Right or on any subsequent Purchase Right to be held similarly in abeyance) to the same extent as if there had been no such limitation). 

(e) FUNDAMENTAL TRANSACTIONS. The Company shall not enter into or be party to a Fundamental Transaction unless the Successor Entity
assumes in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3, including agreements to deliver to the Holder in exchange for this Warrant a security of the Successor Entity
evidenced by a written instrument substantially similar in form and substance to this Warrant, including, without limitation, which is exercisable for a corresponding number of shares of capital stock equivalent to the shares of Common Stock
acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares
of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such adjustments to the number of shares of capital stock and such
exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction). Upon the consummation of each Fundamental Transaction, the Successor Entity shall succeed
to, and be substituted for the Company (so that from and after the date of the applicable Fundamental 

  
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Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and
power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein. Notwithstanding the foregoing, and without limiting
Section 1(f) hereof, the Holder may elect, at its sole option, by delivery of written notice to the Company to waive this Section 3 to permit the Fundamental Transaction without the assumption of this Warrant. In addition to and not in
substitution for any other rights hereunder, prior to the consummation of each Fundamental Transaction pursuant to which holders of shares of Common Stock are entitled to receive securities or other assets with respect to or in exchange for shares
of Common Stock (a “Corporate Event”), the Company shall make appropriate provision to insure that the Holder will thereafter have the right to receive upon an exercise of this Warrant at any time after the consummation of the
applicable Fundamental Transaction but prior to the Expiration Date, in lieu of the shares of the Common Stock (or other securities, cash, assets or other property) issuable upon the exercise of the Warrant prior to such Fundamental Transaction,
such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription rights) (collectively, the “Corporate Event Consideration”) which the Holder would have been
entitled to receive upon the happening of the applicable Fundamental Transaction had this Warrant been exercised immediately prior to the applicable Fundamental Transaction (without regard to any limitations on the exercise of this Warrant). The
provision made pursuant to the preceding sentence shall be in a form and substance reasonably satisfactory to the Holder. The provisions of this Section 3 shall apply similarly and equally to successive Fundamental Transactions and Corporate
Events. Notwithstanding the foregoing, in the event of a Change of Control, at the request of the Holder delivered before the 30th day after such Change of Control, the Company (or the Successor Entity) shall purchase this Warrant from the Holder by
paying to the Holder, within five (5) Business Days after such request (or, if later, on the effective date of the Change of Control), an amount equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the
effective date of such Change of Control, payable in cash; provided, that if the applicable Change of Control was not approved by the Company’s Board of Directors, the Black-Scholes Value of the remaining unexercised portion of this
Warrant shall be payable at the option of the Company in either (x) Common Stock, whereby the Company would be continually obligated to actively settle shares of Common Stock in the event insufficient authorized shares of Common Stock were
available (or corresponding Corporate Event Consideration, as applicable) valued at the value of the consideration received by the holders of Common Stock in such Change of Control or (y) cash. 

3. NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its certificate of incorporation
or by-laws, or through any reorganization, transfer of assets, consolidation, merger, scheme, arrangement, dissolution, issuance 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, and will at all times in good faith carry out all of the provisions of this Warrant and take all action as may be required to protect the rights of the Holder. Without limiting the
generality of the foregoing, the Company (i) shall not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall take all such actions as may be
necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, so long 

  
 - 10 - 

 
as any of the Warrants are outstanding, take all action necessary to reserve and keep available out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting the
exercise of the Warrants, the number of shares of Common Stock as shall from time to time be necessary to effect the exercise of the Warrants then outstanding (without regard to any limitations on exercise). 

4. WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in such Person’s
capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of capital stock of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder,
solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock,
reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then
entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a
stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. 
 5. REISSUANCE OF
WARRANTS. 
 (a) Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the
Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 6(d)), registered as the Holder may request, representing the right to purchase the number of Warrant Shares
being transferred by the Holder and, if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with Section 6(d)) to the Holder representing the right to purchase the number
of Warrant Shares not being transferred. 
 (b) Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company in customary form (but without the obligation
to post a bond) and, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 6(d)) representing the right to purchase the Warrant
Shares then underlying this Warrant. 
 (c) Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender
hereof by the Holder at the principal office of the Company, for a new Warrant or Warrants (in accordance with Section 6(d)) representing in the aggregate the right to purchase the number of Warrant Shares then underlying this Warrant, and each
such new Warrant will represent the right to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender. 

  
 - 11 - 

 (d) Issuance of New Warrants. Whenever the Company is required to issue a new Warrant
pursuant to the terms of this Warrant, such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to purchase the Warrant Shares then underlying this Warrant
(or in the case of a new Warrant being issued pursuant to Section 6(a) or Section 6(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying the other new Warrants issued in
connection with such issuance, does not exceed the number of Warrant Shares then underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date, and (iv) shall
have the same rights and conditions as this Warrant. 
 6. NOTICES. Whenever notice is required to be given under this Warrant,
including, without limitation, an Exercise Notice, unless otherwise provided herein, such notice shall be given in writing, (i) if delivered (a) from within the domestic United States, by first-class registered or certified airmail, or
nationally recognized overnight express courier, postage prepaid, electronic mail or by facsimile or (b) from outside the United States, by International Federal Express, electronic mail or facsimile, and (ii) will be deemed given
(A) if delivered by first-class registered or certified mail domestic, three (3) Business Days after so mailed, (B) if delivered by nationally recognized overnight carrier specifying next day delivery, one (1) Business Day after
so mailed, (C) if delivered by International Federal Express specifying two day delivery, two (2) Business Days after so mailed and (D) at the time of transmission, if delivered by electronic mail to the email address specified in
this Section 6 prior to 5:00 p.m. (New York time) on a Trading Day, (E) the next Trading Day after the date of transmission, if delivered by electronic mail to the email address specified in this Section 6 on a day that is not a
Trading Day or later than 5:00 p.m. (New York time) on any Trading Day and (F) if delivered by facsimile, upon electronic confirmation of delivery of such facsimile, and will be delivered and addressed as follows: 

(i) If to the Company, to: 

Dynavax Technologies Corporation 

2100 Powell Street, Suite 900 

Emeryville, CA 94608 

Attention: Chief Financial Officer 

Facsimile: 
 Email: 

with a copy (which shall not constitute notice) to: 

Cooley LLP 
 4401 Eastgate Mall

 San Diego, CA 92121 

Attention: Steven M. Przesmicki 

Facsimile: (858) 550 6420 

Email: przes@cooley.com 
 (ii)
if to the Holder, at such address or other contact information delivered by the Holder to Company or as is on the books and records of the Company. 

  
 - 12 - 

 The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this
Warrant, including in reasonable detail a description of such action and the reason therefor. Without limiting the generality of the foregoing, the Company will give written notice to the Holder (i) promptly upon any adjustment of the Exercise
Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment and (ii) at least fifteen (15) days prior to the date on which the Company closes its books or takes a record (A) with respect to any
dividend or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances or sales of any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation; provided in each case that such information shall be made known to the public prior to or
in conjunction with such notice being provided to the Holder; provided, further, that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to
be specified in such notice. 
 7. AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be
amended or waived and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the Holder. 

8. GOVERNING LAW; JURY TRIAL. This Warrant shall be governed by and construed and enforced in accordance with, and all questions
concerning the construction, validity, interpretation and performance 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 (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. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant,
the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or
proceeding. THE PARTIES HEREBY IRREVOCABLY WAIVE ANY RIGHT THEY MAY HAVE, AND AGREE NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED
HEREBY. 
 9. DISPUTE RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or the arithmetic
calculation of the Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via facsimile or electronic mail within two (2) Business Days of receipt of the Exercise Notice or other event giving rise to
such dispute, as the case may be, to the Holder. If the Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within three (3) Business Days of such disputed determination
or arithmetic calculation being submitted to the Holder, then the Company shall, within two (2) Business Days submit via facsimile or electronic mail (a) the disputed determination of the Exercise Price to an independent, reputable
investment bank selected by the Company and approved by the Holder or (b) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant. The Company shall cause at its expense the investment
bank or the accountant, as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the results no later than ten (10) Business Days from the time it receives the disputed determinations or
calculations. Such investment bank’s or accountant’s determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable error. 

  
 - 13 - 

 10. REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies
provided in this Warrant shall be cumulative and in addition to all other remedies available under this Warrant and any other Transaction Documents, at law or in equity (including a decree of specific performance and/or other injunctive relief), and
nothing herein shall limit the right of the Holder to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable
harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the holder of this Warrant shall be entitled, in addition to all other
available remedies, to seek an injunction restraining any breach, without the necessity of showing economic loss and without any bond or other security being required. 

11. TRANSFER. Subject to compliance with applicable federal and state securities laws, this Warrant and the Warrant Shares may be
offered for sale, sold, transferred, pledged or assigned without the consent of the Company. 
 12. SEVERABILITY; CONSTRUCTION;
HEADINGS. If any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be
deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Warrant so long as this Warrant as so
modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair
the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited,
invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s). This Warrant shall be deemed to be jointly drafted by the Company and
the Holder and shall not be construed against any Person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this Warrant. 

13. DISCLOSURE. Upon receipt or delivery by the Company of any notice in accordance with the terms of this Warrant, unless the Company
has in good faith determined that the matters relating to such notice do not constitute material, nonpublic information relating to the Company or its subsidiaries, the Company shall contemporaneously with any such receipt or delivery publicly
disclose such material, nonpublic information on a Current Report on Form 8-K or otherwise. In the event that the Company believes that a notice contains material, nonpublic information relating to the Company
or its subsidiaries, the Company so shall indicate to such Holder contemporaneously with delivery of such notice, and in the absence of any such indication, the Holder shall be allowed to presume that all matters relating to such notice do not
constitute material, nonpublic information relating to the Company or its subsidiaries. 

  
 - 14 - 

 14. CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have
the following meanings: 
 (a) “Affiliate” means any Person that, directly or indirectly through one or more intermediaries,
controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act of 1933, as amended. 

(b) “Attribution Parties” means, collectively, the following Persons and entities: (i) any direct or indirect Affiliates
of the Holder, (ii) any Person acting or who could be deemed to be acting as a Group together with the Holder or any of the foregoing and (iii) any other Persons whose beneficial ownership of the Company’s Common Stock would or could
be aggregated with the Holder’s and the other Attribution Parties for purposes of Section 13(d) or Section 16 of the 1934 Act. For clarity, the purpose of the foregoing is to subject collectively the Holder and all other Attribution
Parties to the Maximum Percentage. 
 (c) “Bid Price” means, for any security as of the particular time of determination,
the bid price for such security on the Principal Market as reported by Bloomberg as of such time of determination, or, if the Principal Market is not the principal securities exchange or trading market for such security, the bid price of such
security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg as of such time of determination, or if the foregoing does not apply, the bid price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg as of such time of determination, or, if no bid price is reported for such
security by Bloomberg as of such time of determination, the average of the bid prices of any market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC) as of such time of
determination. If the Bid Price cannot be calculated for a security as of the particular time of determination on any of the foregoing bases, the Bid Price of such security as of such time of determination shall be the fair market value as mutually
determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section 9. All such determinations
shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period. 

(d) “Black Scholes Value” means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the
“OV” function on Bloomberg determined as of the day immediately following the first public announcement of the applicable Change of Control, or, if the Change of Control is not publicly announced, the date the Change of Control is
consummated, for pricing purposes 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 such date of request, (ii) an expected volatility equal
to 40%, (iii) the underlying price per share used in such calculation shall be the greater of (A) the sum of the price per share being offered in cash, if any, plus the per share value of any non-cash
consideration, if any, being offered in such Change of Control and (B) the greater of (x) the last Weighted Average Price immediately prior to the public announcement of such Change of Control and (y) the last Weighted Average Price
immediately prior to the consummation of such Change of Control, (iv) a zero cost of borrow and (v) a 360 day annualization factor. 

  
 - 15 - 

 (e) “Bloomberg” means Bloomberg Financial Markets. 

(f) “Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York
are authorized or required by law to remain closed. 
 (g) “Change of Control” means any Fundamental Transaction other than
(i) any reorganization, recapitalization or reclassification of the Common Stock in which holders of the Company’s voting power immediately prior to such reorganization, recapitalization or reclassification continue after such
reorganization, recapitalization or reclassification to hold publicly traded securities and, directly or indirectly, are, in all material respects, the holders of the voting power of the surviving entity (or entities with the authority or voting
power to elect the members of the board of directors (or their equivalent if other than a corporation) of such entity or entities) after such reorganization, recapitalization or reclassification, (ii) pursuant to a migratory merger effected
solely for the purpose of changing the jurisdiction of incorporation of the Company or (iii) a merger in connection with a bona fide acquisition by the Company of any Person in which (x) the gross consideration paid, directly or
indirectly, by the Company in such acquisition is not greater than 20% of the Company’s market capitalization as calculated on the date of the consummation of such merger and (y) such merger does not contemplate a change to the identity of
a majority of the board of directors of the Company. Notwithstanding anything herein to the contrary, any transaction or series of transactions that, directly or indirectly, results in the Company or the Successor Entity not having Common Stock or
common stock, as applicable, registered under the 1934 Act and listed on an Eligible Market shall be deemed a Change of Control. 
 (h)
“Closing Bid Price” and “Closing Sale Price” means, for any security as of any date, the last closing bid price and last closing trade price, respectively, for such security on the Principal Market, as reported by
Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade price, as the case may be, then the last bid price or the last trade price, respectively, of such
security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such security, the last closing bid price or last trade price, respectively, of such
security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing bid price or last trade price, respectively, of such security in the
over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is
reported for such security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported in the OTC Link or “pink sheets” by OTC Markets Group Inc. (formerly Pink OTC
Markets Inc.). If the Closing Bid Price or the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price or the Closing Sale Price, as the case may be, of such security on such
date shall be the fair 

  
 - 16 - 

 
market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be
resolved pursuant to Section 9. All such determinations to be appropriately adjusted for any stock dividend, stock split, stock combination, reclassification or other similar transaction during the applicable calculation period. 

(i) “Common Stock” means (i) the Company’s Common Stock, par value $0.001 per share, and (ii) any capital stock
into which such Common Stock shall have been changed or any capital stock resulting from a reclassification of such Common Stock. 
 (j)
“Convertible Securities” means any stock or securities (other than Options) directly or indirectly convertible into or exercisable or exchangeable for shares of Common Stock. 

(k) “Eligible Market” means The Nasdaq Capital Market, the NYSE American LLC, The Nasdaq Global Select Market, The Nasdaq
Global Market or The New York Stock Exchange, Inc. 
 (l) “Expiration Date” means February 12, 2022. 

(m) “Fundamental Transaction” means (A) that the Company shall, directly or indirectly, including through subsidiaries,
Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company is the surviving corporation) another Subject Entity, or (ii) sell, assign, transfer, convey or otherwise
dispose of all or substantially all of the properties or assets of the Company or any of its “significant subsidiaries” (as defined in Rule 1-02 of Regulation
S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities to make, or allow the Company to be subject to or have its shares of Common Stock be subject to or party to one
or more Subject Entities making, a purchase, tender or exchange offer that is accepted by the holders of at least either (x) 50% of the outstanding shares of Common Stock, (y) 50% of the outstanding shares of Common Stock calculated as if any shares
of Common Stock held by all Subject Entities making or party to, or Affiliated with any Subject Entities making or party to, such purchase, tender or exchange offer were not outstanding; or (z) such number of shares of Common Stock such that
all Subject Entities making or party to, or Affiliated with any Subject Entity making or party to, such purchase, tender or exchange offer, become collectively the beneficial owners (as defined in Rule 13d-3
under the 1934 Act) of at least 50% of the outstanding shares of Common Stock, or (iv) consummate a stock purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with one or more Subject Entities whereby all such Subject Entities, individually or in the aggregate, acquire, either (x) at least 50% of the outstanding shares of Common
Stock, (y) at least 50% of the outstanding shares of Common Stock calculated as if any shares of Common Stock held by all the Subject Entities making or party to, or Affiliated with any Subject Entity making or party to, such stock purchase
agreement or other business combination were not outstanding; or (z) such number of shares of Common Stock such that the Subject Entities become collectively the beneficial owners (as defined in Rule
13d-3 under the 1934 Act) of at least 50% of the outstanding shares of Common Stock, or (v) reorganize, recapitalize or reclassify its shares of Common Stock, (B) that the Company shall, directly or
indirectly, including through 

  
 - 17 - 

 
subsidiaries, Affiliates or otherwise, in one or more related transactions, allow any Subject Entity individually or the Subject Entities in the aggregate to be or become the “beneficial
owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, whether through acquisition, purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding shares
of Common Stock, merger, consolidation, business combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or otherwise in any manner
whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued and outstanding shares of Common Stock, (y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding
shares of Common Stock not held by all such Subject Entities as of the Subscription Date calculated as if any shares of Common Stock held by all such Subject Entities were not outstanding, or (z) a percentage of the aggregate ordinary voting
power represented by issued and outstanding shares of Common Stock or other equity securities of the Company sufficient to allow such Subject Entities to effect a statutory short form merger or other transaction requiring other stockholders of the
Company to surrender their Common Stock without approval of the stockholders of the Company or (C) directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, the issuance of or the
entering into any other instrument or transaction structured in a manner to circumvent, or that circumvents, the intent of this definition in which case this definition shall be construed and implemented in a manner otherwise than in strict
conformity with the terms of this definition to the extent necessary to correct this definition or any portion of this definition which may be defective or inconsistent with the intended treatment of such instrument or transaction. 

(n) “Group” means a “group” as that term is used in Section 13(d) of the 1934 Act and as defined in Rule 13d-5 thereunder. 
 (o) “Options” means any rights, warrants or options to subscribe for
or purchase shares of Common Stock or Convertible Securities. 
 (p) “Parent Entity” of a Person means an entity that,
directly or indirectly, controls the applicable Person, including such entity whose common stock or equivalent equity security is quoted or listed on an Eligible Market (or, if so elected by the Holder, any other market, exchange or quotation
system), or, if there is more than one such Person or such entity, the Person or such entity designated by the Holder or in the absence of such designation, such Person or entity with the largest public market capitalization as of the date of
consummation of the Fundamental Transaction. 
 (q) “Person” means an individual, a limited liability company, a
partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity and a government or any department or agency thereof. 

(r) “Principal Market” means the Nasdaq Capital Market. 

(s) “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, for the
Company’s primary trading market or quotation system with respect to the Common Stock that is in effect on the date of delivery of an applicable Exercise Notice. 

  
 - 18 - 

 (t) “Subject Entity” means any Person, Persons or Group or any Affiliate or
associate of any such Person, Persons or Group. 
 (u) “Successor Entity” means one or more Person or Persons (or, if so
elected by the Holder, the Company or Parent Entity) formed by, resulting from or surviving any Fundamental Transaction or one or more Person or Persons (or, if so elected by the Holder, the Company or the Parent Entity) with which such Fundamental
Transaction shall have been entered into. 
 (v) “Trading Day” means any day on which the Common Stock is traded on the
Principal Market, or, if the Principal Market is not the principal trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded. 

(w) “Transaction Documents” means any agreement entered into by and between the Company and the Holder, as applicable. 

(x) “Weighted Average Price” means, for any security as of any date, the dollar volume-weighted average price for such
security on the Principal Market during the period beginning at 9:30:01 a.m., New York time (or such other time as the 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 the Principal Market publicly announces is the official close of trading), as reported by Bloomberg through its “Volume at Price” function or, if the foregoing does not apply, the dollar 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 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, or, 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 OTC Link or
“pink sheets” by OTC Markets Group Inc. (formerly Pink OTC Markets 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. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved pursuant to
Section 9 but with the term “Weighted Average Price” being substituted for the term “Exercise Price.” All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination,
reclassification or other similar transaction during the applicable calculation period. 
 [Signature Page Follows] 

  
 - 19 - 

 IN WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common Stock to
be duly executed as of the Issuance Date set out above. 
  

			
	DYNAVAX TECHNOLOGIES CORPORATION
		
	By:	 	
                 

	Name:
	Title:

  
 - 20 - 

 EXHIBIT A 

EXERCISE NOTICE 
 TO BE
EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS 
 WARRANT TO PURCHASE COMMON STOCK 

DYNAVAX TECHNOLOGIES CORPORATION 

The undersigned holder hereby exercises the right to purchase ________ shares of Common Stock (“Warrant Shares”) of Dynavax
Technologies Corporation, a Delaware corporation (the “Company”), evidenced by the attached Warrant to Purchase Common Stock (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the
respective meanings set forth in the Warrant. 
 1. Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be
made as: 
 a “Cash Exercise” with respect
to                         Warrant Shares; and/or 

a “Cashless Exercise” with respect
to                         Warrant Shares 

1. Payment of Exercise Price. In the event that the holder has elected a Cash Exercise with respect to some or all of the Warrant Shares to be
issued pursuant hereto, the holder shall pay the Aggregate Exercise Price in the sum of $___________ to the Company in accordance with the terms of the Warrant. 

2. Delivery of Warrant Shares. The Company shall deliver to the holder ______________ Warrant Shares in accordance with the terms of the
Warrant. 
 Date: 
  

			
	  

	Name of Registered Holder
		
	By:	 	
                 

		 	Name:
		 	Title:

 ACKNOWLEDGMENT 

The Company hereby acknowledges this Exercise Notice and hereby directs its transfer agent, Computershare Inc., to issue the above indicated
number of shares of Common Stock on or prior to the applicable Share Delivery Date. 
  

			
	DYNAVAX TECHNOLOGIES CORPORATION
		
	By:	 	
                 

	Name:
	Title:Exhibit 4.1

 

 

 

 

 

 

 

B.O.S. Better
online solutions ltd.

 

sECURITIES
PURCHASE AGREEMENT

 

Dated as of

 

May 16, 2019

  

 

 

 

 

     

     

    

 

share PURCHASE
AGREEMENT

 

This SECURITIES PURCHASE AGREEMENT (this “Agreement”)
is made and entered into as of May 16, 2019 , by and among B.O.S Better Online Solutions Ltd. (the “Company”), and
the person(s) and/or entity(ies) listed in Schedule I attached hereto (each, an “Investor”, and, severally and
not jointly, the “Investors”);

 

WHEREAS,the Company
wishes to raise capital from the Investors in an aggregate amount of up to US$1,000,000 (the “Investment Amount”)
by means of the issuance of Ordinary Shares of the Company, nominal value NIS 80.00 each (each, a “Share” and
collectively, the “Shares”) subject to the terms and conditions more fully set forth in this Agreement; and

 

WHEREAS, in connection
with the Investors’ purchase of the Shares hereunder, the Company wishes to issue to the Investors such number of warrants
to purchase Shares as set forth opposite each Investor’s name in the column labeled “No. of Warrants”
on Schedule 1 hereto (reflecting 60% warrant coverage), on the terms and conditions hereof; and

 

WHEREAS, subject
to the terms and conditions herein, each of the Investors desires to acquire from the Company Shares and Warrants in the amount
corresponding to its name as set forth on Schedule I.

 

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

 

1. PURCHASE
AND SALE OF SHARES.

 

1.1 Subject
to the satisfaction of the terms and conditions described in this Agreement, at the Closing (as defined below), the Company shall
sell and issue to each Investor, and each Investor shall, severally and not jointly, purchase from the Company such number of Shares
as set forth opposite its name in Schedule I hereto (the “Purchased Shares”) for the corresponding “Applicable
Investment Amount” set forth therein, reflecting a purchase price per Share equal to $2.5.

 

1.2 At
the Closing, the Company shall issue and deliver to the Investors a Warrant in the form attached hereto as Exhibit A (the “Warrant”)
to purchase such number of Shares as is set forth opposite such Investor’s name in the column labeled “No. of Warrants”
(the “Warrant Shares”). Subject to the following vesting schedule, the Warrant shall be exercisable for a period
of three and a half (3.5) years from the date of issuance (the “Warrant Issue Date”). The Warrant’s exercise
price shall be $3.30 per Share. The Warrant shall vest and become exercisable with respect to one third of the Warrant Shares upon
each of the first, second and third annual anniversary of the Closing (as defined below), provided that on the applicable
vesting date, the Investor shall hold all of the Purchased Shares; and provided further that the Warrant shall vest and
become exercisable in respect of all of the Warrant Shares in the event one or more shareholders acting together acquire a block
of at least 40% of the Company’s issued and outstanding share capital.

  

     

     

    

 

2. CLOSING.
The execution and delivery of this Agreement (and the performance thereof) shall occur on May 16, 2109, upon delivery by facsimile
or e-mail of the pdf version of executed signature pages of this Agreement and all other documents, instruments and writings required
to be delivered pursuant to this Agreement to Gornitzky & Co., Zion Building, 45 Rothschild Blvd., Tel-Aviv 6578403 Israel
Attn: Shlomo Landress, Adv., e-mail: landress@gornitzky.com ; Fax: (972) 3 5606555 (the “Closing”). At the Closing(i)
each Investor shall deliver to the Company its Applicable Investment Amount, via wire transfer of immediately available funds in
accordance with the wire instructions below or bank or cashier’s check; and (ii) the Investors shall be issued the applicable
number of Shares as uncertificated shares registered with the Company’s transfer agent, American Stock Transfer & Trust &
Co. (“AST&T”). As soon as possible following Closing, the Company will deliver to each Investor a printout
issued by AST&T reflecting the number of shares purchased by such Investor hereunder.

  

	BOS Better Online Solutions Ltd.
	The First International Bank of Israel.
	
        42 Rothschild
Blvd.

        Tel Aviv, Israel 66833

	Branch #046
	Account No. 880200
	Swift Code: FIRBILITXXX
	IBAN: IL500310460000000880200

  

Or to:

 

BOS Better Online Solutions
Ltd.

Bank Leumi Ltd.

11 Moshe Levy St.

Rishon Le-Zion Industrial
Zone, 75707, Israel

Branch#671

Account No. 142900/82

Swift Code: LUMI ILIT
TLV

IBAN: IL80 0106 7100
0001 4290 082

 

3. REPRESENTATIONS
AND WARRANTIES BY THE COMPANY. The Company hereby represents and warrants to each of the Investors that:

 

3.1 Corporate
Organization. The Company is a corporation duly incorporated and validly existing under the laws of Israel, and has the corporate
power to own its property and to carry on its business as now being conducted. The Company’s shares are traded on the Nasdaq
Capital Market.

  

    - 2 -

     

    

 

3.2 Due
Authorization and Valid Issuance. The Company has the corporate power to enter into this Agreement. The Agreement has been,
or will have been, at the time of its execution and delivery, duly executed and delivered by the Company. Prior to the Closing
of this Agreement, the Company shall have acted to complete all corporate action necessary on its part for the issuance, sale and
delivery of the Shares, the Warrants and the Warrant Shares. The Shares being purchased by the Investor hereunder and the Warrant
Shares will, upon issuance and payment therefor pursuant to the terms hereof, be duly authorized, validly issued, fully-paid and
nonassessable.

 

3.3 Binding
Agreement. The Agreement constitutes a valid and legally binding obligation of the Company enforceable against the Company
in accordance with its terms, except as (i) such enforceability may be limited by bankruptcy, insolvency, reorganization, arrangement,
moratorium or similar laws relating to or affecting the rights of creditors and contracting parties generally, (ii) the remedy
of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion
of the court before which any proceeding therefore may be brought, and (iii) rights to indemnity and contribution may be limited
by Israeli or U.S. state or federal securities laws applicable to the Company or by the public policy underlying such laws.

 

3.4 Non-Contravention.
Neither the execution and delivery of the Agreement, nor the consummation of the transactions or the performance of the obligations
contemplated hereby will result in any violation or breach of Company’s Articles of Association as currently in effect, board
resolutions or shareholders resolutions.

 

3.5 No
Consent. To the Company’s best knowledge, and in reliance on the representations of the Investor given in Section 4 hereof,
except for reporting obligations and approvals required under applicable securities laws and market regulations and for notices
to or approvals by the Israel Innovation Authority (previously the Office of the Chief Scientist) (if required), and filing with
the Israeli Registrar of Companies, no consent of any governmental body or third party is required to be made or obtained by the
Company in connection with the execution and delivery of the Agreement by the Company or the consummation by the Company of the
transactions or the performance of the obligations contemplated hereby by the Company.

 

3.6 Capitalization.
The authorized share capital of the Company consists of  6,000,000 Ordinary Shares, nominal value NIS 80.00 per share, of
which, as of March 31, 2019, 3,857,790 Ordinary Shares are issued and outstanding.

 

3.7 Financial
Statements.

 

The audited consolidated
financial statements of the Company as of December 31, 2018 and the related notes thereto, as filed by the Company with the Securities
and Exchange Commission (“SEC”) under Form 20-F on April 1, 2019, fairly present the financial position of the
Company as of their respective dates, and have been prepared in accordance with the books and records of the Company as at the
applicable dates and for the applicable periods. Such financial statements have been prepared in accordance with generally accepted
accounting principles applied on a consistent basis throughout the periods therein specified, except as may be disclosed in the
notes to such financial statements, or as may be permitted by the SEC and except as disclosed in the filings the Company made in
connection with such statements, if any.

  

    - 3 -

     

    

 

3.8 Legal
Proceedings. Except as disclosed in the Company’s public filings, there is no material legal or governmental proceeding
pending or, to the knowledge of the Company, threatened to which the Company is or may be a party.

 

3.9 Compliance
with Law. To the knowledge of the Company, the business of the Company is conducted in accordance with applicable laws, except
to extent that, individually or in the aggregate, would not have a material adverse effect on the Company and its subsidiaries,
taken as a whole.

 

3.10 Disclosure.
The representations and warranties of the Company contained in this Section 3 as of the date hereof and as of the Closing,
and in the Company’s public filings with the SEC do not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements herein, in light of the circumstances under which they are made, not misleading.
The representations and warranties contained in this Section 3, are the sole representations and warranties made by the Company
with respect to the transaction contemplated by this Agreement, and the Company does not make any other representation or warranty,
express or implied.

 

4. REPRESENTATIONS
OF THE INVESTOR. Each Investor, severally and not jointly, represents and warrants to the Company that:

 

4.1 Enforceability.
(i) The Investor is authorized and qualified and has full right and power to become an investor in the Company, is authorized to
purchase the Shares and to perform its obligations pursuant to the provisions hereof, (ii) the person signing the Agreement and
any other instrument executed and delivered therewith on behalf of the Investor has been duly authorized by such entity and has
full power and authority to do so; , and (iii) such Investor has not been formed for the specific purpose of acquiring an interest
in the Company.

 

4.2 Restrictions
on Transferability and Hedging; Lock-Up.

 

4.2.1 The
Investor understands that (i) the Shares and the Warrant Shares have not been registered under the Securities Act of 1933, or under
the laws of any other jurisdiction; (ii) such Shares and Warrant Shares cannot be sold, transferred or otherwise disposed of unless
they are subsequently registered under the Securities Act and, where required, under the laws of other jurisdictions or unless
an exemption from registration is then available; (iii) there is now no registration statement on file with the SEC with respect
to the Shares or the Warrant Shares to be purchased by the Investor.

 

4.2.2 The
Investor acknowledges and agrees that the Shares and the Warrant Shares shall bear restrictive legends as counsel to the Company
may determine are necessary or appropriate, including without limitation, legends under applicable securities laws similar to the
following:

 

“These shares have not
been registered under the Securities Act of 1933. The shares have been acquired for investment and may not be sold, transferred,
assigned or otherwise disposed of in the absence of an effective registration statement with respect thereto, filed and made effective
under the Securities Act of 1933, or an opinion of the Company’s counsel that registration under such Act is not required.”

  

    - 4 -

     

    

 

4.2.3 The
Company will not register any transfer of Shares or Warrant Shares not made pursuant to registration under the Securities Act,
or pursuant to an available exemption from registration.

 

4.2.4 The
Investor agrees not to engage in hedging transactions with regards to the Shares sold pursuant to this Agreement. The Investor
further agrees that it will not, during a period commencing upon the Closing and ending on the first anniversary of the Closing
(the Lock-Up Period”) offer, pledge, sell, transfer or otherwise dispose of any of the Shares, Warrants or Warrant
Shares, or enter into any derivative transaction that has the economic effect of such sale or transfer.

 

4.3 Investment
Purposes. The Shares and the Warrant Shares are being acquired for investment purposes. The Shares and the Warrant Shares are
not being purchased with a view to, or for resale in connection with, any distribution or other disposition thereof. The Investor
has no present plans to enter into any contract, undertaking, agreement or arrangement for any such resale, distribution or other
disposition and it will not divide its interest in the Company’s Shares or Warrant Shares with others, resell or otherwise
distribute the Shares or Warrant Shares in violation of U.S. federal or state securities laws or the Israeli Securities Law.

 

4.4 Information
and Advice.

 

4.4.1 The
Investor has carefully reviewed and understands the risks of a purchase of the Shares and Warrant Shares. In connection with the
Investor’s investment in the Company, it has obtained the advice of its own investment advisors, counsel and accountants
(the “Advisors”). The Investor and its Advisors have reviewed the Company’s public filings and have been
furnished with all materials relating to the Company or the offering of the Shares (the “Offering”) that they
have requested. The Investor and its Advisors have been afforded the opportunity to ask questions of the Company concerning the
financial and other affairs of the Company and the conditions of the Offering and to obtain any additional information necessary
to verify the accuracy of any representations or information set forth with respect to the Shares and the Warrant Shares.

 

4.4.2 
The Company has answered all reasonable inquiries that the Investor and its Advisors have made concerning the Company or any other
matters relating to the creation and operations of the Company and the terms and conditions of the Offering.

 

4.5 Sophistication
and Risk.

 

4.5.1 It
has such knowledge and experience in financial and business matters, that it is capable of evaluating, and has evaluated, the merits
and risks of the Offering. By reason of its business or financial experience, it has the capacity to protect its interests in connection
with an investment in the Company.

  

    - 5 -

     

    

 

4.5.2 It
understands that no Israeli or U.S. federal or state agency has passed upon the Shares or Warrant Shares or made any finding or
determination as to the fairness of the transactions contemplated in the Agreement.

 

4.5.3 It
understands that the Shares and Warrant Shares are speculative investments, which involve a high degree of risk, including the
risk that the Investor might lose its entire amount invested in the Company.

 

4.5.4 It
understands that any tax benefits that may be available to the Investor, if any, may be lost through adoption of new laws, amendments
to existing laws or regulations, or changes in the interpretation of existing laws and regulations.

 

4.5.5 It
has the financial ability to bear the economic risk of its investment in the Company and has adequate net worth and means of providing
for the Investor’s current needs and contingencies to sustain a complete loss of the Investor’s investment and has
no need for liquidity in the Investor’s investment in the Company.

 

It is an “Accredited
Investor,” as such term is defined in Rule 501 of Regulation D under the Securities Act of 1933.

 

4.6 No
solicitation. At no time was the Investor presented with or solicited by any leaflet, public promotional meeting, newspaper
or magazine article, radio or television advertisement or any other form of general advertising or general solicitation concerning
the Offering.

 

4.7 Broker-Dealer.
The Investor is not a broker-dealer, nor is it an affiliate of any broker-dealer.

 

4.8 Further
Indebtedness. The Investor acknowledges that no provision of the Agreement restricts, or shall be construed to restrict, in
any way the ability of the Company to incur indebtedness or to issue share capital or other equity securities (or securities convertible
into equity securities) of the Company or to grant liens on its property and assets.

 

4.9 Voting
and/or Investment Control over the Investor. Each Investor which is an entity has made available to the Company a list of individuals
who have or share voting and/or investment control over such Investor. The Investor acknowledges that the Company may be required
to disclose such information in its public filings. Investor shall update such list as may reasonably be requested by the Company
from time to time to comply with the Company’s disclosure obligation and/or with a request for such information from any regulatory
body.

 

4.10 Independent
Investment. T  The Investor has not agreed to act with any other person for the purpose of acquiring, holding, voting
or disposing of the Shares or Warrant Shares purchased hereunder, and is acting independently with respect to its investment in
the Shares and Warrant Shares. The obligations of the Investor under the Agreement are several and not joint with the obligations
of any other Investor, and no Investor shall be responsible in any way for the performance of the obligations of any other Investor
under the Agreement. Nothing contained herein nor any action taken by any Investor pursuant thereto, shall be deemed to constitute
the Investors, or any of them, as a partnership, an association, a joint venture or any other kind of entity, or create a presumption
that the Investors, or any of them, are in any way acting in concert or as a group with respect to such obligations or the transactions
contemplated by the Agreement.

  

    - 6 -

     

    

 

4.11 Holdings.
Schedule I attached hereto reflects the holdings of the Company’s shares by the Investor and its affiliates as of
the date hereof, and as of the Closing.

 

4.12 Availability
of Exemptions.The Investor understands that the Shares are being offered and sold in reliance on a transactional
exemption or exemptions from the registration requirements of Israeli and U.S. federal and state securities laws and the
Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and
understandings of the Investor set forth herein in order to determine the applicability of such exemptions and the
suitability of the Investor to acquire the Shares and the Warrant Shares.

 

4.13 Disclosure.
The representations and warranties of the Investor contained in this Section 4 as of the date hereof and as of the Closing,
do not contain any untrue statement of a material fact or omit to state a material fact required to be stated herein or necessary
to make the statements herein, in light of the circumstances under which they are made, not misleading. The Investor understands
and confirms that the Company will rely on the foregoing representations in effecting the transaction contemplated in the Agreement
and other transactions in securities of the Company.

 

5. CONDITIONS
OF INVESTOR’S OBLIGATION AT THE CLOSING. The obligation of each Investor to purchase Shares is subject to the fulfillment
or waiver by the Investor prior to or on the date of the Closing of the conditions set forth in this Section 5. In the event that
any such condition is not satisfied to the satisfaction of the Investor, then the Investor shall not be obligated to proceed with
the purchase of such securities.

 

5.1 Representations
and Warranties. The representations and warranties of the Company under this Agreement shall be true in all material respects
as of the Closing, with the same effect as though made on and as of such date.

 

5.2 Compliance
with Agreements. The Company shall have performed and complied in all material respects with all agreements or conditions required
by this Agreement to be performed and complied with by it prior to or as of the Closing.

 

5.3 No
Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any of the transactions
contemplated by this Agreement.

 

5.4 Government
Approvals. The Company shall have received all necessary governmental approvals with respect to the transactions contemplated
hereby.

  

6. CONDITIONS
OF THE COMPANY’S OBLIGATION AT THE CLOSING. The obligation of the Company to issue the Shares to each Investor is subject
to the fulfillment or waiver by the Company prior to or on the Closing of the conditions set forth in this Section 6. In the event
that any such condition is not satisfied to the satisfaction of the Company, then the Company shall not be obligated to proceed
with the sale of the securities under this Agreement.

  

    - 7 -

     

    

 

6.1 Representations
and Warranties. The representations and warranties of the Investor under this Agreement shall be true in all material respects
as of the Closing, with the same effect as though made on and as of such date.

 

6.2 Compliance
with Agreements. The Investor shall have performed and complied in all respects with all agreements or conditions required
by this Agreement to be performed and complied with by it prior to or as of the Closing.

 

6.3 No
Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any of the transactions
contemplated by this Agreement.

 

6.4 Delivery
of Purchase Amount. The Investor shall have delivered to the Company its Purchase Amount for the Shares at the Closing Date.

 

6.5 Government
Approvals. The Company shall have received all necessary governmental approvals with respect to the transactions contemplated
hereby. The Investor shall have executed any confirmations and undertakings required by the Israel Innovation Authority (previously
the Office of Chief Scientist), if applicable.

 

7. REGISTRATION.
Not later than 180 days from the date of the Closing of the Share Purchase Agreement, the Company shall prepare and file with the
SEC a Registration Statement on Form F-3 covering the Purchased Shares and the Warrants Shares (collectively, the “Registrable
Securities”) for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act of 1933 (the
“Securities Act”). The Company shall cause the Registration Statement to be declared effective under the Securities
Act as promptly as possible after the filing thereof and shall use its reasonable commercial efforts to keep the Registration Statement
continuously effective under the Securities Act until the date which is the earlier of: (i) the date when all Registrable Securities
have been sold; (ii) 4 years from the date hereof. The expenses incurred in connection with such registration shall be borne and
paid by the Company.

  

    - 8 -

     

    

 

8. CONFIDENTIALITY.
Any information disclosed to the Investor or its Advisors, which has not previously been made available to the general public
by the Company, if any, shall be considered Confidential Information. The Investor acknowledges the confidential nature of the
Confidential Information it may have received, and agrees that the Confidential Information is the valuable property of the Company.
The Investor agrees that it and its Advisors shall not reproduce any of the Confidential Information without the prior written
consent of the Company, nor shall they use any Confidential Information for any purpose except as permitted by and in the performance
of this Agreement, or divulge all or any part of the Confidential Information to any third party. The confidentiality obligations
undertaken by the Investor hereunder will remain in full force and effect regardless of the execution and consummation or termination
of this Agreement.

 

9. MISCELLANEOUS.

 

9.1 Amendments.
This Agreement may be modified, supplemented or amended only by a written instrument executed by the parties hereto.

 

9.2 Notices.
Any notice that is required or provided to be given under this Agreement shall be deemed to have been sufficiently given and received
for all purposes, (i) when delivered in writing by hand, upon delivery; (ii) if sent via facsimile or email, upon transmission
(and if transmitted and received on a non-business day, on the first business day following transmission), (iii) seven (7) business
days (and fourteen (14) business days for international mail) after being sent by certified or registered mail, postage and charges
prepaid, return receipt requested, or (iv) three (3) business days after being sent by internationally overnight delivery providing
receipt of delivery, to the following addresses:

 

if to the Company,
B.O.S Better Online Solutions Ltd., 20 Freiman Street, Rishon Lezion, 75101 Israel Attn: Mr. Eyal Cohen, Co-CEO and CFO, facsimile:
(972) 3 954-1003, with a copy (that shall not serve as notice) to Gornitzky & Co., Zion Building, 45 Rothschild Blvd., Tel-Aviv
6578403 Israel Attn: Shlomo Landress, Adv., e-mail: landress@gornitzky.com; Fax: (972) 3 5606555; or at any other address designated
by the Company to the Investor in writing;

 

if to the Investor,
to its address listed on Schedule I hereto or at any other address designated by the Investor to the Company in writing.

 

9.3 Survival
of Representations and Warranties. All representations and warranties contained herein shall survive after the execution and
delivery of this Agreement or such certificate or document, as the case may be, for a period of 24 months from the date hereof.
All covenants and agreements in the Agreement shall survive in accordance with their terms. This Section shall survive the termination
of this Agreement for any reason.

 

9.4 Delays
or Omissions; Waiver. Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing
to any party under this Agreement shall impair any such right, power or remedy of such party nor shall it be construed to be a
waiver of any breach or default, or an acquiescence thereto, or of a similar breach or default thereafter occurring; nor shall
any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.
Any waiver, permit, consent or approval of any kind or character on the part of any party hereto of any breach or default under
this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and
shall be effective only to the extent specifically set forth in such writing.

  

    - 9 -

     

    

 

9.5 Other
Remedies. Any and all remedies herein expressly conferred upon a party shall be deemed cumulative with, and not exclusive of,
any other remedy conferred hereby or by law on such party, and the exercise of any one remedy shall not preclude the exercise of
any other.

 

9.6 Entire
Agreement. This Agreement and the exhibits and schedules hereto, constitute the entire understanding and agreement of the parties
hereto with respect to the subject matter hereof and thereof and supersede all prior and contemporaneous agreements or understandings,
inducements or conditions, express or implied, written or oral, between the parties with respect hereto and thereto.

 

9.7 Headings.
All section headings herein are inserted for convenience only and shall not modify or affect the construction or interpretation
of any provision of this Agreement.

 

9.8 Severability.
Should any one or more of the provisions of this Agreement (including its exhibits and schedules) be determined to be illegal or
unenforceable, all other provisions of this Agreement shall be given effect separately from the provision or provisions determined
to be illegal or unenforceable and shall not be affected thereby. The parties further agree to replace such void or unenforceable
provision of this Agreement with a valid and enforceable provision, which will achieve, to the extent possible, the economic, business
and other purposes of the void or unenforceable provision.

 

9.9 Assignment.
This Agreement may not be assigned in whole or in part by the Investor without the prior written consent of the Company.

 

9.10 Governing
Law and Venue. This Agreement shall be construed in accordance with and governed by the internal laws of the State of Israel,
without regard to conflict of laws provisions. Any dispute arising under or in relation to this Agreement shall be adjudicated
in the competent court of Tel Aviv-Jaffa district only, and each of the parties hereby submits irrevocably to the exclusive jurisdiction
of such court.

 

9.11 Counterparts.
This Agreement may be executed concurrently in any number of counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

 

9.12 Further
Actions. At any time and from time to time, each party agrees, without further consideration, to take such actions and to execute
and deliver such documents as may be reasonably necessary to effectuate the purposes of this Agreement.

 

(Remainder
of page intentionally left blank.)

  

    - 10 -

     

    

 

IN WITNESS WHEREOF, the undersigned have executed and
delivered this Agreement as of the date first set forth above.

 

COMPANY:

   

	B.O.S. BETTER ONLINE SOLUTIONS LTD.	 
	 	 
	By:	 	 
	 	Name: 	 	 
	 	Title: 	 	 

 

INVESTOR:

 

	By: 	 	 
	 	Name:  	 	 
	 	Title:	 	 

  

    - 11 -

     

    

  

Schedule I

 

	INVESTOR’S 
 NAME AND	 	APPLICABLE 
 INVESTMENT	 	 	NO. OF 
 PURCHASED	 	 	NO. OF 
 WARRANTS	 
	ADDRESS	 	AMOUNT	 	 	SHARES	 	 	PURCHASED	 
	Premier Financial Concepts LLC	 	USD	300,000	 	 	 	120,000	 	 	 	72,000	 
	Rodney Speight	 	USD	50,000	 	 	 	20,000	 	 	 	12,000	 
	Ralph J. Fratus Jr	 	USD	100,000	 	 	 	40,000	 	 	 	24,000	 
	Michele Roverto Manago	 	USD	50,000	 	 	 	20,000	 	 	 	12,000	 
	The John C. & Desiree A. Coats Trust dated 03/29/04	 	USD	50,000	 	 	 	20,000	 	 	 	12,000	 
	The Walter and Laura Whetstine Revocable Living Trust dated 10/12/2010	 	USD	50,000	 	 	 	20,000	 	 	 	12,000	 
	Woodman Revocable Trust dated 08/12/12	 	USD	50,000	 	 	 	20,000	 	 	 	12,000	 
	Todd M. Felte	 	USD	50,000	 	 	 	20,000	 	 	 	12,000	 
	Kristi Dorman	 	USD	50,000	 	 	 	20,000	 	 	 	12,000	 
	Dean Amato	 	USD	100,000	 	 	 	40,000	 	 	 	24,000	 
	Dana W. Amato	 	USD	150,000	 	 	 	60,000	 	 	 	36,000	 

  

    - 12 -

     

    

 

	THIS WARRANT AND THE ORDINARY SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THIS WARRANT AND THE ORDINARY SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS WARRANT UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO B.O.S. BETTER ONLINE SOLUTIONS LTD. THAT SUCH REGISTRATION IS NOT REQUIRED.

 

Right to Purchase up to ________ Ordinary
Shares of

B.O.S. Better Online Solutions Ltd.

(subject to adjustment as provided herein)

 

ORDINARY SHARES PURCHASE
WARRANT

 

	No. _________________	Issue Date: May ___, 2019 

 

B.O.S. BETTER ONLINE SOLUTIONS LTD. a company
incorporated under the laws of the State of Israel hereby certifies that, for value received, ___________, or assigns (the “Holder”),
is entitled, subject to the terms set forth below, to purchase from the Company (as defined herein) up to _________ fully paid
and nonassessable Ordinary Shares (as hereinafter defined), NIS 80.00 nominal value per share (the “Warrant Shares”),
at the exercise price of $3.30 per Ordinary Share (the “Exercise Price”). The number and character of such Ordinary
Shares and the Exercise Price per share are subject to adjustment as provided herein.

 

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

 

		(a)	The term “Company” shall include B.O.S. Better
Online Solutions Ltd. and any corporation which shall succeed, or assume the obligations of, B.O.S. Better Online Solutions Ltd.
hereunder.

 

		(b)	The term “Other Securities” refers to any securities
of the Company or any other person (corporate or otherwise) which the Holder of the Warrant at any time shall be entitled to receive,
or shall have received, on the exercise of the Warrant, in lieu of or in addition to Ordinary Shares, or which at any time shall
be issuable or shall have been issued in exchange for or in replacement of Ordinary Shares or Other Securities pursuant to Section
3 or otherwise.

 

    - 13 -

     

    

 

Capitalized terms used herein
without definition shall have the meanings ascribed to such terms in that Securities Purchase Agreement dated as of the date hereof
by and among the Company and the Investor (as defined therein).

 

		2.	Exercise of Warrant.

 

2.1 Term. This Warrant
shall be subject to a three year annual vesting and may be exercised as follows: (i) commencing May _______ 2020 with respect to
up to _______ Ordinary Shares of the Company; (ii) commencing May ____2021 with respect to up to an additional _______ Ordinary
Shares of the Company; and (iii) commencing May ___2022 with respect to up to an additional ________Ordinary Shares of the Company
(each such date, a “Vesting Date”), provided that on the applicable Vesting Date the Holder shall be the owner
of all of the Ordinary Shares the Holder has acquired from the Company on the date hereof (the “Purchased Shares”).
The Warrant shall automatically expire and no longer be exercisable on November ____, 2022 or, with respect to any portion of the
Warrant not previously vested as described above, upon the earlier sale by the holder of all or part of the Purchased Shares.

  

2.2
Shares Issuable upon Exercise. The Holder shall be entitled to receive, upon exercise of this Warrant in whole or in part,
by delivery of an original or fax copy of an exercise notice in the form attached hereto as Exhibit A (the “Exercise
Notice”) and payment in accordance with Section 2.2 below, Ordinary Shares of the Company (the “Warrant Shares”),
subject to adjustment pursuant to Section 4.

 

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

  

    - 14 -

     

    

 

		3.	Procedure for Exercise.

 

The Company agrees that the Warrant Shares
purchased upon exercise of this Warrant shall be deemed to be issued to the Holder as the record owner of such shares as of the
close of business on the date on which this Warrant shall have been surrendered and payment made for such shares in accordance
herewith. As soon as practicable after the exercise of this Warrant in full or in part, and in any event within three (3) business
days thereafter, the Company at its expense (including the payment by it of any applicable issue taxes) will cause to be issued
in the name of and delivered to the Holder, or as such Holder (upon payment by such Holder of any applicable transfer taxes) may
direct in compliance with applicable securities laws, such number of duly and validly issued, fully paid and nonassessable Warrant
Shares (or Other Securities) to which the Holder shall be entitled on such exercise, as uncertificated shares registered with the
Company’s transfer agent.

 

		4.	Payment of Exercise Price.

 

Payment shall be made in cash,
by wire transfer to a bank account the details of which shall have been provided by the Company to the Holder in writing or by
certified or official bank check payable to the order of the Company, of the amount equal to the applicable aggregate Exercise
Price for the number of Ordinary Shares specified in the Exercise Notice (as such exercise number shall be adjusted to reflect
any adjustment in the total number of Warrant Shares issuable to the Holder per the terms of this Warrant) and the Holder shall
thereupon be entitled to receive the applicable number of duly authorized, validly issued, fully-paid and non-assessable Warrant
Shares (or Other Securities) determined as provided herein.

 

		5.	Fractional Shares.

 

This Warrant may not be exercised
for fractional shares. In lieu of fractional shares the Company shall make a cash payment therefor based upon the Exercise Price
then in effect.

 

		6.	Effect of Reorganization, Etc.; Adjustment of Exercise
Price.

 

6.1 Reorganization, Consolidation, Merger,
Etc. In case at any time or from time to time, the Company shall (a) effect a reorganization, (b) consolidate with or merge
into any other person, including the sale of substantially all of the Company’s outstanding share capital to a corporate
third party, in consideration for such third party’s securities, or (c) transfer all or substantially all of its properties
or assets to any other person under any plan or arrangement contemplating the dissolution of the Company, then, in each such case,
as a condition to the consummation of such a transaction, proper and adequate provision shall be made by the Company whereby the
Holder of this Warrant, on the exercise hereof as provided in Sections 2 and 3 at any time after the consummation of such reorganization,
consolidation or merger or the effective date of such dissolution, as the case may be, shall receive, in lieu of the Ordinary Shares
issuable on such exercise prior to such consummation or such effective date, the shares and Other Securities and property (including
cash) to which such Holder would have been entitled upon such consummation or in connection with such dissolution, as the case
may be, if such Holder had so exercised this Warrant, immediately prior thereto, all subject to further adjustment thereafter as
provided in Section 4.

  

    - 15 -

     

    

 

6.2
Extraordinary Events Regarding Ordinary Shares. In the event that the Company shall (a) issue additional Ordinary Shares
as a dividend or other distribution on outstanding Ordinary Shares, (b) subdivide its outstanding Ordinary Shares, or (c) combine
its outstanding Ordinary Shares into a smaller number of Ordinary Shares, then, in each such event, the Exercise Price shall, simultaneously
with the happening of such event, be adjusted by multiplying the then Exercise Price by a fraction, the numerator of which shall
be the number of Ordinary Shares outstanding immediately prior to such event and the denominator of which shall be the number of
Ordinary Shares outstanding immediately after such event, and the product so obtained shall thereafter be the Exercise Price then
in effect. The Exercise Price, as so adjusted, shall be readjusted in the same manner upon the happening of any successive event
or events described herein in this Section 3.2. The number of Ordinary Shares that the Holder of this Warrant shall thereafter,
on the exercise hereof be entitled to receive shall be increased or decreased, as the case may be, to a number determined by multiplying
the number of Ordinary Shares that would otherwise (but for the provisions of this Section 3.2) be issuable on such exercise by
a fraction of which (a) the numerator is the Exercise Price that would otherwise (but for the provisions of this Section 3.2) be
in effect, and (b) the denominator is the Exercise Price in effect on the date of such exercise.

 

6.3
Good Faith. All determinations with respect to adjustments by the Company hereunder shall be made by the Board of Directors
in good faith.

 

		7.	Certificate as to Adjustments. In each case of any
adjustment or readjustment in the Ordinary Shares (or Other Securities) issuable on the exercise of the Warrant, the Company at
its expense will promptly cause its Chief Financial Officer or other appropriate designee to compute such adjustment or readjustment
in accordance with the terms of the Warrant and prepare a certificate setting forth such adjustment or readjustment and showing
in detail the facts upon which such adjustment or readjustment is based.

 

		8.	Reservation of Shares, Etc., Issuable on Exercise of
Warrant. The Company will at all times reserve and keep available, solely for issuance and delivery on the exercise of the
Warrant, Ordinary Shares (or Other Securities) from time to time issuable on the exercise of the Warrant.

  

    - 16 -

     

    

 

		9.	Representations of the Company. The Company represents
that (i) all corporate actions on the part of the Company, its officers, directors and shareholders necessary for the sale and
issuance of the Warrant Shares pursuant hereto and the performance of the Company’s obligations hereunder were taken prior
to and are effective as of the issue date of this Warrant; (ii) the Warrant Shares are duly authorized and reserved for issuance
by the Company and, when issued in accordance with the terms hereof, will be validly issued, fully paid and nonassessable and
not subject to any preemptive rights, and (iii) the execution and delivery of this Warrant are not, and the issuance of the Warrant
Shares upon exercise of this Warrant in accordance with the terms hereof will not be, inconsistent with the Company’s Articles
of Association, do not and will not contravene any law, governmental rule or regulation, or, to the Company’s knowledge,
any judgment or order applicable to the Company, and, except for consents that have already been obtained by the Company or except
as would not have a Material Adverse Effect, do not and will not conflict with or contravene any provision of, or constitute a
default under, any indenture, mortgage, contract or other instrument of which the Company is a party or by which it is bound,
or require the consent or approval of, the giving of notice to, the registration with or the taking of any action in respect of
or by any government authority or agency or other person.. as used herein, “Material Adverse Effect” means any material
adverse effect on the business, properties, assets, operations, prospects, results of operations or condition (financial or otherwise)
of the Company and its subsidiaries, taken as a whole.

 

		10.	Representations and Warranties by the Holder. The
Holder represents and warrants to the Company as follows:

 

10.1 Holder understands that
the Warrant is being offered and sold pursuant to an exemption or exemptions from registration requirements of Israeli and US Federal
and state securities laws and that the Company is relying upon the truth and accuracy of Holder’s representations contained
in that Securities Purchase Agreement of even date herewith, including, without limitation, that the Holder is an “Accredited
Investor” within the meaning of Regulation D under the Securities Act of 1933.

 

10.2 Holder has substantial
experience in evaluating and investing in private placement transactions of securities in companies similar to the Company so that
it is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests.
Holder is able to bear the economic risk of this investment.

 

10.3 Holder is acquiring the
Warrant and the Ordinary Shares issuable upon exercise of the Warrant for its own account for investment only, and not as a nominee
or agent and not with a view towards or for resale in connection with their distribution.

  

    - 17 -

     

    

 

		11.	Assignment; Exchange of Warrant. Subject to compliance
with applicable securities laws, this Warrant, and the rights evidenced hereby, may be transferred in whole by any registered
Holder hereof (a “Transferor”) in whole or in part. On the surrender for exchange of this Warrant, with the Transferor’s
endorsement in the form of Exhibit B attached hereto (the “Transferor Endorsement Form”) and together
with evidence reasonably satisfactory to the Company demonstrating compliance with applicable securities laws, which shall include,
without limitation, a legal opinion from the Transferor’s counsel that such transfer is exempt from the registration requirements
of applicable securities laws, the Company at its expense (but with payment by the Transferor of any applicable transfer taxes)
will issue and deliver a new Warrant of like tenor, in the name of the transferee specified in such Transferor Endorsement Form
(each a “Transferee”), calling in the aggregate on the face thereof for the number of Ordinary Shares called for on
the face of the Warrant so surrendered by the Transferor. Notwithstanding the foregoing, no opinion of counsel or “no-action”
letter shall be necessary for a transfer without consideration by a Holder to any other entity which controls, is controlled by
or is under common control with the Holder.

 

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

 

		13.	Rights of Shareholders. No Holder shall be entitled,
in its capacity as a Warrant holder only, to vote or receive dividends or be deemed the holder of the Ordinary Shares or any Other
Securities of the Company, which may at any time be issuable upon the exercise of this Warrant for any purpose, nor shall anything
contained herein be construed to confer upon the Holder, as such, any of the rights of a shareholder of the Company or any right
to vote for the election of directors or upon any other matter submitted to shareholders at any meeting thereof, or to give or
withhold consent to any corporate action (whether upon any recapitalization, issuance of shares, reclassification of shares, change
of nominal value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive dividends or
subscription rights or otherwise until the Warrant shall have been exercised and the Ordinary Shares issuable upon the exercise
hereof shall have become deliverable, as provided herein.

  

    - 18 -

     

    

 

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

 

		15.	Notices, Etc. All notices and other communications
from the Company to the Holder of this Warrant shall be deemed to have been sufficiently given and received for all purposes,
(i) when delivered in writing by hand, upon delivery; (ii) if sent via facsimile, upon transmission and electronic confirmation
of receipt (and if transmitted and received on a non-business day, on the first business day following transmission and electronic
confirmation of receipt), (iii) seven (7) business days (and fourteen (14) business days for international mail) after being sent
by certified or registered mail, postage and charges prepaid, return receipt requested, or (iv) three (3) business days after
being sent by internationally overnight delivery providing receipt of delivery, to the address as may have been furnished to the
Company in writing by such Holder or, until any such Holder furnishes to the Company an address, then to, and at the address of,
the last Holder of this Warrant who has so furnished an address to the Company.

 

		16.	Miscellaneous. This Warrant and any term hereof
may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement
of such change, waiver, discharge or termination is sought. This Warrant shall be governed by and construed in accordance with
the laws of the State of Israel without regard to principles of conflicts of laws. Any dispute arising under or in relation to
this Agreement shall be adjudicated in the competent court of Tel Aviv-Jaffa district only, and each of the parties hereby submits
irrevocably to the exclusive jurisdiction of such court. In the event that any provision of this Warrant is invalid or unenforceable
under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision, which may prove invalid
or unenforceable under any law shall not affect the validity or enforceability of any other provision of this Warrant. The headings
in this Warrant are for purposes of reference only, and shall not limit or otherwise affect any of the terms hereof. The invalidity
or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.

 

[BALANCE OF PAGE INTENTIONALLY
LEFT BLANK;

 

SIGNATURE PAGE FOLLOWS]

  

    - 19 -

     

    

 

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

 

	B.O.S. BETTER ONLINE SOLUTIONS LTD.

 

	By: 	 	 	By: 	 
	 	 	 
	Name:  	 	 	Name: 	 
	 	 	 
	Title:	 	 	Title:	 

  

    - 20 -

     

    

 

EXHIBIT A

 

FORM OF SUBSCRIPTION 

(To Be Signed Only on Exercise of Warrant)

 

		To:	B.O.S. Better Online Solutions Ltd.

 

Attention:  
Co-CEO and Chief Financial Officer

 

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

 

________       
________ Ordinary Shares covered by such Warrant;

 

☐☐ The
undersigned herewith makes payment of the full Exercise Price for such Ordinary Shares at the price per share provided for in
such Warrant, which is $_____________.

 

Such payment takes the form of
(check applicable box or boxes):

 

	 	☐	$__________ by wire transfer of lawful money of the United States; and/or

 

	 	☐	$__________ by certified or official bank check payable to the order of the Company

  

The undersigned requests that
shares be issued in the name of, and delivered to ______________________________________________ whose address is _________________________________________________________________________.

 

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

     

	Dated: ___________	 	 
	 	 	(Signature must conform to name of 

Holder as specified on the face of the Warrant)

 

	Address:	 
	 	 

   

    - 21 -

     

    

 

EXHIBIT B

 

FORM OF TRANSFEROR ENDORSEMENT 

(To Be Signed Only on Transfer of Warrant)

 

For value received, the undersigned hereby sells, assigns, and
transfers unto the person named below under the heading “Transferee” the right represented by the within Warrant to
purchase the number of Ordinary Shares of B.O.S Better Online Solutions Ltd. into which the within Warrant relates and appoints
each such person attorney-at-fact to transfer its respective right on the books of B.O.S. Better Online Solutions Ltd. with full
power of substitution.

  

	NAME OF TRANSFEREE	 	ADDRESS

 

	 	 	 
	DATED:	_______________	(SIGNATURE MUST CONFORM TO NAME

OF HOLDER AS SPECIFIED ON THE FACE

OF THE WARRANT)

  

	ADDRESS:	 
	 	 
	 	 
	 	 
	 	 

 

	
        ACCEPTED AND AGREED:

 

        [TRANSFEREE]

 

	By:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 

 

 

- 22 -

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