Document:

EX-4.4

 EXHIBIT 4.4 

Warrant Number U-             

THE WARRANT REPRESENTED BY THIS CERTIFICATE AND THE SHARES ISSUABLE UPON EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND, IN THE CASE OF A
TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS. 

WARRANT TO PURCHASE COMMON STOCK OF 

CYTODYN INC. 

                       
     , 2013 
 This is to certify that, for value received in connection with an offering by CytoDyn Inc., a
Colorado corporation (the “Company”), of Units consisting of two shares of common stock, no par value per share (the “Common Stock”), of the Company, together with one warrant to purchase one additional share of Common Stock,
            , or a proper assignee (the “Holder”), is entitled to purchase up to             shares of Common Stock
(“Warrant Shares”), subject to the provisions of this Warrant Number U-            (this “Warrant”), from the Company. This Warrant shall be exercisable at Seventy-Five
Cents ($0.75) per share (the “Exercise Price”). This Warrant also is subject to the following terms and conditions: 
 1.
Exercise and Payment; Exchange. 
 (a) This Warrant may be exercised in whole or in part at any time from and after the date hereof
(the “Commencement Date”) through 5:00 p.m., Pacific time, on September 25, 2018 (the “Expiration Date”), at which time this Warrant shall expire and become void, but if such date is a day on which federal or state chartered
banking institutions located in the State of Oregon are authorized to close, then on the next succeeding day which shall not be such a day. Exercise shall be by presentation and surrender to the Company, or at the office of any transfer agent
designated by the Company (the “Transfer Agent”), of (i) this Warrant, (ii) the attached exercise form properly executed, and (iii) a wire transfer or certified or official bank check for the Exercise Price for the number of
Warrant Shares specified in the exercise form. If 

 
this Warrant is exercised in part only, the Company shall, upon surrender of the Warrant, execute and deliver a new Warrant evidencing the rights of the Holder to purchase the remaining number of
Warrant Shares purchasable hereunder. Upon receipt by the Company of this Warrant in proper form for exercise, accompanied by payment as aforesaid, the Holder shall be deemed to be the holder of record of the Common Stock issuable upon such
exercise, notwithstanding that the stock transfer books of the Company shall then be closed or that certificates representing such Warrant Shares shall not then have been actually delivered to the Holder. 

(b) Conditions to Exercise or Exchange. The restrictions in Section 7 shall apply, to the extent applicable by their terms, to any
exercise or exchange of this Warrant permitted by this Section 1. 
 2. Reservation of Shares. The Company shall, at all times
until the expiration of this Warrant, reserve for issuance and delivery upon exercise of this Warrant the number of Warrant Shares which shall be required for issuance and delivery upon exercise of this Warrant. 

3. Fractional Interests. The Company shall not issue any fractional shares or scrip representing fractional shares upon the exercise or
exchange of this Warrant. With respect to any fraction of a share resulting from the exercise or exchange hereof, the Company shall pay to the Holder an amount in cash equal to such fraction multiplied by the current fair market value per share of
Common Stock, determined as follows: 
 (a) If the Common Stock is listed on a national securities exchange or admitted to unlisted trading
privileges on such an exchange, the current fair market value shall be the last reported sale price of the Common Stock on such exchange on the last business day prior to the date of exercise of this Warrant or, if no such sale is made on such day,
the mean of the closing bid and asked prices for such day on such exchange; 
 (b) If the Common Stock is not so listed or admitted to
unlisted trading privileges or quoted on a national securities exchange, the current fair market value shall be the mean of the last bid and asked prices reported on the last business day prior to the date of the exercise of this Warrant by the OTC
Markets Group, Inc.; or 
 (c) If the Common Stock is not so listed or admitted to unlisted trading privileges and bid and asked prices are
not so reported, the current fair market value shall be an amount, not less than book value, determined in such reasonable manner as may be prescribed by the Company in good faith. 

4. No Rights as Shareholder. This Warrant shall not entitle the Holder to any rights as a shareholder of the Company, either at law or
in equity. The rights of the Holder are limited to those expressed in this Warrant and are not enforceable against the Company except to the extent set forth herein. 

5. Adjustments in Number and Exercise Price of Warrant Shares. 

5.1 The number of shares of Common Stock for which this Warrant may be exercised and the Exercise Price therefor shall be subject to adjustment
as follows: 

 (a) If the Company is recapitalized through the subdivision or combination of its outstanding
shares of Common Stock into a larger or smaller number of shares, the number of shares of Common Stock for which this Warrant may be exercised shall be increased or reduced, as of the record date for such recapitalization, in the same proportion as
the increase or decrease in the outstanding shares of Common Stock, and the Exercise Price shall be adjusted so that the aggregate amount payable for the purchase of all of the Warrant Shares issuable hereunder immediately after the record date for
such recapitalization shall equal the aggregate amount so payable immediately before such record date. 
 (b) If the Company declares a
dividend on Common Stock payable in Common Stock or securities convertible into Common Stock, the number of shares of Common Stock for which this Warrant may be exercised shall be increased as of the record date for determining which holders of
Common Stock shall be entitled to receive such dividend, in proportion to the increase in the number of outstanding shares (and shares of Common Stock issuable upon conversion of all such securities convertible into Common Stock) of Common Stock as
a result of such dividend, and the Exercise Price shall be adjusted so that the aggregate amount payable for the purchase of all the Warrant Shares issuable hereunder immediately after the record date for such dividend shall equal the aggregate
amount so payable immediately before such record date. 
 (c) If the Company distributes to holders of its Common Stock, other than as part
of its dissolution or liquidation or the winding up of its affairs, any shares of its Common Stock, any evidence of indebtedness or any of its assets (other than cash, Common Stock or securities convertible into Common Stock), the Company shall give
written notice to the Holder of any such distribution at least fifteen (15) days prior to the proposed record date in order to permit the Holder to exercise this Warrant on or before the record date. There shall be no adjustment in the number
of shares of Common Stock for which this Warrant may be exercised, or in the Exercise Price, by virtue of any such distribution. 
 (d) If
the Company offers rights or warrants generally to the holders of Common Stock which entitle them to subscribe for or purchase additional Common Stock or securities convertible into Common Stock, the Company shall give written notice of any such
proposed offering to the Holder at least fifteen (15) days prior to the proposed record date in order to permit the Holder to exercise this Warrant on or before such record date. There shall be no adjustment in the number of shares of Common
Stock for which this Warrant may be exercised, or in the Exercise Price, by virtue of any such distribution. 
 (e) If the event, as a
result of which an adjustment is made under paragraph (a) or (b) above, does not occur, then any adjustments in the Exercise Price or number of shares issuable that were made in accordance with such paragraph (a) or (b) shall be
adjusted to the Exercise Price and number of shares as were in effect immediately prior to the record date for such event. 
 5.2 In the
event of any reorganization or reclassification of the outstanding shares of Common Stock (other than a change in par value or from no par value to par value, or from par value to no par value, or as a result of a subdivision or combination) or in
the event of any consolidation or merger of the Company with another entity after which the Company is not the surviving entity, at any time prior to the expiration of this Warrant, upon subsequent exercise of this Warrant, the Holder shall have the
right to receive the same kind and number of shares of common stock and other securities, cash or other property as would have been distributed to the Holder upon such reorganization, reclassification, consolidation or merger had the Holder

 
exercised this Warrant immediately prior to such reorganization, reclassification, consolidation or merger, appropriately adjusted for any subsequent event described in this Section 5. The
Holder shall pay upon such exercise the Exercise Price that otherwise would have been payable pursuant to the terms of this Warrant. If any such reorganization, reclassification, consolidation or merger results in a cash distribution in excess of
the then applicable Exercise Price, the Holder may, at the Holder’s option, exercise this Warrant without making payment of the Exercise Price, and in such case the Company shall, upon distribution to the Holder, consider the Exercise Price to
have been paid in full, and in making settlement to the Holder, shall deduct an amount equal to the Exercise Price from the amount payable to the Holder. In the event of any such reorganization, merger or consolidation, the corporation formed by
such consolidation or merger or the corporation which shall have acquired the assets of the Company shall execute and deliver a supplement hereto to the foregoing effect, which supplement shall also provide for adjustments which shall be as nearly
equivalent as may be practicable to the adjustments provided in this Warrant. 
 5.3 If the Company shall, at any time before the expiration
of this Warrant, dissolve, liquidate or wind up its affairs, the Holder shall have the right to receive upon exercise of this Warrant, in lieu of the shares of Common Stock of the Company that the Holder otherwise would have been entitled to
receive, the same kind and amount of assets as would have been issued, distributed or paid to the Holder upon any such dissolution, liquidation or winding up with respect to such Common Stock receivable upon exercise of this Warrant on the date for
determining those entitled to receive any such distribution. If any such dissolution, liquidation or winding up results in any cash distribution in excess of the Exercise Price provided by this Warrant, the Holder may, at the Holder’s option,
exercise this Warrant without making payment of the Exercise Price and, in such case, the Company shall, upon distribution to the Holder, consider the Exercise Price to have been paid in full and, in making settlement to the Holder, shall deduct an
amount equal to the Exercise Price from the amount payable to the Holder. 
 6. Notices to Holder. So long as this Warrant shall be
outstanding (a) if the Company shall pay any dividends or make any distribution upon the Common Stock otherwise than in cash or (b) if the Company shall offer generally to the holders of Common Stock the right to subscribe to or purchase
any shares of any class of Common Stock or securities convertible into Common Stock or any similar rights or (c) if there shall be any capital reorganization of the Company in which the Company is not the surviving entity, recapitalization of
the capital stock of the Company, consolidation or merger of the Company with or into another corporation, sale, lease or other transfer of all or substantially all of the property and assets of the Company, or voluntary or involuntary dissolution,
liquidation or winding up of the Company, then in such event, the Company shall cause to be mailed to the Holder, at least thirty (30) days prior to the relevant date described below (or such shorter period as is reasonably possible if thirty
(30) days is not reasonably possible), a notice containing a description of the proposed action and stating the date or expected date on which a record of the Company’s shareholders is to be taken for the purpose of any such dividend,
distribution of rights, or such reclassification, reorganization, consolidation, merger, conveyance, lease or transfer, dissolution, liquidation or winding up is to take place and the date or expected date, if any is to be fixed, as of which the
holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for securities or other property deliverable upon such event. 

 7. Transfer, Exercise, Exchange, Assignment or Loss of Warrant, Warrant Shares or Other
Securities. 
 7.1 This Warrant may be transferred, exercised, exchanged or assigned (“transferred”), in whole or in part,
subject to the following restrictions. This Warrant and the Warrant Shares or any other securities (“Other Securities”) received upon exercise of this Warrant may not be transferred unless registered under the Securities Act of 1933, as
amended (the “Securities Act”), or an exemption from registration for such transfer is available. This Warrant and any Warrant issued upon transfer (to the extent permitted) or partial exercise thereof shall contain a legend on the face
thereof, in form and substance satisfactory to counsel for the Company, stating that this Warrant may not be sold, transferred or otherwise disposed of unless, in the opinion of counsel satisfactory to the Company, which may be counsel for the
Company, this Warrant may be transferred without registration under the Securities Act. Any certificate for Warrant Shares or Other Securities issued or issuable upon exercise of this Warrant shall contain a legend on the face thereof, in form and
substance satisfactory to counsel for the Company, stating, as applicable, that the Warrant Shares or the Other Securities may not be sold, transferred or otherwise disposed of, unless such Warrant Shares or Other Securities are then registered
under the Securities Act or, in the opinion of counsel satisfactory to the Company, which may be counsel for the Company, the Warrant Shares or Other Securities may be transferred without such registration. In addition, unless the Warrant Shares or
Other Securities issuable upon exercise of this Warrant are then registered under the Securities Act, such Warrant Shares or Other Securities may not be transferred unless, in the opinion of counsel satisfactory to the Company, which may be counsel
for the Company, the Warrant Shares or Other Securities may be transferred without such registration. This Warrant and the Warrant Shares or Other Securities may also be subject to restrictions on transferability under applicable state securities or
blue sky laws. The Holder shall reimburse the Company for its expenses, including attorneys’ fees, incurred in connection with any transfer or assignment, in whole or in part, of this Warrant and, unless the Warrant Shares or Other Securities
are then registered under the Securities Act, of any Warrant Shares or Other Securities. 
 7.2 The Company may require, as a condition of
transfer of this Warrant or, until the Warrant Shares or Other Securities are registered under the Securities Act, any Warrant Shares or Other Securities, that the transferee (who may be the Holder in the case of an exercise or exchange) represent
that the securities being transferred are being acquired for investment purposes and for the transferee’s own account and not with a view to or for sale in connection with any distribution of the security. 

7.3 Any transfer permitted hereunder shall be made by surrender of this Warrant to the Company with a duly executed request to transfer the
Warrant, which shall provide adequate information to effect such transfer and shall be accompanied by funds sufficient to pay any transfer taxes applicable. Upon satisfaction of all transfer conditions, the Company shall, without charge, execute and
deliver a new Warrant in the name of the transferee named in such transfer request, and this Warrant promptly shall be cancelled. 
 7.4 Upon
receipt by the Company of evidence satisfactory to it of loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, of reasonable satisfactory indemnification, or, in the case of mutilation, upon surrender
of this Warrant, the Company will execute and deliver a new Warrant of like tenor and date, and any such lost, stolen or destroyed Warrant thereupon shall become void. 

 8. Representations and Warranties of the Holder. The Holder hereby represents and
warrants to the Company with respect to the issuance of the Warrant as follows: 
 8.1 Accredited Holder. The Holder is an
“accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act. 
 8.2 Authorization. This
Warrant and the agreements contemplated hereby, when executed and delivered by the Holder, will constitute a valid and legally binding obligation of the Holder, enforceable in accordance with their respective terms. 

8.3 Brokers or Finders. The Company has not incurred, and will not incur, directly or indirectly, as a result of any action taken by the
Holder, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with this Warrant or any transaction contemplated hereby, other than commissions and other compensation to be paid to Paulson
Investment Company, Inc. (the “Placement Agent”) as consideration for the Placement Agent’s services in connection with the sale of Units and the exercise of this Warrant. 

9. Notices. All notices, requests, demands or other communications hereunder shall be in writing and shall be deemed to have been duly
given, if delivered in person or mailed, certified, return-receipt requested, postage prepaid to the address previously provided to the other party. Any party hereto may, from time to time, by written notice to the other party, designate a different
address. If any notice or other document is sent by certified or registered mail, return receipt requested, postage prepaid, properly addressed as aforementioned, the same shall be deemed served or delivered seventy-two (72) hours after mailing
thereof. If any notice is sent by fax or email to a party, it will be deemed to have been delivered on the date the fax or email thereof is actually received, provided the original thereof is sent by certified mail, in the manner set forth above,
within twenty-four (24) hours after the fax or email is sent. 
 10. Amendment. Any provision of this Warrant may be amended or
the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Holder. 

11. Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of Oregon. 

(Signature page follows) 

 IN WITNESS WHEREOF, the Company and the Holder have executed this Warrant on the respective dates
set forth below. 
  

					
		 		 	NAME
			
	Date:                         	 		 	  

		 		 	Signature
			
		 		 	CYTODYN INC.
			
	 Date:
                        
	 		 	By:                                     
                                     

 FORM OF EXERCISE 

To be executed upon exercise of Warrant 

(please print) 
 The
undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Number U-            certificate, to purchase «Warrants» shares of common stock, no par
value per share (“Common Stock”) of CytoDyn Inc. (the “Company”) and herewith tenders payment for such shares of Common Stock to the order of the Company the amount of $0.75 per share in accordance with the terms hereof. The
undersigned requests that a certificate for such shares of Common Stock be registered in the name of             whose address is
            . If said number of shares of Common Stock is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests that a new Warrant Certificate
representing the remaining balance of the shares of Common Stock be registered in the name of             , whose address is
            , and that such Warrant Certificate be delivered to            , whose address is
            . 
 Representations of the undersigned. 

 

	 	a)	The undersigned acknowledges that the undersigned has received, read and understood the Warrant and agrees to abide by and be bound by its terms and conditions. 

 

	 	b)	The undersigned understands that, in the event shares purchased hereunder are not subject to an effective registration statement under the Securities Act, the undersigned must bear the economic risk of the investment
for an indefinite period of time since the securities cannot be sold, transferred or assigned to any person or entity without compliance with the provisions of the Securities Act. 

 

					
	Submitted by:	 		 	Accepted by CytoDyn Inc.:
			
	By:                                     
                                         
               	 		 	By:                                     
                                         
               
	Date:                                     
                                         
            	 		 	Date:                                     
                                         
            
	SS/Tax
ID:                                        
                                      	 		 	
	Telephone:                                    
                                         
  	 		 	
	Email:                                     
                                         
         	 		 	

 (Signature must conform in all respects to name of holder as specified on the face of the Warrant Certificate.)EX-4.5

 EXHIBIT 4.5 

Form of 
 CytoDyn Inc. 

PURCHASE WARRANT 
 Issued to: 

PAULSON INVESTMENT COMPANY, INC. 

(or its designees) 

Exercisable to Purchase 

[            ] Shares of Common Stock 

Of 
 CYTODYN INC. 

Warrant No. [XX] – [            ] 

Void after [            ] 

THIS WARRANT HAS NOT BEEN REGISTERED 

UNDER THE SECURITIES ACT OF 1933 

AND IS NOT TRANSFERABLE 
 EXCEPT AS
PROVIDED HEREIN 

 This is to certify that, for value received and subject to the terms and conditions set forth
below, the Warrantholder (hereinafter defined) is entitled to purchase, and the Company (hereinafter defined) promises and agrees to sell and issue to the Warrantholder, at any time on or after the Issue Date and on or before the seventh anniversary
of the Issue Date, up to [            ] shares of Common Stock (hereinafter defined) at the per share Exercise Price (hereinafter defined). 

This Warrant Certificate is issued subject to the following terms and conditions: 

1. Definitions of Certain Terms. Except as may be otherwise clearly required by the context, the following terms have the following
meanings: 
 (a) “Cashless Exercise” means an exercise of a Warrant in which, in lieu of payment of the Exercise Price in cash, the
Warrantholder elects to receive a lesser number of Securities in payment of the Exercise Price, as determined in accordance with Section 2(b). 

(b) “Closing Date” means the date or dates on which a closing under the Offering occurs. 

(c) “Commission” means the Securities and Exchange Commission. 

(d) “Common Stock” means the common stock, no par value, of the Company. 

(e) “Company” means CytoDyn Inc., a Colorado corporation. 

(f) “Exercise Price” means the price at which the Warrantholder may purchase one share of Common Stock or other Securities upon
exercise of a Warrant as determined from time to time pursuant to the provisions hereof, multiplied by the number of Securities as to which the Warrant is being exercised. The initial Exercise Price is $0.75 per share of Common Stock. 

(g) “Issue Date” means the Closing Date on which this Warrant is issued. 

(h) “Memorandum” means the offering materials described in the Placement Agent Agreement. 

(i) “Offering” means the private offering of shares of Common Stock and warrants made pursuant to the Memorandum and the Placement
Agent Agreement. 
 (j) “Placement Agent Agreement” means that certain Placement Agent Agreement, dated June 1, 2013, as
amended by Amendment No. 1 to such Placement Agent Agreement, dated July 30, 2013, and Amendment No. 2 to such Placement Agent Agreement, dated August 29, 2013, between the Company, Paulson Investment Company, Inc. and any
Additional Placement Agents as defined therein. 
 (k) “Rules and Regulations” means the rules and regulations of the Commission
adopted under the Securities Act. 

  
 1 

 (l) “Securities” means the securities obtained or obtainable upon exercise of the
Warrant or securities obtained or obtainable upon exercise, exchange, or conversion of such securities. 
 (m) “Securities Act”
means the Securities Act of 1933, as amended. 
 (n) “Warrant” means the warrant evidenced by this certificate, any similar
certificate issued in connection with the Offering, or any certificate obtained upon transfer or partial exercise of the Warrant evidenced by any such certificate. 

(o) “Warrant Certificate” means a certificate evidencing the Warrant. 

(p) “Warrantholder” means a record holder of the Warrant or Securities. The initial Warrantholder is Paulson Investment Company, Inc.

 2. Exercise of Warrant. 

(a) All or any part of the Warrant represented by this Warrant Certificate may be exercised commencing on the Issue Date and ending at 5:00
p.m. Pacific Time on the seventh anniversary of the Issue Date (the “Expiration Date”) by surrendering this Warrant Certificate, together with the Exercise Price and appropriate instructions, duly executed by the Warrantholder or by its
duly authorized attorney, at the office of the Company, 5 Centerpointe Drive, Suite 400, Lake Oswego, Oregon 97035; or at such other office or agency as the Company may designate. The date on which such instructions are received by the Company shall
be the date of exercise. If the Warrantholder has elected a Cashless Exercise, such instructions shall so state. 
 (b) If the Warrantholder
elects a Cashless Exercise, the Warrantholder may surrender in payment of the Exercise Price, shares of Common Stock equal in value to the Exercise Price by surrender of this Warrant at the principal office of the Company together with notice of
such election, in which event the Company shall issue to the Warrantholder a number of shares of Common Stock computed using the following formula: 
  

					
	X =	 	Y (A-B)	  	
	 	      A	  	

  

					
			
	Where:	  	X =  	  	The number of shares of Common Stock to be issued to the Warrantholder pursuant to this Cashless Exercise
			
		  	Y =	  	The number of shares of Common Stock in respect of which the Cashless Exercise election is made
			
		  	A =	  	The fair market value of one share of Common Stock at the time the Cashless Exercise election is made
			
		  	B =	  	The Exercise Price (as adjusted to the date of the Cashless Exercise)

  
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 For purposes of this Section 2(b), the fair market value of one share of Common Stock as of a particular
date shall be determined as follows: (i) if traded on a securities exchange, the value shall be deemed to be the average of the closing prices of the Common Stock on such exchange over the thirty (30) day period ending one (1) day
prior to the Cashless Exercise; (ii) if traded over-the-counter, the value shall be deemed to be the average of the closing bid or sale prices (whichever is applicable) of the Common Stock over the thirty (30) day period ending one
(1) day prior to the Cashless Exercise; and (iii) if there is no active public market, the value shall be the fair market value thereof, as determined in good faith by the Board of Directors of the Company. 

(c) Subject to the provisions below, upon receipt of notice of exercise, the Company shall promptly prepare or cause the preparation of
certificates for the Securities to be received by the Warrantholder upon completion of the Warrant exercise. After such certificates are prepared, the Company shall notify the Warrantholder and, upon payment in full by the Warrantholder, in lawful
money of the United States, of the Exercise Price payable with respect to the Securities being purchased, or, in the case of a Cashless Exercise, upon deemed surrender of Securities equal in value to the Exercise Price, deliver such certificates to
the Warrantholder, or as per the Warrantholder’s instructions, promptly after such funds are available, if applicable, and otherwise promptly thereafter. The Securities to be obtained on exercise of the Warrant will be deemed to have been
issued, and any person exercising the Warrant will be deemed to have become a holder of record of those Securities, as of the date of receipt by the Company of (a) available funds in cash in payment of the Exercise Price, or (b) notice of
Cashless Exercise. 
 (d) If fewer than all the Securities purchasable under the Warrant are purchased, the Company will, upon such partial
exercise, execute and deliver to the Warrantholder a new Warrant Certificate (dated the date hereof), in form and tenor similar to this Warrant Certificate, evidencing that portion of the Warrant not exercised. 

(e) Notwithstanding the foregoing, in no event shall such Securities be issued, and the Company is authorized to refuse to honor the exercise
of the Warrant, if such exercise would result in the opinion of the Company’s Board of Directors, upon advice of counsel, in the violation of any law. 

3. Adjustments in Certain Events. The number, class, and price of Securities for which this Warrant Certificate may be exercised are
subject to adjustment from time to time upon the happening of certain events as follows: 
 (a) If the outstanding shares of the
Company’s Common Stock are divided into a greater number of shares or a dividend in stock is paid on the Common Stock, the number of shares of Common Stock for which the Warrant is then exercisable will be proportionately increased and the
Exercise Price will be proportionately reduced; and, conversely, if the outstanding shares of Common Stock are combined into a smaller number of shares of Common Stock, the number of shares of Common Stock for which the Warrant is then exercisable
will be proportionately reduced and the Exercise Price will be proportionately increased. The increases and reductions provided for in this Section 3(a) will be made with the intent and, as nearly as practicable, the effect that neither the
percentage of the total equity of the Company obtainable on exercise of the Warrants nor the price payable for such percentage upon such exercise will be affected by any event described in this Section 3(a). 

  
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 (b) In case of any change in the Common Stock through merger, consolidation, reclassification,
reorganization, partial or complete liquidation, purchase of substantially all the assets of the Company, or other change in the capital structure of the Company, then, as a condition of such change, lawful and adequate provision will be made so
that the Warrantholder will have the right thereafter to receive upon the exercise of the Warrant the kind and amount of shares of stock or other securities or property to which the Warrantholder would have been entitled if, immediately prior to
such event, the Warrantholder had held the number of shares of Common Stock obtainable upon the exercise of the Warrant. In any such case, appropriate adjustment will be made in the application of the provisions set forth herein with respect to the
rights and interest thereafter of the Warrantholder, to the end that the provisions set forth herein will thereafter be applicable, as nearly as reasonably may be, in relation to any shares of stock or other securities or property thereafter
deliverable upon the exercise of the Warrant. The Company will not permit any change in its capital structure to occur unless the issuer of the shares of stock or other securities to be received by the holder of this Warrant Certificate, if not the
Company, agrees to be bound by and comply with the provisions of this Warrant Certificate. 
 (c) When any adjustment is required to be made
in the number of shares of Common Stock, other securities, or the property purchasable upon exercise of the Warrant, the Company will promptly determine the new number of such shares or other securities or property purchasable upon exercise of the
Warrant and (i) prepare and retain on file a statement describing in reasonable detail the method used in arriving at the new number of such shares or other securities or property purchasable upon exercise of the Warrant and (ii) cause a
copy of such statement to be mailed to the Warrantholder within thirty (30) days after the date of the event giving rise to the adjustment. 

(d) No fractional shares of Common Stock or other Securities will be issued in connection with the exercise of the Warrant, and the number of
shares of Common Stock to be issued shall be rounded to the nearest whole number. 
 (e) If securities of the Company or securities of any
subsidiary of the Company are distributed pro rata to holders of Common Stock, such number of securities will be distributed to the Warrantholder or its assignee upon exercise of its rights hereunder as such Warrantholder or assignee would have been
entitled to if this Warrant had been exercised prior to the record date for such distribution. The provisions with respect to adjustment of the Common Stock provided in this Section 3 will also apply to the securities to which the Warrantholder
or its assignee is entitled under this Section 3(e). 
 (f) Notwithstanding anything herein to the contrary, there will be no adjustment
made hereunder on account of the sale by the Company of the Common Stock or any other Securities purchasable upon exercise of the Warrant. 

4. Reservation of Securities. The Company agrees that the number of shares of Common Stock or other Securities sufficient to provide
for the exercise of the Warrant upon the basis set forth above will, at all times during the term of the Warrant, be reserved for issuance. 

5. Validity of Securities. All Securities delivered upon the exercise of the Warrant will be duly and validly issued in accordance with
their terms and, upon payment of the Exercise Price, will be fully paid and non-assessable. The Company will pay all documentary and transfer taxes, if any, in respect of the original issuance thereof upon exercise of the Warrant. 

  
 4 

 6. Transferability. This Warrant Certificate and the Warrant may be transferred to
Additional Placement Agents in the Offering as defined in the Placement Agent Agreement or to individuals who are a partner, officer or other representative of the Lead Placement Agent or any Additional Placement Agent. The Warrant may be divided or
combined, upon request to the Company by the Warrantholder, into a certificate or certificates evidencing the same aggregate number of Warrants 

7. Securities Act Compliance. The Warrantholder hereby represents: (a) that this Warrant and any Common Stock to be acquired by
the Warrantholder on exercise of the Warrant will be acquired for investment for the Warrantholder’s own account and not with a view to the resale or distribution of any part thereof, and (b) that the Warrantholder is an accredited
investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act. In addition, unless the issuance of the Common Stock shall have been registered under the Securities Act, as a condition of its delivery of certificates for the
Common Stock, the Company may require the Warrantholder to deliver to the Company, in writing, representations regarding the Warrantholder’s sophistication, investor status, investment intent, acquisition for its own account and such other
matters as are reasonable and customary for purchasers of securities in an unregistered private offering. The Company may place conspicuously upon each certificate representing the Common Stock a legend substantially in the following form, the terms
of which are agreed to by the Warrantholder: 
 “THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS AND, IN
THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE
LAWS.” 
 8. No Rights as a Shareholder. Except as otherwise provided herein, the Warrantholder will not, by virtue of ownership
of the Warrant, be entitled to any rights of a shareholder of the Company but will, upon written request to the Company, be entitled to receive such quarterly or annual reports as the Company distributes to its shareholders. 

9. Notice. Any notices required or permitted to be given hereunder will be in writing and may be served personally or by mail,
including by e-mail; and if served will be addressed as follows: 

  
 5 

					
	If to the Company:	  	 CytoDyn Inc.
 Attn: Michael D. Mulholland

5 Centerpointe Drive, Suite 400
 Lake Oswego, Oregon 97035

Email: mmulholland@cytodyn.com
	  	
			
	with a copy to:	  	 Miller Nash LLP
 Attn: Mary Ann Frantz

3400 U.S. Bancorp Tower
 111 SW Fifth Avenue

Portland, Oregon 97204
 Email:
maryann.frantz@millernash.com
	  	
			
	If to the Warrantholder:	  	 at the address furnished by the
 Warrantholder
to the Company for notice
 purposes.
	  	

 Any notice so given by mail will be deemed effectively given 48 hours after mailing when deposited in the
United States mail, registered or certified mail, return receipt requested, postage prepaid and addressed as specified above. Any notice given by e-mail must be accompanied by confirmation of receipt, and will be deemed effectively given upon
confirmation of such receipt. Any party may by written notice to the other specify a different address for notice purposes. 
 10.
Applicable Law. This Warrant Certificate will be governed by and construed in accordance with the laws of the State of Oregon, without reference to conflict of laws principles thereunder. All disputes relating to this Warrant Certificate
shall be tried before the courts of Oregon located in Multnomah County, Oregon to the exclusion of all other courts that might have jurisdiction. 

Dated as of [            ], 2013 

 

			
	CYTODYN INC.
		
	By:	 	  

		 	Name: Nader Z. Pourhassan
		 	Title:   President and Chief Executive Officer

  
 6 

 EXERCISE FORM 

(To Be Executed by the Warrantholder 

to Exercise the Warrant) 
  

	TO:	CYTODYN INC. 

  

	1.	The undersigned hereby irrevocably elects to exercise the right to purchase             shares of Common Stock, represented by Warrant No. XX –
[            ] as follows: 

  

	 	[    ]	Exercise for Cash. Pursuant to Section 2(a) of the Warrant, the Holder hereby elects to exercise the Warrant for cash and tenders payment herewith (or has made a wire transfer) to the order of CytoDyn Inc.
in the amount of $            . 

  

	2.	[    ] Cashless Exercise. Pursuant to Section 2(b) of the Warrant, the Holder hereby elects to exercise the Warrant on a cashless basis. 

 

	3.	The undersigned requests that the applicable number of shares of Common Stock be issued and delivered to the following address: 

  

					
	 Name:
	 	 	 	
	 Address:
	 	 	 	
	 Deliver to:        
	 	 	 	
	 Address:
	 	 	 	

  

	4.	The undersigned understands, agrees and recognizes that: 

  

	 	(a)	No federal or state agency has made any finding or determination as to the fairness of the investment or any recommendation or endorsement of the securities. 

 

	 	(b)	All certificates evidencing the shares of Common Stock, if any, may bear a legend substantially similar to the legend set forth in Section 7 of the Warrant regarding resale restrictions. 

Dated:             , 20            .

  

			
		 	By:                                     
                                         
                                         
   
		 	Name:                                     
                                         
                                      
		 	Print:                                     
                                         
                                        

		
		 	Note: Signature must correspond with the name as written upon the face of the Warrant in all respects, without alteration or enlargement or any change whatsoever.

  
 7

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