Document:

Exhibit 4.5

 

 

THIS WARRANT AND THE UNDERLYING SECURITIES
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “Securities
ACT”) OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT AS TO SUCH SECURITIES UNDER THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS OR AN
EXEMPTION THEREFROM. 

 

This
Warrant is FURTHER subject to restrictions on transfer and may not be sold, transferred, assigned, pledged, or hypothecated, or
be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition
of this Warrant or the Shares acquirable upon exercise hereof, other than in compliance with Rule 5110(g) of the Financial Industry
Regulatory Authority, Inc. and Section 9 hereof. 

 

WARRANT

 

To Subscribe for and Purchase

Shares of Common Stock of

 

Allied
Esports Entertainment, Inc.

 

Date: February [●], 2020

 

THIS CERTIFIES THAT,
for value received, [Northland Securities, Inc.][Roth Capital Partners, LLC], or its registered assigns (herein referred to as
the “Purchaser” or “holder”), is entitled to subscribe for and purchase from Allied Esports
Entertainment, Inc., a Delaware corporation (herein called the “Company”), [●] ([●]) shares (the
“Shares”) of common stock, par value $0.0001 per share (the “Common Stock”), of the Company
(subject to adjustment as noted below) at the exercise price of $[●] per Share (the “Warrant Purchase Price”)
(subject to adjustment as noted below). This Warrant may only be exercised during the Exercise Period specified herein. This Warrant
has been issued pursuant to the Underwriting Agreement, dated February [●], 2020, between the Company and [the Purchaser][Northland
Securities, Inc.], as representative of the several underwriters listed in Schedule II thereto, in connection with a public offering
(the “Offering”) of [●] shares of Common Stock (the “Underwriting Agreement”).

 

This Warrant is subject
to the following provisions, terms and conditions:

 

1.              The
Warrant exercise period (the “Exercise Period”) for this Warrant shall begin the effective date of the Offering
and shall end on the fifth (5th) anniversary of the effective date of the Offering. As used herein, the “effective
date of the Offering” means February [●], 2020.

 

2.              The rights represented by this Warrant may be exercised, in whole or in part, by the holder hereof as follows:

 

(a) The holder hereof
shall deliver to the Company written notice of exercise of this Warrant and in connection therewith shall surrender this Warrant
(properly endorsed if required) at the principal office of the Company and pay the Warrant Purchase Price for such Shares as provided
for herein.

 

(b) There shall be
a mandatory and automatic cashless exercise conducted in accordance with the calculation set forth in Section 2(c)(ii) below upon
the occurrence of either (i) a Disposition Transaction or (ii) the closing price of the Company’s Common Stock on the Nasdaq
Capital Market or other U.S. national securities exchange exceeds 150% of the Warrant Purchase Price for 20 consecutive Trading
Days.

 

 

 

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(c) Subject to Section 2(b) hereof, the
holder hereof shall pay the Warrant Purchase Price (i) in immediately available funds or (ii) by “cashless exercise,”
in which event the Company shall issue to the holder hereof a number of Shares determined as follows:

 

X = Y * [(A-B)/A]

 

where:

 

X = the number of Shares
to be issued to the holder.

 

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

 

A = the
fair market value of one Share at the time the “cashless exercise” election is made.

 

B = the
Warrant Purchase Price then in effect for the Shares at the time the “cashless exercise” election is made.

 

For purposes of this Warrant, the
fair market value of one Share as of a particular date shall be determined as follows: (i) if the Common Stock is traded on a U.S.
national securities exchange, the value shall be deemed to be the average of the closing prices of the Common Stock on such exchange
over the 10-Trading Day period ending on the Trading Day prior to the net exercise election; (ii) if clause (i) is not applicable,
the value shall be deemed to be the average of the closing bid or sale prices (whichever is applicable) of the Common Stock on
the principal securities exchange or securities market on which the Common Stock trades over the 10-Trading Day period ending on
the Trading Day prior to the net exercise election; and (iii) if none of the foregoing is applicable, the value shall be the fair
market value of one share of Common Stock mutually agreed upon by the holder and the Company; provided, that if the Company and
the holder are unable to agree upon the fair market value of a Share, then the Board of Directors of the Company shall use its
good faith judgment to determine the fair market value, and such determination shall be binding upon all parties absent demonstrable
error.

 

For purposes of this Warrant, “Trading
Day” means any day on which the Common Stock is traded on a U.S. stock exchange or, if inapplicable, the principal securities
exchange or securities market on which the Common Stock is then traded.

 

For purposes of this Warrant,
“Disposition Transaction” shall mean (i) the acquisition of the Company by another entity by means of merger,
consolidation or other transaction or series of related transactions resulting in the exchange of the outstanding Company’s
equity interests such that the stockholders of the Company prior to such transaction own, directly or indirectly, less than 50%
of the voting power of the surviving entity or (ii) assuming the Company’s common stock remains listed for trading on a
national securities exchange, if any “person” or “group” (within the meaning of Rules 13d-3 and 13d-5
under the Securities Exchange Act of 1934, as amended), but excluding any combination of stockholders of the Company prior to
the date hereof, becomes the beneficial owner, directly or indirectly, of 35% or more of the voting power of the Company.

 

(d) Upon exercise
of this Warrant, the Company shall promptly (but in no event later than three Trading Days after the date this Warrant is exercised
in accordance with its terms) issue or cause to be issued and cause to be delivered to or upon the written order of the holder
and in such name or names as the holder may designate (provided that, if the holder directs the Company to deliver a certificate
for the Shares in a name other than that of the holder or an affiliate (as defined in Rule 405 under the Securities Act of 1933,
as amended (the “Securities Act”)) of the holder, it shall deliver to the Company on the date of exercise an
opinion of counsel reasonably satisfactory to the Company to the effect that the issuance of such Shares in such other name may
be made pursuant to an available exemption from the registration requirements of the Securities Act and all applicable state securities
or blue sky laws), a certificate for the Shares issuable upon such exercise or credit for such Shares through the facilities of
The Depository Trust Company (“DTC”) to the account designated by the holder (with any restrictive legends required
by applicable securities laws). The form of delivery of the Shares acquired upon exercise will be at the election of the holder,
subject to the other terms of this Warrant. The holder, or any person permissibly so designated by the holder to receive the Shares
acquired upon exercise hereof, shall be deemed to have become the holder of record of such Shares as of the date notice of exercise
of payment of the applicable Warrant Purchase Price is made in accordance with the terms hereof.

 

 

 

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(e) If by the fifth
Trading Day after the date this Warrant is exercised in accordance with this Section 2 the Company fails to deliver the required
number of Shares in the manner required pursuant to Section 2(d), then, in addition to any other remedy the holder may have
at law or in equity (including a decree of specific performance or injunctive relief), the holder hereof will have the right to
rescind such exercise.

 

(f) In the event that
this Warrant has not been exercised prior to the end of the Exercise Period and the fair market value of one Share as determined
in accordance with the provisions hereof exceeds the Warrant Purchase Price on the last day of the Exercise Period, on such date
this Warrant will be automatically exercised pursuant to the cashless exercise provisions set forth in Section 2(c); provided,
that the holder hereof, upon the request of the Company, must surrender to the Company of this Warrant within 30 days of a request
for delivery of thereof by the Company. If the holder hereof does not surrender this Warrant within such time period, this Warrant
will be deemed to not have been exercised under this Section 2(f) and will terminate and no longer be exercisable.

 

3.             The Company represents
and warrants that this Warrant has been duly authorized by all necessary corporate action, has been duly executed and delivered
and is a legal and binding obligation of the Company, enforceable against the Company in accordance with the terms of this Warrant,
except as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting the rights of
creditors generally and subject to general principles of equity. The Company covenants and agrees that all Shares which may be
issued upon the exercise of the rights represented by this Warrant according to the terms hereof have been duly authorized and
will, upon issuance and payment therefor, be validly issued and fully paid. The Company further covenants and agrees that during
the period within which the rights represented by this Warrant may be exercised, the Company will at all times have authorized,
and reserved for the purpose of issue upon exercise of the subscription rights evidenced by this Warrant, a sufficient number of
its shares of Common Stock to provide for the exercise of the rights represented by this Warrant, free from preemptive rights or
other actual contingent purchase rights other than those held by a holder of this Warrant (as a result of holding this Warrant).

 

4.              The Company will pay
any documentary stamp taxes attributable to the issuance of Shares upon the exercise of this Warrant; provided, however,
that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration
of any certificates for Warrants, or Shares issued upon exercise of this Warrant, in a name other than that of the Purchaser. The
Purchaser shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or
receiving Shares upon exercise hereof.

 

5.             The above provisions
are, however, subject to the following:

 

(a) The Warrant Purchase
Price shall, from and after the date of issuance of this Warrant, be subject to adjustment from time to time as hereinafter provided.
Upon each adjustment of the Warrant Purchase Price, the holder of this Warrant shall thereafter be entitled to purchase, at the
Warrant Purchase Price resulting from such adjustment, the number of Shares obtained by multiplying the Warrant Purchase Price
in effect immediately prior to such adjustment by the number of Shares purchasable pursuant hereto immediately prior to such adjustment
and dividing the product thereof by the Warrant Purchase Price resulting from such adjustment.

 

(b) In case the Company
shall at any time subdivide its outstanding shares of Common Stock into a greater number of shares, the Warrant Purchase Price
in effect immediately prior to such subdivision shall be proportionately reduced, and conversely, in case the outstanding shares
of Common Stock shall be combined into a smaller number of shares, the Warrant Purchase Price in effect immediately prior to such
combination shall be proportionately increased.

 

(c) If any capital
reorganization or reclassification of the capital stock of the Company shall be effected in such a way that holders of Common Stock
shall be entitled to receive stock or securities with respect to or in exchange for Common Stock, then, as a condition of such
reorganization, reclassification or consolidation, lawful and adequate provision shall be made whereby the holder hereof shall
thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in this Warrant and
in lieu of the Shares immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby, such
shares of stock or securities as may be issued or payable with respect to or in exchange for a number of Shares equal to the number
of Shares immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby had such reorganization,
reclassification or consolidation not taken place, and in any such case appropriate provision shall be made with respect to the
rights and interests of the holder of this Warrant to the end that the provisions hereof (including without limitation provisions
for adjustments of the Warrant Purchase Price and of the number of Shares purchasable upon the exercise of this Warrant) shall
thereafter be applicable, as nearly as may be, in relation to any shares of stock or securities thereafter deliverable upon the
exercise hereof.

 

 

 

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(d) Upon any adjustment
of the Warrant Purchase Price or any adjustment of any material terms hereof, then and in each such case an officer of the Company
shall, as soon as practicable after the occurrence of any event that requires an adjustment or readjustment, give signed written
notice thereof, by first–class mail, postage prepaid, addressed to the registered holder of this Warrant at the address of
such holder as shown on the books of the Company, which notice shall state the Warrant Purchase Price resulting from such adjustment,
any material change in the terms of the Warrant, and the increase or decrease, if any, in the number of Shares purchasable at such
price upon the exercise of this Warrant, setting forth in reasonable detail the method of calculation and the facts upon which
such calculation is based.

 

(e) If at any time
during the Exercise Period:

 

(i) there shall be any capital reorganization,
or reclassification of the capital stock of the Company; or

 

(ii) there shall be a voluntary or involuntary
dissolution, liquidation or winding up of the Company;

 

then, in any
one or more of said cases, the Company shall give written notice, by first–class mail, postage prepaid, addressed to the
registered holder of this Warrant at the address of such holder as shown on the books of the Company, of the date on which (A)
the books of the Company shall close or a record shall be taken for such distribution or subscription rights, or (B) such reorganization,
reclassification or consolidation, dissolution, liquidation or winding up, or conversion or redemption shall take place, as the
case may be. Such notice shall also specify the date as of which the holders of capital stock of record shall participate in such
distribution or subscription rights, or shall be entitled to exchange their capital stock for securities or other property deliverable
upon such reorganization, reclassification, consolidation, dissolution, liquidation or winding up, or conversion or redemption,
as the case may be. Such written notice shall be given at least 20 days prior to the action in question and not less than 20 days
prior to the record date or the date on which the Company’s transfer books are closed in respect thereto.

 

(f) If any event occurs
as to which in the opinion of the Board of Directors of the Company the other provisions of this Section 5 are not strictly applicable
or if strictly applicable would not fairly protect the purchase rights of the holder of this Warrant or of the Common Stock in
accordance with the essential intent and principles of such provisions, then the Board of Directors shall make an adjustment in
the application of such provisions, in accordance with such essential intent and principles, so as to protect such purchase rights
as aforesaid.

 

6.             “Piggy-Back”
Registration

 

(a) The holder of
this Warrant shall have the right, for a period of no more than seven (7) years from the effective date of the registration statement
to which this Warrant relates in accordance with Rule 5110(f)(2)(G)(v) of the Financial Industry Regulatory Authority, Inc. (“FINRA”),
to include all or any portion of the Shares underlying this Warrant (the “Registrable Securities”) as part of
any registration of securities filed by the Company (other than in connection with a filing on Forms S-4, S-8 or any equivalent
forms); provided, however, that if, solely in connection with any primary underwritten public offering for the account
of the Company, the managing underwriter(s) thereof shall, in its reasonable discretion, impose a limitation on the number of shares
of Common Stock which may be included in such underwritten public offering because, in such underwriter(s)’ judgment, marketing
or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall be obligated to
include in the registration statement for such underwritten public offering only such limited portion of the Registrable Securities
with respect to which the holder requested inclusion therein as the underwriter shall reasonably permit. Any exclusion of Registrable
Securities shall be made pro rata among all holders seeking to include registrable securities (including registrable securities
issuable upon the exercise of other warrants issued pursuant to the terms of the Underwriting Agreement) in proportion to the number
of registrable securities sought to be included by such holders; provided, however, that the Company shall not exclude
any Registrable Securities unless the Company has first excluded all outstanding securities, the holders of which are not entitled
to inclusion of such securities in the registration statement for the underwritten public offering or are not entitled to pro rata
inclusion with the Registrable Securities.

 

 

 

 

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(b) The Company shall
bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 6(a) hereof, but the holder
shall pay any and all underwriting commissions in relation to the sale of the Registrable Securities by the holder in any public
underwriting offering. In the event of such a proposed registration, the Company shall furnish the then holders of outstanding
Registrable Securities with not less than fifteen (15) days written notice prior to the proposed date of filing of such registration
statement. Unless all Registrable Securities are already then subject to an effective registration statement, such notice to the
holders shall continue to be given for each registration statement filed by the Company until such time as all of the Registrable
Securities have been sold by the holder. The holders of the Registrable Securities shall exercise the “piggy-back”
rights provided for herein by giving written notice within seven (7) days of the receipt of the Company’s notice of its
intention to file a registration statement. Except as otherwise provided in this Warrant, there shall be no limit on the number
of times the holder may request registration under this Section 6; provided, however, that such registration rights
shall terminate on the earlier of (i) the seventh anniversary of the effective date of the registration statement to which this
Warrant relates, or (ii) the date on which the Shares may be sold pursuant to the Rule 144 of the Securities Act with no volume
limitations.

 

7.             This
Warrant shall not entitle the holder hereof to any voting rights or other rights as a shareholder of the Company.

 

8.              This
Warrant is exchangeable, upon the surrender hereof by the holder hereof at the principal office of the Company, for new Warrants
of like tenor representing in the aggregate the right to subscribe for and purchase the number of shares of Common Stock which
may be subscribed for and purchased hereunder, each of such new Warrants to represent the right to subscribe for and purchase such
number of shares of Common Stock as shall be designated by said holder hereof at the time of such surrender. Subject to compliance
with applicable securities laws and the other terms of this Warrant, this Warrant may be assigned or transferred by the holder
and this Warrant shall be binding on and inure to the benefit of the parties hereto and their respective transferees, successors
and assigns. Notwithstanding the foregoing, pursuant to FINRA Rule 5110(g), this Warrant shall not be sold during the Offering,
or sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call
transaction that would result in the effective economic disposition of this Warrant or the Shares acquirable upon exercise hereof,
by any person for a period of 180 days immediately following the effective date of the Offering, except as provided in paragraph
(g)(2) of FINRA Rule 5110(g).

 

9.             Each
certificate for the Shares purchased under this Warrant shall bear a legend as follows unless such securities have been registered
under the Securities Act:

 

“The
securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), or applicable state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise
transferred except pursuant to an effective registration statement under the Securities Act, or pursuant to an exemption from registration
under the Securities Act and applicable state law which, in the opinion of counsel to the Company, is available.”

 

The Shares evidenced by this Warrant shall
not be transferred unless and until: (i) the Company has received the opinion of counsel for the holder that the Shares may be
transferred pursuant to an exemption from registration under the Securities Act and applicable state securities laws, the availability
of which is established to the reasonable satisfaction of the counsel of the Company, or (ii) a registration statement relating
to the offer and sale of such Shares has been filed by the Company and declared effective by the U.S. Securities and Exchange Commission
and compliance with applicable state securities law has been established.

 

10.           The
Company will not be required upon the exercise of this Warrant to issue fractions of Shares, but may, at its option, either (a)
purchase such fraction for an amount in cash equal to the current value of such fraction computed on the basis of the closing market
price of the Common Stock as quoted on the principal exchange or trading facility on which the Common Stock is traded on the Trading
Day immediately preceding the day upon which this Warrant was surrendered for exercise in accordance with Section 2 hereof, or
(b) issue the required Share. By accepting this Warrant, the holder hereof expressly waives any right to receive any fractional
share upon exercise of a Warrant, except as expressly provided in this Section 10.

 

11.           If
this Warrant is exercised for less than all of the then-current number of Shares purchasable hereunder, then the Company shall,
concurrently with the issue of the Shares purchased by the holder hereof upon such exercise in accordance with Section 2, issue
a new warrant exercisable for the remaining number of Shares purchasable under this Warrant.

 

 

 

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12.           Upon
receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant
and security reasonably satisfactory to it, the Company shall execute and deliver a new warrant of like tenor as the Warrant so
lost, stolen, destroyed or mutilated.

 

13.           This
Warrant shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect
to conflict of laws principles thereof. The Company and the holder agree that the prevailing party(ies) in any action or proceeding
arising out of or relating to this Warrant shall be entitled to recover from the other party(ies) all of its reasonable attorneys’
fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor.

 

14.           All
modifications or amendments of this Warrant shall require the written consent of and be signed by the party against whom enforcement
of the modification or amendment is sought.

 

15.           This
Warrant (together with the other agreements and documents being delivered pursuant to or in connection with this Warrant) constitutes
the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings
of the parties, oral and written, with respect to the subject matter hereof.

 

16.           This
Warrant shall inure solely to the benefit of and shall be binding upon, the holder and the Company and their permitted assignees,
respective successors, legal representative and assigns, and no other person shall have or be construed to have any legal or equitable
right, remedy or claim under or in respect of or by virtue of this Warrant or any provisions herein contained.

 

[Signature Page Follows]

 

 

 

 

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IN WITNESS WHEREOF,
Allied Esports Entertainment, Inc. has caused this Warrant to be signed by its duly authorized officer and this Warrant to be dated
as of the date set forth above.

 

	 	Allied Esports Entertainment, Inc.
	 	 
	 	 
	 	 
	 	By: ___________________________
	 	Name: [●]
	 	Title: [●]

 

Acknowledged and agreed:

 

[NORTHLAND
SECURITIES, INC.] [Roth capital partners, llc]

 

 

By:___________________________

Name: [●]

Title: [●]

 

 

 

 

 

 

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SUBSCRIPTION FORM

 

To be Executed by the Holder of this
Warrant if such Holder

Desires to Exercise this Warrant in Whole or in Part

 

To:     Allied Esports Entertainment, Inc.
(the “Company”)

 

The undersigned
___________________________________

 

Please insert Social Security or other

identifying number of Subscriber:

_______________________________

 

hereby irrevocably elects to exercise the
right of purchase represented by this Warrant for, and to purchase thereunder, ___________ shares of Common Stock (the “Shares”)
provided for therein.

 

Payment of the Warrant Purchase Price for
the Shares shall take the form of [Check the applicable box below]:

 

		o	Immediately available U.S. funds; or

 

		o	the cancellation of such number of Shares as is necessary to satisfy the Warrant Purchase Price
with respect to the exercise of the number of Shares set forth above in accordance with the formula set forth in Section 2(c)(ii)
of the Warrant.

 

The undersigned requests that such Shares
be registered in the name of the undersigned or in such other name specified below:

 

Name: _______________________________________________________________________

 

The Shares shall be delivered as follows:

 

 

 

 

 

 

 

   

and, if such number of Shares does not
constitute all shares purchasable under the Warrant, that a new Warrant for the balance remaining of such shares be registered
in the name of, and delivered to, the undersigned at the address stated above.

Unless the undersigned has selected the
“cashless exercise” option provided for in Section 2(c)(ii) of the Warrant, the undersigned hereby represents and warrants
that the undersigned is acquiring the Shares for its own account for investment purposes only, and not for resale or with a view
to distribution of such shares or any part thereof.

[Signature Page Follows]

 

 

 

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Dated: __________________

 

Name of Holder:____________________________________

 

Signature _________________________________________

 

Title _____________________________________________

 

 

 

 

 

 

    	 	9EX-4.1

 Exhibit 4.1 

Warrant Number              

THE WARRANT REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES 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. THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY NOT BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) SUCH
TRANSACTION IS MADE PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER THE SECURITIES ACT AND THE APPLICABLE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OR (2) THE COMPANY IS PROVIDED WITH AN OPINION OF COUNSEL, SATISFACTORY TO THE
COMPANY, STATING THAT SUCH TRANSACTION IS IN COMPLIANCE WITH EXEMPTIONS FROM THE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS. NO TRANSFER OF ANY INTEREST IN THIS WARRANT OR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY BE
EFFECTED WITHOUT FIRST SURRENDERING THIS WARRANT OR SUCH SECURITIES, AS THE CASE MAY BE, TO THE COMPANY OR ITS TRANSFER AGENT, IF ANY. 

Warrant to Purchase 
 Shares of

 Common Stock 
 As Herein
Described 
                     ,
2020 
 WARRANT TO PURCHASE COMMON STOCK OF 

CYTODYN INC. 
 This is to
certify that, for value received,                             , or a proper assignee (the
“Holder”), is entitled to purchase up to                              

(                          
   ) shares (“Warrant Shares”) of common stock, $0.001 par value per share (the “Common Stock”), of CytoDyn Inc., a Delaware corporation (the “Company”), subject to the provisions of this Warrant
Number            , from the Company. This Warrant shall be exercisable at one dollar ($1.00) 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                     , 2025 (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 New York 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 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 or the Transfer Agent 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, the properly executed exercise form, and 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 be actually delivered to the Holder. Under no circumstance shall the Company be required to make any cash payments or net cash settlement
to the Holder in lieu of delivery of the Warrant Shares. 
 (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 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 on a national securities exchange 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 Warrant Shares 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 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 to the holders of Common Stock which entitle them
to subscribe to 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 shall be subject to restrictions
on transferability until registered under the Securities Act of 1933, as amended (the “Securities Act”), unless an exemption from registration is available. Until this Warrant and the Warrant Shares or Other Securities are so registered,
this Warrant and 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 that this
Warrant the Warrant Shares or Other Securities may not be sold, transferred or otherwise disposed of unless, in the opinion of counsel satisfactory to the Company, which may be counsel to the Company, that this Warrant, 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. Until this Warrant and the
Warrant Shares or Other Securities are registered under the Securities Act, 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 or any Warrant Shares or Other Securities. 
 7.2 Until this Warrant, the Warrant Shares or other Securities are registered under the
Securities Act, the Company may require, as a condition of transfer of this Warrant, the Warrant Shares, or Other Securities, that the transferee (who may be the Holder in the case of an exercise or exchange) represent that such transferee is an
“accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act and 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 or to the Transfer Agent at its offices 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 or Transfer Agent 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, or instruct the Transfer Agent to execute and
deliver, a new Warrant of like tenor and date, 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 Experience. The Holder has substantial
experience in evaluating and investing in securities in companies similar to the Company so that such Holder is capable of evaluating the merits and risks of such Holder’s investment in the Company and has the capacity to protect such
Holder’s own interests. 
 8.2 Investment. The Holder is acquiring this Warrant (and the Warrant Shares issuable upon exercise of
this Warrant) for investment for such Holder’s own account, not as a nominee or agent, and not with the view to, or for resale in connection with, any distribution thereof. The Holder understands that this Warrant (and the Warrant Shares
issuable upon exercise of the Warrant) have not been, and will not be, registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide
nature of the investment intent and the accuracy of such Holder’s representations as expressed herein. 
 8.3 Held Indefinitely.
The Holder acknowledges that this Warrant (and the Warrant Shares issuable upon exercise of this Warrant) must be held indefinitely unless subsequently registered under the Securities Act or an exemption from such registration is available. 

8.4 Accredited Holder. The Holder is an “accredited investor” within the meaning of Rule 501 of Regulation D under the
Securities Act. 
 8.5 Legends. The Holder understands and acknowledges that the certificate(s) evidencing the securities issued by
the Company will be imprinted with a restrictive legend as referenced in Section 7.1 above. 
 8.6 Access to Data. The Holder has
had an opportunity to discuss the Company’s business, management, and financial affairs with the Company’s management and the opportunity to review the Company’s facilities and business plans. The Holder has also had an opportunity to
ask questions of officers of the Company, which questions were answered to its satisfaction. 
 8.7 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. 

8.8 Brokers or Finders. The Company has not incurred, and will not incur, directly or indirectly, as a result of any action taken by
such 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. 

 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, or sent by fax or email (to the extent stated
below). Either 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 delivered seventy-two (72) hours after mailing thereof. If any notice is sent by fax or email, 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 mutual 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 New York. 

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

									
		 		 	        	 	HOLDER
				
	Date:                         	 		 		 	              

		 		 		 	 Name:

					
		 	[if entity]	 		 	By:	 	
                     

		 		 		 	Name:
		 		 		 	Title:
				
		 		 		 	CYTODYN INC.
					
	Date:                         	 		 		 	By:	 	  

		 		 		 	Name: Craig S. Eastwood
		 		 		 	Title: Chief Financial Officer

  

 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                  certificate, to
                     shares of common stock, $0.001 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 $1.00 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)	 (i) The undersigned has such knowledge and experience in business and financial matters that the undersigned is
capable of evaluating the Company and the proposed activities thereof, and the risks and merits of this prospective investment. 

☐  YES     ☐  NO 

(ii) If “No”, the undersigned is represented by a “purchaser representative,” as that term is defined in Regulation D under
the Securities Act of 1933, as amended (the “Securities Act”). 

☐  YES    ☐  NO 
  

	 	c)	 (i) The undersigned is an “accredited investor,” as that term is defined in the Securities Act and
Rule 501 of Regulation D thereunder. 

 ☐  YES    ☐  NO 

(ii) If “Yes,” the undersigned comes within the following category of that definition (check one and complete the blanks as
applicable): 
  

	 	☐	 1. The undersigned is a natural person whose present net worth (or whose joint net worth with his or her
spouse), excluding the value of the undersigned’s primary residence, exceeds $1,000,000. For purposes of calculating the undersigned’s present net worth, the undersigned has 

	 	included the following as liabilities: (i) any indebtedness that is secured by the undersigned’s primary residence in excess of the estimated fair market value of the undersigned’s primary residence at
the time of the sale of the shares, and (ii) any incremental debt secured by the undersigned’s primary residence that was incurred in the 60 days before the sale of the shares, other than as a result of the acquisition of the
undersigned’s primary residence. 

  

	 	☐	 2. The undersigned is a natural person who had individual income in excess of $200,000 in each of the last two
years or joint income with the undersigned’s spouse in excess of $300,000 during such two years, and the undersigned reasonably expects to have the same income level in the current year. 

 

	 	☐	 3. The undersigned is an officer or director of the Company. 

 

	 	☐	 4. The undersigned is a corporation or partnership not formed for the specific purpose of acquiring the
securities offered, with total assets in excess of $5,000,000. 

  

	 	☐	 5. The undersigned is a trust with total assets in excess of $5,000,000 whose purchase is directed by a person
with such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of the prospective investment. 

 

	 	☐	 6. The undersigned is an entity, all of whose equity owners are accredited investors under paragraphs 1, 2, 3,
4 or 5, above. 

  

	 	d)	 The undersigned understands that the shares purchased hereunder have not been registered under the Securities
Act, in reliance upon the exemption from the registration requirements under the Securities Act pursuant to Section 4(2) of the Securities Act and Rule 506 of Regulation D thereunder; and, therefore, that 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:
                                         
                       	  		  	Tax ID:
                                         
                               
	Telephone:
                                         
                       	  		  	
	Email:
                                         
                               	  		  	

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

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