Document:

Exhibit 4.02

 

Security pUrchase AGREEMENT

 

This Security Purchase Agreement (this “Agreement”)
is made as of April 15, 2019 (the “Effective Date”) by and between Amyris, Inc., a Delaware corporation (the
“Company”), and Foris Ventures, LLC (“Purchaser”).

 

1.     
Issuance of Securities. Effective as the Effective Date, the Company will issue and sell to Purchaser
(i) 6,732,369 shares (the “Shares”) of the Company’s Common Stock, $0.0001 par value per share (the “Common
Stock”) and (ii) a warrant in the form attached hereto as Exhibit A (the “Warrant”), registered
in the name of the Purchaser, to purchase up to 5,424,804 shares of the Company’s Common Stock, with an exercise price per
share equal to $2.87, subject to adjustment therein (the “Warrant Shares” and, together with the Shares and
the Warrant, the “Securities”). Purchaser will purchase the Shares at a price of $2.87 per Share in cash, which
price is the last closing sale price of the Company’s common stock on the Nasdaq Stock Market prior to the entry into this
Agreement, and which has been determined by the Company’s Board of Directors to be the fair market value per share of the
Shares. The total purchase price payable by the Purchaser for the Securities is $20,000,000 (the “Total Purchase Price”).

 

2.     
Closing and Delivery.

 

(a)              
Closing. The closing (“Closing”) of the transactions contemplated hereby shall be held at the
offices of Fenwick & West LLP, 801 California Street, Mountain View, California 94041 within two Business Days of the date
of this Agreement (such date, the “Closing Date”), or at such other time and place as the Company and the Purchaser
mutually agree upon. “Business Day” shall mean any day except any Saturday, any Sunday, any day which is a federal
legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required
by law or other governmental action to close.

 

(b)              
Delivery. At the Closing, the Company shall execute and deliver to the Purchaser the Warrant and the Purchaser shall
pay the Company the applicable Total Purchase Price in immediately available funds. Promptly following the Closing, the Company
shall deliver to the Purchaser a single stock certificate representing the number of Shares purchased by the Purchaser, such stock
certificate to be registered in the name of the Purchaser, or in such nominee’s or nominees’ name(s) as designated
by the Purchaser in writing, against payment of the purchase price therefor by wire transfer of immediately available funds to
such account or accounts as the Company shall designate in writing to Purchaser.

 

3.     
Company Representations. The Company represents and warrants to Purchaser as follows:

 

(a)               Organization
and Standing. The Company is duly incorporated, validly existing, and in good standing under the laws of the State of
Delaware. The Company has all requisite power and authority to own and operate its properties and assets and to carry on its
business as presently conducted and as proposed to be conducted. The Company is qualified to do business as a foreign entity
in every jurisdiction in which the failure to be so qualified would have, or would reasonably be expected to have, a
material adverse effect, individually or in the aggregate, upon the business, properties, tangible and intangible assets,
liabilities, operations, prospects, financial condition or results of operation of the Company or the ability of the Company
to perform its obligations under the Transaction Agreements (a “Material Adverse Effect”).

 

    

    

    

 

(b)              
Power. The Company has all requisite power to execute and deliver this Agreement, to sell and issue the Securities
hereunder, and to carry out and perform its obligations under the terms of this Agreement and the Warrant (the “Transaction
Agreements”).

 

(c)              
Authorization. The execution, delivery, and performance of the Transaction Agreements by the Company has been duly
authorized by all requisite action on the part of the Company and its officers, directors and stockholders, and this Agreement
constitutes the legal, valid, and binding obligation of the Company enforceable in accordance with its terms, except (a) as limited
by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of
creditors’ rights generally, and (b) as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies (the “Enforceability Exceptions”). 

 

(d)              
Consents and Approvals. Except for any Current Report on Form 8-K or Notice of Exempt Offering of Securities on Form
D to be filed by the Company in connection with the transaction contemplated hereby, the Company is not required to give any notice
to, make any filing with, or obtain any authorization, consent, or approval of any government or governmental agency in order to
consummate the transaction contemplated by the Transaction Agreements. Assuming the accuracy of the representations of the Purchaser
in Section 3, no consent, approval, authorization or other order of, or registration, qualification or filing with, any court,
regulatory body, administrative agency, self-regulatory organization, stock exchange or market (including The Nasdaq Stock Market),
or other governmental body is required for the execution and delivery of the Transaction Agreements, the valid issuance, sale and
delivery of the Securities to be sold pursuant to this Agreement other than such as have been or will be made or obtained, or for
any securities filings required to be made under federal or state securities laws applicable to the offering of the Securities.

 

(e)               Non-Contravention.
Except as disclosed in Schedule 3(e), the execution and delivery of the Transaction Agreements, the issuance, sale and
delivery of the Securities to be sold by the Company under this Agreement, the performance by the Company of its obligations
under the Transaction Agreements and/or the consummation of the transaction contemplated hereby will not
(a) conflict with, result in the breach or violation of, or constitute (with or without the giving of notice or the
passage of time or both) a violation of, or default under, (i) any bond, debenture, note or other evidence of
indebtedness, or under any lease, license, franchise, permit, indenture, mortgage, deed of trust, loan agreement, joint
venture or other agreement or instrument to which the Company or any subsidiary is a party or by which it or its properties
may be bound or affected, (ii) the Company’s Restated Certificate of Incorporation, as amended and as in effect on
the date hereof, the Company’s Bylaws, as amended and as in effect on the date hereof, or the equivalent document with
respect to any subsidiary, as amended and as in effect on the date hereof, or (iii) any statute or law, judgment,
decree, rule, regulation, ordinance or order of any court or governmental or regulatory body (including The Nasdaq Stock
Market), governmental agency, arbitration panel or authority applicable to the Company, any of its subsidiaries or their
respective properties, except in the case of clauses (i) and (iii) for such conflicts, breaches, violations or
defaults that would not be likely to have, individually or in the aggregate, a Material Adverse Effect, or (b) result in
the creation or imposition of any lien, encumbrance, claim, security interest or restriction whatsoever upon any of the
material properties or assets of the Company or any of its subsidiaries or an acceleration of indebtedness pursuant to any
obligation, agreement or condition contained in any material bond, debenture, note or any other evidence of indebtedness or
any material indenture, mortgage, deed of trust or any other agreement or instrument to which the Company or any if its
subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets
of the Company is subject. For purposes of this Section 2(e), the term “material” shall apply to agreements,
understandings, instruments, contracts or proposed transactions to which the Company is a party or by which it is bound
involving obligations (contingent or otherwise) of, or payments to, the Company in excess of $100,000 in a 12-month
period.

 

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(f)               
Shares. The Shares are duly authorized and when issued pursuant to the terms of this Agreement will be validly issued,
fully paid, and nonassessable, and will be free of any liens or encumbrances with respect to the issuance thereof; provided,
however, that the Shares shall be subject to restrictions on transfer under state or federal securities laws as set forth
in this Agreement, or as otherwise may be required under state or federal securities laws as set forth in this Agreement at the
time a transfer is proposed. Except as disclosed in Schedule 3(f), the issuance and delivery of the Shares is not subject to preemptive,
co-sale, right of first refusal or any other similar rights of the stockholders of the Company or any other person, or any liens
or encumbrances or result in the triggering of any anti-dilution or other similar rights under any outstanding securities of the
Company.

 

(g)              
Authorization of the Warrants. The Warrants have been duly authorized by the Company and, when duly executed and
delivered by the Company, will constitute a valid and binding agreement of the Company, enforceable against the Company in accordance
with its terms, subject to the Enforceability Exceptions.

 

(h)              
Authorization of the Warrant Shares. The Warrant Shares issuable upon exercise of the Warrants have been duly authorized
and reserved for issuance upon exercise by all necessary corporate action and such shares, when issued upon such exercise in accordance
of the terms of the Warrants, will be validly issued and will be fully paid and non-assessable, and will be free of any liens or
encumbrances with respect to the issuance thereof; provided, however, that the Warrant Shares shall be subject to restrictions
on transfer under state or federal securities laws as set forth in this Agreement, or as otherwise may be required under state
or federal securities laws as set forth in this Agreement at the time a transfer is proposed. Except as disclosed in Schedule 3(f),
the issuance and delivery of the Warrant Shares is not subject to preemptive, co-sale, right of first refusal or any other similar
rights of the stockholders of the Company or any other Person, or any liens or encumbrances or result in the triggering of any
anti-dilution or other similar rights under any outstanding securities of the Company.

 

(i)                
No Registration. Assuming the accuracy of each of the representations and warranties of the Purchaser, the issuance
by the Company of the Securities is exempt from registration under the Securities Act of 1933, as amended.

 

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4.     
Investment Representations. In connection with the receipt of the Securities pursuant to this Agreement,
Purchaser represents to the Company the following:

 

(a)              
The execution, delivery and performance by Purchaser of this Agreement do not and will not contravene or constitute a default
under, or violation of, or be subject to penalties under, (i) any agreement (or require the consent of any party under any such
agreement that has not been made or obtained) to which Purchaser is a party, or (ii) any judgment, injunction, order, decree or
other instrument binding upon Purchaser, except where such contravention, default, violation or failure to obtain a consent, individually
or in the aggregate, would not reasonably be expected to impair Purchaser’s ability to perform fully any obligation which
Purchaser has or will have under this Agreement.

 

(b)              
Purchaser understands the definition of the term “accredited investor” within the meaning of Regulation D,
Rule 501(a), promulgated by the SEC under the Securities Act of 1933, as amended (the “Securities Act”),
and qualifies as an accredited investor.

 

(c)              
Purchaser is aware of the Company’s business affairs and financial condition and has acquired sufficient information
about the Company to reach an informed and knowledgeable decision to acquire the Securities. Purchaser is acquiring the Securities
for investment for its own account only and not with a view to, or for resale in connection with, any “distribution”
thereof within the meaning of the Securities Act or under any applicable provision of state law. Purchaser does not have any present
intention to transfer the Securities to any other person or entity in such a “distribution.”

 

(d)              
Purchaser understands that the Securities have not been registered under the Securities Act by reason of a specific exemption
therefrom, which exemption depends upon, among other things, the bona fide nature of Purchaser’s investment intent as expressed
herein.

 

(e)              
Purchaser understands that the Securities are “restricted securities” under applicable U.S. federal and state
securities laws and that, pursuant to these laws, Purchaser must hold the Securities indefinitely unless they are registered with
the SEC and qualified by state authorities, or an exemption from such registration and qualification requirements is available.
Purchaser acknowledges that the Company has no obligation to register or qualify the Securities for resale.

 

(f)               
By reason of his business and financial experience, Purchaser has the ability to protect her own interests in connection
with the purchase of the Securities.

 

5.     
Restrictive Legends and Stop-Transfer Orders.

 

The certificate or certificates representing
the Securities shall bear such legends as the Company deems to be required for the purpose of compliance with applicable Federal
or state securities laws or as otherwise required by law.

 

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6.     
Beneficial Ownership Limitation. 

 

The Company shall not effect any exercise
or conversion of any Company security, and the Purchaser shall not have the right to exercise or convert any portion of any Company
security, to the extent that after giving effect to such issuance after exercise or conversion, the Purchaser (together with the
Purchaser’s affiliates, and any other persons acting as a group together with the Purchaser or any of the Purchaser’s
affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership
Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned
by the Purchaser and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise or conversion
of the Company security with respect to which such determination is being made, but shall exclude the number of shares of Common
Stock which would be issuable upon (i) exercise or conversion of the remaining, nonexercised or nonconverted portion of the Company
security to which such determination is being made that is beneficially owned by the Purchaser or any of its Attribution Parties
and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company subject to a
limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Purchaser or any of
its Attribution Parties. Except as set forth in the preceding sentence, beneficial ownership shall be calculated in accordance
with Section 13(d) of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) and the rules
and regulations promulgated thereunder, it being acknowledged by the Purchaser that the Purchaser is solely responsible for any
schedules required to be filed in accordance therewith.. In addition, a determination as to any group status as contemplated above
shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
For purposes of this Section 5, in determining the number of outstanding shares of Common Stock, the Purchaser may rely on the
number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed
with the U.S. Securities and Exchange Commission, as the case may be, (B) a more recent public announcement by the Company or (C)
a more recent written notice by the Company or the Company’s transfer agent setting forth the number of shares of Common
Stock outstanding. Upon the written or oral request of the Purchaser, the Company shall within two trading days confirm orally
and in writing to the Purchaser the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares
of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company by the Purchaser
or its Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial
Ownership Limitation” shall be 19.99% of the number of shares of the Common Stock outstanding. The Purchaser, upon notice
to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 5. Any increase in the
Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company.

 

7.     
Fees and Expenses. The Company shall pay the reasonable fees and expenses of Purchaser in connection
with the transactions contemplated hereby.

 

8.     
Miscellaneous.

 

(a)              
This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall
be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to principles
of conflicts of law.

 

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(b)              
This Agreement may be executed in two counterparts, each of which shall be deemed an original and all of which together
shall constitute one instrument.

 

(c)              
The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by the Company’s successors
and assigns. The rights and obligations of Purchaser under this Agreement may only be assigned with the prior written consent of
the Company.

 

[Signature Pages Follow]

 

 

 

 

 

 

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The undersigned has executed this Agreement as of the date first
set forth above.

 

 

	 	 	the company:
	 	 	 
	 	 	AMYRIS, inc.
	 	 	 
	 	 	By: 	/s/ Kathleen Valiasek
	 	 	 	(Signature)
	 	 	 
	 	 	Name:   	Kathleen Valiasek
	 	 	 	 
	 	 	Title: 	Chief Financial Officer
	 	 	 
	 	 	Address:
	 	 	5885 Hollis Street, Suite 100
	 	 	Emeryville, CA 94608
	 	 	Attention: General Counsel
	 	 	Facsimile:
	 	 	Email:

 

 

 

 

 

 

 

    	A-1

    

    

 

The undersigned has executed this Agreement as of the date first
set forth above.

 

 

	 	 	PURCHASER:
	 	 	 
	 	 	FORIS VENTURES, LLC
	 	 	 
	 	 	/s/ Barbara Hager
	 	 	(Signature)
	 	 	 
	 	 	Name: 	Barbara Hager
	 	 	 
	 	 	Title:  	 
	 	 	 
	 	 	Address: 
	 	 	c/o
	 	 	 
	 	 	 
	 	 	Attention:
	 	 	Facsimile:
	 	 	Email:

 

 

 

 

8Exhibit 4.03

 

NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY
IS EXERCISABLE HAS BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE
UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED
INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON STOCK PURCHASE WARRANT

 

AMYRIS, INC. 

 

	Warrant Shares: 5,424,804	Issue Date: April 16, 2019

 

THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”)
certifies that, for value received, Foris Ventures, LLC or its assigns (the “Holder”) is entitled, upon the
terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof
(the “Initial Exercise Date”) and on or prior to the close of business on the two (2) year anniversary of the
Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from Amyris,
Inc., a Delaware corporation (the “Company”), up to five million four hundred and twenty four thousand eight
hundred and four (5,424,804) shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock.
The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section
2(b).

 

Section 1.Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement
(the “Purchase Agreement”), dated April 15, 2019, among the Company and the Holder.

 

Section 2.Exercise.

 

a)                 
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part,
at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of
a duly executed facsimile copy or PDF copy submitted by electronic (or e-mail attachment) of the Notice of Exercise in the form
annexed hereto (“Notice of Exercise”). Within two (2) Trading Days following the date of exercise as aforesaid,
the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer
or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is
specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee
(or other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything herein to the
contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all
of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender
this Warrant to the Company for cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered
to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available
hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to
the applicable number of Warrant Shares purchased. The Company shall maintain records showing the number of Warrant Shares purchased
and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of
receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of
the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares
available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

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b)                 
Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $2.87, subject to adjustment
hereunder (the “Exercise Price”).

 

c)                 
Cashless Exercise. Notwithstanding anything contained herein to the contrary, if a registration statement covering
the resale of the Warrant Shares subject to the applicable Notice of Exercise is not available for the resale of such Warrant Shares,
at any time after the six month anniversary of the Initial Exercise Date, this Warrant may be exercised, in whole or in part, at
any time or times on or after the Initial Exercise Date and on or before the Termination Date at the election of the Holder (in
such Holder’s sole discretion) by means of a “cashless exercise” in which the Holder shall be entitled to receive
a number of Warrant Shares equal to the quotient obtained by dividing ((A-B) * (X)) by (A), where:

 

(A) = as applicable: (i) the VWAP on
the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed
and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to
Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64)
of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either
(y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the
Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the
applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day
and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours”
on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date
of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a)
hereof after the close of “regular trading hours” on such Trading Day;

 

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(B) = the Exercise Price of this
Warrant, as adjusted hereunder; and

 

(X) = the number of Warrant Shares
that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means
of a cash exercise rather than a cashless exercise.

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period
of the Warrant Shares being issued may be tacked on to the holding period of this Warrant.  The Company agrees not to
take any position contrary to this Section 2(c).

 

“Bid Price” means,
for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or
quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading
Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m.
(New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted
average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common
Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink
Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value
of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable
to the Company, the fees and expenses of which shall be paid by the Company.

 

“VWAP” means, for
any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted
on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date)
on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day
from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the
volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all
other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith
by the Holder and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

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Notwithstanding anything herein to
the contrary, on the Termination Date, if a registration statement covering the resale of the Warrant Shares is not available for
the resale of the Warrant Shares, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section
2(c).

 

d)        
Mechanics of Exercise.

 

		i.	Delivery of Warrant Shares Upon Exercise. Warrant Shares purchased hereunder shall be transmitted
by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with
The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is
then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant
Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without
volume or manner-of-sale limitations pursuant to Rule 144, and otherwise by physical delivery of a certificate, registered in the
Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder
is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the
earlier of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise and (ii) one (1) Trading Day after
delivery of the aggregate Exercise Price to the Company (such date, the “Warrant Share Delivery Date”). Upon
delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of
the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares,
provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within two (2)
Trading following delivery of the Notice of Exercise. The Company agrees to maintain a transfer agent that is a participant in
the FAST program so long as this Warrant remains outstanding and exercisable.

 

ii.                     Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall
in all other respects be identical with this Warrant.

 

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iii.                  Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i)
by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.                  Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder
is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise
purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated
receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount,
if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common
Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required
to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such
purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent
number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver
to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise
and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000
to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such
purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the
Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the
Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right
to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon
exercise of the Warrant as required pursuant to the terms hereof.

 

v.                  No Fractional
Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.
As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at
its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by
the Exercise Price or round up to the next whole share.

 

    	5

    

    

 

vi.                  Charges, Taxes
and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other
incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company,
and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided,
however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant
when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company
may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The
Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository
Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery
of the Warrant Shares.

 

vii.                  Closing of
Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this
Warrant, pursuant to the terms hereof.

 

e)                 
Holder’s Exercise Limitations. Notwithstanding anything to the contrary contained herein, the Company shall
not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant
to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable
Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with
the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially
own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number
of shares of Common Stock beneficially owned by the Holder and Attribution Parties shall include the number of shares of Common
Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number
of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially
owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted
portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a
limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its
Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial
ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder,
it being acknowledged by the Holder that the Holder is solely responsible for any schedules required to be filed in accordance
therewith. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section
13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining
the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected
in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent
public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number
of shares of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within two Trading
Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  In any case, the
number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such
number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 19.99% of
the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock
issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership
Limitation provisions of this Section 2(e). Any increase in the Beneficial Ownership Limitation will not be effective until the
61st day after such notice is delivered to the Company. The limitations contained in this paragraph shall apply to a successor
holder of this Warrant.

 

    	6

    

    

 

Section 3.       Certain
Adjustments.

 

a)     
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a)
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

 

    	7

    

    

 

b)     
[INTENTIONALLY OMITTED]

 

c)     
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time after
the Original Issue Date the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants,
securities or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”),
then each Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights
which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise
of this Warrant (without regard to any limitations on exercise hereof) immediately before the date on which a record is taken for
the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of
shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights.

 

d)     
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any
dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of
return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or
options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction,
but excluding any dividend that results in adjustment to the Conversion Price pursuant to Section 3(a) above) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock
acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof) immediately before the
date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders
of shares of Common Stock are to be determined for the participation in such Distribution.

 

    	8

    

    

 

e)      Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more
related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the
Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of
all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase
offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of
Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been
accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or
more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any
compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities,
cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or
share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more
than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or
other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination) (each a “Fundamental Transaction”), then, the Holder
shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to
the occurrence of such Fundamental Transaction (as if the exercise of the Warrant occurred immediately prior to the
occurrence of such Fundamental Transaction), at the option of the Holder (without regard to any limitation in Section 2(e) on
the exercise of this Warrant), the number of shares of common stock of the successor or acquiring corporation or shares of
Common Stock of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate
Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of
Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any
limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the
Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate
Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall
apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any
different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities,
cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the
Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.

 

f)      
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a
share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding
as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

g)     
Notice to Holder.

 

i.      Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to
any provision of this Section 3, the Company shall within two (2) Trading Days deliver to the Holder by facsimile or email a notice
setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting
forth a brief statement of the facts requiring such adjustment.

 

    	9

    

    

 

ii.      Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend
(or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend
on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights
or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders
of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which
the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share
exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the
voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company
shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear
upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter
specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption,
rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled
to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification,
consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is
expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities,
cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided
that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate
action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains,
material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice
with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during
the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise
be expressly set forth herein.

 

Section 4.       Transfer
of Warrant.

 

a)      Transferability.
Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the
provisions of Section 4(a) of the Warrant Exercise Agreement, this Warrant and all rights
hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its
designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed
by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such
transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or
Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such
instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so
assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder
shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in
full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date the
Holder delivers an assignment form to the Company assigning this Warrant full. The Warrant, if properly assigned in
accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant
issued.

 

    	10

    

    

 

b)     
New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid
office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued,
signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the original issue date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c)     
Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that
purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may
deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

d)     
Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant,
the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities
Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions
or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer,
that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 4(a) of the Warrant Exercise
Agreement.

 

e)      Representation
by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon
any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to
or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable
state securities law, except pursuant to sales registered or exempted under the Securities Act.

 

    	11

    

    

 

Section 5.       Miscellaneous.

 

a)     
No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends
or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly
set forth in Section 3.

 

b)     
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to
the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock
certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or stock certificate.

 

c)     
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of
any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised
on the next succeeding Business Day.

 

d)     
Authorized Shares.

 

1.                 
During the period the Warrant is outstanding from and after the Initial Exercise Date, the Company covenants that it will
reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant
Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant
shall constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the
exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure
that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements
of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued
upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by
this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect
of any transfer occurring contemporaneously with such issue).

 

    	12

    

    

 

2.                 
Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without
limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of
any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking
of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the
amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be
necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon
the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents
from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations
under this Warrant.

 

3.                 
Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable
or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof.

 

e)     
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant
shall be determined in accordance with the provisions of the Warrant Exercise Agreement.

 

f)      
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not
registered and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities
laws.

 

g)     
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part
of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding
the fact that all rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with
any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder.

 

h)     
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the
Company shall be delivered in accordance with the notice provisions of the Warrant Exercise Agreement.

 

    	13

    

    

 

i)      
Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise
this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to
any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability
is asserted by the Company or by creditors of the Company.

 

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

 

k)     
Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced
hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors
and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time
of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

 

l)      
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the
Company and the Holder.

 

m)  
Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

 

n)     
Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose,
be deemed a part of this Warrant.

 

********************

(Signature Page Follows)

 

 

 

 

 

    	14

    

    

 

IN WITNESS WHEREOF, the Company has caused this
Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

 

	 	 	AMYRIS, INC.
	 	 	 
	 	 	By:  	/s/  Kathleen Valiasek
	 	 	 	Name: Kathleen Valiasek
	 	 	 	Title: Chief Financial Officer
	 	 	 
	 	 	 

 

 

 

 

 

 

 

 

[Signature page to Warrant]

 

    

    

    

 

NOTICE OF EXERCISE

 

To:     AMYRIS, INC.

 

(1)  
The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any.

 

(2)  
Applicable Exercise Price: $                     

 

(3)  
Payment shall take the form of (check applicable box):

 

[ ] in lawful money of the United States; or

 

[ ] the cancellation of such number of Warrant Shares
as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum
number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

 

(4)  
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

	 	 	 

 

The Warrant Shares shall be delivered to the following DWAC Account
Number:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

(4) Accredited Investor. The undersigned
is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

 

[SIGNATURE OF HOLDER]

 

	Name of Investing Entity:	 	 
	Signature of Authorized Signatory of Investing Entity:	 	 
	Name of Authorized Signatory:	 	 
	Title of Authorized Signatory:	 	 
	Date:	 	 

 

 

    

    

    

 

ASSIGNMENT FORM

 

(To assign the foregoing Warrant, execute this form and supply
required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to

 

	Name:	 	 
	 	 	(Please Print)
	 	 	 
	Address:	 	 
	 	 	(Please Print)
	 	 	 
	Phone Number:	 	 
	 	 	 
	Email Address:	 	 
	 	 	 
	Dated: 	 _______________ __, ______	 	 
	Holder’s Signature: 	 	 	 
	Holder’s Address:

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