Document:

Exhibit 4.12

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE
EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.

 

	Date of Issuance: [●], 2013	Number of Shares: [●]
	 	(subject to adjustment)

 

AMPLIPHI BIOSCIENCES CORPORATION

 

Common Stock Purchase Warrant

 

AMPLIPHI BIOSCIENCES
CORPORATION (the “Company”), for value received, hereby certifies that [________] (the “Holder”),
is entitled, subject to the terms set forth below, to purchase from the Company, at any time after the date hereof and on or before
the Expiration Date (as defined in Section 5 below), up to [●]
shares (the “Initial Number of Shares”) of Common Stock of the Company (“Common Stock”),
at a purchase price of $[●] per share. The shares of Common
Stock purchasable upon exercise of this Warrant and the purchase price per share, as adjusted from time to time pursuant to the
provisions of this Warrant, are hereinafter referred to as the “Warrant Stock” and the “Purchase Price,”
respectively, and are subject to adjustment as set forth in Section 2, below.

 

		1.	Exercise.

 

(a)          Manner
of Exercise. This Warrant may be exercised by the Holder, in whole or in part, by surrendering this Warrant, with the purchase
form appended hereto as Exhibit A duly executed by such Holder or by such Holder’s duly authorized attorney,
at the principal office of the Company, or at such other office or agency as the Company may designate, accompanied by payment
in full of the Purchase Price payable in respect of the number of shares of Warrant Stock purchased upon such exercise. The Purchase
Price may be paid by cash, check, wire transfer, the surrender of promissory notes or other instruments representing indebtedness
of the Company to the Holder or by net issue exercise pursuant to Section 1(c) below.

 

(b)          Effective
Time of Exercise. Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of
business on the day on which this Warrant shall have been surrendered to the Company as provided in Section 1(a) above. At such
time, the person or persons in whose name or names any certificates for Warrant Stock shall be issuable upon such exercise as provided
in Section 1(d) below shall be deemed to have become the holder or holders of record of the Warrant Stock represented by such certificates.

 

     

     

    

  

 (c)         Net Issue Exercise.

 

(i)          In
lieu of exercising this Warrant in the manner provided above in Section 1(a), the Holder may elect to receive shares equal
to the value of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the
Company together with notice of such election in which event the Company shall issue to such Holder a number of shares of Warrant
Stock computed using the following formula:

 

X = Y
(A - B)

A

 

		Where	X = The number of shares of Warrant Stock to be issued to the Holder.

 

			Y = The number of shares of Warrant Stock purchasable under this Warrant (at the date of such calculation).

 

			A = The fair market value of one share of Warrant Stock (at the date of such calculation).

 

			B = The Purchase Price (as adjusted to the date of such calculation).

 

(ii)         For
purposes of this Section 1(c), the fair market value of Warrant Stock on the date of calculation shall mean with respect to each
share of Warrant Stock:

 

(A)         if
the exercise is in connection with an initial public offering of the Company’s Common Stock (an “IPO”), and if
the Company’s Registration Statement relating to such public offering has been declared effective by the Securities and Exchange
Commission, then the fair market value per share shall be the “Price to Public” specified in the final prospectus with
respect to the offering;

 

(B)         if
this Warrant is exercised after, and not in connection with, an IPO, and if the Company’s Common Stock is traded on a securities
exchange or The Nasdaq Stock Market or actively traded over-the-counter:

 

(1)         if
the Company’s Common Stock is traded on a securities exchange or The Nasdaq Stock Market, the fair market value shall be
deemed to be the average of the closing prices over a thirty (30) day period ending three days before date of calculation; or

 

(2)         if
the Company’s Common Stock is actively traded over-the-counter, the fair market value shall be deemed to be the average of
the closing bid or sales price (whichever is applicable) over the thirty (30) day period ending three days before the date of calculation;
or

 

(C)         if
neither (A) nor (B) is applicable, the fair market value of Warrant Stock shall be as determined in good faith by the Company’s
Board of Directors, unless the Company is at such time subject to an acquisition as described in Section 2(b) below, in which case
the fair market value of Warrant Stock shall be deemed to be the value received by the holders of such stock pursuant to such acquisition.

 

     

     

    

 

(d)          Delivery
to Holder. As soon as practicable after the exercise of this Warrant in whole or in part, and in any event within ten (10)
days thereafter, the Company at its expense will cause to be issued in the name of, and delivered to, the Holder, or as such Holder
(upon payment by such Holder of any applicable transfer taxes) may direct:

 

(i)          a
certificate or certificates for the number of shares of Warrant Stock to which such Holder shall be entitled, and

 

(ii)         in
case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor, calling in the aggregate on
the face or faces thereof for the number of shares of Warrant Stock equal (without giving effect to any adjustment therein) to
the number of such shares called for on the face of this Warrant minus the number of such shares purchased by the Holder upon such
exercise as provided in Section 1(a) or 1(c) above.

 

		2.	Adjustments.

 

(a)          Stock
Splits and Dividends. If outstanding shares of the Company’s Common Stock shall be subdivided into a greater number
of shares or a dividend in Common Stock, securities or other assets shall be paid in respect of Common Stock, the Purchase Price
in effect immediately prior to such subdivision or at the record date of such dividend shall simultaneously with the effectiveness
of such subdivision or immediately after the record date of such dividend be proportionately reduced. If outstanding shares of
Common Stock shall be combined into a smaller number of shares, the Purchase Price in effect immediately prior to such combination
shall, simultaneously with the effectiveness of such combination, be proportionately increased. When any adjustment is required
to be made in the Purchase Price, the number of shares of Warrant Stock purchasable upon the exercise of this Warrant shall be
changed to the number determined by dividing (i) an amount equal to the number of shares issuable upon the exercise of this
Warrant immediately prior to such adjustment, multiplied by the Purchase Price in effect immediately prior to such adjustment,
by (ii) the Purchase Price in effect immediately after such adjustment.

 

(b)          Reclassification,
Merger, Etc. In case there occurs any reclassification or change of the outstanding securities of the Company or any reorganization
of the Company (or any other corporation the stock or securities of which are at the time receivable upon the exercise of this
Warrant), any consolidation or merger of the Company, any consolidation or merger of the Company with or into another corporation
or any similar corporate reorganization on or after the date hereof, then and in each such case the Holder, upon the exercise
hereof at any time after the consummation of such merger, reclassification, change, or reorganization shall be entitled
to receive, in lieu of the stock or other securities and property receivable upon the exercise hereof prior to such consummation,
the stock or other securities or property to which such Holder would have been entitled upon such consummation if such Holder had
exercised this Warrant immediately prior thereto, all subject to further adjustment pursuant to the provisions of this Section
2.

 

(c)          Adjustment
Certificate. When any adjustment is required to be made in the Warrant Stock or the Purchase Price pursuant to this Section
2, the Company shall promptly mail to the Holder a certificate setting forth (i) a brief statement of the facts requiring such
adjustment, (ii) the Purchase Price after such adjustment and (iii) the kind and amount of stock or other securities or property
into which this Warrant shall be exercisable after such adjustment.

 

     

     

    

  

		3.	Transfers.

 

(a)          Transferability
of Warrants. This Warrant and all rights hereunder may not be transferred, in whole or in part, without the prior written
consent of the Company, provided, however that this Warrant and all rights hereunder may be transferred, in whole or in
part, to any Affiliate of the Holder, upon surrender of the Warrant with a properly executed assignment (in the form of Exhibit B
hereto) at the principal office of the Company.

 

(b)          Warrant
Register. The Company will maintain a register containing the names and addresses of the Holders of this Warrant. Until
any transfer of this Warrant is made in the warrant register, the Company may treat the Holder of this Warrant as the absolute
owner hereof for all purposes; provided, however, that if this Warrant is properly assigned in blank, the Company
may (but shall not be required to) treat the bearer hereof as the absolute owner hereof for all purposes, notwithstanding any notice
to the contrary. Any Holder may change such Holder’s address as shown on the warrant register by written notice to the Company
requesting such change.

 

4.          No
Impairment. The Company will not, by amendment of its charter or through reorganization, consolidation, merger, dissolution,
sale of assets 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 action
as may be necessary or appropriate in order to protect the rights of the holder of this Warrant against impairment.

 

5.          Termination.
This Warrant (and the right to purchase securities upon exercise hereof) shall terminate upon the earliest of the following dates:
(i) the date which is five (5) years following the issue date hereof; or (ii) the date of the closing on a Change in Control (such
date, the “Expiration Date”).

 

6.          Holder
Representations.  The Holder represents and warrants to the Company as follows: Holder acknowledges that (i) this Warrant
and the Warrant Stock have not been registered under the Securities Act of 1933, as amended (the “Securities Act”),
and are “restricted securities” within the meaning of the Securities Act, (ii) the Holder is acquiring this Warrant
and the Warrant Stock solely for the account of the Holder, for investment purposes only, and not with a view towards their resale
or distribution, (iii) the Holder agrees not to sell, pledge, distribute, offer for sale, transfer or otherwise dispose of this
Warrant or any Warrant Stock issued upon exercise of this Warrant unless (a) there is an effective registration statement
under the Act as to this Warrant or such Warrant Stock and registration or qualification of this Warrant or such Warrant Stock
under any applicable U.S. federal or state securities law then in effect, (b) the Company receives an opinion of counsel,
satisfactory to the Company, that such registration and qualification are not required or (c) the Company is otherwise satisfied
that such registration and qualification is not required. Each certificate or other instrument for Warrant Stock issued upon the
exercise of this Warrant shall bear a legend substantially to the foregoing effect. The Holder also acknowledges that the Holder
is an “accredited investor” as such term is defined in Regulation D of the Rules and Regulations promulgated under
the Securities Act.

 

     

     

    

  

		7.	Notices of Certain Transactions. In case:

 

(a)          the
Company shall take a record of the holders of its Common Stock (or other stock or securities at the time deliverable upon the exercise
of this Warrant) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any
right to subscribe for or purchase any shares of stock of any class or any other securities, or to receive any other right, to
subscribe for or purchase any shares of stock of any class or any other securities, or to receive any other right,

 

(b)          of
any liquidation or merger, consolidation with or into, or conveyance, transfer, lease or other disposal of all or substantially
all of its assets (whether in one transaction or in a series of transactions) to any Person, other than any such transaction in
which the shareholders of the Company immediately prior to such transaction or transactions own a majority of the outstanding capital
stock and a majority of the voting power of the surviving entity or parent after giving effect to such transaction, or any simultaneous
sale of more than a majority of the then outstanding securities of the Company other than a reincorporation transaction to change
the Company’s jurisdiction of incorporation (each a “Change in Control”), or

 

(c)          of
the voluntary or involuntary dissolution, liquidation or winding-up of the Company, then, and in each such case, the Company will
mail or cause to be mailed to the Holder of this Warrant a notice specifying, as the case may be, (i) the date on which a record
is to be taken for the purpose of such dividend, distribution or right, and stating the amount and character of such dividend,
distribution or right, or (ii) the effective date on which such reorganization, reclassification, consolidation, merger, transfer,
dissolution, liquidation, winding-up, redemption or conversion is to take place, and the time, if any is to be fixed, as of which
the holders of record of Common Stock (or such other stock or securities at the time deliverable upon such reorganization, reclassification,
consolidation, merger, transfer, dissolution, liquidation, winding-up, redemption or conversion) are to be determined. Such notice
shall be mailed at least ten (10) days prior to the record date or effective date for the event specified in such notice.

 

8.          Reservation
of Stock. The Company will at all times reserve and keep available, solely for the issuance and delivery upon the exercise
of this Warrant, such shares of Warrant Stock and other stock, securities and property, as from time to time shall be issuable
upon the exercise of this Warrant.

 

9.          Exchange
of Warrants. Upon the surrender by the Holder of any Warrant or Warrants, properly endorsed, to the Company at the principal
office of the Company, the Company will, subject to the provisions of Section 3 hereof, issue and deliver to or upon the order
of such Holder, at the Company’s expense, a new Warrant or Warrants of like tenor, in the name of such Holder or as such
Holder (upon payment by such Holder of any applicable transfer taxes) may direct, calling in the aggregate on the face or faces
thereof for the number of shares of Common Stock called for on the face or faces of the Warrant or Warrants so surrendered.

 

     

     

    

 

10.         Replacement
of Warrants. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation
of this Warrant and (in the case of loss, theft or destruction) upon delivery of an indemnity agreement (with surety if reasonably
required) in an amount reasonably satisfactory to the Company, or (in the case of mutilation) upon surrender and cancellation of
this Warrant, the Company will issue, in lieu thereof, a new Warrant of like tenor.

 

11.         Mailing
of Notices. Any notice required or permitted pursuant to this Warrant shall be in writing and shall be deemed sufficient
upon receipt, when delivered personally or sent by courier, overnight delivery service or confirmed facsimile, or forty-eight (48)
hours after being deposited in the regular mail, as certified or registered mail (airmail if sent internationally), with postage
prepaid, addressed (a) if to the Holder, to the address of the Holder most recently furnished in writing to the Company and
(b) if to the Company, to the address set forth below or subsequently modified by written notice to the Holder.

 

12.         No
Rights as Shareholder. Until the exercise of this Warrant, the Holder of this Warrant shall not have or exercise any rights
by virtue hereof as a shareholder of the Company.

 

13.         No
Fractional Shares. No fractional shares of Common Stock will be issued in connection with any exercise hereunder. In lieu
of any fractional shares which would otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied
by the fair market value of one share of Common Stock on the date of exercise, as determined in good faith by the Company’s
Board of Directors.

 

14.         Amendment
or Waiver. This Warrant shall not be amended, modified or waived except by an instrument in writing signed by the Company
and holders representing at least a majority of the aggregate number of Warrant Stock issuable upon exercise of all outstanding
Warrants. Holder acknowledges that this Warrant may be amended without Holder’s consent.

 

15.         Headings.
The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning of any provision
of this Warrant.

 

16.         Governing
Law. This Warrant shall be governed, construed and interpreted in accordance with the laws of the state of New York, without
giving effect to principles of conflicts of law.

 

Signature Page Follows

 

     

     

    

 

SIGNATURE PAGE TO COMMON
STOCK PURCHASE WARRANT

 

	 	AMPLIPHI BIOSCIENCES CORPORATION
	 	 	 
	 	By	 
	 	 	President & CEO
	 	 	 
	 	[___________________]
	 	 	 
	 	 	 
	 	By	 
	 	 	 
	 	Address:

 

 

     

     

    

  

EXHIBIT A

  

PURCHASE FORM

 

	To:       COMPANY NAME	Dated:

 

The undersigned, pursuant to the provisions
set forth in the attached Warrant, hereby irrevocably elects to purchase _______ shares of the Common Stock covered by such Warrant
and herewith [makes payment of $_________,] or [surrenders __________ shares of Common Stock issuable upon exercise of this Warrant],
representing the full purchase price for such shares at the price per share provided for in such Warrant.

 

The undersigned acknowledges that it has
reviewed the representations and warranties contained in Section 6 of the Warrant and by its signature below hereby makes
such representations and warranties to the Company. Defined terms contained in such representations and warranties shall have the
meanings assigned to them in the Warrant.

 

	 	Signature:	 
	 	 
	 	Name (print):	 
	 	 
	 	Title:	 	 
	 	 	 
	 	[HOLDER]	 

 

     

     

    

 

EXHIBIT B

 

ASSIGNMENT FORM

 

FOR VALUE RECEIVED, _________________________________________
hereby sells, assigns and transfers all of the rights of the undersigned under the attached Warrant with respect to the number
of shares of Common Stock covered thereby set forth below, unto:

 

	Name of Assignee	 	Address/Fax Number	 	No. of Shares
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

	Dated:_________________	Signature:	 
	 	 	 
	 	 	 
	 	 	 
	 	Witness:Exhibit 4.13

 

NEITHER THIS WARRANT NOR THE SHARES OF
COMMON STOCK ISSUABLE UPON EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES
OR “BLUE SKY” LAWS, AND THE HOLDER OF THIS WARRANT REPRESENTS AND WARRANTS THAT THIS WARRANT HAS BEEN, AND THE SHARES
OF COMMON STOCK TO BE ISSUED UPON EXERCISE HEREOF WILL BE, ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR FOR RELEASE IN CONNECTION
WITH, ANY DISTRIBUTION THEREOF. THIS WARRANT AND THE SHARES ISSUABLE UPON EXERCISE HEREOF WILL BE OFFERED ONLY OUTSIDE OF THE UNITED
STATES TO NON-U.S. PERSONS PURSUANT TO THE PROVISIONS OF REGULATION S OF THE U.S. SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT
BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN APPLICATION EXEMPTION FROM REGISTRATION. NO SALE, ASSIGNMENT,
TRANSFER, GIFT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THIS WARRANT OR THE SHARES OF COMMON STOCK TO BE ISSUED UPON EXERCISE
HEREOF MAY BE MADE EXCEPT AS SPECIFICALLY SET FORTH IN THIS WARRANT.

 

WARRANT TO PURCHASE SHARES

OF

COMMON STOCK

OF

AMPLIPHI BIOSCIENCES CORPORATION

 

Warrant No. 2016-[●]

Issue Date: [●], 2016

 

THIS IS TO CERTIFY
THAT, FOR VALUE RECEIVED, [_______________], a [_______________] (“Holder”), is entitled, subject to the terms
set forth below, to purchase from AmpliPhi Biosciences Corporation, a Washington corporation (the “Company”),
[__________]1 shares of the Company’s
Common Stock, USD$0.01 par value per share (the “Common Stock”), subject to adjustment as provided in Section 9
(the “Warrant Shares”), at the Purchase Price set forth in Section 3.

 

1.          Issuance.
This Warrant is issued to Holder by the Company pursuant to that certain Asset Purchase Agreement between the Company and Novolytics
Limited (the “Asset Purchase Agreement”). The Holder represents and warrants to the Company that (i) the Warrant is
being acquired for the account of the Holder for investment and not with a view to, or for resale in connection with, the distribution
thereof and that the Holder has no present intention of distributing or reselling the Warrant; (ii) the undersigned understands
that the Warrant and the Warrant Shares have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), by reason of a specific exemption from the registration provisions of the Securities Act, which exemption depends
upon, among other things, the bona fide nature of the investment intent as expressed herein, and, because such securities have
not been registered under the Securities Act, they must be held indefinitely unless subsequently registered under the Securities
Act or an exemption from such registration is available; (iii) the undersigned is aware that the Warrant and the Warrant Shares
may not be sold pursuant to Rule 144 adopted under the Securities Act unless certain conditions are met and until the undersigned
has held the shares for the number of years prescribed by Rule 144, that among the conditions for use of Rule 144 is the availability
of current information to the public about the Company; and (iv) the undersigned agrees not to make any disposition of all or any
part of Warrant or the Warrant Shares unless and until there is then in effect a registration statement under the Securities Act
covering such proposed disposition and such disposition is made in accordance with said registration statement, or the undersigned
has provided the Company with an opinion of counsel satisfactory to the Company, stating that such registration is not required.
Holder further represents that the Holder is not a “U.S. person” within the meaning of Rule 902 of Regulation S (“Regulation
S”) promulgated under the Securities Act, nor is the Holder acquiring the Warrant or the Warrant Shares for the account or
benefit of any U.S. person, and Holder will not offer, sell, transfer or otherwise dispose of this Warrant or any Warrant Shares
unless the transaction (1) complies with Regulation S, (2) is pursuant to an effective registration statement under the Securities
Act or (3) is exempt from registration under the Securities Act in the opinion of counsel satisfactory to the Company. Holder warrants
and agrees not to engage in any hedging transaction with regard to the Warrants or the Warrants Shares unless in compliance with
the Securities Act and all other applicable regulations.

 

 

		1The	Holder’s “pro rata” share of 170,000
shares of Common, the number agreed to by the Parties.

 

     

     

    

 

2.          Covenants
as to Warrant Shares. The Company has reserved, and at all times during the period this Warrant is outstanding shall reserve,
a sufficient number of shares of Common Stock for issuance upon the exercise of this Warrant. The Warrant Shares are duly authorized,
and, when issued to the Holder pursuant to the terms of this Warrant and the Purchase Agreement, will be validly issued, fully
paid and nonassessable and, assuming the accuracy of the representations and warranties of Holder hereunder, will be issued in
compliance with the registration and qualification requirements of all applicable securities laws.

 

3.          Exercisability;
Purchase Price; Number of Shares. Subject to the terms and conditions hereinafter set forth, the Holder is entitled to exercise
this Warrant, commencing as follows: (a) for one-half of the Warrant Shares, on the date that is the earlier of (i) 30 days after
the expiration of the Lock-Up Period (as such term is defined below), or (ii) December 31, 2016 (such date, the “Vesting
Date”); and (b) for the remaining one-half of the Warrant Shares, 60 days after the date as will be determined pursuant to
Section 3(a), and such exercise may be effected thereafter up to the Expiration Date (as defined in Section 8), upon
surrender of this Warrant and the delivery of the Exercise Notice attached hereto as Attachment I (the “Exercise Notice”),
fully completed and duly executed, each at the office of the Company, or such other address as the Company shall notify the Holder
of in writing, to purchase from the Company up to the number of Warrant Shares (as adjusted pursuant to Section 9) as are
then exercisable at a fixed price per share of USD$12 (the “Purchase Price” per Common Share), as such purchase price
may be adjusted as provided in Section 9. Until such time as this Warrant is exercised in full or expires pursuant to the
terms hereof, the Purchase Price and the number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment
pursuant to Section 9. The Company shall notify the Holder of the Vesting Date promptly after it occurs. The Company agrees
to use commercially reasonable efforts to have a registration statement (the “Registration Statement”) on either Form
S-1 or S-3, as applicable, covering resale of all shares underlying the Warrant effective no later than December 31, 2016 and that
Company shall use commercially reasonable efforts to keep the Registration Statement effective with respect to the shares underlying
this Warrant at all times during the period in which this Warrant may be exercised. It shall be a condition to the Company’s
obligations to take any action with respect to the registration of the Warrant Shares that Holder shall promptly furnish to the
Company such information regarding Holder, the Warrant Shares, and the intended method of disposition of such Warrant Shares as
may reasonably be requested by Company. In connection therewith, Holder shall be required to represent to the Company that all
such information which is given is both complete and accurate when made.

 

    	 	2	 

     

    

 

As used herein, the
“Lock-Up Period” means any period of “lock-up” or similar restriction on sale of Company stock imposed
on the directors, officers and/or existing shareholders of the Company (or a subset of them) by the underwriters in the Company’s
first public offering of its securities (after issuance of this Warrant) in the United States, in connection with such offering.

 

4.          Payment
of Purchase Price. Subject to the conditions set forth in Section 3, this Warrant may be exercised in full or in part
by the Holder by payment in cash, by wire transfer or by certified or official bank check payable to the order of the Company,
for the purchase price of the Warrant Shares to be purchased hereunder. Any exercise of this Warrant shall be in accordance with
Regulation S and, if required thereunder, shall be accompanied by (a) written certification that Holder is not a U.S. person and
the Warrant is not being exercised on behalf of a U.S. person, or (b) a written opinion of counsel to the effect that the Warrant
and the Warrant Shares delivered upon exercise thereof have been registered under the Securities Act or are exempt from registration
thereunder.

 

5.          Partial
Exercise. For any partial exercise pursuant to Section 4 hereof, the Holder shall designate in the Exercise Notice the
number of Warrant Shares that it wishes to purchase. On any such partial exercise, the Company at its expense shall forthwith issue
and deliver to the Holder a new warrant of like tenor, in the name of the Holder, which shall be exercisable for such number of
Warrant Shares which have not been purchased upon such exercise.

 

6.          Issuance;
Issuance Date. As soon as practicable after the exercise of this Warrant, and in any event within five (5) business days thereafter,
the Company at its expense will cause to be issued in the name of and delivered to the Holder, a certificate or certificates for
the number of Warrant Shares purchased or acquired by the Holder as a result of such exercise, rounded down to the nearest whole
number. The person or entity or persons or entities in whose name or names any certificate representing shares of Common Stock
is issued hereunder shall be deemed to have become the holder of record of the shares represented thereby at the close of business
on the date this Warrant is exercised with respect to such shares, whether or not the transfer books of the Company shall be closed.

 

7.          Warrant
Shares. The Holder understands and agrees that all certificates evidencing the shares to be issued to the Holder may bear the
following legend:

 

    	 	3	 

     

    

 

THESE SECURITIES
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THEY MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED OR HYPOTHECATED UNLESS THE TRANSACTION (1) COMPLIES WITH REGULATION S UNDER THE SECURITIES ACT, (2) IS
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (3) IS EXEMPT FROM REGISTRATION UNDER THE SECURITIES
ACT IN THE OPINION OF COUNSEL SATISFACTORY TO THE COMPANY.

 

8.          Expiration
Date; Automatic Exercise. This Warrant shall expire (the “Expiration Date”) at the later of (i) the close of business
on the 24 month anniversary of the date of initial exercisability established in Section 3(a) or (ii) the 24 month anniversary
of the initial effectiveness of the Registration Statement, and shall be void thereafter.

 

9.          Adjustment
of Number of Warrant Shares Issuable Pursuant to this Warrant or the Purchase Price.

 

(a)          Adjustment
for Stock Splits and Combinations. If the Company shall at any time or from time to time after the date of issuance of this
Warrant (the “Original Issue Date”) effect a subdivision of the outstanding Common Stock, the number of Warrant Shares
issuable hereunder shall be proportionately increased and the Purchase Price shall be proportionately decreased. Conversely, if
the Company shall at any time or from time to time after the Original Issue Date combine the outstanding shares of Common Stock
into a smaller number of shares, the number of Warrant Shares issuable hereunder shall be proportionately decreased and the Purchase
Price shall be proportionately increased. Any adjustment under this Section 9(a) shall become effective at the close of
business on the date the subdivision or combination becomes effective.

 

(b)          Adjustment
for Common Stock Dividends and Distributions. If the Company at any time or from time to time after the Original Issue Date
makes, or fixes a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution
payable in additional shares of Common Stock, in each such event the number of Warrant Shares issuable hereunder shall be proportionately
increased and the Purchase Price shall be proportionately decreased, as of the close of business on such record date; provided,
however, that if such record date is fixed and such dividend is not fully paid or if such distribution is not fully made on
the date fixed therefor, the number of Warrant Shares issuable hereunder and the Purchase Price shall be recomputed accordingly
as of the close of business on such record date and thereafter shall be adjusted pursuant to this Section 9(b) to reflect
the actual payment of such dividend or distribution.

 

(c)          Adjustment
for Reclassification, Exchange and Substitution. If at any time or from time to time after the Original Issue Date, the Common
Stock is changed into the same or a different number of shares of any class or classes of stock, whether by recapitalization, reclassification
or otherwise (other than as a result of a subdivision or combination of shares or stock dividend or a reorganization, merger or
consolidation in which the Company is the continuing entity and which does not result in any change in the Common Stock) in any
such event this Warrant shall be exercisable for the kind and amount of stock and other securities and property receivable upon
such recapitalization, reclassification or other change by holders of the maximum number of shares of Common Stock for which this
Warrant could have been exercised immediately prior to such recapitalization, reclassification or change, all subject to further
adjustment as provided herein or with respect to such other securities or property by the terms thereof.

 

    	 	4	 

     

    

 

(d)          Reorganizations,
Mergers, Consolidations or Sales of Assets. If at any time or from time to time after the Original Issue Date, there is a Change
in Control transaction or other capital reorganization of the Common Stock (other than a recapitalization, subdivision, combination,
reclassification, exchange or substitution of shares), as a part of such Change in Control transaction or capital reorganization,
this Warrant shall be deemed exercised and provision shall be made so that the Holder shall thereafter be entitled to receive the
number of shares of stock or other securities or property to which a holder of the number of shares of Common Stock deliverable
upon exercise of this Warrant would have been entitled on such Change in Control transaction or capital reorganization, subject
to adjustment in respect of such stock or securities by the terms thereof. In any such case, appropriate adjustment shall be made
in the application of the provisions of this Section 9 with respect to the rights of the Holder after the Change in Control
transaction or capital reorganization to the effect that the provisions of this Section 9 shall be applicable after that
event and be as nearly equivalent as practicable.

 

10.         Conversion
or Redemption of Common Stock. Should all of the Company’s Common Stock be, or if outstanding would be, at any time prior
to the expiration of this Warrant or any portion thereof, redeemed or converted into another class shares of the Company’s
stock, or if there shall be any reclassification, capital reorganization or change of the Common Stock, or any consolidation of
the Company with, or merger of the Company into, another corporation or other business organization (other than a consolidation
or merger in which the Company is the continuing corporation and which does not result in any reclassification or change of the
outstanding Common Stock), or any sale or conveyance to another corporation or other business organization of all or substantially
all of the assets of the Company or any of its subsidiaries, taken as a whole, then the Company shall mail or cause to be mailed
to the Holder a notice specifying the date on which any such record is to be taken for the purpose of such event and stating the
material provisions of such event, including the date upon which such event shall be consummated. Such notice shall be mailed at
least ten (10) days prior to the earlier of the record date or the date specified in such notice on which any such action is to
be taken.

 

11.         Fractional
Shares. No fractional shares shall be issuable upon exercise or conversion of this Warrant and the number of shares to be issued
shall be rounded down to the nearest whole share. If a fractional share interest arises upon any exercise or conversion of this
Warrant, the Company shall eliminate such fractional share interest by paying the Holder an amount computed by multiplying the
fractional interest by the fair market value of a full Warrant Share, as determined by the Company’s Board of Directors.

 

    	 	5	 

     

    

 

12.         Notices
of Record Date, Etc. In the event of: (1) any taking by the Company of a record of the holders of any class of securities for
the purpose of determining the holders thereof who are entitled to receive a dividend or other distribution, or any right to subscribe
for, purchase or otherwise acquire any shares of stock of any class or any other securities or property; (2) any reclassification
or recapitalization of capital stock; or (3) any voluntary or involuntary dissolution, liquidation or winding-up of the Company,
then and in each such event the Company will mail or cause to be mailed to the Holder a notice specifying (A) the date on which
any such record is to be taken for the purpose of such dividend, distribution or right, and stating the amount and character of
such dividend, distribution or right, or (B) the date on which any such reclassification, reorganization, consolidation, merger,
sale or conveyance, dissolution, liquidation or winding-up is to take place, and the time, if any is to be fixed, as of which the
holders of record shall be entitled to exchange their shares for securities or other property deliverable upon such reorganization,
reclassification, recapitalization, transfer, consolidation, merger, dissolution, liquidation or winding-up, and (C) the amount
and character of any stock or other securities, or rights or options with respect thereto, proposed to be issued or granted, the
date of the proposed issue or grant and the person or class of persons to whom such proposed issue or grant is to be offered or
made. Such notice shall be mailed at least ten (10) days prior to the date specified in such notice on which any such action is
to be taken.

 

13.         No
Shareholder Rights. This Warrant in and of itself shall not entitle the Holder to any voting rights or other rights as a shareholder
of the Company.

 

14.         Amendment.
The terms of this Warrant may be amended, modified or waived only with the written consent of the Company and the holders representing
at least two thirds of the aggregate number of shares of Common Stock issuable upon the exercise of all outstanding warrants issued
pursuant to the Asset Purchase Agreement.

 

15.         Transfers,
Substitute Warrant.

 

(a)          This
Warrant may only be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of (each, a “Transfer”)
by the Holder (i) pursuant to an effective registration statement under the Securities Act or (ii) to an Affiliate (as defined
below) of the Holder that is not a U.S. person with the Company’s prior written consent, provided that (w) the Holder
or the Holder’s Affiliate delivers to the Company an opinion of qualified counsel in form and substance satisfactory to the
Company setting forth that such Transfer is exempt from the registration requirements of the Securities Act and does not otherwise
violate federal or state securities laws (the “Opinion”), (x) the Holder’s Affiliate delivers a representation
letter (the “Representation Letter”) in form and substance satisfactory to the Company, (y) the Holder’s Affiliate
agrees to resell the Warrant any the Warrant Shares only in accordance with the provisions of Regulation S, pursuant to registration
under the Securities Act, or pursuant to an available exemption from registration and (z) agrees not to engage in hedging transactions
with regard to the Warrant or any Warrant Shares unless in compliance with the Securities Act and all other applicable regulations,
and the Warrant contains a legend to the effect that transfer is prohibited except in accordance with the provisions of Regulation
S, pursuant to registration under the Securities Act, or pursuant to an available exemption from such registration; and that hedging
transactions involving those securities may not be conducted unless in compliance with the Securities Act. In furtherance of the
foregoing, in order to affect the Transfer, the Holder shall deliver to the Company this Warrant, the assignment form attached
hereto as Attachment II properly endorsed, and the Opinion and the Representation Letter. Upon delivery of the foregoing,
for Transfer of this Warrant in its entirety by the Holder, the Company shall issue a new warrant of the same denomination to the
assignee. Upon delivery of the foregoing, for Transfer with respect to a portion of the Warrant Shares purchasable hereunder, the
Company shall issue a new warrant to the assignee, in such denomination as shall be requested by the Holder hereof, and shall issue
to the Holder a new warrant covering the number of shares in respect of which this Warrant shall not have been Transferred.

 

    	 	6	 

     

    

 

(b)          In
case this Warrant shall be mutilated, lost, stolen or destroyed, the Company shall issue a new warrant of like tenor and denomination
and deliver the same (i) in exchange and substitution for and upon surrender and cancellation of any mutilated Warrant, or (ii)
in lieu of any Warrant lost, stolen or destroyed, upon receipt of evidence reasonably satisfactory to the Company of the loss,
theft or destruction of such Warrant (including a reasonably detailed affidavit with respect to the circumstances of any loss,
theft or destruction) and of indemnity reasonably satisfactory to the Company.

 

(c)          The
Holder acknowledges and agrees that (i) the Company will refuse to register any transfer of this Warrant or any Warrant Shares
not made in accordance with Regulation S, pursuant to registration under the Securities Act or pursuant to an available exemption
from registration under the Securities Act, provided however, that if foreign law prevents the Company from refusing
to register such transfers, the Company will implement other reasonable procedures to prevent any such transfer not made in accordance
with Regulation S, and (ii) with respect to the Warrant Shares, such shares may not be delivered within the United States upon
exercise, other than in offerings deemed to meet the definition of and “offshore transaction” pursuant to Rule 902(h)
of Regulation S, unless registered under the Securities Act or an exemption from such registration is available.

 

16.         Assistance.
In partial consideration of the rights granted to Holder under this Warrant, the Holder covenants and agrees that, in the event
that, and for so long as, the Company or any of its officers, directors, employees, shareholders, assigns, successors or Affiliates
(any such party, a “Subject Party”) is actively contesting or defending against any charge, complaint, action, suit,
audit, proceeding, hearing, investigation, claim or demand in connection with (i) any asset sale or other transaction contemplated
by the Asset Purchase Agreement or (ii) any fact, situation, circumstance, status, condition, activity, practice, plan, occurrence,
event, incident, action, failure to act or transaction on or prior to the Closing Date related to the Purchased Assets or the Business
(as such terms are defined in the Asset Purchase Agreement), the Holder shall cooperate fully with and provide reasonable assistance
to such Subject Party or its counsel in the contest or defense, as requested by such Subject Party, including making available
its personnel and providing such testimony and access to its books and records as shall be reasonably necessary in connection with
the contest or defense, all at the sole cost and expense of the Subject Party. Further, each of Holder and Company agree that it
shall not publicly disparage the other party.

 

    	 	7	 

     

    

 

17.         Governing
Law. The provisions and terms of this Warrant shall be governed by and construed in accordance with the laws of the State of
California, without regard to its conflicts of laws principles.

 

18.         Successors
and Assigns. This Warrant shall be binding upon and inure to the benefit of the Company’s successors and assigns and
shall be binding upon and inure to the benefit of the Holder’s successors, legal representatives and permitted assigns.

 

19.         Business
Days. If the last or appointed day for the taking of any action required or the expiration of any right granted herein shall
be a Saturday or Sunday or a federal holiday, then such action may be taken or right may be exercised on the next succeeding day
which is not a Saturday or Sunday or such a federal holiday.

 

20.         Notices.
All notices, requests, claims, demands, disclosures and other communications required or permitted by this Warrant shall be in
writing and shall be deemed to have been given at the earlier of the date (a) when delivered personally or by messenger, or
(b) upon confirmed delivery as evidenced by the delivery receipt of an nationally recognized overnight delivery service or registered
or certified United States mail, postage prepaid, return receipt requested, in all cases addressed to the person or entity for
whom it is intended at his address set forth below or to such other address as a party shall have designated by notice in writing
to the other party in the manner provided by this Section 20:

 

If to Holder:

 

[Name]

[Address]

Attention: [__________]

Facsimile: [__________]

 

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

 

[Name]

[Address]

Attention: [__________]

Facsimile: [__________]

 

If to Company:

 

AmpliPhi Biosciences Corporation

3579 Valley Centre Dr, Suite 100

San Diego, CA 92130 United States

Attention: M. Scott Salka

Facsimile: (858) 800-4869

 

    	 	8	 

     

    

 

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

 

Cooley LLP

4401 Eastgate Mall

San Diego, CA 92121

Attention: Tom Coll

Facsimile: (858) 550-6420

 

20.         Termination.
This Warrant will terminate and have no further force and effect if the Vesting Date does not occur on or before the twelve month
anniversary of the Closing (as defined in the Asset Purchase Agreement). 

 

21.         Counterparts.         This
Warrant may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. 

 

[Signature Page Follows]

 

    	 	9	 

     

    

 

Dated: ___, 2016

 

	 	AMPLIPHI BIOSCIENCES CORPORATION
	 	 
	 	By:	 
	 	 	M. Scott Salka
	 	 	Chief Executive Officer

 

UNDERSTOOD AND AGREED:

 

	 	Holder:	 
	 	 	 
	 	 
	 	Name:	 
	 	 	 	 

 

[Signature Page to Warrant]

 

    	 	10	 

     

    

 

Attachment I

[FORM OF EXERCISE NOTICE]

 

(TO BE SIGNED ONLY ON EXERCISE OF WARRANT)

 

To: AmpliPhi Biosciences CorporationDate:___________________

 

The undersigned, the
Holder of the within Warrant, hereby irrevocably elects to exercise this Warrant for, and to purchase and subscribe for, _________
shares of Common Stock of AmpliPhi Biosciences Corporation (the “Company”) covered by this Warrant. The undersigned
herewith makes payment of USD$_______ thereof. The certificate(s) for such shares (the “Shares”) shall be issued in
the name of the undersigned as is specified below:

 

________________________

(Name)

________________________

________________________

(Address)

 

     

     

    

 

The undersigned represents
that: (i) the undersigned is not a “U.S. person” within the meaning of Rule 902 of Regulation S (“Regulation
S”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”), nor is the undersigned acquiring
any of the Shares for the account or benefit of any U.S. person; (ii) the undersigned will not offer, sell, transfer or otherwise
dispose of the Shares unless the transaction (1) complies with Regulation S, (2) is pursuant to an effective registration statement
under the Securities Act or (3) is exempt from registration under the Securities Act in the opinion of counsel satisfactory to
the Company; (iii) the undersigned warrants and agrees not to engage in any hedging transaction with regard to the Shares unless
in compliance with the Securities Act and all other applicable regulations; (iv) the aforesaid Shares are being acquired for the
account of the undersigned for investment and not with a view to, or for resale in connection with, the distribution thereof and
that the undersigned has no present intention of distributing or reselling such shares; (v) the undersigned 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 regarding its investment in the Company; (vi) the undersigned is experienced in making investments of this type and has
such knowledge and background in financial and business matters that the undersigned is capable of evaluating the merits and risks
of this investment and protecting the undersigned’s own interests; (vii) unless the Shares have been registered for resale
under an effective registration statement under the Securities Act, the undersigned understands that the Shares have not been registered
under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act, which exemption
depends upon, among other things, the bona fide nature of the investment intent as expressed herein, and, because such Shares have
not been registered under the Securities Act, they must be held indefinitely unless subsequently registered under the Securities
Act or an exemption from such registration is available; (viii) the undersigned is aware that the aforesaid Shares may not be sold
pursuant to Rule 144 adopted under the Securities Act unless certain conditions are met and until the undersigned has held the
shares for the number of years prescribed by Rule 144, that among the conditions for use of Rule 144 is the availability of current
information to the public about the Company; and (ix) the undersigned agrees not to make any disposition of all or any part of
the aforesaid Shares unless and until there is then in effect a registration statement under the Securities Act covering such proposed
disposition and such disposition is made in accordance with said registration statement, or the undersigned has provided the Company
with an opinion of counsel satisfactory to the Company, stating that such registration is not required. The undersigned acknowledges
and agrees that (i) the Company will refuse to register any transfer of Shares not made in accordance with Regulation S, pursuant
to registration under the Securities Act or pursuant to an available exemption from such registration, provided however,
that if foreign law prevents the Company from refusing to register such transfers, the Company will implement other reasonable
procedures to prevent any such transfer not made in accordance with Regulation S, and (ii) the Shares may not be delivered within
the United States upon exercise, other than in offerings deemed to meet the definition of and “offshore transaction”
pursuant to Rule 902(h) of Regulation S, unless registered under the Securities Act or an exemption from such registration is available.

 

	 	 
	 	Signature (must conform to name of Holder as specified on the face of the Warrant)

  

	 	 
	 	Fed Tax ID # (if applicable)	 

 

[Signature Page to Exercise Notice]

 

     

     

    

 

Attachment II

[FORM OF ASSIGNMENT]

 

(TO BE SIGNED ONLY ON TRANSFER OF WARRANT)

 

For value received
the undersigned hereby desires to sell, assign and transfer unto

 

_________________________________________________________________

 

_________________________________________________________________

 

Please print or typewrite
name and address of Assignee and include Fed Tax ID # of Assignee

 

_________________________________________________________________

 

the within Warrant,
and does hereby irrevocably constitute and appoint ______________________________ its attorney to transfer the within Warrant on
the books of the within named Company with full power of substitution on the premises.

 

Dated:_________________________

 

	 	 	 
	 	 	(Signature must conform to name of Holder as specified on the face of the Warrant)
	 	 	 
	Signed in the Presence of:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}]]