Document:

Exhibit
10.3

 

NEITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE 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 OR OTHER LOAN
SECURED BY SUCH SECURITIES.

 

WARRANT
TO PURCHASE SHARES OF COMMON STOCK

OF

SAVE
FOODS, INC.

(the
“Corporation”)

Number
of Shares of Common Stock of the Corporation, par value $0.0001 each (the “Common Stock”): ________.

 

Issue
Date: _____.

Initial
Exercise Date: ______.

 

This
warrant to purchase shares of Common Stock (the “Warrant”) certifies that, for value received, _____ (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 _____, 2020 (the “Initial Exercise Date”), and on or prior to the close of business 36 (thirty-six)
months following the Issue Date (the “Termination Date”), provided that, if such date is not a Trading Day,
the Termination Date should be the immediate following Trading Day but not thereafter, to subscribe for and purchase from the
Corporation, up to _____ shares of Common Stock (the “Warrant Shares”). The purchase price of one Warrant Share
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 either
that certain Convertible Loan Agreement (the “Loan Agreement”), dated _____, 2020, among the Corporation and
the Holder, or that certain Securities Purchase Agreement (the “Purchase Agreement”), dated _____, 2020, among
the Corporation and the Holder, as applicable.

 

Section
2. Exercise.

 

a)
Exercise of Warrant. Exercise of the 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 Corporation (or such other
office or agency that the Corporation may designate by notice in writing to the registered Holder at the address of the Holder
appearing on the books of the Corporation) of a duly executed facsimile copy or PDF copy submitted by electronic mail (or e-mail
attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier
of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section
2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant
Shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank.
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 be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically
surrender this Warrant to the Corporation 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 Corporation for cancellation
within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Corporation. 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 Holder and the Corporation shall maintain records showing the number of Warrant Shares purchased and the
date of such purchases. The Corporation shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt
of such notice. The Holder, by acceptance of this Warrant, acknowledges and agrees 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.

 

    	 

    	 

    

 

In
no event will the Corporation be required to net cash settle a Warrant exercise.

 

b)
Exercise Price. The exercise price per Share under this Warrant shall be $1.20, subject to adjustment hereunder (the “Exercise
Price”).

 

c)
Cashless Exercise. If at any time after the Initial Exercise Date, there is no effective registration statement registering,
or no current prospectus available for, the issuance of the Warrant Shares by the Holder, then this Warrant may also be exercised,
in whole or in part, at such time 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)
= the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise;

 

(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 registered characteristics of the Warrants being exercised.
The Corporation agrees not to take any position contrary to this Section 2(c).

 

    	 

    	 

    

 

“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 shares of Common Stock for such date (or
the nearest preceding date) on the Trading Market on which the Common Stock are 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 the 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
the OTCQB or OTCQX as applicable, (c) if the Common Stock are not then listed or quoted for trading on the 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 holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to
the Corporation, the fees and expenses of which shall be paid by the Corporation.

 

d)
Mechanics of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. The Corporation shall cause its transfer agent (the “Transfer Agent”)
to register the Warrant Shares, and credit the account of the Holder with The Depository Trust Corporation (or another established
clearing corporation performing similar functions) through its Deposit/Withdrawal At Custodian system (“DWAC”)
if the Transfer Agent is then a participant in such system and either (A) there is an effective registration statement permitting
the issuance of the Warrant Shares 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 name of the Holder, 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
and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Corporation of the Notice
of Exercise (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 is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard
Settlement Period following delivery of the Notice of Exercise. As used herein, “Standard Settlement Period”
means the standard settlement period, expressed in a number of Trading Days, on the Corporation’s primary Trading Market
with respect to the Shares as in effect on the date of delivery of the Notice of Exercise.

 

    	 

    	 

    

 

ii.
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Corporation shall, at the
request of the 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.

 

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

 

iv.
No Fractional Warrant Shares or Scrip. No fractional Warrant Shares shall be issued upon the exercise of this Warrant.
As to any fraction of a Share that the Holder would otherwise be entitled to purchase upon such exercise, the Corporation shall
be entitled to round down such to the next whole Share.

 

v.
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 Warrant Shares, all of which taxes and expenses shall be paid by
the Corporation, and such Warrant Shares shall be issued in the name of the Holder. The Corporation shall pay all applicable fees
and expenses of the Transfer Agent in connection with the issuance of the Warrant Shares hereunder.

 

The
Holder is aware and agree that any tax consequences arising from the grant or exercise of any Warrant from the payment for Warrant
Shares covered thereby or from any other event or act (of the Corporation and/or its Affiliates or the Holder), hereunder, shall
be borne solely by the Holder. The Corporation and/or its Affiliates shall withhold taxes according to the requirements under
the applicable laws, rules, and regulations, including withholding taxes at source. Furthermore, the Holder hereby accept to indemnify
the Corporation and/or its Affiliates and hold them harmless against and from any and all liability for any such tax or interest
or penalty thereon, including without limitation, liabilities relating to the necessity to withhold, or to have withheld, any
such tax from any payment made to you.

 

The
Holder will not be entitled to receive from the Corporation any Warrant Shares allocated or issued upon the exercise of the Warrant
prior to the full payments of any tax liabilities arising from the Warrants, which were granted to the Holder and/or the Warrant
Shares issued upon the exercise of the Warrants. For the avoidance of doubt, the Corporation shall not be required to release
any share to the Holder until all payments required to be made by the Holder have been fully satisfied.

 

    	 

    	 

    

 

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

 

Section
3. Certain Adjustments.

 

a)
Share Dividends and Splits. If the Corporation, at any time while this Warrant is outstanding: (i) pays a share dividend
or otherwise makes a distribution or distributions on its Shares or any other equity or equity equivalent securities payable in
Shares (which, for avoidance of doubt, shall not include any Shares issued by the Corporation upon exercise of this Warrant),
as applicable, (ii) subdivides outstanding Shares into a larger number of Shares, as applicable, (iii) combines (including by
way of reverse share split) outstanding Shares into a smaller number of Shares, as applicable, or (iv) issues by reclassification
of Shares, or any shares of capital stock of the Corporation, as applicable, then in each case the Exercise Price shall be multiplied
by a fraction of which the numerator shall be the number of Shares, (excluding treasury shares, if any) outstanding immediately
before such event and of which the denominator shall be the number of Shares, 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 shareholders 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.

 

    	 

    	 

    

 

b)
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Corporation, directly or indirectly,
in one or more related transactions effects any merger or consolidation of the Corporation with or into another Person, (ii) the
Corporation, 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 Corporation or another Person) is completed pursuant to which holders of Shares
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 Shares, (iv) the Corporation, directly or indirectly, in one or more related transactions effects
any reclassification, reorganization or recapitalization of the Shares or any compulsory share exchange pursuant to which the
Shares are effectively converted into or exchanged for other securities, cash or property, or (v) the Corporation, 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 (not including Shares 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 purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon
any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Share that would have been issuable
upon such exercise immediately prior to the occurrence of such Fundamental Transaction, the number of shares of capital stock
of the successor or acquiring corporation or of the Corporation, 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 for which this Warrant is exercisable immediately prior to such Fundamental Transaction. 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, in such Fundamental Transaction, and the Corporation 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 Shares 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. The Corporation shall cause any successor entity
in a Fundamental Transaction in which the Corporation is not the survivor (the “Successor Entity”) to assume
in writing all of the obligations of the Corporation under this Warrant and the other Transaction Documents in accordance with
the provisions of this Section 3(b) pursuant to written agreements in form and substance reasonably satisfactory to the Holder
and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the
Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital
stock of such Successor Entity (or its parent entity) equivalent to the Shares represented by each Warrant Share acquirable and
receivable upon exercise of this Warrant prior to such Fundamental Transaction, and with an exercise price which applies the exercise
price hereunder to such shares of capital stock (but taking into account the relative value of the Shares pursuant to such Fundamental
Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being
for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction),
and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction,
the provisions of this Warrant and the other Transaction Documents referring to the “Corporation” shall refer instead
to the Successor Entity), and may exercise every right and power of the Corporation and shall assume all of the obligations of
the Corporation under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been
named as the Corporation herein.

 

    	 

    	 

    

 

c)
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 deemed to be issued and outstanding as of a given date
shall be the sum of the number of Shares (excluding treasury shares, if any) issued and outstanding.

 

d)
Notice to Holder. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Corporation
shall 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.

 

Section
4. Transfer of Warrant.

 

a)
Transferability. This Warrant and all rights hereunder (including, without limitation, any registration rights) are non-transferable.

 

b)
Warrant Register. The Corporation shall register this Warrant, upon records to be maintained by the Corporation for that
purpose (the “Warrant Register”), in the name of the record Holder hereof.

 

c)
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.

 

Section
5. Miscellaneous.

 

a)
No Rights as Shareholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other
rights as a shareholder of the Corporation prior to the exercise hereof as set forth in Section 2(c)(i).

 

b)
Loss, Theft, Destruction or Mutilation of Warrant. The Corporation covenants that upon receipt by the Corporation 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, and
upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Corporation 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)
Fridays, 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. The Corporation covenants that, during the period the Warrant is outstanding, it will reserve from its
authorized and unissued Shares a sufficient number of shares to provide for the issuance of the Warrant Shares and underlying
Shares upon the exercise of any purchase rights under this Warrant. The Corporation further covenants that its issuance of this
Warrant shall constitute full authority to its officers who are charged with the duty of issuing the Warrant Shares needed for
the Transfer Agent to issue the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Corporation
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 applicable Trading Market upon which the Shares may
be listed. The Corporation 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 Corporation in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously
with such issue).

 

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

 

f)
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered,
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 the
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 Corporation willfully and knowingly fails to comply
with any provision of this Warrant, which results in any material damages to the Holder, the Corporation 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 Corporation
shall be delivered in accordance with the notice provisions of the Loan Agreement or the Purchase Agreement, as applicable.

 

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 Shares or as a shareholder of the Corporation, whether such liability is asserted
by the Corporation or by creditors of the Corporation.

 

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 Corporation 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. 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 of the Corporation and the successors of Holder.

 

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

 

    	 

    	 

    

 

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

 

	 	SAVE
    FOODS, INC.
	 	 	 
	 	By:	                         
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

NOTICE
OF EXERCISE

 

To:
SAVE FOODS, INC.

 

(1)
The undersigned hereby elects to purchase ________ Warrant Shares of the Corporation pursuant to the terms of the attached Warrant
(only if exercised in full), and tenders herewith payment of the exercise price in full in form of United States currency; or

 

(2)
Please register and issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

(3)
The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933,
as amended.

 

(4)
The Warrant Shares shall be delivered to the following DWAC Account Number:

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE
OF HOLDER]

 

 

Name
of Investing Entity:

 

________________________________________________________________________

 

Signature
of Authorized Signatory of Investing Entity:

 

________________________________________________________________________

 

Name
of Authorized Signatory: ________________________________________________________________________

 

Title
of Authorized Signatory: ________________________________________________________________________

 

Date:
_____________Exhibit 10.19

 

THIS NOTE AND THE COMMON
STOCK ISSUABLE UPON CONVERSION OF THIS NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER (THE "1933 ACT”)

 

	 	  US $[l] 

 

 

HUMANIGEN, INC.

7% CONVERTIBLE REDEEMABLE NOTE

DUE MARCH ___, 2021

 

 

FOR
VALUE RECEIVED, HUMANIGEN, INC. (the “Company”) promises to pay to the order of [l]
and its authorized successors and permitted assigns ("Holder"), the aggregate principal face amount of [l]
(U.S. $[l])
on March ___, 2021 ("Maturity Date") and to pay interest on the principal amount outstanding hereunder at the
rate of 7% per annum commencing on March ___, 2020 (“Issuance Date”). This Note shall contain an original issue
discount of $[l]
such that the purchase price is $[l].
The interest will be paid to the Holder in whose name this Note is registered on the records of the Company regarding registration
and transfers of this Note. The principal of, and interest on, this Note are payable at [l]
, initially, and if changed, last appearing on the records
of the Company as designated in writing by the Holder hereof from time to time. The Company will pay each interest payment and
the outstanding principal due upon this Note before or on the Maturity Date, less any amounts required by law to be deducted or
withheld, to the Holder of this Note by check or wire transfer addressed to such Holder at the last address appearing on the records
of the Company. The forwarding of such check or wire transfer shall constitute a payment of outstanding principal hereunder and
shall satisfy and discharge the liability for principal on this Note to the extent of the sum represented by such check or wire
transfer. Interest shall be payable in Common Stock (as defined below) pursuant to paragraph 4(b) herein.

 

This Note is subject
to the following additional provisions:

 

1.        This
Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations, as requested by the
Holder surrendering the same. No service charge will be made for such registration or transfer or exchange, except that Holder
shall pay any tax or other governmental charges payable in connection therewith.

 

    	 		 

    	 

    

 

2.        The
Company shall be entitled to withhold from all payments any amounts required to be withheld under applicable laws.

 

3.        This
Note may be transferred or exchanged only in compliance with the Securities Act of 1933, as amended ("Act") and
applicable state securities laws. Any attempted transfer to a non-qualifying party shall be treated by the Company as void. Prior
to due presentment for transfer of this Note, the Company and any agent of the Company may treat the person in whose name this
Note is duly registered on the Company's records as the owner hereof for all other purposes, whether or not this Note be overdue,
and neither the Company nor any such agent shall be affected or bound by notice to the contrary. Any Holder of this Note electing
to exercise the right of conversion set forth in Section 4(a) hereof, in addition to the requirements set forth in Section 4(a),
and any prospective transferee of this Note, also is required to give the Company written confirmation that this Note is being
converted ("Notice of Conversion") in the form annexed hereto as Exhibit A. The date of receipt (including
receipt by telecopy) of such Notice of Conversion shall be the Conversion Date.

 

4.        (a)        Subject
to the provisions of Section 4(b), beginning on the 6th monthly anniversary of the Issuance Date, the
Holder of this Note is entitled, at its option, to convert all or any amount of the principal face amount of this Note then outstanding,
together with the accrued and unpaid interest on such portion of the Note proposed to be converted, into shares of the Company's
common stock (the "Common Stock") at a price ("Conversion Price") equal to $.25 per share
(the “Fixed Price”). After the 9th month anniversary of this Note, the Conversion Price shall be equal to the lower
of the Fixed Price or 68% of the lowest of either the trading price or closing
bid of the Common Stock as reported on the National Quotations Bureau OTC Marketplace exchange which the Company’s
shares are traded or any exchange upon which the Common Stock may be traded in the future ("Exchange"), for the
ten prior trading days including the day upon which a Notice of Conversion is received by the Company or its
transfer agent (provided such Notice of Conversion is delivered by fax or other electronic method of communication to the Company
or its transfer agent after 4 P.M. Eastern Standard or Daylight Savings Time if the Holder wishes to include the same day closing
price). In the event the Company has a closing price of its Common Stock equal to $0.30 or less for 5 consecutive days prior to
the 9th monthly anniversary, then, beginning on the 6th monthly anniversary of the Issuance Date, the Holder
may elect in its Notice of Conversion to use the lower of the Fixed Price or the variable conversion price set forth above. If
the shares have not been delivered within 3 business days, the Notice of Conversion may be rescinded. Such conversion shall be
effectuated by the Company delivering the shares of Common Stock to the Holder within 3 business days of receipt by the Company
of the Notice of Conversion. Accrued but unpaid interest shall be subject to conversion. No fractional shares or scrip representing
fractions of shares will be issued on conversion, but the number of shares issuable shall be rounded to the nearest whole share.
To the extent the Conversion Price of the Company’s Common Stock closes below the par value per share, the Company will take
all steps necessary to solicit the consent of the stockholders to reduce the par value to the lowest value possible under law.
The Company agrees to honor all conversions submitted pending this increase. In the event the Company experiences a DTC “Chill”
on its shares, the Conversion Price shall be decreased to 58% instead of 68% while that “Chill” is in effect. In
no event shall the Holder be allowed to effect a conversion if such conversion, along with all other shares of Company Common Stock
beneficially owned by the Holder and its affiliates would exceed 4.99% of the outstanding shares of the Common Stock of the Company
(which may be increased up to 9.9% upon 60 days’ prior written notice by the Holder). The conversion discount, look back
period and other terms will be adjusted on a ratchet basis if the Company offers a more favorable conversion discount, interest
rate, (whether through a straight discount or in combination with an original issue discount), look back period or other more favorable
term to another party for any financings while this Note is in effect.

 

    	 	2	 

    	 

    

 

(b)
        Commencing on the 6th month anniversary of the Issuance Date, the Company
shall have the right, but not the obligation, to elect to make fixed monthly amortizing payments to Holder as provided in this
Section 4(b). If the Company elects to make such payments, Holder shall not be entitled to convert all or any amount of the principal
amount of this Note then outstanding if and for so long as the Company is current in respect of the payments set forth in this
Section 4(b). If the Company elects to make such payments, it will provide notice to the Holder of its election, which notice shall
be revocable in the Company’s sole discretion, not less than five trading days before the 6th month anniversary
of the Issuance Date. If it so elects, the Company shall pay to Holder, by wire transfer of immediately available funds or other
payment method reasonably acceptable to Holder, $[l]
on the 6th month anniversary of the Issuance Date and monthly thereafter; provided that if any monthly payment date
is not a day on which banks in New York City are open for business (a “Business Day”), such payment shall be
made on the next succeeding Business Day. Each payment will comprise $[l]
of principal amount of this Note, $[l]
of accrued but unpaid interest thereon, and $[l]
of premium. For avoidance of doubt, the Company confirms that Holder shall be entitled to exercise the conversion right set forth
in Section 4(a) if the Company either (x) elects not to make the monthly amortizing payments provided in this Section 4(b), or
(y) fails to make such payments when due. Holder acknowledges that its ability to exercise its conversion right under Section 4(a)
shall be its only remedy under this Note for the Company’s election or failure to make monthly amortizing payments under
this Section 4(b).

 

(c)        The
Notes may be prepaid or assigned with the following penalties/premiums:

	PREPAY DATE	PREPAY AMOUNT
	≤ 60 days	110% of principal plus accrued interest
	61-120 days	120% of principal plus accrued interest
	121-270 days	130% of principal plus accrued interest

 

Any prepayment or redemption must be closed
and funded within 3 days of giving notice of redemption or the right to redeem shall be null and void. Any partial prepayments
will be made in accordance with the formula set forth in the chart above with respect to principal, premium and interest.

 

(d)        Notwithstanding
the foregoing limitations on conversion set forth in Section 4(b), upon (i) a transfer of all or substantially all of the assets
of the Company to any person in a single transaction or series of related transactions, (ii) a reclassification, capital reorganization
or other change or exchange of outstanding shares of the Common Stock, other than a forward or reverse stock split or stock dividend,
or (iii) any consolidation or merger of the Company with or into another person or entity in which the Company is not the surviving
entity (other than a merger which is effected solely to change the jurisdiction of incorporation of the Company and results in
a reclassification, conversion or exchange of outstanding shares of Common Stock solely into shares of Common Stock) (each of items
(i), (ii) and (iii) being referred to as a "Sale Event"), then, in each case, the Company shall, upon request of the
Holder, redeem this Note in cash for 130% of the principal amount, plus accrued but unpaid interest through the date of redemption,
or at the election of the Holder, such Holder may convert the unpaid principal amount of this Note (together with the amount of
accrued but unpaid interest) into shares of Common Stock immediately prior to such Sale Event at the Conversion Price.

 

    	 	3	 

    	 

    

 

(e)        In
case of any Sale Event (not to include a sale of all or substantially all of the Company’s assets) in connection with which
this Note is not redeemed or converted, the Company shall cause effective provision to be made so that the Holder of this Note
shall have the right thereafter, by converting this Note, to purchase or convert this Note into the kind and number of shares of
stock or other securities or property (including cash) receivable upon such reclassification, capital reorganization or other change,
consolidation or merger by a holder of the number of shares of Common Stock that could have been purchased upon exercise of the
Note and at the same Conversion Price, as defined in this Note, immediately prior to such Sale Event. The foregoing provisions
shall similarly apply to successive Sale Events. If the consideration received by the holders of Common Stock is other than cash,
the value shall be as determined by the Board of Directors of the Company or successor person or entity acting in good faith.

 

5.         No
provision of this Note shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal
of, and interest on, this Note at the time, place, and rate, and in the form, herein prescribed.

 

6.         The
Company hereby expressly waives demand and presentment for payment, notice of non-payment, protest, notice of protest, notice of
dishonor, notice of acceleration or intent to accelerate, and diligence in taking any action to collect amounts called for hereunder
and shall be directly and primarily liable for the payment of all sums owing and to be owing hereto.

 

7.         The
Company agrees to pay all costs and expenses, including reasonable attorneys' fees and expenses, which may be incurred by the Holder
in collecting any amount due under this Note.

 

8.         If
one or more of the following described "Events of Default" shall occur:

 

(a)       The
Company shall default in the payment of principal or interest on this Note or any other note issued to the Holder by the Company;
or

 

(b)       Any
of the representations or warranties made by the Company herein or in any certificate or financial or other written statements
heretofore or hereafter furnished by or on behalf of the Company in connection with the execution and delivery of this Note, or
the Securities Purchase Agreement under which this note was issued shall be false or misleading in any material respect; or

 

    	 	4	 

    	 

    

 

(c)       The
Company shall fail to perform or observe, in any material respect, any covenant, term, provision, condition, agreement or obligation
of the Company under this Note or any other note issued to the Holder; or

 

(d)         The
Company shall (1) become insolvent; (2) admit in writing its inability to pay its debts generally as they mature; (3) make an assignment
for the benefit of creditors or commence proceedings for its dissolution; (4) apply for or consent to the appointment of a trustee,
liquidator or receiver for its or for a substantial part of its property or business; (5) file a petition for bankruptcy relief,
consent to the filing of such petition or have filed against it an involuntary petition for bankruptcy relief, all under federal
or state laws as applicable; or

 

(e)         A
trustee, liquidator or receiver shall be appointed for the Company or for a substantial part of its property or business without
its consent and shall not be discharged within sixty (60) days after such appointment; or

 

(f)         Any
governmental agency or any court of competent jurisdiction at the instance of any governmental agency shall assume custody or control
of the whole or any substantial portion of the properties or assets of the Company; or

 

(g)         One
or more money judgments, writs or warrants of attachment, or similar process, in excess of fifty thousand dollars ($50,000) in
the aggregate, shall be entered or filed against the Company or any of its properties or other assets and shall remain unpaid,
unvacated, unbonded or unstayed for a period of fifteen (15) days or in any event later than five (5) days prior to the date of
any proposed sale thereunder; or

 

(h)         The
Company shall have defaulted on or breached any term of any other note of similar debt instrument into which the Company has entered
and failed to cure such default within the appropriate grace period; or

 

(i)         The
Company shall have its Common Stock delisted from an exchange (including the OTC Market exchange) or, if the Common Stock trades
on an exchange, then trading in the Common Stock shall be suspended for more than 10 consecutive days or ceases to file its 1934
act reports with the U.S. Securities and Exchange Commission (“SEC”) pursuant to the rules of the SEC promulgated under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or shall fail to be “current”
in respect of such filings, taking into account any extensions of its obligations that may be claimed pursuant to Rule 12b-25 under
the Exchange Act; or;

 

(k)         The
Company shall not deliver to the Holder the Common Stock pursuant to paragraph 4 herein without restrictive legend within 2 business
days of its receipt of a Notice of Conversion; or

 

(l)         The
Company shall not replenish the reserve set forth in Section 12, within 3 Business Days of the request of the Holder; or

 

(m)         The
Company shall lose the “bid” price for its stock and a market (including the OTC marketplace or other exchange)

 

    	 	5	 

    	 

    

 

Then, or at any time
thereafter, unless cured within 5 Business Days (except for sections 8(i) and 8(k), and in each and every such case, unless such
Event of Default shall have been waived in writing by the Holder (which waiver shall not be deemed to be a waiver of any subsequent
default) at the option of the Holder and in the Holder's sole discretion, the Holder may consider this Note immediately due and
payable, without presentment, demand, protest or (further) notice of any kind (other than notice of acceleration), all of which
are hereby expressly waived, anything herein or in any note or other instruments contained to the contrary notwithstanding, and
the Holder may immediately, and without expiration of any period of grace, enforce any and all of the Holder's rights and remedies
provided herein or any other rights or remedies afforded by law. Upon an Event of Default, interest shall accrue at a default interest
rate of 24% per annum or, if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted
by law. In the event of a breach of Section 8(k) the penalty shall be $250 per day the Conversion Shares are not issued beginning
on the 4th day after the Conversion was delivered to the Company. This penalty shall increase to $500 per day beginning
on the 10th day. The penalty for a breach of Section 8(n) shall be an increase of the outstanding principal amounts
by 20%. In case of a breach of Section 8(i), the outstanding principal due under this Note shall increase by 50%. If this Note
is not paid at maturity, the outstanding principal due under this Note shall increase by 15%. Further, if a breach of the last
clause of Section 8(m) occurs and is continuing after the 6 month anniversary of the Issuance Date, then the Holder shall be entitled
to use the lowest closing bid price during the delinquency period as a base price for the conversion. For example, if the lowest
closing bid price during the delinquency period is $0.01 per share and the conversion discount is 50% the Holder would be entitled
to elect to convert this Note at $0.005 per share.

 

If the Holder shall commence
an action or proceeding to enforce any provisions of this Note, including, without limitation, engaging an attorney, then if the
Holder prevails in such action, the Holder shall be reimbursed by the Company for its attorneys’ fees and other costs and
expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

 

At the Holder’s
election, in addition to applicable the remedy set forth in the preceding paragraph of this Section 8, if (x) Holder shall have
properly delivered a Notice of Conversion to the Company, (y) an Event of Default shall have occurred pursuant to paragraph (j)
of this Section 8, and (z) if the Holder shall have incurred a Failure to Deliver Loss, then at any time the Holder may provide
the Company written notice indicating that a Failure to Deliver Loss shall have occurred and setting forth Holder’s calculation
of the Failure to Deliver Loss, and thereupon the Company shall make prompt payment by wire transfer of immediately available funds
or other payment method reasonably acceptable to the Holder of such amount. For purposes of the foregoing, a “Failure
to Deliver Loss” shall be calculated as the product of (i) the difference between (A) the highest volume-weighted average
price of a share of Common Stock as reported on the applicable Exchange for the ten prior trading days prior
to and including the trading day upon which a Notice of Conversion is received by the Company, and (B) the then-effective Conversation
Price, multiplied by (ii) the number of Conversion Shares that the Holder would have received upon the conversion of the
portion of the Note for which conversion was requested in the Notice of Conversion at the then-effective Conversion Price.

 

    	 	6	 

    	 

    

 

9.           In
case any provision of this Note is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid or unenforceable,
such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum extent possible, and
the validity and enforceability of the remaining provisions of this Note will not in any way be affected or impaired thereby.

 

10.         Neither
this Note nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument signed by the
Company and the Holder.

 

11.         The
Company represents that it is not a “shell” issuer and has never been a “shell” issuer or that if it previously
has been a “shell” issuer that at least 12 months have passed since the Company has reported Form 10 type information
indicating it is no longer a “shell” issuer.

12.
        The Company shall issue irrevocable transfer agent instructions reserving [l]
shares of its Common Stock for conversions under this Note
and shall at all times thereafter reserve a minimum of three times the number of shares of Common Stock required if the Note were
to be fully converted (the “Share Reserve”). Upon conversion or repayment or other extinguishment of this Note,
a ratable portion of any shares remaining in the Share Reserve shall be cancelled. The Company shall pay all transfer agent and
legal costs associated with issuing and delivering the share certificates to the Holder, as well as maintaining the Share Reserve.
If such amounts are to be paid by the Holder, it may deduct such amounts from the principal amount being converted. The Holder
may reasonably request increases from time to time to ensure the Share Reserve is sufficient. The Company will instruct its transfer
agent to provide the outstanding share information to the Holder in connection with its conversions. 

 

13.         The
Company will give the Holder prompt and direct notice of any corporate actions, including but not limited to name changes, stock
splits, recapitalizations, and Sale Events, etc.

 

14.         If
it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury,
the applicable provision shall automatically be revised to equal the maximum rate of interest or other amount deemed interest permitted
under applicable law. The Company covenants (to the extent that it may lawfully do so) that it will not seek to claim or take advantage
of any law that would prohibit or forgive the Company from paying all or a portion of the principal or interest on this Note.

 

15.         This
Note shall be governed by and construed in accordance with the laws of New York applicable to contracts made and wholly to be performed
within the State of New York and shall be binding upon the successors and assigns of each party hereto. The Holder and the Company
hereby mutually waive trial by jury and consent to exclusive jurisdiction and venue in the courts of the State of New York or in
the Federal courts sitting in the county or city of New York, or the Federal courts within
the districts of New York. This Note may be executed and delivered in .PDF format, and the facsimile or electronic transmission
of a signature page to this Note shall be effective as an original.

 

    	 	7	 

    	 

    

 

IN WITNESS WHEREOF, the
Company has caused this Note to be duly executed by an officer thereunto duly authorized.

 

 

Dated: March , 2020

 

 

 

	 	HUMANIGEN, INC. 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By: 	 	 
	 	 	

         

        Title: Chief Executive Officer
	 

 

    	 	8	 

    	 

    

 

EXHIBIT A

 

 

NOTICE OF CONVERSION

 

(To be Executed by the Registered Holder
in order to Convert the Note)

 

The undersigned hereby
irrevocably elects to convert $___________ of the above Note into _________ Shares of Common Stock of HUMANIGEN, INC. (“Shares”)
according to the conditions set forth in such Note, as of the date written below.

 

If Shares are to be issued
in the name of a person other than the undersigned, the undersigned will pay all transfer and other taxes and charges payable with
respect thereto.

 

	Date of Conversion: 	 	 

	Applicable Conversion Price: 	 	 

	Signature: 	 	 
	 	[Print Name of Holder and Title of Signer]	 

 

	Address: 	 	 
	 	 	 

 

	SSN or EIN: 	 	 

	Shares are to be registered in the following name: 	 	 

 

	Name: 	 	 

	Address: 	 	 

	Tel: 	 	 

	Fax: 	 	 

	SSN or EIN: 	 	 

 

Shares are to be sent or delivered to the following account:

 

	Account Name: 	 	 

	Address: 	 	 

 

 

9

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