Document:

Exhibit 10.11

 

Sito mobile,
LTD. 2017 EQUITY INCENTIVE PLAN

 

Section
1.Successor To and Continuation of Prior Plan. 

 

(a)       Sito
Mobile, Ltd. 2017 Equity Incentive Plan (the “Plan”) is the successor to and continuation of the 2008 Stock
Option Plan (the “Prior Plan”). From and after the Effective Date, no additional awards will be granted under
the Prior Plan. All awards granted on or after the Effective Date will be granted under this Plan. All awards granted under the
Prior Plan will remain subject to the terms of the Prior Plan.

 

(b)       All
shares that are available for issuance under the Prior Plan as of the Effective Date, and all shares that become available for
issuance under the Prior Plan following the Effective Date in accordance with the terms of the Prior Plan (collectively, the “Additional
Shares”) may be issued to Participants pursuant to the terms of this Plan. The Plan Limit described in Section 4(a) herein
shall be increased by such number of Additional Shares.

 

Section
2.Purpose; Definitions. The purposes of the Plan are to: (a) enable SITO Mobile, Ltd. (the “Company”)
and its affiliated companies to recruit and retain highly qualified employees, directors and consultants; (b) provide those employees,
directors and consultants with an incentive for productivity; and (c) provide those employees, directors and consultants with an
opportunity to share in the growth and value of the Company.

 

For purposes of the Plan, the following terms
will have the meanings defined below, unless the context clearly requires a different meaning:

 

(a)       “Affiliate”
means, with respect to a Person, a Person that directly or indirectly controls, is controlled by, or is under common control with
such Person.

 

(b)       “Applicable
Law” means the legal requirements relating to the administration of and issuance of securities under stock incentive
plans, including, without limitation, the requirements of state corporations law, federal, state and foreign securities law, federal,
state and foreign tax law, federal and state banking law, and the requirements of any stock exchange or quotation system upon which
the Shares may then be listed or quoted.

 

(c)       “Award”
means an award of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Cash Awards or Performance Awards
made under this Plan.

 

(d)       “Award
Agreement” means, with respect to any particular Award, the written document that sets forth the terms of that particular
Award.

 

(e)       “Board”
means the Board of Directors of the Company, as constituted from time to time.

 

(f)       “Cash
Award” means an award that is granted under Section 11.

 

     

     

    

 

(g)       “Cause”
means (i) Participant’s refusal to comply with any lawful directive or policy of the Company which refusal is not cured by
the Participant within ten (10) days of such written notice from the Company; (ii) the Company’s determination that Participant
has committed any act of dishonesty, embezzlement, unauthorized use or disclosure of confidential information or other intellectual
property or trade secrets, common law fraud or other fraud against the Company or any Subsidiary or Affiliate; (iii) a material
breach by the Participant of any written agreement with or any fiduciary duty owed to any Company or any Subsidiary or Affiliate;
(iv) Participant’s conviction (or the entry of a plea of a nolo contendere or equivalent plea) in a court of competent jurisdiction
of a felony or any misdemeanor involving material dishonesty or moral turpitude; or (v) Participant’s habitual or repeated
misuse of, or habitual or repeated performance of Participant’s duties under the influence of, alcohol, illegally obtained
prescription controlled substances or non-prescription controlled substances. Notwithstanding the foregoing, if a Participant and
the Company (or any of its Affiliates) have entered into an employment agreement, consulting agreement or other similar agreement
that specifically defines “cause,” then with respect to such Participant, “Cause” shall have the meaning
defined in such other agreement.

 

(h)       “Change
in Control” shall mean the occurrence of any of the following events: (i) any “person” (as such term is used
in Sections 13(d) and 14(d) of the Exchange Act) is or becomes a “beneficial owner” (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the total power to vote for
the election of directors of the Company; (ii) during any twelve month period, individuals who at the beginning of such period
constitute the Board and any new director (other than a director designated by a person who has entered into an agreement with
the Company to effect a transaction described in Section 2(h)(i), Section 2(h)(iii), Section 2(h)(iv) or Section
2(h)(v) hereof) whose election by the Board or nomination for election by the Company’s stockholders was approved by
a vote of at least a majority of the directors then still in office who either were directors at the beginning of the period of
whose election or nomination for election was previously approved, cease for any reason to constitute a majority thereof; (iii)
the merger or consolidation of the Company with another corporation where the stockholders of the Company, immediately prior to
the merger or consolidation, will not beneficially own, immediately after the merger or consolidation, shares entitling such stockholders
to 50% or more of all votes to which all stockholders of the surviving corporation would be entitled in the election of directors
(without consideration of the rights of any class of stock to elect directors by a separate class vote); (iv) the sale or other
disposition of all or substantially all of the assets of the Company; (v) a liquidation or dissolution of the Company or (vi) acceptance
by shareholders of the Company of shares in a share exchange if the shareholders of the Company immediately before such share exchange
do not or will not own directly or indirectly immediately following such share exchange more than fifty percent (50%) of the combined
voting power of the outstanding voting securities of the entity resulting from or surviving such share exchange in substantially
the same proportion as their ownership of the voting securities outstanding immediately before such share exchange.

 

Notwithstanding anything in the Plan or an
Award Agreement to the contrary, if an Award is subject to Section 409A of the Code, no event that, but for the application of
this paragraph, would be a Change in Control as defined in the Plan or the Award Agreement, as applicable, shall be a Change in
Control unless such event is also a “change in control event” as defined in Section 409A of the Code.

 

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(i)       “Code”
means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto.

 

(j)       “Committee”
means the committee designated by the Board to administer the Plan under Section 3. To the extent required under Applicable
Law, the Committee shall have at least two members and each member of the Committee shall be a Non-Employee Director and an Outside
Director.

 

(k)       “Director”
means a member of the Board.

 

(l)        “Disability”
means a condition rendering a Participant Disabled.

 

(m)      “Disabled”
will have the same meaning as set forth in Section 22(e)(3) of the Code.

 

(n)       “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(o)       “Fair
Market Value” means, as of any date, the value of a Share determined as follows: (i) if the Shares are listed on
any established stock exchange or a national market system, including, without limitation, the Nasdaq Capital Market, the Fair
Market Value of a Share will be the closing sales price for such stock as quoted on that system or exchange (or the system or exchange
with the greatest volume of trading in Shares) at the close of regular hours trading on the day of determination; (ii) if
the Shares are regularly quoted by recognized securities dealers but selling prices are not reported, the Fair Market Value of
a Share will be the mean between the high bid and low asked prices for Shares at the close of regular hours trading on the day
of determination; or (iii) if Shares are not traded as set forth above, the Fair Market Value will be determined in good faith
by the Committee taking into consideration such factors as the Committee considers appropriate, such determination by the Committee
to be final, conclusive and binding. Notwithstanding the foregoing, in connection with a Change in Control, Fair Market Value shall
be determined in good faith by the Committee, such determination by the Committee to be final conclusive and binding.

 

(p)       “Incentive
Stock Option” means any Option intended to be an “Incentive Stock Option” within the meaning of Section 422
of the Code.

 

(q)       “Non-Employee
Director” will have the meaning set forth in Rule 16b-3(b)(3)(i) promulgated by the Securities and Exchange Commission
under the Exchange Act, or any successor definition adopted by the Securities and Exchange Commission.

 

(r)       “Non-Qualified
Stock Option” means any Option that is not an Incentive Stock Option.

 

(s)       “Option”
means any option to purchase Shares (including an option to purchase Restricted Stock, if the Committee so determines) granted
pursuant to Section 6 hereof.

 

(t)       “Outside
Director” means a member of the Board who meets the definition of an “outside director” under Section 162(m)
of the Code.

 

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(u)       “Parent”
means, in respect of the Company, a “parent corporation” as defined in Section 424(e) of the Code.

 

(v)       “Participant”
means an employee, consultant, Director, or other service provider of or to the Company or any of its respective Affiliates to
whom an Award is granted.

 

(w)      “Performance
Award” means any Award that, pursuant to Section 12, is granted, vested and/or settled upon the achievement of
specified performance conditions.

 

(x)       “Performance
Goal” means a goal that must be met by the end of a period specified by the Committee (but that is substantially uncertain
of being met before the grant of the Award) based upon: sales; net sales; return on sales; revenue, net revenue, product revenue
or system-wide revenue (including growth of such revenue measures); operating income (before or after taxes); pre- or after-tax
income or loss (before or after allocation of corporate overhead and bonus); earnings or loss per share; net income or loss (before
or after taxes); return on equity; total stockholder return; return on assets or net assets; appreciation in and/or maintenance
of the price of the Shares or any other publicly-traded securities of the Company; market share; gross profits; gross or net profit
margin; gross profit growth; net operating profit (before or after taxes); operating earnings; earnings or losses or net earnings
or losses (including earnings or losses before taxes, before interest and taxes, or before interest, taxes, depreciation and amortization);
economic value-added models or equivalent metrics; comparisons with various stock market indices; reductions in costs; cash flow
(including operating cash flow and free cash flow) or cash flow per share (before or after dividends); return on capital (including
return on total capital or return on invested capital); cash flow return on investment; cash flow return on capital; improvement
in or attainment of expense levels or working capital levels, including cash, inventory and accounts receivable; general and administrative
expense savings; inventory control; operating margin; gross margin; year-end cash; cash margin; debt reduction; stockholders equity;
operating efficiencies; cost reductions or savings; customer satisfaction; customer growth; productivity or productivity ratios;
regulatory achievements; strategic partnerships or transactions (including in-licensing and out-licensing of intellectual property;
establishing relationships with commercial entities with respect to the marketing, distribution and sale of the Company’s
products; supply chain achievements (including establishing relationships with manufacturers or suppliers of component materials
and manufacturers of the Company’s products); co-development, co-marketing, profit sharing, joint venture or other similar
arrangements); financial ratios, including those measuring liquidity, activity, profitability or leverage; cost of capital or assets
under management; financing and other capital raising transactions (including sales of the Company’s equity or debt securities);
debt level year-end cash position; book value; competitive market metrics; timely completion of new product roll-outs; sales or
licenses of the Company’s assets; royalty income; implementation, completion or attainment of measurable objectives with
respect to research, development, manufacturing, commercialization, products or projects, production volume levels, acquisitions
and divestitures, succession and hiring projects, reorganization and other corporate transactions, expansions of specific business
operations and meeting divisional or project budgets; and recruiting and maintaining personnel. The Committee shall have discretion
to determine the specific targets with respect to each of these categories of Performance Goals and may apply them to the Company
as a whole or to any Subsidiary, division or other unit of the Company.

 

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(y)       “Person”
means an individual, partnership, corporation, limited liability company, trust, joint venture, unincorporated association, or
other entity or association.

 

(z)      
“Restricted Stock” means Shares that are subject to restrictions pursuant to Section 9 hereof.

 

(aa)     “Restricted Stock Unit”
means a right granted under and subject to restrictions pursuant to Section 10 hereof.

 

(bb)     “Shares” means
shares of the Company’s common stock, subject to substitution or adjustment as provided in Section 4(c) hereof.

 

(cc)     “Stock Appreciation Right”
means a right granted under and subject to Section 7 hereof.

 

(dd)     “Subsidiary” means,
in respect of the Company, a subsidiary company as defined in Sections 424(f) and (g) of the Code.

 

Section
3.Administration. The Plan shall be administered by the Committee. Any action of the Committee in
administering the Plan shall be final, conclusive and binding on all persons, including the Company, its Subsidiaries, Affiliates,
their respective employees, the Participants, persons claiming rights from or through Participants and stockholders of the Company.

 

The Committee will have full authority to
grant Awards under this Plan and determine the terms of such Awards. Such authority will include the right to:

 

(a)       select
the individuals to whom Awards are granted (consistent with the eligibility conditions set forth in Section 5);

 

(b)       determine
the type of Award to be granted;

 

(c)       determine
the number of Shares, if any, to be covered by each Award;

 

(d)       establish
the terms and conditions of each Award;

 

(e)       subject
to Section 12, establish the performance conditions relevant to any Award and certify whether such performance conditions
have been satisfied;

 

(f)        approve
forms of agreements (including Award Agreements) for use under the Plan;

 

(g)       determine
whether and under what circumstances an Option may be exercised without a payment of cash under Section 6(d);

 

(h)       accelerate
the vesting or exercisability of an Award and to modify or amend each Award, subject to Section 13; and

 

    	 	-5-	 

     

    

 

(i)       extend
the period of time for which an Option or Stock Appreciation Right is to remain exercisable following a Participant’s termination
of service to the Company from the limited period otherwise in effect for that Option or Stock Appreciation Right to such greater
period of time as the Committee deems appropriate, but in no event beyond the expiration of the term of the Option or Stock Appreciation
Right.

 

The Committee will have the authority to adopt,
alter and repeal such administrative rules, guidelines and practices governing the Plan as it, from time to time, deems advisable;
to establish the terms and form of each Award Agreement; to interpret the terms and provisions of the Plan and any Award issued
under the Plan (and any Award Agreement); and to otherwise supervise the administration of the Plan. The Committee may correct
any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award Agreement in the manner and to the extent
it deems necessary to carry out the intent of the Plan.

 

The Committee, in its discretion, may refer
any matter arising hereunder to the Board or other committee designated by the Board, together with its report and recommendation,
unless such matter is required to be approved by a compensation committee comprised solely of independent directors under Applicable
Law, regulation or listing standards.

 

The Committee may delegate to one or more
officers of the Company the authority to grant Awards to Participants who are not subject to the requirements of Section 16 of
the Exchange Act or Section 162(m) of the Code and the rules and regulations thereunder, provided that the Committee shall have
fixed the total number of Shares subject to such delegation. Any such delegation shall be subject to the applicable corporate laws
of the State of Delaware. The Committee may revoke any such allocation or delegation at any time for any reason with or without
prior notice.

 

No Director will be liable for any good faith
determination, act or omission in connection with the Plan or any Award.

 

Section
4.Shares Subject to the Plan.

 

(a)       Shares
Subject to the Plan. Subject to adjustment as provided in Section 4(c) of the Plan, the maximum number of Shares that
may be issued in respect of Awards under the Plan is 2,500,000 Shares (the “Plan Limit”), all of which Shares
may be issued in respect of Incentive Stock Options. Any shares issued hereunder may consist, in whole or in part, of authorized
and unissued shares or treasury shares. Any shares issued by the Company through the assumption or substitution of outstanding
grants in connection with the acquisition of another entity shall not reduce the maximum number of shares available for delivery
under the Plan.

 

(i)       In
accordance with the requirements under Section 162(m) of the Code, the maximum number of Shares underlying Awards (including Options,
Stock Appreciation Rights, Restricted Stock, Restricted Stock Units and Performance Awards) that may be granted during a calendar
year to any individual Participant shall be fifty percent (50%) of the Plan Limit.

 

(ii)      The
maximum total grant date fair value of Awards (as measured by the Company for financial accounting purposes) granted to any Participant
in his or her capacity as a Non-Employee Director in any single calendar year shall not exceed $250,000.

 

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(b)       Effect
of the Expiration or Termination of Awards. If and to the extent that an Option or Stock Appreciation Right expires, terminates
or is canceled or forfeited for any reason without having been exercised in full, the Shares associated with that Award will again
become available for grant under the Plan. Similarly, if and to the extent an Award of Restricted Stock or Restricted Stock Units
is canceled or forfeited for any reason, the Shares subject to that Award will again become available for grant under the Plan.
Shares withheld in settlement of a tax withholding obligation associated with an Award, or in satisfaction of the exercise price
payable upon exercise of an Option, will not become available for grant under the Plan.

 

(c)       Other
Adjustment. In the event of any corporate event or transaction such as a merger, consolidation, reorganization, recapitalization,
stock split, reverse stock split, split up, spin-off, combination of shares, exchange of shares, stock dividend, dividend in kind,
or other like change in capital structure (other than ordinary cash dividends) to shareholders of the Company, or other similar
corporate event or transaction affecting the Shares, the Committee, to prevent dilution or enlargement of Participants’ rights
under the Plan, shall, in such manner as it may deem equitable, substitute or adjust, in its sole discretion, the number and kind
of shares that may be issued under the Plan or under any outstanding Awards, the number and kind of shares subject to outstanding
Awards, the exercise price, grant price or purchase price applicable to outstanding Awards, and/or any other affected terms and
conditions of this Plan or outstanding Awards. The Committee shall not make any adjustment that would adversely affect the status
of any Award that is “performance-based compensation” under Section 162(m) of the Code.

 

(d)       Change
in Control. Notwithstanding anything to the contrary set forth in the Plan, upon any Change in Control, the Committee may,
in its sole and absolute discretion and without the need for the consent of any Participant, take one or more of the following
actions contingent upon the occurrence of that Change in Control:

 

(i)       cause
any or all outstanding Awards to become vested and immediately exercisable (as applicable), in whole or in part;

 

(ii)      cause
any outstanding Option or Stock Appreciation Right to become fully vested and immediately exercisable for a reasonable period in
advance of the Change in Control and, to the extent not exercised prior to that Change in Control, cancel that Option or Stock
Appreciation Right upon closing of the Change in Control;

 

(iii)     cancel
any unvested Award or unvested portion thereof, with or without consideration;

 

(iv)      cancel
any Award in exchange for a substitute award;

 

(v)       redeem
any Restricted Stock or Restricted Stock Unit for cash and/or other substitute consideration with value equal to the Fair Market
Value of an unrestricted Share on the date of the Change in Control;

 

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(vi)       cancel
any Option or Stock Appreciation Right in exchange for cash and/or other substitute consideration with a value equal to: (A) the
number of Shares subject to that Option or Stock Appreciation Right, multiplied by (B) the difference, if any, between the
Fair Market Value per Share on the date of the Change in Control and the exercise price of that Option or Stock Appreciation Right
; provided, that if the Fair Market Value per Share on the date of the Change in Control does not exceed the exercise price
of any such Option or Stock Appreciation Right, the Committee may cancel that Option or Stock Appreciation Right without any payment
of consideration therefor; and/or

 

(vii)      take
such other action as the Committee shall determine to be reasonable under the circumstances.

 

Notwithstanding any provision of this Section
4(d), in the case of any Award subject to Section 409A of the Code, such Award shall vest and be distributed only in accordance
with the terms of the applicable Award Agreement and the Committee shall only be permitted to use discretion to the extent that
such discretion would be permitted under Section 409A of the Code.

 

In the discretion of the Committee, any cash
or substitute consideration payable upon cancellation of an Award may be subjected to (i) vesting terms substantially identical
to those that applied to the cancelled Award immediately prior to the Change in Control, or (ii) earn-out, escrow, holdback
or similar arrangements, to the extent such arrangements are applicable to any consideration paid to stockholders in connection
with the Change in Control.

 

Section
5.Eligibility. Employees, Directors, consultants, and other individuals who provide services to the
Company or its Affiliates are eligible to be granted Awards under the Plan; provided, however, that only employees of the
Company, any Parent or a Subsidiary are eligible to be granted Incentive Stock Options.

 

Section
6.Options. Options granted under the Plan may be of two types: (i) Incentive Stock Options or
(ii) Non-Qualified Stock Options. The Award Agreement shall state whether such grant is an Incentive Stock Option or a Non-Qualified
Stock Option. Any Option granted under the Plan will be in such form as the Committee may at the time of such grant approve.

 

The Award Agreement evidencing any Option
will incorporate the following terms and conditions and will contain such additional terms and conditions, not inconsistent with
the terms of the Plan, as the Committee deems appropriate in its sole and absolute discretion:

 

(a)       Option
Price. The exercise price per Share under an Option will be determined by the Committee and will not be less than 100% of the
Fair Market Value of a Share on the date of the grant. However, any Incentive Stock Option granted to any Participant who, at the
time the Option is granted, owns, either directly and/or within the meaning of the attribution rules contained in Section 424(d)
of the Code, stock possessing more than 10% of the total combined voting power of all classes of stock of the Company, will have
an exercise price per Share of not less than 110% of Fair Market Value per Share on the date of the grant.

 

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(b)       Option
Term. The term of each Option will be fixed by the Committee, but no Option will be exercisable more than 10 years after the
date the Option is granted. However, any Incentive Stock Option granted to any Participant who, at the time such Option is granted,
owns, either directly and/or within the meaning of the attribution rules contained in Section 424(d) of the Code, stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company, may not have a term of more than 5 years.
No Option may be exercised by any Person after expiration of the term of the Option.

 

(c)       Exercisability.
Options will vest and be exercisable at such time or times and subject to such terms and conditions as determined by the Committee.

 

(d)       Method
of Exercise. Subject to the terms of the applicable Award Agreement, the exercisability provisions of Section 6(c) and
the termination provisions of Section 8, Options may be exercised in whole or in part from time to time during their term
by the delivery of written notice to the Company specifying the number of Shares to be purchased. Such notice will be accompanied
by payment in full of the purchase price, either by certified or bank check, or such other means as the Committee may accept. The
Committee may, in its sole discretion, permit payment of the exercise price of an Option in the form of previously acquired Shares
based on the Fair Market Value of the Shares on the date the Option is exercised or through means of a “net settlement,”
whereby the Option exercise price will not be due in cash and where the number of Shares issued upon such exercise will be equal
to: (A) the product of (i) the number of Shares as to which the Option is then being exercised, and (ii) the excess,
if any, of (a) the then current Fair Market Value per Share over (b) the Option exercise price, divided by (B) the
then current Fair Market Value per Share.

 

No Shares will be issued upon exercise of
an Option until full payment therefor has been made. A Participant will not have the right to distributions or dividends or any
other rights of a stockholder with respect to Shares subject to the Option until the Participant has given written notice of exercise,
has paid in full for such Shares, if requested, has given the representation described in Section 19(a) hereof and fulfills
such other conditions as may be set forth in the applicable Award Agreement.

 

(e)       Incentive
Stock Option Limitations. In the case of an Incentive Stock Option, the aggregate Fair Market Value (determined as of the time
of grant) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Participant during
any calendar year under the Plan and/or any other plan of the Company, its Parent or any Subsidiary will not exceed $100,000. For
purposes of applying the foregoing limitation, Incentive Stock Options will be taken into account in the order granted. To the
extent any Option does not meet such limitation, that Option will be treated for all purposes as a Non-Qualified Stock Option.

 

(f)       Termination
of Service. Unless otherwise specified in the applicable Award Agreement or as otherwise provided by the Committee at or after
the time of grant, Options will be subject to the terms of Section 8 with respect to exercise upon or following termination
of employment or other service.

 

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Section
7.Stock Appreciation Right. Subject to the other terms of the Plan, the Committee may grant Stock
Appreciation Rights to eligible individuals. Each Stock Appreciation Right shall represent the right to receive, upon exercise,
an amount equal to the number of Shares subject to the Award that is being exercised multiplied by the excess of (i) the Fair Market
Value of a Share on the date the Award is exercised, over (ii) the exercise price specified in the applicable Award Agreement.
Distributions may be made in cash, Shares, or a combination of both, at the discretion of the Committee. Each Stock Appreciation
Right shall be evidenced by an Award Agreement in a form that is approved by the Committee. Such Award Agreement shall indicate
the price, the term and the vesting schedule for such Award. A Stock Appreciation Right exercise price may never be less than the
Fair Market Value of the underlying common stock of the Company on the date of grant of such Stock Appreciation Right. The term
of each Stock Appreciation Right will be fixed by the Committee, but no Stock Appreciation Right will be exercisable more than
10 years after the date the Stock Appreciation Right is granted. Subject to the terms and conditions of the applicable Award Agreement,
Stock Appreciation Rights may be exercised in whole or in part from time to time during their term by the delivery of written notice
to the Company specifying the number of Shares to be exercised. Unless otherwise specified in the applicable Award Agreement or
as otherwise provided by the Committee at or after the time of grant, Stock Appreciation Rights will be subject to the terms of
Section 8 with respect to exercise upon or following termination of employment or other service.

 

Section
8.Termination of Service. Unless otherwise specified with respect to a particular Option or Stock
Appreciation Right in the applicable Award Agreement or otherwise determined by the Committee, any portion of an Option or Stock
Appreciation Right that is not exercisable upon termination of service will expire immediately and automatically upon such termination
and any portion of an Option or Stock Appreciation Right that is exercisable upon termination of service will expire on the date
it ceases to be exercisable in accordance with this Section 8.

 

(a)       Termination
by Reason of Death. If a Participant’s service with the Company or any Affiliate terminates by reason of death, any Option
or Stock Appreciation Right held by such Participant may thereafter be exercised, to the extent it was exercisable at the time
of his or her death or on such accelerated basis as the Committee may determine at or after grant, by the legal representative
of the estate or by the legatee of the Participant, for a period expiring (i) at such time as may be specified by the Committee
at or after grant, or (ii) if not specified by the Committee, then 12 months from the date of death, or (iii) if sooner
than the applicable period specified under (i) or (ii) above, upon the expiration of the stated term of such Option or
Stock Appreciation Right.

 

(b)       Termination
by Reason of Disability. If a Participant’s service with the Company or any Affiliate terminates by reason of Disability,
any Option or Stock Appreciation Right held by such Participant may thereafter be exercised by the Participant or his personal
representative, to the extent it was exercisable at the time of termination, or on such accelerated basis as the Committee may
determine at or after grant, for a period expiring (i) at such time as may be specified by the Committee at or after grant,
or (ii) if not specified by the Committee, then 12 months from the date of termination of service, or (iii) if sooner
than the applicable period specified under (i) or (ii) above, upon the expiration of the stated term of such Option or Stock Appreciation
Right.

 

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(c)       Cause.
If a Participant’s service with the Company or any Affiliate is terminated for Cause: (i) any Option or Stock Appreciation
Right, or portion thereof, not already exercised will be immediately and automatically forfeited as of the date of such termination,
and (ii) any Shares for which the Company has not yet delivered share certificates will be immediately and automatically forfeited
and the Company will refund to the Participant the Option exercise price paid for such Shares, if any.

 

(d)       Other
Termination. If a Participant’s service with the Company or any Affiliate terminates for any reason other than death,
Disability or Cause, any Option or Stock Appreciation Right held by such Participant may thereafter be exercised by the Participant,
to the extent it was exercisable at the time of such termination, or on such accelerated basis as the Committee may determine at
or after grant, for a period expiring (i) at such time as may be specified by the Committee at or after grant, or (ii) if
not specified by the Committee, then 90 days from the date of termination of service, or (iii) if sooner than the applicable
period specified under (i) or (ii) above, upon the expiration of the stated term of such Option or Stock Appreciation Right.

 

Section
9.Restricted Stock.

 

(a)       Issuance.
Restricted Stock may be issued either alone or in conjunction with other Awards. The Committee will determine the time or times
within which Restricted Stock may be subject to forfeiture, and all other conditions of such Awards. The purchase price for Restricted
Stock may, but need not, be zero. The prospective recipient of an Award of Restricted Stock will not have any rights with respect
to such Award, unless and until such recipient has delivered to the Company an executed Award Agreement and has otherwise complied
with the applicable terms and conditions of such Award.

 

(b)       Certificates.
Upon the Award of Restricted Stock, the Committee may direct that a certificate or certificates representing the number of shares
of common stock subject to such Award be issued to the Participant or placed in a restricted stock account (including an electronic
account) with the transfer agent and in either case designating the Participant as the registered owner. The certificate(s) representing
such shares shall be physically or electronically legended, as applicable, as to sale, transfer, assignment, pledge or other encumbrances
during the Restriction Period and if issued to the Participant, returned to the Company, to be held in escrow during the Restriction
Period. As a condition to any Award of Restricted Stock, the Participant may be required to deliver to the Company a share power,
endorsed in blank, relating to the Shares covered by such Award.

 

(c)       Restrictions
and Conditions. The Award Agreement evidencing the grant of any Restricted Stock will incorporate the following terms and conditions
and such additional terms and conditions, not inconsistent with the terms of the Plan, as the Committee deems appropriate in its
sole and absolute discretion:

 

(i)       During
a period commencing with the date of an Award of Restricted Stock and ending at such time or times as specified by the Committee
(the “Restriction Period”), the Participant will not be permitted to sell, transfer, pledge, assign or otherwise
encumber Restricted Stock awarded under the Plan. The Committee may condition the lapse of restrictions on Restricted Stock upon
the continued employment or service of the recipient, the attainment of specified individual or corporate performance goals, or
such other factors as the Committee may determine, in its sole and absolute discretion.

 

    	 	-11-	 

     

    

 

(ii)       While
any Share of Restricted Stock remains subject to restriction, the Participant will have, with respect to the Restricted Stock,
the right to vote the Shares, but will not have the right to receive any cash distributions or dividends prior to the lapse of
the Restriction Period underlying such Shares unless otherwise provided under the applicable Award Agreement or as determined by
the Committee. If any cash distributions or dividends are payable with respect to the Restricted Stock, the Committee, in its sole
discretion, may require the cash distributions or dividends to be subjected to the same Restriction Period as is applicable to
the Restricted Stock with respect to which such amounts are paid, or, if the Committee so determines, reinvested in additional
Restricted Stock to the extent Shares are available under Section 4(a) of the Plan. A Participant shall not be entitled
to interest with respect to any dividends or distributions subjected to the Restriction Period. Any distributions or dividends
paid in the form of securities with respect to Restricted Stock will be subject to the same terms and conditions as the Restricted
Stock with respect to which they were paid, including, without limitation, the same Restriction Period.

 

(iii)      Subject
to the provisions of the applicable Award Agreement or as otherwise determined by the Committee, if a Participant’s service
with the Company and its Affiliates terminates prior to the expiration of the applicable Restriction Period, the Participant’s
Restricted Stock that then remains subject to forfeiture will then be forfeited automatically.

 

Section
10.Restricted Stock Units. Subject to the other terms of the Plan, the Committee may grant Restricted
Stock Units to eligible individuals and may, in its sole and absolute discretion, impose conditions on such units as it may deem
appropriate, including, without limitation, (i) continued employment or service of the recipient or (ii) the attainment of specified
individual or corporate performance goals. Each Restricted Stock Unit shall be evidenced by an Award Agreement in the form that
is approved by the Committee and that is not inconsistent with the terms and conditions of the Plan. Each Restricted Stock Unit
will represent a right to receive from the Company, upon fulfillment of any applicable conditions, an amount equal to the Fair
Market Value (at the time of the distribution) of one Share. Distributions may be made in cash, Shares, or a combination of both,
at the discretion of the Committee. All other terms governing Restricted Stock Units, such as vesting, time and form of payment
and termination of units shall be set forth in the applicable Award Agreement. The Participant shall not have any shareholder rights
with respect to the Shares subject to a Restricted Stock Unit Award until that Award vests and the Shares are actually issued thereunder.
Subject to the provisions of the applicable Award Agreement or as otherwise determined by the Committee, if a Participant’s
service with the Company terminates prior to the Restricted Stock Unit Award vesting, the Participant’s Restricted Stock
Units that then remain subject to forfeiture will then be forfeited automatically.

 

    	 	-12-	 

     

    

 

Section
11.Cash Award. Subject to the other terms of the Plan, the Committee may grant Cash Awards. An Award
Agreement for a Cash Award will indicate the applicable performance period, any applicable Performance Goals, any applicable designation
of the Award as a Performance Award, and the vesting schedule of the Award. No Participant may be paid more than $500,000 in any
calendar year in respect of Cash Awards that are designated as Performance Awards. Unless otherwise provided in an Award Agreement,
a Participant must provide services to the Company or its Affiliates through the last day of the performance period applicable
to the Cash Award in order to be eligible to receive payment. Unless otherwise specified in the Award Agreement, payment in respect
of a Cash Award will be made in cash, by the 15th day of the third month following the year in which such Award is earned.

 

Section
12.Performance Based Awards.

 

(a)       Performance
Awards Generally. The Committee may grant Performance Awards in accordance with this Section 12. Performance Awards
may be denominated as a number of Shares or specified number of other Awards, which may be earned upon achievement or satisfaction
of such Performance Goals as may be specified by the Committee. In addition, the Committee may specify that any other Award shall
constitute a Performance Award by conditioning the vesting or settlement of the Award upon the achievement or satisfaction of such
Performance Goals as may be specified by the Committee.

 

(b)       Adjustments
to Performance Goals. The Committee may provide, at the time Performance Goals are established, that adjustments will be made
to those performance goals to take into account, in any objective manner specified by that Committee, the impact of one or more
of the following: (A) gain or loss from all or certain claims and/or litigation and insurance recoveries, (B) the impairment
of tangible or intangible assets, (C) stock-based compensation expense, (D) restructuring activities reported in the
Company’s public filings, (E) investments, dispositions or acquisitions, (F) loss from the disposal of certain
assets, (G) gain or loss from the early extinguishment, redemption, or repurchase of debt, (H) changes in accounting
principles, or (I) any other item, event or circumstance that would not cause an Award to fail to constitute “qualified
performance-based compensation” under Section 162(m) of the Code (to the extent such Award is intended to be “qualified
performance-based compensation”). An adjustment described in this Section may relate to the Company or to any subsidiary,
division or other operational unit of the Company or its Affiliates, as determined by the Committee at the time the performance
goals are established. Any adjustment shall be determined in accordance with generally accepted accounting principles and standards,
unless such other objective method of measurement is designated by the committee at the time performance objectives are established.
In addition, adjustments will be made as necessary to any performance criteria related to the Company’s stock to reflect
changes in corporate capitalization, including a recapitalization, stock split or combination, stock dividend, spin-off, merger,
reorganization or other similar event or transaction affecting the Company’s equity.

 

(c)       Other
Terms of Performance Awards. The Committee may specify other terms pertinent to a Performance Award in the applicable Award
Agreement, including terms relating to the treatment of that Award in the event of a Change in Control prior to the end of the
applicable performance period. The Participant shall not have any shareholder rights with respect to the Shares subject to a Performance
Award until the Shares are actually issued thereunder. Subject to the provisions of the applicable Award Agreement or as otherwise
determined by the Committee, if a Participant’s service with the Company terminates prior to the Performance Award vesting,
the Participant’s Performance Award or portion thereof that then remains subject to forfeiture will then be forfeited automatically.

 

    	 	-13-	 

     

    

 

Section
13.Amendments and Termination. The Board may amend, alter or discontinue the Plan at any time. However,
except as otherwise provided in Section 4, no amendment, alteration or discontinuation will be made which would impair the
rights of a Participant with respect to an Award without that Participant’s consent or which, without the approval of such
amendment within 365 days of its adoption by the Board or by the Company’s stockholders in a manner consistent with Treas.
Reg. § 1.422-3 (or any successor provision), would: (i) increase the total number of Shares reserved for issuance hereunder,
or (ii) change the persons or class of persons eligible to receive Awards.

 

Section
14.Prohibition on Repricing Programs. Neither the Committee nor the Board shall (i) implement
any cancellation/re-grant program pursuant to which outstanding Options or Stock Appreciation Rights under the Plan are cancelled
and new Options or Stock Appreciation Rights are granted in replacement with a lower exercise or base price per share, (ii) cancel
outstanding Options or Stock Appreciation Rights under the Plan with exercise prices or base prices per share in excess of the
then current Fair Market Value per Share for consideration payable in equity securities of the Company or (iii) otherwise
directly reduce the exercise price or base price in effect for outstanding Options or Stock Appreciation Rights under the Plan,
without in each such instance obtaining shareholder approval.

 

Section
15.Conditions Upon Grant of Awards and Issuance of Shares.

 

(a)       The
implementation of the Plan, the grant of any Award and the issuance of Shares in connection with the issuance, exercise or vesting
of any Award made under the Plan shall be subject to the Company’s procurement of all approvals and permits required by regulatory
authorities having jurisdiction over the Plan, the Awards made under the Plan and the Shares issuable pursuant to those Awards.

 

(b)       No
Shares or other assets shall be issued or delivered under the Plan unless and until there shall have been compliance with all applicable
requirements of Applicable Law, including the filing and effectiveness of the Form S-8 registration statement for the Shares
issuable under the Plan, and all applicable listing requirements of any stock exchange on which Shares are then listed for trading.

 

    	 	-14-	 

     

    

 

Section
16.Limits on Transferability; Beneficiaries. No Award or other right or interest of a Participant
under the Plan shall be pledged, encumbered, or hypothecated to, or in favor of, or subject to any lien, obligation, or liability
of such Participant to, any party, other than the Company, any Subsidiary or Affiliate, or assigned or transferred by such Participant
other than by will or the laws of descent and distribution, and such Awards and rights shall be exercisable during the lifetime
of the Participant only by the Participant or his or her guardian or legal representative. Notwithstanding the foregoing, the Committee
may, in its discretion, provide that Awards or other rights or interests of a Participant granted pursuant to the Plan (other than
an Incentive Stock Option) be transferable, without consideration, to immediate family members (i.e., children, grandchildren or
spouse), to trusts for the benefit of such immediate family members and to partnerships in which such family members are the only
partners. The Committee may attach to such transferability feature such terms and conditions as it deems advisable. In addition,
a Participant may, in the manner established by the Committee, designate a beneficiary (which may be a person or a trust) to exercise
the rights of the Participant, and to receive any distribution, with respect to any Award upon the death of the Participant. A
beneficiary, guardian, legal representative or other person claiming any rights under the Plan from or through any Participant
shall be subject to all terms and conditions of the Plan and any Award Agreement applicable to such Participant, except as otherwise
determined by the Committee, and to any additional restrictions deemed necessary or appropriate by the Committee.

 

Section
17.Withholding. No later than the date as of which an amount first becomes includible in the gross
income of the Participant for federal income tax purposes with respect to any Award under the Plan, the Participant will pay to
the Company, or make arrangements satisfactory to the Company regarding the payment of, any federal, state or local taxes of any
kind required by law to be withheld with respect to such amount. The minimum required withholding obligations may be settled with
Shares, including Shares that are part of the Award that gives rise to the withholding requirement. Notwithstanding the immediately
preceding sentence, the Company, in its discretion, may withhold Shares having a Fair Market Value up to, but not in excess of,
the maximum statutory withholding requirements. The obligations of the Company under the Plan will be conditioned on such payment
or arrangements and the Company will have the right to deduct any such taxes from any payment of any kind otherwise due to the
Participant.

 

Section
18.Liability of Company.

 

(a)       Inability
to Obtain Authority. If the Company cannot, by the exercise of commercially reasonable efforts, obtain authority from any regulatory
body having jurisdiction for the sale of any Shares under this Plan, and such authority is deemed by the Company’s counsel
to be necessary to the lawful issuance of those Shares, the Company will be relieved of any liability for failing to issue or sell
those Shares.

 

(b)       Grants
Exceeding Allotted Shares. If Shares subject to an Award exceed, as of the date of grant, the number of Shares which may be
issued under the Plan without additional shareholder approval, that Award will be contingent with respect to such excess Shares,
on the effectiveness under Applicable Law of a sufficient increase in the number of Shares subject to this Plan.

 

(c)       Rights
of Participants and Beneficiaries. The Company will pay all amounts payable under this Plan only to the applicable Participant,
or beneficiaries entitled thereto pursuant to this Plan. The Company will not be liable for the debts, contracts, or engagements
of any Participant or his or her beneficiaries, and rights to cash payments under this Plan may not be taken in execution by attachment
or garnishment, or by any other legal or equitable proceeding while in the hands of the Company.

 

    	 	-15-	 

     

    

 

Section
19.General Provisions.

 

(a)       The
Board may require each Participant to represent to and agree with the Company in writing that the Participant is acquiring securities
of the Company for investment purposes and without a view to distribution thereof and as to such other matters as the Board believes
are appropriate.

 

(b)       The
Awards shall be subject to the Company’s recoupment and stock ownership policies, as may be in effect from time to time.

 

(c)       All
certificates for Shares or other securities delivered under the Plan will be subject to such share-transfer orders and other restrictions
as the Board may deem advisable under the rules, regulations and other requirements of the Securities Act of 1933, as amended,
the Exchange Act, any stock exchange upon which the Shares are then listed, and any other Applicable Law, and the Board may cause
a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

 

(d)       Nothing
contained in the Plan will prevent the Board from adopting other or additional compensation arrangements, subject to stockholder
approval if such approval is required.

 

(e)       Neither
the adoption of the Plan nor the execution of any document in connection with the Plan will: (i) confer upon any employee
or other service provider of the Company or an Affiliate any right to continued employment or engagement with the Company or such
Affiliate, or (ii) interfere in any way with the right of the Company or such Affiliate to terminate the employment or engagement
of any of its employees or other service providers at any time.

 

(f)       Notwithstanding
any other provisions in this Plan, any Award which is subject to recovery under any law, government regulation or stock exchange
listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government
regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation
or stock exchange listing requirement).

 

Section
20.Effective Date of Plan. The Plan became effective on November 30, 2017 (the “Effective
Date”), upon its approval by the holders of a majority of the voting power of the shares deemed present and entitled
to vote at the Meeting of Stockholders of SITO Mobile, Ltd.

 

Section
21.Term of Plan. Unless the Plan shall theretofore have been terminated in accordance with Section
13, the Plan shall terminate on the 10-year anniversary of the Effective Date, and no Awards under the Plan shall thereafter
be granted.

 

Section
22.Invalid Provisions. In the event that any provision of this Plan is found to be invalid or otherwise
unenforceable under any Applicable Law, such invalidity or unenforceability will not be construed as rendering any other provisions
contained herein as invalid or unenforceable, and all such other provisions will be given full force and effect to the same extent
as though the invalid or unenforceable provision was not contained herein.

 

Section
23.Governing Law. The Plan and all Awards granted hereunder will be governed by and construed in accordance
with the laws and judicial decisions of the State of Delaware, without regard to the application of the principles of conflicts
of laws.

 

Section
24.Notices. Any notice to be given to the Company pursuant to the provisions of this Plan must be
given in writing and addressed, if to the Company, to its principal executive office to the attention of its Chief Financial Officer
(or such other Person as the Company may designate in writing from time to time), and, if to a Participant, to the address contained
in the Company’s personnel files, or at such other address as that Participant may hereafter designate in writing to the
Company. Any such notice will be deemed duly given: if delivered personally or via recognized overnight delivery service, on the
date and at the time so delivered; if sent via telecopier or email, on the date and at the time telecopied or emailed with confirmation
of delivery; or, if mailed, five (5) days after the date of mailing by registered or certified mail.

 

 

-16-Exhibit

THIS WARRANT AND THE SHARES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS, AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR, SUBJECT TO SECTION 11 HEREOF, AN OPINION OF COUNSEL (WHICH MAY BE COMPANY COUNSEL) REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT, OR ANY APPLICABLE STATE SECURITIES LAWS.

WARRANT AGREEMENT

To Purchase Shares of the Common Stock of

GENOCEA BIOSCIENCES, INC.

Dated as of April 24, 2018 (the “Effective Date”)

WHEREAS, Genocea Biosciences, Inc., a Delaware corporation (the “Company”), has entered into an Amended and Restated Loan and Security Agreement of even date herewith (as amended and in effect from time to time, the “Loan Agreement”) with Hercules Capital, Inc., a Maryland corporation (the “Warrantholder”), in its capacity as administrative agent, and the lender parties thereto; and

WHEREAS, pursuant to the Loan Agreement and as additional consideration to the Warrantholder for, among other things, its agreements in the Loan Agreement, the Company has agreed to issue to the Warrantholder this Warrant Agreement, evidencing the right to purchase shares of the Company’s Common Stock (this “Warrant”, “Warrant Agreement”, or this “Agreement”);
NOW, THEREFORE, in consideration of the Warrantholder having executed and delivered the Loan Agreement and provided the financial accommodations contemplated therein, and in consideration of the mutual covenants and agreements contained herein, the Company and Warrantholder agree as follows:
		
	SECTION 1.
	GRANT OF THE RIGHT TO PURCHASE COMMON STOCK.  

(a)    For value received, the Company hereby grants to the Warrantholder, and the Warrantholder is entitled, upon the terms and subject to the conditions hereinafter set forth, to subscribe for and purchase, from the Company, up to the number of fully paid and non-assessable shares of Common Stock (as defined below) as determined pursuant to Section 1(b) below, at a purchase price per share equal to the Exercise Price (as defined below).  The number and Exercise Price of such shares are subject to adjustment as provided in Section 8.  As used herein, the following terms shall have the following meanings:
“Charter” means the Company’s Certificate of Incorporation or other constitutional document, as may be amended and in effect from time to time.
“Common Stock” means the Company’s common stock, $0.001 par value per share, as presently constituted under the Charter, and any class and/or series of Company capital stock for or into which such common stock may be converted or exchanged in a reorganization, recapitalization or similar transaction.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Exercise Price” means $0.85, subject to adjustment from time to time in accordance with the provisions of this Warrant.
“Liquid Sale” means the closing of a Merger Event in which the consideration received by the Company and/or its stockholders, as applicable, consists solely of cash and/or Marketable Securities.
“Marketable Securities” in connection with a Merger Event means securities meeting all of the following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act, and is then current in its filing of all required reports and other information under the Securities Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by the Warrantholder in connection with the Merger Event were the Warrantholder to exercise this Warrant on or prior to the closing thereof is then traded on a national securities exchange or over-the-counter market, and (iii) following the closing of such Merger Event, Warrantholder would not be restricted from publicly re-selling all of the issuer’s shares and/or other securities that would be received by Warrantholder in such Merger Event were Warrantholder to exercise this Warrant in full on or prior to the closing of such Merger Event, except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Merger Event.
“Merger Event” means any of the following: (i) a sale, lease or other transfer of all or substantially all assets of the Company, (ii) any merger or consolidation involving the Company in which the Company is not the surviving entity or in which the outstanding shares of the Company’s capital stock are otherwise converted into or exchanged for shares of capital stock or other securities or property of another entity and in which the holders of a majority of the outstanding shares of capital stock of the Company immediately prior to such merger or consolidation do not hold a majority of the surviving entity or other entity immediately following such merger or consolidation, or (iii) any sale by holders of the outstanding voting equity securities of the Company in a single transaction or series of related transactions of shares constituting a majority of the outstanding combined voting power of the Company to a single purchaser or “group” within the meaning of Section 13(d)(3) of the Exchange Act.  
“Purchase Price” means, with respect to any exercise of this Warrant, an amount equal to the then-effective Exercise Price multiplied by the number of shares of Common Stock as to which this Warrant is then exercised.

“Rule 144” means Rule 144 of the Securities Act, as amended.
“Securities Act” means the Securities Act of 1933, as amended.

(b)    Number of Shares.    This Warrant shall be exercisable for 329,411 shares of Common Stock, subject to adjustment from time to time in accordance with the provisions of this Warrant.  The Warrantholder shall be paid cash in lieu of the issuance of any fractional shares in accordance with Section 5 below.

		
	SECTION 2.
	TERM OF THE AGREEMENT.  

The term of this Warrant and the right to purchase Common Stock as granted herein shall commence on the Effective Date and, subject to Section 8(a) below, shall be exercisable for a period ending upon the fifth (5th) anniversary of the Effective Date.
		
	SECTION 3.
	EXERCISE OF THE PURCHASE RIGHTS.  

(a)    Exercise.  The purchase rights set forth in this Agreement are exercisable by the Warrantholder, in whole or in part, at any time, or from time to time, prior to the expiration of the term set forth in Section 2, by tendering to the Company at its principal office a notice of exercise in the form attached hereto as Exhibit I (the “Notice of Exercise”), duly completed and executed.  Promptly upon receipt of the Notice of Exercise and the payment of the Purchase Price in accordance with the terms set forth below, and in no event later than three (3) business days thereafter, the Company shall issue to the Warrantholder a certificate or book entry shares representing the number of shares of Common Stock purchased and shall execute the acknowledgment of exercise in the form attached hereto as Exhibit II (the “Acknowledgment of Exercise”) indicating the number of shares which remain subject to future purchases under this Warrant, if any. 

The Purchase Price may be paid at the Warrantholder’s election either (i) by cash or check, or (ii) by surrender of all or a portion of the Warrant  for shares of Common Stock to be exercised under this Agreement and, if applicable, an amended Agreement setting forth the remaining number of shares purchasable hereunder, as determined below (“Net Issuance”).  If the Warrantholder elects the Net Issuance method, the Company will issue shares of Common Stock in accordance with the following formula:

X = Y(A-B)
            A

		
	Where:
	X =     the number of shares of Common Stock to be issued to the Warrantholder.

Y =     the number of shares of Common Stock requested to be exercised under this Agreement.
A =     the then-current fair market value of one (1) share of Common Stock at the time of exercise.
B =     the then-effective Exercise Price.
For purposes of the above calculation, the current fair market value of shares of Common Stock shall mean with respect to each share of Common Stock:

(i)    at all times when the Common Stock shall be traded on a national securities exchange, inter-dealer quotation system or over-the-counter bulletin board service, the average of the closing prices over a five (5) trading day period ending three days before the day the current fair market value of the securities is being determined;

(ii)    if the exercise is in connection with a Merger Event, the fair market value of a share of Common Stock shall be deemed to be the per share value received by the holders of the outstanding shares of Common Stock pursuant to such Merger Event as determined in accordance with the definitive transaction documents executed among the parties in connection therewith; or

(iii)    in cases other than as described in the foregoing clauses (i) and (ii), the current fair market value of a share of Common Stock shall be determined in good faith by the Company’s Board of Directors.

Upon partial exercise by either cash or, upon request by the Warrantholder and surrender of all or a portion of this Warrant, Net Issuance, prior to the expiration or earlier termination hereof, the Company shall promptly issue an amended Agreement representing the remaining number of shares purchasable hereunder. All other terms and conditions of such amended Agreement shall be identical to those contained herein, including, but not limited to the Effective Date hereof.

(b)    Exercise Prior to Expiration.  To the extent this Warrant is not previously exercised as to all shares subject hereto, and if the then-current fair market value of one share of Common Stock is greater than the Exercise Price then in effect, or, in the case of a Liquid Sale, where the value per share of Common Stock (as determined as of the closing of such Liquid Sale in accordance with the definitive agreements executed by the parties in connection with such Merger Event) to be paid to the holders thereof is greater than the Exercise Price then in effect, this Agreement shall be deemed automatically exercised on a Net Issuance basis pursuant to Section 3(a) (even if not surrendered) as of immediately before its expiration determined in accordance with Section 2.  For purposes of such automatic exercise, the fair market value of one share of Common Stock upon such expiration shall be determined pursuant to Section 3(a).  To the extent this Warrant or any portion hereof is deemed automatically exercised pursuant to this Section 3(b), the Company agrees to promptly notify the Warrantholder of the number of shares of Common Stock if any, the Warrantholder is to receive by reason of such automatic exercise, and to issue a certificate to Warrantholder evidencing such shares.

		
	SECTION 4.
	RESERVATION OF SHARES.  

During the term of this Agreement, the Company will at all times have authorized and reserved a sufficient number of shares of its Common Stock to provide for the exercise of the rights to purchase Common Stock as provided for herein.
		
	SECTION 5.
	NO FRACTIONAL SHARES OR SCRIP.  

No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Agreement, but in lieu of such fractional shares the Company shall make a cash payment therefor upon the basis of the Exercise Price then in effect.
		
	SECTION 6.
	NO RIGHTS AS SHAREHOLDER/STOCKHOLDER.

Without limitation of any provision hereof, Warrantholder agrees that this Agreement does not entitle the Warrantholder to any voting rights or other rights as a shareholder/stockholder of the Company prior to the exercise of any of the purchase rights set forth in this Agreement.
		
	SECTION 7.
	WARRANTHOLDER REGISTRY.  

The Company shall maintain a registry showing the name and address of the registered holder of this Agreement.  Warrantholder's initial address, for purposes of such registry, is set forth in Section 12(g) below.  Warrantholder may change such address by giving written notice of such changed address to the Company.
		
	SECTION 8.
	ADJUSTMENT RIGHTS.  

The Exercise Price and the number of shares of Common Stock purchasable hereunder are subject to adjustment from time to time, as follows:
(a)Merger Event.  In connection with a Merger Event that is a Liquid Sale, this Warrant shall, on and after the closing thereof, automatically and without further action on the part of any party or other person, represent the right to receive the consideration payable on or in respect of all shares of Common Stock that are issuable hereunder as of immediately prior to the closing of such Merger Event less the Purchase Price for all such shares of Common Stock (such consideration to include both the consideration payable at the closing of such Merger Event, as actually paid or released, and all deferred consideration payable thereafter, if any, including, but not limited to, payments of amounts deposited at such closing into escrow and payments in the nature of earn-outs, milestone payments or other performance-based payments), and such Merger Event consideration shall be paid to Warrantholder as and when it is paid to the holders of the outstanding shares of Common Stock subject to Warrantholder’s exercise of the Warrant.  In connection with a Merger Event that is not a Liquid Sale, the Company shall cause the successor or surviving entity to assume this Warrant and the obligations of the Company hereunder on the closing thereof, and thereafter this Warrant shall be exercisable for the same number and type of securities or other property as the Warrantholder would have received in consideration for the shares of Common Stock issuable hereunder had it exercised this Warrant in full as of immediately prior to such closing, at an aggregate Exercise Price no greater than the aggregate Exercise Price in effect as of immediately prior to such closing, and subject to further adjustment from time to time in accordance with the provisions of this Warrant.  The provisions of this Section 8(a) shall similarly apply to successive Merger Events.
(b)    Reclassification of Shares.  Except for Merger Events subject to Section 8(a), if the Company at any time shall, by combination, reclassification, exchange or subdivision of securities or otherwise, change any of the securities as to which purchase rights under this Agreement exist into the same or a different number of securities of any other class or classes of securities, this Agreement shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the securities which were subject to the purchase rights under this Agreement immediately prior to such combination, reclassification, exchange, subdivision or other change. The provisions of this Section 8(b) shall similarly apply to successive combination, reclassification, exchange, subdivision or other change.
(c)    Subdivision or Combination of Shares.  If the Company at any time shall combine or subdivide its Common Stock, (i) in the case of a subdivision, the Exercise Price shall be proportionately decreased and the number of shares for which this Warrant is exercisable shall be proportionately increased, or (ii) in the case of a combination, the Exercise Price shall be proportionately increased and the number of shares for which this Warrant is exercisable shall be proportionately decreased.
(d)    Dividends.  If the Company at any time while this Agreement is outstanding and unexpired shall:
(i)    pay a dividend with respect to the outstanding shares of Common Stock payable in additional shares of Common Stock, then the Exercise Price shall be adjusted, to that price determined by multiplying the Exercise Price in effect immediately prior to such date of determination by a fraction (A) the numerator of which shall be the total number of shares of Common Stock outstanding immediately prior to such dividend or distribution, and (B) the denominator of which shall be the total number of shares of Common Stock outstanding immediately after such dividend or distribution, and the number of shares of Common Stock for which this Warrant is exercisable shall be proportionately increased; or
(ii)    make any other dividend or distribution on or with respect to Common Stock, except any dividend or distribution (A) in cash, or (B) specifically provided for in any other clause of this Section 8, then, in each such case, provision shall be made by the Company such that the Warrantholder shall receive upon exercise or conversion of this Warrant a proportionate share of any such distribution as though it were the holder of the Common Stock (or other stock for which the Common Stock is convertible) as of the record date fixed for the determination of the shareholders of the Company entitled to receive such distribution.
(e)  Notice of Certain Events.  If: (i) the Company shall declare any dividend or distribution upon its outstanding Common Stock, payable in stock, cash, property or other securities (provided that Warrantholder in its capacity as lender under the Loan Agreement consents to such dividend); (ii) the Company shall offer for subscription pro rata to the holders of its Common Stock any additional shares of stock of any class or other rights; (iii) there shall be any Merger Event; or (iv) there shall be any voluntary dissolution, liquidation or winding up of the Company; then, in connection with each such event, the Company shall give the Warrantholder notice thereof at the same time and in the same manner as it gives notice thereof to the holders of outstanding Common Stock.

		
	SECTION 9.
	REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY.

(a)    Reservation of Common Stock.  The Company covenants and agrees that all shares of Common Stock, if any, that may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be validly issued and outstanding, fully paid and non-assessable. The Company further covenants and agrees that the Company will, at all times during the term hereof, have authorized and reserved, free from preemptive rights, a sufficient number of shares of Common Stock to provide for the exercise of the rights represented by this Warrant.  If at any time during the term hereof the number of authorized but unissued shares of Common Stock shall not be sufficient to permit exercise of this Warrant in full, the Company will take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes.
(b)    Due Authority.  The execution and delivery by the Company of this Agreement and the performance of all obligations of the Company hereunder, including the issuance to Warrantholder of the right to acquire the shares of Common Stock, have been duly authorized by all necessary corporate action on the part of the Company.  This Agreement: (1) does not violate the Company's Charter or current bylaws; (2) does not contravene any law or governmental rule, regulation or order applicable to it; and (3) except as could not reasonably be expected to have a Material Adverse Effect (as defined in the Loan Agreement), does not and will not contravene any provision of, or constitute a default under, any indenture, mortgage, contract or other instrument to which it is a party or by which it is bound.  This Agreement constitutes a legal, valid and binding agreement of the Company, enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting creditors’ rights generally (including, without limitation, fraudulent conveyance laws) and by general principles of equity, regardless of whether considered in a proceeding in equity or at law.
(c)    Consents and Approvals.  No consent or approval of, giving of notice to, registration with, or taking of any other action in respect of any state, federal or other governmental authority or agency is required with respect to the execution, delivery and performance by the Company of its obligations under this Agreement, except for the filing of notices pursuant to Regulation D under the Securities Act and any filing required by applicable state securities law, which filings will be effective by the time required thereby.
(d)    [Intentionally Omitted].  
(e)    [Intentionally Omitted].
(f)    Exempt Transaction.  Subject to the accuracy of the Warrantholder's representations in Section 10, the issuance of the Common Stock upon exercise of this Agreement will constitute a transaction exempt from (i) the registration requirements of Section 5 of the Securities Act, in reliance upon Section 4(a)(2) thereof, and (ii) the qualification requirements of the applicable state securities laws.
(g)    [Intentionally Omitted].

(h)    Information Rights.  At all times (if any) prior to the earlier to occur of (x) the date on which all shares of Common Stock issued on exercise of this Warrant have been sold, or (y) the expiration or earlier termination of this Warrant, when the Company shall not be required to file reports pursuant to Section 13 or 15(d) of the Exchange Act or shall not have timely filed all such required reports, Warrantholder shall be entitled to the information rights contained in Section 7.1(b) – (f) of the Loan Agreement, and in any such event Section 7.1(b) – (f) of the Loan Agreement is hereby incorporated into this Agreement by this reference as though fully set forth herein, provided, however, that the Company shall not be required to deliver a Compliance Certificate once all Indebtedness (as defined in the Loan Agreement) owed by the Company to Warrantholder has been repaid, and provided further, that, in the case of a failure to timely file any such required report, the Company’s only obligation pursuant to this subsection (h) shall be to provide to the Warrantholder the information that would have been provided in any such required report which was not so filed.
(i)    Rule 144 Compliance.    The Company shall, at all times prior to the earlier to occur of (x) the date of sale or other disposition by Warrantholder of this Warrant or all shares of Common Stock issued on exercise of this Warrant, or (y) the expiration or earlier termination of this Warrant if the Warrant has not been exercised in full or in part on such date, use all commercially reasonable efforts to timely file all reports required under the Exchange Act and otherwise timely take all actions necessary to permit the Warrantholder to sell or otherwise dispose of this Warrant and the shares of Common Stock issued on exercise hereof pursuant to Rule 144 promulgated under the Securities Act as amended and in effect from time to time, provided that the foregoing shall not apply in the event of a Merger Event following which the successor or surviving entity is not subject to the reporting requirements of the Exchange Act.  If the Warrantholder proposes to sell Common Stock issuable upon the exercise of this Agreement in compliance with Rule 144 and subject to volume limitations and holding period restrictions under applicable federal and state securities laws, then, upon Warrantholder’s written request to the Company, the Company shall furnish to the Warrantholder, within ten (10) business days after receipt of such request, a written statement indicating the status of the Company’s compliance with the filing and other requirements as set forth in paragraph (c)(1) of Rule 144.
		
	SECTION 10.
	REPRESENTATIONS AND COVENANTS OF THE WARRANTHOLDER.  

This Agreement has been entered into by the Company in reliance upon the following representations and covenants of the Warrantholder: 
(a)    Investment Purpose.  This Warrant and the shares issued on exercise hereof will be acquired for investment and not with a view to the sale or distribution of any part thereof in violation of applicable federal and state securities laws, and the Warrantholder has no present intention of selling or engaging in any public distribution of the same except pursuant to a registration or exemption.
(b)    Private Issue.  The Warrantholder understands (i) that the Common Stock issuable upon exercise of this Agreement is not, as of the Effective Date, registered under the Securities Act or qualified under applicable state securities laws, and (ii) that the Company's reliance on exemption from such registration is predicated on the representations set forth in this Section 10.
(c)    Financial Risk.  The Warrantholder has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of its investment, and has the ability to bear the economic risks of its investment.
(d)    Accredited Investor.  Warrantholder is an "accredited investor" within the meaning of Rule 501 of Regulation D promulgated under the Securities Act, as presently in effect (“Regulation D”).
(e)    No Short Sales.    Warrantholder has not at any time on or prior to the Effective Date engaged in any short sales or equivalent transactions in the Common Stock. Warrantholder agrees that at all times from and after the Effective Date and on or before the expiration or earlier termination of this Warrant, it shall not engage in any short sales or equivalent transactions in the Common Stock.
		
	SECTION 11.
	TRANSFERS.

Subject to compliance with applicable federal and state securities laws, this Agreement and all rights hereunder are transferable, in whole or in part, without charge to the holder hereof (except for transfer taxes) upon surrender of this Agreement properly endorsed.  Each taker and holder of this Agreement, by taking or holding the same, consents and agrees that this Agreement, when endorsed in blank, shall be deemed negotiable, and that the holder hereof, when this Agreement shall have been so endorsed and its transfer recorded on the Company’s books, shall be treated by the Company and all other persons dealing with this Agreement as the absolute owner hereof for any purpose and as the person entitled to exercise the rights represented by this Agreement.  The transfer of this Agreement shall be recorded on the books of the Company upon receipt by the Company of a notice of transfer in the form attached hereto as Exhibit III (the "Transfer Notice"), at its principal offices and the payment to the Company of all transfer taxes and other governmental charges imposed on such transfer.  Until the Company receives such Transfer Notice, the Company may treat the registered owner hereof as the owner for all purposes.  Notwithstanding anything herein or in any legend to the contrary, the Company shall not require an opinion of counsel in connection with any sale, assignment or other transfer by Warrantholder of this Warrant (or any portion hereof or any interest herein) or of any shares of Common Stock issued upon any exercise hereof to an affiliate (as defined in Regulation D) of Warrantholder, provided that such affiliate is an “accredited investor” as defined in Regulation D.

		
	SECTION 12.
	MISCELLANEOUS. 

(a)    Effective Date.  The provisions of this Agreement shall be construed and shall be given effect in all respects as if it had been executed and delivered by the Company on the date hereof.  This Agreement shall be binding upon any successors or assigns of the Company.
(b)    Remedies.  In the event of any default hereunder, the non-defaulting party may proceed to protect and enforce its rights either by suit in equity and/or by action at law, including but not limited to an action for damages as a result of any such default, and/or an action for specific performance for any default where Warrantholder will not have an adequate remedy at law and where damages will not be readily ascertainable.
(c)    No Impairment of Rights.  The Company will not, by amendment of its Charter or through any other means, avoid or seek to avoid the observance or performance of any of the terms of this Agreement, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate in order to protect the rights of the Warrantholder against impairment.  Notwithstanding the foregoing, nothing in this Section 12(c) shall negate or otherwise restrict or impair the Company’s right to effect any change to the rights, preferences, privileges or restrictions associated with the shares of Common Stock so long as such changes do not adversely affect the rights, preferences, privileges or restrictions associated with the shares of Common Stock issuable upon exercise of this Warrant in a manner different from the effect that such changes have generally on the rights, preferences, privileges or restrictions associated with all other shares of Common Stock.
(d)    Additional Documents.  The Company agrees to supply such other documents as the Warrantholder may from time to time reasonably request.
(e)    Attorneys’ Fees.  In any litigation, arbitration or court proceeding between the Company and the Warrantholder relating hereto, the prevailing party shall be entitled to reasonable attorneys’ fees and expenses and all reasonable costs of proceedings incurred in enforcing this Agreement.  For the purposes of this Section 12(e), attorneys’ fees shall include without limitation reasonable fees incurred in connection with the following: (i) contempt proceedings; (ii) discovery; (iii) any motion, proceeding or other activity of any kind in connection with an insolvency proceeding; (iv) garnishment, levy, and debtor and third party examinations; and (v) post-judgment motions and proceedings of any kind, including without limitation any activity taken to collect or enforce any judgment.  
(f)    Severability.  In the event any one or more of the provisions of this Agreement shall for any reason be held invalid, illegal or unenforceable, the remaining provisions of this Agreement shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by a mutually acceptable valid, legal and enforceable provision, which comes closest to the intention of the parties underlying the invalid, illegal or unenforceable provision.
(g)    Notices.  Except as otherwise provided herein, any notice, demand, request, consent, approval, declaration, service of process or other communication that is required, contemplated, or permitted under this Agreement or with respect to the subject matter hereof shall be in writing, and shall be deemed to have been validly served, given, delivered, and received upon the earlier of: (a) personal delivery to the party to be notified, (b) when sent by confirmed telex, electronic transmission or facsimile if sent during normal business hours of the recipient, if not, then on the next business day, (c) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt, and shall be addressed to the party to be notified as follows:
If to Warrantholder:
HERCULES CAPITAL, INC.
Legal Department
Attention:  Chief Legal Officer and Manuel Henriquez
400 Hamilton Avenue, Suite 310
Palo Alto, California 94301
Facsimile:  650-473-9194
Telephone:  650-289-3060

If to the Company:
Genocea Biosciences, Inc.
Attention:  Chief Executive Officer
100 Acorn Park Drive, 5th Floor
Cambridge, Massachusetts 02140
Facsimile:  617-500-0969
Telephone:  617-674-8260
Email:  chip.clark@genocea.com
or to such other address as each party may designate for itself by like notice.
(h)    Entire Agreement; Amendments.  This Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof, and supersedes and replaces in their entirety any prior proposals, term sheets, letters, negotiations or other documents or agreements, whether written or oral, with respect to the subject matter hereof.  None of the terms of this Agreement may be amended except by an instrument executed by each of the parties hereto.
(i)    Headings.  The various headings in this Agreement are inserted for convenience only and shall not affect the meaning or interpretation of this Agreement or any provisions hereof.
(j)    No Strict Construction.  The parties hereto have participated jointly in the negotiation and drafting of this Agreement.  In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement.
(k)    No Waiver.  Except for the requirement that this Warrant be exercised (or be deemed exercised), if at all, during the term of the Warrant, no omission or delay by Warrantholder at any time to enforce any right or remedy reserved to it, or to require performance of any of the terms, covenants or provisions hereof by Warrantholder at any time designated, shall be a waiver of any such right or remedy to which Warrantholder is entitled, nor shall it in any way affect the right of Warrantholder to enforce such provisions thereafter during the term of this Agreement.
(l)    Survival.  All agreements, representations and warranties contained in this Agreement or in any document delivered pursuant hereto shall be for the benefit of Warrantholder and shall survive the execution and delivery of this Agreement and the expiration or other termination of this Agreement.
(m)    Governing Law.  This Agreement has been negotiated and delivered to Warrantholder in the State of California, and shall be deemed to have been accepted by Warrantholder in the State of California.  Delivery of Common Stock to Warrantholder by the Company under this Agreement is due in the State of California.  This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of California, excluding conflict of laws principles that would cause the application of laws of any other jurisdiction.
(n)    Consent to Jurisdiction and Venue.  All judicial proceedings arising in or under or related to this Agreement may be brought in any state or federal court of competent jurisdiction located in the State of California.  By execution and delivery of this Agreement, each party hereto generally and unconditionally: (a) consents to personal jurisdiction in Santa Clara County, State of California; (b) waives any objection as to jurisdiction or venue in Santa Clara County, State of California; (c) agrees not to assert any defense based on lack of jurisdiction or venue in the aforesaid courts; and (d) irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement.  Service of process on any party hereto in any action arising out of or relating to this Agreement shall be effective if given in accordance with the requirements for notice set forth in Section 12(g), and shall be deemed effective and received as set forth in Section 12(g).  Nothing herein shall affect the right to serve process in any other manner permitted by law or shall limit the right of either party to bring proceedings in the courts of any other jurisdiction.
(o)    Mutual Waiver of Jury Trial.  Because disputes arising in connection with complex financial transactions are most quickly and economically resolved by an experienced and expert person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties desire that their disputes arising under or in connection with this Warrant be resolved by a judge applying such applicable laws.  EACH OF THE COMPANY AND WARRANTHOLDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY, "CLAIMS") ASSERTED BY THE COMPANY AGAINST WARRANTHOLDER OR ITS ASSIGNEE OR BY WARRANTHOLDER OR ITS ASSIGNEE AGAINST THE COMPANY RELATING TO THIS WARRANT.  This waiver extends to all such Claims, including Claims that involve persons or entities other the Company and Warrantholder; Claims that arise out of or are in any way connected to the relationship between the Company and Warrantholder; and any Claims for damages, breach of contract, specific performance, or any equitable or legal relief of any kind, arising out of this Agreement.
(p)    Arbitration.  If the Mutual Waiver of Jury Trial set forth in Section 12(p) is ineffective or unenforceable, the parties agree that all Claims shall be submitted to binding arbitration in accordance with the commercial arbitration rules of JAMS (the “Rules”), such arbitration to occur before one arbitrator, which arbitrator shall be a retired California state judge or a retired Federal court judge.  Such proceeding shall be conducted in Santa Clara County, State of California, with California rules of evidence and discovery applicable to such arbitration.  The decision of the arbitrator shall be binding on the parties, and shall be final and nonappealable to the maximum extent permitted by law.  Any judgment rendered by the arbitrator may be entered in a court of competent jurisdiction and enforced by the prevailing party as a final judgment of such court.    
(q)    Pre-arbitration Relief.  In the event Claims are to be resolved by arbitration, either party may seek from a court of competent jurisdiction identified in Section 12(o), any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief enforced to the fullest extent permitted by law notwithstanding that all Claims are otherwise subject to resolution by binding arbitration.
(r)    Counterparts.  This Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts (including by facsimile or electronic delivery (PDF)), and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original, but all of which counterparts shall constitute but one and the same instrument.
(s)    Specific Performance.  The parties hereto hereby declare that it is impossible to measure in money the damages which will accrue to Warrantholder by reason of the Company’s failure to perform any of the obligations under this Agreement and agree that the terms of this Agreement shall be specifically enforceable by Warrantholder.  If Warrantholder institutes any action or proceeding to specifically enforce the provisions hereof, any person against whom such action or proceeding is brought hereby waives the claim or defense therein that Warrantholder has an adequate remedy at law, and such person shall not offer in any such action or proceeding the claim or defense that such remedy at law exists.
(t)    Lost, Stolen, Mutilated or Destroyed Warrant.  If this Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed.  Any such new Warrant shall constitute an original contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by anyone.
(u)    Legends.  To the extent required by applicable laws, this Warrant and the shares of Common Stock issuable hereunder (and the securities issuable, directly or indirectly, upon conversion of such shares of Common Stock, if any) may be imprinted with a restricted securities legend in substantially the following form: 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO RULE 144 OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the parties hereto have caused this Warrant Agreement to be executed by its officers thereunto duly authorized as of the Effective Date.

COMPANY:        GENOCEA BIOSCIENCES, INC.

By:    _/s/ William D. Clark_____________
Name:    _William D. Clark_______________ 
Title:    _President, CEO & Secretary______

    

IN WITNESS WHEREOF, the parties hereto have caused this Warrant Agreement to be executed by its officers thereunto duly authorized as of the Effective Date.

    
WARRANTHOLDER:      HERCULES CAPITAL, INC.
    

By:_/s/ Melanie Grace__________________
Name:  Melanie Grace
Title:    Secretary

EXHIBIT  I

NOTICE  OF  EXERCISE

To:    [____________________________]

		
	(1)
	The undersigned Warrantholder hereby elects to purchase [_______] shares of the Common Stock of [_________________], pursuant to the terms of the Agreement dated the [___] day of [______, _____] (the "Agreement") between [_________________] and the Warrantholder, and tenders herewith payment of the Purchase Price in full, together with all applicable transfer taxes, if any. [NET ISSUANCE: elects pursuant to Section 3(a) of the Agreement to effect a Net Issuance.]

		
	(2)
	Please issue a certificate or certificates or book entry units representing said shares of Common Stock in the name of the undersigned or in such other name as is specified below.

_________________________________                      
(Name)

_________________________________
(Address)

WARRANTHOLDER:             HERCULES CAPITAL, INC.
    

By:    ______________________________
Name:    ______________________________ 
Title:    ______________________________

EXHIBIT II

		
	1.
	ACKNOWLEDGMENT OF EXERCISE

    

The undersigned [____________________________________], hereby acknowledge receipt of the "Notice of Exercise" from Hercules Capital, Inc. to purchase [____] shares of the Common Stock of [_________________], pursuant to the terms of the Warrant, and further acknowledges that [______] shares remain subject to purchase under the terms of the Warrant.

COMPANY:                [_________________]

By:    ________________________________

Title:    ________________________________

Date:    ________________________________

EXHIBIT III

TRANSFER NOTICE

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

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

_________________________________________________________________
(Please Print)

whose address is___________________________________________________

_________________________________________________________________

Dated:    ____________________________________

Holder's Signature:    _______________________________

Holder's Address:    _______________________________

_____________________________________________________

Signature Guaranteed:    ____________________________________________

NOTE:    The signature to this Transfer Notice must correspond with the name as it appears on the face of the Agreement, without alteration or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Agreement.

2282712.3\27955.00043

1

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