Document:

Exhibit 10.4

 

WARRANT

 

THE SECURITIES REPRESENTED BY THIS WARRANT HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES HAVE BEEN ACQUIRED
FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR
THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL IN A FORM REASONABLY
SATISFACTORY TO THE ISSUER THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS OR UNLESS SOLD PURSUANT
TO RULE 144 UNDER SAID ACT.

 

DALRADA FINANCIAL CORPORATION

 

Warrant To Purchase Common Stock

 

	Warrant No.: DFCO-1	Number of Shares:	 983,499
	 	Warrant Exercise Price: 	$0.9151
	 	Expiration Date:	 February
4, 2026

 

Date of Issuance: February 4, 2022

 

DALRADA FINANCIAL CORPORATION, a Wyoming
corporation (the “Company”), hereby certifies that, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, YA II PN, LTD. (the “Holder”), the registered holder hereof or its permitted
assigns, is entitled, subject to the terms set forth below, to purchase from the Company upon surrender of this Warrant, at any time or
times on or after the date hereof, but not after 11:59 P.M. Eastern Time on the Expiration Date (as defined herein) up to 983,499
fully paid and nonassessable shares of Common Stock (as defined herein) of the Company (the “Warrant Shares”) at the
exercise price per share provided in Section 1(b) below or as subsequently adjusted; provided, however, that in no event shall the
holder be entitled to exercise this Warrant for a number of Warrant Shares in excess of that number of Warrant Shares which, upon giving
effect to such exercise, would cause the aggregate number of shares of Common Stock beneficially owned by the holder and its affiliates
to exceed 4.99% of the outstanding shares of the Common Stock following such exercise, (however, such restriction may be waived by Holder
(but only as to itself and not to any other holder) upon not less than 65 days prior notice to the Company). For purposes of the foregoing
proviso, the aggregate number of shares of Common Stock beneficially owned by the holder and its affiliates shall include the number of
shares of Common Stock issuable upon exercise of this Warrant with respect to which the determination of such proviso is being made, but
shall exclude shares of Common Stock which would be issuable upon (i) exercise of the remaining, unexercised Warrants beneficially
owned by the holder and its affiliates and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities
of the Company beneficially owned by the holder and its affiliates (including, without limitation, any convertible notes or preferred
stock) subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding
sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended. For purposes of this Warrant, in determining the number of outstanding shares of Common Stock a holder
may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s most recent Form 10-Q or Form 10-K,
as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or its transfer agent
setting forth the number of shares of Common Stock outstanding. Upon the written request of any holder, the Company shall promptly, but
in no event later than 1 Business Day following the receipt of such notice, confirm in writing to any such holder the number of shares
of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect
to the exercise of Warrants (as defined below) by such holder and its affiliates since the date as of which such number of outstanding
shares of Common Stock was reported.

 

 

 

 

    	 	1	 

     

    

 

Section 1. 

 

(a)  
This Warrant is issued pursuant to the Securities Purchase Agreement (“Securities Purchase Agreement”) of even
date hereof between the Company and the Holder or issued in exchange or substitution thereafter or replacement thereof. Each Capitalized
term used, and not otherwise defined herein, shall have the meaning ascribed thereto in the Securities Purchase Agreement.

 

(b)  
Definitions. The following words and terms as used in this Warrant shall have the following meanings:

 

(i)               
“Approved Stock Plan” means a stock option plan that has been approved by the Board of Directors of the Company,
pursuant to which the Company’s securities may be issued only to any employee, officer, director or third party service providers
in the normal course of business, for services provided to the Company.

 

(ii)             
 “Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in the City
of New York are authorized or required by law to remain closed.

 

(iii)           
“Closing Bid Price” means the closing bid price of Common Stock as quoted on the Principal Market (as reported
by Bloomberg, LP (“Bloomberg”) through its “Volume at Price” function).

 

(iv)            
“Common Stock” means (i) the Company’s common stock, par value $0.005 per share, and (ii) any
capital stock into which such Common Stock shall have been changed or any capital stock resulting from a reclassification of such Common
Stock.

 

(v)              
"Common Stock Deemed Outstanding" means, at any given time, the number of shares of Common Stock actually outstanding
at such time.

 

(vi)            
“Event of Default” means an event of default under the Securities Purchase Agreement or the Convertible Debenture
issued in connection therewith.

 

(vii)         
“Excluded Securities” means, (a) shares issued or deemed to have been issued by the Company pursuant to an Approved
Stock Plan, (b) shares of Common Stock issued or deemed to be issued by the Company upon the conversion, exchange or exercise of any right,
option, obligation or security outstanding on the date prior to date of the Securities Purchase Agreement as disclosed in Schedule 3(e)
therein, provided that the terms of such right, option, obligation or security are not amended or otherwise modified on or after the date
of the Securities Purchase Agreement, and provided that the conversion price, exchange price, exercise price or other purchase price is
not reduced, adjusted or otherwise modified and the number of shares of Common Stock issued or issuable is not increased (whether by operation
of, or in accordance with, the relevant governing documents or otherwise) on or after the date of the Securities Purchase Agreement, and
(c) the shares of Common Stock issued or deemed to be issued by the Company upon conversion of the Convertible Debenture or exercise
of the Warrants and (d) Shares issued to employees, officers, directors, or service providers consistent with past practices in the normal
course of business.

 

(viii)         
“Expiration Date” means the date set forth on the first page of this Warrant.

 

(ix)             
“Issuance Date” means the date hereof.

 

(x)              
“Options” means any rights, warrants or options to subscribe for or purchase Common Stock or convertible securities.

 

(xi)            
 “Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a
trust, an unincorporated organization and a government or any department or agency thereof.

 

 

 

 

    	 	2	 

     

    

 

(xii)         
“Primary Market” means the OTC QB.

 

(xiii)       
“Securities Act” means the Securities Act of 1933, as amended.

 

(xiv)        
“Warrant” means this Warrant and all Warrants issued in exchange, transfer or replacement thereof.

 

(xv)          
“Warrant Exercise Price” shall be $[_____] or as subsequently adjusted as provided in Section 8 hereof.

 

(c)  
Other Definitional Provisions.

 

(i)               
Except as otherwise specified herein, all references herein (A) to the Company shall be deemed to include the Company’s
successors and (B) to any applicable law defined or referred to herein shall be deemed references to such applicable law as the same
may have been or may be amended or supplemented from time to time.

 

(ii)             
When used in this Warrant, the words “herein”, “hereof”, and “hereunder”
and words of similar import, shall refer to this Warrant as a whole and not to any provision of this Warrant, and the words “Section”,
“Schedule”, and “Exhibit” shall refer to Sections of, and Schedules and Exhibits to, this Warrant
unless otherwise specified.

 

(iii)           
Whenever the context so requires, the neuter gender includes the masculine or feminine, and the singular number includes the plural,
and vice versa.

 

Section 2.Exercise
of Warrant.

 

(a)  
Subject to the terms and conditions hereof, this Warrant may be exercised by the holder hereof then registered on the books of
the Company, pro rata as hereinafter provided, at any time on any Business Day on or after the opening of business on such Business Day,
(i) commencing with the first day after the date hereof, and prior to 11:59 P.M. Eastern Time on the Expiration Date, by delivery
of a written notice, in the form of the subscription notice attached as Exhibit A hereto (the “Exercise Notice”),
of such holder’s election to exercise this Warrant, which notice shall specify the number of Warrant Shares to be purchased, payment
to the Company of an amount equal to the Warrant Exercise Price(s) applicable to the Warrant Shares being purchased, multiplied by the
number of Warrant Shares (at the applicable Warrant Exercise Price) as to which this Warrant is being exercised (plus any applicable
issue or transfer taxes) (the “Aggregate Exercise Price”) in cash or wire transfer of immediately available funds and
the surrender of this Warrant (or an indemnification undertaking with respect to this Warrant in the case of its loss, theft or destruction)
to a common carrier for overnight delivery to the Company as soon as practicable following such date (“Cash Basis”)
or (ii) commencing with the 6-month anniversary of the issuance of this Warrant, and prior to 11:59 P.M. Eastern Time on the Expiration
Date, if at the time of exercise, the Warrant Shares are not subject to an effective registration statement or if an Event of Default
has occurred, by delivering an Exercise Notice and in lieu of making payment of the Aggregate Exercise Price in cash or wire transfer,
elect instead to receive upon such exercise the “Net Number” of shares of Common Stock determined according to the following
formula (the “Cashless Exercise”):

 

Net Number = (A x B) – (A x C)

    B

 

For purposes of the foregoing formula:

 

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

 

B = the Closing Bid Price of the Common Stock on the date of
exercise of the Warrant.

 

C = the Warrant Exercise Price then in effect for the applicable
Warrant Shares at the time of such exercise.

 

 

 

 

    	 	3	 

     

    

 

In the event of any exercise
of the rights represented by this Warrant in compliance with this Section 2, the Company shall on or before the 3rd Business
Day following the date of receipt of the Exercise Notice, the Aggregate Exercise Price and this Warrant (or an indemnification undertaking
with respect to this Warrant in the case of its loss, theft or destruction) and the receipt of the representations of the holder specified
in Section 6 hereof, if requested by the Company (the “Exercise Delivery Documents”), and if the Common Stock is DTC
eligible, credit such aggregate number of shares of Common Stock to which the holder shall be entitled to the holder’s or its designee’s
balance account with The Depository Trust Company; provided, however, if the holder who submitted the Exercise Notice requested physical
delivery of any or all of the Warrant Shares, or, if the Common Stock is not DTC eligible then the Company shall, on or before the 3rd
Business Day following receipt of the Exercise Delivery Documents, issue and surrender to a common carrier for overnight delivery to the
address specified in the Exercise Notice, a certificate, registered in the name of the holder, for the number of shares of Common Stock
to which the holder shall be entitled pursuant to such request. Upon delivery of the Exercise Notice and Aggregate Exercise Price referred
to in clause (i) or (ii) above the holder of this Warrant shall be deemed for all corporate purposes to have become the holder of
record of the Warrant Shares with respect to which this Warrant has been exercised. In the case of a dispute as to the determination of
the Warrant Exercise Price, the Closing Bid Price or the arithmetic calculation of the Warrant Shares, the Company shall promptly issue
to the holder the number of Warrant Shares that is not disputed and shall submit the disputed determinations or arithmetic calculations
to the holder via facsimile within 1 Business Day of receipt of the holder’s Exercise Notice.

 

(b)  
If the holder and the Company are unable to agree upon the determination of the Warrant Exercise Price or arithmetic calculation
of the Warrant Shares within 1 day of such disputed determination or arithmetic calculation being submitted to the holder, then the Company
shall immediately submit via electronic mail (i) the disputed determination of the Warrant Exercise Price or the Closing Bid Price to
an independent, reputable investment banking firm or (ii) the disputed arithmetic calculation of the Warrant Shares to its independent,
outside accountant. The Company shall cause the investment banking firm or the accountant, as the case may be, to perform the determinations
or calculations and notify the Company and the holder of the results no later than 48 hours from the time it receives the disputed determinations
or calculations. Such investment banking firm’s or accountant’s determination or calculation, as the case may be, shall be
deemed conclusive absent manifest error.

 

(c)  
Unless the rights represented by this Warrant shall have expired or shall have been fully exercised, the Company shall, as soon
as practicable and in no event later than 5 Business Days after any exercise and at its own expense, issue a new Warrant identical in
all respects to this Warrant exercised except it shall represent rights to purchase the number of Warrant Shares purchasable immediately
prior to such exercise under this Warrant exercised, less the number of Warrant Shares with respect to which such Warrant is exercised.

 

(d)  
No fractional Warrant Shares are to be issued upon any pro rata exercise of this Warrant, but rather the number of Warrant Shares
issued upon such exercise of this Warrant shall be rounded up or down to the nearest whole number.

 

(e)  
If the Company or its Transfer Agent shall fail for any reason or for no reason to issue to the holder within 5 days of receipt
of the Exercise Delivery Documents, a certificate for the number of Warrant Shares to which the holder is entitled or to credit the holder’s
balance account with The Depository Trust Company for such number of Warrant Shares to which the holder is entitled upon the holder’s
exercise of this Warrant, the Company shall, in addition to any other remedies under this Warrant or otherwise available to such holder,
pay as additional damages in cash to such holder on each day the issuance of such certificate for Warrant Shares is not timely effected
an amount equal to 0.025% of the product of (A) the sum of the number of Warrant Shares not issued to the holder on a timely basis and
to which the holder is entitled, and (B) the Closing Bid Price of the Common Stock for the trading day immediately preceding the last
possible date which the Company could have issued such Common Stock to the holder without violating this Section 2.

 

(f)   
If within 5 days after the Company’s receipt of the Exercise Delivery Documents, the Company fails to deliver a new Warrant
to the holder for the number of Warrant Shares to which such holder is entitled pursuant to Section 2 hereof, then, in addition to any
other available remedies under this Warrant, or otherwise available to such holder, the Company shall pay as additional damages in cash
to such holder on each day after such 5th day that such delivery of such new Warrant is not timely effected in an amount equal
to 0.25% of the product of (A) the number of Warrant Shares represented by the portion of this Warrant which is not being exercised
and (B) the Closing Bid Price of the Common Stock for the trading day immediately preceding the last possible date which the Company
could have issued such Warrant to the holder without violating this Section 2.

 

 

 

    	 	4	 

     

    

 

Section 3.Covenants
as to Common Stock. The Company hereby covenants and agrees as follows:

 

(a)  
This Warrant is, and any Warrants issued in substitution for or replacement of this Warrant will upon issuance be, duly authorized
and validly issued.

 

(b)  
All Warrant Shares which may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be validly
issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issue thereof.

 

(c)  
During the period within which the rights represented by this Warrant may be exercised, the Company will at all times have authorized
and reserved at least 100% of the number of shares of Common Stock needed to provide for the exercise of the rights then represented by
this Warrant and the par value of said shares will at all times be less than or equal to the applicable Warrant Exercise Price. If at
any time the Company does not have a sufficient number of shares of Common Stock authorized and available, then the Company shall call
and hold a special meeting of its stockholders within 60 days of that time for the sole purpose of increasing the number of authorized
shares of Common Stock.

 

(d)  
If at any time after the date hereof the Company shall file a registration statement, the Company shall include the Warrant Shares
issuable to the holder, pursuant to the terms of this Warrant and shall maintain, so long as any other shares of Common Stock shall be
so listed, such listing of all Warrant Shares from time to time issuable upon the exercise of this Warrant; and the Company shall so list
on each national securities exchange or automated quotation system, as the case may be, and shall maintain such listing of, any other
shares of capital stock of the Company issuable upon the exercise of this Warrant if and so long as any shares of the same class shall
be listed on such national securities exchange or automated quotation system.

 

(e)  
The Company will not, by amendment of its Articles of Incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms to be observed or performed by it hereunder, but will at all times in good faith assist in the carrying out of all
the provisions of this Warrant and in the taking of all such action as may reasonably be requested by the holder of this Warrant in order
to protect the exercise privilege of the holder of this Warrant against dilution or other impairment, consistent with the tenor and purpose
of this Warrant. The Company will not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant
above the Warrant Exercise Price then in effect, and (ii) will take all such actions as may be necessary or appropriate in order
that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant.

 

(f)   
This Warrant will be binding upon any entity succeeding to the Company by merger, consolidation or acquisition of all or substantially
all of the Company’s assets.

 

Section 4.Taxes.
The Company shall pay any and all taxes, except any applicable withholding, which may be payable with respect to the issuance and delivery
of Warrant Shares upon exercise of this Warrant.

 

Section 5.Warrant Holder
Not Deemed a Stockholder. Except as otherwise specifically provided herein, no holder, as such, of this Warrant shall be entitled
to vote or receive dividends or be deemed the holder of shares of capital stock of the Company for any purpose, nor shall anything contained
in this Warrant be construed to confer upon the holder hereof, as such, any of the rights of a stockholder of the Company or any right
to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation,
merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance
to the holder of this Warrant of the Warrant Shares which he or she is then entitled to receive upon the due exercise of this Warrant.
In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on such holder to purchase any securities
(upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company
or by creditors of the Company. Notwithstanding this Section 5, the Company will provide the holder of this Warrant with copies of the
same notices and other information given to the stockholders of the Company generally, contemporaneously with the giving thereof to the
stockholders.

 

 

 

 

    	 	5	 

     

    

 

Section 6.Representations
of Holder. The holder of this Warrant, by the acceptance hereof, represents that it is acquiring this Warrant and the Warrant Shares
for its own account for investment only and not with a view towards, or for resale in connection with, the public sale or distribution
of this Warrant or the Warrant Shares, except pursuant to sales registered or exempted under the Securities Act; provided, however, that
by making the representations herein, the holder does not agree to hold this Warrant or any of the Warrant Shares for any minimum or other
specific term and reserves the right to dispose of this Warrant and the Warrant Shares at any time in accordance with or pursuant to a
registration statement or an exemption under the Securities Act. The holder of this Warrant further represents, by acceptance hereof,
that, as of this date, such holder is an “accredited investor” as such term is defined in Rule 501(a)(1) of Regulation
D promulgated by the Securities and Exchange Commission under the Securities Act (an “Accredited Investor”). Upon exercise
of this Warrant the holder shall, if requested by the Company, confirm in writing, in a form satisfactory to the Company, that the Warrant
Shares so purchased are being acquired solely for the holder’s own account and not as a nominee for any other party, for investment,
and not with a view toward distribution or resale and that such holder is an Accredited Investor. If such holder cannot make such representations
because they would be factually incorrect, it shall be a condition to such holder’s exercise of this Warrant that the Company receive
such other representations as the Company considers reasonably necessary to assure the Company that the issuance of its securities upon
exercise of this Warrant shall not violate any United States or state securities laws.

 

Section 7.Ownership
and Transfer.

 

(a)  
The Company shall maintain at its principal executive offices (or such other office or agency of the Company as it may designate
by notice to the holder hereof), a register for this Warrant, in which the Company shall record the name and address of the person in
whose name this Warrant has been issued, as well as the name and address of each transferee. The Company may treat the person in whose
name any Warrant is registered on the register as the owner and holder thereof for all purposes, notwithstanding any notice to the contrary,
but in all events recognizing any transfers made in accordance with the terms of this Warrant.

 

Section 8.Adjustment
of Warrant Exercise Price. The Warrant Exercise Price of this Warrant shall be adjusted from time to time as follows:

 

(a)  
Anti-Dilution. In order to prevent dilution of the purchase rights granted under this Warrant, the Warrant Exercise Price
and the number of Warrant Shares issuable upon exercise of this Warrant shall be subject to adjustment from time to time as provided in
this Section 8 (in each case, after taking into consideration any prior adjustments pursuant to this Section 8).

 

(i)                
Adjustment to Warrant Exercise Price Upon Issuance of Common Stock. If the Company shall, at any time or from time to time
after the Original Issue Date, issue or sell, or in accordance with Section 8(e) is deemed to have issued or sold, any shares of Common
Stock without consideration or for consideration per share less than the Warrant Exercise Price in effect immediately prior to such issuance
or sale (or deemed issuance or sale), then immediately upon such issuance or sale (or deemed issuance or sale), the Warrant Exercise Price
in effect immediately prior to such issuance or sale (or deemed issuance or sale) shall be reduced (and in no event increased) to a Warrant
Exercise Price equal to the quotient obtained by dividing:

 

(a)  the sum of (I) the product obtained by multiplying the Common Stock Deemed Outstanding immediately prior to such issuance or sale
(or deemed issuance or sale) by the Warrant Exercise Price then in effect plus (II) the aggregate consideration, if any, received by
the Company upon such issuance or sale (or deemed issuance or sale); by

 

(b)  the sum of (I) the Common Stock Deemed Outstanding immediately prior to such issuance or sale (or deemed issuance or sale) plus
(II) the aggregate number of shares of Common Stock issued or sold (or deemed issued or sold) by the Company in such issuance or sale
(or deemed issuance or sale).

 

(c)   shares issued to directors, officers, advisors,
employees and consultants, through stock options, stock compensation plans or otherwise are not to be taken into consideration provided
that such issuances are approved by the Board of Directors and such shares are issuable or exercisable at a price equal to the market
price of the Common Stock at the time of grant.

 

 

 

 

    	 	6	 

     

    

 

(b)  
Effect on Warrant Exercise Price of Certain Events. For purposes of determining the adjusted Warrant Exercise Price under
Section 8(a) above, the following shall be applicable:

 

(i)                
Issuance of Options. If after the date hereof, the Company in any manner grants any Options and the lowest price per share
for which one share of Common Stock is issuable upon the exercise of any such Option or upon conversion or exchange of any convertible
securities issuable upon exercise of any such Option is less than the Applicable Price, then such share of Common Stock shall be deemed
to be outstanding and to have been issued and sold by the Company at the time of the granting or sale of such Option for such price per
share. For purposes of clarity, this Section shall not apply to any warrants issued by the Company to the Holder or any Option or conversion
or exchange of any convertible securities outstanding prior to the date hereof. For purposes of this Section 8(b)(i), the lowest price
per share for which one share of Common Stock is issuable upon exercise of such Options or upon conversion or exchange of such convertible
securities shall be equal to the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect
to any one share of Common Stock upon the granting or sale of the Option, upon exercise of the Option or upon conversion or exchange of
any convertible security issuable upon exercise of such Option. No further adjustment of the Warrant Exercise Price shall be made upon
the actual issuance of such Common Stock or of such convertible securities upon the exercise of such Options or upon the actual issuance
of such Common Stock upon conversion or exchange of such convertible securities.

 

(ii)             
Issuance of Convertible Securities. If the Company in any manner issues or sells any convertible securities and the lowest
price per share for which one share of Common Stock is issuable upon the conversion or exchange thereof is less than the Applicable Price,
then such share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the issuance
or sale of such convertible securities for such price per share. For the purposes of this Section 8(b)(ii), the lowest price per
share for which one share of Common Stock is issuable upon such conversion or exchange shall be equal to the sum of the lowest amounts
of consideration (if any) received or receivable by the Company with respect to one share of Common Stock upon the issuance or sale of
the convertible security and upon conversion or exchange of such convertible security. No further adjustment of the Warrant Exercise Price
shall be made upon the actual issuance of such Common Stock upon conversion or exchange of such convertible securities, and if any such
issue or sale of such convertible securities is made upon exercise of any Options for which adjustment of the Warrant Exercise Price had
been or are to be made pursuant to other provisions of this Section 8(b), no further adjustment of the Warrant Exercise Price shall be
made by reason of such issue or sale.

 

(iii)           
Change in Option Price or Rate of Conversion. If the purchase price provided for in any Options, the additional consideration,
if any, payable upon the issue, conversion or exchange of any convertible securities, or the rate at which any convertible securities
are convertible into or exchangeable for Common Stock changes at any time, the Warrant Exercise Price in effect at the time of such change
shall be adjusted to the Warrant Exercise Price which would have been in effect at such time had such Options or convertible securities
provided for such changed purchase price, additional consideration or changed conversion rate, as the case may be, at the time initially
granted, issued or sold and the number of Warrant Shares issuable upon exercise of this Warrant shall be correspondingly readjusted. For
purposes of this Section 8(b)(iii), if the terms of any Option or convertible security that was outstanding as of the Issuance Date of
this Warrant are changed in the manner described in the immediately preceding sentence, then such Option or convertible security and the
Common Stock deemed issuable upon exercise, conversion or exchange thereof shall be deemed to have been issued as of the date of such
change. No adjustment pursuant to this Section 8(b) shall be made if such adjustment would result in an increase of the Warrant Exercise
Price then in effect.

 

(iv)            
Calculation of Consideration Received. If any Common Stock, Options or convertible securities are issued or sold or deemed
to have been issued or sold for cash, the consideration received therefore will be deemed to be the net amount received by the Company
therefore. If any Common Stock, Options or convertible securities are issued or sold for a consideration other than cash, the amount of
such consideration received by the Company will be the fair value of such consideration, except where such consideration consists of marketable
securities, in which case the amount of consideration received by the Company will be the market price of such securities on the date
of receipt of such securities. If any Common Stock, Options or convertible securities are issued to the owners of the non-surviving entity
in connection with any merger in which the Company is the surviving entity, the amount of consideration therefore will be deemed to be
the fair value of such portion of the net assets and business of the non-surviving entity as is attributable to such Common Stock, Options
or convertible securities, as the case may be. The fair value of any consideration other than cash or securities will be determined jointly
by the Company and the holders of Warrants representing at least two-thirds (b) of the Warrant Shares issuable upon exercise of the Warrants
then outstanding. If such parties are unable to reach agreement within ten (10) days after the occurrence of an event requiring valuation
(the “Valuation Event”), the fair value of such consideration will be determined within five (5) Business Days after
the tenth (10th) day following the Valuation Event by an independent, reputable appraiser jointly selected by the Company
and the holders of Warrants representing at least two-thirds (b) of the Warrant Shares issuable upon exercise of the Warrants then outstanding.
The determination of such appraiser shall be final and binding upon all parties and the fees and expenses of such appraiser shall be borne
jointly by the Company and the holders of Warrants.

 

 

 

    	 	7	 

     

    

 

(v)              
Integrated Transactions. In case any Option is issued in connection with the issue or sale of other securities of the Company,
together comprising one integrated transaction in which no specific consideration is allocated to such Options by the parties thereto,
the Options will be deemed to have been issued for a consideration of $.01.

 

(vi)            
Treasury Shares. The number of shares of Common Stock outstanding at any given time does not include shares owned or held
by or for the account of the Company, and the disposition of any shares so owned or held will be considered an issue or sale of Common
Stock.

 

(vii)           
Record Date. If the Company takes a record of the holders of Common Stock for the purpose of entitling them (1) to
receive a dividend or other distribution payable in Common Stock, Options or in convertible securities or (2) to subscribe for or
purchase Common Stock, Options or convertible securities, then such record date will be deemed to be the date of the issue or sale of
the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution
or the date of the granting of such right of subscription or purchase, as the case may be.

 

(c)  
Adjustment of Warrant Exercise Price upon Subdivision or Combination of Common Stock. If the Company at any time after the
date of issuance of this Warrant subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of
its outstanding shares of Common Stock into a greater number of shares, any Warrant Exercise Price in effect immediately prior to such
subdivision will be proportionately reduced and the number of shares of Common Stock obtainable upon exercise of this Warrant will be
proportionately increased. If the Company at any time after the date of issuance of this Warrant combines (by combination, reverse stock
split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, any Warrant Exercise
Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares issuable upon
exercise of this Warrant will be proportionately decreased. Any adjustment under this Section 8(c) shall become effective at the
close of business on the date the subdivision or combination becomes effective.

 

(d)  
Distribution of Assets. If the Company shall declare or make any dividend or other distribution of its assets (or rights
to acquire its assets) to holders of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution
of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement or other
similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case:

 

(i)                
any Warrant Exercise Price in effect immediately prior to the close of business on the record date fixed for the determination
of holders of Common Stock entitled to receive the Distribution shall be reduced, effective as of the close of business on such record
date, to a price determined by multiplying such Warrant Exercise Price by a fraction of which (A) the numerator shall be the Closing Sale
Price of the Common Stock on the trading day immediately preceding such record date minus the value of the Distribution (as determined
in good faith by the Company’s Board of Directors) applicable to one share of Common Stock, and (B) the denominator shall be the
Closing Sale Price of the Common Stock on the trading day immediately preceding such record date; and

 

(ii)             
either (A) the number of Warrant Shares obtainable upon exercise of this Warrant shall be increased to a number of shares equal
to the number of shares of Common Stock obtainable immediately prior to the close of business on the record date fixed for the determination
of holders of Common Stock entitled to receive the Distribution multiplied by the reciprocal of the fraction set forth in the immediately
preceding clause (i), or (B) in the event that the Distribution is of common stock of a company whose common stock is traded on a national
securities exchange or a national automated quotation system, then the holder of this Warrant shall receive an additional warrant to purchase
Common Stock, the terms of which shall be identical to those of this Warrant, except that such warrant shall be exercisable into the amount
of the assets that would have been payable to the holder of this Warrant pursuant to the Distribution had the holder exercised this Warrant
immediately prior to such record date and with an exercise price equal to the amount by which the exercise price of this Warrant was decreased
with respect to the Distribution pursuant to the terms of the immediately preceding clause (i).

 

 

 

 

    	 	8	 

     

    

 

(e)  
Certain Events. If any event occurs of the type contemplated by the provisions of this Section 8 but not expressly
provided for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other
rights with equity features), then the Company’s Board of Directors will make an appropriate adjustment in the Warrant Exercise
Price and the number of shares of Common Stock obtainable upon exercise of this Warrant so as to protect the rights of the holders of
the Warrants; provided, except as set forth in section 8(c),that no such adjustment pursuant to this Section 8(e) will increase the Warrant
Exercise Price or decrease the number of shares of Common Stock obtainable as otherwise determined pursuant to this Section 8.

 

(f)   
Voluntary Adjustments By Company. The Company may at any time during the term of this Warrant reduce the then current Exercise
Price to any amount and for any period of time deemed appropriate by the Board of Directors of the Company.

 

(g)  
Notices.

 

(i)              
Immediately upon any adjustment of the Warrant Exercise Price, the Company will give written notice thereof to the holder of this
Warrant, setting forth in reasonable detail, and certifying, the calculation of such adjustment.

 

(ii)             
The Company will give written notice to the holder of this Warrant at least ten (10) days prior to the date on which the Company
closes its books or takes a record (A) with respect to any dividend or distribution upon the Common Stock, (B) with respect
to any pro rata subscription offer to holders of Common Stock or (C) for determining rights to vote with respect to any Organic Change
(as defined below), dissolution or liquidation, provided that such information shall be made known to the public prior to or in conjunction
with such notice being provided to such holder.

 

(iii)           
The Company will also give written notice to the holder of this Warrant at least 10 days prior to the date on which any Organic
Change, dissolution or liquidation will take place, provided that such information shall be made known to the public prior to or in conjunction
with such notice being provided to such holder.

 

Section 9.Purchase
Rights; Reorganization, Reclassification, Consolidation, Merger or Sale.

 

(a)  
In addition to any adjustments pursuant to Section 8 above, if at any time the Company grants, issues or sells any Options, convertible
securities or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of Common Stock
(the “Purchase Rights”), then the holder of this Warrant will be entitled to acquire, upon the terms applicable to
such Purchase Rights, the aggregate Purchase Rights which such holder could have acquired if such holder had held the number of shares
of Common Stock acquirable upon complete exercise of this Warrant immediately before the date on which a record is taken for the grant,
issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Stock are
to be determined for the grant, issue or sale of such Purchase Rights.

 

(b)  
Any recapitalization, reorganization, reclassification, consolidation, merger, sale of all or substantially all of the Company’s
assets to another Person or other transaction in each case which is effected in such a way that holders of Common Stock are entitled to
receive (either directly or upon subsequent liquidation) stock, securities or assets with respect to or in exchange for Common Stock is
referred to herein as an “Organic Change.” Prior to the consummation of any (i) sale of all or substantially all of
the Company’s assets to an acquiring Person or (ii) other Organic Change following which the Company is not a surviving entity,
the Company will secure from the Person purchasing such assets or the successor resulting from such Organic Change (in each case, the
“Acquiring Entity”) a written agreement (in form and substance satisfactory to the holders of Warrants representing
at least two-thirds (iii) of the Warrant Shares issuable upon exercise of the Warrants then outstanding) to deliver to each holder
of Warrants in exchange for such Warrants, a security of the Acquiring Entity evidenced by a written instrument substantially similar
in form and substance to this Warrant and satisfactory to the holders of the Warrants (including an adjusted warrant exercise price equal
to the value for the Common Stock reflected by the terms of such consolidation, merger or sale, and exercisable for a corresponding number
of shares of Common Stock acquirable and receivable upon exercise of the Warrants without regard to any limitations on exercise, if the
value so reflected is less than any Applicable Warrant Exercise Price immediately prior to such consolidation, merger or sale). Prior
to the consummation of any other Organic Change, the Company shall make appropriate provision (in form and substance satisfactory to the
holders of Warrants representing a majority of the Warrant Shares issuable upon exercise of the Warrants then outstanding) to insure that
each of the holders of the Warrants will thereafter have the right to acquire and receive in lieu of or in addition to (as the case may
be) the Warrant Shares immediately theretofore issuable and receivable upon the exercise of such holder’s Warrants (without
regard to any limitations on exercise), such shares of stock, securities or assets that would have been issued or payable in such Organic
Change with respect to or in exchange for the number of Warrant Shares which would have been issuable and receivable upon the exercise
of such holder’s Warrant as of the date of such Organic Change (without taking into account any limitations or restrictions on the
exercisability of this Warrant).

 

 

 

    	 	9	 

     

    

 

Section 10.Lost, Stolen,
Mutilated or Destroyed Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company shall promptly, on receipt of
an indemnification undertaking (or, in the case of a mutilated Warrant, the Warrant), issue a new Warrant of like denomination and tenor
as this Warrant so lost, stolen, mutilated or destroyed.

 

Section 11.Notice.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in
writing and will be deemed to have been delivered upon: (i) receipt, when delivered personally, (ii) 1 Business Day after deposit with
an overnight courier service with next day delivery specified, in each case, properly addressed to the party to receive the same, or (iii)
receipt, when sent by electronic mail (provided that the electronic mail transmission is not returned in error or the sender is not otherwise
notified of any error in transmission. The addresses and email addresses for such communications shall be:

 

	If to Holder:	
    YAII PN, Ltd.

    c/o Yorkville Advisors Global, LP

	 	1012 Springfield Avenue
	 	Mountainside, NJ 07092
	 	Attention:Mark A. Angelo
	 	Telephone:(201) 536-5114
	 	Email:mangelo@yorkvilleadvisors.com
	 	 
	With Copy to:	David Fine, Esq.
	 	1012 Springfield Avenue
	 	Mountainside, NJ 07092
	 	Telephone:(201) 536-5109
	 	Email:legal@yorkvilleadvisors.com
	 	 
	 	 
	If to the Company, to:	Dalrada Financial Corporation
	 	600 La Terraza Blvd.
	 	Escondido, California 92025
	 	Telephone: 858-705-3713

Attention: Brian Bonar

E-Mail: bbonar@dalrada.com
	 	 
	With a copy to:	Fletcher Robbe International Attorneys at Law
	 	
    Attention: Fletcher Robbe

    Telephone: 562-818-3751

    Email: frobbe@frobbeintl.com

 

or at such other address and/or electronic email
address and/or to the attention of such other person as the recipient party has specified by written notice given to each other party
3 Business Days prior to the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such notice,
consent, waiver or other communication, (ii) mechanically or electronically generated by the sender’s computer containing the time,
date, recipient’s electronic mail address and the text of such electronic mail or (iii) provided by a nationally recognized overnight
delivery service, shall be rebuttable evidence of personal service, receipt by electronic mail or receipt from a nationally recognized
overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

 

 

 

    	 	10	 

     

    

 

Section 12.Date.
The date of this Warrant is set forth on page 1 hereof. This Warrant, in all events, shall be wholly void and of no effect after
the close of business on the Expiration Date, except that notwithstanding any other provisions hereof, the provisions of Section 8(b)
shall continue in full force and effect after such date as to any Warrant Shares or other securities issued upon the exercise of this
Warrant.

 

Section 13.Amendment
and Waiver. Except as otherwise provided herein, the provisions of the Warrant may be amended and the Company may take any action
herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent
of the holders of Warrants representing at least 2/3rds of the Warrant Shares issuable upon exercise of the Warrants then outstanding;
provided that, except for Section 8(d), no such action may increase the Warrant Exercise Price or decrease the number of shares or class
of stock obtainable upon exercise of any Warrant without the written consent of the holder of such Warrant.

 

Section 14.Descriptive
Headings; Governing Law. The descriptive headings of the several sections and paragraphs of this Warrant are inserted for convenience
only and do not constitute a part of this Warrant. The corporate laws of the State of New Jersey shall govern all issues concerning the
relative rights of the Company and its stockholders. All other questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of
any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the Supreme
Court of the state courts sitting in Manhattan, New York and the Federal District Court for the Southern District of New York sitting
in Manhattan, New York, for the adjudication of any dispute hereunder or in connection herewith or therewith, or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any
claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient
forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process
and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for
such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.

 

Section 15. Remedies,
Other Obligations, Breaches and Injunctive Relief. The remedies provided in this Warrant shall be cumulative and in addition to all
other remedies available under this Warrant, in any other agreement between the Company and the Holder, at law or in equity (including
a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual
damages for any failure by the Company to comply with the terms of this Warrant. The Company acknowledges that a breach by it of its
obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The
Company therefore agrees that, in the event of any such breach or threatened breach, the holder of this Warrant shall be entitled, in
addition to all other available remedies, to an injunction restraining any breach, without the necessity of showing economic loss and
without any bond or other security being required.

 

Section 16.Waiver
of Jury Trial. AS A MATERIAL INDUCEMENT FOR EACH PARTY HERETO TO ENTER INTO THIS WARRANT, THE PARTIES HERETO HEREBY WAIVE ANY RIGHT
TO TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATED IN ANY WAY TO THIS WARRANT AND/OR ANY AND ALL OF THE OTHER DOCUMENTS ASSOCIATED WITH
THIS TRANSACTION.

 

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

 

 

 

 

 

 

 

 

    	 	11	 

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be signed as of the date first set forth above.

 

	 	DALRADA FINANCIAL CORPORATION
	 	 
	 	By:/s/ Brian Bonar
	 	Name:  Brian Bonar
	 	Title: CEO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	12	 

     

    

 

EXHIBIT A TO WARRANT

 

EXERCISE NOTICE

 

TO BE EXECUTED

BY THE REGISTERED HOLDER TO EXERCISE THIS WARRANT

 

DALRADA FINANCIAL CORPORATION

 

The undersigned holder hereby
exercises the right to purchase ______________ of the shares of Common Stock (“Warrant Shares”) of Dalrada Financial
Corporation (the “Company”), evidenced by the attached Warrant (the “Warrant”). Capitalized terms
used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

 

Specify Method of exercise by
check mark:

 

1. ___Cash Exercise

 

(a) Payment of
Warrant Exercise Price. The holder shall pay the Aggregate Exercise Price of $______________ to the Company in accordance with the
terms of the Warrant.

 

(b) Delivery
of Warrant Shares. The Company shall deliver to the holder _________ Warrant Shares in accordance with the terms of the Warrant.

 

 

2. ___Cashless Exercise

 

(a) Payment of
Warrant Exercise Price. In lieu of making payment of the Aggregate Exercise Price, the holder elects to receive upon such exercise
the Net Number of shares of Common Stock determined in accordance with the terms of the Warrant.

 

(b) Delivery
of Warrant Shares. The Company shall deliver to the holder _________ Warrant Shares in accordance with the terms of the Warrant.

 

 

Date: _______________ __, ______

 

Name of Registered Holder

 

	By:	 	 	 
	Name:	 	 
	Title:	 	 
	 	 	 	 

 

 

 

 

    	 	13	 

     

    

 

EXHIBIT B TO WARRANT

 

FORM OF WARRANT POWER

 

FOR VALUE RECEIVED,
the undersigned does hereby assign and transfer to ________________, Federal Identification No. __________, a warrant to purchase
____________ shares of the capital stock of Dalrada Financial Corporation represented by warrant certificate no. _____, standing
in the name of the undersigned on the books of said corporation. The undersigned does hereby irrevocably constitute and appoint ______________,
attorney to transfer the warrants of said corporation, with full power of substitution in the premises.

 

	Dated:                                                	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	14Exhibit
4.4

 

WARRANT
AGENT AGREEMENT

 

WARRANT
AGENT AGREEMENT (this “Warrant Agreement”) dated as of February    , 2022 (the “Issuance Date”) between
TC BioPharm (Holdings) plc, a company incorporated in Scotland, under the law of the United Kingdom (the “Company”),
and Computershare Inc., a Delaware corporation (“Computershare”), and its wholly owned subsidiary, Computershare Trust
Company, N.A., a federally chartered trust company (the “Warrant Agent”).

 

WHEREAS,
pursuant to the terms of that certain Underwriting Agreement (“Underwriting Agreement”), dated February    , 2022, between
the Company and EF Hutton, division of Benchmark Investments, LLC, as representative of the underwriters set forth therein, the Company
is engaged in a public offering (the “Offering”) of 3,529,412 American Depositary Shares (“ADSs”),
each ADS representing one ordinary share of the Company, nominal value £0.01 per share (“Ordinary Shares”),
and 7,058,824 Warrants (the “Warrants”), each amount excluding the overallotment, with each Warrant representing the
right of the holder thereof to purchase one ordinary shares that will dematerialize immediately into one ADSs (each, a “Warrant
ADS”) for $4.25 per ADS, subject to adjustment as described herein, plus applicable fees, charges and taxes;

 

WHEREAS,
the ADSs are issuable under the Deposit Agreement dated as of February    , 2022 (the “Deposit Agreement”) among the
Company, The Bank of New York Mellon, as depositary (the “Depositary”), and all Owners and Holders (each as defined
in the Deposit Agreement) from time to time of the ADSs issued thereunder;

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “Commission”) a registration statement on Form
F-1, File No. 333-260492 (as the same may be amended from time to time, the “Registration Statement”) for the registration,
under the Securities Act of 1933, as amended (the “Securities Act”), of, among other securities, the Ordinary Shares,
the Warrants and the Ordinary Shares underlying the Warrant ADSs issuable upon exercise of the Warrants (the “Warrant Shares”),
and the Registration Statement was declared effective on February    , 2022;

 

WHEREAS,
the Depositary has filed with the Commission a Registration Statement on Form F-6, File No. 333-262149 (the “ADS Registration
Statement”) for the registration under the Securities Act of the ADSs that may be issued in exchange for Ordinary Shares and
the Warrant Shares, and the Registration Statement was declared effective on February    , 2022.

 

WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in accordance with
the terms set forth in this Warrant Agreement in connection with the issuance, registration, registration of transfer and exercise of
the Warrants;

 

WHEREAS,
the Company desires to provide for the provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective
rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS,
the Company has duly authorized the execution and delivery of this Warrant Agreement and all other acts and things necessary to make
the Warrants the legal, valid and binding obligations of the Company have been done and performed.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.
Appointment of Warrant Agent. The Company hereby
appoints the Warrant Agent to act as agent for the Company with respect to the Warrants, and the Warrant Agent hereby accepts such appointment
and agrees to perform the same in accordance with the express terms and conditions set forth in this Warrant Agreement (and no implied
terms or conditions).

 

    	1

     

    

 

2.
Warrants.

 

2.1
Form of Warrants. The Warrants shall be registered securities in book entry form and shall be evidenced by a global certificate
(“Global Certificate”) in the form of Annex C to this Warrant Agreement, which shall be deposited on behalf
of the Company with a custodian for The Depository Trust Company (“DTC”) and registered in the name of Cede &
Co., as nominee of DTC or as otherwise directed by DTC. If DTC subsequently ceases to make its book-entry settlement system available
for the Warrants, the Company may instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In the event
that the Warrants are not eligible for, or it is no longer necessary to have the Warrants available in, book-entry form, the Company
may instruct the Warrant Agent to provide written instructions to DTC to deliver to the Warrant Agent for cancellation the Global Certificate,
and the Company shall instruct the Warrant Agent to deliver each holder of the Warrants separate certificates in the form of Annex
A evidencing Warrants (“Definitive Certificates” and, together with the Global Certificate, “Warrant
Certificates”) registered as requested through the DTC system. In the event Definitive Certificates are delivered to the holders,
the transfer, exchange or exercise of the Warrants shall be conducted in accordance with the customary procedures of the Warrant Agent.
The Company shall use its best efforts to enable the Warrants be “DTC eligible” so that the interests in the Warrants may
be held in book-entry through DTC for the term of the Warrants.

 

2.1.1
Exchange of Interest in Global Certificate for Definitive Certificate. Notwithstanding Section 2.1 above, a holder of a security
entitlement in Warrants evidenced by the Global Certificate has the right to elect at any time to exchange it for a Definitive Certificate
evidencing the same number of Warrants. Upon written notice by a Participant having Warrants credited to its DTC account for the exchange
of some or all that entitlement for a Definitive Certificate evidencing the same number of Warrants, which request shall be in the form
attached hereto as Annex B (a “Warrant Certificate Request Notice” and the date of delivery of such Warrant
Certificate Request Notice by the Holder, the “Warrant Certificate Request Notice Date” and the exchange made pursuant
to the Warrant Certificate Request Notice, a “Warrant Exchange”), and upon surrender by that Participant of the Warrants
to be exchanged to the Warrant Agent through DTC’s system, the Warrant Agent shall, without unreasonable delay, effect the Warrant
Exchange by issuing and delivering a Definitive Certificate for such number of Warrants in the name and mailed to the address set forth
in the Warrant Certificate Request Notice. Such Definitive Certificate shall be dated the original issue date of the Warrants, shall
be manually executed by an authorized signatory of the Company and shall be in the form attached hereto as Annex A In connection
with a Warrant Exchange, the Company agrees to deliver, or to direct the Warrant Agent to deliver, the Definitive Certificate to the
specified holder within ten (10) Business Days of the Warrant Certificate Request Notice pursuant to the delivery instructions in the
Warrant Certificate Request Notice (the “Warrant Certificate Delivery Date”). “Business Day” means
any day other than a Saturday, Sunday, or a day on which banking institutions in the State of New York are authorized or obligated by
law or executive order to close.

 

2.1.2
The Company shall provide to the Warrant Agent an opinion of counsel on or prior to the issuance of Warrants to set up a reserve of Warrant
Shares for the outstanding Warrants. The opinion shall state that all Warrants or Warrant Shares, as applicable, are (i) registered under
the Securities Act of 1933, as amended, and (ii) validly issued, fully paid and non-assessable.

 

2.2
Issuance and Registration of Warrants.

 

2.2.1
Warrant Register. Upon the receipt of all relevant information from the Company or its agents, the Warrant Agent shall maintain
books (“Warrant Register”) for the registration of original issuance and the registration of transfer of the Warrants.

 

2.2.2
Issuance of Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue the Global Certificate and deliver
the Warrants in the DTC book-entry settlement system in accordance with written instructions delivered to the Warrant Agent by the Company.
Ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records
maintained (i) by DTC and (ii) by institutions that have accounts with DTC (each, with respect to a Warrant in its account, a “Participant”).

 

    	2

     

    

 

2.2.3
Beneficial Owner; Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent
may deem and treat the person in whose name that Warrant shall be registered on the Warrant Register (the “Holder”,
which shall include, if the Warrants are held in “street name,” a Participant or a designee appointed by such Participant)
as the absolute owner of such Warrant for purposes of any exercise thereof, and for all other purposes, and neither the Company nor the
Warrant Agent shall be affected by any notice to the contrary. Notwithstanding the foregoing, nothing herein shall prevent the Company,
the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization
furnished by DTC governing the exercise of the rights of a holder of a beneficial interest in any Warrant. The rights of beneficial owners
in a Warrant evidenced by the Global Certificate shall be exercised by the Holder through the DTC system.

 

2.2.4
Execution. The Warrant Certificates shall be executed on behalf of the Company by any authorized officer of the Company (an “Authorized
Officer”), which need not be the same authorized signatory for all of the Warrant Certificates, either manually or by facsimile
signature. The Warrant Certificates shall be countersigned by an authorized signatory of the Warrant Agent either by manual, electronic
or facsimile signature, which need not be the same signatory for all of the Warrant Certificates, and no Warrant Certificate shall be
valid for any purpose unless so countersigned. In case any Authorized Officer of the Company that signed any of the Warrant Certificates
ceases to be an Authorized Officer of the Company before countersignature by the Warrant Agent and issuance and delivery by the Company,
such Warrant Certificates, nevertheless, may be countersigned by the Warrant Agent, issued and delivered with the same force and effect
as though the person who signed such Warrant Certificates had not ceased to be such officer of the Company; and any Warrant Certificate
may be signed on behalf of the Company by any person who, at the actual date of the execution of such Warrant Certificate, shall be an
Authorized Officer of the Company authorized to sign such Warrant Certificate, although at the date of the execution of this Warrant
Agreement any such person was not such an Authorized Officer. The rights of holders of Warrant Certificates shall be identical regardless
of the Authorized Officer signing for and on behalf of the Company and of the authorized signatory of the Warrant Agent signing such
certificates.

 

2.2.5
Registration of Transfer. At any time at or prior to the Expiration Date (as defined below), a transfer of any Warrants may be
registered and any Warrant Certificate or Warrant Certificates may be split up, combined or exchanged for another Warrant Certificate
or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or Warrant Certificates surrendered. Any Holder
desiring to register the transfer of Warrants or to split up, combine or exchange any Warrant Certificate shall make such request in
writing delivered to the Warrant Agent, and shall surrender to the Warrant Agent the Warrant Certificate or Warrant Certificates evidencing
the Warrants the transfer of which is to be registered or that is or are to be split up, combined or exchanged and, in the case of registration
of transfer, shall provide a signature guarantee by an “eligible guarantor institution” that is a member or participant in
the Securities Transfer Agents Medallion Program or other comparable “signature guarantee program.” Thereupon, the Warrant
Agent shall countersign and deliver to the person entitled thereto a Warrant Certificate or Warrant Certificates, as the case may be,
as so requested. The Company and the Warrant Agent may require payment by the Holder requesting a registration of transfer of Warrants
or a split-up, combination or exchange of a Warrant Certificate (but, for purposes of clarity, not upon the exercise of the Warrants
and issuance of Warrant ADS to the Holder) of a sum sufficient to cover any tax or governmental charge that may be imposed in connection
with such registration of transfer, split-up, combination or exchange, together with reimbursement to the Company and the Warrant Agent
of all reasonable expenses incidental thereto. The Warrant Agent shall not have any duty or obligation to take any action under any section
of this Warrant Agreement that requires the payment of taxes and/or charges unless and until it is satisfied that all such payments have
been made.

 

2.2.6
Loss, Theft and Mutilation of Warrant Certificates. Upon receipt by the Company and the Warrant Agent of evidence reasonably satisfactory
to them of the loss, theft, destruction or mutilation of a Warrant Certificate, and, in case of loss, theft or destruction, of indemnity
or security acceptable to the Warrant Agent, and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental
thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Warrant Agent shall, on
behalf of the Company, countersign and deliver a new Warrant Certificate of like tenor to the Holder in lieu of the Warrant Certificate
so lost, stolen, destroyed or mutilated. The Warrant Agent may charge the Holder an administrative fee for processing the replacement
of lost Warrant Certificates, which shall be charged only once in instances where a single surety bond obtained covers multiple certificates.
The Warrant Agent may receive compensation from the surety companies or surety agents for administrative services provided to them. Notwithstanding
anything herein to the contrary, in connection with a Warrant in book-entry form through DTC, no posting of a bond shall be required
under this Section 2.2.6.

 

    	3

     

    

 

2.2.7
Proxies. The Holder of a Warrant may grant proxies or otherwise authorize any person, including Participants and beneficial holders
that may own interests through Participants, to take any action that a Holder is entitled to take under this Warrant Agreement or the
Warrants; provided, however, that at all times that Warrants are evidenced by a Global Certificate, exercise of those Warrants
shall be effected on their behalf by Participants through DTC in accordance with the procedures administered by DTC.

 

3.
Terms and Exercise of Warrants.

 

3.1
Exercise Price. Each Warrant shall entitle the Holder, subject to the provisions of the applicable Warrant Certificate and of
this Warrant Agreement, to purchase from the Company the number of ADSs stated therein, at the price of US$4.25 per ADS, subject to the
subsequent adjustments provided in Section 4 hereof. The term “Exercise Price” as used in this Warrant Agreement refers
to the price per ADS at which ADSs may be purchased at the time a Warrant is exercised.

 

3.2
Duration of Warrants. Warrants may be exercised only during the period (“Exercise Period”) commencing on the
Issuance Date and terminating at 5:00 P.M., New York City time (the “close of business”) on February    , 2028 (“Expiration
Date”). Each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights
in respect thereof under this Warrant Agreement shall cease at the close of business on the Expiration Date.

 

3.3
Exercise of Warrants.

 

3.3.1
Exercise and Payment. (a) Subject to the provisions of this Warrant Agreement, a Holder (or a Participant acting on behalf of
a Holder in accordance with DTC procedures) may exercise Warrants by delivering to the Warrant Agent, not later than 5:00 P.M., New York
City time, on any Business Day during the Exercise Period an election to purchase the Warrant ADSs to be exercised (A) in the form included
in Exhibit A to the Warrant or (B) via an electronic warrant exercise through the DTC system (each, an “Election to Purchase”).
Within one Trading Day following the delivery of the Election to Purchase, the Holder shall deliver (i) the Warrants to be exercised
by (A) surrender of the Warrant Certificate evidencing the Warrants to the Warrant Agent at its office designated for such purpose or
(B) delivery of the Warrants to an account of the Warrant Agent at DTC designated for such purpose in writing by the Warrant Agent to
DTC from time to time, and (ii) the Exercise Price for each Warrant to be exercised (and, if applicable, any taxes or charges due in
connection with the exercise of such Warrants), in lawful money of the United States of America by (A) certified or official bank check
or wire transfer from a United States bank payable to the Warrant Agent or (B) payment to the Warrant Agent through the DTC system.

 

(b)
If any of (i) the Warrants, (ii) the Election to Purchase, or (iii) the Exercise Price therefor (and, if applicable, any taxes or charges
due in connection with the exercise of such Warrants), is received by the Warrant Agent on any date after 5:00 P.M., New York City time,
or on a date that is not a Trading Day, the Warrants with respect thereto will be deemed to have been received and exercised on the Trading
Day next succeeding such date. The “Exercise Date” will be the date on which the Election to Purchase is delivered
to the Warrant Agent; however, the Warrants shall not be deemed to be exercised if the Warrants and the Exercise Price therefor are not
received by the Warrant Agent on or prior to the Trading Day following the delivery of the Election to Purchase. If the Warrants are
received or deemed to be received after the Expiration Date, the exercise thereof will be null and void and any funds delivered to the
Warrant Agent will be returned to the Holder or Participant, as the case may be, as soon as practicable. “Trading Day”
means any day on which the ADSs are traded on the Trading Market, or, if the Trading Market is not the principal trading market for the
ADSs, then on the principal securities exchange or securities market in the United States on which the ADSs are then traded. “Trading
Market” means NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New
York Stock Exchange.

 

    	4

     

    

 

(c)
The Warrant Agent shall deposit all funds received by it in payment of the Exercise Price in the account maintained by the Warrant Agent
in its name as agent for the Company. The Warrant Agent shall remit to the Company funds received for warrant exercises in a given month
by the fifth Business Day of the following month by wire transfer to an account designated by the Company, or as otherwise from time
to time as reasonably requested by the Company. All funds received by Computershare under this Agreement that are to be distributed or
applied by Computershare in the performance of services hereunder (the “Funds”) shall be held by Computershare as
agent for the Company and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for the Company.
Until paid pursuant to the terms of this Warrant Agreement, Computershare will hold the Funds in deposit accounts with U.S. commercial
banks with Tier 1 capital exceeding $1 billion or with ratings above investment grade by S&P Global Ratings (LT Local Issuer Credit
Rating), Moody’s Investors Service (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg
L.P.). Computershare shall have no responsibility or liability for any diminution of the Funds that may result from any deposit made
by Computershare in accordance with this Section 3.3.1(c), including any losses resulting from a default by any bank, financial institution
or other third party. Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits.
Computershare shall not be obligated to pay such interest, dividends or earnings to the Company, any holder or any other party.

 

(d)
If less than all the Warrants evidenced by a surrendered Warrant Certificate are exercised, the Warrant Agent shall split up the surrendered
Warrant Certificate and return to the Holder a Warrant Certificate evidencing the Warrants that were not exercised.

 

3.3.2
Issuance of Warrant Shares. (a) The Warrant Agent shall, by 11:00 a.m., New York City time, on the Trading Day following the Exercise
Date of any Warrant, advise the Company, the transfer agent and registrar for Ordinary Shares and the Depositary, in respect of (i) the
number of Warrant Shares indicated on the Election to Purchase as issuable upon such exercise with respect to such exercised Warrants,
(ii) the instructions of the Holder or Participant, as the case may be, provided to the Warrant Agent with respect to the delivery of
the Warrant ADSs and the number of Warrants that remain outstanding after such exercise and (iii) such other information as the Company
or the Depositary shall reasonably request.

 

(b)
The Company shall, by no later than 5:00 P.M., New York City time, on the fourth Trading Day following the Exercise Date of any Warrant,
provided the funds in payment of the Exercise Price for each Warrant to be exercised have cleared on the Trading Day following the Exercise
Date, cause its registrar to deliver the Warrant Shares issuable upon that exercise to the Depositary’s custodian for deposit under
the Deposit Agreement and instruct the Depositary to deliver the Warrant ADSs issuable upon that deposit of Warrant Shares as requested
in the Election to Purchase.

 

(c)
The Company shall, by no later than 5:00 P.M., New York City time, on the fifth Trading Day following the Exercise Date of any Warrant,
provided the funds in payment of the Exercise Price for each Warrant to be exercised have cleared on the Trading Day following the Exercise
Date, cause the Depositary to deliver the Warrant ADSs to the Holder pursuant to the Election to Purchase (the “Warrant ADS
Delivery Date”).

 

3.3.3
Valid Issuance. All Warrant Shares and Warrant ADSs issuable by the Company upon the proper exercise of a Warrant in conformity
with this Warrant Agreement shall be validly issued, fully paid and non-assessable.

 

3.3.4
No Fractional Exercise. No fractional Warrant ADSs will be issued upon the exercise of the Warrant, but rather the Company shall
adjust the number of Warrant Shares issued up or down to the nearest integral multiple of the number of Ordinary Shares at the time represented
by one ADS.

 

3.3.5
No Transfer Taxes. The Company shall not be required to pay any stamp or other tax or charge required to be paid in connection
with the exercise of Warrants; and the Company shall not be required to issue or deliver any Warrant ADSs until such tax or other charge
shall have been paid or it has been established to the satisfaction of the Company and the Warrant Agent that no such tax or other charge
is due. For purposes of clarity, the Company shall pay any stamp or other tax or charge required to be paid in connection with any issuance
to the Holder of the Warrant ADSs upon the exercise of Warrants.

 

3.3.6
Date of Issuance. (a) The Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant
ADSs only on the Warrant ADS Delivery Date, except that, if the Exercise Date is a date when the stock transfer books of the Company
are closed, such person shall be deemed to have become the holder of such shares at the open of business on the next succeeding date
on which the stock transfer books are open; provided, however, Warrant ADSs will not be registered or issued until the Depositary receives
notice from its custodian that the Warrant Shares have been deposited under the Deposit Agreement; provided further, however, that the
Company shall take all reasonable steps to ensure the Warrant ADSs are delivered to the Holder on or prior to the Warrant ADS Delivery
Date in accordance with Section 3.3.2(c) hereof and, if the Warrant ADSs are not delivered to the Holder on or prior to the Warrant ADS
Delivery Date, the provisions of Section 3.3.9 shall apply.

 

    	5

     

    

 

(b)
No exercising Holder, which Holder effected a Warrant Exchange pursuant to Section 2.1.1 prior to the Exercise Date, shall be required
to surrender its Warrant to the Warrant Agent, unless such exercise is for the remaining numbers of ADSs issuable upon exercise of such
Warrant, in which case the Holder shall deliver the Warrant Certificate to the Warrant Agent within three (3) Business Days.

 

3.3.7
Restrictive Legend Events. The Company shall use its commercially reasonable efforts to maintain the effectiveness of the Registration
Statement and the ADS Registration Statement and the current status of the prospectuses included therein or to file and maintain the
effectiveness of another registration statement and another current prospectus covering the Warrants and the Warrant Shares at any time
that the Warrants are exercisable. The Company shall provide to the Warrant Agent and each Holder prompt written notice of any time that
the Company is unable to deliver the Warrant ADSs via DTC transfer or otherwise without restrictive legend because (A) the Commission
has issued a stop order with respect to the Registration Statement or the ADS Registration Statement, (B) the Commission otherwise has
suspended or withdrawn the effectiveness of the Registration Statement or the ADS Registration Statement, either temporarily or permanently,
(C) the Company has suspended or withdrawn the effectiveness of the Registration Statement or the ADS Registration Statement, either
temporarily or permanently, (D) the prospectuses contained in the Registration Statement and the ADS Registration Statement are not available
for the issuance of the Warrant ADSs to the Holder, (E) the Registration Statement or the ADS Registration Statement or the prospectuses
contained therein are not current and do not conform to the requirements of the applicable rules and regulations, or the SEC has not
declared effective a post-effective amendment to the Registration Statement or the ADS Registration Statement if one is required to be
filed to update the disclosures therein, or (F) otherwise (each a “Restrictive Legend Event”). To the extent that
the Warrants cannot be exercised as a result of a Restrictive Legend Event or a Restrictive Legend Event occurs after a Holder has exercised
Warrants in accordance with the terms of the Warrants but prior to the delivery of the Warrant ADSs, the Company shall, at the election
of the Holder, which shall be given within five (5) days of receipt of such notice of the Restrictive Legend Event, either rescind the
previously submitted Election to Purchase and the Company shall return all consideration paid by registered holder for such shares upon
such.

 

3.3.8
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of
Warrant ADSs issuable in connection with any exercise, the Company shall promptly deliver to the Holder the number of Warrant ADSs that
are not disputed.

 

3.3.9
Compensation for Buy-In on Failure to Timely Deliver Warrant ADSs Upon Exercise. In addition to any other rights available to
the Holder, if the Company fails to cause the Depositary to deliver the Warrant ADSs to the Holder pursuant to Section 3.3.2, and if
after such date the beneficial owner is required by its broker to purchase (in an open market transaction or otherwise) or the beneficial
owner’s brokerage firm otherwise purchases, ADSs or Ordinary Shares to deliver in satisfaction of a sale by the beneficial owner
of the Warrant ADSs, which the beneficial owner anticipated receiving upon such exercise (a “Buy-In”), then the Company
shall (A) pay in cash to the Holder the amount, if any, by which (x) the beneficial owner’s total purchase price (including brokerage
commissions, if any) for the Warrant ADSs or Warrant Shares so purchased exceeds (y) the amount obtained by multiplying (i) the number
of Warrant ADSs or Warrant Shares, as applicable, that the Company was required to deliver to the Holder in connection with the exercise
at issue times (ii) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of
the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant ADSs or Warrant Shares, as applicable, for which
such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Warrant
ADSs or Warrant Shares, as applicable, that would have been issued had the Company timely complied with its delivery obligations. For
example, if the beneficial owner purchases ADSs or Ordinary Shares having a total purchase price (including brokerage commissions) of
$11,000 to cover a Buy-In with respect to an attempted exercise of Warrant ADSs with an aggregate sale price giving rise to such purchase
obligation of $10,000, under clause (A) of the immediately preceding sentence, the Company shall be required to pay the Holder $1,000
for the benefit of the beneficial owner. The Holder shall provide the Company written notice indicating the amounts payable to the Holder
in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit right of a
Holder to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver Warrant ADSs upon exercise of Warrants
as required pursuant to the terms of this Warrant Agreement. The Warrant Agent shall have no liability for the Company’s failure
to deliver to the Holders the Warrant ADSs as set forth in this Section 3.3.9.

 

    	6

     

    

 

In
addition, if the Company fails for any reason to deliver to the Holder the Warrant ADSs subject to an Election to Purchase by the Warrant
ADS Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant
ADSs subject to such exercise (based on the VWAP of the ADSs on the date of the applicable Election to Purchase), $10 per Trading Day
for each Trading Day after such Warrant ADS Delivery Date until such Warrant ADSs are delivered or Holder rescinds such exercise. The
Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and
exercisable. In addition, if the Company fails to cause the Depository to transmit to the Holder the Warrant ADSs by the Warrant ADS
Delivery Date, then the Holder will have the right to rescind such exercise.

 

For
purposes of this Warrant Agreement the term “VWAP” shall mean, for any date, the price determined by the first of
the following clauses that applies: (a) if the ADSs are then listed or quoted on a Trading Market, the daily volume weighted average
price of the ADSs for such date (or the nearest preceding date) on the Trading Market on which the ADSs are then listed or quoted as
reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) the volume
weighted average price of the ADSs for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the ADSs are not then
listed or quoted for trading on the OTC Bulletin Board and if prices for the ADSs are then reported in the OTCQB maintained by OTC Markets
Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent Bid Price per ADS
so reported, or (d) in all other cases, the fair market value of an ADS as determined by an independent appraiser selected in good faith
by the Company, the fees and expenses of which shall be paid by the Company.

 

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

 

3.3.10
The Company shall pay all Warrant Agent and Depositary fees required for timely processing of any Election to Purchase and all fees to
DTC (or another established clearing corporation performing similar functions) required for electronic issuance and delivery of the Warrant
ADSs for timely delivery of Warrant ADSs on or prior to the Warrant ADSs Delivery Date. The Company shall pay all applicable fees and
expenses of the Depositary in connection with the issuance of the Warrants ADSs hereunder.

 

4.
Adjustments.

 

The
Exercise Price, the number of Warrant ADSs covered by each Warrant and the number of Warrants outstanding are subject to adjustment from
time to time as provided in Section 5 of the Warrant Certificate. In the event that at any time, as a result of an adjustment made pursuant
to Section 5 of the Warrant Certificate, the Holder of any Warrant thereafter exercised shall become entitled to receive any shares of
capital stock of the Company other than Warrant ADSs, thereafter the number of such other shares so receivable upon exercise of any Warrant
shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with
respect to the shares contained in Section 5 of the Warrant Certificate with respect to the Warrant ADSs shall apply on like terms to
any such other shares. All Warrants originally issued by the Company subsequent to any adjustment made to the Exercise Price pursuant
to the Warrant Certificate shall evidence the right to purchase, at the adjusted Exercise Price, the number of Warrant ADSs purchasable
from time to time hereunder upon exercise of the Warrants, all subject to further adjustment as provided herein.

 

    	7

     

    

 

5.
Restrictive Legends; Fractional Warrants.

 

In
the event that a Warrant Certificate surrendered for transfer bears a restrictive legend, the Warrant Agent shall not register that transfer
until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether
the Warrants must also bear a restrictive legend upon that transfer. The Warrant Agent shall not be required to effect any registration
of transfer or exchange which will result in the transfer of or delivery of a Warrant Certificate for a fraction of a Warrant.

 

6.
Expense Reimbursement.

 

The
Company shall reimburse the Holder, upon the Holder’s request, for any reasonable fees charged to the Holder by the Depositary
in connection with the issuance or holding or sale of ADSs, Warrant ADSs and/or Ordinary Shares.

 

7.
Other Provisions Relating to Rights of Holders of
Warrants.

 

7.1
No Rights as Stockholder. Except as otherwise specifically provided herein, a Holder, solely in its capacity as a holder of Warrants,
shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall
anything contained in this Warrant Agreement be construed to confer upon a Holder, solely in its capacity as the registered holder of
Warrants, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether
any reorganization, issue of stock, reclassification of share capital, consolidation, merger, conveyance or otherwise), receive notice
of meetings, receive dividends or subscription rights or rights to participate in new issues of shares, or otherwise, prior to the issuance
to the Holder of the Warrant ADSs which it is then entitled to receive upon the due exercise of Warrants.

 

7.2
Reservation of Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued
Ordinary Shares that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant Agreement
and which are available to be issued for that purpose without restriction (including without prejudice to the generality) by restriction
of pre-emption or offer round or other consent rights).

 

8.
Concerning the Warrant Agent and Other Matters.

 

8.1
(a) Whether or not any Warrants are exercised, the Company agrees to pay to the Warrant Agent reasonable compensation for all services
rendered by it hereunder in accordance with a fee schedule to be mutually agreed upon and, from time to time, on demand of the Warrant
Agent , to reimburse the Warrant Agent for all of its reasonable expenses and counsel fees and other disbursements incurred in the preparation,
delivery, negotiation, amendment, administration and execution of this Warrant Agreement and the exercise and performance of its duties
hereunder.

 

(b)
All amounts owed by the Company to the Warrant Agent under this Warrant Agreement are due within 30 days of the invoice date. Delinquent
payments are subject to a late payment charge of one and one-half percent (1.5%) per month commencing 45 days from the invoice date.
The Company agrees to reimburse the Warrant Agent for any attorney’s fees and any other costs associated with collecting delinquent
payments.

 

(c)
No provision of this Warrant Agreement shall require Warrant Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties under this Warrant Agreement or in the exercise of its rights.

 

    	8

     

    

 

8.2
As agent for the Company hereunder the Warrant Agent:

 

(a)
shall have no duties or obligations other than those specifically set forth in this Warrant Agreement or as may subsequently be agreed
to in writing by the Warrant Agent and the Company, subject to the Section 8.11(c);

 

(b)
shall have no obligation to effect any delivery of Warrant ADSs other than to instruct the Depositary with respect to that delivery;

 

(c)
shall be regarded as making no representations and having no responsibilities as to the validity, sufficiency, value, or genuineness
of the Warrants or any Warrant Shares or Warrant ADSs;

 

(d)
shall not be obligated to take any legal action under this Warrant Agreement; if, however, the Warrant Agent determines, in its sole
and absolute discretion, to take any legal action under this Warrant Agreement, and where the taking of such action might, in its judgment,
subject or expose it to any expense or liability it shall not be required to act unless it has been furnished with an indemnity satisfactory
to it;

 

(e)
may rely on and shall be fully authorized and protected in acting or failing to act upon any certificate, instrument, opinion, notice,
letter, telegram, telex, facsimile transmission or other document or security delivered to the Warrant Agent and believed by it to be
genuine and to have been signed by the proper party or parties;

 

(f)
shall not be liable or responsible for any recital or statement contained in the Registration Statement or any other documents relating
thereto, this Warrant Agreement or any Warrant Certificate except as to its countersignature thereof, or be required to verify the same,
but all such statements and recitals are and shall be deemed to have been made by the Company only;

 

(g)
shall not have any liability for or be under any responsibility in respect of the validity of this Warrant Agreement or the execution
and delivery hereof (except the due execution hereof by the Warrant Agent ) or in respect of the legality or validity or execution of
any Warrant Certificate (including in the case of book entry shares, by notation in book entry accounts reflecting ownership), except
its countersignature thereof; nor shall it be responsible for any breach by the Company of any covenant or failure by the Company to
satisfy any condition contained in this Warrant Agreement or in any Warrant Certificate; nor shall it be liable or responsible for modification
by or order of any court, tribunal, or governmental authority in connection with the foregoing, any change in the exercisability of the
Warrant ADSs or any adjustment required under this Warrant Agreement or responsible for the manner, method or amount of any such adjustment
or the ascertaining of the existence of facts that would require any such adjustment;

 

(h)
shall not be liable or responsible for any failure on the part of the Company to comply with any of its covenants and obligations relating
to the Warrants, including without limitation obligations under this Warrant Agreement and applicable securities laws;

 

(i)
may rely on and shall be fully authorized and protected in acting or failing to act upon the written, telephonic or oral instructions
with respect to any matter relating to its duties as Warrant Agent covered by this Warrant Agreement (or supplementing or qualifying
any such actions) of officers of the Company, and is hereby authorized and directed to accept instructions with respect to the performance
of its duties hereunder from the Company or counsel to the Company, and may apply to the Company, for advice or instructions in connection
with the Warrant Agent’s duties hereunder, and the Warrant Agent shall not be liable for any delay in acting while waiting for
those instructions; any applications by the Warrant Agent for written instructions from the Company may, at the option of the Warrant
Agent , set forth in writing any action proposed to be taken or omitted by the Warrant Agent under this Warrant Agreement and the date
on or after which such action shall be taken or such omission shall be effective; the Warrant Agent shall not be liable for any action
taken by, or omission of, the Warrant Agent in accordance with a proposal included in such application on or after the date specified
in such application (which date shall not be less than five Business Days after the date such application is sent to the Company, unless
the Company shall have consented in writing to any earlier date) unless prior to taking any such action, the Warrant Agent shall have
received written instructions in response to such application specifying the action to be taken or omitted;

 

    	9

     

    

 

(j)
may consult with counsel satisfactory to the Warrant Agent and the advice or opinion of such counsel shall be full and complete authorization
and protection in respect of any action taken, suffered, or omitted by it hereunder in accordance with the advice or opinion of such
counsel;

 

(k)
may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through
its attorneys or agents, and the Warrant Agent shall not be answerable or accountable for any act, omission, default, neglect or misconduct
of any such attorneys or agents or for any loss to the Company, to Holders or any other person resulting from any such act, omission,
default, neglect or misconduct, absent gross negligence or willful misconduct in the selection and continued employment thereof (which
gross negligence or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction);

 

(l)
is not authorized, and shall have no obligation, to pay any brokers, dealers, or soliciting fees to any person;

 

(m)
shall not be required hereunder to comply with the laws or regulations of any country other than the United States of America or any
political subdivision thereof; and Warrant Agent may, after consulting with the Company to the extent practical, consult with foreign
counsel, the fees and expenses of which shall be at the Company’s expense, to resolve any foreign law issues that may arise as
a result of the Company or any other party being subject to the laws or regulations of any foreign jurisdiction;

 

(n)
any stockholder, affiliate, member, director, officer, agent, representative or employee of the Warrant Agent may buy, sell or deal in
any of the Warrant ADSs or other securities of the Company or may become pecuniarily interested in any transaction in which the Company
may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not the Warrant
Agent under this Warrant Agreement. Nothing herein shall preclude the Warrant Agent or any such stockholder, affiliate, director, member,
officer, agent, representative or employee from acting in any other capacity for the Company or for any other person; and

 

(o)
shall not be required to take notice or be deemed to have notice of any event or condition hereunder, including any event or condition
that may require action by the Warrant Agent , unless the Warrant Agent shall be specifically notified in writing of such event or condition
by the Company, and all notices or other instruments required by this Warrant Agreement to be delivered to the Warrant Agent must, in
order to be effective, be received by the Warrant Agent as specified in Section 8.10 hereof, and in the absence of such notice so delivered,
the Warrant Agent may conclusively assume no such event or condition exists.

 

8.3
(a) In the absence of gross negligence or willful misconduct on its part (which gross negligence or willful misconduct must be determined
by a final, non-appealable judgment of a court of competent jurisdiction), the Warrant Agent shall not be liable for any action taken,
suffered, or omitted by it or for any error of judgment made by it in the performance of its duties under this Warrant Agreement. Anything
in this Warrant Agreement to the contrary notwithstanding, in no event shall Warrant Agent be liable for special, indirect, incidental,
consequential or punitive losses or damages of any kind whatsoever (including but not limited to lost profits), even if the Warrant Agent
has been advised of the possibility of such losses or damages and regardless of the form of action. Any liability of the Warrant Agent
will be limited in the aggregate to the amount of fees (but not reimbursed costs, charges or expenses) paid by the Company hereunder
for the twelve months preceding the event for which recovery from the Warrant Agent is being sought. The Warrant Agent shall not be liable
for any failures, delays or losses, arising directly or indirectly out of conditions beyond its reasonable control including, but not
limited to, acts of government, exchange or market ruling, suspension of trading, work stoppages or labor disputes, fires, civil disobedience,
riots, rebellions, storms, electrical or mechanical failure, computer hardware or software failure, communications facilities failures
including telephone failure, war, terrorism, insurrection, earthquakes, floods, epidemics, pandemics, acts of God or similar occurrences.

 

(b)
In the event any question or dispute arises with respect to the proper interpretation of the Warrants or the Warrant Agent’s duties
under this Warrant Agreement or the rights of the Company or of any Holder, the Warrant Agent shall not be required to act and shall
not be held liable or responsible for its refusal to act until the question or dispute has been judicially settled (and, if appropriate,
it may, but shall not be required to, file a suit in interpleader or for a declaratory judgment for such purpose) by final judgment rendered
by a court of competent jurisdiction, binding on all persons interested in the matter which is no longer subject to review or appeal,
or settled by a written document in form and substance satisfactory to Warrant Agent and executed by the Company and each such Holder.
In addition, the Warrant Agent may require for such purpose, but shall not be obligated to require, the execution of such written settlement
by all the Holders and all other persons that may have an interest in the settlement.

 

    	10

     

    

 

(c)
The Warrant Agent shall not have any duty or responsibility in the case of the receipt of any written demand from any Holder with respect
to any action or default by the Company, including, without limiting the generality of the foregoing, any duty or responsibility to initiate
or attempt to initiate any proceedings at law or otherwise or to make any demand upon the Company on behalf of any Holder.

 

8.4
The Company covenants to indemnify the Warrant Agent and hold it harmless from and against loss, liability, damage, judgment, fine, penalty,
claim, demand, settlement, cost or expense (including, without limitation, the reasonable fees and expenses of legal counsel) that may
be paid to any third party, incurred or suffered by it, or which it may become subject, without gross negligence or illegal or willful
misconduct on the part of the Warrant Agent (which gross negligence or willful misconduct must be determined by a final, non-appealable
judgment of a court of competent jurisdiction), for any action taken, suffered, or omitted to be taken by the Warrant Agent in connection
with the execution, acceptance, administration, exercise and performance of its duties under this Warrant Agreement, including the costs
and expenses of defending against any claim of liability arising therefrom, directly or indirectly, or enforcing its rights hereunder
against any third party. The provisions under Sections 8.1, 8.2, 8.3 and this Section 8.4 shall survive the expiration of the Warrant
ADSs and the termination of this Warrant Agreement and the resignation, replacement or removal of the Warrant Agent. The costs and expenses
incurred in enforcing this right of indemnification shall be borne by the Company.

 

8.5
Unless terminated earlier by the parties hereto, this Warrant Agreement shall terminate 90 days after the earlier of the Expiration Date
and the date on which no Warrants remain outstanding (the “Termination Date”). On the Business Day following the Termination
Date, the Agent shall deliver to the Company any entitlements, if any, held by the Warrant Agent under this Warrant Agreement. The Agent’s
right to be indemnified and held harmless and to be reimbursed for fees, charges and out-of-pocket expenses as provided in this Section
8 shall survive the termination of this Warrant Agreement.

 

8.6
If any provision of this Warrant Agreement shall be held illegal, invalid, or unenforceable by any court, this Warrant Agreement shall
be construed and enforced as if such provision had not been contained herein and shall be deemed an agreement among the parties to it
to the full extent permitted by applicable law; provided, however, that if such excluded provision shall adversely affect the rights,
immunities, liabilities, duties or obligations of the Warrant Agent, the Warrant Agent shall be entitled to resign immediately upon written
notice to the Company.

 

8.7
The Company represents and warrants that (a) it is duly incorporated and validly existing under the laws of its jurisdiction of incorporation,
(b) the offer and sale of the Warrants and the execution, delivery and performance of all transactions contemplated thereby (including
this Warrant Agreement) have been duly authorized by all necessary corporate action and will not result in a breach of or constitute
a default under the articles of association, bylaws or any similar document of the Company or any indenture, agreement or instrument
to which it is a party or is bound, (c) this Warrant Agreement has been duly executed and delivered by the Company and constitutes the
legal, valid, binding and enforceable obligation of the Company, (d) the Warrants will comply in all material respects with all applicable
requirements of law and (e) to the best of its knowledge, there is no litigation pending or threatened as of the date hereof in connection
with the offering of the Warrants.

 

8.8
In the event of inconsistency between this Warrant Agreement and the descriptions in the Registration Statement and the ADS Registration
Statement, as they may from time to time be amended, the terms of this Warrant Agreement shall control.

 

8.9
Set forth in Annex C hereto is a list of the names and specimen signatures of the persons authorized to act for the Company under
this Warrant Agreement. The Company shall, from time to time, certify to the Warrant Agent the names and signatures of any other persons
authorized to act for the Company under this Warrant Agreement (collectively, the “Authorized Representatives”). The
Warrant Agent shall be fully authorized and protected in relying upon the advice or instructions received from any such Authorized Representatives.

 

    	11

     

    

 

8.10
Except as expressly set forth elsewhere in this Warrant Agreement, all notices, instructions and communications under this Warrant Agreement
shall be in writing, by overnight delivery service, first-class mail, postage prepaid, properly addressed shall be effective upon receipt
and shall be addressed, if to the Company, to its address set forth beneath its signature to this Warrant Agreement, or, if to the Warrant
Agent, to:

 

Computershare
Inc.

Computershare
Trust Company, N.A.

150
Royall Street

Canton,
MA 02021

Attention:
Client Services

 

or
to such other address of which a party hereto has notified the other party; and, if to a Holder made if sent by first-class mail, postage
prepaid, or overnight delivery service, addressed to such Holder at the last address of such Holder set forth for such holder in the
Warrant Register.

 

8.11
(a) This Warrant Agreement shall be governed by and construed in accordance with the law of the State of New York. All actions and proceedings
relating to or arising from, directly or indirectly, this Warrant Agreement may be brought in courts of the State of New York or of the
United States of America sitting within the Borough of Manhattan in the City and State of New York. The Company hereby submits to the
personal jurisdiction of such courts and consents that any service of process may be made by certified or registered mail, return receipt
requested, directed to the Company at its address last specified for notices hereunder. Each of the parties hereto hereby waives the
right to a trial by jury in any action or proceeding arising out of or relating to this Warrant Agreement.

 

(b)
This Warrant Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties hereto. This Warrant
Agreement may not be assigned, or otherwise transferred, in whole or in part, by either party without the prior written consent of the
other party, which the other party will not unreasonably withhold, condition or delay; except that (i) consent is not required for an
assignment or delegation of duties by Warrant Agent to any affiliate of Warrant Agent and (ii) any reorganization, merger, consolidation,
sale of assets or other form of business combination by Warrant Agent or the Company shall not be deemed to constitute an assignment
of this Warrant Agreement.

 

(c)
No provision of this Warrant Agreement may be amended, modified or waived, except in a written document signed by both parties. The Company
and the Warrant Agent may amend or supplement this Warrant Agreement without the consent of any Holder for the purpose of curing any
ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions
with respect to matters or questions arising under this Warrant Agreement as the parties may deem necessary or desirable and that the
parties determine, in good faith, shall not adversely affect the interest of the Holders in any material respect. All other amendments
and supplements shall require the vote or written consent of Holders of a majority of the then outstanding Warrants, provided,
however, that no modification of the terms (including but not limited to the adjustments described in Section 4 herein) upon which
the Warrants are exercisable or the rights of the holders of Warrants to receive payments in cash from the Company, or no reduction of
the percentage required for consent to modification of this Warrant Agreement or no requirement for a holder of Warrants in book entry
or electronic form held through DTC to deliver any ink-original Election to Purchase or any medallion guarantee (or other type of guarantee
or notarization) of an Election to Purchase or reimbursement to the Holder pursuant to Section 6 may be made without the consent of the
Holder of each outstanding Warrant affected thereby. As a condition precedent to the Warrant Agent executing any amendment or supplement,
the Company shall deliver a certificate from an Authorized Representative which states that the proposed supplement or amendment is in
compliance with the terms of this Section 8.11(c). Notwithstanding anything in this Warrant Agreement to the contrary, the Warrant Agent
shall not be required to execute any supplement or amendment to this Warrant Agreement that it has determined would adversely affect
its own rights, duties, obligations or immunities under this Warrant Agreement.

 

8.12
Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or
the Warrant Agent in respect of the issuance or delivery of Warrant Shares or Warrant ADSs upon the exercise of Warrants, but the Company
may require the Holders to pay any transfer taxes in respect of the Warrants or such shares. The Warrant Agent may refrain from registering
any transfer of Warrants or any delivery of any Warrant ADSs unless or until the persons requesting the registration or issuance shall
have paid to the Warrant Agent for the account of the Company the amount of such tax or charge, if any, or shall have established to
the reasonable satisfaction of the Company and the Warrant Agent that such tax or charge, if any, has been paid.

 

    	12

     

    

 

8.13
Resignation of Warrant Agent.

 

8.13.1
Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and
be discharged from all further duties and liabilities hereunder after giving thirty (30) days’ notice in writing to the Company,
or such shorter period of time agreed to by the Company. The Company may terminate the services of the Warrant Agent, or any successor
Warrant Agent, after giving thirty (30) days’ notice in writing to the Warrant Agent or successor Warrant Agent. In the event any
transfer agency relationship in effect between the Company and the Warrant Agent terminates, the Warrant Agent will be deemed to have
resigned automatically and be discharged from its duties under this Warrant Agreement as of the effective date of such termination, If
the office of the Warrant Agent becomes vacant by resignation, termination or incapacity to act or otherwise, the Company shall appoint
in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period
of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent, then the Warrant Agent or any
Holder may apply to any court of competent jurisdiction for the appointment of a successor Warrant Agent at the Company’s cost.
Pending appointment of a successor to such Warrant Agent, either by the Company or by such a court, the duties of the Warrant Agent shall
be carried out by the Company. Any successor Warrant Agent (but not including the initial Warrant Agent), whether appointed by the Company
or by such court, shall be a person organized and existing under the laws of any state of the United States of America, in good standing,
and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority.
After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations
of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed,
and except for executing and delivering documents as provided in the sentence that follows, the predecessor Warrant Agent shall have
no further duties, obligations, responsibilities or liabilities hereunder, but shall be entitled to all rights that survive the termination
of this Warrant Agreement and the resignation or removal of the Warrant Agent , including but not limited to its right to indemnity hereunder.
If for any reason it becomes necessary or appropriate or at the request of the Company, the predecessor Warrant Agent shall execute and
deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights
of such predecessor Warrant Agent hereunder, except the rights and immunities retained by the predecessor Warrant Agent under the terms
hereof; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver at the expense of the
Company any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all
such authority, powers, rights, immunities, duties, and obligations.

 

8.13.2
Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof
to the predecessor Warrant Agent and the transfer agent for the ADSs not later than the effective date of any such appointment.

 

8.13.3
Merger or Consolidation of Warrant Agent. Any person into which the Warrant Agent may be merged or converted or with which it
may be consolidated or any person resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party
or any person succeeding to the shareowner services business of the Warrant Agent or any successor Warrant Agent shall be the successor
Warrant Agent under this Warrant Agreement, without any further act or deed. For purposes of this Warrant Agreement, “person”
shall mean any individual, firm, corporation, partnership, limited liability company, joint venture, association, trust or other entity,
and shall include any successor (by merger or otherwise) thereof or thereto.

 

9.
Miscellaneous Provisions.

 

9.1
Persons Having Rights under this Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing that may be implied
from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than
the parties hereto and the Holders any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition,
stipulation, promise, or agreement hereof.

 

    	13

     

    

 

9.2
Examination of the Warrant Agreement. A copy of this Warrant Agreement shall be available at all reasonable times at the office
of the Warrant Agent designated for such purpose for inspection by any Holder. Prior to such inspection, the Warrant Agent may require
any such holder to provide reasonable evidence of its interest in the Warrants.

 

9.3
Counterparts. This Warrant Agreement may be executed in any number of original, facsimile or electronic counterparts and each
of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one
and the same instrument.

 

9.4
Effect of Headings. The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall
not affect the interpretation thereof.

 

9.5
Further Assurance. The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed,
acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required or requested by
the Warrant Agent for the carrying out or performing by the Warrant Agent of the provisions of this Warrant Agreement.

 

IN
WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	TC
    BIOPHARM (HOLDINGS) PLC
	 	 
	 	By:	                                  
	 	Name:	
    Martin Thorp
	 	Title:	Chief Financial Officer
	 	 
	 	Address
for notices:

	 	Maxim
    1, 2 Parklands Way
	 	Holytown,
    Motherwell, ML1 4WR
	 	Scotland,
    United Kingdom
	 	Attention:
    Chief Financial Officer
	 	Telephone:
    +44 (0) 141 433 7557
	 	Facsimile:
	 	E-mail:
    M.Thorp@tcbiopharm.com
	 	 
	 	Computershare
    Inc.,
	 	Computershare
    Trust Company, N.A.,
	 	As
    Warrant Agent 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Annex
A Form of Warrant Certificate

Exhibit
A – Notice of Exercise

Exhibit
B – Assignment Form

Annex
B – Warrant Certificate Request Notice

Annex
C – Global Warrant Request Notice

Annex
C Authorized Representatives

Annex
D Form of Warrant Certificate Request Notice

 

    	14

     

    

 

ANNEX
A

 

Warrant
Certificate

 

PURCHASE
WARRANT FOR ADSs (ORDINARY SHARE)

 

TC
BIOPHARM (HOLDINGS) PLC

 

	Number
    of ADSs: [_______]	Initial
    Exercise Date: February    , 2022

 

This
certifies that the person whose name and address appears below, or registered assigns, is the registered owner of the number of Warrants
set forth herein. Each Warrant entitles its registered holder to purchase from TC BioPharm (Holdings) plc, a company incorporated in
Scotland at any time prior to 5:00 P.M. (New York City time) on February    , 2028, at the designated office of Computershare Inc. and Computershare
Trust Company, N.A., as warrant agent, one American Depositary Share, each ADS representing one (1) ordinary share, par value £0.01,
of the Company, upon payment of the exercise price set forth below in Section 4(a), subject to possible adjustments as provided herein.
The Company will pay the issuance fee for each ADS issued pursuant to the Warrants to the Depositary under the Deposit Agreement.

 

This
Warrant Certificate, with or without other Warrant Certificates, upon surrender at the designated office of the Warrant Agent, may be
exchanged for another Warrant Certificate or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or
Warrant Certificates surrendered. A transfer of the Warrants evidenced hereby may be registered upon surrender of this Warrant Certificate
at the designated office of the Warrant Agent by the registered holder in person or by a duly authorized attorney, properly endorsed
or accompanied by proper instruments of transfer, a signature guarantee, and such other and further documentation as the Warrant Agent
may reasonably request and duly stamped as may be required by the law of the State of New York and of the United States of America.

 

The
terms and conditions of the Warrants and the rights and obligations of the holder of this Warrant Certificate are set forth in the Warrant
Agency Agreement dated as of February    , 2022.

 

Section
1. Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this
Section 1:

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“ADS”
means an American Depositary Share, and ADSs means American Depositary Shares.

 

“American
Depositary Shares” means the ADSs issuable under the Deposit Agreement representing ordinary shares of the Company.

 

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

 

    	15

     

    

 

“Board
of Directors” means the board of directors of the Company.

 

“Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required
by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee” or any
other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so
long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are
open for use by customers on such day.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Company”
means TC BioPharm (Holdings) plc.

 

“Deposit
Agreement” means the deposit agreement between the Company and Bank of New York Mellon, dated as of February    , 2022.

 

“Equivalent
Securities” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any
time Ordinary Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at
any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Ordinary Shares.

 

“Exempt
Issuance” means the issuance of

 

	 	(i)	Ordinary
    Shares or options to employees, officers or directors of the Company or consultants to the Company pursuant to any stock or option
    plan or other written agreement duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors
    or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the Company,
    provided, however, until the expiration of the lock-up agreements entered into in connection with the IPO offering in which this
    warrant was issued, such issuance excluding options disclosed in the prospectus for the offering in which this warrant was issued
    (A) shall not exceed fifteen percent (15%) of the Ordinary Shares issued and outstanding as of the date hereof, (B) shall be at no
    less than fair market value (as measured by the closing price of the Ordinary Shares on the Trading Market on the date of issuance)
    and (C) in the first year from the date hereof shall be issued as restricted securities; 
	 	(ii)	securities
    upon the exercise or exchange of or conversion of any securities exercisable or exchangeable for or convertible into Ordinary Shares
    issued and outstanding on the date of the Warrant Agent Agreement, provided that such securities have not been amended since the
    date thereof to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such
    securities (other than in connection with stock splits or combinations) or to extend the term of such securities; 
	 	(iii)	securities
    issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company or
    securities issued in financing transactions, the primary purpose of which is to finance acquisitions or strategic transactions approved
    by a majority of the disinterested directors of the Company, provided that such securities are issued as “restricted securities”
    (as defined in Rule 144 under the Securities Act) and carry no registration rights that require or permit the filing of any registration
    statement in connection therewith, and provided that any such issuance shall only be to a person (or to the equity holders of a person)
    which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business
    of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include
    a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to a person or an entity
    whose primary business is investing in securities;

 

    	16

     

    

 

	 	(iv)	Ordinary
    Shares, options or convertible securities issued to banks, equipment lessors or other financial institutions, or to real property
    lessors, pursuant to a debt financing, equipment leasing or real property leasing transaction approved by a majority of the disinterested
    directors of the Company but shall not include a transaction in which the company is primarily issuing Ordinary Shares or Equivalent
    Securities primarily for the purpose of raising capital or to a person or an entity whose primary business is investing in securities;
	 	(v)	Ordinary
    Shares, options or convertible securities issued in connection with the provision of goods or services pursuant to transactions approved
    by a majority of the disinterested directors of the Company but shall not include a transaction in which the Company is issuing Ordinary
    Shares or Equivalent Securities primarily for the purpose of raising capital or to a person or an entity whose primary business is
    investing in securities; and 
	 	(vi)	Ordinary
    Shares, options or convertible securities issued in connection with sponsored research, collaboration, technology license, development,
    investor or public relations, marketing or other similar agreements or strategic partnerships approved by a majority of the disinterested
    directors of the Company but shall not include a transaction in which the Company is primarily issuing Ordinary Shares or Equivalent
    Securities primarily for the purpose of raising capital or to a person or an entity whose primary business is investing in securities.

 

“Exercise
Price” means the price per ADS at which the ADSs may be purchased at the time a Warrant is exercised, which price is set forth
in Section 4(a).

 

“Expiration
Date” is as defined in Section 4(b).

 

“Ordinary
Shares” means the ordinary shares, par value £0.01 per share of the Company, which may be represented as American Depositary
Shares, or ADSs.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Registration
Statement” means the Company’s registration statement on Form F-1, as amended (File No.333- 260492), relating to the
Warrants and the ordinary shares, and the registration statement filed by the Bank of New York Mellon, on Form F-6 (File No. 333-262149
relating to the ADSs.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Trading
Day” means any day on which the ADSs are traded on the Trading Market, or, if the Trading Market is not the principal trading
market for the ADSs, then on the principal securities exchange or securities market in the United States on which the ADSs are then traded.

 

“Trading
Market” means NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New
York Stock Exchange on the date in question (or any successors to any of the foregoing).

 

“Transfer
Agent” means Computershare Investor Services plc, the current transfer agent of the Company, with a mailing address of The
Pavilions Bridgwater Road, Bristol BS99 6ZZ United Kingdom and any successor transfer agent of the Company.

 

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

 

    	17

     

    

 

“Warrant
Agency Agreement” means that certain warrant agency agreement, dated on or about the Initial Exercise Date, between the Company
and the Warrant Agent.

 

“Warrant
Agent” means Computershare Inc., a Delaware corporation, and its wholly owned subsidiary, Computershare Trust Company, N.A.,
a federally chartered trust company and any successor warrant agent of the Company.

 

“Warrants”
means this Warrant and other warrants of like tenor issued by the Company pursuant to the Registration Statement.

 

Section
2. Warrants.

 

a)
Form of Warrants. The Warrants shall be registered securities in book entry form and shall be evidenced by a global certificate
(“Global Certificate”) in the form of this Annex A to the Warrant Agreement, which shall be deposited on behalf
of the Company with a custodian for The Depository Trust Company (“DTC”) and registered in the name of Cede &
Co., as nominee of DTC. If DTC subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may
instruct the Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Warrants are not eligible
for, or it is no longer necessary to have the Warrants available in, book-entry form, the Company may instruct the Warrant Agent to provide
written instructions to DTC to deliver to the Warrant Agent for cancellation the Global Certificate, and the Company shall instruct the
Warrant Agent to deliver each holder of the Warrants separate certificates in the form of Annex A evidencing Warrants (“Definitive
Certificates” and, together with the Global Certificate, “Warrant Certificates”) registered as requested
through the DTC system. In the event Definitive Certificates are delivered to the holders, the transfer, exchange or exercise of the
Warrants shall be conducted in accordance with the customary procedures of the Warrant Agent. The Company shall use its best efforts
to enable the Warrants be “DTC eligible” so that the interests in the Warrants may be held in book-entry through DTC for
the term of the Warrants.

 

b)
Exchange of Interest in Global Certificate for Definitive Certificate. Notwithstanding Section 2(a) above, a holder of a security
entitlement in Warrants evidenced by the Global Certificate has the right to elect at any time to exchange it for a Definitive Certificate
evidencing the same number of Warrants. Upon written notice by a participant having Warrants credited to its DTC account for the exchange
of some or all that entitlement for a Definitive Certificate evidencing the same number of Warrants, which request shall be in the form
attached to the Warrant Agreement in the form of Annex B (a “Warrant Certificate Request Notice” and the date
of delivery of such Warrant Certificate Request Notice by the Holder, the “Warrant Certificate Request Notice Date”
and the exchange made pursuant to the Warrant Certificate Request Notice, a “Warrant Exchange”), and upon surrender
by that Participant of the Warrants to be exchanged to the Warrant Agent through DTC’s system, the Warrant Agent shall, without
unreasonable delay, effect the Warrant Exchange by issuing and delivering a Definitive Certificate for such number of Warrants in the
name and mailed to the address set forth in the Warrant Certificate Request Notice. Such Definitive Certificate shall be dated the original
issue date of the Warrants, shall be manually executed by an authorized signatory of the Company and shall be in the form attached to
the Warrant Agreement as Annex A In connection with a Warrant Exchange, the Company agrees to deliver, or to direct the Warrant
Agent to deliver, the Definitive Certificate to the specified holder within ten (10) Business Days of the Warrant Certificate Request
Notice pursuant to the delivery instructions in the Warrant Certificate Request Notice (the “Warrant Certificate Delivery Date”).

 

    	18

     

    

 

Section
3. Issuance and Registration of Warrants.

 

a)
Warrant Register. Upon the receipt of all relevant information from the Company or its agents, the Warrant Agent shall maintain
books (“Warrant Register”) for the registration of original issuance and the registration of transfer of the Warrants.

 

b)
Issuance of Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue the Global Certificate and deliver
the Warrants in the DTC book-entry settlement system in accordance with written instructions delivered to the Warrant Agent by the Company.
Ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records
maintained (i) by DTC and (ii) by institutions that have accounts with DTC (each, with respect to a Warrant in its account, a “Participant”).

 

c)
Beneficial Owner; Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent
may deem and treat the person in whose name that Warrant shall be registered on the Warrant Register (the “Holder”,
which shall include, if the Warrants are held in “street name,” a participant or a designee appointed by such participant)
as the absolute owner of such Warrant for purposes of any exercise thereof, and for all other purposes, and neither the Company nor the
Warrant Agent shall be affected by any notice to the contrary. Notwithstanding the foregoing, nothing herein shall prevent the Company,
the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization
furnished by DTC governing the exercise of the rights of a holder of a beneficial interest in any Warrant. The rights of beneficial owners
in a Warrant evidenced by the Global Certificate shall be exercised by the Holder through the DTC system.

 

d)
Execution. The Warrant Certificates shall be executed on behalf of the Company by any authorized officer of the Company (an “Authorized
Officer”), which need not be the same authorized signatory for all of the Warrant Certificates, either manually or by facsimile
signature. The Warrant Certificates shall be countersigned by an authorized signatory of the Warrant Agent either by manual, electronic
or facsimile signature, which need not be the same signatory for all of the Warrant Certificates, and no Warrant Certificate shall be
valid for any purpose unless so countersigned. In case any Authorized Officer of the Company that signed any of the Warrant Certificates
ceases to be an Authorized Officer of the Company before countersignature by the Warrant Agent and issuance and delivery by the Company,
such Warrant Certificates, nevertheless, may be countersigned by the Warrant Agent, issued and delivered with the same force and effect
as though the person who signed such Warrant Certificates had not ceased to be such officer of the Company; and any Warrant Certificate
may be signed on behalf of the Company by any person who, at the actual date of the execution of such Warrant Certificate, shall be an
Authorized Officer of the Company authorized to sign such Warrant Certificate, although at the date of the execution of this Warrant
Agreement any such person was not such an Authorized Officer. The rights of holders of Warrant Certificates shall be identical regardless
of the Authorized Officer signing for and on behalf of the Company and of the authorized signatory of the Warrant Agent signing such
certificates.

 

e)
Registration of Transfer. At any time at or prior to the Expiration Date (as defined below), a transfer of any Warrants may be
registered and any Warrant Certificate or Warrant Certificates may be split up, combined or exchanged for another Warrant Certificate
or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or Warrant Certificates surrendered. Any Holder
desiring to register the transfer of Warrants or to split up, combine or exchange any Warrant Certificate shall make such request in
writing delivered to the Warrant Agent, and shall surrender to the Warrant Agent the Warrant Certificate or Warrant Certificates evidencing
the Warrants the transfer of which is to be registered or that is or are to be split up, combined or exchanged and, in the case of registration
of transfer, shall provide a signature guarantee by an “eligible guarantor institution” that is a member or participant in
the Securities Transfer Agents Medallion Program or other comparable “signature guarantee program.” Thereupon, the Warrant
Agent shall countersign and deliver to the person entitled thereto a Warrant Certificate or Warrant Certificates, as the case may be,
as so requested. The Company and the Warrant Agent may require payment by the Holder requesting a registration of transfer of Warrants
or a split-up, combination or exchange of a Warrant Certificate (but, for purposes of clarity, not upon the exercise of the Warrants
and issuance of Warrant ADS to the Holder) of a sum sufficient to cover any tax or governmental charge that may be imposed in connection
with such registration of transfer, split-up, combination or exchange, together with reimbursement to the Company and the Warrant Agent
of all reasonable expenses incidental thereto. The Warrant Agent shall not have any duty or obligation to take any action under any section
of this Warrant that requires the payment of taxes and/or charges unless and until it is satisfied that all such payments have been made.

 

    	19

     

    

 

f)
Loss, Theft and Mutilation of Warrant Certificates. Upon receipt by the Company and the Warrant Agent of evidence reasonably satisfactory
to them of the loss, theft, destruction or mutilation of a Warrant Certificate, and, in case of loss, theft or destruction, of indemnity
or security acceptable to the Warrant Agent, and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental
thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Warrant Agent shall, on
behalf of the Company, countersign and deliver a new Warrant Certificate of like tenor to the Holder in lieu of the Warrant Certificate
so lost, stolen, destroyed or mutilated. The Warrant Agent may charge the Holder an administrative fee for processing the replacement
of lost Warrant Certificates, which shall be charged only once in instances where a single surety bond obtained covers multiple certificates.
The Warrant Agent may receive compensation from the surety companies or surety agents for administrative services provided to them. Notwithstanding
anything herein to the contrary, in connection with a Warrant in book-entry form through DTC, no posting of a bond shall be required
under this Section 3(f).

 

g)
Proxies. The Holder of a Warrant may grant proxies or otherwise authorize any person, including participants and beneficial holders
that may own interests through participants, to take any action that a Holder is entitled to take under this Warrant; provided,
however, that at all times that Warrants are evidenced by a Global Certificate, exercise of those Warrants shall be effected on
their behalf by participants through DTC in accordance with the procedures administered by DTC.

 

Section
4. Exercise.

 

a)
Exercise Price. Each Warrant shall entitle the Holder, subject to the provisions of the of this Warrant, to purchase from the
Company the number of ADSs stated therein, at the price of $4.25 per ADS, subject to the subsequent adjustments provided in Section 5
hereof.

 

b)
Duration of Warrants. Warrants may be exercised only during the period (“Exercise Period”) commencing on the
Issuance Date and terminating at 5:00 P.M., New York City time (the “close of business”) on February , 2028 (“Expiration
Date”). Each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights
in respect thereof under this Warrant Agreement shall cease at the close of business on the Expiration Date.

 

c)
Exercise. Subject to the provisions of this Warrant, a Holder (or a participant acting on behalf of a Holder in accordance with
DTC procedures) may exercise Warrants by delivering to the Warrant Agent, not later than 5:00 P.M., New York City time, on any Business
Day during the Exercise Period an election to purchase the Warrant ADSs to be exercised (A) in the form included in Exhibit A
to this Warrant or (B) via an electronic warrant exercise through the DTC system (each, an “Election to Purchase”).
Within one Trading Day following the delivery of the Election to Purchase, the Holder shall deliver (i) the Warrants to be exercised
by (A) surrender of the Warrant Certificate evidencing the Warrants to the Warrant Agent at its office designated for such purpose or
(B) delivery of the Warrants to an account of the Warrant Agent at DTC designated for such purpose in writing by the Warrant Agent to
DTC from time to time, and (ii) the Exercise Price for each Warrant to be exercised (and, if applicable, any taxes or charges due in
connection with the exercise of such Warrants), in lawful money of the United States of America by (A) certified or official bank check
or wire transfer from a United States bank payable to the Warrant Agent or (B) payment to the Warrant Agent through the DTC system.

 

If
any of (i) the Warrants, (ii) the Election to Purchase, or (iii) the Exercise Price therefor (and, if applicable, any taxes or charges
due in connection with the exercise of such Warrants), is received by the Warrant Agent on any date after 5:00 P.M., New York City time,
or on a date that is not a Trading Day, the Warrants with respect thereto will be deemed to have been received and exercised on the Trading
Day next succeeding such date. The “Exercise Date” will be the date on which the Election to Purchase is delivered
to the Warrant Agent; however, the Warrants shall not be deemed to be exercised if the Warrants and the Exercise Price therefor are not
received by the Warrant Agent on or prior to the Trading Day following the delivery of the Election to Purchase. If the Warrants are
received or deemed to be received after the Expiration Date, the exercise thereof will be null and void and any funds delivered to the
Warrant Agent will be returned to the Holder or participant, as the case may be, as soon as practicable.

 

    	20

     

    

 

The
Warrant Agent shall deposit all funds received by it in payment of the Exercise Price in the account maintained by the Warrant Agent
in its name as agent for the Company. The Warrant Agent shall remit to the Company funds received for warrant exercises in a given month
by the fifth Business Day of the following month by wire transfer to an account designated by the Company, or as otherwise from time
to time as reasonably requested by the Company. All funds received by Computershare under this Agreement that are to be distributed or
applied by Computershare in the performance of services hereunder (the “Funds”) shall be held by Computershare as agent for
the Company and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for the Company. Until
paid pursuant to the terms of this Warrant Agreement, Computershare will hold the Funds in deposit accounts with U.S. commercial banks
with Tier 1 capital exceeding $1 billion or with ratings above investment grade by S&P Global Ratings (LT Local Issuer Credit Rating),
Moody’s Investors Service (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg
L.P.). Computershare shall have no responsibility or liability for any diminution of the Funds that may result from any deposit made
by Computershare in accordance with this Section 4(c), including any losses resulting from a default by any bank, financial institution
or other third party. Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits.
Computershare shall not be obligated to pay such interest, dividends or earnings to the Company, any holder or any other party.

 

If
less than all the Warrants evidenced by a surrendered Warrant Certificate are exercised, the Warrant Agent shall split up the surrendered
Warrant Certificate and return to the Holder a Warrant Certificate evidencing the Warrants that were not exercised.

 

d)
Issuance of Warrant Securities. The Warrant Agent shall, by 11:00 a.m., New York City time, on the Trading Day following the Exercise
Date of any Warrant, advise the Company, the transfer agent and registrar for ordinary shares and the Depositary, in respect of (i) the
number of Warrant ADSs indicated on the Election to Purchase as issuable upon such exercise with respect to such exercised Warrants,
(ii) the instructions of the Holder or Participant, as the case may be, provided to the Warrant Agent with respect to the delivery of
the Warrant ADSs and the number of Warrants that remain outstanding after such exercise and (iii) such other information as the Company
or the Depositary shall reasonably request.

 

The
Company shall, by no later than 5:00 P.M., New York City time, on the fourth Trading Day following the Exercise Date of any Warrant,
provided the funds in payment of the Exercise Price for each Warrant to be exercised have cleared on the Trading Day following the Exercise
Date, cause its registrar to deliver the Warrant ADSs issuable upon that exercise to the Depositary’s custodian for deposit under
the Deposit Agreement and instruct the Depositary to deliver the Warrant ADSs issuable upon that deposit of ordinary shares as requested
in the Election to Purchase Warrant ADSs.

 

The
Company shall, by no later than 5:00 P.M., New York City time, on the fifth Trading Day following the Exercise Date of any Warrant, provided
the funds in payment of the Exercise Price for each Warrant to be exercised have cleared on the Trading Day following the Exercise Date,
cause the Depositary to deliver the Warrant ADSs to the Holder pursuant to the Election to Purchase (the “Warrant ADS Delivery
Date”).

 

e)
Valid Issuance. All Warrant ADSs issuable by the Company upon the proper exercise of a Warrant in conformity with this Warrant
Agreement shall be validly issued and fully paid.

 

    	21

     

    

 

f)
No Fractional Exercise. No fractional Warrant ADSs will be issued upon the exercise of the Warrant, but rather the Company shall
adjust the number of Warrant ADSs issued up or down to the nearest integral multiple of the number of ADSs representing the ordinary
shares.

 

g)
No Transfer Taxes. The Company shall not be required to pay any stamp or other tax or charge required to be paid in connection
with the exercise of Warrants; and the Company shall not be required to issue or deliver any ADSs until such tax or other charge shall
have been paid or it has been established to the satisfaction of the Company and the Warrant Agent that no such tax or other charge is
due. For purposes of clarity, the Company shall pay any stamp or other tax or charge required to be paid in connection with any issuance
to the Holder of the Warrant ADSs upon the exercise of Warrants.

 

h)
Date of Issuance. (a) The Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant
ADSs only on the Warrant ADS Delivery Date, except that, if the Exercise Date is a date when the stock transfer books of the Company
are closed, such person shall be deemed to have become the holder of such shares at the open of business on the next succeeding date
on which the stock transfer books are open; provided, however, Warrant ADSs will not be registered or issued until the Depositary receives
notice from its custodian that the ordinary shares relating to the ADSs have been deposited under the Deposit Agreement; provided further,
however, that the Company shall take all reasonable steps to ensure the Warrant ADSs are delivered to the Holder on or prior to the Warrant
ADS Delivery Date in accordance with Section 4(d) hereof and, if the Warrant ADSs are not delivered to the Holder on or prior to the
Warrant ADS Delivery Date, the provisions of Section 4(k) shall apply.

 

No
exercising Holder, which Holder effected a Warrant Exchange pursuant to Section 2(b) prior to the Exercise Date, shall be required to
surrender its Warrant to the Warrant Agent, unless such exercise is for the remaining numbers of ADSs issuable upon exercise of such
Warrant, in which case the Holder shall deliver the Warrant Certificate to the Warrant Agent within three (3) Business Days.

 

i)
Restrictive Legend Events. The Company shall use its commercially reasonable efforts to maintain the effectiveness of the Registration
Statement and the ADS Registration Statement and the current status of the prospectuses included therein or to file and maintain the
effectiveness of another registration statement and another current prospectus covering the Warrants and the Warrant ADSs (and related
ordinary shares) at any time that the Warrants are exercisable. The Company shall provide to the Warrant Agent and each Holder prompt
written notice of any time that the Company is unable to deliver the Warrant ADSs via DTC transfer or otherwise without restrictive legend
because (A) the Commission has issued a stop order with respect to the Registration Statement or the ADS Registration Statement, (B)
the Commission otherwise has suspended or withdrawn the effectiveness of the Registration Statement or the ADS Registration Statement,
either temporarily or permanently, (C) the Company has suspended or withdrawn the effectiveness of the Registration Statement or the
ADS Registration Statement, either temporarily or permanently, (D) the prospectuses contained in the Registration Statement and the ADS
Registration Statement are not available for the issuance of the Warrant ADSs to the Holder, (E) the Registration Statement or the ADS
Registration Statement or the prospectuses contained therein are not current and do not conform to the requirements of the applicable
rules and regulations, or the SEC has not declared effective a post-effective amendment to the Registration Statement or the ADS Registration
Statement are if one is required to be filed to update the disclosures therein, or (F) otherwise (each a “Restrictive Legend
Event”). To the extent that the Warrants cannot be exercised as a result of a Restrictive Legend Event or a Restrictive Legend
Event occurs after a Holder has exercised Warrants in accordance with the terms of the Warrants but prior to the delivery of the Warrant
ADSs, the Company shall, at the election of the Holder, which shall be given within five (5) days of receipt of such notice of the Restrictive
Legend Event, either rescind the previously submitted Election to Purchase and the Company shall return all consideration paid by registered
holder for such shares upon such.

 

j)
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of
Warrant ADSs issuable in connection with any exercise, the Company shall promptly deliver to the Holder the number of Warrant ADSs that
are not disputed.

 

    	22

     

    

 

k)
Compensation for Buy-In on Failure to Timely Deliver Warrant ADSs Upon Exercise. In addition to any other rights available to
the Holder, if the Company fails to cause the Depositary to deliver the Warrant ADSs to the Holder pursuant to Section 4(d), and if after
such date the beneficial owner is required by its broker to purchase (in an open market transaction or otherwise) or the beneficial owner’s
brokerage firm otherwise purchases, ADSs or ordinary shares to deliver in satisfaction of a sale by the beneficial owner of the Warrant
ADSs, which the beneficial owner anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A)
pay in cash to the Holder the amount, if any, by which (x) the beneficial owner’s total purchase price (including brokerage commissions,
if any) for the Warrant ADSs so purchased exceeds (y) the amount obtained by multiplying (i) the number of Warrant ADSs, as applicable,
that the Company was required to deliver to the Holder in connection with the exercise at issue times (ii) the price at which the sell
order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the
Warrant and equivalent number of Warrant ADSs, as applicable, for which such exercise was not honored (in which case such exercise shall
be deemed rescinded) or deliver to the Holder the number of Warrant ADSs, as applicable, that would have been issued had the Company
timely complied with its delivery obligations. For example, if the beneficial owner purchases ADSs having a total purchase price (including
brokerage commissions) of $11,000 to cover a Buy-In with respect to an attempted exercise of Warrant ADSs with an aggregate sale price
giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence, the Company shall be required
to pay the Holder $1,000 for the benefit of the beneficial owner. The Holder shall provide the Company written notice indicating the
amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing
herein shall limit right of a Holder to pursue any other remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver Warrant ADSs
upon exercise of Warrants as required pursuant to the terms of this Warrant Agreement. The Warrant Agent shall have no liability for
the Company’s failure to deliver to the Holders the Warrant ADSs as set forth in this Section 4(k).

 

In
addition, if the Company fails for any reason to deliver to the Holder the Warrant ADSs subject to an Election to Purchase by the Warrant
ADS Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant
ADSs subject to such exercise (based on the VWAP of the ADSs on the date of the applicable Election to Purchase), $10 per Trading Day
for each Trading Day after such Warrant ADS Delivery Date until such Warrant ADSs are delivered or Holder rescinds such exercise. The
Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and
exercisable. In addition, if the Company fails to cause the Depository to transmit to the Holder the Warrant ADSs by the Warrant ADS
Delivery Date, then the Holder will have the right to rescind such exercise.

 

l)
Expenses. The Company shall pay all Warrant Agent and Depositary fees required for timely processing of any Election to Purchase
and all fees to DTC (or another established clearing corporation performing similar functions) required for electronic issuance and delivery
of the Warrant ADSs for timely delivery of Warrant ADSs on or prior to the Warrant ADSs Delivery Date. The Company shall pay all applicable
fees and expenses of the Depositary in connection with the issuance of the Warrants ADSs hereunder.

 

Section
5. Certain Adjustments.

 

	 	a)
    	Stock
    Dividends and Splits. If the Company, at any time while this Warrant is outstanding:
	 	 	 
	 	i)	pays
    a stock dividend or otherwise makes a distribution or distributions on Ordinary Shares or any other equity or Equivalent Securities
    payable in Ordinary Shares (which, for avoidance of doubt, shall not include any Warrant ADSs issued by the Company upon exercise
    of this Warrant), 
	 	ii)	subdivides
    outstanding Ordinary Shares into a larger number of shares, 
	 	iii)	combines
    (including by way of reverse stock split) outstanding Ordinary Shares into a smaller number of shares, or 
	 	iv)	issues
    by reclassification of Ordinary Shares any shares of capital stock of the Company, 

 

    	23

     

    

 

then
in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares and such
other capital stock of the Company (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator
shall be the number of Ordinary Shares and such other capital stock of the Company (excluding treasury shares, if any) outstanding immediately
after such event, and the number of ADSs issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate
Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 5(a) shall become effective immediately
after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective
immediately after the effective date in the case of a subdivision, combination or re-classification.

 

b)
Subsequent Equity Sales. If the Company or any Subsidiary thereof, as applicable, at any time while this Warrant is outstanding,
shall sell, enter into an agreement to sell, or grant any option to purchase, or sell, enter into an agreement to sell, or grant any
right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition)
any Ordinary Shares or Equivalent Securities, at an effective price per share less than the Exercise Price then in effect (such lower
price, the “Base Share Price” and such issuances collectively, a “Dilutive Issuance”) (it being
understood and agreed that if the holder of the Ordinary Shares or such other securities so issued shall at any time, whether by operation
of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options
or rights per share which are issued in connection with such issuance, be entitled to receive Ordinary Shares at an effective price per
share that is less than the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise Price on such date
of the Dilutive Issuance at such effective price), then simultaneously with the consummation (or, if earlier, the announcement) of each
Dilutive Issuance the Exercise Price shall be reduced and only reduced to equal the Base Share Price provided that the Base Share Price
shall not be less than $___ (subject to adjustment for reverse and forward stock splits, recapitalizations and similar transactions following
the Initial Issuance Date). Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 5(b) in respect
of an Exempt Issuance. The Company shall notify the Holder, in writing, no later than the Trading Day following the issuance or deemed
issuance of any Ordinary Shares Stock or Equivalent Securities subject to this Section 5(b), indicating therein the applicable issuance
price, or applicable reset price, exchange price, conversion price and other pricing terms (such notice, the “Dilutive Issuance
Notice”). For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section
5(b), upon the occurrence of any Dilutive Issuance, the Holder is entitled to receive a number of Warrant Shares based upon the Base
Share Price regardless of whether the Holder accurately refers to the Base Share Price in the Notice of Exercise. If the Company enters
into a Variable Rate Transaction, the Company shall be deemed to have issued Ordinary Shares or Equivalent Securities at the lowest possible
price, conversion price or exercise price at which such securities may be issued, converted or exercised.

 

c)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 5(a) above, if at any time the Company grants,
issues or sells any Equivalent Securities or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms
applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number
of ADSs acquirable upon complete exercise of this Warrant immediately before the date on which a record is taken for the grant, issuance
or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be
determined for the grant, issue or sale of such Purchase Rights.

 

d)
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or
other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares, by way of return of capital or otherwise
(including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off,
reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any
time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to
the same extent that the Holder would have participated therein if the Holder had held the number of ADSs acquirable upon complete exercise
of this Warrant immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date
as of which the record holders of Ordinary Shares are to be determined for the participation in such Distribution. To the extent that
this Warrant has not been partially or completely exercised at the time of such Distribution, such portion of the Distribution shall
be held in abeyance for the benefit of the Holder until the Holder has exercised this Warrant.

 

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e)
Fundamental Transaction. If, at any time while the Warrants are outstanding,

 

	 	(i)	the
    Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into
    another person;
	 	(ii)	the
    Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or
    substantially all of its assets in one or a series of related transactions;
	 	(iii)	any
    direct or indirect purchase offer, tender offer or exchange offer (whether by the Company or another person) is completed pursuant
    to which holders of ordinary shares (including those represented by ADSs) are permitted to sell, tender or exchange their shares
    for other securities, cash or property and has been accepted by the holders of 50% or more of the total voting power of the Company’s
    ordinary shares (including those represented by ADSs) (not including any ordinary shares (including those represented by ADSs) held
    by the other person or other persons making or party to, or associated or affiliated with the other persons making, such purchase
    offer, tender offer or exchange offer); 
	 	(iv)	the
    Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization
    of ADSs or ordinary shares or any compulsory share exchange pursuant to which the ADSs or ordinary shares are effectively converted
    into or exchanged for other securities, cash or property, or 
	 	(v)	the
    Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business
    combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another person
    or group of persons whereby such other person or group acquires more than 50% of the total voting power of the Company’s ordinary
    shares (including those represented by ADSs) (not including any ordinary shares (including those represented by ADSs) held by the
    other person or group or other persons or group making or party to, or associated or affiliated with the other persons or group making
    or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
    

 

then,
upon any subsequent exercise of a Warrant, the Holder shall have the right to receive, for each Warrant ADS that would have been issuable
upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder, the number of shares
of capital stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, or depositary shares
representing those shares, and any additional consideration (the “Alternate Consideration”) receivable as a result
of such Fundamental Transaction by a holder of the number of ADSs for which this Warrant is exercisable immediately prior to such Fundamental
Transaction. For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such
Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one ADS in such Fundamental Transaction
and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value
of any different components of the Alternate Consideration. If holders of ADSs are given any choice as to the securities, cash or property
to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives
upon any exercise of this Warrant following such Fundamental Transaction.

 

Notwithstanding
anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at
the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction
(or, if later, the date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder
by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of
this Warrant on the date of the consummation of such Fundamental Transaction; provided, however, that, if the Fundamental Transaction
is not within the Company’s control, including not approved by the Company’s Board of Directors, Holder shall only be entitled
to receive from the Company or any Successor Entity the same type or form of consideration (and in the same proportion), at the Black
Scholes Value of the unexercised portion of this Warrant, that is being offered and paid to the holders of ordinary shares (including
those represented by ADSs) of the Company in connection with the Fundamental Transaction, whether that consideration be in the form of
cash, stock or any combination thereof, or whether the holders of ordinary shares (including those represented by ADSs) are given the
choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction; provided, further, that
if holders of ordinary shares (including those represented by ADSs) of the Company are not offered or paid any consideration in such
Fundamental Transaction, such holders will be deemed to have received common stock of the Successor Entity (which Entity may be the Company
following such Fundamental Transaction) in such Fundamental Transaction.

 

    	25

     

    

 

“Black
Scholes Value” means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting
(A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement
of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100
day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day
immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such
calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash
consideration, if any, being offered in such Fundamental Transaction and (ii) the highest VWAP during the period beginning on the Trading
Day immediately preceding the announcement of the applicable Fundamental Transaction (or the consummation of the applicable Fundamental
Transaction, if earlier) and ending on the Trading Day of the Holder’s request pursuant to this Section 3(e) and (D) a remaining
option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination
Date and (E) a zero cost of borrow. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds
(or such other consideration) within the later of (i) five (5) Business Days of the Holder’s election and (ii) the date of consummation
of the Fundamental Transaction.

 

The
Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”), to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of
this Section 5(e) pursuant to written agreements in form reasonably satisfactory to the Holder and approved by the Holder (without unreasonable
delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to such Holder in exchange for this Warrant
a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant that
is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the
Warrant ADSs acquirable and receivable upon exercise of this Warrant prior to such Fundamental Transaction and with an exercise price
which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the ADSs or
ordinary shares prior to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital
stock and such exercise price being for the purpose of protecting the economic value this Warrant had immediately prior to the consummation
of such Fundamental Transaction). Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and
be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the
“Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume
all of the obligations of the Company under this Warrant Agreement and the Warrant with the same effect as if such Successor Entity had
been named as the Company herein.

 

The
Company shall instruct the Warrant Agent in writing to mail, by first class mail, postage prepaid, to each Holder, written notice of
the execution of any such amendment, supplement or agreement with the Successor Entity. Any supplemented or amended agreement entered
into by the successor corporation or transferee shall provide for adjustments, which shall be as nearly equivalent as may be practicable
to the adjustments provided for in this Section 5(e). The Warrant Agent shall have no duty, responsibility or obligation to determine
the correctness of any provisions contained in such agreement or such notice, including but not limited to any provisions relating either
to the kind or amount of securities or other property receivable upon exercise of warrants or with respect to the method employed and
provided therein for any adjustments, and shall be entitled to rely conclusively for all purposes upon the provisions contained in any
such agreement. The provisions of this Section 5(e) shall similarly apply to successive reclassifications, changes, consolidations, mergers,
sales and conveyances of the kind described above.

 

    	26

     

    

 

f)
Calculations. All calculations under this Section 5 shall be made to the nearest cent or the nearest 1/100th of a share, as the case
may be. For purposes of this Section 5, the number of shares deemed to be issued and outstanding as of a given date shall be the sum
of the number shares (excluding treasury shares, if any) issued and outstanding.

 

g)
Notice to Holder.

 

i.
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section5, the Company shall promptly
deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Warrant ADSs and setting forth a brief statement of the facts requiring such adjustment.

 

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

 

h)
Voluntary Adjustment by Company. Subject to the rules and regulations of the Trading Market, the Company may at any time during the term
of this Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount and for any
period of time deemed appropriate by the board of directors of the Company.

 

    	27

     

    

 

Section
6. Miscellaneous.

 

a)
No Rights as Stockholder. Except as otherwise specifically provided herein, a Holder, solely in its capacity as a holder of Warrants,
shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall
anything contained in this Warrant be construed to confer upon a Holder, solely in its capacity as the registered holder of Warrants,
any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any
reorganization, issue of stock, reclassification of share capital, consolidation, merger, conveyance or otherwise), receive notice of
meetings, receive dividends or subscription rights or rights to participate in new issues of shares, or otherwise, prior to the issuance
to the Holder of the Warrant ADSs which it is then entitled to receive upon the due exercise of Warrants.

 

b)
Due Authorization. The Company represents and warrants that (a) it is duly incorporated and validly existing under the laws of
its jurisdiction of incorporation, (b) the offer and sale of the Warrants and the execution, delivery and performance of all transactions
contemplated thereby (including this Warrant) have been duly authorized by all necessary corporate action and will not result in a breach
of or constitute a default under the articles of association, bylaws or any similar document of the Company or any indenture, agreement
or instrument to which it is a party or is bound, (c) this Warrant has been duly executed and delivered by the Company and constitutes
the legal, valid, binding and enforceable obligation of the Company, (d) the Warrants will comply in all material respects with all applicable
requirements of law and (e) to the best of its knowledge, there is no litigation pending or threatened as of the date hereof in connection
with the offering of the Warrants.

 

c)
Reservation of Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued
ordinary shares that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant Agreement.

 

d)
Authorized Shares. The Company covenants that its issuance of this Warrant shall constitute full authority to its officers who
are charged with the duty of issuing the necessary Warrant ADSs upon the exercise of the purchase rights under this Warrant. The Company
will take all such reasonable action as may be necessary to assure that such Warrant ADSs may be issued as provided herein without violation
of any applicable law or regulation, or of any requirements of the Trading Market upon which the ordinary shares may be listed. The Company
covenants that all Warrant ADS which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise
of the purchase rights represented by this Warrant and payment for such Warrant ADS in accordance herewith, be duly authorized, validly
issued and fully paid and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes
in respect of any transfer occurring contemporaneously with such issue).

 

e)
Restrictive Legends; Fractional Warrants. In the event that a Warrant Certificate surrendered for transfer bears a restrictive
legend, the Warrant Agent shall not register that transfer until the Warrant Agent has received an opinion of counsel for the Company
stating that such transfer may be made and indicating whether the Warrants must also bear a restrictive legend upon that transfer. The
Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the transfer of or delivery
of a Warrant Certificate for a fraction of a Warrant. The Holder acknowledges that the Warrant ADSs acquired upon the exercise of this
Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws.

 

f)
Expense Reimbursement. The Company shall reimburse the Holder, upon the Holder’s request, for any reasonable fees charged
to the Holder by the Depositary in connection with the issuance or holding or sale of ADSs, Warrant ADSs and/or ordinary shares.

 

g)
Notices to Warrant Agent. Except as expressly set forth elsewhere in this Warrant Agreement, all notices, instructions and communications
under this Warrant Agreement shall be in writing, by overnight delivery service, first-class mail, postage prepaid, properly addressed
shall be effective upon receipt and shall be addressed, if to the Company, to its address set forth beneath its signature to this Warrant
Agreement, or, if to the Warrant Agent, to:

 

    	28

     

    

 

Computershare
Inc.

Computershare
Trust Company, N.A.

150
Royall Street

Canton,
MA 02021

Attention:
Client Services

 

or
to such other address of which a party hereto has notified the other party; and, if to a Holder made if sent by first-class mail, postage
prepaid, or overnight delivery service, addressed to such Holder at the last address of such Holder set forth for such holder in the
Warrant Register.

 

h)
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York. Each party agrees that all legal proceedings
concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party
hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced
exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or
in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not
to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that
such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this
Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an
action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be
reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such action or proceeding.

 

i)
Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or
the Warrant Agent in respect of the issuance or delivery of Warrant ADSs upon the exercise of Warrants, but the Company may require the
Holders to pay any transfer taxes in respect of the Warrants or such shares. The Warrant Agent may refrain from registering any transfer
of Warrants or any delivery of any Warrant ADSs unless or until the persons requesting the registration or issuance shall have paid to
the Warrant Agent for the account of the Company the amount of such tax or charge, if any, or shall have established to the reasonable
satisfaction of the Company and the Warrant Agent that such tax or charge, if any, has been paid.

 

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

 

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

 

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

 

    	29

     

    

 

m)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on
the one hand, and the Holder or the beneficial owner of this Warrant, on the other hand.

 

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

 

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

 

p)
Warrant Agency Agreement. If this Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued
subject to the Warrant Agency Agreement. Without limiting any of the rights and immunities of the Warrant Agent or modifying the Warrant
Agent’s express duties and obligations under the Warrant Agreement to the extent any provision of this Warrant conflicts with the
express provisions of the Warrant Agency Agreement, the provisions of this Warrant shall govern and be controlling.

 

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

 

(Signature
Page Follows)

 

    	30

     

    

 

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

 

	TC
    BioPharm (Holdings) plc	 
	 	      	 
	By:	 	 
	Name:
    	 	 
	Title:	 	 

 

	Computershare
    Inc.

    Computershare
    Trust Company N.A.

     
	 
	By:	              	 
	Name:
    	 	 
	Title:	 	 

 

    	31

     

    

 

EXHIBIT
A

 

NOTICE
OF EXERCISE

 

TO:
TC BIOPHARM (HOLDINGS) PLC

 

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

 

(2)
Payment shall be in the in lawful money of the United States only.

 

(3)
Please issue said Warrant ADSs in the name of the undersigned or in such other name as is specified below:

 

_______________________________

 

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

 

_______________________________

_______________________________

_______________________________

 

[SIGNATURE
OF HOLDER]

 

	Name
    of Investing Entity:	 

 

	Signature
    of Authorized Signatory of Investing Entity:	 

 

	Name
    of Authorized Signatory:	 

 

	Title
    of Authorized Signatory:	 

 

	Date:	 

 

    	32

     

    

 

EXHIBIT
B

 

ASSIGNMENT
FORM

 

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

 

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

 

	Name:	 	 
	 	 	(Please
    Print)
	Address:	 	 
	 	 	(Please
    Print)
	Phone
    Number	 	 
	Email
    Address	 	 
	 	 	 
	Dated:
    ______________ ___, _______	 	 
	Holder’s
    Signature:	 	 
	Holder’s
    Address:	 	 

 

    	33

     

    

 

ANNEX
B

 

Form
of Warrant Certificate Request Notice

 

WARRANT
CERTIFICATE REQUEST NOTICE

 

To:
Computershare Inc., as Warrant Agent for TC BioPharm (Holdings) plc (the “Company”)

 

The
undersigned Holder of Purchase Warrants (“Warrants”) in the form of Global Warrants issued by the Company hereby elects
to receive a Warrant Certificate evidencing the Warrants held by the Holder as specified below:

 

	1.	Name
    of Holder of Warrants in form of Global Warrants:	 
	 	 	 
	2.	Name
    of Holder in Warrant Certificate (if different from name of Holder of Warrants in form of Global Warrants):	 
	 	 	 
	3.	Number
    of Warrants in name of Holder in form of Global Warrants:	 
	 	 	 
	4.	Number
    of Warrants for which Warrant Certificate shall be issued:	 
	 	 	 
	5.	Number
    of Warrants in name of Holder in form of Global Warrants after issuance of Warrant Certificate, if any:	 
	 	 	 
	6.	Warrant
    Certificate shall be delivered to the following address:	 

______________________________

______________________________

______________________________

______________________________

 

The
undersigned hereby acknowledges and agrees that, in connection with this Warrant Exchange and the issuance of the Warrant Certificate,
the Holder is deemed to have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number
of Warrants evidenced by the Warrant Certificate.

 

[SIGNATURE
OF HOLDER]

 

	Name
    of Investing Entity:	 

 

	Signature
    of Authorized Signatory of Investing Entity:	 

 

	Name
    of Authorized Signatory:	 

 

	Title
    of Authorized Signatory:	 

 

	Date:	  

 

    	34

     

    

 

ANNEX
C

 

Form
of Global Warrants Request Notice

 

GLOBAL
WARRANTS REQUEST NOTICE

 

To:
Computershare Inc., as Warrant Agent for TC BioPharm (Holdings) plc (the “Company”)

 

The
undersigned Holder of Purchase Warrants (“Warrants”) in the form of Warrants Certificates issued by the Company hereby
elects to receive a Global Warrant evidencing the Warrants held by the Holder as specified below:

 

	1.	Name
    of Holder of Warrants in form of Warrant Certificates:	 
	 	 	 
	2.	Name
    of Holder in Global Warrant (if different from name of Holder of Warrants in form of Warrant Certificates):	 
	 	 	 
	3.	Number
    of Warrants in name of Holder in form of Warrant Certificates:	 
	 	 	 
	4.	Number
    of Warrants for which Global Warrant shall be issued:	 
	 	 	 
	5.	Number
    of Warrants in name of Holder in form of Warrant Certificates after issuance of Global Warrant, if any:	 
	 	 	 
	6.	Global
    Warrant shall be delivered to the following address:	 

______________________________

______________________________

______________________________

______________________________

 

The
undersigned hereby acknowledges and agrees that, in connection with this Global Warrant Exchange and the issuance of the Global Warrant,
the Holder is deemed to have surrendered the number of Warrants in form of Warrant Certificates in the name of the Holder equal to the
number of Warrants evidenced by the Global Warrant.

 

[SIGNATURE
OF HOLDER]

 

	Name
    of Investing Entity:	 

 

	Signature
    of Authorized Signatory of Investing Entity:	 

 

	Name
    of Authorized Signatory:	 

 

	Title
    of Authorized Signatory:	 

 

	Date:	 

 

    	35

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