Document:

ITEX CORPORATION

 

RESTRICTED STOCK AGREEMENT

 

This Agreement is made as of the Grant Date
(as defined in section 1.0), by and between the Participant (as defined in section 1.0) and ITEX Corporation, a Nevada corporation
(the “Company”).

 

Whereas, the Company maintains the ITEX
Corporation 2014 Equity Incentive Plan (the “Plan”), which is incorporated into and forms a part of this Agreement,
and the Participant has been selected by the Compensation Committee administering the Plan (the “Committee”) to receive
a Restricted Stock award under the Plan;

 

NOW, THEREFORE, IT IS AGREED, by and between
the Company and the Participant, as follows:

 

		1.0	Terms of Award

 

1.1           The
following terms used in this Agreement shall have the meanings set forth in this paragraph 1.0:

 

		(a)	The “Participant” is _________________.

 

		(b)	The “Grant Date” is _________________.

 

		(c)	The “Restricted Period” is the period beginning
on the Grant Date and ending on __________, subject to the vesting schedule in Section 5.0 below.

 

		(d)	The number of shares of “Restricted Stock”
awarded under this Agreement shall be __________shares. Shares of “Restricted Stock” are shares of Stock granted under
this Agreement and are subject to the terms of this Agreement and the Plan.

 

Other terms used in this Agreement are defined
pursuant to paragraph 6 or elsewhere in this Agreement. Unless otherwise defined in this Agreement, the terms defined in the Plan
shall have the same defined meanings in this Agreement.

 

		2.0	Award

 

2.1           The
Participant is hereby granted the number of shares of Restricted Stock set forth in paragraph 1.0.

 

		3.0	Dividends and Voting Rights

 

3.1           The
Participant shall be entitled to receive any dividends paid with respect to shares of Restricted Stock that become payable during
the Restricted Period; provided, however, that no dividends shall be payable to or for the benefit of the Participant for
shares of Restricted Stock with respect to record dates occurring prior to the Grant Date, or with respect to record dates occurring
on or after the date, if any, on which the Participant has forfeited those shares of Restricted Stock. The Participant shall be
entitled to vote the shares of Restricted Stock during the Restricted Period to the same extent as would have been applicable to
the Participant if the Participant was then vested in the shares; provided, however, that the Participant shall not be entitled
to vote the shares with respect to record dates for such voting rights arising prior to the Grant Date, or with respect to record
dates occurring on or after the date, if any, on which the Participant has forfeited the shares of Restricted Stock.

 

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		4.0	Deposit of Shares of Restricted Stock

 

4.1           Each
certificate issued in respect of shares of Restricted Stock granted under this Agreement shall be registered in the name of the
Participant and shall be deposited in escrow with the Secretary of the Company. The grant of Restricted Stock is conditioned upon
the Participant endorsing in blank an Assignment Separate from Certificate for the Restricted Stock in the form of Exhibit A. The
deposited certificates, together with any other assets or securities from time to time deposited with the Company pursuant to the
requirements of this Agreement, shall remain in escrow until such time or times as the certificates (or other assets and securities)
are to be released or otherwise surrendered for cancellation in accordance with Section 5. Upon delivery of the certificates (or
other assets and securities) to the Company, the Owner shall be issued an instrument of deposit acknowledging the number of shares
of Restricted Stock (or other assets and securities) delivered in escrow to the Secretary of the Company.

 

		5.0	Vesting; Transfer and Forfeiture of Shares

 

5.1           If
the Participant’s Date of Termination (as defined below) does not occur during the Restricted Period with respect to any
shares of Restricted Stock, then, at the end of the Restricted Period for such shares, the Participant shall become fully vested
in those shares of Restricted Stock, and shall own the shares free of all restrictions otherwise imposed by this Agreement. Provided
the Participant continues to be an Eligible Recipient, Participant shall become vested in the shares of Restricted Stock, and become
owner of the shares free of all restrictions otherwise imposed by this Agreement, prior to the end of the Restricted Period, in
accordance with the following provisions:

 

		(a)	The Participant shall not acquire any vested interest
in any shares of Restricted Stock during the initial ______ month period measured from the Grant Date.

 

		(b)	Upon the expiration of the initial ______ month period
measured from the Grant Date (“Initial Vesting Date”), the Participant shall acquire a vested interest in that number
of shares of Restricted Stock equal to ____ percent (__%) of the Restricted Stock.

 

		(c)	From and after the Initial Vesting Date, the Participant
shall acquire a vested interest in ____ percent (__%) of the remaining shares of Restricted Stock on each anniversary of the Initial
Vesting Date. The table below sets forth the vesting dates for the Restricted Stock:

 

	Number of Shares
 of Common Stock	 	Vesting Date	 
	           	 	 	           	 
	 	 	 	 	 
	           	 	 	           	 

 

		(d)	The Participant shall become vested in the shares of
Restricted Stock as of the Participant’s Date of Termination prior to the date the Restricted Stock would otherwise become
vested, if the Participant’s Date of Termination occurs by reason of the Participant’s death or Disability.

 

		(e)	The Participant shall become vested in the shares of
Restricted Stock as of the date of a Change in Control (as defined below), if the Change in Control occurs prior to the end of
the Restricted Period, and the Participant’s Date of Termination does not occur before the Change in Control date.

 

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5.2           Shares
of Restricted Stock may not be sold, assigned, transferred, pledged or otherwise encumbered until the expiration of the Restricted
Period or, if earlier, until the Participant is vested in the shares. Except as otherwise provided in this paragraph 5, if the
Participant’s Date of Termination occurs during the Restricted Period, the Participant shall forfeit the Restricted Stock
as of the Participant’s Date of Termination.

 

		6.0	Definitions

 

6.1           For
purposes of this Agreement, the terms used in this Agreement shall be subject to the following:

 

(a)          Change
in Control. The term “Change in Control” means an event involving one transaction or a related series of transactions
in which one of the following occurs: (i) the Company issues securities equal to 50% or more of the Company’s issued and
outstanding voting securities, determined as a single class, to any individual, firm, partnership or other entity, including a
“group” within the meaning of section 13(d)(3) of the Securities Exchange Act of 1934; (ii) the Company issues securities
equal to 50% or more of the issued and outstanding common stock of the Company in connection with a merger, consolidation or other
business combination; (iii) the Company is acquired in a merger or other business combination transaction in which the Company
is not the surviving company; (iv) all or substantially all of the Company’s assets are sold or transferred; or
(v) there is a change in the majority of the members of the Board of Directors as a result of one or more contested elections for
board membership.

 

(b)          Date
of Termination. The Participant’s “Date of Termination” shall be the first day occurring on or after the
Grant Date on which the Participant is either: (a) not employed by the Company or any Subsidiary, or (b) is no longer an Eligible
Person under the Plan who, in the opinion of the Committee, is rendering valuable services to the Company or any Subsidiary, regardless
of the reason for the termination of employment or services; provided that a termination of employment shall not be deemed to occur
by reason of a transfer of the Participant between the Company and a Subsidiary or between two Subsidiaries; and further provided
that the Participant’s employment shall not be considered terminated while the Participant is on a leave of absence from
the Company or a Subsidiary approved by the Participant’s employer. If, as a result of a sale or other transaction, the Participant’s
employer ceases to be a Subsidiary (and the Participant’s employer is or becomes an entity that is separate from the Company),
and the Participant is not, at the end of the 30-day period following the transaction, employed by the Company or an entity that
is then a Subsidiary, then the occurrence of such transaction shall be treated as the Participant’s Date of Termination caused
by the Participant being discharged by the employer.

 

(c)          Disability.
Except as otherwise provided by the Committee, the Participant shall be considered to have a “Disability” during the
period in which the Participant is unable, by reason of a medically determinable physical or mental impairment, to engage in any
substantial gainful activity, which condition, in the opinion of a physician selected by the Committee, is expected to have a duration
of not less than 120 days.

 

(d)          Plan
Definitions. Except where the context clearly implies or indicates the contrary, a word, term, or phrase used in the Plan is
similarly used in this Agreement.

 

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		7.0	Heirs and Successors

 

7.1           This
Agreement shall be binding upon, and inure to the benefit of, the Company and its successors and assigns, and upon any person acquiring,
whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets and business.
If any rights of the Participant or benefits distributable to the Participant under this Agreement have not been exercised or distributed,
respectively, at the time of the Participant’s death, such rights shall be exercisable by the Designated Beneficiary, and
such benefits shall be distributed to the Designated Beneficiary, in accordance with the provisions of this Agreement and the Plan.
The “Designated Beneficiary” shall be the beneficiary or beneficiaries designated by the Participant in a writing filed
with the Committee in such form and at such time as the Committee shall require. If a deceased Participant fails to designate a
beneficiary, or if the Designated Beneficiary does not survive the Participant, any rights that would have been exercisable by
the Participant and any benefits distributable to the Participant shall be exercised by or distributed to the legal representative
of the estate of the Participant. If a deceased Participant designates a beneficiary and the Designated Beneficiary survives the
Participant but dies before the Designated Beneficiary’s exercise of all rights under this Agreement or before the complete
distribution of benefits to the Designated Beneficiary under this Agreement, then any rights that would have been exercisable by
the Designated Beneficiary shall be exercised by the legal representative of the estate of the Designated Beneficiary, and any
benefits distributable to the Designated Beneficiary shall be distributed to the legal representative of the estate of the Designated
Beneficiary.

 

		8.0	Administration

 

8.1           The
authority to manage and control the operation and administration of this Agreement shall be vested in the Committee, and the Committee
shall have all powers with respect to this Agreement as it has with respect to the Plan. Any interpretation of the Agreement by
the Committee and any decision made by it with respect to the Agreement is final and binding.

 

		9.0	Plan Governs

 

9.1           Notwithstanding
anything in this Agreement to the contrary, the terms of this Agreement shall be subject to the terms of the Plan, a copy of which
may be obtained by the Participant from the office of the Secretary of the Company.

 

		10.0	Amendment

 

10.1         This
Agreement may be amended by written agreement of the Participant and the Company, without the consent of any other person.

 

IN WITNESS WHEREOF, the Participant has
executed this Agreement, and the Company has caused this Agreement to be executed in its name and on its behalf, all as of the
Grant Date.

 

	ITEX Corporation	 	PARTICIPANT
	 	 	 
	 	 	 
	By:	 	 
	 	 	 
	 	 	Printed Name
	 	 	 
	 	 	Address:
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

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EXHIBIT A

 

Assignment Separate from Certificate

 

FOR VALUE RECEIVED and pursuant to that
certain Restricted Stock Agreement (the “Agreement”),  hereby sells, assigns and transfers unto ITEX
Corporation, a Nevada corporation (“Assignee”), _______________ (___) shares of the Common Stock of the Assignee, standing
in the undersigned’s name on the books of said corporation represented by Certificate No.  herewith and does hereby
irrevocably constitute and appoint the Secretary and/or the transfer agent of the Assignee as attorney-in-fact to transfer the
said stock on the books of the within named company with full power of substitution in the premises. This Assignment may be used
only in accordance with and subject to the terms and conditions of the Agreement, in connection with the forfeiture of shares of
Common Stock of said corporation issued to the undersigned pursuant to the Agreement, and only to the extent that such shares remain
unvested and subject to forfeiture under the Agreement.

 

	Dated: 	 	 	 	 
	 	 	 	 	 
	 	 	 	Signature	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	SignatureExhibit 4.2

 

NONE OF THIS WARRANT OR THE SHARES OF COMMON
STOCK TO BE ISSUED UPON EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES
OR “BLUE SKY” LAWS, AND THE HOLDER OF THIS WARRANT REPRESENTS AND WARRANTS THAT THIS WARRANT HAS BEEN, AND THE SHARES
OF COMMON STOCK TO BE ISSUED UPON EXERCISE HEREOF WILL BE, ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR FOR RELEASE IN CONNECTION
WITH, ANY DISTRIBUTION THEREOF. NO SALE, ASSIGNMENT, TRANSFER, GIFT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THIS WARRANT
OR THE SHARES OF COMMON STOCK TO BE ISSUED UPON EXERCISE HEREOF MAY BE MADE EXCEPT AS SPECIFICALLY SET FORTH IN THIS WARRANT.

 

WARRANT TO PURCHASE SHARES

OF

COMMON STOCK

OF

AMPLIPHI BIOSCIENCES CORPORATION

 

Warrant No.

Issue Date:

 

THIS IS TO CERTIFY
THAT, FOR VALUE RECEIVED,        (“Holder”), is entitled, subject to the terms set forth below, to purchase from AmpliPhi
Biosciences Corporation, a Washington corporation (the “Company”),          shares of the Company’s Common
Stock, $0.01 par value per share (the “Common Stock”), subject to adjustment as provided in Section 10 (the
“Warrant Shares”), at the Purchase Price set forth in Section 3.

 

1.          Issuance.
This Warrant is issued to Holder by the Company pursuant to that certain   (the “Purchase Agreement”).

 

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

 

    	 

    	 

    

 

3.          Purchase
Price; Number of Shares; Notice of “Triggering Event.” Subject to the terms and conditions hereinafter set forth,
the Holder is entitled, at any time from the date hereof to the Expiration Date (as defined in Section 9), upon surrender
of this Warrant and the delivery of the Exercise Notice attached hereto as Attachment I (the “Exercise Notice”),
fully completed and duly executed, each at the office of the Company, or such other address as the Company shall notify the Holder
of in writing, to purchase from the Company the Warrant Shares (as adjusted pursuant to Section 10) at a fixed price per
share of $          (the “Purchase Price”). Until such time as this Warrant is exercised in full or expires pursuant to the
terms hereof, the Purchase Price and the number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment
pursuant to Section 10. Notwithstanding anything to the contrary set forth in this Warrant, unless waived in writing by
the Holder, the Company shall provide written notice to Holder if any Triggering Event (defined below) occurs. A “Triggering
Event” shall be deemed to have occurred if: (i) the Company’s Board of Directors (the “Board”) adopts a
resolution approving a plan of merger or share exchange or a transaction involving the sale of all or substantially all of the
Company’s assets (each, an “Extraordinary Transaction”) and proposes to submit such Extraordinary Transaction
to the Company’s shareholders for approval, (ii) any tender offer or exchange offer (whether by the Company or another person
or entity) is commenced pursuant to which holders of Common Stock are permitted to tender or exchange their shares for other securities,
cash or property, or (iii) there is a Change in Control (as defined in the Company’s Amended and Restated Articles of Incorporation,
as amended, with respect to the Series B Convertible Preferred Stock).

 

4.          Payment
of Purchase Price.

 

(a)          Subject
to the conditions set forth in Section 3, this Warrant may be exercised in full or in part by the Holder by payment in cash,
by wire transfer or by certified or official bank check payable to the order of the Company, for the purchase price of the Warrant
Shares to be purchased hereunder.

 

(b)          The
Holder may elect to receive, without the payment by the Holder of any additional consideration, Warrant Shares equal to the value
of this Warrant or any portion hereof by the surrender of this Warrant or such portion to the Company, with the redemption notice
attached hereto as Attachment II (the “Redemption Notice”) duly executed, at the office of the Company. Thereupon,
the Company shall issue to the Holder such number of fully paid and nonassessable Warrant Shares as is computed using the following
formula:

 

	 	 	X = Y (A-B)
	 	 	 A
	 	 	 
	where	X =	the number of Warrant Shares to be issued to the Holder pursuant to this  Section 4(b).
	 	 	 
	 	Y =	the number of shares covered by this Warrant in respect of which the net issue election is made pursuant to this Section 4(b).
	 	 	 
	 	A =	the fair market value (“FMV”) of one share of Common Stock, as determined below, at the time the net issue election is made pursuant to this Section 4(b).
	 	 	 
	 	B =	the Purchase Price in effect under this Warrant at the time the net issue  election is made pursuant to this Section 4(b).

 

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For the purposes of this Section 4(b),
FMV shall be determined at the time of exercise and shall mean the fair market value of the shares of Common Stock determined as
follows:

 

(x)          if
the Common Stock is traded on a securities exchange, the value shall be deemed to be the average of the closing prices of the Common
Stock on such exchange over the ten (10) trading day period ending three (3) days prior to the date of determination;

 

(y)          if
the Common Stock is actively traded over-the-counter, the value shall be deemed to be the average of the closing bid over the ten
(10) trading day period ending three (3) days prior to the date of determination; or

 

(z)          if
there is no active public market for the Common Stock, the value shall be the fair market value thereof, as determined in good
faith by the Board.

 

The Board shall promptly respond in writing
to a reasonable inquiry by the Holder as to the FMV of the Common Stock for purposes of this Section 4(b).

 

5.          Partial
Exercise. For any partial exercise or redemption pursuant to Section 4(a) or 4(b) hereof, the Holder shall designate
in the Exercise Notice or Redemption Notice (as the case may be) the number of Warrant Shares that it wishes to purchase or the
aggregate number of underlying Warrant Shares represented by the portion of this Warrant it wishes to redeem (as the case may be).
On any such partial exercise or redemption, the Company at its expense shall forthwith issue and deliver to the Holder a new warrant
of like tenor, in the name of the Holder, which shall be exercisable for such number of Warrant Shares which have not been purchased
upon such exercise or redemption.

 

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6.          Holder’s
Exercise Limitation. Notwithstanding any other provision of this Warrant, at any time prior to exercise hereof, the Holder
may provide written notice to the Company electing to be subject to this Section 6. With respect to any such electing Holder, the
Company shall not effect the exercise of any portion of this Warrant, and the Holder shall not have the right to exercise any portion
of this Warrant, to the extent that after giving effect to such exercise, the Holder together with the other Attribution Parties
collectively would beneficially own in excess of 9.99% (the “Maximum Percentage”) of the shares of Common Stock outstanding
immediately after giving effect to such conversion.  For purposes of the foregoing sentence, the aggregate number of shares
of Common Stock beneficially owned by the Holder and the other Attribution Parties shall include the number of shares of Common
Stock held by the Holder and all other Attribution Parties plus the number of shares of Common Stock issuable upon exercise of
this Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock which
would be issuable upon (A) exercise of the remaining, unexercised portion of this Warrant beneficially owned by the Holder or any
of the other Attribution Parties and (B) conversion or exercise of the unexercised or unconverted portion of any other securities
of the Company (including, without limitation, any convertible notes or convertible preferred stock or warrants) beneficially owned
by the Holder or any other Attribution Party subject to a limitation on conversion or exercise analogous to the limitation contained
in this Section 6. For purposes of this Section 6, beneficial ownership shall be calculated in accordance with Section 13(d) of
the Exchange Act. For purposes of determining the number of outstanding shares of Common Stock the Holder may acquire upon the
exercise of this Warrant without exceeding the Maximum Percentage, the Holder may rely on the number of outstanding shares of Common
Stock as reflected in (x) the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current Report
on Form 8-K or other public filing with the SEC, as the case may be, (y) a more recent public announcement by the Company or (3)
any other written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding (the
“Reported Outstanding Share Number”). If the Company receives an Exercise Notice from a Holder at a time when the actual
number of outstanding shares of Common Stock is less than the Reported Outstanding Share Number, the Company shall (i) notify such
Holder in writing of the number of shares of Common Stock then outstanding and, to the extent that such Exercise Notice would otherwise
cause the Holder’s beneficial ownership, as determined pursuant to this Section 6, to exceed the Maximum Percentage, the
Holder must notify the Company of a reduced number of Warrant Shares to be purchased pursuant to such Exercise Notice (the number
of shares by which such purchase is reduced, the “Reduction Shares”) and (ii) as soon as reasonably practicable, the
Company shall return to the Holder any exercise price paid by the Holder for the Reduction Shares. For any reason at any time,
upon the written or oral request of the Holder, the Company shall within one (1) business day confirm orally and in writing or
by electronic mail to the Holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding
shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including
this Warrant, by the Holder and any other Attribution Party.  In the event that the issuance of shares of Common Stock to
the Holder upon exercise of this Warrant results in the Holder and the other Attribution Parties being deemed to beneficially own,
in the aggregate, more than the Maximum Percentage of the number of outstanding shares of Common Stock (as determined under Section
13(d) of the Exchange Act), the number of shares so issued by which the Holder’s and the other Attribution Parties’
aggregate beneficial ownership exceeds the Maximum Percentage (the “Excess Shares”) shall be deemed null and void and
shall be cancelled ab initio, and the Holder shall not have the power to vote or to transfer the Excess Shares, and the
portion of the Warrant associated with the Excess Shares shall be deemed not to have been exercised.  For purposes of clarity,
the shares of Common Stock underlying this Warrant in excess of the Maximum Percentage shall not be deemed to be beneficially owned
by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the Exchange Act.  The provisions
of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section
6 to the extent necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with
the intended beneficial ownership limitation contained in this Section 6 or to make changes or supplements necessary or desirable
to properly give effect to such limitation.  Once a Holder has elected to become subject to this Section 6, the limitation
contained in this paragraph may not be waived and shall apply to a successor holder of this Warrant.

 

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For purposes of this Section 6, “Attribution
Parties” means, collectively, the following persons and entities: (i) any investment vehicle, including, any funds, feeder
funds or managed accounts, currently, or from time to time after the date hereof, directly or indirectly managed or advised by
the Holder’s investment manager or any of its affiliates or principals, (ii) any direct or indirect affiliates of the Holder
or any of the foregoing, (iii) any person acting or who could be deemed to be acting as a “group” (as defined in Rule
13d-5 promulgated under Section 13(d) of the Exchange Act) together with the Holder or any of the foregoing and (iv) any other
persons whose beneficial ownership of the Company’s Common Stock would or could be aggregated with the Holder’s and
the other Attribution Parties for purposes of Section 13(d) of the Exchange Act.  For clarity, the purpose of the foregoing
is to subject collectively an electing Holder and all other Attribution Parties to the Maximum Percentage. 

 

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

 

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

 

THESE SECURITIES
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED
IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY
TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

9.          Expiration
Date; Automatic Exercise. This Warrant shall expire at the close of business on June 26, 2018 (the “Expiration Date”)
and shall be void thereafter; provided, however, that in the event that, upon the Expiration Date, the FMV of one
Warrant Share (or other security issuable upon the exchange hereof) as determined in accordance with Section 4(b) is greater
than the Purchase Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exchanged
pursuant to Section 4(b) as to all Warrant Shares (or such other securities) for which it shall not previously have been
exchanged or converted into Common Stock (or if not then outstanding, into such other class and series of securities into which
the Warrant Shares are then convertible), and the Company shall promptly deliver a certificate representing such Warrant Shares
(or such other securities) issued upon such conversion to the Holder.

 

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

 

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(a)          Adjustment
for Stock Splits and Combinations. If the Company shall at any time or from time to time after the date of issuance of this
Warrant (the “Original Issue Date”) effect a subdivision of the outstanding Common Stock, the number of Warrant Shares
issuable hereunder shall be proportionately increased and the Purchase Price shall be proportionately decreased. Conversely, if
the Company shall at any time or from time to time after the Original Issue Date combine the outstanding shares of Common Stock
into a smaller number of shares, the number of Warrant Shares issuable hereunder shall be proportionately decreased and the Purchase
Price shall be proportionately increased. Any adjustment under this Section 10(a) shall become effective at the close of
business on the date the subdivision or combination becomes effective.

 

(b)          Adjustment
for Common Stock Dividends and Distributions. If the Company at any time or from time to time after the Original Issue Date
makes, or fixes a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution
payable in additional shares of Common Stock, in each such event the number of Warrant Shares issuable hereunder shall be proportionately
increased and the Purchase Price shall be proportionately decreased, as of the close of business on such record date; provided,
however, that if such record date is fixed and such dividend is not fully paid or if such distribution is not fully made on
the date fixed therefor, the number of Warrant Shares issuable hereunder and the Purchase Price shall be recomputed accordingly
as of the close of business on such record date and thereafter shall be adjusted pursuant to this Section 10(b) to reflect
the actual payment of such dividend or distribution.

 

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

 

(d)          Reorganizations,
Mergers, Consolidations or Sales of Assets. If at any time or from time to time after the Original
Issue Date, there is a Change in Control transaction or other capital reorganization of the Common Stock (other than a recapitalization,
subdivision, combination, reclassification, exchange or substitution of shares), as a part of such Change in Control transaction
or capital reorganization, this Warrant shall be deemed exercised and provision shall be made so that the Holder shall thereafter
be entitled to receive the number of shares of stock or other securities or property to which a holder of the number of shares
of Common Stock deliverable upon exercise of this Warrant would have been entitled on such Change in Control transaction or capital
reorganization, subject to adjustment in respect of such stock or securities by the terms thereof. In any such case, appropriate
adjustment shall be made in the application of the provisions of this Section 10 with respect to the rights of the Holder
after the Change in Control transaction or capital reorganization to the effect that the provisions of this Section 10 shall
be applicable after that event and be as nearly equivalent as practicable.

 

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(e)          Adjustment
of Purchase Price after a “Diluting Issue”. If on any date on or after June 26, 2013, any additional Common Shares
(other than (a) shares issued upon conversion of the Series B Convertible Preferred Stock (“Series B Preferred”), or
(b) Excluded Securities, as hereinafter defined) shall be issued for a consideration per share (or, in the case of any transactions
contemplated in Sections 10(e)(iii) or 10(e)(iv) herein, shall be deemed to be issued on or after the date hereof for a Presumed
Consideration (as defined in Section 10(e)(vi) herein) per share) less than the Purchase Price on the date such Common Shares were
issued or deemed to have been issued (the “New Issuance Price”), the Purchase Price shall be adjusted at the close
of business on such date to equal the New Issuance Price. With respect to any issuance or deemed issuance at any time after an
issuance resulting in an adjustment pursuant to this Section 10(e), there will be an adjustment to the Purchase Price only in such
event that the consideration received per share or Presumed Consideration deemed to have been received per share is less than the
New Issuance Price in effect at the time of such issuance or deemed issuance. In such event, the New Issuance Price shall be defined
as the consideration received per share or Presumed Consideration deemed to have been received per share in such diluting issue.

 

 

For the purpose of this Section
10(e), the following provisions shall be applicable with respect to the issuance of additional Common Shares and the adjustment
set forth in the immediately preceding paragraph:

 

(i)          Stock
Dividends, etc. In case any additional Common Shares shall be issued as a dividend on Common Shares, the Purchase Price shall
be adjusted as provided in Section 10(b) hereof.

 

In case any additional Common
Shares shall be issued as a dividend on any class of stock of the Company other than Common Stock (in which case Section 10(b)
hereof shall apply) or Series B Preferred (in which case the terms of the Series B Preferred contained in the Company’s Amended
and Restated Articles of Incorporation, as amended shall apply), or in case any obligations or stock convertible into or exchangeable
for Common Shares (such convertible or exchangeable obligations or stock being hereinafter called “Convertible Securities”)
shall be issued as a dividend on any class of stock of the Company, such Common Shares or Convertible Securities shall be deemed
to have been issued without consideration on the day next succeeding the date for the determination of shareholders entitled to
such dividend.

 

    	7

    	 

    

 

(ii)         Rights
or Options below Purchase Price. In case the Company shall on or after the Original Issue Date grant any rights or options
(other than any rights or options that are Excluded Securities) to subscribe for or to purchase additional Common Shares or Convertible
Securities, and the Presumed Consideration per share received and receivable by the Company for such additional shares under such
rights or options or pursuant to the terms of such Convertible Securities shall be less than the Purchase Price in effect immediately
prior to the terms or the granting of such rights or options, the maximum number of additional Common Shares issuable pursuant
to such rights or options or necessary to effect the conversion or exchange of all such Convertible Securities shall be deemed
to have been issued as of the date of the granting of such rights or options, and the Company shall be deemed to have received
the Presumed Consideration therefor. No adjustment (except as provided in Section 10(e)(iv) herein) shall be made upon the
actual issuance of Common Shares, upon the exercise of rights or options referenced in this Section 10(e)(ii) or the conversion
of Convertible Securities referenced in this Section 10(e)(ii).

 

(iii)        Securities
Convertible below Purchase Price. In case:

 

(a)          the
Company shall issue any Convertible Securities, and

 

(b)          the
Presumed Consideration per share for additional Common Shares issuable pursuant to the terms of such Convertible Securities shall
be less than the Purchase Price in effect immediately prior to the time of the issuance of such Convertible Securities, then the
issuance of such Convertible Securities shall be deemed to be an issuance (as of the date of issuance of such Convertible Securities)
of the maximum number of additional Common Shares necessary to effect the conversion or exchange of all such Convertible Securities,
and the Company shall be deemed to have received the Presumed Consideration therefor as of the date of issuance of such Convertible
Securities. No further adjustment, except as provided in Section 10(e)(iv) herein, shall be made upon the actual issuance
of Common Shares upon the conversion of Convertible Securities.

 

(iv)        Superseding
Adjustment of Purchase Price. If, at any time after any adjustment of the Purchase Price shall have been made on the basis
of Common Shares deemed to be issued by reason of the provisions of the foregoing Sections 10(e)(ii) or 10(e)(iii)
on the basis of the granting of certain rights or options or the issuance of certain Convertible Securities, or after any new adjustments
of the Purchase Price shall have been made on the basis of Common Shares deemed to be issued by reason of the provisions of this
Section 10(e)(iv), such rights or options or the right of conversion or exchange in any such Convertible Securities (for
which, or purchased pursuant to any rights or options for which, such an adjustment shall previously have been made) shall expire,
and none of such rights or options, or the right of conversion or exchange in respect of such Convertible Securities, as the case
may be, shall have been exercised, then such previous adjustment shall be rescinded and annulled and the Common Shares that were
deemed to have been issued by virtue of the computation made in connection with the adjustment so rescinded and annulled, shall
no longer be deemed to have been issued by virtue of such computation.

 

    	8

    	 

    

 

(v)         Effect
of “Split-up” or “Split-down” on “deemed issued” shares. Upon the effective or record date
for any subdivision or combination of the Common Shares of the character described in Section 10(a) hereof, including the
issuance of a stock dividend that is treated as such a subdivision under Section 10(e)(i) herein, the number of the Common
Shares that are at the time deemed to have been issued by virtue of Sections 10(e)(ii), 10(e)(iii) or 10(e)(iv)
herein, but have not actually been issued, shall be deemed to be increased or decreased proportionately.

 

(vi)        Computation
of Consideration and Presumed Consideration. For the purposes of this Section 10(e):

 

(a)          The
consideration received by the Company upon the actual issuance of additional Common Shares shall be deemed to be the sum of the
amount of cash and the fair value of property (as determined in good faith by resolution of the Board as at the time of issue or
“deemed issue” in the case of Section 10(e)(vi)(b)) herein) received or receivable by the Company as the consideration
or part of the consideration (v) at the time of issuance of the Common Shares, (w) for the issuance of any rights or options upon
the exercise of which such Common Shares were issued, (x) for the issuance of any rights or options to purchase Convertible Securities
upon the conversion of which such Common Shares were issued, (y) for the issuance of the Convertible Securities upon conversion
of which such Common Shares were issued, and (z) at the time of the actual exercise of such rights, options or conversion privileges
upon the exercise of which such Common Shares were issued, in each case without deduction for commissions and expenses incurred
by the Company for any underwriting of, or otherwise in connection with the issue or sale of, such rights, options, Convertible
Securities or Common Shares, but after deduction of any sums paid by the Company in cash upon the exercise of, and pursuant to,
such rights, options or conversion privileges in respect of fractional Common Shares, except that the consideration received by
the Company upon the issuance of Common Shares in connection with a consolidation, merger, purchase of assets as a going business
or purchase of at least a majority of the voting stock of any corporation, shall be deemed to be the Current Conversion Price then
in effect;

 

    	9

    	 

    

 

(b)          The
consideration deemed to have been received by the Company for additional Common Shares deemed to be issued pursuant to rights,
options and conversion privileges by reason of transactions of the character described in Sections 10(e)(ii) and 10(e)(iii)
hereof (the “Presumed Consideration”) shall be the consideration (determined as provided in the foregoing Section
10(e)(vi)(a)) that would be received or receivable by the Company at or before the actual issue of such Common Shares so deemed
to be issued, if all rights, options and conversion privileges necessary to effect the actual issue of the number of shares deemed
to have been issued and been exercised (successively exercised in the case of rights or options to purchase Convertible Securities),
and the minimum consideration received or receivable by the Company upon such exercise had been received; all computed without
regard to the possible future effect of anti-dilution provisions on such rights, options and/or conversion privileges.

 

(f)          Unless
the context otherwise requires, the following terms have the following respective meanings:

 

“Common Shares” means
(i) the Company’s presently outstanding Common Stock, and (ii) stock of the Company of any class hereafter authorized that
ranks, or is entitled to a participation, as to assets or dividends, substantially on a parity with Common Stock.

 

“Convertible Securities”
shall have the meaning set forth in 10(e)(i)(i) herein.

 

“Excluded Securities”
means (i) warrants, stock options or appreciation rights granted to directors, officers, employees, consultants or service providers
of the Company or its subsidiaries pursuant to any of the Company’s incentive compensation, option or benefit plans, as may
be approved by the Board for officers, directors and employees of the Company (as the same may be adjusted pursuant to anti-dilution
provisions contained in such stock options or rights), (ii) shares issued pursuant to the exercise of such warrants, options or
rights granted pursuant to such plans, (iii) securities issued or issuable upon conversion of the Series B Preferred or exercise
of the Warrant Shares issued pursuant to the Subscription Agreement, dated June 26,2013, (iv) securities issued or issuable in
connection with a bona fide business acquisition of or by the company, whether by merger, consolidation, sale of assets, sale or
exchange of stock, in connection with licensing transaction or otherwise, or (v) securities issued or issuable to financial institutions
or lessors in connection with commercial credit arrangements, equipment financings, commercial property lease transactions or similar
transactions.

 

“Presumed Consideration”
shall have the meaning set forth in 10(e)(vi)(b)(vi)(b) herein.

 

    	10

    	 

    

 

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

 

12.         Fractional
Shares. No fractional shares shall be issuable upon exercise or conversion of this Warrant and the number of shares to be issued
shall be rounded down to the nearest whole share. If a fractional share interest arises upon any exercise or conversion of this
Warrant, the Company shall eliminate such fractional share interest by paying the Holder an amount computed by multiplying the
fractional interest by the FMV of a full Warrant Share.

 

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

 

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

 

    	11

    	 

    

 

15.         Amendment.
The terms of this Warrant may be amended, modified or waived only with the written consent of the Company and the holders representing
at least two-thirds of the aggregate number of shares of Common Stock issuable upon the exercise of all outstanding warrants issued
on the Original Issue Date having substantially similar terms to the terms hereof.

 

16.         Transfers,
Substitute Warrant.

 

(a)          This
Warrant may only be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of (each, a “Transfer”)
by the Holder (a) pursuant to an effective registration statement under the Securities Act or (b) to an Affiliate (as defined below)
of the Holder, provided that the Holder or the Holder’s Affiliate delivers to the Company an opinion of qualified
counsel in form and substance satisfactory to the Company setting forth that such Transfer is exempt from the registration requirements
of the Securities Act and does not otherwise violate federal or state securities laws (the “Opinion”) and the Holder’s
Affiliate delivers a representation letter (the “Representation Letter”) in form and substance satisfactory to the
Company. In furtherance of the foregoing, in order to affect the Transfer, the Holder shall deliver to the Company this Warrant,
the assignment form attached hereto as Attachment III properly endorsed, and the Opinion and the Representation Letter.
Upon delivery of the foregoing, for Transfer of this Warrant in its entirety by the Holder, the Company shall issue a new warrant
of the same denomination to the assignee. Upon delivery of the foregoing, for Transfer with respect to a portion of the Warrant
Shares purchasable hereunder, the Company shall issue a new warrant to the assignee, in such denomination as shall be requested
by the Holder hereof, and shall issue to the Holder a new warrant covering the number of shares in respect of which this Warrant
shall not have been Transferred.

 

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

 

17.         Governing
Law. The provisions and terms of this Warrant shall be governed by and construed in accordance with the laws of the State of
New York.

 

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

 

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

 

    	12

    	 

    

 

20.         Notices.
All notices, requests, claims, demands, disclosures and other communications required or permitted by this Warrant shall be in
writing and shall be deemed to have been given at the earlier of the date (a) when delivered personally or by messenger, or
(b) upon confirmed delivery as evidenced by the delivery receipt of an nationally recognized overnight delivery service or registered
or certified United States mail, postage prepaid, return receipt requested, in all cases addressed to the person or entity for
whom it is intended at his address set forth below or to such other address as a party shall have designated by notice in writing
to the other party in the manner provided by this Section 19:

 

If to Holder:

 

If to Company:

 

AmpliPhi Biosciences Corporation

4870 Sadler Road, Suite 300

Glen Allen, Virginia 23060

Attention: Philip Young

Facsimile: 855-259-1079

 

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

 

 

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

 

[Signature Page Follows]

 

    	13

    	 

    

 

Dated:

 

	 	AMPLIPHI BIOSCIENCES CORPORATION
	 	 
	 	By:	 
	 	 	Philip Young
	 	 	President and Chief Executive Officer

 

[Signature Page to Warrant]

 

    	14

    	 

    

 

Attachment I

[FORM OF EXERCISE NOTICE]

 

(TO BE SIGNED ONLY ON EXERCISE OF WARRANT)

 

	To:  AmpliPhi Biosciences Corporation	Date:___________________

 

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

 

________________________

(Name)

________________________

________________________

(Address)

 

The undersigned represents
that: (i) the aforesaid Shares are being acquired for the account of the undersigned for investment and not with a view to, or
for resale in connection with, the distribution thereof and that the undersigned has no present intention of distributing or reselling
such shares; (ii) the undersigned is aware of the Company’s business affairs and financial condition and has acquired sufficient
information about the Company to reach an informed and knowledgeable decision regarding its investment in the Company; (iii) the
undersigned is experienced in making investments of this type and has such knowledge and background in financial and business matters
that the undersigned is capable of evaluating the merits and risks of this investment and protecting the undersigned’s own
interests; (iv) the undersigned understands that the Shares issuable upon exercise of this Warrant have not been registered under
the Securities Act of 1933, as amended (the “Securities Act”), by reason of a specific exemption from the registration
provisions of the Act, which exemption depends upon, among other things, the bona fide nature of the investment intent as expressed
herein, and, because such securities have not been registered under the Securities Act, they must be held indefinitely unless subsequently
registered under the Securities Act or an exemption from such registration is available; (v) the undersigned is aware that the
aforesaid Shares may not be sold pursuant to Rule 144 adopted under the Securities Act unless certain conditions are met and until
the undersigned has held the shares for the number of years prescribed by Rule 144, that among the conditions for use of Rule 144
is the availability of current information to the public about the Company and the Company has not made such information available
and has no present plans to do so; and (vi) the undersigned agrees not to make any disposition of all or any part of the aforesaid
Shares unless and until there is then in effect a registration statement under the Securities Act covering such proposed disposition
and such disposition is made in accordance with said registration statement, or the undersigned has provided the Company with an
opinion of counsel satisfactory to the Company, stating that such registration is not required.

 

    	 

    	 

    

 

	 	 
	 	Signature (must conform to name of Holder as specified on the face of the Warrant)
	 	 
	 	 
	 	Fed Tax ID # __________________________

 

[Signature Page to Exercise Notice]

 

    	 

    	 

    

 

Attachment II

[FORM OF REDEMPTION NOTICE]

 

(TO BE SIGNED ONLY ON REDEMPTION OF WARRANT)

 

TO: AmpliPhi Biosciences Corporation

 

The undersigned, the Holder of the within
Warrant, hereby irrevocably elects, in accordance with and subject to the provisions of Section 4(b) of such Warrant, to redeem,
and to cause the Company to redeem for shares of Common Stock of AmpliPhi Biosciences Corporation , such Warrant with respect to
that portion of such Warrant representing __________ * underlying shares of Common Stock. The undersigned requests that
the certificates for the shares of Common Stock issuable upon redemption be issued in the name of, and delivered to __________________________________,

whose address is ____________________________________________.

 

	______________________________
	(Signature must conform in all
	respects to name of Holder as
	specified on the face of the
	Warrant)
	 
	______________________________
	 
	______________________________
	(Address)

 

	Dated:	 
	 	 

 

*Insert here the number of underlying shares with respect to
which the Warrant is being redeemed.

 

    	 

    	 

    

 

Attachment III

[FORM OF ASSIGNMENT]

 

(TO BE SIGNED ONLY ON TRANSFER OF WARRANT)

 

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

 

_________________________________________________________________

 

_________________________________________________________________

 

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

 

_________________________________________________________________

 

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

 

Dated:_________________________

 

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

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