Document:

Exhibit 4.16

 

AmpliPhi Biosciences Corporation

 

and

 

_____________, As Warrant
Agent

 

Form Of Common Stock

Warrant Agreement

 

Dated As Of __________

 

     

     

    

 

AMPLIPHI BIOSCIENCES
CORPORATION

 

FORM OF COMMON STOCK
WARRANT AGREEMENT

 

This
Common Stock Warrant Agreement (this “Agreement”), dated as of [●], between AmpliPhi
Biosciences Corporation (the “Company”) and [●], a [corporation] [national banking association]
organized and existing under the laws of [●] and having a corporate trust office in [●], as warrant agent (the “Warrant
Agent”).

 

Whereas,
the Company proposes to sell [If Warrants are sold with other securities — [title of such other securities
being offered] (the “Other Securities”) with] warrant certificates evidencing one or more warrants (the
“Warrants” or, individually, a “Warrant”) representing the right to purchase
Common Stock of the Company, par value $0.01 per share (the “Warrant Securities”), such warrant certificates
and other warrant certificates issued pursuant to this Agreement being herein called the “Warrant Certificates”;
and

 

Whereas,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in
connection with the issuance, registration, transfer, exchange, exercise and replacement of the Warrant Certificates, and in this
Agreement wishes to set forth, among other things, the form and provisions of the Warrant Certificates and the terms and conditions
on which they may be issued, registered, transferred, exchanged, exercised and replaced.

 

Now
Therefore, in consideration of the premises and of the mutual agreements herein contained, the parties hereto agree
as follows:

 

Article
1

ISSUANCE OF WARRANTS AND EXECUTION AND

DELIVERY OF WARRANT CERTIFICATES

 

1.1           Issuance
Of Warrants. [If Warrants alone —Upon issuance, each Warrant Certificate shall evidence one or more Warrants.]
[If Other Securities and Warrants —Warrant Certificates will be issued in connection with the issuance of the
Other Securities but shall be separately transferable and each Warrant Certificate shall evidence one or more Warrants.] Each Warrant
evidenced thereby shall represent the right, subject to the provisions contained herein and therein, to purchase one Warrant Security.
[If Other Securities and Warrants —Warrant Certificates will be issued with the Other Securities and each
Warrant Certificate will evidence [●] Warrants for each [$[●] principal amount] [[●] shares] of Other Securities
issued.]

 

1.2           Execution
And Delivery Of Warrant Certificates. Each Warrant Certificate, whenever issued, shall be in registered form substantially
in the form set forth in Exhibit A hereto, shall be dated the date of its countersignature by the Warrant Agent and may
have such letters, numbers, or other marks of identification or designation and such legends or endorsements printed, lithographed
or engraved thereon as the officers of the Company executing the same may approve (execution thereof to be conclusive evidence
of such approval) and as are not inconsistent with the provisions of this Agreement, or as may be required to comply with any law
or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which the Warrants
may be listed, or to conform to usage. The Warrant Certificates shall be signed on behalf of the Company by any of its present
or future chief executive officers, presidents, senior vice presidents, vice presidents, chief financial officers, chief legal
officers, treasurers, assistant treasurers, controllers, assistant controllers, secretaries or assistant secretaries under its
corporate seal reproduced thereon. Such signatures may be manual or facsimile signatures of such authorized officers and may be
imprinted or otherwise reproduced on the Warrant Certificates. The seal of the Company may be in the form of a facsimile thereof
and may be impressed, affixed, imprinted or otherwise reproduced on the Warrant Certificates.

 

    	 	1.	 

     

    

 

No Warrant Certificate
shall be valid for any purpose, and no Warrant evidenced thereby shall be exercisable, until such Warrant Certificate has been
countersigned by the manual signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed
by the Company shall be conclusive evidence that the Warrant Certificate so countersigned has been duly issued hereunder.

 

In case any officer
of the Company who shall have signed any of the Warrant Certificates either manually or by facsimile signature shall cease to be
such officer before the Warrant Certificates so signed shall have been countersigned and delivered by the Warrant Agent, such Warrant
Certificates may be countersigned and delivered notwithstanding that the person who signed such Warrant Certificates ceased to
be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by such persons as, at the actual
date of the execution of such Warrant Certificate, shall be the proper officers of the Company, although at the date of the execution
of this Agreement any such person was not such officer.

 

The term “holder”
or “holder of a Warrant Certificate” as used herein shall mean any person in whose name at the time any
Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose.

 

1.3           Issuance
Of Warrant Certificates. Warrant Certificates evidencing the right to purchase Warrant Securities may be executed by the Company
and delivered to the Warrant Agent upon the execution of this Warrant Agreement or from time to time thereafter. The Warrant Agent
shall, upon receipt of Warrant Certificates duly executed on behalf of the Company, countersign such Warrant Certificates and shall
deliver such Warrant Certificates to or upon the order of the Company.

 

Article
2

WARRANT PRICE, DURATION AND EXERCISE OF WARRANTS

 

2.1           Warrant
Price. During the period specified in Section 2.2, each Warrant shall, subject to the terms of this Warrant Agreement and the
applicable Warrant Certificate, entitle the holder thereof to purchase the number of Warrant Securities specified in the applicable
Warrant Certificate at an exercise price of $[●] per Warrant Security, subject to adjustment upon the occurrence of certain
events, as hereinafter provided. Such purchase price per Warrant Security is referred to in this Agreement as the “Warrant
Price.”

 

2.2           Duration
Of Warrants. Each Warrant may be exercised in whole or in part at any time, as specified herein, on or after [the date thereof]
[●] and at or before [●] p.m., [City] time, on [●] or such later date as the Company may designate by notice
to the Warrant Agent and the holders of Warrant Certificates mailed to their addresses as set forth in the record books of the
Warrant Agent (the “Expiration Date”). Each Warrant not exercised at or before [●] p.m., [City]
time, on the Expiration Date shall become void, and all rights of the holder of the Warrant Certificate evidencing such Warrant
under this Agreement shall cease.

 

    	 	2.	 

     

    

 

2.3           Exercise
Of Warrants.

 

(a)          During
the period specified in Section 2.2, the Warrants may be exercised to purchase a whole number of Warrant Securities in registered
form by providing certain information as set forth on the reverse side of the Warrant Certificate and by paying in full, in lawful
money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds]
[by bank wire transfer in immediately available funds] the Warrant Price for each Warrant Security with respect to which a Warrant
is being exercised to the Warrant Agent at its corporate trust office, provided that such exercise is subject to receipt within
five business days of such payment by the Warrant Agent of the Warrant Certificate with the form of election to purchase Warrant
Securities set forth on the reverse side of the Warrant Certificate properly completed and duly executed. The date on which payment
in full of the Warrant Price is received by the Warrant Agent shall, subject to receipt of the Warrant Certificate as aforesaid,
be deemed to be the date on which the Warrant is exercised; provided, however, that if, at the date of receipt of such Warrant
Certificates and payment in full of the Warrant Price, the transfer books for the Warrant Securities purchasable upon the exercise
of such Warrants shall be closed, no such receipt of such Warrant Certificates and no such payment of such Warrant Price shall
be effective to constitute the person so designated to be named as the holder of record of such Warrant Securities on such date,
but shall be effective to constitute such person as the holder of record of such Warrant Securities for all purposes at the opening
of business on the next succeeding day on which the transfer books for the Warrant Securities purchasable upon the exercise of
such Warrants shall be opened, and the certificates for the Warrant Securities in respect of which such Warrants are then exercised
shall be issuable as of the date on such next succeeding day on which the transfer books shall next be opened, and until such date
the Company shall be under no duty to deliver any certificate for such Warrant Securities. The Warrant Agent shall deposit all
funds received by it in payment of the Warrant Price in an account of the Company maintained with it and shall advise the Company
by telephone at the end of each day on which a payment for the exercise of Warrants is received of the amount so deposited to its
account. The Warrant Agent shall promptly confirm such telephone advice to the Company in writing.

 

(b)          The
Warrant Agent shall, from time to time, as promptly as practicable, advise the Company of (i) the number of Warrant Securities
with respect to which Warrants were exercised, (ii) the instructions of each holder of the Warrant Certificates evidencing such
Warrants with respect to delivery of the Warrant Securities to which such holder is entitled upon such exercise, (iii) delivery
of Warrant Certificates evidencing the balance, if any, of the Warrants for the remaining Warrant Securities after such exercise,
and (iv) such other information as the Company shall reasonably require.

 

(c)          As
soon as practicable after the exercise of any Warrant, the Company shall issue to or upon the order of the holder of the Warrant
Certificate evidencing such Warrant the Warrant Securities to which such holder is entitled, in fully registered form, registered
in such name or names as may be directed by such holder. If fewer than all of the Warrants evidenced by such Warrant Certificate
are exercised, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver,
a new Warrant Certificate evidencing Warrants for the number of Warrant Securities remaining unexercised.

 

(d)          The
Company shall not be required to pay any stamp or other tax or other governmental charge required to be paid in connection with
any transfer involved in the issue of the Warrant Securities, and in the event that any such transfer is involved, the Company
shall not be required to issue or deliver any Warrant Security until such tax or other charge shall have been paid or it has been
established to the Company’s satisfaction that no such tax or other charge is due.

 

    	 	3.	 

     

    

 

(e)          Prior
to the issuance of any Warrants there shall have been reserved, and the Company shall at all times through the Expiration Date
keep reserved, out of its authorized but unissued Warrant Securities, a number of shares sufficient to provide for the exercise
of the Warrants.

 

Article
3

OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF

WARRANT CERTIFICATES

 

3.1           No
Rights As Warrant Securityholder Conferred By Warrants Or Warrant Certificates. No Warrant Certificate or Warrant evidenced
thereby shall entitle the holder thereof to any of the rights of a holder of Warrant Securities, including, without limitation,
the right to receive the payment of dividends or distributions, if any, on the Warrant Securities or to exercise any voting rights,
except to the extent expressly set forth in this Agreement or the applicable Warrant Certificate.

 

3.2           Lost,
Stolen, Mutilated Or Destroyed Warrant Certificates. Upon receipt by the Warrant Agent of evidence reasonably satisfactory
to it and the Company of the ownership of and the loss, theft, destruction or mutilation of any Warrant Certificate and/or indemnity
reasonably satisfactory to the Warrant Agent and the Company and, in the case of mutilation, upon surrender of the mutilated Warrant
Certificate to the Warrant Agent for cancellation, then, in the absence of notice to the Company or the Warrant Agent that such
Warrant Certificate has been acquired by a bona fide purchaser, the Company shall execute, and an authorized officer of the Warrant
Agent shall manually countersign and deliver, in exchange for or in lieu of the lost, stolen, destroyed or mutilated Warrant Certificate,
a new Warrant Certificate of the same tenor and evidencing Warrants for a like number of Warrant Securities. Upon the issuance
of any new Warrant Certificate under this Section 3.2, the Company may require the payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of
the Warrant Agent) in connection therewith. Every substitute Warrant Certificate executed and delivered pursuant to this Section
3.2 in lieu of any lost, stolen or destroyed Warrant Certificate shall represent an additional contractual obligation of the Company,
whether or not the lost, stolen or destroyed Warrant Certificate shall be at any time enforceable by anyone, and shall be entitled
to the benefits of this Agreement equally and proportionately with any and all other Warrant Certificates duly executed and delivered
hereunder. The provisions of this Section 3.2 are exclusive and shall preclude (to the extent lawful) all other rights and remedies
with respect to the replacement of mutilated, lost, stolen or destroyed Warrant Certificates.

 

3.3           Holder
Of Warrant Certificate May Enforce Rights. Notwithstanding any of the provisions of this Agreement, any holder of a Warrant
Certificate, without the consent of the Warrant Agent, the holder of any Warrant Securities or the holder of any other Warrant
Certificate, may, in such holder’s own behalf and for such holder’s own benefit, enforce, and may institute and maintain
any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such holder’s right to
exercise the Warrants evidenced by such holder’s Warrant Certificate in the manner provided in such holder’s Warrant
Certificate and in this Agreement.

 

3.4           Adjustments.

 

(a)          In
case the Company shall at any time subdivide its outstanding shares of Common Stock into a greater number of shares, the Warrant
Price in effect immediately prior to such subdivision shall be proportionately reduced and the number of Warrant Securities purchasable
under the Warrants shall be proportionately increased. Conversely, in case the outstanding shares of Common Stock of the Company
shall be combined into a smaller number of shares, the Warrant Price in effect immediately prior to such combination shall be proportionately
increased and the number of Warrant Securities purchasable under the Warrants shall be proportionately decreased.

 

    	 	4.	 

     

    

 

(b)          If
at any time or from time to time the holders of Common Stock (or any shares of stock or other securities at the time receivable
upon the exercise of the Warrants) shall have received or become entitled to receive, without payment therefore,

 

(i)          Common
Stock or any shares of stock or other securities which are at any time directly or indirectly convertible into or exchangeable
for Common Stock, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend
or other distribution;

 

(ii)         any
cash paid or payable otherwise than as a cash dividend paid or payable out of the Company’s current or retained earnings;

 

(iii)        any
evidence of the Company’s indebtedness or rights to subscribe for or purchase the Company’s indebtedness; or

 

(iv)        Common
Stock or additional stock or other securities or property (including cash) by way of spinoff, split-up, reclassification, combination
of shares or similar corporate rearrangement (other than shares of Common Stock issued as a stock split or adjustments in respect
of which shall be covered by the terms of Section 3.4(a) above), then and in each such case, the holder of each Warrant shall,
upon the exercise of the Warrant, be entitled to receive, in addition to the number of Warrant Securities receivable thereupon,
and without payment of any additional consideration therefore, the amount of stock and other securities and property (including
cash and indebtedness or rights to subscribe for or purchase indebtedness) which such holder would hold on the date of such exercise
had he been the holder of record of such Warrant Securities as of the date on which holders of Common Stock received or became
entitled to receive such shares or all other additional stock and other securities and property.

 

(c)          In
case of (i) any reclassification, capital reorganization, or change in the Common Stock of the Company (other than as a result
of a subdivision, combination, or stock dividend provided for in Section 3.4(a) or Section 3.4(b) above), (ii) share exchange,
merger or similar transaction of the Company with or into another person or entity (other than a share exchange, merger or similar
transaction in which the Company is the acquiring or surviving corporation and which does not result in any change in the Common
Stock other than the issuance of additional shares of Common Stock) or (iii) the sale, exchange, lease, transfer or other disposition
of all or substantially all of the properties and assets of the Company as an entirety (in any such case, a “Reorganization
Event”), then, as a condition of such Reorganization Event, lawful provisions shall be made, and duly executed documents
evidencing the same from the Company or its successor shall be delivered to the holders of the Warrants, so that the holders of
the Warrants shall have the right at any time prior to the expiration of the Warrants to purchase, at a total price equal to that
payable upon the exercise of the Warrants, the kind and amount of shares of stock and other securities and property receivable
in connection with such Reorganization Event by a holder of the same number of Warrant Securities as were purchasable by the holders
of the Warrants immediately prior to such Reorganization Event. In any such case appropriate provisions shall be made with respect
to the rights and interests of the holders of the Warrants so that the provisions hereof shall thereafter be applicable with respect
to any shares of stock or other securities and property deliverable upon exercise the Warrants, and appropriate adjustments shall
be made to the Warrant Price payable hereunder provided the aggregate purchase price shall remain the same. In the case of any
transaction described in clauses (ii) and (iii) above, the Company shall thereupon be relieved of any further obligation hereunder
or under the Warrants, and the Company as the predecessor corporation may thereupon or at any time thereafter be dissolved, wound
up or liquidated. Such successor or assuming entity thereupon may cause to be signed, and may issue either in its own name or in
the name of the Company, any or all of the Warrants issuable hereunder which heretofore shall not have been signed by the Company,
and may execute and deliver securities in its own name, in fulfillment of its obligations to deliver Warrant Securities upon exercise
of the Warrants. All the Warrants so issued shall in all respects have the same legal rank and benefit under this Agreement as
the Warrants theretofore or thereafter issued in accordance with the terms of this Agreement as though all of such Warrants had
been issued at the date of the execution hereof. In any case of any such Reorganization Event, such changes in phraseology and
form (but not in substance) may be made in the Warrants thereafter to be issued as may be appropriate. The Warrant Agent may receive
a written opinion of legal counsel as conclusive evidence that any such Reorganization Event complies with the provisions of this
Section 3.4.

 

    	 	5.	 

     

    

 

(d)          The
Company may, at its option, at any time until the Expiration Date, reduce the then current Warrant Price to any amount deemed appropriate
by the Board of Directors of the Company for any period not exceeding twenty consecutive days (as evidenced in a resolution adopted
by such Board of Directors), but only upon giving the notices required by Section 3.5 at least ten days prior to taking such action.

 

(e)          Except
as herein otherwise expressly provided, no adjustment in the Warrant Price shall be made by reason of the issuance of shares of
Common Stock, or securities convertible into or exchangeable for shares of Common Stock, or securities carrying the right to purchase
any of the foregoing or for any other reason whatsoever.

 

(f)          No
fractional Warrant Securities shall be issued upon the exercise of Warrants. If more than one Warrant shall be exercised at one
time by the same holder, the number of full Warrant Securities which shall be issuable upon such exercise shall be computed on
the basis of the aggregate number of Warrant Securities purchased pursuant to the Warrants so exercised. Instead of any fractional
Warrant Security which would otherwise be issuable upon exercise of any Warrant, the Company shall pay a cash adjustment in respect
of such fraction in an amount equal to the same fraction of the last reported sale price (or bid price if there were no sales)
per Warrant Security, in either case as reported on the principal registered national securities exchange on which the Warrant
Securities are listed or admitted to trading on the business day that next precedes the day of exercise or, if the Warrant Securities
are not then listed or admitted to trading on any registered national securities exchange, the average of the closing high bid
and low asked prices as reported on the OTC Bulletin Board Service (the “OTC Bulletin Board”) operated
by the Financial Industry Regulatory Authority, Inc. (“FINRA”) or, if not available on the OTC Bulletin
Board, then the average of the closing high bid and low asked prices as reported on any other U.S. quotation medium or inter-dealer
quotation system on such date, or if on any such date the Warrant Securities are not listed or admitted to trading on a registered
national securities exchange, are not included in the OTC Bulletin Board, and are not quoted on any other U.S. quotation medium
or inter-dealer quotation system, an amount equal to the same fraction of the average of the closing bid and asked prices as furnished
by any FINRA member firm selected from time to time by the Company for that purpose at the close of business on the business day
that next precedes the day of exercise.

 

(g)          Whenever
the Warrant Price then in effect is adjusted as herein provided, the Company shall mail to each holder of the Warrants at such
holder’s address as it shall appear on the books of the Company a statement setting forth the adjusted Warrant Price then
and thereafter effective under the provisions hereof, together with the facts, in reasonable detail, upon which such adjustment
is based.

 

    	 	6.	 

     

    

 

3.5           Notice
To Warrantholders. In case the Company shall (a) effect any dividend or distribution described in Section 3.4(b), (b) effect
any Reorganization Event, (c) make any distribution on or in respect of the Common Stock in connection with the dissolution, liquidation
or winding up of the Company, or (d) reduce the then current Warrant Price pursuant to Section 3.4(d), then the Company shall mail
to each holder of Warrants at such holder’s address as it shall appear on the books of the Warrant Agent, at least ten days
prior to the applicable date hereinafter specified, a notice stating (x) the record date for such dividend or distribution, or,
if a record is not to be taken, the date as of which the holders of record of Common Stock that will be entitled to such dividend
or distribution are to be determined, (y) the date on which such Reorganization Event, dissolution, liquidation or winding up is
expected to become effective, and the date as of which it is expected that holders of Common Stock of record shall be entitled
to exchange their shares of Common Stock for securities or other property deliverable upon such Reorganization Event, dissolution,
liquidation or winding up, or (z) the first date on which the then current Warrant Price shall be reduced pursuant to Section 3.4(d).
No failure to mail such notice nor any defect therein or in the mailing thereof shall affect any such transaction or any adjustment
in the Warrant Price required by Section 3.4.

 

3.6           [If
The Warrants Are Subject To Acceleration By The Company, Insert — Acceleration Of Warrants By The Company.

 

(a)          At
any time on or after [●], the Company shall have the right to accelerate any or all Warrants at any time by causing them
to expire at the close of business on the day next preceding a specified date (the “Acceleration Date”),
if the Market Price (as hereinafter defined) of the Common Stock equals or exceeds [●] percent ([●]%) of the then effective
Warrant Price on any twenty Trading Days (as hereinafter defined) within a period of thirty consecutive Trading Days ending no
more than five Trading Days prior to the date on which the Company gives notice to the Warrant Agent of its election to accelerate
the Warrants.

 

(b)          “Market
Price” for each Trading Day shall be, if the Common Stock is listed or admitted to trading on any registered national
securities exchange, the last reported sale price, regular way (or, if no such price is reported, the average of the reported closing
bid and asked prices, regular way) of Common Stock, in either case as reported on the principal registered national securities
exchange on which the Common Stock is listed or admitted to trading or, if not listed or admitted to trading on any registered
national securities exchange, the average of the closing high bid and low asked prices as reported on the OTC Bulletin Board operated
by FINRA, or if not available on the OTC Bulletin Board, then the average of the closing high bid and low asked prices as reported
on any other U.S. quotation medium or inter-dealer quotation system, or if on any such date the shares of Common Stock are not
listed or admitted to trading on a registered national securities exchange, are not included in the OTC Bulletin Board, and are
not quoted on any other U.S. quotation medium or inter-dealer quotation system, the average of the closing bid and asked prices
as furnished by any FINRA member firm selected from time to time by the Company for that purpose. “Trading Day”
shall be each Monday through Friday, other than any day on which securities are not traded in the system or on the exchange that
is the principal market for the Common Stock, as determined by the Board of Directors of the Company.

 

(c)          In
the event of an acceleration of less than all of the Warrants, the Warrant Agent shall select the Warrants to be accelerated by
lot, pro rata or in such other manner as it deems, in its discretion, to be fair and appropriate.

 

(d)          Notice
of an acceleration specifying the Acceleration Date shall be sent by mail first class, postage prepaid, to each registered holder
of a Warrant Certificate representing a Warrant accelerated at such holder’s address appearing on the books of the Warrant
Agent not more than sixty days nor less than thirty days before the Acceleration Date. Such notice of an acceleration also shall
be given no more than twenty days, and no less than ten days, prior to the mailing of notice to registered holders of Warrants
pursuant to this Section 3.6, by publication at least once in a newspaper of general circulation in the City of New York.

 

    	 	7.	 

     

    

 

(e)          Any
Warrant accelerated may be exercised until [●] p.m., [City] time, on the business day next preceding the Acceleration Date.
The Warrant Price shall be payable as provided in Section 2.]

 

Article
4

EXCHANGE AND TRANSFER OF WARRANT CERTIFICATES

 

4.1           Exchange
And Transfer Of Warrant Certificates. Upon surrender at the corporate trust office of the Warrant Agent, Warrant Certificates
evidencing Warrants may be exchanged for Warrant Certificates in other denominations evidencing such Warrants or the transfer thereof
may be registered in whole or in part; provided that such other Warrant Certificates evidence Warrants for the same aggregate number
of Warrant Securities as the Warrant Certificates so surrendered. The Warrant Agent shall keep, at its corporate trust office,
books in which, subject to such reasonable regulations as it may prescribe, it shall register Warrant Certificates and exchanges
and transfers of outstanding Warrant Certificates, upon surrender of the Warrant Certificates to the Warrant Agent at its corporate
trust office for exchange or registration of transfer, properly endorsed or accompanied by appropriate instruments of registration
of transfer and written instructions for transfer, all in form satisfactory to the Company and the Warrant Agent. No service charge
shall be made for any exchange or registration of transfer of Warrant Certificates, but the Company may require payment of a sum
sufficient to cover any stamp or other tax or other governmental charge that may be imposed in connection with any such exchange
or registration of transfer. Whenever any Warrant Certificates are so surrendered for exchange or registration of transfer, an
authorized officer of the Warrant Agent shall manually countersign and deliver to the person or persons entitled thereto a Warrant
Certificate or Warrant Certificates duly authorized and executed by the Company, as so requested. The Warrant Agent shall not be
required to effect any exchange or registration of transfer which will result in the issuance of a Warrant Certificate evidencing
a Warrant for a fraction of a Warrant Security or a number of Warrants for a whole number of Warrant Securities and a fraction
of a Warrant Security. All Warrant Certificates issued upon any exchange or registration of transfer of Warrant Certificates shall
be the valid obligations of the Company, evidencing the same obligations and entitled to the same benefits under this Agreement
as the Warrant Certificate surrendered for such exchange or registration of transfer.

 

4.2           Treatment
Of Holders Of Warrant Certificates. The Company, the Warrant Agent and all other persons may treat the registered holder of
a Warrant Certificate as the absolute owner thereof for any purpose and as the person entitled to exercise the rights represented
by the Warrants evidenced thereby, any notice to the contrary notwithstanding.

 

4.3           Cancellation
Of Warrant Certificates. Any Warrant Certificate surrendered for exchange, registration of transfer or exercise of the Warrants
evidenced thereby shall, if surrendered to the Company, be delivered to the Warrant Agent and all Warrant Certificates surrendered
or so delivered to the Warrant Agent shall be promptly canceled by the Warrant Agent and shall not be reissued and, except as expressly
permitted by this Agreement, no Warrant Certificate shall be issued hereunder in exchange therefor or in lieu thereof. The Warrant
Agent shall deliver to the Company from time to time or otherwise dispose of canceled Warrant Certificates in a manner satisfactory
to the Company.

 

    	 	8.	 

     

    

 

Article
5

CONCERNING THE WARRANT AGENT

 

5.1           Warrant
Agent. The Company hereby appoints [●] as Warrant Agent of the Company in respect of the Warrants and the Warrant Certificates
upon the terms and subject to the conditions herein set forth, and [●] hereby accepts such appointment. The Warrant Agent
shall have the powers and authority granted to and conferred upon it in the Warrant Certificates and hereby and such further powers
and authority to act on behalf of the Company as the Company may hereafter grant to or confer upon it. All of the terms and provisions
with respect to such powers and authority contained in the Warrant Certificates are subject to and governed by the terms and provisions
hereof.

 

5.2           Conditions
Of Warrant Agent’s Obligations. The Warrant Agent accepts its obligations herein set forth upon the terms and conditions
hereof, including the following to all of which the Company agrees and to all of which the rights hereunder of the holders from
time to time of the Warrant Certificates shall be subject:

 

(a)          Compensation
And Indemnification. The Company agrees promptly to pay the Warrant Agent the compensation to be agreed upon with the Company
for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including
reasonable counsel fees) incurred without negligence, bad faith or willful misconduct by the Warrant Agent in connection with the
services rendered hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless
against, any loss, liability or expense incurred without negligence, bad faith or willful misconduct on the part of the Warrant
Agent, arising out of or in connection with its acting as Warrant Agent hereunder, including the reasonable costs and expenses
of defending against any claim of such liability.

 

(b)          Agent
For The Company. In acting under this Warrant Agreement and in connection with the Warrant Certificates, the Warrant Agent
is acting solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any
of the holders of Warrant Certificates or beneficial owners of Warrants.

 

(c)          Counsel.
The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for the Company, and the written advice
of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by
it hereunder in good faith and in accordance with the advice of such counsel.

 

(d)          Documents.
The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted by it in
reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document
reasonably believed by it to be genuine and to have been presented or signed by the proper parties.

 

(e)          Certain
Transactions. The Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire any interest
in, Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted
by applicable law, it or they may engage or be interested in any financial or other transaction with the Company and may act on,
or as depositary, trustee or agent for, any committee or body of holders of Warrant Securities or other obligations of the Company
as freely as if it were not the Warrant Agent hereunder. Nothing in this Warrant Agreement shall be deemed to prevent the Warrant
Agent from acting as trustee under any indenture to which the Company is a party.

 

    	 	9.	 

     

    

 

(f)          No
Liability For Interest. Unless otherwise agreed with the Company, the Warrant Agent shall have no liability for interest on
any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates.

 

(g)          No
Liability For Invalidity. The Warrant Agent shall have no liability with respect to any invalidity of this Agreement or any
of the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon).

 

(h)          No
Responsibility For Representations. The Warrant Agent shall not be responsible for any of the recitals or representations herein
or in the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon), all of which are made solely
by the Company.

 

(i)          No
Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are herein and in the Warrant Certificates
specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against
the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder which may tend to involve it
in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The
Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates
authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the
Company of the proceeds of the Warrant Certificates. The Warrant Agent shall have no duty or responsibility in case of any default
by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case
of the receipt of any written demand from a holder of a Warrant Certificate with respect to such default, 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, except as provided in Section 6.2 hereof, to make any demand upon the Company.

 

5.3           Resignation,
Removal And Appointment Of Successors.

 

(a)          The
Company agrees, for the benefit of the holders from time to time of the Warrant Certificates, that there shall at all times be
a Warrant Agent hereunder until all the Warrants have been exercised or are no longer exercisable.

 

(b)          The
Warrant Agent may at any time resign as agent by giving written notice to the Company of such intention on its part, specifying
the date on which its desired resignation shall become effective; provided that such date shall not be less than three months after
the date on which such notice is given unless the Company otherwise agrees. The Warrant Agent hereunder may be removed at any time
by the filing with it of an instrument in writing signed by or on behalf of the Company and specifying such removal and the intended
date when it shall become effective. Such resignation or removal shall take effect upon the appointment by the Company, as hereinafter
provided, of a successor Warrant Agent (which shall be a bank or trust company authorized under the laws of the jurisdiction of
its organization to exercise corporate trust powers) and the acceptance of such appointment by such successor Warrant Agent. The
obligation of the Company under Section 5.2(a) shall continue to the extent set forth therein notwithstanding the resignation or
removal of the Warrant Agent.

 

(c)          In
case at any time the Warrant Agent shall resign, or shall be removed, or shall become incapable of acting, or shall be adjudged
a bankrupt or insolvent, or shall commence a voluntary case under the Federal bankruptcy laws, as now or hereafter constituted,
or under any other applicable Federal or state bankruptcy, insolvency or similar law or shall consent to the appointment of or
taking possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant
Agent or its property or affairs, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability
to pay its debts generally as they become due, or shall take corporate action in furtherance of any such action, or a decree or
order for relief by a court having jurisdiction in the premises shall have been entered in respect of the Warrant Agent in an involuntary
case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or state bankruptcy, insolvency
or similar law, or a decree or order by a court having jurisdiction in the premises shall have been entered for the appointment
of a receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar official) of the Warrant Agent or of its property
or affairs, or any public officer shall take charge or control of the Warrant Agent or of its property or affairs for the purpose
of rehabilitation, conservation, winding up or liquidation, a successor Warrant Agent, qualified as aforesaid, shall be appointed
by the Company by an instrument in writing, filed with the successor Warrant Agent. Upon the appointment as aforesaid of a successor
Warrant Agent and acceptance by the successor Warrant Agent of such appointment, the Warrant Agent shall cease to be Warrant Agent
hereunder.

 

    	 	10.	 

     

    

 

(d)          Any
successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Company an instrument
accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed or conveyance,
shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with
like effect as if originally named as Warrant Agent hereunder, and such predecessor, upon payment of its charges and disbursements
then unpaid, shall thereupon become obligated to transfer, deliver and pay over, and such successor Warrant Agent shall be entitled
to receive, all monies, securities and other property on deposit with or held by such predecessor, as Warrant Agent hereunder.

 

(e)          Any
corporation into which the Warrant Agent hereunder may be merged or converted or any corporation with which the Warrant Agent may
be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be
a party, or any corporation to which the Warrant Agent shall sell or otherwise transfer all or substantially all the assets and
business of the Warrant Agent, provided that it shall be qualified as aforesaid, shall be the successor Warrant Agent under this
Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto.

 

Article
6

MISCELLANEOUS

 

6.1           Amendment.
This Agreement may be amended by the parties hereto, without the consent of the holder of any Warrant Certificate, for the
purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein, or making
any other provisions with respect to matters or questions arising under this Agreement as the Company and the Warrant Agent may
deem necessary or desirable; provided that such action shall not materially adversely affect the interests of the holders of the
Warrant Certificates.

 

6.2           Notices
And Demands To The Company And Warrant Agent. If the Warrant Agent shall receive any notice or demand addressed to the Company
by the holder of a Warrant Certificate pursuant to the provisions of the Warrant Certificates, the Warrant Agent shall promptly
forward such notice or demand to the Company.

 

6.3           Addresses.
Any communication from the Company to the Warrant Agent with respect to this Agreement shall be addressed to [●], Attention:
[●] and any communication from the Warrant Agent to the Company with respect to this Agreement shall be addressed to AmpliPhi
Biosciences Corporation, 3579 Valley Centre Drive, Suite 100, San Diego, CA 92130, Attention: [●] (or such other address
as shall be specified in writing by the Warrant Agent or by the Company).

 

    	 	11.	 

     

    

 

6.4           Governing
Law. This Agreement and each Warrant Certificate issued hereunder shall be governed by and construed in accordance with the
laws of the State of New York.

 

6.5           Delivery
Of Prospectus. The Company shall furnish to the Warrant Agent sufficient copies of a prospectus meeting the requirements of
the Securities Act of 1933, as amended, relating to the Warrant Securities deliverable upon exercise of the Warrants (the “Prospectus”),
and the Warrant Agent agrees that upon the exercise of any Warrant, the Warrant Agent will deliver to the holder of the Warrant
Certificate evidencing such Warrant, prior to or concurrently with the delivery of the Warrant Securities issued upon such exercise,
a Prospectus. The Warrant Agent shall not, by reason of any such delivery, assume any responsibility for the accuracy or adequacy
of such Prospectus.

 

6.6           Obtaining
Of Governmental Approvals. The Company will from time to time take all action which may be necessary to obtain and keep effective
any and all permits, consents and approvals of governmental agencies and authorities and securities act filings under United States
Federal and state laws (including without limitation a registration statement in respect of the Warrants and Warrant Securities
under the Securities Act of 1933, as amended), which may be or become requisite in connection with the issuance, sale, transfer,
and delivery of the Warrant Securities issued upon exercise of the Warrants, the issuance, sale, transfer and delivery of the Warrants
or upon the expiration of the period during which the Warrants are exercisable.

 

6.7           Persons
Having Rights Under Warrant Agreement. Nothing in this Agreement shall give to any person other than the Company, the Warrant
Agent and the holders of the Warrant Certificates any right, remedy or claim under or by reason of this Agreement.

 

6.8           Headings.
The descriptive headings of the several Articles and Sections of this Agreement are inserted for convenience only and shall
not control or affect the meaning or construction of any of the provisions hereof.

 

6.9           Counterparts.
This Agreement may be executed in any number of counterparts, each of which as so executed shall be deemed to be an original,
but such counterparts shall together constitute but one and the same instrument.

 

6.10         Inspection
Of Agreement. A copy of this Agreement shall be available at all reasonable times at the principal corporate trust office of
the Warrant Agent for inspection by the holder of any Warrant Certificate. The Warrant Agent may require such holder to submit
his Warrant Certificate for inspection by it.

 

    	 	12.	 

     

    

 

In
Witness Whereof, the parties hereto have caused this Agreement to be duly executed all as of the day and year first
above written.

 

	 	AMPLIPHI BIOSCIENCES CORPORATION, as Company
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	ATTEST:	 
	 	 	 
	 	 	 
	 	COUNTERSIGNED
	 	 
	 	[●], as Warrant Agent
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	ATTEST:	 
	 	 	 

 

[Signature
Page to AmpliPhi Biosciences Corporation Form of Common Stock Warrant Agreement]

 

    	 	13.	 

     

    

 

Exhibit
A

 

FORM OF WARRANT CERTIFICATE

[FACE OF WARRANT CERTIFICATE]

 

	[Form of Legend if Warrants are not immediately exercisable.]	 	[Prior to [●] Warrants evidenced by this Warrant Certificate cannot be exercised.]

 

EXERCISABLE ONLY IF COUNTERSIGNED
BY THE WARRANT AGENT AS PROVIDED HEREIN

 

VOID AFTER [●] P.M.,
[City] time, ON [●].

 

    	 	14.	 

     

    

 

AMPLIPHI BIOSCIENCES
CORPORATION

WARRANT CERTIFICATE
REPRESENTING

WARRANTS TO PURCHASE

COMMON STOCK, PAR VALUE
$0.01 PER SHARE

 

	No. [●]	[●] Warrants 

 

This certifies that
or registered assigns is the registered owner of the above indicated number of Warrants, each Warrant entitling such owner to purchase,
at any time [after [●] p.m., [City] time, [on [●] and] on or before [●] p.m., [City] time, on [●] shares
of Common Stock, par value $0.01 per share (the “Warrant Securities”), of AmpliPhi Biosciences Corporation
(the “Company”) on the following basis: during the period from [●], through and including [●],
the exercise price per Warrant Security will be $[●], subject to adjustment as provided in the Warrant Agreement (as hereinafter
defined) (the “Warrant Price”). The Holder may exercise the Warrants evidenced hereby by providing certain
information set forth on the back hereof and by paying in full, in lawful money of the United States of America, [in cash or by
certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds],
the Warrant Price for each Warrant Security with respect to which this Warrant is exercised to the Warrant Agent (as hereinafter
defined) and by surrendering this Warrant Certificate, with the purchase form on the back hereof duly executed, at the corporate
trust office of [name of Warrant Agent], or its successor as warrant agent (the “Warrant Agent”), which
is, on the date hereof, at the address specified on the reverse hereof, and upon compliance with and subject to the conditions
set forth herein and in the Warrant Agreement (as hereinafter defined).

 

The term “Holder”
as used herein shall mean the person in whose name at the time this Warrant Certificate shall be registered upon the books to be
maintained by the Warrant Agent for that purpose pursuant to Section 4 of the Warrant Agreement.

 

The Warrants evidenced
by this Warrant Certificate may be exercised to purchase a whole number of Warrant Securities in registered form. Upon any exercise
of fewer than all of the Warrants evidenced by this Warrant Certificate, there shall be issued to the Holder hereof a new Warrant
Certificate evidencing Warrants for the number of Warrant Securities remaining unexercised.

 

This Warrant Certificate
is issued under and in accordance with the Warrant Agreement dated as of [●] (the “Warrant Agreement”),
between the Company and the Warrant Agent and is subject to the terms and provisions contained in the Warrant Agreement, to all
of which terms and provisions the Holder of this Warrant Certificate consents by acceptance hereof. Copies of the Warrant Agreement
are on file at the above-mentioned office of the Warrant Agent.

 

Transfer of this Warrant
Certificate may be registered when this Warrant Certificate is surrendered at the corporate trust office of the Warrant Agent by
the registered owner or such owner’s assigns, in the manner and subject to the limitations provided in the Warrant Agreement.

 

After countersignature
by the Warrant Agent and prior to the expiration of this Warrant Certificate, this Warrant Certificate may be exchanged at the
corporate trust office of the Warrant Agent for Warrant Certificates representing Warrants for the same aggregate number of Warrant
Securities.

 

This Warrant Certificate
shall not entitle the Holder hereof to any of the rights of a holder of the Warrant Securities, including, without limitation,
the right to receive payments of dividends or distributions, if any, on the Warrant Securities (except to the extent set forth
in the Warrant Agreement) or to exercise any voting rights.

 

    	 	15.	 

     

    

 

Reference is hereby
made to the further provisions of this Warrant Certificate set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

 

This Warrant Certificate
shall not be valid or obligatory for any purpose until countersigned by the Warrant Agent.

 

    	 	16.	 

     

    

 

In
Witness Whereof, the Company has caused this Warrant to be executed in its name and on its behalf by the facsimile signatures
of its duly authorized officers.

 

	Dated:	 	
	

 

	 	AMPLIPHI BIOSCIENCES CORPORATION, as Company
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	ATTEST:	 
	 	 	 
	 	 	 
	 	COUNTERSIGNED
	 	 
	 	[●], as Warrant Agent
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	ATTEST:	 
	 	 	 

 

    	 	17.	 

     

    

 

[REVERSE OF WARRANT
CERTIFICATE]

 

(Instructions for Exercise
of Warrant)

 

To exercise any Warrants
evidenced hereby for Warrant Securities (as hereinafter defined), the Holder must pay, in lawful money of the United States of
America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately
available funds], the Warrant Price in full for Warrants exercised, to [●] [address of Warrant Agent], Attention: [●],
which payment must specify the name of the Holder and the number of Warrants exercised by such Holder. In addition, the Holder
must complete the information required below and present this Warrant Certificate in person or by mail (certified or registered
mail is recommended) to the Warrant Agent at the appropriate address set forth above. This Warrant Certificate, completed and duly
executed, must be received by the Warrant Agent within five business days of the payment.

 

(To be executed upon exercise
of Warrants)

 

The undersigned hereby
irrevocably elects to exercise [●] Warrants, evidenced by this Warrant Certificate, to purchase [●] shares of the Common
Stock, par value $0.01 per share (the “Warrant Securities”), of AmpliPhi Biosciences Corporation and
represents that he has tendered payment for such Warrant Securities, in lawful money of the United States of America, [in cash
or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available
funds], to the order of AmpliPhi Biosciences Corporation, c/o [insert name and address of Warrant Agent], in the amount of $[●]
in accordance with the terms hereof. The undersigned requests that said Warrant Securities be in fully registered form in the authorized
denominations, registered in such names and delivered all as specified in accordance with the instructions set forth below.

 

If the number of Warrants
exercised is less than all of the Warrants evidenced hereby, the undersigned requests that a new Warrant Certificate evidencing
the Warrants for the number of Warrant Securities remaining unexercised be issued and delivered to the undersigned unless otherwise
specified in the instructions below.

 

	Dated:	 	 	Name:	 
	 	 	 	 	Please Print

 

	Address:	 	 	 
	 	 	 	 
	 	 	 	 
	(Insert Social Security or Other Identifying Number	 	 	 
	of Holder)	 	 	 

 

	Signature Guaranteed:	 	 	 
	 	Signature	 	 

 

(Signature must conform
in all respects to name of holder as specified on the face of this Warrant Certificate and must bear a signature guarantee by a
FINRA member firm).

 

This Warrant may be exercised
at the following addresses:

 

By hand at:

 

    	 	18.	 

     

    

 

By mail at:

 

[Instructions as to form
and delivery of Warrant Securities and, if applicable, Warrant Certificates evidencing Warrants for the number of Warrant Securities
remaining unexercised—complete as appropriate.]

 

    	 	19.	 

     

    

 

ASSIGNMENT

 

[Form of assignment to
be executed if Warrant Holder desires to transfer Warrant]

 

For
Value Received, [●] hereby sells, assigns and transfers unto:

 

	 	 	 
	(Please print name and address including zip code)	 	Please print Social Security or other identifying number

 

the right represented
by the within Warrant to purchase shares of [Title of Warrant Securities] of AmpliPhi Biosciences Corporation to which the within
Warrant relates and appoints attorney [●] to transfer such right on the books of the Warrant Agent with full power of substitution
in the premises.

 

	Dated:	 	 	Name:	 
	 	 	 	 	Signature

 

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

 

Signature Guaranteed

 

	 	 

 

    	 	20.Exhibit 4.54

 

 

Exclusive Option Agreement

 

This Exclusive Option Agreement (this “Agreement”)
is executed by and among the following Parties as of Nov 18, 2011 in Shenzhen, the People’s Republic of China (“China”
or the “PRC”):

 

	Party A: 	E-Sun Sky Computer (Shenzhen) Co., Ltd, a wholly foreign owned enterprise, organized and existing under the laws of the PRC, with its address at Room 3-A, Complex Building (including affiliated equipment room), Shenxianling Sports Center, Central City, Longgang District, Shenzhen
	 	 
	Party B:	Yu Bo, a Chinese citizen with Chinese Identification No.: 420106196805034857; and
	 	 
	Party C: 	Shenzhen E-Sun Network Co., Ltd, a limited liability company organized and existing under the laws of the PRC, with its address at Room 1-C, Complex Building (including affiliated equipment room), Shenxianling Sports Center, Central City, Longgang District, Shenzhen

 

In this Agreement, each of Party A, Party
B and Party C shall be referred to as a “Party” respectively, and they shall be collectively referred to as the “Parties”.

 

Whereas:

 

Party B holds 50% of the equity
interest in Party C;

 

Now therefore, upon mutual discussion and
negotiation, the Parties have reached the following agreement:

 

1.     Sale
of Purchase of Equity Interest 

		1.1	Option Granted 

Party B hereby
irrevocably grants Party A an irrevocable and exclusive right to purchase, or designate one or more persons (each, a “Designee”)
to purchase the equity interests in Party C then held by Party B once or at multiple times at any time in part or in whole at Party
A’s sole and absolute discretion to the extent permitted by Chinese laws and at the price described in Section 1.3 herein
(such right being the “Equity Interest Purchase Option”). Except for Party A and the Designee(s), no other person shall
be entitled to the Equity Interest Purchase Option or other rights with respect to the equity interests of Party B. Party C hereby
agrees to the grant by Party B of the Equity Interest Purchase Option to Party A. The term “person” as used herein
shall refer to individuals, corporations, partnerships, partners, enterprises, trusts or non-corporate organizations.

		1.2	Steps for Exercise of Equity Interest Purchase Option 

Subject to the
provisions of the laws and regulations of China, Party A may exercise the Equity Interest Purchase Option by issuing a written
notice to Party B (the “Equity Interest Purchase Option Notice”), specifying: a) Party A’s decision to exercise
the Equity Interest Purchase Option, b) the portion of equity interests to be purchased from Party B (the “Optioned Interests”);
and c) the date for purchasing the Optioned Interests and/or the date for transfer of the Optioned Interests.

     

     

    

 

		1.3	Equity Interest Purchase Price 

The purchase price of the Optioned
Interests (the “Base Price”) shall be RMB 10. If appraisal is required by the laws of the PRC at the time when Party
A exercises the Equity Interest Purchase Option, the Parties shall negotiate in good faith and based on the appraisal result make
necessary adjustment to the Equity Interest Purchase Price so that it complies with any and all then applicable laws of the PRC
(collectively, the “Equity Interest Purchase Price”), under such circumstances, Party B shall compensate Party A for
the difference between the Equity Interests Purchase Price and the Basic Price.

		1.4	Transfer of Optioned Interests

For each exercise of the Equity
Interest Purchase Option:

		1.4.1	Party B shall cause Party C to promptly convene a shareholder’s meeting, at which a resolution
shall be adopted approving Party B’s transfer of the Optioned Interests to Party A and/or the Designee(s);

		1.4.2	Party B shall obtain written statements from the other shareholders of Party B giving consent to
the transfer of the equity interest to Party A and/or the Designee(s) and waiving any right of first refusal related thereto.

		1.4.3	Party B shall execute a share transfer contract with respect to each transfer with Party A and/or
each Designee (whichever is applicable), in accordance with the provisions of this Agreement and the Equity Interest Purchase Option
Notice regarding the Optioned Interests;

		1.4.4	The relevant Parties shall execute all other necessary contracts, agreements or documents, obtain
all necessary government licenses and permits and take all necessary actions to transfer valid ownership of the Optioned Interests
to Party A and/or the Designee(s), unencumbered by any security interests, and cause Party A and/or the Designee(s) to become the
registered owner(s) of the Optioned Interests. For the purpose of this Section and this Agreement, “security interests”
shall include securities, mortgages, third party’s rights or interests, any stock options, acquisition right, right of first
refusal, right to offset, ownership retention or other security arrangements, but shall be deemed to exclude any security interest
created by this Agreement and Party B’s Share Pledge Agreement. “Party B’s Share Pledge Agreement” as used
in this Section and this Agreement shall refer to the Share Pledge Agreement (“Share Pledge Agreement”) executed by
and among Party A, Party B and Party C as of the date hereof, whereby Party B pledges all of its equity interest in Party C to
Party A, in order to guarantee Party C’s performance of its obligations under the Exclusive Business Corporation Agreement
executed by and between Party C and Party A.  

2.     Covenants

		2.1	Covenants regarding Party C

Party B (as
the shareholders of Party C) and Party C hereby covenants as follows:

		2.1.1	Without the prior written consent of Party A, they shall not in any manner supplement, change or
amend the articles of association and bylaws of Party C, increase or decrease its registered capital, or change its structure of
registered capital in other manners;

 

     

     

    

 

		2.1.2	They shall maintain Party C’s corporate existence in accordance with good financial and business
standards and practices by prudently and effectively operating its business and handling its affairs;

		2.1.3	Without prior written consent of Party A, they shall not at any time following the date hereof,
sell, transfer, mortgage or dispose of in any manner any assets of Party C or legal or beneficial interest in the business or revenues
of Party C, or allow the encumbrance thereon of any security interest;

		2.1.4	Without prior written consent of Party A, they shall not incur, inherit, guarantee or suffer the
existence of any debt, except for a) debts incurred in the ordinary course of business other than through loans; and b) debts disclosed
to Party A for which Party A’s written consent has been obtained;

		2.1.5	They shall always operate all of Party C’s business during the ordinary course of business
to maintain the asset value of Party C and refrain from any action/omission that may affect Party C’s operating status and
asset value.

		2.1.6	Without prior written consent of Party A, they shall not cause Party C to execute any major contract,
except the contracts in the ordinary course of business (for purpose of this subsection, a contract with a price exceeding RMB500,000
shall be deemed a major contract);

		2.1.7	Without prior written consent of Party A, they shall not cause Party C to provide any person with
any loan or credit;

		2.1.8	They shall provide Party A with information on Party C’s business operations and financial
condition at Party A’s request;

		2.1.9	If requested by Party A, they shall procure and maintain insurance in respect of Party C’s
assets and business from an insurance carrier acceptable to Party A, at an amount and type of coverage typical for companies that
operate similar business;

		2.1.10	Without the prior written consent of Party A, they shall not cause or permit Party C to merge,
consolidate with, acquire or invest in any person;

		2.1.11	They shall immediately notify Party A of the occurrence or possible occurrence of any litigation,
arbitration or administrative proceedings relating to Party C’s assets, business or revenue;

		2.1.12	To maintain the ownership by Party C of all of its assets, they shall execute all necessary or
appropriate documents, take all necessary or appropriate actions and file all necessary or appropriate complaints or raise necessary
and appropriate defenses against all claims;

		2.1.13	Without prior written consent of Party A, they shall ensure that Party C shall not in any manner
distribute dividends to its shareholders, provided that upon Party A’s written request, Party C shall immediately distribute
profits to its shareholders; and

		2.1.14	At the request of Party A, they shall appoint any persons designated by Party A as the executive
director of Party C.

 

     

     

    

 

		2.2	Covenants of Party B and Party C

Party B hereby
covenants as follows:

		2.2.1	Without the prior written consent of Party A, Party B shall not sell, transfer, mortgage or dispose
of in any other manner any legal or beneficial interest in the equity interest in Party C held by Party B, or allow the encumbrance
thereon of any security interest, except for the pledge placed on these equity interests in accordance with Party B’s Share
Pledge Agreement;

		2.2.2	Party B shall cause the shareholders’ meeting and/or the executive director of Party C not
to approve the sale, transfer, mortgage or disposition in any other manner of any legal or beneficial interest in the equity interests
in Party C held by Party B, or allow the encumbrance thereon of any security interest, without the prior written consent of Party
A, except for the pledge placed on these equity interests in accordance with Party B’s Share Pledge Agreement;

		2.2.3	Party B shall cause the shareholders’ meeting or the executive director of Party C not to
approve any merger or consolidation with any person, or any acquisition of or investment in any person, without the prior written
consent of Party A;

		2.2.4	Party B shall immediately notify Party A of the occurrence or possible occurrence of any litigation,
arbitration or administrative proceedings relating to the equity interests in Party C held by Party B;

		2.2.5	Party B shall cause the shareholders’ meeting or the executive director of Party C to vote
their approval of the transfer of the Optioned Interests as set forth in this Agreement and to take any and all other actions that
may be requested by Party A;

		2.2.6	To the extent necessary to maintain Party B’s ownership in Party C, Party B shall execute
all necessary or appropriate documents, take all necessary or appropriate actions and file all necessary or appropriate complaints
or raise necessary and appropriate defenses against all claims;

		2.2.7	Party B shall appoint any designee of Party A as the executive director of Party C, at the request
of Party A;

		2.2.8	At the request of Party A at any time, Party B shall promptly and unconditionally transfer its
equity interests in Party C to Party A’s Designee(s) in accordance with the Equity Interest Purchase Option under this Agreement,
and Party B hereby waives its right of first refusal to the respective share transfer by the other exiting shareholder of Party
C (if any); and

		2.2.9	Party B shall strictly abide by the provisions of this Agreement and other contracts jointly or
separately executed by and among Party B, Party C and Party A, perform the obligations hereunder and thereunder, and refrain from
any action/omission that may affect the effectiveness and enforceability thereof. To the extent that Party B has any remaining
rights with respect to the equity interests subject to this Agreement hereunder or under the Share Pledge Agreement among the same
parties hereto or under the Power of Attorney granted in favor of Party A, Party B shall not exercise such rights except in accordance
with the written instructions of Party A.

 

     

     

    

 

3.     Representations
and Warranties 

Party B and Party C hereby represent
and warrant to Party A, jointly and severally, as of the date of this Agreement and each date of transfer of the Optioned Interests,
that:

		3.1	They have the authority to execute and deliver this Agreement and any share transfer contracts
to which they are parties concerning the Optioned Interests to be transferred thereunder (each, a “Transfer Contracts”),
and to perform their obligations under this Agreement and any Transfer Contracts. Party B and Party C agree to enter into Transfer
Contracts consistent with the terms of this Agreement upon Party A’s exercise of the Equity Interest Purchase Option. This
Agreement and the Transfer Contracts to which they are parties constitute or will constitute their legal, valid and binding obligations
and shall be enforceable against them in accordance with the provisions thereof;

		3.2	The execution and delivery of this Agreement or any Transfer Contracts and the obligations under
this Agreement or any Transfer Contracts shall not: i) cause any violation of any applicable laws of China; ii) be in consistent
with the articles of association, bylaws or other organizational documents of Party C; iii) cause the violation of any contracts
or instruments to which they are a party or which are binding on them, or constitute any breach under any contracts or instruments
to which they are a party or which are binding on them; iv) cause any violation of any condition for the grant and/or continued
effectiveness any licenses or permits issued to either of them; or v) cause the suspension or revocation of or imposition of additional
conditions to any licenses or permits issued to either of them;

		3.3	Party B has a good and merchantable title to the equity interests in Party C he holds. Except for
Party B’s Share Pledge Agreement, Party B has not placed any security interest on such equity interests;

		3.4	Party C has a good and merchantable title to all of its assets, and has not placed any security
interest on the aforementioned assets;

		3.5	Party C does not have any outstanding debts, except for (i) debt incurred in the ordinary course
of business; and (ii) debts disclosed to Party A for which Party A’s written consent has been obtained.

		3.6	Party C has complied with all laws and regulations of China applicable to asset acquisitions; and

		3.7	There are no pending or threatened litigation, arbitration or administrative proceedings relating
to the equity interests in Party C, assets of Party C or Party C.

 

4.     Effective
Date

This Agreement
shall become effective upon the date hereof, and remain effective for a term of 10 years, and may be renewed at Party A’s
sole discretion.

 

5.    Governing
Law and Resolution of Disputes 

 

		5.1	Governing law 

The execution,
effectiveness, construction, performance, amendment and termination of this Agreement and the resolution of disputes hereunder
shall be governed by the formally published and publicly available laws of China. Matters not covered by formally published and
public available laws of China shall be governed by international legal principles and practices.

 

     

     

    

 

		5.2	Methods of Resolution of Disputes 

In the event
of any dispute with respect to the construction and performance of this Agreement, the Parties shall first resolve the dispute
through friendly negotiations. In the event the Parties fail to reach an agreement on the dispute within 30 days after either Party’s
request to the other Parties for resolution of the dispute through negotiations, either Party may submit the relevant dispute to
the China International Economic and Trade Arbitration Commission South China Sub-Commission for arbitration, in accordance with
its Arbitration Rules. The arbitration shall be conducted in Shenzhen, and the language used in arbitration shall be Chinese. The
arbitration award shall be final and binding of all Parties.

 

6.     Taxes
and Fees 

Each Party shall
pay any and all transfer and registration tax, expenses and fees incurred thereby or levied thereon in accordance with the law
of China in connection with the preparation and execution of this Agreement and the Transfer Contracts, as well as the consummation
of the transactions contemplated under this Agreement and the Transfer Contracts.

 

7.     Notices

		7.1	All notices and other communications required or permitted to be given pursuant to this Agreement
shall be delivered personally or sent by registered mail, postage prepaid, by a commercial courier service or by facsimile transmission
to the address of such Party set forth below. A confirmation copy of each notice shall also be sent by mail. The dates on which
notices shall be deemed to have been effectively given shall be determined as follows:

		7.1.1	Notices given by personal delivery, by courier service or by registered mail, postage prepaid,
shall be deemed effectively given on the date or receipt or refusal at the address specified for notices.

		7.1.2	Notices given by facsimile transmission shall be deemed effectively given on the date of successful
transmission (as evidence by an automatically generated confirmation of transmission).

		7.2	For the purpose of notices, the addresses of the Parties are as follows:

Party A: Room
3-A, Complex Building (including affiliated equipment room), Shenxianling Sports Center, Central City, Longgang District, Shenzhen

 

Party B: Room
1-C, Complex Building (including affiliated equipment room), Shenxianling Sports Center, Central City, Longgang District, Shenzhen

 

Party C: Room
1-C, Complex Building (including affiliated equipment room), Shenxianling Sports Center, Central City, Longgang District, Shenzhen

 

		7.3	Any Party may at any time change its address for notices by a notice delivered to the other Parties
in accordance with the terms hereof.

 

     

     

    

 

8.     Confidentiality

The Parties
acknowledge that the existence and the terms of this Agreement and any oral or written information exchanged between the Parties
in connection with the preparation and performance this Agreement are regarded as confidential information. Each Party shall maintain
confidentiality of all such confidential information, and without obtaining the written consent of the other Party, it shall not
disclose any relevant confidential information to any third parties, except for the information that: i) is or will be in the public
domain (other than through the receiving Party’s unauthorized disclosure); ii) is under the obligation to be disclosed pursuant
to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government authorities; or
iii) is required to be disclosed by any Party to its shareholders, investors, legal counsels or financial advisors regarding the
transaction contemplated hereunder, provided that such shareholders, investors, legal counsels or financial advisors shall be bound
by the confidentiality obligations similar to those set forth in this Section. Disclosure of any confidential information by the
staff members or agencies hired by any Party shall be deemed disclosure of such confidential information by such Party, which Party
shall be held liable for breach of this Agreement. This Section shall survive the termination of this Agreement for any reason.

 

9.     Further
Warranties 

The Parties
agree to promptly execute documents that are reasonably required for or are conducive to the implementation of the provisions and
purposes of this Agreement and take further actions that are reasonably required for or are conducive to the implementation of
the provisions and purposes of this Agreement.

 

10.  Miscellaneous

		10.1	Amendments, change and supplement

Any amendment,
change and supplement to this Agreement shall require the execution of a written agreement by all of the Parties.

		10.2	Entire agreement

Except for the
amendments, supplements or changes in writing executed after the execution of this Agreement, this Agreement shall constitute the
entire agreement reached by and among the Parties hereto with respect to the subject matter hereof, and shall supercede all prior
oral and written consultations, representations and contracts reached with respect to the subject matter of this Agreement.

		10.3	Headings

The headings
of this Agreement are for convenience only, and shall not be used to interpret, explain or otherwise affect the meanings of the
provisions of this Agreement.

		10.4	Language

This Agreement
is written in both Chinese and English language in three copies, each Party having one copy with equal legal validity; in case
there is any conflict between the Chinese version and the English version, the Chinese version shall prevail.

 

     

     

    

 

		10.5	Severability

In the event
that one or several of the provisions of this Agreement are found to be invalid, illegal or unenforceable in any aspect in accordance
with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not
be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable
provisions with effective provisions that accomplish to the greatest extent permitted by law and the intensions of the Parties,
and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal
or unenforceable provisions.

		10.6	Successors

This Agreement
shall be binding on and shall inure to the interest of the respective successors of the Parties and the permitted assigns of such
Parties.

		10.7	Survival

		10.7.1	Any obligations that occur or that are due as a result of this Agreement upon the expiration or
early termination of this Agreement shall survive the expiration or early termination thereof.

		10.7.2	The provisions of Sections 5, 7, 8 and this Section 10.7 shall survive the termination of this
Agreement.

		10.8	Waivers

Any Party may
waive the terms and conditions of this Agreement, provided that such a waiver must be provided in writing and shall require the
signatures of the Parties. No waiver by any Party in certain circumstances with respect to a breach by other Parties shall operate
as a waiver by such a Party with respect to any similar breach in other circumstances.

 

 

 

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of this page is intentionally left blank.

 

 

 

 

     

     

    

 

 

 

 

 

 

 

 

 

 

 

 

IN WITNESS WHEREOF, the Parties have caused
their authorized representatives to execute this Exclusive Option Agreement as of the date first above written.

 

Party A: E-Sun Sky Computer (Shenzhen)
Co., Ltd

By:/s/ Yu Bo

Name: Yu Bo

Title: Legal Representative

 

 

Party B: Yu Bo 

By: /s/ Yu Bo

 

 

Party C: Shenzhen E-Sun Network Co.,
Ltd

By: /s/ Yu Bo

Name: Yu Bo

Title: Legal Representative

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