Document:

EX-4.1

 Exhibit 4.1 

CONFIDENTIAL 
 AMENDMENT NO. 2
TO THE STOCKHOLDER PROTECTION RIGHTS AGREEMENT 
 Amendment No. 2, dated March 29, 2016 (this “Amendment”),
to the Stockholder Protection Rights Agreement, dated June 12, 2014, and as amended on June 10, 2015 (the “Rights Agreement”), by and between Express, Inc. (the “Company”) and Computershare Trust Company,
N.A., as rights agent (the “Rights Agent”). 
 WHEREAS, pursuant to Section 5.4 of the Rights Agreement, the Company
and the Rights Agent may, prior to the Flip-in Date, from time to time, supplement or amend the Rights Agreement in any respect without the approval of any holders of the Rights; 

WHEREAS, the Flip-in Date has not occurred; 

WHEREAS, the Company desires to amend the Rights Agreement as set forth herein; and 

WHEREAS, the Board of Directors of the Company has determined that it is in the best interests of the Company and its stockholders to amend
the Rights Agreement as hereinafter set forth and has duly approved this Amendment and authorized its execution and delivery. 
 NOW,
THEREFORE, the Company and the Rights Agent hereby agree as follows: 
  

	 	1.	Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Rights Agreement. 

  

	 	2.	From and after the execution and delivery of this Amendment, the definition of the term “Expiration Time” in Section 1.1 of the Rights Agreement is amended and restated in its entirety to read as follows:

 “Expiration Time” means March 29, 2016. 

 

	 	3.	Exhibit A to the Rights Agreement is amended by deleting the reference to “June 12, 2017” in the Form of Rights Certificate and substituting therefor “March 29, 2016”. 

 

	 	4.	Except as expressly set forth herein, the Rights Agreement shall not be supplemented or amended, and the Rights Agreement shall remain in full force and effect. 

 

	 	5.	Pursuant to Section 5.4 of the Rights Agreement, this Amendment shall be effective immediately upon execution by the Company and, following such execution, all references to the Rights Agreement shall be deemed to
be references to the Rights Agreement, as amended hereby. 

  

	 	6.	Sections 5.11 (Successors), 5.15 (Governing Law; Exclusive Jurisdiction), 5.16 (Counterparts) and 5.17 (Severability) of the Rights Agreement are hereby incorporated by
reference into this Amendment and shall apply to this Amendment, mutatis mutandis, as if fully set forth herein. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the
date first above written. 
  

			
	EXPRESS, INC.
		
	By:	 	 /s/ Lacey J. Bundy

	Name:	 	Lacey J. Bundy
	Title:	 	Senior Vice President, General Counsel & Secretary
	
	COMPUTERSHARE TRUST COMPANY, N.A.
		
	By:	 	 /s/ Patrick Hayes

	Name:	 	Patrick Hayes
	Title:	 	Vice President & Manager

 [Signature Page to Amendment No.2 to Rights Agreement]Exhibit 4.11

 

THE WARRANT EVIDENCED
OR CONSTITUTED HEREBY, AND ALL SHARES OF COMMON STOCK ISSUABLE HEREUNDER, HAVE BEEN AND WILL BE ISSUED WITHOUT REGISTRATION UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE SOLD, OFFERED FOR SALE,
TRANSFERRED, PLEDGED OR HYPOTHECATED WITHOUT REGISTRATION UNDER THE ACT UNLESS EITHER (i) THE COMPANY HAS RECEIVED AN OPINION OF
COUNSEL, IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED IN CONNECTION
WITH SUCH DISPOSITION OR (ii) THE SALE OF SUCH SECURITIES IS MADE PURSUANT TO SEC RULE 144.

 

WARRANT
TO PURCHASE COMMON STOCK

OF

AMPLIPHI BIOSCIENCES CORPORATION

 

	NO.  CW-[●]	December [●], 2011

 

THIS CERTIFIES THAT,
for value received by AMPLIPHI BIOSCIENCES CORPORATION, a Washington corporation (the “Company”), [________________]
or its permitted registered assigns (“Holder”), is entitled, subject to the terms and conditions of this
Warrant, at any time or from time to time after the issuance date of this Warrant (the “Effective Date”),
and before 5:00 p.m. Pacific Time on December [●], 2016 (the
“Expiration Date”), to purchase from the Company, [●]
shares of common stock, par value $0.01 (the “Common Stock”) of the Company at a price per share equal
to $[●] (the “Purchase Price”).
Both the number of shares of Common Stock purchasable upon exercise of this Warrant and the Purchase Price are subject to adjustment
and change as provided herein.

 

1.            CERTAIN
DEFINITIONS. As used in this Warrant the following terms shall have the following respective meanings:

 

1.1           “Fair
Market Value” of a share of Common Stock as of a particular date shall mean:

 

(a)          If
traded on a securities exchange, the Fair Market Value shall be deemed to be the average of the closing prices of the Common Stock
of the Company on such exchange or market over the five (5) trading days ending immediately prior to the applicable date of valuation;

 

(b)          If
actively traded over-the-counter, the Fair Market Value shall be deemed to be the average of the closing bid prices over the thirty
(30)-day period ending immediately prior to the applicable date of valuation; and

 

(c)          If
there is no active public market, the Fair Market Value shall be the value thereof, as agreed upon by the Company and the Holder;
provided, however, that if the Company and the Holder cannot agree on such value, such value shall be determined by an independent
valuation firm experienced in valuing businesses such as the Company and jointly selected in good faith by the Company and the
Holder. Fees and expenses of the valuation firm shall be paid for in equal proportions by the Company and the Holder.

 

    	 	1.	 

     

    

 

1.2           “Registered
Holder” shall mean any Holder in whose name this Warrant is registered upon the books and records maintained by the
Company.

 

1.3           “Warrant”
as used herein, shall include this Warrant and any warrant delivered in substitution or exchange therefor as provided herein.

 

1.4           “Common
Stock” shall mean the Common Stock of the Company and any other securities at any time receivable or issuable upon
exercise of this Warrant.

 

2.            EXERCISE
OF WARRANT.

 

2.1          Payment.
Subject to compliance with the terms and conditions of this Warrant and applicable securities laws, this Warrant may be exercised,
in whole or in part at any time or from time to time, on or before the Expiration Date by the delivery (including, without limitation,
delivery by facsimile) of the form of Notice of Exercise attached hereto as Exhibit A (the “Notice of Exercise”),
duly executed by the Holder, at the principal office of the Company, and as soon as practicable after such date, surrendering

 

(a)          this
Warrant at the principal office of the Company, and

 

(b)          payment,
(i) in cash (by check) or by wire transfer, (ii) by cancellation by the Holder of indebtedness of the Company to the Holder; or
(iii) by a combination of (i) and (ii), of an amount equal to the product obtained by multiplying the number of shares of Common
Stock being purchased upon such exercise by the then effective Purchase Price (the “Exercise Amount”).

 

2.2          Net
Issue Exercise. In lieu of the payment methods set forth in Section 2.1(b) above, the Holder may elect to exchange all
or some of this Warrant for shares of Common Stock equal to the value of the amount of the Warrant being exchanged on the date
of exchange. If Holder elects to exchange this Warrant as provided in this Section 2.2, Holder shall tender to the Company
the Warrant for the amount being exchanged, along with written notice of Holder’s election to exchange some or all of the
Warrant, and the Company shall issue to Holder the number of shares of the Common Stock computed using the following formula:

 

X =Y (A-B)

    A

 

	Where:	X =	the number of shares of Common Stock to be issued to Holder.
	 	Y =	the number of shares of Common Stock purchasable under the amount of the Warrant being exchanged (as adjusted to the date of such calculation).
	 	A =	the Fair Market Value of one share of the Common Stock on the date that the relevant Notice of Exercise is received by the Company.
	 	B =	Purchase Price (as adjusted to the date of such calculation).

 

2.3          Stock
Certificates; Direct Registration; Fractional Shares. As soon as practicable on or after the date of any exercise of this Warrant,
the Company shall issue and deliver to the person or persons entitled to receive the same a certificate or certificates for the
number of whole shares of Common Stock issuable upon such exercise, together with cash in lieu of any fraction of a share equal
to such fraction of the current Fair Market Value of one whole share of Common Stock as of such date of exercise. No fractional
shares or scrip representing fractional shares shall be issued upon an exercise of this Warrant. In lieu of providing a stock certificate
pursuant to this Section 2.3, the Holder may request that the Company provide the securities in book-entry (uncertificated
form) if, at such time, the Company is direct registration eligible.

 

    	 	2.	 

     

    

 

2.4           Partial
Exercise; Effective Date of Exercise. In case of any partial exercise of this Warrant, the Company shall cancel this Warrant
upon surrender hereof and shall execute and deliver a new Warrant of like tenor and date for the balance of the shares of Common
Stock purchasable hereunder. This Warrant shall be deemed to have been exercised immediately prior to the close of business on
the date of its surrender for exercise as provided above. The person entitled to receive the shares of Common Stock issuable upon
exercise of this Warrant shall be treated for all purposes as the holder of record of such shares as of the close of business on
the date the Holder is deemed to have exercised this Warrant.

 

3.           VALID
ISSUANCE; TAXES. All shares of Common Stock issued upon the exercise of this Warrant shall be validly issued, fully
paid and nonassessable, and the Company shall pay all taxes and other governmental charges that may be imposed in respect of the
issue or delivery thereof. The Company shall not be required to pay any tax or other charge imposed in connection with any transfer
involved in the issuance of any certificate for shares of Common Stock in any name other than that of the Registered Holder of
this Warrant, and in such case the Company shall not be required to issue or deliver any stock certificate or security until such
tax or other charge has been paid, or it has been established to the Company’s reasonable satisfaction that no tax or other
charge is due.

 

4.           ADJUSTMENT
OF PURCHASE PRICE AND NUMBER OF SHARES. The number of shares of Common Stock issuable upon exercise of this Warrant
(or any shares of stock or other securities or property receivable or issuable upon exercise of this Warrant) and the Purchase
Price are subject to adjustment upon occurrence of the following events:

 

4.1           Adjustment
for Stock Splits, Stock Subdivisions or Combinations of Shares. The Purchase Price of this Warrant shall be proportionally
decreased and the number of shares of Common Stock issuable upon exercise of this Warrant (or any shares of stock or other securities
at the time issuable upon exercise of this Warrant) shall be proportionally increased to reflect any stock split or subdivision
of the Company’s Common Stock. The Purchase Price of this Warrant shall be proportionally increased and the number of shares
of Common Stock issuable upon exercise of this Warrant (or any shares of stock or other securities at the time issuable upon exercise
of this Warrant) shall be proportionally decreased to reflect any combination of the Company’s Common Stock.

 

4.2           Adjustment
for Dividends or Distributions of Stock or Other Securities or Property. In case the Company shall make or issue, or shall
fix a record date for the determination of eligible holders entitled to receive, a dividend or other distribution with respect
to the Common Stock (or any shares of stock or other securities at the time issuable upon exercise of the Warrant) payable in (a)
securities of the Company or (b) assets (excluding cash dividends), then, in each such case, the Holder of this Warrant on exercise
hereof at any time after the consummation, effective date or record date of such dividend or other distribution, shall receive,
in addition to the shares of Common Stock (or such other stock or securities) issuable on such exercise prior to such date, and
without the payment of additional consideration therefor, the securities or such other assets of the Company to which such Holder
would have been entitled upon such date if such Holder had exercised this Warrant on the date hereof and had thereafter, during
the period from the date hereof to and including the date of such exercise, retained such shares and all such additional securities
or other assets distributed with respect to such shares as aforesaid during such period giving effect to all adjustments called
for by this Section 4.

 

    	 	3.	 

     

    

 

4.3           Reclassification.
If the Company, by reclassification of securities or otherwise, shall change any of the securities as to which purchase rights
under this Warrant exist into the same or a different number of securities of any other class or classes, this Warrant shall thereafter
represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with
respect to the securities that were subject to the purchase rights under this Warrant immediately prior to such reclassification
or other change, and the Purchase Price therefor shall be appropriately adjusted, all subject to further adjustment as provided
in this Section 4. No adjustment shall be made pursuant to this Section 4.3 upon any conversion or redemption of
the Common Stock which is the subject of Section 4.5.

 

4.4           Adjustment
for Capital Reorganization, Merger or Consolidation. In case of any capital reorganization of the capital stock of the Company
(other than a combination, reclassification, exchange or subdivision of shares otherwise provided for herein), or any merger or
consolidation of the Company with or into another corporation, or the sale of all or substantially all the assets of the Company
then, and in each such case, as a part of such reorganization, merger, consolidation, sale or transfer, lawful provision shall
be made so that the Holder of this Warrant shall thereafter be entitled to receive upon exercise of this Warrant, during the period
specified herein and upon payment of the Purchase Price then in effect, the number of shares of stock or other securities or property
of the successor corporation resulting from such reorganization, merger, consolidation, sale or transfer that a holder of the shares
deliverable upon exercise of this Warrant would have been entitled to receive in such reorganization, consolidation, merger, sale
or transfer if this Warrant had been exercised immediately before such reorganization, merger, consolidation, sale or transfer,
all subject to further adjustment as provided in this Section 4. The foregoing provisions of this Section 4.4 shall
similarly apply to successive reorganizations, consolidations, mergers, sales and transfers and to the stock or securities of any
other corporation that are at the time receivable upon the exercise of this Warrant. If the per-share consideration payable to
the Holder hereof for shares in connection with any such transaction is in a form other than cash or marketable securities, then
the value of such consideration shall be determined in good faith by the Company’s Board of Directors. In all events, appropriate
adjustment (as determined in good faith by the Company’s Board of Directors) shall be made in the application of the provisions
of this Warrant with respect to the rights and interests of the Holder after the transaction, to the end that the provisions of
this Warrant shall be applicable after that event, as near as reasonably may be, in relation to any shares or other property deliverable
after that event upon exercise of this Warrant.

 

4.5           Conversion
of Common Stock. In case all or any portion of the authorized and outstanding shares of Common Stock of the Company are redeemed
or converted or reclassified into other securities or property pursuant to the Company’s Certificate of Incorporation or
otherwise, or the Common Stock otherwise ceases to exist, then, in such case, the Holder of this Warrant, upon exercise hereof
at any time after the date on which the Common Stock is so redeemed or converted, reclassified or ceases to exist (the “Termination
Date”), shall receive, in lieu of the number of shares of Common Stock that would have been issuable upon such exercise
immediately prior to the Termination Date, the securities or property that would have been received if this Warrant had been exercised
in full and the Common Stock received thereupon had been simultaneously converted immediately prior to the Termination Date, all
subject to further adjustment as provided in this Warrant. Additionally, the Purchase Price shall be immediately adjusted to equal
the quotient obtained by dividing (x) the aggregate Purchase Price of the maximum number of shares of Common Stock for which this
Warrant was exercisable immediately prior to the Termination Date by (y) the number of shares of Common Stock of the Company for
which this Warrant is exercisable immediately after the Termination Date, all subject to further adjustment as provided herein.

 

    	 	4.	 

     

    

 

5.          CERTIFICATE
AS TO ADJUSTMENTS. In each case of any adjustment in the Purchase Price, or number or type of shares issuable upon exercise
of this Warrant, the Chief Financial Officer or Controller of the Company shall compute such adjustment in accordance with the
terms of this Warrant and prepare a certificate setting forth such adjustment and showing in detail the facts upon which such adjustment
is based, including a statement of the adjusted Purchase Price. The Company shall promptly send (by facsimile and by either first
class mail, postage prepaid or overnight delivery) a copy of each such certificate to the Holder.

 

6.          LOSS
OR MUTILATION. Upon receipt of evidence reasonably satisfactory to the Company of the ownership of and the loss, theft,
destruction or mutilation of this Warrant, and of indemnity reasonably satisfactory to it, and (in the case of mutilation) upon
surrender and cancellation of this Warrant, the Company will execute and deliver in lieu thereof a new Warrant of like tenor as
the lost, stolen, destroyed or mutilated Warrant.

 

7.          RESERVATION
OF COMMON STOCK. The Company hereby covenants that at all times there shall be reserved for issuance and delivery upon
exercise of this Warrant such number of shares of Common Stock or other shares of capital stock of the Company as are from time
to time issuable upon exercise of this Warrant and, from time to time, will take all steps necessary to amend its Certificate of
Incorporation to provide sufficient reserves of shares of Common Stock issuable upon exercise of this Warrant. All such shares
shall be duly authorized, and when issued upon such exercise, shall be validly issued, fully paid and non-assessable, free and
clear of all liens, security interests, charges and other encumbrances or restrictions on sale and free and clear of all preemptive
rights, except encumbrances or restrictions arising under federal or state securities laws. Issuance of this Warrant shall constitute
full authority to the Company’s Officers who are charged with the duty of executing stock certificates to execute and issue
the necessary certificates for shares of Common Stock upon the exercise of this Warrant.

 

8.          TRANSFER
AND EXCHANGE. Subject to the terms and conditions of this Warrant and compliance with all applicable securities laws,
this Warrant and all rights hereunder may be transferred to any Registered Holder’s parent, subsidiary or affiliate, or,
if the Registered Holder is a partnership, to any partner of such Registered Holder, in whole or in part, on the books of the Company
maintained for such purpose at the principal office of the Company referred to above, by the Registered Holder hereof in person,
or by duly authorized attorney, upon surrender of this Warrant properly endorsed and upon payment of any necessary transfer tax
or other governmental charge imposed upon such transfer. Upon any permitted partial transfer, the Company will issue and deliver
to the Registered Holder a new Warrant or Warrants with respect to the shares of Common Stock not so transferred. Each taker and
holder of this Warrant, by taking or holding the same, consents and agrees that when this Warrant shall have been so endorsed,
the person in possession of this Warrant may be treated by the Company, and all other persons dealing with this Warrant, as the
absolute owner hereof for any purpose and as the person entitled to exercise the rights represented hereby, any notice to the contrary
notwithstanding; provided, however, that until a transfer of this Warrant is duly registered on the books of the Company, the Company
may treat the Registered Holder hereof as the owner for all purposes.

 

    	 	5.	 

     

    

 

9.           RESTRICTIONS
ON TRANSFER. The Holder, by acceptance hereof, agrees that, absent an effective registration statement filed with the
Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the “Securities
Act”) covering the disposition or sale of this Warrant or the Common Stock issued or issuable upon exercise hereof,
as the case may be, and registration or qualification under applicable state securities laws, such Holder will not sell, transfer,
pledge, or hypothecate any or all of this Warrant or such Common Stock, as the case may be, unless either (i) the Company has received
an opinion of counsel, in form and substance reasonably satisfactory to the Company, to the effect that such registration is not
required in connection with such disposition or (ii) the sale of such securities is made pursuant to SEC Rule 144.

 

10.          COMPLIANCE
WITH SECURITIES LAWS. By acceptance of this Warrant, the Holder hereby represents, warrants and covenants that he/she/it
is an “accredited investor” as that term is defined under Rule 501 of Regulation D, that any shares of
stock purchased upon exercise of this Warrant shall be acquired for investment only and not with a view to, or for sale in connection
with, any distribution thereof; that the Holder has had such opportunity as such Holder has deemed adequate to obtain from representatives
of the Company such information as is necessary to permit the Holder to evaluate the merits and risks of its investment in the
Company; that the Holder is able to bear the economic risk of holding such shares as may be acquired pursuant to the exercise of
this Warrant for an indefinite period; that the Holder understands that the shares of stock acquired pursuant to the exercise of
this Warrant will not be registered under the Securities Act (unless otherwise required pursuant to exercise by the Holder of the
registration rights, if any, granted to the Registered Holder) and will be “restricted securities” within
the meaning of Rule 144, in its current form, under the Securities Act and that all stock certificates representing shares of stock
issued to the Holder upon exercise of this Warrant or upon conversion of such shares may have affixed thereto a legend substantially
in the following form:

 

THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT
BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR
EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN
INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY
TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES
LAWS.

 

11.          REGISTRATION
RIGHTS.

 

11.1       Definitions.
For purposes of this Section 11:

 

(a)          Registration.
The terms “register,” “registered,” and “registration”
refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act of 1933,
as amended, (the “Securities Act”), and the declaration or ordering of effectiveness of such registration
statement

 

    	 	6.	 

     

    

 

(b)          Registrable
Securities. The term “Registrable Securities” means: (1) any Common Stock of the Company issued or
to be issued upon exercise of the Warrant and (2) any shares of Common Stock of the Company issued as (or issuable upon the conversion
or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in
exchange for or in replacement of, any shares of Common Stock described in clause (1) of this subsection (b). Notwithstanding the
foregoing, “Registrable Securities” shall exclude any Registrable Securities sold by a person in a transaction in which
rights under this Section 11 are not assigned in accordance with this Warrant or any Registrable Securities sold in a public
offering, whether sold pursuant to Rule 144 promulgated under the Securities Act, or in a registered offering, or otherwise.

 

(c)          Registrable
Securities Then Outstanding. The number of shares of “Registrable Securities then outstanding” shall
mean the number of shares of Common Stock of the Company that are Registrable Securities and (1) are then issued and outstanding
or (2) are then issuable pursuant to an exercise of the Warrant or pursuant to conversion of securities issuable pursuant to an
exercise of the Warrant.

 

(d)          Holder.
For purposes of this Section 11, the term “Holder” means any person owning of record Registrable
Securities or any permitted assignee of record of such Registrable Securities to whom rights under this Section 11 have
been duly assigned in accordance with this Warrant.

 

(e)          SEC.
The term “SEC” or “Commission” means the U.S. Securities
and Exchange Commission.

 

11.2       Piggyback
Registrations.

 

(a)          The
Company shall notify all Holders of Registrable Securities in writing at least thirty (30) days prior to filing any registration
statement under the Securities Act for purposes of effecting a public offering of securities of the Company (including, but not
limited to, registration statements relating to secondary offerings of securities of the Company, but excluding registration statements
relating to any employee benefit plan or a corporate reorganization) and will afford each such Holder an opportunity to include
in such registration statement all or any part of the Registrable Securities then held by such Holder. Each Holder desiring to
include in any such registration statement all or any part of the Registrable Securities held by such Holder shall within fifteen
(15) days after receipt of the above-described notice from the Company, so notify the Company in writing, and in such notice shall
inform the Company of the number of Registrable Securities such Holder wishes to include in such registration statement. If a Holder
decides not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder
shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or
registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions
set forth herein.

 

    	 	7.	 

     

    

 

(b)          If
a registration statement under which the Company gives notice under this Section 11.2 is for an underwritten offering, then
the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder’s Registrable
Securities to be included in a registration pursuant to this Section 11.2 shall be conditioned upon such Holder’s
participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent
provided herein. All Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an
underwriting agreement in customary form with the managing underwriter or underwriters selected for such underwriting (including
a market stand-off agreement of up to 180 days if required by such underwriters). Notwithstanding any other provision of this Section
11, if the managing underwriter(s) determine(s) in good faith that marketing factors require a limitation of the number of
shares to be underwritten, then the Company shall include in such offering (i) first, all the securities the Company proposes to
register for its own account, and (ii) second, Holder’s Registrable Securities and other shares of Common Stock of the Company
requested to be included by other investors having written registration rights agreements with the Company respecting such shares
(“Other Registrable Securities”), with Holder and each such investor proposing to sell such shares participating
in such registration on a pro rata basis, such participation to be based upon the number of shares of Registrable Securities
and Other Registrable Securities then held by the Holder and each such investor, respectively; provided, however, that the right
of the underwriters to exclude shares (including Registrable Securities) from the registration and underwriting as described above
shall be restricted so that all shares that are not Registrable Securities or Other Registrable Securities and are held by any
other person, including, without limitation, any person who is an employee or officer of the Company (or any subsidiary of the
Company) shall first be excluded from such registration and underwriting before any Registrable Securities and Other Registrable
Securities are so excluded. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw
therefrom by written notice to the Company and the underwriter(s), delivered at least ten (10) business days prior to the effective
date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and
withdrawn from the registration. For any Holder that is a partnership, the Holder and the partners and retired partners of such
Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the
foregoing persons, and for any Holder that is a corporation, the Holder and all corporations that are affiliates of such Holder,
shall be deemed to be a single “Holder,” and any pro rata reduction with respect to such “Holder”
shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included
in such “Holder,” as defined in this sentence.

 

12.          NO
RIGHTS OR LIABILITIES AS STOCKHOLDERS. This Warrant shall not entitle the Holder to any voting rights or other rights
as a stockholder of the Company. In the absence of affirmative action by such Holder to purchase Common Stock by exercise of this
Warrant or Common Stock upon conversion thereof, no provisions of this Warrant, and no enumeration herein of the rights or privileges
of the Holder hereof shall cause such Holder hereof to be a stockholder of the Company for any purpose.

 

13.          REPRESENTATIONS
AND WARRANTIES OF THE COMPANY. The Company hereby represents and warrants to Holder that:

 

13.1         Due
Authorization; Consents. All corporate action on the part of the Company, its officers, directors and stockholders necessary
for (a) the authorization, execution and delivery of, and the performance of all obligations of the Company under, this Warrant,
and (b) the authorization, issuance, reservation for issuance and delivery of all of the Common Stock issuable upon exercise of
this Warrant, has been duly taken. This Warrant constitutes a valid and binding obligation of the Company enforceable in accordance
with its terms, subject, as to enforcement of remedies, to applicable bankruptcy, insolvency, moratorium, reorganization and similar
laws affecting creditors’ rights generally and to general equitable principles.

 

13.2         Organization.
The Company is a corporation duly organized and validly existing under the laws of the State of Washington and has all requisite
corporate power to own, lease and operate its property and to carry on its business as now being conducted and as currently proposed
to be conducted.

 

    	 	8.	 

     

    

 

14.         NOTICES.
Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Agreement
shall be in writing and shall be conclusively deemed to have been duly given (a) when hand delivered to the other party; (b) when
received when sent by facsimile at the address and number set forth below; (c) three business days after deposit in the U.S. mail
with first class or certified mail receipt requested postage prepaid and addressed to the other party as set forth below; or (d)
the next business day after deposit with a national overnight delivery service, postage prepaid, addressed to the parties as set
forth below with next-business-day delivery guaranteed, provided that the sending party receives a confirmation of delivery from
the delivery service provider.

 

	
        To the Company:

         

        AmpliPhi Biosciences Corporation

        601 Union Street

        Suite 4200

        Seattle, WA 98101
	
        To the Holder:

         

         

 

Each person making a
communication hereunder by facsimile shall promptly confirm by telephone to the person to whom such communication was addressed
each communication made by it by facsimile pursuant hereto but the absence of such confirmation shall not affect the validity of
any such communication. A party may change or supplement the addresses given above, or designate additional addresses, for purposes
of this Section 14 by giving the other party written notice of the new address in the manner set forth above.

 

15.         HEADINGS.
The headings in this Warrant are for purposes of convenience in reference only, and shall not be deemed to constitute a part hereof.

 

16.         LAW
GOVERNING. This Warrant shall be construed and enforced in accordance with, and governed by, the laws of the State of
Washington, with regard to conflict of law principles of such state.

 

17.         NO
IMPAIRMENT. The Company will not, by amendment of its Certificate of Incorporation or bylaws, or through reorganization,
consolidation, merger, dissolution, issue or sale of securities, sale of assets or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying
out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of
the Registered Holder of this Warrant against impairment. Without limiting the generality of the foregoing, the Company (a) will
not increase the par value of any shares of stock issuable upon the exercise of this Warrant above the amount payable therefor
upon such exercise, and (b) will take all such action as may be necessary or appropriate in order that the Company may validly
and legally issue fully paid and nonassessable shares of Common Stock upon exercise of this Warrant.

 

18.         SEVERABILITY.
If any term, provision, covenant or restriction of this Warrant is held by a court of competent jurisdiction to be invalid, void
or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Warrant shall remain in full force
and effect and shall in no way be affected, impaired or invalidated.

 

19.         COUNTERPARTS.
For the convenience of the parties, any number of counterparts of this Warrant may be executed by the parties hereto and each such
executed counterpart shall be, and shall be deemed to be, an original instrument.

 

    	 	9.	 

     

    

 

20.         NO
INCONSISTENT AGREEMENTS. The Company will not on or after the date of this Warrant enter into any agreement with respect
to its securities which is inconsistent with the rights granted to the Holders of this Warrant or otherwise conflicts with the
provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the
rights granted to holders of the Company’s securities under any other agreements, except rights that have been waived.

 

21.         SATURDAYS,
SUNDAYS AND HOLIDAYS. If the Expiration Date falls on a Saturday, Sunday or legal holiday, the Expiration Date shall
automatically be extended until 5:00 p.m. PST the next business day.

 

22.         ENTIRE
AGREEMENT. This Warrant contains the sole and entire agreement and understanding of the parties with respect to the
entire subject matter of this Warrant, and any and all prior discussions, negotiations, commitments and understandings, whether
oral or otherwise, related to the subject matter of this Warrant are hereby merged herein.

 

[Signatures appear
on following page.]

 

    	 	10.	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Warrant as of the Effective Date.

 

	[________________]	 	AMPLIPHI BIOSCIENCES CORPORATION
	 	 	 
	 	 	 
	 	 	 
	By:	 	 	By:	 
	Name:	 	Name:
	Title:	 	Title:

 

[SIGNATURE PAGE TO WARRANT TO PURCHASE
COMMON STOCK]

  

    	 	 	 

     

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

(To be executed upon exercise
of Warrant)

 

To: AmpliPhi Biosciences
Corporation

 

The undersigned hereby
irrevocably elects to exercise the right of purchase represented by the within Warrant Certificate for, and to purchase thereunder,
the securities of the Company, as provided for therein, and (check the applicable box):

 

		☐	tenders herewith payment of the exercise price in full in the form of cash or a certified or official
bank check in same-day funds in the amount of $___________ for _____________ such securities.

 

		☐	elects the Net Issue Exercise option pursuant to Section
2.2 of the Warrant, and accordingly requests delivery of a net of ______________ of such securities.

 

Please issue a certificate
or certificates for such securities in the name of, and pay any cash for any fractional share to (please print name, address and
social security number):

 

	Name:	 
	 	 
	Address:	 
	 	 
	Signature:	 

 

Note: The above signature
should correspond exactly with the name on the first page of this Warrant Certificate or with the name of the assignee appearing
in the assignment form below.

 

If said number of shares
shall not be all the shares purchasable under the within Warrant Certificate, a new Warrant Certificate is to be issued in the
name of said undersigned for the balance remaining of the shares purchasable thereunder rounded up to the next higher whole number
of shares.

 

    	 	 	 

     

    

 

EXHIBIT B

 

ASSIGNMENT

 

(To be executed only upon
assignment of Warrant Certificate)

 

For value received, hereby
sells, assigns and transfers unto _______________________________ the within Warrant Certificate, together with all right, title
and interest therein, and does hereby irrevocably constitute and appoint ____________________________ attorney, to transfer said
Warrant Certificate on the books of the within-named Company with respect to the number of Warrants set forth below, with full
power of substitution in the premises:

 

	Name(s) of Assignee(s)	 	Address	 	# of Warrants
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

And if said number of
Warrants shall not be all the Warrants represented by the Warrant Certificate, a new Warrant Certificate is to be issued in the
name of said undersigned for the balance remaining of the Warrants registered by said Warrant Certificate.

 

	 	 
	 	 
	Dated:	 
	 	 
	Signature:	 

 

Notice: The signature
to the foregoing Assignment must correspond to the name as written upon the face of this security in every particular, without
alteration or any change whatsoever; signature(s) must be guaranteed by an eligible guarantor institution (banks, stock brokers,
savings and loan associations and credit unions with membership in an approved signature guarantee medallion program) pursuant
to Securities and Exchange Commission Rule 17Ad-15.

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