Document:

Long-term Incentive Plan

 Exhibit 10.10 
 ASHEVILLE SAVINGS BANK 
 LONG TERM INCENTIVE PLAN 

THIS IS THE LONG TERM INCENTIVE PLAN (“Plan”) of ASHEVILLE SAVINGS BANK, (the “Bank”) a North Carolina Savings Bank with its
principal office located at 11 Church Street, Asheville, North Carolina, adopted by the Board of Directors of the Bank, under which a long term incentive opportunity may be granted from time to time to Eligible Employees and/or Eligible Directors of
the Bank, and of any corporation or other entity of which the Bank owns, directly or indirectly, not less than (50%) of any class of equity securities (a “Subsidiary”), subject to the following provisions: 

ARTICLE 1 

DEFINITIONS 
 The
following terms shall have the meanings set forth below. Additional terms defined in this Agreement shall have the meanings ascribed to them when first used herein. 
 Bank Equity. Bank Equity consists of retained earnings from operations including preferred or common stock, any surplus, and any undivided profits. 

Board. The Board of Directors of Asheville Savings Bank. 
 Change in Control Transaction. The dissolution or liquidation of the Bank, or a reorganization, merger or consolidation of the Bank with, or a sale of all or substantially all of the assets
of the Bank, to another Bank, other entity or person. 
 Code. The Internal Revenue Code of 1986, as amended. 

Committee. The Budget Committee of the Board (or such comparable Committee as the Board may appoint from time to time). 

Death. The date of death of an Eligible Employee or an Eligible Director who has received any Equity Rights. 

Disability. The date on which an Eligible Employee or an Eligible Director who has received any Equity Rights becomes permanently and
totally disabled within the meaning of Section 22 (e) (3) of the Code, which shall be determined by the Committee on the basis of such medical or other evidence as it may reasonably require or deem appropriate. 

Distribution Amount. The amount of each Equity Increase distributed in accordance with the Equity Rights Agreement to an Eligible Employee
or Eligible Director. 
 Effective Date. The effective date of the Plan is January 1, 2003. 

  
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 Eligible Directors. Those individuals who are duly elected, non-employee directors of the Bank
or a Subsidiary who are recommended by the Committee and whose selection is approved by the Board. 
 Eligible Employees. Those
individuals who meet the following eligibility requirements: 
 (i) Such individual is a full time employee of the Bank or a Subsidiary and
there exists between the Bank or a Subsidiary and the individual the legal and bona fide relationship of employer and employee. In determining whether such relationship exists, the regulations of the United States Treasury Department relating to the
determination of such relationship for the purpose of collection of income tax at the source on wages shall be applied. 
 (ii) Such individual
has been recommended by the Committee to the Board as being in a position to materially contribute to the financial success of the Bank and the Board has approved the recommendation. The list of such selected individuals may be amended, expanded,
restricted or otherwise modified by the Committee, subject to ratification of such action by the Board and subject to prior vesting of an individual’s Equity Rights. 
 Ending Bank Equity. Ending Bank Equity is the Bank Equity as of December 31 of the third year following the determination of the Initial Bank Equity. 

Equity Increase. Equity Increase is the excess, if any, of the Ending Bank Equity over the Initial Bank Equity. 

Equity Right. The opportunity to share in future Equity Increases. 
 Equity Rights Agreement. The agreement, as it may be amended from time to time, that must be executed by an Eligible Employee or an Eligible Director to effectuate the grant of an Equity
Right. 
 Grant Date. Grant Date is the date the Equity Rights Agreement is executed by the Bank and an Eligible Employee or
Eligible Director, as applicable. 
 Initial Bank Equity. Initial Bank Equity is the Bank Equity as of the first day of the
January nearest to the date the Board votes to grant Equity Rights to Eligible Employees and Eligible Directors. 
 Just Cause
Termination. For purposes of this Plan, a just cause termination means: (i) the willful failure by an Eligible Employee or an Eligible Director to substantially perform his duties and continuance of such failure for more than 20 days
after the Bank notifies the Eligible Employee or Eligible Director in writing that he is failing substantially to perform his duties, (ii) an Eligible Employee’s or an Eligible Director’s engaging in serious misconduct (including,
without limitation, any criminal, fraudulent or dishonest conduct) that is injurious to the Bank or any of its Subsidiaries (iii) an Eligible Employee’s or an Eligible Director’s conviction of, or entering a plea of nolo contendere
to, any crime that constitutes a felony or involves moral turpitude, or (iv) the breach by an Eligible Employee or an Eligible Director of any written covenant or agreement with the Bank not to disclose any information pertaining to the Bank or
not to compete or interfere with the Bank. 

  
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 Retirement. “Retirement” shall mean termination of employment after attaining early
retirement age (55) or normal retirement age (65) (except in the case of a Just Cause Termination). Provided, however, that with regard to an Eligible Director, Retirement shall be mandatory upon attaining age 70. 

Tax Withholding Liability. All federal and state income taxes, Social Security tax, Medicare tax and any other taxes applicable to
compensation income arising from any transaction required by applicable law to be withheld by the Bank. 
 Vesting Period. The
Vesting Period is the time period between the Grant Date and the Ending Bank Equity date. 
 ARTICLE 2 

GENERAL 

Section 2.1. Purpose. The purposes of this Plan are (i) to assist the Bank, and any of its Subsidiaries, in attracting
and retaining capable directors and employees, (ii) to provide a long range incentive for directors and selected employees to remain in the management and service of the Bank or any Subsidiary, and (iii) to encourage the directors and
selected employees to perform at levels of effectiveness that result in an increase in the Bank’s or any Subsidiary’s financial success, by rewarding the directors and selected employees with the potential to share in Equity Increases, if
any, subject to the terms of this Plan. 
 Section 2.2. Administration. 

(a) The Plan will be administered by the Committee. In the absence at any time of a duly appointed Committee, the Plan will be
administered by the Board. The Committee may designate any officers or employees of the Bank or any Subsidiary to assist in the administration of the Plan, to execute documents on behalf of the Committee, and to perform such other ministerial duties
as may be delegated to them by the Committee. 
 (b) Subject to the provisions of the Plan, the interpretation and construction
of any provision of the Plan by the Committee will be final and conclusive upon all persons eligible to participate in the Plan. By way of illustration and not of limitation, the Committee shall have the discretion: 

 

	 	(i)	to construe and interpret the Plan and to determine the terms and provisions (and amendments thereof) of the Equity Rights Agreements; 

 

	 	(ii)	to define the terms used in the Plan and in the Equity Rights Agreements; 

  

	 	(iii)	to prescribe, amend and rescind the rules and regulations relating to the Plan; 

 

	 	(iv)	to recommend to the Board the employees and directors to be granted Equity Rights, the Grant Date, and the percentage of Equity Increases that may be available
for.granting, all of which are subject to approval by the Board; 

  
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	 	(v)	to determine any leaves of absence which may be granted to Eligible Employees without constituting a termination of their employment for the purposes of the Plan; and

  

	 	(vi)	to make all other determinations and interpretations necessary or advisable for the administration of the Plan. 

(c) In determining the Eligible Employees and Eligible Directors to whom Equity Rights may be granted and the percentage of the Equity
Increases, if any, to be granted under each Equity Rights Agreement, the Committee will take into account the nature of the services rendered by such Eligible Employees and Eligible Directors, their present and potential contributions to the
financial success of the Bank and/or a Subsidiary and such other factors as the Committee deems relevant. An Eligible Employee or Eligible Director who has been granted Equity Rights under this Plan may be granted additional Equity Rights under this
Plan if the Committee so determines. 
 (d) The granting of Equity Rights pursuant to this Plan is in the exclusive discretion
of the Board, and until the Board acts, and the Equity Rights Agreement is fully executed, no individual shall receive any Equity Rights under this Plan. The terms of this Plan shall be interpreted in accordance with this intent. 

Section 2.3. Determination of Equity Increase. The amount of any Equity Increase is determined by measuring the excess of the
Ending Bank Equity for the year in question over the Initial Bank Equity for the year in question. The Distribution Amount will be distributed as soon as practicable after each Vesting Period has expired. If the Initial Bank Equity exceeds the
Ending Bank Equity, no Eligible Director and no Eligible Employee will receive any distributions under their individual Equity Rights Agreements and the Equity Rights pertaining to that Vesting Period will expire and be null and void. Attached as
Schedule A to this Plan is an example of the operation of the Plan. 
 ARTICLE 3 

GRANT OF EQUITY RIGHT 
 Section 3.1. Grant of Equity Rights. 
 (a) On an
annual basis, the Board will determine whether or not any Equity Rights will be awarded under this Plan. If the Board determines to provide the incentive of additional Equity Rights, it will determine and record the Initial Bank Equity for the year
in question. 
 (b) If the Board decides to award Equity Rights, the Committee will make recommendations to the Board as to the
percentage of the Equity Increases that may be available for granting to Eligible Employees and/or Eligible Directors, subject to approval by the Board, whose action shall be conclusive and binding. 

  
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 (c) The grant of an Equity Right pursuant to this Plan will not affect in any way the right
or power of the Bank to make adjustments, reclassification, reorganizations or changes of its capital or business structure or to merge or to consolidate or to dissolve, liquidate or sell, or transfer all or any part of its business or assets.

 Section 3.2. Terms and Conditions of Equity Rights. 

(a) The term of this Plan is ten (10) years and no grants of Equity Rights may be awarded after expiration of the Plan. 

(b) The Committee may recommend, and the Board may approve, more than one grant of an Equity Right to an Eligible Employee or an Eligible
Director. 
 (c) Each grant of an Equity Right shall be evidenced by an Equity Rights Agreement in form and substance
satisfactory to the Committee in its discretion, consistent with the provisions of this Article III. 
 (d) Nothing contained in
Article III, any Equity Rights Agreement or in any other agreement executed in connection with the granting of an Equity Right under this Article III will confer upon any employee or director any right with respect to the continuation of his or her
status as an employee of, consultant or independent contractor to, or director of the Company or any of its Subsidiaries. 
 (e)
A holder of an Equity Right shall have no rights as a member of the Bank, or as a shareholder of the Bank or its successor in interest with respect to any shares of stock should the Bank convert to stock organization or complete any Change of
Control. An adjustment to the amount of any Equity Increase may be made for any extraordinary dividends, whether in cash, securities or other property or distributions or other rights for which the Vesting Period has not expired, subject to approval
by the Board. 
 (f) A Vesting Period may be accelerated by the Committee in its discretion. 

Section 3.3. Distribution of Equity Rights. 
 (a) A holder of an Equity Right must be an Eligible Employee or Eligible Director at all times from the Grant Date until the expiration of the Vesting Period. However, this requirement may be waived by
the Committee in its sole and absolute discretion if the Committee determines to make a payment as provided in Section 3.6 in the event of Death or Disability of an Eligible Employee or Eligible Director. 

(b) An Equity Right that does not expire will be paid out in accordance with the Equity Rights Agreement. The Tax Withholding Liability
for Eligible Employees will be deducted from the Distribution Amount pursuant to the Equity Rights Agreement. 
 (c) Equity
Increases may be adjusted, subject to Board approval, for the effects of extraordinary dividends, and any equity capital increases related to any action other than through profits of the Bank, including the issuance of common stock which occurred
during the Vesting Period. 

  
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 (d) The Distribution Amount will be payable to the Eligible Employee and/or the Eligible
Director either in United States dollars, in cash or by check, Bank draft or money order payable to the order of the Eligible Employee and/or the Eligible Director. 
 Section 3.4. Change in Control Transaction. At any time prior to the date of consummation of a Change in Control Transaction, the Committee may, subject to Board approval in
its absolute discretion, determine that all or any part of the Equity Right granted under this Plan shall become immediately vested and payable in full and may thereafter be payable at any time before the date of consummation of the Change in
Control Transaction (except to the extent that such acceleration of exercisability would result in an “excess parachute payment” within the meaning of Section 280G of the Code). Any Equity Rights that have not been fully paid out
before the date of consummation of the Change in Control Transaction will terminate on such date, unless a provision has been made in writing in connection with such transaction for the assumption of all Equity Rights that have not expired
previously, or for the substitution for Equity Rights (or similar incentive programs) of the successor employer Bank, or a parent or a subsidiary thereof, with appropriate adjustments as to the Equity Increase to be awarded such that the money
equivalent of the unexpired Equity Rights is not diluted, in which event the unexpired Equity Rights will continue in the manner and under the terms so provided. 
 Section 3.5. Restrictions on Transfer. An Equity Right granted under Article III may not be transferred and, during the lifetime of the Eligible Employee or Eligible Director
to whom it was granted, may be exercised only by such Eligible Employee or Eligible Director. 
 Section 3.6. Distribution
of Equity Rights upon Death or Disability. In the event of the Death of an Eligible Employee or an Eligible Director prior to the end of the Vesting Period, the Committee will determine, in its sole and absolute discretion, whether the
Distribution Amount will be paid to the decedent’s estate, heirs or beneficiaries, as applicable. Likewise, in the event of the Disability of an Eligible Employee or Eligible Director prior to the end of the Vesting Period, the Committee will
determine, in its sole and absolute discretion, whether the disabled Eligible Employee or Eligible Director may receive his or her Distribution Amount. 
 Section 3.7. Evidence of Participation. The Equity Rights Agreement will serve as evidence of ownership of an Equity Right. 

Section 3.8. Amendment and Discontinuance. The Board may amend, suspend or discontinue the provisions of this Article III at
any time or from time to time, provided that no such action may alter or impair an existing unexpired Equity Right without the consent of the applicable Eligible Employee or Eligible Director. 

ARTICLE 4 

MISCELLANEOUS 

Section 4.1. No Obligation to Accept Distribution Amount. The granting of Equity Rights shall impose no obligation upon the
recipient to accept any Distribution Amount associated with any Equity Rights. 

  
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 Section 4.2. Captions and Headings; Gender and Number. Captions and paragraph
headings used herein are for convenience only, do not modify or affect the meaning of any provision herein, are not a part of, and shall not serve as a basis for, interpretation or construction of this Plan. As used herein, the masculine gender
shall include the feminine and neuter, and the singular number shall include the plural, and vice versa, whenever such meanings are appropriate. 
 Section 4.3. Governing Law. Without regard to the principles of conflicts of laws, the laws of the State of North Carolina shall govern and control the validity,
interpretation, performance, and enforcement of this Plan and any Equity Rights issued pursuant to this Plan and the related Equity Rights Agreements. 
 Section 4.4. Severable Provisions. The Bank intends that the provisions of each of the Articles in this Plan be deemed to be effective on an independent basis, and that if one
or more of such Articles, or the operative provisions thereof, are deemed invalid, void or voidable, the remainder of such Articles will continue in full force and effect. 
 IN WITNESS WHEREOF, this Plan is effective as the 18th day of March, 2003. 
  

			
	ASHEVILLE SAVINGS BANK, S.S.B.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	ATTEST:
		
	By:	 	 
	Name:	 	 
	Title:	 	 
		 	[CORPORATE SEAL]

  
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 SCHEDULE A 
 EXAMPLE OF HOW PLAN OPERATES 
  

			
	 GRANT 1:
  

Grant Date = 02/01/03
  
 Initial Bank Equity date = 01/01/03
  
 Employee’s Equity Right granted = 2%
  
 Initial Bank Equity = $1000 at 01/01/03
  
 Vesting Period ends 12/31/05
  

Ending Bank Equity = $1300 at 12/31/05
	  	 GRANT 2:
  

Grant Date = 02/01/04
  
 Initial Bank Equity date = 01/01/04
  
 Employee’s Equity Right granted = 5%
  
 Initial Bank Equity = $1100 at 01/01/04
  
 Vesting Period ends 12/31/06
  

Ending Bank Equity = $1500 at 12/31/06

		
	 GRANT 3:
  

Grant Date = 02/01/05
  

Initial Bank Equity date = 01/01/05

 
 Employee’s Equity Right granted =
4%
  
 Initial Bank Equity = $1200 at
01/01/05
  
 Vesting Period ends
12/31/07
  
 Ending Bank Equity =
$900 at 12/31/07
	  	

  

															
	 Grant
	  	Ending Bank
Equity	 	  	Initial Bank
Equity	 	  	Equity
Increase	 	  	Value of
Employee’s
Equity Right
(Distribution
Amount)
	 Grant 1
	  	$	1300	  	  	$	1000	  	  	$	300	  	  	.02 x $300 = $6
	 Grant 2
	  	$	1500	  	  	$	1100	  	  	$	400	  	  	.05 x $400 = $20
	 Grant 3
	  	$	900	  	  	$	1200	  	  	 	–$300	  	  	$0 (since equity
increase is
negative, Equity
Right = $0)

 ASHEVILLE SAVINGS BANK 

EMPLOYEE EQUITY RIGHTS AGREEMENT 
 WHEREAS, Asheville Savings Bank (the “Bank”) has adopted the Asheville Savings Bank Long Term Incentive Plan (the “Plan”); and 

WHEREAS,                 (“Employee”), an
employee of the Bank, has been selected to participate and desires to participate in the Plan. 
 NOW, THEREFORE, the Bank and Employee
agree to the terms and conditions of the Plan and this agreement (the “Agreement”) as more fully described below. 

ARTICLE I 

DEFINITIONS 
 Capitalized
terms not otherwise defined in this Agreement shall have the meanings set forth in the Plan. Additional terms defined in this Agreement shall have the meanings ascribed to them when first used herein. 

ARTICLE II 

GRANT OF EQUITY RIGHTS 

The Committee, acting under authority set forth in the Plan, and as approved by the Board, hereby grants to Employee on January 30, 2007 (which for
purposes of this Agreement is the Grant Date) an Equity Right in the amount of 0.41 % of the Bank’s Equity Increase during the Vesting Period (the “Employee’s Equity Right”), subject to the terms and conditions described
below and in the Plan. The Equity Rights granted herein are not valid unless this Equity Rights Agreement is executed by both a duly authorized officer of the Bank and Employee. 

ARTICLE III 

Terms and Conditions 

Section 3.1 No Guarantee of Future Awards. 
 Employee acknowledges that the Employee’s Equity Rights granted hereunder are issued with an intent to provide a performance incentive to Employee. Employee specifically acknowledges that this award
in no way commits the Bank to any further such awards. 
 Section 3.2 Value of the Employee’s Equity Rights.

 Employee acknowledges that the value of the Employee’s Equity Rights granted hereunder is $0 unless an Equity Increase occurs during the
Vesting Period and that payment of any Employee’s Equity Rights is subject to all of the terms and conditions incorporated in this Agreement. 

  
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 Section 3.3 Other Terms and Conditions. 

 

	 	(a)	Employee acknowledges that nothing contained in this Agreement or in any other agreement executed in connection with the granting of Equity Rights under the Plan will
confer upon any Eligible Employee any right with respect to the continuation of his or her status as an employee of the Bank or any of its Subsidiaries. 

  

	 	(b)	Employee’s right to receive the Distribution Amount shall vest and first become payable on the last day of the Vesting Period. Such Vesting Period may be
accelerated or shortened by the Committee in its discretion. 

  

	 	(c)	This Agreement will terminate immediately with the Employee’s Equity Rights having a value of $0 if: 

 

	 	1)	During the Vesting Period, the Bank is rated 3 or lower by the pertinent banking regulatory agencies’ CAMELS safety and soundness rating system.

  

	 	2)	The Bank’s Average Assets divided by Ending Bank Equity falls below 9%, as measured on the final day of any month, and remains below 9% for six (6) or more
consecutive months prior to the end of the Vesting Period. 

  

	 	3)	The Bank’s Average Asset Growth Rate, as measured by the difference between Total Assets less Borrowed Funds, exceeding 25% of Total Assets, at the date that the
Initial Bank Equity is determined, minus Total Assets less Borrowed Funds, exceeding 25% of Total Assets, at the end of the Vesting Period, divided by Total Assets less Borrowed Funds, exceeding 25% of Total Assets, at the date that the Initial bank
Equity is determined, times 100, is less than 9%. 

 Terms used in this subsection (c) and not otherwise
defined in the Plan or this Agreement shall reference the identical line items on the Bank’s internally generated Balance Sheet as and for the dates indicated. 
 Section 3.4 Distribution of Employee’s Equity Rights. 
  

	 	(a)	Employee must be an Eligible Employee at all times from the Grant Date until the end of the Vesting Period. However, this requirement may be waived by the Committee in
its sole and absolute discretion if the Committee determines to make a payment as provided in Section 3.7 in the event of Death or Disability of Employee. 

 

	 	(b)	The Distribution Amount will be paid to Employee as soon as praticable after the end of the Vesting Period. Employee understands that receipt of the Distribution Amount
is taxable as ordinary income for federal and state tax purposes. The Tax Withholding Liability for Employee will be deducted from the Distribution Amount before pay-out to Employee. 

  
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	 	(c)	Subject to Board approval, Equity Increases may be adjusted for the effects of extraordinary dividends and any equity capital increases related to any action other than
through profits of the Bank, including the issuance of common stock which occurred during the Vesting Period. 

  

	 	(d)	The Distribution Amount shall be payable to Employee either in United States dollars, in cash or by check, Bank draft or money order payable to the order of the
Employee. 

 Section 3.5 Change in Control Transaction. 

At any time prior to the date of consummation of a Change in Control Transaction, the Committee may, subject to Board approval, in its absolute
discretion, determine that all or any part of the Employee’s Equity Rights granted under this Agreement shall become immediately vested and payable in full and may thereafter be payable at any time before the date of consummation of the Change
in Control Transaction (except to the extent that such acceleration of exercisability would result in an “excess parachute payment” within the meaning of Section 280G of the Code). Any Employee’s Equity Rights that have not been
fully paid out before the date of consummation of the Change in Control Transaction will terminate on such date, unless a provision has been made in writing in connection with such transaction for the assumption of all Employee’s Equity Rights
that have not expired previously, or for the substitution for Equity Rights (or similar incentive programs) of the successor employer Bank, or a parent or a subsidiary thereof, with appropriate adjustments as to the Equity Increase to be awarded
such that the money equivalent of the unexpired Employee’s Equity Rights is not diluted, in which event the unexpired Employee’s Equity Rights will continue in the manner and under the terms so provided. 

Section 3.6 Restrictions on Transfer. 
 Equity Rights evidenced by this Agreement may not be transferred and, during the lifetime of Employee, may be exercised only by Employee. 
 Section 3.7 Distribution of Equity Rights upon Death or Disability. 

In the event of the Death of an Eligible Employee prior to the end of the Vesting Period, the Committee will determine, in its sole and absolute
discretion, whether the Distribution Amount will be paid to the decedent’s estate, heirs or beneficiaries, as applicable. Likewise, in the event of the Disability of an Eligible Employee prior to the end of the Vesting Period, the Committee
will determine, in its sole and absolute discretion, whether the disabled Eligible Employee may receive his or her Distribution Amount. 

Section 3.8 Evidence of Participation. 
 This Agreement shall serve as evidence of ownership of the Employee’s Equity Rights granted herein. 

  
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 Section 3.9 Amendment and Discontinuance. 

The Board may amend, suspend or discontinue the provisions of this Article III at any time or from time to time; provided that no such action may alter
or impair an existing unexpired Equity Right without the consent of Employee. 
 ARTICLE IV 

MISCELLANEOUS 

Section 4.1 No Obligation to Accept Distribution Amount. 
 The execution of this Agreement shall impose no obligation upon Employee to accept any Distribution Amount associated with any Employee’s Equity Rights granted hereunder. 

Section 4.2 Captions and Headings; Gender and Number. 
 Captions and paragraph headings used herein are for convenience only, do not modify or affect the meaning of any provision herein, are not a part of, and shall not serve as a basis for, interpretation or
construction of this Agreement. As used herein, the masculine gender shall include the feminine and neuter, and the singular number shall include the plural, and vice versa, whenever such meanings are appropriate. 

Section 4.3 Governing Law. 
 Without regard to the principles of conflicts of laws, the laws of the State of North Carolina shall govern and control the validity, interpretation, performance and enforcement of this Agreement.

 This Agreement entered into this              day of
            , 20__, as witnessed by the following signatures: 
  

									
	Employee:	 		 	Asheville Savings Bank, S.S.B.
					
		 	 	 		 	By:	 	 
		 		 		 	Name:	 	 
		 		 		 	Title:	 	 

  
 4Form of Underwriter Warrant

 EXHIBIT 4.26 
 THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER SECURITIES LAWS AND
MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF (1) AN EFFECTIVE REGISTRATION STATEMENT COVERING SUCH SECURITIES UNDER THE SECURITIES ACT AND ANY OTHER APPLICABLE SECURITIES LAWS, OR (2) AN OPINION
OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 
 IN ADDITION, THIS WARRANT AND THE SECURITIES
ISSUABLE UPON EXERCISE HEREOF MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED, OR BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF SUCH
SECURITIES BY ANY PERSON FOR A PERIOD OF SIX (6) MONTHS IMMEDIATELY FOLLOWING THE DATE OF EFFECTIVENESS OF THE PUBLIC OFFERING OF THE COMPANY’S SECURITIES PURSUANT TO REGISTRATION STATEMENT NO.: 333-172259 AS FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION, EXCEPT IN ACCORDANCE WITH FINRA RULE 5110(G)(2). 
 DAIS ANALYTIC CORPORATION 

UNDERWRITER WARRANT 
 _______ shares of Common Stock 
 _______ , 2011 

This UNDERWRITER WARRANT (this “Warrant”) of Dais Analytic Corporation, a corporation duly organized and validly
existing under the laws of the State of New York (the “Company”), is being issued pursuant to that certain Underwriting Agreement, dated as of _______, 2011 (the “Underwriting Agreement”), between the Company and
MDB Capital Group, LLC (the “Underwriter”) relating to a firm commitment public offering (the “Offering”) of _______ shares of common stock, $0.01 par value per share, of the Company (the “Common
Stock”) underwritten by the Underwriter. 
 FOR VALUE RECEIVED, the Company hereby grants to MDB Capital Group,
LLC and its permitted successors and assigns (collectively, the “Holder”) the right to purchase from the Company up to - _______ (_______) shares of Common Stock (such shares underlying this Warrant, the “Warrant
Shares”), at a per share purchase price equal to $_____ (the “Exercise Price”), subject to the terms, conditions and adjustments set forth below in this Warrant. 

1. Date of Warrant Exercise. This Warrant shall become exercisable on the date that is one (1) year from the Base Date (the
“Exercise Date”). As used in this Warrant, the term “Base Date” shall mean _______, 2011. Except as otherwise provided for herein or as permitted by applicable rules of the Financial Industry Regulatory Authority,
Inc., (“FINRA”) this Warrant and the underlying Warrant Shares shall not be sold, transferred, assigned, pledged or hypothecated prior to the date that is one year immediately following the Base Date pursuant to FINRA Rule 5110(g)(1),
except as permitted under FINRA Rule 5110(g)(2). 
 2. Expiration of Warrant. This Warrant shall expire on the five
(5) year anniversary of the Base Date (the “Expiration Date”). 
 3. Exercise of Warrant. This
Warrant shall be exercisable pursuant to the terms of this Section 3. 
 3.1 Manner of Exercise. 

(a) This Warrant may only be exercised by the Holder hereof on or after the Exercise Date and on or prior to the Expiration Date, in
accordance with the terms and conditions hereof, in whole or in part (but not as to fractional shares) with respect to any portion of this Warrant, during the Company’s normal business hours

 
on any day other than a Saturday or a Sunday or a day on which commercial banking institutions in New York, New York are authorized by law to be closed (a “Business Day”), by
surrender of this Warrant to the Company at its office maintained pursuant to Section 10.2(a) hereof, accompanied by a written exercise notice in the form attached as Exhibit A to this Warrant (or a reasonable facsimile thereof) duly
executed by the Holder, together with the payment of the aggregate Exercise Price for the number of Warrant Shares purchased upon exercise of this Warrant. Upon surrender of this Warrant, the Company shall cancel this Warrant document and shall, in
the event of partial exercise, replace it with a new Warrant document in accordance with Section 3.3. 
 (b) Except as
provided for in Section 3.1(c) below, each exercise of this Warrant must be accompanied by payment in full of the aggregate Exercise Price in cash by check or wire transfer in immediately available funds for the number of Warrant Shares being
purchased by the Holder upon such exercise. 
 (c) The aggregate Exercise Price for the number of Warrant Shares being purchased
may also, in the sole discretion of the Holder, be paid in full or in part on a “cashless basis” at the election of the Holder: 
  

	 	(i)	in the form of Common Stock owned by the Holder (based on the Fair Market Value (as defined below) of such Common Stock on the date of exercise);

  

	 	(ii)	in the form of Warrant Shares withheld by the Company from the Warrant Shares otherwise to be received upon exercise of this Warrant having an aggregate Fair Market
Value on the date of exercise equal to the aggregate Exercise Price of the Warrant Shares being purchased by the Holder; or 

  

	 	(iii)	by a combination of the foregoing, provided that the combined value of all cash and the Fair Market Value of any shares surrendered to the Company is at least equal to
the aggregate Exercise Price for the number of Warrant Shares being purchased by the Holder. 

 For purposes of
this Warrant, the term “Fair Market Value” means with respect to a particular date, the average closing price of the Common Stock for the five (5) trading days immediately preceding the applicable exercise herein as officially
reported by the principal securities exchange on which the Common Stock is then listed or admitted to trading, or, if the Common Stock is not listed or admitted to trading on any securities exchange as determined in good faith by resolution of the
Board of Directors of the Company, based on the best information available to it. 
 For purposes of illustration of a cashless
exercise of this Warrant under Section 3.1 (c)(ii) (or for a portion thereof for which cashless exercise treatment is requested as contemplated by Section 3.1(c)(iii) hereof), the calculation of such exercise shall be as follows:

 X = Y (A-B)/A 
 where: 
 X = the number of Warrant Shares to be issued to the Holder (rounded to
the nearest whole share). 
 Y = the number of Warrant Shares with respect to which this Warrant is being exercised. 

A = the Fair Market Value of the Common Stock. 
 B = the Exercise Price. 
 (d) For purposes of Rule 144 and sub-section (d)(3)(ii)
thereof, it is intended, understood, and acknowledged that the Common Stock issuable upon exercise of this Warrant in a cashless exercise transaction as described in Section 3.1(c) above shall be deemed to have been acquired at the time this
Warrant was 

 
issued. Moreover, it is intended, understood, and acknowledged that the holding period for the Common Stock issuable upon exercise of this Warrant in a cashless exercise transaction as described
in Section 3.1(c) above shall be deemed to have commenced on the date this Warrant was issued. 
 3.2 When Exercise
Effective. Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business on the Business Day on which this Warrant shall have been duly surrendered to the Company as provided in Sections 3.1 and
12 hereof, and, at such time, the Holder in whose name any certificate or certificates for Warrant Shares shall be issuable upon exercise as provided in Section 3.3 hereof shall be deemed to have become the holder or holders of record thereof
of the number of Warrant Shares purchased upon exercise of this Warrant. 
 3.3 Delivery of Common Stock Certificates and New
Warrant. As soon as reasonably practicable after each exercise of this Warrant, in whole or in part, and in any event within three (3) Business Days thereafter, the Company, at its expense (including the payment by it of any applicable
issue taxes), will cause to be issued in the name of and delivered to the Holder hereof or, subject to Sections 9 and 10 hereof, as the Holder (upon payment by the Holder of any applicable transfer taxes) may direct: 

(a) a certificate or certificates (with appropriate restrictive legends, as applicable) for the number of duly authorized, validly
issued, fully paid and non-assessable Warrant Shares to which the Holder shall be entitled upon exercise; and 
 (b) in case
exercise is in part only, a new Warrant document of like tenor, dated the date hereof, for the remaining number of Warrant Shares issuable upon exercise of this Warrant after giving effect to the partial exercise of this Warrant (including the
delivery of any Warrant Shares as payment of the Exercise Price for such partial exercise of this Warrant). 
 4. Certain
Adjustments. For so long as this Warrant is outstanding: 
 4.1 Mergers or Consolidations. If at any time after the
date hereof there shall be a capital reorganization (other than a combination or subdivision of Common Stock otherwise provided for herein) resulting in a reclassification to or change in the terms of securities issuable upon exercise of this
Warrant (a “Reorganization”), or a merger or consolidation of the Company with another corporation, association, partnership, organization, business, individual, government or political subdivision thereof or a governmental agency
(a “Person” or the “Persons”) (other than a merger with another Person in which the Company is a continuing corporation and which does not result in any reclassification or change in the terms of securities issuable
upon exercise of this Warrant or a merger effected exclusively for the purpose of changing the domicile of the Company) (a “Merger”), then, as a part of such Reorganization or Merger, lawful provision and adjustment shall be made so
that the Holder shall thereafter be entitled to receive, upon exercise of this Warrant, the number of shares of stock or any other equity or debt securities or property receivable upon such Reorganization or Merger by a holder of the number of
shares of Common Stock which might have been purchased upon exercise of this Warrant immediately prior to such Reorganization or Merger. In any such case, appropriate adjustment shall be made in the application of the provisions of this Warrant with
respect to the rights and interests of the Holder after the Reorganization or Merger to the end that the provisions of this Warrant (including adjustment of the Exercise Price then in effect and the number of Warrant Shares) shall be applicable
after that event, as near as reasonably may be, in relation to any shares of stock, securities, property or other assets thereafter deliverable upon exercise of this Warrant. The provisions of this Section 4.1 shall similarly apply to
successive Reorganizations and/or Mergers. 
 4.2 Splits and Subdivisions; Dividends. In the event the Company should at
any time or from time to time effectuate a split or subdivision of the outstanding shares of Common Stock or pay a dividend in or make a distribution payable in additional shares of Common Stock or other securities, or rights convertible into, or
entitling the holder thereof to receive, directly or indirectly, additional shares of Common Stock (hereinafter referred to as “Common Stock Equivalents”) without payment of any consideration by such holder for the additional shares of
Common Stock or Common Stock Equivalents (including the additional shares of Common Stock issuable upon conversion or exercise thereof), then, as of the applicable record date (or the date of such distribution, split or subdivision if no record date
is fixed), the per share Exercise Price shall be appropriately 

 
decreased and the number of Warrant Shares shall be appropriately increased in proportion to such increase (or potential increase) of outstanding shares; provided, however, that no adjustment
shall be made in the event the split, subdivision, dividend or distribution is not effectuated. 
 4.3 Combination of Shares.
If the number of shares of Common Stock outstanding at any time after the date hereof is decreased by a combination of the outstanding shares of Common Stock, the per share Exercise Price shall be appropriately increased and the number of shares
of Warrant Shares shall be appropriately decreased in proportion to such decrease in outstanding shares. 
 4.4 Adjustments
for Other Distributions. In the event the Company shall declare a distribution payable in securities of other Persons, evidences of indebtedness issued by the Company or other Persons, assets (excluding cash dividends or distributions to the
holders of Common Stock paid out of current or retained earnings and declared by the Company’s board of directors) or options or rights not referred to in Sections 4.2 or 4.3 then, in each such case for the purpose of this Section 4.4,
upon exercise of this Warrant, the Holder shall be entitled to a proportionate share of any such distribution as though the Holder was the actual record holder of the number of Warrant Shares as of the record date fixed for the determination of the
holders of Common Stock of the Company entitled to receive such distribution. 
 5. No Impairment. The Company will not,
by amendment of its certificate of incorporation or by-laws or through any consolidation, merger, reorganization, transfer of assets, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all of the terms and in the taking of all actions necessary or appropriate in order to protect the rights of the Holder against
impairment. 
 6. Notice as to Adjustments. With respect to each adjustment pursuant to Section 4 of this Warrant,
the Company, at its expense, will promptly compute the adjustment or re-adjustment in accordance with the terms of this Warrant and furnish the Holder with a certificate certified and confirmed by the Secretary or Chief Financial Officer of the
Company setting forth, in reasonable detail, the event requiring the adjustment or re-adjustment and the amount of such adjustment or re-adjustment, the method of calculation thereof and the facts upon which the adjustment or re-adjustment is based,
and the Exercise Price and the number of Warrant Shares or other securities purchasable hereunder after giving effect to such adjustment or re-adjustment, which report shall be mailed by first class mail, postage prepaid to the Holder. 

7. Reservation of Shares. The Company shall, solely for the purpose of effecting the exercise of this Warrant, at all times during
the term of this Warrant, reserve and keep available out of its authorized shares of Common Stock, free from all taxes, liens and charges with respect to the issue thereof and not subject to preemptive rights of shareholders of the Company, such
number of its shares of Common Stock as shall from time to time be sufficient to effect in full the exercise of this Warrant. If at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect in full the
exercise of this Warrant, in addition to such other remedies as shall be available to Holder, the Company will promptly take such corporate action as may, in the opinion of its counsel, be necessary to increase the number of authorized but unissued
shares of Common Stock to such number of shares as shall be sufficient for such purposes, including without limitation, using its Reasonable Best Efforts (as defined in Section 14 hereof) to obtain the requisite shareholder approval necessary
to increase the number of authorized shares of Common Stock. The Company hereby represents and warrants that all shares of Common Stock issuable upon exercise of this Warrant shall be duly authorized and, when issued and paid for upon exercise,
shall be validly issued, fully paid and nonassessable. 
 8. Registration and Listing. 

8.1 Definition of Registrable Securities; Majority. As used herein, the term “Registrable Securities” means any shares
of Common Stock issuable upon the exercise of this Warrant until the date (if any) on which such shares shall have been transferred or exchanged and new certificates for them not bearing a legend restricting further transfer shall have been
delivered by the Company and subsequent disposition of the shares shall 

 
not require registration or qualification under the Securities Act or any similar state law then in force. For purposes of this Warrant, the term “Majority Holders” shall mean in excess
of fifty percent (50%) of the then outstanding Warrant Shares. 
 8.2 Demand Registration Rights. 

(a) The Company, upon written demand (“Demand Notice”) of the Majority Holders, agrees to register on one occasion all of the
Registrable Securities. On such occasion, the Company will file a registration statement or a post-effective amendment to the Registration Statement covering the Registrable Securities within forty-five (45) days after receipt of a Demand
Notice and use its Reasonable Best Efforts to have such registration statement or post-effective amendment declared effective as soon as possible thereafter; provided, however, that the Company shall not be required to comply with a Demand Notice if
the Company has filed a registration statement with respect to which the Holder is entitled to piggyback registration rights pursuant to Section 8.3 hereof and either: (i) the Holder has elected to participate in the offering covered by
such registration statement or (ii) if such registration statement relates to an underwritten primary offering of securities of the Company, until the offering covered by such registration statement has been withdrawn or until thirty
(30) days after such offering is consummated. The demand for registration may be made at any time during a period of four years beginning one (1) year from the Base Date. The Company covenants and agrees to give written notice of its
receipt of any Demand Notice by any Holder(s) to all other registered Holders of the Warrants and/or the Registrable Securities within ten days from the date of the receipt of any such Demand Notice. 

(b) The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 8.2(a), but
the Holders shall pay all any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities. The Company agrees to use its Reasonable Best
Efforts to qualify or register the Registrable Securities in such states as are reasonably requested by the Majority Holder(s); provided, however, that in no event shall the Company be required to register the Registrable Securities in a state in
which such registration would cause (i) the Company to be obligated to register, license or qualify to do business in such state, submit to general service of process in such state or would subject the Company to taxation as a foreign
corporation doing business in such jurisdiction or (ii) the principal stockholders of the Company to be obligated to escrow their shares of capital stock of the Company. The Company shall cause any registration statement or post-effective
amendment filed pursuant to the demand right granted under Section 8(a) to remain effective for a period of nine consecutive months from the effective date of such registration statement or post-effective amendment. The Holders shall only use
the prospectuses provided by the Company to sell the Registrable Securities covered by such registration statement, and will immediately cease to use any prospectus furnished by the Company if the Company advises the Holder that such prospectus may
no longer be used due to a material misstatement or omission. 
 8.3 Incidental Registration Rights. 

(a) If the Company, for a period of four (4) years commencing one (1) year after the Base Date, proposes to register any of its
securities under the Securities Act (other than in connection with a transaction contemplated by Rule 145(a) promulgated under the Securities Act or pursuant to registration on Form S-4 or S-8 or any successor forms) whether for its own account or
for the account of any holder or holders of its shares other than Registrable Securities (any shares of such holder or holders (but not those of the Company and not Registrable Securities) with respect to any registration are referred to herein as,
“Other Shares”), the Company shall each such 

 
time give prompt (but not less than thirty (30) days prior to the anticipated effectiveness thereof) written notice to the holders of Registrable Securities of its intention to do so. The
holders of Registrable Securities shall exercise the “piggy-back” rights provided herein by giving written notice within ten (10) days after the receipt of any such notice (which request shall specify the Registrable Securities
intended to be disposed of by such holder). , Except as set forth in Section 8.3(b), the Company will use its Reasonable Best Efforts to effect the registration under the Securities Act of all of the Registrable Securities which the Company has
been so requested to register by such holder, to the extent requisite to permit the disposition of the Registrable Securities so to be registered, by inclusion of such Registrable Securities in the registration statement which covers the securities
which the Company proposes to register. The Company will pay all Registration Expenses in connection with each registration of Registrable Securities pursuant to this Section 8.3. 

(b) If the Company at any time proposes to register any of its securities under the Securities Act as contemplated by this
Section 8.3 and such securities are to be distributed by or through one or more underwriters, the Company will, if requested by a holder of Registrable Securities, use its Reasonable Best Efforts to arrange for such underwriters to include all
the Registrable Securities to be offered and sold by such holder among the securities to be distributed by such underwriters, provided that if the managing underwriter of such underwritten offering shall inform the Company by letter of its belief
that inclusion in such distribution of all or a specified number of such securities proposed to be distributed by such underwriters would interfere with the successful marketing of the securities being distributed by such underwriters (such letter
to state the basis of such belief and the approximate number of such Registrable Securities, such Other Shares and shares held by the Company proposed so to be registered which may be distributed without such effect), then the Company may, upon
written notice to such holder, the other holders of Registrable Securities, and holders of such Other Shares, reduce pro rata in accordance with the number of shares of Common Stock desired to be included in such registration (if and to the extent
stated by such managing underwriter to be necessary to eliminate such effect) the number of such Registrable Securities and Other Shares the registration of which shall have been requested by each holder thereof so that the resulting aggregate
number of such Registrable Securities and Other Shares so included in such registration, together with the number of securities to be included in such registration for the account of the Company, shall be equal to the number of shares stated in such
managing underwriter’s letter. 
 8.4 Registration Procedures. Whenever the holders of Registrable Securities have
properly requested that any Registrable Securities be registered pursuant to the terms of this Warrant, the Company shall use its Reasonable Best Efforts to effect the registration for the sale of such Registrable Securities in accordance with the
intended method of disposition thereof, and pursuant thereto the Company shall as expeditiously as possible: 
 (a) prepare and
file with the SEC a registration statement with respect to such Registrable Securities and use its Reasonable Best Efforts to cause such registration statement to become effective; 

(b) notify such holders of the effectiveness of each registration statement filed hereunder and prepare and file with the SEC such
amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to (i) keep such registration statement effective and the prospectus included therein usable for a period commencing
on the date that such registration statement is initially declared effective by the SEC and ending on the date when all Registrable Securities covered by such registration statement have been sold pursuant to the registration statement or cease to
be Registrable Securities, and (ii) comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of
disposition by the sellers thereof set forth in such registration statement; 

 (c) furnish to such holders such number of copies of such registration statement, each
amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus) and such other documents as such seller may reasonably request in order to facilitate the disposition of the Registrable
Securities owned by such holders; 
 (d) use its Reasonable Best Efforts to register or qualify such Registrable Securities
under such other securities or blue sky laws of such jurisdictions as such holders reasonably request and do any and all other acts and things which may be reasonably necessary or advisable to enable such holders to consummate the disposition in
such jurisdictions of the Registrable Securities owned by such holders; provided, however, that the Company shall not be required to: (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify
but for this subparagraph; (ii) subject itself to taxation in any such jurisdiction; or (iii) consent to general service of process in any such jurisdiction; 
 (e) notify such holders, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in
such registration statement contains an untrue statement of a material fact or omits any material fact necessary to make the statements therein, in light of the circumstances in which they are made, not materially misleading, and, at the reasonable
request of such holders, the Company shall prepare a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a material
fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances in which they are made, not materially misleading; 
 (f) provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration statement; 

(g) make available for inspection by any underwriter participating in any disposition pursuant to such registration statement, and any
attorney, accountant or other agent retained by any such underwriter, all financial and other records, pertinent corporate documents and properties of the Company, and cause the Company’s officers, directors, managers, employees and independent
accountants to supply all information reasonably requested by any such underwriter, attorney, accountant or agent in connection with such registration statement; 
 (h) otherwise use its Reasonable Best Efforts to comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings
statement of the Company, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and, at the option of the Company, Rule 158 thereunder; 

(i) in the event of the issuance of any stop order suspending the effectiveness of a registration statement, or of any order suspending
or preventing the use of any related prospectus or suspending the qualification of any Registrable Securities included in such registration statement for sale in any jurisdiction, the Company shall use its Reasonable Best Efforts promptly to obtain
the withdrawal of such order; 

 (j) use its Reasonable Best Efforts to cause any Registrable Securities covered by such
registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities; and 

(k) if the offering is underwritten, use its Reasonable Best Efforts to furnish on the date that Registrable Securities are delivered to
the underwriters for sale pursuant to such registration, an opinion dated such date of counsel representing the Company for the purposes of such registration, addressed to the underwriters covering such issues as are reasonably required by such
underwriters. 
 8.5 Listing. The Company shall secure the listing of the Common Stock underlying this Warrant upon each
national securities exchange or automated quotation system upon which shares of Common Stock are then listed or quoted (subject to official notice of issuance) and shall maintain such listing of shares of Common Stock. The Company shall at all times
comply in all material respects with the Company’s reporting, filing and other obligations under the by-laws or rules of NYSE AMEX Equities (or such other national securities exchange or market on which the Common Stock may then be listed, as
applicable). 
 8.6 Expenses. The Company shall pay all Registration Expenses relating to the registration and listing
obligations set forth in this Section 8. For purposes of this Warrant, the term “Registration Expenses” means: (a) all registration, filing and FINRA (as defined below) fees, (b) all reasonable fees and expenses of complying
with securities or blue sky laws, (c) all word processing, duplicating and printing expenses, (d) the fees and disbursements of counsel for the Company and of its independent public accountants, including the expenses of any special audits
or “cold comfort” letters required by or incident to such performance and compliance, (e) premiums and other costs of policies of insurance (if any) against liabilities arising out of the public offering of the Registrable Securities
being registered if the Company desires such insurance, if any, and (f) fees and disbursements of one counsel for the selling holders of Registrable Securities; provided however, that, in any case where Registration Expenses are not to be borne
by the Company, such expenses shall not include (and such expenses shall be borne by the Company): (i) salaries of Company personnel or general overhead expenses of the Company, (ii) auditing fees, (iii) premiums or other expenses
relating to liability insurance required by underwriters of the Company, or (iv) other expenses for the preparation of financial statements or other data, to the extent that any of the foregoing either is normally prepared by the Company in the
ordinary course of its business or would have been incurred by the Company had no public offering taken place. Registration Expenses shall not include any underwriting discounts and commissions which may be incurred in the sale of any Registrable
Securities and transfer taxes of the selling holders of Registrable Securities. 
 8.7 Information Provided by Holders.
Any holder of Registrable Securities included in any registration shall furnish to the Company such information as the Company may reasonably request in writing, including, but not limited to, a completed an executed questionnaire requesting
information customarily sought of selling security holders, to enable the Company to comply with the provisions hereof in connection with any registration referred to in this Warrant. 

8.8 FINRA Cobradesk Filings. In the event that a registration statement covering the Registrable Securities is filed, within one
(1) Business Day of the filing of such registration statement, the Company will prepare and file the selling stockholder resale offering described in such registration statement for review by the Financial Industry Regulatory Authority
(“FINRA”) via the FINRA’s CobraDesk filing system (“CobraDesk Filing”) for the purpose of having the prospectus contained within such registration statement treated as a “base prospectus” in

 
connection with such resale offering. The Company will use its Reasonable Best Efforts to have the CobraDesk Filing approved by FINRA within thirty (30) days of such filing date. The Company
shall bear all expenses of the CobraDesk Filing, including fees and expenses of counsel or other advisors to the Holder. In all circumstances, the Company shall pay for all FINRA filing fees associated with the CobraDesk Filing. 

8.9 Effectiveness Period. The Company shall use its Reasonable Best Efforts to keep each registration statement contemplated
hereunder continuously effective under the Securities Act until the date which is the earlier date of when (i) all Registrable Securities covered by such Registration Statement have been sold or (ii) all Registrable Securities covered by
such Registration Statement may be sold immediately without registration under the Securities Act and without volume restrictions pursuant to Rule 144 under the Securities Act, as determined by the counsel to the Company pursuant to a written
opinion letter to such effect, addressed and reasonably acceptable to the Company’s transfer agent and the affected holders of Registrable Securities. 
 8.10 Net Cash Settlement. Notwithstanding anything herein to the contrary, in no event will the Holder hereof be entitled to receive a net-cash settlement as liquidated damages in lieu of physical
settlement in shares of Common Stock, regardless of whether the Common Stock underlying this Warrant is registered pursuant to an effective registration statement; provided, however, that the foregoing will not preclude the Holder from seeking other
remedies at law or equity for breaches by the Company of its registration obligations hereunder. 
 9. Restrictions on
Transfer. 
 9.1 Restrictive Legends. This Warrant and each Warrant issued upon transfer or in substitution for this
Warrant pursuant to Section 10 hereof, each certificate for Common Stock issued upon the exercise of the Warrant and each certificate issued upon the transfer of any such Common Stock shall be transferable only upon satisfaction of the
conditions specified in this Section 9. Each of the foregoing securities shall be stamped or otherwise imprinted with a legend reflecting the restrictions on transfer set forth herein and any restrictions required under the Securities Act or
other applicable securities laws. 
 9.2 Notice of Proposed Transfer. Prior to any transfer of any securities which are
not registered under an effective registration statement under the Securities Act (“Restricted Securities”), which transfer may only occur if there is an exemption from the registration provisions of the Securities Act and all other
applicable securities laws, the Holder will give written notice to the Company of the Holder’s intention to effect a transfer (and shall describe the manner and circumstances of the proposed transfer). The following provisions shall apply to
any proposed transfer of Restricted Securities: 
 (i) If in the opinion of counsel for the Holder reasonably satisfactory to
the Company the proposed transfer may be effected without registration of the Restricted Securities under the Securities Act (which opinion shall state in detail the basis of the legal conclusions reached therein), the Holder shall thereupon be
entitled to transfer the Restricted Securities in accordance with the terms of the notice delivered by the Holder to the Company. Each certificate representing the Restricted Securities issued upon or in connection with any transfer shall bear the
restrictive legends required by Section 9.1 hereof. 
 (ii) If the opinion called for in (i) above is not delivered,
the Holder shall not be entitled to transfer the Restricted Securities until either: (x) receipt by the Company of a further notice from such Holder pursuant to the foregoing provisions of this Section 9.2 and fulfillment of the provisions
of clause (i) above, or (y) such Restricted Securities have been effectively registered under the Securities Act. 

9.3 Certain Other Transfer Restrictions. Notwithstanding any other provision of this Section

 
9: (i) prior to the Exercise Date, this Warrant or the Restricted Securities thereunder may only be transferred or assigned to the persons permitted under FINRA Rule 5110(g), and
(ii) no opinion of counsel shall be necessary for a transfer of Restricted Securities by the holder thereof to any Person employed by or owning equity in the Holder, if the transferee agrees in writing to be subject to the terms hereof to the
same extent as if the transferee were the original purchaser hereof and such transfer is permitted under applicable securities laws. 
 9.4 Termination of Restrictions. Except as set forth in Section 9.3 hereof, the restrictions imposed by this Section 9 upon the transferability of Restricted Securities shall cease and
terminate as to any particular Restricted Securities: (a) which shall have been effectively registered under the Securities Act, or (b) when, in the opinion of counsel for the Company, such restrictions are no longer required in order to
insure compliance with the Securities Act or Section 10 hereof. Whenever such restrictions shall cease and terminate as to any Restricted Securities, the Holder thereof shall be entitled to receive from the Company, without expense (other than
applicable transfer taxes, if any), new securities of like tenor not bearing the applicable legends required by Section 9.1 hereof. 
 10. Ownership, Transfer, Sale and Substitution of Warrant. 
 10.1
Ownership of Warrant. The Company may treat any Person in whose name this Warrant is registered in the Warrant Register maintained pursuant to Section 10.2(b) hereof as the owner and holder thereof for all purposes, notwithstanding any
notice to the contrary, except that, if and when any Warrant is properly assigned in blank, the Company may (but shall not be obligated to) treat the bearer thereof as the owner of such Warrant for all purposes, notwithstanding any notice to the
contrary. Subject to Sections 9 and 10 hereof, this Warrant, if properly assigned, may be exercised by a new holder without a new Warrant first having been issued. 
 10.2 Office; Exchange of Warrant. 
 (a) The Company will maintain its
principal office at the location identified in the prospectus relating to the Offering or at such other offices as set forth in the Company’s most current filing (as of the date notice is to be given) under the Securities Exchange Act of 1934,
as amended, or as the Company otherwise notifies the Holder. 
 (b) The Company shall cause to be kept at its office maintained
pursuant to Section 10.2(a) hereof a Warrant Register for the registration and transfer of the Warrant. The name and address of the holder of the Warrant, the transfers thereof and the name and address of the transferee of the Warrant shall be
registered in such Warrant Register. The Person in whose name the Warrant shall be so registered shall be deemed and treated as the owner and holder thereof for all purposes of this Warrant, and the Company shall not be affected by any notice or
knowledge to the contrary. 
 (c) Upon the surrender of this Warrant, properly endorsed, for registration of transfer or for
exchange at the office of the Company maintained pursuant to Section 10.2(a) hereof, the Company at its expense will (subject to compliance with Section 9 hereof, if applicable) execute and deliver to or upon the order of the Holder
thereof a new Warrant of like tenor, in the name of such holder or as such holder (upon payment by such holder of any applicable transfer taxes) may direct, calling in the aggregate on the face thereof for the number of shares of Common Stock called
for on the face of the Warrant so surrendered (after giving effect to any previous adjustment(s) to the number of Warrant Shares). 
 10.3 Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of any such loss, theft
or destruction of this Warrant, upon delivery of indemnity reasonably satisfactory to the Company in form and amount or, in the case of any mutilation, upon surrender of this Warrant for cancellation at the office of the Company maintained pursuant
to Section 10.2(a) hereof, the Company will execute and deliver, in lieu thereof, a new Warrant of like tenor and dated the date hereof. 
 10.4 Opinions. In connection with the sale of the Warrant Shares by Holder, the Company agrees to cooperate with the Holder, and at the Company’s expense, have its counsel provide any legal

 
opinions required to remove the restrictive legends from the Warrant Shares in connection with a sale, transfer or legend removal request of Holder. 

11. No Rights or Liabilities as Stockholder. No Holder shall be entitled to vote or receive dividends or be deemed the holder of
any shares of Common Stock or any other securities of the Company which may at any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the Holder, as such, any of the rights of a
stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of
stock, reclassification of stock, change of par value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise until the Warrant shall have been exercised and the
shares of Common Stock purchasable upon the exercise hereof shall have become deliverable, as provided herein. The Holder will not be entitled to share in the assets of the Company in the event of a liquidation, dissolution or the winding up of the
Company. 
 12. Notices. Any notice or other communication in connection with this Warrant shall be given in writing and
directed to the parties hereto as follows: (a) if to the Holder, at the address of the holder in the warrant register maintained pursuant to Section 10 hereof, or (b) if to the Company, to the attention of its Chief Executive Officer
at its office maintained pursuant to Section 10.2(a) hereof; provided, that the exercise of the Warrant shall also be effected in the manner provided in Section 3 hereof. Notices shall be deemed properly delivered and received when
delivered to the notice party (i) if personally delivered, upon receipt or refusal to accept delivery, (ii) if sent via facsimile, upon mechanical confirmation of successful transmission thereof generated by the sending telecopy machine,
(iii) if sent by a commercial overnight courier for delivery on the next Business Day, on the first Business Day after deposit with such courier service, or (iv) if sent by registered or certified mail, five (5) Business Days after
deposit thereof in the U.S. mail. 
 13. Payment of Taxes. The Company will pay all documentary stamp taxes attributable
to the issuance of shares of Common Stock underlying this Warrant upon exercise of this Warrant; provided, however, that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the transfer
or registration of this Warrant or any certificate for shares of Common Stock underlying this Warrant in a name other that of the Holder. The Holder is responsible for all other tax liability that may arise as a result of holding or transferring
this Warrant or receiving shares of Common Stock underlying this Warrant upon exercise hereof. 
 14. Miscellaneous. This
Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. This Warrant shall be construed
and enforced in accordance with and governed by the laws of the State of New York. Each of the parties consents to the exclusive jurisdiction of the Federal courts whose districts encompass any part of the County of New York located in the City of
New York in connection with any dispute arising under this Agreement and hereby waives, to the maximum extent permitted by law, any objection, including any objection based on forum non conveniens, to the bringing of any such proceeding in
such jurisdictions. Each party to this Agreement irrevocably consents to the service of process in any such proceeding by any manner permitted by law. The section headings in this Warrant are for purposes of convenience only and shall not constitute
a part hereof. When used herein, the term “Reasonable Best Efforts” means, with respect to the applicable obligation of the Company, reasonable best efforts for similarly situated, publicly-traded companies. 

IN WITNESS WHEREOF, the Company has caused this Underwriter Warrant to be duly executed as of the date first above written.

  

			
	DAIS ANALYTIC CORPORATION
		
	 By:
	 	 
		 	 Name:

Title:

 EXHIBIT A 
 FORM OF EXERCISE NOTICE 
 [To be executed only upon exercise of Warrant]

 To DAIS ANALYTIC CORPORATION: 
 The undersigned registered holder of the within Warrant hereby irrevocably exercises the Warrant pursuant to Section 3.1 of the Warrant with respect to
                     Warrant Shares, at an exercise price per share of $
[            ], and requests that the certificates for such Warrant Shares be issued, subject to Sections 9 and 10, in the name of, and delivered to: 

 

			
	  
	 	
		
	  
	 	
		
	  
	 	
		
	  
	 	

 The undersigned is hereby making payment for the Warrant Shares in the following manner: 

[check one] 
  

	 	•	 	 by cash in accordance with Section 3.1(b) of the Warrant 

 

	 	•	 	 via cashless exercise in accordance with Section 3.1(c) of the Warrant in the following manner: 

 

	
	  

	
	  

	
	  

 The undersigned hereby represents and warrants that it is, and has been since its acquisition of the Warrant, the record and beneficial owner of the Warrant. 

 

			
	
Dated:                       
                                         
                                         
           
	 	
		
	  
	 	
	 Print or Type Name
	 	
		
	  
	 	
	(Signature must conform in all respects to name of holder as specified on the face of Warrant)	 	
		
	  
	 	
	 (Street Address)
	 	
		
	  
	 	
	
(City)                       
             (State)                           
 (Zip Code)
	 	

 EXHIBIT B 
 FORM OF ASSIGNMENT 
 [To be executed only upon transfer of Warrant]

 For value received, the undersigned registered holder of the within Warrant hereby sells, assigns and transfers unto
                         [include name and addresses] the rights represented by the Warrant to purchase
                 shares of Common Stock of DAIS ANALYTIC CORPORATION to which the Warrant relates, and appoints
                                 Attorney to make such transfer on the books of
DAIS ANALYTIC CORPORATION maintained for the purpose, with full power of substitution in the premises. 
  

							
	 Dated:
	  	  
	    			
		  	(Signature must conform in all respects to name of holder as specified on the face of Warrant)	    			
			
		  	  
	    			
		  	(Street Address)	    			
			
		  	  
	    			
		  	(City)                        (State)   
                     (Zip Code)	    			
			
	 Signed in the presence of:
	  		    			
			
		  	  
	    			
		  	(Signature of Transferee)	    			
			
		  	  
	    			
		  	(Street Address)	    			
			
		  	  
	    			
		  	(City)                        (State)   
                     (Zip Code)	    			
			
	 Signed in the presence of:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}]]