Document:

cool_ex1017.htm

EXHIBIT 10.17
  
  
 
  
 STRATEGIC ALLIANCE AGREEMENT
  
 This STRATEGIC ALLIANCE AGREEMENT (the “Agreement”) is entered into as of December 16, 2019 (the “Effective Date”), between Cool Technologies, Inc. (“Cool Tech”) a Nevada Corporation and a Consortium of two companies, VerdeWatts, LLC (“VerdeWatts”), a Delaware Limited Liability Company and FirmGreen, Inc., a Delaware Corporation collectively called the (the “Consortium”) and all together (“the Parties”).
  
 WHEREAS, Cool Tech owns substantial Intellectual Property (“IP”), patented products and proprietary information, including but not limited to patents, trademarks, trade secrets, know how, and confidential information related to Thermal Technology, Mobile Power Generation & Creation, listed in Exhibit A (“Cool Tech IP”);
  
 WHEREAS, the Consortium owns substantial Intellectual Property (“IP”), patented products and proprietary information, including but not limited to patents, trademarks, trade secrets, know how, and confidential information related to Solar Energy, Battery Storage Technology, Water Treatment Technology, LED Technology, ‘Platform as a Service’ (Paas) Technology for connecting and managing data sources within a MicroGrid (IoT devices & connected systems/data) and Wireless Mesh Communications Systems
  
 WHEREAS, Cool Tech is interested in licensing the Consortium’s IP to drive revenues through the sales of products that incorporate the Consortium’s and Cool Tech’s IP;
  
 WHEREAS, the Consortium is interested in licensing and incorporating the Cool Tech IP with various technology products to be sold by the Consortium to end-users as a Mobile MicroGrid based, energy supply, lighting, water treatment and communications platform solution (“Products).
  
 The purpose of this alliance is to exploit the Parties’ complementary capabilities for producing products based on the mutual licensing of IP to the worldwide markets.
  
 NOW, THEREFORE, in consideration of their mutual covenants and obligations contained herein, and the mutual benefits to be derived herefrom, the Parties, intend to be legally bound, do hereby covenant and agree as follows:
  
 Article 1: Definitions
  
 “Confidential Information” means information, data, patents, documents, analyses, compilations, or studies in relation to a party, including its business activities that (a) is disclosed to the other party by or on behalf of the first party; (b) is acquired by the other party directly or indirectly from the first party; or (c) otherwise comes to the knowledge of the other party, in connection with this Agreement whether the information is in oral, visual or written form or is recorded or embodied in any other medium now in existence or not yet invented and includes all such information disclosed to, or accessed by, the other party before this Agreement commences.
 
  
 Cool Technologies, Inc.
 	 
	Page 1 of 9
	

	 

 
 
   
 “Cool Tech Licensed Patents” means Cool Tech’s United States and foreign patents and patent applications listed in Exhibit A. Any United States and foreign patents issuing from the patent applications listed in Exhibit A will be added to Exhibit A upon issuance. Licensed Patents shall also include divisions, continuations, reissues, re-examinations, substitutes, and extensions of the patents and patent applications as they arise.
  
 “Consortium Licensed Patents and Proprietary IP” means the Consortium’s United States and foreign patents and patent applications listed in Exhibit B. Any United States and foreign patents issuing from the patent applications listed in Exhibit B will be added to Exhibit B upon issuance. Licensed Patents shall also include divisions, continuations, reissues, re-examinations, substitutes, and extensions of the patents and patent applications as they arise. IP will be the Proprietary Know- How described in Exhibit C
  
 “Territory” shall mean Worldwide.
  
 Article 2: License Grant
  
 2.1 Term: The initial term of this Agreement shall be 20 years from the date of execution and may be extended subject to satisfactory agreement on ongoing commercial terms.
  
 2.2 Cool Tech agrees to and does hereby grant to Consortium a royalty-free, worldwide, nonexclusive, conditional right and license, without the right to grant sublicenses, except to wholly owned subsidiaries, to make, have made, use, sell, distribute, and/or offer to sell systems and practice methods encompassed by its corresponding domestic and foreign patent applications and patent(s) resulting therefrom. Said license is conditioned only by a future undetermined negotiation in which an Original Equipment Manufacturer (OEM) seeks an exclusive license to a particular Cool Tech patent, patents or application thereof. The grant shall be made in exchange for $1.00 due upon the signing of this agreement.
  
 2.3 Consortium agrees to and does hereby grant to Cool Tech a royalty-free, worldwide, nonexclusive, conditional right and license, without the right to grant sublicenses, except to wholly owned subsidiaries, to make, have made, use, sell, distribute, and/or offer to sell systems and practice methods encompassed by its corresponding domestic and foreign patent applications and patent(s) resulting therefrom. Said license is conditioned only by a future undetermined negotiation in which an Original Equipment Manufacturer (OEM) seeks an exclusive license to a particular Consortium patent, patents or application thereof. The grant shall be made in exchange for $1.00 due upon the signing of this agreement.
  
 2.3 Consortium accepts that Cool Tech owns all rights in relation to the Cool Tech IP.
  
 2.4 Cool Tech accepts that the Consortium owns all rights in relation to the Consortium’s IP.
  
 2.5 The Parties agree that any original or possibly original ideas, inventions, developments and improvements which pertain to Cool Tech’s IP or which are conceived or introduced to practice during negotiation or performance of this Agreement shall be owned by Cool Tech.
 
 
  
 Cool Technologies, Inc.
 	 
	Page 2 of 9
	

	 

 
 
   
 2.6 The Parties agree that any original or possibly original ideas, inventions, developments and improvements which pertain to the Consortium’s IP or which are conceived or reduced to practice during negotiation or performance of this Agreement shall be owned by the Consortium.
  
 Article 3: Duties
  
 3.1 The Parties shall diligently pursue the design, development and ultimate commercialization of Products designated by the Managing Committee.
  
 3.2 Duties of Cool Tech
  
 a. Intellectual Property Development and Maintenance. Cool Tech shall develop and maintain the Cool Tech IP and Licensed Patents as provided in this Agreement.
  
 3.3 Duties of the Consortium
  
 a. Manufacturing, Packaging and Distribution. The Consortium shall arrange, contract for and direct the manufacture, packaging and distribution of all Products.
  
 b. Marketing and Promotion. The Parties shall jointly arrange, contract for and direct the marketing, advertising, sales and promotion of the Products sold pursuant to this Agreement.
  
 Article 4: Managing Committee
  
 4.1 Cool Tech and the Consortium shall establish a Managing Committee hereunder, which shall consist of two (2) representatives from each of Cool Tech and the Consortium. Cool Tech and the Consortium may each from time-to-time replace its respective representatives on the Managing Committee, in its sole and absolute discretion, by notice to the other Party. The goal of the Managing Committee is to provide focus and direction in order to leverage both company’s capabilities and technologies.
  
 4.2 It is among the objectives of the Parties to work together towards development and commercialization of Products by taking advantage of the respective technologies and other resources and assets of Cool Tech and the Consortium, on the terms and subject to the conditions of this Agreement, and to design, develop and implement the Products in a reasonably practicable fashion, subject however, to the respective corporate regulatory, financial and other obligations and considerations of each of the Parties as determined by on-going or regular review.
  
 4.3 The Managing Committee shall meet at such times and places as it shall determine appropriate to carry out its responsibilities hereunder. Such meetings may be in person or by means of telephonic or Internet-based communication. Either Party through its Managing members, may call a meeting of the Managing Committee by giving written notice thereof to the members of the other Party.
  
 4.4 The Managing Committee shall establish guidelines to govern the strategic activities, co- development and related activities of the Parties; the Managing Committee shall also establish such guidelines with respect to operational matters at such time as a Product is commercialized or in a pre-commercialized phase, as contemplated by this Agreement.
 
 
  
 Cool Technologies, Inc.
 	 
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 4.5 If a disagreement arises between the Parties as to any matters within the scope of this Agreement, either Party may request a meeting of the Managing Committee, which will, in good faith, diligently seek to resolve the dispute. If the Managing Committee is unable to resolve the dispute, notwithstanding the exercise of good faith efforts, within thirty (30) days, then, unless otherwise agreed by the Parties, either Party may initiate formal filing of legal action against the other. Notwithstanding the foregoing, either Party may initiate proceedings to seek injunctive relief before the time period otherwise required hereunder shall elapse, if such Party in good faith believes that it will suffer irreparable harm without the initiation of such proceedings.
  
 Article 5: Equity Transaction and Royalties
  
 For the rights, privileges and license granted hereunder, the Consortium shall pay to Cool Tech the following amounts in the manner hereinafter provided. Unless expressly stated otherwise in this Agreement, periodic payment obligations listed below shall endure through the Term of this Agreement, unless this Agreement shall be sooner terminated as hereinafter provided.
  
 Article 6: Distribution of Revenues
  
 Subject to the terms of this agreement, the gross profit margin of the revenues derived from each sale of the Products shall be allocated and shared between the Parties on a 60/40 basis wherein the Party that initiated the sale of the Products shall receive 60% of the gross profit margin and the other Party shall receive 40% of the gross profit margin. The respective percentages shall also be maintained for each repeat order from the same customer or entity.
  
 For the purposes of this agreement, the gross profit margin shall refer to the total sales revenue derived from an individual order for any of the Products minus the cost of goods sold, specifically the direct costs incurred in selling, producing, distributing and/or shipping the Product or Products incorporated in each individual order.
  
 Article 7: Payments
  
 All payments due hereunder shall be paid in United States currency. With respect to sales of Products outside the United States on which any earned gross profit margin percentages are payable hereunder, conversions to U.S. dollars, if applicable, shall be made in accordance with standard accounting policy for conversion of foreign currencies, which shall be consistent with US generally accepted accounting principles.
  
 Article 8: Reports
  
 Within fifteen (15) days after the end of each of calendar quarter, Consortium shall provide Cool Tech with a written report detailing the Net Unit Sales of each product during the preceding calendar quarter and the amount derived from each sale.
  
 Within fifteen (15) days after the end of each of calendar quarter, Cool Tech shall provide Consortium with a written report detailing the Net Unit Sales of each product during the preceding calendar quarter and the amount derived from each Net Unit Sale.
 
 
  
 Cool Technologies, Inc.
 	 
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 Article 9: Records.
  
 Consortium agrees to keep accurate written records sufficient in detail to enable the revenues and gross profit margins payable under this Agreement by the Consortium to be determined and verified for a period of three (3) years after the final receipt of payments for each order for any of the Products delineated in this Agreement.
  
 Cool Tech agrees to keep accurate written records sufficient in detail to enable the revenues and gross profit margins payable under this Agreement by Cool Tech to be determined and verified for a period of three (3) years after the final receipt of payments for each order for any of the Products delineated in this Agreement.
  
 Article 10: Audit of Records.
  
 Upon reasonable notice and during regular business hours, Consortium shall from time to time, but no more frequently than once annually, make available the records noted above for audit by independent representatives selected by Cool Tech and reasonably acceptable to Consortium at Cool Tech’s expense to verify the accuracy of the reports provided to Cool Tech.
  
 Any representatives conducting such audit shall execute a confidentiality agreement reasonably acceptable to Consortium prior to conducting such audit. Such representatives may disclose to Cool Tech only their conclusions regarding the accuracy of the reports and of records related thereto, and shall not disclose any other Consortium information to Cool Tech without the prior written consent of the Consortium.
  
 The right to audit shall extend for three (3) years from delivery of any Net Unit Sales report. If a discrepancy is found, Consortium will pay any additional revenue percentage due within thirty (30) days, and in addition, if the discrepancy is greater than five percent (5%), Consortium shall reimburse Cool Tech for all reasonable audit costs incurred for the related audit.
  
 Upon reasonable notice and during regular business hours, Cool Tech shall from time to time, but no more frequently than once annually, make available the records noted above for audit by independent representatives selected by Consortium and reasonably acceptable to Cool Tech at Consortium’s expense to verify the accuracy of the reports provided to Consortium.
  
 Any representatives conducting such audit shall execute a confidentiality agreement reasonably acceptable to Cool Tech prior to conducting such audit. Such representatives may disclose to Consortium only their conclusions regarding the accuracy of the reports and of records related thereto, and shall not disclose any other Cool Tech information to Consortium without the prior written consent of the Cool Tech.
  
 The right to audit shall extend for three (3) years from delivery of any Net Unit Sales report. If a discrepancy is found, Cool Tech will pay any additional revenue percentage due within thirty (30) days, and in addition, if the discrepancy is greater than five percent (5%), Cool Tech shall reimburse Consortium for all reasonable audit costs incurred for the related audit.
 
 
  
 Cool Technologies, Inc.
 	 
	Page 5 of 9
	

	 

 
 
   
 Article 11: Confidentiality
  
 11.1 The Consortium shall not divulge to others, any trade secret or Confidential Information, knowledge, or data concerning or pertaining to the business and affairs of Cool Tech, obtained by the Consortium as a result of its engagement hereunder, unless authorized, in writing by Cool Tech. The Consortium represents and warrants that it has established appropriate internal procedures for protecting the trade secrets and confidential information of Cool Tech including, without limitation, restrictions on disclosure of such information to employees and other persons who may be engaged in activities pertinent to, involving or covered by the patents or in rendering services to any person, firm or entity which may be a competitor of Cool Tech.
  
 11.2 Cool Tech shall not divulge to others, any trade secret or Confidential Information, knowledge, or data concerning or pertaining to the business and affairs of the Consortium, obtained by Cool Tech as a result of its engagement hereunder, unless authorized, in writing by the Consortium. Cool Tech represents and warrants that it has established appropriate internal procedures for protecting the trade secrets and confidential information of, the Consortium including, without limitation, restrictions on disclosure of such information to employees and other persons who may be engaged in in activities pertinent to, involving or covered by such information or in rendering services to any person, firm or entity which may be a competitor of the Consortium.
  
 Article 12: Miscellaneous
  
 12.1 Notices: All notices and other communications to be given pursuant to this Agreement shall be in writing to the party for whom intended at the addresses set forth below, or at such other addresses as the parties may in the future specify. Each such notice shall be effective on the earlier to occur of; (a) the day it is received, or (b) (i) if given by facsimile with machine confirmation, one day following transmission of the facsimile; (ii) if given by mail, three days after the notice is deposited in the mail; or (iii) if given by delivery, the day it is delivered, provided same is accomplished during normal business hours.
  
 12.2 Attorney’s Fees: In the event that any legal action is commenced to enforce any term of this Agreement or to seek recovery for any breach thereof, the prevailing party in such action shall be entitled to recovery of its reasonable attorney’s fees and actual costs incurred in such action.
  
 12.3 Controlling Law/Arbitration: This agreement is subject to Delaware law and arbitration under Delaware law.
  
 12.4 Injunctive Relief: Solely by virtue of their respective execution of this Agreement and in consideration for the mutual covenants of each other, Cool Tech and the Consortium hereby agree, consent and acknowledge that, in the event of a breach of any material term of this Agreement, the non-breaching party will be without adequate remedy-at-law and shall therefore, be entitled to immediately redress any material breach of this Agreement by temporary or permanent injunctive or mandatory relief obtained in an action or proceeding instituted in any court of competent jurisdiction without the necessity of proving damages and without prejudice to any other remedies which the non-breaching party may have at law or in equity.
 
 
  
 Cool Technologies, Inc.
 
 	 
	 Page 6 of 9

	

	 

 
 
   
 12.5 Entire Agreement: This Agreement contains the entire Agreement of the parties and supersedes any prior agreements, understandings and memoranda relating thereto. This Agreement may not be changed, altered and modified in any way except by a writing signed by the parties hereto.
  
 12.6 Severability: If any clause or provision herein shall be adjudged to be invalid or unenforceable by a court of competent jurisdiction or by operation of any applicable law, such adjudication shall not affect the validity of any other clause or provision, which shall remain in full force and effect.
  
 12.7 Independent Contractor: It is understood and agreed that the relationship of Cool Tech and the Consortium is that of an independent contractor, and nothing contained in this Agreement shall be construed to create any partnership, joint venture, principal/agent relationship, or any other fiduciary relationship between the parties hereto. The parties expressly disclaim the existence of any third party beneficiaries to this Agreement.
  
 	 Cool Tech, Inc. 
	  
	 The Consortium on behalf of
 VerdeWatts, LLC and FirmGreen, Inc.
	  

	  
	  
	  
	  

	 /s/ Timothy Hassett
	  
	 /s/ Steven Wilburn
	  

	 Name: Timothy Hassett
	  
	 Name: Steven Wilburn                          
	  

	 Position: Chairman & CEO
	  
	 Position: Managing Member               
	  

	  
	  
	  
	  

	 Date: 12/16/2019 
	  
	 Date: 12/16/2019
	  

 
 
   
  
 Exhibit A, B, C to Follow as Attachments
  
  
 Cool Technologies, Inc.
 
 	 
	Page 7 of 9
	

	 

 
 
  
  
 Exhibit A
  
 Cool Tech Issued Patents
  
 	 Title (Nickname)
	 Filing Date
	 Status
	 Serial/Patent No.

				  

	 Motor w/ Heat
 Pipes (US App)
	 6/19/2007
	 Issued 8/4/09
	 7,569,955

				  

	 Motor w/ Heat Pipes (Cont App) - Hermetic
	 7/31/2009
	 Issued 10/9/12
	 8,283,818

				  

	 Motor w/ Heat
 Pipes (CIP App) - New Submersible
	 7/31/2009
	 Issued 3/13/12
	 8,134,260

				  

	 Bearing Cooler
 (US App)
	 4/3/2009
	 Issued 6/12/12
	 8,198,770

				  

	 Tot Encl’d Air-HP-
 Air Cooled (US App)
	 8/6/2009
	 Issued 4/3/12
	 8,148,858

				  

	 Wet Brake
	 12/18/2014
	 Issued 4/11/17
	 9,618,068

				  

	 Radial Vent HPs
	 2/25/2014
	 Issued 1/10/17
	 9,543,809

 
 
 
 
 
  
 Cool Technologies, Inc.
 
 	 
	Page 8 of 9
	

	 

 
 
  
 Exhibit A
  
 Cool Tech Patent Applications
  
 	 Title (Nickname)
	 Filing Date
	 Status
	 Serial/Patent No.

				  

	 Wet Brake
	 6/16/2017
	 Granted & Grant
 Fees Paid
	 2,971,404

				  

	 Wet Brake
	 12/16/2014
	 Enterer Canada
 6/16/17
	 PCT/US2014/070513

				  

	 Radial Vent HPs
	 2/25/2014
	 Entered BR, CA
 & MX 8/24/15
	 PCT/US2014/018246

				  

	 Radial Vent HPs
	 8/24/2015
	 Brazil App - No
 Action Yet
	 BR 112015020362-0

				  

	 Radial Vent HPs
	 8/24/2015
	 Granted May
 2019
	 2,902,329

				  

	 Radial Vent HPs
	 8/25/2015
	 Granted April
 2017
	 346856

				  

	 Electrical Power
 Generation
	 4/27/2017
	 Provisional App
 - Expired
 4/27/18
	 62/490,641

				  

	 Integrated
 Electrical Power Generation Methods and Systems
	 4/27/2018
	 Completion of
 Nat’l Filing Due
 10/27/19
	 PCT/US2018/029794

				  

	 Integrated
 Electrical Power Generation Methods and Systems
	 4/27/2018
	 No Action Yet
	 15/965,111

 
 
 
 
 
  
 Cool Technologies, Inc.
 	 
	Page 9 of 9Exhibit
4.1

 

PREFUNDED
AMERICAN DEPOSITARY SHARES PURCHASE WARRANT

 

geneTIC
technologies LIMITED

 

	Warrant
    ADSs: _________	Issue
    Date: ________, 2020

 

THIS
PREFUNDED AMERICAN DEPOSITARY SHARES PURCHASE WARRANT (the “Warrant”) certifies that, for value received, ____________
or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the
conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) until
this Warrant is exercised in full (the “Termination Date”), but not thereafter, to subscribe for and purchase
from Genetic Technologies Limited, an Australian corporation (the “Company”), up to ______ American Depositary
Shares (“ADSs”), each ADS representing six hundred (600) ordinary shares, no par value, of the Company (the
“Ordinary Shares”) (as subject to adjustment hereunder, the “Warrant Shares”) (the ADSs
issuable hereunder, the “Warrant ADSs”). The purchase price of one ADS under this Warrant shall be equal to
the Exercise Price, as defined in Section 2(b).

 

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

 

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

 

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

 

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

 

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

 

“Deposit
Agreement” means the Deposit Agreement dated as of January 14, 2002, as amended, among the Company, The Bank of New
York Mellon as Depositary and the owners and holders of ADSs from time to time, as such agreement may be amended or supplemented.

 

    	1

    	 

    

 

“Depositary”
means The Bank of New York Mellon, as Depositary under the Deposit Agreement.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

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

 

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

 

“Purchase
Agreement” means that certain Securities Purchase Agreement, by and among the Company and certain holders of the Warrants,
dated as of _______, 2020.

 

“Registration
Statement” means the Company’s registration statement on Form F-1 (File No. 333-235542).

 

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

 

“Subsidiary”
means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company
formed or acquired after the date hereof.

 

“Trading
Day” means a day on which the ADSs are traded on a Trading Market.

 

“Trading
Market” means any of the following markets or exchanges on which the Ordinary Shares and/or ADSs are listed or quoted
for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global
Select Market, the New York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).

 

    	2

    	 

    

 

Section
2. Exercise.

 

a) Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times
on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company and the Depositary, as
applicable, of a duly executed facsimile copy or PDF copy submitted by electronic mail (or e-mail attachment) of the Notice of
Exercise in the form annexed hereto (“Notice of Exercise”). Within the earlier of (i) two (2) Trading Days
and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following
the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the ADSs specified in the applicable
Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank, unless the cashless exercise procedure
specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be
required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the
Company until the Holder has exercised all of the Warrant ADSs available hereunder and the Warrant has been exercised in full,
in which case the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date
on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of
a portion of the total number of Warrant ADSs available hereunder shall have the effect of lowering the outstanding number of
Warrant ADSs issuable hereunder in an amount equal to the applicable number of Warrant ADSs exercised. The Holder and the Company
shall maintain records showing the number of Warrant ADSs issued and the date of such exercises. The Company shall deliver any
objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by
acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the exercise
of a portion of the Warrant ADSs hereunder, the number of Warrant ADSs available for exercise hereunder at any given time may
be less than the amount stated on the face hereof.

 

b) Exercise
Price. The aggregate exercise price of this Warrant, except for a nominal exercise price of $0.0001 per Warrant ADS, was pre-funded
to the Company on or prior to the Initial Exercise Date and, consequently, no additional consideration (other than the nominal
exercise price of $0.0001 per Warrant ADS) shall be required to be paid by the Holder to any Person to effect any exercise of
this Warrant. The Holder shall not be entitled to the return or refund of all, or any portion, of such pre-paid aggregate exercise
price under any circumstance or for any reason whatsoever, including in the event this Warrant shall not have been exercised prior
to the Termination Date. The remaining unpaid exercise price per ADS under this Warrant shall be $0.0001, subject to adjustment
hereunder (the “Exercise Price”).

 

    	3

    	 

    

 

c) Cashless
Exercise. This Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise”
in which the Holder shall be entitled to receive a number of Warrant ADSs equal to the quotient obtained by dividing [(A-B) (X)]
by (A), where:

 

	 	(A) = 	as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable
Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that
is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening
of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities
laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the
date of the applicable Notice of Exercise or (z) the Bid Price of the ADS on the principal Trading Market as reported by Bloomberg
L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed
during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until
two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof, or (iii)
the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice
of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours”
on such Trading Day;
	 	 	 
	 	(B) = 	the Exercise Price of this Warrant, as adjusted hereunder; and
	 	 	 
	 	(X) = 	the number of Warrant ADSs that would be issuable upon exercise of this Warrant in accordance
with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If
Warrant ADSs are
issued in such a cashless exercise, the parties acknowledge and agree that, in accordance with Section 3(a)(9) of the Securities
Act, the Warrant ADSs shall take on the registered characteristics of the Warrants
being exercised. The Company agrees not to take any position contrary to this Section 2(c).

 

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

 

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

 

    	4

    	 

    

 

d) Mechanics
of Exercise.

 

i. Delivery
of Warrant ADSs Upon Exercise. The Company shall cause its registrar to deposit the Warrant Shares subject to such exercise
with Depositary, and cause the Depositary to credit the account of the Holder’s or its designee’s balance account
with The Depository Trust Company (or another established clearing corporation performing similar functions) through its Deposit
or Withdrawal at Custodian system (“DWAC”) if the Depositary is then a participant in such system and either
(A) there is an effective registration statement permitting the issuance of the Warrant ADSs to or resale of the Warrant ADSs
by the Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of the Warrant
Shares, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant
ADSs to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise
by the date that is the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement
Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant ADS Delivery Date”)
provided that the Warrant ADS Delivery Date shall not be deemed to have occurred until such time that the Company has received
the aggregate Exercise Price. Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to
have become the holder of record of the Warrant ADSs with respect to which this Warrant has been exercised, irrespective of the
date of delivery of the Warrant ADSs. If the Company fails for any reason to deliver to the Holder the Warrant ADSs subject to
a Notice of Exercise by the Warrant ADS Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and
not as a penalty, for each $1,000 of Warrant ADSs subject to such exercise (based on the VWAP of the ADS on the date of the applicable
Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages
begin to accrue) for each Trading Day after such Warrant ADS Delivery Date until such Warrant ADSs are delivered or Holder rescinds
such exercise. The Company agrees to maintain a registrar (which can be the depositary) that is a participant in the FAST program
so long as this Warrant remains outstanding and exercisable. “Standard Settlement Period” means the standard
settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the ADSs
as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing, with respect to any Notice(s) of
Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Initial Exercise Date, which may be delivered at any
time after the time of execution of the Purchase Agreement, the Company agrees to deliver the Warrant ADSs subject to such notice(s)
by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the Warrant ADS Delivery
Date for purposes hereunder.

 

    	5

    	 

    

 

ii. Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant, at the time of delivery of the Warrant ADSs, deliver to the Holder a new Warrant evidencing
the rights of the Holder to exercise the unexercised Warrant ADSs called for by this Warrant, which new Warrant shall in all other
respects be identical with this Warrant.

 

iii. Rescission
Rights. If the Company fails to cause the Depositary to transmit to the Holder the Warrant ADSs pursuant to Section 2(c)(i)
by the Warrant ADS Delivery Date, then the Holder will have the right to rescind such exercise; provided, however,
that the Holder shall be required to return any Warrant ADSs or Ordinary Shares subject to any such rescinded exercise notice
concurrently and the restoration of Holder’s right to acquire such Warrant ADSs pursuant to this Warrant (including, issuance
of a replacement warrant certificate evidencing such restored right).

 

iv. Compensation
for Buy-In on Failure to Timely Deliver Warrant ADSs Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Depositary to transmit to the Holder the Warrant ADSs in accordance with the provisions of Section
2(c)(i) above pursuant to an exercise on or before the Warrant ADS Delivery Date, and if after such date the Holder is required
by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases,
ADSs to deliver in satisfaction of a sale by the Holder of the Warrant ADSs which the Holder anticipated receiving upon such exercise
(a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s
total purchase price (including brokerage commissions, if any) for the ADSs so purchased exceeds (y) the amount obtained by multiplying
(1) the number of Warrant ADSs that the Company was required to deliver to the Holder in connection with the exercise at issue
times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the
Holder, either reinstate the portion of the Warrant and equivalent number of Warrant ADSs for which such exercise was not honored
(in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of ADSs that would have been issued
had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases ADSs
having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Warrants with an aggregate
sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company
shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable
to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall
limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation,
a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver ADSs upon
exercise of the Warrant as required pursuant to the terms hereof.

 

    	6

    	 

    

 

v. No
Fractional ADSs or Scrip. No fractional ADSs or scrip representing fractional ADSs shall be issued upon the exercise of this
Warrant.

 

vi. Charges,
Taxes and Expenses. Issuance of Warrant ADSs shall be made without charge to the Holder for any issue or transfer tax or other
incidental expense in respect of the issuance of such Warrant ADSs, all of which taxes and expenses shall be paid by the Company,
and such Warrant ADSs shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided,
however, that in the event that Warrant ADSs are to be issued in a name other than the name of the Holder, this Warrant
when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the
Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.
The Company shall pay all Depositary fees required for same-day processing of any Notice of Exercise and all fees to the Depository
Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery
of the Warrant ADSs.

 

vii. Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of
this Warrant, pursuant to the terms hereof.

 

    	7

    	 

    

 

e) Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to
exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance
after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and
any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution
Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of
the foregoing sentence, the number of Ordinary Shares beneficially owned by the Holder and its Affiliates and Attribution Parties
shall include the number of Ordinary Shares held by the Holder and its Attribution Parties plus the number of Ordinary Shares
underlying such Warrant ADSs issuable upon exercise of this Warrant with respect to which such determination is being made, but
shall exclude the number of Ordinary Shares underlying Warrant ADSs which would be issuable upon (i) exercise of the remaining,
nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii)
exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation,
any other Ordinary Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained
herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding
sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the
Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not
representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely
responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this
Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder
together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole
discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of
whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and
the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as
to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding Ordinary Shares,
a Holder may rely on the number of outstanding Ordinary Shares as reflected in (A) the Company’s most recent periodic or
annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more
recent written notice by the Company or the Depositary setting forth the number of Ordinary Shares outstanding. Upon the written
or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of
Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be determined after giving effect
to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution
Parties since the date as of which such number of outstanding Ordinary Shares was reported. The “Beneficial Ownership Limitation”
shall be [4.99/9.99%] of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary
Shares underlying the Warrant ADSs issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase
or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation
in no event exceeds 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary
Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase
in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company.
The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms
of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended
Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect
to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

    	8

    	 

    

 

Section
3. Certain Adjustments.

 

a) Share
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a share dividend or otherwise
makes a distribution or distributions on its Ordinary Shares or ADSs or any other equity or equity equivalent securities payable
in Ordinary Shares or ADSs (which, for avoidance of doubt, shall not include any ADSs issued by the Company upon exercise of this
Warrant), as applicable, (ii) subdivides outstanding Ordinary Shares or ADSs into a larger number of shares or ADSs, as applicable,
(iii) combines (including by way of reverse share split) outstanding Ordinary Shares or ADSs into a smaller number of shares or
ADSs, as applicable, or (iv) issues by reclassification of Ordinary Shares, ADSs or any shares of capital stock of the Company,
as applicable, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number
of ADSs (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the
number of ADSs outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall
be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made
pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled
to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision,
combination or re-classification. For the purposes of clarification, the Exercise Price of this Warrant will not be adjusted in
the event that the Company or any Subsidiary thereof, as applicable, sells or grants any option to purchase, or sell or grant
any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other
disposition) any Ordinary Shares or Ordinary Share Equivalents, at an effective price per share less than the Exercise Price then
in effect.

 

    	9

    	 

    

 

b) Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues
or sells any Ordinary Share Equivalents or rights to purchase shares, warrants, securities or other property pro rata to the record
holders of any class of Ordinary Shares or ADSs (the “Purchase Rights”), then the Holder will be entitled to acquire,
upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder
had held the number of Ordinary Shares or ADSs acquirable upon complete exercise of this Warrant (without regard to any limitations
on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a
record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which
the record holders of Ordinary Shares or ADSs, as applicable, are to be determined for the grant, issue or sale of such Purchase
Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result
in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase
Right to such extent (or beneficial ownership of such Ordinary Shares or ADSs as a result of such Purchase Right to such extent)
and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto
would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

c) Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or
other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares or ADSs, by way of return of
capital or otherwise (including, without limitation, any distribution of cash, shares or other securities, property or options
by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled
to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held
the number of Ordinary Shares or ADSs acquirable upon complete exercise of this Warrant (without regard to any limitations on
exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record
is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Ordinary Shares or
ADSs, as applicable, are to be determined for the participation in such Distribution (provided, however, to the extent that the
Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation,
then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any
Ordinary Shares or ADSs as a result of such Distribution to such extent) and the portion of such Distribution shall be held in
abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding
the Beneficial Ownership Limitation).

 

    	10

    	 

    

 

d) Fundamental
Transactions. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (and all of its
Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or
other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect,
purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders
of ADSs are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by
the holders of 50% or more of the outstanding ADSs, (iv) the Company, directly or indirectly, in one or more related transactions
effects any reclassification, reorganization or recapitalization of the ADSs or any compulsory share exchange pursuant to which
the ADSs is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly,
in one or more related transactions consummates a stock or share purchase agreement or other business combination (including,
without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group
of Persons whereby such other Person or group acquires more than 50% of the outstanding ADSs (not including any ADSs held by the
other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such
stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then,
upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share underlying the
Warrant ADSs that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction,
at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of
ADSs of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number
of ADSs for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation
in Section 2(e) on the exercise of this Warrant). If holders of ADSs are given any choice as to the securities, cash or property
to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration
it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity
in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in
writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions
of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by
the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver
to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such
Successor Entity (or its parent entity) equivalent to the ADSs acquirable and receivable upon exercise of this Warrant (without
regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and which required no additional
consideration upon exercise, and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of
any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date
of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the
obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity
had been named as the Company herein.

 

e) Change
in ADS Ratio. If after the Issuance Date the ADS ratio is increased or reduced, then the number of Warrant ADSs to be provided
on exercise of a Warrant will be reduced or increased (respectively) in inverse proportion to the change in the ADS ratio Ordinary
Shares per ADS.

 

    	11

    	 

    

 

f) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 3, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be
the sum of the number of Ordinary Shares (excluding treasury shares, if any) issued and outstanding.

 

g) Notice
to Holder.

 

i. Adjustment.
Whenever this Warrant is adjusted pursuant to any provision of this Section 3, the Company shall promptly notify, in writing,
the Holder of the adjusted terms of this Warrant after such adjustment and any resulting adjustment to the number of Warrant ADSs
or Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii. Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares,
(C) the Company shall authorize the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required
in connection with any reclassification of the Ordinary Shares, any consolidation or merger to which the Company is a party, any
sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Ordinary
Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary
dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered
by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register
of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating
(x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants,
or if a record is not to be taken, the date as of which the holders of the Ordinary Shares of record to be entitled to such dividend,
distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation,
merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that
holders of the Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property
deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to
deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required
to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public
information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission
pursuant to a Current Report on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing
on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set
forth herein.

 

    	12

    	 

    

 

Section
4. Transfer of Warrant.

 

a) Transferability.
This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in
part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment
of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient
to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company
shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant
in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which
the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in
accordance herewith, may be exercised by a new holder for the purchase of Warrant ADSs without having a new Warrant issued.

 

b) New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of
the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed
by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the original
Issue Date and shall be identical with this Warrant except as to the number of Warrant ADSs issuable pursuant thereto.

 

c) Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder,
and for all other purposes, absent actual notice to the contrary.

 

    	13

    	 

    

 

Section
5. Miscellaneous.

 

a) Currency.
Unless otherwise indicated, all dollar amounts referred to in this Warrant are in United States Dollars (“U.S. Dollars”).
All amounts owing under this Warrant shall be paid in U.S. Dollars. All amounts denominated in other currencies shall be converted
in the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange Rate”
means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Warrant, the U.S. Dollar exchange
rate as published in the Wall Street Journal (NY edition) on the relevant date of calculation.

 

b) No
Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights,
dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except
as expressly set forth in Section 3. Without limiting any rights of a Holder to receive cash payments pursuant to Section 2(d)(i),
Section 2(d)(iv) and or Section 3(d) herein, and without limiting the rights of the Holder to effect a cashless exercise or under
Section 2(c) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.

 

c) Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
ADSs, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of
the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

d) Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

e) Authorized
Shares.

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Ordinary
Shares a sufficient number of shares to provide for the issuance of the Warrant ADSs and the underlying Ordinary Shares upon the
exercise of any rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full
authority to its officers who are charged with the duty of issuing the necessary Warrant ADSs upon the exercise of the rights
under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant ADSs and
the underlying Ordinary Shares may be issued as provided herein without violation of any applicable law or regulation, or of any
requirements of the Trading Market upon which the ADS or Ordinary Shares may be listed. The Company covenants that all Warrant
ADSs and the underlying Ordinary Shares which may be issued upon the exercise of the rights represented by this Warrant will,
upon exercise of the rights represented by this Warrant, be duly authorized, validly issued, fully paid and nonassessable and
free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of
any transfer occurring contemporaneously with such issue).

 

    	14

    	 

    

 

Except
and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms 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 actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant ADSs above the
amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be
necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant ADSs and
the underlying Ordinary Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such
authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable
the Company to perform its obligations under this Warrant.

 

Before
taking any action which would result in an adjustment in the number of Warrant ADSs for which this Warrant is exercisable, the
Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.

 

f) Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles
of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense
of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors,
officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts
sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under
this Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either
party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action,
suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses
incurred with the investigation, preparation and prosecution of such action or proceeding.

 

    	15

    	 

    

 

g) Restrictions.
The Holder acknowledges that the Warrant ADSs and the underlying Ordinary Shares acquired upon the exercise of this Warrant, if
not registered and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal
or foreign securities laws.

 

h) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision
of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant,
which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to
cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings,
incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.

 

i) Notices.
Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation,
any Notice of Exercise, shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized
overnight courier service, addressed to the Company, at ___________, Attention: ___________, facsimile number: _________, email
address: ___________, or such other facsimile number, email address or address as the Company may specify for such purposes by
notice to the Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall
be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service addressed
to each Holder at the facsimile number, e-mail address or address of such Holder appearing on the books of the Company. Any notice
or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission,
if such notice or communication is delivered via facsimile at the facsimile number or via e-mail at the e-mail address set forth
in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission,
if such notice or communication is delivered via facsimile at the facsimile number or via e-mail at the e-mail address set forth
in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the
second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon
actual receipt by the party to whom such notice is required to be given. To the extent that any notice provided hereunder constitutes,
or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file
such notice with the Commission pursuant to a Current Report on Form 6-K.

 

    	16

    	 

    

 

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

 

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

 

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

 

m) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

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

 

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

 

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

 

(Signature
Page Follows)

 

    	17

    	 

    

 

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

 

	 	geneTIC
    technologies LIMITEd
	 	 	 
	 	By:	          
	 	Name:	 
	 	Title:	 

 

    	18

    	 

    

 

NOTICE
OF EXERCISE

 

	To:	geneNTIC technologies lIMITEd

 

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

 

(2)
Payment shall take the form of (check applicable box):

 

[  ]
in lawful money of the United States; or

 

[  ]
if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c). 

 

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

 

_______________________________

 

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

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: __________________________________________________________________________

 

Signature
of Authorized Signatory of Investing Entity: ____________________________________________________

 

Name
of Authorized Signatory: ______________________________________________________________________

 

Title
of Authorized Signatory: _______________________________________________________________________

 

Date:
__________________________________________________________________________________________

 

    	19

    	 

    

 

EXHIBIT B

 

ASSIGNMENT
FORM

 

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

 

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

 

	Name:	 
	 	(Please
    Print)
	 	 
	Address:	 
	 	(Please
    Print)
	 	 
	Phone
    Number:	 
	 	 
	Email
    Address:	 
	 	 
	Dated:
    _______________ __, ______	 

 

	Holder’s
Signature:	 	 
	 	 	 
	Holder’s
Address: 	 	 

 

    	20

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