Document:

EX-10.1

 Exhibit 10.1 

Sabine Pass Liquefaction, LLC 

US$1,350,000,000 4.200% Senior Secured Notes due 2028 

REGISTRATION RIGHTS AGREEMENT 

March 6, 2017 
 Merrill Lynch, Pierce,
Fenner & Smith 

                     Incorporated 

as Representative of the Initial Purchasers 
 c/o Merrill Lynch,
Pierce, Fenner & Smith 

                          
 Incorporated 
 One Bryant Park 
 New York, New York 10036

 Dear Ladies and Gentlemen: 
 Sabine Pass
Liquefaction, LLC a Delaware limited liability company (the “Issuer”), proposes to issue and sell to Merrill Lynch, Pierce, Fenner & Smith Incorporated and the initial purchasers named in Schedule A hereto (collectively,
the “Initial Purchasers”), for whom Merrill Lynch, Pierce, Fenner & Smith Incorporated is acting as Representative, upon the terms set forth in a purchase agreement dated February 28, 2017 (the “Purchase
Agreement”), by and among the Issuer and the Initial Purchasers, US$1,350,000,000 aggregate principal amount of its 4.200% Senior Secured Notes due 2028 (the “Initial Securities”) to be unconditionally guaranteed by
all of its future domestic restricted subsidiaries (such subsidiaries, if any, the “Guarantors” and, together with the Issuer, the “Company”). The Initial Securities will be issued pursuant to an indenture, dated as
of February 1, 2013 (the “Base Indenture”), among the Issuer, any Guarantors that may become a party thereto and The Bank of New York Mellon, as trustee (the “Trustee”), as supplemented by an eighth
supplemental indenture, dated September 19, 2016 (the “Eighth Supplemental Indenture”) and a tenth supplemental indenture that will be dated as of March 6, 2017 (the “Tenth Supplemental Indenture”) (the
Base Indenture, as supplemented by the Eighth Supplemental Indenture and the Tenth Supplemental Indenture, the “Indenture”). As an inducement to the Initial Purchasers, the Company agrees with the Initial Purchasers, for the benefit
of the holders of the Initial Securities (including, without limitation, the Initial Purchasers), the Exchange Securities (as defined below) and the Private Exchange Securities (as defined below) (collectively the “Holders”), as
follows: 
 1.    Registered Exchange Offer. The Company shall, at its own cost, prepare and use commercially
reasonable efforts to file with the U.S. Securities and Exchange Commission (the “Commission”) a registration statement (the “Exchange Offer Registration Statement”) on an appropriate form under the U.S. Securities
Act of 1933, as amended (the “Securities Act”), with respect to a proposed offer (the “Registered Exchange Offer”) to the Holders of Transfer Restricted Securities (as defined in Section 6 hereof), who are not
prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer, to issue and deliver to such Holders, in exchange for the Initial Securities, a like aggregate principal amount of debt securities (the
“Exchange Securities”) of the Company issued under the Indenture and identical in all material respects to the Initial Securities (except for the transfer restrictions relating to the Initial Securities and the provisions relating
to the matters described in Section 6 hereof) that would be registered under the Securities Act. The Company shall use commercially reasonable efforts to cause such Exchange Offer Registration Statement to become effective under the Securities
Act within 360 days (or if the 360th day is not a business day, the first business day thereafter) after the date of original issuance of the Initial Securities (the “Issue Date”) and shall keep the Exchange Offer Registration
Statement effective for not less than 20 business days (or longer, if required by applicable law) after the date notice of the Registered Exchange Offer is mailed to the Holders (such period being called the “Exchange Offer Registration
Period”). 

 If the Company effects the Registered Exchange Offer, the Company will be entitled to close the
Registered Exchange Offer 20 business days after the commencement thereof provided that the Company has accepted all the Initial Securities theretofore validly tendered in accordance with the terms of the Registered Exchange Offer. 

Following the declaration of the effectiveness of the Exchange Offer Registration Statement, the Company shall promptly commence the
Registered Exchange Offer, it being the objective of such Registered Exchange Offer to enable each Holder of Transfer Restricted Securities (as defined in Section 6 hereof) electing to exchange the Initial Securities for Exchange Securities
(assuming that such Holder is not an affiliate of the Company within the meaning of the Securities Act, acquires the Exchange Securities in the ordinary course of such Holder’s business and has no arrangements with any person to participate in
the distribution of the Exchange Securities and is not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer) to trade such Exchange Securities from and after their receipt without any limitations or
restrictions under the Securities Act and without material restrictions under the securities laws of the several states of the United States. The Company shall use commercially reasonable efforts to complete the Registered Exchange Offer on or
before the 60th day after the Exchange Offer Registration Statement becomes effective under the Securities Act. 
 The Company acknowledges
that, pursuant to current interpretations by the Commission’s staff of Section 5 of the Securities Act, in the absence of an applicable exemption therefrom, (i) each Holder that is a broker-dealer electing to exchange Initial
Securities, acquired for its own account as a result of market-making activities or other trading activities, for Exchange Securities (an “Exchanging Dealer”), is required to deliver a prospectus containing the information set forth
in (a) Annex A hereto on the cover, (b) Annex B hereto in the “Exchange Offer Procedures” section and the “Purpose of the Exchange Offer” section, and (c) Annex C hereto in the “Plan of Distribution”
section of such prospectus in connection with a sale of any such Exchange Securities received by such Exchanging Dealer pursuant to the Registered Exchange Offer and (ii) an Initial Purchaser that elects to sell Exchange Securities acquired in
exchange for Initial Securities constituting any portion of an unsold allotment is required to deliver a prospectus containing the information required by Item 507 or 508 of Regulation S-K under the Securities
Act, as applicable, in connection with such sale. 
 The Company shall use commercially reasonable efforts to keep the Exchange Offer
Registration Statement effective and to amend and supplement the prospectus contained therein, in order to permit such prospectus to be lawfully delivered by all persons subject to the prospectus delivery requirements of the Securities Act for such
period of time as such persons must comply with such requirements in order to resell the Exchange Securities; provided, however, that (i) in the case where such prospectus and any amendment or supplement thereto must be delivered by an
Exchanging Dealer or an Initial Purchaser, such period shall be the lesser of 180 days and the date on which all Exchanging Dealers and the Initial Purchasers have sold all Exchange Securities held by them (unless such period is extended pursuant to
Section 3(j) below) and (ii) the Company shall make such prospectus and any amendment or supplement thereto available to any broker-dealer for use in connection with any resale of any Exchange Securities for a period of not less than 90
days after the consummation of the Registered Exchange Offer. 
 If, upon consummation of the Registered Exchange Offer, any Initial
Purchaser holds Initial Securities acquired by it as part of its initial distribution, the Company, simultaneously with the delivery of the Exchange Securities pursuant to the Registered Exchange Offer, shall issue and deliver to such Initial
Purchaser upon the written request of such Initial Purchaser, in exchange (the “Private Exchange”) for the Initial Securities held by such Initial Purchaser, a like principal amount of debt securities of the Company issued under the
Indenture and identical in all material respects (including the existence of restrictions on transfer under the Securities Act and the securities laws of the several states of the United States, but excluding provisions relating to the matters
described in Section 6 hereof) to the Initial Securities (the “Private Exchange Securities”). The Initial Securities, the Exchange Securities and the Private Exchange Securities are herein collectively called the
“Securities”. 

  
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 In connection with the Registered Exchange Offer, the Company shall: 

(a)    mail to each Holder a copy of the prospectus forming part of the Exchange Offer Registration Statement, together
with an appropriate letter of transmittal and related documents; 
 (b)    keep the Registered Exchange Offer open for
not less than 20 business days (or longer, if required by applicable law) after the date notice thereof is mailed to the Holders; 

(c)    utilize the services of a depositary for the Registered Exchange Offer with an address in the Borough of Manhattan,
The City of New York, which may be the Trustee or an affiliate of the Trustee; 
 (d)    permit Holders to withdraw
tendered Securities at any time prior to the close of business, or 5:00 p.m., New York City time, on the last business day on which the Registered Exchange Offer shall remain open; and 

(e)    otherwise comply with all applicable laws. 

As soon as practicable after the close of the Registered Exchange Offer or the Private Exchange, as the case may be, the Company shall: 

(x)    accept for exchange all the Initial Securities validly tendered and not withdrawn pursuant to the Registered
Exchange Offer and the Private Exchange; 
 (y)    deliver to the Trustee for cancellation all the Initial Securities so
accepted for exchange; and 
 (z)    cause the Trustee to authenticate and deliver promptly to each Holder of the
Initial Securities, Exchange Securities or Private Exchange Securities, as the case may be, equal in principal amount to the Initial Securities of such Holder so accepted for exchange. 

The Indenture will provide that the Exchange Securities will not be subject to the transfer restrictions set forth in the Indenture and, other
than as described in Section 9.02 of the Indenture, that all the Securities will vote and consent together on all matters as one class and that none of the Securities will have the right to vote or consent as a class separate from one another
on any matter. 
 Interest on each Exchange Security and Private Exchange Security issued pursuant to the Registered Exchange Offer and in
the Private Exchange will accrue from the last interest payment date on which interest was paid on the Initial Securities surrendered in exchange therefor or, if no interest has been paid on the Initial Securities, from the Issue Date. 

Each Holder participating in the Registered Exchange Offer shall be required to represent to the Company that at the time of the consummation
of the Registered Exchange Offer (i) any Exchange Securities received by such Holder will be acquired in the ordinary course of business, (ii) such Holder will have no arrangements or understanding with any person to participate in the
distribution of the Securities or the Exchange Securities within the meaning of the Securities Act, (iii) such Holder is not an “affiliate,” as defined in Rule 405 under the Securities Act, of the Company or if it is an affiliate,
such Holder will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, (iv) if such Holder is not a broker-dealer, that it is not engaged in, and does not intend to engage in, the
distribution of the Exchange Securities and (v) if such Holder is a broker-dealer, that it will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of market-making activities or
other trading activities and that it will be required to acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. 

  
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 Notwithstanding any other provisions hereof, the Company will ensure that (i) any Exchange
Offer Registration Statement and any amendment thereto and any prospectus forming part thereof and any supplement thereto complies in all material respects with the Securities Act and the rules and regulations thereunder, (ii) any Exchange
Offer Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading and (iii) any prospectus forming part of any Exchange Offer Registration Statement, and any supplement to such prospectus, does not include an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

2.    Shelf Registration. If, (i) the Company determines that it is not permitted to effect a Registered
Exchange Offer, as contemplated by Section 1 hereof, under applicable law or applicable interpretations thereof by the staff of the Commission, (ii) the Registered Exchange Offer is not consummated on or prior to the 360th day after the
Issue Date, or (iii) any Initial Purchaser notifies the Issuer in writing following the consummation of the Registered Exchange Offer that such Initial Purchaser holds Transfer Restricted Securities that are not eligible to be exchanged for
Exchange Securities in the Registered Exchange Offer, the Company shall take the following actions: 

(a)    The Company shall, at its cost, prepare and file with the Commission and thereafter use commercially
reasonable efforts to cause to be declared effective (unless it becomes effective automatically upon filing) a registration statement (the “Shelf Registration Statement” and, together with the Exchange Offer Registration Statement,
a “Registration Statement”) on an appropriate form under the Securities Act relating to the offer and sale of the Transfer Restricted Securities (as defined in Section 6 hereof) by the Holders thereof from time to time in
accordance with the methods of distribution set forth in the Shelf Registration Statement and Rule 415 under the Securities Act (hereinafter, the “Shelf Registration”); provided, however, that no Holder (other than an Initial
Purchaser) shall be entitled to have the Securities held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be bound by all the provisions of this Agreement applicable to such Holder. 

(b)    The Company shall use commercially reasonable efforts to keep the Shelf Registration Statement
continuously effective in order to permit the prospectus included therein to be lawfully delivered by the Holders of the relevant Securities for a period of one year (or for such longer period if extended pursuant to Section 3(j) below) from the
Issue Date or such shorter period that will terminate when all the Securities covered by the Shelf Registration Statement (i) have been sold pursuant thereto or (ii) may be freely sold without volume restrictions by non-affiliates pursuant to Rule 144 under the Securities Act, or any successor rule thereof, or otherwise transferred in a manner that results in (A) the Securities not being subject to transfer restrictions
under the Securities Act and (B) the absence of a need for a restrictive legend regarding registration and the Securities Act (assuming for the purpose that the Holders thereof are not affiliates of the Company) (such period being called the
“Shelf Registration Period”). 
 (c)    Notwithstanding any other provisions of this
Agreement to the contrary, the Company shall cause the Shelf Registration Statement and the related prospectus and any amendment or supplement thereto, as of its respective effective date, (i) to comply in all material respects with the
applicable requirements of the Securities Act and the rules and regulations of the Commission and (ii) not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order
to make the statements therein (in the case of the prospectus in light of the circumstances under which they were made), not misleading. 

  
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 3.    Registration Procedures. In connection with any Shelf
Registration contemplated by Section 2 hereof and, to the extent applicable, any Registered Exchange Offer contemplated by Section 1 hereof, the following provisions shall apply: 

(a)    The Company shall (i) furnish to each Initial Purchaser, prior to the filing thereof with the
Commission, a copy of the Registration Statement and each amendment thereof and each supplement, if any, to the prospectus included therein and, in the event that an Initial Purchaser (with respect to any portion of an unsold allotment from the
original offering) is participating in the Registered Exchange Offer or the Shelf Registration, the Company shall use commercially reasonable efforts to reflect in each such document, when so filed with the Commission, such comments as such Initial
Purchaser reasonably may propose, provided that such comments are received by the Issuer within ten business days after the receipt by such Initial Purchaser of such document; (ii) include the information set forth in Annex A hereto on
the cover, in Annex B hereto in the “Exchange Offer Procedures” section and the “Purpose of the Exchange Offer” section and in Annex C hereto in the “Plan of Distribution” section of the prospectus forming a part of the
Exchange Offer Registration Statement and include the information set forth in Annex D hereto in the Letter of Transmittal delivered pursuant to the Registered Exchange Offer; (iii) if requested by an Initial Purchaser, include the information
required by Item 507 or 508 of Regulation S-K under the Securities Act, as applicable, in the prospectus forming a part of the Exchange Offer Registration Statement; (iv) include within the prospectus
contained in the Exchange Offer Registration Statement a section entitled “Plan of Distribution,” reasonably acceptable to the Initial Purchasers, which shall contain a summary statement of the positions taken or policies made by the staff
of the Commission with respect to the potential “underwriter” status of any broker-dealer that is the beneficial owner (as defined in Rule 13d-3 under the U.S. Securities Exchange Act of 1934, as
amended (the “Exchange Act”)) of Exchange Securities received by such broker-dealer in the Registered Exchange Offer (a “Participating Broker-Dealer”), whether such positions or policies have been publicly
disseminated by the staff of the Commission or such positions or policies, in the reasonable judgment of the Initial Purchasers based upon advice of counsel (which may be in-house counsel), represent the
prevailing views of the staff of the Commission; and (v) in the case of a Shelf Registration Statement, include in the prospectus included in the Shelf Registration Statement (or, if permitted by Rule 430B(b) under the Securities Act, in a
prospectus supplement that becomes a part thereof pursuant to Rule 430B(f) under the Securities Act) that is delivered to any Holder pursuant to Sections 3(d) and (f) hereof, the names of the Holders who propose to sell Securities pursuant to
the Shelf Registration Statement, as selling securityholders. 
 (b)    The Company shall give written
notice to the Initial Purchasers, the Holders of the Securities and any Participating Broker-Dealer from whom the Issuer has received prior written notice that it will be a Participating Broker-Dealer in the Registered Exchange Offer (which notice
pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made): 

(i)    when the Registration Statement or any amendment thereto has been filed with the Commission and when
the Registration Statement or any post-effective amendment thereto has become effective; 
 (ii)    of
any request by the Commission for amendments or supplements to the Registration Statement or the prospectus included therein or for additional information; 

(iii)    of the issuance by the Commission of any stop order suspending the effectiveness of the
Registration Statement or the initiation of any proceedings for that purpose, of the issuance by the Commission of a notification of objection to the use of the form on which the Registration Statement has been filed, and of the happening of any
event that causes the Company to become an “ineligible issuer,” as defined in Rule 405 under the Securities Act; 

  
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 (iv)    of the receipt by the Company or its legal counsel of
any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 

(v)    except to the extent otherwise incorporated therein by reference, of the happening of any event that
requires the Company to make changes in the Registration Statement or the prospectus in order that the Registration Statement or the prospectus do not contain an untrue statement of a material fact nor omit to state a material fact required to be
stated therein or necessary to make the statements therein (in the case of the prospectus, in light of the circumstances under which they were made) not misleading. 

(c)    The Company shall use commercially reasonable efforts to obtain the withdrawal at the earliest
possible time of any order suspending the effectiveness of the Registration Statement. 
 (d)    To the
extent not available on the Commission’s web site at www.sec.gov, the Company shall furnish to each Holder of Securities named in the Shelf Registration, without charge, at least one copy of the Shelf Registration Statement and any
post-effective amendment or supplement thereto, including financial statements and schedules, and, if the Holder so requests in writing, all exhibits thereto (including those, if any, incorporated by reference). The Company shall not, without the
prior consent of the Initial Purchasers, make any offer relating to the Securities that would constitute a “free writing prospectus,” as defined in Rule 405 under the Securities Act. 

(e)    To the extent not available on the Commission’s web site at www.sec.gov, the Company shall
deliver to each Exchanging Dealer and each Initial Purchaser, and to any other Holder who so requests in writing, without charge, at least one copy of the Exchange Offer Registration Statement and any post-effective amendment thereto, including
financial statements and schedules, and, if any Initial Purchaser or any such Holder requests in writing, all exhibits thereto (including those incorporated by reference). 

(f)    The Company shall, during the Shelf Registration Period, deliver to each Holder of the Securities
included within the coverage of the Shelf Registration, without charge, as many copies of the prospectus (including each preliminary prospectus) included in the Shelf Registration Statement and any amendment or supplement thereto as such person may
reasonably request in writing. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by each of the selling Holders of the Securities in connection with the offering
and sale of the Securities covered by the prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. 

(g)    The Company shall deliver to each Initial Purchaser, any Exchanging Dealer, any Participating
Broker-Dealer and such other persons required to deliver a prospectus following the Registered Exchange Offer, without charge, as many copies of the final prospectus included in the Exchange Offer Registration Statement and any amendment or
supplement thereto as such persons may reasonably request in writing. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by any Initial Purchaser, if necessary, any
Exchanging Dealer, any Participating Broker-Dealer and such other persons required to deliver a prospectus following the Registered Exchange Offer in connection with the offering and sale of the Exchange Securities covered by the prospectus, or any
amendment or supplement thereto, included in such Exchange Offer Registration Statement. 

  
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 (h)    Prior to any public offering of the Securities,
pursuant to any Registration Statement, the Company shall use commercially reasonable efforts to register or qualify or cooperate with the Holders of the Securities included therein and their respective counsel in connection with the registration or
qualification of the Securities for offer and sale under the securities or “blue sky” laws of such states of the United States as any Holder of the Securities reasonably requests in writing and do any and all other acts or things
reasonably necessary or advisable to enable the offer and sale in such jurisdictions of the Securities covered by such Registration Statement; provided, however, that the Company shall not be required to (i) qualify generally to do
business in any jurisdiction where it is not then so qualified or (ii) take any action which would subject it to general service of process or to taxation in any jurisdiction where it is not then so subject. 

(i)    The Company shall cooperate with the Holders of the Securities to facilitate the timely preparation
and delivery of certificates representing the Securities to be sold pursuant to any Registration Statement free of any restrictive legends and in such denominations and registered in such names as the Holders may request a reasonable period of time
prior to sales of the Securities pursuant to such Registration Statement. 
 (j)    Upon the occurrence
of any event contemplated by paragraphs (ii) through (v) of Section 3(b) above during the period for which the Company is required to maintain an effective Registration Statement, the Company shall promptly prepare and file a post-effective
amendment to the Registration Statement or a supplement to the related prospectus and any other required document so that, as thereafter delivered to Holders of the Securities or purchasers of Securities, the prospectus will not contain an untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company notifies the Initial
Purchasers, the Holders of the Securities and any known Participating Broker-Dealer in accordance with paragraphs (ii) through (v) of Section 3(b) above to suspend the use of the prospectus until the requisite changes to the prospectus have
been made, then the Initial Purchasers, the Holders of the Securities and any such Participating Broker-Dealers shall suspend use of such prospectus, and the period of effectiveness of the Shelf Registration Statement provided for in Section 2(b)
above and the Exchange Offer Registration Statement provided for in Section 1 above shall each be extended by the number of days from and including the date of the giving of such notice to and including the date when the Initial Purchasers, the
Holders of the Securities and any known Participating Broker-Dealer shall have received such amended or supplemented prospectus pursuant to this Section 3(j). During the period during which the Company is required to maintain an effective Shelf
Registration Statement pursuant to this Agreement, the Company will prior to the three-year expiration of that Shelf Registration Statement file, use commercially reasonable efforts to cause to be declared effective (unless it becomes effective
automatically upon filing) within a period that avoids any interruption in the ability of Holders of the Securities covered by the expiring Shelf Registration Statement to make registered dispositions, a new registration statement relating to the
Securities, which shall be deemed the “Shelf Registration Statement” for purposes of this Agreement. 

(k)    Not later than the effective date of the applicable Registration Statement, the Company will provide
a CUSIP number for the Initial Securities, the Exchange Securities or the Private Exchange Securities, as the case may be, and provide the applicable trustee with printed certificates for the Initial Securities, the Exchange Securities or the
Private Exchange Securities, as the case may be, in a form eligible for deposit with The Depository Trust Company. 

(l)    The Company will comply with all rules and regulations of the Commission to the extent and so long
as they are applicable to the Registered Exchange Offer or the Shelf Registration and will make generally available to its securityholders (or otherwise provide in accordance with Section 11(a) of the Securities Act) an earning statement satisfying
the provisions 

  
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of Section 11(a) of the Securities Act, no later than 45 days after the end of a 12-month period (or 90 days, if such period is a fiscal year) beginning
with the first month of the Issuer’s first fiscal quarter commencing after the effective date of the Registration Statement, which statement shall cover such 12-month period. 

(m)    The Company shall cause the Indenture to be qualified under the Trust Indenture Act of 1939, as
amended (the “Trust Indenture Act”), in a timely manner and containing such changes, if any, as shall be necessary for such qualification. In the event that such qualification would require the appointment of a new trustee under the
Indenture, the Company shall appoint a new trustee thereunder pursuant to the applicable provisions of the Indenture. 

(n)    The Company may require each Holder of the Securities to be sold pursuant to the Shelf Registration
Statement to furnish to the Company such information regarding the Holder and the distribution of the Securities as the Company may from time to time reasonably require for inclusion in the Shelf Registration Statement, and the Company may exclude
from such registration the Securities of any Holder that unreasonably fails to furnish such information within a reasonable time after receiving such request. 

(o)    The Company shall enter into such customary agreements (including, if requested, an underwriting
agreement in customary form) and take all such other action, if any, as any Holder of the Securities shall reasonably request in order to facilitate the disposition of the Securities pursuant to any Shelf Registration. 

(p)    In the case of any Shelf Registration, the Company shall (i) make reasonably available for
inspection by the Holders of the Securities, any underwriter participating in any disposition pursuant to the Shelf Registration Statement and any attorney, accountant or other agent retained by the Holders of the Securities or any such underwriter
all relevant financial and other records, pertinent corporate documents and properties of the Company and (ii) cause the Company’s officers, directors, employees, accountants and auditors to supply all relevant information reasonably
requested by the Holders of the Securities or any such underwriter, attorney, accountant or agent in connection with the Shelf Registration Statement, in each case, as shall be reasonably necessary to enable such persons, to conduct a reasonable
investigation within the meaning of Section 11 of the Securities Act; provided, however, that the foregoing inspection and information gathering shall be coordinated by the Initial Purchasers and on behalf of the other parties, by one
counsel designated by and on behalf of such other parties as described in Section 4 hereof; provided, further, that, if the Company designates in writing any such information, reasonably and in good faith, as confidential, at the time of
delivery of such information, each such person will be required to agree or acknowledge that information obtained by it as a result of such inspections shall be deemed confidential and shall not be used by it as the basis for any market transactions
in the securities of the Company or otherwise unless and until such is made generally available to the public through no fault or action of such person. 

(q)    In the case of any Shelf Registration, the Company, if requested by any Holder of the Securities
covered thereby, shall cause (i) its counsel to deliver an opinion and updates thereof relating to the Securities substantially in the form provided pursuant to Section 7(d) of the Purchase Agreement with such changes as are customary in
connection with the preparation of a Registration Statement addressed to such Holders and the managing underwriters, if any, thereof and dated, in the case of the initial opinion, the effective date of such Shelf Registration Statement,
(ii) its officers to execute and deliver all customary documents and certificates and updates thereof requested by any underwriters of the applicable Securities, dated the date of the closing of such offering of such Securities, and
(iii) its independent public accountants to provide to the selling Holders of the applicable Securities and any underwriter therefor a comfort letter dated the date of the closing of such offering of such Securities, in customary form and
covering matters of the type customarily covered in comfort letters in connection with primary underwritten offerings, subject to receipt of appropriate documentation as contemplated, and only if permitted, by Statement on Auditing Standards
No. 72. 

  
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 (r)    If a Registered Exchange Offer or a Private Exchange
is to be consummated, upon delivery of the Initial Securities by Holders to the Issuer (or to such other Person as directed by the Issuer) in exchange for the Exchange Securities or the Private Exchange Securities, as the case may be, the Company
shall mark, or caused to be marked, on the Initial Securities so exchanged that such Initial Securities are being canceled in exchange for the Exchange Securities or the Private Exchange Securities, as the case may be, and in no event shall the
Initial Securities be marked as paid or otherwise satisfied. 
 (s)    The Company will use commercially
reasonable efforts to confirm that the rating of the Initial Securities obtained prior to the initial sale of such Initial Securities will also apply to the Securities covered by a Registration Statement. 

(t)    In the event that any broker-dealer registered under the Exchange Act shall underwrite any
Securities or participate as a member of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the Rules (the “Rules”) of the Financial Industry Regulatory Authority, Inc.
(“FINRA”)) thereof, whether as a Holder of such Securities or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, the Company will assist such broker-dealer in complying with the
requirements of such Rules, including, without limitation, by (i) if such Rules, including Rule 5121, shall so require, engaging a “qualified independent underwriter” (as defined in Rule 5121) to participate in the preparation of the
Registration Statement relating to such Securities, to exercise usual standards of due diligence in respect thereto and, if any portion of the offering contemplated by such Registration Statement is an underwritten offering or is made through a
placement or sales agent, to recommend the yield of such Securities, (ii) indemnifying any such qualified independent underwriter to the extent of the indemnification of underwriters provided in Section 5 hereof and (iii) providing
such information to such broker-dealer as may be required in order for such broker-dealer to comply with the requirements of the Rules. 

(u)    So long as any Transfer Restricted Securities remain outstanding, the Issuer shall cause each
Guarantor upon the creation or acquisition of such Guarantor to execute a counterpart to this Agreement in the form attached hereto as Annex E and to deliver such counterpart, together with an opinion of counsel as to the enforceability thereof
against such entity, to the Initial Purchasers no later than five Business Days following the execution thereof. 

(v)    The Company shall use commercially reasonable efforts to take all other steps necessary to effect
the registration of the Securities covered by a Registration Statement contemplated hereby. 
 4.    Registration
Expenses. The Company shall bear all fees and expenses incurred in connection with the performance of its obligations under Sections 1 through 3 hereof (including the reasonable fees and expenses, if any, of Skadden, Arps, Slate,
Meagher & Flom LLP, counsel for the Initial Purchasers, incurred in connection with the Registered Exchange Offer), whether or not the Registered Exchange Offer or a Shelf Registration is filed or becomes effective, and, in the event of a
Shelf Registration, shall bear or reimburse the Holders of the Securities covered thereby for the reasonable fees and disbursements of one firm of counsel designated by the Holders of a majority in principal amount of the Initial Securities covered
thereby to act as counsel for the Holders of the Initial Securities in connection therewith. 

  
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 5.    Indemnification and Contribution. 

(a)    The Issuer agrees to indemnify and hold harmless each Holder of the Securities, any Participating
Broker-Dealer, any of their partners, members, directors, officers, employees, agents, affiliates and each person, if any, who controls such Holder or such Participating Broker-Dealer within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act (each, an “Indemnified Party”) against any and all losses, claims, damages or liabilities, joint or several, or any actions in respect thereof (including, but not limited to, any losses, claims,
damages, liabilities or actions relating to purchases and sales of the Securities) to which such Indemnified Party may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities
(or actions in respect thereof) arise out of, or are based upon, any untrue statement or alleged untrue statement of any material fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any
preliminary prospectus or “issuer free writing prospectus,” as defined in Rule 433 under the Securities Act (“Issuer FWP”), relating to a Shelf Registration, or arise out of, or are based upon, the omission or alleged
omission of a material fact required to be stated therein or necessary in order to make the statements therein not misleading, and will reimburse each Indemnified Party for any legal or other expenses reasonably incurred by such Indemnified Party in
connection with investigating, preparing or defending against any such loss, claim, damage, liability or action as such expenses are incurred; provided, however, that (i) the Issuer will not be liable in any such case to the extent that
any such loss, claim, damage or liability arises out of, or is based upon, an untrue statement or alleged untrue statement in or omission or alleged omission made in a Registration Statement or prospectus or in any amendment or supplement thereto or
in any preliminary prospectus or Issuer FWP relating to a Shelf Registration in reliance upon and in conformity with written information pertaining to such Holder and furnished to the Issuer by or on behalf of such Holder specifically for inclusion
therein and (ii) with respect to any untrue statement or alleged untrue statement or any omission or alleged omission made in any preliminary prospectus relating to a Shelf Registration Statement, the indemnity agreement contained in this
subsection (a) shall not inure to the benefit of any Holder or Participating Broker-Dealer from whom the person asserting any such losses, claims, damages or liabilities purchased the Securities concerned, to the extent that a prospectus
relating to such Securities was required to be delivered (including through satisfaction of the conditions of Rule 172 under the Securities Act) by such Holder or Participating Broker-Dealer under the Securities Act in connection with such purchase
and any such loss, claim, damage or liability of such Holder or Participating Broker-Dealer results from the fact that there was not sent or given to such person, at or prior to the time of sale of such Securities to such person, an amended or
supplemented prospectus, or if permitted by Section 3(d) hereof, an Issuer FWP correcting such untrue statement or alleged untrue statement, or omission or alleged omission if the Issuer had previously furnished copies thereof to such Holder or
Participating Broker-Dealer; provided further, however, that this indemnity agreement will be in addition to any liability which the Issuer may otherwise have to such Indemnified Party. The Issuer shall also indemnify underwriters, their
officers and directors and each person who controls such underwriters within the meaning of the Securities Act or the Exchange Act to the same extent as provided above with respect to the indemnification of the Holders of the Securities if requested
by such Holders. 
 (b)    Each Holder of the Securities, severally and not jointly, will indemnify and
hold harmless the Issuer and each Guarantor, their respective members, managers, officers and directors and each person, if any, who controls the Issuer or the Guarantor within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act (each, a “Holder Indemnified Party”) against any losses, claims, damages or liabilities or any actions in respect thereof, to which such Holder Indemnified Party may become subject, under the Securities Act, the
Exchange Act, or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of, or are based upon, any untrue statement or alleged untrue statement of any material fact contained in a Registration
Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus or Issuer FWP relating to a Shelf Registration, or arise out of, or are based upon, the omission or the alleged omission of a material fact required
to be stated therein or necessary in order to make the statements therein not 

  
 10 

 
misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity
with written information pertaining to such Holder and furnished to the Issuer or any Guarantor or their respective officers or directors by or on behalf of such Holder specifically for inclusion therein; and, subject to the limitation set forth in
the immediately preceding clause, will reimburse any legal or other expenses reasonably incurred by such Holder Indemnified Party in connection with investigating, preparing or defending against any such loss, claim, damage, liability or action in
respect thereof, as such expenses are incurred. This indemnity agreement will be in addition to any liability which such Holder may otherwise have to the Issuer, each Guarantor, their respective officers and directors or any of their respective
controlling persons. 
 (c)    Promptly after receipt by an indemnified party under this Section 5
of notice of the commencement of any action or proceeding (including a governmental investigation), such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under subsection (a) or (b) above,
notify the indemnifying party of the commencement thereof; but the failure to notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have under subsection (a) or (b) above except to the extent that
it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the failure to notify the indemnifying party shall not relieve it from any liability that it may have to
an indemnified party otherwise than under subsection (a) or (b) above. In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled
to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not, except with the
consent of the indemnified party, be counsel to the indemnifying party), and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof the indemnifying party will not be liable to such
indemnified party under this Section 5 for any legal or other expenses, subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation. No indemnifying party shall, without
the prior written consent of the indemnified party, which consent shall not be unreasonably withheld or delayed, effect any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and
indemnity could have been sought hereunder by such indemnified party unless such settlement (i) includes an unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action, and
(ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of an indemnified party. 

(d)    If the indemnification provided for in this Section 5 is unavailable or insufficient to hold
harmless an indemnified party under subsections (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities (or actions in
respect thereof) referred to in subsection (a) or (b) above (i) in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party or parties on the one hand and the indemnified party on the other from
the exchange of the Initial Securities, pursuant to the Registered Exchange Offer, or (ii) if the allocation provided by the foregoing clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only
the relative benefits referred to in clause (i) above but also the relative fault of the indemnifying party or parties on the one hand and the indemnified party on the other in connection with the statements or omissions that resulted in such
losses, claims, damages or liabilities (or actions in respect thereof) as well as any other relevant equitable considerations. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue statement or
alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuer on the one hand or such Holder or such other indemnified party, as the case may be, on the other,
and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent 

  
 11 

 
such untrue statement or omission. The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this subsection
(d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or claim which is the subject of this subsection (d). Notwithstanding any other
provision of this subsection (d), the Holders of the Securities shall not be required to contribute any amount in excess of the amount by which the net proceeds received by such Holders from the sale of the Securities pursuant to a Registration
Statement exceeds the amount of damages which such Holders have otherwise been required to pay by reason of such untrue statement or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this subsection (d), each person, if any, who controls such indemnified
party within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as such indemnified party and each person, if any, who controls the Issuer within the meaning of the Securities Act or the Exchange Act
shall have the same rights to contribution as the Issuer. 
 (e)    The indemnity and contribution
provisions contained in this Section 5 shall survive the sale of the Securities pursuant to a Registration Statement and shall remain in full force and effect, regardless of any termination or cancellation of this Agreement or any investigation
made by or on behalf of any Indemnified Party or any Holder Indemnified Party. 
 6.    Additional Interest Under
Certain Circumstances. 
 (a)    Additional interest with respect to the Initial Securities (the
“Additional Interest”) shall be assessed as follows if any of the following events occur (each such event in clause (i) and (ii) below, a “Registration Default”): 

(i)    The Exchange Offer has not been completed on or prior to the 360th day after the Issue Date; or 

(ii)    If, pursuant to the terms of Section 2 above, the Company is required to file a Shelf
Registration Statement, the Shelf Registration Statement has not been declared effective by the Commission on or prior to the 360th day after the Issue Date or, if the Company is required to file a Shelf Registration Statement with respect to any
unsold allotment of Initial Securities held by any Initial Purchaser, the Shelf Registration Statement has not been declared effective by the Commission by the later of (A) the 360th day after the Issue Date and (B) the 180th day after the
date on which such Initial Purchaser requests that the Company file a Shelf Registration Statement with respect to such Initial Securities. 

Additional Interest shall accrue on the Initial Securities over and above the interest set forth in the title of the Initial Securities from
and including the date on which any such Registration Default shall occur to but excluding the date on which all such Registration Defaults have been cured, as follows: with respect to the first 90-day period
immediately following the occurrence of the first Registration Default, Additional Interest will be paid in an amount equal to 0.25% per annum of the principal amount of Initial Securities; and with respect to each subsequent 90-day period until all Registration Defaults have been cured, Additional Interest will increase by an additional 0.25% per annum with respect to such periods, up to a maximum amount of Additional Interest for all
Registration Defaults of 0.50% per annum of the principal amount of Initial Securities for any period after the first 90-day period immediately following the occurrence of the first Registration Default.
Following the cure of all Registration Defaults relating to any Initial Securities, Additional Interest shall cease to accrue with respect to such securities. 

  
 12 

 (b)    Notwithstanding the foregoing, a Registration Default
referred to in Section 6(a) hereof shall be deemed not to have occurred and be continuing, and the Company shall have no obligation to pay Additional Interest as a result of such Registration Default, if such Registration Default has occurred solely
as a result of action taken or not taken by the Commission that is arbitrary, capricious, an abuse of discretion or otherwise not in accordance with law within the meaning of the federal Administrative Procedure Act, as amended, as determined by a
final order of a court of competent jurisdiction. 
 (c)    Any amounts of Additional Interest due
pursuant to Section 6(a) above will be payable in cash on the regular interest payment dates with respect to the Transfer Restricted Securities. The amount of Additional Interest will be determined by multiplying the applicable Additional Interest
rate by the principal amount of the Transfer Restricted Securities, multiplied by a fraction, the numerator of which is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a 360-day year comprised of twelve 30-day months), and the denominator of which is 360. 

(d)    “Transfer Restricted Securities” means each Security until (i) the date on
which such Transfer Restricted Security has been exchanged by a person other than a broker-dealer for a freely transferable Exchange Security in the Registered Exchange Offer, (ii) following the exchange by a broker-dealer in the Registered
Exchange Offer of an Initial Security for an Exchange Security, the date on which such Exchange Security is sold to a purchaser who receives from such broker-dealer on or prior to the date of such sale a copy of the prospectus contained in the
Exchange Offer Registration Statement, (iii) the date on which the resale of such Initial Security has been effectively registered under the Securities Act and such Initial Security is disposed of in accordance with the Shelf Registration
Statement or (iv) the date on which such Initial Securities are distributed to the public pursuant to Rule 144 under the Securities Act or can be sold pursuant to Rule 144 under the Securities Act. 

(e)    Notwithstanding the foregoing in this Section 6, (i) the amount of Additional Interest
payable shall not increase solely because more than one Registration Default has occurred and is pending, and a Holder of a Transfer Restricted Security who is not entitled to the benefits of the Shelf Registration Statement (i.e., such
Holder has not elected to furnish information to the Issuer in accordance with Section 3(n) hereof) shall not be entitled to Additional Interest with respect to a Registration Default relating to a Shelf Registration Statement, and (ii) no
Holder who (x) was eligible to exchange such Holder’s outstanding Securities at the time the Exchange Offer was pending and consummated and (y) failed to validly tender such Securities for exchange pursuant to the Exchange Offer shall
be entitled to receive any Additional Interest that would otherwise accrue subsequent to the date that the Exchange Offer is consummated. 

7.    Rules 144 and 144A. The Company shall use commercially reasonable efforts to file the reports required to be
filed by it under the Securities Act and the Exchange Act in a timely manner and, if at any time the Company is not required to file such reports, it will, upon the request of any Holder of Initial Securities, make publicly available other
information so long as necessary to permit sales of their securities pursuant to Rules 144 and 144A under the Securities Act. The Company covenants that it will take such further action as any Holder of Initial Securities may reasonably request, all
to the extent required from time to time to enable such Holder to sell Initial Securities without registration under the Securities Act within the limitation of the exemptions provided by Rules 144 and 144A under the Securities Act (including the
requirements of Rule 144A(d)(4) under the Securities Act). The Company will provide a copy of this Agreement to prospective purchasers of Initial Securities identified to the Issuer by the Initial Purchasers upon request. Upon the request of any
Holder of Initial Securities, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements. Notwithstanding the foregoing, nothing in this Section 7 shall be deemed to require the Company to
register any of its securities pursuant to the Exchange Act or take any such actions after the Securities no longer constitute Transfer Restricted Securities. 

  
 13 

 8.    Underwritten Registrations. If any of the Transfer Restricted
Securities covered by any Shelf Registration are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will administer the offering (“Managing Underwriters”) will be
selected by the Holders of a majority in aggregate principal amount of such Transfer Restricted Securities to be included in such offering. 

No person may participate in any underwritten registration hereunder unless such person (i) agrees to sell such person’s Transfer
Restricted Securities on the basis reasonably provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 

9.    Miscellaneous. 

(a)    Amendments and Waivers. The provisions of this Agreement may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given, except by the Issuer and the written consent of the Holders of a majority in principal amount of the Securities affected by such amendment,
modification, supplement, waivers or consents. 
 (b)    Notices. All notices and other
communications provided for or permitted hereunder shall be made through electronic mail or in writing by hand delivery, first-class mail, facsimile transmission, or air courier which guarantees overnight delivery: 

(i)    if to a Holder of the Securities, at the most current address given by such Holder to the Issuer.

 (ii)    if to the Initial Purchasers; 

c/o Merrill Lynch, Pierce, Fenner & Smith 

                     
      Incorporated 
 50 Rockefeller Plaza 

NY1-050-12-01

 New York, New York 10020 

Facsimile: (646) 855-5958 

Attention: High Grade Transaction Management/Legal 

with a copy to: 

Skadden Arps Slate Meagher & Flom LLP 

4 Times Square 

New York, NY 10036 

Fax No.: (416) 777-4790 

E-mail: david.armstrong@skadden.com 

Attention: David Armstrong 

(iii)    if to the Issuer, at its address as follows: 

Sabine Pass Liquefaction, LLC 

700 Milam Street, Suite 1900 

Houston, Texas 77002 

Fax No.: (713) 375-6000 

E-mail: lisa.cohen@cheniere.com 

Attention: Treasurer 

  
 14 

 with a copy to: 

Latham & Watkins LLP 

885 Third Avenue 

New York, NY 10022 

Fax No.: (212)751-4864 

E-mail: jonathan.rod@lw.com 

Attention: Jonathan Rod 

All such notices and communications shall be deemed to have been duly given: at the time sent, if transmitted by electronic
mail; at the time delivered by hand, if personally delivered; three business days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged by recipient’s facsimile machine operator, if sent by facsimile
transmission; and on the day delivered, if sent by overnight air courier guaranteeing next day delivery. 

(c)    No Inconsistent Agreements. The Company has not, as of the date hereof, entered into, nor
shall it, on or after the date hereof, enter into, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders herein or otherwise conflicts with the provisions hereof. 

(d)    Successors and Assigns. This Agreement shall be binding upon the Issuer and its successors
and assigns. 
 (e)    Counterparts. This Agreement may be executed in any number of counterparts
and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(f)    Headings. The headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof. 
 (g)    Governing Law. THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS, EXCEPT THAT SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL
APPLY. 
 (h)    Severability. If any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or
impaired thereby. 
 (i)    Securities Held by the Issuer. Whenever the consent or approval of
Holders of a specified percentage of principal amount of Securities is required hereunder, Securities held by the Issuer or its affiliates (other than subsequent Holders of Securities if such subsequent Holders are deemed to be affiliates solely by
reason of their holdings of such Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 

(j)    Submission to Jurisdiction; Waiver of Immunities. By the execution and delivery of this
Agreement, the Company, in any suit or proceeding arising out of or relating to this Agreement that may be instituted in any federal or state court in the State of New York or brought under federal or state securities laws, submits to the
nonexclusive jurisdiction of any such court in any such suit or proceeding. To the extent that the Company may acquire any immunity from 

  
 15 

 
jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to
itself or its property, it hereby irrevocably waives such immunity in respect of this Agreement, to the fullest extent permitted by law. 

[Remainder of Page Intentionally Left Blank] 

  
 16 

 If the foregoing is in accordance with your understanding of our agreement, please sign and
return to the Issuer a counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the several Initial Purchasers and the Issuer in accordance with its terms. 

 

			
	
	Very truly yours,
	
	Sabine Pass Liquefaction, LLC
		
	By:	 	 /s/ Zach Davis

		 	Name: Zach Davis
		 	Title: Vice President, Finance

 [Signature page to Registration Rights Agreement] 

  

 The foregoing Registration Rights Agreement 

is hereby confirmed and accepted 

as of the date first above written. 
 Merrill
Lynch, Pierce, Fenner & Smith 
      Incorporated 

 

					
	By:	 	 /s/ Kevin Wehler 

		 	Name:	 	Kevin Wehler
		 	Title:	 	Managing Director
		
		 	Acting on behalf of itself
		 	and as representative
		 	of the Initial Purchasers

 [Signature page to Registration Rights Agreement] 

  

 SCHEDULE A 
  

	
	Initial Purchasers
	
	 Merrill Lynch, Pierce, Fenner & Smith

     Incorporated

	
	HSBC Securities (USA) Inc.
	
	Morgan Stanley & Co. LLC
	
	SMBC Nikko Securities America, Inc.
	
	ABN AMRO Securities (USA) LLC
	
	BBVA Securities Inc
	
	Credit Agricole Securities (USA) Inc.
	
	Credit Suisse Securities (USA) LLC
	
	Goldman, Sachs & Co
	
	ING Financial Markets LLC
	
	J.P. Morgan Securities LLC
	
	Lloyds Securities Inc
	
	Mizuho Securities USA Inc
	
	MUFG Securities Americas Inc
	
	RBC Capital Markets, LLC
	
	Scotia Capital (USA) Inc
	
	SG Americas Securities, LLC
	
	Commonwealth Bank of Australia

  

 ANNEX A 

Each broker-dealer that receives Exchange Securities for its own account pursuant to the Registered Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities. The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within
the meaning of the Securities Act. This Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in exchange for Initial Securities where such
Initial Securities were acquired by such broker-dealer as a result of market-making activities or other trading activities. The Issuer and the Guarantors, if any, have agreed that, for a period of 180 days after the Expiration Date (as defined
herein), it will make this Prospectus available to any broker-dealer for use in connection with any such resale. See “Plan of Distribution.” 

 ANNEX B 

Each broker-dealer that receives Exchange Securities for its own account in exchange for Initial Securities, where such Initial Securities were acquired by
such broker-dealer as a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. See “Plan of Distribution.” 

 ANNEX C 

PLAN OF DISTRIBUTION 
 Each broker-dealer that
receives Exchange Securities for its own account pursuant to the Registered Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. This Prospectus, as it may be amended or
supplemented from time to time, may be used by a broker-dealer in connection with resales of Exchange Securities received in exchange for Initial Securities where such Initial Securities were acquired as a result of market-making activities or other
trading activities. The Issuer and the Guarantors, if any, have agreed that, for a period of 180 days after the Expiration Date, they will make this Prospectus, as amended or supplemented, available to any broker-dealer for use in connection with
any such resale. In addition, until                , 20 , all dealers effecting transactions in the Exchange Securities may be required to deliver a prospectus.(1) 
 The Issuer and the Guarantors, if any, will not receive any proceeds from any sale of Exchange
Securities by broker-dealers. Exchange Securities received by broker-dealers for their own account pursuant to the Registered Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of options on the Exchange Securities or a combination of such methods of resale, at market prices prevailing at the time of resale, at
prices related to such prevailing market prices or negotiated prices. Any such resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such
broker-dealer or the purchasers of any such Exchange Securities. Any broker-dealer that resells Exchange Securities that were received by it for its own account pursuant to the Registered Exchange Offer and any broker or dealer that participates in
a distribution of such Exchange Securities may be deemed to be an “underwriter” within the meaning of the Securities Act and any profit on any such resale of Exchange Securities and any commission or concessions received by any such
persons may be deemed to be underwriting compensation under the Securities Act. The Letter of Transmittal states that, by acknowledging that it will deliver and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an
“underwriter” within the meaning of the Securities Act. 
 For a period of 180 days after the Expiration Date the Issuer and the Guarantors, if
any, will promptly send additional copies of this Prospectus and any amendment or supplement to this Prospectus to any broker-dealer that requests such documents in the Letter of Transmittal. The Issuer and the Guarantors, if any, have agreed to pay
all reasonable expenses incident to the Registered Exchange Offer (including the reasonable expenses of one counsel for the Holders of the Securities) other than commissions or concessions of any brokers or dealers and will indemnify the Holders of
the Securities (including any broker-dealers) against certain liabilities, including liabilities under the Securities Act. 
  

	(1)	In addition, the legend required by Item 502(e) of Regulation S-K will appear on the back cover page of the Exchange Offer prospectus. 

 ANNEX D 

☐ CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS
THERETO. 
  

			
	Name:	 	  

	Address:	 	  

		 	  

 If the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in, and does not intend to
engage in, a distribution of Exchange Securities. If the undersigned is a broker-dealer that will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of market-making activities or other
trading activities, it acknowledges that it will deliver a prospectus in connection with any resale of such Exchange Securities; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an
“underwriter” within the meaning of the Securities Act. 

 ANNEX E 

COUNTERPART TO REGISTRATION RIGHTS AGREEMENT 

The undersigned hereby absolutely, unconditionally and irrevocably agrees as a Guarantor (as defined in the Registration Rights Agreement,
dated as of March 6, 2017 (the “Registration Rights Agreement”) by and among Sabine Pass Liquefaction, LLC, any Guarantors party thereto and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Representative of the Initial
Purchasers), to be bound by the terms and provisions of such Registration Rights Agreement. Capitalized terms not defined but otherwise used herein shall have the meanings set forth in the Registration Rights Agreement. 

IN WITNESS WHEREOF, the undersigned has executed this counterpart as of
                    , 20    . 

 

			
	[NAME]
		
	By:	 	  

		 	Name:
		 	Title:INSPIREMD,
INC.

 

and

 

Action
Stock Transfer Corporation

 

SERIES
B WARRANT AGREEMENT

 

Dated
as of March [●], 2017

 

THIS
SERIES B WARRANT AGREEMENT (this “Agreement”), dated as of March [●], 2017 is by and between InspireMD,
Inc., a Delaware corporation (the “Company”), and Action Stock Transfer Corporation, as warrant agent
(the “Warrant Agent”, also collectively referred to herein as the “Transfer Agent,”
and subject to the appointment of a successor
Warrant Agent pursuant to Section 7.3).

 

WHEREAS,
the Company is engaged in a public offering (the “Offering”) of the Company’s units (the “Units”),
with each Unit consisting of (i) one share of Series C Convertible Preferred Stock (the “Preferred Stock”),
which Preferred Stock is convertible into Common Stock (as defined below), (ii) five-year warrant s (the “Series
B Warrant”) to purchase shares of Common Stock (as defined below) and (iii) six-month warrant s (the “Series
C Warrant”) to purchase shares of Common Stock (as defined below), and, in connection therewith, has determined
to issue and deliver up to 3,000,000 Series B Warrants to investors in the Offering (the “Warrants”).
Each Warrant entitles the holder thereof to purchase a share of common stock of the Company, par value $0.0001 per share
(“Common Stock” and, together with the Warrants and the shares of Common Stock underlying the Warrants
(“Warrant Shares”), the “Securities”), for $[●] per share, subject to
adjustment as described herein; and

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “Commission”) a registration
statement on Form S-1 (File No. 333-215682) (the “Registration Statement”) and prospectus (the “Prospectus”)
for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Securities;
and

 

WHEREAS,
the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection
with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and

 

WHEREAS,
the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised,
and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants;
and

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company
and countersigned by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company,
and to authorize the execution and delivery of this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

1.
Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants,
and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions
set forth in this Agreement.

 

    	 

    	 

    

 

2.
Warrants.

 

2.1.
Form of Warrant. Each Warrant shall be issued in registered form only and shall be evidenced by one or more global Warrant
Certificates deposited with the Depository Trust Company (“DTC”) and registered in the name of Cede
& Co., a nominee of DTC, in substantially the form of Exhibit A hereto, the provisions of which are incorporated herein,
and shall be signed by, or bear the facsimile or .pdf signature of, the Chairman of the Board, President, Chief Executive Officer,
Chief Financial Officer, Secretary or other authorized officer of the Company. In the event the person whose facsimile signature
has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such
Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

 

2.2.
Effect of Countersignature. Unless and until countersigned by, or bear the facsimile or .pdf signature of, the Warrant
Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.3.
Registration.

 

2.3.1.
Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”) for the registration
of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant
Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise
in accordance with instructions delivered to the Warrant Agent by the Company or its representatives.

 

2.3.2.
Registered Holder. Prior to due presentment to the Warrant Agent for registration of transfer of any Warrant, the Company
and the Warrant Agent may deem and treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered
Holder” and “Registered Holder” shall include, if the Warrants are held in “street name”,
a Participant or a designee appointed by such Participant) as the absolute owner of such Warrant and of each Warrant represented
thereby (notwithstanding any notation of ownership or other writing on the Warrant Certificate (as defined below) made by anyone
other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither
the Company nor the Warrant Agent shall be affected by any notice to the contrary. For purposes of this Agreement, a “Participant”
means any institution, with respect to a Warrant in its account, that has an account with DTC.

 

3.
Terms and Exercise of Warrants.

 

3.1.
Exercise Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the Registered Holder thereof, subject
to the provisions of such Warrant and of this Agreement, to purchase from the Company the number of shares of Common Stock stated
therein, at the price of $[●] per share, subject to the adjustments provided in Section 4 hereof and in the last
sentence of this Section 3.1. The term “Exercise Price” as used in this Agreement shall mean
the price per share at which shares of Common Stock may be purchased at the time a Warrant is exercised. The Company in its sole
discretion may lower the Exercise Price at any time prior to the Expiration Date (as defined below) for a period of not less than
twenty (20) Business Days; provided, that the Company shall provide at least twenty (20) days prior written notice of such
reduction to Registered Holders of the Warrants and provided further that any such reduction shall be identical among all of the
Warrants. For purposes of the Agreement, “Business Day” shall mean any day other than a Saturday, Sunday
or a day on which banking institutions in the City of New York are authorized or obligated by law or executive order to close.

 

    	2

    	 

    

 

3.2.
Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”)
commencing immediately following the closing of the Offering and terminating at 5:00 p.m., New York City time on the Expiration
Date. For purposes of this Agreement, the “Expiration Date” shall mean the date that is the five (5)
year anniversary of the closing of the Offering. Each Warrant not exercised on or before the Expiration Date shall become void,
and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New York City time on
the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date;
provided, that the Company shall provide at least twenty (20) days prior written notice of any such extension to Registered
Holders of the Warrants and, provided further that any such extension shall be identical in duration among all the Warrants.

 

3.3.
Exercise of Warrants.

 

3.3.1.
Exercise. Subject to the provisions of the Warrant and this Agreement, a Warrant countersigned by the Warrant Agent may
be exercised by the Registered Holder thereof by delivery to the Company in the form attached hereto (“Notice of Exercise”).
The aggregate Exercise Price shall be paid in lawful money of the United States in good certified check or good bank draft payable
to the order of the Warrant Agent within three (3) Trading Days of the delivery of
Notice of Exercise in connection with a exercise of any Warrant, unless cashless exercise is used. 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 form
be required. Upon delivery of the Notice of Exercise the Registered Holder shall be deemed for all corporate purposes to have
become the holder of record of the Warrant Shares with respect to which the Warrant has been exercised, irrespective of the date
of delivery of the Warrant Shares; provided payment of the aggregate Exercise Price (other than in the case of a Cashless Exercise)
is received within three Trading Days of delivery of the Notice of Exercise. Notwithstanding anything herein to the contrary,
the Registered Holder shall not be required to physically surrender its Warrant to the Company until the Registered Holder has
purchased all of the Warrant Shares available under the respective Warrant and such Warrant has been exercised in full, in which
case, the Registered Holder shall surrender the Warrant to the Company for cancellation within three (3) Trading Days of the date
the final Notice of Exercise is delivered to the Company. Partial exercises of a Warrant resulting in purchases of a portion of
the total number of Warrant Shares available thereunder shall have the effect of lowering the outstanding number of Warrant Shares
purchasable thereunder in an amount equal to the applicable number of Warrant Shares purchased. The Registered Holder and the
Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall
deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. For purposes herein, “Trading
Day” means (i) a day on which the Company’s primary Trading Market (as defined below) is open for business,
or (ii) if the Common Stock is not then listed or quoted for trading on a Trading Market, a Business Day. The Registered Holder
and any assignee, by acceptance of the Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following
the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any
given time may be less than the amount stated on the face thereof.

 

3.3.2.
Issuance of Shares of Common Stock on Exercise. On or prior to the earlier of
(i) three (3) Trading Days after delivery of the applicable Notice of Exercise and (ii) the number of Trading Days comprising
the Standard Settlement Period after the delivery of the applicable Notice of Exercise
(the “Share Delivery Deadline”), the Company shall
credit such Registered Holder’s balance account with DTC for the number of full shares of Common Stock to which Holder
is entitled, registered in such name or names as may be directed by the Registered Holder. Unless otherwise advised in writing
by the Company, the Warrant Agent shall always be entitled to assume that such conditions precedent are in effect and shall incur
no liability in making such assumption. Subject to Section 4.5 of this Agreement, a Registered Holder of Warrants may exercise
its Warrants only for a whole number of shares of Common Stock. In no event will the Company be required to net cash settle the
Warrant. If, by reason of any exercise of warrants, the holder of any Warrant would be entitled, upon the exercise of such Warrant,
to receive a fractional interest in a share, the Company shall either (i) round up to the nearest whole number, the number of
shares to be issued to such holder or (ii) pay such holder cash for such fractional share in the Company’s sole discretion.
In the event of a cash exercise, the Company hereby instructs the Transfer Agent to record cost basis for newly issued shares
as the Exercise Price paid for the share(s). The Company agrees to maintain a transfer
agent that is a participant in the FAST program so long as this Warrant remains outstanding and exerciseable. If the Company
fails to cause the Transfer Agent to deliver to the Registered Holder the Warrant Shares upon exercise of the Warrants on or prior
to the Share Delivery Deadline, then the Registered Holder shall have the right to rescind such exercise. As
used herein, “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 Common Stock as in effect on the date of delivery
of the Notice of Exercise.

 

    	3

    	 

    

 

3.3.3.
Valid Issuance. All shares of Common Stock issued upon the exercise of a Warrant in conformity with this Agreement shall
be validly issued, fully paid and nonassessable.

 

3.3.4.
Intentionally omitted.

 

3.3.5.
Share Delivery Failure. In addition to any other rights available to the Registered Holder, if the Company shall fail,
for any reason or for no reason, to issue and deliver to the Registered Holder on or prior to the Share Delivery Deadline, a number
of Warrant Shares to which the Registered Holder is entitled upon such Registered Holder’s exercise of a Warrant by
crediting such Registered Holder’s balance account with DTC (as the case may be, but in each case without a restrictive
legend) (a “Delivery Failure”), and if on such or after such Share Delivery Deadline the Registered
Holder purchases (in an open market transaction or otherwise) or the Registered Holder’s
broker firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Registered Holder of
all or any portion of the number of Warrant Shares issuable upon such exercise that the Registered Holder so anticipated receiving
from the Company (a “Buy-In”), then, in addition to all other remedies available to it, the Company shall, within
three (3) Business Days after the Registered Holder’s request and in the Registered Holder’s discretion, either (i)
pay cash to the Registered Holder in an amount equal to 100% of the Registered Holder’s total purchase price (including
brokerage commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including, without
limitation, by any other person in respect, or on behalf, of the Registered Holder) (the “Buy-In Price”),
at which point the Company’s obligation to so issue and deliver such certificate or credit the Registered Holder’s
balance account with DTC for the number of Warrant Shares to which the Registered Holder is entitled upon the Registered Holder’s
exercise hereunder (as the case may be) (and to issue such Warrant Shares) shall terminate, or (ii) promptly honor its obligation
to so issue and deliver to the Registered Holder a certificate or certificates representing such Warrant Shares or credit the
Registered Holder’s balance account with DTC for the number of Warrant Shares to which the Registered Holder is entitled
upon the Registered Holder’s exercise hereunder (as the case may be) and pay cash to the Registered Holder in an amount
equal to the excess (if any) of the Buy-In Price over the product of (A) such number of shares of Common Stock multiplied by (B)
the lowest Closing Sale Price of the shares of Common Stock on any Trading Day during the period commencing on the date of the
applicable Exercise Notice and ending on the date immediately preceding the date of such issuance and payment under this clause
(ii). The Warrant Agent shall have no duties, responsibilities or obligations to take any action under this paragraph without
clear and precise instructions from the Company. Additionally, if the Company fails
for any reason to deliver to the Registered Holder the Warrant Shares subject to a Notice of Exercise by the Share Delivery Deadline,
the Company shall pay to such Registered Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant
Shares subject to such exercise (based on the closing Bid Price of the Common Stock 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 Share Deliver Deadline until such Warrant Shares are delivered or Registered Holder rescinds such
exercise. Nothing herein shall limit a Registered 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 shares of Common Stock upon exercise of the Warrant as required pursuant to the terms
thereof. For purposes herein, “Closing Sale Price” means, for any security as of any date, the
last trade price for such security on the Company’s primary Trading Market for such security, as reported by Bloomberg,
L.P. (“Bloomberg”), or, if such Trading Market begins to operate on an extended hours basis and does
not designate the last trade price, then the last trade price of such security prior to 4:02
p.m. (New York City time), as reported by Bloomberg, or if the foregoing do not apply, the last
trade price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by
Bloomberg, or, if no last trade price is reported for such security by Bloomberg, the average of the Bid Prices, or the ask prices,
respectively, of any market makers for such security as reported in the “pink sheets” by Pink Sheets LLC. If the Closing
Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such
security on such date shall be the fair market value as determined in good faith by the Board of Directors of the Company. The
Board of Directors’ determination shall be binding upon all parties absent demonstrable error..

 

    	4

    	 

    

 

3.3.6.
Intentionally omitted.

 

3.3.7.
Maximum Percentage. The Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall
not have the right to exercise such Warrant, to the extent that after giving effect to such exercise, such person (together with
such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 4.99% (the
“Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such
exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by such person
and its affiliates shall include the number of shares of Common Stock issuable upon exercise of the Warrant with respect to which
the determination of such sentence is being made, but shall exclude shares of Common Stock that would be issuable upon (x) exercise
of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or
conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such person
and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to
a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence,
for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”).
Solely the holder of the Warrant shall determine the extent to which the Warrant is exercisable in accordance with this Section
3.3.7., and neither the Company nor the Transfer Agent shall have any obligation to verify or confirm the accuracy of such
determination. For purposes of the Warrant, in determining the number of outstanding shares of
Common Stock, the holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company’s
most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with
the Commission as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company
or the Transfer Agent (or its successor) setting forth the number of shares of Common Stock outstanding. For any reason at any
time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and
in writing to such holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares
of Common Stock shall be determined after giving effect to the conversion or exercise of equity securities of the Company by the
holder and its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. By written
notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to
such holder to any other percentage specified in such notice; provided, however, that any such increase shall not
be effective until the sixty-first (61st) day after such notice is delivered to the Company and
in no event shall the Maximum Percentage exceed 9.99% of the shares of Common Stock outstanding immediately after giving effect
to an exercise of a Warrant. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 3.3.7 to correct this paragraph (or any portion hereof) which may be
defective or inconsistent with the intended Maximum Percentage 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.

 

    	5

    	 

    

 

3.3.8
Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus
contained therein is not available for the issuance of the Warrant Shares, then this Warrant may also be exercised, in whole or
in part, at such time by means of a “cashless exercise” in which the Registered Holder shall be entitled to receive
a number of Warrant Shares 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)(64) of Regulation
NMS promulgated under the federal securities laws) on such Trading Day, (ii) the Bid Price of the Common Stock on the principal
Trading Market as reported by Bloomberg as of the time of the Registered 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 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 Shares 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 Shares 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 Shares shall take on the registered characteristics of the Warrants being exercised. The Company
agrees not to take any position contrary to this Section 3.3.8.

 

For
purposes of this Agreement,

 

(i)
“VWAP” means, for any date, the price determined by the first of the following clauses that applies:
(a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock
for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported
by Bloomberg (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 the Common
Stock is then listed or quoted on the OTCQB or OTCQX, the volume weighted average price of the Common Stock for such date (or
the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading
on either at Trading Market, the OTCQB or the OTCQX and if prices for the Common Stock are then reported in the “Pink Sheets”
published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the
most recent Bid Price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of
Common Stock as determined by an independent appraiser selected in good faith by the Company and reasonably acceptable to holders
holding Warrants to acquire a majority of the Warrant Shares issuable pursuant to the Warrants that were originally issued pursuant
to the Underwriting Agreement, the fees and expenses of which shall be paid by the Company;

 

    	6

    	 

    

 

(ii)
“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed
or quoted for trading on the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global
Select Market, or the New York Stock Exchange (or any successors to any of the foregoing); and

 

(iii)
“Bid Price” means,
for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the
Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (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 Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock
is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink
Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting
prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value
of a share of Common Stock as determined by an independent appraiser selected in good faith by the Registered Holders of a majority
in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be
paid by the Company.

 

4.
Adjustments.

 

4.1.
Stock Dividends.

 

4.1.1.
Split-Ups. If after the date hereof, and subject to the provisions of Section 4.5 below, the number of outstanding
shares of Common Stock is increased by a stock dividend payable in shares of Common Stock on all outstanding shares of Common
Stock, or by a split-up of shares of Common Stock or other similar event, then, on the effective date of such stock dividend,
split-up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion
to such increase in the outstanding shares of Common Stock. A rights offering to holders of the Common Stock entitling holders
to purchase shares of Common Stock at a price less than the “Fair Market Value” (as defined below) shall be deemed
a stock dividend of a number of shares of Common Stock equal to the product of (i) the number of shares of Common Stock actually
sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible
into or exercisable for the Common Stock) multiplied by (ii) one (1) minus the quotient of (x) the price per share of Common Stock
paid in such rights offering divided by (y) the Fair Market Value. For purposes of this subsection 4.1.1, (i) if the rights
offering is for securities convertible into or exercisable for Common Stock, in determining the price payable for Common Stock,
there shall be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise
or conversion and (ii) “Fair Market Value” means the volume weighted average price of the Common Stock as reported
during the ten (10) Trading Day period ending on the Trading Day prior to the first date on which the shares of Common Stock trade
on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.

 

4.1.2.
Intentionally omitted.

 

4.2.
Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 4.5 hereof, the number
of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of
shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split,
reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased
in proportion to such decrease in outstanding shares of Common Stock.

 

4.3.
Adjustments in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants
is adjusted, as provided in subsection 4.1.1 or 4.2 above, the Exercise Price shall be adjusted (to the nearest
cent) by multiplying such Exercise Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be
the number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y)
the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter.

 

4.4.
Notices of Changes in Warrant. Upon every adjustment of the Exercise Price or the number of shares issuable upon exercise
of a Warrant, the Company shall give reasonable written notice thereof to the Warrant Agent, which notice shall state the Exercise
Price and any new or amended terms resulting from such adjustment and the increase or decrease, if any, in the number of shares
purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the
facts upon which such calculation is based. Upon every adjustment of the Exercise Price or the number of shares issuable upon
exercise of a Warrant, the Company shall give prompt written notice of the occurrence of such event to each holder of a Warrant,
at the last address set forth for such holder in the Warrant Register, of the record date or the effective date of the event.
Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event. The Warrant Agent
shall have no duty or obligation under this Agreement to determine whether any event requiring adjustment under this Section
4 has occurred or are scheduled or contemplated to occur or to calculate any of the adjustments set forth herein.

 

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4.5
Fundamental Transaction. If, at any time while the Warrants are 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 (as the term is
defined below), (ii) the Company, 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 Common Stock 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 Common Stock, (iv) the Company, directly or indirectly, in one or more related
transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange
pursuant to which the Common Stock 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 or scheme of arrangement) with
another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common
Stock (not including any shares of Common Stock 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 a Warrant, the Registered Holder
shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to
the occurrence of such Fundamental Transaction (without regard to any limitation in Section 3.3.7 hereof on the exercise
of this Warrant), the number of shares 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 shares of Common Stock for which this Warrant is exercisable immediately prior to such
Fundamental Transaction (without regard to any limitation in Section 3.3.7 hereof on the exercise of this Warrant). For
purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental
Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting
the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice
as to the securities, cash or property to be received in a Fundamental Transaction, then the Registered Holder shall be given
the same choice as to the Alternate Consideration it receives upon any exercise of a Warrant following such Fundamental Transaction.
Notwithstanding anything to the contrary, in
the event of a Fundamental Transaction , the Company or any Successor Entity (as defined below) shall, at the Registered
Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental
Transaction upon delivery of written notice to the Company or any Successor Entity, as applicable, purchase this Warrant
from the Registered Holder by paying to the Registered Holder an amount of cash equal to the Black Scholes Value of the remaining
unexercised portion of this Warrant as of the date of the consummation of such Fundamental Transaction ; provided, however,
that the Company or any Successor Entity shall not be required to purchase this Warrant for the Black Scholes Value hereunder
solely in connection with a Fundamental Transaction that is (i) not approved by the Board of Directors and (ii) not within the
control of the Company. Any cash payment will be made by wire transfer of immediately available funds within five Business
Days of the Registered Holder’s election (or, if later, on the effective date of the Fundamental Transaction). “Black
Scholes Value” means the value of this Warrant based on the Black and Scholes Option Pricing Model obtained from
the “OV” function on Bloomberg determined as of the day of consummation of the applicable Fundamental Transaction
for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to
the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an
expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of
the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price
per share used in such calculation shall be the sum of the price per share being offered in cash, if any, plus the value of any
non-cash consideration, if any, being offered in such Fundamental Transaction and (D) a remaining option time equal to the time
between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date. 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 the Warrant Agreement in accordance with
the provisions of this Section 4.5 pursuant pursuant to written agreements in customary form and shall, upon the written
request of the Registered Holder of Warrants, deliver to that Registered Holder in exchange for those Warrants a security of the
Successor Entity evidenced by a written instrument substantially similar in form and substance to those Warrants that is exercisable
for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity), if any, plus any Alternate
Consideration, receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for
which those Warrants were exercisable immediately prior to such Fundamental Transaction, and with an exercise price which applies
the exercise price hereunder to such shares of capital stock, if any, plus any Alternate Consideration (but taking into account
the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital
stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value those
Warrants had immediately prior to the consummation of such Fundamental Transaction). 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 Agreement and the Warrant 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 Agreement and the Warrant with the same effect as if such Successor Entity had been named as the Company
herein. “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.

 

    	8

    	 

    

 

4.6.
Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and
Warrants issued after such adjustment may state the same Exercise Price and the same number of shares as is stated in the Warrants
initially issued pursuant to this Agreement; provided, however, that the Company may at any time in its sole discretion
make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and
any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may
be in the form as so changed.

 

4.7
Other Notices. If (A) the Company shall
declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Companyshall declare a special nonrecurring
cash dividend on or a redemption of the Common Stock, (C) the Companyshall authorize the granting to all holders of the Common
Stock of 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 Companyshall be required in connection with any reclassification of the Common Stock, any consolidation
or merger to which the Companyis a party, any sale or transfer of all or substantially all of the assets of the Company, of any
compulsory share exchange whereby the Common Stock is 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 Companyshall cause to be filed at each office or agency maintained for the purpose of exercise of Warrants, and shall cause
to be delivered to each Holder at its last address as it shall appear upon the stock books 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 Common Stock 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 Common Stock of
record shall be entitled to exchange their shares of the Common Stock 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 hereunder 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 8-K

 

5.
Transfer and Exchange of Warrants. 

 

5.1.
Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant
upon the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed
by an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association,
and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate
number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall
be delivered by the Warrant Agent to the Company from time to time upon request.

 

    	9

    	 

    

 

5.2.
Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request
for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested
by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants.

 

5.3.
Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall
result in the issuance of a warrant certificate for a fraction of a warrant.

 

5.4.
Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants. The
Company shall pay all Transfer Agent 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 Shares.

 

5.5.
Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance
with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and
the Company, whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the
Company for such purpose.

 

6.
Other Provisions Relating to Rights of Holders of Warrants.

 

6.1.
No Rights as Stockholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a stockholder
of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive
rights to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of
directors of the Company or any other matter.

 

6.2.
Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated or destroyed, absent notice to
the Company or Warrant Agent that such certificates have been acquired by a protected purchaser, the Company may, upon receipt
by Warrant Agent of customary and reasonable indemnity, if requested (which shall in
no event include the posting of any bond) satisfactory to the Warrant Agent and holding it and Company harmless, issue,
in a form mutually agreed to by Warrant Agent and the Company, a new Warrant of like denomination, tenor and date as the Warrant
so lost, stolen, mutilated or destroyed, and countersigned by the Warrant Agent. Any such new Warrant shall constitute a substitute
contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any
time enforceable by anyone. The Warrant Agent may, at its option, countersign replacement Warrants for mutilated certificates
upon presentation thereof without such indemnity.

 

6.3.
Reservation of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued
shares of Common Stock that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to
this Agreement. The Company further covenants that its issuance of Warrants shall constitute full authority to its officers who
are charged with the duty of executing stock certificates to execute and issue the necessary Warrant Shares upon the exercise
of the purchase rights under the Warrants. The Company will take all such commercially reasonable action as may be necessary to
assure that such Warrant 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 Common Stock may be listed. The Company covenants that all Warrant Shares
which may be issued upon the exercise of the purchase rights represented by the Warrants will, upon exercise of the purchase rights
represented by the Warrants and payment for such Warrant Shares in accordance herewith, 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).

 

    	10

    	 

    

 

6.4.
Registration of Common Stock. The Company registered the Warrants and the Warrant Shares in the Registration Statement.
The Company will use its reasonable best efforts to maintain the effectiveness of such Registration Statement and the current
status of the Prospectus or to file and maintain the effectiveness of another registration statement and another current prospectus
covering the Warrants and the Warrant Shares at any time that the Warrants are exercisable. In addition, the Company agrees to
use its reasonable best efforts to register the Warrants and Warrant Shares under the blue sky laws of the states of residence
of the Registered Holders to the extent an exemption from such registration is not available.

 

7.
Concerning the Warrant Agent and Other Matters.

 

7.1.
Bank Accounts. All funds received by Warrant Agent under this Agreement that are to be distributed or applied by Warrant
Agent in the performance of services to be provided hereunder (the “Funds”) shall be held by the Warrant
Agent as agent for the Company and deposited in one or more bank accounts to be maintained by the Warrant Agent in its name as
agent for the Company. Until paid pursuant to the terms of this Agreement, the Warrant Agent will hold the Funds through such
accounts in: deposit accounts of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment
grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default
Rating) (each as reported by Bloomberg). The Warrant Agent shall have no responsibility or liability for any diminution of the
Funds that may result from any deposit made by the Warrant Agent in accordance with this paragraph, including any losses resulting
from a default by any bank, financial institution or other third party. The Warrant Agent may from time to time receive interest,
dividends or other earnings in connection with such deposits. The Warrant Agent shall not be obligated to pay such interest, dividends
or earnings to the Company, any holder or any other party.

 

7.2.
Payment of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company
or the Warrant Agent in respect of the issuance or delivery of the Warrant Shares, but neither the Company nor the Warrant Agent
shall be obligated to pay any transfer taxes in respect of the Warrants or Warrant Shares. The Warrant Agent shall not register
any transfer or issue or deliver any Warrants or Warrant Shares unless or until the persons requesting the registration or issuance
shall have paid to the Warrant Agent for the account of the Company the amount of such tax, if any, or shall have established
to the reasonable satisfaction of the Company and the Warrant Agent that such tax, if any, has been paid.

 

7.3.
Resignation, Consolidation, or Merger of Warrant Agent.

 

7.3.1.
Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties
and be discharged from all further duties and liabilities hereunder after giving thirty (30) days’ notice in writing to
the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall
appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment
within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent
or by the holder of a Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder
of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor
Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such applicable
court, shall be a corporation organized and existing under the laws of the State of New York, in good standing and having its
principal office in the City and State of New York, and authorized under such laws to exercise the powers of a transfer agent
and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall
be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like
effect as if originally named as Warrant Agent hereunder, without any further act or deed; but, if for any reason it becomes necessary
or appropriate, at the expense of the Company, the predecessor Warrant Agent shall deliver and transfer to the successor Warrant
Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary
for such purpose.

 

    	11

    	 

    

 

7.3.2.
Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice
thereof to the predecessor Warrant Agent and the Transfer Agent for the Common Stock not later than the effective date of any
such appointment.

 

7.3.3.
Merger or Consolidation of Warrant Agent. Any entity into which the Warrant Agent may be merged or with which it may be
consolidated or any entity resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the
successor Warrant Agent under this Agreement without any further act.

 

7.4.
Fees and Expenses of Warrant Agent.

 

7.4.1.
Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent
hereunder and shall, pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures
that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

 

7.4.2.
Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed,
acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the
Warrant Agent for the carrying out or performing of the provisions of this Agreement.

 

7.5.
Liability of Warrant Agent.

 

7.5.1.
Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall
deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any
action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed
to be conclusively proved and established by a statement signed by the Chief Executive Officer or other authorized officer of
the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered
in good faith by it pursuant to the provisions of this Agreement.

 

7.5.2.
Indemnity. The Company covenants and agrees to indemnify and to hold the Warrant Agent harmless against any costs, expenses
(including reasonable fees of its legal counsel), losses or damages, which may be paid, incurred or suffered by or to which it
may become subject, arising from or out of, directly or indirectly, any claims or liability resulting from its actions or omissions
as Warrant Agent pursuant hereto; provided, that such covenant and agreement does not extend to, and the Warrant Agent
shall not be indemnified with respect to, such costs, expenses, losses and damages incurred or suffered by the Warrant Agent as
a result of, or arising out of, its gross negligence, bad faith, or willful misconduct (each as determined in a final judgment
by a court of competent jurisdiction).

 

7.5.3.
Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect
to the validity or execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible
for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall
not be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner,
method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment;
nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any
shares of Common Stock to be issued pursuant to this Agreement or any Warrant or as to whether any Warrant Shares, when issued,
be valid and fully paid and nonassessable.

 

    	12

    	 

    

 

7.5.4.
Limitation of Liability. Notwithstanding anything contained herein to the contrary, the Warrant Agent’s aggregate
liability during any term of this Agreement with respect to, arising from, or arising in connection with this Agreement, or from
all services provided or omitted to be provided under this Agreement, whether in contract, or in tort, or otherwise, is limited
to, and shall not exceed, the amounts paid hereunder by the Company to the Warrant Agent as fees and charges, but not including
reimbursable expenses, during the twelve (12) months immediately preceding the event for which recovery from Warrant Agent is
being sought.

 

7.6.
Instructions; Certifications. From time to time, the Company may provide the Warrant Agent with instructions or certifications
concerning or related to the services performed by the Warrant Agent hereunder. In addition, at any time the Warrant Agent may
apply to any officer of the Company for instruction, and may consult with legal counsel for the Warrant Agent or the Company with
respect to any matter arising in connection with the services to be performed by the Warrant Agent under this Agreement. The Warrant
Agent and its employees, agents and subcontractors shall not be liable and shall be indemnified by the Company for any action
taken or omitted by Warrant Agent, its employees, agents and subcontractors in reliance upon any Company instructions, certifications
or upon the advice or opinion of such counsel. The Warrant Agent shall not be held to have notice of any change of authority of
any person, until receipt of written notice thereof from the Company.

 

7.7.
Rights and Duties of Warrant Agent. (a)The Warrant Agent may consult with legal counsel (who may be legal counsel for
the Company), and the opinion of such counsel shall be full and complete authorization and protection to the Warrant Agent as
to any action taken or omitted by it in accordance with such opinion.

 

(b)
The Warrant Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement
or in the Warrants (except its countersignature thereof) or be required to verify the same, and all such statements and recitals
are and shall be deemed to have been made by the Company only.

 

(c)
The Warrant Agent shall not have any duty or responsibility in the case of the receipt of any written demand from any holder of
Warrants with respect to any action or default by the Company, including, without limiting the generality of the foregoing, any
duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or to make any demand upon the Company.

 

(d)
The Warrant Agent and any stockholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the
Warrants or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested,
or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Warrant Agent under this
Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other
legal entity.

 

(e)
The Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either
itself or by or through its attorney or agents, and the Warrant Agent shall not be answerable or accountable for any act, default,
neglect or misconduct of any such attorney or agents or for any loss to the Company resulting from any such act, default, neglect
or misconduct, absent gross negligence, bad faith or willful misconduct (each as determined by a final judgment of a court of
competent jurisdiction) in the selection and continued employment thereof.

 

    	13

    	 

    

 

(f)
The Warrant Agent may rely on and shall be held harmless and protected and shall incur no liability for or in respect of any action
taken, suffered or omitted to be taken by it in reliance upon any certificate, statement, instrument, opinion, notice, letter,
facsimile transmission, telegram or other document, or any security delivered to it, and believed by it to be genuine and to have
been made or signed by the proper party or parties, or upon any written or oral instructions or statements from the Company with
respect to any matter relating to its acting as Warrant Agent hereunder.

 

(g)
The Warrant Agent shall not be obligated to expend or risk its own funds or to take any action that it believes would expose or
subject it to expense or liability or to a risk of incurring expense or liability, unless it has been furnished with assurances
of repayment or indemnity satisfactory to it.

 

(h)
The Warrant Agent shall not be liable or responsible for any failure of the Company to comply with any of its obligations relating
to any registration statement filed with the Commission or this Agreement, including without limitation obligations under applicable
regulation or law.

 

(i)
The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any Warrants authenticated
by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the
proceeds of the issue and sale, or exercise, of the Warrants.

 

(j)
The Warrant Agent shall act hereunder solely as agent for the Company, and its duties shall be determined solely by the express
provisions hereof (and no duties or obligations shall be inferred or implied). The Warrant Agent shall not assume any obligations
or relationship of agency or trust with any of the owners or holders of the Warrants.

 

(k)
The Warrant Agent may rely on and be fully authorized and protected in acting or failing to act upon (a) any guaranty of signature
by an “eligible guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion
Program or other comparable “signature guarantee program” or insurance program in addition to, or in substitution
for, the foregoing; or (b) any law, act, regulation or any interpretation of the same even though such law, act, or regulation
may thereafter have been altered, changed, amended or repealed.

 

(l)
In the event the Warrant Agent believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction,
request or other communication, paper or document received by the Warrant Agent hereunder, the Warrant Agent, may, in its sole
discretion, refrain from taking any action, and shall be fully protected and shall not be liable in any way to Company, the holder
of any Warrant or any other person or entity for refraining from taking such action, unless the Warrant Agent receives written
instructions signed by the Company which eliminates such ambiguity or uncertainty to the satisfaction of Warrant Agent.

 

7.8.
Delivery of Exercise Price. The Warrant Agent shall forward funds received for warrant exercises under this Agreement on
the date of receipt to the Company by wire transfer to an account designated by the Company.

 

7.9.
Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the
same upon the express terms and conditions herein set forth and among other things, shall account to the Company with respect
to Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase
of Warrant Shares.

 

    	14

    	 

    

 

7.10.
Opinion of Counsel. The Company shall provide an opinion of counsel prior to the effective date of this Agreement to set
up a reserve of Warrants and related Common Stock. The opinion shall state that all Warrants or Common Stock, as applicable, are:
(1) registered under the Securities Act or are exempt from such registration, and all appropriate state securities law filings
have been made with respect to the warrants or shares; and (2) validly issued, fully paid and non-assessable.

 

7.11.
Confidentiality. The Warrant Agent and the Company agree that all books, records, information and data pertaining to the
business of the other party, including inter alia, personal, non-public Warrant holder information, which are exchanged
or received pursuant to the negotiation or the carrying out of this Agreement including the compensation for services performed
hereunder shall remain confidential, and shall not be voluntarily disclosed to any other person, except as may be required by
law, including, without limitation, pursuant to subpoenas from state or federal government authorities (e.g., in divorce and criminal
actions).

 

7.12.
Consequential Damages. Neither party to this Agreement shall be liable to the other party for any consequential, indirect,
punitive, special or incidental damages under any provisions of this Agreement or for any consequential, indirect, punitive, special
or incidental damages arising out of any act or failure to act hereunder even if that party has been advised of or has foreseen
the possibility of such damages.

 

8.
Miscellaneous Provisions.

 

8.1.
Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent
shall bind and inure to the benefit of their respective successors and assigns.

 

8.2.
Notices. All notices, requests, demands and other communications from the Company to the Warrant Agent or vice-versa, or
the holders of warrants to the Warrant Agent or the Company made under or by reason of the provisions of this Agreement shall
be in writing and shall be given by hand delivery, certified or registered mail, return receipt requested, or nationally recognized
overnight courier, addressed as follows:

 

If
to the Company:

 

InspireMD,
Inc.

Menorat
Hamaor 4, 3rd Floor

Tel
Aviv, 67448

Attention:
Chief Financial Officer

Facsimile:
972-3-691-7692

E-mail:
craigs@inspiremd.com

 

If
to the Warrant Agent:

 

Action
Stock Transfer Corp.

2469
E. Fort Union Blvd., Suite 214

Salt
Lake City, Utah 84121

Attention:
General Counsel

Facsimile:

E-mail:

 

    	15

    	 

    

 

All
notices, requests, demands and other communications made under or by reason of the provisions of this Agreement shall be effective
when sent.

 

8.3.
Applicable Law, Submission to Jurisdiction, Trial by Jury. The validity, interpretation, and performance of this Agreement
and of the Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflicts
of law principles that would result in the application of the substantive laws of another jurisdiction. Each of the Company and
the holders hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement
shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District
of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Warrant Agent hereby agrees
that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced
in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the Company and the Warrant Agent hereby waives any
objection to such exclusive jurisdiction, as applicable, and that such courts represent an inconvenient forum. The Company (on
its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates), the Warrant Agent and
the Registered Holders hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial
by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

 

8.4.
Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any
person or entity other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or
by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions,
stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties
hereto and their successors and assigns and of the Registered Holders of the Warrants.

 

8.5.
Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office
of the Warrant Agent at the office of the Warrant Agent designated for such purpose, for inspection by the Registered Holder of
any Warrant. The Warrant Agent may require any such holder to submit his Warrant for inspection by it.

 

8.6.
Counterparts. This Agreement may be executed in any number of original, facsimile or .pdf counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and
the same instrument. A signature to this Agreement transmitted electronically shall have the same authority, effect, and enforceability
as an original signature.

 

8.7.
Effect of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not
affect the interpretation thereof.

 

8.8.
Amendments. All modifications or amendments, including any amendment to increase the Exercise Price or shorten the Exercise
Period, shall require the vote or written consent of the Registered Holders of 100% of the then outstanding Warrants. Notwithstanding
the foregoing, the Company may lower the Exercise Price or extend the duration of the Exercise Period pursuant to Sections
3.1 and 3.2, respectively, without the consent of the Registered Holders. No consideration shall be offered by the
Company to any Registered Holder in connection with a modification, amendment or waiver of this Agreement or any Warrant without
also offering the same consideration to all Registered Holders. As a condition precedent to the Warrant Agent’s execution
of any amendment, the Company shall deliver to the Warrant Agent a certificate from a duly authorized officer of the Company that
states that the proposed amendment is in compliance with the terms of this Section 8.8.

 

    	16

    	 

    

 

8.9.
Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision
hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore,
in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part
of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and
enforceable.

 

8.10.
Survival. The provisions of Sections 7 shall survive any termination of this Agreement and the resignation, removal
or replacement of the Warrant Agent.

 

8.11.
Force Majeure. Notwithstanding anything to the contrary contained herein, the Warrant Agent will not be liable for any
delays or failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God,
terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of
data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war,
or civil unrest; provided, however, that the Company’s obligations under the Warrants shall not be affected by this Section
8.11 and the Company shall remain liable pursuant to the Warrants and this Agreement, including, without limitation, for Buy-In
Price or liquidated damages, to the Registered Holder

 

8.12.
USA PATRIOT Act Notice. The Warrant Agent hereby notifies the Company that pursuant to the requirements of the USA PATRIOT
Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it must obtain, verify and
record certain information that identifies the Company, which information includes the name and address of the Company and other
information that will allow the Warrant Agent to identify the Company in accordance with the Patriot Act.

 

[Signature
page follows]

 

    	17

    	 

    

 

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

 

	 	INSPIREMD,
    INC.
	 	 	 
	 	By:	 
	 	Name:	Craig
    Shore
	 	Title:	Chief
    Financial Officer
	 	 	 
	 	ACTION
    STOCK TRANSFER CORPORATION
	 	as
    Warrant Agent
	 	 	 
	 	By:	 
	 	Name:	Justeene
    Blankenship
	 	Title:	President

 

[Signature
Page to Warrant Agreement]

 

 

    	 

    	 

    

 

EXHIBIT
A

 

[Form
of Warrant Certificate]

 

[FACE]

 

Number

 

Warrants

 

THIS
WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO

THE
EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN
THE WARRANT AGREEMENT DESCRIBED BELOW

 

INSPIREMD,
INC.

 

Incorporated
Under the Laws of the State of Delaware

 

Warrant
Certificate

 

This
Warrant Certificate certifies that ___________, or registered assigns, is the registered holder of [●] warrant(s)
(the “Warrants” and each, a “Warrant”) to purchase shares of Common Stock,
$0.0001 par value per share (“Common Stock”), of InspireMD, Inc., a Delaware corporation (the “Company”).
Each Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive
from the Company that number of fully paid and nonassessable shares of Common Stock as set forth below, at the exercise price
(the “Exercise Price”) as determined pursuant to the Warrant Agreement, payable in lawful money of the
United States of America upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency
of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms
used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement (as defined
on the reverse hereof).

 

Each
Warrant is initially exercisable for one fully paid and non-assessable share of Common Stock. The number of the shares
of Common Stock issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events set forth
in the Warrant Agreement.

 

The
initial Exercise Price per share of Common Stock for any Warrant is equal to $[●] per share. The Exercise Price is subject
to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.

 

Subject
to the conditions set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the
extent not exercised by the end of such Exercise Period, such Warrants shall become void.

 

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

 

This
Warrant Certificate shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

 

This
Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of New York, without
regard to conflicts of laws principles thereof.

 

	 	INSPIREMD,
    INC.
	 	 	 
	 	By:	                   
	 	Name:	 
	 	Title:	 
	 	 	 
	 	ACTION
    STOCK TRANSFER CORPORATION, as Warrant Agent
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

[Form
of Warrant Certificate]

 

[Reverse]

 

The
Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise
to receive shares of Common Stock and are issued or to be issued pursuant to a Warrant Agreement dated as of March [●],
2017 (the “Warrant Agreement”), duly executed and delivered by the Company to Action Stock Transfer
Corporation, as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated
by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights,
obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders”
or “holder” meaning the Registered Holders or Registered Holder) of the Warrants. A copy of the Warrant
Agreement may be obtained by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate
but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

Warrants
may be exercised at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by
this Warrant Certificate may exercise them by submitting a written notice of exercise set forth hereon properly completed and
executed, together with payment of the Exercise Price as specified in the Warrant Agreement at the office of the Warrant Agent
designated for such purpose. In the event that upon any exercise of Warrants evidenced hereby the number of Warrants exercised
shall be less than the total number of Warrants evidenced hereby, to the extent required by the Warrant Agreement there shall
be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of Warrants not exercised.

 

The
Warrant Agreement provides that upon the occurrence of certain events the number of shares of Common Stock issuable upon exercise
of the Warrants set forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant,
the holder thereof would be entitled to receive a fractional interest in a share of Common Stock, the Company shall, upon exercise,
round up to the nearest whole number of shares of Common Stock to be issued to the holder of the Warrant.

 

Warrant
Certificates, when surrendered at the office of the Warrant Agent designated for such purposes by the Registered Holder thereof
in person or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the
limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant
Certificates of like tenor evidencing in the aggregate a like number of Warrants.

 

Upon
due presentation for registration of transfer of this Warrant Certificate at the office of the Warrant Agent, a new Warrant Certificate
or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s)
in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except
for any tax or other governmental charge imposed in connection therewith.

 

The
Company and the Warrant Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate
(notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of
any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected
by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a
stockholder of the Company.

 

    	 

    	 

    

 

Election
to Purchase

 

(To
Be Executed Upon Exercise of Warrant).

 

The
undersigned hereby irrevocably elects to exercise the rights represented by this Warrant Certificate with respect to ____________
shares of Common Stock, to receive shares of Common Stock and herewith tenders payment for such shares to the order of InspireMD,
Inc. (the “Company”) in the amount of $                    in
accordance with the terms hereof. The undersigned requests that a certificate for such shares be registered in the name of                    ,
whose address is and that such shares be delivered to whose address is                     .
If said number of shares is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests that a
new Warrant Certificate representing the remaining balance of such shares be registered in the name of                     ,
whose address is                     ,
and that such Warrant Certificate be delivered to                     ,
whose address is                     .

 

In
the event that the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise, (i) the
number of shares that this Warrant is exercisable for would be determined in accordance with section 3.3.8 of the Warrant Agreement
which allows for such cashless exercise and (ii) the holder hereof shall complete the following:

 

The
undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise
provisions of the Warrant Agreement, to receive shares of Common Stock. If said number of shares is less than all of the shares
of Common Stock purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant
Certificate representing the remaining balance of such shares be registered in the name of                     ,
whose address is                     ,
and that such Warrant Certificate be delivered to , whose address is                     .

 

	Date:
    ____________, 20	(Signature)
	 	 
	 	(Address)
	 	 
	 	 
	 	(Tax
    Identification Number)

 

    	 

    	 

    

 

NOTICE
OF EXERCISE

 

TO:
INSPIREMD, INC. 

 

1.
Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as:

 

a
“Cash Exercise” with respect to                  
Warrant Shares; and/or

 

a
“Cashless Exercise” with respect to                  Warrant
Shares.

 

In
the event of a “Cash Exercise”, this Exercise Notice and the aggregate Exercise Price shall be delivered to the Warrant
Agent. In the event of a “Cashless Exercise”, this Exercise Notice shall be delivered to the Company.

 

In
the event that the Holder has elected a Cashless Exercise with respect to some or all of the Warrant Shares, shares of Common
Stock are to be delivered to Holder pursuant to such Cashless Exercise, as further specified in Annex A to this Exercise Notice.

 

2.
Payment of Exercise Price. In the event that the Holder has elected a Cash Exercise with respect to some or all of the Warrant
Shares, the Holder shall pay the aggregate Exercise Price in the sum of $                 
to the Warrant Agent in accordance with the terms of the Warrant.

 

3.
Delivery of Warrant Shares. The Company shall cause the Warrant Agent to deliver to Holder, or its designee or agent as specified
below, shares of Common Stock in respect of the exercise contemplated hereby. Delivery shall be made to Holder, or for its benefit,
to the following address:

 

	 	 	 

 

The Warrant Shares 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:
_____________________________________________________________________________

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