Document:

LOAN
AND SECURITIES PURCHASE AGREEMENT

 

THIS
LOAN AND SECURITIES PURCHASE AGREEMENT (this “Loan Agreement”) is entered into on this 1st day of April, 2019, between
PERMA-FIX ENVIRONMENTAL SERVICES, INC., a Delaware corporation (“PESI”), having a notice address of 8302 Dunwoody
Place #250, Atlanta, Georgia 30350, and ROBERT LOUIS FERGUSON, an individual, residing at, and having a notice address at, 160
Bradley Blvd., Richland, Washington 99352 (“Lender”).

 

W
I T N E S S E T H

 

WHEREAS,
the Lender desires to lend to PESI, and PESI desires to borrow from the Lender, the sum of $2,500,000 pursuant to the terms and
conditions set forth in this Loan Agreement, and, in consideration thereof, the Lender will acquire and PESI agrees to issue to
Lender certain shares of PESI Common Stock and warrants to acquire PESI Common Stock (“Warrants”) on the terms and
conditions set forth herein;

 

WHEREAS,
the Lender has been previously furnished copies of PESI’s SEC filings (as defined below).

 

WHEREAS,
the Lender is a consultant of a subsidiary of the Company;

 

WHEREAS,
the shares of Common Stock and Warrants to be issued to the Lender hereunder are to be issued in the form of units; with the total
number of units to be issued hereunder to be 75,000 units, with each unit consisting of one (1) share of Common Stock and a Warrant
to purchase up to 0.8 of one shares of Common Stock, on the terms set forth herein and in the attached Warrant; and

 

WHEREAS,
each share of Common Stock to be issued to the Lender hereunder having a value equal to $3.51, being the closing bid price for
a share of PESI Common Stock on Nasdaq.com immediately preceding the execution of this Loan Agreement, and for each Warrant to
be issued to the Lender hereunder having an attributable value equal to $0.125 per Warrant.

 

NOW
THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged the parties agree as follows.

 

1.
Lending Agreement. Subject to the terms and conditions hereinafter set forth, the Lender agree to lend to PESI, and PESI
agrees to borrow from the Lender, a sum of TWO MILLION. FIVE HUNDRED THOUSAND DOLLARS ($2,500,000.00) (the “Loan”),
as evidenced by the Note (as defined below).

 

    	 	 	 

     

    

 

2.
Promissory Note. The Loan shall be evidenced by a Promissory Note of even date herewith in the principal amount of TWO
MILLION, FIVE HUNDRED THOUSAND DOLLARS ($2,500,000.00), in substantially the form and substance as set forth in Exhibit “A”
to this Loan Agreement (the “Note”). The Note will bear interest on the unpaid principal thereof at a fixed annual
rate equal to 4.0%. Commencing on May 1, 2019, and on the 1st day of each month thereafter for a period of twelve months, PESI
shall pay to the Lender payment of interest accrued and unpaid on the outstanding principal balance of the Note. Beginning the
thirteenth month PESI shall pay Lender equal successive payments of principal in the amount of $208,333.33 plus interest accrued
on the outstanding principal balance of the Note. The entire unpaid principal balance of the Note and all accrued and unpaid interest
thereon is due and payable on April 30, 2021 (the “Maturity Date”). PESI may prepay the Note, in whole or in part,
at any time, without premium or penalty, but with interest accrued to the date of prepayment, during the first twelve (12) months
of this Note, which prepayment or prepayments can, at PESI’s discretion, be applied against future principal installment
payments due from PESI to Lender during the second year of the Note so long as the total principal amount of the Note is paid
in full by April 30, 2021.

 

3.
Purpose. The funds advanced under the Note will be used by PESI, in connection with working capital purposes in the ordinary
course of PESI’ business.

 

4.
Recourse. The Note will be full recourse to PESI, but the payment of the Note and the obligations of PESI in this Loan
Agreement will be unsecured, and the obligations represented by this Loan Agreement and the Note shall be subordinated to, and
a second position loan after, PESI’s indebtedness to PNC Bank, N.A.

 

5.
Issuance of Shares and Warrants. In consideration of the Loan and in reliance on the representations, warranties, and covenants
of Lender set forth in this Loan Agreement, within ten business days following the Closing Date (as defined below), PESI will
issue to the Lender (a) an aggregate of 75,000 shares (the “Shares”) of PESI Common Stock and (b) Warrants to purchase
up to 60,000 shares of PESI Common Stock (the “Warrant Shares”) at the exercise price of $3.51 per share, which is
the closing bid price for a share of PESI Common Stock on Nasdaq.com immediately preceding the execution of this Loan Agreement.
The Warrants may be exercised during the period beginning six months from the date of issuance and ending five years from the
date of issuance. The Warrants will be substantially in the form attached as Exhibit “B” to this Loan Agreement.

 

6.
Closing Date; Conditions Precedent. The Lender shall fund the full amount of the Note as soon as all of the condition’s
precedent set forth at paragraphs 6.1 through 6.3 hereof have been satisfied (the “Closing Date”):

 

	 	6.1	Authority.
    This Loan Agreement, the Note, and issuance of the Shares, the Warrants, and the Warrant Shares shall have been duly reviewed
    and approved by the Audit Committee of the Board of Directors and authorized by the entire Board of Directors of PESI;
	 	 	 
	 	6.2	Stock
    Quotation or Listing. There will be no action or proceeding pending or threatened against PESI by the Nasdaq to prohibit
    or terminate the quotation of PESI Common Stock, or the trading thereof on The Nasdaq Capital Market;
	 	 	 
	 	6.3	PNC
    Approval. PESI’s lender, PNC Bank, N.A., shall have provided the necessary written approvals to allow the Loan on
    terms satisfactory to PESI.

 

    	 	2	 

     

    

 

7.
Representations and Warranties of PESI. PESI represents and warrants to the Lender that:

 

	 	7.1	Reporting
    Company. PESI is subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of
    1934, as amended (the “Exchange Act”). Since January 1, 2019, PESI has filed with the SEC all reports required
    to be filed under the Exchange Act and PESI is and, as of the time Closing Date will be, current in its reporting obligations
    under the Exchange Act.
	 	 	 
	 	7.2	Material
    Changes. To PESI’s knowledge, no material event has occurred or exists with respect to PESI that is required to
    be disclosed under the securities laws and that has not been disclosed by PESI under applicable securities laws or which has
    not been publicly announced as of the date hereof or disclosed to Lender and which has or would have a Material Adverse Effect
    (as defined in paragraph 12.3) on PESI and its subsidiaries, taken as a whole.
	 	 	 
	 	7.3	Power
    and Authority. PESI has the necessary corporate authority and right to enter into and carry out the provisions of this
    Loan Agreement and other documents contemplated herein and to consummate the transactions contemplated hereby.
	 	 	 
	 	7.4	Litigation.
    Except as otherwise disclosed in PESI’s SEC Filings, there is no action, suit, proceeding or investigation pending,
    threatened against on PESI, which, if adversely determined, would have a Material Adverse Effect on PESI and its subsidiaries,
    taken as a whole.
	 	 	 
	 	7.5	No
    Default. To PESI’s knowledge, the making and performance by PESI of this Loan Agreement or the documents to be executed
    in connection herewith will not violate any provision or constitute a default under any indenture, agreement or instrument
    to which PESI is bound or affected, the effect of which would result in a Material Adverse Effect on PESI and its subsidiaries,
    taken as a whole, except as disclosed in PESI’s SEC Filings or disclosed in Schedule 6.5 hereof.
	 	 	 
	 	7.6	Enforceability.
    Each of this Loan Agreement, the Note, and the Warrants constitute the valid and legally binding obligations of PESI enforceable
    against PESI in accordance with their respective terms, except as may be limited by bankruptcy, insolvency, reorganization
    or other similar laws affecting the enforcement of creditor’s rights generally and by general principals of equity.

 

    	 	3	 

     

    

 

8.
Investor Representations and Warranties. The Lender hereby acknowledges, represents, warrants, and covenants, jointly and
severally, to PESI as follows:

 

	 	8.1	Investment
    Intent. The Lender is acquiring the Shares and Warrants for his own account as principal, not as a nominee or agent, for
    investment purposes only, and not with a view to, or for, resale, distribution or fractionalization thereof in whole or in
    part and no other person has a direct or indirect beneficial interest in such Shares and Warrants. The Lender does not have
    any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participation to such person
    or to any third person, with respect to any of the Shares and Warrants for which the Lender is subscribing;
	 	 	 
	 	8.2	Authority.
    The Lender has full power and authority to enter into this Loan Agreement, and this Loan Agreement constitutes a valid and
    legally binding obligation of the Lender;
	 	 	 
	 	8.3	Documents
    and SEC Filings. PESI has previously furnished the Lender copies of the following documents which have been filed by PESI
    with the SEC pursuant to Sections 13(a), 14(a), (b) or (c) or 15(d) of the Exchange Act (such documents are hereinafter collectively
    called the “SEC Filings”):

 

	 	(a)	Annual
    Report on Form 10-K for the year ended December 31, 2017 (the “Form 10-K”), which report includes, among other
    things, consolidated Balance Sheets at December 31, 2017 and December 31, 2016, and Consolidated Statements of Operations,
    Consolidated Statements of Shareholders’ Equity and Consolidated Statements of Changes in Financial Position of PESI
    for the two year periods ended December 31, 2017, and December 31, 2016, examined and reported on by Grant Thornton LLP, independent
    certified public accountants;
	 	 	 
	 	(b)	Quarterly
    Reports on Form 10-Q, filed with the SEC for quarters ended March 31, 2018, June 30, 2018, and September 30, 2018; and
	 	 	 
	 	(c)	Current
    Reports on Form 8-K filed with the SEC on January 23, 2018, January 24, 2018, March 14, 2018, April 10, 2018, April 25, 2018.
    May 2, 2018, May 9, 2018, May 31, 2018, July 30, 2018, August 8, 2018, November 7, 2018, and January 23, 2019.

 

    	 	4	 

     

    

 

	 	8.4	Investment
    Representations. The Lender acknowledge and agrees that the Shares and Warrants acquired under this Loan Agreement and
    the Warrant Shares issuable under the Warrants are not being registered under any applicable federal or state securities laws
    on the ground that the issuance thereof is exempt from registration, and are not being registered under the Securities Act
    of 1933, as amended (the “Act”), on the ground that the issuance thereof is exempt from registration under Rule
    506 of Regulation D and/or Section 4(2) of the Act and that reliance by PESI on such exemptions is predicated in part on the
    Lender’s representations and warranties set forth in this Loan Agreement. In furtherance thereof, the Lender represent
    and warrant to and agrees with PESI and its affiliates as follows:

 

	 	(a)	Lender
    realizes that the basis for the exemption may not be present if, notwithstanding such representations, Lender has in mind
    merely acquiring the Shares, Warrants or Warrant Shares for a fixed or determinable period in the future, or for a market
    rise, or for sale if the market does not rise. The Lender does not have any such intention;
	 	 	 
	 	(b)	Lender
    has the financial ability to bear the economic risk of his investment, has adequate means for providing for current needs
    and personal contingencies and has no need for liquidity with respect to an investment in PESI;
	 	 	 
	 	(c)	Lender
    has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of
    the prospective investment in the Shares, Warrants and the Warrant Shares; and
	 	 	 
	 	(d)	Lender
    is an accredited investor as defined in Rule 501 of the Act, for the following reasons, which are not intended to be exclusive:
    Lender has a net worth in excess of $1,000,000 (exclusive of the value of such Lender’s primary residence) and net income
    in excess of $200,000 in each of the two most recent years and has reasonable expectation of reaching the same income level
    in the current year.

 

	 	8.5
    	Due
    Diligence. The Lender:

 

	 	(a)	has
    been furnished for a reasonable period of time prior to the date hereof with the SEC Filings and all documents which have
    been delivered to, or made available upon request by, the Lender (collectively with this Loan Agreement, the “Investment
    Materials”) and Lender has carefully read and evaluated the Investment Materials and understand the risks involved in
    an investment in the Shares and Warrants, including the risks set forth under the section titled “Risk Factors”
    in the Form 10-K and the considerations set forth in the Investment Materials, and have relied solely (except as indicated
    in subsections (b) and (c) below) on the information contained in the Investment Materials (including all exhibits thereto);
	 	 	 
	 	(b)	has
    been provided an opportunity, for a reasonable period of time prior to the date hereof, to obtain additional information concerning
    the acquisition of the Shares and Warrants, PESI and all other information to the extent PESI possesses such information or
    can acquire it without unreasonable effort or expense;
	 	 	 
	 	(c)	has
    been given the opportunity, for a reasonable period of time prior to the date hereof, to ask questions of and receive answers
    from, PESI or its representatives concerning the terms and conditions of the acquisition of the Shares and Warrants and other
    matters pertaining to an investment therein, and have been given the opportunity for a reasonable period of time prior to
    the date hereof to obtain such additional information necessary to verify the accuracy of the information contained in the
    Investment Materials or that which was otherwise provided in order to evaluate the merits and risks of a purchase of the Shares
    and Warrants;

 

    	 	5	 

     

    

 

	 	(d)	has
    not been furnished with any oral representation or oral information in connection with the acquisition of the Shares and Warrants
    which is not contained in the Investment Materials; and
	 	 	 
	 	(e)	has
    determined that the Shares and Warrants are a suitable investment for the Lender and that at this time the Lender could bear
    a complete loss of such investment.

 

	 	8.6	Restricted Use of Confidential Information.

 

	 	(a)	The
    Lender acknowledges that certain Investment Materials disclosed to him may contain material information regarding PESI that
    has not been disclosed to the public (“Confidential Information”). Lender agree that such Confidential Information
    will be kept confidential by him and, without limiting the foregoing, will not be disclosed by the Lender to any person except
    (i) with the specific prior written consent of PESI, (ii) to a person that has executed a confidentiality agreement, the terms
    and conditions of which are approved in writing by PESI, or (iii) to the Lender’s representatives that have a fiduciary
    relationship to the Lender and have acknowledged to the Lender that he or she is aware that such information is Confidential
    Information and is subject to the restrictions and limitations of this Section 8.6.
	 	 	 
	 	(b)	The
    Lender agrees that neither he nor any affiliate or representative will trade in PESI’s securities while in possession
    of such Confidential Information of PESI and will not communicate such information to any other person under circumstances
    except as otherwise provided in Subsection 8.6(a) above.
	 	 	 
	 	(c)	The
    term “Confidential Information” does not include information which is or becomes generally available to the public
    other than as a result of a disclosure by the Lender or any of his affiliates or representatives.
	 	 	 
	 	(d)	If
    the Lender or any of his affiliates or representatives are requested or become legally compelled (by oral questions, interrogatories,
    requests for information or documents, subpoena, civil or criminal investigative demand, or similar process) or is required
    by a regulatory body to make any disclosure that is prohibited or otherwise constrained by this Agreement, the undersigned
    will provide PESI with prompt notice of such request so that PESI may seek an appropriate protective order or other appropriate
    remedy and/or waive compliance with this Section 8.6.

 

    	 	6	 

     

    

 

	 	(e)	The
    Lender acknowledge that this Section 8.6 as to the disclosure to him by PESI of any Confidential Information shall constitute
    a confidentiality agreement for the purposes of Regulation FD promulgated by the SEC.

 

	 	8.7	No
    Reliance. The Lender is not relying on PESI or its affiliates with respect to economic considerations involved in an investment
    in the Shares, Warrants and Warrant Shares. The Lender has relied on the advice of, or has consulted with only his lawyer,
    accountant, and advisors in connection with the transactions contemplated by this Loan Agreement. The Lender is capable of
    evaluating the merits and risks of an investment in the Shares and Warrants on the terms and conditions set forth in this
    Loan Agreement.
	 	 	 
	 	8.8	Restrictions
    on Transfer. In addition to the restrictions contained in Section 8.6 hereof, the Lender represent, warrant and agree
    that he will not sell or otherwise transfer the Shares and Warrants without registration under the Act or an exemption therefrom
    and fully understands and agrees to bear the economic risk of any purchase because, among other reasons, the Shares, Warrants
    and the Warrant Shares have not been registered under the Act or under the securities laws of any state and, therefore, cannot
    be resold, pledged, assigned or otherwise disposed of unless, inter alia, they are subsequently registered under the
    Act and under the applicable securities laws of such states or an exemption from such registration is available. In particular,
    the Lender is aware that the Shares and Warrants (as well as the Warrant Shares when issued) are “restricted securities,”
    as such term is defined in Rule 144 promulgated under the Act (“Rule 144”), and they may not be sold pursuant
    to Rule 144 unless all of the conditions of Rule 144 are met. The Lender also understand that PESI is under no obligation
    to register the Shares, the Warrants, or the Warrant Shares on the Lender’s behalf or to assist the Lender in complying
    with any exemption from registration under the Act or applicable state securities laws. The Lender further understands that
    U. S. securities laws, applicable state securities laws, and the provisions of this Loan Agreement further restrict sales
    or transfers of the Shares, Warrants and Warrant Shares.
	 	 	 
	 	8.9	Representations.
    No representations or warranties have been made to the Lender by PESI, or any officer, employee, agent, affiliate or subsidiary
    of PESI, other than the representations of PESI contained herein and in connection with this Loan Agreement the Lender have
    not relied upon any representations other than those expressly contained herein.
	 	 	 
	 	8.10	Financial
    Information. Any information which the Lender has heretofore furnished to PESI with respect to his financial position
    and business experience is correct and complete as of the date of this Loan Agreement and if there should be any material
    change in such information the Lender shall immediately furnish such revised or corrected information to PESI.

 

    	 	7	 

     

    

 

	 	8.11	Restrictive
    Legends. The Lender understands and agrees that the certificates for the Shares and Warrants (and the Warrant Shares when
    issued) will bear, substantially, the following legend until (a) such securities will have been registered under the Act and
    effectively been disposed of in accordance with an effective registration statement; or (b) in the opinion of counsel for
    PESI such securities may be sold without registration under the Act, as well as any applicable “Blue Sky” or state
    securities laws:

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
AND ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AS SET FORTH IN THIS CERTIFICATE AND THE LOAN AGREEMENT, DATED April 1, 2019,
BETWEEN PERMA-FIX ENVIRONMENTAL SERVICES, INC., AND ROBERT FERGUSON. THE SECURITIES REPRESENTED HEREBY ALSO MAY NOT BE OFFERED,
SOLD, PLEDGED, HYPOTHECATED, ASSIGNED, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE ACT WHICH IS CURRENT WITH RESPECT TO THESE SECURITIES OR PURSUANT TO A SPECIFIC EXEMPTION FROM REGISTRATION UNDER THE
ACT BUT ONLY UPON A HOLDER HEREOF FIRST HAVING OBTAINED THE WRITTEN OPINION OF COUNSEL, REASONABLY ACCEPTABLE TO COUNSEL FOR PESI,
TO THE EFFECT THAT THE PROPOSED DISPOSITION MAY BE EFFECTUATED WITHOUT REGISTRATION UNDER THE ACT.”

 

	 	8.12	Speculative
    Investment. The Lender understand that an investment in the Shares, the Warrants and the Warrant Shares is a speculative
    investment that involves a high degree of risk and the potential loss of the entire investment.
	 	 	 
	 	8.13	Overall
    Commitments. The Lender’s overall commitment to investments that are not readily marketable is not disproportionate
    to the Lender’s net worth, and an investment in the Shares, the Warrants and the Warrant Shares will not cause such
    overall commitment to become excessive.
	 	 	 
	 	8.14	Survival.
    The representations, warranties and agreements of the Lender set forth in this Loan Agreement will survive the Closing.

 

    	 	8	 

     

    

 

9.
Indemnity. The Lender agree, jointly and severally, to indemnify and hold harmless PESI, its officers and directors, employees
and its affiliates and each other person, if any, who controls any thereof, against any loss, liability, claim, damage and expense
whatsoever (including, but not limited to, any and all expenses whatsoever reasonably incurred in investigating, preparing or
defending against any litigation commenced or threatened or any claim whatsoever) arising out of or based upon any false representation
or warranty or breach or failure by the Lender to comply with any of the provisions of Section 8 of this Loan Agreement.

 

10.
Default. A default will occur under the Note (a “Default”) upon the failure of PESI to pay within 30 days when
due any interest on or principal of the Note or any renewals or modifications thereof.

 

11.
Remedies. Upon a Default (as defined in paragraph 9, above), the Lender will have the option to declare the Note and any
renewals, extensions or modifications thereof to be immediately due and payable whereupon the Note or any renewals or modifications
thereof shall become forthwith due and payable upon written demand, and the Lender will thereafter have the right to elect by
written election delivered to PESI to receive in full and complete satisfaction of all of PESI’s obligations under the Note
either:

 

	 	(a)	the
    cash amount equal to the sum of the unpaid principal balance owing under the Note and all accrued and unpaid interest thereon
    (the “Payoff Amount”); or
	 	 	 
	 	(b)	the
    number of whole shares of PESI Common Stock (the “Payoff Shares”) determined by dividing the Payoff Amount by
    the dollar amount equal to the closing bid price of PESI’s Common Stock on the date immediately prior to the date of
    Default of this Note, as reported or quoted on the primary nationally recognized exchange or automated quotation system on
    which the Common Stock is listed; provided however, that for the purposes of determining the amount of Payoff Shares the dollar
    amount of such closing bid price shall not be less than $3.51, being the closing bid price for PESI Common Stock as disclosed
    on Nasdaq.com immediately preceding the signing of this Loan Agreement.

 

The
Lender’s option to elect the Payoff Amount or the Payoff Shares is mutually exclusive, and the Lender may not elect a combination
of the Payoff Amount and the Payoff Shares. If the Lender elect to receive the Payoff Shares, the issuance of the Payoff Shares
will be subject to compliance with the regulations of the primary nationally recognized exchange or automated quotation system
on which the Common Stock is listed, the then applicable federal and state securities laws and the Lender providing, as of the
issuance of the Payoff Shares, substantially the same representations and warranties as set forth in paragraph 8 of this Loan
Agreement. If issued, the Payoff Shares will not be registered and the Lender will not be entitled to registration rights with
respect to the Payoff Shares. Notwithstanding any other provision of this Loan Agreement, the Note, or the Warrants, the aggregate
number of Shares, Warrant Shares, and Payoff Shares that are or will be issued to the Lender pursuant to this Loan Agreement,
the Note, and the Warrants, together with the aggregate shares of PESI Common Stock and other PESI voting securities owned by
the Lender as of the date of issuance of the Payoff Shares, shall not exceed the lesser of: (a) the number of shares of PESI Common
Stock equal to 14.9% of the number of shares of PESI Common Stock issued and outstanding as of the date immediately prior to the
Default, less the number of shares of PESI Common Stock owned by the Lender immediately prior to the date of such Default plus
the number of shares of PESI Common Stock that may be acquired by the Lender under warrants and/or options outstanding immediately
prior to the date of such Default; or (b) 14.9% of the voting power of all PESI voting securities issued and outstanding as of
the date of the Default, less the voting power of shares of PESI voting securities held by the Lender as of the date of such Default
plus the voting power of shares of PESI Common Stock that may be acquired by the Lender under warrants and/or options outstanding
immediately prior to the date of such Default. Subject to the terms of this Loan Agreement, PESI will issue the Common Stock certificate
representing 100% of the Payoff Shares to Lender. PESI will not be obligated to issue any fractional shares of Common Stock as
Payoff Shares.

 

    	 	9	 

     

    

 

12.
Miscellaneous. It is further agreed as follows:

 

	 	12.1	Amendment
    and Waiver. This Loan Agreement may not be amended or modified in any way, except by an instrument in writing executed
    by all of the parties hereto; provided, however, the Lender may, in writing: (a) extend the time for performance of any of
    the obligations of PESI; (b) waive any default by PESI; and (c) waive the satisfaction of any condition that is precedent
    to the performance of the Lender’s obligations under this Loan Agreement.
	 	 	 
	 	12.2	Non-Waiver;
    Cumulative Remedies. No failure on the part of the Lender to exercise and no delay in exercising any right hereunder shall
    operate as a waiver thereof, nor shall any single or partial exercise by the Lender of any right hereunder preclude any other
    or further right of exercise thereof. The remedies herein provided are cumulative and not alternative.
	 	 	 
	 	12.3	Material
    Adverse Effect. The term “Material Adverse Effect” when used in connection with an entity means any change,
    event, violation, inaccuracy, circumstance or effect, individually or when aggregated with other changes, events, violations,
    inaccuracies, circumstances or effects, that is materially adverse to the business, assets (including intangible assets),
    revenues, financial condition or results of operations of such entity, it being understood that none of the following alone
    or in combination shall be deemed, in and of itself, to constitute a Material Adverse Effect: (a) changes attributable to
    the public announcement or pendency of the transactions contemplated hereby, (b) changes in general national or regional economic
    conditions, or (c) any federal or state rulemaking or regulations or changes in applicable laws.
	 	 	 
	 	12.4	Governing
    Law. This Loan Agreement shall be governed by and construed in accordance with the law of the State of Delaware (except
    with respect to usury laws which shall be governed by the laws of the state of Washington), regardless of the law that might
    otherwise govern under applicable principals of conflicts of law thereof.
	 	 	 
	 	12.5	Descriptive
    Headings. The descriptive headings of the paragraphs of this Loan Agreement are for convenience only and shall not be
    used in the construction of the terms hereof.

 

    	 	10	 

     

    

 

	 	12.6	Integrated
    Agreement. This Loan Agreement, the Note and the Warrants executed pursuant hereto or in connection herewith constitute
    the entire agreement between the parties hereto, and there are no agreements, understandings, warranties or representations
    between the parties other than those set forth in such documents.
	 	 	 
	 	12.7	Binding
    Effect. This Loan Agreement shall be binding on and inure to the benefit of the parties hereto and their respective successors,
    personal representatives, legal representatives and assigns.
	 	 	 
	 	12.8	Third
    Party Beneficiary. Nothing in this Loan Agreement, express or implied, is intended to confer on any person, other than
    the parties hereto and their respective successors and assigns, any rights or remedies under or by reason of this Loan Agreement.
	 	 	 
	 	12.9	Maximum
    Legal Rate of Interest. Notwithstanding any other provisions of this Loan Agreement or the Note to the contrary, the total
    interest charges incurred by PESI pursuant to the Note shall not exceed the maximum legal rate of interest under Washington
    law. If the holder of the Note shall ever be entitled to receive, collect or apply, as interest on the Loan, any amount in
    excess of the maximum legal rate of interest permitted to be charged by applicable law, and, in the event any holder of the
    Note ever receives, collects or applies, as interest, any such excess, such amount which would be excessive interest shall
    be applied to the reduction of the unpaid principal balance of the applicable Note, and if the principal balance is paid in
    full, any remaining excess shall be forthwith paid to PESI. In determining whether or not the interest paid or payable under
    any specific contingency exceeds the highest lawful rate, PESI and the Lender shall, to the maximum extent permitted, under
    applicable law: (a) characterize any non-principal payment as an expense, fee or premium rather than as interest; (b) exclude
    voluntary prepayments and the effects thereof; (c) “spread” the total amount of interest on the Note throughout
    the entire term of the Note so that the interest rate is uniform throughout the entire term of the Note.
	 	 	 
	 	12.10	No
    Responsibility of Lender. Notwithstanding any term or provision of this Loan Agreement or the Note, the Lender shall not
    have any right as to management, conduct or operation of the business and affairs of PESI or any of their subsidiaries.
	 	 	 
	 	12.11	Counterparts;
    Facsimile Signatures. This Loan Agreement may be executed in one or more counterparts, all of which shall be considered
    one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties
    and delivered to the other party, it being understood that all parties need not sign the same counterpart. Delivery by facsimile
    to counsel for the other party of a counterpart executed by a party shall be deemed to meet the requirements of the previous
    sentence.
	 	 	 
	 	12.12	Assignment.
    No party may assign either this Loan Agreement or any of its rights, interests, or obligations hereunder without the prior
    written approval of the other parties. This Loan Agreement shall be binding upon and shall inure to the benefit of the parties
    hereto and their respective successors and permitted assigns.
	 	 	 
	 	12.13	Attorneys’
    Fees. The substantially prevailing party in any situation or suit to enforce any provision of this agreement shall be
    entitled to reasonable attorney’s fees and any costs incurred, including, without limitation, costs of collection, enforcing
    a judgment and on appeal or in any bankruptcy proceeding (including efforts to modify or vacate any automatic stay or injunction).

 

    	 	11	 

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Loan and Securities Purchase Agreement to be duly executed as of the day and year
first above written.

 

	 	PERMA-FIX
    ENVIRONMENTAL SERVICES, INC., a Delaware corporation
	 	 	 
	 	By:	/s/
    Ben Naccarato
	 	 	CFO
	 	 	 
	 	(“PESI”)
	 	 	 
	 	 	/s/
    Robert Ferguson
	 	 	ROBERT
    FERGUSON, an individual
	 	 	 
	 	(“Lender”)

 

    	 	12EXHIBIT
“B”

 

NEITHER THIS SECURITY NOR THE SECURITIES INTO
WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR PURSUANT TO
AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR REASONABLY ACCEPTABLE TO THE
COMPANY TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

COMMON STOCK PURCHASE WARRANT

 

To Purchase 60,000 Shares

 

of Common Stock of

 

PERMA-FIX ENVIRONMENTAL SERVICES, INC.

 

April 1, 2019

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) CERTIFIES that, for value received, ROBERT FERGUSON, an individual (the “Holder”),
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after six months from the date of issuance of this Warrant (the “Initial Exercise Date”) and on or prior to the
fifth anniversary of the date of this Warrant (the “Termination Date”) but not thereafter, to subscribe for and purchase
from Perma-Fix Environmental Services, Inc., a Delaware corporation (the “Company”), up to 60,000 shares (the “Warrant
Shares”) of common stock, par value $0.001 per share, of the Company (“Common Stock”). The purchase price of
one share of Common Stock (the “Exercise Price”) under this Warrant is $3.51, which is the closing bid price for a
share of the Company’s Common Stock on Nasdaq.com immediately preceding the execution of the Loan Agreement (as defined below),
subject to adjustment hereunder. The Exercise Price and the number of Warrant Shares for which the Warrant is exercisable
shall be subject to adjustment as provided herein. This Warrant shall be subject to, and the capitalized terms used and not
otherwise defined herein shall have the meanings set forth in, that certain Loan and Securities Purchase Agreement (the “Loan
Agreement”), dated April 1, 2019, between the Company and the Holder.

 

1. Title to Warrant.
Prior to the Termination Date and subject to compliance with applicable laws and the terms of this Warrant, this Warrant and all
rights hereunder are transferable, in whole or in part, at the office or agency of the Company by the Holder in person or by duly
authorized attorney, upon surrender of this Warrant together with the Assignment Form annexed hereto properly endorsed; provided,
however, that the assignee is an accredited investor, as such term is defined in Rule 501 promulgated under the Securities Act
of 1933, as amended (the Securities Act”). The transferee shall have signed an investment letter in form and substance reasonably
satisfactory to the Company and its counsel and in compliance with the terms and provisions of paragraph 5 of this Warrant.

 

    	 

    	 

    

 

2. Authorization of Shares.
The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this
Warrant will, upon exercise of the purchase rights represented by this Warrant, be duly authorized, validly issued, fully paid
and nonassessable and free from all taxes, liens and charges in respect of the issue thereof (other than taxes in respect of any
transfer occurring contemporaneously with such issue and subject to compliance with applicable federal and state securities laws).

 

3. Exercise of Warrant.

 

	 	3.1	Procedure. Exercise of the purchase rights represented by this Warrant may be made at any time or times on or after the Initial Exercise Date and on or before the Termination Date by satisfying each of the following: 

 

	 	(a)	delivery to the Company of a duly executed facsimile copy of the Notice of Exercise Form attached hereto; 
	 	 	 
	 	(b)	surrender of this Warrant to the Company and receipt by the Company of this Warrant within 10 days of the date the Notice of Exercise is delivered to the Company; 
	 	 	 
	 	(c)	receipt by the Company of payment of the aggregate Exercise Price of the shares to be purchased, with such payment made by wire transfer or cashier’s check drawn on a United States bank;
	 	 	 
	 	(d)	receipt by the Company of such written investment representations and warranties by the Holder as the Company may reasonably request in accordance with paragraph 8 of the Loan Agreement.

 

This Warrant will be deemed to have
been exercised (the “Exercise Date”) on the later of (x) the date the Notice of Exercise is delivered to the Company
by facsimile copy, (y) the date this Warrant is received by the Company, and (z) the date the Exercise Price is received by the
Company.

 

	 	3.2	Issuance of Warrant Shares. Certificates representing the shares of Common Stock purchased hereunder will be delivered to the Holder within 10 Trading Days following the Exercise Date (“Warrant Share Delivery Date”). The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Exercise Date. If the Company fails to deliver to the Holder a certificate or certificates representing the Warrant Shares pursuant to this paragraph 3.2 within 20 Trading Days following the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise. If this Warrant shall have been exercised in part, the Company shall, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver to Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

 

    	 	2	 

    	 

    

 

	 	3.3	Charges, Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that if certificates for Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder; and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. 

 

4. No Fractional Shares
or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As
to any fraction of a share which Holder would otherwise be entitled to purchase upon such exercise, the Company shall pay a cash
adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price.

 

5. Transfer, Division
and Combination.

 

	 	5.1	Transfer. Subject to compliance with any applicable securities laws and the conditions set forth in paragraphs 1 and 5.4 hereof and to the provisions of paragraph 8.8 of the Loan Agreement, this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Promptly following such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.
	 	 	 
	 	5.2	Division; Combination. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with paragraph 5.1, as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice.
	 	 	 
	 	5.3	Issuance; Records. The Company shall prepare, issue and deliver at its own expense (other than transfer taxes) the new Warrant or Warrants under this paragraph 5. The Company agrees to maintain, at its aforesaid office, books for the registration and the registration of transfer of the Warrants.

 

    	 	3	 

    	 

    

 

	 	5.4	Securities Laws Compliance. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be registered pursuant to an effective registration statement under the Securities Act and under applicable state securities or blue sky laws, the Company may require, as a condition of allowing such transfer, that: 

 

	 	(a)	the Holder or transferee of this Warrant, as the case may be, furnish to the Company a written opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions and satisfactory to the Company and its counsel) to the effect that such transfer may be made without registration under the Securities Act and under applicable state securities or blue-sky laws;
	 	 	 
	 	(b)	the holder or transferee execute and deliver to the Company an investment letter in form and substance acceptable to the Company; and
	 	 	 
	 	(c)	the transferee be an “accredited investor” as defined in Rule 501 promulgated under the Securities Act or a qualified institutional buyer as defined in Rule 144A under the Securities Act.

 

6. No Rights as Shareholder
until Exercise. This Warrant does not entitle the Holder to any voting rights or other rights as a shareholder of the Company
prior to the exercise hereof. The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated
to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the close of business
on the date the Exercise and all taxes required to be paid by the Holder, if any, pursuant to paragraph 3.3 prior to the issuance
of such shares, have been paid.

 

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

 

8. Saturdays, Sundays,
Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted
herein shall be a Saturday, Sunday or a legal holiday, then such action may be taken or such right may be exercised on the next
succeeding day not a Saturday, Sunday or legal holiday.

 

    	 	4	 

    	 

    

 

9. Adjustments
of Exercise Price and Warrant Shares. The number and kind of securities purchasable upon the exercise of this Warrant
and the Exercise Price shall be subject to adjustment from time to time upon the happening of any of the following. If the
Company:

 

	(a)	pays a dividend in shares of Common Stock to all holders of its outstanding Common Stock,
	 	 
	(b)	subdivides or stock splits its outstanding shares of Common Stock into a greater number of shares,
	 	 
	(c)	combines its outstanding shares of Common Stock into a smaller number of shares of Common Stock, or
	 	 
	(d)	issues any shares of its capital stock in a reclassification of the Common Stock,

 

then the number of Warrant
Shares purchasable upon exercise of this Warrant immediately prior thereto shall be adjusted so that the Holder shall be entitled
to receive the kind and number of Warrant Shares or other securities of the Company which it would have owned or have been entitled
to receive had such Warrant been exercised in advance thereof. Upon each such adjustment of
the kind and number of Warrant Shares or other securities of the Company which are purchasable hereunder, the Holder shall thereafter
be entitled to purchase the number of Warrant Shares or other securities resulting from such adjustment at an Exercise Price per
Warrant Share or other security obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the
number of Warrant Shares purchasable pursuant hereto immediately prior to such adjustment and dividing by the number of Warrant
Shares or other securities of the Company that are purchasable pursuant hereto immediately after such adjustment. An adjustment
made pursuant to this paragraph shall become effective immediately after the effective date of such event retroactive to the record
date, if any, for such event.

 

10. Reclassification,
Merger, Consolidation or Disposition of Assets. If the Company shall reclassify its capital stock, consolidate or merge with
or into another corporation (where the Company is not the surviving corporation), or
sell, transfer or otherwise dispose of all or substantially all of its property, assets or business to another corporation and,
pursuant to the terms of such reclassification, merger, consolidation or disposition of assets, shares of Common Stock of the successor
or acquiring corporation, or any cash, shares of stock or other securities or property of any nature whatsoever (including warrants
or other subscription or purchase rights) in addition to or in lieu of Common Stock of the successor or acquiring corporation (“Other
Property”), are to be received by or distributed to the holders of Common Stock of the Company, then the Holder shall have
the right thereafter to receive. upon exercise of this Warrant, the number of shares of Common Stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and Other Property receivable upon or as a result of such reclassification,
merger, consolidation or disposition of assets by a Holder of the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event. In case of any such reclassification, merger, consolidation or disposition of assets, the successor
or acquiring corporation (if other than the Company) shall expressly assume the due and punctual observance and performance of
each and every covenant and condition of this Warrant to be performed and observed by the Company and all the obligations and liabilities
hereunder, subject to such modifications as may be deemed appropriate (as determined in good faith by resolution of the Board of
Directors of the Company) in order to provide for adjustments of Warrant Shares for which this Warrant is exercisable which shall
be as nearly equivalent as practicable to the adjustments provided for in this paragraph 10. For purposes of this paragraph 10,
“Common Stock of the successor or acquiring corporation” shall include stock of such corporation of any class which
is not preferred as to dividends or assets over any other class of stock of such corporation and which is not subject to redemption
and shall also include any evidences of indebtedness, shares of stock or other securities which are convertible into or exchangeable
for any such stock, either immediately or upon the arrival of a specified date or the happening of a specified event and any warrants
or other rights to subscribe for or purchase any such stock. The foregoing provisions of this paragraph 10 shall similarly apply
to successive reclassifications, mergers, consolidations or disposition of assets.

 

    	 	5	 

    	 

    

 

11. Notice of Adjustment.
Whenever the number of Warrant Shares or number or kind of securities or other property purchasable upon the exercise of this Warrant
or the Exercise Price is adjusted, as herein provided, the Company shall give notice thereof to the Holder, which notice shall
state the number of Warrant Shares (and other securities or property) purchasable upon the exercise of this Warrant and the Exercise
Price of such Warrant Shares (and other securities or property) after such adjustment, setting forth a brief statement of the facts
requiring such adjustment and setting forth the computation by which such adjustment was made.

 

12. Authorized Shares.
The Company covenants that during the period this Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares
upon the exercise of the purchase rights under this Warrant. The Company will take all such 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.

 

13. Miscellaneous.

 

	 	13.1	Jurisdiction/Venue. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of Delaware, without regard to the principles of conflicts of law thereof. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the state of Delaware, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or inconvenient venue for such proceeding.
	 	 	 
	 	13.2	Restrictions. The Holder acknowledges that the Company has no obligation to register this Warrant or the Warrant Shares with the Securities and Exchange Commission or any state securities agency, and the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws.

 

    	 	6	 

    	 

    

 

	 	13.3	Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Loan Agreement.
	 	 	 
	 	13.4	Limitation of Liability. No provision of this Warrant, in the absence of any affirmative action by Holder to exercise this Warrant or purchase Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder for the purchase price of any Common Stock exercisable under this Warrant or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.
	 	 	 
	 	13.5	Successors and Assigns. Subject to applicable securities laws and the terms of this Warrant, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant and shall be enforceable by any such Holder or holder of Warrant Shares.
	 	 	 
	 	13.6	Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.
	 	 	 
	 	13.7	Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.
	 	 	 
	 	13.8	Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

 

[SIGNATURES APPEAR ON NEXT PAGE]

 

    	 	7	 

    	 

    

 

IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officer thereunto duly authorized.

 

Dated: April 1, 2019

 

	 	PERMA-FIX ENVIRONMENTAL SERVICES, INC.
	 	 
	 	By:	/s/ Ben Naccarato
	 	Name:	Ben Naccarato
	 	Title:	CFO

 

	 	(“PESI)
	 	 
	 	/s/ Robert Ferguson
	 	ROBERT FERGUSON, an individual
	 	 
	 	(the “Holder”)

 

    	 	8	 

    	 

    

 

NOTICE OF EXERCISE

 

To: Perma-Fix Environmental Services, Inc.

 

(1) The undersigned hereby
elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full),
and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. Payment shall
take the form of in lawful money of the United States.

 

(2) Please issue a certificate
or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

	 		 

 

(3) The Warrant Shares
shall be delivered to the following:

 

	 	 	 
	 		 
	 		 

 

(4) Accredited Investor.
The undersigned is an “accredited investor” as defined in Regulation D under the Securities Act of 1933, as amended.

 

	 	[PURCHASER]
	 	 
	 	By:	                    
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Dated:	 

 

    	 

    	 

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing warrant, execute

this
form and supply required information.

Do
not use this form to exercise the warrant.)

 

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

 

_______________________________________________
whose address is

 

_______________________________________________________________.

 

_______________________________________________________________

 

Dated:
______________, _______

 

 

	 	Holder’s
    Signature:		 
	 	 	 	 
	 	Holder’s
    Address:		 
	 	 	 	 
	 	 	 	 

 

	Signature
    Guaranteed:	 	

 

NOTE:
The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration
or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those
acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

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