Document:

Exhibit
10.2

 

THIS
WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR THE SECURITIES LAWS OF ANY STATE OR FOREIGN SECURITIES LAWS AND, EXCEPT AS SET FORTH IN Sections
6.1 and 6.2 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID
ACT AND LAWS OR IN A TRANSACTION EXEMPT FROM REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE ACT.

 

WARRANT
TO PURCHASE SHARES OF COMMON STOCK

 

	Company:	 	VBI
    Vaccines Inc., a corporation existing
    pursuant to the laws of British Columbia
	 	 	 
	Class
    of Stock:	 	Common
    Stock
	 	 	 
	Number
    of Shares:	 	A
    number equal to the aggregate original principal amount of the Term Loans actually funded by Lenders pursuant to the Loan
    Agreement, multiplied by 3.50% divided by the Warrant Price, as in effect from time to time.
	 	 	 
	Warrant
    Price:	 	$1.12
	 	 	 
	Issue
    Date:	 	May
    22, 2020
	 	 	 
	Expiration
    Date:	 	10
    years from the Issue Date
	 	 	 
	Loan
    Agreement:	 	This
    Warrant to Purchase Shares of Common Stock (“Warrant”) is issued in connection with, and as consideration
    of the commitments pursuant to, that certain Loan and Guaranty Agreement of even date herewith among the Company and certain
    other borrowers and guarantors from time to time party thereto, K2 HealthVentures LLC, as administrative agent for the lenders,
    Ankura Trust Company, LLC, as collateral agent for lenders, and the lenders party thereto (as amended, restated, supplemented
    or otherwise modified from time to time, the “Loan Agreement”). Capitalized terms used herein without definition,
    shall have the meanings set forth in the Loan Agreement.

 

This
WARRANT TO PURCHASE Common STOCK certifies that, for good and valuable consideration,
K2 HEALTHVENTURES EQUITY TRUST LLC (together with any successor or permitted
assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled
to purchase the number of fully paid and non-assessable shares of the above-stated class, series and type of stock of the above-named
company (the “Company”) at the above-stated Warrant Price, all as set forth above and as adjusted pursuant
to Section 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant.

 

SECTION
1 DEFINITIONS.

 

As
used in this Warrant, the following terms have the following meanings:

 

“Acknowledgement”
has the meaning set forth in Section 3.5.

 

“Aggregate
Warrant Price” means, with respect to any exercise of this Warrant, an amount equal to the product of (i) the number
of Shares in respect of which this Warrant is then being exercised pursuant to Section 3 hereof, multiplied by (ii) the
applicable Warrant Price in effect as of the Exercise Date.

 

“Assignment”
has the meaning set forth in Section 6.1.

 

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

 

“Business
Day” means any day which is neither a Saturday or Sunday nor a legal holiday on which banks are authorized or required
to be closed in New York, New York.

 

    	1

     

    

 

“Commission”
means the Securities and Exchange Commission or any other federal agency administering the Securities Act and the Exchange Act
at the time.

 

“Common
Stock” means the common stock, no par value, of the Company, and any capital stock into which such Common Stock shall
have been converted, exchanged or reclassified following the date hereof.

 

“Company”
has the meaning set forth in the preamble.

 

“Convertible
Securities” means any securities, whether debt, equity or other securities (directly or indirectly) convertible into
or exchangeable for Common Stock, but excluding Options.

 

“Covered
Persons” has the meaning set forth in Section 3.9.

 

“Disqualification
Events” has the meaning set forth in Section 3.9.

 

“dollars”
or “$” refers to lawful money of the United States of America.

 

“Exercise
Date” means, for any given exercise of this Warrant, the date on which the conditions to such exercise as set forth
in Section 3 shall have been satisfied at or prior to 5:00 p.m., New York time, on a Business Day, including, without limitation,
the receipt by the Company of a Subscription Agreement, the Warrant and the Aggregate Warrant Price.

 

“Exercise
Period” has the meaning set forth in Section 2.

 

“Expiration
Date” has the meaning set for in the preamble.

 

“Fair
Market Value” means, as of any particular date: (i) the volume weighted average of the closing sales prices of the Common
Stock for such day on all domestic securities exchanges on which the Common Stock may at the time be listed; (ii) if there have
been no sales of the Common Stock on any such exchange on any such day, the average of the highest bid and lowest asked prices
for the Common Stock on all such exchanges at the end of such day; (iii) if on any such day the Common Stock is not listed on
a domestic securities exchange, the closing sales price of the Common Stock as quoted on Nasdaq, the OTC Bulletin Board, the “pink
sheets” or similar quotation system or association for such day; or (iv) if there have been no sales of the Common Stock
on Nasdaq, the OTC Bulletin Board, the “pink sheets” or similar quotation system or association on such day, the average
of the highest bid and lowest asked prices for the Common Stock quoted on Nasdaq, the OTC Bulletin Board, the “pink sheets”
or similar quotation system or association at the end of such day, in each case, averaged over twenty (20) consecutive Business
Days ending on the Business Day immediately prior to the day as of which “Fair Market Value” is being determined;
provided, that if the Common Stock is listed on any domestic securities exchange, the term “Business Day” as used
in this sentence means Business Days on which such exchange is open for trading. If at any time the Common Stock is not listed
on any domestic securities exchange or quoted on Nasdaq, the OTC Bulletin Board, the “pink sheets” or similar quotation
system or association, the “Fair Market Value” of the Common Stock shall be the fair market value per share as determined
jointly by the Board and the Holder, subject to Section 3.10 hereof.

 

“Holder”
has the meaning set forth in the preamble.

 

“Indemnified
Liabilities” has the meaning set forth in Section 14.2.

 

“Indemnitees”
has the meaning set forth in Section 14.2.

 

“Inspectors”
has the meaning set forth in Section 5.2(h).

 

“Nasdaq”
means The Nasdaq Stock Market, Inc.

 

“Options”
means any warrants or other rights or options to subscribe for or purchase Common Stock or Convertible Securities.

 

    	2

     

    

 

“OTC
Bulletin Board” means the National Association of Securities Dealers, Inc. OTC Bulletin Board.

 

“Person”
means any individual, sole proprietorship, partnership, limited liability company, corporation, joint venture, trust, incorporated
organization or government or department or agency thereof.

 

“Piggyback
Registration” has the meaning set forth in Section 5.1(a).

 

“Prospectus”
means the prospectus or prospectuses included in any Registration Statement, as amended or supplemented by any prospectus supplement
with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement
and by all other amendments and supplements to the prospectus, including post- effective amendments and all material incorporated
by reference in such prospectus or prospectuses.

 

“Records”
has the meaning set forth in Section 5.2(h).

 

“Registrable
Securities” means (x) any shares of Common Stock held by any Person or issuable upon conversion, exercise or exchange
of any securities owned by any Person at any time (including Warrant Shares exercisable upon exercise of this Warrant), and (y)
any shares of Common Stock issued or issuable with respect to any shares described in subsection (x) above by way of a
stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other
reorganization (it being understood that for purposes of this Warrant, a Person shall be deemed to be a holder of Registrable
Securities whenever such Person has the right to then acquire or obtain from the Company any Registrable Securities, whether or
not such acquisition has actually been effected). As to any particular Registrable Securities, such securities shall cease to
be Registrable Securities when (i) a Registration Statement covering such securities has been declared effective by the Commission
and such securities have been disposed of pursuant to such effective Registration Statement, (ii) such securities are sold under
circumstances in which all of the applicable conditions of Rule 144 (or any similar provisions then in force) under the Securities
Act are met, (iii) such securities are otherwise transferred and such securities may be resold without subsequent registration
under the Securities Act, or (iv) such securities shall have ceased to be outstanding.

 

“Registration
Statement” means any registration statement of the Company which covers any of the Registrable Securities pursuant to
the provisions of this Agreement, including the Prospectus, amendments and supplements to such Registration Statement, including
post- effective amendments, all exhibits and all materials incorporated by reference in such Registration Statement.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Solicitor”
has the meaning set forth in Section 3.9.

 

“Subscription
Agreement” means a subscription agreement in substantially the form attached hereto as Exhibit A.

 

“Warrant”
has the meaning set forth in the preamble.

 

“Warrant
Price” has the meaning set forth in the preamble.

 

“Warrant
Shares” means shares of the Common Stock of the Company purchasable upon exercise of this Warrant.

 

SECTION
2 TERM OF WARRANT.

 

Subject
to the terms and conditions hereof, at any time or from time to time after the date hereof up to and including 5:00 p.m., New
York time, on the Expiration Date (or, if such day is not a Business Day, on the next preceding Business Day) (such period, the
“Exercise Period”), the Holder of this Warrant may exercise this Warrant for all or any part of the Warrant
Shares (subject to adjustment as provided herein).

 

    	3

     

    

 

SECTION
3 EXERCISE OF WARRANT.

 

3.1
Exercise Procedure. This Warrant may be exercised from time to time on any Business Day during the Exercise Period, for
all or any part of the unexercised Warrant Shares, upon:

 

(a)
surrender of this Warrant (if, but only if, this Warrant is being exercised in full) to the Company at its then principal executive
offices (or an indemnification undertaking with respect to this Warrant in the case of its loss, theft or destruction), together
with one or more Subscription Agreements, duly completed (including specifying the number and type of Warrant Shares to be purchased)
and executed; and

 

(b)
payment to the Company of the Aggregate Warrant Price in accordance with Section 3.2.

 

3.2
Method of Payment of the Aggregate Warrant Price. Payment of the Aggregate Warrant Price shall be made, at the option of
the Holder as expressed in one or more Subscription Agreements, by the following methods:

 

(a)
by delivery to the Company of a certified bank check payable to the order of the Company or by wire transfer of immediately available
funds to an account designated in writing by the Company, in the amount of such Aggregate Warrant Price (representing a cashless
exercise);

 

(b)
by instructing the Company to withhold a number of Warrant Shares then issuable upon exercise of this Warrant with an aggregate
Fair Market Value as of the Exercise Date equal to such Aggregate Warrant Price; or

 

(c)
any combination of the foregoing.

 

In
the event of any withholding of Warrant Shares pursuant to clause (b) above where the number of Warrant Shares whose value
is equal to the Aggregate Warrant Price is not a whole number, the number of Warrant Shares withheld by the Company shall be rounded
up to the nearest whole share and the Company shall make a cash payment to the Holder (by delivery of a certified or official
bank check or by wire transfer of immediately available funds) based on the incremental fraction of a Warrant Share being so withheld
by the Company in an amount equal to the product of (x) such incremental fraction of a Warrant Share being so withheld multiplied
by (y) the Fair Market Value per Warrant Share as of the Exercise Date; provided that such valuation shall be subject to
Section 3.10.

 

3.3
Delivery of Stock Certificates. Upon receipt by the Company of a Subscription Agreement, surrender of this Warrant (if,
but only if, this Warrant is being exercised in full) and payment of the Aggregate Warrant Price (in accordance with Section
3.1 hereof), the Company shall, as promptly as practicable, and in any event within three (3) Business Days thereafter, deliver
(or cause to be delivered) to the Holder the Warrant Shares issuable upon such exercise, together with cash in lieu of any fraction
of a Warrant Share, as provided in Section 3.4 hereof. The Warrant Shares shall be registered in the name of the Holder
or, subject to compliance with Section 6.1 below, such other Person’s name as shall be designated in the Subscription
Agreement. This Warrant shall be deemed to have been exercised (in whole or in part, as the case may be) and such Warrant Shares
shall be deemed to have been issued, and the Holder or any other Person so designated to be named therein shall be deemed to have
become a holder of record of such Warrant Shares for all purposes, as of the Exercise Date.

 

3.4
Fractional Shares. The Company shall not be required to issue a fractional Warrant Share upon exercise of any Warrant.
As to any fraction of a Warrant Share that the Holder would otherwise be entitled to purchase upon such exercise, the Company
shall pay to such Holder an amount in cash (by delivery of a certified or official bank check or by wire transfer of immediately
available funds) equal to the product of (i) such fraction multiplied by (ii) the Fair Market Value of one Warrant Share on the
Exercise Date.

 

3.5
Acknowledgement; Partial Exercise. Unless the purchase rights represented by this Warrant shall have expired or shall have
been fully exercised, the Company shall, at the time of delivery of the Warrant Shares being issued in accordance with Section
3.3 hereof, deliver to the Holder promptly an acknowledgement in substantially the form attached hereto as Exhibit B
(each, an “Acknowledgement”) indicating the number and type of Warrant Shares which remain issuable upon exercise
of this Warrant, if any.

 

    	4

     

    

 

3.6
Representations, Warranties and Covenants. With respect to the exercise of this Warrant, the Company hereby represents,
covenants and agrees:

 

(a)
This Warrant is, and any Warrant issued in substitution for or replacement of this Warrant shall be, upon issuance, duly authorized
and validly issued.

 

(b)
All Warrant Shares issuable upon the exercise of this Warrant pursuant to the terms hereof shall be, upon issuance, and the Company
shall take all such actions as may be necessary or appropriate in order that such Warrant Shares are, validly issued, fully paid
and non-assessable, issued without violation of any preemptive or similar rights of any stockholder of the Company and free and
clear of all taxes, liens and charges.

 

(c)
The Company shall take all such actions as may be necessary to ensure that all such Warrant Shares are issued without violation
by the Company of any applicable law or governmental regulation or any requirements of any domestic securities exchange upon which
shares of Common Stock or other securities constituting Warrant Shares may be listed at the time of such exercise (except for
official notice of issuance which shall be immediately delivered by the Company upon each such issuance).

 

(d)
Without in any way limiting Section 5 hereof, the Company shall use its best efforts to cause the Warrant Shares, immediately
upon such exercise, to be listed on any domestic securities exchange upon which shares of Common Stock are listed at the time
of such exercise.

 

(e)
The Company shall pay all expenses in connection with, and all taxes and other governmental charges that may be imposed with respect
to, the issuance or delivery of Warrant Shares upon exercise of this Warrant; provided, that the Company shall not be required
to pay any tax or governmental charge that may be imposed with respect to any applicable withholding or the issuance or delivery
of the Warrant Shares to any Person other than the Holder, and no such issuance or delivery shall be made unless and until the
Person requesting such issuance has paid to the Company the amount of any such tax, if any, or has established to the satisfaction
of the Company that such tax has been paid.

 

3.7
Conditional Exercise. Notwithstanding any other provision hereof, if an exercise of any portion of this Warrant is to be
made in connection with a sale of the Company (pursuant to a merger, sale of stock, sale of assets or otherwise), such exercise
may at the election of the Holder be conditioned upon the consummation of such transaction, in which case such exercise shall
not be deemed to be effective until immediately prior to the consummation of such transaction.

 

3.8
Reservation of Shares. During the Exercise Period, the Company shall at all times reserve and keep available out of its
authorized but unissued Common Stock or other securities constituting Warrant Shares, solely for the purpose of issuance upon
the exercise of this Warrant, the maximum number of Warrant Shares issuable upon the exercise of this Warrant, and the par value
per Warrant Share shall at all times be less than or equal to the lowest applicable Warrant Price. The Company shall not increase
the par value of any Warrant Shares receivable upon the exercise of this Warrant above the lowest Warrant Price then in effect,
and shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully
paid and nonassessable shares of Common Stock upon the exercise of this Warrant.

 

3.9
No “Bad Actor” Disqualification. The Company has exercised reasonable care, in accordance with Commission rules
and guidance, to determine whether any Covered Person (as defined below) is subject to any of the “bad actor” disqualifications
described in Rule 506(d)(1)(i) through (viii) under the Securities Act (“Disqualification Events”). To the
Company’s knowledge, no Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable,
with all disclosure obligations under Rule 506(e) under the Securities Act. “Covered Persons” are those persons
specified in Rule 506(d)(1) under the Securities Act, including the Company, any predecessor or affiliate of the Company, any
director, executive officer, other officer participating in the offering, general partner or managing member of the Company, any
beneficial owner of 20% or more of the Company’s outstanding voting equity securities, calculated on the basis of voting
power, any promoter (as defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of
the exercise of this Warrant, and any person that has been or will be paid (directly or indirectly) remuneration for solicitation
of purchasers in connection with the sale of any securities of the Company (a “Solicitor”), any general partner
or managing member of any Solicitor, and any director, executive officer or other officer participating in the offering of any
Solicitor or general partner or managing member of any such Solicitor.

 

    	5

     

    

 

3.10
Dispute Resolution. In the case of any dispute as to the determination of any closing sales price, the calculation of any
Warrant Price or Aggregate Warrant Price, the determination of Fair Market Value or any other computation or valuation required
to be made hereunder or in connection herewith, in the event the Holder, on the one hand, and the Company, on the other hand,
are unable to settle such dispute within five (5) Business Days, then either party may elect to submit the disputed matter(s)
for resolution by a public accounting firm as may be mutually agreed upon by the Holder and the Board. Such accounting firm’s
determination of such disputed matter(s) shall be binding upon all parties absent demonstrable error, and the Company and the
Holder shall each pay one half of the fees and costs of such firm.

 

SECTION
4 ADJUSTMENT TO WARRANT PRICE AND NUMBER OF
WARRANT SHARES.

 

The
Warrant Price and the number of Warrant Shares issuable upon exercise of this Warrant shall be subject to adjustment from time
to time as provided in this Section 4.

 

4.1
Dividends and Distributions of Non-Company Securities.

 

If,
at any time or from time to time after the Issue Date, the Company makes or declares, or fixes a record date for the determination
of holders of Common Stock entitled to receive, a dividend or any other distribution payable in securities of the Company (other
than a dividend or distribution of shares of Common Stock or Options or Convertible Securities in each case in respect of Common
Stock), cash or other property, then, and in each such event, provision shall be made so that the Holder shall receive upon exercise
in full of the Warrant, in addition to the number of Warrant Shares receivable thereupon, the kind and amount of securities of
the Company, cash or other property which the Holder would have been entitled to receive had the Warrant been exercised in full
into Warrant Shares on the date of such event and had the Holder thereafter, during the period from the date of such event to
and including the Exercise Date, retained such securities, cash or other property receivable by them as aforesaid during such
period, giving application to all adjustments called for during such period under this Section 4 with respect to the rights
of the Holder; provided that no such provision shall be made if the Holder receives, simultaneously with the distribution
to the holders of Common Stock, a dividend or other distribution of such securities, cash or other property in an amount equal
to the amount of such securities, cash or other property as the Holder would have received if the Warrant had been exercised in
full into Warrant Shares on the date of such event.

 

4.2
Adjustment to Warrant Price and Warrant Shares Upon Dividend, Subdivision or Combination of Common Stock. If the Company
shall, at any time or from time to time after the Issue Date, (i) pay a dividend or make any other distribution upon the Common
Stock or any other capital stock of the Company payable in shares of Common Stock or in Options or Convertible Securities (in
each case in respect of Common Stock), or (ii) subdivide (by any stock split, recapitalization or otherwise) its outstanding shares
of Common Stock into a greater number of shares, each Warrant Price in effect immediately prior to any such dividend, distribution
or subdivision shall be proportionately reduced and the number of Warrant Shares issuable upon exercise of this Warrant shall
be proportionately increased. If the Company at any time combines (by combination, reverse stock split or otherwise) its outstanding
shares of Common Stock into a smaller number of shares, each Warrant Price in effect immediately prior to such combination shall
be proportionately increased and the number of Warrant Shares issuable upon exercise of this Warrant shall be proportionately
decreased. Any adjustment under this Section 4.2 shall become effective at the close of business on the date the dividend,
subdivision or combination becomes effective.

 

    	6

     

    

 

4.3
Adjustment to Warrant Price and Warrant Shares Upon Reorganization, Reclassification, Consolidation or Merger. In the event
of any (i) capital reorganization of the Company, (ii) reclassification of the stock of the Company (other than a change in par
value or from par value to no par value or from no par value to par value or as a result of a stock dividend or subdivision, split-up
or combination of shares), (iii) consolidation or merger of the Company with or into another Person, (iv) sale of all or substantially
all assets of the Company and its Subsidiaries (taken as a whole) to another Person, (v) Change in Control (as defined in the
Loan Agreement), or (vi) other similar transaction, in each case which entitles the holders of Common Stock to receive (either
directly or upon subsequent liquidation) cash, stock, securities or assets with respect to or in exchange for Common Stock, each
Warrant shall, immediately after such reorganization, reclassification, consolidation, merger, sale, Change in Control or similar
transaction, remain outstanding and shall thereafter, in lieu of or in addition to (as the case may be) the number of Warrant
Shares then exercisable under this Warrant, be exercisable for the amount of cash or the kind and number of shares of stock or
other securities or assets of the Company or of the successor Person resulting from such transaction to which the Holder would
have been entitled upon such reorganization, reclassification, consolidation, merger, sale, Change in Control or similar transaction
if the Holder had exercised this Warrant in full immediately prior to the time of such reorganization, reclassification, consolidation,
merger, sale, Change in Control or similar transaction and acquired the applicable number of Warrant Shares then issuable hereunder
as a result of such exercise (without taking into account any limitations or restrictions on the exercisability of this Warrant);
and, in such case, appropriate adjustment (in form and substance satisfactory to the Holder) shall be made with respect to the
Holder’s rights under this Warrant to insure that the provisions of this Section 4 hereof shall thereafter be applicable,
as nearly as possible, to this Warrant in relation to any cash, shares of stock, securities or assets thereafter acquirable upon
exercise of this Warrant (including, in the case of any consolidation, merger, sale, Change in Control or similar transaction
in which the successor or purchasing Person is other than the Company, an immediate adjustment in the Warrant Price to the value
per share for the Common Stock reflected by the terms of such consolidation, merger, sale, Change in Control or similar transaction,
and a corresponding immediate adjustment to the number of Warrant Shares acquirable upon exercise of this Warrant without regard
to any limitations or restrictions on exercise, if the value so reflected is less than the Warrant Price in effect immediately
prior to such consolidation, merger, sale, Change in Control or similar transaction). The provisions of this Section 4.3
shall similarly apply to successive reorganizations, reclassifications, consolidations, mergers, sales, Changes in Control or
similar transactions. The Company shall not effect any such reorganization, reclassification, consolidation, merger, sale, Change
in Control or similar transaction unless, prior to the consummation thereof, the successor Person (if other than the Company)
resulting from such reorganization, reclassification, consolidation, merger, sale, Change in Control or similar transaction, shall
assume, by written instrument substantially similar in form and substance to this Warrant and satisfactory to the Holder, the
obligation to deliver to the Holder such shares of stock, securities or assets which, in accordance with the foregoing provisions,
such Holder shall be entitled to receive upon exercise of this Warrant. Notwithstanding anything to the contrary contained herein,
with respect to any corporate event or other transaction contemplated by the provisions of this Section 4.3, the Holder
shall have the right to elect prior to the consummation of such event or transaction, to give effect to the exercise rights contained
in Section 2 instead of giving effect to the provisions contained in this Section 4.3 with respect to this Warrant.

 

4.4
Certain Events. If any event of the type contemplated by the provisions of this Section 4 but not expressly provided
for by such provisions occurs, then the Board shall make an appropriate adjustment in the Warrant Price and the number of Warrant
Shares issuable upon exercise of this Warrant so as to protect the rights of the Holder in a manner consistent with the provisions
of this Section 4; provided that no such adjustment pursuant to this Section 4.4 shall increase the Warrant
Price or decrease the number of Warrant Shares issuable as otherwise determined pursuant to this Section 4.

 

4.5
Certificate as to Adjustment.

 

(a)
As promptly as reasonably practicable following any adjustment of the Warrant Price, but in any event not later than three (3)
Business Days thereafter, the Company shall furnish to the Holder a certificate of an executive officer setting forth in reasonable
detail such adjustment and the facts upon which it is based and certifying the calculation thereof.

 

(b)
As promptly as reasonably practicable following the receipt by the Company of a written request by the Holder, but in any event
not later than three (3) Business Days thereafter, the Company shall furnish to the Holder a certificate (in substantially the
form of Exhibit B) of an executive officer certifying the Warrant Price then in effect and the number and type of Warrant
Shares or the amount, if any, of other shares of stock, securities or assets then issuable upon exercise of the Warrant.

 

    	7

     

    

 

4.6
Notices. In the event:

 

(a)
that the Company shall take a record of the holders of its Common Stock (or other capital stock or securities at the time issuable
upon exercise of the Warrant) for the purpose of entitling or enabling them to receive any dividend or other distribution, to
vote at a meeting (or by written consent), to receive any right to subscribe for or purchase any shares of capital stock of any
class or any other securities, or to receive any other security; or

 

(b)
of any capital reorganization of the Company, any reclassification of the Common Stock of the Company, any consolidation or merger
of the Company with or into another Person, or sale of all or substantially all of the Company’s assets to another Person;
or

 

(c)
of the voluntary or involuntary dissolution, liquidation or winding-up of the Company;

 

then,
and in each such case, the Company shall send or cause to be sent to the Holder at least ten Business Days prior to the applicable
record date or the applicable expected effective date, as the case may be, for the event, a written notice specifying, as the
case may be, (A) the record date for such dividend, distribution, meeting or consent or other right or action, and a description
of such dividend, distribution or other right or action to be taken at such meeting or by written consent, or (B) the effective
date on which such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up is proposed
to take place, and the date, if any is to be fixed, as of which the books of the Company shall close or a record shall be taken
with respect to which the holders of record of Common Stock (or such other capital stock or securities at the time issuable upon
exercise of the Warrant) shall be entitled to exchange their shares of Common Stock (or such other capital stock or securities)
for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, sale, dissolution,
liquidation or winding-up, and the amount per share and character of such exchange applicable to the Warrant and the Warrant Shares.

 

(d)
Purchase Rights. In addition to (and not in limitation or in lieu of) any adjustments pursuant to Section 4 above,
if at any time the Company grants, issues or sells any shares of Common Stock, Options, Convertible Securities or rights to purchase
stock, warrants, securities or other property pro rata to the record holders of Common Stock (the “Purchase Rights”),
then the Holder shall be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights
which the Holder would have acquired if the Holder had held the number of Warrant Shares acquirable upon complete exercise of
this Warrant immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or,
if no such record is taken, the date as of which the record holders of Common Stock are to be determined for the grant, issue
or sale of such Purchase Rights.

 

SECTION
5 REGISTRATION RIGHTS.

 

5.1
Piggyback Registration.

 

(a)
Whenever the Company proposes to register any shares of its Common Stock under the Securities Act (other than (i) a registration
effected solely to implement an employee benefit plan or a transaction to which Rule 145 of the Securities Act is applicable,
(ii) a Registration Statement on Form S-4, S-8 or any successor form thereto or another form not available for registering the
Registrable Securities for sale to the public; (iii) any offering of securities for the Company’s own account from a shelf
registration statement on Form S-3 that has already been declared effective by the Commission (except for an underwritten
shelf takedown where the contemplated plan of distribution includes a substantial marketing effort by the Company and the underwriters,
or (iv) any offering of securities for the Company’s own account pursuant to an “at-the-market” offering program
or “ATM”)), whether for its own account or for the account of one or more stockholders of the Company and the form
of Registration Statement to be used may be used for any registration of Warrant Shares (a “Piggyback Registration”),
the Company shall give prompt written notice (in any event no later than twenty (20) days prior to the filing of such Registration
Statement) to the Holder of its intention to effect such a registration and shall include in such registration all Warrant Shares
with respect to which the Company has received written requests for inclusion from the Holder within ten days after the Company’s
notice has been given to the Holder.

 

(b)
If a Piggyback Registration is initiated as a primary underwritten offering on behalf of the Company and the managing underwriter
advises the Company and the Holder (if the Holder has elected to include Warrant Shares in such Piggyback Registration) in writing
that in its opinion the number of shares of Common Stock proposed to be included in such registration, including all Registrable
Securities and all other shares of Common Stock proposed to be included in such underwritten offering, exceeds the number of shares
of Common Stock which can be sold in such offering and/or that the number of shares of Common Stock proposed to be included in
any such registration would adversely affect the price per share of the Common Stock to be sold in such offering, the Company
shall include in such registration (A) first, the number of shares of Common Stock that the Company proposes to sell; (B) second,
the number of shares of Common Stock requested to be included therein by the Holder; and (C) third, the number of shares of Common
Stock requested to be included therein by holders of Common Stock (other than Warrant Shares held by the Holder).

 

    	8

     

    

 

(c)
If a Piggyback Registration is initiated as an underwritten offering on behalf of one or more holders of Common Stock other than
Warrant Shares, and the managing underwriter advises the Company in writing that in its opinion the number of shares of Common
Stock proposed to be included in such registration, including all Warrant Shares and all other shares of Common Stock proposed
to be included in such underwritten offering, exceeds the number of shares of Common Stock which can be sold in such offering
and/or that the number of shares of Common Stock proposed to be included in any such registration would adversely affect the price
per share of the Common Stock to be sold in such offering, the Company shall, subject to the proviso below, include in such registration
(i) first, the number of shares of Common Stock requested to be included therein by the Holder (on a fully diluted, as converted
basis); and (ii) second, the number of shares of Common Stock requested to be included therein by other holders of Common Stock,
allocated among such holders in such manner as they may agree.

 

(d)
If any Piggyback Registration is initiated as a primary underwritten offering on behalf of the Company, the Company shall select
the investment banking firm or firms to act as the managing underwriter or underwriters in connection with such offering.

 

5.2
Registration Procedures. If and whenever the Holder requests that any Warrant Shares be registered pursuant to the provisions
of this Warrant, the Company shall use its best efforts to include the Warrant Shares in such registration in accordance with
the intended method of disposition thereof, and pursuant thereto the Company shall as soon as practicable:

 

(a)
prepare and file with the Commission a Registration Statement with respect to such Warrant Shares and use its best efforts to
cause such Registration Statement to become effective;

 

(b)
prepare and file with the Commission such amendments, post-effective amendments and supplements to such Registration Statement
and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for a period
of not less than thirty (30) days, or if earlier, until all of such Warrant Shares have been disposed of and to comply with the
provisions of the Securities Act with respect to the disposition of such Warrant Shares in accordance with the intended methods
of disposition set forth in such Registration Statement;

 

(c)
at least fifteen (15) Business Days before filing such Registration Statement, Prospectus or amendments or supplements thereto,
furnish to counsel of the Holder copies of such documents proposed to be filed, which documents shall be subject to the review,
comment and approval of such counsel;

 

(d)
notify the Holder, promptly after the Company receives notice thereof, of the time when such Registration Statement has been declared
effective or a supplement to any Prospectus forming a part of such Registration Statement has been filed;

 

(e)
furnish to the Holder such number of copies of the Prospectus included in such Registration Statement (including each preliminary
Prospectus) and any supplement thereto (in each case including all exhibits and documents incorporated by reference therein) and
such other documents as the Holder may request in order to facilitate the disposition of the Warrant Shares;

 

(f)
use its best efforts to register or qualify such Warrant Shares under such other securities or “blue sky” laws of
such jurisdictions as any selling holder requests and do any and all other acts and things which may be necessary or advisable
to enable the Holder to consummate the disposition; provided that the Company shall not be required to qualify generally to do
business, subject itself to general taxation or consent to general service of process in any jurisdiction where it would not otherwise
be required to do so but for this Section 5.2(f);

 

    	9

     

    

 

(g)
notify the Holder, at any time when a Prospectus relating thereto is required to be delivered under the Securities Act, of the
happening of any event as a result of which the Prospectus included in such Registration Statement contains an untrue statement
of a material fact or omits any fact necessary to make the statements therein not misleading, and, at the request of any such
holder, the Company shall prepare a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers
of such Warrant Shares, such Prospectus shall not contain an untrue statement of a material fact or omit to state any fact necessary
to make the statements therein not misleading;

 

(h)
make available for inspection by the Holder, any underwriter participating in any disposition pursuant to such Registration Statement
and any attorney, accountant or other agent retained by the Holder or any such underwriter (collectively, the “Inspectors”),
all financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”),
and cause the Company’s officers, directors and employees to supply all information requested by any such Inspector in connection
with such Registration Statement;

 

(i)
use its commercially reasonable efforts to cause such Warrant Shares to be listed on each securities exchange on which the Common
Stock is then listed;

 

(j)
in connection with an underwritten offering, enter into such customary agreements (including underwriting and lock-up agreements
in customary form) and take all such other customary actions as the Holder or the managing underwriter of such offering request
in order to expedite or facilitate the disposition of such Warrant Shares (including, without limitation, making appropriate officers
of the Company available to participate in “road show” and other customary marketing activities, including one-on-one
meetings with prospective purchasers of the Warrant Shares);

 

(k)
otherwise use its best efforts to comply with all applicable rules and regulations of the Commission and make available to its
stockholders an earnings statement (in a form that satisfies the provisions of Section 11(a) of the Securities Act and
Rule 158 thereunder) no later than thirty (30) days after the end of the 12-month period beginning with the first day of the Company’s
first full fiscal quarter after the effective date of such Registration Statement, which earnings statement shall cover said 12-month
period, and which requirement will be deemed to be satisfied if the Company timely files complete and accurate information on
Forms 10-Q, 10-K and 8-K under the Exchange Act and otherwise complies with Rule 158 under the Securities Act;

 

(l)
furnish to the Holder and each underwriter, if any, with (i) a legal opinion of the Company’s outside counsel, dated the
effective date of such Registration Statement (and, if such registration includes an underwritten public offering, dated the date
of the closing under the underwriting agreement), in form and substance as is customarily given in opinions of the Company’s
counsel to underwriters in underwritten public offerings; and (ii) a “comfort” letter signed by the Company’s
independent certified public accountants in form and substance as is customarily given in accountants’ letters to underwriters
in underwritten public offerings;

 

(m)
without limiting Section 5.2(f) above, use its best efforts to cause such Warrant Shares to be registered with or approved
by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company
to enable the Holder to consummate the disposition of such Warrant Shares in accordance with their intended method of distribution
thereof;

 

(n)
notify the Holder promptly of any request by the Commission for the amending or supplementing of such Registration Statement or
Prospectus or for additional information;

 

(o)
advise the Holder, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the
Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for
such purpose and promptly use its best efforts to prevent the issuance of any stop order or to obtain its withdrawal at the earliest
possible moment if such stop order should be issued; and

 

    	10

     

    

 

(p)
otherwise use its best efforts to take all other steps necessary to effect the registration of such Warrant Shares contemplated
hereby.

 

SECTION
6 TRANSFERS.

 

1.1
Transfer of Warrant. Subject to the transfer conditions referred to in the legend endorsed hereon, this Warrant and all
rights hereunder are freely transferable, in whole or in part, by the Holder without charge to the Holder, upon delivery to the
Company of a written request for assignment in the form attached hereto as Exhibit C (each, an “Assignment”)
by the Holder and surrender of this Warrant to the Company at its then principal executive offices, together with funds sufficient
to pay any transfer taxes described in Section 3.6(e) in connection with the making of such transfer. If requested by the
Company, the Holder will also provide an opinion of counsel satisfactory to the Company to the effect that the transfer or assignment
is in compliance with (or is exempt from) applicable federal and state securities laws. Upon such compliance, surrender and delivery
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 denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing
the portion of this Warrant, if any, not so assigned and this Warrant shall promptly be cancelled. Notwithstanding the foregoing,
no part of this Warrant or the Shares issuable upon exercise of this Warrant (or the securities issuable directly or indirectly,
upon conversion of the Shares, if any) may be transferred except to a person named as a “Designated Holder” of K2
HealthVentures LLC in the Loan Agreement.

 

6.1
Holder Not Deemed a Stockholder; Limitations on Liability. Except as otherwise specifically provided herein (including
Section 4.1), prior to the issuance to the Holder of the Warrant Shares to which the Holder is then entitled to receive
upon the due exercise of this Warrant, the Holder shall not be entitled to vote or receive dividends or be deemed the holder of
shares of capital stock of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon
the Holder, as such, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate
action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise),
receive notice of meetings, receive dividends or subscription rights, or otherwise. In addition, nothing contained in this Warrant
shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise)
or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding
this Section 5, the Company shall provide the Holder with copies of the same notices and other information given to the
stockholders of the Company generally, contemporaneously with the giving thereof to the stockholders it being understood that
such notices or information shall be deemed to have been provided when posted on the Company’s website.

 

SECTION
7 REPLACEMENT ON LOSS; DIVISION AND COMBINATION.

 

7.1
Replacement of Warrant on Loss. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of this Warrant and upon delivery of an indemnity reasonably satisfactory to it (it being understood that a written
indemnification agreement or affidavit of loss of the Holder shall be a sufficient indemnity) and, in case of mutilation, upon
surrender of such Warrant for cancellation to the Company, the Company at its own expense shall execute and deliver to the Holder,
in lieu hereof, a new Warrant of like tenor and exercisable for an equivalent number of Warrant Shares as the Warrant so lost,
stolen, mutilated or destroyed; provided that, in the case of mutilation, no indemnity shall be required if this Warrant
in identifiable form is surrendered to the Company for cancellation.

 

7.2
Division and Combination of Warrant. Subject to compliance with the applicable provisions of this Warrant as to any transfer
or other assignment which may be involved in such division or combination, this Warrant may be divided or, following any such
division of this Warrant, subsequently combined with other Warrants, upon the surrender of this Warrant or Warrants to the Company
at its then principal executive offices, together with a written notice specifying the names and denominations in which new Warrants
are to be issued, signed by the respective Holders or their authorized agents or attorneys. Subject to compliance with the applicable
provisions of this Warrant as to any transfer or assignment which may be involved in such division or combination, the Company
shall at its own expense execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants so surrendered
in accordance with such notice. Such new Warrant or Warrants shall be of like tenor to the surrendered Warrant or Warrants and
shall be exercisable in the aggregate for an equivalent number of Warrant Shares as the Warrant or Warrants so surrendered in
accordance with such notice.

 

    	11

     

    

 

7.3
No Impairment. The Company shall not, by amendment of its Articles of Incorporation or Bylaws, or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or circumvent
or seek to avoid or circumvent the observance or performance of any of the terms to be observed or performed by it hereunder,
but shall at all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all
such action as may reasonably be requested by the Holder in order to protect the exercise rights of the Holder against dilution
or other impairment, consistent with the tenor and purpose of this Warrant.

 

7.4
Compliance with the Securities Act. The parties hereto agree as follows:

 

(a)
The Holder, by acceptance of this Warrant, agrees to comply in all respects with the provisions of this Section 7.4 and
the restrictive legend requirements set forth on the face of this Warrant and further agrees that such Holder shall not offer,
sell or otherwise dispose of this Warrant or any Warrant Shares to be issued upon exercise hereof except under circumstances that
will not result in a violation of the Securities Act and applicable Canadian securities laws.

 

(b)
This Warrant and all Warrant Shares issued upon exercise of this Warrant (unless registered under the Securities Act) shall be
stamped or imprinted with a legend in substantially the following form:

 

“THIS
WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “ACT”), OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE,
SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SHARES IS EFFECTIVE
UNDER THE ACT AND IS QUALIFIED UNDER APPLICABLE STATE AND FOREIGN LAW OR (ii) THE
TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE ACT AND THE QUALIFICATION REQUIREMENTS
UNDER APPLICABLE STATE AND FOREIGN LAW.”

 

“UNLESS
PERMITTED UNDER CANADIAN SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT
IS 4 MONTHS AND A DAY AFTER THE ISSUE DATE.”

 

(c)
In the event that this Warrant or any Warrant Shares issued upon exercise of this Warrant are included in a direct registration
or other electronic book entry system, or if the Holder does not directly receive a certificate representing the Warrant Shares,
the Company has hereby provided the Holder with written notice pursuant to Section 2.5(2)(3.1) of National Instrument 45-102 –
Resale of Securities that:

 

“UNLESS
PERMITTED UNDER APPLICABLE CANADIAN SECURITIES LEGISLATION, THE HOLDER OF SHARES OF COMMON STOCK MUST NOT TRADE] THE SHARES OF
COMMON STOCK BEFORE SEPTEMBER 23, 2020.

 

7.5
Removal of Legends. Upon the Holder’s request at any time following September 23, 2020 and delivery of reasonable
assurances that this Warrant and the Warrant Shares can be sold pursuant to Rule 144, the Company shall promptly (but in any event
within five (5) Business Days following such request and delivery), at its sole cost and expense, issue a replacement Warrant
or replacement Warrant Shares, as the case may be, deleting the legends required pursuant to Section 7.4(b) above.

 

    	12

     

    

 

SECTION
8 REPRESENTATIONS OF THE HOLDER. 

 

In
connection with the issuance of this Warrant, the Holder specifically represents, as of the date hereof, to the Company by acceptance
of this Warrant as follows:

 

8.1
The Holder is an “accredited investor” as defined in Rule 501 of Regulation D promulgated
under the Securities Act. The Holder is acquiring this Warrant and the Warrant Shares to be issued upon exercise hereof for investment
for its own account and not with a current view towards, or for resale in connection with, the public sale or distribution of
this Warrant or the Warrant Shares, except pursuant to sales registered or exempted under the Securities Act.

 

8.2
The Holder understands and acknowledges that this Warrant and the Warrant Shares to be issued upon
exercise hereof are “restricted securities” under the federal securities laws inasmuch as they are being acquired
from the Company in a transaction not involving a public offering and that, under such laws and applicable regulations, such securities
may be resold without registration under the Securities Act only in certain limited circumstances. In addition, the Holder represents
that it is familiar with Rule 144 under the Securities Act, as presently in effect, and understands the resale limitations imposed
thereby and by the Securities Act.

 

8.3
The Holder acknowledges that it can bear the economic and financial risk of its investment for an
indefinite period, and has such knowledge and experience in financial or business matters that it is capable of evaluating the
merits and risks of the investment in the Warrant and the Warrant Shares. The Holder has had an opportunity to ask questions and
receive answers from the Company regarding the terms and conditions of the offering of the Warrant and the business, properties,
prospects and financial condition of the Company.

 

SECTION
9 WARRANT REGISTER.

 

The
Company shall keep and properly maintain at its principal executive offices books for the registration of the Warrant and any
transfers thereof. The Company may deem and treat the Person in whose name the Warrant is registered on such register as the Holder
thereof for all purposes, and the Company shall not be affected by any notice to the contrary, except any assignment, division,
combination or other transfer of the Warrant effected in accordance with the provisions of this Warrant.

 

SECTION
10 NOTICES. 

 

All
notices and other communications provided hereunder shall be in writing and mailed, delivered or transmitted, if to the Company
or the Holder, to the applicable party at its address or email address set forth on the signature
pages hereto, or at such other address or email address as may be designated by such party in a notice
to the other party. Any notice, if mailed and properly addressed with postage prepaid or if properly addressed and sent by pre-paid
courier service, shall be deemed given when received; any notice, if transmitted by email, shall be deemed given when the confirmation
of receipt thereof is received by the transmitter. Unless otherwise indicated, all references to the time of a day shall refer
to New York City time.

 

SECTION
11 CUMULATIVE REMEDIES.

 

The
rights and remedies provided in this Warrant are cumulative and are not exclusive of, and are in addition to and not in substitution
for, any other rights or remedies available at law, in equity or otherwise.

 

SECTION
12 EQUITABLE RELIEF. 

 

Each
of the Company and the Holder acknowledges that a breach or threatened breach by such party of any of its obligations under this
Warrant would give rise to irreparable harm to the other party hereto for which monetary damages would not be an adequate remedy
and hereby agrees that in the event of a breach or a threatened breach by such party of any such obligations, the other party
hereto shall, in addition to any and all other rights and remedies that may be available to it in respect of such breach, be entitled
to equitable relief, including a restraining order, an injunction, specific performance and any other relief that may be available
from a court of competent jurisdiction.

 

    	13

     

    

 

SECTION
13 FINDER’S FEE.

 

Each
party represents to
the other party that it is not and will not be obligated for any finder’s fee or commission in connection with the transactions
contemplated by this Warrant. The Holder agrees to indemnify and to hold harmless the Company from any liability for any commission
or compensation in the nature of a finder’s fee (and the costs and expenses of defending against such liability or asserted
liability) for which the Holder or any of its officers, employees or representatives is responsible. The Company agrees to indemnify
and hold harmless the Holder from any liability for any commission or compensation in the nature of a finder’s fee (and
the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its officers,
employees or representatives is responsible.

 

SECTION
14 EXPENSES; INDEMNIFICATION.

 

14.1
The Company will reimburse the reasonable fees and expenses of the Holder, including reasonable legal
fees and expenses, with respect to the negotiation, execution and delivery of this Warrant as provided in Section 2.4(b) of the
Loan Agreement.

 

14.2
In further consideration of the Holder’s acquiring the Warrant hereunder and in addition to
all of the Company’s other obligations hereunder, the Company will defend, indemnify and hold harmless the Holder and each
other holder of the Warrant and all of their shareholders, partners, members, officers, directors, employees and direct or indirect
investors and any of the foregoing Persons’ agents or other representatives (including, without limitation, those retained
in connection with the transactions contemplated hereby) (collectively, the “Indemnitees”) from and against
any and all losses, costs, penalties, fees, liabilities and damages, and expenses (irrespective of whether any such Indemnitee
is a party to the action for which indemnification hereunder is sought), and including attorneys’ fees and disbursements
(the “Indemnified Liabilities”), incurred by any Indemnitee as a result of, or arising out of, or relating
to any actions, suits or claim brought by third parties alleging (i) any misrepresentation or breach of any representation or
warranty made by the Company in this Warrant or any other certificate, instrument or document contemplated hereby or thereby,
(ii) any breach of any covenant, agreement or obligation of the Company contained in this Warrant or any other certificate, instrument
or document contemplated hereby or thereby, or (iii) any cause of action, suit or claim brought or made against such Indemnitee
by a third party (including for these purposes a derivative action brought on behalf of the Company) and arising out of or resulting
from (A) the execution, delivery, performance or enforcement of this Warrant or any other certificate, instrument or document
contemplated hereby or thereby, or (B) the status of the Holder or holder of the Warrant as an investor in the Company pursuant
to the transactions contemplated hereby. To the extent that the foregoing undertaking by the Company may be unenforceable for
any reason, the Company will make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities
which is permissible under applicable law.

 

14.3
Entire Agreement. This Warrant constitutes the sole and entire agreement of the parties to
this Warrant with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings
and agreements, both written and oral, with respect to such subject matter.

 

14.4
Successor and Assigns. This Warrant and the rights evidenced hereby shall be binding upon
and shall inure to the benefit of the parties hereto and the successors of the Company and the successors and permitted assigns
of the Holder. Such successors and/or permitted assigns of the Holder shall be deemed to be a Holder for all purposes hereunder.

 

14.5
No Third-Party Beneficiaries. This Warrant is for the sole benefit of the Company and the
Holder and their respective successors and, in the case of the Holder, permitted assigns and nothing herein, express or implied,
is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever,
under or by reason of this Warrant.

 

SECTION
15 HEADINGS. 

 

The
headings in this Warrant are for reference only and shall not affect the interpretation of this Warrant.

 

    	14

     

    

 

SECTION
16 AMENDMENT AND MODIFICATION;
WAIVER. 

 

Except
as otherwise provided herein, this Warrant may only be amended, modified or supplemented by an agreement in writing signed by
each party hereto. No waiver by the Company or the Holder of any of the provisions hereof shall be effective unless explicitly
set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect
of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character,
and whether occurring before or after that waiver. No failure to exercise, or delay in exercising,
any rights, remedy, power or privilege arising from this Warrant shall operate or be construed as a waiver thereof; nor shall
any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof
or the exercise of any other right, remedy, power or privilege hereunder.

 

SECTION
17 SEVERABILITY. 

 

If
any term or provision of
this Warrant is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not
affect any other term or provision of this Warrant or invalidate or render unenforceable such term or provision in any other jurisdiction.

 

SECTION
18 GOVERNING LAW. 

 

This
Warrant shall be governed by
and construed in accordance with the internal laws of the State of New York without giving effect to any choice or conflict of
law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of laws of
any jurisdiction other than those of the State of New York.

 

SECTION
19 SUBMISSION TO JURISDICTION.

 

Any
legal suit, action or proceeding arising out of or based upon this Warrant or the transactions contemplated hereby may be instituted
in the federal courts of the United States of America or the courts of the State of New York, in either case sitting in the Borough
of Manhattan, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.
Service of process, summons, notice or other document by certified or registered mail to such party’s address set forth
herein shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties irrevocably
and unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such courts and irrevocably
waive and agree not to plead or claim in any such court that any such suit, action or proceeding brought in any such court has
been brought in an inconvenient forum.

 

SECTION
20 WAIVER OF JURY TRIAL.

 

Each
party acknowledges and agrees that any controversy which may arise under this Warrant is likely to involve complicated and difficult
issues and, therefore, each such party irrevocably and unconditionally waives any right it may have to a trial by jury in respect
of any legal action arising out of or relating to this Warrant or the transactions contemplated hereby.

 

SECTION
21 COUNTERPARTS. 

 

This
Warrant may be executed in counterparts, each of which shall be deemed an original, but both of which together shall be deemed
to be one and the same agreement. A signed copy of this Warrant delivered by e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Warrant.

 

SECTION
22 NO STRICT CONSTRUCTION.

 

This
Warrant shall be construed without regard to any presumption or rule requiring construction or interpretation against the party
drafting an instrument or causing any instrument to be drafted.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    	15

     

    

 

[SIGNATURE
PAGE TO WARRANT TO PURCHASE COMMON STOCK]

 

IN
WITNESS WHEREOF, the Company has duly executed this Warrant on the Issue Date.

 

	 	VBI
    VACCINES INC.
	 	 
	 	By:	        
	 	Name:	Jeff
    Baxter
	 	Title:	President
    and Chief Executive Officer

 

	Accepted
    and agreed,	 
	 	 
	K2
    HEALTHVENTURES EQUITY TRUST LLC	 
	 	 
	By:
    	              	 
	Name:	Anup
    Arora	 
	Title:	Managing
    Director & CIO	 

 

    	 	 	 

     

    

 

EXHIBIT
A

 

FORM
OF SUBSCRIPTION AGREEMENT

 

(To
be signed only upon exercise of Warrant)

 

To:
_______________________________________________

 

The
undersigned, as holder of a right to purchase shares of Common Stock of VBI VACCINES INC., a corporation existing pursuant to
the laws of British Columbia (the “Company”), pursuant to that certain Warrant to Purchase Shares of Common
Stock of VBI VACCINES INC. (the “Warrant”), dated as of May 22, 2020, hereby irrevocably elects to exercise
the purchase right represented by such Warrant for, and to purchase thereunder, _________ (_____) shares of Common Stock of the
Company and herewith makes payment of ________ Dollars ($_____) therefor by the following method:

 

(Check
all that apply):

 

	_____
    (check if applicable)	 	The
    undersigned hereby elects to make payment of the Aggregate Warrant Price of _________________________________ Dollars ($ _________)
    in cash for ______________ (_____) shares
    of Common Stock using the method described in Section 3.2(a) of the Warrant.
	 	 	 
	______ (check
    if applicable)	 	The
    undersigned hereby elects to make payment of the Aggregate Warrant Price of _________________________________ Dollars ($ _________)
    for ______________ (_____) shares
    of Common Stock using the method described in Section 3.2(b) of the Warrant.

 

Requested
Denomination of

 

	Common
    Stock:	 	_____________________
    shares
	 	 	 
	Registered
    Holder:	 	_____________________

 

    	 	 	 

     

    

 

 

In
order to induce the issuance of such securities the undersigned makes to the Company, as of the date hereof, the representations
and warranties set forth in Section 8 of the Warrant. Unless otherwise defined herein, capitalized terms have the meanings
provided in the Warrant.

 

DATED:
_________________________

 

	 	[HOLDER]
	 	 
	 	By:
    	       
	 	Name:
    	 
	 	Title:
    	 

 

    	 	 	 

     

    

 

EXHIBIT
B

 

FORM
OF ACKNOWLEDGMENT

 

To:
K2 HealthVentures Equity Trust LLC

 

The
undersigned hereby acknowledges that as of the date hereof ______________ (_____) shares of Common Stock remain subject to the
right of purchase in favor of [HOLDER] pursuant to that certain Warrant to Purchase Shares of Common Stock of VBI VACCINES INC.
in favor of [HOLDER], dated as of [____________________]

 

DATED:_________________________

 

	 	VBI VACCINES INC.
	 	 	 
	 	By:
    	         
	 	Name:
    	 
	 	Title:
    	 

 

    	 	 	 

     

    

 

EXHIBIT
C

 

FORM
OF ASSIGNMENT

 

REFERENCE
IS MADE to that certain Warrant to Purchase Shares of Common Stock of VBI VACCINES INC. (the “Warrant”), dated
as of May 22, 2020 in favor of [HOLDER]. Unless otherwise defined, terms used herein have the meanings ascribed thereto in the
Warrant.

 

FOR
VALUE RECEIVED, the undersigned Holder of record of this Warrant of VBI VACCINES INC. (the “Company”), hereby
sells, assigns and transfers unto the Assignee named below all of the rights, including, without limitation, the Purchase Rights
(as such term is defined in this Warrant) of the undersigned under the within Warrant, with respect to the number of shares of
Common Stock set forth below:

 

	 	Name
    of Transferee/Assignee 	Address	[No.
    of Shares]1

 

and
does hereby irrevocably constitute and appoint the Secretary of VBI VACCINES INC. to make such transfer on the books of VBI VACCINES
INC., maintained for the purpose, with full power of substitution in the premises.

 

Attached
hereto, if and to the extent requested by the Company, is an opinion of counsel that the assignment is in compliance with or is
exempt from, applicable federal and state securities laws. As provided in the Warrant, including but not limited to Section
6.2 of the Warrant, the Company may, in its reasonable discretion, decide whether such opinion is satisfactory, and Assignee
and Holder agree to any reasonable delay in transfer caused by such evaluation.

 

The
Assignee acknowledges and agrees that the Warrant and the shares of Common Stock to be issued upon exercise thereof or conversion
thereof are being acquired for investment and that the Assignee will not offer, sell or otherwise dispose of the Warrant or any
shares of stock to be issued upon exercise thereof or conversion thereof except under circumstances which will not result in a
violation of the Securities Act of 1933, as amended (the “Act”), or any applicable state securities laws.

 

ACCORDINGLY,
THE FOLLOWING RESTRICTIVE LEGEND IS MADE APPLICABLE TO THIS ASSIGNMENT (AND TO THE WARRANT AND SECURITIES COVERED BY THE WARRANT
AS ASSIGNED HEREBY TO ASSIGNEE):

 

THIS
ASSIGNMENT AND THE WARRANT AND THE SECURITIES UNDERLYING THE WARRANT AS ASSIGNED HEREBY, HAVE NOT BEEN REGISTERED UNDER THE ACT,
AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF SUCH REGISTRATION OR
AN EXEMPTION THEREFROM UNDER SUCH ACT, ANY APPLICABLE STATE SECURITIES LAWS AND THE RULES AND REGULATIONS THEREUNDER.

 

[UNLESS
PERMITTED UNDER APPLICABLE CANADIAN SECURITIES LEGISLATION, THE HOLDER OF SHARES OF COMMON STOCK MUST NOT TRADE] THE SHARES OF
COMMON STOCK BEFORE SEPTEMBER 23, 2020.]

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	 	 

     

    

 

	Dated:_________________________	HOLDER:
	 	 
	 	By:	      
	 	Name:	 
	 	Title:	 

 

	Dated:_________________________	ASSIGNEE:
	 	 
	 	By:	         
	 	Name:	 
	 	Title:EX-10.1

 Exhibit 10.1 

FOURTH AMENDMENT TO CREDIT AGREEMENT 

THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of May 26, 2020, is by and among Silicon
Laboratories Inc., a Delaware corporation (the “Borrower”), the Domestic Subsidiaries of the Borrower party hereto (collectively, the “Guarantors”), the Lenders (as hereinafter defined) party hereto and WELLS
FARGO BANK, NATIONAL ASSOCIATION, as administrative agent (in such capacity, the “Administrative Agent”). Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Credit
Agreement. 
 W I T N E S S E T H 

WHEREAS, the Borrower, the Guarantors, certain banks and financial institutions from time to time party thereto (the
“Lenders”) and Bank of America, N.A., as the original administrative agent, are parties to that certain Credit Agreement dated as of July 31, 2012 (as amended by that certain First Amendment to Credit Agreement dated as of
July 24, 2015, that certain Second Amendment to Credit Agreement dated as of February 28, 2017, that certain Third Amendment to Credit Agreement dated as of August 7, 2019, and as may be further amended, modified, extended, restated,
replaced, or supplemented from time to time, the “Credit Agreement”); 
 WHEREAS, pursuant to that certain Agency
Resignation, Assignment and Acceptance Agreement, dated as of July 24, 2015, by and among Bank of America, N.A., Wells Fargo Bank, National Association and the Lenders, Wells Fargo Bank, National Association replaced Bank of America, N.A. as
Administrative Agent; 
 WHEREAS, the Loan Parties have requested that the Lenders amend certain provisions of the Credit Agreement;
and 
 WHEREAS, the Lenders are willing to make such amendments to the Credit Agreement, in accordance with and subject to the terms
and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the agreements hereinafter set forth, and for other good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I

 AMENDMENTS TO CREDIT AGREEMENT 

1.1    New Definition. The following definition is hereby added to Section 1.01 of the
Credit Agreement in the appropriate alphabetical order: 
 “Consolidated Net Leverage Ratio” means, as of any date of
determination, the ratio of (a) Consolidated Funded Indebtedness, net of unrestricted cash and Cash Equivalents of the Borrower and its Subsidiaries on a consolidated basis in an amount not to exceed $750,000,000, as of such date to
(b) Consolidated EBITDA for the most recently completed four fiscal quarters. 

 1.2    Amendment to the definition of “Fee
Letter”. The definition of “Fee Letter” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

“Fee Letter” means, collectively, (i) the letter agreement, dated as of July 12, 2019, between the Borrower,
Administrative Agent and Wells Fargo Securities, LLC and (ii) the letter agreement, dated as of May 26, 2020, between the Borrower, Administrative Agent and Wells Fargo Securities, LLC. 

1.3    Amendment to the definition of “Permitted Acquisition”. Clause (g) of
the definition of “Permitted Acquisition” in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

(g)    the Borrower shall have delivered to the Administrative Agent financial statements of the Person being acquired or
the Person from whom the business is being acquired for its most recent fiscal year and a Pro Forma Compliance Certificate demonstrating that, upon giving effect to such Acquisition on a Pro Forma Basis, the Consolidated Net Leverage Ratio shall not
exceed the level set forth in Section 8.11(a) and that the Borrower would be in compliance with the other financial covenant set forth in Section 8.11(b) as of the most recent fiscal quarter for
which the Borrower was required to deliver financial statements. 
 1.4    Amendment to
Section 2.01. Clause (B) following the third proviso in Section 2.01 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

(B)    subject to Section 1.07 in connection with an Incremental Term Loan to finance a Limited
Condition Acquisition, the Administrative Agent and the Lenders shall have received from the Borrower a Compliance Certificate demonstrating, in form and substance reasonably satisfactory to the Administrative Agent, that (1) the Borrower
is in compliance with the financial covenants set forth in Section 8.11 and (2) the Consolidated Net Leverage Ratio will be less than the maximum Consolidated Net Leverage Ratio in effect as of the end of the fiscal
quarter during which the Increase Amount Date occurs pursuant to Section 8.11(a), in each case based on the financial statements most recently delivered pursuant to Section 7.01(a) or
7.0.1(b), as applicable, both before and after giving effect (on a Pro Forma Basis) to (x) any Incremental Loan Commitment, (y) the making of any Incremental Loans pursuant thereto (with any Incremental Loan Commitment being deemed
to be fully funded) and (z) any Permitted Acquisition consummated in connection therewith; 

1.5    Amendment to Section 8.06(c). Section 8.06(c) of
the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
 (c)    the Borrower may make
cash dividend payments, stock repurchases, any cash payments upon conversion of any Permitted Convertible Indebtedness and repurchases of Permitted Convertible Indebtedness; provided, that (i) no Default exists immediately prior and
after giving effect thereto and (ii) after giving effect to such Restricted Payment on a Pro Forma Basis, the Consolidated Net Leverage Ratio does not exceed 3.50 to 1.00; 

  
 2 

 1.6    Amendment to
Section 8.11(a). Section 8.11(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

(a)    Consolidated Net Leverage Ratio. Permit the Consolidated Net Leverage Ratio as of the end of any fiscal
quarter of the Borrower to be greater than 4.25 to 1.0; provided, that, upon the election of the Borrower, following the consummation of any Permitted Acquisition with total consideration in an aggregate amount greater than or equal to
$100,000,000, (i) the Consolidated Net Leverage Ratio shall be increased to 4.75 to 1.0 for the next four quarterly test dates, and (ii) then shall revert to 4.25 to 1.0 thereafter with a two fiscal quarter period in which the Consolidated Net
Leverage Ratio shall not be greater than 4.25 to 1.00 before the Borrower may elect another such increase. 

1.7    Amendment to Exhibit 7.02 to Credit Agreement. Exhibit 7.02 to the Credit Agreement is
hereby amended and restated in its entirety as set forth on Exhibit A attached hereto. 
 ARTICLE II 

CONDITIONS TO EFFECTIVENESS 

2.1    Closing Conditions. This Amendment shall become effective as of the day and year set
forth above (the “Fourth Amendment Effective Date”) upon satisfaction (or waiver) of the following conditions (in each case, in form and substance reasonably acceptable to the Administrative Agent):  

(a)    Executed Amendment. The Administrative Agent shall have received a copy of this
Amendment duly executed by each of the Loan Parties, the Lenders and the Administrative Agent. 

(b)    Default. After giving effect to this Amendment, no Default or Event of Default
shall exist. 
 (c)    Fees and Expenses. All fees and expenses (including, without
limitation, all fees and expenses owing pursuant to the Fee Letter) due to Wells Fargo Securities, LLC, as left lead arranger and the Administrative Agent required to be paid on the Fourth Amendment Effective Date (including the fees and expenses of
counsel for the Administrative Agent) shall have been paid. 
 (c)    Miscellaneous.
All other documents and legal matters in connection with the transactions contemplated by this Amendment shall be reasonably satisfactory in form and substance to the Administrative Agent and its counsel. 

  
 3 

 ARTICLE III 

MISCELLANEOUS 

3.1    Amended Terms. On and after the Fourth Amendment Effective Date, all references to the
Credit Agreement in each of the Loan Documents shall hereafter mean the Credit Agreement as amended by this Amendment. Except as specifically amended hereby or otherwise agreed, the Credit Agreement is hereby ratified and confirmed and shall remain
in full force and effect according to its terms. 
 3.2    Representations and Warranties of Loan
Parties. Each of the Loan Parties represents and warrants as follows: 
 (a)    It has
taken all necessary action to authorize the execution, delivery and performance of this Amendment. 

(b)    This Amendment has been duly executed and delivered by such Person and constitutes such
Person’s legal, valid and binding obligation, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar
laws affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity). 

(c)    No consent, approval, authorization or order of, or filing, registration or qualification with, any
court or governmental authority or third party is required in connection with the execution, delivery or performance by such Person of this Amendment. 

(d)    After giving effect to this Amendment, the representations and warranties set forth in Article VI of
the Credit Agreement are true and correct in all material respects as of the date hereof (except for those which expressly relate to an earlier date). 

(e)    After giving effect to this Amendment, no event has occurred and is continuing which constitutes a
Default or an Event of Default. 
 (f)    The Collateral Documents continue to create a valid security
interest in, and Lien upon, the Collateral, in favor of the Administrative Agent, for the benefit of the Lenders, which security interests and Liens are perfected in accordance with the terms of the Security Documents and prior to all Liens other
than Permitted Liens. 
 (g)    Except as specifically provided in this Amendment, the Obligations are
not reduced or modified by this Amendment and are not subject to any offsets, defenses or counterclaims. 

(h)    As of the Fourth Amendment Effective Date, the information included in the Beneficial Owner
Certificate is true and correct in all material respects. 

  
 4 

 3.3    Reaffirmation of Obligations. Each
Loan Party hereby ratifies the Credit Agreement and acknowledges and reaffirms (a) that it is bound by all terms of the Credit Agreement applicable to it and (b) that it is responsible for the observance and full performance of its
respective Obligations. 
 3.4    Loan Document. This Amendment shall constitute a Loan
Document under the terms of the Credit Agreement. 
 3.5    Expenses. The Borrower agrees to
pay all reasonable, documented costs and expenses of the Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including without limitation the reasonable, documented fees and expenses of the
Administrative Agent’s legal counsel. 
 3.6    Further Assurances. The Loan Parties
agree to promptly take such action, upon the reasonable request of the Administrative Agent, as is necessary to carry out the intent of this Amendment. 

3.7    Entirety. This Amendment and the other Loan Documents embody the entire agreement among
the parties hereto and supersede all prior agreements and understandings, oral or written, if any, relating to the subject matter hereof. 

3.8    Counterparts; Telecopy. This Amendment may be executed in any number of counterparts,
each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. Delivery of an executed counterpart to this Amendment by telecopy or other electronic means shall be effective as an
original and shall constitute a representation that an original will be delivered. 
 3.9    No Actions,
Claims, Etc. As of the date hereof, each of the Loan Parties hereby acknowledges and confirms that it has no knowledge of any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in
equity, against the Administrative Agent, the Lenders, or the Administrative Agent’s or the Lenders’ respective officers, employees, representatives, agents, counsel or directors arising from any action by such Persons, or failure of such
Persons to act under the Credit Agreement on or prior to the date hereof. 
 3.10    GOVERNING LAW. THIS
AMENDMENT AND THE OTHER LOAN DOCUMENTS AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER
LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

3.11    Successors and Assigns. This Amendment shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns. 

  
 5 

 3.12    Consent to Jurisdiction; Service of Process; Waiver
of Venue; Waiver of Jury Trial. The jurisdiction, service of process, waiver of venue and waiver of jury trial provisions set forth in Sections 11.14 and 11.15 of the Credit Agreement are hereby incorporated by reference, mutatis
mutandis. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 6 

 SILICON LABORATORIES INC. 

FOURTH AMENDMENT TO CREDIT AGREEMENT 

IN WITNESS WHEREOF the parties hereto have caused this AmendmenCt to be duly executed on the date first above written. 

 

							
	BORROWER:	 		 	SILICON LABORATORIES INC.,
		 		 	a Delaware corporation
				
		 		 	By:	 	 /s/ John C. Hollister

		 		 	Name:	 	John C. Hollister
		 		 	Title:	 	Senior Vice President and Chief Financial Officer
			
	GUARANTORS:	 		 	SILICON LABS SPECTRA, INC.,
		 		 	a Delaware corporation
				
		 		 	By:	 	 /s/ John C. Hollister

		 		 	Name:	 	John C. Hollister
		 		 	Title:	 	President

 SILICON LABORATORIES INC. 

FOURTH AMENDMENT TO CREDIT AGREEMENT 
  

							
	ADMINISTRATIVE AGENT:	 		 	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a Lender and as Administrative Agent

				
		 		 	By:	 	 /s/ Brooke Correa

		 		 	Name:	 	Brooke Correa
	 	 	 	 	Title:	 	Managing Director

 SILICON LABORATORIES INC. 

FOURTH AMENDMENT TO CREDIT AGREEMENT 
  

							
	LENDERS:	 		 	Citibank, N.A.,
		 		 	as a Lender
				
		 		 	By:	 	 /s/ Stuart Darby

		 		 	Name:	 	Stuart Darby
		 		 	Title:	 	Senior Vice President

 SILICON LABORATORIES INC. 

FOURTH AMENDMENT TO CREDIT AGREEMENT 
  

							
	LENDERS:	 		 	Bank of America, N.A,
		 		 	as a Lender
				
		 		 	By:	 	 /s/ Brian Gordon

		 		 	Name:	 	Brian Gordon
		 		 	Title:	 	Senior Vice President

 SILICON LABORATORIES INC. 

FOURTH AMENDMENT TO CREDIT AGREEMENT 
  

							
	LENDERS:	 		 	COMERICA BANK,
		 		 	as a Lender
				
		 		 	By:	 	 /s/ L. J. Perenyi

		 		 	Name:	 	L. J. Perenyi
		 		 	Title:	 	Vice President

 SILICON LABORATORIES INC. 

FOURTH AMENDMENT TO CREDIT AGREEMENT 
  

							
	LENDERS:	 		 	TRUIST BANK, formerly known as BRANCH 
		 		 	BANKING AND TRUST COMPANY,
		 		 	as a Lender
				
		 		 	By:	 	 /s/ Sarah Salmon

		 		 	Name:	 	Sarah Salmon
		 		 	Title:	 	Senior Vice President

 Exhibit A 

[see attached] 

 Exhibit 7.02 

FORM OF COMPLIANCE CERTIFICATE 

For the fiscal quarter ended
                        , 20    . 

I,
                            , [Title] of SILICON LABORATORIES INC. (the “Borrower”) hereby
certify that, to the best of my knowledge and belief, with respect to that certain Credit Agreement dated as of July 31, 2012 (as amended, modified, restated or supplemented from time to time, the “Credit Agreement”; all of the
defined terms in the Credit Agreement are incorporated herein by reference) among the Borrower, the Guarantors, the Lenders and Wells Fargo Bank, National Association (successor to Bank of America, N.A., the original administrative agent), as the
Administrative Agent: 
 The company-prepared financial statements which accompany this certificate are true and correct in
all material respects and have been prepared in accordance with GAAP applied on a consistent basis, except as otherwise expressly noted therein, subject to the absence of footnotes and to normal year-end audit
adjustments. 
 As of the date hereof, no Default or Event of Default has occurred and is continuing under the Credit
Agreement. 
 (select one): 
  

	 	☐	 Attached hereto are such supplements to Schedules 6.13 (Subsidiaries), 6.20(a)
(Locations of Real Property), 6.20(b) (Locations of Tangible Personal Property), 6.20(c) (Location of Chief Executive Office, Taxpayer Identification Number, Etc.), and 6.20(d) (Changes in Legal Name, State of Formation and
Structure) of the Credit Agreement, such that, as supplemented, such Schedules are accurate and complete as of the date hereof. 

  

	 	☐	 No such supplements are required at this time. 

Delivered herewith are (i) detailed calculations demonstrating compliance by the Loan Parties with the financial covenants contained in
Section 8.11 of the Credit Agreement as of the end of the fiscal period referred to above and (ii) detailed calculations demonstrating the Consolidated Leverage Ratio as of the end of the fiscal period referred to
above to determine the Applicable Rate. 
 This          day of
                        , 20    . 

 

			
	SILICON LABORATORIES INC.

 
			
		
	By:	 	     

	Name:	 	
	Title:	 	

 Attachment to Officer’s Certificate 

Computation of Financial Covenants 
  

	I.	 Consolidated Net Leverage Ratio – Section 8.11(a) 

 

					
	 A. Consolidated Funded Indebtedness1
as of the Statement Date
	  			
		
	 1.  all obligations for borrowed money, whether current or long-term (including the
Obligations) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments:
	  	$	             	 
		  	  
	  
	 
	 2.  all purchase money Indebtedness:
	  	$	             	 
		  	  
	  
	 
	 3.  the maximum amount available to be drawn under letters of credit (including
standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments:
	  	$	             	 
		  	  
	  
	 
	 4.  all obligations in respect of the deferred purchase price of property or services
(other than trade and intercompany accounts payable in the ordinary course of business and all earn-out obligations to the extent such earn-out obligations are not
required to be shown as a liability on the balance sheet of the Borrower and its Subsidiaries):
	  	$	             	 
		  	  
	  
	 
	 5.  all Attributable Indebtedness:
	  	$	             	 
		  	  
	  
	 
	 6.  all obligations to purchase, redeem, retire, defease or otherwise make any payment
prior to the Maturity Date in respect of any Equity Interests or any warrant, right or option to acquire such Equity Interest, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation
preference plus accrued and unpaid dividends:
	  	$	             	 
		  	  
	  
	 
	 7.  all Guarantees with respect to Indebtedness of the types specified in I.A.1
through I.A.6 above of another Person:
	  	$	                     	 
		  	  
	  
	 
	 8.  all Indebtedness of the types referred to in I.A.1 through I.A.7 above of any
partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which any Loan Party or any Subsidiary is a general partner or joint venturer, to the extent that Indebtedness is recourse to such
Person:
	  	$	             	 
		  	  
	  
	 
	 9.  unrestricted cash and Cash Equivalents of the Borrower and its Subsidiaries on a
consolidated basis in an amount not to exceed $750,000,000
	  	$	             	 
		  	  
	  
	 
	 10.  Consolidated Funded Indebtedness as of the Statement Date (Sum of lines I.A.1
through I.A.8 minus line I.A.9):
	  	$	             	 
		  	  
	  
	 
		
	 B. Consolidated EBITDA for the four fiscal quarter period ending on the Statement
Date
	  			
		
	 1.  Consolidated Net Income for such period:
	  	$	             	 
		  	  
	  
	 
	 2.  Consolidated Interest Charges for such period:
	  	$	             	 
		  	  
	  
	 
	 3.  the provision for federal, state, local and foreign income taxes payable for such
period:
	  	$	             	 
		  	  
	  
	 
	 4.  depreciation and amortization expense for such period:
	  	$	             	 
		  	  
	  
	 
	 5.  to the extent not capitalized, the reasonable and documented fees and expenses
incurred during such period in connection with the closing of the Credit Agreement, to the extent such fees and expenses are incurred prior to September 14, 2012:
	  	$	             	 
		  	  
	  
	 

  

	1 	 Per Section 1.01 of the Credit Agreement, Consolidated Funded Indebtedness shall not
include post-closing purchase price adjustments. 

					
	 6.  to the extent not capitalized, the reasonable and documented fees and expenses
incurred during such period in connection with the refinancing of the existing term loans under the Credit Agreement, to the extent such fees and expenses are incurred prior to September 30, 2015:
	  	$	             	 
		  	  
	  
	 
	 7.  to the extent not capitalized, the reasonable and documented fees and expenses
incurred during such period in connection with the issuance of any Permitted Convertible Indebtedness:
	  	$	             	 
		  	  
	  
	 
	 8.  to the extent not capitalized, the reasonable and documented fees and expenses
incurred during such period in connection with the second amendment of the Credit Agreement, to the extent such fees and expenses are incurred prior to April 14, 2017:
	  	$	             	 
		  	  
	  
	 
	 9.  to the extent not capitalized, the reasonable and documented fees and expenses
incurred during such period in connection with the third amendment of the Credit Agreement, to the extent such fees and expenses are incurred prior to September 18, 2019:
	  	$	             	 
		  	  
	  
	 
	 10.  non-cash stock compensation expense, non-cash impairments of assets and intangibles and other non-cash charges (excluding write-downs of accounts receivable and any other
non-cash expense to the extent it represents an accrual of or a reserve for cash expenses in any future period):
	  	$	             	 
		  	  
	  
	 
	 11.  non-cash purchase accounting adjustments
(including markups of inventory, expensed through cost-of-goods sold) in connection with Permitted Acquisitions to the extent required or permitted by GAAP:
	  	$	             	 
		  	  
	  
	 
	 12.  the amount of restructuring and/or integration expenses and anticipated “run
rate” cost savings and synergies projected by the Borrower in good faith to be realized within twelve (12) months of the actions taken (which restructuring and/or integration expenses and cost savings and synergies shall be added to
Consolidated EBITDA until fully realized and calculated on a pro forma basis as though such restructuring and/or integration expenses and cost savings and synergies had been realized on the first day of such period), net of the amount of actual
benefits realized from such actions provided that (A) such restructuring and/or integration expenses and cost savings and synergies are reasonably identifiable and quantifiable and (B) the aggregate amount permitted to be added back
pursuant to this line 1.B.12 during any four consecutive fiscal quarter period shall not exceed 20% of Consolidated EBITDA (calculated prior to giving effect to such add back):
	  	$	                     	 
		  	  
	  
	 
	 13.  non-cash income or gains for such
period:
	  	$	             	 
		  	  
	  
	 
	 14.  Consolidated EBITDA for the four fiscal quarter period ending on the Statement
Date (I.B.1 + I.B.2 + I.B.3 + I.B.4 + I.B.5 + I.B.6 + I.B.7+ I.B.8 + I.B.9 + 1.B.10 + 1.B.11 + I.B.12 - I.B.13):
	  	$	             	 
		  	  
	  
	 
	 C. Consolidated Net Leverage Ratio (I.A.10 / I.B.14):
	  	 	    .        :1.00	 

					
	 Maximum Permitted:
	  		  	4.25 to 1.00; provided, that, upon the election of the Borrower, following the
consummation of any Permitted Acquisition with total consideration in an
aggregate amount greater than or equal to $100,000,000, (i) the
Consolidated

			
		 	Net Leverage Ratio shall be increased to 4.75 to 1.0 for the next four quarterly test dates, and (ii) then shall revert to 4.25 to 1.0 thereafter with a two fiscal quarter period in which
the Consolidated Net Leverage Ratio shall not be greater than 4.25 to 1.00 before the Borrower may elect another such increase.
	 Covenant Compliance?
	 	☐Yes    ☐No

  

	II.	 Secured Leverage Ratio – Section 8.11(b) 

 

					
	 A. Consolidated Funded Indebtedness as of the Statement Date (see line I.A.9 above)
secured by a Lien on any asset of a Loan Party or any of its Subsidiaries on such date:
	  	$	             	 
		  	  
	  
	 
	 B. Consolidated EBITDA for the four fiscal quarter period ending on the Statement Date
(see line I.B.14 above)
	  	$	             	 
		  	  
	  
	 
	 C. Secured Leverage Ratio (II.A / II.B.):
	  	 	    .      :1.00	 
	 Maximum Permitted:
	  	 	3.50:1.00	 
	 Covenant Compliance?
	  	 	☐Yes    ☐No    	 

  

	III.	 Consolidated Interest Coverage Ratio – Section 8.11(c)

  

					
	 A. Consolidated EBITDA for the four fiscal quarter period ending on the Statement Date
(See line I.B.14 above):
	  	$	             	 
		  	  
	  
	 
	 B. The cash portion of Consolidated Interest Charges for the four fiscal quarter period
ending on the Statement Date
	  	$	             	 
		  	  
	  
	 
	 C. Consolidated Interest Coverage Ratio (III.A / III.B.:
	  	 	    .      :1.00	 
	 Minimum Permitted:
	  	 	2.50:1.00	 
	 Covenant Compliance?
	  	 	☐Yes    ☐No    	 

 Computation of Consolidated Leverage Ratio – “Applicable Rate” 

 

					
	 A. Consolidated Funded Indebtedness2
as of the Statement Date
	  			
		
	 1.  all obligations for borrowed money, whether current or long-term (including the
Obligations) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments:
	  	$	 	 
		  	  
	  
	 
	 2.  all purchase money Indebtedness:
	  	$	 	 
		  	  
	  
	 
	 3.  the maximum amount available to be drawn under letters of credit (including
standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments:
	  	$	 	 
		  	  
	  
	 
	 4.  all obligations in respect of the deferred purchase price of property or services
(other than trade and intercompany accounts payable in the ordinary course of business and all earn-out obligations to the extent such earn-out obligations are not
required to be shown as a liability on the balance sheet of the Borrower and its Subsidiaries):
	  	$	 	 
		  	  
	  
	 
	 5.  all Attributable Indebtedness:
	  	$	 	 
		  	  
	  
	 
	 6.  all obligations to purchase, redeem, retire, defease or otherwise make any payment
prior to the Maturity Date in respect of any Equity Interests or any warrant, right or option to acquire such Equity Interest, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation
preference plus accrued and unpaid dividends:
	  	$	 	 
		  	  
	  
	 
	 7.  all Guarantees with respect to Indebtedness of the types specified in I.A.1
through I.A.6 above of another Person:
	  	$	 	 
		  	  
	  
	 
	 8.  all Indebtedness of the types referred to in I.A.1 through I.A.7 above of any
partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which any Loan Party or any Subsidiary is a general partner or joint venturer, to the extent that Indebtedness is recourse to such
Person:
	  	$	 	 
		  	  
	  
	 
	 9.  Consolidated Funded Indebtedness as of the Statement Date (Sum of lines I.A.1
through I.A.8):
	  	$	 	 
		  	  
	  
	 
		
	 B. Consolidated EBITDA for the four fiscal quarter period ending on the Statement
Date
	  			
		
	 1.  Consolidated Net Income for such period:
	  	$	 	 
		  	  
	  
	 
	 2.  Consolidated Interest Charges for such period:
	  	$	 	 
		  	  
	  
	 
	 3.  the provision for federal, state, local and foreign income taxes payable for such
period:
	  	$	 	 
		  	  
	  
	 
	 4.  depreciation and amortization expense for such period:
	  	$	 	 
		  	  
	  
	 
	 5.  to the extent not capitalized, the reasonable and documented fees and expenses
incurred during such period in connection with the closing of the Credit Agreement, to the extent such fees and expenses are incurred prior to September 14, 2012:
	  	$	                     	 
		  	  
	  
	 

  
  

	2 	 Per Section 1.01 of the Credit Agreement, Consolidated Funded Indebtedness shall not
include post-closing purchase price adjustments. 

					
	 6.  to the extent not capitalized, the reasonable and documented fees and expenses
incurred during such period in connection with the refinancing of the existing term loans under the Credit Agreement, to the extent such fees and expenses are incurred prior to September 30, 2015:
	  	$	 	 
		  	  
	  
	 
	 7.  to the extent not capitalized, the reasonable and documented fees and expenses
incurred during such period in connection with the issuance of any Permitted Convertible Indebtedness:
	  	$	 	 
		  	  
	  
	 
	 8.  to the extent not capitalized, the reasonable and documented fees and expenses
incurred during such period in connection with the second amendment of the Credit Agreement, to the extent such fees and expenses are incurred prior to April 14, 2017:
	  	$	 	 
		  	  
	  
	 
	 9.  to the extent not capitalized, the reasonable and documented fees and expenses
incurred during such period in connection with the third amendment of the Credit Agreement, to the extent such fees and expenses are incurred prior to September 18, 2019:
	  	$	 	 
		  	  
	  
	 
	 10.  non-cash stock compensation expense, non-cash impairments of assets and intangibles and other non-cash charges (excluding write-downs of accounts receivable and any other
non-cash expense to the extent it represents an accrual of or a reserve for cash expenses in any future period):
	  	$	 	 
		  	  
	  
	 
	 11.  non-cash purchase accounting adjustments
(including markups of inventory, expensed through cost-of-goods sold) in connection with Permitted Acquisitions to the extent required or permitted by GAAP:
	  	$	 	 
		  	  
	  
	 
	 12.  the amount of restructuring and/or integration expenses and anticipated “run
rate” cost savings and synergies projected by the Borrower in good faith to be realized within twelve (12) months of the actions taken (which restructuring and/or integration expenses and cost savings and synergies shall be added to
Consolidated EBITDA until fully realized and calculated on a pro forma basis as though such restructuring and/or integration expenses and cost savings and synergies had been realized on the first day of such period), net of the amount of actual
benefits realized from such actions provided that (A) such restructuring and/or integration expenses and cost savings and synergies are reasonably identifiable and quantifiable and (B) the aggregate amount permitted to be added back
pursuant to this line 1.B.12 during any four consecutive fiscal quarter period shall not exceed 20% of Consolidated EBITDA (calculated prior to giving effect to such add back):
	  	$	 	 
		  	  
	  
	 
	 13.  non-cash income or gains for such
period:
	  	$	 	 
		  	  
	  
	 
	 14.  Consolidated EBITDA for the four fiscal quarter period ending on the Statement
Date (I.B.1 + I.B.2 + I.B.3 + I.B.4 + I.B.5 + I.B.6 + I.B.7+ I.B.8 + I.B.9 + 1.B.10 + 1.B.11 + I.B.12 - I.B.13):
	  	$	                     	 
		  	  
	  
	 
		
	 C. Consolidated Leverage Ratio (I.A.9 / I.B.14):
	  	 	    .        :1.00

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}]]