Document:

Exhibit 10.1

 

EXECUTION VERSION

 

CEO TRANSITION AGREEMENT

 

This CEO
TRANSITION AGREEMENT (the “Agreement”) is made and entered into effective as of July 27, 2021 (the
 “Effective Date”) by and between Silicon Laboratories Inc., a Delaware corporation (the “Company”),
and G. Tyson Tuttle (“Employee”). Each of Company and Employee is a “Party” and, collectively,
they are the “Parties.”

 

WHEREAS, Employee is currently employed as the
Chief Executive Officer of the Company and serves as a member of the Board of Directors of the Company (the “Board”);

 

WHEREAS, Employee has voluntarily retired from
his employment with the Company and his office as a member of the Board, effective as of the close of business of the Company on January 1,
2022 (the “Separation Date”), and Employee and the Company mutually desire to continue Employee’s employment
in his current position and service as a member of the Board from the Effective Date until the Separation Date (the “Transition
Term”) in order to assist in the transition of his duties;

 

WHEREAS, effective upon the Separation Date, Employee
will commence serving as an advisor and independent contractor to the Company as a member of the Company’s Technical Advisory Board
(the “Advisory Board”);

 

WHEREAS, Employee and the Company are currently
parties to a CEO Severance Agreement, dated effective as of May 15, 2021 (the “Prior Agreement”); and

 

WHEREAS, in order to avoid any claims or disputes
between Employee and the Company arising out of their employment relationship and the termination of that employment relationship, Employee
and the Company now wish to supersede the Prior Agreement in its entirety;

 

NOW THEREFORE, in consideration of the mutual
promises set forth herein, the Company and Employee hereby agree as follows:

 

1.            Employment
by the Company.

 

1.01            Position.
Subject to the terms of this Agreement, the Company agrees to continue to employ Employee during the Transition Term in the position
of Chief Executive Officer, and Employee hereby accepts such employment. Employee agrees to continue to serve as a member of the Board
until the Separation Date.

 

1.02            Duties.
During the Transition Term, Employee will continue to report to the Board. During the Transition Term, Employee will devote Employee’s
best efforts and substantially all of Employee’s business time and attention to the business of the Company (including the transition
duties contemplated under this Agreement) in a manner consistent with past practice.

 

1.03            Company
Policies. The employment relationship between the Parties shall continue to be subject to the Company’s personnel policies
and procedures applicable to Employee and provided to Employee in writing as they may be interpreted, adopted, revised or deleted from
time to time in the Company’s reasonable discretion. Notwithstanding the foregoing, in the event that the terms of this Agreement
differ from or are in conflict with the Company’s general employment policies or practices, this Agreement shall control.

 

1.04            Work
Location. Employee’s primary work location will be the Company’s principal office located in Austin, Texas, provided
that Employee will be expected to travel as necessary, consistent with his duties and past travel practices.

 

1.05            At-Will
Employment. The Parties agree that Employee’s employment with the Company during the Transition Term will be “at-will”
and may be terminated at any time with or without cause or notice. However, as described in this Agreement, Employee may be entitled
to severance benefits depending on the circumstances of Employee’s termination of employment with the Company.

 

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2.            Employment
Compensation.

 

2.01            Base
Salary. During the Transition Term, Employee shall receive for Employee’s services to be rendered under this Agreement
Employee’s base salary of $671,739 on an annualized basis (“Base Salary”), subject to review and adjustment
by the Company in its sole discretion, payable subject to standard federal and state payroll withholding requirements and in accordance
with the Company’s standard payroll practices.

 

2.02            Bonus.
During the Transition Term, Employee shall remain eligible to earn an annual target cash bonus of 130% of Base Salary pursuant to the
terms of the Company’s 2021 Bonus Plan (the “Bonus Plan”). Any bonus, if earned, will be paid to Employee within
the time period set forth in the Bonus Plan. Employee must be continuously employed with the Company from the Effective Date through
the Separation Date in order to receive any bonus under the Bonus Plan for the Company’s current fiscal year.

 

2.03            Equity
Compensation. During the Transition Term, Employee shall continue to earn and vest in all share-base incentive awards previously
granted to Employee and remaining outstanding as of the Effective Date in accordance with their terms and the applicable terms of the
Company equity compensation plan under which they were granted.

 

2.04            Employee
Benefits. During the Transition Term, Employee will continue to be eligible to participate on the same basis as similarly situated
employees in the Company’s benefit plans in effect from time to time during Employee’s employment. All matters of eligibility
for coverage or benefits under any benefit plan shall be determined in accordance with the provisions of such plan. The Company reserves
the right to change, alter, or terminate any benefit plan in its sole discretion.

 

2.05            Expenses.
During the Transition Term, the Company will reimburse Employee for reasonable travel, entertainment or other expenses incurred by Employee
in the furtherance of or in connection with the performance of Employee's duties hereunder and in accordance with the Company's expense
reimbursement approved by the Board.

 

3.            Termination
of Employment.

 

The Parties acknowledge that either Party may
terminate the employment relationship at any time, with or without Cause. The provisions of this Section 3 govern the amount of
compensation, if any, to be provided to Executive if his employment is terminated on or prior to the Separation Date.

 

3.01            Termination
Upon Separation Date. Provided that (i) Employee remains an employee in good standing under the terms of this Agreement
until the Separation Date, (ii) Employee executes and does not revoke the release of claims and separation agreement attached hereto
as Exhibit A (the “Release”) and (iii) such Release becomes effective (without having been revoked)
by the 60th day following the Separation Date (such effectiveness deadline, the “Release Deadline”), Employee shall
receive the following payments and benefits, which are in addition to any Accrued Amounts owed to Employee. Notwithstanding any provision
of this Agreement to the contrary, no payment or benefit other than the Accrued Amounts shall be provided to Employee pursuant to this
Section 3.01 unless and until the Release becomes effective. If the Release does not become effective and irrevocable by the Release
Deadline, Employee will forfeit any rights to severance or benefits under this Agreement other than the Accrued Amounts.

 

(a)            An
amount equal to 100% of Employee’s Base Salary. Such amount shall be paid in a single lump sum cash payment on the date of the
next regularly scheduled payroll following the 60th day following the Separation Date but in no event later than March 15,
2022.

 

(b)            An
amount equal to 100% of Employee’s full Target Variable Compensation for the full fiscal year of the Company ending on January 1,
2022. Such amount shall be paid in a single lump sum cash payment on the date of the next regularly scheduled payroll following the 60th
day following the Separation Date but in no event later than March 15, 2022.

 

(c)            Any
actual earned bonus, commission or other short term cash incentive compensation for the fiscal year ending on January 1, 2022 to
the extent such amount has not already been paid to Employee. Such amount shall be paid in a single lump sum cash payment on the date
of the next regularly scheduled payroll following the 60th day following the Separation Date but in no event later than March 15,
2022. For purposes of clarity, any requirement that Employee be employed on the date such bonus is paid will be inapplicable.

 

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(d)            The
Company will pay Employee a fully taxable lump sum amount that, after deduction of federal, state and local income and employment taxes
determined at the highest marginal rates applicable to Employee, will result in Employee retaining an amount equal to 12 months of the
premiums that would be charged, as of the Date of Termination, for group health continuation coverage for Employee and Employee’s
covered dependents pursuant to Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended and any state law equivalent
(“COBRA”). Employee may, but is not obligated to, use such payment toward the cost of COBRA premiums. Such amount
shall be paid in a single lump sum cash payment on the date of the next regularly scheduled payroll following the 60th day
following the Separation Date but in no event later than March 15, 2022. Employee acknowledges and agrees that such payment is intended
to constitute a COBRA subsidy for purposes of the American Rescue Plan Act of 2021, to the extent applicable.

 

In no event shall Employee be entitled to compensation
and benefits under Section 3.02 and/or Section 3.03 in addition to the compensation and benefits under this Section 3.01,
if applicable.

 

3.02            Non-CIC
Termination Prior to Separation Date. If there is a Non-CIC Termination prior to the Separation Date, then, provided that (i) Employee
executes and does not revoke the Release and (ii) such Release becomes effective (without having been revoked) by the Release Deadline,
Employee shall receive the following payments and benefits, which are in addition to any Accrued Amounts owed to Employee. Notwithstanding
any provision of this Agreement to the contrary, no payment or benefit other than the Accrued Amounts shall be provided to Employee pursuant
to this Section 3.02 unless and until the Release becomes effective. If the Release does not become effective and irrevocable by
the Release Deadline, Employee will forfeit any rights to severance or benefits under this Agreement other than the Accrued Amounts.

 

(a)            An
amount equal to 100% of Employee’s Base Salary. Such amount shall be paid in a single lump sum cash payment on the date of the
next regularly scheduled payroll following the 60th day following Employee’s Separation from Service but in no event
later than March 15, 2022.

 

(b)            An
amount equal to 100% of Employee’s full Target Variable Compensation for the full fiscal year of the Company in which the Non-CIC
Termination occurs. Such amount shall be paid in a single lump sum cash payment on the date of the next regularly scheduled payroll following
the 60th day following Employee’s Separation from Service but in no event later than March 15, 2022.

 

(c)            Any
actual earned bonus, commission or other short term cash incentive compensation for the fiscal year preceding the Non-CIC Termination
to the extent such amount has not already been paid to Employee. Such amount shall be paid in a single lump sum cash payment on the date
of the next regularly scheduled payroll following the 60th day following Employee’s Separation from Service but in no
event later than March 15, 2022.

 

(d)            An
amount equal to a pro-rated portion of Employee’s full total annual bonus, commission or other short term cash incentive compensation
for the full fiscal year of the Company in which such Non-CIC Termination occurs (based upon the Company’s actual attainment of
the applicable performance objective(s), as determined by the Administrator or its designee in its sole discretion following the end
of the full fiscal year), with such pro-rated portion determined by the portion of the fiscal year elapsed prior to Employee’s
Date of Termination. Such amount shall be payable in a single lump sum cash payment on the date on which Employee would have received
the incentive compensation but for Employee’s Separation from Service (but in any event no later than the date of the next regularly
scheduled payroll following the 60th day following the end of the Company’s fiscal year in which Employee’s Separation
from Service occurs but in no event later than March 15, 2022).

 

(e)            Any
restricted stock units granted to Employee by the Company that are outstanding immediately prior to, but have not vested as of, the date
of the Non-CIC Termination that would have vested through normal time-based vesting within 12 months thereafter shall become 100% vested
as of the Date of Termination. For avoidance of doubt, any and all other restricted stock units that remain outstanding and have not
vested as of the Date of Termination shall be cancelled and forfeited for no additional consideration.

 

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(f)            The
Company will pay Employee a fully taxable lump sum amount that, after deduction of federal, state and local income and employment taxes
determined at the highest marginal rates applicable to Employee, will result in Employee retaining an amount equal to 12 months of the
premiums that would be charged, as of the Date of Termination, for group health continuation coverage for Employee and Employee’s
covered dependents pursuant to Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended and any state law equivalent
(“COBRA”). Employee may, but is not obligated to, use such payment toward the cost of COBRA premiums. Such amount
shall be paid in a single lump sum cash payment on the date of the next regularly scheduled payroll following the 60th day
following Employee’s Separation from Service. Employee acknowledges and agrees that such payment is intended to constitute a COBRA
subsidy for purposes of the American Rescue Plan Act of 2021, to the extent applicable.

 

For the avoidance of doubt, no performance stock
units, market stock units or stock options shall vest on an accelerated basis or otherwise in connection with, or following, a Non-CIC
Termination. In no event shall Employee be entitled to compensation and benefits under Section 3.01 and/or Section 3.03 in
addition to the compensation and benefits under this Section 3.02, if applicable.

 

3.03            Change
in Control Termination Prior to Separation Date. If there is a Change in Control Termination prior to the Separation Date, then,
subject to Section 3.04 and provided that (i) Employee executes and does not revoke the Release and (ii) such Release
becomes effective (without having been revoked) by the Release Deadline, Employee shall receive the following payments and benefits,
which are in addition to any Accrued Amounts owed to Employee. Notwithstanding any provision of this Agreement to the contrary, no payment
or benefit other than the Accrued Amounts shall be provided to Employee pursuant to this Section 3.03 unless and until the Release
becomes effective. If the Release does not become effective and irrevocable by the Release Deadline, Employee will forfeit any rights
to severance or benefits under this Agreement other than the Accrued Amounts.

 

(a)            An
amount equal to 200% of Employee’s annual base salary. For purposes of this clause, annual base salary shall be defined as the
greater of (x) Employee’s annual base salary rate at the time of the Change in Control or (y) Employee’s annual
base salary rate at the time of the Change in Control Termination. Such amount shall be paid in a single lump sum cash payment on the
later of (i) the date of the next regularly scheduled payroll following the 60th day following Employee’s Separation
from Service, but in no event later than March 15, 2022, or (ii) the date of the Change in Control.

 

(b)            An
amount equal to the greatest of (x) 200% of Employee’s full Target Variable Compensation for the last full fiscal year of
the Company preceding the Change in Control, (y) 200% of Employee’s full Target Variable Compensation for the last full fiscal
year of the Company preceding the Change in Control Termination or (z) 200% of Employee’s full Target Variable Compensation
for the full fiscal year of the Company in which the Change in Control Termination occurs. Such amount shall be paid in a single lump
sum cash payment on the later of (i) the date of the next regularly scheduled payroll following the 60th day following
Employee’s Separation from Service, but in no event later than March 15, 2022, or (ii) the date of the Change in Control.

 

(c)            An
amount equal to (i) any actual earned bonus, commission or other short term cash incentive compensation for the fiscal year preceding
the Change in Control Termination to the extent such amount has not already been paid to Employee plus (ii) a pro-rated portion
of Employee’s full Target Variable Compensation for the full fiscal year of the Company in which the Change in Control Termination
occurs, with such pro-rated portion determined by the portion of the fiscal year elapsed prior to Employee’s Date of Termination.
Such amount shall be paid in a single lump sum cash payment on the later of (i) the date of the next regularly scheduled payroll
following the 60th day following Employee’s Separation from Service, but in no event later than March 15, 2022,
or (ii) the date of the Change in Control.

 

(d)            Any
stock options granted to Employee by the Company that are outstanding immediately prior to, but have not vested as of, the date of the
Change in Control Termination shall become 100% vested and exercisable as of the later of the Date of Termination or the date of the
Change in Control (but immediately prior to the consummation thereof). Any such stock option may be exercised by Employee until the earlier
of (i) one year following the Date of Termination, or (ii) the original expiration date of the award (subject to any right
that the Company may have to terminate such awards in connection with the Change in Control).

 

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(e)            Any
restricted stock or restricted stock units granted to Employee by the Company that are outstanding immediately prior to, but have not
vested as of, the date of the Change in Control Termination shall become 100% vested as of the later of the Date of Termination or the
date of the Change in Control (but immediately prior to the consummation thereof).

 

(f)            Any
market stock unit awards granted to Employee by the Company that are outstanding immediately prior to, but have not fully vested as of,
the date of the Change in Control Termination shall become vested as follows: the greater of (i) 100% of the Target Units (as defined
in the market stock unit award agreement) less any previously vested units and (ii) the actual Earned Units (as defined in the market
stock unit award agreement) less any previously vested units, shall be deemed Vested Units (as defined in the market stock unit award
agreement) as of the later of the Date of Termination or the date of the Change in Control (but immediately prior to the consummation
thereof).

 

(g)            Any
performance stock unit awards granted to Employee by the Company that are outstanding immediately prior to, but have not fully vested
as of, the date of the Change in Control Termination shall become vested as follows: the greater of (i) 100% of the Target Units
(as defined in the performance stock unit award agreement) less any previously vested units and (ii) the actual Earned Units (as
defined in the performance stock unit award agreement) less any previously vested units shall be deemed Vested Units (as defined in the
performance stock unit award agreement) as of the later of the Date of Termination or the date of the Change in Control (but immediately
prior to the consummation thereof).

 

(h)            The
Company shall pay Employee a fully taxable lump sum amount that, after deduction of federal, state and local income and employment taxes
determined at the highest marginal rates applicable to Employee, will result in Employee retaining an amount equal to 24 months of the
premiums that would be charged, as of the Date of Termination, for group health continuation coverage for Employee and Employee’s
covered dependents pursuant to COBRA. Employee may, but is not obligated to, use such payment toward the cost of COBRA premiums. Such
amount shall be paid in a single lump sum cash payment on the later of (i) the date of the next regularly scheduled payroll following
the 60th day following Employee’s Separation from Service, but in no event later than March 15, 2022, or (ii) the
date of the Change in Control. Employee acknowledges and agrees that such payment is intended to constitute a COBRA subsidy for purposes
of the American Rescue Plan Act of 2021, to the extent applicable.

 

In the case of a Change in Control as defined in item (e) of
Section 4.04, in lieu of providing the equity-related benefits set forth under items (d), (e), (f) and/or (g) above, the
Company may instead cause the acquiror of the Significant Business Unit to provide cash or other equity awards of substantially equivalent
value, as determined in the sole discretion of the Administrator and consistent with Section 409A of the Code or an exemption therefrom.

 

In no event shall Employee be entitled to compensation
and benefits under Section 3.01 and/or Section 3.02 in addition to the compensation and benefits under this Section 3.03,
if applicable.

 

3.04            Federal
Excise Tax Under Section 4999 of the Code.

 

(a)            Excess
Parachute Payments. Notwithstanding any provision of this Agreement to the contrary, if any payment or benefit Employee would receive
pursuant to this Agreement or otherwise (collectively, the “Payments”) would constitute a “parachute payment”
within the meaning of Section 280G of the Code, and, but for this Section 3.04(a), would be subject to the excise tax imposed
by Section 4999 of the Code or any similar or successor provision (the “Excise Tax”), then the aggregate amount
of the Payments will be either (i) the largest portion of the Payments that would result in no portion of the Payments (after reduction)
being subject to the Excise Tax or (ii) the entire Payments, whichever amount after taking into account all applicable federal,
state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate, net of the
maximum reduction in federal income taxes which could be obtained from a deduction of such state and local taxes), results in Employee’s
receipt, on an after-tax basis, of the greatest amount of the Payments. Any reduction in the Payments required by this Section will
be made in the following order: (i) reduction of cash payments; (ii) reduction of accelerated vesting of equity awards other
than stock options; (iii) reduction of accelerated vesting of stock options; and (iv) reduction of other benefits paid or provided
to Employee. In the event that acceleration of vesting of equity awards is to be reduced, such acceleration of vesting will be cancelled
in the reverse order of the date of grant of Employee’s equity awards. If two or more equity awards are granted on the same date,
the accelerated vesting of each award will be reduced on a pro-rata basis.

 

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(b)            Determination
by Tax Firm. The professional firm engaged by the Company for general tax purposes as of the day prior to the date of the event that
might reasonably be anticipated to result in Payments that would otherwise be subject to the Excise Tax will perform the foregoing calculations.
If the tax firm so engaged by the Company is serving as accountant or auditor for the acquiring company, the Company will appoint a nationally
recognized tax firm to make the determinations required by this Section. The Company will bear all expenses with respect to the determinations
by such firm required to be made by this Section. The Company and Employee shall furnish such tax firm such information and documents
as the tax firm may reasonably request in order to make its required determination. The tax firm will provide its calculations, together
with detailed supporting documentation, to the Company and Employee as soon as practicable following its engagement. Any good faith determinations
of the tax firm made hereunder will be final, binding and conclusive upon the Company and Employee.

 

3.05            No
Mitigation. Employee shall not be required to mitigate the amount of any payments provided by this Section 3 by seeking
employment or otherwise, nor shall the amount of any cash payments or benefits provided by this Section 3 be reduced by any compensation
or benefits earned by Employee after his or her Date of Termination.

 

3.06            Return
of Company Property. Upon termination of his employment for any reason, Employee shall immediately deliver to the Company all
documents, property, and other records of the Company or any subsidiary or affiliate of the Company, and all copies thereof, within Employee’s
possession, custody or control.

 

4.            Definitions.

 

Whenever the following terms are used in this
Agreement, they shall have the meaning specified below unless the context clearly indicates to the contrary:

 

4.01            “Accrued
Amounts” mean, collectively, (i) Employee’s accrued but unpaid salary through the Date of Termination, (ii) Employee’s
accrued but unused vacation, if any, through the Date of Termination, (iii) any unreimbursed business expenses incurred by Employee
payable in accordance with the Company’s standard expense reimbursement policies, and (iv) benefits owed to Employee under
any qualified retirement plan or health and welfare benefit plan in which Employee was a participant in accordance with applicable law
and the provisions of such plan.

 

4.02            “Administrator”
means the Board or its delegate.

 

4.03            “Cause”
means (a) the commission of any act of fraud, embezzlement or dishonesty by Employee, (b) any unauthorized use or disclosure
by Employee of confidential information or trade secrets of the Company, (c) any intentional wrongdoing by Employee, whether by
omission or commission, which adversely affects the business or affairs of the Company in a material manner, (d) Employee’s
willful failure to perform Employee’s material duties other than any such failure resulting from Disability, (e) Employee’s
material violation of the Company’s written policies or code of conduct (including written policies relating to discrimination,
harassment, performance of illegal or unethical activities, and ethical misconduct) or (f) any material breach by Employee of any
material obligation under any other written agreement between Employee and the Company. For the purposes of this Section 4.03, the
term “willful” means not in good faith and without reasonable belief that an act or omission was in the best interest of
the Company.

 

4.04            “Change
in Control” means and includes each of the following:

 

(a)            A
transaction or series of transactions (other than an offering of the Company’s shares of Common Stock to the general public through
a registration statement filed with the United States Securities and Exchange Commission) whereby any “person” or related
 “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other
than the Company, any of its subsidiaries, an employee benefit plan maintained by the Company or any of its subsidiaries or a “person”
that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, the Company) directly
or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company
possessing more than 40% of the total combined voting power of the Company’s securities outstanding immediately after such acquisition;
or

 

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(b)            During
any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new director(s) (other
than a director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in
Section 4.04(a) or Section4.04(c) hereof) whose election by the Board or nomination for election by the Company’s
stockholders was approved by a vote of at least a majority of the directors then still in office who either were directors at the beginning
of the two-year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a
majority thereof; or

 

(c)            The
consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries)
of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially
all of the Company’s assets in any single transaction or series of related transactions or (z) the acquisition of assets or
stock of another entity, in each case other than a transaction:

 

(i)            Which
results in the Company’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining
outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls,
directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise
succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly,
at least 60% of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction,
and

 

(ii)            After
which no person or group beneficially owns voting securities representing 40% or more of the combined voting power of the Successor Entity;
provided, however, that no person or group shall be treated for purposes of this Section 4.04(c)(ii) as beneficially
owning 40% or more of combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior
to the consummation of the transaction;

 

(d)            The
Company’s stockholders approve a liquidation or dissolution of the Company; or

 

(e)            A
Significant Business Unit Sale.

 

Notwithstanding anything to the contrary in the
foregoing, the following shall not constitute a Change in Control hereunder: (a) a transaction effected for the purpose of changing
the place of incorporation or form of organization of the ultimate parent entity (including where the Company is succeeded by an issuer
incorporated under the laws of another state, country or foreign government for such purpose and whether or not the Company remains in
existence following such transaction) where all or substantially all of the persons or group that beneficially own all or substantially
all of the combined voting power of the Company’s voting securities immediately prior to the transaction beneficially own all or
substantially all of the combined voting power of the Company in substantially the same proportions of their ownership after the transaction,
(b) the distribution of stock of a Significant Business Unit to the Company’s stockholders, or (c) the initial public
offering of the stock of a Significant Business Unit of the Company, and any subsequent sale of less than 50% of the stock of the Significant
Business Unit by the Company.

 

4.05            “Change
in Control Termination” means a termination of employment of Employee during the Protected Period for which a Notice of Termination
has been provided to the other party and where such termination results from (a) termination by the Company or a party effecting
a Change in Control of the Company other than for Employee’s death, Employee’s Permanent Disability or for Cause, or (b) Employee’s
resignation with Good Reason. In connection with a Significant Business Unit Sale, Employee’s termination by the Company shall
not be deemed a Change in Control Termination if the purchaser in such Significant Business Unit Sale offers Employee employment on terms
that would not constitute Good Reason.

 

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4.06            “Code”
means the Internal Revenue Code of 1986, as amended.

 

4.07            “Company”
means Silicon Laboratories Inc., a Delaware corporation, and, following any Change in Control, any Successor Entity.

 

4.08            “Date
of Termination” means the date, as the case may be, of the following events: (a) if Employee’s employment is terminated
by death, the date of death; (b) if Employee’s employment is terminated due to a Permanent Disability, 30 days after the Notice
of Termination is given (provided that Employee shall not have returned to the performance of his or her duties on a full-time basis
during such period); (c) if Employee’s employment is terminated for Cause, the date specified in the Notice of Termination;
(d) if Employee’s employment is terminated in a Change in Control Termination or Non-CIC Termination, the date specified in
the Notice of Termination; and (e) if Employee’s employment is terminated for any other reason, 15 days after delivery of
the Notice of Termination unless otherwise agreed by Employee and the Company.

 

4.09            “Disability”
means that Employee is unable, by reason of injury, illness or other physical or mental impairment, to perform the essential functions
of the position for which Employee is employed, even with a reasonable accommodation. Any question as to the existence of Employee’s
Disability as to which Employee and the Company cannot agree shall be determined in writing by a qualified independent physician mutually
acceptable to Employee and the Company. If Employee and the Company cannot agree as to a qualified independent physician, each shall
appoint such a physician and those two physicians shall select a third physician who shall make such determination in writing. The determination
of Disability made in writing to the Company and Employee shall be final and conclusive for all purposes of this Agreement.

 

4.10            “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

4.11            “Good
Reason” means the occurrence of any of the following, without Employee’s express written consent and other than for Cause:

 

(a)            a
material diminution in any of Employee’s authority, duties, or responsibilities, other than as a result of an accommodation due
to any Employee being unable, by reason of injury, illness or other physical or mental impairment, to perform the essential functions
of the position for which Employee is employed. If the Company temporarily replaces Employee, or transfers Employee’s duties or
responsibilities to another individual on account of Employee’s inability to perform such duties due to a mental or physical incapacity
which is, or is reasonably expected to become, a Disability, then such event shall not be deemed “Good Reason.” For the avoidance
of doubt, if Employee is serving as the Chief Executive Officer or Chief Financial Officer of the Company and such Employee ceases to
serve in such position with the Company, such event shall constitute a material diminution in Employee’s authority, duties and
responsibilities;

 

(b)            a
reduction in Employee’s (i) Base Salary by 10% or more or (ii) total target cash compensation (including base salary
and Target Variable Compensation) by 10% or more (in each case, other than a general reduction that affects all similarly situated Company
executives in substantially the same proportions that is not implemented in connection with a Change in Control);

 

(c)            a
material diminution in the budget (if any) over which Employee retains authority that is implemented in connection with a Change in Control;
or

 

(d)            a
material change in the geographic location at which Employee must perform the services (including, without limitation, a change in Employee’s
assigned workplace that increases Employee’s one-way commute by more than 35 miles). For sake of clarity, any change in Employee’s
workplace as a result of the initiation, termination or modification of the Company’s work-from-home policies implemented in connection
with the COVID-19 pandemic or as a result of other extenuating circumstances shall not constitute Good Reason.

 

No termination of employment with the Company by Employee shall be
treated as being for Good Reason unless Employee gives written notice to the Administrator advising the Company of such resignation (along
with the reason for such resignation) within 60 days after the time that the facts or circumstances constituting Good Reason initially
arise and provides the Company a cure period of 30 days following such date and such resignation is effective prior to the 60th
day following the end of such cure period.

 

    - 8 -

    

    

 

Notwithstanding the foregoing, any sale by the Company of all or substantially
all of the stock or assets of a Significant Business Unit shall not constitute Good Reason under clause (a) or (c) above unless
responsibility for such Significant Business Unit was the primary duty of such Employee (e.g., as the General Manager or similar position
for such Significant Business Unit) and clauses (a) or (c) are otherwise satisfied.

 

4.12            “Non-CIC
Termination” means a termination of employment of Employee (other than during the Protected Period) for which a Notice of Termination
has been provided to the other party where such termination results from (a) termination by the Company other than for Employee’s
death, Employee’s Permanent Disability or for Cause, or (b) Employee’s resignation with Good Reason.

 

4.13            “Notice
of Termination” means a written notice that indicates the Date of Termination and the basis for termination, including in the
case of resignation for Good Reason, the particular facts and circumstances asserted as giving rise to Good Reason.

 

4.14            “Permanent
Disability” means a Disability that has resulted in Employee having been absent from his duties with the Company on a full-time
basis for a total of 6 months of any consecutive 8 month period.

 

4.15            “Protected
Period” means a period (a) commencing upon the earlier of (i) execution by the Company of a definitive agreement,
the consummation of which would constitute a Change in Control (and such Change in Control contemplated by the definitive agreement does
in fact occur) or (ii) 90 days prior to a Change in Control and (b) ending immediately prior to the Separation Date.

 

4.16            “Significant
Business Unit” means a business unit with revenue of at least $100 million during the 12 months preceding the date of the sale
of such business unit.

 

4.17            “Significant
Business Unit Sale” means the sale by the Company of all or substantially all of the stock or assets of a Significant Business
Unit, responsibility for which was the primary duty of Employee (e.g., as the General Manager or similar position for such Significant
Business Unit), or a similar transaction that the Board, in its sole discretion, determines to be a Significant Business Unit Sale.

 

4.18            “Separation
from Service” means the date upon which Employee dies, retires, or otherwise has a termination of employment with the Company
that constitutes a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h)(1), without
regard to the optional alternative definitions available thereunder. To the greatest extent permissible consistent with Section 409A,
a Separation from Service shall include any termination of the employee-employer relationship between Employee and the Company for any
reason, voluntary or involuntary, with or without Cause, including, without limitation, a termination by reason of resignation (whether
for Good Reason or otherwise), discharge (with or without Cause), Permanent Disability, death or retirement.

 

4.19            “Target
Variable Compensation” means Employee’s total annual bonus, commission or other short term cash incentive compensation
determined on the basis of achievement of 100% of targeted performance.

 

5.            Service
on Advisory Board Following Separation Date.

 

In consideration of the benefits provided to Employee
under this Agreement and provided that Employee’s employment with the Company does not terminate prior to the Separation Date,
Employee and the Company agree that for a period beginning immediately following the Separation Date and ending on the date as the Company
or the Employee (in their sole discretion) elects to terminate such service on the Advisory Board, Employee will serve as an advisor
and independent contractor to the Company as a member of the Advisory Board and will (a) perform the responsibilities of such membership
including providing input and guidance on complex challenges or opportunities, supporting talent and recruiting objectives and mentorship
(and such responsibilities may be amended from time to time in the Company’s discretion), (b) comply with the terms of the
Company’s policies applicable to members of the Advisory Board (including, without limitation, the Code of Ethics and Business
Conduct and the Publicity and Disclosure Policy), (c) comply with the TAB Proprietary Information and Inventions Assignment Agreement
and (d) report to the Company’s then-current Chief Executive Officer or such person as may be designated by the such then-current
Chief Executive Officer. So long as Employee serves as a member of the Advisory Board, Employee shall be entitled to the compensation
and benefits provided by this Section 5 for such service. For the avoidance of doubt, Employee shall not be in an employment relationship
with the Company in connection with his service as an advisor and independent contractor to the Company serving on the Advisory Board,
and in no event will Employee be entitled to receive in connection with such service on the Advisory Board the compensation and benefits
provided by Section 2 of this Agreement or the severance payments and benefits provided by Section 3.02 or Section 3.03
of this Agreement notwithstanding any cessation of Employee’s service on the Advisory Board. Provided that the conditions for the
payments provided by Section 3.01 of this Agreement have been satisfied, Employee shall continue to be eligible to receive such
payments in accordance with Section 3.01 notwithstanding Employee’s service as a member of the Advisory Board.

 

    - 9 -

    

    

 

5.01            Level
of Services on Advisory Board. The level of services to be performed by Employee as a member of the Advisory Board shall be as
reasonably agreed by Employee and the Company; provided, however, that in no event will such level of services equal or exceed the level
of services that would cause Employee’s termination of employment on the Separation Date to fail to qualify as a Separation from
Service.

 

5.02            Advisory
Board Cash Retainer. During Employee’s continued service on the Advisory Board, the Company will pay to Employee an annual
cash retainer in the amount of $5,000, such amount to be paid prior the end of each fiscal year of such service. The terms set forth
in this Section 5.02 shall be subject to change at the Company’s discretion.

 

5.03            Advisory
Board Equity Grant. During Employee’s continued service on the Advisory Board, on the date of the Company’s annual
meeting of stockholders the Employee will receive an annual grant of restricted stock units covering a number of shares of the Company’s
common stock equal to $50,000 divided by the average Nasdaq closing price of a share of the Company’s common stock for the 30 trading
days ending on the 2nd trading day preceding the date of grant. Such grant shall vest 50% on the first anniversary of the date of grant
and 50% on the second anniversary of the date of grant, contingent upon Employee’s continued service. The terms set forth in this
Section 5.03 shall be subject to change at the Company’s discretion.

 

5.04            Effect
of Advisory Board Service on Equity Awards. Provided that Employee’s employment with the Company does not terminate prior
to the Separation Date and that Employee commences service as a member of the Advisory Board immediately following the Separation Date,
Employee shall not have ceased to perform “Service” (or a term of similar meaning) as defined by the agreements evidencing
share-base incentive awards previously granted to Employee and remaining outstanding as of the Effective Date. Accordingly, Employee
shall continue to earn and vest in all such awards in accordance with their terms and the applicable terms of the Company equity compensation
plan under which they were granted for so long as Employee remains a member of the Advisory Board.

 

6.            Cooperation
in Proceedings

 

Employee and the Company agree that they will
fully cooperate with respect to any claim, litigation or judicial, arbitral or investigative proceeding initiated by any private party
(other than Employee or anyone affiliated with Employee) or by any regulator, governmental entity, or self-regulatory organization, that
relates to or arises from any matter with which Employee was involved during his employment with the Company, or that concerns any matter
of which Employee has information or knowledge (collectively, a “Proceeding”). Employee’s duty of cooperation
includes, but is not limited to: (i) meeting with the Company's attorneys by telephone or in person at mutually convenient times
and places in order to state truthfully Employee's recollection of events; (ii) appearing at the Company's request as a witness
at depositions or trials, without the necessity of a subpoena, in order to state truthfully Employee's knowledge of matters at issue;
and (iii) signing at the Company's request declarations or affidavits that truthfully state matters of fact of which Employee has
personal knowledge obtained during the course of his employment at the Company; provided that this Agreement shall not be deemed to require
Employee to execute any declaration or affidavit that in his good faith opinion is inaccurate or incomplete in any respect, and further
provided that, to the extent that Employee is not a named defendant in any such proceeding, he shall be compensated at the hourly rate
equivalent of the Base Salary for time spent assisting the Company with such efforts. The Company’s duty of cooperation includes,
but is not limited to, providing Employee and his counsel access to documents, information, witnesses or the Company’s legal counsel
as is reasonably necessary to (a) do any of (i), (ii) or (iii) above, or (b) litigate on behalf of Employee in any
Proceeding. In addition, Employee agrees to notify the Company’s general counsel promptly of any requests for information or testimony
that he receives in connection with any litigation or investigation relating to the Company's business, and the Company agrees to notify
Employee of any requests for information or testimony that it receives relating to Employee. Notwithstanding any other provision of this
Agreement, this Agreement shall not be construed or applied so as to require any Party to violate any confidentiality agreement or understanding
with any third party, nor shall it be construed or applied so as to compel any Party to take any action, or omit to take any action,
requested or directed by any regulatory or law enforcement authority.

 

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7.            Tax
Matters.

 

7.01            Tax
Withholding. All payments made and benefits provided pursuant to this Agreement will be subject to withholding of applicable
taxes.

 

7.02            Section 409A.

 

(a)            It
is intended that any amounts payable under this Agreement shall either be exempt from or comply with Section 409A of the Code (including
the Treasury regulations and other published guidance relating thereto, “Section 409A”) so as not to subject
Employee to payment of any additional tax, penalty or interest imposed under Section 409A. The provisions of this Agreement shall
be construed and interpreted to avoid the imputation of any such additional tax, penalty or interest under Section 409A, yet preserve
(to the nearest extent reasonably possible) the intended benefit payable to Employee. However, the Company does not guarantee any particular
tax effect for income provided to Employee pursuant to this Agreement. In any event, except for the Company’s responsibility to
withhold applicable income and employment taxes from compensation paid or provided to Employee, the Company shall not be responsible
for the payment of any taxes, penalties, interest, costs, fees, including attorneys’ fees or accountants’ fees, or other
liability incurred by Employee in connection with compensation paid or provided to Employee pursuant to this Agreement. Notwithstanding
anything else contained herein to the contrary, nothing in this Agreement is intended to constitute, nor does it constitute, tax advice,
and in all cases, Employee should obtain and rely solely on the tax advice provided by Employee’s own independent tax advisors
(and not the Company, any of the Company’s affiliates, or any officer, employee or agent of the Company or any of its affiliates).

 

(b)            Notwithstanding
anything to the contrary in this Agreement, no severance benefits to be paid or provided to Employee, if any, pursuant to this Agreement
that, when considered together with any other severance benefits, are considered nonqualified deferred compensation under Section 409A
(together, the “Deferred Payments”) will be paid or otherwise provided until Employee has a Separation from Service.
Similarly, no severance payable to Employee, if any, pursuant to this Agreement that otherwise would be exempt from Section 409A
pursuant to Treasury Regulation Section 1.409A-1(b)(9) will be payable until Employee has a Separation from Service.

 

(c)            Any
severance benefits under this Agreement that would be considered Deferred Payments will be paid on, or, in the case of installments,
will not commence until, the date of the next regularly scheduled payroll following the 60th day following Employee’s Separation
from Service. Any installment payments that would have been made to Employee during the period between Employee’s Separation from
Service and the date of the next regularly scheduled payroll following the 60th day following Employee’s Separation from Service,
but for the preceding sentence, will be paid to Employee on the date of the next regularly scheduled payroll following the 60th day following
Employee’s Separation from Service and the remaining payments shall be made as provided in this Agreement. Any right of Employee
to receive installment payments hereunder shall, for all purposes of Section 409A, be treated as a right to a series of separate
payments.

 

(d)            Notwithstanding
any provision of this Agreement to the contrary, if Employee is a “specified employee” within the meaning of Treasury Regulation
Section 1.409A-l(i) as of the date of Employee’s Separation from Service, Employee shall not be entitled to any payment
or benefit that constitutes nonqualified deferred compensation under Section 409A until the earlier of (1) the date which is
6 months and 1 day after Employee’s Separation from Service for any reason other than death, or (2) the date of Employee’s
death. Any amounts otherwise payable to Employee upon or in the 6 month period following Employee’s Separation from Service that
are not so paid by reason of this paragraph shall be paid (without interest) on the first business day after the date that is 6 months
after Employee’s Separation from Service (or, if earlier, as soon as practicable, and in all events within 10 business days, after
the date of Employee’s death). The payment timing provisions of this paragraph shall only apply if, and to the extent, required
to avoid the imputation of any tax, penalty or interest pursuant to Section 409A.

 

    - 11 -

    

    

 

8.            Miscellaneous.

 

8.01            Resignation
from Company Positions. Unless the Board specifically authorizes the Employee to continue in any such capacity, upon Employee’s
Separation of Service, Employee hereby resigns from any and all directorships, offices, and other positions that Employee holds with
the Company and any of the Company’s direct or indirect subsidiaries. Employee shall execute any further documents requested by
the Company with respect to the foregoing.

 

8.02            Administration.
The Administrator shall have the exclusive right, power and authority, in its sole and absolute discretion, to administer and interpret
this Agreement and the benefits provided for herein, including the power to resolve and clarify inconsistencies, ambiguities and omissions
in the Agreement and between the Agreement and other documents. The decision of the Administrator on any disputes arising under the Agreement,
including (but not limited to) questions of construction, interpretation and administration shall be final, conclusive and binding on
all persons having an interest in or under the Agreement. Any determination made by the Administrator shall be given deference in the
event the determination is subject to review pursuant to Section 8.11 hereof and shall be overturned by an arbitrator only if it
is arbitrary and capricious.

 

8.03            Assignment
and Binding Effect.

 

(a)            No
right or interest to or in this Agreement, or any payment or benefit to Employee under this Agreement shall be assignable by Employee
except by will or the laws of descent and distribution. No right, benefit or interest of Employee hereunder shall be subject to anticipation,
alienation, sale, assignment, encumbrance, charge, pledge, hypothecation or set off in respect of any claim, debt or obligation, or to
execution, attachment, levy or similar process or assignment by operation of law. Any attempt, voluntarily or involuntarily, to effect
any action specified in the immediately preceding sentences shall, to the full extent permitted by law, be null, void and of no effect;
provided, however, that this provision shall not preclude Employee from designating one or more beneficiaries to receive any amount that
may be payable to Employee under this Agreement after his or her death and shall not preclude the legal representatives of Employee’s
estate from assigning any right hereunder to the person or persons entitled thereto under his or her will, or, in the case of intestacy,
to the person or persons entitled thereto under the laws of intestacy applicable to his or her estate. However, this Agreement shall
be assignable by the Company to, binding upon and inure to the benefit of any successor of the Company, and any successor shall be deemed
substituted for the Company upon the terms and subject to the conditions hereof.

 

(b)            The
Company will require any successor (whether by purchase of assets, merger, consolidation or otherwise) to all or substantially all of
the business and/or assets of the Company to expressly assume and agree to perform all of the obligations of the Company under this Agreement
(including the obligation to cause any subsequent successor to also assume the obligations of this Agreement) unless such assumption
occurs by operation of law. In connection with sale of a Significant Business Unit responsibility for which was the primary duty of Employee,
the Company may assign its obligations hereunder to the purchaser of such Significant Business Unit.

 

8.04            No
Waiver. No waiver of any term, provision or condition of this Agreement, whether by conduct or otherwise, in any one or more
instances shall be deemed or construed as a further or continuing waiver of any such term, provision or condition or as a waiver of any
other term, provision or condition of this Agreement. Without limiting the generality of the foregoing, the failure by Employee to exercise
his or her right to terminate his or her employment for Good Reason shall not operate as a waiver by Employee of his or her right to
terminate for Good Reason based upon any subsequent act or omission of the Company that constitutes Good Reason.

 

    - 12 -

    

    

 

8.05            Rules of
Construction.

 

(a)            This
Agreement has been executed in, and shall be governed by and construed in accordance with the laws of the State of Texas without regard
to the principles of conflict of laws.

 

(b)            Captions
contained in this Agreement are for convenience of reference only and shall not be considered or referred to in resolving questions of
interpretation with respect to this Agreement.

 

(c)            If
any provision of this Agreement is held to be illegal, invalid or unenforceable under any present or future law, and if the rights or
obligations of any party hereto will not be materially or adversely affected thereby, (i) such provision will be fully severable,
(ii) this Agreement will be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a
part hereof, (iii) the remaining provisions of this Agreement will remain in full force and effect and will not be affected by the
illegal, invalid or unenforceable provision or by its severance herefrom and (iv) in lieu of such illegal, invalid or unenforceable
provision, there will be added automatically as a part of this Agreement a legal, valid and enforceable provision as similar in terms
to such illegal, invalid or unenforceable provision as may be possible.

 

8.06            Notices.
Any notice required or permitted by this Agreement shall be in writing, delivered by hand or sent by registered or certified mail, return
receipt requested, postage prepaid, or by a nationally recognized courier service (regularly providing proof of delivery) or by facsimile
or telecopy, addressed to the Board and the Company and, if other than the Board, the Administrator, at the Company’s then principal
office, or to Employee at the address set forth in the records of the Company, as the case may be, or to such other address or addresses
the Company or Employee may from time to time specify in writing. Notices shall be deemed given: (i) when delivered if delivered
personally (including by courier); (ii) on the third day after mailing, if mailed, postage prepaid, by registered or certified mail
(return receipt requested); (iii) on the day after mailing if sent by a nationally recognized overnight delivery service which maintains
records of the time, place, and recipient of delivery; and (iv) upon receipt of a confirmed transmission, if sent by telecopy or
facsimile transmission.

 

8.07            Modification.
This Agreement may be modified only by an instrument in writing signed by Employee and an authorized representative of the Company.

 

8.08            Entire
Agreement. This Agreement constitutes the entire agreement between the Company and Employee concerning the subject matter hereof,
and supersedes all other agreements, whether written or oral, with respect to such subject matter (including, but not limited to, (a) the
Prior Agreement and (b) any conflicting provision in any past or future equity award agreements, unless such future equity award
agreements specifically reference this Agreement and specify that such equity award agreement is intended to supersede some portion of
this Agreement). This is an integrated agreement. For the avoidance of doubt, this Agreement does not supersede any confidentiality,
non-solicitation, non-competition or similar agreements, and Employee acknowledges that his or her entitlement to the severance benefits
set forth herein is expressly conditioned upon Employee’s strict compliance with any and all duties and obligations set forth in
such agreements. The dollar value of the benefits provided under this Agreement shall reduce any payments to which Employee would otherwise
be entitled under the proprietary information and inventions agreement between Employee and the Company (including any payment thereunder
with respect to the non-competition provision). To avoid potential duplication of benefits, the dollar value of benefits under this Agreement
shall be reduced (but not below zero) by any severance benefits paid by the Company to Employee under any other severance agreement.
For the avoidance of doubt, this Agreement does not supersede the Indemnification Agreement entered into by the Company and Employee
which shall continue to apply with respect to the period during which Employee served as a director and/or officer of the Company.

 

8.09            Counterparts.
This Agreement may be executed in counterparts, and each counterpart, when executed, shall have the efficacy of a signed original. Copies
of such signed counterparts may be used in lieu of the originals for any purpose.

 

8.10            Good
Faith Determinations. No member of the Board shall be liable, with respect to this Agreement, for any act, whether of commission
or omission, taken by any other member of the Board or by any officer, agent, or employee of the Company, nor, excepting circumstances
involving his or her own bad faith, for anything done or omitted to be done by himself or herself. The Company shall indemnify and hold
harmless each member of the Board from and against any liability or expense hereunder, except in the case of such member’s own
bad faith.

 

    - 13 -

    

    

 

8.11            Arbitration.
Any controversy arising out of or relating to this Agreement (including Exhibit A hereto), its enforcement, arbitrability
or interpretation, or because of an alleged breach, default, or misrepresentation in connection with any of its provisions, or any other
controversy arising out of or relating in any way to the subject matter contained herein, shall be submitted to final and binding arbitration.
Any arbitration hereunder shall be in Travis County, Texas before a sole arbitrator selected from Judicial Arbitration and Mediation
Services, Inc., or its successor (“JAMS”), or if JAMS is no longer able to supply the arbitrator, such arbitrator
shall be selected from the American Arbitration Association. Final resolution of any dispute through arbitration may include any remedy
or relief which the Arbitrator deems just and equitable, including any and all remedies provided by applicable state or federal statutes.
At the conclusion of the arbitration, the Arbitrator shall issue a written decision that sets forth the essential findings and conclusions
upon which the Arbitrator’s award or decision is based. Any award or relief granted by the Arbitrator hereunder shall be final
and binding on the parties hereto and may be enforced by any court of competent jurisdiction. The parties acknowledge and agree that
they are hereby waiving any rights to trial by jury in any action, proceeding or counterclaim brought by either of the parties against
the other in connection with any matter whatsoever arising out of or in any way connected with this Agreement or the subject matter contained
herein.  The parties further agree that in any proceeding to enforce the terms of this Agreement, the non-prevailing party shall
pay (1) the prevailing party’s reasonable attorneys’ fees and costs incurred in connection with resolution of the dispute
in addition to any other relief granted, and (2) all costs of the arbitration, including, but not limited to, the arbitrator’s
fees, court reporter fees, and any and all other administrative costs of the arbitration, and that the non-prevailing party promptly
shall reimburse the prevailing party for any portion of such costs previously paid by the prevailing party. The arbitrator shall resolve
any dispute as to the reasonableness of any fee or cost.

 

[Remainder of Page Intentionally Left
Blank]

 

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	SILICON LABORATORIES INC.    	 	EMPLOYEE      
	 	 	 
	 	 	 
	By:	 /s/ John C. Hollister	 	/s/ G. Tyson Tuttle
	Name:	John C. Hollister	 	G. Tyson Tuttle
	 	 	 
	Title: Senior Vice President and Chief Financial Officer	 	Chief Executive Officer
	 	 	 
	Date: June 27, 2021	 	Date: June 27, 2021

 

[SIGNATURE PAGE TO CEO TRANSITION AGREEMENT]

 

    - 15 -

    

    

 

EXHIBIT A

 

RELEASE OF CLAIMS AND SEPARATION AGREEMENT

 

This Release of Claims and
Separation Agreement (the “Agreement”) is made by and between Silicon Laboratories Inc., a Delaware corporation (the
 “Company”) and G. Tyson Tuttle (“Employee”). Employee and the Company may be referred to herein
as the “Parties.”

 

WHEREAS, if there is a Change
in Control Termination or Non-CIC Termination, and subject to the terms and conditions of the CEO Transition Agreement, including the
requirement to execute and not revoke this Agreement, Employee shall receive the applicable severance benefits set forth in Employee’s
CEO Transition Agreement, dated July 27, 2021 (the “Transition Agreement”).

 

NOW, THEREFORE, in consideration
of the mutual promises and benefits set forth below and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties agree as follows:

 

1.            Separation
Payments. In consideration for Employee signing and not revoking this Agreement and complying with Employee’s obligations
under the Transition Agreement and obligations hereunder, the Company will provide the severance benefits to Employee as provided in
the Transition Agreement. Employee hereby acknowledges the sufficiency of the severance benefits and that Employee is not otherwise entitled
to the severance benefits. Employee further acknowledges that upon receipt of the payments recited herein, Employee shall not be entitled
to any further payment, compensation, benefits, bonus, equity award, or remuneration of any kind from the Company, with respect to Employee’s
employment with the Company.

 

2.            Employee’s
General Release. In exchange for the consideration provided to Employee under this Agreement, and except as otherwise set forth
in this Agreement, Employee hereby generally and completely releases, acquits and forever discharges the Company, its parent, subsidiaries,
other corporate affiliates, predecessors, successors and assigns (“Released Parties”) from any and all claims, liabilities
and obligations, both known and unknown, arising out of or in any way related to Employee’s employment with the Company or the
termination of that employment. Excluded from Employee's General Release are the following: (i) any claims that may arise from events
that occur after the date this Agreement is executed; (ii) any rights or claims for indemnification Employee may have pursuant to
any written indemnification agreement with the Company to which Employee is a party, the charter, bylaws, or operating agreements of
the Company, or under applicable law, or any rights or claims Employee may have under or relating to any directors and officers, or other,
insurance policy of which he is a beneficiary or an insured; (iii) any rights that, as a matter of law, whether by statute or otherwise,
may not be waived, such as claims for workers’ compensation benefits or unemployment insurance benefits; (iv) any claims for
breach of this Agreement and (v) Employee’s rights arising as an equityholder of the Company and any rights arising under
Employee’s equity awards which remain outstanding following Employee’s separation from employment. In addition, nothing in
this Agreement prevents Employee from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity
Commission (“EEOC”) or its state equivalent, the United States Department of Labor (“DOL”) or its
state equivalent, or any other government agency or entity, or from exercising any rights pursuant to Section 7 of the National
Labor Relations Act (“NLRA”), or from taking any action protected under the whistleblower provisions of federal law
or regulation, none of which activities shall constitute a breach of the release herein or a breach of any non-disparagement, confidentiality
or any other clauses in the Transition Agreement. Employee acknowledges and agrees, however, that Employee is waiving, to the fullest
extent permitted by law, Employee’s right to any monetary recovery should any governmental agency or entity pursue any claims on
Employee’s behalf.

 

Employee represents that
Employee has not filed any charges, complaints, or other proceedings against the Company or any of the other Released Parties that are
presently pending with any federal, state, or local court or administrative or governmental agency. Notwithstanding any release of liability,
nothing in this Agreement prevents Employee from filing any non-legally waivable claim (including a challenge to the validity of this
Agreement) with the EEOC, National Labor Relations Board (“NLRB”), or comparable state or local agency or participating
in any investigation or proceeding conducted by the EEOC, NLRB, or comparable state or local agency; however, Employee understands and
agrees that Employee is waiving any and all rights to recover any monetary or personal relief or recovery as a result of such EEOC, NLRB,
or comparable state or local agency proceeding or subsequent legal actions. In addition, nothing in this Agreement prohibits Employee
from reporting possible violations of federal law or regulation to any government agency or entity, making other disclosures that are
protected under whistleblower provisions of law, or receiving an award or monetary recovery pursuant to the Securities and Exchange Commission’s
whistleblower program. Employee does not need prior authorization to make such reports or disclosures and is not required to notify the
Company that Employee has made any such report or disclosure.

 

    - 16 -

    

    

 

3.            Employee’s
ADEA Waiver. Employee hereby acknowledges that Employee is knowingly and voluntarily waiving and releasing any rights Employee
may have under the Age Discrimination in Employment Act, as amended (the “ADEA”), including the Older Workers Benefit
Protection Act (“the “OWBPA”), and that the consideration given to Employee for the waiver and release in this
Agreement is in addition to anything of value to which Employee was already entitled. Employee further acknowledges that Employee has
been advised by this writing, as required by the ADEA, that: (a) Employee’s waiver and release do not apply to any rights
or claims that may arise after the date Employee signs this Agreement; (b) Employee should consult with an attorney prior to signing
this Agreement (although Employee may voluntarily decide not to do so); (c) Employee has 21 days to consider this Agreement (although
Employee may choose voluntarily to sign this Agreement sooner); (d) Employee has 7 days following the date Employee signs this Agreement
to revoke this Agreement (in a written revocation sent to and received the Company’s Chief Executive Officer); and (e) this
Agreement will not be effective until the date upon which the revocation period has expired unexercised, which will be the eighth day
after Employee signs this Agreement provided that Employee does not revoke it before such date (the “Effective Date”).

 

Employee understands that
nothing in this Agreement is intended to interfere with or deter Employee’s right to (i) challenge the waiver of an ADEA or
state-law age discrimination claim, (ii) file an ADEA or state-law age discrimination claim, or (iii) participate in any Equal
Employment Opportunity Commission (“EEOC”) or state-agency investigation or proceeding regarding any such claim. Further,
Employee understands that nothing in this Agreement would require Employee to tender back the money received under this Agreement if
Employee seeks to challenge the validity of the ADEA Release, and Employee does not ratify any ADEA or state-law age discrimination waiver
that fails to comply with the Older Workers’ Benefit Protection Act by retaining the money received under the Agreement. Further,
nothing in this Agreement is intended to require the payment of damages, attorneys’ fees, or costs to the Company should Employee
challenge the ADEA Release or file an ADEA or state law age discrimination suit except as authorized by federal or state law.

 

4.            No
Admissions. By entering into this Agreement, the Parties make no admission that they have engaged, or are now engaging, in any
unlawful conduct. The Parties understand and acknowledge that this Agreement is not an admission of liability and shall not be used or
construed as such in any legal or administrative proceeding.

 

5.            Entire
Agreement; No Oral Modification; Counterparts; PDF. This Agreement and the Transition Agreement (including any exhibits
and documents incorporated by reference) is intended to be the entire agreement between the parties and supersedes and cancels any and
all other prior agreements, written or oral, between the parties regarding this subject matter, except and as limited to any confidentiality,
non-solicitation or non-competition, non-disparagement, proprietary rights or any other agreement which may exist and which survives
the termination of Employee’s employment. It is agreed that there are no collateral agreements or representations, written or oral,
regarding the terms and conditions of Employee’s separation of employment with the Company and settlement of all claims between
the parties other than those set forth in this Agreement and the Transition Agreement. This Agreement may be amended only by a written
instrument executed by all parties hereto. This Agreement may be executed in two or more counterparts, which when taken together, shall
constitute an original agreement. Executed originals transmitted by electronically as PDF files (or their equivalent) shall have the
same force and effect as a signed original.

 

    - 17 -

    

    

 

THE PARTIES HAVE READ THE FOREGOING AGREEMENT
AND FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED HEREIN. THE PARTIES HAVE EXECUTED THIS AGREEMENT ON THE DATES SHOWN BELOW.

 

		 	SILICON LABORATORIES INC.
	 	 	 
	 	 	 
	Dated:	 	 	By:	       
		 	Name:
		 	Title:
	 	 	 

	 	 	 
		 	EMPLOYEE
	 	 	 
	 	 	 
	Dated:	 	 	Signature:	 
	 	 	 
	 	 	Name:	 

 

    - 18 -Exhibit 4.1 

 

NEITHER THIS SECURITY NOR THE
SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

SERIES A COMMON STOCK PURCHASE WARRANT

 

Xenetic
Biosciences, Inc.

 

	Warrant Shares: _______	Initial Exercise Date: July __, 2021

 

 

THIS SERIES A COMMON STOCK
PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after
the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on the three and one
half year anniversary of the earlier of the (i) the six month anniversary of the Initial Exercise Date and (ii) the date that the registration
statement registering all of the Warrant Shares is declared effective by the Commission (the “Termination Date”) but
not thereafter, to subscribe for and purchase from Xenetic Biosciences, Inc., a Nevada corporation (the “Company”),
up to ______ shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price
of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1.       Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement
(the “Purchase Agreement”), dated July _, 2021, among the Company and the purchasers signatory thereto.

 

Section 2.       Exercise.

 

a)              
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any
time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed
facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice
of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement
Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise
Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States
bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original
Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of
Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant
to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full,
in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which
the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the
total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable
hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise
within one (1) Business Day of receipt of such notice. Notwithstanding the foregoing, with respect to any Notice(s) of Exercise delivered
on or prior to 4:00 p.m. (New York City time) on the Trading Date prior to the Initial Exercise Date, which may be delivered at any time
after the time of execution of the Purchase Agreement, the Company agrees to deliver the Warrant Shares subject to such notice(s) by 4:00
p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the Warrant Share Delivery Date for purposes
hereunder, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received by such Warrant
Share Delivery Date. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions
of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase
hereunder at any given time may be less than the amount stated on the face hereof.

 

 

 

    	 	1	 

     

    

 

b)              
Exercise Price. The exercise price per share of Common Stock under this Warrant shall be $3.30, subject to adjustment
hereunder (the “Exercise Price”).

 

c)              
Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus
contained therein is not available for the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised, in whole
or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant
Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	 	(A) =	 as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. (“Bloomberg”) as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

	 	(B) =	the Exercise
Price of this Warrant, as adjusted hereunder; and

 

	 	(X) =	the number
of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were
by means of a cash exercise rather than a cashless exercise.

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the
Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of the Warrant
Shares being issued may be tacked on to the holding period of this Warrant.  The Company agrees not to take any position contrary
to this Section 2(c), except to the extent required by applicable law, rule or regulation.

 

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

 

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

 

 

 

    	 	2	 

     

    

 

Notwithstanding
anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c).

 

		d)	Mechanics of Exercise.

 

i.         
Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted
by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository
Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in
such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of
the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations
pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise by physical delivery of a certificate, registered in
the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is
entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the later of (i)
one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (ii) the number of Trading Days comprising the Standard
Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”).
Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of
the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares,
provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received by the Warrant Share
Delivery Date. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the
Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000
of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10
per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading
Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees
to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As
used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days,
on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.

 

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

 

iii.              
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant
to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

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

 

    	 	3	 

     

    

 

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

 

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

 

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

 

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

 

    	 	4	 

     

    

 

Section 3.       Certain
Adjustments.

 

a)              
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or
otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable
in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise
of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way
of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares
of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction
of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before
such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the
number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this
Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record
date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after
the effective date in the case of a subdivision, combination or re-classification.

 

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

 

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

 

 

 

    	 	5	 

     

    

 

d)              
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in
one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (or
any Subsidiary), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all
or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer
or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding
Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into
or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates
a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than
50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making
or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business
combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall
have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence
of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this
Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation,
and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction
by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction
(without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination
of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among
the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.
If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then
the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor
(the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other
Transaction Documents in accordance with the provisions of this Section 3(d) and shall, at the option of the Holder, deliver to the Holder
in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance
to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity)
equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on
the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder
to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental
Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the
purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction). Upon
the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after
the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations
of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named
as the Company herein.

 

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

 

 

 

    	 	6	 

     

    

 

f)               
Notice to Holder.

 

i.         
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company
shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting
adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii.         
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form)
on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of
capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with
any reclassification of the Common Stock, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any
sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Common Stock is converted into
other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding
up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its
last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to
the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the
purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders
of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y)
the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close,
and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common
Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange;
provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the
corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains,
material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with
the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing
on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

g)              
Voluntary Adjustment By Company. Subject to the rules and regulations of the Trading Market, the Company may at any time
during the term of this Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount
and for any period of time deemed appropriate by the board of directors of the Company.

 

Section 4.Transfer
of Warrant.

 

a)              
Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d)
hereof and to the provisions of Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation,
any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company
or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by
the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such
surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee
or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the
assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder
has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days
of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned
in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

 

 

    	 	7	 

     

    

 

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

 

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

 

d)              
Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant,
the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act
and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current
public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder
or transferee of this Warrant, as the case may be, comply with the provisions of Section 5.7 of the Purchase Agreement.

 

e)              
Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant
and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to
or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities
law, except pursuant to sales registered or exempted under the Securities Act.

 

Section 5.       Miscellaneous.

 

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

 

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

 

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

 

 

 

    	 	8	 

     

    

 

d)              
Authorized Shares.

 

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

 

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

 

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

 

e)              
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be determined in accordance with the provisions of the Purchase Agreement.

 

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

 

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

 

h)              
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company
shall be delivered in accordance with the notice provisions of the Purchase Agreement.

 

 

 

    	 	9	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

 

 

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

 

(Signature Page Follows)

 

 

    	 	10	 

     

    

 

 

 

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

 

	
    XENETIC BIOSCIENCES, INC.

     

	
    By:  __________________________________________

           Name:

       Title:

     

     

     

 

 

    	 	11	 

     

    

 

NOTICE OF EXERCISE

 

 

To:       Xenetic
Biosciences, Inc.

 

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

 

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

 

[__] in lawful money
of the United States; or

 

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

 

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

 

_______________________________

 

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

 

_______________________________

 

_______________________________

 

_______________________________

 

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

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: ________________________________________________________________________

 

Signature of Authorized Signatory of Investing
Entity: _________________________________________________

 

Name of Authorized Signatory: ___________________________________________________________________

 

Title of Authorized Signatory: ____________________________________________________________________

 

Date: ________________________________________________________________________________________

 

 

 

    	 	12	 

     

    

 

 

EXHIBIT B

 

ASSIGNMENT FORM

 

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

 

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

 

	Name:	___________________________________
	 	(Please Print)
	 	 
	Address:	___________________________________
	
     

     

    Phone Number:

     

    Email Address:

     
	
    (Please Print)

     

    ___________________________________

     

    ___________________________________

     

	Dated: _______________ __, ______	 
	Holder’s Signature: ________________________	 
	Holder’s Address:_________________________	 

 

 

 

 

 

 

 

    	 	13

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