Document:

EX-4.5

 Exhibit 4.5 

WARRANT AGREEMENT 
 THIS
WARRANT AGREEMENT made as of December [•], 2022 (the “Issuance Date”), between Medab Clinical Ltd., an Australian corporation (the “Company”), and VStock Transfer, LLC, a [New York corporation] (the
“Warrant Agent”). 
 WHEREAS, the Company has sold (i) [•] ordinary shares, no par value (the “Ordinary
Shares”) of the Company (or in lieu of Ordinary Shares, pre-funded warrants (the “Pre-Funded Warrants”) exercisable for the purchase of up to
[•] Ordinary Shares) and (ii) warrants to purchase up to [•] Ordinary Shares (each, a “Warrant Share” and, collectively, the “Warrant Shares”), subject to adjustment as described herein (each, a
“Warrant” and, collectively, the “Warrants”), pursuant to an Underwriting Agreement, dated [•], 2022, between the Company and EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”), as
representative of the several underwriters (if any) named therein (the “Underwriting Agreement”); 
 WHEREAS, the
Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form F-1 (File No. 333-267873) (as the same
may be amended from time to time, the “Registration Statement”) for the registration, under the Securities Act of 1933, as amended (the “1933 Act”), of the Ordinary Shares, the
Pre-Funded Warrants, the Warrants and the Warrant Shares, and such Registration Statement was declared effective on [•], 2022; 

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

WHEREAS, the Company desires to provide for the form and provisions of the Pre-Funded Warrants
and the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Pre-Funded
Warrants and the Warrants; and 
 WHEREAS, all acts and things have been done and performed which are necessary to make the Pre-Funded Warrants and the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and
to authorize the execution and delivery of this Warrant Agreement. 
 NOW, THEREFORE, in consideration of the mutual agreements
herein contained, the parties hereto agree as follows: 
 1. Appointment of Warrant Agent. The Company hereby appoints the Warrant
Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the express terms and conditions set forth in this Warrant Agreement. 

2. Warrants. 
 2.1
Form of Warrant. The Pre-Funded Warrants and the Warrants shall be registered securities and shall be initially evidenced by a global Warrant certificate (“Global Certificate”) in the
forms of Exhibit A-1 and Exhibit A-2, respectively, to this Warrant Agreement, which shall be deposited on behalf of the Company with a custodian for The
Depository Trust Company (“DTC”) and registered in the name of Cede & Co., a nominee of DTC. If DTC subsequently ceases to make its settlement system available for the Warrants, the Company may instruct the Warrant Agent
regarding making arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary to have the Warrants available in, registration in the name of Cede & Co., a nominee of DTC, the
Company may instruct the Warrant Agent to provide written instructions to DTC to deliver to the Warrant Agent for cancellation the Global Certificate, and the Company shall instruct the Warrant Agent to deliver to each Holder (as defined below)
separate certificates evidencing Warrants (“Definitive Certificates” and, together with the Global Certificate, “Warrant Certificates”), in the forms of Exhibit B-1 and
Exhibit B-2, respectively, to this Warrant Agreement. The Warrants represented by the Global Certificate are referred to as “Global Warrants.” 

 2.2 Registration. 

2.2.1 Warrant Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original
issuance and the registration of transfer of the Pre-Funded Warrants and the Warrants. Any Person in whose name ownership of a beneficial interest in the Pre-Funded
Warrants and/or the Warrants evidenced by a Global Certificate is recorded in the records maintained by DTC or its nominee shall be deemed the “beneficial owner” thereof, provided that all such beneficial interests shall be held through a
Participant (as defined below), which shall be the registered holder of such Pre-Funded Warrants and Warrants. 

2.2.2 Issuance of Warrants. Upon the initial issuance of the Pre-Funded Warrants and the
Warrants, the Warrant Agent shall issue the Global Certificates and deliver the Pre-Funded Warrants and the Warrants in the DTC settlement system in accordance with written instructions delivered to the
Warrant Agent by the Company. Ownership of beneficial interests in the Pre-Funded Warrants and the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained
(i) by DTC and (ii) by institutions that have accounts with DTC (each, a “Participant”), subject to a Holder’s right to elect to receive a Warrant in certificated form in the form of Exhibit B to this Warrant
Agreement. Any Holder desiring to elect to receive a Warrant in certificated form shall make such request in writing delivered to the Warrant Agent pursuant to Section 2.2.6, and shall surrender to the Warrant Agent the interest of the Holder
on the books of the Participant evidencing the Pre-Funded Warrants and the Warrants which are to be represented by a Definitive Certificate through the DTC settlement system. Thereupon, the Warrant Agent shall
countersign and deliver to the person entitled thereto a Warrant Certificate or Warrant Certificates, as the case may be, as so requested. 

2.2.3 Beneficial Owner; Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent
may deem and treat the person in whose name that Warrant shall be registered on the Warrant Register (the “Holder”) as the absolute owner of such Warrant for purposes of any exercise thereof, and for all other purposes, and neither
the Company nor the Warrant Agent shall be affected by any notice to the contrary. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any
written certification, proxy or other authorization furnished by DTC governing the exercise of the rights of a holder of a beneficial interest in any Warrant. The rights of beneficial owners in a Warrant evidenced by the Global Certificate shall be
exercised by the Holder or a Participant through the DTC system, except to the extent set forth herein or in the Global Certificate. 

2.2.4 Execution. The Warrant Certificates shall be executed on behalf of the Company by any authorized officer of the Company (an
“Authorized Officer”), which need not be the same authorized signatory for all of the Warrant Certificates, either manually or by facsimile signature. The Warrant Certificates shall be countersigned by an authorized signatory of the
Warrant Agent, which need not be the same signatory for all of the Warrant Certificates, and no Warrant Certificate shall be valid for any purpose unless so countersigned. In case any Authorized Officer of the Company that signed any of the Warrant
Certificates ceases to be an Authorized Officer of the Company before countersignature by the Warrant Agent and issuance and delivery by the Company, such Warrant Certificates, nevertheless, may be countersigned by the Warrant Agent, issued and
delivered with the same force and effect as though the person who signed such Warrant Certificates had not ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by any person who, at the actual
date of the execution of such Warrant Certificate, shall be an Authorized Officer of the Company authorized to sign such Warrant Certificate, although at the date of the execution of this Warrant Agreement any such person was not such an Authorized
Officer. 
 2.2.5 Proxies. The Holder of a Warrant may grant proxies or otherwise authorize any person, including the Participants
and beneficial holders that may own interests through the Participants, to take any action that a Holder is entitled to take under this Warrant Agreement or the Pre-Funded Warrants and the Warrants;
provided, however, that at all times that Warrants are evidenced by Book Entry Warrant Certificate, exercise of those Warrants shall be effected on their behalf by Participants through DTC in accordance the procedures administered by
DTC. 

	
	

  
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 2.2.6 Warrant Certificate Request. A Holder has the right to elect at any time or
from time to time a Warrant Exchange (as defined below) pursuant to a Warrant Certificate Request Notice (as defined below). Upon written notice by a Holder to the Warrant Agent for the exchange of some or all of such Holder’s Warrants for a
Definitive Certificate evidencing the same number of Warrants, which request shall be in the form attached hereto as Exhibit C (a “Warrant Certificate Request Notice” and the date of delivery of such Warrant Certificate
Request Notice by the Holder, the “Warrant Certificate Request Notice Date” and the deemed surrender upon delivery by the Holder of a number of Global Warrants for the same number of Warrants evidenced by a Definitive Certificate, a
“Warrant Exchange”), the Warrant Agent shall, as soon as practicable, effect the Warrant Exchange and shall, as soon as practicable, issue and deliver to the Holder a Definitive Certificate for such number of Warrants in the name
set forth in the Warrant Certificate Request Notice. Such Definitive Certificate shall be dated the original issue date of the Pre-Funded Warrants and the Warrants, shall be manually executed by an authorized
signatory of the Company, shall be in the form attached hereto as Exhibit B-1 and Exhibit B-2, respectively, and shall be reasonably acceptable in all
respects to such Holder. In connection with a Warrant Exchange, the Company agrees to deliver, or to direct the Warrant Agent to deliver, the Definitive Certificate to the Holder within three (3) Business Days of the Warrant Certificate Request
Notice pursuant to the delivery instructions in the Warrant Certificate Request Notice (“Warrant Certificate Delivery Date”). If the Company or the Warrant Agent fails for any reason to deliver to the Holder the Definitive
Certificate subject to the Warrant Certificate Request Notice by the Warrant Certificate 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 evidenced by such
Definitive Certificate (based on the Weighted Average Price of the Ordinary Shares on the Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day after such Warrant Certificate Delivery Date until such Definitive
Certificate is delivered or, prior to delivery of such Warrant Certificate, the Holder rescinds such Warrant Exchange. The Company covenants and agrees that, upon the date of delivery of the Warrant Certificate Request Notice, the Holder shall be
deemed to be the holder of the Definitive Certificate and, notwithstanding anything to the contrary set forth herein, the Definitive Certificate shall be deemed for all purposes to contain all of the terms and conditions of the Pre-Funded Warrants and the Warrants evidenced by such Warrant Certificate and the terms of this Warrant Agreement, shall not apply to the Pre-Funded Warrants and the Warrants
evidenced by the Definitive Certificate. The Warrant Agent shall have no responsibility for any liquidated damages that may be payable or paid to any Person under this paragraph for any failure by the Warrant Agent to deliver to the Holder the
Definitive Certificate, on the Company’s behalf. In addition, the Company shall indemnify and hold harmless the Warrant Agent against all claims made against the Warrant Agent for any such failure except that the Company shall not be obligated
to provide any such indemnification if it is determined by a final, non-appealable judgment of a court of competent jurisdiction that such failure is due to the Warrant Agent’s gross negligence, bad faith
or willful misconduct. 
 2.2.7 For purposes of clarity, without limiting the rights and immunities of the Warrant Agent, if there is a
conflict between the express terms of this Warrant Agreement and any Definitive Certificate in the form of Exhibit B-1 hereto with respect to the terms of the
Pre-Funded Warrants and the Warrants, the terms of such Definitive Certificate shall govern and control. 

2.2.8 The terms of the Pre-Funded Warrants are set forth in the form of the Pre-Funded Warrants attached hereto as Exhibit B-2, which form is incorporated by reference into this Warrant Agreement. If there is any discrepancy between any Section
of this Warrant Agreement applicable to the Pre-Funded Warrants and the form of Pre-Funded Warrants attached hereto as Exhibit
B-2, the form of Pre-Funded Warrant shall govern. 
 2.3
Detachability of Warrants. The Ordinary Shares and the Pre-Funded Warrants and the Warrants will be issued separately and will be separately transferable immediately upon issuance. 

3. Terms and Exercise of Warrants. This Section 3 applies only to the Warrants, except for Sections 3.3.3, 3.3.4, 3.3.6, 3.3.7,
3.3.9, 3.4, and 3.6, which apply to both the Pre-Funded Warrants and the Warrants. 
 3.1
Exercise Price. The exercise price per whole share of the Ordinary Shares under each Warrant shall be $[•], subject to adjustment hereunder (the “Exercise Price”). 

3.2 Duration of Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) commencing on the
Issuance Date and terminating at 5:00 P.M., Eastern time on the date sixty (60) months after the Issuance Date or, if such date falls on a day other than a Business Day or on which trading does not take place on the Principal Market (a
“Holiday”), the next day that is not a Holiday (the “Expiration Date”). Each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof
under this Warrant Agreement shall cease at the close of business on the Expiration Date. 

	
	

  
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 3.3 Exercise of Warrants. 

3.3.1 
 Cash Exercise. Subject
to the provisions of the Warrant and this Warrant Agreement, a Warrant, when countersigned by the Company, may be exercised by the Registered Holder thereof by surrendering it at the office of the Warrant Agent, or at the office of its successor as
Warrant Agent, currently being: 
 VStock Transfer, LLC 

18 Lafayette Place 

Woodmere, NY 11598 

with the subscription form, as set forth in the Warrant, duly executed, and by paying in full, in lawful money of the United States, by
certified or bank cashier’s check payable to the order of the Warrant Agent or by wire transfer to the Warrant Agent’s Citibank bank account, the Warrant Price for each whole Warrant Share as to which the Warrant is exercised and any and
all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the Warrant Shares, and the issuance of the Warrant Shares (such exercise, a “Cash Exercise”). A Cash Exercise in accordance
with this Section 3.3.1 is available to the registered holder only during such times that there is an effective registration statement registering the Warrant Shares, with the prospectus contained therein being available for the resale of the
Warrant Shares. 

	
	

  
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 3.3.2 Issuance of Certificates. The Warrant Agent shall, within a reasonable time,
advise the Company and the Company’s transfer agent and registrar (the “Transfer Agent”) in respect of (a) the Warrant Shares issuable upon such exercise as to the number of Warrants exercised in accordance with the terms
and conditions of this Warrant Agreement, (b) the instructions of each registered holder or Participant, as the case may be, with respect to delivery of the Warrant Shares issuable upon such exercise, and the delivery of definitive Warrant
Certificates, as appropriate, evidencing the balance, if any, of the Warrants remaining after such exercise, (c) in case of a Book-Entry Warrant Certificate, the notation that shall be made to the records maintained by DTC, its nominee for each
Book-Entry Warrant Certificate, or a Participant, as appropriate, evidencing the balance, if any, of the Warrants remaining after such exercise and (d) such other information as the Company, the Warrant Agent or such Transfer Agent shall
reasonably require. So long as the Holder delivers the Warrant Price (or notice of a Cashless Exercise) on or prior to the first (1st) Trading Day following the date on which the Warrant Exercise Documents have been delivered to the Warrant Agent,
then on or prior to the earlier of (i) the second (2nd) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period, in each case following the date on which the Warrant Exercise Documents have been delivered
to the Company, or, if the Holder does not deliver the Warrant Price (or notice of a Cashless Exercise) on or prior to the first (1st) Trading Day following the date on which the Warrant Exercise Documents have been delivered to the Warrant Agent,
then on or prior to the first (1st) Trading Day following the date on which the Warrant Price (or notice of a Cashless Exercise) is delivered (such earlier date, the “Share Delivery Date”), the Company shall cause the Warrant Agent
to (X) provided that the Transfer Agent is participating in the DTC Fast Automated Securities Transfer Program, credit such aggregate number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the Holder’s or its
designee’s balance account with DTC through its Deposit / Withdrawal At Custodian system, or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and dispatch by overnight courier to
the address as specified in the Warrant Exercise Documents, a certificate, registered 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. If the Warrant Agent fails
for any reason to deliver to such registered holder or Participant, as the case may be, the Warrant Shares subject to an exercise notice by the Share Delivery Date, the Company shall pay to the registered holder, in cash, as liquidated damages and
not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the Weighted Average Price of the Ordinary Shares on the date of the applicable exercise notice), $10 per Trading Day (increasing to $20 per Trading Day on the
fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Share Delivery Date until such Warrant Shares are delivered or the registered holder rescinds such exercise. The Warrant Agent shall have no
responsibility for any liquidated damages that may be payable or paid to any registered holder or Participant under this paragraph for any failure by the Warrant Agent to execute, issue and deliver, on the Company’s behalf, the Warrant Shares
as required by this paragraph. In addition, the Company shall indemnify and hold harmless the Warrant Agent against all claims made against the Warrant Agent for any such failure except that the Company shall not be obligated to provide any such
indemnification if it is determined by a final, non-appealable judgment of a court of competent jurisdiction that such failure is due to the Warrant Agent’s gross negligence, bad faith or willful
misconduct. 
 If the Warrant Agent fails to comply with the preceding paragraphs in this Section 3.3.2 by the Share Delivery Date,
then, without limiting the rights and immunities of the Warrant Agent hereunder, in addition to other rights it may have hereunder, the registered holder or Participant will have the right to rescind its exercise. 

3.3.3 Valid Issuance. All Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Warrant Agreement shall
be validly issued, fully paid and nonassessable. 
 3.3.4 Dividends. The accrual of dividends, if any, on the Warrant Shares issued
hereunder will be governed by the terms generally applicable to the Ordinary Shares. From and after the issuance of such Warrant Shares, the former holder of the Warrants exercised will be entitled to the benefits generally available to other
holders of Ordinary Shares, including the accrual of dividends, if any, on such Warrant Shares even prior to exercise of such Warrant Shares, and such former holder’s right to receive payments of dividends and any other amounts payable in
respect of the Warrant Shares shall be governed by, and shall be subject to, the terms and provisions generally applicable to the Ordinary Shares. 

	
	

  
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 3.3.5 Fractional Shares. Notwithstanding any provision to the contrary contained in
this Warrant Agreement, the Company shall not be required to issue any fraction of a Warrant Share in connection with the exercise of Warrants, and in any case where the registered holder would be entitled under the terms of the Warrants to receive
a fraction of a Warrant Share upon the exercise of such registered holder’s Warrants, issue or cause to be issued only the largest whole number of Warrant Shares issuable on such exercise (and such fraction of a Warrant Share will be
disregarded); provided, that if more than one Warrant certificate is presented for exercise at the same time by the same registered holder, the number of whole Warrant Shares which shall be issuable upon the exercise thereof shall be computed on the
basis of the aggregate number of Warrant Shares issuable on exercise of all such Warrants. 
 3.3.6 No Transfer Taxes. Issuance of
Warrant Shares shall be made without charge to a registered 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 registered holder or in such name or names as may be directed by the registered holder; provided, however, that in the event Warrant Shares are to be issued in a name other than the name of the
registered holder, a Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the registered holder and the Company may require, as a condition thereto, the payment of a sum sufficient to
reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any exercise notice. The Warrant Agent shall not have any duty or
obligation to take any action under any section of this Warrant Agreement that requires the payment of taxes and/or charges unless and until it is satisfied that all such payments have been made. 

3.3.7 Date of Issuance. Each person in whose name any such certificate for Ordinary Shares is issued shall for all purposes be deemed
to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender and
payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are open. Upon
receipt by the Company of a duly executed Notice of Exercise (which may be by facsimile or email), a registered holder shall be deemed to have exercised its Warrant as specified in the Notice of Exercise for purposes of Regulation SHO promulgated
under the Securities Exchange Act of 1934, as amended (the “1934 Act”). A holder whose interest in a Warrant is a beneficial interest in certificate(s) representing a Warrant held in book-entry form through DTC shall be deemed to
have exercised its interest in a Warrant upon instructing its broker that is a DTC participant to exercise its interest in a Warrant, for purposes of Regulation SHO promulgated under the 1934 Act. 

	
	

  
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 3.3.8 Optional Cashless Exercise. A Cashless Exercise (as defined below) may occur
(i) beginning on the earlier of (A) [•], 2022 and (B) if the Ordinary Shares trades a total of more than 20,000,000 shares beginning on the pricing date of the offering as reported by Bloomberg, and ending on the fifteen
(15) month anniversary thereof, in whole or in part for a whole number of Warrant Shares if the Weighted Average Price of the Ordinary Shares on any prior Trading Date is less than the Initial Exercise Price (subject to adjustment for any stock
splits, stock dividends, stock combinations, recapitalizations and similar events) in which event, in lieu of the formula below, the aggregate number of Warrant Shares issuable in such cashless exercise pursuant to any given Exercise Notice electing
to effect a Cashless Exercise shall equal the product of (x) the aggregate number of Warrant Shares for which the Warrants are exercised as if such exercise were by means of a cash exercise rather than a Cashless Exercise and (y) one (1);
and (ii) if at any time during the term of this Warrant Agreement there is no effective registration statement registering, or no current prospectus available for, the issuance or resale of the Warrant Shares by the registered holder, 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 determined according to the following formula (a “Cashless Exercise”): 

Net Number = (A x B) - (A x C) 

B 
 For purposes of the foregoing
formula: 
 A= the total number of shares with respect to which the Warrants are then being exercised. 

B= as applicable: (i) the Closing Sale Price of the Ordinary Shares on the Trading Day immediately preceding the date of the applicable
Exercise Notice if such Exercise Notice is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 1(a) hereof on a Trading Day
prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the Weighted
Average Price on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Ordinary Shares as of the time of the Holder’s execution of the applicable Exercise Notice if such Exercise
Notice 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 1(a) hereof or (iii) the Closing Sale Price of the Ordinary Shares on the date of the applicable Exercise Notice if the date of such Exercise Notice is a Trading Day and such Exercise Notice is both executed and delivered pursuant
to Section 1(a) hereof after the close of “regular trading hours” on such Trading Day. 
 C= the Exercise Price then in
effect for the applicable Warrant Shares at the time of such exercise. 
 If Warrant Shares are issued in such a cashless exercise, the
Company acknowledges and agrees that in accordance with Section 3(a)(9) of the 1933 Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised, and the holding period of the Warrants being exercised may
be tacked on to the holding period of the Warrant Shares. The Company agrees not to take any position contrary to this Section 3.3.8. 

3.3.9 Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant
Shares, the Company shall promptly issue to the registered holder the number of Warrant Shares that are not disputed. 

	
	

  
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 3.3.10 Limitations on Exercise. Notwithstanding anything to the contrary contained
herein, the Company shall not effect the exercise of any portion of a Warrant, and the Holder shall not have the right to exercise any portion of a Warrant, pursuant to the terms and conditions of the Warrant and any such exercise shall be null and
void and treated as if never made, to the extent that after giving effect to such exercise, the Holder together with the other Attribution Parties collectively would beneficially own in excess of [4.99][9.99]% (the “Maximum
Percentage”) of the number of Ordinary Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned by the Holder and the other
Attribution Parties shall include the number of Ordinary Shares held by the Holder and all other Attribution Parties plus the number of Ordinary Shares issuable upon exercise of the Warrants with respect to which the determination of such sentence
is being made, but shall exclude the number of Ordinary Shares which would be issuable upon (A) exercise of the remaining, unexercised portion of the Warrants beneficially owned by the Holder or any of the other Attribution Parties and
(B) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company (including, without limitation, any convertible notes or convertible preferred stock or warrants, including the other Warrants)
beneficially owned by the Holder or any other Attribution Party subject to a limitation on conversion or exercise analogous to the limitation contained in this Section 3.3.10. For purposes of this Section 3.3.10, beneficial ownership shall
be calculated in accordance with Section 13(d) of the 1934 Act. For purposes of the Warrants, in determining the number of outstanding Ordinary Shares the Holder may acquire upon the exercise of the Warrants without exceeding the Maximum
Percentage, the Holder may rely on the number of outstanding Ordinary Shares as reflected in (x) the Company’s most recent Annual Report on Form 20-F and Current Reports on Form 6-K or other public filing with the SEC, as the case may be, (y) a more recent public announcement by the Company or (z) any other written notice by the Company or the Transfer Agent setting forth the
number of Ordinary Shares outstanding (the “Reported Outstanding Share Number”). If the Company receives an Exercise Notice from the Holder at a time when the actual number of outstanding Ordinary Shares is less than the Reported
Outstanding Share Number, the Company shall (i) notify the Holder in writing of the number of Ordinary Shares then outstanding and, to the extent that such Exercise Notice would otherwise cause the Holder’s beneficial ownership, as
determined pursuant to this Section 3.3.10, to exceed the Maximum Percentage, the Holder must notify the Company of a reduced number of Warrant Shares to be purchased pursuant to such Exercise Notice (the number of shares by which such purchase
is reduced, the “Reduction Shares”) and (ii) as soon as reasonably practicable, the Company shall return to the Holder any exercise price paid by the Holder for the Reduction Shares. For any reason at any time, upon the written
or oral request of the Holder, the Company shall within one (1) Business Day confirm orally and in writing or by electronic mail to the Holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary
Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including the Warrants, by the Holder and any other Attribution Party since the date as of which the Reported Outstanding Share Number was
reported. In the event that the issuance of Ordinary Shares to the Holder upon exercise of the Warrants results in the Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of
the number of outstanding Ordinary Shares (as determined under Section 13(d) of the 1934 Act), the number of shares so issued by which the Holder’s and the other Attribution Parties’ aggregate beneficial ownership exceeds the Maximum
Percentage (the “Excess Shares”) shall be deemed null and void and shall be cancelled ab initio, and the Holder shall not have the power to vote or to transfer the Excess Shares. As soon as reasonably practicable after the issuance
of the Excess Shares has been deemed null and void, the Company shall return to the Holder the exercise price paid by the Holder for the Excess Shares. Upon delivery of a written notice to the Company, the Holder may from time to time increase or
decrease the Maximum Percentage to any other percentage not in excess of 9.99% or such higher percentage as specified in such notice; provided that (i) any such increase in the Maximum Percentage will not be effective until the sixty-first (61st) day after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to the Holder and the other Attribution Parties and not to any other holder of Warrants
that is not an Attribution Party of the Holder. For purposes of clarity, the Ordinary Shares issuable pursuant to the terms of the Warrants in excess of the Maximum Percentage shall not be deemed to be beneficially owned by the Holder for any
purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the 1934 Act. No prior inability to exercise the Warrants pursuant to this paragraph shall have any effect on the applicability of
the provisions of this paragraph with respect to any subsequent determination of exercisability. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this
Section 3.3.10 to the extent necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended beneficial ownership limitation contained in this Section 3.3.10 or to make changes
or supplements necessary or desirable to properly give effect to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor holder of the Warrants. 

	
	

  
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 3.4 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 1(a)(ii)(A) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the
Holder’s brokerage firm otherwise purchases, 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 Warrant Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Warrant Shares with an aggregate sale price giving rise to such purchase
obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of
the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity
including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver Warrant Shares upon exercise of the Warrant as required pursuant to the terms hereof. 

3.5 Cost Basis Information. In the event of a cash exercise, the Company hereby instructs the Warrant Agent to record cost basis for
newly issued shares in a manner to be subsequently communicated by the Company in writing to the Warrant Agent. In the event of a cashless exercise, the Company shall provide cost basis for shares issued pursuant to a cashless exercise at the time
the Company confirms the number of Warrant Shares issuable in connection with the cashless exercise to the Warrant Agent pursuant to Section 3.3.3 hereof. 

	
	

  
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 3.6 Rule 144. If the Warrant Shares are issued in a cashless exercise, the Company
and the registered holder undertaking such cashless exercise acknowledge and agree that in accordance with Section 3(a)(9) of the 1933 Act, other than a change in law, the Warrant Shares take on the registered characteristics of the Warrants
being exercised. For purposes of Rule 144(d) promulgated under the 1933 Act, as in effect on the Issuance Date, it is intended that the Warrant Shares issued in a cashless exercise shall be deemed to have been acquired by the holder of the Warrant
Shares, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date the Warrants being exercised were originally issued pursuant to the Underwriting Agreement. The Company shall, at all times prior to the earlier to
occur of (i) the date of sale or other disposition by the holders of a Warrant of or all Ordinary Shares issued on exercise of such Warrant or (ii) the expiration or earlier termination of a Warrant if a Warrant has not been exercised in
full or in part on such date, use commercially reasonable efforts to timely file all reports required under the 1934 Act and otherwise timely take all actions necessary to permit the holder of such Warrant and/or the Ordinary Shares issued on
exercise thereof to sell or otherwise dispose of such Warrant and shares pursuant to Rule 144 promulgated under the 1933 Act, provided that the foregoing shall not apply in the event of a Merger Event following which the successor or surviving
entity is not subject to the reporting requirements of the 1934 Act. If the holder of a Warrant proposes to sell Ordinary Shares issuable upon the exercise of such Warrant in compliance with Rule 144, then, upon the holder of the Warrant’s
written request to the Company, the Company shall furnish to the holder of the Warrant, within five (5) Business Days after receipt of such request, a written statement confirming the Company’s compliance with the filing and other
requirements of such Rule 144. 
 4. Adjustments. This Section 4 applies only to the Warrants. The terms regarding any
adjustment of the Pre-Funded Warrants are set forth in the form of the Pre-Funded Warrants attached hereto as Exhibit B-2,
which form is incorporated by reference into this Warrant Agreement. If there is any discrepancy between any Section of this Warrant Agreement applicable to the Pre-Funded Warrants and the form of Pre-Funded Warrants attached hereto as Exhibit B-2, the form of Pre-Funded Warrant shall govern. 

4.1 [Reserved] 
 4.2
Adjustment Upon Subdivision or Combination of Ordinary Shares. If the Company at any time on or after the Issuance Date subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding
Ordinary Shares into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the number of Warrant Shares will be proportionately increased. If the Company at any time on or
after the Issuance Date combines (by combination, reverse stock split or otherwise) one or more classes of its outstanding Ordinary Shares into a smaller number of shares, the Exercise Price in effect immediately prior to such combination will be
proportionately increased and the number of Warrant Shares will be proportionately decreased. Any adjustment under this Section 4.2 shall become effective at the close of business on the date the subdivision or combination becomes effective.

 4.3 Purchase Rights. If at any time on or after the Issuance Date and on or prior to the Expiration Date the Company grants,
issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of Ordinary Shares (the “Purchase Rights”), then the Holder will be
entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Ordinary Shares acquirable upon complete exercise of the Warrants
(without regard to any limitations or restrictions on exercise of the Warrants, including without limitation, the Maximum Percentage) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or,
if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the grant, issuance 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 and the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Purchase Right to such extent (and shall not be
entitled to beneficial ownership of such Ordinary Shares as a result of such Purchase Right (and beneficial ownership) to such extent) and such Purchase Right to such extent shall be held in abeyance for the benefit of the Holder until such time or
times as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which time or times the Holder shall be granted such right (and any Purchase Right granted, issued or sold on such
initial Purchase Right or on any subsequent Purchase Right to be held similarly in abeyance) to the same extent as if there had been no such limitation). 

	
	

  
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 4.4 Rights Upon Distribution of Assets. If, on or after the Issuance Date and on or
prior to the Expiration Date, the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares, by way of return of capital or otherwise (including, without
limitation, any distribution of cash, stock or other securities, property, options, evidence of indebtedness or any other assets 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 the Warrants, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated
therein if the Holder had held the number of Ordinary Shares acquirable upon complete exercise of the Warrants (without regard to any limitations or restrictions on exercise of the Warrants, including without limitation, the Maximum Percentage)
immediately before the date on which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Ordinary Shares 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 and the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be
entitled to participate in such Distribution to such extent (and shall not be entitled to beneficial ownership of such Ordinary Shares as a result of such Distribution (and beneficial ownership) to such extent) and the portion of such Distribution
shall be held in abeyance for the benefit of the Holder until such time or times as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which time or times the Holder shall be
granted such Distribution (and any Distributions declared or made on such initial Distribution or on any subsequent Distribution held similarly in abeyance) to the same extent as if there had been no such limitation). 

4.5 Fundamental Transaction. The Company shall not enter into or be party to a Fundamental Transaction unless the Successor Entity
assumes in writing all of the obligations of the Company under the Warrants in accordance with the provisions of this Section 4.5, including agreements to deliver to the Holder in exchange for the Warrants a security of the Successor Entity
evidenced by a written instrument substantially similar in form and substance to the Warrants, including, without limitation, which is exercisable for a corresponding number of shares of capital stock equivalent to the Ordinary Shares acquirable and
receivable upon exercise of the Warrants (without regard to any limitations on the exercise of the Warrants) 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 Ordinary Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such adjustments to the number of shares of capital stock and such exercise price being for
the purpose of protecting the economic value of the Warrants immediately prior to the consummation of such Fundamental Transaction). Upon the consummation of each Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for
the Company (so that from and after the date of the applicable Fundamental Transaction, the provisions of the Warrants 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 the Warrants with the same effect as if such Successor Entity had been named as the Company herein. Upon consummation of each Fundamental
Transaction, the Successor Entity shall deliver to the Holder confirmation that there shall be issued upon exercise of the Warrants at any time after the consummation of the applicable Fundamental Transaction, in lieu of the Ordinary Shares (or
other securities, cash, assets or other property (except such items still issuable under Sections 4.3 and 4.4 above, which shall continue to be receivable thereafter)) issuable upon the exercise of the Warrants prior to the applicable Fundamental
Transaction, such Ordinary Shares (or its equivalent) of the Successor Entity (including its Parent Entity) which the Holder would have been entitled to receive upon the happening of the applicable Fundamental Transaction had the Warrants been
exercised immediately prior to the applicable Fundamental Transaction (without regard to any limitations on the exercise of the Warrants), as adjusted in accordance with the provisions of the Warrants. Notwithstanding the foregoing, and without
limiting Section 3.3.10 hereof, the Holder may elect, at its sole option, by delivery of written notice to the Company to waive this Section 4.4 to permit the Fundamental Transaction without the assumption of the Warrants. In addition to
and not in substitution for any other rights hereunder, prior to the consummation of each Fundamental Transaction pursuant to which holders of Ordinary Shares are entitled to receive securities or other assets with respect to or in exchange for
Ordinary Shares (a “Corporate Event”), the Company shall make appropriate provision to insure that the Holder will thereafter have the right to receive upon an exercise of the Warrants at any time after the consummation of the
applicable Fundamental Transaction but prior to the Expiration Date, in lieu of the shares of the Ordinary Shares (or other securities, cash, assets or other property (except such items still issuable under Sections 4.3 and 4.4 above, which shall
continue to be receivable thereafter)) issuable upon the exercise of the Warrant prior to such Fundamental Transaction, such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or
subscription rights) which the Holder would have been entitled to receive upon the happening of the applicable Fundamental Transaction had the Warrants been exercised immediately prior to the applicable Fundamental Transaction (without regard to any
limitations on the exercise of the Warrants). The provision made pursuant to the preceding sentence shall be in a form and substance reasonably satisfactory to the Holder. The provisions of this Section 4.5 shall apply similarly and equally to
successive Fundamental Transactions and Corporate Events. Notwithstanding the foregoing, in the event of a Change of Control, that is approved by the Company’s Board of Directors (and not, for avoidance of doubt, if the Change of Control is not
within the Company’s control), the Holder shall be entitled to receive from the Company or any Successor Entity, as of the date of consummation of such Change of Control, the same type or form of consideration (and in the same proportion), at
the Black Scholes Value of the unexercised portion of the Warrants, that is being offered and paid to the holders of Ordinary Shares of the Company in connection with the Change of Control, whether that consideration be in the form of cash, stock or
any combination thereof, or whether the holders of Ordinary Shares are given the choice to receive from among alternative forms of consideration in connection with the Change of Control. 

	
	

  
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 4.6 Voluntary Adjustment By the Company. The Company may at any time during the term
of the Warrants 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. 

4.7 Notices. 
 4.7.1
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 4, the Company shall give prompt written notice thereof to the Warrant Agent, which notice shall set forth the Exercise Price
after such adjustment and set forth a brief statement of the facts requiring such adjustment. The Company agrees that it will provide the Warrant Agent with any new or amended exercise terms. The Warrant Agent shall have no obligation under any
Section of this Warrant Agreement to determine whether an adjustment made hereunder has occurred or are scheduled or contemplated to occur or to calculate any of the adjustments set forth in this Warrant Agreement. 

4.7.2 Notices of Certain Events to Allow Exercise. If (A) the Company shall declare a dividend (or any other distribution in
whatever form) on the Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares, (C) the Company shall authorize the granting to all holders of the Ordinary Shares rights
or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Ordinary Shares, any
consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Ordinary Shares 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 mailed to each registered holder at its last
address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the
purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Ordinary Shares of record to be entitled to such dividend, distributions, redemption, rights or
warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Ordinary
Shares of record shall be entitled to exchange their shares of the Ordinary Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to
mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any of the subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form
8-K. The registered holder shall remain entitled to exercise a 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. 
 4.8 Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to
this Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Warrant Agreement. 

4.9 Calculations. All calculations under this Section 4 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 4, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Ordinary Shares (excluding treasury shares, if any) issued and outstanding.

	
	

  
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 5. Transfer and Exchange of Warrants. 

5.1 Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Pre-Funded Warrant and Warrant upon the Warrant Register, upon surrender of such Pre-Funded or Warrant for transfer, duly endorsed with signatures properly guaranteed and
accompanied by appropriate instructions for transfer. Upon any such transfer, a new Pre-Funded Warrant or Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be
cancelled by the Warrant Agent. The Pre-Funded Warrants and the Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon the request and at the expense of the
Company. 
 5.2 Procedure for Surrender of Warrants. Pre-Funded Warrants or Warrants may be
surrendered to the Warrant Agent, together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Pre-funded Warrants or Warrants as
requested by the registered holder of the Pre-Funded Warrants or Warrants so surrendered, representing an equal aggregate number of Pre-Funded Warrants or Warrants;
provided, however, that except as otherwise provided herein or in any Book-Entry Warrant Certificate, each Book-Entry Warrant Certificate may be transferred only in whole and only to DTC, to another nominee of DTC, to a successor depository, or to a
nominee of a successor depository; provided further, however, that in the event that a Pre-Funded Warrants or Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel
such Pre-Funded Warrant and/or Warrant and issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and
indicating whether the new Pre-Funded Warrants, Warrants or Warrant Shares must also bear a restrictive legend. Upon any such registration of transfer, the Company shall execute, and the Warrant Agent shall
countersign and deliver, in the name of the designated transferee a new Warrant Certificate or Warrant Certificates of any authorized denomination evidencing in the aggregate a like number of unexercised Warrants. 

A party requesting transfer of Warrants must provide any evidence of authority that may be required by the Warrant Agent, including but not
limited to, a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association. 

5.3 Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result
in the issuance of a warrant certificate for a fraction of a warrant. 
 5.4 Service Charges. A registered holder shall not incur any
service charge for any exchange or registration of transfer of Pre-Funded Warrants or Warrants. 

5.5 Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with
the terms of this Warrant Agreement, the Pre-Funded Warrants and Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, will
supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose. 
 6. Other Provisions Relating to Rights
of Registered Holders of Warrants. 
 6.1 No Rights as Stockholder. Except as otherwise specifically provided herein, a
registered holder, solely in its capacity as a holder of a Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant Agreement be
construed to confer upon a registered holder, solely in its capacity as the registered holder of a Pre-Funded Warrant or Warrant, any of the rights of a stockholder of the Company or any right to vote, give or
withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise,
prior to the issuance to the registered holder of the Warrant Shares which it is then entitled to receive upon the due exercise of a Warrant. In addition, nothing contained in this Warrant Agreement shall be construed as imposing any liabilities on
a registered holder to purchase any securities (upon exercise of a Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. A
Pre-funded Warrant and/or Warrant does not entitle the registered holder thereof to any of the rights of a stockholder. 

	
	

  
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 6.2 Lost, Stolen or Destroyed Warrants. If any Warrant is lost, stolen, mutilated or
destroyed, the Company and the Warrant Agent may, on such terms as to indemnity or otherwise as they may in their discretion impose (which terms shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like
denomination, tenor and date as the Warrant so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant
shall be at any time enforceable by anyone. 
 6.3 Authorized Shares. The Company covenants that, during the period the Pre-Funded Warrants and Warrants are outstanding, the Company shall at all times keep reserved for issuance under the Pre-Funded Warrants and Warrants a number of Ordinary
Shares at least equal to 100% of the maximum number of Ordinary Shares as shall be necessary to satisfy the Company’s obligation to issue Ordinary Shares under the Pre-Funded Warrants and Warrants then
outstanding (without regard to any limitations on exercise) (the “Required Reserve Amount”); provided that at no time shall the number of Ordinary Shares reserved pursuant to this Section 6.3 be reduced other than in
connection with any exercise of Pre-Funded Warrants and Warrants or such other event covered by Section 4.2. The Required Reserve Amount (including, without limitation, each increase in the number of
shares so reserved) shall be allocated pro rata among the holders of the Pre-Funded Warrants and Warrants based on the number of Ordinary Shares issuable upon exercise of
Pre-Funded Warrants and Warrants held by each holder thereof on the Issuance Date (without regard to any limitations on exercise) (the “Authorized Share Allocation”). In the event that a
holder shall sell or otherwise transfer any of such holder’s Pre-Funded Warrants and Warrants, each transferee shall be allocated a pro rata portion of such holder’s Authorized Share Allocation. Any
Ordinary Shares reserved and allocated to any Person which ceases to hold any Pre-Funded Warrants and Warrants shall be allocated to the remaining holders of Pre-Funded
Warrants and Warrants, pro rata based on the number of Ordinary Shares issuable upon exercise of the Pre-Funded Warrants and Warrants then held by such holders thereof (without regard to any limitations on
exercise). If at any time while the Pre-Funded Warrants and Warrants remains outstanding the Company does not have a sufficient number of authorized and unreserved Ordinary Shares to satisfy its obligation to
reserve for issuance the Required Reserve Amount (an “Authorized Share Failure”), then the Company shall promptly take all action reasonably necessary to increase the Company’s authorized Ordinary Shares to an amount sufficient
to allow the Company to reserve the Required Reserve Amount for the Pre-Funded Warrants and Warrants then outstanding. Without limiting the generality of the foregoing sentence, as soon as practicable after
the date of the occurrence of an Authorized Share Failure, but in no event later than ninety (90) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval of an increase
in the number of authorized Ordinary Shares. In connection with such meeting, the Company shall provide each stockholder with a proxy statement and shall use its reasonable best efforts to solicit its stockholders’ approval of such increase in
authorized Ordinary Shares and to cause its board of directors to recommend to the stockholders that they approve such proposal. Notwithstanding the foregoing, if any such time of an Authorized Share Failure, the Company is able to obtain the
written consent of a majority of the shares of its issued and outstanding Ordinary Shares to approve the increase in the number of authorized Ordinary Shares, the Company may satisfy this obligation by obtaining such consent and submitting for
filing with the SEC an Information Statement on Schedule 14C. 
 6.4 Noncircumvention. The Company hereby covenants and agrees that
the Company will not, by amendment of its Certificate of Incorporation or Bylaws, or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issuance or sale of securities, or any other voluntary
action, avoid or seek to avoid the observance or performance of any of the terms of the Pre-Funded Warrants and Warrants, and will at all times in good faith carry out all of the provisions of the Pre-Funded Warrants and Warrants and take all action as may be required to protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the par value of
any Ordinary Shares receivable upon the exercise of the Pre-Funded Warrants and Warrants above the Exercise Price then in effect, (ii) shall take all such actions as may be necessary or appropriate in
order that the Company may validly and legally issue fully paid and nonassessable Ordinary Shares upon the exercise of the Pre-Funded Warrants and Warrants, and (iii) shall, so long as any of the Pre-Funded Warrants and Warrants are outstanding, take all action necessary to reserve and keep available out of its authorized and unissued Ordinary Shares, solely for the purpose of effecting the exercise of the Pre-Funded Warrants and Warrants, the number of Ordinary Shares as shall from time to time be necessary to effect the exercise of the Pre-Funded Warrants and Warrants then
outstanding (without regard to any limitations on exercise). 

	
	

  
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 7. Concerning the Warrant Agent and Other Matters. 

7.1 Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the
Warrant Agent in respect of the issuance, transfer or delivery of Ordinary Shares upon the exercise of Warrants, but the Company or the Warrant Agent shall not be obligated to pay any transfer taxes or charges in respect of the Pre-Funded Warrants and Warrants or such shares in connection with a transfer to a different holder. The Warrant Agent shall not register any transfer or issue or deliver any Warrant Certificate(s) unless or until
the persons requesting the registration or issuance shall have paid to the Warrant Agent for the account of the Company the amount of such transfer tax and charges, if any, or shall have established to the reasonable satisfaction of the Company and
the Warrant Agent that such transfer tax and charges, if any, have been paid. 
 7.2 Resignation, Consolidation, or Merger of Warrant
Agent. 
 7.2.1 Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign
its duties and be discharged from all further duties and liabilities hereunder after giving thirty (30) days’ notice in writing to the Company pursuant to the notice provisions in Section 8.2 hereof. In the event the transfer agency
relationship, if any, in effect between the Company and the Warrant Agent terminates, the Warrant Agent will be deemed to have resigned automatically and be discharged from its duties under this Warrant Agreement as of the effective date of such
termination. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such
appointment within a period of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of the Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then
the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company
or by such court, shall be authorized under applicable laws to exercise the powers of a transfer agent and subject to supervision or examination by federal or state authorities. After appointment, any successor Warrant Agent shall be vested with all
the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or
appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and
upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority,
powers, rights, immunities, duties, and obligations. 
 7.2.2 Notice of Successor Warrant Agent. In the event a successor Warrant
Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the transfer agent for the Ordinary Shares not later than the effective date of any such appointment. 

7.2.3 Merger or Consolidation of Warrant Agent. Any Person into which the Warrant Agent may be merged or converted or with which it may
be consolidated or any Person resulting from any merger, conversion, or consolidation to which the Warrant Agent shall be a party, or any Person succeeding to the business of the Warrant Agent, shall be the successor Warrant Agent under this Warrant
Agreement without any further act by the parties. 
 7.3 Fees and Expenses of Warrant Agent. 

7.3.1 Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent
hereunder in accordance with a fee schedule to be mutually agreed upon and will reimburse the Warrant Agent upon demand for all expenditures (including the reasonable expenses and fees of counsel) and disbursements that the Warrant Agent may
reasonably incur in the incurred in the preparation, delivery, negotiation, amendment, administration and execution of this Warrant Agreement and the exercise and performance of its duties hereunder. 

	
	

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

7.4.1 Reliance on Company Statement. Whenever in the performance of its duties under this Warrant Agreement, the Warrant Agent shall
deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be
deemed to be conclusively proved and established by a statement signed by the Chief Executive Officer, Chief Financial Officer, President or Chairman of the Board of Directors of the Company and delivered to the Warrant Agent. The Warrant Agent may
rely upon, and be held harmless for such reliance, such statement for any action taken or suffered by it pursuant to the provisions of this Warrant Agreement, and shall not be held liable in connection with any delay in receiving such statement.

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

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

7.4.4 Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Warrant Agreement or with respect
to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Warrant Agreement or in any Warrant; nor shall it be
responsible to make calculations under Section 3.3.8 or any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts
that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Ordinary Shares to be issued pursuant to this Warrant Agreement or any Warrant
or as to whether any Ordinary Shares will when issued be valid and fully paid and nonassessable. 
 7.4.5 Rights and Duties of Warrant
Agent. The Warrant Agent may consult with legal counsel (who may be legal counsel for the Company), and the opinion or advice of such counsel shall be full and complete authorization and protection to the Warrant Agent as to any action taken or
omitted by it in accordance with such opinion or advice. 
 (a) The Warrant Agent shall not be liable for or by reason of
any of the statements of fact or recitals contained in this Warrant Agreement or in the Warrant Certificates (except its countersignature thereof) or be required to verify the same, and all such statements and recitals are and shall be deemed to
have been made by the Company only. 

	
	

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

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

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

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

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

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

(h) The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any Pre-Funded Warrants and Warrants authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Warrant Agreement or for the application by the Company of the proceeds of the issue and sale,
or exercise, of the Pre-Funded Warrants and Warrants. 
 (i) The Warrant Agent shall
act hereunder solely as agent for the Company, and its duties shall be determined solely by the express provisions hereof (and no duties or obligations shall be inferred or implied). The Warrant Agent shall not assume any obligations or relationship
of agency or trust with any of the owners or holders of the Pre-Funded Warrants and Warrants. 

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

	
	

  
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 (k) In the event the Warrant Agent believes any ambiguity or uncertainty
exists hereunder or in any notice, instruction, direction, request or other communication, paper or document received by the Warrant Agent hereunder, the Warrant Agent, may, in its sole discretion, refrain from taking any action, and shall be fully
protected and shall not be liable in any way to Company, the holder of any Warrant Certificate or Book-Entry Warrant Certificate or any other person or entity for refraining from taking such action, unless the Warrant Agent receives written
instructions signed by the Company which eliminates such ambiguity or uncertainty to the satisfaction of Warrant Agent. The foregoing shall not eliminate any liability that the Company may have to any registered holder or holder of any Warrant
Certificate or Book-Entry Warrant Certificate. 
 7.5 Limitation on Liability of Warrant Agent. Notwithstanding anything contained
herein to the contrary, the Warrant Agent’s aggregate liability during any term of this Warrant Agreement with respect to, arising from, or arising in connection with this Warrant Agreement, or from all services provided or omitted to be
provided under this Warrant Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the Company to Warrant Agent as fees and charges, but not including reimbursable expenses,
during the twelve (12) months immediately preceding the event for which recovery from Warrant Agent is being sought. Sections 7.1, 7.3, 7.4, 7.5 and 8.15 shall survive the expiration of the Pre-Funded
Warrants and Warrants, the termination of this Warrant Agreement and the resignation, replacement or removal of the Warrant Agent. The costs and expenses incurred in enforcing this right of indemnification shall be paid by the Company. 

7.6 Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Warrant Agreement and agrees to perform the
same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Pre-Funded Warrants and Warrants exercised and concurrently account for, and
pay to the Company, all moneys received by the Warrant Agent for the purchase of Ordinary Shares through the exercise of Pre-Funded Warrants and Warrants. 

7.7 Opinion of Counsel. The Company shall provide an opinion of counsel prior to the Issuance Date to set up a reserve of Pre-Funded Warrants and Warrants and related Ordinary Shares. The opinion shall state that all Pre-Funded Warrants and Warrants or Ordinary Shares, as applicable, are: 

(1) registered under the 1933 Act, or are exempt from such registration, and all appropriate state securities law filings have been made with
respect to the warrants or shares; and 
 (2) validly issued, fully paid and non-assessable. 

8. Miscellaneous Provisions. 

8.1 Successors. Subject to applicable securities laws, this Warrant Agreement and the
Pre-Funded Warrants and Warrants 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 each registered holder. The provisions of this Warrant Agreement are intended to be for the benefit of any holder from time to time of this Warrant Agreement and shall be enforceable by the holder or holder of Warrant Shares.

 8.2 Notices. Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent or by
the holder of any Warrant to or on the Company shall be in writing and delivered by hand or sent by registered or certified mail or overnight courier service addressed (until another address is filed in writing by the Company with the Warrant
Agent), or by facsimile transmission (as long as the sender maintains a fax delivery report confirming receipt by the recipient and is considered delivered when sent or if after normal business hours the next Business Day) or by email (as long as no
bounce back is received by the sender), as follows: 
 Medlab Clinical Ltd. 

Units 5 and 6, 11-13 Lord Street 

Botany, New South Wales 2019 
 +
61 2 8188 0311 
 Attn: Sean Hall 

	
	

  
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 Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the holder of
any Warrant or by the Company to or on the Warrant Agent shall be in writing and delivered by hand or overnight courier service addressed (until another address is filed in writing by the Warrant Agent with the Company) as follows: 

VStock Transfer, LLC 
 Attn:
Compliance Department 
 18 Lafayette Place 

Woodmere, NY 11598 
 8.3
Jurisdiction. The validity, interpretation, and performance of this Warrant Agreement and of the Pre-Funded Warrants and Warrants shall be governed in all respects by the laws of the State of New York,
without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any
way to this Warrant Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be
exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenience forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by
registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 8.2 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any
action, proceeding or claim. 
 8.4 Persons Having Rights under this Warrant Agreement. Nothing in this Warrant Agreement expressed
and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders of the Pre-Funded Warrants and Warrants, any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions,
stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the registered holders of the
Pre-Funded Warrants and Warrants. 
 8.5 Examination of the Warrant Agreement. A copy of this
Warrant Agreement shall be available at all reasonable times at the office of the Warrant Agent, for inspection by the registered holder of any Warrant. The Warrant Agent may require any such holder to submit his Warrant for inspection by it. 

8.6 Counterparts. This Warrant Agreement may be executed in any number of original or facsimile counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Warrant Agreement transmitted electronically shall have the same authority,
effect, and enforceability as an original signature. 
 8.7 Effect of Headings. The Section headings herein are for convenience only
and are not part of this Warrant Agreement and shall not affect the interpretation thereof. 
 8.8 Amendments. All modifications or
amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the written consent of the registered holders of Pre-Funded Warrants and Warrants equal to at
least 67% of the Warrant Shares issuable upon exercise of all then outstanding Pre-Funded Warrants and Warrants. As a condition precedent to the Warrant Agent’s execution of any amendment, the Company
shall deliver to the Warrant Agent a certificate from an Authorized Officer that states that the proposed amendment is in compliance with the terms of this Section 8.8. No consideration shall be offered or paid to any person to amend or consent
to a waiver or modification of any provision of this Warrant Agreement unless the same consideration is also offered to all holders of the Pre-Funded Warrants and Warrants. Notwithstanding anything in this
Warrant Agreement to the contrary, the Warrant Agent shall not be required to execute any supplement or amendment to this Warrant Agreement that it has determined would adversely affect its own rights, duties, obligations or immunities under this
Warrant Agreement. No supplement or amendment to this Warrant Agreement shall be effective unless duly executed by the Warrant Agent. 
 8.9
Severability. Wherever possible, each provision of this Warrant Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant Agreement 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 Agreement; provided, however, that if such
prohibited and invalid provision shall adversely affect the rights, immunities, liabilities, duties or obligations of the Warrant Agent, the Warrant Agent shall be entitled to resign immediately upon written notice to the Company. 

	
	

  
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 8.10 Restrictions. Each registered holder acknowledges that the Warrant Shares
acquired upon the exercise of a Warrant, if not registered, and the registered holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws. 

8.11 Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of a registered
holder shall operate as a waiver of such right or otherwise prejudice such a registered holder’s rights, powers or remedies. Without limiting any other provision of this Warrant Agreement or the Underwriting Agreement, if the Company willfully
and knowingly fails to comply with any provision of this Warrant Agreement or the Pre-Funded Warrants and Warrants, which results in any material damages to a registered holder, the Company shall pay such
registered 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 registered holder in collecting any
amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 
 8.12 Limitation of
Liability. No provision hereof, in the absence of any affirmative action by the registered holder to exercise a Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of a registered holder, shall give rise to
any liability of each registered holder for the purchase price of any Ordinary Shares or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 

8.13 Remedies. The registered holders, 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 Agreement. 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 Agreement 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. Notwithstanding the foregoing or anything else herein to the contrary, other than as expressly
provided in Section 3.3.2, Section 3.4 or Section 4.5 hereof, if the Company is for any reason unable to issue and deliver Warrant Shares upon exercise of this Warrant as required pursuant to the terms hereof, the Company shall have
no obligation to pay to the holder any cash or other consideration or otherwise “net cash settle” this Warrant; provided that the foregoing shall not limit or supersede the applicability of Section 4.5 hereof. 

8.14 Confidentiality. The Warrant Agent and the Company agree that all books, records, information and data pertaining to the business
of the other party, including inter alia, personal, non-public warrant holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Warrant Agreement including
the fees for services set forth in a mutually agreed upon schedule shall remain confidential, and shall not be voluntarily disclosed to any other person, except as may be required by law, including, without limitation, pursuant to subpoenas from
state or federal government authorities (e.g., in divorce and criminal actions). 
 8.15 Consequential Damages. Neither party to this
Warrant Agreement shall be liable to the other party for any consequential, indirect, special or incidental damages under any provisions of this Warrant Agreement or for any consequential, indirect, punitive, special or incidental damages arising
out of any act or failure to act hereunder even if that party has been advised of or has foreseen the possibility of such damages. 
 8.16
Force Majeure. Notwithstanding anything to the contrary contained herein, the Warrant Agent will not be liable for any delays or failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of
God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor
difficulties, war, or civil unrest; provided, however, that this Section 8.16 shall not affect any of the Company’s obligations to the Holders under the Pre-Funded Warrants and Warrants. 

	
	

  
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 8.17 Dispute Resolution. In the case of a dispute as to the determination of the
Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via facsimile or electronic mail within two (2) Business Days of receipt of the Warrant Exercise
Document or other event giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within three
(3) Business Days of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall, within two (2) Business Days submit via facsimile or electronic mail (a) the disputed determination of
the Exercise Price to an independent, reputable investment bank selected by the Company and approved by the Holder or (b) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant. The
Company shall cause at its expense the investment bank or the accountant, as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the results no later than ten (10) Business Days from the time
it receives the disputed determinations or calculations. Such investment bank’s or accountant’s determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable error. 

9. Certain Definitions. For purposes of this Warrant Agreement, the following terms shall have the following meanings (for purposes of
these definitions, Warrants means the Pre-Funded Warrants and Warrants): 
 9.1
“Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common control with, such Person, it being understood for purposes of this definition that
“control” of a Person means the power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the election of directors of such Person or direct or cause the direction of the management and policies
of such Person whether by contract or otherwise. 
 9.2 [Reserved] 

9.3 “Attribution Parties” means, collectively, the following Persons and entities: (i) any investment vehicle,
including, any funds, feeder funds or managed accounts, currently, or from time to time after the Issuance Date, directly or indirectly managed or advised by the Holder’s investment manager or any of its Affiliates or principals, (ii) any
direct or indirect Affiliates of the Holder or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together with the Holder or any of the foregoing and (iv) any other Persons whose beneficial
ownership of the Company’s Ordinary Shares would or could be aggregated with the Holder’s and the other Attribution Parties for purposes of Section 13(d) of the 1934 Act. For clarity, the purpose of the foregoing is to subject
collectively the Holder and all other Attribution Parties to the Maximum Percentage. 
 9.4 “Bid Price” means, for
any security as of the particular time of determination, the bid price for such security on the Principal Market as reported by Bloomberg as of such time of determination, or, if the Principal Market is not the principal securities exchange or
trading market for such security, the bid price of such security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg as of such time of determination, or if the foregoing does not
apply, the bid price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg as of such time of
determination, or, if no bid price is reported for such security by Bloomberg as of such time of determination, the average of the bid prices of any market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc.
(formerly Pink Sheets LLC) as of such time of determination. If the Bid Price cannot be calculated for a security as of the particular time of determination on any of the foregoing bases, the Bid Price of such security as of such time of
determination shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved in accordance with
the procedures in Section 8.17. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period. 

9.5 “Black Scholes Value” means the value of the Warrants based on the Black-Scholes Option Pricing Model obtained
from the “OV” function on Bloomberg determined as of the day immediately following the first public announcement of the applicable Change of Control, or, if the Change of Control is not publicly announced, the date the Change of Control is
consummated, for pricing purposes and reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of the Warrants as of such date of request, (ii) an expected volatility equal
to 100% , (iii) the underlying price per share used in such calculation shall be the greater of (a) the highest Weighted Average Price during the five (5) Trading Days prior to the closing of the Change of Control and (b) the sum of
the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Change of Control, (iv) a zero cost of borrow and (v) a 360 day
annualization factor. 

	
	

  
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 9.6 “Bloomberg” means Bloomberg Financial Markets. 

9.7 “Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New
York are authorized or required by law or executive order to remain closed. 
 9.8 “Change of Control” means any
Fundamental Transaction other than (i) any reorganization, recapitalization or reclassification of the Ordinary Shares in which holders of the Company’s voting power immediately prior to such reorganization, recapitalization or
reclassification continue after such reorganization, recapitalization or reclassification to hold publicly traded securities and, directly or indirectly, are, in all material respect, the holders of the voting power of the surviving entity (or
entities with the authority or voting power to elect the members of the board of directors (or their equivalent if other than a corporation) of such entity or entities) after such reorganization, recapitalization or reclassification,
(ii) pursuant to a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company or (iii) a merger in connection with a bona fide acquisition by the Company of any Person in which
(x) the gross consideration paid, directly or indirectly, by the Company in such acquisition is not greater than 20% of the Company’s market capitalization as calculated on the date of the consummation of such merger and (y) such
merger does not contemplate a change to the identity of a majority of the board of directors of the Company. Notwithstanding anything herein to the contrary, any transaction or series of transaction that, directly or indirectly, results in the
Company or the Successor Entity not having Ordinary Shares or Ordinary Shares, as applicable, registered under the 1934 Act and listed on an Eligible Market shall be deemed a Change of Control. 

9.9 “Closing Bid Price” and “Closing Sale Price” means, for any security as of any date, the
last closing bid price and last closing trade price, respectively, for such security on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing bid
price or the closing trade price, as the case may be, then the last bid price or the last trade price, respectively, of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not the principal
securities exchange or trading market for such security, the last closing bid price or last trade price, respectively, of such security on the principal securities exchange or trading market where such security is listed or traded as reported by
Bloomberg, or if the foregoing do not apply, the last closing bid price or last trade price, respectively, of such security in the over-the-counter market on the
electronic bulletin board for such security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for such security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any
market makers for such security as reported in the OTC Link or “pink sheets” by OTC Markets Group Inc. (formerly Pink OTC Markets Inc.). If the Closing Bid Price or the Closing Sale Price cannot be calculated for a security on a particular
date on any of the foregoing bases, the Closing Bid Price or the Closing Sale Price, as the case may be, of such security on such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder
are unable to agree upon the fair market value of such security, then such dispute shall be resolved pursuant to Section 8.17 with the term fair market value being substituted for “Exercise Price.” All such determinations to be
appropriately adjusted for any stock dividend, stock split, stock combination, reclassification or other similar transaction during the applicable calculation period. 

9.10 “Ordinary Shares” means (i) the Company’s Ordinary Shares and (ii) any share capital into which
such Ordinary Shares shall have been changed or any share capital resulting from a reclassification of such Ordinary Shares. 
 9.11
“Convertible Securities” means any stock or securities (other than Options) directly or indirectly convertible into or exercisable or exchangeable for Ordinary Shares. 

9.12 “Eligible Market” means The Nasdaq Capital Market, the NYSE American LLC, The Nasdaq Global Select Market, The
Nasdaq Global Market or The New York Stock Exchange, Inc. 

	
	

  
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 9.13 [Reserved] 

9.14 “Expiration Date” means the date that is sixty (60) months after the Issuance Date or, if such date falls on
a Holiday, the next date that is not a Holiday, as the same may be extended pursuant to Section 3.3.7. 
 9.15 “Fundamental
Transaction” means (A) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the
Company is the surviving corporation) another Subject Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company or any of its “significant subsidiaries”
(as defined in Rule 1-02 of Regulation S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities to make, or allow the Company to
be subject to or have its Ordinary Shares be subject to or party to one or more Subject Entities making, a purchase, tender or exchange offer that is accepted by the holders of at least either (x) 50% of the outstanding Ordinary Shares, (y) 50% of
the outstanding Ordinary Shares calculated as if any Ordinary Shares held by all Subject Entities making or party to, or Affiliated with any Subject Entities making or party to, such purchase, tender or exchange offer were not outstanding; or
(z) such number of Ordinary Shares such that all Subject Entities making or party to, or Affiliated with any Subject Entity making or party to, such purchase, tender or exchange offer, become collectively the beneficial owners (as defined in
Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding Ordinary Shares, or (iv) consummate a stock purchase agreement or other business combination (including, without limitation, a
reorganization, recapitalization, spin-off or scheme of arrangement) with one or more Subject Entities whereby all such Subject Entities, individually or in the aggregate, acquire, either (x) at least 50%
of the outstanding Ordinary Shares, (y) at least 50% of the outstanding Ordinary Shares calculated as if any Ordinary Shares held by all the Subject Entities making or party to, or Affiliated with any Subject Entity making or party to, such
stock purchase agreement or other business combination were not outstanding; or (z) such number of Ordinary Shares such that the Subject Entities become collectively the beneficial owners (as defined in Rule
13d-3 under the 1934 Act) of at least 50% of the outstanding Ordinary Shares, or (v) reorganize, recapitalize or reclassify its Ordinary Shares, (B) that the Company shall, directly or indirectly,
including through subsidiaries, Affiliates or otherwise, in one or more related transactions, allow any Subject Entity individually or the Subject Entities in the aggregate to be or become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, whether through acquisition, purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding Ordinary Shares, merger, consolidation,
business combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or otherwise in any manner whatsoever, of either (x) at least
50% of the aggregate ordinary voting power represented by issued and outstanding Ordinary Shares, (y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Ordinary Shares not held by all such Subject
Entities as of the Issuance Date calculated as if any Ordinary Shares held by all such Subject Entities were not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by issued and outstanding Ordinary Shares or
other equity securities of the Company sufficient to allow such Subject Entities to effect a statutory short form merger or other transaction requiring other stockholders of the Company to surrender their Ordinary Shares without approval of the
stockholders of the Company or (C) directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, the issuance of or the entering into any other instrument or transaction structured in a
manner to circumvent, or that circumvents, the intent of this definition in which case this definition shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary to
correct this definition or any portion of this definition which may be defective or inconsistent with the intended treatment of such instrument or transaction. 

9.16 “Group” means a “group” as that term is used in Section 13(d) of the 1934 Act and as defined in
Rule 13d-5 thereunder. 
 9.17 “Merger Event” means any of the following:
(i) a sale, lease or other transfer of all or substantially all assets of the Company, (ii) any merger or consolidation involving the Company in which the Company is not the surviving entity or in which the outstanding shares of the
Company’s capital stock are otherwise converted into or exchanged for shares of capital stock or other securities or property of another entity, or (iii) any sale by holders of the outstanding voting equity securities of the Company in a
single transaction or series of related transactions of shares constituting a majority of the outstanding combined voting power of the Company. 

	
	

  
 23 

 9.18 “Options” means any rights, warrants or options to subscribe
for or purchase Ordinary Shares or Convertible Securities. 
 9.19 [Reserved] 

9.20 “Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person,
including such entity whose Ordinary Shares or equivalent equity security is quoted or listed on an Eligible Market (or, if so elected by the Holder, any other market, exchange or quotation system), or, if there is more than one such Person or such
entity, the Person or such entity designated by the Holder or in the absence of such designation, such Person or entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction. 

9.21 “Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a
trust, an unincorporated organization, any other entity and a government or any department or agency thereof. 
 9.22 “Principal
Market” means the principal securities exchange or securities market on which the Common Shares are then traded. 
 9.23
“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 Ordinary Shares as in effect on the date of delivery
of the Notice of Exercise. 
 9.24 “Subject Entity” means any Person, Persons or Group or any Affiliate or associate
of any such Person, Persons or Group. 
 9.25 “Successor Entity” means one or more Person or Persons (or, if so
elected by the Holder, the Company or Parent Entity) formed by, resulting from or surviving any Fundamental Transaction or one or more Person or Persons (or, if so elected by the Holder, the Company or the Parent Entity) with which such Fundamental
Transaction shall have been entered into. 
 9.26 “Trading Day” means any day on which the Ordinary Shares is traded
on the Principal Market, or, if the Principal Market is not the principal trading market for the Ordinary Shares, then on the principal securities exchange or securities market on which the Ordinary Shares is then traded. 

9.27 “Transaction Documents” means any agreement entered into by and between the Company and the Holder, as
applicable. 
 9.28 “Weighted Average Price” means, for any security as of any date, the dollar volume-weighted
average price for such security on the Principal Market during the period beginning at 9:30:01 a.m., New York time (or such other time as the Principal Market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York
time (or such other time as the Principal Market publicly announces is the official close of trading), as reported by Bloomberg through its “Volume at Price” function or, if the foregoing does not apply, the dollar volume-weighted average
price of such security in the over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time (or
such other time as such market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such other time as such market publicly announces is the official close of trading), as reported by Bloomberg, or, if
no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest Closing Bid Price and the lowest closing ask price of any of the market makers for such security as reported in the OTC
Link or “pink sheets” by OTC Markets Group Inc. (formerly Pink OTC Markets Inc.). If the Weighted Average Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Weighted Average Price of such
security on such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved pursuant to
Section 8.17 with the term “Weighted Average Price” being substituted for the term “Exercise Price.” All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination,
reclassification or other similar transaction during the applicable calculation period. 
 [Remainder of page intentionally left blank.
Signature page follows.] 

	
	

  
 24 

 IN WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties hereto as
of the day and year first above written. 
  

			
	MEDLAB CLINICAL LTD.
		
	By:	 	  

	Name:	 	Sean Hall
	Title:	 	Chief Executive Officer and Managing Director
	
	VSTOCK TRANSFER, LLC
		
	By:	 	  

	Name:	 	[•]
	Title:	 	[•]

 [Signature Page to Warrant Agreement] 

	
	

  
 25 

 EXHIBIT A-1 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.] 
 [FORM OF GLOBAL CERTIFICATE] 

MEDLAB CLINICAL LTD. 
 WARRANT
CERTIFICATE 
  

			
	Certificate No.: 1	  	CUSIP No.: [•]
	Number of Warrants: [•]	  	Issue Date: [•], 2022

 THIS CERTIFIES THAT, for value received, the person named below, is the registered holder of a Warrant or
Warrants (the “Warrant”) expiring the date sixty (60) months after the Initial Exercisability Date or, if such date falls on a day other than a Business Day or on which trading does not take place on the Principal Market (a
“Holiday”), the next day that is not a Holiday, subject to extension in certain events (“Expiration Date”), to purchase [•] fully paid and non-assessable shares
(“Shares”) of Ordinary Shares, no par value (“Ordinary Shares”), of Medlab Clinical Ltd., an Australian corporation (the “Company”). The Warrant entitles the holder thereof to purchase from the
Company such number of Ordinary Shares at the price of $[•] per share (subject to adjustment), upon surrender of this Warrant Certificate and payment of the Warrant Price to VStock Transfer, LLC (the “Warrant Agent”), at its
offices designated for such purpose, but only subject to the conditions set forth herein and in the Warrant Agreement between the Company and the Warrant Agent (as may be amended from time to time, the “Warrant Agreement”). The
Warrant Agreement provides that upon the occurrence of certain events, the Warrant Price and the number of Shares purchasable hereunder, set forth on the face hereof, may, subject to certain conditions, be adjusted. The term “Warrant
Price” as used in this Warrant Certificate refers to the price per share of Ordinary Shares at which Shares may be purchased at the time the Warrant is exercised. Capitalized terms used and not defined herein shall have the meanings set
forth in the Warrant Agreement. 
 No fraction of a Share will be issued upon any exercise of a Warrant. If the holder of a Warrant would be
entitled to receive a fraction of a Share upon any exercise of a Warrant, the Company shall, at its election, either pay a cash adjustment in respect of such fraction in an amount equal to such fraction multiplied by the Exercise Price or round up
such fraction to the next whole share. 
 Upon any exercise of the Warrant for less than the total number of full Shares provided for
herein, there shall be issued to the registered holder hereof or the registered holder’s assignee a new Warrant Certificate covering the number of Shares for which the Warrant has not been exercised, provided that such holder has previously
surrendered this Warrant to the Warrant Agent. 
 Upon surrender of the Warrant Certificate for transfer, properly endorsed with signatures
properly guaranteed and accompanied by appropriate instructions for transfer, the Warrant Agent shall register the transfer. A new Warrant Certificate or Warrant Certificates evidencing in the aggregate a like number of Warrants shall be issued and
the old Warrant Certificate shall be canceled. 
 Warrant Certificates, when surrendered to the Warrant Agent, may be transferred or
exchanged in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates evidencing in the aggregate a like number of Warrants. 

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

This Warrant Certificate does not entitle the registered holder to any of the rights of a stockholder of the Company. 

[Signature page follows] 

  
 26 

 
			
	MEDLAB CLINICAL LTD.
		
	By:	 	
                 

	Name:	 	Sean Hall
	Title:	 	Chief Executive Officer and Managing Director
	
	COUNTERSIGNED:
	
	VSTOCK TRANSFER, LLC, as Warrant Agent
		
	By:	 	
                 

		 	Authorized Officer

 [Signature page to Global Warrant Certificate—Warrants] 

  
 27 

					
	PLEASE	  	DETACH	  	HERE

 Certificate No.: 1 Number of Warrants: 

WARRANT CUSIP NO.: [•] 
  

							
		 		 		 	MEDLAB CLINICAL LTD.
	Name & Address of Holder:	 		 		 	VStock Transfer, LLC, Warrant Agent
	 Cede & Co.
 c/o The Depository Trust
Company
 55 Water Street
 New York, New York 10041
	 		 		 	
		 		 		 	 By Mail:

		 		 		 	 By hand or overnight courier:

  
 28 

 ELECTION TO PURCHASE FORM 

(to be executed by the registered holder in order to exercise Warrants) 

The undersigned registered holder irrevocably elects to exercise Warrants to purchase Ordinary Shares represented by this Warrant Certificate and to purchase
such Ordinary Shares issuable upon the exercise of such Warrants, and requests that such shares shall be issued in the name of 
  

 
 (PLEASE TYPE OR PRINT NAME AND ADDRESS) 

 
  
  

 
  

 
 (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER) 

and be delivered to: 
  

 
 (PLEASE PRINT OR TYPE NAME AND ADDRESS) 

and, at the sole election of the registered holder, if such number of Warrants shall not be all the Warrants evidenced by this Warrant Certificate, that a new
Warrant Certificate for the balance of such Warrants be registered in the name of, and delivered to, the registered holder at the address stated below: 
  

	
	 Dated:
                                         
                               

	
	
             

	
	 (SIGNATURE)

	
	              

	
	
                 

	(ADDRESS)
	
	              

	
	                  

	(TAX IDENTIFICATION NUMBER)

  
 29 

 ASSIGNMENT 

(to be executed by the registered holder in order to assign Warrants) 

 

			
	For Value Received,	  	hereby sells, assigns, and transfers unto

  
  

(PLEASE TYPE OR PRINT NAME AND ADDRESS) 
  

 
  

 
  

 
 (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

 and be delivered to: 
  

 
 (PLEASE PRINT OR TYPE NAME AND ADDRESS) 

Warrants to purchase Ordinary Shares represented by this Warrant Certificate, and hereby irrevocably constitutes and appoints Attorney to transfer this
Warrant Certificate on the books of the Company, with full power of substitution in the premises. 
 Dated:
                     
  

	
	              

	(SIGNATURE)

 The signature to the assignment of the Subscription Form must correspond to the name written upon the face of this Warrant
Certificate in every particular, without alteration or enlargement or any change whatsoever, and must be guaranteed by a commercial bank or trust company or a member firm of the American Stock Exchange, New York Stock Exchange, Pacific Stock
Exchange or Chicago Stock Exchange. 

  
 30 

 EXHIBIT A-2 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.] 
 [FORM OF GLOBAL CERTIFICATE] 

MEDLAB CLINICA, LTD. 
 PRE-FUNDED WARRANT CERTIFICATE 
  

			
	Certificate No.: 1	  	CUSIP No.: [•]
	Number of Warrants: [•]	  	Issue Date: [•], 2022

 THIS CERTIFIES THAT, for value received, the person whose name and address appears below, is the registered
holder of this Pre-Funded Warrant (the “Warrant”) to purchase [•] fully paid and non-assessable shares (“Shares”) of Ordinary
Shares, no par value (“Ordinary Shares”), of Medlab Clinical Ltd., an Australian corporation (the “Company”) until this Pre-Funded Warrant is exercised in full (the
“Expiration Date”). The Pre-Funded Warrant entitles the holder thereof to purchase from the Company such number of Ordinary Shares at the price of $[•] per share (subject to adjustment),
upon surrender of this Pre-Funded Warrant Certificate and payment of the Warrant Price (as defined below) to VStock Transfer, LLC (the “Warrant Agent”), at its offices designated for such
purpose, but only subject to the conditions set forth herein and in the Warrant Agreement between the Company and the Warrant Agent (as may be amended from time to time, the “Warrant Agreement”). The Warrant Agreement provides that
upon the occurrence of certain events, the Warrant Price and the number of Shares purchasable hereunder, set forth on the face hereof, may, subject to certain conditions, be adjusted. The term “Warrant Price” as used in this Warrant
Certificate refers to the price per share of Ordinary Shares at which Shares may be purchased at the time the Warrant is exercised. Capitalized terms used and not defined herein shall have the meanings set forth in the Warrant Agreement. 

No fractional Warrant Shares are to be issued upon the exercise of this Warrant, but rather the number of Warrant Shares to be issued shall be
rounded to the nearest whole number. 
 Upon any exercise of the Warrant for less than the total number of full Shares provided for herein,
there shall be issued to the registered holder hereof or the registered holder’s assignee a new Pre-Funded Warrant Certificate covering the number of Shares for which the
Pre-Funded Warrant has not been exercised, provided that such holder has previously surrendered this Pre-Funded Warrant to the Warrant Agent. 

Upon surrender of the Pre-Funded Warrant Certificate for transfer, properly endorsed with signatures
properly guaranteed and accompanied by appropriate instructions for transfer, the Warrant Agent shall register the transfer. A new Pre-Funded Warrant Certificate or
Pre-Funded Warrant Certificates evidencing in the aggregate a like number of Pre-Funded Warrants shall be issued and the old
Pre-Funded Warrant Certificate shall be canceled. 

Pre-Funded Warrant Certificates, when surrendered to the Warrant Agent, may be transferred or
exchanged in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Pre-Funded Warrant Certificate or
Pre-Funded Warrant Certificates evidencing in the aggregate a like number of Warrants. 
 The
Company and the Warrant Agent may deem and treat the registered holder as the absolute owner of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, and
for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 
 This Pre-Funded Warrant Certificate does not entitle the registered holder to any of the rights of a stockholder of the Company. 

[Signature page follows] 

  
 31 

 
			
	MEDLAB CLINICAL LTD.
		
	By:	 	              

	Name:	 	Sean Hall
	Title:	 	Chief Executive Officer and Managing Director
	
	COUNTERSIGNED:
	
	VSTOCK TRANSFER, LLC, as Warrant Agent
		
	By:	 	              

		 	Authorized Officer

 [Signature page to Global Warrant Certificate—Pre-Funded
Warrants] 

  
 32 

					
	PLEASE	  	DETACH	  	HERE

 Certificate No.: 1 Number of Warrants: 

WARRANT CUSIP NO.: [•] 
  

							
		 		 		 	MEDLAB CLINICAL LTD.
	Name & Address of Holder:	 		 		 	VStock Transfer, LLC, Warrant Agent
	 Cede & Co.
 c/o The Depository Trust
Company
 55 Water Street
 New York, New York 10041
	 		 		 	
		 		 		 	 By Mail:

		 		 		 	 By hand or overnight courier:

  
 33 

 Exhibit B-1 

[FORM OF CERTIFICATED WARRANT] 

MEDLAB CLINICAL LTD 

WARRANT TO PURCHASE ORDINARY SHARES 

Warrant No.:                      

Number of Ordinary Shares:                      

Date of Issuance: [•], 2022 (“Issuance Date”) 

Medlab Clinical Ltd., a company organized under the laws of Australia (the “Company”), hereby certifies that, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, [HOLDER], the registered holder hereof or its permitted assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase
from the Company, at the Exercise Price (as defined below) then in effect, at any time or times on or after [•], 2022 (the “Initial Exercisability Date”), but not after 11:59 p.m., New York time, on the Expiration Date, (as
defined below), ______________ (_____________) fully paid non-assessable Ordinary Shares (as defined below), subject to adjustment as provided herein (the “Warrant Shares”). Except as
otherwise defined herein, capitalized terms in this Warrant to Purchase Ordinary Shares (including any Warrants to Purchase Ordinary Shares issued in exchange, transfer or replacement hereof, this “Warrant”), shall have the meanings
set forth in Section 17. This Warrant is one of the Warrants to Purchase Ordinary Shares (the “Warrants”) issued pursuant to (i) that certain Underwriting Agreement, dated as of [•], 2022 (the “Subscription
Date”) by and between the Company and EF Hutton, (ii) the Company’s Registration Statement on Form F-1 (File number 333-267873) (the
“Registration Statement”). This Warrant shall initially be issued and maintained in the form of a security held in book-entry form and the Depository Trust Company or its nominee (“DTC”) shall initially be the sole
registered holder of this Warrant, subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agent Agreement, in which case this sentence shall not apply. 

1. EXERCISE OF WARRANT. 

(a) Mechanics of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth in
Section 1(f)), this Warrant may be exercised by the Holder at any time or times on or after the Initial Exercisability Date, in whole or in part, by delivery (whether via facsimile, electronic mail or otherwise) of a written notice, in the form
attached hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant. Within one (1) Trading Day following the delivery of the Exercise Notice, the Holder shall make payment to the
Company of an amount equal to the Exercise Price in effect on the date of such exercise multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the “Aggregate Exercise Price”) in cash by wire transfer
of immediately available funds or, if the provisions of Section 1(d) are applicable, by notifying the Company that this Warrant is being exercised pursuant to a Cashless Exercise (as defined in Section 1(d)). The Holder shall not be
required to deliver the original Warrant in order to effect an exercise hereunder, nor shall any ink-original signature or medallion guarantee (or other type of guarantee or notarization) with respect to any
Exercise Notice be required. Execution and delivery of the Exercise Notice with respect to less than all of the Warrant Shares shall have the same effect as cancellation of the original Warrant and issuance of a new Warrant evidencing the right to
purchase the remaining number of Warrant Shares and 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 Exercise Notice is delivered to the Company. On or before the first (1st) Trading Day following the date on which the Holder has delivered the applicable Exercise Notice, the Company shall transmit by facsimile or electronic mail an acknowledgment of confirmation of
receipt of the Exercise Notice, in the form attached to the Exercise Notice, to the Holder and the Company’s transfer agent (the “Transfer Agent”). So long as the Holder delivers the Aggregate Exercise Price (or notice of a
Cashless Exercise) on or prior to the first (1st) Trading Day following the date on which the Exercise Notice has been delivered to the Company, then on or prior to the earlier of (i) the
second (2nd) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period, in each case following the date on which the Exercise Notice has been delivered to the
Company, or, if the Holder does not deliver the Aggregate Exercise Price (or notice of a Cashless Exercise) on or prior to the first (1st) Trading Day following the date on which the Exercise
Notice has been delivered to the Company, then on or prior to the first (1st) Trading Day following the date on which the Aggregate Exercise Price (or notice of a Cashless Exercise) is delivered
(such earlier date, the “Share Delivery Date”), the Company shall (X) provided that the Transfer Agent is participating in the DTC Fast Automated Securities Transfer Program, credit such aggregate number of Warrant Shares to
which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit / Withdrawal At Custodian system, or (Y) if the Transfer Agent is not participating in the DTC Fast
Automated Securities Transfer Program, issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate, registered 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. If the Company fails for any reason to deliver to such registered holder or Participant, as the case may be, the Warrant Shares subject to an exercise notice by the Share Delivery Date, the Company shall
pay to the registered holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the Weighted Average Price of the Ordinary Shares on the date of the applicable exercise notice),
$10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Share Delivery Date until such Warrant Shares are delivered or the registered holder
rescinds such exercise. The Company shall be responsible for all fees and expenses of the Transfer Agent and all fees and expenses with respect to the issuance of Warrant Shares via DTC, if any, including without limitation for same day processing.
Upon delivery of the Exercise Notice, the Holder shall be deemed for all corporate purposes to have become the holder of record and beneficial owner of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the
date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares, as the case may be. If this Warrant is physically delivered to the Company in connection with any
exercise pursuant to this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as
practicable and in no event later than three (3) Trading Days after any exercise and at its own expense, issue and deliver to the Holder (or its designee) a new Warrant (in accordance with Section 7(d)) representing the right to purchase
the number of Warrant Shares issuable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. No fractional Warrant Shares are to be issued upon the exercise of this
Warrant, but rather 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. The Company shall pay
any and all transfer, stamp, issuance and similar taxes, costs and expenses (including, without limitation, fees and expenses of the Transfer Agent) which may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of
this Warrant. The Company’s obligations to issue and deliver Warrant Shares in accordance with the terms and subject to the conditions hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the
same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination; provided, however,
that the Company shall not be required to deliver Warrant Shares with respect to an exercise prior to the Holder’s delivery of the Aggregate Exercise Price (or notice of a Cashless Exercise) with respect to such exercise. 

  
 34 

 (b) Exercise Price. For purposes of this Warrant, “Exercise Price”
means $[•] per share, subject to adjustment as provided herein. 
 (c) Company’s Failure to Timely Deliver Securities. If
either (I) the Company shall fail for any reason or for no reason on or prior to the applicable Share Delivery Date, (x) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, to issue to the
Holder a certificate for the number of Ordinary Shares to which the Holder is entitled and register such Ordinary Shares on the Company’s share register or (y) if the Transfer Agent is participating in the DTC Fast Automated Securities
Transfer Program, to credit the Holder’s balance account with DTC, for such number of Ordinary Shares to which the Holder is entitled upon the Holder’s exercise of this Warrant or (II) a registration statement (which may be the
Registration Statement) covering the issuance or resale of the Warrant Shares that are the subject of the Exercise Notice (the “Exercise Notice Warrant Shares”) is not available for the issuance or resale, as applicable, of such
Exercise Notice Warrant Shares and (x) the Company fails to promptly, but in no event later than one (1) Business Day after such registration statement becomes unavailable, to so notify the Holder and (y) the Company is unable to
deliver the Exercise Notice Warrant Shares electronically without any restrictive legend by crediting such aggregate number of Exercise Notice Warrant Shares to the Holder’s or its designee’s balance account with DTC through its Deposit /
Withdrawal At Custodian system (the event described in the immediately foregoing clause (II) is hereinafter referred to as a “Notice Failure”), then, in addition to all other remedies available to the Holder, if on or prior to
the applicable Share Delivery Date either (I) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, the Company shall fail to issue and deliver a certificate to the Holder and register such Ordinary
Shares on the Company’s share register or, if the Transfer Agent is participating in the DTC Fast Automated Securities Transfer Program, credit the Holder’s balance account with DTC for the number of Ordinary Shares to which the Holder is
entitled upon the Holder’s exercise hereunder or pursuant to the Company’s obligation pursuant to clause (ii) below or (II) a Notice Failure occurs, and if on or after such Trading Day the Holder purchases (in an open market
transaction or otherwise) Ordinary Shares to deliver in satisfaction of a sale by the Holder of Ordinary Shares issuable upon such exercise that the Holder anticipated receiving from the Company (a
“Buy-In”), then the Company shall, within three (3) Trading Days after the Holder’s request and in the Holder’s discretion, either (i) pay cash to the Holder in an amount
equal to the Holder’s total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the Ordinary Shares so purchased (the
“Buy-In Price”), at which point the Company’s obligation to deliver such certificate (and to issue such Ordinary Shares) or credit such Holder’s balance account with DTC for such
Ordinary Shares shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such Ordinary Shares or credit such Holder’s balance account with DTC, as applicable, and pay cash
to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of Ordinary Shares, times (B) any trading price of the Ordinary Shares selected by the
Holder in writing as in effect at any time during the period beginning on the applicable Exercise Date and ending on the applicable Share Delivery Date. Nothing shall limit the 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 certificates representing Warrant Shares (or to electronically
deliver such Warrant Shares) upon the exercise of this Warrant as required pursuant to the terms hereof. While this Warrant is outstanding, the Company shall cause its Transfer Agent to participate in the DTC Fast Automated Securities Transfer
Program. In addition to the foregoing rights, (i) if the Company fails to deliver the applicable number of Warrant Shares upon an exercise pursuant to Section 1 by the applicable Share Delivery Date, then the Holder shall have the right to
rescind such exercise in whole or in part and retain and/or have the Company return, as the case may be, any portion of this Warrant that has not been exercised pursuant to such Exercise Notice; provided that the rescission of an exercise shall not
affect the Company’s obligation to make any payments that have accrued prior to the date of such notice pursuant to this Section 1(c) or otherwise, and (ii) if a registration statement (which may be the Registration Statement)
covering the issuance or resale of the Warrant Shares that are subject to an Exercise Notice is not available for the issuance or resale, as applicable, of such Exercise Notice Warrant Shares and the Holder has submitted an Exercise Notice prior to
receiving notice of the non-availability of such registration statement and the Company has not already delivered the Warrant Shares underlying such Exercise Notice electronically without any restrictive
legend by crediting such aggregate number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit / Withdrawal At Custodian system, the
Holder shall have the option, by delivery of notice to the Company, to (x) rescind such Exercise Notice in whole or in part and retain or have returned, as the case may be, any portion of this Warrant that has not been exercised pursuant to
such Exercise Notice; provided that the rescission of an Exercise Notice shall not affect the Company’s obligation to make any payments that have accrued prior to the date of such notice pursuant to this Section 1(c) or otherwise, and/or
(y) switch some or all of such Exercise Notice from a cash exercise to a Cashless Exercise. 

  
 35 

 (d) Cashless Exercise. Notwithstanding anything contained herein to the contrary, a
Cashless Exercise (as defined below) may occur if (i) beginning on the earlier of August 4, 2019 and (B) if the Ordinary Shares trades a total of more than 20,000,000 shares beginning on the pricing date of the offering as reported by
Bloomberg, and ending on the fifteen (15) month anniversary thereof, in whole or in part for a whole number of Warrant Shares if the Weighted Average Price of the Ordinary Shares on any prior Trading Date is less than the Initial Exercise Price
(subject to adjustment for any stock splits, stock dividends, stock combinations, recapitalizations and similar events) in which event, in lieu of the formula below, the aggregate number of Warrant Shares issuable in such cashless exercise pursuant
to any given Exercise Notice electing to effect a Cashless Exercise shall equal the product of (x) the aggregate number of Warrant Shares for which the Warrants are exercised as if such exercise were by means of a cash exercise rather than a
Cashless Exercise and (y) one (1); and (ii) at any time during the term of this Warrant Agreement there is no effective registration statement registering, or no current prospectus available for, the issuance or resale of the Warrant
Shares by the registered holder, 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 determined according to the following formula (a
“Cashless Exercise”): 
 Net Number = (A x B)—(A x C) 

B 
 For purposes of the
foregoing formula: 
  

	 	A=	 the total number of shares with respect to which this Warrant is then being exercised. 

 

	 	B=	 as applicable: (i) the Closing Sale Price of the Ordinary Shares on the Trading Day immediately preceding
the date of the applicable Exercise Notice if such Exercise Notice is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 1(a)
hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either
(y) the Weighted Average Price on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Ordinary Shares as of the time of the Holder’s execution of the applicable Exercise
Notice if such Exercise Notice 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 1(a) hereof or (iii) the Closing Sale Price of the Ordinary Shares on the date of the applicable Exercise Notice if the date of such Exercise Notice is a Trading Day and such Exercise Notice is both
executed and delivered pursuant to Section 1(a) hereof after the close of “regular trading hours” on such Trading Day. 

  

	 	C=	 the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 If Warrant Shares are issued in such a cashless exercise, the Company acknowledges and agrees that in accordance with
Section 3(a)(9) of the Securities Act of 1933, as amended, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised, and the holding period of the Warrants being exercised may be tacked on to the holding
period of the Warrant Shares. The Company agrees not to take any position contrary to this Section 1(d). 
 (e) Disputes. In
the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute in
accordance with Section 8.17. 

  
 36 

 (f) Beneficial Ownership. Notwithstanding anything to the contrary contained herein,
the Company shall not effect the exercise of any portion of this Warrant, and the Holder shall not have the right to exercise any portion of this Warrant, pursuant to the terms and conditions of this Warrant and any such exercise shall be null and
void and treated as if never made, to the extent that after giving effect to such exercise, the Holder together with the other Attribution Parties collectively would beneficially own in excess of [4.99][9.99]% (the “Maximum
Percentage”) of the number of Ordinary Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned by the Holder and the other
Attribution Parties shall include the number of Ordinary Shares held by the Holder and all other Attribution Parties plus the number of Ordinary Shares issuable upon exercise of this Warrant with respect to which the determination of such sentence
is being made, but shall exclude the number of Ordinary Shares which would be issuable upon (A) exercise of the remaining, unexercised portion of this Warrant beneficially owned by the Holder or any of the other Attribution Parties and
(B) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company (including, without limitation, any convertible notes or convertible preferred stock or warrants, including the other Warrants)
beneficially owned by the Holder or any other Attribution Party subject to a limitation on conversion or exercise analogous to the limitation contained in this Section 1(f). For purposes of this Section 1(f), beneficial ownership shall be
calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”). For purposes of this Warrant, in determining the number of outstanding Ordinary Shares the Holder may acquire upon
the exercise of this Warrant without exceeding the Maximum Percentage, the Holder may rely on the number of outstanding Ordinary Shares as reflected in (x) the Company’s most recent Annual Report on Form
10-K, Quarterly Report on Form 10-Q and Current Reports on Form 8-K or other public filing with the Securities and Exchange
Commission (the “SEC”), as the case may be, (y) a more recent public announcement by the Company or (z) any other written notice by the Company or the Transfer Agent setting forth the number of Ordinary Shares outstanding
(the “Reported Outstanding Share Number”). If the Company receives an Exercise Notice from the Holder at a time when the actual number of outstanding Ordinary Shares is less than the Reported Outstanding Share Number, the Company
shall (i) notify the Holder in writing of the number of Ordinary Shares then outstanding and, to the extent that such Exercise Notice would otherwise cause the Holder’s beneficial ownership, as determined pursuant to this
Section 1(f), to exceed the Maximum Percentage, the Holder must notify the Company of a reduced number of Warrant Shares to be purchased pursuant to such Exercise Notice (the number of shares by which such purchase is reduced, the
“Reduction Shares”) and (ii) as soon as reasonably practicable, the Company shall return to the Holder any exercise price paid by the Holder for the Reduction Shares. For any reason at any time, upon the written or oral request
of the Holder, the Company shall within one (1) Business Day confirm orally and in writing or by electronic mail to the Holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be
determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder and any other Attribution Party since the date as of which the Reported Outstanding Share Number was reported. In the
event that the issuance of Ordinary Shares to the Holder upon exercise of this Warrant results in the Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of the number of
outstanding Ordinary Shares (as determined under Section 13(d) of the 1934 Act), the number of shares so issued by which the Holder’s and the other Attribution Parties’ aggregate beneficial ownership exceeds the Maximum Percentage
(the “Excess Shares”) shall be deemed null and void and shall be cancelled ab initio, and the Holder shall not have the power to vote or to transfer the Excess Shares. As soon as reasonably practicable after the issuance of the
Excess Shares has been deemed null and void, the Company shall return to the Holder the exercise price paid by the Holder for the Excess Shares. Upon delivery of a written notice to the Company, the Holder may from time to time increase or decrease
the Maximum Percentage to any other percentage not in excess of 9.99% or such higher percentage as specified in such notice; provided that (i) any such increase in the Maximum Percentage will not be effective until the sixty-first (61st) day after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to the Holder and the other Attribution Parties and not to any other holder of Warrants
that is not an Attribution Party of the Holder. For purposes of clarity, the Ordinary Shares issuable pursuant to the terms of this Warrant in excess of the Maximum Percentage shall not be deemed to be beneficially owned by the Holder for any
purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the 1934 Act. No prior inability to exercise this Warrant pursuant to this paragraph shall have any effect on the applicability of
the provisions of this paragraph with respect to any subsequent determination of exercisability. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this
Section 1(f) to the extent necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended beneficial ownership limitation contained in this Section 1(f) or to make changes or
supplements necessary or desirable to properly give effect to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor holder of this Warrant. 

(g) Required Reserve Amount. So long as this Warrant remains outstanding, the Company shall at all times keep reserved for issuance
under this Warrant a number of Ordinary Shares at least equal to 100% of the maximum number of Ordinary Shares as shall be necessary to satisfy the Company’s obligation to issue Ordinary Shares under the Warrants then outstanding (without
regard to any limitations on exercise) (the “Required Reserve Amount”); provided, that at no time shall the number of Ordinary Shares reserved pursuant to this Section 1(g) be reduced other than in connection with
any exercise of Warrants or such other event covered by Section 2(c) below. The Required Reserve Amount (including, without limitation, each increase in the number of shares so reserved) shall be allocated pro rata among the holders of the
Warrants based on the number of Ordinary Shares issuable upon exercise of Warrants held by each holder thereof on the Issuance Date (without regard to any limitations on exercise) (the “Authorized Share Allocation”). In the event
that a holder shall sell or otherwise transfer any of such holder’s Warrants, each transferee shall be allocated a pro rata portion of such holder’s Authorized Share Allocation. Any Ordinary Shares reserved and allocated to any Person
which ceases to hold any Warrants shall be allocated to the remaining holders of Warrants, pro rata based on the number of Ordinary Shares issuable upon exercise of the Warrants then held by such holders thereof (without regard to any limitations on
exercise). 

  
 37 

 (h) Insufficient Authorized Shares. If at any time while this Warrant remains
outstanding the Company does not have a sufficient number of authorized and unreserved Ordinary Shares to satisfy its obligation to reserve for issuance the Required Reserve Amount (an “Authorized Share Failure”), then the Company
shall promptly take all action reasonably necessary to increase the Company’s authorized Ordinary Shares to an amount sufficient to allow the Company to reserve the Required Reserve Amount for this Warrant then outstanding. Without limiting the
generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later than ninety (90) days after the occurrence of such Authorized Share Failure, the Company shall
hold a meeting of its stockholders for the approval of an increase in the number of authorized Ordinary Shares. In connection with such meeting, the Company shall provide each stockholder with a proxy statement and shall use its reasonable best
efforts to solicit its stockholders’ approval of such increase in authorized Ordinary Shares and to cause its board of directors to recommend to the stockholders that they approve such proposal. Notwithstanding the foregoing, if any such time
of an Authorized Share Failure, the Company is able to obtain the written consent of a majority of the shares of its issued and outstanding Ordinary Shares to approve the increase in the number of authorized Ordinary Shares, the Company may satisfy
this obligation by obtaining such consent and submitting for filing with the SEC an Information Statement on Schedule 14C. 
 2.
ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and the number of Warrant Shares shall be adjusted from time to time as follows: 

(a) [Reserved] 
 (b)
Voluntary Adjustment By Company. The Company may at any time during the term of this Warrant 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. 

(c) Adjustment Upon Subdivision or Combination of Ordinary Shares. If the Company at any time on or after the Issuance Date subdivides
(by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding Ordinary Shares into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately
reduced and the number of Warrant Shares will be proportionately increased. If the Company at any time on or after the Issuance Date combines (by combination, reverse stock split or otherwise) one or more classes of its outstanding Ordinary Shares
into a smaller number of shares, the Exercise Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares will be proportionately decreased. Any adjustment under this Section 2(c)
shall become effective at the close of business on the date the subdivision or combination becomes effective. 
 (d) Other Events.
If any event occurs of the type contemplated by the provisions of this Section 2 but not expressly provided for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights
with equity features), then the Company’s Board of Directors will make an appropriate adjustment in the Exercise Price and the number of Warrant Shares, as mutually determined by the Company’s Board of Directors and the Required Holders,
so as to protect the rights of the Holder; provided that no such adjustment pursuant to this Section 2(d) will increase the Exercise Price or decrease the number of Warrant Shares as otherwise determined pursuant to this Section 2.

  
 38 

 3. RIGHTS UPON DISTRIBUTION OF ASSETS. In addition to any adjustments pursuant to
Section 2 above, if, on or after the Issuance Date and on or prior to the Expiration Date, the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares, by
way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property, options, evidence of indebtedness or any other assets by way of a dividend, spin off, reclassification, corporate
rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the
same extent that the Holder would have participated therein if the Holder had held the number of Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations or restrictions on exercise of this Warrant,
including without limitation, the Maximum Percentage) immediately before the date on which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Ordinary Shares 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 and the other Attribution Parties exceeding the Maximum
Percentage, then the Holder shall not be entitled to participate in such Distribution to such extent (and shall not be entitled to beneficial ownership of such Ordinary Shares as a result of such Distribution (and beneficial ownership) to such
extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time or times as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at
which time or times the Holder shall be granted such Distribution (and any Distributions declared or made on such initial Distribution or on any subsequent Distribution held similarly in abeyance) to the same extent as if there had been no such
limitation). 
 4. PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS. 

(a) Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if at any time on or after the Issuance Date and
on or prior to the Expiration Date the Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of Ordinary Shares (the
“Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Ordinary
Shares acquirable upon complete exercise of this Warrant (without regard to any limitations or restrictions on exercise of this Warrant, including without limitation, the Maximum Percentage) immediately before the date on which a record is taken for
the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the grant, issuance 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 and the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled to
participate in such Purchase Right to such extent (and shall not be entitled to beneficial ownership of such Ordinary Shares as a result of such Purchase Right (and beneficial ownership) to such extent) and such Purchase Right to such extent shall
be held in abeyance for the benefit of the Holder until such time or times as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which time or times the Holder shall be granted
such right (and any Purchase Right granted, issued or sold on such initial Purchase Right or on any subsequent Purchase Right to be held similarly in abeyance) to the same extent as if there had been no such limitation). 

  
 39 

 (b) Fundamental Transaction. The Company shall not enter into or be party to a
Fundamental Transaction unless the Successor Entity assumes in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 4(b), including agreements to 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, including, without limitation, which is exercisable for a corresponding number of shares of capital
stock equivalent to the Ordinary Shares 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 Ordinary Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such adjustments to the 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 consummation of each Fundamental Transaction, the
Successor Entity shall succeed to, and be substituted for the Company (so that from and after the date of the applicable 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 with the same effect as if such Successor Entity had been named as the
Company herein. Upon consummation of each Fundamental Transaction, the Successor Entity shall deliver to the Holder confirmation that there shall be issued upon exercise of this Warrant at any time after the consummation of the applicable
Fundamental Transaction, in lieu of the Ordinary Shares (or other securities, cash, assets or other property (except such items still issuable under Sections 3 and 4(a) above, which shall continue to be receivable thereafter)) issuable upon the
exercise of this Warrant prior to the applicable Fundamental Transaction, such Ordinary Shares (or its equivalent) of the Successor Entity (including its Parent Entity) which the Holder would have been entitled to receive upon the happening of the
applicable Fundamental Transaction had this Warrant been exercised immediately prior to the applicable Fundamental Transaction (without regard to any limitations on the exercise of this Warrant), as adjusted in accordance with the provisions of this
Warrant. Notwithstanding the foregoing, and without limiting Section 1(f) hereof, the Holder may elect, at its sole option, by delivery of written notice to the Company to waive this Section 4(b) to permit the Fundamental Transaction
without the assumption of this Warrant. In addition to and not in substitution for any other rights hereunder, prior to the consummation of each Fundamental Transaction pursuant to which holders of Ordinary Shares are entitled to receive securities
or other assets with respect to or in exchange for Ordinary Shares (a “Corporate Event”), the Company shall make appropriate provision to insure that the Holder will thereafter have the right to receive upon an exercise of this
Warrant at any time after the consummation of the applicable Fundamental Transaction but prior to the Expiration Date, in lieu of the shares of the Ordinary Shares (or other securities, cash, assets or other property (except such items still
issuable under Sections 3 and 4(a) above, which shall continue to be receivable thereafter)) issuable upon the exercise of the Warrant prior to such Fundamental Transaction, such shares of stock, securities, cash, assets or any other property
whatsoever (including warrants or other purchase or subscription rights) which the Holder would have been entitled to receive upon the happening of the applicable Fundamental Transaction had this Warrant been exercised immediately prior to the
applicable Fundamental Transaction (without regard to any limitations on the exercise of this Warrant). The provision made pursuant to the preceding sentence shall be in a form and substance reasonably satisfactory to the Holder. The provisions of
this Section 4(b) shall apply similarly and equally to successive Fundamental Transactions and Corporate Events. Notwithstanding the foregoing, in the event of a Change of Control, that is approved by the Company’s Board of Directors (and
not, for avoidance of doubt, if the Change of Control is not within the Company’s control), the Holder shall be entitled to receive from the Company or any Successor Entity, as of the date of consummation of such Change of Control, the same
type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of this Warrant, that is being offered and paid to the holders of Ordinary Shares of the Company in connection with the Change of
Control, whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Ordinary Shares are given the choice to receive from among alternative forms of consideration in connection with the Change of
Control. 
 5. NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of
Incorporation or Bylaws, or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issuance 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, and will at all times in good faith carry out all of the provisions of this Warrant and take all action as may be required to protect the rights of the Holder. Without limiting the generality of the
foregoing, the Company (i) shall not increase the par value of any Ordinary Shares receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall take all such actions as may be necessary or appropriate in
order that the Company may validly and legally issue fully paid and nonassessable Ordinary Shares upon the exercise of this Warrant, and (iii) shall, so long as any of the Warrants are outstanding, take all action necessary to reserve and keep
available out of its authorized and unissued Ordinary Shares, solely for the purpose of effecting the exercise of the Warrants, the number of Ordinary Shares as shall from time to time be necessary to effect the exercise of the Warrants then
outstanding (without regard to any limitations on exercise). 
 6. WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise
specifically provided herein, the Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of capital stock of the Company for any purpose, nor shall
anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any
corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to
the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any
securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding this Section 6, the Company shall provide the
Holder with copies of the same notices and other information given to the stockholders of the Company generally, contemporaneously with the giving thereof to the stockholders. 

  
 40 

 7. REISSUANCE OF WARRANTS. 

(a) Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon the
Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by
the Holder and, if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with Section 7(d)) to the Holder representing the right to purchase the number of Warrant Shares not
being transferred. 
 (b) Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender
and cancellation of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing the right to purchase the Warrant Shares then underlying this Warrant. 

(c) Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office
of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the right to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to
purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender. 
 (d) Issuance of New
Warrants. If this Warrant is not held in global form through DTC (or any successor depository), whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant (i) shall be of like tenor with
this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Section 7(a) or
Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of Ordinary Shares underlying the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying
this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date, and (iv) shall have the same rights and conditions as this Warrant. 

(e) Warrant Register. If this Warrant is held in global form through DTC (or any successor depository), the Warrant Agent shall
register this Warrant, upon records to be maintained by the Warrant Agent for that purpose, in the name of the record Holder hereof from time to time. If this Warrant is not held in global form through DTC (or any successor depository), the Company
and the Warrant Agent 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.

 8. NOTICES. Whenever notice is required to be given under this Warrant, including, without limitation, an Exercise Notice, unless
otherwise provided herein, such notice shall be given in writing, (i) if delivered (a) from within the domestic United States, by first-class registered or certified airmail, or nationally recognized overnight express courier, postage
prepaid, electronic mail or by facsimile or (b) from outside the United States, by International Federal Express, electronic mail or facsimile, and (ii) will be deemed given (A) if delivered by first-class registered or certified mail
domestic, three (3) Business Days after so mailed, (B) if delivered by nationally recognized overnight carrier, one (1) Business Day after so mailed, (C) if delivered by International Federal Express, two (2) Business Days
after so mailed and (D) at the time of transmission, if delivered by electronic mail to each of the email addresses specified in this Section 8 prior to 5:00 p.m. (New York time) on a Trading Day, (E) the next Trading Day after the
date of transmission, if delivered by electronic mail to each of the email addresses specified in this Section 8 on a day that is not a Trading Day or later than 5:00 p.m. (New York time) on any Trading Day and (F) if delivered by
facsimile, upon electronic confirmation of receipt of such facsimile, and will be delivered and addressed as follows: 
  

	 	(i)	 if to the Company, to: 

Medlab Clinical Ltd. 
 Units 5
and 6, 11-13 Lord Street 
 Botany, New South Wales 2019 

Attn: Sean Hall 

  
 41 

 (ii) if to the Holder, at such address or other contact information delivered by the Holder
to Company or as is on the books and records of the Company. 
 The Company shall provide the Holder with prompt written notice of all
actions taken pursuant to this Warrant, including in reasonable detail a description of such action and the reason therefor. Without limiting the generality of the foregoing, the Company will give written notice to the Holder (i) immediately
upon any adjustment of the Exercise Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment and (ii) at least fifteen (15) days prior to the date on which the Company closes its books or takes a record
(A) with respect to any dividend or distribution upon the Ordinary Shares, (B) with respect to any grants, issuances or sales of any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property to
holders of Ordinary Shares or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation; provided in each case that such information shall be made known to the public prior to or in
conjunction with such notice being provided to the Holder. It is expressly understood and agreed that the time of exercise specified by the Holder in each Exercise Notice shall be definitive and may not be disputed or challenged by the Company. 

9. AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended or waived and the Company
may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the Holder. 

10. GOVERNING LAW; JURISDICTION; JURY TRIAL. This Warrant shall be governed by and construed and enforced in accordance with, and all
questions concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule
(whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees
not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or
proceeding is improper. The Company hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to the Company at the address set forth in
Section 8(i) above or such other address as the Company subsequently delivers to the Holder and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to
limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction to
collect on the Company’s obligations to the Holder, to realize on any collateral or any other security for such obligations, or to enforce a judgment or other court ruling in favor of the Holder. If either party shall commence an action, suit
or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses incurred with the
investigation, preparation and prosecution of such action or proceeding. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR
ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY. 

	
	

  
 42 

 11. DISPUTE RESOLUTION. In the case of a dispute as to the determination of the
Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via facsimile or electronic mail within two (2) Business Days of receipt of the Exercise Notice
or other event giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within three (3) Business Days
of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall, within two (2) Business Days submit via facsimile or electronic mail (a) the disputed determination of the Exercise Price to an
independent, reputable investment bank selected by the Company and approved by the Holder or (b) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant. The Company shall cause at its
expense the investment bank or the accountant, as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the results no later than ten (10) Business Days from the time it receives the disputed
determinations or calculations. Such investment bank’s or accountant’s determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable error. 

12. REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and in
addition to all other remedies available under this Warrant and any other Transaction Documents, at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the right of the Holder
to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any
such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the holder of this Warrant shall be entitled, in addition to all other available remedies, to an injunction restraining any
breach, without the necessity of showing economic loss and without any other security being required. Notwithstanding the foregoing or anything else herein to the contrary, other than as expressly provided in Section 1(a), Section 1(c) or
Section 2(d) hereof, if the Company is for any reason unable to issue and deliver Warrant Shares upon exercise of this Warrant as required pursuant to the terms hereof, the Company shall have no obligation to pay to the holder any cash or other
consideration or otherwise “net cash settle” this Warrant; provided that the foregoing shall not limit or supersede the applicability of Section 4(b) hereof. 

13. TRANSFER. This Warrant and the Warrant Shares may be offered for sale, sold, transferred, pledged or assigned without the consent of
the Company. 
 14. SEVERABILITY; CONSTRUCTION; HEADINGS. If any provision of this Warrant is prohibited by law or otherwise
determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and
enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues to express, without material change, the original
intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or
the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect
of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s). This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any Person as the drafter
hereof. The headings of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this Warrant. 

15. DISCLOSURE. Upon receipt or delivery by the Company of any notice in accordance with the terms of this Warrant, unless the Company
has in good faith determined that the matters relating to such notice do not constitute material, nonpublic information relating to the Company or its subsidiaries, the Company shall contemporaneously with any such receipt or delivery publicly
disclose such material, nonpublic information on a Current Report on Form 8-K or otherwise. In the event that the Company believes that a notice contains material, nonpublic information relating to the Company
or its subsidiaries, the Company so shall indicate to such Holder contemporaneously with delivery of such notice, and in the absence of any such indication, the Holder shall be allowed to presume that all matters relating to such notice do not
constitute material, nonpublic information relating to the Company or its subsidiaries. 
 16. WARRANT AGENT AGREEMENT. If this
Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued subject to the Warrant Agent Agreement. To the extent any provision of this Warrant conflicts with the express provisions of the Warrant Agent
Agreement, the provisions of this Warrant shall govern and be controlling. 

  
 43 

 17. CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have
the following meanings: 
 (a) “Affiliate” means, with respect to any Person, any other Person that directly or indirectly
controls, is controlled by, or is under common control with, such Person, it being understood for purposes of this definition that “control” of a Person means the power directly or indirectly either to vote 10% or more of the stock having
ordinary voting power for the election of directors of such Person or direct or cause the direction of the management and policies of such Person whether by contract or otherwise. 

(b) [Reserved] 
 (c)
“Attribution Parties” means, collectively, the following Persons and entities: (i) any investment vehicle, including, any funds, feeder funds or managed accounts, currently, or from time to time after the Issuance Date,
directly or indirectly managed or advised by the Holder’s investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of the Holder or any of the foregoing, (iii) any Person acting or who could be
deemed to be acting as a Group together with the Holder or any of the foregoing and (iv) any other Persons whose beneficial ownership of the Company’s Ordinary Shares would or could be aggregated with the Holder’s and the other
Attribution Parties for purposes of Section 13(d) of the 1934 Act. For clarity, the purpose of the foregoing is to subject collectively the Holder and all other Attribution Parties to the Maximum Percentage. 

(d) “Bid Price” means, for any security as of the particular time of determination, the bid price for such security on the
Principal Market as reported by Bloomberg as of such time of determination, or, if the Principal Market is not the principal securities exchange or trading market for such security, the bid price of such security on the principal securities exchange
or trading market where such security is listed or traded as reported by Bloomberg as of such time of determination, or if the foregoing does not apply, the bid price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg as of such time of determination, or, if no bid price is reported for such security by Bloomberg as of such
time of determination, the average of the bid prices of any market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC) as of such time of determination. If the Bid Price cannot be
calculated for a security as of the particular time of determination on any of the foregoing bases, the Bid Price of such security as of such time of determination shall be the fair market value as mutually determined by the Company and the Holder.
If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section 11. All such determinations shall be appropriately adjusted for any
stock dividend, stock split, stock combination or other similar transaction during such period. 
 (e) “Black Scholes
Value” means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg determined as of the day immediately following the first public announcement of the applicable
Change of Control, or, if the Change of Control is not publicly announced, the date the Change of Control is consummated, for pricing purposes and reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period
equal to the remaining term of this Warrant as of such date of request, (ii) an expected volatility equal to 100%, (iii) the underlying price per share used in such calculation shall be the greater of (a) the highest Weighted Average Price
during the five (5) Trading Days prior to the closing of the Change of Control and (b) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if
any, being offered in such Change of Control, (iv) a zero cost of borrow and (v) a 360 day annualization factor. 
 (f)
“Bloomberg” means Bloomberg Financial Markets. 
 (g) “Business Day” means any day other than Saturday,
Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed. 

  
 44 

 (h) “Change of Control” means any Fundamental Transaction other than
(i) any reorganization, recapitalization or reclassification of the Ordinary Shares in which holders of the Company’s voting power immediately prior to such reorganization, recapitalization or reclassification continue after such
reorganization, recapitalization or reclassification to hold publicly traded securities and, directly or indirectly, are, in all material respect, the holders of the voting power of the surviving entity (or entities with the authority or voting
power to elect the members of the board of directors (or their equivalent if other than a corporation) of such entity or entities) after such reorganization, recapitalization or reclassification, (ii) pursuant to a migratory merger effected
solely for the purpose of changing the jurisdiction of incorporation of the Company or (iii) a merger in connection with a bona fide acquisition by the Company of any Person in which (x) the gross consideration paid, directly or
indirectly, by the Company in such acquisition is not greater than 20% of the Company’s market capitalization as calculated on the date of the consummation of such merger and (y) such merger does not contemplate a change to the identity of
a majority of the board of directors of the Company. Notwithstanding anything herein to the contrary, any transaction or series of transaction that, directly or indirectly, results in the Company or the Successor Entity not having Ordinary Shares or
Ordinary Shares, as applicable, registered under the 1934 Act and listed on an Eligible Market shall be deemed a Change of Control. 
 (i)
“Closing Bid Price” and “Closing Sale Price” means, for any security as of any date, the last closing bid price and last closing trade price, respectively, for such security on the Principal Market, as reported by
Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing trade price, as the case may be, then the last bid price or the last trade price, respectively, of such
security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading market for such security, the last closing bid price or last trade price, respectively, of such
security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing bid price or last trade price, respectively, of such security in the
over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is
reported for such security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported in the OTC Link or “pink sheets” by OTC Markets Group Inc. (formerly Pink OTC
Markets Inc.). If the Closing Bid Price or the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price or the Closing Sale Price, as the case may be, of such security on such
date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved pursuant to Section 11.
All such determinations to be appropriately adjusted for any stock dividend, stock split, stock combination, reclassification or other similar transaction during the applicable calculation period. 

(j) “Ordinary Shares” means (i) the Company’s Ordinary Shares, no par value, and (ii) any capital stock into
which such Ordinary Shares shall have been changed or any capital stock resulting from a reclassification of such Ordinary Shares. 
 (k)
“Convertible Securities” means any stock or securities (other than Options) directly or indirectly convertible into or exercisable or exchangeable for Ordinary Shares. 

(l) “Eligible Market” means The Nasdaq Capital Market, the NYSE American LLC, The Nasdaq Global Select Market, The Nasdaq
Global Market or The New York Stock Exchange, Inc. 
 (m) [Reserved] 

(n) “Expiration Date” means the date sixty (60) months after the Initial Exercisability Date or, if such date falls on a
day other than a Business Day or on which trading does not take place on the Principal Market (a “Holiday”), the next day that is not a Holiday. 

  
 45 

 (o) “Fundamental Transaction” means (A) that the Company shall,
directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company is the surviving corporation) another Subject Entity, or
(ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company or any of its “significant subsidiaries” (as defined in Rule 1-02
of Regulation S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities to make, or allow the Company to be subject to or have its Ordinary Shares be subject to or party
to one or more Subject Entities making, a purchase, tender or exchange offer that is accepted by the holders of at least either (x) 50% of the outstanding Ordinary Shares, (y) 50% of the outstanding Ordinary Shares calculated as if any Ordinary
Shares held by all Subject Entities making or party to, or Affiliated with any Subject Entities making or party to, such purchase, tender or exchange offer were not outstanding; or (z) such number of Ordinary Shares such that all Subject
Entities making or party to, or Affiliated with any Subject Entity making or party to, such purchase, tender or exchange offer, become collectively the beneficial owners (as defined in Rule 13d-3 under the
1934 Act) of at least 50% of the outstanding Ordinary Shares, or (iv) consummate a stock purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with one or more Subject Entities whereby all such Subject Entities, individually or in the aggregate, acquire, either (x) at least 50% of the outstanding Ordinary
Shares, (y) at least 50% of the outstanding Ordinary Shares calculated as if any Ordinary Shares held by all the Subject Entities making or party to, or Affiliated with any Subject Entity making or party to, such stock purchase agreement or
other business combination were not outstanding; or (z) such number of Ordinary Shares such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934
Act) of at least 50% of the outstanding Ordinary Shares, or (v) reorganize, recapitalize or reclassify its Ordinary Shares, (B) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one
or more related transactions, allow any Subject Entity individually or the Subject Entities in the aggregate to be or become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act),
directly or indirectly, whether through acquisition, purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding Ordinary Shares, merger, consolidation, business combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or otherwise in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by
issued and outstanding Ordinary Shares, (y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Ordinary Shares not held by all such Subject Entities as of the Issuance Date calculated as if any Ordinary
Shares held by all such Subject Entities were not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by issued and outstanding Ordinary Shares or other equity securities of the Company sufficient to allow such
Subject Entities to effect a statutory short form merger or other transaction requiring other stockholders of the Company to surrender their Ordinary Shares without approval of the stockholders of the Company or (C) directly or indirectly,
including through subsidiaries, Affiliates or otherwise, in one or more related transactions, the issuance of or the entering into any other instrument or transaction structured in a manner to circumvent, or that circumvents, the intent of this
definition in which case this definition shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary to correct this definition or any portion of this definition which
may be defective or inconsistent with the intended treatment of such instrument or transaction. 
 (p) “Group” means a
“group” as that term is used in Section 13(d) of the 1934 Act and as defined in Rule 13d-5 thereunder. 

(q) “Options” means any rights, warrants or options to subscribe for or purchase Ordinary Shares or Convertible Securities.

 (r) [Reserved] 
 (s)
“Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person, including such entity whose Ordinary Shares or equivalent equity security is quoted or listed on an Eligible Market (or, if so
elected by the Holder, any other market, exchange or quotation system), or, if there is more than one such Person or such entity, the Person or such entity designated by the Holder or in the absence of such designation, such Person or entity with
the largest public market capitalization as of the date of consummation of the Fundamental Transaction. 
 (t) “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity and a government or any department or agency thereof. 

(u) “Principal Market” means the principal securities exchange or securities market on which the Common Shares are then
traded. 

  
 46 

 (v) “Required Holders” means the holders of the Warrants representing at
least a majority of the Ordinary Shares underlying the Warrants then outstanding. 
 (w) “Standard Settlement Period” means
the standard settlement period, expressed in a number of Trading Days, for the Company’s primary trading market or quotation system with respect to the Ordinary Shares that is in effect on the date of receipt of an applicable Exercise Notice.

 (x) “Subject Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons or
Group. 
 (y) “Successor Entity” means one or more Person or Persons (or, if so elected by the Holder, the Company or
Parent Entity) formed by, resulting from or surviving any Fundamental Transaction or one or more Person or Persons (or, if so elected by the Holder, the Company or the Parent Entity) with which such Fundamental Transaction shall have been entered
into. 
 (z) “Trading Day” means any day on which the Ordinary Shares is traded on the Principal Market, or, if the
Principal Market is not the principal trading market for the Ordinary Shares, then on the principal securities exchange or securities market on which the Ordinary Shares is then traded. 

(aa) “Transaction Documents” means any agreement entered into by and between the Company and the Holder, as applicable. 

(bb) “Warrant Agent Agreement” means that certain Warrant Agent Agreement, dated as of the Initial Exercise Date, between the
Company and the Warrant Agent. 
 (cc) “Warrant Agent” means VStock Transfer, LLC, a New York corporation. 

(dd) “Weighted Average Price” means, for any security as of any date, the dollar volume-weighted average price for such
security on the Principal Market during the period beginning at 9:30:01 a.m., New York time (or such other time as the Principal Market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such other
time as the Principal Market publicly announces is the official close of trading), as reported by Bloomberg through its “Volume at Price” function or, if the foregoing does not apply, the dollar volume-weighted average price of such
security in the over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time (or such other time
as such market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such other time as such market publicly announces is the official close of trading), as reported by Bloomberg, or, if no dollar
volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest Closing Bid Price and the lowest closing ask price of any of the market makers for such security as reported in the OTC Link or
“pink sheets” by OTC Markets Group Inc. (formerly Pink OTC Markets Inc.). If the Weighted Average Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Weighted Average Price of such security on
such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved pursuant to
Section 11 with the term “Weighted Average Price” being substituted for the term “Exercise Price.” All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination,
reclassification or other similar transaction during the applicable calculation period. 
 [Signature Page Follows] 

	
	

  
 47 

 IN WITNESS WHEREOF, the Company has caused this Warrant to Purchase Ordinary Shares
to be duly executed as of the Issuance Date set out above. 
  

	
	MEDLAB CLINICAL LTD.
	
	By:                                     
                                         
                  
	Name:
	Title:

  
 48 

 EXHIBIT A 

EXERCISE NOTICE 
 TO BE
EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS 
 WARRANT TO PURCHASE ORDINARY SHARES 

MEDLAB CLINICAL LTD. 
 The
undersigned holder hereby exercises the right to purchase _________________ Ordinary Shares (“Warrant Shares”) of Medlab Clinical Ltd., a company organized under the laws of Australia (the “Company”), evidenced by
the attached Warrant to Purchase Ordinary Shares (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant. 

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

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

____________ a “Cashless Exercise” with respect to _______________ Warrant Shares. 

2. Payment of Exercise Price. In the event that the holder has elected a Cash Exercise with respect to some or all of the Warrant Shares to be
issued pursuant hereto, the holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the Company in accordance with the terms of the Warrant. 

3. Delivery of Warrant Shares. The Company shall deliver to the holder __________ Warrant Shares in accordance with the terms of the Warrant.

 Date: _______________ __, ______ 

	
	      Name of Registered Holder
	By:                                     
                                         
            
	Name:
	Title:

  
 49 

 ACKNOWLEDGMENT 

The Company hereby acknowledges this Exercise Notice and hereby directs VStock Transfer, LLC to issue the above indicated number of Ordinary
Shares on or prior to the applicable Share Delivery Date. 
  

			
	MEDLAB CLINICAL LTD.
		
	By:	 	      

	Name:
	Title:

  
 50 

 Exhibit B-2 

[FORM OF CERTIFICATED PRE-FUNDED WARRANT] 

MEDLAB CLINICAL LTD. 
 PRE-FUNDED WARRANT TO PURCHASE ORDINARY SHARES 
  

			
	Number of Warrant Shares:	  	Date of Issuance: December [ ], 2022 (“Issuance Date”)
	CUSIP: [•]	  	

 THIS PRE-FUNDED WARRANT TO PURCHASE ORDINARY SHARES certifies that,
for value received, [HOLDER] (the “Holder”) is entitled, subject to the terms set forth below, to purchase from Medlab Clinical Ltd. (the “Company”), at the Exercise Price (as defined below) then in effect, at any
time or times on or after [•], 2022 (the “Initial Exercisability Date”), but not after the Expiration Date (as defined below), up to ______________ (_____________) fully paid
non-assessable Ordinary Shares (as defined below), subject to adjustment as provided herein (the “Warrant Shares”). Except as otherwise defined herein, capitalized terms in this Pre-Funded Warrant to Purchase Ordinary Shares (including any Pre-Funded Warrants to Purchase Ordinary Shares issued in exchange, transfer or replacement hereof, this
“Warrant”), shall have the meanings set forth in Section 16. This Warrant is one of the Warrants to Purchase Ordinary Shares (the “Warrants”) issued pursuant to (i) that certain Underwriting Agreement,
dated as of [•], 2022 (the “Subscription Date”) by and between the Company and EF Hutton, and (ii) the Company’s Registration Statement on Form F-1 (File number 333-267873) (the “Registration Statement”). This Warrant shall initially be issued and maintained in the form of a security held in book-entry form and the Depository Trust Company or its nominee
(“DTC”) shall initially be the sole registered holder of this Warrant, subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agreement, in which case this sentence
shall not apply. 
 1. EXERCISE OF WARRANT. 

(a)(i) Exercise of Warrant. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth in
Section 1(f)), the purchase rights represented by this Warrant may be exercised by the Holder at any time or times on or after the Initial Exercisability Date, in whole or in part, by delivery to the Company or the Warrant Agent (whether via
facsimile, electronic mail or otherwise) of a written notice, in the form attached hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise purchase rights represented by this Warrant. Within one
(1) Trading Day following the delivery of the Exercise Notice, the Holder shall make payment to the Company of an amount equal to the Exercise Price in effect on the date of such exercise multiplied by the number of Warrant Shares as to which
this Warrant is being exercised (the “Aggregate Exercise Price”) in cash by wire transfer of immediately available funds or, if the provisions of Section 1(d) are applicable, by notifying the Company that this Warrant is being
exercised pursuant to a Cashless Exercise (as defined in Section 1(d)). 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 or Warrant Agent for cancellation within three (3) Trading Days of the date on which the
final Exercise Notice 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 or
Warrant Agent shall deliver any objection to any Exercise Notice within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this
paragraph, following the 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. On or before the first (1st)
Trading Day following the date on which the Holder has delivered the applicable Exercise Notice, the Company or the Warrant Agent shall transmit by facsimile or electronic mail an acknowledgment of confirmation of receipt of the Exercise Notice, in
the form attached to the Exercise Notice, to the Holder and the Company’s transfer agent (the “Transfer Agent”). So long as the Holder delivers the Aggregate Exercise Price (or notice of a Cashless Exercise) on or prior to the
first (1st) Trading Day following the date on which the Exercise Notice has been delivered to the Company, then on or prior to the earlier of (i) the second (2nd) Trading Day and (ii) the number of Trading Days comprising the Standard
Settlement Period, in each case following the date on which the Exercise Notice has been delivered to the Company or the Warrant Agent, or, if the Holder does not deliver the Aggregate Exercise Price (or notice of a Cashless Exercise) on or prior to
the first (1st) Trading Day following the date on which the Exercise Notice has been delivered to the Company, then the Warrant Shares shall be delivered in accordance with Section 1(f) of this Warrant. 

  
 51 

 (a)(ii) Mechanics of Exercise. 

(A) 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 Holder or (B) this Warrant is being exercised via cashless
exercise, 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 Exercise Notice by the date specified in this clause (f). On or before the first (1st) Trading Day following the date on which the Holder has delivered the applicable Exercise Notice, the Company shall
transmit by facsimile or electronic mail an acknowledgment of confirmation of receipt of the Exercise Notice, in the form attached to the Exercise Notice, to the Holder and the Company’s transfer agent (the “Transfer Agent”).
So long as the Holder delivers the Aggregate Exercise Price (or notice of a Cashless Exercise) on or prior to the first (1st) Trading Day following the date on which the Exercise Notice has been delivered to the Company, then on or prior to the
earlier of (i) the second (2nd) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement Period, in each case following the date on which the Exercise Notice has been delivered to the Company, or, if the Holder
does not deliver the Aggregate Exercise Price (or notice of a Cashless Exercise) on or prior to the first (1st) Trading Day following the date on which the Exercise Notice has been delivered to the Company, then on or prior to the first (1st)
Trading Day following the date on which the Aggregate Exercise Price (or notice of a Cashless Exercise) is delivered (such earlier date, the “Share Delivery Date”), the Company shall (X) provided that the Transfer Agent is
participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program, credit such aggregate number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the Holder’s or its
designee’s balance account with DTC through its Deposit/Withdrawal At Custodian system, or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and dispatch by overnight courier to the
address as specified in the Exercise Notice, a certificate, registered 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. The Company shall be responsible for all
fees and expenses of the Transfer Agent and all fees and expenses with respect to the issuance of Warrant Shares via DTC, if any, including without limitation for same day processing. Upon delivery of the Exercise Notice, the Holder shall be deemed
for all corporate purposes to have become the holder of record and beneficial owner of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date such Warrant Shares are credited to the Holder’s DTC
account or the date of delivery of the certificates evidencing such Warrant Shares, as the case may be. If this Warrant is physically delivered to the Company in connection with any exercise pursuant to this Section 1(f) and the number of
Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable and in no event later than three (3) Trading Days
after any exercise and at its own expense, issue and deliver to the Holder (or its designee) a new Warrant (in accordance with Section 7(d)) representing the right to purchase the number of Warrant Shares issuable immediately prior to such
exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. If the Company fails for any reason to deliver to such registered holder or Participant, as the case may be, the Warrant Shares subject
to an exercise notice by the Warrant Share Delivery Date, the Company shall pay to the registered holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the Weighted Average
Price of the Ordinary Shares on the date of the applicable exercise notice), $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 the registered holder rescinds such exercise. No fractional Warrant Shares are to be issued upon the exercise of this Warrant, but rather the number of Warrant Shares to be issued shall be
rounded to the nearest whole number. The Company shall pay any and all transfer, stamp, issuance and similar taxes, costs and expenses (including, without limitation, fees and expenses of the Transfer Agent) which may be payable with respect to the
issuance and delivery of Warrant Shares upon exercise of this Warrant. The Company’s obligations to issue and deliver Warrant Shares in accordance with the terms and subject to the conditions hereof are absolute and unconditional, irrespective
of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment,
limitation or termination; provided, however, that the Company shall not be required to deliver Warrant Shares with respect to an exercise prior to the Holder’s delivery of the Aggregate Exercise Price (or notice of a Cashless
Exercise) with respect to such exercise 

  
 52 

 (B) 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. 
 (C)
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. 
 Notwithstanding the foregoing in this Section 2(a), a holder whose interest in this Warrant is a beneficial interest in
certificate(s) representing this Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall effect exercises made pursuant to this Section 2(a) by delivering to DTC (or such
other clearing corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable), subject to a Holder’s right
to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply. 

(b) Exercise Price. The aggregate exercise price of this Warrant, except for a nominal exercise price of $[0.001] per Warrant Share,
was pre-funded to the Company on or prior to the Initial Exercise Date and, consequently, no additional consideration (other than the nominal exercise price of $[0.001] per Warrant Share) shall be required to
be paid by the Holder to any Person to effect any exercise of this Warrant. The Holder shall not be entitled to the return or refund of all, or any portion, of such pre-paid aggregate Exercise Price under any
circumstance or for any reason whatsoever, including in the event this Warrant shall not have been exercised prior to the Expiration Date. The remaining unpaid exercise price per share of Ordinary Shares under this Warrant shall be $[0.001], subject
to adjustment hereunder (the “Exercise Price”). 

  
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 (c) Company’s Failure to Timely Deliver Securities. If either (I) the
Company shall fail for any reason or for no reason on or prior to the applicable Share Delivery Date, (x) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, to issue to the Holder a certificate for
the number of Ordinary Shares to which the Holder is entitled and register such Ordinary Shares on the Company’s share register or (y) if the Transfer Agent is participating in the DTC Fast Automated Securities Transfer Program, to credit
the Holder’s balance account with DTC, for such number of Ordinary Shares to which the Holder is entitled upon the Holder’s exercise of this Warrant or (II) a registration statement (which may be the Registration Statement) covering
the issuance or resale of the Warrant Shares that are the subject of the Exercise Notice (the “Exercise Notice Warrant Shares”) is not available for the issuance or resale, as applicable, of such Exercise Notice Warrant Shares and
(x) the Company fails to promptly, but in no event later than one (1) Business Day after such registration statement becomes unavailable, to so notify the Holder and (y) the Company is unable to deliver the Exercise Notice Warrant
Shares electronically without any restrictive legend by crediting such aggregate number of Exercise Notice Warrant Shares to the Holder’s or its designee’s balance account with DTC through its Deposit / Withdrawal At Custodian system (the
event described in the immediately foregoing clause (II) is hereinafter referred to as a “Notice Failure” and, together with the event described in clause (I) above, an “Exercise Failure”), then, in
addition to all other remedies available to the Holder, if on or prior to the applicable Share Delivery Date either (I) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, the Company shall fail to
issue and deliver a certificate to the Holder and register such Ordinary Shares on the Company’s share register or, if the Transfer Agent is participating in the DTC Fast Automated Securities Transfer Program, credit the Holder’s balance
account with DTC for the number of Ordinary Shares to which the Holder is entitled upon the Holder’s exercise hereunder or pursuant to the Company’s obligation pursuant to clause (ii) below or (II) a Notice Failure occurs, and if
on or after such Trading Day the Holder purchases (in an open market transaction or otherwise) Ordinary Shares to deliver in satisfaction of a sale by the Holder of Ordinary Shares issuable upon such exercise that the Holder anticipated receiving
from the Company (a “Buy-In”), then the Company shall, within three (3) Trading Days after the Holder’s request and in the Holder’s discretion, either (i) pay cash to the
Holder in an amount equal to the Holder’s total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the Ordinary Shares so
purchased (the “Buy-In Price”), at which point the Company’s obligation to deliver such certificate (and to issue such Ordinary Shares) or credit such Holder’s balance account with
DTC for such Ordinary Shares shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such Ordinary Shares or credit such Holder’s balance account with DTC, as applicable,
and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of Ordinary Shares, times (B) any trading price of the Ordinary Shares
selected by the Holder in writing as in effect at any time during the period beginning on the applicable Exercise Date and ending on the applicable Share Delivery Date. Nothing shall limit the 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 certificates representing Warrant Shares (or to
electronically deliver such Warrant Shares) upon the exercise of this Warrant as required pursuant to the terms hereof. While this Warrant is outstanding, the Company shall cause its transfer agent to participate in the DTC Fast Automated Securities
Transfer Program. In addition to the foregoing rights, (i) if the Company fails to deliver the applicable number of Warrant Shares upon an exercise pursuant to Section 1 by the applicable Share Delivery Date, then the Holder shall have the
right to rescind such exercise in whole or in part and retain and/or have the Company return, as the case may be, any portion of this Warrant that has not been exercised pursuant to such Exercise Notice; provided that the rescission of an exercise
shall not affect the Company’s obligation to make any payments that have accrued prior to the date of such notice pursuant to this Section 1(c) or otherwise, and (ii) if a registration statement (which may be the Registration
Statement) covering the issuance or resale of the Warrant Shares that are subject to an Exercise Notice is not available for the issuance or resale, as applicable, of such Exercise Notice Warrant Shares and the Holder has submitted an Exercise
Notice prior to receiving notice of the non-availability of such registration statement and the Company has not already delivered the Warrant Shares underlying such Exercise Notice electronically without any
restrictive legend by crediting such aggregate number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal At Custodian
system, the Holder shall have the option, by delivery of notice to the Company, to (x) rescind such Exercise Notice in whole or in part and retain or have returned, as the case may be, any portion of this Warrant that has not been exercised
pursuant to such Exercise Notice; provided that the rescission of an Exercise Notice shall not affect the Company’s obligation to make any payments that have accrued prior to the date of such notice pursuant to this Section 1(c) or
otherwise, and/or (y) switch some or all of such Exercise Notice from a cash exercise to a Cashless Exercise. 
 (d) Cashless
Exercise. Notwithstanding anything contained herein to the contrary, if a registration statement (which may be the Registration Statement) covering the issuance or resale of the Exercise Notice Warrant Shares is not available for the issuance or
resale, as applicable, of such Exercise Notice Warrant Shares, the Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such
exercise in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number” of Ordinary Shares determined according to the following formula (a “Cashless Exercise”): 

                Net Number = (A x B)—(A x C) 

B 
 For purposes of the
foregoing formula: 
  

	 	A=	 the total number of shares with respect to which this Warrant is then being exercised. 

  
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	 	B=	 as applicable: (i) the Closing Sale Price of the Ordinary Shares on the Trading Day immediately preceding
the date of the applicable Exercise Notice if such Exercise Notice is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 1(a)
hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either
(y) the Weighted Average Price on the Trading Day immediately preceding the date of the applicable Exercise Notice or (z) the Bid Price of the Ordinary Shares as of the time of the Holder’s execution of the applicable Exercise Notice
if such Exercise Notice 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 1(a) hereof or (iii) the Closing Sale Price of the Ordinary Shares on the date of the applicable Exercise Notice if the date of such Exercise Notice is a Trading Day and such Exercise Notice is both executed and
delivered pursuant to Section 1(a) hereof after the close of “regular trading hours” on such Trading Day. 

  

	 	C=	 $[0.001], as adjusted hereunder. 

If Warrant Shares are issued in such a cashless exercise, the Company acknowledges and agrees that in accordance with Section 3(a)(9) of
the Securities Act of 1933, as amended, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised, and the holding period of the Warrants being exercised may be tacked on to the holding period of the Warrant
Shares. The Company agrees not to take any position contrary to this Section 1(d). 
 (e) Disputes. In the case of a dispute as
to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute in accordance with
Section 11. 
 (f) Beneficial Ownership. Notwithstanding anything to the contrary contained herein, the Company shall not effect
the exercise of any portion of this Warrant, and the Holder shall not have the right to exercise any portion of this Warrant, pursuant to the terms and conditions of this Warrant and any such exercise shall be null and void and treated as if never
made, to the extent that after giving effect to such exercise, the Holder together with the other Attribution Parties collectively would beneficially own in excess of 4.99% (the “Maximum Percentage”) of the number of Ordinary Shares
outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned by the Holder and the other Attribution Parties shall include the number of Ordinary
Shares held by the Holder and all other Attribution Parties plus the number of Ordinary Shares issuable upon exercise of this Warrant with respect to which the determination of such sentence is being made, but shall exclude the number of Ordinary
Shares which would be issuable upon (A) exercise of the remaining, unexercised portion of this Warrant beneficially owned by the Holder or any of the other Attribution Parties and (B) exercise or conversion of the unexercised or
unconverted portion of any other securities of the Company (including, without limitation, any convertible notes or convertible preferred stock or warrants, including the other Warrants) beneficially owned by the Holder or any other Attribution
Party subject to a limitation on conversion or exercise analogous to the limitation contained in this Section 1(f). For purposes of this Section 1(f), beneficial ownership shall be calculated in accordance with Section 13(d) of the
Securities Exchange Act of 1934, as amended (the “1934 Act”). For purposes of this Warrant, in determining the number of outstanding Ordinary Shares the Holder may acquire upon the exercise of this Warrant without exceeding the
Maximum Percentage, the Holder may rely on the number of outstanding Ordinary Shares as reflected in (x) the Company’s most recent Annual Report on Form 20-F and Current Reports on Form 6-K or other public filing with the Securities and Exchange Commission (the “SEC”), as the case may be, (y) a more recent public announcement by the Company or (z) any other written notice
by the Company or the Transfer Agent setting forth the number of Ordinary Shares outstanding (the “Reported Outstanding Share Number”). If the Company receives an Exercise Notice from the Holder at a time when the actual number of
outstanding Ordinary Shares is less than the Reported Outstanding Share Number, the Company shall (i) notify the Holder in writing of the number of Ordinary Shares then outstanding and, to the extent that such Exercise Notice would otherwise
cause the Holder’s beneficial ownership, as determined pursuant to this Section 1(f), to exceed the Maximum Percentage, the Holder must notify the Company of a reduced number of Warrant Shares to be purchased pursuant to such Exercise
Notice (the number of shares by which such purchase is reduced, the “Reduction Shares”) and (ii) as soon as reasonably practicable, the Company shall return to the Holder any exercise price paid by the Holder for the Reduction
Shares. For any reason at any time, upon the written or oral request of the Holder, the Company shall within one (1) Business Day confirm orally and in writing or by electronic mail to the Holder the number of Ordinary Shares then outstanding.
In any case, the number of outstanding Ordinary Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder and any other Attribution Party since the date as of
which the Reported Outstanding Share Number was reported. In the event that the issuance of Ordinary Shares to the Holder upon exercise of this Warrant results in the Holder and the other Attribution Parties being deemed to beneficially own, in the
aggregate, more than the Maximum Percentage of the number of outstanding Ordinary Shares (as determined under Section 13(d) of the 1934 Act), the number of shares so issued by which the Holder’s and the other Attribution Parties’
aggregate beneficial ownership exceeds the Maximum Percentage (the “Excess Shares”) shall be deemed null and void and shall be cancelled ab initio, and the Holder shall not have the power to vote or to transfer the Excess Shares. As
soon as reasonably practicable after the issuance of the Excess Shares has been deemed null and void, the Company shall return to the Holder the exercise price paid by the Holder for the Excess Shares. Upon delivery of a written notice to the
Company, the Holder may from time to time increase or decrease the Maximum Percentage to any other percentage not in excess of 4.99% as specified in such notice; provided that (i) any such increase in the Maximum Percentage will not be
effective until the sixty-first (61st) day after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to the Holder and the other Attribution Parties and not to any other holder of Warrants that is not
an Attribution Party of the Holder. For purposes of clarity, the Ordinary Shares issuable pursuant to the terms of this Warrant in excess of the Maximum Percentage shall not be deemed to be beneficially owned by the Holder for any purpose including
for purposes of Section 13(d) or Rule 16a-1(a)(1) of the 1934 Act. No prior inability to exercise this Warrant pursuant to this paragraph shall have any effect on the applicability of the provisions of
this paragraph with respect to any subsequent determination of exercisability. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 1(f) to the extent
necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended beneficial ownership limitation contained in this Section 1(f) or to make changes or supplements necessary or
desirable to properly give effect to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor holder of this Warrant. 

  
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 (g) Required Reserve Amount. So long as this Warrant remains outstanding, the Company
shall at all times keep reserved for issuance under this Warrant a number of Ordinary Shares at least equal to 100% of the maximum number of Ordinary Shares as shall be necessary to satisfy the Company’s obligation to issue Ordinary Shares
under the Warrants then outstanding (without regard to any limitations on exercise) (the “Required Reserve Amount”); provided that at no time shall the number of Ordinary Shares reserved pursuant to this Section 1(g) be
reduced other than in connection with any exercise of Warrants or such other event covered by Section 2(c) below. The Required Reserve Amount (including, without limitation, each increase in the number of shares so reserved) shall be allocated
pro rata among the holders of the Warrants based on the number of Ordinary Shares issuable upon exercise of Warrants held by each holder thereof on the Issuance Date (without regard to any limitations on exercise) (the “Authorized Share
Allocation”). In the event that a holder shall sell or otherwise transfer any of such holder’s Warrants, each transferee shall be allocated a pro rata portion of such holder’s Authorized Share Allocation. Any Ordinary Shares
reserved and allocated to any Person which ceases to hold any Warrants shall be allocated to the remaining holders of Warrants, pro rata based on the number of Ordinary Shares issuable upon exercise of the Warrants then held by such holders thereof
(without regard to any limitations on exercise). 
 (h) Insufficient Authorized Shares. If at any time while this Warrant remains
outstanding the Company does not have a sufficient number of authorized and unreserved Ordinary Shares to satisfy its obligation to reserve for issuance the Required Reserve Amount (an “Authorized Share Failure”), then the Company
shall promptly take all action reasonably necessary to increase the Company’s authorized Ordinary Shares to an amount sufficient to allow the Company to reserve the Required Reserve Amount for this Warrant then outstanding. Without limiting the
generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event later than ninety (90) days after the occurrence of such Authorized Share Failure, the Company shall
hold a meeting of its stockholders for the approval of an increase in the number of authorized Ordinary Shares. In connection with such meeting, the Company shall provide each stockholder with a proxy statement and shall use its reasonable best
efforts to solicit its stockholders’ approval of such increase in authorized Ordinary Shares and to cause its board of directors to recommend to the stockholders that they approve such proposal. Notwithstanding the foregoing, if any such time
of an Authorized Share Failure, the Company is able to obtain the written consent of a majority of the shares of its issued and outstanding Ordinary Shares to approve the increase in the number of authorized Ordinary Shares, the Company may satisfy
this obligation by obtaining such consent and submitting for filing with the SEC an Information Statement on Schedule 14C. 

  
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 2. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and
the number of Warrant Shares shall be adjusted from time to time as follows: 
 (a) Intentionally omitted. 

(b) Intentionally omitted. 

(c) Adjustment Upon Subdivision or Combination of Ordinary Shares. If the Company at any time on or after the Subscription Date
subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding Ordinary Shares into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision will be
proportionately reduced and the number of Warrant Shares will be proportionately increased. If the Company at any time on or after the Subscription Date combines (by combination, reverse stock split or otherwise) one or more classes of its
outstanding Ordinary Shares into a smaller number of shares, the Exercise Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares will be proportionately decreased. Any adjustment
under this Section 2(c) shall become effective at the close of business on the date the subdivision or combination becomes effective. 

(d) Other Events. If any event occurs of the type contemplated by the provisions of this Section 2 but not expressly provided for
by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features), then the Company’s Board of Directors will make an appropriate adjustment in the Exercise
Price and the number of Warrant Shares, as mutually determined by the Company’s Board of Directors and the Required Holders, so as to protect the rights of the Holder; provided that no such adjustment pursuant to this Section 2(d)
will increase the Exercise Price or decrease the number of Warrant Shares as otherwise determined pursuant to this Section 2. 
 3.
RIGHTS UPON DISTRIBUTION OF ASSETS. In addition to any adjustments pursuant to Section 2 above, if, on or after the Subscription Date and on or prior to the Expiration Date, the Company shall declare or make any dividend or other
distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property, options, evidence of
indebtedness or any other assets by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant,
then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of Ordinary Shares acquirable upon complete exercise of
this Warrant (without regard to any limitations or restrictions on exercise of this Warrant, including without limitation, the Maximum Percentage) immediately before the date on which a record is taken for such Distribution, or, if no such record is
taken, the date as of which the record holders of Ordinary Shares 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 and the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Distribution to such extent (and shall not be entitled to beneficial ownership
of such Ordinary Shares as a result of such Distribution (and beneficial ownership) to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time or times as its right thereto would not
result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which time or times the Holder shall be granted such Distribution (and any Distributions declared or made on such initial Distribution or on any subsequent
Distribution held similarly in abeyance) to the same extent as if there had been no such limitation). 

  
 57 

 4. PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS. 

(a) Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if at any time on or after the Subscription Date
and on or prior to the Expiration Date the Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of Ordinary Shares (the
“Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Ordinary
Shares acquirable upon complete exercise of this Warrant (without regard to any limitations or restrictions on exercise of this Warrant, including without limitation, the Maximum Percentage) immediately before the date on which a record is taken for
the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the grant, issuance 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 and the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled to
participate in such Purchase Right to such extent (and shall not be entitled to beneficial ownership of such Ordinary Shares as a result of such Purchase Right (and beneficial ownership) to such extent) and such Purchase Right to such extent shall
be held in abeyance for the benefit of the Holder until such time or times as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which time or times the Holder shall be granted
such right (and any Purchase Right granted, issued or sold on such initial Purchase Right or on any subsequent Purchase Right to be held similarly in abeyance) to the same extent as if there had been no such limitation). 

(b) Fundamental Transaction. The Company shall not enter into or be party to a Fundamental Transaction unless the Successor Entity
assumes in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 4(b), including agreements to 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, including, without limitation, which is exercisable for a corresponding number of shares of capital stock equivalent to the Ordinary Shares 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 Ordinary Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such adjustments to the 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 consummation of each Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for
the Company (so that from and after the date of the applicable 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 with the same effect as if such Successor Entity had been named as the Company herein. Upon consummation of each Fundamental
Transaction, the Successor Entity shall deliver to the Holder confirmation that there shall be issued upon exercise of this Warrant at any time after the consummation of the applicable Fundamental Transaction, in lieu of the Ordinary Shares (or
other securities, cash, assets or other property (except such items still issuable under Sections 3 and 4(a) above, which shall continue to be receivable thereafter)) issuable upon the exercise of this Warrant prior to the applicable Fundamental
Transaction, such Ordinary Shares (or its equivalent) of the Successor Entity (including its Parent Entity) which the Holder would have been entitled to receive upon the happening of the applicable Fundamental Transaction had this Warrant been
exercised immediately prior to the applicable Fundamental Transaction (without regard to any limitations on the exercise of this Warrant), as adjusted in accordance with the provisions of this Warrant. Notwithstanding the foregoing, and without
limiting Section 1(f) hereof, the Holder may elect, at its sole option, by delivery of written notice to the Company to waive this Section 4(b) to permit the Fundamental Transaction without the assumption of this Warrant. In addition to
and not in substitution for any other rights hereunder, prior to the consummation of each Fundamental Transaction pursuant to which holders of Ordinary Shares are entitled to receive securities or other assets with respect to or in exchange for
Ordinary Shares (a “Corporate Event”), the Company shall make appropriate provision to insure that the Holder will thereafter have the right to receive upon an exercise of this Warrant at any time after the consummation of the
applicable Fundamental Transaction but prior to the Expiration Date, in lieu of the shares of the Ordinary Shares (or other securities, cash, assets or other property (except such items still issuable under Sections 3 and 4(a) above, which shall
continue to be receivable thereafter)) issuable upon the exercise of the Warrant prior to such Fundamental Transaction, such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or
subscription rights) (collectively, the “Corporate Event Consideration”) which the Holder would have been entitled to receive upon the happening of the applicable Fundamental Transaction had this Warrant been exercised immediately prior to
the applicable Fundamental Transaction (without regard to any limitations on the exercise of this Warrant). The provision made pursuant to the preceding sentence shall be in a form and substance reasonably satisfactory to the Holder. The provisions
of this Section 4(b) shall apply similarly and equally to successive Fundamental Transactions and Corporate Events. 

	
	

  
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 5. NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will
not, by amendment of its Certificate of Incorporation or Bylaws, or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issuance 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, and will at all times in good faith carry out all of the provisions of this Warrant and take all action as may be required to protect the rights of the Holder. Without
limiting the generality of the foregoing, the Company (i) shall not increase the par value of any Ordinary Shares receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall take all such actions as may
be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Ordinary Shares upon the exercise of this Warrant, and (iii) shall, so long as any of the Warrants are outstanding, take all action
necessary to reserve and keep available out of its authorized and unissued Ordinary Shares, solely for the purpose of effecting the exercise of the Warrants, the number of Ordinary Shares as shall from time to time be necessary to effect the
exercise of the Warrants then outstanding (without regard to any limitations on exercise). 
 6. WARRANT HOLDER NOT DEEMED A
STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of capital stock of the
Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to
vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or
otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities
on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding this Section 6, the
Company shall provide the Holder with copies of the same notices and other information given to the stockholders of the Company generally, contemporaneously with the giving thereof to the stockholders. 

7. REISSUANCE OF WARRANTS. 

(a) Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon the
Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by
the Holder and, if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with Section 7(d)) to the Holder representing the right to purchase the number of Warrant Shares not
being transferred. 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. 
 (b) Lost, Stolen or Mutilated Warrant. Upon
receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company
in customary form and, in the case of mutilation, upon surrender and cancellation of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing the right to purchase the
Warrant Shares then underlying this Warrant. 
 (c) Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the
surrender hereof by the Holder at the principal office of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the right to purchase the number of Warrant Shares then underlying this
Warrant, and each such new Warrant will represent the right to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender. 

	
	

  
 59 

 (d) Issuance of New Warrants. Whenever the Company is required to issue a new Warrant
pursuant to the terms of this Warrant, such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to purchase the Warrant Shares then underlying this Warrant
(or in the case of a new Warrant being issued pursuant to Section 7(a) or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of Ordinary Shares underlying the other new Warrants issued in connection
with such issuance, does not exceed the number of Warrant Shares then underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date, and (iv) shall have the same
rights and conditions as this Warrant. 
 If this Warrant is not held in global form through DTC (or any successor depositary), 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 Issue Date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto. 
 (e) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Warrant Agent for that
purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company and the Warrant Agent 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. 
 8.
NOTICES. Whenever notice is required to be given under this Warrant, including, without limitation, an Exercise Notice, unless otherwise provided herein, such notice shall be given in writing, (i) if delivered (a) from within the
domestic United States, by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, electronic mail or by facsimile or (b) from outside the United States, by International Federal
Express, electronic mail or facsimile, and (ii) will be deemed given (A) if delivered by first-class registered or certified mail domestic, three (3) Business Days after so mailed, (B) if delivered by nationally recognized
overnight carrier, one (1) Business Day after so mailed, (C) if delivered by International Federal Express, two (2) Business Days after so mailed and (D) on the date of transmission, if delivered by electronic mail to each of the
email addresses specified in this Section 8 prior to 5:00 p.m. (New York time) on a Trading Day, (E) the next Trading Day after the date of transmission, if delivered by electronic mail to each of the email addresses specified in this
Section 8 on a day that is not a Trading Day or later than 5:00 p.m. (New York time) on any Trading Day and (F) if delivered by facsimile, upon electronic confirmation of receipt of such facsimile, and will be delivered and addressed as
follows: 
 (i) if to the Company, to: 

Medlab Clinical, Ltd. 
 Units 5
and 6, 11-13 Lord Street 
 Botany, New South Wales 2019 

+ 61 2 8188 0311 
 Attn: Sean Hall

 E-mail: 

(ii) if to the Holder, at such address or other contact information delivered by the Holder to Company or as is on the books and records of
the Company. 

	
	

  
 60 

 The Company shall provide the Holder with prompt written notice of all actions taken
pursuant to this Warrant, including in reasonable detail a description of such action and the reason therefor. Without limiting the generality of the foregoing, the Company will give written notice to the Holder (i) immediately upon any
adjustment of the Exercise Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment and (ii) at least fifteen (15) days prior to the date on which the Company closes its books or takes a record
(A) with respect to any dividend or distribution upon the Ordinary Shares, (B) with respect to any grants, issuances or sales of any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property to
holders of Ordinary Shares or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation; provided in each case that such information shall be made known to the public prior to or in
conjunction with such notice being provided to the Holder. It is expressly understood and agreed that the time of exercise specified by the Holder in each Exercise Notice shall be definitive and may not be disputed or challenged by the Company. 

9. AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended or waived and the Company
may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the Holder. 

10. GOVERNING LAW; JURISDICTION; JURY TRIAL. This Warrant shall be governed by and construed and enforced in accordance with, and all
questions concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule
(whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees
not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or
proceeding is improper. The Company hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to the Company at the address set forth in
Section 8(i) above or such other address as the Company subsequently delivers to the Holder and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to
limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction to
collect on the Company’s obligations to the Holder, to realize on any collateral or any other security for such obligations, or to enforce a judgment or other court ruling in favor of the Holder. If either party shall commence an action, suit
or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses incurred with the
investigation, preparation and prosecution of such action or proceeding. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR
ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY. 
 11. DISPUTE RESOLUTION. In the case of a dispute as to the
determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via facsimile or electronic mail within two (2) Business Days of receipt of
the Exercise Notice or other event giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within three
(3) Business Days of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall, within two (2) Business Days submit via facsimile or electronic mail (a) the disputed determination of
the Exercise Price to an independent, reputable investment bank selected by the Company and approved by the Holder or (b) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent, outside accountant. The
Company shall cause at its expense the investment bank or the accountant, as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the results no later than ten (10) Business Days from the time
it receives the disputed determinations or calculations. Such investment bank’s or accountant’s determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable error. 

  
 61 

 12. REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies
provided in this Warrant shall be cumulative and in addition to all other remedies available under this Warrant and any other Transaction Documents, at law or in equity (including a decree of specific performance and/or other injunctive relief), and
nothing herein shall limit the right of the Holder to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable
harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the holder of this Warrant shall be entitled, in addition to all other
available remedies, to an injunction restraining any breach, without the necessity of showing economic loss and without any other security being required. Notwithstanding the foregoing or anything else herein to the contrary, other than as expressly
provided in Section 1(a) or Section 1(c) hereof, if the Company is for any reason unable to issue and deliver Warrant Shares upon exercise of this Warrant as required pursuant to the terms hereof, the Company shall have no obligation to
pay to the holder any cash or other consideration or otherwise “net cash settle” this Warrant. 
 13. TRANSFER. This
Warrant and the Warrant Shares may be offered for sale, sold, transferred, pledged or assigned without the consent of the Company. 
 14.
SEVERABILITY; CONSTRUCTION; HEADINGS. If any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid
or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Warrant so
long as this Warrant as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does
not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to
replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s). This Warrant shall be deemed to be jointly
drafted by the Company and the Holder and shall not be construed against any Person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this Warrant. 

15. DISCLOSURE. Upon receipt or delivery by the Company of any notice in accordance with the terms of this Warrant, unless the Company
has in good faith determined that the matters relating to such notice do not constitute material, nonpublic information relating to the Company or its subsidiaries, the Company shall contemporaneously with any such receipt or delivery publicly
disclose such material, nonpublic information on a Current Report on Form 8-K or otherwise. In the event that the Company believes that a notice contains material, nonpublic information relating to the Company
or its subsidiaries, the Company so shall indicate to such Holder contemporaneously with delivery of such notice, and in the absence of any such indication, the Holder shall be allowed to presume that all matters relating to such notice do not
constitute material, nonpublic information relating to the Company or its subsidiaries. 
 16. CERTAIN DEFINITIONS. For purposes of
this Warrant, the following terms shall have the following meanings: 
 (a) “Affiliate” means, with respect to any Person,
any other Person that directly or indirectly controls, is controlled by, or is under common control with, such Person, it being understood for purposes of this definition that “control” of a Person means the power directly or indirectly
either to vote 10% or more of the stock having ordinary voting power for the election of directors of such Person or direct or cause the direction of the management and policies of such Person whether by contract or otherwise. 

(b) “Attribution Parties” means, collectively, the following Persons and entities: (i) any investment vehicle, including,
any funds, feeder funds or managed accounts, currently, or from time to time after the Subscription Date, directly or indirectly managed or advised by the Holder’s investment manager or any of its Affiliates or principals, (ii) any direct
or indirect Affiliates of the Holder or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together with the Holder or any of the foregoing and (iv) any other Persons whose beneficial ownership of
the Company’s Ordinary Shares would or could be aggregated with the Holder’s and the other Attribution Parties for purposes of Section 13(d) of the 1934 Act. For clarity, the purpose of the foregoing is to subject collectively the
Holder and all other Attribution Parties to the Maximum Percentage. 

  
 62 

 (c) “Bid Price” means, for any security as of the particular time of
determination, the bid price for such security on the Principal Market as reported by Bloomberg as of such time of determination, or, if the Principal Market is not the principal securities exchange or trading market for such security, the bid price
of such security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg as of such time of determination, or if the foregoing does not apply, the bid price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg as of such time of determination, or, if no bid price is reported for such
security by Bloomberg as of such time of determination, the average of the bid prices of any market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC) as of such time of
determination. If the Bid Price cannot be calculated for a security as of the particular time of determination on any of the foregoing bases, the Bid Price of such security as of such time of determination shall be the fair market value as mutually
determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved in accordance with the procedures in Section 11. All such
determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period. 

(d) “Bloomberg” means Bloomberg Financial Markets. 

(e) “Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York
are authorized or required by law to remain closed. 
 (f) “Closing Bid Price” and “Closing Sale Price”
means, for any security as of any date, the last closing bid price and last closing trade price, respectively, for such security on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours
basis and does not designate the closing bid price or the closing trade price, as the case may be, then the last bid price or the last trade price, respectively, of such security prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if
the Principal Market is not the principal securities exchange or trading market for such security, the last closing bid price or last trade price, respectively, of such security on the principal securities exchange or trading market where such
security is listed or traded as reported by Bloomberg, or if the foregoing do not apply, the last closing bid price or last trade price, respectively, of such security in the
over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is
reported for such security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported in the OTC Link or “pink sheets” by OTC Markets Group Inc. (formerly Pink OTC
Markets Inc.). If the Closing Bid Price or the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price or the Closing Sale Price, as the case may be, of such security on such
date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved pursuant to Section 11.
All such determinations to be appropriately adjusted for any stock dividend, stock split, stock combination, reclassification or other similar transaction during the applicable calculation period. 

(g) “Ordinary Shares” means (i) the Company’s Ordinary Shares, no par value, and (ii) any capital stock into
which such Ordinary Shares shall have been changed or any capital stock resulting from a reclassification of such Ordinary Shares. 
 (h)
“Convertible Securities” means any stock or securities (other than Options) directly or indirectly convertible into or exercisable or exchangeable for Ordinary Shares. 

(i) “Eligible Market” means The NASDAQ Capital Market, the NYSE American LLC, The NASDAQ Global Select Market, The NASDAQ
Global Market or The New York Stock Exchange, Inc. 
 (j) “Expiration Date” means until this Warrant is exercised in full.

  
 63 

 (k) “Fundamental Transaction” means (A) that the Company shall,
directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company is the surviving corporation) another Subject Entity, or
(ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company or any of its “significant subsidiaries” (as defined in Rule 1-02
of Regulation S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities to make, or allow the Company to be subject to or have its Ordinary Shares be subject to or party
to one or more Subject Entities making, a purchase, tender or exchange offer that is accepted by the holders of at least either (x) 50% of the outstanding Ordinary Shares, (y) 50% of the outstanding Ordinary Shares calculated as if any Ordinary
Shares held by all Subject Entities making or party to, or Affiliated with any Subject Entities making or party to, such purchase, tender or exchange offer were not outstanding; or (z) such number of Ordinary Shares such that all Subject
Entities making or party to, or Affiliated with any Subject Entity making or party to, such purchase, tender or exchange offer, become collectively the beneficial owners (as defined in Rule 13d-3 under the
1934 Act) of at least 50% of the outstanding Ordinary Shares, or (iv) consummate a stock purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with one or more Subject Entities whereby all such Subject Entities, individually or in the aggregate, acquire, either (x) at least 50% of the outstanding Ordinary
Shares, (y) at least 50% of the outstanding Ordinary Shares calculated as if any Ordinary Shares held by all the Subject Entities making or party to, or Affiliated with any Subject Entity making or party to, such stock purchase agreement or
other business combination were not outstanding; or (z) such number of Ordinary Shares such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934
Act) of at least 50% of the outstanding Ordinary Shares, or (v) reorganize, recapitalize or reclassify its Ordinary Shares, (B) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one
or more related transactions, allow any Subject Entity individually or the Subject Entities in the aggregate to be or become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act),
directly or indirectly, whether through acquisition, purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding Ordinary Shares, merger, consolidation, business combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or otherwise in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by
issued and outstanding Ordinary Shares, (y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Ordinary Shares not held by all such Subject Entities as of the Subscription Date calculated as if any
Ordinary Shares held by all such Subject Entities were not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by issued and outstanding Ordinary Shares or other equity securities of the Company sufficient to
allow such Subject Entities to effect a statutory short form merger or other transaction requiring other stockholders of the Company to surrender their Ordinary Shares without approval of the stockholders of the Company or (C) directly or
indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, the issuance of or the entering into any other instrument or transaction structured in a manner to circumvent, or that circumvents, the intent
of this definition in which case this definition shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary to correct this definition or any portion of this
definition which may be defective or inconsistent with the intended treatment of such instrument or transaction. 
 (l)
“Group” means a “group” as that term is used in Section 13(d) of the 1934 Act and as defined in Rule 13d-5 thereunder. 

(m) “Options” means any rights, warrants or options to subscribe for or purchase Ordinary Shares or Convertible Securities.

 (n) “Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person, including
such entity whose Ordinary Shares or equivalent equity security is quoted or listed on an Eligible Market (or, if so elected by the Holder, any other market, exchange or quotation system), or, if there is more than one such Person or such entity,
the Person or such entity designated by the Holder or in the absence of such designation, such Person or entity with the largest public market capitalization as of the date of consummation of the Fundamental Transaction. 

(o) “Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an
unincorporated organization, any other entity and a government or any department or agency thereof. 
 (p) “Principal
Market” means the principal securities exchange or securities market on which the Ordinary Shares is then traded. 

  
 64 

 (q) “Standard Settlement Period” means the standard settlement period,
expressed in a number of Trading Days, for the Company’s primary trading market or quotation system with respect to the Ordinary Shares that is in effect on the date of receipt of an applicable Exercise Notice. 

(r) “Subject Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons or Group.

 (s) “Successor Entity” means one or more Person or Persons (or, if so elected by the Holder, the Company or Parent
Entity) formed by, resulting from or surviving any Fundamental Transaction or one or more Person or Persons (or, if so elected by the Holder, the Company or the Parent Entity) with which such Fundamental Transaction shall have been entered into.

 (t) “Trading Day” means any day on which the Ordinary Shares is traded on the Principal Market, or, if the Principal
Market is not the principal trading market for the Ordinary Shares, then on the principal securities exchange or securities market on which the Ordinary Shares is then traded. 

(u) “Transaction Documents” means any agreement entered into by and between the Company and the Holder, as applicable. 

(v) “Transfer Agent” means VStock Transfer, LLC, the current transfer agent of the Company, with a mailing address of 18
Lafayette Place, Woodmere, NY 11598 and a facsimile number of (212) 828-8436, and any successor transfer agent of the Company. 

(w) “Warrant Agreement” means that certain warrant agency agreement, dated on or about the Initial Exercise Date, between the
Company and the Warrant Agent. 
 (x) “Warrant Agent” means the Transfer Agent and any successor warrant agent of the
Company. 
 (y) “Weighted Average Price” means, for any security as of any date, the dollar volume-weighted average price
for such security on the Principal Market during the period beginning at 9:30:01 a.m., New York time (or such other time as the Principal Market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such
other time as the Principal Market publicly announces is the official close of trading), as reported by Bloomberg through its “Volume at Price” function or, if the foregoing does not apply, the dollar volume-weighted average price of such
security in the over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time (or such other time
as such market publicly announces is the official open of trading), and ending at 4:00:00 p.m., New York time (or such other time as such market publicly announces is the official close of trading), as reported by Bloomberg, or, if no dollar
volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest Closing Bid Price and the lowest closing ask price of any of the market makers for such security as reported in the OTC Link or
“pink sheets” by OTC Markets Group Inc. (formerly Pink OTC Markets Inc.). If the Weighted Average Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Weighted Average Price of such security on
such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved pursuant to
Section 11 with the term “Weighted Average Price” being substituted for the term “Exercise Price.” All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination,
reclassification or other similar transaction during the applicable calculation period. 
 [Signature Page Follows] 

  
 65 

 IN WITNESS WHEREOF, the Company has caused this
Pre-Funded Warrant to Purchase Ordinary Shares to be duly executed as of the Issuance Date set out above. 
  

	
	MEDLAB CLINICAL LTD.
	
	By:                                     
                                         
                  
	Name:
	Title:

  
 66 

 EXHIBIT A 

EXERCISE NOTICE 
 TO BE
EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS 
 PRE-FUNDED WARRANT TO PURCHASE ORDINARY
SHARES 
 MEDLAB CLINICAL LTD. 
 The
undersigned holder hereby exercises the right to purchase Ordinary Shares (“Warrant Shares”) of Medlab Clinical Ltd., a company organized under the laws of Australia (the “Company”), evidenced by the attached Pre-Funded Warrant to Purchase Ordinary Shares (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant. 

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

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

a “Cashless Exercise” with respect to Warrant Shares. 

2. Payment of Exercise Price. In the event that the holder has elected a Cash Exercise with respect to some or all of the Warrant Shares to be issued pursuant
hereto, the holder shall pay the Aggregate Exercise Price in the sum of $[•] to the Company in accordance with the terms of the Warrant. 
 3. Delivery
of Warrant Shares. The Company shall deliver to the holder Warrant Shares in accordance with the terms of the Warrant. 
  

	
	 Date:    ,

                          
                                         
                             

	      Name of Registered Holder
	By:                                     
                                         
            
	Name:
	Title:

  
 67 

 ACKNOWLEDGMENT 

The Company hereby acknowledges this Exercise Notice and hereby directs VStock Transfer, LLC to issue the above indicated number of Ordinary Shares on or
prior to the applicable Share Delivery Date. 
  

	
	MEDLAB CLINICAL LTD.
	
	By:                                     
                                         
                  
	Name:
	Title:

  
 68 

 Exhibit C 

Form of Warrant Certificate Request Notice 

WARRANT CERTIFICATE REQUEST NOTICE 

To: VStock Transfer, LLC, as Warrant Agent for Medlab Clinical Ltd. (the “Company”) 

The undersigned Holder of [Ordinary Shares Purchase Warrants / Pre-Funded Warrants]
(“Warrants”) in the form of Global Warrants issued by the Company hereby elects to receive a Definitive Certificate evidencing the Warrants held by the Holder as specified below: 

1.    Name of Holder of Warrants in form of Global Warrants: _____________________________ 

2.    Name of Holder in Definitive Certificate (if different from name of Holder of Warrants in form of Global Warrants):
________________________________ 
 3.    Number of Warrants in name of Holder in form of Global Warrants: ___________________ 

4.    Number of Warrants for which Definitive Certificate shall be issued: __________________ 

5.    Number of Warrants in name of Holder in form of Global Warrants after issuance of Definitive Certificate, if any: ___________ 

6.    Definitive Certificate shall be delivered to the following address: 

The undersigned hereby acknowledges and agrees that, in connection with this Warrant Exchange and the issuance of the Definitive Certificate,
the Holder is deemed to have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number of Warrants evidenced by the Definitive Certificate. 

 

			
	[SIGNATURE OF HOLDER]	 	
	Name of Investing Entity:	 	  

	Signature of Authorized Signatory of Investing Entity:	 	  

	Name of Authorized Signatory:	 	  

	Title of Authorized Signatory:	 	  

	Date:	 	  

	
	

  
 69Exhibit 10.25

 

October 17, 2019

 

Brian Chen

 

RE: AMENDMENT OF EMPLOYMENT

 

Dear Brian:

 

The teams
of Insurtech Holdings LLC, YouSurance General Agency LLC, and Life Epigenetics Inc. (collectively, “Company”, “Companies,”
“our”, “we” or “us”) are pleased to continue your position as Chief Science Officer, reporting
to Jon Sabes. We are very excited that you will be continuing your employment with Insurtech Holdings, LLC as an independent entity.

 

The other terms and conditions of this
offer are as follows:

 

	POSITION:	 	Chief Science Officer
	 	 	 
	REPORT:	 	You will report to Jon Sabes, and their designees as directed.
	 	 	 
	EFFECTIVE DATE:	 	October 21, 2019
	 	 	 
	EMPLOYMENT AGREEMENT:	 	The terms of your original Employment Agreement dated August 20, 2017
will remain in force (see attached), inclusive of the Phantom Equity Rights Agreement - Exhibit B. We expect to adopt new employment agreements
with a new equity-based incentive compensation plan by no later than Q1- 2020 that incorporate Insurtech Holdings.
	 	 	 
	COMPENSATION:	 	Base Salary - $236,000 per annum.
	 	 	 
	 	 	Your base salary will be (gross), less applicable income tax and other
legally required withholding and any deductions that you authorize. Salaries are paid biweekly directly into nominated bank account.
	 	 	 
	 	 	Incentive Compensation - You will be eligible to participate in our incentive compensation plan that will provide you with
  an annual incentive compensation in the form of cash and stock options based upon your performance and the company’s achievement
  of certain milestones. We expect this incentive compensation award to be paid annually and equate to up to 20% of your annual Base
  Salary. Incentive compensation will be discretionary by the Company.
	 	 	 
	 	 	Phantom Equity Rights - The terms of the original Phantom Equity Rights Agreement will remain in force until such time the
  Company adopts a new equity-based compensation program by no later than Q1- 2020. At the time of the new plan’s adoption, we
  will convert the original Phantom Equity Rights Agreement into the new plan.

 

     

     

    

 

	EXPENSES:	 	We will reimburse you for all appropriate and reasonable business expenses
you have incurred in performing your duties.
	 	 	 
	TERM:	 	The term of your employment is at-will.
	 	 	 
	BENEFITS:
	 	As a regular full-time employee, you will be eligible to participate
in the following sponsored benefits, subject to the terms and conditions of each benefit plan or program:

 

	 	●	401k Plan (available soon)
	 	 	 
	 	●	Medical, Dental and Vision - (For you and your eligible dependents).
	 	 	 
	 	●	Life and AD&D Insurance - (Company paid in an amount of 1x your Annual Salary up to $50,000).
	 	 	 
	 	●	Short-Term and Long-Term Disability Insurance - (Paid by the Company).
	 	 	 
	 	●	Paid Time Off (PTO) - (You will receive a total of fifteen (15) days per year, comprised of Vacation and Sick Days).
	 	 	 
	 	●	Holidays - (You are entitled to seven (7) Paid Holidays).
	 	 	 
	 	●	Other Voluntary Benefits
	 	 	 
	 	Some of the
benefits are governed by insurance contracts and benefits summaries, and the terms and conditions in those materials control. Others are
based on our established policies and procedures. Like other employers, we review our benefits regularly and reserve the right to add
new benefits, modify existing programs, and terminate them, as we deem necessary. All terms and conditions of employment are subject to
modification from time to time as we deem necessary or appropriate.

 

If
these terms of employment are acceptable, please indicate your acceptance below. Sincerely,

 

ACCEPTED:

 

	/s/ Brian Chen	 	10/21/2019
	Brian Chen	 	Date

 

     

     

    

 

AMENDED &
RESTATED EMPLOYMENT AGREEMENT

 

THIS AMENDED AND RESTATED EMPLOYMENT
AGREEMENT (this “Agreement”) is by and between GWG Holdings, Inc., a Delaware corporation (together with its subsidiaries
including Life Epigenetics Inc. (“LEGX”), the “Company”), and Brian Chen (“Employee”), and entered
into effective as of August 20, 2017 (the “Effective Date”) and replaces all previous agreements, whether written or oral
between the Company and the Employee.

 

INTRODUCTION

 

The Company, through its wholly
owned subsidiary, LEGX, is a life science technology company committed to finding and applying epigenetic and related science and technology
to transforming the life insurance and health and wellness industries (the “Business”). Employee desires to serve the Company
in such role and provide the Company with such covenants.

Accordingly, the parties wish to
enter into this Agreement setting forth their respective rights and obligations.

 

AMENDED AND RESTATED AGREEMENT

 

Now, THEREFORE, in consideration
of the foregoing and the mutual covenants set forth herein, and for other good and new valuable consideration set forth
in Section 3.1 below in the form of the Phantom Equity Rights, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto, intending to be legally bound, hereby agree as follows:

 

1.
Certain Definitions.

 

1.1
“Code” means the Internal Revenue Code of 1986, as amended, including and succeeding provisions of law and any regulations
promulgated by the United States Treasury Department thereunder.1

 

1.2
“Employment Period” means the employment term as defined under Section 7 this Agreement.

 

1.3
“Good Cause” means any one or more of the following: (a) the commission by Employee of an act relating to
Employee’s duties constituting a misdemeanor or a felony under the laws of the United States or any state or political
subdivision thereof or any other jurisdiction; (b) the commission by Employee of an act constituting a breach of fiduciary duty or
willful misconduct; (c) conduct by Employee that is detrimental to the Business or the reputation, character or standing of the
Company or any of its affiliates; (d) the commission by Employee of an act of fraud, dishonesty or misrepresentation related to
Employee’s duties that is detrimental to the Business or the reputation, character or standing of the Company or any of its
affiliates; (e) Employee’s engagement in self-dealing, or his involvement in a transaction involving a conflict of interest
without the prior written approval of the Board; (f) the failure of the Employee to perform the functions required by the Company at
a level satisfactory to the Employee’s direct supervisor; or (g) a breach by Employee of his obligations under this
Agreement.

 

     

     

    

 

1.4
“Good Reason” means a resignation by Employee of his employment hereunder upon the occurrence of any of the following events
taking place without Employee’s prior written approval: (a) a material reduction, either from one year to the next, or within the
current year, in the Employee’s base salary or bonus; (b) a failure by the Company to provide adequate resources to develop Technology;
(c) decision by the Company to stop developing, contracting, or funding the development of Technology; or (d) a material breach by the
Company of any of its obligations contained in this Agreement that to the extent an act or omission giving rise to cause to the material
breach is not reasonably susceptible to cure, the Company shall be given a reasonable opportunity, not to exceed thirty (30) days, after
written notice by the Employee to the Company to cure such act or omission.

 

1.5
“Technology” means the commercialization of epigenetic methylation technology in general.

 

2.
Employment and Duties.

 

2.1
The Company agrees to continue to employ Employee for the Employment Period, and Employee agrees to remain in the employ of the Company
for the Employment Period. The term of this Agreement shall continue as described in, and until such time as the employment of Employee
is terminated pursuant to, Section 7 below.

 

2.2
The Company is employing Employee hereunder as for the position of Chief Science Officer described in Exhibit A and is expected to perform
and fulfill job functions commonly associated with such positions on behalf of the Company. In this regard, Employee agrees to perform
such duties and responsibilities, in good faith and for the exclusive benefit of the Company, as are prescribed for him under this Agreement,
the Company’s corporate bylaws, and as otherwise directed by the Employee’s direct supervisory report, or their superior
officer within the Company. Without limiting the foregoing, Employee’s duties shall in any event include overseeing the development
of Company Technology as set forth in Exhibit A.

 

2.3
Employee shall reasonably allocate his business time, attention, energies and skills shall to the Company and the Business; provided,
however, that Employee shall be entitled to participate in social, civic or professional associations or engage in passive outside investment
activities which may require a limited portion of time and effort to manage (consistent at all times with Company’s policies and
procedures), so long as such activities do not interfere with the performance of Employee’s duties nor compete, in any way, with
the products or services offered by or through Company.

 

3.
Compensation. For services rendered by Employee during the Employment Period, the Company shall provide the Employee with the
elements of compensation as set forth in Exhibit A.

 

3.1
Simultaneous to the execution of this Agreement, shall be execution and delivery of a Phantom Equity Rights Agreement in the form attached
hereto s Exhibit B (such incentive, the “Phantom Equity”), the purpose and intent of which is to enable Employee to participate
in the economic growth of value of the Business during the Initial Term of this Agreement.

 

    2

     

    

 

3.2
Employee shall be entitled during the Employment Period to participate in all current human resource benefit programs made available
from time to time to other management-level employees of the Company and its subsidiaries.

 

3.3
Employee and Employee’s qualified family members, as the case may be, shall be eligible to participate in, and shall receive all
benefits under, the human resource benefit programs made available from time to time to other management-level employees of the Company
and its subsidiaries.

 

3.4
Employee shall be entitled to receive reimbursement for all reasonable expenses incurred by Employee in connection with the Business
of the Company in accordance with the applicable policies, practices and procedures of the Company and its affiliates.

 

4.
Inventions.

 

4.1
Employee agrees that any Invention, as defined below, shall be the sole and exclusive property of the Company, and further agrees to:
(a) promptly and fully inform the Company in writing of any such Inventions; (b) assign to the Company all of Employee’s rights
in and to such Inventions, and to applications for patents and copyright registrations and to patents and copyright registrations granted
upon such Inventions in the United States or in any foreign country; and (c) promptly acknowledge and deliver to the Company, without
charge to the Company but at the Company’s expense, such written instruments and perform such other acts as may be necessary, in
the reasonable opinion of the Company, to obtain and maintain patents and copyright registrations and to vest the entire rights, interest
in and title thereto in the Company.

 

4.2
Employee and the Company understand that the provisions of this Agreement requiring assignment oflnventions to the Company will not apply
to any particular Invention that meets each and all of the following criteria: (a) Employee develops entirely on his own time, completely
outside of Employee’s normal working hours; (b) Employee develops related to the work detailed in Exhibit A without using Company
equipment, supplies, facilities or trade secret or Confidential Information, as defined below; (c) does not result from any work performed
by Employee for the Company; and (d) does not, either at the time of conception or at the time of reduction to practice, directly relate
to the Company’s Business, as then conducted or planned to be conducted at the time of conception or at the time of reduction to
practice. Any such Invention meeting all of the criteria set forth in clauses (a) through (d) above will be owned entirely by Employee,
even if developed by Employee during the Employment Period or otherwise during the time period of his employment or association with
the Company. Finally, Employee agrees and covenants that he will not individually file any patent applications relating to Inventions
without first obtaining an express release from a duly authorized Company representative, except for those related to the work detailed
in Exhibit A according to the limitations specified in (b) above.

 

4.3
For purposes of this Agreement, the term “Inventions” means all discoveries, improvements, inventions, ideas and works of
authorship, whether patentable or copyrightable, conceived or made by Employee either solely or jointly with others, and relating to
any consultation, work or services performed by Employee with, for on behalf of or in conjunction with the Company or based on or derived
from Confidential Information.

 

    3

     

    

  

5.
Confidential Information.

 

5.1
Employee will hold all Confidential Information, as defined below, in the strictest confidence and never use, disclose or publish any
Confidential Information without the prior express written permission obtained from a representative duly authorized by the CEO. Employee
agrees to maintain control over any Confidential Information obtained prior to or during the term of this Agreement, and restrict access
thereto to the Company’s employees, agents or other associated parties who have a need to use such Confidential Information for
its intended purpose.

 

5.2
Promptly upon the Company’s written request (but in any event within ten days), all records and any compositions, articles, devices
and other items which disclose or embody Confidential Information in Employee’s possession, including all copies or specimens thereof,
regardless of whether prepared or made by Employee or by others, will be destroyed by Employee and Employee will certify in writing to
the Company that he has destroyed all Confidential Information and embodiments thereof as required under this Agreement.

 

5.3
For purposes of this Agreement, the term “Confidential Information” shall mean all information developed by Employee as a
result of his work with, for, on behalf of, or in conjunction with, the bompany and any information relating to the Company’s processes
and \ services, including information relating to research, know-how, formulae, product or service ideas, inventions, trade secrets,
patents, patent applications, systems, products, programs and techniques and any secret, proprietary or confidential information, knowledge
or data of the Company, except such information that was developed by Employee prior to his employment by the Company. All information
disclosed to Employee or to which Employee obtains access, whether originated by Employee or by others, and which is treated by the Company
as “Confidential Information” or which Employee has a reasonable basis to believe is “Confidential Information,”
will be presumed to be “Confidential Information” for purposes of this Agreement. Notwithstanding the foregoing, the term
“Confidential Information” will not apply to information which (i) Employee can establish by documentation was known to Employee
prior to its receipt by Employee from the Company, (ii) is lawfully disclosed to Employee by a third party not deriving such information
from the Company, (iii) is presently in the public domain or becomes a part of the public domain through no fault of Employee, or (iv)
is required to be disclosed pursuant to applicable law, rule, regulation, or court or administrative order; provided, however, that Employee
shall take reasonable steps to obtain confidential treatment for such items and shall promptly advise the Company of Employee’s
notice of any such requirement in order to permit the Company to obtain such confidential treatment on its own behalf.

 

6. No Solicitation of
Customers or Employees; Restrictive Covenant. Employee acknowledges that the Company has invested and will continue to invest
substantial time, effort and expense in acquiring and compiling its confidential, proprietary and trade secret information and in
assembling its present staff of personnel. In order to protect the business value of the Company’s confidential, proprietary
and trade secret information, during Employee’s employment with the Company and for twelve (12) months immediately following
the termination of that employment with the Company, Employee agrees: (a) that all information regarding actual or prospective (i)
partners of the Company (including but not limited to financiers, reinsurance companies, insurance companies, digital start-ups and
insurance testing companies) relating to Technology or (ii) customers of the Company relating to Technology, of which Employee
learns during his employment with the Company, constitutes “Confidential Information” of the Company;

 

    4

     

    

 

                                                                                (b) not to, directly or indirectly,
induce or solicit any employees of the Company or its affiliates to leave their employment with the Company or any of its affiliates without
the unanimous prior written consent of the Chief Executive Officer of the Company. Each of the restrictive covenants set forth above are
separate and severable covenants under this Section 6.

                                                                                

 

7.
Termination. The initial term of this Agreement will begin on the date first written above and shall continue until the five-year
anniversary of such date (“Initial Term”) and shall automatically renew for one year terms thereafter (“Renewal Terms”)
(collectively the Initial Term and Renewal Terms referred to herein as “Employment Period”). Nevertheless, Employee’s
employment under this Agreement may be earlier terminated in any of the followings ways: (a) by the Company or Employee by providing
written notice no less than thirty (30) days prior to the completion of the Initial Term or a Renewal Term; (b) immediately and automatically
upon Employee’s death; (c) by the Company, upon not less than 14 days prior written notice to Employee, as a result of Employee’s
incapacity due to physical or mental illness or injury resulting in Employee’s absence from his full-time duties hereunder for
four consecutive weeks, subject to Employee’s right to cure during the 14-day period; (d) by the Company immediately for Good Cause;
(e) by the Company upon not less than 14 days prior written notice to Employee for any reason or no reason; (f) by Employee immediately
for Good Reason; or (g) by Employee upon not less than 90 days prior written notice to the Company for any reason or no reason.

 

8.
Effects of Termination. Following any termination of Employee’s employment under this Agreement, all compensation and benefits
provided to Employee under this Agreement shall cease to accrue as of the date of such termination, except as set forth in the paragraphs
below.

 

8.1
In the case of a termination arising under Section 7(b) from Employee’s death or under Section 7(c) from Employee’s incapacity,
the Company shall, for a period of one month following such death, pay to the estate of Employee an amount equal to Employee’s
monthly payment of the then current Base Salary, including any earned but unpaid annual compensation and continue the welfare benefit
programs contemplated under Section 3.5 above, including paying all premiums for coverage for Employee’s dependent family members
under all health, hospitalization, disability, dental, life and other insurance plans that the Company maintained at the time of Employee’s
death.

 

8.2
In the case of a termination arising under Section 7(e) from the Company’s termination without Good Cause, or under Section 7(f)
from Employee’s termination with Good Reason, then, subject in all cases to Employee’s execution and delivery to the Company
of a general release and waiver of claims (including claims under contracts, claims under torts, claims as an employee, of the Company
or any of its affiliates, if applicable; it being understood that there will not be a release of any rights under the Phantom Equity
Agreement or any subsequent equity agreements, as specified in those agreements) in a customary and negotiated form reasonably acceptable
to the parties.

 

    5

     

    

 

8.3
In the case of a termination arising under Section 7(d) from the Company’s termination with Good Cause or under Section 7(g) from
the resignation of the Employee, then (a) no severance or continued benefits shall be due to Employee.

 

9.
Return of Company Property. All correspondence, reports, records, charts, advertising materials, designs, patents, business plans,
financial statements, manuals, memoranda, lists, and other personal property of the Company or its affiliates and in the possession of
Employee shall be and remain the property of the Company and its affiliates, as applicable. Any such documentation, information or property
that is in the possession of Employee shall be delivered promptly to the Company upon termination of Employee’s employment.

 

		10.	Non-Competition.

 

10.1
In consideration of the various benefits provided by the Company to Employee under this Agreement, Employee agrees to be bound by the
restrictive covenant set forth in this Section. Employee recognizes and acknowledges the competitive and proprietary nature of the Business.
Accordingly, Employee agrees that, during the applicable Restricted Period, as defined below, Employee shall not, without the prior written
consent of the Company (which the Company shall not umeasonably withhold or condition), for himself or on behalf of any other person
or entity, directly or indirectly, either as principal, agent, stockholder, lender, consultant, officer, director, employee, agent, representative
or in any other capacity, own, manage, operate or control, or be concerned, connected or employed by, or otherwise associate in any manner
with, or engage in or have any financial interest in, any enterprise engaging in the Restricted Business, as defined below, anywhere
in the Restricted Territory, as defined below.

 

10.2
Nothing contained in this Agreement shall preclude Employee from purchasing or owning common stock or equity in any company engaging
in the Restricted Business if such stock is publicly traded and Employee’s holdings therein do not exceed one percent of the total
number of issued and outstanding shares of capital stock of such company.

 

10.3
For purposes of this Agreement: (a) “Restricted Period” means the period commencing on the date of this Agreement and ending
on the one year anniversary of the expiration or termination of this Agreement if Employee’s employment is terminated with Good
Cause or ifhe resigns without Good Reason. (b) “Restricted Business” means the Technology of the Company (including any portion
of the Technology conducted through affiliates or subsidiaries of the Company) as conducted as of the date of expiration or termination
of this Agreement (and as previously conducted within the two years prior to the date of such expiration or termination ), including
any substantially similar business that is competitive with the Technology; and (c) “Restricted Territory” means anywhere
in the United States where the Company or any of its affiliates, directly or indirectly, conducts the Technology as of the date of expiration
or termination of this Agreement.

 

10.4
If any part of this Section 10 (or any of the restrictive covenants set forth in Section 6 above) should be determined by an arbitrator
or court of competent jurisdiction to be umeasonable in duration, geographic area, or scope, then this Section 10 (and Section 6 above,
if applicable) is intended to and shall extend only for such period of time, in such geographic area and with respect to such activity
as is determined by such arbitrator or court to be reasonable.

 

    6

     

    

 

11.
Indemnification. If Employee is made a party to any threatened,
pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than (i) an action directly
by the Company against Employee, and other than (ii) such a threatened, pending or completed suit or proceeding brought against Employee
and/or the Company by a third party and which obligates Employee to provide the Company indemnity under Section 13 below), by reason
of or in connection with the fact that Employee is or was performing services for the Company under this Agreement, then the Company
shall indemnify Employee against all expenses (including reasonable attorneys’ fees), judgments, fines and amounts paid in settlement,
as actually and reasonably incurred by Employee in connection therewith to the maximum extent permitted by applicable law. In the event
that both Employee and the Company are made a party to the same third-party action, complaint, suit or proceeding, the Company agrees
to engage competent legal representation, and Employee agrees to use the same representation, provided that if counsel selected by the
Company shall have a conflict of interest preventing such counsel from representing Employee, Employee may engage separate counsel of
his choosing and the Company shall pay all reasonable attorneys’ fees of such separate counsel. To the maximum extent permitted
by law, Employee shall not be entitled to indemnification or expense advances under this Agreement in any case where he has exhibited
gross negligence or willful misconduct, or performed qiminal or fraudulent acts, or engaged in violations of federal securities laws;
and the Company may withhold expense advances if it reasonably determines that Employee is not entitled to indemnification hereunder
because of gross negligence, willful misconduct, the performance of criminal or fraudulent acts or the violation of federal securities
laws.

 

12.
Parachute Payments. If any payment or benefit (any “Payment”)
Employee would receive from the Company pursuant to or in connection with a “Change in Control” as defined in the Treasury
Regulations promulgated under Code §280G would (i) constitute a “parachute payment” within the meaning of Code §280G,
and (ii) but for this sentence, be subject to the excise tax imposed by Code §4999 (the “Excise Tax”), then such Payment
shall be adjusted to equal to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion of the Payment
(prior to adjustment) that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion of the
Payment (prior to adjustment), which, 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), results in Employee’s receipt, on an after-tax basis,
of the greater amount of the Payment (than that calculated under clause (x) above) notwithstanding that all or some portion of the Payment
may be subject to the Excise Tax. If a reduction in payments or benefits
constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the
following order unless Employee elects, in writing, a different order (provided, however, that such election shall be subject to the
Company’s approval if made on or after the effective date of the event that triggers the Payment): reduction of cash payments;
cancellation of accelerated vesting of stock options, if any; and reduction of employee benefits. In the event that acceleration of vesting
of the stock options is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of Employee’s
stock options (i.e., the earliest granted stock option will be cancelled last) unless Employee elects, in writing, a different order
for cancellation.

 

    7

     

    

  

13.
No Conflicting Agreements. Employee represents and warrants to the Company that the execution of this Agreement by Employee and
Employee’s employment by the Company, and the performance of Employee’s duties hereunder, will not violate or breach any
agreement with any former or existing employer, client, or any other person, firm or entity, to which agreement Employee is a party or
by which agreement Employee is bound. Employee also represents and warrants that he is not affiliated in any manner (whether as a stockholder,
member, partner, manager, director, officer, employee or otherwise) with any person or entity that has any business relationship with
the Company. Furthermore, Employee agrees to indemnify the Company from and against any and all losses, liabilities, damages and claims,
including but not limited to reasonable attorneys’ fees and costs and expenses of investigation, arising from any third-party claim
made against the Company and based upon or arising out of any non-competition or confidentiality agreement between or among Employee
and any such third party.

 

14.
Assignment; Binding Effect. Employee understands that the Company is employing him on the basis of his personal qualifications,
experience and skills. Therefore, Employee agrees that he cannot delegate any portion of his obligations of performance under this Agreement.
However, Employee can employ, as appropriate, a staff to assist him in carrying out his responsibilities; provided that such assistance
may be limited by budgetary constraints and the failure of such staff cannot serve as a reason for inadequate job performance by the
Employee. Employee may also not assign any of his rights under this Agreement without the prior written consent of the Company, which
consent may be conditioned or withheld in the sole and complete discretion of the Company. Subject to the preceding two sentences, this
Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties and their respective heirs, legal representatives,
and permitted successors and assigns.

 

15.
Complete Agreement. This Agreement is not a promise of future employment. Except as specifically provided herein, Employee has
received no oral representations, and has no other understandings or agreements with the Company (oral or written) or any of its officers,
directors or representatives covering the same subject matter as this Agreement. This written Agreement, together with its exhibits and
schedules, is the final, complete and exclusive statement and expression of the agreement between the Company and Employee pertaining
to Employee’s employment. This written Agreement may not be later modified except in a writing signed by a duly authorized officer
of the Company and Employee, and no term of this Agreement may be waived except by a writing signed by the party waiving the benefit
of such term. This Agreement hereby supersedes any other employment agreements or understandings, written or oral, between the Company
and Employee.

 

		16.	Notices. Whenever any notice is required hereunder,
it shall be given in writing addressed as follows:

 

	 	If to the Company:	220 South Sixth
Street, Suite 1200
	 	 	Minneapolis, MN 55402
	 	 	Attention:
General Counsel
	 	 	 
	 	With a copy to:	MaslonLLP
	 	 	 
	 	Jfto Employee:	Brian Chen

 

 

    8

     

    

 

Notice shall be deemed to be delivered
four days after it is mailed by registered or certified mail, postage prepaid, return receipt requested or one day after it is sent by
a reputable overnight courier service. Either party may change the address for notice by notifying the other party of such change in accordance
with this Section.

 

17.
Severability; Blue Pencil Doctrine. In the event that any one or more of the provisions of this Agreement or any application thereof,
shall be found to be invalid, illegal or otherwise unenforceable, the validity, legality and enforceability of the remaining provisions
and any application thereof, shall not in any way be affected or impaired thereby. To the extent any provision of this Agreement is determined
by an arbitrator or court of competent jurisdiction to be unenforceable, the arbitrator or court of competent jurisdiction shall reform
any such provision to make it enforceable. The provisions of this Agreement shall, where possible, be interpreted so as to sustain their
legality and enforceability.

 

		18.	Dispute Resolution.

 

18.1
To the greatest extent possible, the parties will endeavor to resolve any disputes relating to the Agreement through amicable negotiations.
Failing an amicable settlement, any controversy, claim or dispute arising under or relating to this Agreement, including the existence,
validity, interpretation, performance, termination or breach of this Agreement, will finally be settled by binding arbitration before
a three person arbitrator (the “Arbitration Tribunal”) which will be jointly appointed by the parties. The Arbitration Tribunal
shall self-administer the arbitration proceedings utilizing the Commercial Rules of the American Arbitration Association (“AAA”);
provided, however, the AAA shall not be involved in administration of the arbitration. The Arbitration Tribunal must consist of one retired
judge of a state or federal court of the United States or a licensed lawyer with at least 15 years of corporate or commercial law experience.

 

18.2
The arbitration will be held in Minneapolis, Minnesota. Each party will have discovery rights as provided by the Federal Rules of Civil
Procedure within the limits imposed by the arbitrators.It is the intent of the parties that any arbitration will be concluded as
quickly as reasonably practicable. Once commenced, the hearing on the disputed matters will be held four days a week until concluded,
with each hearing date to begin at 9:00 a.m. and to conclude at 5:00 p.m. The arbitrators will use all reasonable efforts to issue the
final written report containing award or awards within a period of five business days after closure of the proceedings. Failure of the
arbitrators to meet the time limits of this Section will not be a basis for challenging the award. The Arbitration Tribunal will not
have the authority to award punitive damages to either party. Each party will bear its own expenses, but the parties will share equally
the expenses of the Arbitration Tribunal. The Arbitration Tribunal shall award attorneys’ fees and other related costs payable
by the losing party to the successful party as it deems equitable. This Agreement will be enforceable, and any arbitration award will
be final and non-appealable, and judgment thereon may be entered in any court of competent jurisdiction. Notwithstanding the foregoing,
claims for injunctive relief for breaches of Sections 4, 5, 6, 9 and 10, and claims to enforce arbitration awards, may be brought in
a state or federal court in the state court in Minnesota.

 

    9

     

    

 

19.
Equitable Relief. Employee acknowledges and agrees that it would be difficult to fully compensate the Company for damages resulting
from the breach or threatened breach of the covenants contained in Sections 4, 5, 6, 9 and 10 of this Agreement, and that any such breach
may cause the Company irreparable harm. Accordingly, the Company will be entitled to seek injunctive relief, including but not limited
to temporary restraining orders, preliminary injunctions and permanent injunctions, to enforce the terms thereof, without the need to
demonstrate irreparable harm or, to the extent permitted by applicable law, the need to post any bond. This right to injunctive relief
will not, however, diminish any of the Company’s other legal rights under this Agreement or at law.

 

20.
Governing Law; Jurisdiction and Venue. This Agreement shall in all respects be construed according to the laws of the State of
Minnesota, notwithstanding the conflicts-of-law provisions of such state. Subject to the provisions of Section 18 above, any claims for
injunctive relief arising under this Agreement, and any claims to enforce an earlier issued arbitration award, shall be exclusively decided
by a state or federal court in the State of Minnesota. Employee hereby irrevocably waives his right, if any, to have any disputes between
him and the Company arising out of or related to this Agreement decided in any jurisdiction or venue other than a state or federal court
in the State of Minnesota. Furthermore, Employee hereby irrevocably (a) waives any objection that he might have now or hereafter to the
foregoing jurisdiction and venue of any such proceeding, (b) submits to the exclusive jurisdiction of any such court set forth above
in any such proceeding, and (c) waives any claim or defense of inconvenient forum.

 

21.
Further Assurances. Each party shall, without further consideration, execute such additional documents as may be reasonably required
in order to carry out the purposes and intents of this Agreement.

 

22.
Interpretation. Employee has had a meaningful opportunity to work with legal counsel of his choosing and has either availed himself
of such opportunity to his satisfaction or has independently determined not to seek such counsel. Furthermore, Employee has a meaningful
opportunity to review and negotiate the terms and conditions of this Agreement. Since both parties have participated in the negotiation,
drafting and finalization of their business relationship and documented such relationship in this Agreement, this Agreement will not
be interpreted as though it has been drafted solely by the Company.

 

23.
Waivers. No term or condition of this Agreement will be deemed to have been waived nor shall there be any estoppel to enforce any provision
hereof, except by a written instrument executed by the party charged with waiver or estoppel. A party’s delay, waiver or failure
to enforce any of the terms of this Agreement or any similar agreement in one instance shall not constitute a waiver of its rights hereunder
with respect to other violations of this or any other agreement.

 

24.
Counterparts and Delivery. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of
which together shall constitute but one and the same instrument. Counterpart signatures delivered by facsimile or other means of electronic
transmission shall be valid and binding to the same as the delivery of original ink signatures.

 

    10

     

    

 

IN WITNESS
WHEREOF, the parties have executed this Employment Agreement as of the date first above written.

  

	COMPANY:	 	EMPLOYEE:
	 	 	 	 	 
	GWG HOLDINGS, INC.	 	Brian Chen
	 	 	 	 
	By: 	/s/ Jon Sabes	 	/s/ Brian Chen   
	Name:  	 Jon Sabes	 	Name: 	Brian Chen     
	Title: 	CEO	 	 	 

 

Signature Page

 

    

     

    

 

Exhibit A

 

Employment Activities Title:
Chief Science Officer (“CSO”)

 

The Chief
Science Officer will be responsible for leading the development of commercializing epigenetic predictive technology.

 

The scientific
efforts will involve a variety of challenging endeavors as Life Epigenetics seeks to commercialize epigenetic technology initially for
the life insurance industry, but even more broadly for the health and wellness industries.

 

Job Description:

 

The Chief Science
Officer will oversee the scientific development of epigenetic biomarkers that are predictive as to individual health and wellness. In
addition, the CSO will work to understand the integration of individual health and wellness measurements into insurance underwriting.

 

The area of
responsibility for this role encompasses both scientific and analytic expertise. The CSO is required to have and maintain expertise in
the biology and epidemiology of human health, biomarkers, functional testing, and mortality risk factors. In addition, the CSO must have
the experience in developing analytical pipelines for “big data” and stay on the cutting edge of human health research in
order to identify new measures of life expectancy.

 

Responsibilities/Goals:

 

		1.	Design epigenetic signatures that mirror established measures
of health and wellness.

		2.	Create a panel of epigenetic signatures capable of replacing
the need for paramedical testing of blood/urine used in life insurance underwriting.

		3.	Work to create an intellectual property strategy that protects
the epigenetic signatures developed, as well as maintain the freedom to operate around any outstanding intellectual property.

		4.	Actively participate (and manage where appropriate) on organizational
decision making on the operational activities and corporate direction in support of strategic goals.

 

Compensation:

 

Base Salary: $175,000

 

Incentive Compensation:

 

		●	Cash compensation, under development and to be proposed and
approved by the CEO, that shall be based upon the attainment of specific operational benchmarks supporting the development of epigenetic
signatures capable of replacing life insurance paramedical underwriting.

 

		●	Phantom Equity Rights (“PERs”) representing 3%
of the Valuation Amount created in the business of Life Epigenetics, Inc. (“LEGX”). PERs shall vest pro-rata over a 5 year
term, beginning on the original start date of February 6, 2017.

 

	Benefits:	 	Standard Benefits Health, dental, and vision insurance.
401K.
	 	 	 
	Vacation:	 	Standard Benefits
	 	 	 
	Others:	 	Tele-work and travel and registration for business meetings, conferences, workshops, and trainings related
to health biomarkers, analytics, and aging, as required.

 

    A-1

     

    

 

Exhibit B

 

Form of Phantom Equity Rights
Agreement

 

    B-1

     

    

 

PHANTOM EQUITY RIGHTS
AGREEMENT

 

THIS PHANTOM EQUITY RIGHTS AGREEMENT
(this “Agreement”) is by and between GWG Holdings, Inc., a Delaware corporation (individually, “GWG” and together
with its subsidiaries, the “Company”), and Brian Chen (“Employee”), and entered into effective as of August 20,
2018.

 

INTRODUCTION

 

On the date hereof, the parties have entered into
an Employment Agreement (the “Employment Agreement”) to which a form of this Agreement is attached, pursuant to which
Employee is being employed by the Company to provide certain services described therein. The parties are entering into this
Agreement to provide additional long-term incentives to Employee to grow the “Business,” as such term is defined in the
Employment Agreement.

 

AGREEMENT

 

Now, THEREFORE, in consideration
of the foregoing and the mutual covenants set forth herein, and for other good and valuable consideration the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

1. Certain Definitions.

 

(a) “Base
Price” is defined in Section 2 of this Agreement.

 

(b)
“Business” means Life Epigenetics Inc. (“LEGX”)

 

(c) “Business
Days” means every calendar day other than a Saturday, Sunday, federal holidays, and days that a bank in the State of New York is
entitled to be closed for business.

 

(d) “Change
in Control of the Business” means any of the following transactions or occurrences: (i) the sale, in one transaction or in a series
ofrelated transactions, of all or substantially all of the assets of Life Epigenetics Inc., a wholly owned subsidiary of the Company (“LEGX”);
(ii) the sale, in one transaction or in a series of related transactions, of 51% or more of the equity securities ofLEGX; or (iii) the
consummation of a merger or compulsory share exchange transaction resulting in the holders of LEGX’s current equity holders (entitled
to elect directors to the Board of Directors of LEGX) holding less than 50% of the equity securities immediately prior to such Change
of Control.

 

(e) “Code”
means the Internal Revenue Code of 1986, as amended, including and succeeding provisions oflaw and any regulations promulgated by the
United States Treasury Department thereunder.

 

(f)
“Common Shares” means shares of common stock ofLEGX.

 

    B-2

     

    

 

(g) “Good
Cause” and “Good Reason” have the meanings set forth in the Employment Agreement.

 

(h)
“Grant Date” means the effective date of this Agreement.

 

(i) “Payment
Date” means each business day that payment is made to the Employee for the Redemption of Phantom Shares.

 

(j) “Phantom
Shares” are phantom equity of LEGX, the economic value of which will equal one Common Share. Phantom Shares allow for the pro-rata
gain (equivalent to the Business Value Growth or as otherwise defined in Section 4 of this Agreement) of LEGX.

 

(k) “Phantom
Share Right” is the right granted under this Agreement to receive payments upon the redemption of Phantom Shares (the “Total
Redemption Amount”) aggregating to the product of (i) the Valuation Amount, multiplied by (ii) a fraction, the numerator of which
is the total number of vested Phantom Shares (for clarity, excluding any Phantom Shares that have not vested, earlier forfeited Phantom
Shares and earlier redeemed Phantom Shares), and the denominator of which is the sum of the total number Common Shares then-issued and
outstanding plus the total number of then-vested Phantom Shares issued and outstanding under this Agreement and other substantially similar
phantom equity arrangements the value of which are associated with or relate to the Common Shares. For example, if Employee is vested
in Phantom Shares that represent 10% of the outstanding Common Shares, then Employee would have Phantom Share Rights to receive a Total
Redemption Amount equal to 10% of the Business Value Growth. The “Valuation Amount” shall be the calculated as the total equity
value of LEGX as determined by a Public Listing or in accordance with Section 4. The “Business Value Growth” shall equal the
positive difference of the Valuation Amount less the greater of (i) the invested capital in LEGX; or (ii) the Retained Earnings of LEGX.
For example, if LEGX had a Valuation Amount of $100 million and an invested equity account or Retained Earnings of $10 million, then the
Business Value Growth equals $90 million and the Total Redemption Amount in this example equals $9 million for vested in Phantom Shares
that represent 10% of the outstanding Common Shares.

 

(1) “Public
Listing” is any exchange listing of the Common Stock by way of direct offering or spin-off transaction.

 

(m) “Qualified
Common Stock” is any exchange listed security that represents the ownership of interests of LEGX.

 

(n)
“Term” is a period of 5 years from the first date set forth herein.

 

(o) “Total
Redemption Amount” is defined within the definition of Phantom Share Right in Section l(k).

 

(p) “Valuation
Date” means, as applicable, at the conclusion of the Term of this Agreement or, if earlier, upon termination of the Employment Agreement.

 

    B-3

     

    

 

2.
Grant of Phantom Share Right.

 

(a) The
Phantom Share Right is hereby granted to Employee subject to and upon the terms, conditions and restrictions set forth in this Agreement.

 

(b) The
“Base Price” of each Phantom Share shall be the fair market value of such share at time of issuance determined in accordance
with Section 409A of the Code, which the parties hereby agree will be determined as described in Section 4 below. Each Phantom Share represents
only the contingent right, subject to the terms and conditions of this Agreement, to receive value in the form of the cash or stock payments
described in Section 4 below. Employee has no rights of ownership in the Common Shares related to the Phantom Shares, has no right to
vote Phantom Shares or the Common Shares related thereto except pursuant to the Proxy Appointment attached hereto as Exhibit A,
and, except as provided in paragraph (d) below, no right to any distributions on the Phantom Shares or the Common Shares related thereto.

 

(c) The
Company, at its sole discretion, may pay the Redemption Amount in either cash or Qualified Common Stock.

 

(d) In
the event that the Company effects a dividend of the common shares of LEGX, Employee will be entitled to participate in such dividend
with respect to all Vested Phantom Shares held by Employee as of the applicable record date; provided, however, that Employee remains
in the employ of the Company or its affiliates as of the payment date for such dividend.

 

3. Vesting
and Forfeiture. Employee’s Phantom Shares shall vest (or be forfeited) as follows:

 

(a) As of the date hereof,
30 Phantom Shares shall be granted as of the date hereof representing 3% of the Common Shares issued and outstanding.

 

(b) Phantom Shares granted under this Agreement
will vest on monthly basis pro-rata over the Term; provided, however the vesting date shall be measured as of the start date of employment
with the Company.

 

(c) Except
as set forth above, 50% of the Phantom Shares granted and vested in Section 3 above under this Agreement will be forfeited immediately
and automatically, and without any further notice, upon the termination, at any time prior to the 18 (eighteen) month anniversary of Employee’s
employment with the Company under the Employment Agreement if Executive terminates without Good Reason or Company terminates for Good
Cause.

 

The date on which some or all of the Phantom
Shares granted under this Agreement vest in accordance with this Section 3 is referred to herein as the “Vesting Date.”
Notwithstanding anything to the contrary in this Section 3 or otherwise in this Agreement, and notwithstanding any earlier event or
occurrence constituting a “Vesting Date” under this Agreement, all unvested Phantom Shares shall nonetheless be
forfeited, without any payment made therefor, in the event that a court of competent jurisdiction determines that Employee
materially breaches any of the covenants contained in Sections 4, 5, 6 or 10 of the Employment Agreement.

 

    B-4

     

    

 

4.
Redemption of Phantom Shares and Payments.

 

(a) Provided
there is no Public Listing, then promptly after the Valuation Date, the Company and Employee shall select a qualified and independent
third party, at the Company’s sole cost and expense, to appraise and determine the Valuation Amount of LEGX as of the Valuation
Date. In the event that the parties cannot agree upon
a qualified and independent third-party appraiser, each party at its own expense shall retain their own independent third-party appraiser
to calculate the Valuation Amount; and each party’s qualified and independent third party appraiser shall together appoint one independent
and qualified third-party appraiser calculate the Valuation Amount at cost of which shall be shared equally by the parties. If three independent
third-party appraisers are retained to calculate the Valuation Amount, the Valuation Amount shall be the average of the three independent
appraisals.

 

(b) On
each Payment Date, the Company shall redeem the vested Phantom Shares originally granted under this Agreement by payment (each such payment,
a “Redemption Payment”) to Employee in the form of cash or in Qualified Common Stock, as specified in Section 2. In
the event there is no Public Listing or Qualified Common Stock, then the Company shall redeem the Total Redemption Amount owed
to the Employee over a three year period, making equal calendar quarterly Payment Dates over such period.

 

(c) In
conducting any appraisal under this Agreement, an appraiser shall determine the Valuation Amount to the holders of Common Shares
(after the satisfaction of the liquidation preference to which the holders of any capital stock of the Company that is senior to the Common
Shares are entitled), on a “sale of the entirety” basis, which shall be the value that a hypothetical willing buyer would
pay to a hypothetical willing seller, neither being under any compulsion to buy or sell and both having full knowledge of all material
facts. No premiums or discounts shall be applied to the appraisal.

 

5. Transferability.
No rights under this Agreement are assignable, and Employee’s Phantom Share Right is not transferable otherwise than by will or
the laws of descent and distribution.

 

6. No
Right to Common Shares or Employment. The Phantom Share Right is merely a contractual right, and is not a capital or ownership interest
in the Company and shall in no respect afford Employee with any of the rights or privileges of a stockholder or owner of the Company or
LEGX under applicable law. Nothing in this Agreement shall restrict the right of the Company to terminate Employee’s service with
the Company as an employee of the Company at any time, with or without Good Cause.

 

7. Successors.
The terms of this Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns, and the Employee
and his beneficiaries, executors, administrators, heirs and permitted successors and assigns.

 

    B-5

     

    

 

8. Certain
Matters of Construction. The invalidity or unenforceability of any particular provision of this Agreement shall not affect the other
provisions of this Agreement, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision has
been omitted. The headings of the Sections of this Agreement are provided for convenience only and are not to serve as a basis for interpretation
or construction, and shall not constitute a part of this Agreement. This Agreement contains the entire agreement and understanding of
the parties with respect to the subject matter of this Agreement, and supersedes all prior agreements, whether written or oral, in respect
thereto.

 

9. Amendment
and Termination. This Agreement may be amended or terminated from time to time by a writing signed by both parties that makes specific
reference to this Agreement.

 

10. Dispute
Resolution. In view of the fact that this Agreement is being entered into in pari materia with the Employment Agreement, the
parties agree that the dispute-resolution provisions contained in Section 18 of the Employment Agreement are hereby incorporated herein
by this reference.

 

11. Governing
Law; Jurisdiction and Venue. This Agreement shall in all respects be construed according to the laws of the State of Delaware, notwithstanding
the conflicts-of-law provisions of such state. Subject to the provisions of Section 10 above (incorporating herein the dispute-resolution
provisions from the Employment Agreement), any claims to enforce an earlier issued arbitration award, shall be exclusively decided by
a state or federal court in the State of Minnesota. Employee hereby irrevocably waives his right, if any, to have any disputes between
him and the Company arising out of or related to this Agreement decided in any jurisdiction or venue other than a state or federal court
in the State of Minnesota. Furthermore, Employee hereby irrevocably (a) waives any objection that he might have now or hereafter to the
foregoing jurisdiction and venue of any such proceeding, (b) submits to the exclusive jurisdiction of any such court set forth above in
any such proceeding, and (c) waives any claim or defense of inconvenient forum.

 

12. WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING HEREUNDER OR UNDER ANY OF THE OTHER DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT.
EACH PARTY ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP; THAT EACH HAS ALREADY
RELIED ON TIDS WAIVER IN ENTERING INTO THIS AGREEMENT; AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE
DEALINGS. EACH PARTY FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY
AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT
IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A WRITTEN AGREEMENT, SIGNED BY BOTH PARTIES, SPECIFICALLY
REFERRING TO THIS SECTION). FOR CLARITY, THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS OF THIS AGREEMENT. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE
COURT.

 

    B-6

     

    

 

13.Further Assurances.
Each party shall, without further consideration, execute such additional documents as may be reasonably required in order to carry
out the purposes and intents of this Agreement.\

 

14. Interpretation.
Employee has had a meaningful opportunity to work with legal counsel of his choosing and has either availed himself of such opportunity
to his satisfaction or has independently determined not to seek such counsel. Furthermore, Employee has a meaningful opportunity to review
and negotiate the terms and conditions of this Agreement. Since both parties have participated in the negotiation, drafting and finalization
of their business relationship and documented such relationship in this Agreement, this Agreement will not be interpreted as though it
has been drafted solely by the Company.

 

15. Waivers.
No term or condition of this Agreement will be deemed to have been waived nor shall there be any estoppel to enforce any provision
hereof, except by a written instrument executed by the party charged with waiver or estoppel. A party’s delay, waiver or failure
to enforce any of the terms of this Agreement or any similar agreement in one instance shall not constitute a waiver of its rights hereunder
with respect to other violations of this or any other agreement.

 

16. Counterparts
and Delivery. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together
shall constitute but one and the same instrument. Counterpart signatures delivered by facsimile or other means of electronic transmission
shall be valid and binding to the same as the delivery of original ink signatures.

 

17. Unsecured
Creditor. Employee acknowledges that no assets of the Company shall be segregated for the purpose of making payments under this Agreement
or shall be held (or deemed to be held) in trust for the benefit of Employee. Accordingly, the parties intend that all payment obligations
under this Agreement shall at all times constitute general unsecured obligations of the Company.

 

18. Satisfaction
of Legal Requirements; Code Section 409A. No payment is required to be made under this Agreement until the Company has been advised
by counsel that all applicable legal requirements have been met. This Agreement shall be interpreted in a manner intended to comply with
the requirements of Code Section 409A and the Treasury Regulations thereunder.

 

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

    B-7

     

    

 

IN
WITNESS WHEREOF, the undersigned parties have set their hands to this Phantom Equity Rights Agreement as of the date first above
written.

 

	COMPANY:	 	EMPLOYEE:
	 	 	 	 	 
	GWG HOLDINGS, INC.	 	Brian Chen
	 	 	 	 
	By: 	/s/ Jon Sabes	 	/s/ Brian Chen   
	Name:  	 Jon Sabes, CEO	 	Name: 	Brian Chen     
	Title: 		 	 	 

 

    B-8

     

    

 

Exhibit A

 

Proxy Appointment

 

THE UNDERSIGNED, a corporation
organized under the laws of the State of Delaware (“GWG Holdings”), to the fullest extent permitted by law, hereby appoints
Brian Chen (“Employee”) as its sole and exclusive attorney and proxy to vote and exercise all voting rights (to the fullest
extent that the undersigned is entitled to do so) with respect to 30 shares of common stock of Life Epigenetics Inc. issued and outstanding
and held ofrecord by GWG Holdings (representing 3% of the voting power of the currently outstanding shares of common stock of Life Epigenetics
Inc.) (the “Shares”) in accordance with the terms of this Proxy Appointment.

 

Upon the undersigned’s
execution of this Proxy Appointment, and delivery of the original to Employee and a copy hereof to the corporate secretary of GWG Holdings,
Inc., any and all prior proxy appointments given by the undersigned with respect to any of the Shares are hereby revoked.

 

The attorney and proxy named above
is hereby authorized and empowered by the undersigned, at any time prior to the termination of this Proxy Appointment, to act as the undersigned’s
attorney and proxy to vote the Shares and exercise all voting and consent rights of the undersigned with respect to the Shares.

 

The attorney and proxy named above
may not exercise this Proxy Appointment on any other matter, and in any respect, except as provided above. The powers contained in this
Proxy Appointment are not transferable. This Proxy Appointment shall tern1inate, and be of no further force and effect, automatically
and without any further action required on the part of the undersigned, upon the expiration or termination of that certain Employment
Agreement by and between GWG Holdings, Inc. and Employee. This Proxy Appointment is coupled with an interest, and shall not be terminable
or revocable except as set forth in the immediately preceding sentence or upon the written agreement of the undersigned and Employee.

 

Dated: August 20, 2018

 

	 	GWG HOLDINGS, INC.
	 	 	 
	 	By: 	/s/ Jon Sabes
	 	Name: 	Jon Sabes, CEO
	 	Title:	--------------

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