Document:

EX-4.2

 EXHIBIT 4.2 
  

 
 Oragenics, Inc. 

and 
 Continental Stock
Transfer & Trust Company, as 
 Warrant Agent 
  

 
 Warrant Agency Agreement 

Dated as of July 17, 2018 

 WARRANT AGENCY AGREEMENT 

WARRANT AGENCY AGREEMENT, dated as of July 17, 2018 (“Agreement”), between Oragenics, Inc., a Florida corporation (the
“Company”), and Continental Stock Transfer & Trust Company, a New York corporation (the “Warrant Agent”). 

W I T N E S S E T H 
 WHEREAS,
pursuant to a registered offering by the Company of shares of common stock, par value $0.001 per share (the “Common Stock”), warrants to purchase shares of Common Stock (the “Warrants”), and Series D Convertible
Preferred Stock (the “Series D Preferred Stock”), pursuant to an effective registration statement on Form S-1 (File No. 333-224950) (the
“Registration Statement”), the Company wishes to issue the Warrants in book entry form entitling the respective holders of the Warrants (the “Holders”, which term shall include a Holder’s transferees,
successors and assigns and “Holder” shall include, if the Warrants are held in “street name,” a Participant (as defined below) or a designee appointed by such Participant) to purchase an aggregate of up to 13,800,000 shares of
Common Stock upon the terms and subject to the conditions hereinafter set forth (the “Offering”); 
 WHEREAS, the shares of
Common Stock, the Series D Preferred Stock and Warrants to be issued in connection with the Offering shall be immediately separable and will be issued separately, but will be purchased together in the Offering; and 

WHEREAS, the Company wishes the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in connection with
the issuance, registration, transfer, exchange, exercise and replacement of the Warrants and, in the Warrant Agent’s capacity as the Company’s transfer agent, the delivery of the Warrant Shares (as defined below). 

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows: 

Section 1. Certain Definitions. For purposes of this Agreement, the following terms have the meanings indicated: 

(a) “Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United
States or any day on which the New York Stock Exchange is authorized or required by law or other governmental action to close. 
 (b)
“Close of Business” on any given date means 5:00 p.m., New York City time, on such date; provided, however, that if such date is not a Business Day it means 5:00 p.m., New York City time, on the next succeeding
Business Day. 
 (c) “Person” means an individual, corporation, association, partnership, limited liability company, joint
venture, trust, unincorporated organization, government or political subdivision thereof or governmental agency or other entity. 
 (d)
“Warrant Certificate” means a certificate issued to a Holder, representing such number of Warrant Shares as is indicated therein. 

(e) “Warrant Shares” means the shares of Common Stock underlying the Warrants and issuable upon exercise of the Warrants. 

All other capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Warrant. 

Section 2. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company in
accordance with the terms and conditions hereof, and the Warrant Agent hereby accepts such appointment. The Company may from time to time appoint a Co-Warrant Agent as it may, in its sole discretion, deem
necessary or desirable. The Warrant Agent shall have no duty to supervise, and will in no event be liable for the acts or omissions of, any co-Warrant Agent. 

Section 3. Global Warrants. 

(a) The Warrants shall be issuable in book entry form (the “Global Warrants”). All of the Warrants shall initially be
represented by one or more Global Warrants deposited with the Warrant Agent and registered in the name of Cede & Co., a nominee of The Depository Trust Company (the “Depositary”), or as otherwise directed by the Depositary.
Ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) the Depositary or its nominee for each Global Warrant or (ii) institutions that
have accounts with the Depositary (such institution, with respect to a Warrant in its account, a “Participant”). 

  
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 (b) If the Depositary subsequently ceases to make its book-entry settlement system available for
the Warrants, the Company may instruct the Warrant Agent regarding other 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, book-entry form,
the Warrant Agent shall provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each Global Warrant, and the Company shall instruct the Warrant Agent to deliver to each Holder a Warrant Certificate. 

(c) 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 Global Warrants for a Warrant Certificate evidencing the same number of Warrants, which request shall be in
the form attached hereto as Annex A (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 Warrant Certificate, a “Warrant Exchange”), the Warrant Agent shall promptly effect the Warrant Exchange
and shall promptly issue and deliver to the Holder a Warrant Certificate for such number of Warrants in the name set forth in the Warrant Certificate Request Notice. Such Warrant Certificate shall be dated the original issue date of the Warrants and
shall be manually executed by an authorized signatory of the Company. In connection with a Warrant Exchange, the Company agrees to deliver, or to direct the Warrant Agent to deliver, the Warrant 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 fails for any reason to deliver
to the Holder the Warrant 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 Warrant Certificate (based on the VWAP (as defined in the Warrant) of the Common Stock on the Warrant Certificate Request Notice Date), $10 per Business Day (increasing to $20 per Business Day on the fifth Business Day after
such liquidated damages begin to accrue) for each Business Day after such Warrant Certificate Delivery Date until such Warrant 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 Warrant Certificate and, notwithstanding anything to the contrary set forth herein, the
Warrant Certificate shall be deemed for all purposes to contain all of the terms and conditions of the Warrants evidenced by such Warrant Certificate and the terms of this Agreement, other than Section 3(c), which shall not apply to the
Warrants evidenced by a Warrant Certificate. In the event a beneficial owner requests a Warrant Exchange, upon issuance of the paper Warrant Certificate, the Company shall act as warrant agent and the terms of the paper Warrant Certificate so issued
shall exclusively govern in respect thereof. For purposes of clarity, if there is a conflict between the express terms of this Agreement and any Warrant Certificate with respect to the terms of the Warrants, the terms of such Warrant Certificate
shall govern and control. 
 Section 4. Form of Warrant. The Warrants, together with the form of election to purchase Common
Stock (the “Exercise Notice”) and the form of assignment to be printed on the reverse thereof, whether a Warrant Certificate or a Global Warrant, shall be substantially in the form of Exhibit 1 hereto. 

Section 5. Countersignature and Registration. The Warrants shall be executed on behalf of the Company by its Chief Executive
Officer or Chief Financial Officer, either manually or by facsimile signature, and have affixed thereto the Company’s seal or a facsimile thereof which shall be attested by the Secretary or an Assistant Secretary of the Company, either manually
or by facsimile signature. The Warrants shall be countersigned by the Warrant Agent either manually or by facsimile signature and shall not be valid for any purpose unless so countersigned. In case any officer of the Company who shall have signed a
Warrant shall cease to be such officer of the Company before countersignature by the Warrant Agent and issuance and delivery by the Company, such Warrant, 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 had not ceased to be such officer of the Company; and any Warrant may be signed on behalf of the Company by any person who, at the actual date of the execution of such Warrant, shall be a
proper officer of the Company to sign such Warrant, although at the date of the execution of this Warrant Agreement any such person was not such an officer. 

The Warrant Agent will keep or cause to be kept, at one of its offices, or at the office of one of its agents, books for registration and
transfer of the Warrant Certificates issued hereunder. Such books shall show the names and addresses of the respective Holders of the Warrant Certificates, the number of warrants evidenced on the face of each of such Warrant Certificate and the date
of each of such Warrant Certificate. The Warrant Agent will create a special account for the issuance of Warrant Certificates. 

  
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 Section 6. Transfer, Split Up, Combination and Exchange of Warrant Certificates;
Mutilated, Destroyed, Lost or Stolen Warrant Certificates. Subject to the provisions of the Warrant and the last sentence of this first paragraph of Section 6 and subject to applicable law, rules or regulations, or any “stop
transfer” instructions the Company may give to the Warrant Agent, at any time after the closing date of the Offering, and at or prior to the Close of Business on the Termination Date, any Warrant Certificate or Warrant Certificates or Global
Warrant or Global Warrants may be transferred, split up, combined or exchanged for another Warrant Certificate or Warrant Certificates or Global Warrant or Global Warrants, entitling the Holder to purchase a like number of shares of Common Stock as
the Warrant Certificate or Warrant Certificates or Global Warrant or Global Warrants surrendered then entitled such Holder to purchase. Any Holder desiring to transfer, split up, combine or exchange any Warrant Certificate or Global Warrant shall
make such request in writing delivered to the Warrant Agent, and shall surrender the Warrant Certificate or Warrant Certificates to be transferred, split up, combined or exchanged at the principal office of the Warrant Agent, provided that no such
surrender is applicable to the Holder of a Global Warrant. Any requested transfer of Warrants, whether a Global Warrant or a Warrant Certificate, shall be accompanied by reasonable evidence of authority of the party making such request that may be
required by the Warrant Agent. Thereupon the Warrant Agent shall, subject to the last sentence of this first paragraph of Section 6, countersign and deliver to the Person entitled thereto any Warrant Certificate or Global Warrant, as the case
may be, as so requested. The Company may require payment from the Holder of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer, split up, combination or exchange of Warrants. The Company
shall compensate the Warrant Agent per the fee schedule mutually agreed upon by the parties hereto and provided separately on the date hereof. 

Upon receipt by the Warrant Agent of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of a Warrant
Certificate, which evidence shall include an affidavit of loss, or in the case of mutilated certificates, the certificate or portion thereof remaining, and, in case of loss, theft or destruction, of indemnity in customary form and amount, and
satisfaction of any other reasonable requirements established by Section 8-405 of the Uniform Commercial Code as in effect in the State of Delaware, and reimbursement to the Company and the Warrant Agent
of all reasonable expenses incidental thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Company will make and deliver a new Warrant Certificate of like tenor to the Warrant Agent for
delivery to the Holder in lieu of the Warrant Certificate so lost, stolen, destroyed or mutilated. 
 Section 7. Exercise of
Warrants; Exercise Price; Termination Date. 
 (a) The Warrants shall be exercisable commencing on the Initial Exercise Date. The
Warrants shall cease to be exercisable and shall terminate and become void, and all rights thereunder and under this Agreement shall cease, at or prior to the Close of Business on the Termination Date. Subject to the foregoing and to
Section 7(b) below, the Holder of a Warrant may exercise the Warrant in whole or in part upon providing the items required by Section 7(c) below to the Warrant Agent at the principal office of the Warrant Agent or to the office of one of
its agents as may be designated by the Warrant Agent from time to time. In the case of the Holder of a Global Warrant, the Holder shall deliver the executed Exercise Notice and payment of the Exercise Price pursuant to Section 2(a) of the
Warrant. Notwithstanding any other provision in this Agreement, a holder whose interest in a Global Warrant is a beneficial interest in a Global Warrant held in book-entry form through the Depositary (or another established clearing corporation
performing similar functions), shall effect exercises by delivering to the Depositary (or such other clearing corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are
required by the Depositary (or such other clearing corporation, as applicable). The Company acknowledges that the bank accounts maintained by the Warrant Agent in connection with the services provided under this Agreement will be in its name and
that the Warrant Agent may receive investment earnings in connection with the investment at Warrant Agent risk and for its benefit of funds held in those accounts from time to time. Neither the Company nor the Holders will receive interest on any
deposits or Exercise Price. 
 (b) Upon receipt of an Exercise Notice for a cashless exercise pursuant to Section 2(c) of the Warrant
(each, a “Cashless Exercise”), the Company will promptly calculate and transmit to the Warrant Agent the number of Warrant Shares issuable in connection with such Cashless Exercise and deliver a copy of the Exercise Notice to the
Warrant Agent, which shall issue such number of Warrant Shares in connection with such Cashless Exercise. 
 (c) Upon the Warrant
Agent’s receipt, at or prior to the Close of Business on the Termination Date set forth in a Warrant, of the executed Exercise Notice, accompanied by payment of the Exercise Price pursuant to Section 2(a) of the Warrant, the shares to be
purchased (other than in the case of a Cashless Exercise), an amount equal to any applicable tax, governmental charge or expense reimbursement referred to in Section 6 in cash, or by certified check or bank draft payable to the order of the
Company and, in the case of an exercise of a Warrant in the form of a Warrant Certificate for all of the Warrant Shares represented thereby, the Warrant Certificate, the Warrant Agent shall cause the Warrant Shares underlying such Warrant to be
delivered to or upon the order of the Holder of such Warrant, registered in such name or names as may be designated by such Holder, no later than the Warrant Share Delivery Date. If the Company is then a participant in the DWAC system of the
Depositary 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) the Warrant is being exercised via Cashless Exercise, then the
certificates for Warrant Shares shall be transmitted by the Warrant Agent to the Holder 

  
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by crediting the account of the Holder’s broker with the Depositary through its DWAC system. For the avoidance of doubt, if the Company becomes obligated to pay any amounts to any Holders
pursuant to Section 2(d)(i) or 2(d)(iv) of the Warrant, such obligation shall be solely that of the Company and not that of the Warrant Agent. Notwithstanding anything else to the contrary in this Agreement, except in the case of a Cashless
Exercise, if any Holder fails to duly deliver payment to the Warrant Agent of an amount equal to the aggregate Exercise Price of the Warrant Shares to be purchased upon exercise of such Holder’s Warrant as set forth in Section 7(a) hereof,
the Warrant Agent will not obligated to deliver certificates representing any such Warrant Shares (via DWAC or otherwise) until following receipt of such payment, and the applicable Warrant Share Delivery Date shall be deemed extended by one day for
each day (or part thereof) until such payment is delivered to the Warrant Agent. 
 (d) The Warrant Agent shall deposit all funds received by
it in payment of the Exercise Price for all Warrants in the account of the Company maintained with the Warrant Agent for such purpose (or to such other account as directed by the Company in writing) and shall advise the Company via telephone at the
end of each day on which funds for the exercise of any Warrant are received of the amount so deposited to its account. The Warrant Agent shall promptly confirm such telephonic advice to the Company in writing. 

(e) In case the Holder of any Warrant Certificate exercises fewer than all Warrants evidenced thereby and surrenders such Warrant Certificate
in connection with such partial exercise, a new Warrant Certificate evidencing the number of Warrant Shares equivalent to the number of Warrant Shares remaining unexercised may be issued by the Warrant Agent to the Holder of such Warrant Certificate
or to his duly authorized assigns in accordance with Section 2(d)(ii) of the Warrant, subject to the provisions of Section 6 hereof. 

Section 8. Cancellation and Destruction of Warrant Certificates. All Warrant Certificates surrendered for the purpose of exercise,
transfer, split up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Warrant Agent for cancellation or in canceled form, or, if surrendered to the Warrant Agent, shall be canceled by it, and
no Warrant Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver to the Warrant Agent for cancellation and retirement, and the Warrant Agent shall so cancel
and retire, any other Warrant Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Warrant Agent shall deliver all canceled Warrant Certificates to the Company, or shall, at the written request of the
Company, destroy such canceled Warrant Certificates, and in such case shall deliver a certificate of destruction thereof to the Company, subject to any applicable law, rule or regulation requiring the Warrant Agent to retain such canceled
certificates. 
 Section 9. Certain Representations; Reservation and Availability of Shares of Common Stock or Cash. 

(a) This Agreement has been duly authorized, executed and delivered by the Company and, assuming due authorization, execution and delivery
hereof by the Warrant Agent, constitutes a valid and legally binding obligation of the Company enforceable against the Company in accordance with its terms, and the Warrants have been duly authorized, executed and issued by the Company and, assuming
due authentication thereof by the Warrant Agent pursuant hereto and payment therefor by the Holders as provided in the Registration Statement, constitute valid and legally binding obligations of the Company enforceable against the Company in
accordance with their terms and entitled to the benefits thereof; in each case except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights
generally or by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

(b) As of the date hereof and prior to the Offering, the authorized capital stock of the Company consists of (i) 200,000,000 shares of
authorized Common Stock, of which 6,102,635 shares of Common Stock are issued and outstanding, and (ii) 50,000,000 shares of authorized preferred stock of which 9,417,000 are issued and outstanding designated as Series A Preferred; 6,600,000 shares
are issued and outstanding designated as Series B Preferred; 101.733 shares are issued and outstanding designated as Series C Preferred; and 9,364,000 of which are designated as Series D Preferred Stock, par value $0.001 per share. As of the date
hereof there are 13,800,000 shares of Common Stock reserved for issuance upon exercise of the Warrants inclusive of any Warrants the Underwriter may acquire upon exercise of its over-allotment option described in the Registration Statement. Except
as disclosed in the Registration Statement, there are no other outstanding obligations, warrants, options or other rights to subscribe for or purchase from the Company any class of capital stock of the Company. 

(c) The Company covenants and agrees that it will cause to be reserved and kept available out of its authorized and unissued shares of Common
Stock or its authorized and issued shares of Common Stock held in its treasury, free from preemptive rights, the number of shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants. 

(d) The Warrant Agent will create a special account for the issuance of Common Stock upon the exercise of Warrants. 

  
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 (e) The Company further covenants and agrees that it will pay when due and payable any and all
federal and state transfer taxes and charges which may be payable in respect of the original issuance or delivery of the Warrant Certificates or certificates evidencing Common Stock upon exercise of the Warrants. The Company shall not, however, be
required to pay any tax or governmental charge which may be payable in respect of any transfer involved in the transfer or delivery of Warrant Certificates or the issuance or delivery of certificates for Common Stock in a name other than that of the
Holder of the Warrant Certificate evidencing Warrants surrendered for exercise or to issue or deliver any certificate for shares of Common Stock upon the exercise of any Warrants until any such tax or governmental charge shall have been paid (any
such tax or governmental charge being payable by the Holder of such Warrant Certificate at the time of surrender) or until it has been established to the Company’s reasonable satisfaction that no such tax or governmental charge is due. 

Section 10. Common Stock Record Date. Each Holder shall be deemed to have become the holder of record for the Warrant Shares
pursuant to Section 2(d)(i) of the Warrants. 
 Section 11. Adjustment of Exercise Price, Number of Shares of Common Stock or
Number of the Company Warrants. The Exercise Price, the number of shares covered by each Warrant and the number of Warrants outstanding are subject to adjustment from time to time as provided in Section 3 of the Warrant. In the event that
at any time, as a result of an adjustment made pursuant to Section 3 of the Warrant, the Holder of any Warrant thereafter exercised shall become entitled to receive any shares of capital stock of the Company other than shares of Common Stock,
thereafter the number of such other shares so receivable upon exercise of any Warrant shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the shares
contained in Section 3 of the Warrant, and the provisions of Sections 7, 9 and 13 of this Agreement with respect to the shares of Common Stock shall apply on like terms to any such other shares. All Warrants originally issued by the Company
subsequent to any adjustment made to the Exercise Price pursuant to the Warrant shall evidence the right to purchase, at the adjusted Exercise Price, the number of shares of Common Stock purchasable from time to time hereunder upon exercise of the
Warrants, all subject to further adjustment as provided herein. 
 Section 12. Certification of Adjusted Exercise Price or Number of
Shares of Common Stock. Whenever the Exercise Price or the number of shares of Common Stock issuable upon the exercise of each Warrant is adjusted as provided in Section 11 or 13, the Company shall (a) promptly prepare a certificate
setting forth the Exercise Price of each Warrant as so adjusted, and a brief statement of the facts accounting for such adjustment, (b) promptly file with the Warrant Agent and with each transfer agent for the Common Stock a copy of such
certificate and (c) instruct the Warrant Agent to send a brief summary thereof to each Holder of a Warrant. 
 Section 13.
Fractional Shares of Common Stock. 
 (a) The Company shall not issue fractions of Warrants or distribute a Global Warrant or Warrant
Certificates that evidence fractional Warrants. Whenever any fractional Warrant would otherwise be required to be issued or distributed, the actual issuance or distribution shall reflect a rounding of such fraction either up or down to the nearest
whole Warrant. 
 (b) The Company shall not issue fractions of shares of Common Stock upon exercise of Warrants or distribute stock
certificates that evidence fractional shares of Common Stock. Whenever any fraction of a share of Common Stock would otherwise be required to be issued or distributed, the actual issuance or distribution in respect thereof shall be made in
accordance with Section 2(d)(v) of the Warrant. 
 Section 14. Conditions of the Warrant Agent’s Obligations. The
Warrant Agent accepts its obligations herein set forth upon the terms and conditions hereof, including the following to all of which the Company agrees and to all of which the rights hereunder of the Holders from time to time of the Warrant shall be
subject: 
  

	 	(a)	Compensation and Indemnification. The Company agrees promptly to pay the Warrant Agent the compensation detailed on Exhibit 2 hereto for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for
reasonable out-of-pocket expenses (including reasonable counsel fees) incurred without gross negligence, bad faith or willful misconduct by the Warrant Agent in
connection with the services rendered hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense incurred without gross negligence, bad faith or willful
misconduct on the part of the Warrant Agent, arising out of or in connection with its acting as Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim of such liability. 

  
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	 	(b)	Agent for the Company. In acting under this Warrant Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligations or
relationship of agency or trust for or with any of the Holders of Warrant Certificates or beneficial owners of Warrants. 

  

	 	(c)	Counsel. The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for the Company, and the written advice of such counsel shall be full and complete authorization and protection in
respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice of such counsel. 

  

	 	(d)	Documents. The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate,
affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented or signed by the proper parties. 

  

	 	(e)	Certain Transactions. The Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire any interest in, Warrants, with the same rights that it or they would have if it were not the
Warrant Agent hereunder, and, to the extent permitted by applicable law, it or they may engage or be interested in any financial or other transaction with the Company and may act on, or as depositary, trustee or agent for, any committee or body of
Holders of Warrant Securities or other obligations of the Company as freely as if it were not the Warrant Agent hereunder. Nothing in this Warrant Agreement shall be deemed to prevent the Warrant Agent from acting as trustee under any indenture to
which the Company is a party. 

  

	 	(f)	No Liability for Interest. Unless otherwise agreed with the Company, the Warrant Agent shall have no liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or
of the Warrant Certificates. 

  

	 	(g)	No Liability for Invalidity. The Warrant Agent shall have no liability with respect to any invalidity of this Agreement or any of the Warrant Certificates (except as to the Warrant Agent’s countersignature
thereon). 

  

	 	(h)	No Responsibility for Representations. The Warrant Agent shall not be responsible for any of the recitals or representations herein or in the Warrant Certificates (except as to the Warrant Agent’s countersignature
thereon), all of which are made solely by the Company. 

  

	 	(i)	No Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are herein and in the Warrants specifically set forth and no implied duties or obligations shall be read into this Agreement or
the Warrants against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its
reasonable opinion, assured to it. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any of the Warrants authenticated by the Warrant Agent and delivered by it to the Company pursuant to
this Agreement or for the application by the Company of the proceeds of the Warrants. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained herein or
in the Warrants or in the case of the receipt of any written demand from a Holder of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt
to initiate any proceedings at law. 

 Section 15. Purchase or Consolidation or Change of Name of Warrant Agent.
Any corporation into which the Warrant Agent or any successor Warrant Agent may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which the Warrant Agent or any successor Warrant Agent
shall be party, or any corporation succeeding to the corporate trust business of the Warrant Agent or any successor Warrant Agent, shall be the successor to the Warrant Agent under this Agreement without the execution or filing of any paper or any
further act on the part of any of the parties hereto, provided that such corporation would be eligible for appointment as a successor Warrant Agent under the provisions of Section 17. In case at the time such successor Warrant Agent shall
succeed to the agency created by this Agreement any of the Warrants shall have been countersigned but not delivered, any such successor Warrant Agent may adopt the countersignature of the predecessor Warrant Agent and deliver such Warrants so
countersigned; and in case at that time any of the Warrants shall not have been countersigned, any successor Warrant Agent may countersign such Warrants either in the name of the predecessor Warrant Agent or in the name of the successor Warrant
Agent; and in all such cases such Warrants shall have the full force provided in the Warrants and in this Agreement. 
 In case at any time
the name of the Warrant Agent shall be changed and at such time any of the Warrants shall have been countersigned but not delivered, the Warrant Agent may adopt the countersignature under its prior name and deliver Warrants so countersigned; and in
case at that time any of the Warrants shall not have been countersigned, the Warrant Agent may countersign such Warrants either in its prior name or in its changed name; and in all such cases such Warrants shall have the full force provided in the
Warrants and in this Agreement. 

  
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 Section 16. Duties of Warrant Agent. The Warrant Agent undertakes the duties and
obligations imposed by this Agreement upon the following terms and conditions, all of which the Company, by its acceptance hereof, shall be bound: 

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

(b) Whenever in the performance of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable that any fact or
matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and
established by a certificate signed by the Chief Executive Officer or Chief Financial Officer of the Company; and such certificate shall be full authentication to the Warrant Agent for any action taken or suffered in good faith by it under the
provisions of this Agreement in reliance upon such certificate. 
 (c) Subject to the limitation set forth in Section 14, the Warrant
Agent shall be liable hereunder only for its own gross negligence, bad faith or willful misconduct, or for a breach by it of this Agreement. 

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

(e) The Warrant Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof
(except the due execution hereof by the Warrant Agent) or in respect of 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 Agreement or in any Warrant; nor shall it be responsible for the adjustment of the Exercise Price or the making of any change in the number of shares of Common Stock required under the provisions of Section 11 or 13 or responsible for
the manner, method or amount of any such change or the ascertaining of the existence of facts that would require any such adjustment or change (except with respect to the exercise of Warrants evidenced by Warrant Certificates after actual notice of
any adjustment of the Exercise Price); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant or
as to whether any shares of Common Stock will, when issued, be duly authorized, validly issued, fully paid and nonassessable. 
 (f) Each
party hereto agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the other party
hereto for the carrying out or performing by any party of the provisions of this Agreement. 
 (g) The Warrant Agent is hereby authorized to
accept instructions with respect to the performance of its duties hereunder from the Chief Executive Officer or Chief Financial Officer of the Company, and to apply to such officers for advice or instructions in connection with its duties, and it
shall not be liable and shall be indemnified and held harmless for any action taken or suffered to be taken by it in good faith in accordance with instructions of any such officer, provided Warrant Agent carries out such instructions without gross
negligence, bad faith or willful misconduct. 
 (h) The Warrant Agent and any shareholder, director, officer or employee of the Warrant Agent
may buy, sell or deal in any of the Warrants or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and
freely as though it were not Warrant Agent under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity. 

(i) 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, provided reasonable care was exercised in the selection and continued employment thereof. 

  
 8 

 Section 17. Change of Warrant Agent. The Warrant Agent may resign and be discharged
from its duties under this Agreement upon 30 days’ notice in writing sent to the Company and to each transfer agent of the Common Stock, and to the Holders of the Warrant Certificates. The Company may remove the Warrant Agent or any successor
Warrant Agent upon 30 days’ notice in writing, sent to the Warrant Agent or successor Warrant Agent, as the case may be, and to each transfer agent of the Common Stock, and to the Holders of the Warrant Certificates. If the Warrant Agent shall
resign or be removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after such removal or after it has been
notified in writing of such resignation or incapacity by the resigning or incapacitated Warrant Agent or by the Holder of a Warrant Certificate (who shall, with such notice, submit his Warrant Certificate for inspection by the Company), then the
Holder of any Warrant Certificate may apply to any court of competent jurisdiction for the appointment of a new Warrant Agent. Any successor Warrant Agent, whether appointed by the Company or by such a court, shall be a corporation organized and
doing business under the laws of the United States or of a state thereof, in good standing, which is authorized under such laws to exercise corporate trust powers and is subject to supervision or examination by federal or state authority and which
has at the time of its appointment as Warrant Agent a combined capital and surplus of at least $50,000,000. After appointment, the successor Warrant Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been
originally named as Warrant Agent without further act or deed; but the predecessor Warrant Agent shall deliver and transfer to the successor Warrant Agent any property at the time held by it hereunder, and execute and deliver any further assurance,
conveyance, act or deed necessary for the purpose. Not later than the effective date of any such appointment, the Company shall file notice thereof in writing with the predecessor Warrant Agent and each transfer agent of the Common Stock, and mail a
notice thereof in writing to the Holders of the Warrant Certificates. However, failure to give any notice provided for in this Section 17, or any defect therein, shall not affect the legality or validity of the resignation or removal of the
Warrant Agent or the appointment of the successor Warrant Agent, as the case may be. 
 Section 18. Issuance of New Warrants.
Notwithstanding any of the provisions of this Agreement or of the Warrants to the contrary, the Company may, at its option, issue a new Global Warrant or Warrant Certificates, if any, evidencing Warrants in such form as may be approved by its Board
of Directors to reflect any adjustment or change in the Exercise Price per share and the number or kind or class of shares of stock or other securities or property purchasable under the Global Warrant or Warrant Certificates, if any, made in
accordance with the provisions of this Agreement. 
 Section 19. Notices. Notices or demands authorized by this Agreement to be
given or made (i) by the Warrant Agent or by the Holder of any Warrant Certificate to or on the Company, (ii) subject to the provisions of Section 17, by the Company or by the Holder of any Warrant Certificate to or on the Warrant
Agent or (iii) by the Company or the Warrant Agent to the Holder of any Warrant Certificate, shall be deemed given (a) on the date delivered, if delivered personally, (b) on the first Business Day following the deposit thereof with
Federal Express or another recognized overnight courier, if sent by Federal Express or another recognized overnight courier, (c) on the fourth Business Day following the mailing thereof with postage prepaid, if mailed by registered or certified
mail (return receipt requested), and (d) the date of transmission, if such notice or communication is delivered via facsimile or email attachment at or prior to 5:30 p.m. (New York City time) on a Business Day and (e) the next Business Day
after the date of transmission, if such notice or communication is delivered via facsimile or email attachment on a day that is not a Business Day or later than 5:30 p.m. (New York City time) on any Business Day, in each case to the parties at the
following addresses (or at such other address for a party as shall be specified by like notice): 
  

	 	(a)	If to the Company, to: 

 Oragenics, Inc. 

4902 Eisenhower Blvd | Suite 125 

Tampa, FL 33634 
 Facsimile: 813-286-7904 
 Attention: Michael Sullivan 

 

	 	(b)	If to the Warrant Agent, to: 

 Continental Stock Transfer & Trust Company 

1 State Street 30th Floor, 
 New
York, NY 10004-1561 
 Attention: Compliance Department 

  
 9 

 For any notice delivered by email to be deemed given or made, such notice must be followed by notice sent by
overnight courier service to be delivered on the next business day following such email, unless the recipient of such email has acknowledged via return email receipt of such email. 

(c) If to the Holder of any Warrant Certificate, to the address of such Holder as shown on the registry books of the Company. Any notice
required to be delivered by the Company to the Holder of any Warrant may be given by the Warrant Agent on behalf of the Company. Notwithstanding any other provision of this Agreement, where this Agreement provides for notice of any event to a Holder
of any Warrant Certificate, for a Global Warrant, such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the procedures of the Depositary or its designee. 

Section 20. Supplements and Amendments. 

(a) The Company and the Warrant Agent may from time to time supplement or amend this Agreement without the approval of any Holders of Warrant
Certificates in order to cure any ambiguity, to correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions herein, or to make any other provisions with regard to matters or questions arising
hereunder which the Company and the Warrant Agent may deem necessary or desirable and which shall not adversely affect the interests of the Holders of the Warrants Certificates in any material respect. 

(b) In addition to the foregoing, with the consent of Holders of Warrants, the Company and the Warrant Agent may modify this Agreement for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Warrant Agreement or modifying in any manner the rights of the Holders of the Warrant Certificates; provided, however, that no
modification of the terms (including but not limited to the adjustments described in Section 11) upon which the Warrants are exercisable or reducing the percentage required for consent to modification of this Agreement may be made without the
consent of the Holder of each outstanding warrant certificate affected thereby. As a condition precedent to the Warrant Agent’s execution of any amendment, the Company shall deliver to the Warrant Agent a certificate from a duly authorized
officer of the Company that states that the proposed amendment complies with the terms of this Section 20. 
 Section 21.
Successors. All covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns hereunder. 

Section 22. Benefits of this Agreement. Nothing in this Agreement shall be construed to give any Person other than the Company,
the Holders of Warrant Certificates and the Warrant Agent any legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit of the Company, the Warrant Agent and the Holders of the
Warrant Certificates. 
 Section 23. Governing Law. This Agreement and each Warrant issued hereunder shall be governed by, and
construed in accordance with, the laws of the State of New York without giving effect to the conflicts of law principles thereof. 

Section 24. Counterparts. This Agreement may be executed in any number of 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. 

Section 25. Captions. The captions of the sections of this Agreement have been inserted for convenience only and shall not control
or affect the meaning or construction of any of the provisions hereof. 
 Section 26. Information. The Company agrees to
promptly provide to the Holders of the Warrants any information it provides to all holders of the Common Stock, except to the extent any such information is publicly available on the EDGAR system (or any successor thereof) of the Securities and
Exchange Commission. 
 Section 27. Force Majeure. Notwithstanding anything to the contrary contained herein, Warrant Agent
shall 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, it being understood that the Warrant Agent shall use reasonable best
efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

  
 10 

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

			
	ORAGENICS, INC.
		
	By:	 	 /s/Alan Joslyn

	Name: Alan Joslyn
	Title: Chief Executive Officer and President
	
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
		
	By:	 	 /s/Ana Gois

	Name: Ana Gois
	Title: Vice President

  
 11 

 Annex A: Form of Warrant Certificate Request Notice 

WARRANT CERTIFICATE REQUEST NOTICE 
 To:
Continental Stock Transfer & Trust Company as Warrant Agent for Oragenics, Inc. (the “Company”) 
 The undersigned Holder of Common Stock
Purchase Warrants (“Warrants”) in the form of Global Warrants issued by the Company hereby elects to receive a Warrant 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 Warrant 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 Warrant Certificate shall be issued: __________________ 

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

6. Warrant 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 Warrant
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 Warrant Certificate. 

[SIGNATURE OF HOLDER] 
 Name of Investing Entity:
____________________________________________________ 
 Signature of Authorized Signatory of Investing Entity: ______________________________ 

Name of Authorized Signatory: ________________________________________________ 

Title of Authorized Signatory: _________________________________________________ 

Date: _______________________________________________________________ 

 Exhibit 1: Form of WarrantExhibit 10.1

 

TENTH AMENDMENT TO CREDIT AGREEMENT

 

 

This TENTH AMENDMENT TO CREDIT AGREEMENT
(this “Amendment”) is made effective and executed as of July 12, 2018, by and among WILHELMINA INTERNATIONAL,
INC., a Delaware corporation (“Borrower”), ZB, N.A. dba AMEGY BANK (“Bank”), and
each of the Guarantors set forth on the signature pages hereof (each a “Guarantor”, and collectively the “Guarantors”).

 

RECITALS

 

A.                
Borrower and Bank entered into that certain Credit Agreement dated as of April 20, 2011, as amended by that certain First
Amendment to Credit Agreement dated as of January 1, 2012, that certain Second Amendment to Credit Agreement dated as of October
24, 2012, that certain Third Amendment to Credit Agreement dated as of July 31, 2014, that certain Fourth Amendment to Credit Agreement
dated effective October 24, 2015, that certain Fifth Amendment to Credit Agreement dated effective May 13, 2016, that certain Sixth
Amendment to Credit Agreement and First Amendment to Line of Credit Note dated effective November 9, 2016, that certain Seventh
Amendment to Credit Agreement dated effective May 4, 2017, that certain Eighth Amendment to Credit Agreement and Waiver dated effective
August 1, 2017, and that certain Ninth Amendment to Credit Agreement and Second Amendment to Line of Credit Note dated effective
October 24, 2017 (as amended, the “Credit Agreement”).

 

B.                
In connection with the Credit Agreement, Borrower executed and delivered to Bank (i) that certain Line of Credit Promissory
Note dated April 20, 2011, in the stated principal amount of $500,000.00, as amended and restated by that certain Amended and Restated
Line of Credit Promissory Note dated as of January 1, 2012, in the stated principal amount of $1,500,000.00, as amended and
restated by that certain Second Amended and Restated Line of Credit Promissory Note dated as of October 24, 2012, in the stated
principal amount of $5,000,000.00, as amended and restated by that certain Third Amended and Restated Line of Credit Promissory
Note dated as of October 24, 2015, in the stated principal amount of $4,000,000.00, and as amended by that certain Sixth Amendment
to Credit Agreement and First Amendment to Line of Credit Note dated effective November 9, 2016 and that certain Ninth Amendment
to Credit Agreement and Second Amendment to Line of Credit Note dated effective October 24, 2017 (as amended and restated, the
“Line of Credit Note”), and (ii) that certain Promissory Note dated effective October 24, 2015, in the stated
principal amount of $3,000,000.00 (the “Term Note”).

 

C.                
In connection with the Credit Agreement, (i) Guarantors (other than Artists at Wilhelmina LLC, Wilhelmina Licensing (Texas)
LLC, and Wilhelmina Artist Management LLC, a Delaware limited liability company) executed and delivered to Bank that certain Unlimited
Guaranty dated April 20, 2011, (ii) Artists at Wilhelmina LLC (formerly known as Wilhelmina Creative, LLC) and Wilhelmina
Licensing (Texas) LLC executed and delivered to Bank those certain Unlimited Guaranties dated effective October 24, 2015, and (iii)
Wilhelmina Artist Management LLC, a Delaware limited liability company, executed and delivered to Bank that certain Unlimited Guaranty
dated effective November 9, 2016 (the Unlimited Guaranties referenced in items (i) through (iii) preceding, collectively, the “Guaranty
Agreements”).

 

D.                
In connection with the Credit Agreement, (i) Borrower and Guarantors (other than Wilhelmina Licensing (Texas) LLC, Artists
at Wilhelmina LLC, and Wilhelmina Artist Management LLC, a Delaware limited liability company) executed and delivered to Bank that
certain Pledge and Security Agreement dated as of April 20, 2011, as amended from time to time, (ii) Wilhelmina Licensing (Texas)
LLC executed and delivered to Bank that certain Pledge and Security Agreement dated effective as of October 24, 2015, as amended
from time to time, (iii) Artists at Wilhelmina LLC executed and delivered to Bank that certain Pledge and Security Agreement dated
effective as of October 24, 2015, as amended from time to time, and (iv) Wilhelmina Artist Management LLC, a Delaware limited liability
company, executed and delivered to Bank that certain Pledge and Security Agreement dated effective on or about November 9, 2016,
as amended from time to time (collectively, the “Security Documents” and each a “Security Document”);
and

 

    
TENTH AMENDMENT TO CREDIT AGREEMENT - Page 1

    

    

 

E.                 
Borrower has requested Bank to extend additional credit to Borrower in the form of a new term loan and make certain amendments
to the Credit Agreement and the Loan Documents, all as more fully set forth herein, and Bank has agreed to the same upon the terms
and conditions hereinafter set forth.

 

NOW, THEREFORE, in consideration of the premises
herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties,
intending to be legally bound, hereby agree as follows:

 

ARTICLE
I

Definitions

 

Section 1.1.          
Definitions. Capitalized terms used in this Amendment, to the extent not otherwise defined herein, shall have
the same meaning as assigned to them in the Credit Agreement, as amended hereby.

 

ARTICLE
II

Amendments

 

Section 2.1.          
Amendments to Section 1.1 of Credit Agreement.

 

(a)               
The first sentence in Section 1.1(b) of the Credit Agreement is hereby amended and restated in its entirety to hereafter
read as follows: “Outstanding borrowings under the Line of Credit shall not at any time exceed the then-current borrowing
base (the ‘Borrowing Base’) equal to the following amount as determined in good faith by Bank based upon a Borrowing
Base Certificate (herein so called) in the form of Exhibit A attached hereto and incorporated herein by reference or in
such other form as may be acceptable to Bank and such other information as Bank may consider relevant to such determination: an
amount equal to eighty percent (80%) of the aggregate value of Borrower’s Eligible Accounts Receivable (which amount, as
of any date of determination, is hereinafter called the “Borrowing Base Amount”), minus all outstanding
Letter of Credit Liabilities, minus all outstanding indebtedness under the Term Loan, as hereinafter defined, minus
all outstanding indebtedness under the Second Term Loan, as hereinafter defined.”

 

(b)              
Section 1.1(d) is hereby amended and restated, and a new Section 1.1(e) is hereby inserted in its appropriate alphabetical
order, to hereafter read as follows, respectively:

 

“(d)Second Term Loan.
Subject to the terms and conditions of this Agreement, in addition to the Line of Credit and the Term Loan, Bank hereby agrees
to make advances to Borrower from time to time up to and including July 12, 2019 not to exceed at any time the aggregate principal
amount of One Million and No/100 Dollars ($1,000,000.00) (the ‘Second Term Loan’), the proceeds of which shall
be used by Borrower to pay for stock repurchases (including any associated costs) of its equity interests, as approved by Bank.
Borrower’s obligation to repay advances under the Second Term Loan are evidenced by a Promissory Note dated as of July 12,
2018, in the stated principal amount of $1,000,000.00 (as such promissory note may be amended, restated, refinanced or otherwise
modified from time to time, the “Second Term Note”), all terms of which are incorporated herein by this reference.

 

    
TENTH AMENDMENT TO CREDIT AGREEMENT - Page 2

    

    

 

(e)       Borrowing
and Repayment. With respect to the Line of Credit, Borrower may from time to time during the term of the Line of Credit borrow,
partially or wholly repay its outstanding borrowings, and reborrow under the Line of Credit, subject to all of the limitations,
terms and conditions contained herein or in the Line of Credit Note; provided however, that the total outstanding borrowings under
the Line of Credit shall not at any time exceed the maximum principal amount available thereunder, as set forth above. With respect
to the Term Loan, and notwithstanding anything herein or in any other Loan Document to the contrary, Borrower shall not be entitled
to any advances thereunder after October 24, 2016, and Borrower may not re-borrow any amounts repaid under the Term Loan; provided,
Borrower may partially or wholly repay its outstanding borrowings under the Term Loan, subject to all of the limitations, terms
and conditions contained herein or in the Term Note. With respect to the Second Term Loan, and notwithstanding anything herein
or in any other Loan Document to the contrary, Borrower shall not be entitled to any advances thereunder after July 12, 2019, and
Borrower may not re-borrow any amounts repaid under the Second Term Loan; provided, Borrower may partially or wholly repay its
outstanding borrowings under the Second Term Loan, subject to all of the limitations, terms and conditions contained herein or
in the Second Term Note. If at any time the total outstanding borrowings under the Line of Credit exceed the then current Borrowing
Base, then Borrower shall immediately repay the amount of such excess.”

 

Section 2.2.          
Amendment to Section 1.2(a) of the Credit Agreement. Section 1.2(a) of the Credit Agreement is hereby
amended and restated in its entirety to read as follows:

 

“(a)Interest.
The outstanding principal balance of each credit subject hereto shall bear interest from the date such advance is made to the date
such amount is fully repaid by Borrower, at the rate of interest set forth in the Line of Credit Note, the Term Note, or the Second
Term Note, as applicable.”

 

Section 2.3.          
Amendment to Section 1.3 of the Credit Agreement. Section 1.3 of the Credit Agreement is hereby amended
by deleting the reference to the term “the Line of Credit Note, the Term Note” and inserting the term “the Line
of Credit Note, the Term Note, the Second Term Note” in lieu thereof.

 

Section 2.4.          
Amendment to Section 1.5 of the Credit Agreement. The first sentence in Section 1.5(a) of the Credit
Agreement is hereby amended and restated in its entirety to read as follows: “Subject to the terms and conditions of this
Agreement, Bank agrees to issue one or more standby letters of credit for the account of Borrower from time to time from the date
hereof through the date that is five (5) business days prior to October 24, 2018; provided, however, that the outstanding
Letter of Credit Liabilities shall not at any time exceed the least of: (a) Five Hundred Thousand and No/100 Dollars
($500,000.00); (b) an amount equal to $8,000,000.00 minus the outstanding borrowings under the Line of Credit, the Term
Loan, and the Second Term Loan, in the aggregate; or (c) an amount equal to the Borrowing Base Amount minus the outstanding
borrowings under the Line of Credit, the Term Loan, and the Second Term Loan, in the aggregate.”

 

    
TENTH AMENDMENT TO CREDIT AGREEMENT - Page 3

    

    

 

Section 2.5.          
Amendment to Section 2.2 of Credit Agreement. Section 2.2 of the Credit Agreement is hereby amended
by deleting the reference to the term “the Line of Credit Note, the Term Note” and inserting the term “the Line
of Credit Note, the Term Note, the Second Term Note” in lieu thereof.

 

Section 2.6.          
Amendment to Section 4.9(b) of Credit Agreement. If Borrower fully repays the Term Note on or before the maturity
date expressly set forth therein, then strictly for purposes of determining the Fixed Charge Coverage Ratio under Section 4.9(b)
of the Credit Agreement for the fiscal quarters ending December 31, 2020, March 31, 2021, June 30, 2021, and September 30, 2021
(but for no other fiscal quarters), the term “Debt Service” (a) shall not include the regular installments of principal
and accrued but unpaid interest due under the Term Note on each Payment Date as expressly set forth in Section 2.1 of the
Term Note (the “Regularly Scheduled Payments”) and (b) shall include all principal and interest payments made
under the Term Note in excess of the Regularly Scheduled Payments (including without limitation any balloon payment made on or
before the maturity date set forth in the Term Note).

 

Section 2.7.          
Amendment to Section 5.7 of the Credit Agreement. The last sentence in Section 5.7 of the Credit Agreement
(which was added pursuant to the Fourth Amendment to Credit Agreement dated October 24, 2015) is hereby amended and restated in
its entirety to hereafter read as follows: “Notwithstanding the foregoing, Borrower shall be permitted to repurchase its
equity interests using proceeds of the Term Loan and the Second Term Loan in the manner set forth in Sections 2.1(c) and
2.1(d) hereof.”

 

Section 2.8.          
Amendment to Security Documents. The term “Note” in Section 1.3 of each Security Document
is hereby amended and restated in its entirety to hereafter read as follows:

 

“‘Note’
means, collectively, (a) that certain Third Amended and Restated Line of Credit Note dated effective as of October 24, 2015, in
the stated principal amount of $4,000,000.00, executed by Borrower and payable to the order of Lender, as renewed, extended and
amended from time to time, (b) that certain Promissory Note dated effective as of October 24, 2015, in the stated principal amount
of $3,000,000.00, executed by Borrower and payable to the order of Lender, as renewed, extended and amended from time to time,
and (c) that certain Promissory Note dated effective as of July 12, 2018, in the stated principal amount of $1,000,000.00, executed
by Borrower and payable to the order of Lender, as renewed, extended and amended from time to time.”

 

ARTICLE
III

Conditions Precedent

 

Section 3.1.          
Conditions. The effectiveness of this Amendment is subject to the satisfaction of the following conditions
precedent, unless specifically waived by the Bank:

 

    
TENTH AMENDMENT TO CREDIT AGREEMENT - Page 4

    

    

 

(a)               
The following instruments shall have been duly and validly executed and delivered to Bank by the parties thereto, all in
form, scope and content satisfactory to the Bank:

 

(i)                
this Amendment executed by Borrower and Guarantors;

 

(ii)              
Promissory Note of even date herewith, executed by Borrower made payable to Bank, in the stated principal amount of $1,000,000.00,
which shall constitute the Second Term Note evidencing the Second Term Loan; and

 

(iii)            
resolutions of the Board of Directors (or other governing body) of Borrower and each Guarantor certified by the Secretary
or an Assistant Secretary (or other custodian of records of each such entity) which authorize the execution, delivery, and performance
by Borrower and each Guarantor of this Amendment and the other Loan Documents to be executed in connection herewith.

 

(b)              
The representations and warranties contained herein, in the Credit Agreement, as amended hereby, and in each other Loan
Document, as amended hereby, shall be true and correct as of the date hereof, as if made on the date hereof, except to the extent
such representations and warranties relate to an earlier date.

 

(c)               
No Event of Default shall have occurred and be continuing and no Default shall exist, unless such Event of Default or Default
has been specifically waived in writing by Bank.

 

(d)              
All corporate proceedings taken in connection with the transactions contemplated by this Amendment and all documents, instruments
and other legal matters incident thereto, shall be satisfactory to Bank and its legal counsel.

 

(e)               
There shall have been no material adverse change in the condition (financial or otherwise) of Borrower or any Guarantor
since October 24, 2017.

 

ARTICLE
IV

Ratifications, Representations, Warranties

 

Section 4.1.          
Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent
terms and provisions set forth in the Credit Agreement and except as expressly modified and superseded by this Amendment, the terms
and provisions of the Credit Agreement and the other Loan Documents are ratified and confirmed and shall continue in full force
and effect. Borrower and Guarantors agree that the Credit Agreement, as amended hereby, and the other Loan Documents, as amended
hereby, shall continue to be legal, valid, binding obligations of Borrower and Guarantors, enforceable against Borrower and Guarantors
in accordance with their respective terms.

 

Section 4.2.          
Renewal of Security Interests. Each of Borrower and Guarantors hereby renews, regrants and affirms the liens
and security interests created and granted in the Credit Agreement and in all other Loan Documents (including, without limitation,
the Security Documents, as amended), to secure the prompt payment of all indebtedness and obligations of Borrower and each Guarantor
under the Loan Documents as amended and increased by the terms hereof, including without limitation any Letter of Credit Liabilities,
the Line of Credit, the Term Loan, and the Second Term Loan. Each of Borrower and Guarantors agree that this Amendment shall in
no manner affect or impair the liens and security interests securing the indebtedness of Borrowers and Guarantors to Bank and that
such liens and security interests shall not in any manner be waived, the purposes of this Amendment being to modify the Credit
Agreement as herein provided, and to carry forward all liens and security interests securing same, which are acknowledged by Borrower
and Guarantors to be valid and subsisting.

 

    
TENTH AMENDMENT TO CREDIT AGREEMENT - Page 5

    

    

 

Section 4.3.          
Representations and Warranties. Borrower and Guarantors hereby represent and warrant to Bank as follows:

 

(a)               
The execution, delivery and performance of this Amendment and any and all other Loan Documents executed and delivered in
connection herewith have been authorized by all requisite corporate action on the part of Borrower and each Guarantor and do not
and will not conflict with or violate any provision of any applicable laws, rules, regulations or decrees, the organizational documents
of Borrower or any Guarantor, or any agreement, document, judgment, license, order or permit applicable to or binding upon Borrower
or any Guarantor or their respective assets. No consent, approval, authorization or order of, and no notice to or filing with,
any court or governmental authority or third person is required in connection with the execution, delivery or performance of this
Amendment or to consummate the transactions contemplated hereby;

 

(b)              
The representations and warranties contained in the Credit Agreement, as amended hereby, and the other Loan Documents, as
amended hereby, are true and correct in all material respects on and as of the date hereof as though made on and as of the date
hereof, except to the extent such representations and warranties relate to an earlier date;

 

(c)               
No Event of Default under the Credit Agreement or any Loan Document has occurred and is continuing, except to the extent
waived in writing by Bank;

 

(d)              
Borrower and Guarantors are in full compliance with all covenants and agreements contained in the Credit Agreement, as amended
hereby, and the other Loan Documents to which each is a party, each as amended hereby, except to the extent waived in writing by
Bank;

 

(e)               
Neither Borrower nor any Guarantor has amended any of its organizational documents since the date of the original execution
of the Credit Agreement; and

 

(f)               
As of the date of this Amendment, the unpaid principal amount of the Line of Credit Note is $0, the unpaid principal amount
of the Term Note is $1,844,116.40, and the aggregate Letter of Credit Liabilities are $221,742.50, which amounts are unconditionally
owed by Borrower to Bank without offset, defense or counterclaim of any kind or nature whatsoever.

 

Section 4.4.          
Guarantors’ Consent and Ratification. Each Guarantor hereby consents and agrees to the terms of this
Amendment, and agrees that the Guaranty Agreement to which it is a party shall remain in full force and effect and shall continue
to be the legal, valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms.
Furthermore, each Guarantor hereby agrees and acknowledges that (a) the Guaranty Agreements are Loan Document, (b) the Guaranty
Agreements are not subject to any claims, defenses or offsets, (c) nothing contained in this Amendment or any other Loan Document
shall adversely affect any right or remedy of Bank under the Guaranty Agreements, (d) the execution and delivery of this Amendment
shall in no way reduce, impair or discharge any obligations of any Guarantor pursuant to the Guaranty Agreements and shall not
constitute a waiver by Bank against any Guarantor, (e) by virtue hereof and by virtue of the Guaranty Agreements, each Guarantor
hereby guarantees to Bank the prompt and full payment and full and faithful performance by the Borrower of the entirety of the
Guaranteed Indebtedness (as defined in the Guaranty Agreements) including, without limitation, all amounts owing under the Line
of Credit Note, the Term Note, and the Second Term Note and all Letter of Credit Liabilities, (f) no Guarantor’s consent
is required to the effectiveness of this Amendment, and (g) no consent by any Guarantor is required for the effectiveness of any
future amendment, modification, forbearance or other action with respect to the Credit Agreement or any present or future Loan
Document.

 

    
TENTH AMENDMENT TO CREDIT AGREEMENT - Page 6

    

    

 

ARTICLE
V

Miscellaneous

 

Section 5.1.          
Survival of Representations and Warranties. All representations and warranties made in the Credit Agreement
or any other Loan Document, including without limitation, any Loan Document furnished in connection with this Amendment, shall
survive the execution and delivery of this Amendment and the other Loan Documents, and no investigation by Bank or any closing
shall affect such representations and warranties or the right of Bank to rely thereon.

 

Section 5.2.          
Reference to Credit Agreement. Each of the Loan Documents, including the Credit Agreement, and any and all
other agreements, documents or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to
the terms of the Credit Agreement, as amended hereby, are hereby amended so that any reference in such Loan Documents to the Credit
Agreement or any of the Loan Documents shall mean a reference to the Credit Agreement or such Loan Documents in each case as amended
hereby.

 

Section 5.3.          
Expenses of Bank. As provided in the Credit Agreement, Borrower agrees to pay on demand all reasonable costs
and expenses incurred by Bank in connection with the preparation, negotiation and execution of this Amendment and the other Loan
Documents executed pursuant hereto and any and all amendments, modifications, and supplements hereto, including, without limitation,
the reasonable costs and fees of Bank’s legal counsel, and all reasonable costs and expenses incurred by Bank in connection
with the enforcement or preservation of any rights under the Credit Agreement, as amended hereby, and any other Loan Document,
as amended hereby, including, without limitation, the reasonable costs and fees of Bank’s legal counsel.

 

Section 5.4.          
RELEASE. BORROWER AND EACH GUARANTOR HEREBY VOLUNTARILY AND KNOWINGLY RELEASE AND FOREVER DISCHARGE BANK,
ITS DIRECTORS, OFFICERS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION,
DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN. ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED,
FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS AMENDMENT IS
EXECUTED, WHICH BORROWER AND ANY GUARANTOR MAY NOW OR HEREAFTER HAVE AGAINST BANK, ITS DIRECTORS, OFFICERS, AGENTS, EMPLOYEES,
SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS,
OR OTHERWISE, AND ARISING FROM ANY LOAN, INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING
OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE LOAN DOCUMENTS,
AND NEGOTIATIONS FOR AND EXECUTION OF THE LOAN DOCUMENTS.

 

Section 5.5.          
Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable
shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held
to be invalid or unenforceable.

 

    
TENTH AMENDMENT TO CREDIT AGREEMENT - Page 7

    

    

 

Section 5.6.          
GOVERNING LAW. THIS AMENDMENT SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE PERFORMABLE IN AND SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS.

 

Section 5.7.          
Successors and Assigns. This Amendment is binding upon and shall inure to the benefit of the parties hereto
and their respective successors, assigns, heirs, executors, and legal representatives, except that none of the parties hereto other
than Bank may assign or transfer any of its rights or obligations hereunder without the prior written consent of Bank.

 

Section 5.8.          
WAIVER OF TRIAL BY JURY. THE PARTIES HERETO AGREE THAT NO PARTY SHALL REQUEST A TRIAL BY JURY IN THE EVENT
OF LITIGATION BETWEEN THEM CONCERNING THE LOAN DOCUMENTS OR ANY CLAIMS OR TRANSACTIONS IN CONNECTION THEREWITH, IN EITHER A STATE
OR FEDERAL COURT, THE RIGHT TO TRIAL BY JURY BEING EXPRESSLY WAIVED BY BANK, BORROWER AND GUARANTORS. EACH OF BANK, BORROWER AND
GUARANTORS ACKNOWLEDGES THAT SUCH WAIVER IS MADE WITH FULL KNOWLEDGE AND UNDERSTANDING OF THE NATURE OF THE RIGHTS AND BENEFITS
WAIVED HEREBY, AND WITH THE BENEFIT OF ADVICE OF COUNSEL OF ITS CHOOSING.

 

Section 5.9.          
Counterparts. This Amendment may be executed in one or more counterparts, each of which when so executed shall
be deemed to be an original, but all of which when taken together shall constitute one and the same instrument.

 

Section 5.10.      
Descriptive Headings. The captions in this Amendment are for convenience only and shall not define or limit
the provisions hereof.

 

Section 5.11.      
ENTIRE AGREEMENT. THIS AMENDMENT, THE CREDIT AGREEMENT AND ALL OTHER LOAN DOCUMENTS EXECUTED AND DELIVERED
IN CONNECTION WITH AND PURSUANT TO THIS AMENDMENT AND THE CREDIT AGREEMENT REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN THE PARTIES. PURSUANT TO SUBSECTION 26.02(c) OF THE TEXAS BUSINESS AND COMMERCE CODE, THE RIGHTS AND OBLIGATIONS
OF THE PARTIES HERETO SHALL BE DETERMINED SOLELY FROM THE LOAN DOCUMENTS, AND ANY PRIOR ORAL AGREEMENTS BETWEEN THE PARTIES ARE
SUPERSEDED BY AND MERGED INTO THE LOAN DOCUMENTS.

 

Section 5.12.      
Arbitration. All disputes, claims, and controversies arising from this Amendment shall be arbitrated in accordance
with Section 7.15 of the Credit Agreement.

 

[Remainder of Page Intentionally Left Blank]

 

    
TENTH AMENDMENT TO CREDIT AGREEMENT - Page 8

    

    

 

EXECUTED as of the date first written above.

 

BORROWER:

 

WILHELMINA INTERNATIONAL, INC.,

a Delaware corporation

 

By: /s/ James McCarthy___________________

James McCarthy

Chief Financial Officer

 

 

GUARANTORS:

 

WILHELMINA LICENSING LLC,

a Delaware limited liability company

 

 

By: /s/ James McCarthy___________________

James McCarthy

Chief Financial Officer

 

 

WILHELMINA LICENSING (TEXAS) LLC,

a Texas limited liability company

 

 

By: /s/ James McCarthy___________________

James McCarthy

Chief Financial Officer

 

 

WILHELMINA FILM & TV PRODUCTIONS LLC, a Delaware limited liability
company

 

 

By: /s/ James McCarthy___________________

James McCarthy

Chief Financial Officer

 

 

WILHELMINA ARTIST MANAGEMENT LLC, a New York limited liability company

 

 

By: /s/ James McCarthy___________________

James McCarthy

Chief Financial Officer

 

 

[Signatures Continue on Next Page]

 

    
TENTH AMENDMENT TO CREDIT AGREEMENT - Signature Page

    

    

 

WILHELMINA-MIAMI, INC.,

a Florida corporation

 

 

By: /s/ James McCarthy___________________

James McCarthy

Chief Financial Officer

 

 

WILHELMINA INTERNATIONAL, LTD.,

a New York corporation

 

 

By: /s/ James McCarthy___________________

James McCarthy

Chief Financial Officer

 

 

WILHELMINA WEST, INC.,

a California corporation

 

 

By: /s/ James McCarthy___________________

James McCarthy

Chief Financial Officer

 

 

WILHELMINA MODELS, INC.,

a New York corporation

 

 

By: /s/ James McCarthy___________________

James McCarthy

Chief Financial Officer

 

 

LW1, INC.,

a California corporation

 

 

By: /s/ James McCarthy___________________

James McCarthy

Chief Financial Officer

 

 

[Signatures Continue on Next Page]

 

    
TENTH AMENDMENT TO CREDIT AGREEMENT - Signature Page

    

    

 

ARTISTS AT WILHELMINA LLC,

a Florida limited liability company

(formerly known as Wilhelmina Creative, LLC)

 

 

By: /s/ James McCarthy___________________

James McCarthy

Chief Financial Officer

 

WILHELMINA ARTIST MANAGEMENT LLC,

a Delaware limited liability company

 

 

By: /s/ James McCarthy___________________

James McCarthy

Chief Financial Officer

 

 

 

[Signatures Continue on Next Page]

 

    
TENTH AMENDMENT TO CREDIT AGREEMENT - Signature Page

    

    

 

BANK:

ZB, N.A. dba AMEGY BANK

 

By: /s/ Kathy Magee___________________

Kathy Magee

Senior Vice President

 

 

 

 

 

 

 

 

 

TENTH AMENDMENT TO CREDIT AGREEMENT – Signature Page

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