Document:

Exhibit 10.9

 

SETTLEMENT AND TERMINATION AGREEMENT

 

THIS SETTLEMENT AND TERMINATION AGREEMENT (this “Agreement”)
is dated as of January 14, 2022

 

BETWEEN:

 

LODE STAR GOLD, INC., a Nevada corporation having
an address at 13529 Skinner Road, Suite N, Cypress, TX 77429

 

(the “Optionor”)

 

AND:

 

LODE STAR MINING INC., a Nevada corporation having
an address at 1 East Liberty Street, Suite 600, Reno, NV 89501

 

(the “Optionee”)

 

 

WHEREAS:

 

		A.	The Optionor and the Optionee are parties to a mineral option agreement dated effective October 4,
2014, as amended on October 31, 2019 (together, the “Option Agreement”);

 

		B.	Pursuant to the Option Agreement, on December 11, 2014, the Optionee issued 35,000,000 shares of the
Optionee’s common stock (collectively, the “Shares”) to the Optionor in consideration for a 20% undivided interest
in and to the property that is the subject of the Option Agreement (the “Interest”);

 

		C.	The Optionee is presently in default of certain of its obligations under the Option Agreement; and

 

		D.	The parties desire to enter into this Agreement in order to, among other things, formally terminate the
Option Agreement and settle all outstanding matters between them of whatever kind or nature.

 

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

 

		1.	The Option Agreement is hereby terminated, with the effect that, among other things, all representations,
warranties, covenants and agreements of the parties set forth therein shall be of no further force or effect except as set forth in Section
17.8 of the Option Agreement. For greater certainty, the parties acknowledge and confirm that, notwithstanding the language in Section
12.2 of the Option Agreement, the Option Agreement remained in full force and effect up to the date hereof.

    	 

    	-2- 

    

		2.	In connection with the foregoing termination, and in consideration for the surrender of the Interest by
the Optionee to the Optionor, which surrender is being completed concurrently herewith, the Optionor hereby agrees to forgive an aggregate
of $2,223,894, or such other sum as may be owing by the Optionee to the Optionor in accrued, unpaid indebtedness under the Option Agreement
as of the date hereof (the “Debt”), whichever is greater, and fully, finally, irrevocably and unconditionally releases,
remises, acquits and discharges the Optionee from its obligation to repay the Debt.

 

		3.	Each party on behalf of itself and its respective directors, officers, employees, agents, attorneys,
parent companies, subsidiaries, affiliated companies, predecessors, successors and assigns (collectively, “Affiliates”),
hereby releases, acquits and forever discharges the other party and its Affiliates from any and all actions, causes of action, suits,
claims, proceedings, demands, losses, debts, liabilities, obligations, promises, acts, omissions, agreements, costs, charges, expenses,
damages and injuries, of whatever kind or nature and however arising, whether known or unknown, suspected or unsuspected, fixed or contingent
(collectively, “Claims”), which one party now has or at any time hereafter can, shall or may have against the other
party and its Affiliates, by reason of or arising out of any cause, act, deed, contract, matter, thing or omission related to the Option
Agreement including, for greater certainty, the Debt.

 

		4.	Each party acknowledges that the foregoing mutual release does not constitute any admission of liability
whatsoever on the part of either party.

 

		5.	For the consideration expressed herein, each party agrees not to solicit, encourage, fund or assist
any third party to initiate or continue any Claim against the other party and its Affiliates related to the matters described herein.
In addition, each party agrees not to initiate or continue any Claim against any other person who might claim contribution or indemnity
from the other party, either in the State of Nevada or elsewhere.

 

		6.	Each
                                            party shall defend, indemnify and hold the other harmless from and against any and all Claims
                                            (including penalties and attorneys’ fees) which are incurred or suffered by or imposed
                                            upon the other party arising out of or relating to (a) any failure or breach by the party
                                            to perform any of its covenants, agreements or obligations under this Agreement, or (b) 
                                            any inaccuracy or incompleteness of any representation or warranty of the party contained
                                            in this Agreement or in any document delivered in connection herewith.

 

		7.	Each
                                            party represents and warrants to the other party that: (a) it has the full right, power and
                                            authority to enter into this Agreement and to perform its obligations hereunder; (b) 
                                            the execution of this Agreement and the performance of its obligations hereunder do not and
                                            will not violate any agreement to which it is a party or by which it is bound; and (c) when
                                            executed and delivered, this Agreement will constitute a legal, valid and binding obligation
                                            of such party, enforceable against such party in accordance with its terms.

 

    	 

    	-3- 

    

 

		8.	Each party further represents and warrants that: (a) there has been no assignment or transfer of or
giving of a security interest in or encumbrance upon any interest in any Claim which such party or its Affiliates may have against the
other party; (b) such party has (i) carefully read and understands the contents of this Agreement; (ii) received independent legal advice from counsel of such party’s
choosing in connection with the subject matter hereof, and such advice is reflected in the provisions of this Agreement; and (iii) not
been influenced to any extent whatsoever in doing so by the other party or any other person, except for those representations, statements
and promises expressly set forth herein.

 

		9.	Each party agrees to perform and instruct its agents to perform such further acts, to execute such
further documents and to do such further and other things as may appropriate, necessary or desirable to carry out the full intent and
meaning of this Agreement.

 

		10.	This Agreement contains the entire agreement between the parties with respect to the subject matter
hereof, and the contents of this Agreement constitute a binding contract and nothing herein contained is a mere recital.

 

		11.	This Agreement shall inure to the benefit of and be binding upon the parties and their respective Affiliates.

 

		12.	In the event that any provision of this Agreement is held to be void, voidable or unenforceable, the
remaining provisions hereof shall remain in full force and effect.

 

		13.	Each person executing this Agreement on behalf of a party represents and warrants that such person is
authorized to execute this Agreement on behalf of that party and that the execution of this Agreement is the lawful act of each of that
party and therefore binds that party.

 

		14.	This Agreement may only be amended, assigned or transferred with the express written consent of each
of the parties.

 

		15.	All references to currency in this Agreement are to United States dollars.

 

		16.	This Agreement may be executed and delivered electronically and in any number of counterparts, each
of which constitute an original and all of which together shall constitute one and the same agreement.

 

		17.	This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada
and the federal laws of the United States of America applicable therein.

 

 

[remainder of page left intentionally
blank; signature page follows]

    	 

    	-4- 

    

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

 

 

	LODE-STAR GOLD, INC.	 	LODE STAR MINING INC.
	 	 	 	 	 
	By:	 	 	By:	 
	 	Name: Lonnie Humphries	 	 	Name: Mark Walmesley
	 	Title: President	 	 	Title: CEOExhibit
4.3

 

EXHIBIT
A

 

Form
of Representative’s Warrant Agreement

 

THE
REGISTERED HOLDER OF THIS PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT
EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR
HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER
THAN (I) EF HUTTON, DIVISION OF BENCHMARK INVESTMENTS, LLC OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR
(II) A BONA FIDE OFFICER OR PARTNER OF EF HUTTON, DIVISION OF BENCHMARK INVESTMENTS, LLC OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

 

THIS
PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO [________________] [DATE THAT IS SIX MONTHS FROM THE EFFECTIVE DATE OF THE OFFERING].
VOID AFTER 5:00 P.M., EASTERN TIME, [___________________] [DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE OFFERING].

 

ORDINARY
SHARES PURCHASE WARRANT

 

For
the Purchase of [__] Ordinary Shares

of

TC
BioPharm (Holdings) plc

 

1.
Purchase Warrant. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of EF Hutton, division of Benchmark
Investments, LLC (“Holder”), as registered owner of this Purchase Warrant, TC BioPharm (Holdings) plc, a public limited
company incorporated in the United Kingdom of Great Britain and Northern Ireland (the “United Kingdom”) pursuant to
the Companies Act 2006, as amended (the “Companies Act”), with registered number [*] (collectively with its subsidiaries
and affiliates, including, without limitation, all entities disclosed or described in the Registration Statement as being subsidiaries
(the “Company”), Holder is entitled, at any time or from time to time from [___________], 2022 [DATE THAT IS SIX
MONTHS FROM THE EFFECTIVE DATE OF THE OFFERING] (the “Commencement Date”), and at or before 5:00 p.m., Eastern
time, [__________], 2027 [DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE OFFERING] (the “Expiration Date”),
but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to [__] an aggregate of [__]ordinary shares of the
Company, £1.00 par value per ordinary share (the “Shares”), subject to adjustment as provided in Section 6 hereof.
If the Expiration Date is a day on which banking institutions are authorized by law to close, then this Purchase Warrant may be exercised
on the next succeeding day which is not such a day in accordance with the terms herein. During the period ending on the Expiration Date,
the Company agrees not to take any action that would terminate this Purchase Warrant. This Purchase Warrant is initially exercisable
at a price of $[__] per Share; provided, however, that upon the occurrence of any of the events specified in Section 6
hereof, the rights granted by this Purchase Warrant, including the exercise price per Share and the number of Shares to be received upon
such exercise, shall be adjusted as therein specified. Shares issuable upon exercise of this Purchase Warrant shall be deposited with
the Depositary in exchange for the issuance by the depositary to the holder of the Purchase Warrant such number of American Depositary
Shares (ADSs) representing such number of Shares. The term “Exercise Price” shall mean the initial exercise price
of $ ___ per Share (equal to 100% of the initial public offering price) or the adjusted exercise price, depending on the context. The
term “Effective Date” shall mean [ ], 2022, the date on which the Registration Statement on Form F-1 (File No. 333-260492)
of the Company was declared effective by the Securities and Exchange Commission (the “Commission”).

 

2.
Exercise.

 

2.1
Exercise Form. In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed
and delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased payable
in cash by wire transfer of immediately available funds to an account designated by the Company or by certified check or official bank
check. If the subscription rights represented hereby shall not have been exercised in full at or before 5:00 p.m., New York City time,
on the Expiration Date, the remaining unexercised rights represented by this Purchase Warrant shall expire and become and be void without
further force or effect, and all rights represented hereby shall cease and expire.

 

    	 

     

    

 

2.2
Cashless Exercise. If at any time after the Commencement Date there is no effective registration statement registering, or no
current prospectus available for, the resale of the ADSs by the Holder, then in lieu of exercising this Purchase Warrant by payment of
cash or check payable to the order of the Company pursuant to Section 2.1 above, Holder may elect to receive the number of Shares (eligible
for deposit with the Depositary against issuance of an ADS therefor) equal to the value of this Purchase Warrant (or the portion thereof
being exercised), by surrender of this Purchase Warrant to the Company, together with the exercise form attached hereto, in which event
the Company shall issue to Holder, Shares in accordance with the following formula:

 

	X	=	Y(A-B)	 
	A	 

 

	Where,	 	 	 
	 	X	=	The
    number of Shares to be issued to Holder;
	 	Y	=	The
    number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The
    fair market value of one Share; and
	 	B	=	The
    Exercise Price.

 

For
purposes of this Section 2.2, the fair market value of a Share is defined as follows:

 

	 	(i)	if
    the Company’s Shares are traded on a securities exchange, the value shall be deemed to be the closing price on such exchange
    prior to the exercise form being submitted in connection with the exercise of the Purchase Warrant; or
	 	(ii)	if
    the Company’s Shares are actively traded over-the-counter, the value shall be deemed to be the closing bid price prior to the
    exercise form being submitted in connection with the exercise of the Purchase Warrant; if there is no active public market, the value
    shall be the fair market value thereof, as determined in good faith by the Company’s Board of Directors.

 

2.3
Legend. Each certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such securities
have been registered under the Securities Act of 1933, as amended (the “Securities Act”):

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR APPLICABLE STATE LAW. NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED
EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT AND APPLICABLE STATE LAW WHICH, IN THE OPINION OF COUNSEL TO THE COMPANY, IS AVAILABLE.”

 

3.
Transfer.

 

3.1
General Restrictions. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder
will not: (a) sell, transfer, assign, pledge or hypothecate this Purchase Warrant or the securities issuable hereunder for a period of
one hundred eighty (180) days following the Effective Date to anyone other than: (i) EF Hutton, division of Benchmark Investments, LLC
(“EF Hutton”) or an underwriter or a selected dealer participating in the Offering, or (ii) a bona fide officer or
partner of EF Hutton or of any such underwriter or selected dealer, in each case in accordance with FINRA Conduct Rule 5110(e)(1), or
(b) for a period of one hundred eighty (180) days following the Effective Date, cause this Purchase Warrant or the securities issuable
hereunder to be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic
disposition of this Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(e)(2). On and after one hundred
eighty (180) days after the Effective Date, transfers to others may be made subject to compliance with or exemptions from applicable
securities laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto
duly executed and completed, together with the Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith.
The Company shall within five (5) business days transfer this Purchase Warrant on the books of the Company and shall execute and deliver
a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the
aggregate number of ADSs purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

 

    	 

     

    

 

3.2
Restrictions Imposed by the Securities Act. The securities evidenced by this Purchase Warrant shall not be transferred unless
and until: (i) the Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption
from registration under the Securities Act and applicable state securities laws, the availability of which is established to the reasonable
satisfaction of the Company (the Company hereby agreeing that the opinion of Lucosky Brookman LLP shall be deemed satisfactory evidence
of the availability of an exemption), or (ii) a registration statement or a post-effective amendment to the Registration Statement relating
to the offer and sale of such securities has been filed by the Company and declared effective by the Commission and compliance with applicable
state securities law has been established.

 

4
Registration Rights.

 

4.1
Demand Registration.

 

4.1.1
Grant of Right. The Company, upon written demand (a “Demand Notice”) of the Holders of at least 51% of the
Purchase Warrants and/or the underlying Shares, agrees to register, on one (1) occasion, all or any portion of the ADSs and the underlying
Shares for which the Purchase Warrant is exercisable (collectively, the “Registrable Securities”). On such occasion,
the Company will file such registration statements with the Commission covering the Registrable Securities within sixty (60) days after
receipt of a Demand Notice and use its reasonable best efforts to have the registration statements declared effective promptly thereafter,
subject to compliance with review by the Commission; provided, however, that the Company shall not be required to comply
with a Demand Notice if the Company has filed a registration statement with respect to which the Holder is entitled to piggyback registration
rights pursuant to Section 4.2 hereof and either: (i) the Holder has elected to participate in the offering covered by such registration
statement or (ii) if such registration statement relates to an underwritten primary offering of securities of the Company, until the
offering covered by such registration statement has been withdrawn or until thirty (30) days after such offering is consummated. The
Company covenants and agrees to give written notice of its receipt of any Demand Notice by any Holders to all other registered Holders
of the Purchase Warrants and/or the Registrable Securities within ten (10) days after the date of the receipt of any such Demand Notice.

 

4.1.2
Terms. The Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section
4.1.1, but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to
represent them in connection with the sale of the Registrable Securities. The Company agrees to use its reasonable best efforts to cause
the filings required herein to become effective promptly and to qualify or register the Registrable Securities in such states as are
reasonably requested by the Holders; provided, however, that in no event shall the Company be required to register the
Registrable Securities in a State in which such registration would cause: (i) the Company to be obligated to register or license to do
business in such State or submit to general service of process in such State, or (ii) the principal stockholders of the Company to be
obligated to escrow their shares of capital stock of the Company. The Company shall cause any registration statements filed pursuant
to the demand right granted under Section 4.1.1 to remain effective for a period of at least twelve (12) consecutive months after the
date that the Holders of the Registrable Securities covered by such registration statement are first given the opportunity to sell all
of such securities. The Holders shall only use the prospectuses provided by the Company to sell the shares covered by such registration
statement, and will immediately cease to use any prospectus furnished by the Company if the Company advises the Holder that such prospectus
may no longer be used due to a material misstatement or omission. Notwithstanding the provisions of this Section 4.1.2, the Holder shall
be entitled to a demand registration under this Section 4.1.2 on only one (1) occasion and such demand registration right shall terminate
on the fifth anniversary of the Effective Date in accordance with FINRA Rule 5110(g)(8)(C).

 

    	 

     

    

 

4.2
“Piggy-Back” Registration.

 

4.2.1
Grant of Right. In addition to the demand right of registration described in Section 4.1 hereof, the Holder shall have the right,
for a period of no more than seven (7) years from the Effective Date in accordance with FINRA Rule 5110(g)(8)(D), to include the Registrable
Securities as part of any other registration of securities filed by the Company (other than in connection with a transaction contemplated
by Rule 145(a) promulgated under the Securities Act or pursuant to Form S-8 or Form S-4, any successors to such forms or any form equivalent
or analogous to the foregoing as long as the Company is a foreign private issuer); provided, however, that if, solely in
connection with any primary underwritten public offering for the account of the Company, the managing underwriter(s) thereof shall, in
its reasonable discretion, impose a limitation on the number of Shares and ADSs which may be included in the Registration Statement because,
in such underwriter(s)’ judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution,
then the Company shall be obligated to include in such Registration Statement only such limited portion of the Registrable Securities
with respect to which the Holder requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable
Securities shall be made pro rata among the Holders seeking to include Registrable Securities in proportion to the number of Registrable
Securities sought to be included by such Holders; provided, however, that the Company shall not exclude any Registrable
Securities unless the Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion of such
securities in such Registration Statement or are not entitled to pro rata inclusion with the Registrable Securities.

 

4.2.2
Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 4.2.1
hereof, but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders
to represent them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company
shall furnish the then Holders of outstanding Registrable Securities with not less than thirty (30) days’ written notice prior
to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for each registration
statement filed by the Company until such time as all of the Registrable Securities have been sold by the Holder. The holders of the
Registrable Securities shall exercise the “piggy-back” rights provided for herein by giving written notice within ten (10)
days of the receipt of the Company’s notice of its intention to file a registration statement. Except as otherwise provided in
this Purchase Warrant, there shall be no limit on the number of times the Holder may request registration under this Section 4.2.2; provided,
however, that such registration rights shall terminate on the fifth anniversary of the Commencement Date.

 

4.3
General Terms.

 

4.3.1
Indemnification. The Company shall indemnify the Holders of the Registrable Securities to be sold pursuant to any registration
statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or Section
20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense
or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending
against any claim whatsoever) to which any of them may become subject under the Securities Act, the Exchange Act or otherwise, arising
from such registration statement but only to the same extent and with the same effect as the provisions pursuant to which the Company
has agreed to indemnify the Underwriters contained in Section 5.1 of the Underwriting Agreement between the Underwriters (as defined
therein) and the Company, dated as of [___________], 2022 with respect to the Company’s initial public offering of the ADSs. The
Holders of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall severally,
and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including all reasonable attorneys’
fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may
become subject under the Securities Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders,
or their successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same
effect as the provisions contained in Section 5.2 of the Underwriting Agreement pursuant to which the Underwriters have agreed to indemnify
the Company.

 

    	 

     

    

 

4.3.2
Exercise of Purchase Warrants. Nothing contained in this Purchase Warrant shall be construed as requiring the Holders to exercise
their Purchase Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof.

 

4.3.3
Documents Delivered to Holders. The Company shall furnish to each Holder participating in any of the foregoing offerings and to
each underwriter of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) an opinion of counsel
to the Company, dated the effective date of such registration statement (and, if such registration includes an underwritten public offering,
an opinion dated the date of the closing under any underwriting agreement related thereto), and (ii) a “cold comfort” letter
dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, a letter
dated the date of the closing under the underwriting agreement) signed by the independent registered public accounting firm which has
issued a report on the Company’s financial statements included in such registration statement, in each case covering substantially
the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants’
letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s
counsel and in accountants’ letters delivered to underwriters in underwritten public offerings of securities. The Company shall
also deliver promptly to each Holder participating in the offering requesting the correspondence and memoranda described below and to
the managing underwriter, if any, copies of all correspondence between the Commission and the Company, its counsel or auditors and all
memoranda relating to discussions with the Commission or its staff with respect to the registration statement and permit each Holder
and underwriter to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the
registration statement as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation
shall include access to books, records and properties and opportunities to discuss the business of the Company with its officers and
independent auditors, all to such reasonable extent and at such reasonable times as any such Holder shall reasonably request.

 

4.3.4
Underwriting Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected
by any Holders whose Registrable Securities are being registered pursuant to this Section 4, which managing underwriter shall be reasonably
satisfactory to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such
managing underwriters, and shall contain such representations, warranties and covenants by the Company and such other terms as are customarily
contained in agreements of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating
to an underwritten sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties
and covenants of the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such
Holders shall not be required to make any representations or warranties to or agreements with the Company or the underwriters except
as they may relate to such Holders, their Shares and their intended methods of distribution.

 

4.3.5
Documents to be Delivered by Holders. Each of the Holders participating in any of the foregoing offerings shall furnish to the
Company a completed and executed questionnaire provided by the Company requesting information customarily sought of selling security
holders.

 

4.3.6
Damages. Should the registration or the effectiveness thereof required by Sections 4.1 and 4.2 hereof be delayed by the Company
or the Company otherwise fails to comply with such provisions, the Holders shall, in addition to any other legal or other relief available
to the Holders, be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened breach
of such provisions or the continuation of any such breach, without the necessity of proving actual damages and without the necessity
of posting bond or other security.

 

4.4
Termination of Registration Rights. The registration rights afforded to the Holders under this Section 4 shall terminate on the
earliest date when all Registrable Securities of such Holder either: (i) have been publicly sold by such Holder pursuant to a Registration
Statement, (ii) have been covered by an effective Registration Statement on Form S-1 or Form S-3 (or successor form), which may be kept
effective as an evergreen Registration Statement, or (iii) may be sold by the Holder within a 90-day period without registration pursuant
to Rule 144 or consistent with applicable SEC interpretive guidance (including CD&I no. 201.04 (April 2, 2007) or similar interpretive
guidance).

 

    	 

     

    

 

5.
New Purchase Warrants to be Issued.

 

5.1
Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned
in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised
pursuant to Section 2.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of like tenor
to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Shares purchasable hereunder
as to which this Purchase Warrant has not been exercised or assigned.

 

5.2
Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of
this Purchase Warrant and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver
a new Purchase Warrant of like tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft,
mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

 

6.
Adjustments.

 

6.1
Adjustments to Exercise Price and Number of Securities. The Exercise Price and the number of Shares for which the Purchase Warrant
may be exercised shall be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1
Share Dividends; Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Shares is increased by a stock dividend payable in Shares or by a split up of Shares or other similar event, then, on the effective day
thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Shares, and the
Exercise Price shall be proportionately decreased.

 

6.1.2
Aggregation of Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Shares is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective date
thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding Shares, and the
Exercise Price shall be proportionately increased.

 

6.1.3
Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares
other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such Shares, or in the case of any
share reconstruction or amalgamation or consolidation of the Company with or into another corporation (other than a consolidation or
share reconstruction or amalgamation in which the Company is the continuing corporation and that does not result in any reclassification
or reorganization of the outstanding Shares), or in the case of any sale or conveyance to another corporation or entity of the property
of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Purchase
Warrant shall have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant) to receive upon the
exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares
of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, share reconstruction
or amalgamation, or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number of Shares (including
those represented by ADSs) for which such Purchase Warrant might have been exercised immediately prior to such event; and if any reclassification
also results in a change in Shares covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1,
6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations,
share reconstructions or amalgamations, or consolidations, sales or other transfers.

 

6.1.4
Changes in Form of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this
Section 6.1, and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated
in the Purchase Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Warrants
reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement
Date or the computation thereof.

 

    	 

     

    

 

6.2
Substitute Purchase Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the
Company with or into, another corporation (other than a consolidation or share reconstruction or amalgamation which does not result in
any reclassification or change of the outstanding Shares), the corporation formed by such consolidation or share reconstruction or amalgamation
shall execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then outstanding
or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise
of such Purchase Warrant, the kind and amount of shares of stock and other securities and property receivable upon such consolidation
or share reconstruction or amalgamation, by a holder of the number of Shares (including those represented by ADSs) for which such Purchase
Warrant might have been exercised immediately prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such
supplemental Purchase Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this Section
6. The above provision of this Section shall similarly apply to successive consolidations or share reconstructions or amalgamations.

 

6.3
Elimination of Fractional Interests. The Company shall not be required to issue fractions of Shares upon the exercise of the Purchase
Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of the parties
that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may be, to the nearest whole number
of Shares or other securities, properties or rights.

 

7.
Reservation and Listing. The Company shall at all times reserve and keep available out of its authorized Shares, solely for the
purpose of issuance upon exercise of the Purchase Warrants, such number of Shares or other securities, properties or rights as shall
be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Warrants and payment of the
Exercise Price therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall be duly
and validly issued, fully paid and non-assessable and not subject to preemptive rights of any stockholder, provided that the shareholders
of the Company have disapplied Section 561(1) of the Companies Act. As long as the Purchase Warrants shall be outstanding, the Company
shall use its commercially reasonable efforts to (a) cause all Shares issuable upon exercise of the Purchase Warrants to be deposited
with the Depositary and for the issuance to the holder of the Purchase Warrant such number of ADSs to which such Holder is entitled hereunder
and (b) list (subject to official notice of issuance) on all national securities exchanges (or, if applicable, on the OTC Bulletin Board
or any successor trading market) on which the ADSs issued to the public in the Offering may then be listed and/or quoted.

 

8.
Certain Notice Requirements.

 

8.1
Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or
consent or to receive notice as a stockholder for the election of directors or any other matter, or as having any rights whatsoever as
a stockholder of the Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the
events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event
at least fifteen (15) days prior to the date fixed as a record date or the date of closing the transfer books for the determination of
the stockholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to
vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing
of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice
given to the other stockholders of the Company at the same time and in the same manner that such notice is given to the stockholders.

 

8.2
Events Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the
following events: (i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them to receive a
dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings,
as indicated by the accounting treatment of such dividend or distribution on the books of the Company; (ii) the Company shall offer to
all the holders of its Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable for
shares of capital stock of the Company, or any option, right or warrant to subscribe therefor; or (iii) a dissolution, liquidation or
winding up of the Company (other than in connection with a consolidation or share reconstruction or amalgamation) or a sale of all or
substantially all of its property, assets and business shall be proposed.

 

    	 

     

    

 

8.3
Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant
to Section 6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall
describe the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company’s
Chief Financial Officer.

 

8.4
Transmittal of Notices. All notices, requests, consents and other communications under this Purchase Warrant shall be in writing
and shall be deemed to have been duly made when hand delivered or mailed by express mail or private courier service: (i) if to the registered
Holder of the Purchase Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to following
address or to such other address as the Company may designate by notice to the Holders:

 

If
to the Holder:

 

EF
Hutton, division of Benchmark Investments, LLC

590
Madison Avenue, 39th Floor

New
York, New York 10022

Attn:
Joseph T. Rallo

 

with
a copy (which shall not constitute notice) to:

 

Lucosky
Brookman LLP

101
Wood Avenue South, 5th Floor

Woodbridge,
NJ 08330

Attn:
Joseph M. Lucosky, Esq.

Fax
No.: (732) 395-4401

Email:
jlucosky@lucbro.com

 

If
to the Company:

 

TC
BioPharm (Holdings) plc

Holytown,
Motherwell, ML1 4WR

Scotland,
United Kingdom

+44
(0) 141 433 7557

Fax
No.:

Email:

 

with
a copy (which shall not constitute notice) to:

 

Andrew
D. Hudders, Esq.

Golenbock
Eiseman Assor Bell & Peskoe LLP

711
Third Avenue – 17th Floor

New
York, NY 10017

Fax
No.:

Email:
ahudders@golenbock.com

 

9.
Miscellaneous.

 

9.1
Amendments. The Company and EF Hutton may from time to time supplement or amend this Purchase Warrant without the approval of
any of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent
with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company
and EF Hutton may deem necessary or desirable and that the Company and EF Hutton deem shall not adversely affect the interest of the
Holders. All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement
of the modification or amendment is sought.

 

    	 

     

    

 

9.2
Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or
affect the meaning or interpretation of any of the terms or provisions of this Purchase Warrant.

 

9.3
Entire Agreement. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection
with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes
all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4
Binding Effect. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company
and their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed
to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions
herein contained.

 

9.5
Governing Law; Submission to Jurisdiction; Trial by Jury. This Purchase Warrant shall be governed by and construed in accordance
with the law of the State of New York. The Company hereby agrees that any action, proceeding or claim against it arising out of, or relating
in any way to this Purchase Warrant shall be brought and enforced in the Supreme Court of the State of New York sitting in the County
of New York, or in 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 inconvenient forum. Any 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 hereof. Such mailing
shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company and
the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its
reasonable attorneys’ fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation
therefor. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) and
the Holder hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal
proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

 

9.6
Waiver, etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Warrant shall
not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any
provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase Warrant. No
waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set
forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver
of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach,
non-compliance or non-fulfillment.

 

9.7
Execution in Counterparts. This Purchase Warrant may be executed in one or more counterparts, and by the different parties hereto
in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the
same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered
to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic transmission.

 

9.8
Exchange Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase Warrant, Holder agrees that,
at any time prior to the complete exercise of this Purchase Warrant by Holder, if the Company and EF Hutton enter into an agreement (“Exchange
Agreement”) pursuant to which they agree that all outstanding Purchase Warrants will be exchanged for securities or cash or
a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

[Signature
Page Follows]

 

    	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Purchase Warrant to be signed by its duly authorized officer as of the ____ day of _______,
2022.

 

[_________]

 

	By:	 	 
	Name:
    		 
	Title:
		 

 

    	 

     

    

 

[Form
to be used to exercise Purchase Warrant]

 

Date:
__________, 20___

 

The
undersigned hereby elects irrevocably to exercise the Purchase Warrant for ______ American Depositary Shares (the “ADSs”)
representing _____ ordinary shares, £1.00 par value per ordinary share (the “Shares”), of TC BioPharm (Holdings)
plc, a public limited company incorporated in the United Kingdom of Great Britain and Northern Ireland (the “United Kingdom”)
pursuant to the Companies Act 2006, as amended, with registered number XXXXXX (collectively with its subsidiaries and affiliates, including,
without limitation, all entities disclosed or described in the Registration Statement as being subsidiaries (the “Company”),
and hereby makes payment of $____ (at the rate of $____ per Share) in payment of the Exercise Price pursuant thereto. Please issue the
Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase
Warrant representing the number of Shares for which this Purchase Warrant has not been exercised.

 

or

 

The
undersigned hereby elects irrevocably to convert its right to purchase Shares of the Company under the Purchase Warrant for ______ Shares,
as determined in accordance with the following formula:

 

	 	X	=	
    Y(A-B)

 

    A
	
     

     

	Where,	 	 	 
	 	X	=	The
    number of Shares to be issued to Holder;
	 	Y	=	The
    number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The
    fair market value of one Share which is equal to $_____; and
	 	B	=	The
    Exercise Price which is equal to $______ per share
	 	 	 	 	 	 	 

The
undersigned agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement
with respect to the calculation shall be resolved by the Company in its sole discretion.

 

Please
issue the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a
new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been exercised.

 

Signature _______________________________________

 

Signature
Guaranteed ______________________________

 

INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

 

	Name:
    	 	 
	 	(Print
    in Block Letters)	 

 

	Address:
    	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement
or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having membership
on a registered national securities exchange.

 

    	 

     

    

 

[Form
to be used to assign Purchase Warrant]

 

ASSIGNMENT

 

(To
be executed by the registered Holder to effect a transfer of the within Purchase Warrant):

 

FOR
VALUE RECEIVED, __________________ does hereby sell, assign and transfer unto______________ the right to purchase ______ ordinary shares,
par value £1.00 per ordinary share (the “Shares”), of TC BioPharm (Holdings) plc, a public limited company in
the United Kingdom of Great Britain and Northern Ireland (the “United Kingdom”) pursuant to the Companies Act 2006,
as amended, with registered number _______ (collectively with its subsidiaries and affiliates, including, without limitation, all entities
disclosed or described in the Registration Statement as being subsidiaries (the “Company”), evidenced by the Purchase
Warrant and does hereby authorize the Company to transfer such right on the books of the Company.

 

Dated:
__________, 20__

 

	Signature
    	 	 

 

	Signature
    Guaranteed 	 	 

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the within Purchase Warrant without alteration or
enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm
having membership on a registered national securities exchange.

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