Document:

EX-4.3

 Exhibit 4.3 

PURCHASE WARRANT 
 Issued to: 

[                    ] 

Exercisable to Purchase 

[                ] Shares of Common Stock 

of 
 CYTODYN INC. 

Warrant No. P - [            ] 

Void after [            ], 20[    ] 

THE WARRANT REPRESENTED BY THIS WARRANT CERTIFICATE AND THE SHARES ISSUABLE UPON EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED, EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND, IN THE CASE OF A
TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS. 

 This is to certify that, for value received and subject to the terms and conditions set forth
below, the Warrantholder is entitled to purchase, and the Company promises and agrees to sell and issue to the Warrantholder, at any time on or after the Initial Exercise Date and on or before the Expiration Date, up to
[                ] shares of Common Stock at the per share Exercise Price. 

This Warrant Certificate is issued by the Company pursuant to Section 2(b) of the Placement Agent Agreement, subject to the following
terms and conditions: 
 1. Definitions of Certain Terms. Except as may be otherwise clearly required by the context, the following
terms have the following meanings: 
 (a) “Cashless Exercise” means an exercise of a Warrant in which, in lieu of payment of the
Exercise Price in cash, the Warrantholder elects to receive a lesser number of Securities in payment of the Exercise Price, as determined in accordance with Section 2(b). 

(b) “Closing Date” means [                ], 2017,
the date on which the closing under the Offering occurred. 
 (c) “Commission” means the Securities and Exchange Commission. 

(d) “Common Stock” means the common stock, $0.001 par value, of the Company. 

(e) “Company” means CytoDyn Inc., a Delaware corporation. 

(f) “Exercise Price” means the price at which the Warrantholder may purchase one share of Common Stock or other Securities upon
exercise of a Warrant as determined from time to time pursuant to the provisions hereof, multiplied by the number of Securities as to which the Warrant is being exercised. The initial Exercise Price is $0.825 per share of Common Stock. 

(g) “Expiration Date” has the meaning set forth in Section 2(a). 

(h) “Initial Exercise Date” has the meaning set forth in Section 2(a). 

(i) “Offering” means the private offering of shares of Common Stock and warrants made pursuant to the Placement Agent Agreement.

 (j) “Placement Agent Agreement” means that certain Placement Agent Agreement, dated as of May 23, 2017, by and between the
Company and Paulson Investment Company, LLC. 
 (k) “Rules and Regulations” means the rules and regulations of the Commission
adopted under the Securities Act. 
 (l) “Securities” means the securities obtained or obtainable upon exercise of the Warrant or
securities obtained or obtainable upon exercise, exchange, or conversion of such securities. 

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

(n) “Warrant” means the warrant evidenced by this certificate, any similar certificate issued in connection with the Offering, or
any certificate obtained upon transfer or partial exercise of the Warrant evidenced by any such certificate. 
 (o) “Warrant
Certificate” means a certificate evidencing the Warrant. 
 (p) “Warrantholder” means a record holder of the Warrant or
Securities. 
 2. Exercise of Warrant. 

(a) All or any part of the Warrant represented by this Warrant Certificate may be exercised commencing on the Closing Date (the “Initial
Exercise Date”) and ending at 5:00 p.m. Pacific Time on the five-year anniversary of the Closing Date (the “Expiration Date”) by surrendering this Warrant Certificate, together with the Exercise Price and appropriate instructions,
duly executed by the Warrantholder or by its duly authorized attorney, at the office of the Company, 1111 Main Street, Suite 660, Vancouver, Washington, 98660; or at such other office or agency as the Company may designate. The date on which such
instructions are received by the Company shall be the date of exercise. If the Warrantholder has elected a Cashless Exercise, such instructions shall so state. 

(b) If the Warrantholder elects a Cashless Exercise, the Warrantholder may surrender in payment of the Exercise Price, shares of Common Stock
equal in value to the Exercise Price by surrender of this Warrant at the principal office of the Company together with notice of such election, in which event the Company shall issue to the Warrantholder a number of shares of Common Stock computed
using the following formula: 
  

							
		 	X =	 	Y (A – B)	  	
	 	 	A	  	

  

					
	Where:	  	X =	  	The number of shares of Common Stock to be issued to the Warrantholder pursuant to this Cashless Exercise
			
		  	Y =	  	The number of shares of Common Stock in respect of which the Cashless Exercise election is made
			
		  	A =	  	The fair market value of one share of Common Stock at the time the Cashless Exercise election is made
			
		  	B =	  	The Exercise Price (as adjusted to the date of the Cashless Exercise)

 For purposes of this Section 2(b), the fair market value of one share of Common Stock as of a particular date shall be
determined as follows: (i) if traded on a securities exchange, the value shall be deemed to be the average of the closing prices of the Common Stock on such exchange over the thirty (30) day period ending one (1) day prior to the
Cashless Exercise; (ii) if traded over-the-counter, the value shall be deemed to be the average of the closing bid or sale prices

  
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(whichever is applicable) of the Common Stock over the thirty (30) day period ending one (1) day prior to the Cashless Exercise; and (iii) if there is no active public market, the
value shall be the fair market value thereof, as determined in good faith by the Board of Directors of the Company. 
 (c) Subject to the
provisions below, upon receipt of notice of exercise, the Company shall promptly prepare or cause the preparation of certificates for the Securities to be received by the Warrantholder upon completion of the Warrant exercise. After such certificates
are prepared, the Company shall notify the Warrantholder and, upon payment in full by the Warrantholder, in lawful money of the United States, of the Exercise Price payable with respect to the Securities being purchased, or, in the case of a
Cashless Exercise, upon deemed surrender of Securities equal in value to the Exercise Price, deliver such certificates to the Warrantholder, or as per the Warrantholder’s instructions, promptly after such funds are available, if applicable, and
otherwise promptly thereafter. The Securities to be obtained on exercise of the Warrant will be deemed to have been issued, and any person exercising the Warrant will be deemed to have become a holder of record of those Securities, as of the date of
receipt by the Company of (a) available funds in cash in payment of the Exercise Price, or (b) notice of Cashless Exercise. 
 (d)
If fewer than all the Securities purchasable under the Warrant are purchased, the Company will, upon such partial exercise, execute and deliver to the Warrantholder a new Warrant Certificate (dated the date hereof), in form and tenor similar to this
Warrant Certificate, evidencing that portion of the Warrant not exercised. 
 (e) Notwithstanding the foregoing, in no event shall such
Securities be issued, and the Company is authorized to refuse to honor the exercise of the Warrant, if such exercise would result in the opinion of the Company’s Board of Directors, upon advice of counsel, in the violation of any law. 

3. Adjustments in Certain Events. The number, class, and price of Securities for which this Warrant Certificate may be exercised are
subject to adjustment from time to time upon the happening of certain events as follows: 
 (a) If the outstanding shares of the
Company’s Common Stock are divided into a greater number of shares or a dividend in stock is paid on the Common Stock, the number of shares of Common Stock for which the Warrant is then exercisable will be proportionately increased and the
Exercise Price will be proportionately reduced; and, conversely, if the outstanding shares of Common Stock are combined into a smaller number of shares of Common Stock, the number of shares of Common Stock for which the Warrant is then exercisable
will be proportionately reduced and the Exercise Price will be proportionately increased. The increases and reductions provided for in this Section 3(a) will be made with the intent and, as nearly as practicable, the effect that neither the
percentage of the total equity of the Company obtainable on exercise of the Warrants nor the price payable for such percentage upon such exercise will be affected by any event described in this Section 3(a). 

(b) In case of any change in the Common Stock through merger, consolidation, reclassification, reorganization, partial or complete
liquidation, purchase of substantially all the assets of the Company, or other change in the capital structure of the Company, then, as a condition of such change, lawful and adequate provision will be made so

  
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that the Warrantholder will have the right thereafter to receive upon the exercise of the Warrant the kind and amount of shares of stock or other securities or property to which the Warrantholder
would have been entitled if, immediately prior to such event, the Warrantholder had held the number of shares of Common Stock obtainable upon the exercise of the Warrant. In any such case, appropriate adjustment will be made in the application of
the provisions set forth herein with respect to the rights and interest thereafter of the Warrantholder, to the end that the provisions set forth herein will thereafter be applicable, as nearly as reasonably may be, in relation to any shares of
stock or other securities or property thereafter deliverable upon the exercise of the Warrant. The Company will not permit any change in its capital structure to occur unless the issuer of the shares of stock or other securities to be received by
the holder of this Warrant Certificate, if not the Company, agrees to be bound by and comply with the provisions of this Warrant Certificate. 

(c) When any adjustment is required to be made in the number of shares of Common Stock, other securities, or the property purchasable upon
exercise of the Warrant, the Company will promptly determine the new number of such shares or other securities or property purchasable upon exercise of the Warrant and (i) prepare and retain on file a statement describing in reasonable detail
the method used in arriving at the new number of such shares or other securities or property purchasable upon exercise of the Warrant and (ii) cause a copy of such statement to be mailed to the Warrantholder within thirty (30) days after
the date of the event giving rise to the adjustment. 
 (d) No fractional shares of Common Stock or other Securities will be issued in
connection with the exercise of the Warrant, and the number of shares of Common Stock to be issued shall be rounded to the nearest whole number. 

(e) If securities of the Company or securities of any subsidiary of the Company are distributed pro rata to holders of Common Stock, such
number of securities will be distributed to the Warrantholder or its assignee upon exercise of its rights hereunder as such Warrantholder or assignee would have been entitled to if this Warrant had been exercised prior to the record date for such
distribution. The provisions with respect to adjustment of the Common Stock provided in this Section 3 will also apply to the securities to which the Warrantholder or its assignee is entitled under this Section 3(e). 

(f) Notwithstanding anything herein to the contrary, there will be no adjustment made hereunder on account of the sale by the Company of the
Common Stock or any other Securities purchasable upon exercise of the Warrant. 
 4. Reservation of Securities. The Company agrees
that the number of shares of Common Stock or other Securities sufficient to provide for the exercise of the Warrant upon the basis set forth above will, at all times during the term of the Warrant, be reserved for issuance. 

5. Validity of Securities. All Securities delivered upon the exercise of the Warrant will be duly and validly issued in accordance with
their terms and, upon payment of the Exercise Price, will be fully paid and non-assessable. The Company will pay all documentary and transfer taxes, if any, in respect of the original issuance thereof upon
exercise of the Warrant. 

  
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 6. Transferability. 

(i) Subject to compliance with any applicable securities laws, the Warrant may be transferred to individuals who are a partner, officer or other
representative of Paulson Investment Company, LLC. The Warrant may be divided or combined, upon request to the Company by the Warrantholder, into additional Warrants evidencing the same aggregate number of Warrants. Any such transfer shall be
effected upon surrender of this Warrant Certificate at the principal office of the Company or its designated agent, together with a written assignment of the Warrant substantially in the form attached hereto duly executed by the Holder or its agent
or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant Certificate or Warrant Certificates in the
name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant Certificate evidencing the portion of the Warrant not so assigned,
and this Warrant Certificate shall promptly be cancelled. 
 7. Securities Act Compliance. The Warrantholder hereby
represents: (a) that this Warrant and any Securities will be acquired for investment for the Warrantholder’s own account and not with a view to the resale or distribution of any part thereof, and (b) that the Warrantholder is an
accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act. In addition, as a condition of its delivery of certificates for the Common Stock, the Company will require the Warrantholder to deliver to the
Company representations regarding the Warrantholder’s sophistication, investor status, investment intent, acquisition for its own account and such other matters as are reasonable and customary for purchasers of securities in an unregistered
private offering as set forth in the attached Exercise Form. The Company may place conspicuously upon each certificate representing the Securities a legend substantially in the following form, the terms of which are agreed to by the Warrantholder:

 “THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR
(2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS AND, IN THE CASE OF A TRANSACTION EXEMPT FROM
REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.” 

8. No Rights as a Shareholder. Except as otherwise provided herein, the Warrantholder will not, by virtue of ownership of the Warrant,
be entitled to any rights of a shareholder of the Company but will, upon written request to the Company, be entitled to receive such quarterly or annual reports as the Company distributes to its shareholders. 

  
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 9. Notice. Any notices required or permitted to be given hereunder will be in writing and
may be served personally or by mail, including by e-mail; and if served will be addressed as follows: 
  

			
	If to the Company:	  	 CytoDyn Inc.
 Attn: Michael D. Mulholland

1111 Main Street, Suite 660
 Vancouver, Washington 98660

Email: mmulholland@cytodyn.com

		
	with a copy to:	  	 Lowenstein Sandler LLP
 Attn: Steven M.
Skolnick
 65 Livingston Avenue & 6 Becker Farm Road

Roseland, New Jersey 07068
 Email:
sskolnick@lowenstein.com

		
	If to the Warrantholder:	  	 c/o Paulson Investment Company, LLC
 566 W.
Adams, Suite 750
 Chicago, Illinois 60661

 Any notice so given by mail will be deemed effectively given 48 hours after mailing when deposited in the
United States mail, registered or certified mail, return receipt requested, postage prepaid and addressed as specified above. Any notice given by e-mail must be accompanied by confirmation of receipt, and will
be deemed effectively given upon confirmation of such receipt. Any party may by written notice to the other specify a different address for notice purposes. 

10. Applicable Law. This Warrant Certificate will be governed by and construed in accordance with the laws of the State of New York,
without reference to conflict of laws principles thereunder. 
 [Signature page follows.] 

  
 6 

 IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be executed by its officer
thereunto duly authorized as of the date first above indicated. 
 Dated as of [            ],
20[    ] 
  

					
	CYTODYN INC.
		
	By:	 	  

		 	Name:	 	Michael D. Mulholland
		 	Title:	 	Chief Financial Officer

 [Placement Agent Warrant] 

 EXERCISE FORM 

(To Be Executed by the Warrantholder 

to Exercise the Warrant) 
  

	TO:	CYTODYN INC. 

  

	1.	The undersigned hereby irrevocably elects to exercise the right to purchase                  shares of Common Stock, represented by Warrant
No. P –[            ] as follows: 

  

	 	☐	Exercise for Cash. Pursuant to Section 2(a) of the Warrant, the Holder hereby elects to exercise the Warrant for cash and tenders payment herewith (or has made a wire transfer) to the order of CytoDyn Inc.
in the amount of $        . 

  

	 	☐	Cashless Exercise. Pursuant to Section 2(b) of the Warrant, the Holder hereby elects to exercise the Warrant on a cashless basis. 

 

	2.	The undersigned requests that the applicable number of shares of Common Stock be issued and delivered to the following address: 

  

					
	Name:	 	  
	  	
	Address:	 	  
	  	
		 	  
	  	
	Email:	 	  
	  	
	SSN:	 	  
	  	

  

	3.	The undersigned understands, agrees and recognizes that: 

  

	 	(a)	No federal or state agency has made any finding or determination as to the fairness of the investment or any recommendation or endorsement of the securities. 

 

	 	(b)	All certificates evidencing the shares of Common Stock, if any, may bear a legend substantially similar to the legend set forth in Section 7 of the Warrant Certificate regarding resale restrictions.

 Representations of the undersigned. 
  

	5.	The undersigned acknowledges that the undersigned has received, read and understood the Warrant and agrees to abide by and be bound by its terms and conditions. 

 

	6.	(i) The undersigned has such knowledge and experience in business and financial matters that the undersigned is capable of evaluating the Company and the proposed activities thereof, and the risks and merits of this
prospective investment. 

☐  YES            ☐  NO 

  
 A-1 

 (ii) If “No”, the undersigned is represented by a “purchaser representative,”
as that term is defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”). 

☐  YES            ☐  NO 

 

	7.	(i) The undersigned is an “accredited investor,” as that term is defined in the Securities Act. 

☐  YES            ☐  NO 

(ii) If “Yes,” the undersigned comes within the following category of that definition (check one): 

 

	 	☐	The undersigned is a natural person whose present net worth (or whose joint net worth with his or her spouse), excluding the value of the undersigned’s primary residence, exceeds $1,000,000. For purposes of
calculating the undersigned’s present net worth, the undersigned has included the following as liabilities: (i) any indebtedness that is secured by the undersigned’s primary residence in excess of the estimated fair market value of
the undersigned’s primary residence at the time of the sale of the shares, and (ii) any incremental debt secured by the undersigned’s primary residence that was incurred in the 60 days before the sale of the shares, other than as a
result of the acquisition of the undersigned’s primary residence. 

  

	 	☐	The undersigned is a natural person who had individual income in excess of $200,000 in each of the last two years or joint income with the undersigned’s spouse in excess of $300,000 during such two years, and the
undersigned reasonably expects to have the same income level in the current year. 

  

	 	☐	The undersigned is an officer or director of the Company. 

  

	 	☐	The undersigned is a corporation or partnership not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000. 

 

	 	☐	The undersigned is a trust with total assets in excess of $5,000,000 whose purchase is directed by a person with such knowledge and experience in financial and business matters that such person is capable of evaluating
the merits and risks of the prospective investment. 

  

	 	☐	The undersigned is an entity, all of whose equity owners are accredited investors under one or more of the categories above. 

  

	8.	 The undersigned understands that the shares purchased hereunder have not been registered under the Securities
Act, in reliance upon the exemption from the registration 

  
 A-2 

	 	
requirements under the Securities Act pursuant to Section 4(2) of the Securities Act and Rule 506 promulgated thereunder; and, therefore, that the undersigned must bear the economic risk of
the investment for an indefinite period of time since the securities cannot be sold, transferred or assigned to any person or entity without compliance with the provisions of the Securities Act 

Dated:                 , 20    . 

 

			
	By:	 	  

	Name:	 	  

	Print:	 	  

	
	Note: Signature must correspond with the name as written upon the face of the Warrant in all respects, without alteration or enlargement or any change whatsoever.

  
 A-3EX-4.4

 Exhibit 4.4 

Warrant Number [            ] 

THE WARRANT REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE THEREOF MAY NOT BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS
(1) SUCH TRANSACTION IS MADE PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND THE APPLICABLE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OR (2) THE COMPANY IS PROVIDED WITH AN OPINION OF COUNSEL,
SATISFACTORY TO THE COMPANY, STATING THAT SUCH TRANSACTION IS IN COMPLIANCE WITH EXEMPTIONS FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS. NO TRANSFER OF ANY INTEREST IN THIS WARRANT OR THE SECURITIES ISSUABLE UPON
EXERCISE THEREOF MAY BE EFFECTED WITHOUT FIRST SURRENDERING THIS WARRANT OR SUCH SECURITIES, AS THE CASE MAY BE, TO THE COMPANY OR ITS TRANSFER AGENT, IF ANY. 

Warrant to Purchase 
 Shares of

 Common Stock 
 As Herein
Described 
 [            ], 2017 

WARRANT TO PURCHASE COMMON STOCK OF 

CYTODYN INC. 
 This is to
certify that, for value received, [            ], or a proper assignee (the “Holder”), is entitled to purchase up to
[                ]shares (“Warrant Shares”) of common stock, $.001 par value per share (the “Common Stock”), of CytoDyn Inc., a Delaware corporation
(the “Company”), subject to the provisions of this Warrant Number [            ] (this “Warrant”), from the Company. This Warrant shall be exercisable at
[            ] ($[        ]) per share (the “Exercise Price”). This Warrant will become vested and exercisable cumulatively, as follows:

  

					
	 Number of Shares pursuant to Warrant Vested and Exercisable
	  	Vesting Date	 
	 [            ]
	  	 	[                    ]	 

 1. Exercise and Payment; Exchange. 

(a) This Warrant may be exercised in whole or in part at any time from and after the date hereof (the “Commencement Date”) through
5:00 p.m., Pacific time, on [                    ] (the “Expiration Date”), at which time this Warrant shall expire and become void, but if

 
such date is a day on which federal or state chartered banking institutions located in the State of Washington are authorized to close, then on the next succeeding day which shall not be such a
day. Exercise shall be by presentation and surrender to the Company, or at the office of any transfer agent designated by the Company (the “Transfer Agent”), of (i) this Warrant, (ii) the attached exercise form properly executed,
and (iii) a certified or official bank check for the Exercise Price for the number of Warrant Shares specified in the exercise form. If this Warrant is exercised in part only, the Company or the Transfer Agent shall, upon surrender of the
Warrant, execute and deliver a new Warrant evidencing the rights of the Holder to purchase the remaining number of Warrant Shares purchasable hereunder. Upon receipt by the Company of this Warrant, the properly executed exercise form, and payment as
aforesaid, the Holder shall be deemed to be the holder of record of the Common Stock issuable upon such exercise, notwithstanding that the stock transfer books of the Company shall then be closed or that certificates representing such Warrant Shares
shall not then be actually delivered to the Holder. 
 (b) Conditions to Exercise or Exchange. The restrictions in Section 7
shall apply, to the extent applicable by their terms, to any exercise or exchange of this Warrant permitted by this Section 1. 
 2.
Reservation of Shares. The Company shall, at all times until the expiration of this Warrant, reserve for issuance and delivery upon exercise of this Warrant the number of Warrant Shares which shall be required for issuance and delivery upon
exercise of this Warrant. 
 3. Fractional Interests. The Company shall not issue any fractional shares or scrip representing
fractional shares upon the exercise or exchange of this Warrant. With respect to any fraction of a share resulting from the exercise or exchange hereof, the Company shall pay to the Holder an amount in cash equal to such fraction multiplied by the
current fair market value per share of Common Stock, determined as follows: 
 (a) If the Common Stock is listed on a national securities
exchange or admitted to unlisted trading privileges on such an exchange, the current fair market value shall be the last reported sale price of the Common Stock on such exchange on the last business day prior to the date of exercise of this Warrant
or if no such sale is made on such day, the mean of the closing bid and asked prices for such day on such exchange; 
 (b) If the Common
Stock is not so listed or admitted to unlisted trading privileges on a national securities exchange, the current fair market value shall be the mean of the last bid and asked prices reported on the last business day prior to the date of the exercise
of this Warrant by the OTC Markets Group, Inc.; or 
 (c) If the Common Stock is not so listed or admitted to unlisted trading privileges
on a national securities exchange and bid and asked prices are not so reported, the current fair market value shall be an amount, not less than book value, determined in such reasonable manner as may be prescribed by the Company in good faith. 

4. No Rights as Shareholder. This Warrant shall not entitle the Holder to any rights as a shareholder of the Company, either at law or
in equity. The rights of the Holder are limited to those expressed in this Warrant and are not enforceable against the Company except to the extent set forth herein. 

  
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 5. Adjustments in Number and Exercise Price of Warrant Shares. 

5.1 The number of shares of Common Stock for which this Warrant may be exercised and the Exercise Price therefor shall be subject to
adjustment as follows: 
 (a) If the Company is recapitalized through the subdivision or combination of its outstanding shares of Common
Stock into a larger or smaller number of shares, the number of Warrant Shares shall be increased or reduced, as of the record date for such recapitalization, in the same proportion as the increase or decrease in the outstanding shares of Common
Stock, and the Exercise Price shall be adjusted so that the aggregate amount payable for the purchase of all of the Warrant Shares issuable hereunder immediately after the record date for such recapitalization shall equal the aggregate amount so
payable immediately before such record date. 
 (b) If the Company declares a dividend on Common Stock payable in Common Stock or
securities convertible into Common Stock, the number of shares of Common Stock for which this Warrant may be exercised shall be increased as of the record date for determining which holders of Common Stock shall be entitled to receive such dividend,
in proportion to the increase in the number of outstanding shares (and shares of Common Stock issuable upon conversion of all such securities convertible into Common Stock) of Common Stock as a result of such dividend, and the Exercise Price shall
be adjusted so that the aggregate amount payable for the purchase of all the Warrant Shares issuable hereunder immediately after the record date for such dividend shall equal the aggregate amount so payable immediately before such record date. 

(c) If the Company distributes to holders of its Common Stock, other than as part of its dissolution or liquidation or the winding up of its
affairs, any evidence of indebtedness or any of its assets (other than cash, Common Stock or securities convertible into Common Stock), the Company shall give written notice to the Holder of any such distribution at least fifteen (15) days
prior to the proposed record date in order to permit the Holder to exercise this Warrant on or before the record date. There shall be no adjustment in the number of shares of Common Stock for which this Warrant may be exercised, or in the Exercise
Price, by virtue of any such distribution. 
 (d) If the Company offers rights or warrants to the holders of Common Stock which entitle
them to subscribe to or purchase additional Common Stock or securities convertible into Common Stock, the Company shall give written notice of any such proposed offering to the Holder at least fifteen (15) days prior to the proposed record date
in order to permit the Holder to exercise this Warrant on or before such record date. There shall be no adjustment in the number of shares of Common Stock for which this Warrant may be exercised, or in the Exercise Price, by virtue of any such
distribution. 
 (e) If the event, as a result of which an adjustment is made under paragraph (a) or (b) above, does not occur, then
any adjustments in the Exercise Price or number of shares issuable that were made in accordance with such paragraph (a) or (b) shall be adjusted to the Exercise Price and number of shares as were in effect immediately prior to the record date
for such event. 

  
 3 

 5.2 In the event of any reorganization or reclassification of the outstanding shares of Common
Stock (other than a change in par value or from no par value to par value, or from par value to no par value, or as a result of a subdivision or combination) or in the event of any consolidation or merger of the Company with another entity after
which the Company is not the surviving entity, at any time prior to the expiration of this Warrant, upon subsequent exercise of this Warrant the Holder shall have the right to receive the same kind and number of shares of common stock and other
securities, cash or other property as would have been distributed to the Holder upon such reorganization, reclassification, consolidation or merger had the Holder exercised this Warrant immediately prior to such reorganization, reclassification,
consolidation or merger, appropriately adjusted for any subsequent event described in this Section 5. The Holder shall pay upon such exercise the Exercise Price that otherwise would have been payable pursuant to the terms of this Warrant. If
any such reorganization, reclassification, consolidation or merger results in a cash distribution in excess of the then applicable Exercise Price, the Holder may, at the Holder’s option, exercise this Warrant without making payment of the
Exercise Price, and in such case the Company shall, upon distribution to the Holder, consider the Exercise Price to have been paid in full, and in making settlement to the Holder, shall deduct an amount equal to the Exercise Price from the amount
payable to the Holder. In the event of any such reorganization, merger or consolidation, the corporation formed by such consolidation or merger or the corporation which shall have acquired the assets of the Company shall execute and deliver a
supplement hereto to the foregoing effect, which supplement shall also provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided in this Warrant. 

5.3 If the Company shall, at any time before the expiration of this Warrant, dissolve, liquidate or wind up its affairs, the Holder shall have
the right to receive upon exercise of this Warrant, in lieu of the shares of Common Stock of the Company that the Holder otherwise would have been entitled to receive, the same kind and amount of assets as would have been issued, distributed or paid
to the Holder upon any such dissolution, liquidation or winding up with respect to such Common Stock receivable upon exercise of this Warrant on the date for determining those entitled to receive any such distribution. If any such dissolution,
liquidation or winding up results in any cash distribution in excess of the Exercise Price provided by this Warrant, the Holder may, at the Holder’s option, exercise this Warrant without making payment of the Exercise Price and, in such case,
the Company shall, upon distribution to the Holder, consider the Exercise Price to have been paid in full and, in making settlement to the Holder, shall deduct an amount equal to the Exercise Price from the amount payable to the Holder. 

6. Notices to Holder. So long as this Warrant shall be outstanding (a) if the Company shall pay any dividends or make any
distribution upon the Common Stock otherwise than in cash or (b) if the Company shall offer generally to the holders of Common Stock the right to subscribe to or purchase any shares of any class of Common Stock or securities convertible into
Common Stock or any similar rights or (c) if there shall be any capital reorganization of the Company in which the Company is not the surviving entity, recapitalization of the capital stock of the Company, consolidation or merger of the Company

  
 4 

 
with or into another corporation, sale, lease or other transfer of all or substantially all of the property and assets of the Company, or voluntary or involuntary dissolution, liquidation or
winding up of the Company, then in such event, the Company shall cause to be mailed to the Holder, at least thirty (30) days prior to the relevant date described below (or such shorter period as is reasonably possible if thirty (30) days
is not reasonably possible), a notice containing a description of the proposed action and stating the date or expected date on which a record of the Company’s shareholders is to be taken for the purpose of any such dividend, distribution of
rights, or such reclassification, reorganization, consolidation, merger, conveyance, lease or transfer, dissolution, liquidation or winding up is to take place and the date or expected date, if any is to be fixed, as of which the holders of Common
Stock of record shall be entitled to exchange their shares of Common Stock for securities or other property deliverable upon such event. 

7. Transfer, Exercise, Exchange, Assignment or Loss of Warrant, Warrant Shares or Other Securities. 

7.1 This Warrant may be transferred, exercised, exchanged or assigned (“transferred”), in whole or in part, subject to the following
restrictions. This Warrant and the Warrant Shares or any other securities (“Other Securities”) received upon exercise of this Warrant shall be subject to restrictions on transferability until registered under the Securities Act of 1933, as
amended (the “Securities Act”), unless an exemption from registration is available. Until this Warrant and the Warrant Shares or Other Securities are so registered, this Warrant and any certificate for Warrant Shares or Other Securities
issued or issuable upon exercise of this Warrant shall contain a legend on the face thereof, in form and substance satisfactory to counsel for the Company, stating that this Warrant the Warrant Shares or Other Securities may not be sold, transferred
or otherwise disposed of unless, in the opinion of counsel satisfactory to the Company, which may be counsel to the Company, that this Warrant, the Warrant Shares or Other Securities may be transferred without such registration. This Warrant and the
Warrant Shares or Other Securities may also be subject to restrictions on transferability under applicable state securities or blue sky laws. Until this Warrant and the Warrant Shares or Other Securities are registered under the Securities Act, the
Holder shall reimburse the Company for its expenses, including attorneys’ fees, incurred in connection with any transfer or assignment, in whole or in part, of this Warrant or any Warrant Shares or Other Securities. 

7.2 Until this Warrant, the Warrant Shares or other Securities are registered under the Securities Act, the Company may require, as a
condition of transfer of this Warrant, the Warrant Shares, or Other Securities, that the transferee (who may be the Holder in the case of an exercise or exchange) represent that the securities being transferred are being acquired for investment
purposes and for the transferee’s own account and not with a view to or for sale in connection with any distribution of the security. 

7.3 Any transfer permitted hereunder shall be made by surrender of this Warrant to the Company or to the Transfer Agent at its offices with a
duly executed request to transfer the Warrant, which shall provide adequate information to effect such transfer and shall be accompanied by funds sufficient to pay any transfer taxes applicable. Upon satisfaction of all transfer conditions, the
Company or Transfer Agent shall, without charge, execute and deliver a new Warrant in the name of the transferee named in such transfer request, and this Warrant promptly shall be cancelled. 

7.4 Upon receipt by the Company of evidence satisfactory to it of loss, theft, destruction or mutilation of this Warrant and, in the case of
loss, theft or destruction, of reasonable satisfactory indemnification, or, in the case of mutilation, upon surrender of this Warrant, the Company will execute and deliver, or instruct the Transfer Agent to execute and deliver, a new Warrant of like
tenor and date, any such lost, stolen or destroyed Warrant thereupon shall become void. 

  
 5 

 8. Representations and Warranties of the Holder. The Holder hereby represents and warrants
to the Company with respect to the issuance of the Warrant as follows: 
 8.1 Experience. The Holder has substantial
experience in evaluating and investing in securities in companies similar to the Company so that such Holder is capable of evaluating the merits and risks of such Holder’s investment in the Company and has the capacity to protect such
Holder’s own interests. 
 8.2 Investment. The Holder is acquiring this Warrant (and the Warrant Shares issuable upon exercise
of this Warrant) for investment for such Holder’s own account, not as a nominee or agent, and not with the view to, or for resale in connection with, any distribution thereof. The Holder understands that this Warrant (and the Warrant Shares
issuable upon exercise of the Warrant) have not been, and will not be, registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide
nature of the investment intent and the accuracy of such Holder’s representations as expressed herein. 
 8.3 Held Indefinitely.
The Holder acknowledges that this Warrant (and the Warrant Shares issuable upon exercise of this Warrant) must be held indefinitely unless subsequently registered under the Securities Act or an exemption from such registration is available. 

8.4 Accredited Holder. The Holder is an “accredited investor” within the meaning of Rule 501 of Regulation D under the
Securities Act. 
 8.5 Legends. The Holder understands and acknowledges that the certificate(s) evidencing the securities issued by
the Company will be imprinted with a restrictive legend as referenced in Section 7.1 above. 
 8.6 Access to Data. The Holder
has had an opportunity to discuss the Company’s business, management, and financial affairs with the Company’s management and the opportunity to review the Company’s facilities and business plans. The Holder has also had an
opportunity to ask questions of officers of the Company, which questions were answered to its satisfaction. 
 8.7
Authorization. This Warrant and the agreements contemplated hereby, when executed and delivered by the Holder, will constitute a valid and legally binding obligation of the Holder, enforceable in accordance with their respective terms.

 8.8 Brokers or Finders. The Company has not incurred, and will not incur, directly or indirectly, as a result of any action taken
by such Holder, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with this Warrant or any transaction contemplated hereby. 

  
 6 

 9. Notices. All notices, requests, demands or other communications hereunder shall be in
writing and shall be deemed to have been duly given, if delivered in person or mailed, certified, return-receipt requested, postage prepaid to the address previously provided to the other party, or sent by fax or email (to the extent stated below).
Either party hereto may from time to time, by written notice to the other party, designate a different address. If any notice or other document is sent by certified or registered mail, return receipt requested, postage prepaid, properly addressed as
aforementioned, the same shall be deemed delivered seventy-two (72) hours after mailing thereof. If any notice is sent by fax or email, it will be deemed to have been delivered on the date the fax or
email thereof is actually received, provided the original thereof is sent by certified mail, in the manner set forth above, within twenty-four (24) hours after the fax or email is sent. 

10. Amendment. Any provision of this Warrant may be amended or the observance thereof may be waived (either generally or in a
particular instance and either retroactively or prospectively), only with the mutual written consent of the Company and the Holder. 
 11.
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of New York. 
 [Signature
page follows.] 

  
 7 

 IN WITNESS WHEREOF, the Company and the Holder have executed this Warrant on the respective dates
set forth below. 
  

									
		 		 		 	HOLDER
				
	Date:	 	  
	 		 	  

		 		 		 	Name:	 	
				
		 		 		 	CYTODYN INC.
					
	Date:	 	  
	 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	

  
 8 

 FORM OF EXERCISE 

To be executed upon exercise of Warrant 

(please print) 
 The
undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Number              certificate, to
                 shares of common stock, $.001 par value per share (“Common Stock”) of CytoDyn Inc. (the “Company”) and herewith tenders payment for
such shares of Common Stock to the order of the Company the amount of          per share in accordance with the terms hereof. The undersigned requests that a certificate for such shares of Common Stock be
registered in the name of
                                         whose
address is
                                        . If said
number of shares of Common Stock is less than all of the shares of Common Stock purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of the shares of Common Stock be registered in the name
of                                         ,
whose address is
                                        , and
that such Warrant Certificate be delivered to
                                        , whose
address is
                                        . 

Representations of the undersigned. 
  

	 	a)	The undersigned acknowledges that the undersigned has received, read and understood the Warrant and agrees to abide by and be bound by its terms and conditions. 

 

	 	b)	(i) The undersigned has such knowledge and experience in business and financial matters that the undersigned is capable of evaluating the Company and the proposed activities thereof, and the risks and merits of this
prospective investment. 

 ☐  YES    ☐  NO 

(ii) If “No”, the undersigned is represented by a “purchaser representative,” as that term is defined in Regulation D under
the Securities Act of 1933, as amended (the “Securities Act”). 

☐  YES    ☐  NO 
  

	 	c)	(i) The undersigned is an “accredited investor,” as that term is defined in the Securities Act. 

☐  YES    ☐  NO 

(ii) If “Yes,” the undersigned comes within the following category of that definition (check one and complete the blanks as
applicable): 
  

	 	☐	 1. The undersigned is a natural person whose present net worth (or whose joint net worth with his or her spouse),
excluding the value of the undersigned’s primary residence, exceeds $1,000,000. For purposes of calculating the undersigned’s present net worth, the undersigned has 

  
 9 

	 	
included the following as liabilities: (i) any indebtedness that is secured by the undersigned’s primary residence in excess of the estimated fair market value of the undersigned’s
primary residence at the time of the sale of the shares, and (ii) any incremental debt secured by the undersigned’s primary residence that was incurred in the 60 days before the sale of the shares, other than as a result of the
acquisition of the undersigned’s primary residence. 

  

	 	☐	2. The undersigned is a natural person who had individual income in excess of $200,000 in each of the last two years or joint income with the undersigned’s spouse in excess of $300,000 during such two years, and
the undersigned reasonably expects to have the same income level in the current year. 

  

	 	☐	3. The undersigned is an officer or director of the Company. 

  

	 	☐	4. The undersigned is a corporation or partnership not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000. 

 

	 	☐	5. The undersigned is a trust with total assets in excess of $5,000,000 whose purchase is directed by a person with such knowledge and experience in financial and business matters that such person is capable of
evaluating the merits and risks of the prospective investment. 

  

	 	☐	6. The undersigned is an entity, all of whose equity owners are accredited investors under paragraphs 1, 2, 3, 4 or 5, above. 

  

	 	d)	The undersigned understands that the shares purchased hereunder have not been registered under the Securities Act, in reliance upon the exemption from the registration requirements under the Securities Act pursuant to
Section 4(a)(2) of the Securities Act and Rule 506 promulgated thereunder; and, therefore, that the undersigned must bear the economic risk of the investment for an indefinite period of time since the securities cannot be sold, transferred or
assigned to any person or entity without compliance with the provisions of the Securities Act. 

  

									
	Submitted by:	 		 	Accepted by CytoDyn Inc.:
					
	By:	 	  
	 		 	By:	 	  

	Date:	 	  
	 		 	Date:	 	  

	SS/Tax ID:	 	  
	 		 	Tax ID:	 	  

	Telephone:	 	  
	 		 		 	
	Email:	 	  
	 		 		 	

 (Signature must conform in all respects to name of holder as specified on the face of the Warrant Certificate.) 

  
 10

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