Document:

Exhibit 4.17

 

COMMON STOCK PURCHASE WARRANT

 

AMPLIPHI
BIOSCIENCES CORPORATION

 

	Warrant Shares: _______	Initial Exercise Date: _____________, 2016

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the date hereof (the “Initial Exercise Date”) and on or prior to the close of business on the five
year anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe for
and purchase from AmpliPhi Biosciences Corporation, a Washington corporation (the “Company”), up to ______ shares
(as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share
of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1.            Definitions.

 

a)          “Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

b)          “Commission”
means the United States Securities and Exchange Commission.

 

c)          “Common
Stock” means the common stock of the Company, par value $0.01 per share, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

d)          “Common
Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument
that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock.

 

e)          “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

f)           “Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

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g)          “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

h)          “Subsidiary”
means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company
formed or acquired after the date hereof.

 

i)           “Trading
Day” means a day on which the principal Trading Market is open for trading.

 

j)           “Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New
York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).

 

k)          “Transfer
Agent” means the current transfer agent of the Company and any successor transfer agent of the Company.

 

Section 2.            Exercise.

 

a)          Exercise
of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial
Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as
it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company)
of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise in the form annexed hereto and, within one (1)
Trading Day of the date said Notice of Exercise is delivered to the Company, payment of the aggregate Exercise Price of the shares
thereby purchased by wire transfer or cashier’s check drawn on a United States bank or, if available, pursuant to the cashless
exercise procedure specified in Section 2(c) below if specified in the applicable Notice of Exercise. No ink-original Notice of
Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise
form be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this
Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised
in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of
the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of
a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of
Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the
Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall
deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee,
by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase
of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may
be less than the amount stated on the face hereof.

 

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

 

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

 

(A) = the
last VWAP immediately preceding the time of delivery of the Notice of Exercise giving rise to the applicable “cashless exercise”,
as set forth in the applicable Notice of Exercise (to clarify, the “last VWAP” will be the last VWAP as calculated
over an entire Trading Day such that, in the event that this Warrant is exercised at a time that the Trading Market is open, the
prior Trading Day’s VWAP shall be used in this calculation);

 

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

 

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

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised.  The
Company agrees not to take any position contrary to this Section 2(c).

 

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

 

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	 	d)	Mechanics of Exercise.

 

i.         Delivery
of Warrant Shares Upon Exercise.  The Company shall cause the Warrant Shares purchased hereunder to be transmitted
by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with
The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company
is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the
Warrant Shares to or resale of the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless exercise, and
otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or
its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified
by the Holder in the Notice of Exercise by the date that is the earlier of (A) three (3) Trading Days after the delivery to the
Company of the Notice of Exercise duly completed and executed by the Holder and (B) one (1) Trading Day after the delivery of
the aggregate Exercise Price (such date, the “Warrant Share Delivery Date”).  Notwithstanding anything
to the contrary set forth herein, the Company shall not be obligated to deliver to the Holder the Warrant Shares subject to a
Notice of Exercise prior to payment by the Holder of the aggregate Exercise Price.  Upon delivery of the Notice of Exercise
the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to
which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares; provided payment of the aggregate
Exercise Price (other than in the case of a cashless exercise) is received within two (2) Trading Days of delivery of the Notice
of Exercise.  If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise
by the Warrant Share Delivery Date in accordance with this Section 2(d)(i), the Company shall pay to the Holder, in cash, as liquidated
damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock
on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading
Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant
Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in
the FAST program so long as this Warrant remains outstanding and exercisable.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section
3.            Certain Adjustments.

 

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

 

b)          [RESERVED]

 

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

 

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

 

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e)          Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person (other than any such transaction solely relating to a change of domicile of the Company), (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (other than any such transaction solely relating to a change of domicile of the Company), or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, concurrently with the consummation of the Fundamental Transaction, the Company shall purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction. The Company shall be required to give at least 20 days prior written notice of the occurrence of such Fundamental Transaction. “Black Scholes Value” means the value of this Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

 

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

 

g)            Notice
to Holder.

 

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

 

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

 

Section 4.             Transfer
of Warrant.

 

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

 

    	 	11	 

     

    

 

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

 

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

 

Section 5.              Miscellaneous.

 

a)            No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in
Section 3.

 

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

 

    	 	12	 

     

    

 

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

 

d)            Authorized
Shares.

 

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

 

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

 

    	 	13	 

     

    

 

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

 

e)            Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed
and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law
thereof.

 

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

 

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

 

h)           Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
in accordance with the information set forth in the Warrant Register.

 

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

 

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

 

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

 

    	 	14	 

     

    

 

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

 

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

 

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

 

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

 

(Signature Page Follows)

 

    	 	15	 

     

    

 

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

 

	 	AMPLIPHI BIOSCIENCES CORPORATION
	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    	 	16	 

     

    

 

NOTICE OF EXERCISE

 

To:     AMPLIPHI
BIOSCIENCES CORPORATION

 

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

 

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

 

 ̈
in lawful money of the United States; or

 

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

 

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

 

	 	 	 

 

 

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

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: ___________________________________________________________________________

Signature of Authorized Signatory of
Investing Entity: _____________________________________________________

Name of Authorized Signatory: _______________________________________________________________________

Title of Authorized Signatory: ________________________________________________________________________

Date: ___________________________________________________________________________________________

 

    	 		 

     

    

 

ASSIGNMENT
FORM

 

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

 

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

 

	Name:	 
	 	(Please Print)
	 	 
	Address:	 
	 	(Please Print)
	 	 
	Phone Number:	 
	 	 
	Email Address: 	 
	 	 
	Dated: _______________ __, ______	 
	 	 
	Holder’s Signature:                             	 
	 	 
	Holder’s Address:Exhibit 4.1

 

For U.S. Investors:

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THESE SECURITIES
MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) OUTSIDE THE UNITED STATES IN COMPLIANCE WITH
RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (C) IN COMPLIANCE WITH RULE 144 OR 144A THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS, (D) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, OR (E) IN A TRANSACTION THAT DOES NOT
REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS, AND THE HOLDER HAS, PRIOR TO SUCH SALE,
FURNISHED TO THE COMPANY AN OPINION OF COUNSEL OR OTHER EVIDENCE OF EXEMPTION, IN EITHER CASE REASONABLY SATISFACTORY TO THE COMPANY.
HEDGING TRANSACTIONS INVOLVING THESE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE SECURITIES ACT.

 

For Non-U.S. Investors:

 

THESE SECURITIES WERE ISSUED IN AN OFFSHORE
TRANSACTION TO PERSONS WHO ARE NOT U.S. PERSONS (AS DEFINED IN REGULATION S) PURSUANT TO REGULATION S PROMULGATED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). ACCORDINGLY, NONE OF THE SECURITIES REPRESENTED HEREBY
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, NONE MAY BE OFFERED
OR SOLD IN THE UNITED STATES OR, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
OR PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, AND
IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES
MAY NOT BE CONDUCTED UNLESS IN ACCORDANCE WITH THE SECURITIES ACT.

 

12% SENIOR SECURED PROMISSORY NOTE

 

ENUMERAL BIOMEDICAL HOLDINGS, INC.

 

DUE July
29, 2017

	
         

        Original Issue Date: July 29, 2016
	US$__________

 

This 12% Senior Secured Promissory Note (the
“Note”) is one of a series of duly authorized and issued promissory notes (the “Notes”) of
ENUMERAL BIOMEDICAL HOLDINGS, INC., a Delaware corporation (the “Company”), designated as its 12% Senior
Secured Promissory Notes. This Note has been issued in accordance with exemptions from registration under the Securities Act pursuant
to a Subscription Agreement dated July 29, 2016 (the “Subscription Agreement”) between the Company and the
Holder (as defined below). Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Subscription
Agreement.

 

     

     

    

 

Article I.

 

Section 1.01         Principal
and Interest.

 

(a)          FOR
VALUE RECEIVED, the Company hereby promises to pay to the order of ____________________ (together with its/his/her permitted
assigns, the “Holder”), in lawful money of the United States of America and in immediately available funds
the principal sum of                Dollars
(US$_______) on July 29, 2017 (the “Maturity Date”).

 

(b)          The
Company further promises to pay interest on the unpaid principal amount of this Note at a rate per annum equal to twelve percent
(12%) commencing to accrue on the date hereof and payable monthly commencing on September 1, 2016. Interest will be computed on
the basis of a 360-day year of twelve 30-day months for the actual number of days elapsed. Interest will not be calculated, paid
or accrued in a manner that triggers any anti-dilution adjustments on the Company’s outstanding warrants (the “July
2014 Warrants”), including placement agent warrants, issued in the Company’s private placement offering which was completed
in July 2014.

 

(c)          From
and after the occurrence of an Event of Default (as defined herein), the interest rate shall be increased to fifteen percent (15%)
per annum. In the event that such Event of Default is subsequently cured, the adjustment referred to in the preceding sentence
shall cease to be effective as of the date of such cure; provided, however, that the interest, as calculated at such increased
rate during the continuance of such Event of Default, shall continue to apply to the extent relating to the days after the occurrence
of such Event of Default through and including the date of cure of such Event of Default.

 

(d)          Interest
is payable in shares of common stock of the Company (the “Common Stock”) provided that if, on an interest payment date,
the July 2014 Warrant anti-dilution provision would be triggered by the payment of interest in Common Stock, interest payments
may be made in cash. To the extent interest payments are not paid when due, the interest payment date shall be the date when payment
is made and the conditions for payment in cash must be satisfied as of such later payment date.

 

Section 1.02         Acceleration
Following a Qualified Offering or Non-Qualified Offering.  The Maturity Date of this Note is subject to acceleration
in the event that on or after September 1, 2016, the Company completes and closes (i) an offering in which the Company receives
at least $5,000,000 of gross proceeds from the sale of Company equity securities or Company securities convertible into or exercisable
for equity securities, or in the case of a solicitation of the exercise of outstanding July 2014 Warrants (a “Warrant Solicitation”),
an offering in which the Company receives at least $2,000,000 of gross proceeds (both the $5,000,000 and $2,000,000 offerings
being an “Equity or Equity Equivalent Offering”), or (ii) an alternative financing transaction (“Alternative
Financing”) not constituting an Equity or Equity Equivalent Offering including, but not limited to, transactions involving
a business combination, a debt financing, an asset sale or any other financing transaction which, directly or indirectly, increases
the Company’s cash and cash equivalent assets by not less than a gross amount of $5,000,000. An Equity or Equity Equivalent
Financing and an Alternative Financing are hereafter referred to collectively as a “Qualified Offering”. For the avoidance
of doubt, a transaction that triggers the liquidation preference under Section 1.04 of the Note will not also trigger acceleration
under this Section 1.02.

 

    2 

     

    

 

At the closing of a Qualified Offering, all
outstanding principal and interest then due on this Note will become immediately due and payable. Such principal and interest will
be payable, at the discretion of the Company, in cash or shares of Common Stock. Payments will be payable in cash only to the extent
that after such payments, the Company will have a minimum of $10,000,000 in cash, cash equivalents (such as money market accounts)
and marketable securities (in the form of short term investments which can be immediately converted to cash) remaining (the “Cash
Payment Condition Precedent”). Payments being made in Common Stock will, in the event of an Equity or Equity Equivalent Offering,
be made based upon a valuation per share equal to 50% of the price per share of the Common Stock sold in the Equity or Equity Equivalent
Offering or the price at which securities sold in the Equity or Equity Equivalent Offering can be converted into or exercised for
Common Stock. In the case of a Warrant Solicitation in which the exercise price for the July 2014 Warrants is revised and multiple
shares of Common Stock become issuable to Company warrant holders upon the exercise of each July 2014 Warrant (a “Warrant
Restructuring”) rather than the single share presently contemplated to be issued upon exercise of each July 2014 Warrant,
the price (the “Average Exercise Price”) obtained by dividing the revised exercise price by the number of shares issuable
upon exercise of each July 2014 Warrant will be deemed to be the exercise price for calculation purposes and the payments, if any
being made in Common Stock will be based upon a valuation per share equal to 50% of the Average Exercise Price.

 

Payments to be made in Common Stock will, in
the event of an Alternative Financing, be payable at a price per share equal to 50% of the volume weighted average price for the
Common Stock on the principal market or exchange on which the Common Stock is sold for the twenty (20) trading days immediately
prior to the closing date of the Alternative Financing. Except as otherwise provided herein, monthly interest payable in Common
Stock shall be payable in accordance with the discounted weighted average price formula above substituting the interest payment
due date for the closing date of the Alternative Financing.

 

If the Company completes and closes a transaction
which would be deemed to be an Equity or Equity Equivalent Financing or Alternative Financing but for the fact that such Equity
or Equity Equivalent Financing or Alternative Financing closes prior to September 1, 2016 (a “Non-Qualified Offering”),
the Maturity Date of this Note will be accelerated to September 1, 2016. In such event, the principal and interest due on this
Note will be payable on the Maturity Date, at the discretion of the Company, in cash or Common Stock, subject to the Cash Payment
Condition Precedent in the case of a proposed payment in cash. Payments being made in Common Stock as the result of a Non-Qualified
Offering will be made in the same manner as an Alternative Financing, however, the Common Stock payment calculation will involve
the substitution of the accelerated Maturity Date for the closing date of the Alternative Financing.

 

    3 

     

    

 

Section 1.03         Absolute
Obligation/Ranking.

 

(a)          This
Note is a direct debt obligation of the Company. Except as expressly provided herein, no provision of this Note shall alter or
impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, and interest on, this Note
at the time, place, and rate, and in the coin or currency, herein prescribed.

 

(b)          This
Note ranks pari passu with all other Notes now or hereafter issued pursuant to the Subscription Agreement. Except as expressly
provided herein, or unless waived by the holders of a majority of the outstanding principal amount of the Notes, this Note, and
all other Notes now or hereafter issued pursuant to the Subscription Agreement, rank senior to all existing indebtedness of the
Company, and will rank senior to all future indebtedness of the Company except for trade payables and accrued liabilities incurred
in the ordinary course of business consistent with past practices. The Company presently has no outstanding debt instruments or
notes other than the Notes and no third party consents to subordinate their outstanding debt are required.

 

Section 1.04         Liquidation
Preference.  In the event of a sale of the Company during the term of this Note (including a merger (whether or
not the Company is the surviving entity or not), acquisition, tender offer for a majority of the shares of the Company’s
outstanding common stock), at the closing of such sale, at the option of Holder, Holder will be entitled to receive an amount
equal to 1.5X the principal amount of, and any accrued and unpaid interest on, the Note; provided, however, that such sale preference
amount shall be paid either in cash or in equivalent amount of securities of the acquiring entity at the acquiring entity’s
discretion.

 

Section 1.05         Pre-Payment.  Except
as otherwise set forth in this Note, the Company may not prepay any portion of the principal amount of this Note without the prior
written consent of the Holder.

 

Section 1.06         Different
Denominations; Transfer.

 

(a)          This
Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations, as requested by the
Holder surrendering the same. No service charge will be made for such registration of transfer or exchange.

 

(b)          This
Note may be offered, sold, assigned or transferred by the Holder without the consent of the Company, provided that the provisions
of the Subscription Agreement are complied with in all respects; provided, further that this Note may not be transferred in increments
of less than $25,000 without the prior written consent of the Company, which consent shall not be unreasonably withheld, unless
the entire principal amount is being transferred.

 

Section 1.07         Reliance
on Note Register.  Prior to due presentment to the Company for permitted transfer or payment of this Note, the Company
and any agent of the Company may treat the person in whose name this Note is duly registered on the Note Register as the owner
hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Note is overdue,
and neither the Company nor any such agent shall be affected by notice to the contrary.

 

    4 

     

    

 

Section 1.08         Paying
Agent and Registrar.  Initially, the Company will act as paying agent and registrar. The Company may change any
paying agent, registrar, or Company-registrar by giving the Holder not less than ten (10) business days’ written notice
of its election to do so, specifying the name, address, telephone number and facsimile number of the paying agent or registrar.
Upon an assignment of the Note to the Company, the Company may act as paying agent and registrar without regard to the notice
provision provided above.

 

Section 1.09         Investment
Representations.  This Note has been issued subject to certain investment representations of the original Holder
set forth in the Subscription Agreement and may be transferred or exchanged only in compliance with the Subscription Agreement
and applicable federal and state securities laws and regulations.

 

Section 1.10         Security;
Other Rights.

 

(a)          The
obligations of the Company to the Holder under this Note shall be secured by a perfected first priority security interest in all
now owned or hereafter acquired and owned intellectual property of the Company and its subsidiaries, pari passu with the
other holders of Notes now or hereafter issued pursuant to and set forth in the Security Agreement dated July 29, 2016 (the “Security
Agreement”) among the Company, the Holder and Intuitive Venture Partners, LLC, as Collateral Agent.

 

(b)          In
addition to the rights and remedies given it by this Note, the Security Agreement, and the Subscription Agreement, the Holder shall
have all those rights and remedies allowed by applicable laws. The rights and remedies of the Holder are cumulative and recourse
to one or more right or remedy shall not constitute a waiver of the others.

 

Section 1.11         Reservation
of Common Stock.  In the event that principal and/or interest on this Note becomes payable in Common Stock, the
Company shall reserve and keep available out of its authorized but unissued shares of Common Stock, solely for such purpose, that
number of shares of Common Stock equal to the number of shares issuable for such purpose.

 

Section 1.12         Registration.
Subject to the closing of a Qualified Offering or Non-Qualified Offering, the Company will grant to the Holder registration rights
with respect to any Common Stock issued to Holder in satisfaction of principal and/or interest on this Note as provided in the
Subscription Agreement. Notwithstanding the foregoing, in the event of a Warrant Solicitation involving a Warrant Restructuring,
Holder will have automatic registration rights with respect to any Common Stock issued to Holder in satisfaction of principal
and/or interest due on this Note on terms no less favorable to Holder than those contained in the July 31, 2014 Registration Rights
Agreement among the Company and purchasers of Company units in the private placement offering of the Company which was completed
on July 31, 2014.

 

Article II.

 

Section 2.01         Events
of Default.  Each of the following events shall constitute a default under this Note (each an “Event of
Default”):

 

(a)          failure
by the Company to pay any principal amount or interest when due hereunder within five (5) business days of the date such payment
is due;

 

(b)          the
Company or any subsidiary of the Company shall: (i) make a general assignment for the benefit of its creditors; (ii) apply
for or consent to the appointment of a receiver, trustee, assignee, custodian, sequestrator, liquidator or similar official for
itself or any of its assets and properties; (iii) commence a voluntary case for relief as a debtor under the United States
Bankruptcy Code; (iv) file with or otherwise submit to any governmental authority any petition, answer or other document seeking:
(A) reorganization, (B) an arrangement with creditors or (C) to take advantage of any other present or future applicable
law respecting bankruptcy, reorganization, insolvency, readjustment of debts, relief of debtors, dissolution or liquidation; (v) file
or otherwise submit any answer or other document admitting or failing to contest the material allegations of a petition or other
document filed or otherwise submitted against it in any proceeding under any such applicable law, or (vi) be adjudicated a
bankrupt or insolvent by a court of competent jurisdiction;

 

    5 

     

    

 

(c)          any
case, proceeding or other action shall be commenced against the Company or any subsidiary of the Company for the purpose of effecting,
or an order, judgment or decree shall be entered by any court of competent jurisdiction approving (in whole or in part) anything
specified in Section 2.01(b) hereof, or any receiver, trustee, assignee, custodian, sequestrator, liquidator or other official
shall be appointed with respect to the Company, or shall be appointed to take or shall otherwise acquire possession or control
of all or a substantial part of the assets and properties of the Company, and any of the foregoing shall continue unstayed and
in effect for any period of sixty (60) days;

 

(d)          any
material breach by the Company of any of its material representations or warranties contained in this Note, the Subscription Agreement
or the Security Agreement which is not cured within fifteen (15) days after receipt of written notice thereof; or

 

(e)          any
material default other than a payment default, whether in whole or in part, shall occur in the due observance or performance of
any obligations or other covenants, terms or provisions to be performed by the Company under this Note which is not cured within
fifteen (15) days after receipt of written notice thereof.

 

The cure period
referenced in (d) and (e) above shall not apply to Events of Default which are not capable of being cured and to negative covenants.

 

(f)          any
event of default by the Company or any subsidiary under the Security Agreement shall have occurred and be continuing beyond all
grace and/or cure periods, or the Security Agreement shall fail to remain in full force and effect prior to payment in full of
all amounts payable under this Note or any action shall be taken by the Company to discontinue, amend, modify or limit the Security
Agreement or assert the invalidity thereof prior to payment in full of all amounts payable under this Note.

 

    6 

     

    

 

Section 2.02         If
any Event of Default occurs, the full principal amount of this Note, together with interest and any other amounts due and owing
in respect thereof, to the date of the Event of Default shall become, at the Holder’s election, immediately due and payable.
In all events, interest shall accrue through the date of payment. Payments on this Note to be made, at the election of the Holder,
prior to September 1, 2016 will only be payable in cash. Payments on this Note to be made, at the election of the Holder, on or
after September 1, 2016 may at the Company’s option be made in cash or Common Stock of the Company subject to satisfaction
of the Cash Payment Condition Precedent. Payments to be made in Common Stock of the Company pursuant to this Section 2.02 shall
be made in the same manner as payments to be made in Common Stock following an Alternative Financing. If a Qualified Offering
or Non-Qualified Offering takes place at any time after an Event of Default, but prior to the Holder’s election to declare
the full principal amount of this Note, together with interest and any other amounts due and owing in respect thereof due and
payable or any time prior to the Company’s payment of the full principal amount of this Note, together with interest and
any other amounts due and owing in respect thereof following Holder’s election to declare such due and payable, Holder will
retain all of the rights set forth in Section 1.02 hereof. All Notes for which the full amount hereunder shall have been paid
in accordance herewith shall promptly be surrendered to or as directed by the Company. The Holder need not provide, and the Company
hereby waives, any presentment, demand, protest or other notice of any kind, and the Holder may immediately and without expiration
of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable
law. Such declaration may be rescinded and annulled by the Holder at any time prior to payment hereunder and the Holder shall
have all rights as a Note holder until such time, if any, as the full payment under this Section shall have been received by it.
No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon.

 

Article III.

 

Section 3.01         Negative
Covenants. So long as this Note shall remain in effect and until any outstanding principal and interest and all fees and all
other expenses or amounts payable under this Note and the Subscription Agreement have been paid in full, unless the Holders of
a majority of the unpaid principal amount of the Notes shall otherwise consent in writing (such consent not to be unreasonably
withheld), the Company shall not:

 

(a)          Senior
or Pari Passu Indebtedness.  Incur, create, assume, guaranty or permit to exist any indebtedness that ranks senior
in priority to, or pari passu with, the obligations under this Note and the Subscription Agreement (other than trade payables and
accrued liabilities incurred in the ordinary course of business consistent with past practices).

 

(b)          Liens.  Create,
incur, assume or permit to exist any lien on any Collateral (as such term is defined in the Security Agreement) now owned or hereafter
acquired and owned by it or on any income or revenues or rights in respect thereof, except:

 

(i)          liens
on Collateral of the Company existing on the date hereof and set forth on Schedule A attached hereto, provided that such
liens shall secure only those obligations which they secure on the date hereof;

 

(ii)         any
lien created under this Note or the Security Agreement;

 

(iii)        any
lien existing on any Collateral prior to the acquisition thereof by the Company, provided that

 

		1)	such lien is not created in contemplation of or in connection with such acquisition and

 

		2)	such lien does not apply to any other property or assets of the Company;

 

    7 

     

    

 

(iv)        liens
for taxes, assessments and governmental charges; and

 

(v)         liens
arising out of judgments or awards (other than any judgment that constitutes an Event of Default hereunder) in respect of which
the Company shall in good faith be prosecuting an appeal or proceedings for review and in respect of which it shall have secured
a subsisting stay of execution pending such appeal or proceedings for review, provided the Company shall have set aside on its
books adequate reserves with respect to such judgment or award.

 

(c)          Dividends
and Distributions. Declare or pay, directly or indirectly, any dividend or make any other distribution (by reduction of capital
or otherwise), whether in cash, property, securities or a combination thereof, with respect to any shares of its capital stock
(other than as a result of the anti-dilution provisions as set forth in the Subscription Agreement for the Company’s July
2014 private placement) or directly or indirectly redeem, purchase, retire or otherwise acquire for value any shares of any class
of its capital stock or set aside any amount for any such purpose.

 

(d)          Limitation
on Certain Payments and Prepayments.

 

(i)          Pay
in cash any amount in respect of any indebtedness or preferred stock that may at the obligor’s option be paid in kind or
in other securities; or

 

(ii)         Optionally
prepay, repurchase or redeem or otherwise defease or segregate funds with respect to any indebtedness of the Company, other than
indebtedness under this Note or the Subscription Agreement. For avoidance of doubt, nothing in
the Section shall be deemed to prevent or limit the Company from paying accounts payable and accrued liabilities.

 

(e)          Amendments.
Amend, modify or limit any terms of this Note or the Security Agreement or assert the invalidity of this Note or the Security Agreement.

 

Article IV.

 

Section 4.01         Representations
of the Company.  All of the representations and warranties of the Company contained in the Subscription Agreement
to which the Company is a party are incorporated by reference herein.

 

Section 4.02        Representations
of the Holder.  All of the representations and warranties of the Holder contained in the Subscription Agreement
to which the Holder is a party are incorporated by reference herein.

 

Article V.

 

Section 5.01         Registration
Rights.  The Holder shall have registration rights with respect to the Common Stock, if any, issued at maturity
or upon an Event of Default in satisfaction of principal, interest, and any other amounts due and owing under this Note as further
set forth in Section 1.12 hereof and Section 1(e) of the Subscription Agreement.

 

    8 

     

    

 

Article VI.

 

Section 6.01         Notice.
All notice and other communications hereunder which are required or permitted under this Note will be in writing and shall be
deemed effectively given to a party by (a) the date of transmission if sent by facsimile or e-mail with confirmation of transmission
by the transmitting equipment if such notice or communication is delivered prior to 5:00 P.M., New York City time, on a business
day, or the next business day after the date of transmission, if such notice or communication is delivered on a day that is not
a business day or later than 5:00 P.M., New York City time, on any business day; (b) seven days after deposit with the United
States Post Office, by certified mail, return receipt requested, first-class mail, postage prepaid; (c) on the date delivered,
if delivered by hand or by messenger or overnight courier, addressee signature required (costs prepaid), to the addresses below
or at such other address and/or to such other persons as shall have been furnished by the parties:

 

	
        

        If to the Company:

         
	
        Enumeral Biomedical Holdings, Inc.

        200 Cambridge Park Drive, Suite 2000

        Cambridge, MA 02148

        Attention:  General Counsel

         

	With a copy to (which shall not constitute notice):	
        Duane Morris LLP

        1540 Broadway

        New York, NY 10036

        Attention:  Michael D. Schwamm, Esq.

        Telephone:  212.692.1054

	 	 
	If to the Holder:	To the Holder’s address set forth on the Omnibus Signature Page to the Subscription Agreement

 

Section 6.02         Governing
Law; Jurisdiction.  All questions concerning the construction, validity, enforcement and interpretation of this
Note shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard
to the principles of conflicts of law thereof. Each party agrees that any legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Note (whether brought against a party hereto or its respective affiliates,
directors, officers, shareholders, employees or agents) may be commenced in the state and federal courts sitting in the City of
New York, Borough of Manhattan (the “New York Courts”). Each party hereto hereby irrevocably submits to the
jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein (including with respect to the enforcement of this Note), and hereby irrevocably waives,
and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, or such New York Courts are improper or inconvenient venue for such proceeding. Each party hereby irrevocably
waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy
thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect
for notices to it under this Note and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.
Nothing herein shall affect the right of the Holder to commence legal proceedings or otherwise proceed against the Company in
any other jurisdiction.

    9 

     

    

 

Each party hereto hereby irrevocably waives,
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 Note or the transactions contemplated hereby. If either party shall commence an action or proceeding to enforce
any provisions of this Note, then the prevailing party in such action or proceeding shall be reimbursed by the other party for
its attorney’s fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action
or proceeding.

 

Section 6.03         Severability.  The
invalidity of any of the provisions of this Note shall not invalidate or otherwise affect any of the other provisions of this
Note, which shall remain in full force and effect.

 

Section 6.04         Entire
Agreement and Amendments.  This Note together with the Subscription Agreement and Security Agreement represents
the entire agreement between the parties hereto with respect to the subject matter hereof and there are no representations, warranties
or commitments, except as set forth herein. This Note may be amended only by an instrument in writing executed by the Company
and persons holding at least a majority of the principal amount of the Notes.

 

Section 6.05         Cancellation.  After
all principal, accrued interest and other amounts at any time owed on this Note has been paid in full, this Note shall automatically
be deemed canceled, shall be surrendered to the Company for cancellation and shall not be reissued.

 

Section 6.06         Construction;
Headings.  The headings of this Note are for convenience of reference and shall not form part of, or affect the
interpretation of, this Note.

 

Section 6.07         Payment
of Collection, Enforcement and Other Costs.  If (a) this Note is placed in the hands of an attorney for collection
or enforcement or is collected or enforced through any legal proceeding or the Holder otherwise takes action to collect amounts
due under this Note or to enforce the provisions of this Note or (b) there occurs any bankruptcy, reorganization, receivership
of the Company or other proceedings affecting Company creditors’ rights and involving a claim under this Note, then the
Company shall pay the costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy,
reorganization, receivership or other proceeding, including, but not limited to, attorneys’ fees and disbursements.

 

Section 6.08         The
Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of Incorporation, Bylaws or through
any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities,
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Note, and will
at all times in good faith carry out all of the provisions of this Note and take all action as may be required to protect the
rights of the Holder of this Note. Without limiting the generality of the foregoing, the Company (i) shall not increase the par
value of any shares of Common Stock receivable upon satisfaction of this Note above the price then in effect, (ii) shall take
all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable
shares of Common Stock upon the satisfaction of this Note.

 

[Remainder of Page Intentionally Left
Blank]

 

    10 

     

    

 

IN WITNESS WHEREOF,
with the intent to be legally bound hereby, the Company as executed this Note as of the date first written above.

 

	 	ENUMERAL BIOMEDICAL HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Kevin G. Sarney
	 	Name:  	Kevin G. Sarney
	 	Title:  	Vice President of Finance,
	 	 	Chief Accounting Officer and Treasurer

 

     

     

    

 

SCHEDULE A

 

Existing Liens

 

None

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