Document:

Form of Promissory Note issued in the 2007 Offering

 EXHIBIT 4.7 
 FORM OF CONVERTIBLE NOTE 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR APPLICABLE STATE SECURITIES LAWS, AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER THE
SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT THERE IS AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
  

			
	Amount: $XX,XXX.XX	  	Irvine, California
		  	Date:                     , 2007

 FOR VALUE RECEIVED, BIOLARGO, INC., a corporation organized under the laws of the state of
Delaware (“Issuer”), promises to pay to the order of             xxxxxx            (hereafter, together with any
subsequent holder hereof, called “Holder”), at its office, at “Holder’s Address” (as that term is defined below), or at such other place as Holder may direct, the “Amount” noted above (the “Loan
Amount”), payable on June 30, 2009, or at an earlier date as provided herein (the “Maturity Date”). This convertible note is duly authorized issue of the Issuer, issued on the “Date” noted (the “Issuance
Date”), and designated as its Convertible Note due June 30, 2009 (the “Note”). 
 The Issuer agrees to pay
interest on the unpaid principal amount of the Loan Amount from time to time outstanding hereunder at the following rates per year, compounded annually: (i) before maturity of the Loan Amount, whether by acceleration or otherwise, at the rate
per annum equal to ten percent (10%); (ii) after the maturity of the Loan Amount, whether by acceleration or otherwise, until paid, at a rate per annum equal to fifteen percent (15%). 
 Payments of both principal and interest are to be made in immediately available funds in lawful money of the United States of America, or in Common Stock
of the Issuer as set forth below. 
 Accrual of interest shall commence as of the Issuance Date. Interest shall be payable by the Issuer, at
the Issuer’s option, in cash or in that number of shares of Common Stock of the Issuer (the “Common Stock”) (at a price per share calculated pursuant to the conversion formula contained below), upon the earlier to occur of
(i) upon conversion of this Note pursuant to the conversion features set forth below, or (ii) upon an Event of Default as defined below, and if an Event of Default occurs interest due hereunder shall be payable in cash or stock as set
forth herein at the option of the Holder. Unless otherwise agreed in writing by both parties hereto, the interest so payable will be paid to the person in whose name this Note (or one or more predecessor Notes) is registered on the records of the
Issuer regarding registration and transfers of the Note (the “Note Register”), provided, however, that the Issuer’s obligation to a transferee of this Note arises only if such transfer, sale or other disposition is made in
accordance with the terms and conditions contained in this Note and the Subscription Agreement (the “Agreement”) that the Holder executed at the time of making an investment in the Issuer. 
 The Note is subject to the following additional provisions: 
 1. The Issuer shall be entitled to withhold from all payments of principal and/or interest of this Note any amounts required to be withheld under the applicable provisions of the Internal Revenue Code of 1986, as
amended, or other applicable laws at the time of such payments. 
 2. This Note has been issued subject to investment
representations of the original Holder hereof and may be transferred or exchanged only in compliance with the Securities Act and applicable state securities 

  

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laws and in compliance with the restrictions on transfer provided in the Agreement. Prior to the due presentment for such transfer of this Note, the Issuer
and any agent of the Issuer may treat the person in whose name this Note is duly registered in the Note Register as the owner hereof for the purpose of receiving payment as herein provided and all other purposes, whether or not this Note is overdue,
and neither the Issuer nor any such agent shall be affected by notice to the contrary. The transferee shall be bound, as the original Holder by the same representations and terms described herein and under the Agreement. 
 3. The Holder may, at its option, at any time convert the principal amount of this Note or any portion thereof, and any accrued and unpaid
interest thereon, into such number of shares of fully paid and non-assessable Common Stock of the Issuer (“Conversion Shares”) as is obtained by dividing the Loan Amount by $0.70 (“Conversion Price”). The right to
convert the Note may be exercised by the Issuer by telecopying, mailing (via first class mail, postage prepaid) or personally delivering an executed and completed notice of conversion (the “Notice of Voluntary Conversion”) to the
Issuer. The business day (a “Business Day”) on which a Notice of Voluntary Conversion is delivered in accordance with the provisions hereof shall be deemed the “Voluntary Conversion Date”. The Issuer will transmit
the certificates representing Conversion Shares issuable upon such conversion of the Note (together with the certificates representing the Note not so converted) to the Holder via express courier, by electronic transfer (if applicable) or otherwise,
within ten Business Days after the later to occur of (i) the Voluntary Conversion Date or (ii) the Business Day on which the Issuer has received from the Holder the original Note being so converted. 
 4. The Issuer may, at its option, (i) on or after September 30, 2007, if the Company has received one or more written firm
commitments, or has closed on one or more transactions, or a combination of the foregoing, of at least $3 million gross proceeds of equity or debt; or (ii) on the Maturity Date, require the Holder to convert the Note or any
portion thereof, and any accrued and unpaid interest thereon, into such number of Conversion Shares as is obtained by dividing the Loan Amount by the Conversion Price. The obligation of the Holder to convert the Note may be exercised by the Company
by telecopying, mailing (via first class mail, postage prepaid) or personally delivering an executed and completed notice of conversion (the “Notice of Mandatory Conversion”) to the Holder’s Address maintained in the Note
Register. The Holder covenants and agrees to acknowledge a Notice of Mandatory Conversion in writing by completing, dating and signing such Notice of Mandatory Conversion and returning it to the Company by telecopier, first class mail (postage
prepaid) or personal delivery (the “Holder Acknowledgment Date”). The business day on which a Notice of Mandatory Conversion is delivered in accordance with the provisions hereof shall be deemed the “Mandatory Conversion
Date”. The Issuer will transmit the certificates representing Conversion Shares issuable upon such conversion of the Note (together with the certificates representing any portion of the Note not so converted) to the Holder via express
courier, by electronic transfer (if applicable) or otherwise within ten Business Days after the later to occur of (i) the Holder Acknowledgment Date or (ii) the date that the Issuer has received from the Holder the original Note being so
converted. 
 5. The principal amount of this Note, and any accrued interest thereon, shall be reduced as per that principal
amount indicated on the Notice of Voluntary Conversion or Notice of Mandatory Conversion, as the case may be, upon the proper receipt by the Holder of such Conversion Shares due upon such Notice of Voluntary Conversion or Notice of Mandatory
Conversion. 
 6. The number of Conversion Shares shall be adjusted as follows. If the Issuer shall at any time subdivide its
outstanding shares of Common Stock into a greater number of shares of Common Stock, the number of Conversion Shares in effect immediately prior to such subdivision shall be proportionately increased and the Conversion Price in effect immediately
prior to such combination shall be proportionately reduced; and conversely, in case the outstanding shares of Common Stock shall be combined into a smaller number of shares of Common Stock, the number of Conversion Shares in effect immediately prior
to such subdivision shall be proportionately reduced and the Conversion Price in effect immediately prior to such combination shall be proportionately increased. 
  

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 7. No provision of this Note shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, upon an Event of Default (as defined below), to pay the principal of, and interest on this Note at the place, time, and rate, and in the coin or currency herein prescribed. 
 8. Events Of Default. Each of the following occurrences is hereby defined as an “Event of Default”: 
 a. Nonpayment. The Issuer shall fail to make any payment of principal, interest, or other amounts payable hereunder when and as
due; or 
 b. Dissolutions, etc. The Issuer or any subsidiary shall fail to comply with any provision concerning
its existence or any prohibition against dissolution, liquidation, merger, consolidation or sale of assets; or 
 c.
Noncompliance with this Agreement. The Issuer shall fail to comply in any material respect with any provision hereof, which failure does not otherwise constitute an Event of Default, and such failure shall continue for ten (10) days
after the occurrence of such failure; or 
 d. Bankruptcy. Any bankruptcy, insolvency, reorganization, arrangement,
readjustment, liquidation, dissolution, or similar proceeding, domestic or foreign, is instituted by or against the Issuer or any of its subsidiaries, or the Issuer or any of its subsidiaries shall take any step toward, or to authorize, such a
proceeding; or 
 e. Insolvency. The Issuer shall make a general assignment for the benefit of its creditors, shall
enter into any composition or similar agreement, or shall suspend the transaction of all or a substantial portion of its usual business. 
 9. If one or more “Events of Default” shall occur, then, or at any time thereafter, and in each and every such case, unless such Event of Default shall have been waived in writing by the Holder (which waiver
shall not be deemed to be a waiver of any subsequent default) or cured as provided herein, at the option of the Holder, and in the Holder’s sole discretion, the Holder may elect to consider this Note (and all interest through such date)
immediately due and payable. In order to so elect, the Holder must deliver written notice of the election and the amount due to the Issuer via certified mail, return receipt requested, at the Issuer’s address as set forth herein (or any other
address provided to the Holder), and thereafter the Issuer shall have ten business days upon receipt to cure the Event of Default, pay the Note, or convert the amount due on the Note pursuant to the conversion formula set forth above. It is agreed
that in the event of such action, such Holder shall be entitled to receive all reasonable fees, costs and expenses incurred, including without limitation such reasonable fees and expenses of attorneys. The parties acknowledge that a change in
control of the Issuer shall not be deemed to be an Event of Default as set forth herein. 
 10. In case any provision of this
Note is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid or unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum extent possible, and the
validity and enforceability of the remaining provisions of this Note will not in any way be affected or impaired thereby. 
 11. This Note does not entitle the Holder hereof to any voting rights or other rights as a stockholder of the Issuer prior to the conversion into Common Stock thereof, except as provided by applicable law. If, however, at the time of the
surrender of this Note and conversion the Holder hereof shall be entitled to convert this Note, the Conversion Shares so issued shall be and be deemed to be issued to such holder as the record owner of such shares as of the close of business on the
Conversion Date. 
  

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 IN WITNESS WHEREOF, the Issuer has caused this Convertible Note to be duly executed by an officer
thereunto duly authorized. 
  

			
	BIOLARGO, INC.
		
	By	 	 
	Name: Dennis Calvert, President

			
	
	ACCEPTED:
		
	Signature: 	 	 

			
		
	Print Name: 	 	 

			
		
	Holder’s Address: 	 	 
		
		 	 
		
		 	 

  

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 NOTICE OF VOLUNTARY CONVERSION 
 (To be Executed by the Registered Holder in order to convert the Note) 
 The undersigned hereby irrevocably
elects to convert $            of the principal amount of the above Note, and $            of accrued and unpaid interest, into
            Shares of Common Stock of BioLargo, Inc. according to the conditions hereof, as of the date written below. 
 Date of Voluntary Conversion:                          

			
	Signature: 	 	 

			
		
	Print Name: 	 	 

			
		
	Holder’s Address: 	 	 
		
		 	 
		
		 	 

			
		
	Social Security No.: 	 	 
		
	ACCEPTED:	 	

			
		
	BIOLARGO, INC. 	 	

			
		
	By (Signature) 	 	 

			
		
	Print Name: 	 	 

			
		
	Title: 	 	 

  

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 NOTICE OF MANDATORY CONVERSION 
 (To be Executed by the Company in order to required the Holder to convert the Note) 
 The undersigned hereby
notifies you of its irrevocably election to require you to convert $                of the principal amount of the Convertible Note due June 30, 2009 issued to
                (the “Note”), and $                of accrued and unpaid
interest, into                 Shares of Common Stock of BioLargo, Inc. according to the conditions hereof, as of the date written below. 
 Date of Mandatory
Conversion:                          

			
	BIOLARGO, INC.

			
		
	By (Signature) 	 	 

			
		
	Print Name: 	 	 

			
		
	Title: 	 	 

			
	
	ACCEPTED AND AGREED BY HOLDER:
		
	Signature: 	 	 

			
		
	Print Name: 	 	 

			
		
	Holder’s Address: 	 	 
		
		 	 
		
		 	 

			
		
	Social Security No. 	 	 

  

 6Form of Warrant issued in the 2007 Offering

 EXHIBIT 4.8 
 THIS WARRANT AND THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES ACT OF ANY STATE AND MAY NOT BE SOLD OR TRANSFERRED UNLESS THERE IS AN
EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACTS COVERING THIS WARRANT AND THE SECURITIES REPRESENTED BY THIS WARRANT OR PURSUANT TO AN EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACTS. 
 BIOLARGO, INC. 
 FORM OF WARRANT TO
PURCHASE COMMON STOCK 
  

			
	WARRANT NO. XXXX                	  	                ISSUED: XXXX, 2007

 THIS CERTIFIES THAT, for value received, __XXXXXXX__(the “Holder”), is entitled
to subscribe for and purchase from BIOLARGO, INC., a corporation organized under the laws of the state of Delaware (the “Company”), subject to Section 1(b) hereof, commencing at the time periods prescribed herein and ending at
5:00 p.m. California time on June 30, 2010, XXXX shares (the “Shares”) of common stock, par value, $0.00067, of the Company (the “Common Stock”). The exercise price for each Share subject to this Warrant
(the “Warrant Price”) is equal to $1.30. The number of Shares and the Warrant Price are subject to adjustment from time to time as provided in Section 4 of this Warrant. 
 This Warrant is issued in connection with and as consideration for the Convertible Note dated the date hereof and issued by the Company in favor of the
Holder, which Convertible Note has been issued pursuant the Holder’s investment in the Company. 
 1. Method of Exercise; Payment;
Issuance of New Warrant. (a) The purchase right represented by this Warrant may be exercised by the Holder, in whole or in part, subject to the limitation set forth below, and from time to time, by (i) the surrender of this Warrant
(with a notice of exercise in the form attached hereto as Exhibit A, duly executed) at the principal office of the Company and (ii) the payment to the Company, by check or wire transfer of funds to an account specified in writing by
the Company, of an amount equal to the aggregate Warrant Price. The Shares so purchased, representing the aggregate number of shares specified in the executed Exhibit A, shall be delivered to the Holder within a reasonable time, not exceeding
ten (10) business days, after this Warrant shall have been so exercised. Upon receipt by the Company of this Warrant at the office of the Company, in proper form for exercise and accompanied by the amount equal to the aggregate Warrant Price,
the Holder shall be deemed to be the holder of record of the Shares issuable upon such exercise, notwithstanding that the stock transfer books of the Company shall then be closed or that certificates representing such Shares shall not then be
actually delivered to the Holder. 
 (b) Notwithstanding anything else herein to the contrary, the Holder shall not have the
right, and the Company shall not have the obligation, to exercise all or any portion of this Warrant, unless and until each of the following events has first occurred: (i) the Company’s stockholders have approved an increase in the number
of shares of common stock authorized by the Company’s Certificate of Incorporation in an amount not less than the amount required to permit all warrants issued in this series to be converted into shares of the Company’s Common Stock as
provided herein, at a validly held meeting of stockholders at which a quorum is present and acting throughout; and (ii) the Company has filed with the Secretary of State of State of Delaware a Certificate of Amendment to the Company’s
Certificate of Incorporation to amend its Certificate of Incorporation to increase the number of shares of common stock authorized by the Company’s Certificate of Incorporation. 
 (c) If this Warrant shall have been exercised only in part, the Company shall, at the time of delivery of such Shares, deliver to the
Holder a new Warrant evidencing the right to purchase the remaining Shares called 

  

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for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant, or, at the request of Holder, appropriate notation may be
made on this Warrant which shall then be returned to Holder. 
 2. Stock Fully Paid; Reservation of Shares. All Shares that may be
issued upon the exercise of the rights represented by this Warrant will, upon issuance, be fully paid and nonassessable, and free from all preemptive rights, taxes, liens and charges with respect to the issue thereof; provided, however, that the
Company shall not be required to pay any transfer taxes with respect to the issue of shares in any name other than that of the registered holder hereof. During the period within which the rights represented by this Warrant may be exercised, the
Company will at all times have authorized, and reserved for the purpose of the issue upon exercise of the purchase rights evidenced by this Warrant, a sufficient number of shares of Common Stock to provide for the exercise of the rights represented
by this Warrant. The Company shall at all times take all such action and obtain all such permits or orders as may be necessary to enable the Company lawfully to issue such Common Stock as duly and validly issued, fully paid and nonassessable shares
upon exercise in full of this Warrant. 
 3. Fractional Shares. No fractional shares of Common Stock will be issued in connection with
any exercise hereunder, but in lieu of such fractional shares the Company shall make a cash payment therefor upon the basis of the Fair Market Value of such Shares. 
 4. Adjustment. This Warrant shall be subject to adjustment from time to time upon the occurrence of certain events, as follows: 
 (a) Adjustment for Stock Splits and Combinations. If the Company shall at any time or from time to time after the date hereof
effect a subdivision of the outstanding Common Stock, the Warrant Price then in effect immediately before that subdivision shall be proportionately decreased. If the Company shall at any time or from time to time after the date hereof combine the
outstanding Common Stock, the Warrant Price then in effect immediately before the combination shall be proportionately increased. Any adjustment under this subsection shall become effective at the close of business on the date the subdivision or
combination becomes effective. 
 (b) Adjustment for Certain Dividends and Distributions. In the event the Company at
any time or from time to time after the date hereof shall make or issue a dividend or other distribution payable in additional shares of Common Stock, then and in each such event the Warrant Price shall be decreased as of the time of such issuance,
by multiplying the Warrant Price by a fraction: 
  

	 	(x)	the numerator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance; and 

  

	 	(y)	the denominator of which shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance plus the number of shares of
Common Stock issuable in payment of such dividend or distribution. 

 (c) Adjustment of Number of Shares.
Upon each adjustment of the Warrant Price pursuant to either Section 4(a) or 4(b) of this Warrant, the number of shares of Common Stock purchasable upon exercise of this Warrant shall be adjusted to the number of shares of Common
Stock, calculated to the nearest one hundredth of a share, obtained by multiplying the number of shares of Common Stock purchasable immediately prior to such adjustment upon the exercise of the Warrant by the Warrant Price in effect prior to such
adjustment and dividing the product so obtained by the new Warrant Price. 
 (d) Adjustment for Reclassification, Exchange
and Substitution. If the Common Stock issuable upon the exercise of this Warrant are changed into the same or different number of shares of any class or classes of stock, whether by recapitalization, reclassification or otherwise (other than a
subdivision or combination provided for in Section 4(a) above, a dividend or distribution provided for in Section 4(b) above, or a reorganization, merger, consolidation or sale of assets, provided for in
Section 4(e) below), then and in any such event the Holder shall have the right thereafter to exercise this Warrant into the kind and amount of 

  

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stock and other securities receivable upon such recapitalization, reclassification or other change, by holders of the number of shares of Common Stock for
which this Warrant might have been exercised immediately prior to such recapitalization, reclassification or change. 
 (e)
Reorganization, Mergers, Consolidations or Sales of Assets. If at any time or from time to time there is a capital reorganization of the Common Stock (other than a subdivision or combination provided for in Section 4(a) above, a
dividend or distribution provided for in Section 4(b) above, or a reclassification or exchange of shares provided for in Section 4(d) above) or a merger or consolidation of the Company with or into another entity, or a sale
of all or substantially all of the Company’s properties and assets to any other person or entity, then, as a part of such reorganization, merger, consolidation or sale, provision shall be made so that the Holder shall thereafter be entitled to
receive upon exercise of this Warrant the number of shares of stock or other securities, money or property of the Company, or of the successor entity resulting from such merger or consolidation or sale, to which a holder of Common Stock deliverable
upon conversion would have been entitled on such capital reorganization, merger, consolidation, or sale. The Company shall not effect any reorganization, merger, consolidation or sale unless prior to the consummation thereof each entity or person
(other than the Company) that may be required to deliver any cash, securities or other property upon the exercise of this Warrant shall assume, by written instrument delivered to the Holder, the obligation to deliver to the Holder such cash,
securities or other property as in accordance with the foregoing provisions the Holder may be entitled to receive. The foregoing provisions of this Section 4(e) shall similarly apply to successive reorganizations, mergers, consolidations
and sales. 
 (f) No Impairment. The Company will not, by amendment of its Articles 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 to be observed or performed hereunder by the
Company but will at all times in good faith assist in the carrying out of all the provisions of this Section and in the taking of all such action as may be necessary or appropriate in order to protect the conversion rights of the Holder against
dilution or other impairment. Without limiting the generality of the foregoing, the Company will not issue any capital stock of any class which is preferred as to dividends or as to the distribution of assets upon the voluntary or involuntary
dissolution, liquidation or winding up of the Company. 
 (g) Notice of Adjustments. Whenever this Warrant shall be
adjusted pursuant to this Section 4, the Company shall make a certificate signed by an officer of the Company setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such
adjustment was calculated, and the new Warrant Price and the type or the number of Shares purchasable after giving effect to such adjustment, and shall cause copies of such certificate to be mailed (by first class mail, postage prepaid) to the
Holder. 
 5. The Company’s Obligation to Make Payments. 
 (a) Dividends and Distributions. In the event the Company at any time or from time to time after the date hereof shall make or
issue a dividend or other distribution, whether payable in cash, securities or other property of the Company, with respect to any of its capital stock for which an adjustment is not made pursuant to Section 4 of this Warrant, then and in
each such event, the Company shall concurrently make a cash payment to the Holder equal to the product of (i) the quotient obtained by dividing (x) the amount of cash plus the fair value of any property or securities distributed by
(y) the number of shares of Common Stock outstanding on the record date for such dividend or distribution and (ii) the number of Shares on such record date. 
 (b) Redemption of Capital Stock. In the event the Company at any time or from time to time after the date hereof shall repurchase
or redeem any of its capital stock or any rights, including without limitation, options, warrants or other convertible or exchangeable securities, to acquire such capital stock, then and in each such event, the Company shall concurrently make a cash
payment to the Holder equal to the product of (i) the quotient obtained by dividing (x) the aggregate amount of cash and the aggregate fair value of any 

  

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property paid out by the Company in connection with any such repurchase or redemption by (y) the number of shares of Common Stock outstanding on a fully
diluted basis immediately after such repurchase or redemption and (2) the number of Shares. 
 6. Notice of Record Date. In the
event: 
  

	 	(1)	that the Company declares a dividend (or any other distribution) on any of its capital stock (including without limitation, its Common Stock); 

  

	 	(2)	that the Company repurchases or redeems any of its capital stock (including without limitation, its Common Stock) or any rights to acquire such capital stock;

  

	 	(3)	that the Company subdivides or combines its outstanding shares of Common Stock; 

  

	 	(4)	of any reclassification of the Common Stock, or of any consolidation, merger or share exchange of the Company into or with another entity, or of the sale of all or substantially all
of the assets of the Company; 

  

	 	(5)	of the involuntary or voluntary dissolution, liquidation or winding up of the Company; or 

  

	 	(6)	of any offer of its Common Stock or any rights to acquire such Common Stock for consideration paid per share of Common Stock less than the Warrant Price then in effect.

 then the Company shall notify the Holder at least 30 days prior to the date specified in (A), (B) or (C) below, in writing
stating: 
 (A) the record date of such dividend, distribution, repurchase, redemption, subdivision or combination, or, if a
record is not to be taken, the date as to which the holders of Common Stock of record to be entitled to such dividend, distribution, repurchase, redemption, subdivision or combination are to be determined; 
 (B) the date on which such reclassification, consolidation, merger, share exchange, sale, dissolution, liquidation or winding up is
expected to become effective, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for securities or other property deliverable upon such reclassification,
consolidation, merger, sale, dissolution or winding up; or 
 (C) the date on which such offering of its Common Stock or any
rights to acquire such Common Stock for consideration paid per share of Common Stock less than the Warrant Price is expected to become consummated. 
 7. Compliance with Securities Act; Disposition of Warrant or Common Stock. 
 (a) Compliance with
Securities Act. The Holder, by acceptance hereof, agrees that this Warrant and the Shares to be issued upon exercise hereof are being acquired for investment and that such Holder will not offer, sell or otherwise dispose of this Warrant
or any Common Stock to be issued upon exercise hereof except under circumstances which will not result in a violation of the Securities Act of 1933, as amended (the “Act”). All Shares issued upon exercise of this Warrant (unless
registered under the Act or sold or transferred pursuant to Rule 144 promulgated under the Act) shall be stamped or imprinted with a legend in substantially the following form: 
 “THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES ACTS OF ANY STATE AND MAY NOT BE SOLD OR TRANSFERRED UNLESS
THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACTS COVERING THIS SECURITY OR PURSUANT TO AN EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACTS.” 
 (b) Disposition of Warrant or Shares. Subject to the terms and conditions of this Warrant and applicable securities laws, this
Warrant and the rights represented by this Warrant may be transferred, assigned or pledged, in whole or in part with prior written notice to the Company. Any transfer shall be accompanied by the Notice of Transfer form attached hereto as Exhibit
B. 
  

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 8. Rights as Shareholders. The Holder shall not, by virtue hereof, be entitled to any rights of a
shareholder in the Company, either at law or equity, and 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. 
 9. Representations and Warranties. The Company represents and warrants to the Holder as follows: 
 (a) This Warrant has been duly authorized and executed by the Company and is a valid and binding obligation of the Company enforceable in
accordance with its terms; 
 (b) The Shares have been duly authorized and reserved for issuance by the Company and, when
issued in accordance with the terms hereof, will be validly issued, fully paid and nonassessable; 
 (c) The rights,
preferences, privileges and restrictions granted to or imposed upon the Shares and the holders thereof are as set forth in the Company’s Certificate of Incorporation; 
 (d) The execution and delivery of this Warrant are not, and the issuance of the Shares upon exercise of this Warrant in accordance with
the terms hereof will not be, inconsistent with the Company’s Articles of Incorporation or by-laws, do not and will not contravene any law, governmental rule or regulation, judgment or order applicable to the Company, and, except for consents
that have already been obtained by the Company, do not and will not conflict with or contravene any provision of, or constitute a default under, any indenture, mortgage, contract or other instrument of which the Company is a party or by which it is
bound or require the consent or approval of, the giving of notice to, the registration with or the taking of any action in respect of or by, any federal, state or local government authority or agency or other person; and 
 10. Modification and Waiver. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an instrument in
writing signed by the party against which enforcement of the same is sought. 
 11. Notices. Except as otherwise expressly provided
herein, all notices and other communications provided for hereunder shall be in writing (including telegraphic, telex, telecopier or cable communication) and mailed, telegraphed, telexed, telecopied, cabled or delivered to the applicable party at
its address specified opposite its signature below, or at such other address as shall be designated by such party in a written notice to the other. All such notices and communications shall, when mailed, telegraphed, telexed, telecopied or cabled or
sent by overnight courier, be effective when deposited in the mails, delivered to the telegraph company, cable company or overnight courier, as the case may be, or sent by telex or telecopier. 
 12. Descriptive Headings. The descriptive headings of the several sections of this Warrant are inserted for convenience only and do not constitute
a part of this Warrant. 
 13. Governing Law. THIS WARRANT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED
BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA. 
 14. Binding Effect on Successors. This
Warrant shall be binding upon any entity succeeding the Company by merger, consolidation or acquisition of all or substantially all of the Company’s assets, and all of the obligations of the Company relating to the Common Stock issuable upon
the exercise of this Warrant shall survive the exercise, and termination of this Warrant and all of the covenants and agreements of the Company shall inure to the benefit of the successors and assigns of the Holder. 
 15. Severability. In case any one or more of the provisions contained in this Warrant shall be invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. The parties shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable
provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
  

 5 

 16. Lost Warrants or Stock Certificates. The Company covenants to the Holder that upon receipt of
evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant or any stock certificate and, in the case of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to
the Company, or in the case of any such mutilation upon surrender and cancellation of such Warrant or stock certificate, the Company will make and deliver a new Warrant or stock certificate, of like tenor, in lieu of the lost, stolen, destroyed or
mutilated Warrant or stock certificate. 
 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed and delivered by its duly
authorized officer on the day and year first above written. 
  

			
	BIOLARGO, INC
		
	By: 	 	 

			
	Name:	 	 Dennis Calvert, President

			
		
	Address:	 	 2603 Main Street, Suite 1155
		 	 Irvine, California 92614
		 	 Attention: Dennis Calvert
		 	 Facsimile: 949/666-7297

  

			
	ACKNOWLEDGED AND ACCEPTED:
		
	By: 	 	 

			
		
	Print Name: 	 	 

			
		
	Address: 	 	 
		
		 	 
		
		 	 

  

 6 

 EXHIBIT A 
 NOTICE OF EXERCISE 
 TO:    BIOLARGO, INC. 
 (1) The undersigned hereby elects to purchase
                    shares of Common Stock of BIOLARGO, INC. pursuant to the terms of the attached Warrant, and, unless such Warrant allows the
exercise to be “cashless,” tenders herewith payment of the Warrant Price for such shares in full. 
 (2) Please issue a certificate
or certificates representing said shares of Common Stock in the name of the undersigned or in such other name as is specified below: 

	
	
	  
	(Name)
	
	  
	(Name)

 (3) Please issue a new Warrant for the unexercised portion of the attached Warrant in the
name of the undersigned or in such other name as is specified below: 
  

	
	
	  
	(Name)
	
	  
	(Address)
	
	  
	(Social Security No.)
	
	  
	(Signature)
	
	  
	(Date)

  

 7 

 EXHIBIT B 
 NOTICE OF TRANSFER 
 (To be signed only upon transfer of Warrant) 
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                            the right represented by the attached Warrant to purchase
                            shares of the Common Stock of BIOLARGO, INC., to which the attached Warrant
relates, and appoints                             as Attorney-in-fact to transfer such right on the books of
BIOLARGO, INC., with full power of substitution in the premises. 
 Dated: 
  

	
	
	  
	(Signature must conform in all respects to the name of the Holder as specified on the face of the Warrant)
	
	 
	
	 
	(Address)

 Signed in the presence
of:                                       
                                        
               
  

 8

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