Document:

Form of Common Stock Purchase Warrant

 Exhibit 4.1 

THIS WARRANT AND ANY SHARES ACQUIRED UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 This Warrant
is issued pursuant to that certain Securities Purchase Agreement dated May [    ], 2017 by and among the Company and the other parties signatory thereto (the “Purchase Agreement”). 

 

			
	No. [    ]	  	CUSIP: [    ]

 ORAGENICS, INC. 

COMMON STOCK PURCHASE WARRANT 

Oragenics, Inc., a Florida corporation (together with any corporation which shall succeed to or assume the obligations of Oragenics, Inc.
hereunder, the “Company”), hereby certifies that, for value received, [                    ] (the “Holder”), or its
assigns, is entitled, subject to the terms set forth below, to purchase from the Company at any time during the Exercise Period (as defined in Section 12 hereof) up to [10,645,161] fully paid and
non-assessable shares of Common Stock (as defined in Section 12 hereof), at a purchase price per share equal to the Exercise Price (as defined in Section 12 hereof). The number of shares of Common
Stock for which this Common Stock Purchase Warrant (the “Warrant”) is exercisable and the Exercise Price are subject to adjustment as provided herein. 

1. DEFINITIONS. Terms defined in the Purchase Agreement and not otherwise defined herein are used herein with the meanings so defined. Certain terms
are used in this Warrant as specifically defined in Section 12 hereof. 
 2. EXERCISE OF WARRANT. 

2.1. Exercise. This Warrant may be exercised prior to its expiration pursuant to Section 2.5 hereof by the Holder at any time or
from time to time during the Exercise Period, by submitting the form of subscription attached hereto (the “Exercise Notice”) duly executed by the Holder, to the Company at its principal office, indicating whether the Holder is
electing to purchase a specified number of shares by paying the Aggregate Exercise Price as provided in Section 2.2 or is electing to exercise this Warrant as to a specified number of shares pursuant to the net exercise provisions of
Section 2.3. On or before the first Trading Day following the date on which the Company has received the Exercise Notice, the Company shall transmit by facsimile an acknowledgement of confirmation of receipt of the Exercise Notice. This Warrant
shall be deemed exercised for all purposes as of the close of business on the day on which the Holder has delivered the Exercise Notice to the Company. The Aggregate Purchase Price, if any, shall be paid by wire transfer to the Company within two
(2) Business Days of the date of exercise and prior to the time the Company issues the certificates evidencing the shares issuable upon such exercise. In the event the Warrant is not exercised in full, the Company may, at its expense, require
the Holder, after such partial exercise, to promptly return this Warrant to the Company and the Company will forthwith issue and deliver to or upon the order of the Holder a new Warrant or Warrants of like tenor, in the name of the Holder or as the
Holder (upon payment by the Holder of any applicable transfer taxes) may request, calling in the aggregate on the face or faces thereof for the number of shares of Common Stock equal (without giving effect to any adjustment therein) to the number of
such shares called for on the face of this Warrant minus the number of such shares (without giving effect to any adjustment therein) for which this Warrant shall have been exercised. 

 2.2. Payment of Exercise Price by Wire Transfer. If the Holder elects to purchase a
specified number of shares by paying the Aggregate Exercise Price, the Holder shall pay such amount by wire transfer of immediately available funds to an account designated in advance by the Company. 

2.3. Net Exercise. The Holder may also elect to exercise this Warrant at any time or from time to time, by receiving shares of Common
Stock equal to the number of shares determined pursuant to the following formula: 
  

							
		 	 X =
	  	 Y (A - B)
	  	
		 		  	        A
	  	

 where, 
  

			
	X =	 	the number of shares of Common Stock to be issued to Holder;
		
	Y =	 	the number of shares of Common Stock as to which this Warrant is to be exercised (as indicated on the Exercise Notice);
		
	A =	 	the volume weighted average price of the Common Stock quoted on the Nasdaq Capital Market or any other U.S. exchange on which the Common Stock is listed, whichever is applicable, as posted by Bloomberg L.P. (or such other reference
reasonably relied upon by the Company if not so published) for the five (5) Trading Days ending on the Trading Day immediately preceding the date of exercise; and
		
	B =	 	the Exercise Price.

 2.4. Antitrust Notification. If the Holder determines, in its sole judgment upon the advice of
counsel, that an exercise of this Warrant pursuant to the terms hereof would be subject to the provisions of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), the Company shall file, within seven
(7) Business Days after receiving notice from the Holder of the applicability of the HSR Act and a request to so file, with the United States Federal Trade Commission (the “FTC”) and the United States Department of Justice (the
“DOJ”) the notification and report form and any supplemental information required to be filed by it pursuant to the HSR Act in connection with the exercise of this Warrant. Any such notification and report form and supplemental
information will be in full compliance with the requirements of the HSR Act. The Company will furnish to the Holder promptly (but in no event more than five (5) Business Days) such information and assistance as the Holder may reasonably request
in connection with the preparation of any filing or submission required to be filed by the Holder under the HSR Act. The Company shall respond promptly after receiving any inquiries or requests for additional information from the FTC or the DOJ (and
in no event more than three (3) Business Days after receipt of such inquiry or request). The Company shall keep the Holder apprised periodically and at the Holder’s request of the status of any communications with, and any inquiries or
requests for additional information from, the FTC or the DOJ. The Company shall bear all filing or other fees required to be paid by the Company and the Holder (or the “ultimate parent entity” of the Holder, if any) under the HSR Act or
any other applicable law in connection with such filings and all costs and expenses (including, without limitation, reasonable attorneys’ fees and expenses) incurred by the Company and the Holder in connection with the preparation of such
filings and responses to inquiries or requests. In the event that this Section 2.4 is applicable to any exercise of this Warrant, the purchase by the Holder of the Exercise Shares subject to such exercise, and the payment by the Holder of the
Exercise Price therefor, shall be subject to the expiration or earlier termination of the waiting period under the HSR Act (with the exercise date of this Warrant being deemed to be the date immediately following the date of such expiration or early
termination). 

 2.5. Termination. This Warrant shall terminate upon the earlier to occur of
(i) exercise in full or (ii) the expiration of the Exercise Period. 
 3. REGISTRATION RIGHTS. The Holder of this Warrant has certain
rights to require the Company to register its resale of the Warrant Shares under the Securities Act and any blue sky or securities laws of any jurisdictions within the United States at the time and in the manner specified in the Registration Rights
Agreement, dated as of May [    ], 2017, as amended and in effect from time to time. 
 4. DELIVERY OF STOCK CERTIFICATES ON
EXERCISE. 
 4.1. Delivery of Exercise Shares. As soon as practicable after any exercise of this Warrant and in any event within
three (3) Trading Days thereafter (such date, the “Exercise Share Delivery Date”), the Company shall, at its expense (including the payment by it of any applicable issue or stamp taxes), cause to be issued in the name of and
delivered to the Holder, or as the Holder may direct, a certificate or certificates evidencing the number of fully paid and nonassessable shares of Common Stock (or Other Securities, as applicable) (which number shall be rounded up to the nearest
whole share in the event any fractional share may otherwise be issuable upon such exercise) to which the Holder shall be entitled on such exercise, in such denominations as may be requested by the Holder, which certificate or certificates shall be
free of restrictive and trading legends provided that the shares subject to the Exercise Notice are included in an effective Registration Statement or all applicable requirements of Rule 144, including the holding period thereof, are met. In lieu of
delivering physical certificates for the shares of Common Stock (or Other Securities) issuable upon any exercise of this Warrant, provided the Company’s transfer agent is participating in the Depository Trust Company (“DTC”)
Fast Automated Securities Transfer (“FAST”) program or a similar program and either (A) there is an effective registration statement permitting the issuance of the shares to or resale of the shares by the Holder or (B) the
shares are eligible for resale without volume or manner-of-sale limitations pursuant to Rule 144 (it being understood that if both (A) and (B) are not satisfied,
then such shares of Common Stock (or Other Securities) shall be kept in book entry form by the Company’s transfer agent), upon request of the Holder, the Company shall cause its transfer agent to electronically transmit such shares of Common
Stock (or Other Securities) issuable upon exercise of this Warrant to the Holder (or its designee), by crediting the account of the Holder’s (or such designee’s) broker with DTC through its Deposit Withdrawal Agent Commission system
(provided that the same time periods herein as for stock certificates shall apply) as instructed by the Holder (or its designee). The Company understands that a delay in the delivery of the Exercise Shares after the Exercise Share Delivery Date
could result in economic loss to the Holder. As compensation to the Holder for such loss, the Company agrees to pay (as liquidated damages and not as a penalty) to the Holder for late issuance of Exercise Shares upon exercise of this Warrant the
proportionate amount of $10 per Trading Day (increasing to $20 per Trading Day after the fifth (5th) Trading Day) after the Exercise Share Delivery Date for each $1,000 of Aggregate Exercise Price for which this Warrant is exercised which are not
timely delivered. The Company shall pay any payments incurred under this Section 4 in immediately available funds upon demand. Furthermore, in addition to any other remedies which may be available to the Holder, in the event that the Company
fails for any reason to effect delivery of the Exercise Shares by the Exercise Share Delivery Date, the Holder may revoke all or part of the relevant Warrant exercise by delivery of a notice to such effect to the Company, whereupon the Company and
the Holder shall each be restored to their respective positions immediately prior to the exercise of the relevant portion of this Warrant, except that the liquidated damages described above shall be payable through the date notice of revocation or
rescission is given to the Company. 
 4.2. Compensation for Buy-In on Failure to Timely Deliver Exercise
Shares. In addition to any other rights available to the Holder, if the Company fails to cause its transfer agent to transmit to the Holder Exercise Shares pursuant to an exercise on or before the Exercise 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 Exercise 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 Exercise
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 Exercise 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. 

4.3. Charges, Taxes and Expenses. Issuance of Exercise 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 Exercise Shares, all of which taxes and expenses shall be paid by the Company, and such Exercise 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 Exercise 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 Exercise Notice. 
 5. ADJUSTMENT FOR DIVIDENDS, DISTRIBUTIONS AND RECLASSIFICATIONS.

 5.1. Distribution of Assets; Spin-Off. If the Company shall declare or make any
dividend or other distribution of its assets (or rights to acquire its assets) to holders 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 Spin-Off, dividend, reclassification, corporate rearrangement or other similar transaction, but excluding cash dividends which are prohibited by Section 5.2 hereof and excluding stock
dividends or stock split adjustments in respect of which are provided for in Section 7 hereof) (a “Distribution”), at any time on or after the First Closing Date (as defined in the Purchase Agreement), then, in each such
case: 
 (a) (i) the Exercise Price in effect immediately prior to the close of business on the record date fixed for the determination
of holders of Common Stock entitled to receive the Distribution shall be reduced, effective as of the close of business on such record date, to a price determined by multiplying such Exercise Price by a fraction of which: 

 (A) the numerator shall be the Market Price of the Common Stock on the Trading
Day immediately preceding such record date minus the Fair Market Value of the Distribution applicable to one share of Common Stock, and 

(B) the denominator shall be the Market Price of the Common Stock on the Trading Day immediately preceding such record date;

 and (ii) the number of Warrant Shares obtainable upon exercise of this Warrant shall be increased to a number of shares equal to the number of
shares of Common Stock obtainable immediately prior to the close of business on the record date fixed for the determination of holders of Common Stock entitled to receive the Distribution multiplied by the reciprocal of the fraction
set forth in the immediately preceding clause (i) of this Section 5.1(a); and 
 (b) Notwithstanding the provisions of the foregoing
clause (a), in the event of a Spin-Off in which the Distribution is of common stock of a subsidiary of the Company, then (i) the Exercise Price in effect immediately prior to the close of business on the
record date fixed for the determination of holders of Common Stock entitled to receive such Distribution shall be reduced, effective as of the close of business on such record date, to a price determined by multiplying such Exercise Price by a
fraction of which: 
 (A) the numerator shall be the Market Price of the Common Stock on the Trading Day immediately
preceding such record date minus the Fair Market Value of the Distribution applicable to one share of Common Stock, and 

(B) the denominator shall be the Market Price of the Common Stock on the Trading Day immediately preceding such record date;

 and (ii) the Holder shall receive an additional warrant to purchase common stock of such company, the terms of which shall be identical to those of
this Warrant, except that such warrant shall be exercisable into the number of shares of common stock of such company that would have been issuable or distributed to the Holder of this Warrant pursuant to the Distribution had the Holder exercised
this Warrant for cash for the full number of shares of Common Stock on the face of this Warrant (notwithstanding the requirement that this Warrant be exercised pursuant to the net exercise provisions of Section 2.3) immediately prior to such
record date and with an exercise price equal to the amount by which the Exercise Price of this Warrant was decreased with respect to the Distribution pursuant to the terms of the preceding clause (i) of this Section 5.1(b). 

5.2. Cash Dividends. For so long as any Warrants are outstanding, no cash dividend shall be declared or paid or set aside for
payment on any shares of the Company’s Common Stock or any parity or junior stock thereto. 
 5.3. Other Events. If any
event occurs of the type contemplated by the provisions of this Section 5 but not expressly provided for by such provisions, then the Company’s board of directors (the “Board of Directors”), acting in good faith and
consistent with their fiduciary duties, shall make an appropriate adjustment in the Exercise Price and the number of shares of Common Stock obtainable upon exercise of this Warrant so as to protect the rights of the Holder. 

 6. ADJUSTMENT FOR REORGANIZATION, CONSOLIDATION, MERGER, ETC. 

6.1. Certain Adjustments. In case at any time or from time to time on or after the First Closing Date (as defined in the
Purchase Agreement), the Company shall (i) effect a capital reorganization, reclassification or recapitalization, (ii) consolidate with or merge into any other Person, or (iii) transfer all or substantially all of its
properties or assets to any other Person under any plan or arrangement contemplating the dissolution of the Company, then in each such case, this Warrant shall thereafter be exercisable for the same kind and amounts of securities (including shares
of stock) or other assets, or both, which were issuable or distributable to the holders of outstanding Common Stock upon such reorganization, reclassification, recapitalization, consolidation, merger or transfer, in respect of that number of shares
of Common Stock for which this Warrant could have been exercised immediately prior to such reorganization, reclassification, recapitalization, consolidation, merger or transfer; and, in any such case, appropriate adjustments (as determined in good
faith by the Board of Directors of the Company) shall be made to assure that the provisions set forth herein shall thereafter be applicable, as nearly as reasonably may be practicable, in relation to any securities or other assets thereafter
deliverable upon the exercise of this Warrant. 
 6.2. Continuation of Terms. Upon any reorganization, consolidation, merger or
transfer (and any dissolution following any transfer) referred to in this Section 6, this Warrant shall continue in full force and effect and the terms hereof shall be applicable to the shares of stock and other securities and property
receivable on the exercise of this Warrant after the consummation of such reorganization, consolidation or merger or the effective date of dissolution following any such transfer, as the case may be, and shall be binding upon the issuer of any such
stock or other securities, including, in the case of any such transfer, the Person acquiring all or substantially all of the properties or assets of the Company, whether or not such Person shall have expressly assumed the terms of this Warrant as
provided in Section 8 hereof. 
 7. ADJUSTMENTS FOR STOCK EVENTS AND ISSUANCE OF OTHER SECURITIES. 

7.1. General. If at any time on or after the First Closing Date (as defined in the Purchase Agreement) there shall occur
any stock split, stock dividend, reverse stock split or other subdivision of the Company’s Common Stock (“Stock Event”), then the number of shares of Common Stock to be received by the Holder shall be appropriately adjusted
such that the proportion of the number of shares issuable hereunder to the total number of shares of the Company (on a fully diluted basis) prior to such Stock Event is equal to the proportion of the number of shares issuable hereunder after such
Stock Event to the total number of shares of the Company (on a fully-diluted basis) after such Stock Event. The Exercise Price shall be proportionately decreased or increased upon the occurrence of any Stock Event; provided that in no event
will the Exercise Price be less than the par value of the Common Stock. 
 7.2. Other Securities. In case any Other Securities shall
have been issued, or shall then be subject to issue upon the conversion or exchange of any stock (or Other Securities) of the Company (or any other issuer of Other Securities or any other entity referred to in Section 6 hereof) or to
subscription, purchase or other acquisition pursuant to any rights or options granted by the Company (or such other issuer or entity), the Holder shall be entitled to receive upon exercise hereof such amount of Other Securities (in lieu of or in
addition to Common Stock) as is determined in accordance with the terms hereof, treating all references to Common Stock herein as references to Other Securities to the extent applicable, and the computations, adjustments and readjustments provided
for in this Section 7 with respect to the number of shares of Common Stock issuable upon exercise of this Warrant shall be made as nearly as possible in the manner so provided and applied to determine the amount of Other Securities from time to
time receivable on the exercise of the Warrant, so as to provide the Holder with the benefits intended by this Section 7 and the other provisions of this Warrant. 

 8. NO DILUTION OR IMPAIRMENT. The Company will not, by amendment of 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 the Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in taking all such action as may be necessary or appropriate in order to protect the rights of the Holder against dilution. Without limiting the generality of the foregoing, the
Company (i) will not increase the par value of any shares of stock receivable on the exercise of the Warrant above the amount payable therefor on such exercise, (ii) will take all such action as may be necessary or appropriate in order
that the Company may validly and legally issue fully paid and non-assessable shares of stock on the exercise of the Warrant from time to time outstanding, and (iii) subject to Section 14, will not
transfer all or substantially all of its properties and assets to any other entity (corporate or otherwise), or consolidate with or merge into any other entity or permit any such entity to consolidate with or merge with the Company (if the Company
is not the surviving entity), unless such other entity shall expressly assume in writing and will be bound by all the terms of this Warrant. 
 9.
CERTIFICATE AS TO ADJUSTMENTS. In each case of any event that may require any adjustment or readjustment in the shares of Common Stock issuable on the exercise of this Warrant, the Company at its expense will promptly prepare a certificate
setting forth such adjustment or readjustment, or stating the reasons why no adjustment or readjustment is being made, and showing, in detail, the facts upon which any such adjustment or readjustment is based, including a statement of (i) the
number of shares of Common Stock then issued and outstanding, and (ii) the number of shares of Common Stock to be received upon exercise of this Warrant, in effect immediately prior to such adjustment or readjustment and as adjusted and
readjusted (if required by Section 7) on account thereof. The Company will forthwith mail a copy of each such certificate to the Holder, and will, on the written request at any time of the Holder, furnish to the Holder a like certificate
setting forth the calculations used to determine such adjustment or readjustment. 
 10. NOTICES OF RECORD DATE. In the event of: 

(a) any taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders
thereof who are entitled to receive any dividend or other distribution, or any right to subscribe for, purchase or otherwise acquire any shares of stock of any class or any other securities or property, or to receive any other right; or 

(b) any capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the Company or
any transfer of all or substantially all the assets of the Company to or any consolidation or merger of the Company with or into any other Person or any other Change of Control; or 

(c) any voluntary or involuntary dissolution, liquidation or winding-up of the Company.

 then, and in each such event, the Company will mail or cause to be mailed to the Holder a notice specifying (i) the date on which any such record is
to be taken for the purpose of such dividend, distribution or right, and stating the amount and character of such dividend, distribution or right, or (ii) the date on which any such reorganization, reclassification, recapitalization, transfer,
consolidation, merger, dissolution, liquidation or winding-up is anticipated to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock (or Other Securities) shall be
entitled to 

 
exchange their shares of Common Stock (or Other Securities) for securities or other property deliverable on such reorganization, reclassification, recapitalization, transfer, consolidation,
merger, dissolution, liquidation or winding-up. Such notice shall be mailed at least thirty (30) days prior to the date specified in such notice on which any such action is to be taken. 

11. RESERVATION OF STOCK ISSUABLE ON EXERCISE OF WARRANT; REGULATORY COMPLIANCE. 

11.1. Reservation of Stock Issuable on Exercise of Warrant. The Company shall at all times while this Warrant shall be outstanding,
reserve and keep available out of its authorized but unissued Common Stock, such number of shares of Common Stock as shall from time to time be sufficient to effect the exercise of all or any portion of the Warrant Shares (disregarding for this
purpose any and all limitations of any kind on such exercise). The Company shall, from time to time in accordance with the Florida Business Corporation Act, increase the authorized number of shares of Common Stock or take other effective action if
at any time the unissued number of authorized shares shall not be sufficient to satisfy the Company’s obligations under this Section 11. 

11.2 Regulatory Compliance. If any shares of Common Stock to be reserved for the purpose of exercise of the Warrant Shares require
registration or listing with or approval of any Governmental Authority, stock exchange or other regulatory body under any federal or state law or regulation or otherwise before such shares may be validly issued or delivered upon exercise, the
Company shall, at its sole cost and expense, in good faith and as expeditiously as possible, secure such registration, listing or approval, as the case may be. 

12. DEFINITIONS. As used herein the following terms, unless the context otherwise requires, have the following respective meanings: 

Aggregate Exercise Price means, in connection with the exercise of this Warrant at any time, an amount equal to the product obtained by
multiplying (i) the Exercise Price times (ii) the number of shares of Common Stock for which this Warrant is being exercised at such time. 

Change of Control means an event or series of events by which any of the following occurs: (a) a “person” or
“group” within the meaning of Section 13(d) of the Exchange Act files a Schedule 13D or any schedule, form or report under the Exchange Act disclosing that such person or group has become the direct or indirect ultimate beneficial owner of
common equity of the Company representing more than a majority of the voting power of the outstanding Common Stock; (b) consummation of any consolidation or merger of the Company or similar transaction or any sale, lease or other transfer in
one transaction or a series of transactions of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any Person, in each case pursuant to which the Common Stock will be converted into cash,
securities or other property, other than pursuant to a transaction in which the Persons that beneficially owned, directly or indirectly, voting shares of the Company immediately prior to such transaction beneficially own, directly or indirectly,
voting shares representing more than a majority of the total voting power of all outstanding classes of voting shares of the continuing or surviving Person immediately after the transaction; or (c) the Company’s stockholders approve and
adopt a plan of liquidation or dissolution of the Company or a sale of all or substantially all of the Company’s assets. 
 Common
Stock means (i) the Company’s Common Stock, $0.001 par value per share, (ii) any other capital stock of any class or classes (however designated) of the Company, the holders of which shall have the right, without limitation as to
amount, either to all or to a share of the balance of current dividends and liquidating dividends after the payment of dividends and distributions on any shares entitled to preference, and (iii) any other securities into which or for which any
of the securities described in clauses (i), or (ii) above have been converted or exchanged pursuant to a plan of recapitalization, reorganization, merger, sale of assets or otherwise. 

 Common Stock Deemed Outstanding means, at any given time, the number of shares of Common
Stock actually outstanding at such time, plus the number of shares of Common Stock issuable at such time upon conversion of any Convertible Securities and Options (other than this Warrant and any other warrants issued under the Purchase Agreement)
then outstanding to the extent such Convertible Security or Option is (i) convertible, exercisable or exchangeable at such time and (ii) convertible, exercisable or exchangeable at a price that is less than the Fair Market Value of a share
of Common Stock issuable upon such conversion, exercise or exchange at such time. 
 Convertible Securities means any evidences of
indebtedness, shares (other than Common Stock) or other securities directly or indirectly convertible into or exchangeable for Common Stock. 

Exchange Act shall mean the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated
thereunder from time to time in effect. 
 Exercise Period means the period commencing on the six month anniversary of the Issue Date
and ending on the seventh anniversary of the Issue Date. 
 Exercise Price means $0.31 per share of Common Stock. 

Exercise Shares means the shares of Common Stock for which this Warrant is then being exercised. 

Fair Market Value means, with respect to any security or other property, the fair market value of such security or other property as
determined unanimously by the Board of Directors, acting in good faith. If the Board of Directors is unable to unanimously agree to the fair market value, it will have an independent third-party appraisal conducted by a nationally-recognized
valuation company and the determination of such company shall be final. 
 Governmental Authority means the government of the United
States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

Issue Date means [    ], 2017. 

Market Price means, with respect to the Common Stock, on any given day, the closing sale price or, if no closing sale price is
reported, the last reported sale price of the shares of the Common Stock on the New York Stock Exchange on such date. If the Common Stock is not traded on the New York Stock Exchange on any date of determination, the Market Price of the Common Stock
on such date of determination means the closing sale price as reported in the composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock is so listed or quoted, or, if no closing sale price is
reported, the last reported sale price on the principal U.S. national or regional securities exchange on which the Common Stock is so listed or quoted, or if the Common Stock is not so listed or quoted on a U.S. national or regional securities
exchange, the last quoted bid price for the Common Stock in the over-the-counter market as reported by the OTC Markets Group or similar organization, or, if that bid
price is not available, the market price of the Common Stock on that date as determined by a nationally recognized independent investment banking firm retained by the Company for this purpose. 

 Option means any rights, options or warrants to subscribe for, purchase or otherwise
acquire Common Stock or Convertible Securities. 
 Other Securities refers to any stock (other than Common Stock) and other
securities of the Company or any other entity (corporate or otherwise) (i) which the Holder at any time shall be entitled to receive, or shall have received, on the exercise of this Warrant, in lieu of or in addition to Common Stock, or
(ii) which at any time shall be issuable or shall have been issued in exchange for or in replacement of Common Stock or Other Securities, in each case pursuant to Section 5 or 6 hereof. 

Person shall mean and include an individual, a partnership, a joint venture, a corporation, a limited liability company, a trust, an
unincorporated organization and a government or any department or agency thereof. 
 Preliminary Change of Control means, with
respect to the Company, the earlier of (i) the public disclosure of a Change of Control or (ii) (A) the execution of a definitive agreement for a transaction or (B) the recommendation that stockholders tender in response to a tender
or exchange offer, in the case of both (A) and (B), that would reasonably be expected to result in a Change of Control. 
 Principal
Market means, at any time, the securities exchange, quotation system or over-the-counter trading facility on which the Common Stock is then principally traded or
quoted at such time. 
 Reference Price means, on any date of determination, the greater of (i) the Market Price per share as of
such date and (ii) the Exercise Price. 
 Securities Act means the Securities Act of 1933, as amended from time to time, and the
rules and regulations promulgated thereunder from time to time in effect. 
 Spin-Off means a
transaction in which the Company spins off or otherwise divests itself of a part of its business or operations or disposes all or a part of its assets in a transaction in which the Company does not receive compensation for such business, operations
or assets, but causes securities of a subsidiary of the Company or another entity to be distributed or otherwise issued to security holders of the Company. 

Trading Day means, at any time, a day on which the Principal Market is open for the general trading or quotation of securities and the
Common Stock is traded or quoted thereon without suspension or interruption. 
 13. LIMITATION ON BENEFICIAL OWNERSHIP. Notwithstanding anything to
the contrary contained herein, the Holder shall not be entitled to receive shares of Common Stock or Other Securities (together with Common Stock, “Equity Interests”) upon exercise of the Warrant to the extent (but only to the
extent) that such exercise or receipt would cause the Holder Group to become, directly or indirectly, a “beneficial owner” (within the meaning of Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder) of a
number of Equity Interests of a class that is registered under the Exchange Act which exceeds the Maximum Percentage (as defined below) of the Equity Interests of such class that are outstanding at such time. This limitation on beneficial ownership
(a) may be increased, decreased or terminated, in the Holder’s sole discretion, upon 61 days’ written notice to the Company by the Holder and (b) shall terminate automatically on the date that is 15 days prior to expiration of
the 

 
Exercise Period. Any purported delivery of Equity Interests in connection with the exercise of the Warrant prior to the termination of this restriction in accordance herewith shall be void and
have no effect to the extent (but only to the extent) that such delivery would result in the Holder Group becoming the beneficial owner of more than the Maximum Percentage of the Equity Interests of a class that is registered under the Exchange Act
that is outstanding at such time. If any delivery of Equity Interests owed to the Holder following exercise of the Warrant is not made, in whole or in part, as a result of this limitation, the Company’s obligation to make such delivery shall
not be extinguished and the Company shall deliver such Equity Interests as promptly as practicable after the Holder gives notice to the Company that such delivery would not result in such limitation being triggered or upon termination of the
restriction in accordance with the terms hereof. For purposes of this Section 13, (i) unless modified by the Holder pursuant to the second sentence of this Section 13, the term “Maximum Percentage” shall mean 4.99%;
provided, that if at any time after the date hereof the Holder Group beneficially owns in excess of 4.99% of any class of Equity Interests in the Company that is registered under the Exchange Act (excluding any Equity Interests deemed beneficially
owned by virtue of this Warrant and the Preferred Stock), then the Maximum Percentage shall automatically increase to 9.99% so long as the Holder Group owns in excess of 4.99% of such class of Equity Interests (and shall, for the avoidance of doubt,
automatically decrease to 4.99% upon the Holder Group ceasing to own in excess of 4.99% of such class of Equity Interests); and (ii) the term “Holder Group” shall mean the Holder plus any other Person with which the Holder is
considered to be part of a group under Section 13 of the Exchange Act or with which the Holder otherwise files reports under Sections 13 and/or 16 of the Exchange Act. In determining the number of Equity Interests of a particular class
outstanding at any point in time, the Holder may rely on the number of outstanding Equity Interests of such class as reflected in (x) the Company’s most recent Annual Report on Form 10-K or Quarterly
Report on Form 10-Q filed with the Securities and Exchange Commission, as the case may be, (y) a more recent public announcement by the Company or (z) a more recent notice by the Company or its
transfer agent to the Holder setting forth the number of Equity Interests of such class then outstanding. For any reason at any time, upon written or oral request of the Holder, the Company shall, within two Trading Days of such request, confirm
orally and in writing to the Holder the number of Equity Interests of any class then outstanding. The provisions of this Section 13 shall be construed, corrected and implemented in a manner so as to effectuate the intended beneficial ownership
limitation herein contained. The limitations in this Section 13 shall not have an effect on any calculation or payment due to the Holder of this Warrant pursuant to Section 14 hereof. 

14. CHANGE OF CONTROL. Upon the occurrence of a Change of Control, the Company shall, upon the consummation of such Change of Control, make an offer to
repurchase the unexercised portion of this Warrant at the option value of the Warrant using Black-Scholes calculation methods and making the assumptions described in the Black-Scholes methodology described in Exhibit A. Such offer shall be
made within ten (10) Trading Days following the consummation of such Change of Control, and shall remain open for a period of thirty (30) Trading Days. Payment of such purchase price by the Company to the Holder of this Warrant, if
tendered pursuant to such offer to purchase, shall be due in cash promptly upon termination of such offer period. The Company will comply with all the applicable provisions of Rule 13e-4 and any other tender
offer rules under the Exchange Act, if required, in connection with any offer by the Company to repurchase this Warrant and to the extent necessary to comply therewith, the time periods specified herein shall be extended accordingly. The fact that
this Warrant may be exercised on a cashless net exercise basis as provided in Section 2.3 shall not have any effect on any calculation or payment due to the Holder of this Warrant pursuant to this Section 14. The limitations in
Section 13 hereof shall not have an effect on any calculation or payment due to the Holder of this Warrant pursuant this Section 14. The Company agrees that it will not take any action resulting in a Preliminary Change of Control or a
Change of Control in the absence of definitive documentation providing for such repurchase of the Warrant pursuant to this Section 14. 

 15. TRANSFER OF WARRANT. 

15.1. Transferability. 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 of assignment (the “Assignment Notice”)
attached hereto duly executed by the Holder or its agent or attorney. Upon such surrender, 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 Assignment Notice, 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. The Warrant, if properly assigned in accordance
herewith, may be exercised by a new holder for the purchase of Exercise Shares without having a new Warrant issued. 
 15.2. 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 15.1, 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 original Issue Date and shall be identical with this Warrant except as to the number of Exercise
Shares issuable pursuant thereto. 
 16. 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 Exercise Shares, and in case of loss, theft or destruction, of indemnity or security reasonably
satisfactory to it (which, in the case of this 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. 
 17. REMEDIES. The Company stipulates
that the remedies at law of the Holder in the event of any default or threatened default by the Company in the performance of or compliance with any of the terms of this Warrant are not and will not be adequate, and that such terms may be
specifically enforced by a decree for the specific performance of any agreement contained herein or by an injunction against a violation of any of the terms hereof or otherwise. 

18. NOTICES. All notices and other communications from the Company to the Holder shall be mailed by first class registered or certified mail, postage
prepaid, or sent by overnight courier (or sent in the form of a facsimile) at such address as may have been furnished to the Company in writing by the Holder or, until the Holder furnishes to the Company an address, then to, and at the address of,
the last Holder of this Warrant who has so furnished an address to the Company. 
 19. CONSENT TO AMENDMENTS. Any term of this Warrant may be
amended, and the Company may take any action herein prohibited, or compliance therewith may be waived, only if the Company shall have obtained the written consent (and not without such written consent) to such amendment, action or waiver from the
Holder; provided, that if any other holder of Warrants receives any remuneration or compensation as consideration for any consent, amendment or waiver to its Warrant, then such remuneration or compensation shall be concurrently delivered, on the
same equivalent terms, ratably to the Holder. No course of dealing between the Company and the Holder nor any delay in exercising any rights hereunder shall operate as a waiver of any rights of the Holder. 

 20. MISCELLANEOUS. In case any provision of this Warrant shall be invalid, illegal or unenforceable, or
partially invalid, illegal or unenforceable, the provision shall be enforced to the extent, if any, that it may legally be enforced and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or
impaired thereby. If any provision of this Warrant is found to conflict with the Purchase Agreement, the provisions of this Warrant shall prevail. THIS WARRANT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL
BE GOVERNED BY, THE INTERNAL LAW OF THE STATE OF NEW YORK, EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD PERMIT THE APPLICATION OF THE LAWS OF A
JURISDICTION OTHER THAN SUCH STATE. The headings in this Warrant are for purposes of reference only, and shall not limit or otherwise affect any of the terms hereof. 

[Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its duly authorized
officer. 
 Dated as of May [    ], 2017 
  

			
	ORAGENICS, INC.

 
			
		
	By:	 	  

		
	Title:	 	  

 FORM OF SUBSCRIPTION 

(To be signed only on exercise 
 of
Common Stock Purchase Warrant) 
  

	TO:	Oragenics, Inc. 

 1. The undersigned Holder of the attached Warrant hereby elects to exercise
its purchase right under such Warrant to purchase shares of Common Stock of Oragenics, Inc., a Florida corporation (the “Company”), as follows (check one or more, as applicable): 

 

	 	☐	to exercise the Warrant to purchase              shares of Common Stock and to pay the Aggregate Exercise Price therefor by wire transfer of United States
funds to the account of the Company, which transfer has been made prior to or as of the date of delivery of this Form of Subscription pursuant to the instructions of the Company; 

and/or 
  

	 	☐	to exercise the Warrant with respect to             shares of Common Stock pursuant to the net exercise provisions specified in Section 2.3 of the
Warrant. 

 2. Please issue a stock certificate or certificates representing the appropriate number of shares of Common Stock
in the name of the undersigned or in such other name(s) as is specified below: 
  

					
	Name:	  	  
	  	
	Address:	  	  
	  	
		  	  
	  	
		  	  
	  	
	TIN:	  	  
	  	

  

			
	      

(Signature must conform exactly to name of Holder
 as specified on
the face of the Warrant)
	  	Dated:                                  

 FORM OF ASSIGNMENT 

(To be signed only on transfer of Warrant) 

For value received, the undersigned hereby sells, assigns, and transfers unto
            the right represented by the within Warrant to purchase      shares of Common Stock of Oragenics, Inc., a Florida corporation, to which
the within Warrant relates, and appoints             attorney to transfer such right on the books of Oragenics, Inc., with full power of substitution in the premises. 

 

							
		  	[insert name of Holder]
			
	Dated:                             	  	By:	  	  

			
		  	Title:	  	  

		
		  	[insert address of Holder]

 Signed in the presence of: 
  

                          
               

 EXHIBIT A 

Black-Scholes Assumptions 
 For the
purpose of this Exhibit A: 
 “Acquiror” means (A) the third party that has entered into definitive documentation
for a transaction, or (B) the offeror in the event of a tender or exchange offer, which could reasonably result in a Change of Control upon consummation. 
  

			
	 Underlying Security Price:
	  	 •    In the event of a merger or acquisition, (A) in the event of
an “all cash” deal, the cash per share offered to the Company’s stockholders by the Acquiror; (B) in the event of an “all stock” deal, (1) in the event of a fixed exchange ratio transaction, the product of
(i) the average of the Market Price of the Acquiror’s common stock for the ten trading day period ending on the day preceding the date of the Preliminary Change of Control and (ii) the number of Acquiror’s shares being offered
for one share of Common Stock and (2) in the event of a fixed value transaction, the value offered by the Acquiror for one share of Common Stock; (C) in the event of a transaction contemplating various forms of consideration for each share
of Common Stock, the cash portion, if any, shall be valued as clause (A) above and the stock portion shall be valued as clause (B) above and any other forms of consideration shall be valued by the Board of Directors of the Company in good
faith, without applying any discounts to such consideration.
  

•    In the event of all other Change of Control events, the volume weighted average price of
the Common Stock quoted on the New York Stock Exchange or any other U.S. exchange on which the Common Stock is listed, whichever is applicable, as posted by Bloomberg L.P. (or such other reference reasonably relied upon by the Company if not so
published) for the thirty (30) Trading Days ending on the Trading Day immediately preceding the date of the Preliminary Change of Control (the “Reference Date”).

 

	Exercise Price:	  	The Exercise Price as adjusted and then in effect for the Warrant.
		
	Dividend Rate:	  	The Company’s annualized dividend yield as of the Reference Date.
		
	Interest Rate:	  	The applicable U.S. 5 year treasury note risk free rate as of the Reference Date.
		
	Model Type:	  	Black-Scholes
		
	Exercise Type:	  	American
		
	Put or Call:	  	Call
		
	Trade Date:	  	The Reference Date
		
	Expiration Date:	  	The expiration of the Exercise Period
		
	Settle Date:	  	The Reference Date plus one Trading Day
		
	Exercise Delay:	  	0
		
	Volatility:	  	The 30-day average of the daily volatility (annualized) over the period beginning on and including the Reference Date and ending on the date that is the thirtieth (30) Trading Day prior
to the Reference Date, for the Common Stock as obtained from the HVT function on Bloomberg.

 Such valuation of the Warrant based on the Black-Scholes methodology shall not be discounted in any way. If the Holder
disputes such Black-Scholes valuation pursuant to this Exhibit A as calculated by the Company, the Company and the Holder will choose a mutually-agreeable firm to compute the valuation of the Warrant using the guidelines
above, and such valuation shall be final. The fees and expenses of such firm shall be borne equally by the Company and the Holder. In the event that a new warrant is issued by a company in a Spin-Off from the
Company pursuant to Section 5.1(b) of the Warrant, references in this Exhibit A to such spun-off company’s “Dividend Rate” and “Volatility” shall refer those of the Company
unless at the time of such measurement, such spun-off company has been trading in the public markets for at least 6 months.Promissory Note

 EXHIBIT 4.2 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE STATE
SECURITIES LAWS. IT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITY UNDER SUCH ACT OR AN OPINION OF COUNSEL SATISFACTORY TO BORROWER THAT SUCH REGISTRATION
IS NOT REQUIRED. 
 ORAGENICS, INC. 

PROMISSORY NOTE 
  

			
	$2,400,000	  	May 10, 2017

 FOR VALUE RECEIVED, the undersigned, Oragenics, Inc., a Florida corporation, with an address of 4902
Eisenhower Blvd., Suite 125, Tampa, FL 33634 (together with its successors and permitted assigns, the “Borrower”), hereby promises to pay to the order of Intrexon Corporation, a Virginia corporation (together with its
successors and assigns, the “Lender”), at 1750 Kraft Drive, Suite 1400, Blacksburg, VA 24060, or at such other place as may be designated from time to time in writing by the Lender, in lawful money of the United States of
America, without setoff, the principal sum of $2,400,000, or such lesser amount as may be advanced and remain outstanding from time to time, together with simple interest thereon at the rate provided below, all in accordance with the following terms
and provisions: 
 1. Definitions. Capitalized terms used in this Promissory Note (as amended, restated, amended and restated, supplemented or
otherwise modified from time to time, the “Note”) but not defined herein shall have the meanings ascribed thereto in that certain Promissory Note Purchase Agreement by and among the Borrower and the Lender, dated as of the date
hereof (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Purchase Agreement”). The following terms, unless the context otherwise requires, have the following meanings: 

 

	 	(a)	“Act” has the meaning set forth in the legend to this Note. 

  

	 	(b)	“Borrower” has the meaning set forth in the preamble to this Note. 

  

	 	(c)	“Event of Default” has the meaning set forth in Section 14 of this Note. 

(d) “Indebtedness” means, as to any Person, (i) all obligations of such Person for borrowed money (including, without
limitation, reimbursement and all other obligations with respect to surety bonds, letters of credit and bankers’ acceptances, whether or not matured), (ii) all obligations of such Person evidenced by notes, bonds, debentures or similar
instruments, (iii) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable and accrued commercial or trade liabilities arising in the ordinary course of business, (iv) all
interest rate and currency swaps, caps, collars and similar agreements or hedging devices under which payments are 

 
obligated to be made by such Person, whether periodically or upon the happening of a contingency, (v) all indebtedness created or arising under any conditional sale or other title retention
agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (vi) all obligations of
such Person under leases which have been or should be, in accordance with GAAP, recorded as capital leases and (vii) all indebtedness secured by any Lien (other than Liens in favor of lessors under leases other than leases included in clause
(vi) above) on any property or asset owned or held by that Person regardless of whether the indebtedness secured thereby shall have been assumed by that Person or its non-recourse to the credit of that
Person. 
  

	 	(e)	“Lender” has the meaning set forth in the preamble to this Note. 

  

	 	(f)	“Loan” has the meaning set forth in Section 3 of this Note. 

  

	 	(g)	“Maturity Date” shall mean two (2) years from the date of execution of the Purchase Agreement, or such later date as may be agreed by the Lender with the Lender’s prior written consent.

  

	 	(h)	“Note” has the meaning set forth in Section 1 of this Note. 

  

	 	(i)	“Purchase Agreement” has the meaning set forth in Section 1 of this Note. 

2. Purchase Agreement. This Note is executed and delivered by the Borrower pursuant to the terms and conditions of the Purchase Agreement and is
subject to the terms and conditions of the Purchase Agreement. 
 3. Loans. Upon the terms and subject to the conditions of this Note and the
Purchase Agreement, the Lender agrees to make a loan (the “Loan”) to the Borrower on the Closing Date, in the amount of $2,400,000. 

4. Use of Proceeds. The Borrower hereby agrees that the Loan made by the Lender to the Borrower hereunder shall be used to fund Borrower’s AG013
research and clinical trials. 
 5. Interest Rate. The unpaid principal balance of this Note outstanding from time to time shall bear interest at a
simple rate of twelve percent (12%) per annum. Interest shall be calculated on the basis of actual number of days elapsed over a year of three hundred sixty (360) days. 

6. Principal Payments. If not sooner paid, the entire unpaid principal balance of this Note and all unpaid accrued interest thereon shall be due and
payable on the Maturity Date. 
 7. Prepayment. This Note may be prepaid in whole or in part (along with any accrued interest), without penalty or
premium, at any time at the election of the Borrower. 

  
 2 

 8. Application of Payments. Payments made by the Borrower pursuant to the terms of this Note shall be
applied as follows: first, to any unpaid accrued collection costs and expenses; second, to any unpaid accrued interest; and third, to the principal balance of this Note. 

9. Assignment. Subject to the restrictions on transfer described in Section 11 of this Note, the rights and obligations of
the Borrower and the Lender shall be binding upon and inure to the benefit of the permitted successors, assigns, heirs, administrators and transferees of the parties hereto. 

10. Amendment. Any provision of this Note may be amended or modified with the prior written consent of both the Lender and the Borrower. 

11. Transfer of this Note. Subject to applicable securities laws, the Lender may assign this Note or any of its rights hereunder; provided that,
for the avoidance of doubt, the Lender may not assign this Note or any of its rights hereunder to any Person that is not an Affiliate of the Lender without the prior written consent of the Borrower. With respect to any such transfer of this Note,
the Lender will give written notice to the Borrower prior thereto, describing briefly the manner thereof, together with a written opinion of such Lender’s counsel, in a form reasonably satisfactory to the Borrower, to the effect that such
offer, sales or other distribution may be effected without registration or qualification under any federal or state law then in effect. Promptly upon receiving such written notice and opinion of counsel, the Borrower, as promptly as practicable but
in no event later than five (5) Business Days after receipt of such notice and opinion, shall notify the Lender that the Lender may sell or otherwise dispose of this Note in accordance with the terms of the notice delivered to the Borrower,
subject to any additional applicable restrictions, including without limitation restrictions set forth in any Transaction Document. If a determination has been made pursuant to this Section 11 that the opinion of counsel
for the Lender is not reasonably satisfactory to the Borrower, the Borrower shall so notify the Lender promptly after such determination has been made. Each Note thus transferred shall bear a legend as to the applicable restrictions on
transferability in order to ensure compliance with the Act, unless in the opinion of counsel for the Borrower such legend is not required, in order to ensure compliance with the registration or qualification requirement of any federal or state law
then in effect. 
 12. Stockholder Status. The Lender or its Affiliates currently own certain equity interests of the Borrower. Nothing contained in
this Note shall be construed as conferring upon the Lender any additional rights to vote or to receive dividends or to consent or to receive notice as a director in respect of any meeting of directors for the election of directors of the Borrower or
of any other matter, or any rights whatsoever as a stockholder of the Borrower. 
 13. Negative Covenants. So long as there remains any outstanding
and unpaid principal or interest under this Note, the Borrower hereby agrees to abide by the restrictions and negative covenants set forth in this Section 13, unless the Borrower first obtains the written consent of Lender
to permit the Borrower to take the action that would otherwise result in a breach of this Section 13. 
 (a)
Borrower Financing. The Borrower shall not raise capital through the issuance of debt, or any instruments convertible into or exchangeable for debt, unless, in connection with and contemporaneous with the closing of such financing, the
Borrower shall repay this Note in full. 

  
 3 

 (b) Liens. The Borrower shall not (i) create, incur, assume or suffer to exist any
Lien upon any of the property or assets of the Borrower, or (ii) suffer to exist for a period of more than thirty (30) days after the same shall have been incurred any Indebtedness or claim against it in excess of $100,000 that, if unpaid,
would by law or upon bankruptcy or insolvency, or otherwise, be entitled to any priority whatsoever over the Lender other than trade credit incurred in the ordinary course of business; provided, however, that the Borrower may incur
Liens (a) in favor of the Lender or any other Lender under any Note in compliance with the terms hereof, (b) imposed by law, which were incurred in the ordinary course of business and do not secure Indebtedness for borrowed money arising
in the ordinary course of business, and which do not in the aggregate materially detract from the value of its property or assets or materially impair the use thereof in the operation of business, (c) for taxes, fees, assessments or other
government charges or levies, either not delinquent or being contested in good faith and for which the Borrower maintains adequate reserves on its books, (d) arising in connection with leases or subleases of real property granted in the
ordinary course of business, and licenses or sublicenses of property granted in the ordinary course of the Borrower’s business, (e) arising from judgments, decrees or attachments in circumstances not constituting an Event of Default
hereunder or under the other Transaction Documents, (f) in favor of financial institutions arising in connection with the Borrower’s deposit and/or securities accounts held at such institutions, and (g) in connection with purchase
money Indebtedness for equipment and capitalized leases of equipment, provided that such security interests only attach to the equipment the purchase of which was financed by such purchase money Indebtedness or which is the subject of such
capitalized leases and the proceeds thereof. 
 (c) Dissolution, Sale of Assets. The Borrower shall not dissolve, reorganize,
liquidate, or sell any of the assets of the Borrower to any Person or enter into any merger or consolidation with any Person except (i) dispositions of assets or property of the Borrower of $100,000 or less, individually or collectively,
(ii) sales or leases of the Borrower’s products in the ordinary course of business, (iii) grants of non-exclusive licenses of Intellectual Property in the ordinary course of business, and
(iv) dispositions in the ordinary course of business. 
 (d) Obligations Under this Note. The Borrower shall not, by amendment of
its organizational documents 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 Note, but shall 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 in order to protect the rights of the Lender hereunder. 

14. Default and Remedies. If any of the events specified in this Section 14 shall occur (herein individually referred to as
an “Event of Default”), the Lender may, so long as such condition exists (after giving effect to any applicable cure period set forth below), declare the entire outstanding principal balance and unpaid accrued interest hereon
immediately due and payable, by notice in writing to the Borrower. 

  
 4 

 (a) Default in the payment of the principal or unpaid accrued interest on this Note when due and
payable if such default is not cured by the Borrower within fifteen (15) Business Days after the Borrower receives written notice of such default. 

(b) A material default in the observance or performance of any other covenant or agreement contained in this Note or the Purchase Agreement,
which default continues for a period of fifteen (15) Business Days after the Borrower receives written notice specifying the default. 

(c) The (i) failure to pay (x) any trade credit of the Borrower incurred in the ordinary course of business that has an outstanding
principal balance in excess of $100,000 on or before the date that is [45/60/90] days after the due date thereof or (y) any other Indebtedness of the Borrower when due (after giving effect to any applicable grace periods and any extensions
thereof) or at its final maturity, or (ii) the acceleration of any Indebtedness of the Borrower (which acceleration is not rescinded, annulled or otherwise cured within fifteen (15) Business Days after receipt by the Borrower of notice of
any such acceleration); provided, however, that this clause (c) shall not apply to any trade credit or any other Indebtedness of Borrower owed to Lender. 

(d) The institution by the Borrower of proceedings to be adjudicated as bankrupt or insolvent, or the consent by it to institution of
bankruptcy or insolvency proceedings against it or the filing by it of a petition or answer or consent seeking reorganization or release under Title 11 of the United States Code, or any other applicable federal or state law, or the consent by it to
the filing of any such petition or the appointment of a receiver, liquidator, assignee, trustee or other similar official of the Borrower, or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors,
which action is not dismissed within sixty (60) days of the commencement thereof. 
 (e) If, within sixty (60) days after the
commencement of an action against the Borrower (and service of process in connection therewith on the Borrower) seeking any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar relief under any present or future statute, law
or regulation, such action shall not have been resolved in favor of the Borrower or all orders or proceedings thereunder affecting the operations or the business of the Borrower stayed, or if the stay of any such order or proceeding shall thereafter
be set aside, or if, within sixty (60) days after the appointment without the consent or acquiescence of the Borrower of any trustee, receiver or liquidator of the Borrower or of all or any substantial part of the properties of the Borrower,
such appointment shall not have been vacated. 
 (f) The decision by the Board of Directors of the Borrower to cease or substantially cease
its operations or wind up the affairs of the Borrower. 
 (g) The occurrence of an event of default or material breach, as applicable, under
any of the Transaction Documents if such default or breach is not cured by the Borrower within fifteen (15) Business Days after the Borrower receives written notice of such default. 

  
 5 

 15. Allocation of Costs. If this Note is not paid in accordance with its terms, the Borrower shall pay to
the Lender, in addition to principal and accrued interest thereon, all costs of collection of the principal and accrued interest, including, but not limited to, reasonable attorneys’ fees, court costs and other costs for the enforcement of
payment of this Note. 
 16. Waiver. No waiver of any obligation of the Borrower under this Note shall be effective unless it is in a writing signed
by the Lender. A waiver by the Lender of any right or remedy under this Note on any occasion shall not be a bar to exercise of the same right or remedy on any subsequent occasion or of any other right or remedy at any time. The Borrower hereby
expressly waives presentment, demand, and protest, notice of demand, dishonor and nonpayment of this Note, and all other notices or demands of any kind in connection with the delivery, acceptance, performance, default or enforcement hereof, except
as expressly provided for herein or in any other Transaction Document, and hereby consents to any delays, extensions of time, renewals or waivers that may be granted or consented to by the Lender hereof with respect to the time of payment or any
other provision hereof. 
 17. Notices. All notices, demands and other communications provided for or permitted hereunder shall be made in writing
and shall be by registered or certified first-class mail, return receipt requested, facsimile, electronic mail, courier service or personal delivery to the addresses listed in the Purchase Agreement. All such notices and communications shall be
deemed to have been duly given when delivered by hand, if personally delivered; when delivered by courier, if delivered by commercial courier service, five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; and
upon receipt if sent via facsimile or electronic mail. 
 18. Governing Law. This Note is delivered in and shall be enforceable in accordance with
the laws of the State of Delaware (other than its conflict of laws principles) and shall be construed in accordance therewith, and shall have the effect of a sealed instrument. 

19. Severability. In the event any one or more of the provisions of this Note shall for any reason be held to be invalid, illegal or unenforceable, in
whole or in part or in any respect, or in the event that any one or more of the provisions of this Note operate or would prospectively operate to invalidate this Note, then and in any such event, such provision(s) only shall be deemed null and void
and shall not affect any other provision of this Note and the remaining provisions of this Note shall remain operative and in full force and effect and in no way shall be affected, prejudiced or disturbed thereby. 

20. No Personal Liability. Neither the officers, the directors or the shareholders of the Borrower nor any Person executing this Note on behalf of the
Borrower shall be liable personally or be subject to any personal liability or accountability with respect to the obligations of this Note or the Purchase Agreement by reason of the issuance hereof. 

[remainder of page intentionally blank] 

  
 6 

 IN WITNESS WHEREOF, the Borrower has executed and delivered this Note as of the date first above
written. 
  

			
	ORAGENICS, INC.
		
	By:	 	 /s/ Alan Joslyn

	Name:	 	Alan Joslyn
	Title:	 	Chief Executive Officer

 [Signature Page to Promissory Note]

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