Document:

NEITHER
THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND
THE SECURITIES ISSUABLE UPON CONVERSION OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
LOAN SECURED BY SUCH SECURITIES.

 

US
$605,000.00

 

VERUS
INTERNATIONAL, INC.

4%
CONVERTIBLE NOTE

DUE
JULY 1, 2020

 

FOR VALUE RECEIVED, VERUS INTERNATIONAL, INC. (the “Company”) promises to pay to the order of
Eagle Equities, LLC and its authorized successors and permitted assigns (“Holder”), the principal amount of
Six Hundred Five Thousand Dollars (U.S. $605,000.00) on July 1, 2020 (“Maturity Date”) and to pay interest on
the principal amount outstanding hereunder at the rate of 4% per annum commencing on July 1, 2019 (“Issuance Date”).
This Note shall contain an original issue discount of $90,000 such that the purchase price of this Note shall be $515,000. The
interest will be paid to the Holder in whose name this Note is registered on the records of the Company regarding registration
and transfers of this Note. The principal of, and interest on, this Note are payable at 390 Whalley Ave., New Haven, CT 06511,
and if changed, last appearing on the records of the Company as designated in writing by the Holder hereof from time to time. The
Company will pay each interest payment and the outstanding principal due upon this Note on or prior to the Maturity Date, less
any amounts required by law to be deducted or withheld, to the Holder of this Note by check or wire transfer addressed to such
Holder at the last address appearing on the records of the Company. The forwarding of such check or wire transfer shall constitute
a payment of outstanding principal hereunder and shall satisfy and discharge the liability for principal on this Note to the extent
of the sum represented by such check or wire transfer. Interest shall be payable in cash or in Common Stock (as defined below)
pursuant to Section 4(b) herein.

 

This
Note is subject to the following additional provisions:

 

1.
This Note is exchangeable for an equal aggregate principal amount of Notes of different authorized denominations, as requested
by the Holder surrendering the same. No service charge will be made for such registration or transfer or exchange, except that
Holder shall pay any tax or other governmental charges payable in connection therewith. To the extent that Holder subsequently
transfers, assigns, sells or exchanges any of the multiple lesser denomination notes, Holder acknowledges that it will provide
the Company with opinions of counsel as provided for in Section 2(f) of the Securities Purchase Agreement by the between the Company
and the Holder dated July 1, 2019.

 

    	1

    	 

    

 

2.
The Company shall be entitled to withhold from all payments any amounts required to be withheld under applicable laws.

 

3.
This Note may be transferred or exchanged only in compliance with the Securities Act of 1933, as amended (the “Act”),
applicable state securities laws and Sections 2(f) of the Securities Purchase Agreement. Any attempted transfer to a non-qualifying
party shall be treated by the Company as void. Prior to due presentment for transfer of this Note, the Company and any agent of
the Company may treat the person in whose name this Note is duly registered on the Company’s records as the owner hereof
for all other purposes, whether or not this Note be overdue, and neither the Company nor any such agent shall be affected or bound
by notice to the contrary. Any Holder of this Note electing to exercise the right of conversion set forth in Section 4(a) hereof,
in addition to the requirements set forth in Section 4(a), and any prequalified prospective transferee of this Note, also is required
to give the Company written confirmation that this Note is being converted (“Notice of Conversion”) in the
form annexed hereto as Exhibit A. The date of receipt (including receipt by telecopy) of such Notice of Conversion shall
be the conversion date (the “Conversion Date”). All notices of conversion will be accompanied by an opinion
of counsel, at the cost of the Buyer.

 

4.
(a) The Holder of this Note is entitled, at its option, at any from the Issuance Date until the until the Maturity Date, to convert
all or any amount of the principal face amount of this Note then outstanding into shares of the Company’s common stock,
par value $0.000001 per share (the “Common Stock”) at a price equal to $0.10 per share (“Conversion
Price”).

 

(b)
Interest on any unpaid principal balance of this Note shall be paid at the rate of 4% per annum. Interest shall be paid by the
Company in Common Stock (“Interest Shares”). The Holder may, at any time, send in a Notice of Conversion to the Company
for Interest Shares based on the formula provided in Section 4(a) above. The dollar amount converted into Interest Shares shall
be all or a portion of the accrued interest calculated on the unpaid principal balance of this Note to the date of such notice.

 

(c)
The Note may be prepaid with the following penalties:

 

	Time
    Period	 	Payment
    Premium
	<=90
    days after note issuance	 	105%
    of the sum of principal plus accrued interest
	>90
    days <=120 days after note issuance	 	110%
    of the sum of principal plus accrued interest
	>120
    days <= 150 days after note issuance	 	115%
    of the sum of principal plus accrued interest
	>150
    days <=180 days after note issuance	 	120%
    of the sum of principal plus accrued interest

 

This
Note may not be prepaid after the 180th day. Such redemption must be closed and funded within 3 days of giving notice
of redemption of the right to redeem shall be null and void.

 

    	2

    	 

    

 

(d)
Upon (i) a transfer of all or substantially all of the assets of the Company to any person in a single transaction or series of
related transactions, (ii) a reclassification, capital reorganization (excluding an increase in authorized capital) or other change
or exchange of outstanding shares of the Common Stock, other than a forward or reverse stock split or stock dividend, or (iii)
any consolidation or merger of the Company with or into another person or entity in which the Company is not the surviving entity
(other than a merger which is effected solely to change the jurisdiction of incorporation of the Company and results in a reclassification,
conversion or exchange of outstanding shares of Common Stock solely into shares of Common Stock) (each of items (i), (ii) and
(iii) being referred to as a “Sale Event”), then, in each case, the Holder may convert the unpaid principal amount
of this Note (together with the amount of accrued but unpaid interest) into shares of Common Stock immediately prior to such Sale
Event at the Conversion Price.

 

(e)
In case of any Sale Event (not to include a sale of all or substantially all of the Company’s assets) in connection with
which this Note is not converted, the Company shall cause effective provision to be made so that the Holder of this Note shall
have the right thereafter, by converting this Note, to purchase or convert this Note into the kind and number of shares of stock
or other securities or property (including cash) receivable upon such reclassification, capital reorganization or other change,
consolidation or merger by a holder of the number of shares of Common Stock that could have been purchased upon exercise of the
Note and at the same Conversion Price, as defined in this Note, immediately prior to such Sale Event. The foregoing provisions
shall similarly apply to successive Sale Events. If the consideration received by the holders of Common Stock is other than cash,
the value shall be as determined by the Board of Directors of the Company or successor person or entity acting in good faith.

 

5.
No provision of this Note shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of, and interest on, this Note at the time, place, and rate, and in the form, herein prescribed.

 

6.
The Company hereby expressly waives demand and presentment for payment, notice of non-payment, protest, notice of protest, notice
of dishonor, notice of acceleration or intent to accelerate, and diligence in taking any action to collect amounts called for
hereunder and shall be directly and primarily liable for the payment of all sums owing and to be owing hereto.

 

7.
The Company agrees to pay all costs and expenses, including reasonable attorneys’ fees and expenses, which may be incurred
by the Holder in collecting any amount due under this Note.

 

8.
If one or more of the following described “Events of Default” shall occur:

 

(a)
The Company shall default in the payment of principal or interest on this Note or any other note issued to the Holder by the Company;
or

 

(b)
Any of the representations or warranties made by the Company herein or in any certificate or financial or other written statements
heretofore or hereafter furnished by or on behalf of the Company in connection with the execution and delivery of this Note, or
the Securities Purchase Agreement under which this Note was issued shall be false or misleading in any respect; or

 

    	3

    	 

    

 

(c)
The Company shall fail to perform or observe, in any respect, any covenant, term, provision, condition, agreement or obligation
of the Company under this Note or any other note issued to the Holder; or

 

(d)
The Company shall (1) become insolvent (which does not include a “going concern opinion); (2) admit in writing its inability
to pay its debts generally as they mature; (3) make an assignment for the benefit of creditors or commence proceedings for its
dissolution; (4) apply for or consent to the appointment of a trustee, liquidator or receiver for its or for a substantial part
of its property or business; (5) file a petition for bankruptcy relief, consent to the filing of such petition or have filed against
it an involuntary petition for bankruptcy relief, all under federal or state laws as applicable; or

 

(e)
A trustee, liquidator or receiver shall be appointed for the Company or for a substantial part of its property or business without
its consent and shall not be discharged within sixty (60) days after such appointment; or

 

(f)
Any governmental agency or any court of competent jurisdiction at the instance of any governmental agency shall assume custody
or control of the whole or any substantial portion of the properties or assets of the Company; or

 

(g)
One or more money judgments, writs or warrants of attachment, or similar process, in excess of fifty thousand dollars ($50,000)
in the aggregate, shall be entered or filed against the Company or any of its properties or other assets and shall remain unpaid,
unvacated, unbonded or unstayed for a period of fifteen (15) days or in any event later than five (5) days prior to the date of
any proposed sale thereunder; or

 

(h)
Defaulted on or breached any term of any other note of similar debt instrument into which the Company has entered and failed to
cure such default within the appropriate grace period; or

 

(i)
The Company shall have its Common Stock delisted from a Trading Market or, if the Common Stock trades on a Trading Market, then
trading in the Common Stock shall be suspended for more than ten (10) consecutive Trading Days (as defined herein) or the Company
ceases to file reports pursuant to the Securities Exchange Act of 1934 with the SEC; or

 

(j)
If a majority of the members of the Board of Directors of the Company on the date hereof are no longer serving as members of the
Board; or

 

(k)
The Company shall not deliver to the Holder the Common Stock issuable upon conversion of this Note (the “Conversion Shares”)
pursuant to paragraph 4 herein within three (3) business days of its receipt of a Notice of Conversion (the “Share Delivery
Date”),

 

(l)
The Company shall not replenish the reserve set forth in Section 12, within three (3) business days of the request of the Holder.

 

    	4

    	 

    

 

Then,
or at any time thereafter, unless cured within five (5) Trading Days, 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) at
the option of the Holder and in the Holder’s sole discretion, the Holder may consider this Note immediately due and payable,
without presentment, demand, protest or (further) notice of any kind (other than notice of acceleration), all of which are hereby
expressly waived, anything herein or in any note or other instruments contained to the contrary notwithstanding, and the Holder
may immediately, and without expiration of any period of grace, enforce any and all of the Holder’s rights and remedies
provided herein or any other rights or remedies afforded by law. Upon an Event of Default, interest shall accrue at a default
interest rate of 24% per annum or, if such rate is usurious or not permitted by current law, then at the highest rate of interest
permitted by law. In the event of a breach of Section 8(k) the penalty shall be $250 per day the shares are not issued beginning
on the 4th day after the conversion notice was delivered to the Company. This penalty shall increase to $500 per day
beginning on the 10th day after the conversion notice was delivered to the Company.

 

If
the Holder shall commence an action or proceeding to enforce any provisions of this Note, including, without limitation, engaging
an attorney, then if the Holder prevails in such action, the Holder shall be reimbursed by the Company for its attorneys’
fees and other costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

 

For
purposes of this Section 8, “Trading Day” means a day on which the principal Trading Market is open for trading.
“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted
for trading on the date in question: the OTC Markets, the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market,
the Nasdaq Global Select Market, the New York Stock Exchange (or any successors to any of the foregoing).

 

9.
Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Conversion. In addition to any other rights available
to the Holder, if the Company fails for any reason to deliver to the Holder such certificate or certificates by the Share Deliver
Date, and if after such Share Delivery Date the Holder is required by its brokerage firm 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 Conversion Shares which the Holder was entitled to receive upon the conversion relating to such Share
Delivery Date (a “Buy-In”), then the Company shall (A) pay in cash to the Holder, if any, the amount by which
(x) the Holder’s total purchase price (including any brokerage commissions) for the Common Stock so purchased exceeds (y)
the product of (1) the aggregate number of shares of Common Stock that the Holder was entitled to receive from the conversion
at issue multiplied by (2) the actual sale price at which the sell order giving rise to such purchase obligation was executed
(including any brokerage commissions) and (B) at the option of the Holder, either reissue (if surrendered) this Note in a principal
amount equal to the principal amount of the attempted conversion (in which case such conversion shall be deemed rescinded) or
deliver to the Holder the number of shares of Common Stock that would have been issued if the Company had timely complied with
its delivery requirements 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 conversion of this Note with respect to which the actual sale price of the Conversion
Shares (including any brokerage commissions) giving rise to such purchase obligation was a total 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.

 

    	5

    	 

    

 

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.
Neither this Note nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument signed
by the Company and the Holder.

 

12.
The Company represents that it is not a “shell” issuer and that if it previously has been a “shell” issuer
that on the 180 day anniversary of the date of this Note at least twelve (12) months would have passed since the Company has reported
Form 10 type information indicating it is no longer a “shell issuer.

 

13.
The Company shall issue irrevocable transfer agent instructions reserving 80,834,000 shares of its Common Stock for conversions
under this Note (the “Share Reserve”). Upon full conversion of this Note, any shares remaining in the Share Reserve
shall be cancelled. The Company shall pay all transfer agent costs and legal opinion fees associated with issuing and delivering
the share certificates to Holder. If such amounts are to be paid by the Holder, it may deduct such amounts from the Conversion
Price. The Company should at all times reserve a minimum of 250% of the amount of shares required if the Note would be fully converted.
The Holder may reasonably request increases from time to time to reserve such amounts; provided, however, that the total amount
reserved shall in no event exceed 250% of the amount of shares required if the Note would be fully converted. The Company will
instruct its transfer agent to provide the outstanding share information to the Holder in connection with its conversions.

 

13.
Intentionally Deleted.

 

14.
If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury,
the applicable provision shall automatically be revised to equal the maximum rate of interest or other amount deemed interest
permitted under applicable law. The Company covenants (to the extent that it may lawfully do so) that it will not seek to claim
or take advantage of any law that would prohibit or forgive the Company from paying all or a portion of the principal or interest
on this Note.

 

15.
This Note shall be governed by and construed in accordance with the laws of Nevada applicable to contracts made and wholly to
be performed within the State of Nevada and shall be binding upon the successors and assigns of each party hereto. The Holder
and the Company hereby mutually waive trial by jury and consent to exclusive jurisdiction and venue in the courts of the State
of New York or in the Federal courts sitting in the county or city of New York. This Agreement may be executed in counterparts,
and the facsimile transmission of an executed counterpart to this Agreement shall be effective as an original.

 

    	6

    	 

    

 

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

 

	Dated:
    July 1, 2019	 	 
	 	 	 
	 	VERUS
    INTERNATIONAL, INC.
	 	 	 
	 	By:	                      
	 	Name:
    	Anshu
    Bhatnagar
	 	Title:
    	Chief
    Executive Officer

 

    	7

    	 

    

 

EXHIBIT
A

 

NOTICE
OF CONVERSION

 

(To
be Executed by the Registered Holder in order to Convert the Note)

 

The
undersigned hereby irrevocably elects to convert $                       of
the above Note into                    shares
of Common Stock (“Shares”) of VERUS INTERNATIONAL, INC.according to the conditions set forth in such Note, as of the
date written below.

 

If
Shares are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer and other taxes
and charges payable with respect thereto.

 

Date
of
Conversion:                                                                                                                         

Applicable
Conversion Price:                                                                                                         

Signature:
                                                                                                                                         

[Print
Name of Holder and Title of Signer]

 

	Address:	                                                                                                                                          
	 	                                                                                                                                          

 

SSN
or EIN:                                                       

Shares
are to be registered in the following name:                                                                                                                    

 

Name:
                                                                                                                                                

Address:
                                                                                                                                           

Tel:
                                                                    

Fax:
                                                                   

SSN
or EIN:                                                      

 

Shares
are to be sent or delivered to the following account:

 

Account
Name:                                                                                                                                  

Address:
                                                                                                                                            

 

    	1EXHIBIT 10.1

 

 

EXCHANGE AGREEMENT

 

This Exchange Agreement
(this “Agreement”) is entered into as of the 2nd day of July, 2019, by and among Amyris, Inc., a Delaware corporation
with offices located at 5885 Hollis Street, Suite 100, Emeryville, CA 94608 (the “Company”) and the investor
signatory hereto (the “Holder”), with reference to the following facts:

 

A. Prior to the date
hereof, pursuant to that Securities Purchase Agreement, dated as of August 8, 2013, by and among the Company and the investors
party thereto (including the Holder) (as amended, modified or waived prior to the date hereof, the “Securities Purchase
Agreement”), on January 15, 2014 (the “Tranche II Closing Date”) the Company issued to the Holder,
among other things, a Tranche II Senior Convertible Note with an aggregate principal amount outstanding as of the date hereof as
set forth on the signature page of the Holder attached hereto, convertible into shares of Common Stock (as defined below) in accordance
with the terms thereof (as amended, modified or waived prior to the date hereof, the “Existing Note”). Pursuant
to the terms of the Securities Purchase Agreement, the Holder is permitted to exchange the Existing Note, in whole or in part,
at the option of the Holder, into securities sold by the Company in certain subsequent placements in accordance with the terms
thereof (the “ROFI Right”).

 

B. In consideration of,
among other things, the Holder agreeing to waive the ROFI Right with respect to the subsequent placement of the Company consummated
on April 16, 2019 (the “Subsequent Placement”), the Company and the Holder desire to exchange (the “Exchange”)
the Existing Note, on the basis and subject to the terms and conditions set forth in this Agreement, for (x) such aggregate number
of shares of Common Stock as set forth on the signature page of the Holder hereto (the “Exchange Common Shares”)
and (y) a Common Stock Purchase Warrant, in the form attached hereto as Exhibit A (the “Exchange Warrant”,
and together with the Exchange Common Shares, the “Exchange Primary Securities”), exercisable into such aggregate
number of shares of Common Stock as set forth on the signature page of the Holder hereto (the “Exchange Warrant Shares”,
and together with the Exchange Common Shares, the “Exchange Shares”, and the Exchange Shares, together with
the Exchange Warrant, the “Exchange Securities”).

 

C. The Exchange Primary
Securities and this Agreement and such other documents and certificates related thereto are collectively referred to herein as
the “Exchange Documents”.

 

D. The Exchange is being
made in reliance upon the exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933, as amended
(the “Securities Act”).

 

NOW, THEREFORE, in consideration
of the foregoing premises and the mutual covenants hereinafter contained, the parties hereto agree as follows:

 

1.                 
Exchange. On the Closing Date (as defined below), subject to the terms and conditions of this Agreement, pursuant
to Section 3(a)(9) of the Securities Act, the Holder shall convey, assign and transfer the Existing Note to the Company in exchange
for which the Company shall issue the Exchange Primary Securities to the Holder as follows:

 

(a)              
On the Closing Date, in exchange for the Existing Note, the Company shall deliver or cause to be delivered to the Holder
(or its designee) (x) the Exchange Warrant at the address for delivery set forth on the signature page of the Holder hereto and
(y) the Exchange Common Shares to the Holder or its designee’s balance account with the Depository Trust Company (“DTC”)
in accordance with the DTC instructions delivered by the Holder to the Company on or prior to the date hereof. On the date hereof,
the Holder shall be deemed for all corporate purposes to have become the holder of record of the Exchange Common Shares, irrespective
of the date such Exchanges Common Shares are credited to the Holder’s or its designee’s balance account with DTC in
accordance herewith.

     

     

    

(b)              
Assuming the accuracy of the representations and warranties of the Holder contained herein, the Exchange Warrant and the
Exchange Common Shares shall each be issued without any restrictive legend.

 

(c)              
The Holder shall deliver or cause to be delivered to the Company (or its designee) the Existing Note (or affidavit of lost
note, in form provided upon request by the Company and reasonably acceptable to the Holder) as soon as commercially practicable
following the date hereof.

 

(d)              
Immediately following the delivery of the Exchange Warrant and the Exchange Common Shares to the Holder (or its designee),
the Holder shall relinquish all rights, title and interest in the Existing Note (including any claims the Holder may have against
the Company related thereto) and assign the same to the Company, and the Existing Note shall be deemed canceled.

 

(e)              
The Company and the Holder shall execute and/or deliver such other documents and agreements as are customary and reasonably
necessary to effectuate the Exchange.

 

2.                 
[Reserved].

 

3.                 
Company Representations and Warranties. As of the date hereof and as of the Closing Date:

 

3.1             
Organization and Qualification. Each of the Company and each of its Subsidiaries are entities duly organized and
validly existing and in good standing under the laws of the jurisdiction in which they are formed, and have the requisite power
and authority to own their properties and to carry on their business as now being conducted and as presently proposed to be conducted.
Each of the Company and each of its Subsidiaries is duly qualified as a foreign entity to do business and is in good standing in
every jurisdiction in which its ownership of property or the nature of the business conducted by it makes such qualification necessary,
except to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to have a Material
Adverse Effect (as defined below). As used in this Agreement, “Material Adverse Effect” means any material adverse
effect on (i) the business, properties, assets, liabilities, operations (including results thereof), condition (financial or otherwise)
or prospects of the Company or any Subsidiary, individually or taken as a whole, (ii) the transactions contemplated hereby or in
any of the other Exchange Documents or any other agreements or instruments to be entered into in connection herewith or therewith
or (iii) the authority or ability of the Company or any of its Subsidiaries to perform any of their respective obligations under
any of the Exchange Documents. Other than the Persons (as defined below) set forth in Exhibit 21.01 to the Company’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2017, the Company has no Subsidiaries. “Subsidiaries”
means any Person that would be a “significant subsidiary” of the Company within the meaning of Rule 1-02 under Regulation S-X
promulgated by the Securities and Exchange Commission (the “SEC”), as such regulation is in effect
on the date hereof, and each of the foregoing, is individually referred to herein as a “Subsidiary.” For
purposes of this Agreement, (x) “Person” means an individual, a limited liability company, a partnership, a
joint venture, a corporation, a trust, an unincorporated organization, any other entity and any Governmental Entity or any department
or agency thereof and (y) “Governmental Entity” means any nation, state, county, city, town, village, district,
or other political jurisdiction of any nature, federal, state, local, municipal, foreign, or other government, governmental or
quasi-governmental authority of any nature (including any governmental agency, branch, department, official, or entity and any
court or other tribunal), multi-national organization or body; or body exercising, or entitled to exercise, any administrative,
executive, judicial, legislative, police, regulatory, or taxing authority or power of any nature or instrumentality of any of the
foregoing, including any entity or enterprise owned or controlled by a government or a public international organization or any
of the foregoing.

    	 	2	 

     

    

3.2             
Authorization and Binding Obligation. The Company has the requisite power and authority to enter into and perform
its obligations under this Agreement, the Exchange Warrant and each of the other agreements entered into by the parties hereto
in connection with the transactions contemplated by the Exchange Documents and to consummate the Exchange (including, without limitation,
the issuance of the Exchange Primary Securities in accordance with the terms hereof and thereof). As of the Closing Date, the execution
and delivery of the Exchange Documents by the Company and the consummation by the Company of the transactions contemplated hereby
and thereby, including, without limitation, the issuance of the Exchange Primary Securities and the reservation for issuance and
issuance of the Exchange Warrant Shares issuable upon exercise of the Exchange Warrant will have been duly authorized by the Company’s
Board of Directors (or a duly authorized committee thereof) and no further filing, consent, or authorization will be required by
the Company, its Board of Directors or its stockholders. This Agreement has been and, as of the Closing Date, the other Exchange
Documents will have been, duly executed and delivered by the Company, and constitute or will constitute, as applicable, the legal,
valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms, except
as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies
and except as rights to indemnification and to contribution may be limited by federal or state securities laws.

 

3.3             
No Conflict. The execution, delivery and performance of the Exchange Documents by the Company and the consummation
by the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Exchange
Primary Securities and reservation for issuance and issuance of the Exchange Warrant Shares) will not (i) result in a violation
of the Certificate of Incorporation (as defined below) or any other organizational documents of the Company or any of its Subsidiaries,
any capital stock of the Company or any of its Subsidiaries or Bylaws (as defined below) of the Company or any of its Subsidiaries,
(ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under,
or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which the Company or any of its Subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order,
judgment or decree (including foreign, federal and state securities laws and regulations and the rules and regulations of the Nasdaq
Global Select Market (the “Principal Market”) and including all applicable federal laws, rules and regulations)
applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries
is bound or affected except, in the case of clause (ii) or (iii) above, to the extent such violations that would not reasonably
be expected to have a Material Adverse Effect.

    	 	3	 

     

    

3.4             
No Consents. Neither the Company nor any Subsidiary is required to obtain any consent from, authorization or order
of, or make any filing or registration with (other than such filings as may be required by any federal or state securities laws,
rules or regulations), any court, governmental agency or any regulatory or self-regulatory agency or any other Person in order
for it to execute, deliver or perform any of its respective obligations under or contemplated by the Exchange Documents, in each
case, in accordance with the terms hereof or thereof. All consents, authorizations, orders, filings and registrations which the
Company or any Subsidiary is required to obtain pursuant to the preceding sentence have been or will be obtained or effected on
or prior to the Closing Date, and neither the Company nor any of its Subsidiaries are aware of any facts or circumstances which
might prevent the Company or any of its Subsidiaries from obtaining or effecting any of the registration, application or filings
contemplated by the Exchange Documents.

 

3.5             
Securities Law Exemptions. Assuming the accuracy of the representations and warranties of the Holder contained herein,
the offer and issuance by the Company of the Exchange Securities is exempt from registration under the Securities Act pursuant
to the exemption provided by Section 3(a)(9) thereof.

 

3.6             
Status of Existing Note; Issuance of Exchange Securities.

 

(a)              
The Existing Note is a bona fide outstanding senior convertible note owed by the Company to the Holder, and the outstanding
obligations thereunder arose in the ordinary course of business, for money either (x) loaned to the Company by the Holder or (y)
due and payable to the Holder for services rendered pursuant to a written agreement, by and between the Holder and the Company
(and/or one or more of its Subsidiaries), in each case, in good faith. To the knowledge of the Company, there is no action based
on the Existing Note that is currently pending in any court or other legal venue and to the knowledge of the Company no judgments
based upon the Existing Note have been previously entered in any legal proceeding. The Company is unconditionally obligated to
pay the entire aggregate principal amount outstanding under the Existing Note (and any accrued and unpaid interest thereunder)
without defense, counterclaim or offset.

 

(b)              
As of the Closing Date, the issuance of the Exchange Warrant will be duly authorized and upon issuance in accordance with
the terms of the Exchange Documents shall be validly issued, fully paid and non-assessable and free from all Liens (as defined
in the Existing Note). As of the Closing Date, the issuance of the Exchange Common Shares will be duly authorized and upon issuance
in accordance herewith shall be validly issued, fully paid and nonassessable and free from all Liens with respect to the issue
thereof, with the Holder being entitled to all rights accorded to a holder of Common Stock. Upon issuance upon exercise of the
Exchange Warrant, in accordance with the Exchange Warrant, the Exchange Warrant Shares, when issued, will be validly issued, fully
paid and nonassessable and free from all Liens with respect to the issue thereof, with the Holder being entitled to all rights
accorded to a holder of Common Stock. By virtue of Rule 3(a)(9) under the Securities Act, the Exchange Primary Securities will
have a Rule 144 holding period that will be deemed to have commenced as of January 15, 2014, the date of the original issuance
of the Existing Note to the Holder. Assuming the Holder is not an affiliate of the Company, neither the Exchange Primary Securities
nor, assuming a cashless exercise of the Exchange Warrant, the Exchange Warrant Shares, in each case, shall be required to bear
any restrictive legend and the Exchange Shares (assuming a cashless exercise with respect to any Exchange Warrant Shares) shall
be freely tradeable by the Holder pursuant to and in accordance with Rule 144 of the Securities Act (“Rule 144”).

    	 	4	 

     

    

3.7             
Transfer Taxes. On the Closing Date, all share transfer or other taxes (other than income or similar taxes) which
are required to be paid in connection with the issuance of the Exchange Primary Securities to be exchanged with the Holder hereunder
will be, or will have been, fully paid or provided for by the Company, and all laws imposing such taxes will be or will have been
complied with.

 

3.8             
Conduct of Business; Regulatory Permits. Neither the Company nor any of its Subsidiaries is in material violation
of any term of or in default under its Certificate of Incorporation, any certificate of designation, preferences or rights of any
other outstanding series of preferred stock of the Company or any of its Subsidiaries or Bylaws or their organizational charter,
certificate of formation, memorandum of association, articles of association, Certificate of Incorporation or certificate of incorporation
or bylaws, respectively. Neither the Company nor any of its Subsidiaries is in material violation of any judgment, decree or order
or any statute, ordinance, rule or regulation applicable to the Company or any of its Subsidiaries, and neither the Company nor
any of its Subsidiaries will conduct its business in violation of any of the foregoing, except in all cases for possible violations
which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Without limiting the
generality of the foregoing, except as set forth in the reports and other documents (including, without limitation, any exhibits
thereto) filed by the Company with the SEC (collectively, the “SEC Documents”), the Company is not in material
violation of any of the rules, regulations or requirements of the Principal Market and has no knowledge of any facts or circumstances
that could reasonably lead to delisting or suspension of the Common Stock by the Principal Market in the foreseeable future. Except
as set forth in SEC Documents, during the two years prior to the date hereof, (i) the Common Stock has been listed or designated
for quotation on the Principal Market, (ii) trading in the Common Stock has not been suspended by the SEC or the Principal Market
and (iii) except as set forth in the SEC Documents, the Company has received no communication, written or oral, from the SEC or
the Principal Market regarding the suspension or delisting of the Common Stock from the Principal Market. The Company and each
of its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate regulatory authorities necessary
to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and neither the Company nor any
such Subsidiary has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization
or permit. There is no agreement, commitment, judgment, injunction, order or decree binding upon the Company or any of its Subsidiaries
or to which the Company or any of its Subsidiaries is a party which has or would reasonably be expected to have the effect of prohibiting
or materially impairing any business practice of the Company or any of its Subsidiaries, any acquisition of property by the Company
or any of its Subsidiaries or the conduct of business by the Company or any of its Subsidiaries as currently conducted other than
such effects, individually or in the aggregate, which have not had and would not reasonably be expected to have a Material Adverse
Effect on the Company or any of its Subsidiaries.

    	 	5	 

     

    

3.9             
Transactions With Affiliates. Except as set forth in the SEC Documents and except as set forth on Schedule 3.9, none
of the officers or directors of the Company or its Subsidiaries and, to the knowledge of the Company, none of the employees of
the Company or its Subsidiaries is presently a party to any transaction with the Company or any Subsidiary (other than for services
as employees, officers and directors) required to be disclosed under Item 404 of Regulation S-K under the Exchange Act.

 

3.10         
Equity Capitalization. 

 

(a)        
Definitions: 

 

(i)     
“Common Stock” means (x) the Company’s shares of common stock, $0.0001 par value per share,
and (y) any capital stock into which such common stock shall have been changed or any share capital resulting from a reclassification
of such common stock.

 

(ii)     
“Preferred Stock” means (x) the Company’s blank check preferred stock, $0.0001 par value per share,
the terms of which may be designated by the board of directors of the Company in a certificate of designations and (y) any capital
stock into which such preferred stock shall have been changed or any share capital resulting from a reclassification of such preferred
stock (other than a conversion of such preferred stock into Common Stock in accordance with the terms of such certificate of designations).

 

(b)        
Authorized and Outstanding Capital Stock. The authorized, issued and outstanding shares of capital stock of the Company
are as set forth in the SEC Documents (except for subsequent issuances, if any, in accordance with the terms of the Exchange Primary
Securities, pursuant to reservations, agreements, employee benefit or equity incentive plans referred to in the SEC Documents or
pursuant to the exercise of convertible securities, warrants or options referred to in the SEC Documents). As of the date hereof,
the authorized share capital of the Company consists of (A) 250,000,000 shares of Common Stock, of which 101,186,738 are issued
and outstanding and approximately 80,000,000 shares are reserved for issuance pursuant to Convertible Securities (as defined below)
(other than the Existing Note or the Exchange Primary Securities) exercisable or exchangeable for, or convertible into, shares
of Common Stock and (B) 5,000,000 shares of Preferred Stock, 14,656.27368 of which are issued and outstanding. No shares of Common
Stock are held in the treasury of the Company. As of the Closing, the Company shall have reserved from its duly authorized share
capital not less than the maximum number of Exchange Warrant Shares issuable upon exercise of the Exchange Warrant (assuming for
purposes hereof that any such exercise shall not take into account any limitations on the exercise of the Exchange Warrant set
forth in the Exchange Warrant).

 

(c)        
Valid Issuance; Available Shares; Affiliates. All of such outstanding shares are duly authorized and have been, or
upon issuance will be, validly issued, fully paid and nonassessable. The SEC Documents accurately set forth, as of the dates referred
to therein, the number of shares of Common Stock that are (A) reserved for issuance pursuant to Convertible Securities (as defined
below) (other than the Exchange Primary Securities) and (B) that are, as of the date referred to therein, owned by Persons who
are “affiliates” (as defined in Rule 405 of the Securities Act and calculated based on the assumption that only officers,
directors and holders of at least 10% of the Company’s issued and outstanding Common Stock are “affiliates” without
conceding that any such Persons are “affiliates” for purposes of federal securities laws) of the Company or any of
its Subsidiaries. “Convertible Securities” means any capital stock or other security of the Company or any of
its Subsidiaries that is at any time and under any circumstances directly or indirectly convertible into, exercisable or exchangeable
for, or which otherwise entitles the holder thereof to acquire, any capital stock or other security of the Company (including,
without limitation, Common Stock) or any of its Subsidiaries.

    	 	6	 

     

    

(d)        
Existing Securities; Obligations. Except as disclosed in the SEC Documents: (A) none of the Company’s or any
Subsidiary’s shares, interests or capital stock is subject to preemptive rights or any other similar rights or Liens suffered
or permitted by the Company or any Subsidiary; (B) there are no outstanding options, warrants, scrip, rights to subscribe to, calls
or commitments of any character whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable
for, any shares, interests or capital stock of the Company or any of its Subsidiaries, or contracts, commitments, understandings
or arrangements by which the Company or any of its Subsidiaries is or may become bound to issue additional shares, interests or
capital stock of the Company or any of its Subsidiaries or options, warrants, scrip, rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable for, any shares,
interests or capital stock of the Company or any of its Subsidiaries; (C) there are no agreements or arrangements under which the
Company or any of its Subsidiaries is obligated to register the sale of any of their securities under the Securities Act; (D) there
are no outstanding securities or instruments of the Company or any of its Subsidiaries which contain any redemption or similar
provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries
is or may become bound to redeem a security of the Company or any of its Subsidiaries; and (E) neither the Company nor any Subsidiary
has any stock appreciation rights or “phantom stock” plans or agreements or any similar plan or agreement. There are
no securities or instruments containing anti-dilution or similar provisions that will be triggered by the issuance of the Exchange
Securities.

 

(e)        
Organizational Documents. True, correct and complete copies of the Company’s Restated Certificate of Incorporation,
as amended and as in effect on the date hereof (the “Certificate of Incorporation”), and the Company’s
Restated Bylaws, as in effect on the date hereof (the “Bylaws”), and the terms of all Convertible Securities
and the material rights of the holders thereof in respect thereto, are set forth in, or filed as exhibits to, the SEC Documents.

 

3.11         
Indebtedness and Other Contracts. Neither the Company nor any of its Subsidiaries, (i) except as disclosed in the
SEC documents, has any outstanding debt securities, notes, credit agreements, credit facilities or other agreements, documents
or instruments evidencing Indebtedness of the Company or any of its Subsidiaries or by which the Company or any of its Subsidiaries
is or may become bound, (ii) is a party to any contract, agreement or instrument, the violation of which, or default under which,
by the other party(ies) to such contract, agreement or instrument would reasonably be expected to result in a Material Adverse
Effect, (iii) is in violation of any term of, or in default under, any contract, agreement or instrument relating to any Indebtedness,
except where such violations and defaults would not reasonably be expected to result, individually or in the aggregate, in a Material
Adverse Effect, or (iv) is a party to any contract, agreement or instrument relating to any Indebtedness, the performance of which,
in the judgment of the Company’s officers, has or is expected to have a Material Adverse Effect. For purposes of this Agreement:
(x) “Indebtedness” of any Person means, without duplication (A) all indebtedness for borrowed money, (B) all
obligations issued, undertaken or assumed as the deferred purchase price of property or services (including, without limitation,
“capital leases” in accordance with GAAP) (other than trade payables entered into in the ordinary course of business
consistent with past practice), (C) all reimbursement or payment obligations with respect to letters of credit, surety bonds and
other similar instruments, (D) all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations
so evidenced incurred in connection with the acquisition of property, assets or businesses, (E) all indebtedness created or arising
under any conditional sale or other title retention agreement, or incurred as financing, in either case with respect to any property
or assets acquired with the proceeds of such indebtedness (even though the rights and remedies of the seller or bank under such
agreement in the event of default are limited to repossession or sale of such property), (F) all monetary obligations under any
leasing or similar arrangement which, in connection with GAAP, consistently applied for the periods covered thereby, is classified
as a capital lease, (G) all indebtedness referred to in clauses (A) through (F) above secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in any property or assets (including
accounts and contract rights) owned by any Person, even though the Person which owns such assets or property has not assumed or
become liable for the payment of such indebtedness, and (H) all Contingent Obligations in respect of indebtedness or obligations
of others of the kinds referred to in clauses (A) through (G) above; and (y) “Contingent Obligation” means,
as to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to any Indebtedness, lease,
dividend or other obligation of another Person if the primary purpose or intent of the Person incurring such liability, or the
primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged,
or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole
or in part) against loss with respect thereto.

    	 	7	 

     

    

3.12         
Litigation. Except as set forth in the SEC Documents and except as set forth on Schedule 3.12, there is no action,
claim, suit, investigation or proceeding, whether commenced or threatened, before any court, governmental agency or body, domestic
or foreign, now pending or, to the knowledge of the Company, threatened against the Company or its Subsidiaries wherein an unfavorable
decision, ruling or finding would reasonably be expected to, individually or in the aggregate, (i) materially adversely affect
the validity or enforceability of, or the authority or ability of the Company to perform its obligations under, the Exchange Documents
or (ii) have a Material Adverse Effect. The Company is not a party to or subject to the provisions of any injunction, judgment,
decree or order of any court, regulatory body, administrative agency or other governmental agency or body that could reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

3.13         
No Consideration Paid. No consideration, commission or other remuneration has been paid by the Holder to the Company,
its Subsidiaries or any of their agents or affiliates in connection with the Exchange.

 

3.14         
Disclosure. The Company confirms that neither it nor any other Person acting on its behalf has provided the Holder
or its agents or counsel with any information that constitutes or could reasonably be expected to constitute material, non-public
information concerning the Company or any of its Subsidiaries, other than the existence of the transactions contemplated by this
Agreement and the other Exchange Documents. The Company understands and confirms that the Holder will rely on the foregoing representations
in effecting transactions in securities of the Company.

    	 	8	 

     

    

4.                 
Holder’s Representations and Warranties. As a material inducement to the Company to enter into this
Agreement and consummate the Exchange, the Holder hereby represents and warrants with and to the Company, as of the date hereof
and as of the Closing Date, as follows:

 

4.1       Reliance
on Exemptions. The Holder understands that the Exchange Securities are being offered and exchanged in reliance on specific
exemptions from the registration requirements of United States federal and state securities laws and that the Company is relying
in part upon the truth and accuracy of, and the Holder’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of the Holder set forth herein and in the other Exchange Documents in order to determine the availability of
such exemptions and the eligibility of the Holder to acquire the Exchange Securities.

 

4.2       No
Governmental Review. The Holder understands that no United States federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Exchange Securities or the fairness or suitability of the
investment in the Exchange Securities nor have such authorities passed upon or endorsed the merits of the offering of the Exchange
Securities.

 

4.3       Validity;
Enforcement. This Agreement and the other Exchange Documents to which the Holder is a party have been duly and validly authorized,
executed and delivered on behalf of the Holder and shall constitute the legal, valid and binding obligations of the Holder enforceable
against the Holder in accordance with their respective terms, except as such enforceability may be limited by general principles
of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to,
or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

4.4       No
Conflicts. The execution, delivery and performance by the Holder of this Agreement and the other Exchange Documents to which
the Holder is a party, and the consummation by the Holder of the transactions contemplated hereby and thereby will not (i) result
in a violation of the organizational documents of the Holder or (ii) conflict with, or constitute a default (or an event which
with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration
or cancellation of, any agreement, indenture or instrument to which the Holder is a party, or (iii) result in a violation of any
law, rule, regulation, order, judgment or decree (including federal and state securities laws) applicable to the Holder, except
in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not, individually or
in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Holder to perform its obligations
hereunder.

 

4.5       Investment
Risk; Sophistication. The Holder is acquiring the Exchange Primary Securities hereunder in the ordinary course of its business.
The Holder has such knowledge, sophistication, and experience in business and financial matters so as to be capable of evaluation
of the merits and risks of the prospective investment in the Exchange Primary Securities, and has so evaluated the merits and risk
of such investment. The Holder is an “accredited investor” as defined in Regulation D under the Securities Act.

    	 	9	 

     

    

4.6       Ownership
of Existing Note. The Holder owns the Existing Note free and clear of any Liens (other than the obligations pursuant to this
Agreement, the other Exchange Documents and applicable securities laws) and has the requisite power and authority to enter into
and perform its obligations under this Agreement and each of the other Exchange Documents to which it is a party and to consummate
the Exchange.

 

4.7       Affiliate
Status. The Holder is not as of the date of this Agreement, nor has it been within the preceding three (3) months, an “affiliate”
of the Company as that term is defined in paragraph (a)(1) of Rule 144.

 

5.                 
Closing; Conditions. Subject to the conditions set forth below, the Exchange shall take place at the offices
of Kelley Drye & Warren LLP, 101 Park Avenue, New York, NY 10178, on the business day immediately following such date as the
parties shall have satisfied all conditions to closing below, or at such other time and place as the Company and the Holder mutually
agree (the “Closing” and the “Closing Date”).

 

5.1.       Condition’s
to Investor’s Obligations. The obligation of the Holder to consummate the Exchange is subject to the fulfillment, to
the Holder’s reasonable satisfaction, prior to or at the Closing, of each of the following conditions (unless waived by the
Holder in writing, prior to the Closing):

 

(a)       Representations
and Warranties; Covenants. The representations and warranties of the Company contained in this Agreement shall be true and
correct in all material respects (except for those representations and warranties that are qualified by materiality or Material
Adverse Effect, which are accurate in all respects) on the date hereof and on and as of the Closing Date as if made on and as of
such date (except for representations and warranties that speak as of a specific date, which are accurate in all material respects
(except for those representations and warranties that are qualified by materiality or Material Adverse Effect, which are accurate
in all respects) as of such specified date). The Company shall have performed, satisfied and complied in all respects with the
covenants, agreements and conditions required to be performed, satisfied or complied with by the Company at or prior to the Closing
Date.

 

(b)       Issuance
of Securities. At the Closing, the Company shall issue the Exchange Primary Securities to the Holder.

 

(c)       No
Actions. No action, proceeding, investigation, regulation or legislation shall have been instituted, threatened or proposed
before any court, governmental agency or authority or legislative body to enjoin, restrain, prohibit or obtain substantial damages
in respect of, this Agreement or the consummation of the transactions contemplated by this Agreement.

 

(d)       Proceedings
and Documents. All proceedings in connection with the transactions contemplated hereby and all documents and instruments incident
to such transactions shall be satisfactory in substance and form to the Holder, and the Holder shall have received all such counterpart
originals or certified or other copies of such documents as they may reasonably request.

    	 	10	 

     

    

(e)       Consents.
The Company shall have obtained all governmental, regulatory or third party consents and approvals (or waiver of such consents
or approvals), if any, necessary for the Exchange, including without limitation, those required by the Principal Market, if any.

 

(f)       Listing.
The Common Stock (A) shall be designated for quotation or listed (as applicable) on the Principal Market and (B) shall not have
been suspended, as of the Closing Date, by the SEC or the Principal Market from trading on the Principal Market.

 

5.2.       Condition’s
to the Company’s Obligations. The obligation of the Company to consummate the Exchange is subject to the fulfillment,
to the Company’s reasonable satisfaction, prior to or at the Closing, of each of the following conditions (unless waived
by the Company in writing, prior to the Closing):

 

(a)       Representations
and Warranties. The representations and warranties of the Holder contained in this Agreement shall be true and correct in all
material respects (except for those representations and warranties that are qualified by materiality or material adverse effect,
which are accurate in all respects) on the date hereof and on and as of the Closing Date as if made on and as of such date (except
for representations and warranties that speak as of a specific date, which are accurate in all material respects (except for those
representations and warranties that are qualified by materiality or material adverse effect, which are accurate in all respects)
as of such specified date).

 

(b)       No
Actions. No action, proceeding, investigation, regulation or legislation shall have been instituted, threatened or proposed
before any court, governmental agency or authority or legislative body to enjoin, restrain, prohibit, or obtain substantial damages
in respect of, this Agreement or the consummation of the transactions contemplated by this Agreement.

 

(c)       Proceedings
and Documents. All proceedings in connection with the transactions contemplated hereby and all documents and instruments incident
to such transactions shall be satisfactory in substance and form to the Company and the Company shall have received all such counterpart
originals or certified or other copies of such documents as the Company may reasonably request.

 

6.                 
No Integration. None of the Company, its Subsidiaries, any of their affiliates, or any Person acting on their
behalf shall, directly or indirectly, make any offers or sales of any security (as defined in the Securities Act) or solicit any
offers to buy any security or take any other actions, under circumstances that would require registration of any of the Exchange
Shares under the Securities Act or cause this offering of the Exchange Shares to be integrated with such offering or any prior
offerings by the Company for purposes of Regulation D under the Securities Act.

 

7.                 
Listing. The Company shall promptly secure the listing or designation for quotation (as applicable) of all
of the Exchange Shares upon the Principal Market (subject to official notice of issuance) and shall maintain such listing of all
of the Exchange Shares from time to time issuable under the terms of the Exchange Documents. The Company shall maintain the Common
Stock’s authorization for quotation on the Principal Market. Neither the Company nor any of its Subsidiaries shall take any
action which would be reasonably expected to result in the delisting or suspension of the Common Stock on the Principal Market.
The Company shall pay all fees and expenses in connection with satisfying its obligations under this Section 7.

    	 	11	 

     

    

8.                 
Fees. The Company shall promptly reimburse Kelley Drye & Warren, LLP (counsel to the Holder), on demand,
for all reasonable, documented costs and expenses incurred by it in connection with preparing and delivering this Agreement (including,
without limitation, all reasonable, documented legal fees and disbursements in connection therewith, and due diligence in connection
with the transactions contemplated thereby) in an aggregate amount not to exceed $15,000.

 

9.                 
Holding Period. For the purposes of Rule 144, the Company acknowledges that the holding period of the
Exchange Primary Securities (and upon a cashless exercise of the Exchange Warrant, the Exchange Warrant Shares) may be tacked onto
the holding period of the Existing Note, and the Company agrees not to take a position contrary to this Section 9. Assuming the
accuracy of the representations and warranties of the Holder contained herein, the Company acknowledges and agrees that, (i) upon
issuance in accordance with the terms hereof, the Exchange Common Shares will be eligible to be resold pursuant to Rule 144, (ii)
upon issuance in accordance with the terms of the Exchange Warrant (assuming a cashless exercise of the Exchange Warrant), the
Exchange Warrant Shares will be eligible to be resold pursuant to Rule 144, (iii) the Company is not aware of any event reasonably
likely to occur that would reasonably be expected to result in the Exchange Shares (assuming a cashless exercise of the Exchange
Warrant, with respect to any Exchange Warrant Shares) becoming ineligible to be resold by the Holder pursuant to Rule 144 and (iv)
in connection with any resale of Exchange Shares (assuming a cashless exercise of the Exchange Warrant, with respect to any Exchange
Warrant Shares) pursuant to Rule 144, the Holder shall solely be required to provide reasonable assurances that such Exchange Shares
are eligible for resale, assignment or transfer under Rule 144, which shall not include an opinion of Holder’s counsel. The
Company shall be responsible for any transfer agent fees or DTC fees or legal fees of the Company’s counsel with respect
to the removal of legends, if any, or issuance of Exchange Shares in accordance herewith and/or the Exchange Warrant, as applicable.

 

10.             
Blue Sky. The Company shall make all filings and reports relating to the Exchange required under applicable
securities or “Blue Sky” laws of the states of the United States following the date hereof, if any.

 

11.             
Disclosure of Transaction.

 

(a)       On
or before 9:00 a.m., New York time, on the first (1st) business day after the date of this Agreement, the Company shall
file a Current Report on Form 8-K describing all the material terms of the transactions contemplated by the Exchange Documents
in the form required by the Exchange Act and attaching this Agreement and the form of the Exchange Warrant (including all attachments,
the “8-K Filing”). From and after the filing of the 8-K Filing, the Company shall have disclosed all material,
non-public information (if any) provided to the Holder by the Company or any of its Subsidiaries or any of their respective officers,
directors, employees or agents in connection with the transactions contemplated by the Exchange Documents. In addition, effective
upon the filing of the 8-K Filing, the Company acknowledges and agrees that any and all confidentiality or similar obligations
under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers,
directors, affiliates, employees or agents, on the one hand, and the Holder or any of its affiliates, on the other hand, relating
to the transactions contemplated by the Exchange Documents, shall terminate.

 

(b)       Except
as may be required by this Agreement or the Exchange Primary Securities, the Company shall not, and the Company shall cause each
of its Subsidiaries and each of its and their respective officers, directors, employees and agents not to, provide the Holder with
any material, non-public information regarding the Company or any of its Subsidiaries from and after the date hereof without the
express prior written consent of the Holder (which may be granted or withheld in the Holder’s sole discretion). To the extent
that the Company delivers any material, non-public information to the Holder without the Holder’s consent, other than as
required by this Agreement or the Exchange Primary Securities, the Company hereby covenants and agrees that the Holder shall not
have any duty of confidentiality with respect to such material, non-public information. Subject to the foregoing, neither the Company,
its Subsidiaries nor the Holder shall issue any press releases or any other public statements with respect to the transactions
contemplated hereby; provided, however, the Company shall be entitled, without the prior approval of the Holder, to make any press
release or other public disclosure with respect to such transactions (i) in substantial conformity with the 8-K Filing and (ii)
as is required by applicable law and regulations. Notwithstanding anything contained in this Agreement to the contrary and without
implication that the contrary would otherwise be true, the Company expressly acknowledges and agrees that the Holder shall not
have (unless expressly agreed to by the Holder after the date hereof in a written definitive and binding agreement executed by
the Company and the Holder), any duty of confidentiality with respect to any material, non-public information regarding the Company
or any of its Subsidiaries.

    	 	12	 

     

    

12.             
Notices. Any notices, consents, waivers or other communications required or permitted to be given under the
terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally;
(ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and
kept on file by the sending party) or electronic mail (provided that such sent email is kept on file (whether electronically or
otherwise) by the sending party and the sending party does not receive an automatically generated message from the recipient’s
email server that such e-mail could not be delivered to such recipient); or (iii) one (1) Business Day after deposit with an overnight
courier service with next day delivery specified, in each case, properly addressed to the party to receive the same. The addresses,
facsimile numbers and e-mail addresses for such communications shall be in accordance with the notice instructions of such party
set forth on the signature pages hereto, or to such other address, e-mail address and/or facsimile number and/or to the attention
of such other Person as the recipient party has specified by written notice given to the other party five (5) days prior to the
effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other
communication, (B) mechanically or electronically generated by the sender’s facsimile machine or e-mail containing the time,
date, recipient facsimile number or e-mail address and, with respect to each facsimile transmission, an image of the first page
of such transmission or (C) provided by an overnight courier service shall be rebuttable evidence of personal service, receipt
by facsimile or e-mail or receipt from an overnight courier service in accordance with clause (i), (ii) or (iii) above, respectively.

 

13.             
Termination. If the Exchange is not consummated on or prior to July 15, 2019, the Holder may terminate this
Agreement by written notice to the Company and this Agreement shall thereafter be null and void, ab initio.

 

14.             
Mutual Waiver and Release. Effective as of the Closing Date, each party hereto on behalf of itself and its
affiliates (collectively, the “Releasing Parties”) hereby unconditionally waives, releases and forever discharges
the other party hereto, including, but not limited to, all of such other party’s present and former subsidiaries, affiliate
companies, shareholders, officers, directors, employees, attorneys and agents (collectively, the “Released Parties”),
from any and all causes of action, demands, claims, contracts, encumbrances, liabilities, obligations, expenses, losses, and rights
of every nature and description, whether arising or pleaded in law or in equity, under contract, statute, tort or otherwise, whether
known or unknown, whether accrued, potential, inchoate, liquidated, contingent or actual, asserted or that might have been asserted
(“Claims”) which the Releasing Parties now have, have ever had or may hereafter have, accruing or arising contemporaneously
with, or before the date hereof based upon, arising out of, or in any way relating to, the Securities Purchase Agreement or the
Existing Note, including without limitation any Claims relating to the ROFI Right with respect to the Subsequent Placement. For
the avoidance of doubt, this mutual release shall not release any Releasing Party of its obligations, if any, under this Agreement
or any other Exchange Document.

    	 	13	 

     

    

15.             
Miscellaneous Provisions.

 

(a)              
Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or
conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of New York. The Company hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder
or in connection herewith or under any of the other Exchange Documents or with any transaction contemplated hereby or thereby,
and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that
the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address
for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process
and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted
by law. Nothing contained herein shall be deemed or operate to preclude the Holder from bringing suit or taking other legal action
against the Company in any other jurisdiction to collect on the Company’s obligations to the Holder or to enforce a judgment
or other court ruling in favor of the Holder. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT
TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER EXCHANGE DOCUMENT OR IN CONNECTION WITH
OR ARISING OUT OF THIS AGREEMENT, ANY OTHER EXCHANGE DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY.

 

(b)              
Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document
format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original
thereof.

    	 	14	 

     

    

(c)              
Headings; Gender. The headings of this Agreement are for convenience of reference and shall not form part of, or
affect the interpretation of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed
to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,”
“include” and words of like import shall be construed broadly as if followed by the words “without limitation.”
The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Agreement
instead of just the provision in which they are found.

 

(d)              
Severability. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified
continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited
nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations
or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the
parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

 

(e)              
Entire Agreement; Amendments. This Agreement, the other Exchange Documents and the schedules and exhibits attached
hereto and thereto and the instruments referenced herein and therein supersede all other prior oral or written agreements between
the Holder, the Company, and Persons acting on their behalf, including, without limitation, any transactions by the Holder with
respect to the Existing Note or the Exchange Securities, and the other matters contained herein and therein, and this Agreement,
the other Exchange Documents, the schedules and exhibits attached hereto and thereto and the instruments referenced herein and
therein contain the entire understanding of the parties solely with respect to the matters covered herein and therein; provided,
however, nothing contained in this Agreement or any other Exchange Document shall (or shall be deemed to) (i) have any effect on
any agreements the Holder has entered into with, or any instruments the Holder has received from, the Company or any of its Subsidiaries
prior to the date hereof with respect to any prior investment made by the Holder in the Company or (ii) waive, alter, modify or
amend in any respect any obligations of the Company or any of its Subsidiaries, or any rights of or benefits to the Holder or any
other Person, in any agreement entered into prior to the date hereof between or among the Company and/or any of its Subsidiaries
and the Holder, or any instruments the Holder received from the Company and/or any of its Subsidiaries prior to the date hereof,
and all such agreements and instruments shall continue in full force and effect. Except as specifically set forth herein or therein,
neither the Company nor the Holder makes any representation, warranty, covenant or undertaking with respect to such matters. For
clarification purposes, the Recitals are part of this Agreement. No provision of this Agreement may be amended other than by an
instrument in writing signed by the Company and the Holder. No waiver shall be effective unless it is in writing and signed by
an authorized representative of the waiving party. As a material inducement for the Holder to enter into this Agreement, the Company
expressly acknowledges and agrees that (x) no due diligence or other investigation or inquiry conducted by the Holder, any of its
advisors or any of its representatives shall affect the Holder’s right to rely on, or shall modify or qualify in any manner
or be an exception to any of, the Company’s representations and warranties contained in this Agreement or any other Exchange
Document and (y) unless a provision of this Agreement or any other Exchange Document is expressly preceded by the phrase “except
as disclosed in the SEC Documents” (or similar phrase), nothing contained in any of the SEC Documents shall affect the Holder’s
right to rely on, or shall modify or qualify in any manner or be an exception to any of, the Company’s representations and
warranties contained in this Agreement or any other Exchange Document.

    	 	15	 

     

    

(f)               
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns. The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written
consent of the Holder, including, without limitation, by way of a Fundamental Transaction (as defined in the Exchange Warrant)
(unless the Company is in compliance with the applicable provisions governing Fundamental Transactions set forth in the Exchange
Warrant). The Holder may assign some or all of its rights hereunder in connection with any transfer of the Exchange Warrant without
the consent of the Company, in which event such assignee shall be deemed to be the Holder hereunder with respect to such assigned
rights.

 

(g)              
No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective
permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

(h)              
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and
things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may
reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

[The remainder of the
page is intentionally left blank]

 

 

 

 

 

 

 

 

    	 	16	 

     

    

IN WITNESS WHEREOF,
the Holder and the Company have executed this Agreement as of the date set forth on the first page of this Agreement.

 

	 	COMPANY:
	 	 
	 	AMYRIS, INC.    
	 	 
	 	 
	 	By: 	/s/ Kathleen Valiasek
	 	 	Name: Kathleen Valiasek
	 	 	Title: Chief Business Officer
	 	 	 
	 	 	 
	 	 	 
	 	Address: 5885 Hollis St., Suite 100
	 	Emeryville, CA 94608
	 	Attention: General Counsel
	 	 	 
	 	 	 
	 	 	 
	 	Notice Instructions: 5885 Hollis St., Suite 100
	 	Emeryville, CA 94608
	 	Attention: General Counsel

 

     

     

    

IN WITNESS WHEREOF,
the Holder and the Company have executed this Agreement as of the date set forth on the first page of this Agreement.

 

 

	 	 	HOLDER:
	 	 	 	 
	Principal Amount of Existing Note Outstanding:	 	WOLVERINE FLAGSHIP FUND TRADING LIMITED
	 	 	 	 
	$5,073,106.50	 	By: 	/s/
    Niraj Patel 
	 	 	 	Name: Niraj Patel
	 	 	 	Title: Authorized Signatory
	Aggregate Number of Exchange Common Shares to be issued in the Exchange:	 	 	 
	 	 	Address:	c/o
Wolverine Asset Management, LLC
	1,767,632	 	 	175
W. Jackson Blvd., Suite 340
	 	 	 	Chicago,
IL 60604
	Aggregate Number of Exchange Warrant Shares issuable upon exercise of the Exchange Warrant (without regard to any limitations on exercise set forth therein):	 	 	 
	 	 	Notice Instructions:
	 	 	 
	1,080,000	 	Wolverine Flagship Fund Trading Limited
	 	 	c/o Wolverine Asset Management, LLC
	 	 	175 W. Jackson Blvd., Suite 340
	 	 	Chicago, IL 60604
	 	 	 	 
	 	 	with a copy (for information purposes only) to:
	 	 	 
	 	 	Kelley Drye & Warren LLP
	 	 	101 Park Avenue
	 	 	New York, NY 10178
	 	 	Telephone: 212-808-7540
	 	 	Facsimile: (212) 808-7897
	 	 	Attention:  Michael Adelstein, Esq.

 

 

 

     

     

    

EXHIBIT A

 

NEITHER THIS SECURITY NOR THE SECURITIES
INTO WHICH THIS SECURITY IS EXERCISABLE HAS BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION
THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON STOCK PURCHASE WARRANT

 

AMYRIS,
INC.

 

	Warrant Shares: 1,080,000	 	Issue Date: January 15, 2014
	 	 	Exchange
Date: [__], 2019

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, Wolverine Flagship Fund Trading Limited or its assigns
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the Exchange Date (the “Initial Exercise Date”) and on or prior to the close
of business on the two (2) year anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter,
to subscribe for and purchase from Amyris, Inc., a Delaware corporation (the “Company”), up to one million and
eighty thousand (1,080,000) shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock.
This Warrant has been issued in reliance upon the exemption from registration provided by Section 3(a)(9) of the Securities Act
of 1933, as amended, pursuant to that certain Exchange Agreement (the “Exchange Agreement”), dated July 2, 2019,
by and between the Company and the Holder, in exchange for that certain Existing Note (as defined in the Exchange Agreement) originally
issued by the Company to the Holder on January 15, 2014. The purchase price of one share of Common Stock under this Warrant shall
be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1.Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Exchange Agreement.

 

Section 2.Exercise.

    	 	1	 

     

    

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

 

b)                 
Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $2.87, subject to adjustment
hereunder (the “Exercise Price”).

 

c)                 
Cashless Exercise. Notwithstanding anything contained herein to the contrary, if a registration statement covering
the resale of the Warrant Shares subject to the applicable Notice of Exercise is not available for the resale of such Warrant Shares,
at any time after the six month anniversary of the Initial Exercise Date, this Warrant may be exercised, in whole or in part, at
any time or times on or after the Initial Exercise Date and on or before the Termination Date at the election of the Holder (in
such Holder’s sole discretion) by means of a “cashless exercise” in which the Holder shall be entitled to receive
a number of Warrant Shares equal to the quotient obtained by dividing ((A-B) * (X)) by (A), where:

 

(A) = as applicable:
(i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise
is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and
delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined
in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of
the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the
Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s
execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours”
on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular
trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of
Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant
to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

    	 	2	 

     

    

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

 

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

 

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

 

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

 

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

 

    	 	3	 

     

    

Notwithstanding
anything herein to the contrary, on the Termination Date, if a registration statement covering the resale of the Warrant Shares
is not available for the resale of the Warrant Shares, this Warrant shall be automatically exercised via cashless exercise pursuant
to this Section 2(c).

 

d)        
Mechanics of Exercise.

 

 i.                    
Delivery of Warrant Shares Upon Exercise. Warrant Shares purchased hereunder shall be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144, and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earlier of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise and (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within two (2) Trading following delivery of the Notice of Exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable.

 

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

    	 	4	 

     

    

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

 

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

    	 	5	 

     

    

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

 

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

 

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

 

e)                 
Holder’s Exercise Limitations. Notwithstanding anything to the contrary contained herein, the Company shall
not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant
to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable
Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with
the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially
own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number
of shares of Common Stock beneficially owned by the Holder and Attribution Parties shall include the number of shares of Common
Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number
of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially
owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted
portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a
limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its
Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial
ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder,
it being acknowledged by the Holder that the Holder is solely responsible for any schedules required to be filed in accordance
therewith. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section
13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining
the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected
in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent
public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number
of shares of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within two Trading
Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  In any case, the
number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such
number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of
the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock
issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership
Limitation provisions of this Section 2(e). Any increase in the Beneficial Ownership Limitation will not be effective until the
61st day after such notice is delivered to the Company. The limitations contained in this paragraph shall apply to a successor
holder of this Warrant.

    	 	6	 

     

    

Section 3.Certain
Adjustments.

 

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

    	 	7	 

     

    

b)     
[INTENTIONALLY OMITTED]

 

c)     
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time after
the Exchange Date the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities
or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”),
then each Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights
which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise
of this Warrant (without regard to any limitations on exercise hereof) immediately before the date on which a record is taken for
the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of
shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights.

 

d)     
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any
dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of
return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or
options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction,
but excluding any dividend that results in adjustment to the Conversion Price pursuant to Section 3(a) above) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock
acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof) immediately before the
date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders
of shares of Common Stock are to be determined for the participation in such Distribution.

    	 	8	 

     

    

e)     
Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly,
in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the
outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more
related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other
Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held
by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to,
such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then,
the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately
prior to the occurrence of such Fundamental Transaction (as if the exercise of the Warrant occurred immediately prior to the occurrence
of such Fundamental Transaction), at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise
of this Warrant), the number of shares of common stock of the successor or acquiring corporation or shares of Common Stock of the
Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise
of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction.

 

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

 

g)     
Notice to Holder.

    	 	9	 

     

    

i.     
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3,
the Company shall within two (2) Trading Days deliver to the Holder by facsimile or email a notice setting forth the Exercise Price
after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts
requiring such adjustment.

 

ii.     
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required
in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale
or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock
is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile
or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company,
at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date
on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record
is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale,
transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the
Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such
notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the
date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

Section 4.Transfer
of Warrant.

    	 	10	 

     

    

a)     
Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section
4(d) hereof and to the provisions of Section 4(a) of the Warrant Exercise Agreement, this Warrant and all rights hereunder are
transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent,
together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its
agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender
and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or
assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company
unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within
three (3) Trading Days of the date the Holder delivers an assignment form to the Company assigning this Warrant full. The Warrant,
if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having
a new Warrant issued.

 

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

 

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

 

d)     
Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant,
the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities
Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions
or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer,
that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 4(a) of the Warrant Exercise
Agreement.

 

e)     
Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring
this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and
not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act
or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.

    	 	11	 

     

    

Section 5.Miscellaneous.

 

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

 

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

 

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

 

d)     
Authorized Shares.

 

1.                 
During the period the Warrant is outstanding from and after the Initial Exercise Date, the Company covenants that it will
reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant
Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant
shall constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the
exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure
that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements
of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued
upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by
this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect
of any transfer occurring contemporaneously with such issue).

    	 	12	 

     

    

2.                 
Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without
limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of
any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking
of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the
amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be
necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon
the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents
from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations
under this Warrant.

 

3.                 
Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable
or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof.

 

e)     
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant
shall be determined in accordance with the provisions of the Warrant Exercise Agreement.

 

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

 

g)     
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part
of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding
the fact that all rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with
any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder.

 

h)     
Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the
Company shall be delivered in accordance with the notice provisions of the Warrant Exercise Agreement.

    	 	13	 

     

    

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(Signature Page Follows)

 

 

 

 

 

 

    	 	14	 

     

    

IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the Exchange Date set out above.

 

 

	 	AMYRIS, INC.
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:  

 

 

 

 

 

 

 

 

 

 

 

    
[Signature page to Warrant]

     

    

NOTICE OF EXERCISE

 

	To:		AMYRIS, INC.

 

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

 

(2)  
Applicable Exercise Price: $________

 

(3)  
Payment shall take the form of (check applicable box):

 

[ ] in lawful money of the United
States; or

 

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

 

(4)  
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

	 	 	 

 

 

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

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

(4) Accredited Investor.
The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933,
as amended.

 

[SIGNATURE
OF HOLDER]

 

	Name of Investing Entity:	 	 

	Signature of Authorized Signatory of Investing Entity:	 	 

	Name of Authorized Signatory:	 	 

	Title of Authorized Signatory:	 	 

	Date:	 	 

 

 

     

     

    

ASSIGNMENT FORM

 

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

 

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

 

	Name:	 
	 	(Please Print)
	 	 
	Address:	 
	 	(Please Print)
	 	 
	Phone Number:	 
	 	 
	Email Address: 	 

 

Dated: _______________ __, ______  

 

	Holder’s Signature:	 	 	 
	Holder’s Address:

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