Document:

Exhibit 4.1

Warrant Agreement

 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT
AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 BELOW, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS
AND UNTIL REGISTERED UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE
SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION.

 

FORM OF WARRANT TO PURCHASE STOCK

 

	Company:	GLOBAL IMMUNE TECHNOLOGIES, INC., a Wyoming corporation
	Number of Shares:	‘A Warrants’: 10,425,000, Exploding one-half ‘B Warrants’: 5,212,500
	Class of Stock:	Common Stock, No Par Value
	Warrant Price:	‘A Warrant’: $0.02;   ‘B Warrant’: $0.25
	Issue Date:	December 4, 2012
	Credit Facility:	This Warrant is issued in connection with a loan of $208,500
	Expiration Date:	‘A Warrant’: December 4, 2013; ‘B Warrant’: December 4, 2014

THIS WARRANT CERTIFIES THAT, for good and valuable consideration,
the Holder (together with any successor or permitted assignee or transferee of this Warrant, defined as both the A Warrant
and the exploding one-half B Warrant or of any shares issued upon exercise hereof, "Holder") is entitled to purchase
the number of fully paid and non-assessable shares (the "Shares") of the above-stated Class of Stock (the "Class")
of the above-named company (the "Company") at the above-stated Warrant Price per Share, all as set forth above and as
adjusted pursuant to Article 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant.

 

ARTICLE 1. EXERCISE.

 

1.1 Method of Exercise. Holder may exercise this Warrant
by delivering the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached
as Appendix 1 to the principal office of the Company. Unless Holder is exercising the conversion right set forth in Article 1.2,
Holder shall also deliver to the Company a check, wire transfer (to an account designated by the Company), or other form of payment
acceptable to the Company for the aggregate Warrant Price for the Shares being purchased.

 

1.2 Conversion Right. In lieu of exercising this Warrant
as specified in Article 1.1, Holder may from time to time, upon surrender of this Warrant and delivery of a duly executed Notice
of Exercise in substantially the form attached as Appendix 1 to the principal office of the Company,
convert this Warrant, in whole or in part, into a number of Shares determined by dividing (a) the aggregate fair market value of
the Shares or other securities otherwise issuable upon exercise of this Warrant minus the aggregate Warrant Price of such Shares
by (b) the fair market value of one Share. The fair market value of the Shares shall be determined pursuant to Article 1.3. 

 

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1.3 Fair Market Value. If the Company's common stock,
no par value per share ("Common Stock") is traded in a public market, the fair market value of a Share shall be the closing
price of a share of Common Stock reported for the business day immediately before Holder delivers this Warrant together with its
Notice of Exercise to the Company (or in the instance where the Warrant is exercised immediately prior to the effectiveness of
the registration statement filed in connection with the Company's initial public offering ("IPO"), the "price to
public" per share price specified in the final prospectus relating to such offering). If the Company's Common Stock is not
traded in a public market, the Board of Directors of the Company shall determine fair market value in its reasonable good faith
judgment.

 

1.4 Delivery of Certificate and New Warrant. Promptly
after Holder exercises or converts this Warrant and, if applicable, the Company receives payment of the aggregate Warrant Price,
the Company shall deliver to Holder certificates for the Shares acquired and, if this Warrant has not been fully exercised or converted
and has not expired, a new Warrant representing the Shares not so acquired along with the one-half B Warrants equal to the amount
of A Warrants exercised.

 

1.5 Replacement of Warrants. On receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction,
on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company and/or its transfer agent or, in
the case of mutilation, on surrender and cancellation of this Warrant, the Company shall execute and deliver, in lieu of this Warrant,
a new warrant of like tenor.

 

1.6 Treatment of Warrant Upon Acquisition of Company. 

 

1.6.1 "Acquisition". For the purpose of this
Warrant, "Acquisition" means any sale, license, or other disposition of all or substantially all of the assets of the
Company, or any reorganization (other than a combination, reclassification, exchange or subdivision of shares otherwise provided
for herein), consolidation, merger or sale of outstanding capital stock of the Company where the holders of the Company's securities
before the transaction beneficially own less than a majority of the outstanding voting securities of the surviving entity after
the transaction.

 

1.6.2 Treatment of Warrant at Acquisition.

 

A) Holder agrees that, in the event of an Acquisition in which
the sole consideration is cash, either:

 

(a) Holder shall exercise its conversion
or purchase right under this Warrant and such exercise will be deemed effective immediately prior to the consummation of such Acquisition
or (b) if Holder elects not to exercise the Warrant, this Warrant will expire upon the consummation of such Acquisition. The Company
shall provide the Holder with written notice of such Acquisition (together with such reasonable information as the Holder may request
in connection with such contemplated Acquisition giving rise to such notice), which is to be delivered to Holder not less than
ten (10) days prior to the closing of the proposed Acquisition; and

 

B) Upon the written request of the Company,
Holder agrees that, in the event of an Acquisition that is an "arm’s length" sale of all or substantially all of
the Company's assets (and only its assets) to a third party that is not an Affiliate (as defined below) of the Company (a "True
Asset Sale"), either; (a) Holder shall exercise its conversion or purchase right under this Warrant and such exercise will
be deemed effective immediately prior to the consummation of such True Asset Sale; or (b) if Holder elects not to exercise the
Warrant, this Warrant will continue until the Expiration Date if the Company continues as a going concern following the closing
of any such True Asset Sale. The Company shall provide the Holder with written notice of its request relating to the foregoing
(together with such reasonable information as the Holder may request in connection with such contemplated Acquisition giving rise
to such notice), which is to be delivered to Holder not less than ten (10) days prior to the closing of the proposed Acquisition.;
and

 

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C) Upon the closing of any Acquisition other
than those particularly described in subsections (A) and (B) above, the successor entity shall assume the obligations of this Warrant,
and this Warrant shall be exercisable for the same securities, cash, and property as would be payable for the Shares issuable upon
exercise of the unexercised portion of this Warrant as if such Shares were outstanding on the record date for the Acquisition and
subsequent closing. The Warrant Price and/or number of Shares shall be adjusted accordingly.

 

As used herein "Affiliate" shall mean any person or
entity that owns or controls directly or indirectly ten percent (10%) or more of the stock of the Company, any person or entity
that controls or is controlled by or is under common control with such persons or entities, and each of such person's or entity's
officers, directors, joint Venturers or partners, as applicable; and

 

D) Notwithstanding the foregoing provisions
of Section 1.6.2(C), in the event that the acquiror in an Acquisition does not agree to assume this Warrant at and as of the closing
thereof, this Warrant, to the extent not exercised or converted on or prior to such closing, shall terminate and be of no further
force or effect as of immediately following such closing if all of the following conditions are met: (i) the acquiror is subject
to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended, (ii) the class
and series of stock or other security of the acquiror that would be received by Holder in connection with such Acquisition were
Holder to exercise or convert this Warrant on or prior to the closing thereof is listed for trading on a national securities exchange
or approved for quotation on an automated inter-dealer quotation system, (iii) the value (determined as of the closing of such
Acquisition in accordance with the definitive agreements therefor) of the acquiror stock and/or other securities that would be
received by Holder in respect of each Share were Holder to exercise or convert this Warrant on or prior to the closing of such
Acquisition is equal to or greater than four (4) times the then-effective Warrant Price, and (iv) Holder would be able to publicly
resell, during the three (3) month period immediately following the closing of such Acquisition, without contractual restriction
or restriction under federal or state securities laws, all of the acquiror stock and/or other securities that would be received
by Holder in such Acquisition were Holder to exercise or convert this Warrant in full on or prior to the closing thereof.

 

ARTICLE 2. ADJUSTMENTS TO THE SHARES.

 

2.1 Stock Dividends, Splits, Etc. If the Company declares
or pays a dividend on the outstanding shares of the Class payable in Common Stock or other securities, then upon exercise of this
Warrant, for each Share acquired, Holder shall receive, without cost to Holder, the total number and kind of securities to which
Holder would have been entitled had Holder owned the Shares of record as of the date the dividend occurred. If the Company subdivides
the outstanding shares of the Class by reclassification or otherwise into a greater number of shares, the number of Shares purchasable
hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares
of the Class are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price
shall be proportionately increased and the number of Shares shall be proportionately decreased.

 

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2.2 Reclassification, Exchange, Combinations or Substitution.
Upon any reclassification, exchange, substitution, or other event that results in a change of the number and/or class of the securities
issuable upon exercise or conversion of this Warrant, Holder shall be entitled to receive, upon exercise or conversion of this
Warrant, the number and kind of securities and property that Holder would have received for the Shares if this Warrant had been
exercised immediately before such reclassification, exchange, substitution, or other event. Such an event shall include, without
limitation, any automatic conversion of the outstanding or issuable securities of the Company of the same class or series as the
Shares to Common Stock pursuant to the terms of the Company's Amended and Restated Certificate of Incorporation, as amended from
time to time (the "Certificate of Incorporation"). The Company or its successor shall promptly issue to Holder an amendment
to this Warrant setting forth the number and kind of such new securities or other property issuable upon exercise or conversion
of this Warrant as a result of such reclassification, exchange, substitution or other event that results in a change of the number
and/or class of securities issuable upon exercise or conversion of this Warrant. The amendment to this Warrant shall provide for
adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 2 including,
without limitation, adjustments to the Warrant Price and to the number of securities or property issuable upon exercise of the
new Warrant. The provisions of this Article 2.2 shall similarly apply to successive reclassifications, exchanges, substitutions,
or other events.

 

2.3 No Impairment. The Company shall not, by amendment
of its Certificate of Incorporation or through a reorganization, transfer of assets, consolidation, merger, dissolution, issue,
or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to
be observed or performed under this Warrant by the Company, but shall at all times in good faith assist in carrying out of all
the provisions of this Article 2 and in taking all such action as may be necessary or appropriate to protect Holder's rights under
this Article against impairment; provided, however, that, subject to the provisions of Section 1.6 above, nothing in this Warrant
(including this Article 2.4) shall prohibit the Company from taking any corporate action (including an amendment of its Certificate
of Incorporation or a reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any
other voluntary action) if the Company receives the approval of its stockholders and the Board of Directors required under its
Certificate of Incorporation and the Wyoming Business Corporation Act so long as such action does not, by its terms, treat Holder
differently than all other holders of shares of the same class or series issuable upon exercise of this Warrant.

 

2.4 Fractional Shares. No fractional Shares shall be
issuable upon exercise or conversion of this Warrant and the number of Shares to be issued shall be rounded down to the nearest
whole Share. If a fractional share interest arises upon any exercise or conversion of this Warrant, the Company shall eliminate
such fractional share interest by paying Holder the amount computed by multiplying the fractional interest by the fair market value
of a full Share.

 

2.5 Certificate as to Adjustments. Upon each adjustment
of the Warrant Price, Class and/or number of Shares, the Company shall promptly notify Holder in writing, and, at the Company's
expense, promptly compute such adjustment, and furnish Holder with a certificate of its Chief Financial Officer or other duly authorized
officer setting forth such adjustment and the facts upon which such adjustment is based. The Company shall, upon written request,
furnish Holder a certificate setting forth the Warrant Price, Class and number of Shares in effect upon the date thereof and the
series of adjustments leading to such Warrant Price, Class and number of Shares.

 

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ARTICLE 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY.

 

3.1 Representations and Warranties. The Company represents
and warrants to the Holder as follows: (a) the initial Warrant Price referenced on the first page of this Warrant is not greater
than the fair market value of a share of Common Stock as most recently determined by the Company's Board of Directors. (b) All
Shares which may be issued upon the exercise of the purchase right represented by this Warrant, and all securities, if any, issuable
upon conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free
of any liens and encumbrances except for (i) restrictions on transfer provided for herein or under applicable federal and state
securities laws, and (ii) liens created solely by or through Holder.

 

3.2 Notice of Certain Events. If the Company proposes
at any time (a) to declare any dividend or distribution upon the outstanding shares of the same class and series as the Shares,
whether in cash, property, stock, or other securities and whether or not a regular cash dividend; (b) to offer for subscription
or sale pro rata to the holders of the outstanding shares of the same class and series as the Shares any additional shares of any
class or series of the Company's stock (other than pursuant to contractual pre-emptive rights); (c) to effect any reclassification,
reorganization or recapitalization of any of its stock; or (d) to effect an Acquisition or to liquidate, dissolve or wind up; then,
in connection with each such event, the Company shall give Holder: (1) at least ten (10) days prior written notice of the date
on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders
of shares of the same class and series as the Shares will be entitled thereto) or for determining rights to vote, if any, in respect
of the matters referred to in (c) and (d) above; and (2) in the case of the matters referred to in (c) and (d) above at least ten
(10) days prior written notice of the date when the same will take place (and specifying the date on which the holders of shares
of the same class and series as the Shares will be entitled to exchange their shares for the securities or other property deliverable
upon the occurrence of such event).

 

3.3 Registration Under the Securities Act of 1933, as amended.
Upon a request from persons holdings not less than a majority of the Registerable Securities (as defined herein) then outstanding
that the Company file a registration statement with respect to all or part of the Registerable Securities under the Securities
Act of 1933, as amended (the "Act"), then the Company shall use its best efforts to effect the registration under the
Act of all the Registerable Securities that have been requested to be registered pursuant to such request. Notwithstanding the
foregoing, the Company shall not be required to effect or take any action to effect a registration statement pursuant to this Section
3.3 prior to its filing of a registration statement covering the shares of the Class issuable. For purposes of this Article 3.3,
"Registerable Securities" means the shares of the Class issuable upon (x) exercise of this Warrant by the Holder or its
permitted transferees, (y) exercise of the warrant issued to Global Immune Technologies, Inc. dated the date hereof, and (z) any
stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing; provided, however,
that any such Registerable Securities shall cease to be Registerable Securities (and the Company shall not be required to file
a registration statement hereunder with respect thereto) for so long as such securities become eligible for resale without volume
or manner-of-sale restrictions and without current public information pursuant to Rule 144 under the Act.

 

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3.4 No Stockholder Rights. Except as provided in this
Warrant, Holder will not have any rights as a stockholder of the Company until the exercise of this Warrant.

 

3.5 Certain Information. The Company agrees to provide
Holder at any time and from time to time with such information as Holder may reasonably request for purposes of Holder's compliance
with regulatory, accounting and reporting requirements applicable to Holder.

 

ARTICLE 4. REPRESENTATIONS, WARRANTIES OF HOLDER. Holder
represents and warrants to the Company as follows:

 

4.1 Purchase for Own Account. This Warrant and the securities
to be acquired upon exercise of this Warrant by Holder will be acquired for investment for Holder's account, not as a nominee or
agent, and not with a view to the public resale or distribution within the meaning of the Act.
Holder also represents that it has not been formed for the specific purpose of acquiring this Warrant or the Shares. 

 

4.2 Disclosure of Information. Holder has received or
has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect
to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions and receive
answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to
obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort
or expense) necessary to verify any information furnished to Holder or to which Holder has access.

 

4.3 Investment Experience. Holder understands that the
purchase of this Warrant and its underlying securities involves substantial risk. Holder has experience as an investor in securities
of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder's investment in this
Warrant and its underlying securities and has such knowledge and experience in financial or business matters that Holder is capable
of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a pre-existing personal
or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration
that enables Holder to be aware of the character, business acumen and financial circumstances of such persons.

 

4.4 Accredited Investor Status. Holder is an "accredited
investor" within the meaning of Regulation D promulgated under the Act.

 

4.5 The Act. Holder understands that this Warrant or
the exploding B Warrant and the Shares issuable upon exercise or conversion hereof have not been registered under the Act in reliance
upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Holder's investment
intent as expressed herein. Holder understands that this Warrant and the Shares issued upon any exercise or conversion hereof must
be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless
exemption from such registration and qualification are otherwise available.

 

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ARTICLE 5. MISCELLANEOUS.

 

5.1 Term: Subject to the provisions of Section 1.6 above,
this Warrant is exercisable in whole or in part at any time and from time to time on or before the first (1st) anniversary
of the Issue Date hereof (the "Expiration Date") and in the case of the B Warrant on or before the second anniversary
of the Issue Date hereof.

 

5.2 Legends. This Warrant, the B Warrant and the Shares
(and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) shall be imprinted with a legend in
substantially the following form:

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT
AND PURSUANT TO THE PROVISIONS OF ARTICLE 5 OF THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE COMPANY TO HOLDER DATED AS
OF DECEMBER 4, 2012, MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER
THE ACT AND APPLICABLE STATE SECURITIES LAW OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER
OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS EXEMPT FROM REGISTRATION.

 

5.3 Compliance with Securities Laws on Transfer. This
Warrant, the B Warrant and the Shares issuable upon exercise of this Warrant (and the securities issuable, directly or indirectly,
upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part without compliance with applicable
federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment
representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The
Company shall not require Holder to provide an opinion of counsel if the transfer is to any "affiliate" (as defined under
the Act) of Holder, provided that any such transferee is an "accredited investor" as defined in Regulation D promulgated
under the Act.

 

5.4 Transfer Procedure. Subject to the provisions of
Article 5.3 and upon providing the Company with written notice, Holder may transfer all or part of this Warrant or the Shares issuable
upon exercise of this Warrant (or the securities issuable directly or indirectly, upon conversion of the Shares, if any) to any
transferee, provided, however, in connection with any such transfer, Holder will give the Company notice of the portion of the
Warrant being transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender
this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable). The Company may refuse to transfer
this Warrant or the Shares to any person or entity that directly competes with the Company, unless, in either case, the stock of
the Company is publicly traded.

 

5.5 Notices. All notices and other communications from
the Company to the Holder, or vice versa, shall be deemed delivered and effective when given personally or mailed by first-class
registered or certified mail, postage prepaid, at such address as may have been furnished to the Company or Holder, as the case
may (or on the first business day after transmission by facsimile) be, in writing by the Company or such holder from time to time.
All notices to Holder shall be addressed as follows until the Company receives notice of a change of address in connection with
a transfer or otherwise:

 

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	Holder:	Address
	 	City, State (Province)

 

Notice to the Company shall be addressed as follows until Holder
receives notice of a change in address:

 

Global Immune Technologies, Inc.

2809 Great Northern Loop Suite 100

Missoula, MT 59808-1749 Tel: 406-322-3844

 

 

5.6 Waiver. This Warrant and any term hereof may be changed,
waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of such change,
waiver, discharge or termination is sought.

 

5.7 Attorney's Fees. In the event of any dispute between
the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect
from the other party all costs incurred in such dispute, including reasonable attorneys' fees.

 

5.8 Automatic Conversion upon Expiration. In the event
that, upon the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined
in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall automatically
be deemed on and as of such date to be converted pursuant to Section 1.2 above as to all Shares (or such other securities) for
which it shall not previously have been exercised or converted, and the Company shall promptly deliver a certificate representing
the Shares (or such other securities) issued upon such conversion to Holder.

 

5.9 Counterparts. This Warrant may be executed in counterparts,
all of which together shall constitute one and the same agreement.

 

5.10 Governing Law. This Warrant shall be governed by
and construed in accordance with the laws of the State of Wyoming, without giving effect to its principles regarding conflicts
of law.

 

5.11 Headings. The headings in this Warrant are for purposes
of reference only and shall not limit or otherwise affect the meaning of any provisions of this Warrant.

 

5.12 Termination of Prior Warrant. Effective upon the
execution and delivery of this Warrant and the B Warrant by the Company to Holder, that certain Warrant to Purchase Stock dated
as of December 4, 2012 issued by the Company to Holder shall be deemed to be terminated and of no further force or effect.

 

	Company:	Global Immune Technologies, Inc.
	 	 
	 	Jeffrey R. Bruhjell, Director & Chief Financial Officer

“HOLDER”

 

    	Page | 8 of 8CALCITECH LTD

 

STOCK OPTION PLAN

1st February, 2003

 

The Board of Directors
of CalciTech Ltd (the "Company") has adopted this Stock Option Plan pursuant to which directors, senior officers,
employees, part-time employees and consultants of the Company or any subsidiary of the Company are granted options to purchase
Common Shares in the capital of the Company and thereby share in the future growth and success of the Company.

 

		Article 1.	PURPOSE OF THE PLAN

 

The purpose of this
Plan is to promote the interests of the Company by:

 

		(a)	attracting and retaining persons of outstanding competence (hereinafter called “Eligible
Persons”), who are or will be responsible for the management, growth and success of the Company and its subsidiaries;

 

		(b)	furnishing Eligible Persons with greater incentive to develop and promote the growth and success
of the Company; and

 

		(c)	furthering the identity of interests of Eligible Persons with those of the members of the Company
generally by encouraging Eligible Persons to acquire equity ownership in the Company.

 

The Company believes
that these purposes may be best accomplished by granting to Eligible Persons options to purchase Common Shares.

 

		Article 2.	EFFECTIVE DATE and Approval of GRANT OF OPTIONS

 

The effective date
of this Plan is 1st February, 2003, as adopted by the Board of Directors of the Company. The grant of any and all options
under this Plan are made in conformity with the policies for stock option plans of the TSX Venture Exchange (the “Exchange”),.
The Plan shall remain in full force and effect until such time as the Board shall terminate the Plan, and for so long thereafter
as Options remain outstanding in favour of any Optionee.

 

		Article 3.	NUMBER OF COMMON SHARES SUBJECT TO THE PLAN

 

The number of Common
Shares which are issuable pursuant to this Plan and any other incentives to Eligible Persons of the Company to be granted or issued
by the Company shall not exceed at any time the issued Common Shares of the Company.

 

		Article 4.	OPTION EXERCISE PRICE

 

The Option Exercise
Price under each Option shall be determined by the Committee but such price on the intitial issue of options following the adoption
of this plan shall be based on the share price of the parent CalciTech Ltd with a similar capital structure. The option price shall
not be less than the 10 day trailing average of CalciTech’s shares as shown by the official prices on the TSX. The Option
Exercise Price determined for any Option shall be subject to adjustment pursuant to Article 14 hereof.

 

    	 

    	 

    

 

		Article 5.	ADMINISTRATION OF PLAN

 

		5.1	Administration

 

This Plan shall be
administered by the Board of Directors of the Company (the “Board”), or if appointed, by a special committee of directors
appointed from time to time by the Board (such committee, or if no such committee is appointed, the Board, is hereinafter referred
to as the “Committee”) pursuant to rules of procedure fixed by the Board. The Committee is authorized, subject to the
provisions of this Plan, to establish from time to time such rules and regulations, make such determinations and to take such steps
in connection with the Plan as in the opinion of the Committee is necessary or desirable for the proper administration of this
Plan. The Committee shall, subject to the provisions of this Plan, designate Eligible Persons and determine the time or times when
Options shall be granted, the number of Common Shares which may be granted, the Option Exercise Price at which Common Shares may
be purchased under any Option, the conditions, if any, to be satisfied before any Option may be exercised and the expiry date of
any Option, and enter into an Option Agreement evidencing each Option which shall incorporate such terms as the Committee in its
discretion deems consistent with this Plan.

 

Any questions arising
as to interpretation of the Plan, any Option or any Option Agreement shall be determined by the Committee and such determination
shall be final, conclusive and binding on all parties.

 

		5.2	Eligibility

 

The Committee may,
subject to the provisions of this Plan, designate from time to time as an Eligible Person any director, senior officer, Employee,
Management Company Employee, or Consultant of the Company or its subsidiaries, who is or will be, in the opinion of the Committee,
one of the persons responsible for the management, growth and success of the Company and whose participation in this Plan will,
in the opinion of the Committee, accomplish the purposes of this Plan.

 

		5.3	Grant of Options

 

Options pursuant to
the terms of this Plan may be granted from time to time by the Company acting through the Committee to any Eligible Person. It
is solely within the discretion of the Committee to determine who should receive options and in what amounts. Options granted pursuant
to this Plan together with all of the Company’s other previously established or proposed share compensation arrangements,
should result, at any time in:

 

		(a)	the number of shares of the Company reserved for issuance pursuant to stock options granted to
Insiders not exceeding 10% of the outstanding issued shares; or

 

		(b)	the issuance to Insiders, within a one year period, of a number of shares not exceeding 10% of
the outstanding issued shares.

 

The Company may not grant:

 

		(c)	more than 5% of the issued share to any one Optionee in any 12 month period;

 

    	- 2 -

    	 

    

 

		(d)	more than 2% of the issued shares of the Company to any one Consultant in any 12 month period;
or

 

		(e)	more than an aggregate of 2% of the issued shares of the Company to an Employee conducting Investor
Relations Activities in any 12 month period.

 

The date on which any
Option shall be deemed to have been granted shall be the date on which the Committee authorizes the grant of such Option.

 

Each Option granted
pursuant to this Plan shall be evidenced by an Option Agreement executed on behalf of the Company by the President or the Secretary
of the Company and each Option Agreement shall incorporate such terms and conditions as the Committee deems consistent with the
terms of this Plan. Subject to the prior written consent of the Exchange or such other stock exchange having jurisdiction over
the Company, the Committee may, with the written consent of the Optionee, amend any Option Agreement to the extent that the Committee
deems consistent with the terms of this Plan.

 

		5.4	Vesting of Options

 

Pursuant to Exchange
policies, as long as the Company is a Tier 2 Issuer, each Option Agreement will provide that the Options will vest according to
the determination of the committee, which may be on a time or milestone basis or combination thereof.

 

		Article 6.	TERM OF OPTIONS

 

Options maybe granted
for any term up to, but not exceeding five years from the date of first grant. Each Option granted pursuant to this Plan shall,
subject to early termination in accordance with Article 7 hereof, expire automatically on the earlier of:

 

		(a)	the date on which such Option is exercised in respect of all of the Common Shares that may be purchased
thereunder; and

 

		(b)	the expiry date of such Option as determined by the Committee which in no event may exceed five
years from the date of the original grant of the Option but in any event not later than the latest date permitted by the Securities
Laws.

 

		Article 7.	EARLY TERMINATION OF OPTIONS

 

Each Option shall terminate
on:

 

		(a)	within 90 days after the date on which the Optionee is no longer a director of the Company or
                                                               a subsidiary, provided, however, that where a participant is both a director and a senior officer, Employee, Consultant, or
                                                               Management Company Employee of the Company or a subsidiary, such option shall not expire pursuant to this subparagraph (a) where such participant remains contracted to the Company or subsidiary;

  

		(b)	within 90 days after the date of retirement or termination of employment, other than for cause,
of an Optionee who is an Employee, senior officer, Consultant, or Management Company Employee of the Company or a subsidiary;

 

    	- 3 -

    	 

    

 

		(c)	within 30 days after an Optionee who is engaged in Investor Relations Activities, ceases to be
employed to provide Investor Relations Activities; or

 

		(d)	one day from the date of termination of services for cause, in the case of a participant who is
an employee or part-time employee or senior officer or consultant of the Company or a subsidiary,

 

provided that, subject to the provisions
of Article 9 hereof, if such Optionee ceases to be an Eligible Person of the Company by reason of the death of such Optionee, all
or any of the Common Shares then covered by such Option may be purchased by the legal representative of such Optionee, or by the
person or persons to whom the rights of such Optionee under the Option Agreement entered into with such Optionee have passed by
will or the laws of devolution or distribution and descent, until the earlier of:

 

		(i)	the date that is one year after the date of the death of such Optionee; and

 

		(ii)	the expiry date of such Option set forth in such Option Agreement,

 

provided, however, that in respect of any
Option which would expire pursuant to Article 7(i) and (ii) above, the Board may extend the expiry date in its discretion, subject
to the prior approval of the Exchange, to a date not beyond the expiry date determined in accordance with Article 6(b) above.

 

A change in the office,
position or duties of an Optionee from the office, position or duties held by such Optionee on the date on which the Option was
granted to such Optionee shall not result in the termination of the Option granted to such Optionee provided that such Optionee
remains a director, senior officer, Employee, Consultant or Management Company Employee of the Company or subsidiary.

 

The retirement of any
Optionee as a director of the Company or subsidiary at any annual meeting of the Company or subsidiary as required by the Articles
of the Company or subsidiary shall not result in the termination of the Option granted to such Optionee provided that such Optionee
is re-elected at such annual meeting as a director of the Company or subsidiary.

 

		Article 8.	NON-TRANSFERABILITY OF OPTIONS

 

No Option may be transferred
or assigned except by will or the laws of devolution or distribution and descent or, except as set forth in Article 7 hereof,
may be exercised by an Optionee except during his lifetime. The restriction on transfer described in this Article 8 shall be incorporated
into each Option Agreement.

 

		Article 9.	EXERCISE OF OPTIONS

 

Subject to the terms
and conditions of this Plan, each Option may from time to time be exercised with respect to all or any of the Common Shares covered
by such Option at any time on or after the later of:

 

		(a)	the date the Members of the Company approve this Plan;

 

		(b)	the satisfaction of such conditions as the Committee may impose at the time of the grant of such
Option; and

 

		(c)	the date on which that proportion of the Option being exercised has vest in the Optionee.

 

    	- 4 -

    	 

    

 

Each Option may be
exercised by written notice signed by the Optionee and dated the date of exercise, and not postdated, stating that the Optionee
elects to exercise his rights to purchase Common Shares under such Option and the number of Common Shares in respect of which such
Option is being exercised, accompanied by full payment for the Common Shares being purchased under such Option, delivered to the
Company at its principal office or such other address of the principal office of the Company at the time of exercise addressed
to the attention of the President of the Company. Delivery of any notice of exercise accompanied by payment may be made by personal
delivery, by courier service or by an agent.

 

Upon exercise of an
Option, a certificate or certificates representing the Common Shares in respect of which such Option is exercised shall be delivered
by the Company to the Optionee.

 

		Article 10.	PAYMENT

 

Payment of the Option
Exercise Price for Common Shares purchased on the exercise of any Option must be made in full in lawful money or by certified cheque
made payable to or to the order of the Company, payable at par in Bermuda (or at such other place as the principal office of the
Company may be located at the time of exercise) at the time notice of exercise is delivered to the Company pursuant to Article
9

hereof.

 

The Company shall not
provide financial assistance to Eligible Persons for the purchase of Common Shares pursuant to the exercise of Options.

 

		Article 11.	REPRESENTATIONS

 

		11.1	Optionee Representations

 

Each Option Agreement
shall provide that on the exercise of an Option, the Optionee (including for the purposes of this Article 11 each other person
who, pursuant to Article 7

hereof, may purchase Common Shares under an Option) shall, if so requested by the Company, represent and
agree in writing that:

 

		(a)	such Optionee is (or such Optionee was) an Eligible Person of the Company and has not been induced
to purchase the Common Shares purchased pursuant to the exercise of such Option by expectation of employment or continued employment;

 

		(b)	such Optionee (or such other person) is purchasing the Common Shares purchased pursuant to the
exercise of such Option as principal for such Optionee's own account (or, if such Optionee is deceased, for the account of the
estate of such Optionee) for investment purposes, and not with a view to the distribution thereof to the public;

 

		(c)	such Optionee (or such other person) will, prior to and upon any sale or disposition of any of
the Common Shares purchased pursuant to the exercise of such Option, comply with the Securities Laws and any other federal, provincial
or state laws or regulations to the extent that such laws or regulations are applicable to such sale or disposition; and

 

		(d)	such Optionee (or such other person) will not offer, sell or deliver any of the Common Shares purchased
pursuant to the exercise of such Option, directly or indirectly, in the United States or to any citizen or resident of, or any
Company, partnership or other entity created or organized in or under the laws of, the United States, or any estate or trust the
income of which is subject to United States federal income taxation regardless of its source, except in compliance with United
States federal and state securities laws.

 

    	- 5 -

    	 

    

 

The Company may employ
other procedures and require further documentation from any Optionee to ensure compliance with all applicable laws.

 

The issue and sale
of Common Shares pursuant to any Option is specially conditioned on such issue and sale being made in compliance with the Securities
Laws and the Company will have no obligation to issue or sell any Common Shares pursuant to the exercise of any Option unless such
issuance and sale will be made in compliance with the Securities Laws. The Company will be entitled to take such action as it deems
necessary to restrict the transferability in the United States of any Common Shares acquired on exercise of any Option.

 

		11.2	Company Representations

 

The Company shall represent
for every grant of an Option to an Employee, Consultant or Management Company Employee that the Optionee
is a bona fide Employee, Consultant or Management Company Employee, as the case may be of the Company or its subsidiaries.

 

		Article 12.	NOTICE TO COMMISSIONS AND EXCHANGES

 

The Company will give
notice to all applicable securities commissions and other regulatory bodies in Canada and the United States and all applicable
stock exchanges and other trading facilities upon which the Common Shares are listed or traded, as may be required, of its adoption
of this Plan and of its entering into Option Agreements with Eligible Persons and the terms and conditions for the purchase of
Common Shares under such Option Agreements, and will use all reasonable efforts to obtain any requisite approvals as may be required
from such bodies, exchanges and trading facilities.

 

		Article 13.	SUSPENSION, AMENDMENT OR TERMINATION

 

The Board of Directors
shall have the right at any time to suspend, amend or terminate this Plan in any manner including, without limitation, to reflect
any requirements of applicable regulatory bodies or stock exchanges, and on behalf of the Company to enter into amendments to any
Option Agreement, subject to the prior written consent of the Exchange or such other stock exchange having jurisdiction over the
Company, but shall not, without the consent of the members of the Company have the right to:

 

		(a)	affect in a manner that is adverse or prejudicial to, or that impairs, the benefits and rights
of any Optionee under any Option previously granted under this Plan except for the purpose of complying with the Securities Laws;
or

 

		(b)	change the number of Common Shares which may be issued pursuant to any Option granted under this
Plan (subject to any necessary adjustment pursuant to Article 14 hereof).

 

The full powers of
the Committee as provided for in this Plan shall survive the termination of this Plan until all Options have been exercised in
full or have otherwise expired.

 

    	- 6 -

    	 

    

 

		Article 14.	ADJUSTMENT

 

The Option Exercise
Price and the number of Common Shares to be purchased by an Optionee upon the exercise of an Option will be adjusted, with respect
to the then unexercised portion thereof, by the Company from time to time (on the basis of such advice as the Company considers
appropriate, including, if considered appropriate by the Company, a certificate of the auditors of the Company) in the events and
in accordance with the provisions and rules set out below. Any dispute that arises at any time with respect to any adjustment pursuant
to such provisions and rules will be conclusively determined by the Committee of the Company, and any such determination will be
binding on the Company, the Optionee and all other affected parties.

 

In the event that a
dividend is declared upon the Common Shares payable in Common Shares (other than in lieu of dividends paid in the ordinary course),
the number of Common Shares then subject to any Option shall be adjusted by adding to each such Common Share the number of Common
Shares which would be distributable thereon if such Common Share had been outstanding on the date fixed for determining members
entitled to receive such stock dividend.

 

In the event that the
outstanding Common Shares are changed into or exchanged for a different number of kind of Common Shares or other securities of
the Company or of another Company, whether through an arrangement, amalgamation or other similar procedure or otherwise, or a share
recapitalization, subdivision or consolidation, then there shall be substituted for each Common Share subject to any Option the
number and kind of Common Shares or other securities of the Company or another Company into which each outstanding Common Share
shall be so changed or for which each such Common Share shall be exchanged.

 

In the event that
there is any change, other than as specified above in this Article 14 , in the number or kind of outstanding Common Shares or
of any securities into which such Common Shares shall have been changed or for which they shall have been exchanged, then, only
with the prior written consent of the Exchange, or such other stock exchange having jurisdiction over the Company, if the Company
determines that such change equitably requires an adjustment to be made in the number or kind of Common Shares, an equitable adjustment
shall be made in the number or kind of common shares, such adjustment to be reasonably determined by the Company and to be effective
and binding for all purposes.

 

In the case of any
such substitution or adjustment as provided for in this Article 14, the Option Exercise Price in respect of each Option for each
Common Share covered thereby prior to such substitution or adjustment will be proportionately and appropriately varied. Such variation
shall generally require that the number of Common Shares or securities covered by the Option after the relevant event multiplied
by the varied Option Exercise Price shall equal the number of Common Shares covered by the Option prior to the relevant event multiplied
by the original Option Exercise Price.

 

In the event that the
Company distributes by way of a dividend, or otherwise, to all or substantially all holders of Common Shares, property, evidence
or indebtedness or shares or other securities of the Company (other than Common Shares) or rights, options or warrants to acquire
Common Shares or securities convertible into or exchangeable for Common Shares or other securities or property of the Company,
other than as a dividend in the ordinary course, then, if the Company determines that such action equitably requires an adjustment
in the Option Exercise Price or number of Common Shares subject to any Option, or both, such adjustment shall be made by the Company
and shall be effective and binding for all purposes.

 

    	- 7 -

    	 

    

 

No adjustment or substitution
provided for in this Article 14 shall require the Company to issue a fractional share in respect of any Option and the total substitution
or adjustment with respect to each Option shall be limited accordingly.

 

		Article 15.	THIRD PARTY OFFER

 

If at any time when
an option granted under the Plan remains unexercised with respect to any common shares, an offer to purchase all of the common
shares of the Company is made by a third party, the Company may make such provisions for the protection of the rights of holders
of options as the Board of Directors in its discretion deems appropriate, and may upon giving each Optionee written notice of the
third party offer, require the acceleration of the time for the exercise of the option rights granted under the Plan and of the
time for the fulfillment of any conditions or restrictions on such exercise.

 

		Article 16.	DEFINITIONS

 

In this Plan, unless
there is something in the subject matter or context inconsistent therewith:

 

		(a)	“Associates” has the meaning defined in the policies of the Exchange;

 

		(b)	“Board” or "Board of Directors" means the board of directors of the Company;

 

		(c)	"Common Shares" mean the Common Shares without par value in the capital of the Company
as constituted on October 23, 2002, provided that if the rights of any Optionee are subsequently adjusted pursuant to Article 14
hereof, "Common Shares" will thereafter mean the shares or other securities or property which such Optionee is entitled
to purchase after giving effect to such adjustment;

 

		(d)	“Committee” means for the purpose of administering the Plan, the Board of Directors
of the Company or if appointed, a special committee of directors appointed from time to time by the Board;

 

		(e)	"Company" means CalciTech Synthetic Minerals Ltd and its lawful successors from time
to time;

 

		(f)	“Consultant” means,
in relation to the Company, an individual or Consultant Company, other than an Employee, director or senior officer of the Company,
that:

 

		(i)	is engaged to provide on a ongoing bona fide basis, consulting, technical, management or other
services to the Company or its subsidiaries, other than services provided in relation to a Distribution;

 

		(ii)	provides the services under a written contract between the Company or a subsidiary and the individual
or the Consultant Company;

 

		(iii)	in the reasonable opinion of the Company, spends or will spend a significant amount of time and
attention on the affairs and business of the Company or a subsidiary; and

 

		(iv)	has a relationship with the Company or a subsidiary that enables the individual to be knowledgeable
about the business and affairs of the Company;

 

    	- 8 -

    	 

    

 

		(v)	“Consultant Company” means for an individual consultant, a company or partnership of
which the individual is an employee, shareholder or partner;

 

		(g)	“Discounted Market Price” has the meaning defined in the policies of the Exchange;

 

		(h)	"Eligible Persons" means any director, senior officer, Employee, Management Company Employee,
Consult of the Company or its subsidiary;

 

		(i)	“Employee” means:

 

		(ii)	an individual who is considered an employee of the Company or its subsidiary (i.e. for whom income
tax, employment insurance and CPP deductions must be made at source);

 

		(iii)	an individual who works full-time for the Company or its subsidiary providing services normally
provided by an employee and who is subject to the same control and direction by the Issuer over the details and methods of work
as an employee of the Issuer, but for whom income tax deductions are not made at source;
or

 

		(iv)	an individual who works for the Company or its subsidiary on a continuing and regular basis for
a minimum amount of time per week providing services normally provided by an employee and who is subject to the same control and
direction by the Company over the details and methods of work as an employee of the Company, but for whom income tax deductions
are not made at source.

 

		(i)	“Exchange” means the TSX Venture Exchange;

 

		(j)	“Insider” has the meaning defined in the policies of the Exchange;

 

		(k)	“Investor Relations Activities” has the meaning defined in the policies of the Exchange;

 

		(l)	“Listed Shares” has the meaning defined in the policies of the Exchange;

 

		(m)	“Management Company Employee” means an individual employed by a Person providing management
services to the Company, which are required for the ongoing successful operation of the business enterprise of the Company, but
excluding a Person engaged in Investor Relations Activities.

 

		(n)	"Option" means an option entitling the holder thereof to purchase Common Shares as described
herein and granted to an Eligible Person of the Company pursuant to the terms and conditions hereof and as evidenced by an Option
Agreement;

 

		(o)	"Option Agreement" means an agreement evidencing an Option, entered into by and between
the Company and an Optionee;

 

		(p)	"Option Exercise Price" means the price per Common Share at which an Optionee may purchase
Common Shares pursuant to an Option, provided that if such price is adjusted pursuant to Article 14 hereof, "Option Exercise
Price" will thereafter mean the price per Common Share at which such Optionee may purchase Common Shares pursuant to such
Option after giving effect to such adjustment;

 

    	- 9 -

    	 

    

 

		(q)	"Optionee" means an Eligible Person of the Company who holds an Option under this Plan;

 

		(r)	“Outstanding Issue” means the number of common shares of the Company that are outstanding
at the time grant;

 

		(s)	"Plan" means this Stock Option Plan, as it may be amended, modified or restated from
time to time pursuant to and in accordance with the provisions hereof;

 

		(t)	"President" means the President of the Company appointed by the Board of Directors;

 

		(u)	"Securities Laws" means the applicable securities laws and regulations of Canada or of
the United States, or any political subdivision of either, or the by-laws, rules and regulations of any stock exchange or other
trading facilities upon which the Common Share are listed or traded, as the case may be;

 

		(v)	“Tier 2 Issuer” has the meaning defined in the policies of the Exchange; and

 

		(w)	"United States" means the United States of America (including the States and the District
of Columbia) and its territories and possession and other areas subject to its jurisdiction.

 

		Article 17.	REFERENCE

 

This Plan may be referred
to as the Stock Option Plan of CalciTech Ltd.

 

    	- 10 -

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