Document:

Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (the “Agreement”) is entered into by and between Gadsden Properties, Inc., a Nevada corporation
(the “Company”) and Michael Cha (the “Executive”) on September 1, 2020 (the “Effective Date”), to
become effective immediately.

 

WHEREAS,
the Company intends to employ the Executive as Chief of Staff, effective immediately; and Employee is willing to undertake such
employment in accordance with the terms of this Agreement; and

 

WHEREAS,
Employer is engaged in the business of acquisition, development, disposition, and property management of commercial real estate
for the benefit of its investors;

 

NOW,
THEREFORE, in consideration of the premises and of the mutual covenants and agreements hereinafter set forth, the Company and the
Executive hereby agree as follows:

 

1. Employment.

 

(a) Term. 
The term of this Agreement shall begin on the Effective Date and shall continue for a period of One (1) Year (the “Scheduled
Term”), unless sooner terminated by either party as hereinafter provided.    The period commencing on the Effective
Date and ending on the date on which the term of the Executive’s employment under the Agreement terminates is referred to herein
as the “Employment Term.” 

 

(b)
Renewal. This Agreement shall automatically renew for two (2) successive one-year periods (each a “Renewal Term”),
under and subject to the terms herein, unless either party gives two months written notice prior to the expiration of the Initial
Term or any Renewal Term (“Notice of Non-Renewal”). In the event of such non-renewal, or in the event that the parties
fail to reach a mutual written agreement to amend or change the terms of this Agreement on or prior to the end of the Scheduled
Term, the Executive’s employment with the Company shall terminate upon expiration of the Scheduled Term (“Non-Renewal”),
and such Non-Renewal shall be treated as a termination of the Executive’s employment by the Company without Cause under Section
7(a). Employer, in its sole discretion, shall have the option but not the obligation of relieving Employee of actually performing
any services following the giving of a Notice of Non-Renewal. Employee shall nonetheless be paid for the remainder of the notice
period provided he does not violate any provision of this Agreement while receiving such compensation. 

 

(c) Duties.

 

(1) The
Executive shall serve as the Chief of Staff of the Company with duties, responsibilities and authority commensurate therewith and
shall report to the Chief Executive Officer and to the Board of Directors of the Company (the “Board”).  The Executive
shall perform all duties and accept all responsibilities incident to such position as may be reasonably assigned to him by the
Chief Executive Officer and the Board, consistent with his position as the Chief of Staff.  In addition, during the Term,
without compensation other than that herein provided, the Executive shall also serve and continue to serve, if and when elected
and re-elected, as a member of the Board.

 

(2) The
Executive represents to the Company that he is not subject to or a party to any employment agreement, non-competition covenant,
understanding or restriction which would be breached by or prohibit the Executive from executing this Agreement and performing
fully his duties and responsibilities hereunder.

 

(d) Best
Efforts.  During the Employment Term, the Executive shall devote his best efforts and time and attention to promote the
business and affairs of the Company and its affiliated entities, and shall be engaged in other business activities only to the
extent that such activities do not materially interfere or conflict with his obligations to the Company hereunder.  In no
event shall the Executive’s other business activities violate his obligations under Section 13 below.  The Company recognizes
and accepts that Executive currently serves as an executive in one or more of the companies listed on Schedule A, and specifically
agrees that Executive may continue that service and agrees that such service does not constitute a violation of the provisions
of this Agreement. The provisions of this Agreement also shall not be construed as preventing the Executive from (1) serving on
civic, educational, philanthropic or charitable boards or committees, or, with the prior written consent of the Board, in its sole
discretion, on other corporate boards, and (2) managing personal investments, so long as such activities are permitted under the
Company’s Code of Conduct and employment policies.  The Executive acknowledges and agrees that Schedule A represents
a complete list of all corporate boards and corporate executive positions in which the Executive serves as of the Effective Date. 
Notwithstanding any provision of this Section 1 of the Agreement to the contrary, in no event shall the Executive invest in any
business competitive with the Company or that would otherwise violate the provisions of Section 13 below.

 

    	

     

    

 

2. Base
Salary and Bonus.

 

(a) During
the Employment Term, for all of the services rendered by the Executive hereunder, the Company shall pay the Executive a base salary
(“Base Salary”), at the annual rate of Two Hundred Fifty Thousand Dollars and Zero Cents ($250,000.00) payable in semi-monthly
installments at such times as the Company customarily pays its other employees.  The Executive’s Base Salary shall be reviewed
periodically by the Board (or a committee of the Board) pursuant to the Board’s normal performance review policies for senior level
executives.

 

(b) For
the Employment Term and any renewal thereof, the Executive shall be eligible to receive an annual bonus for any such fiscal year
in an amount to be determined each year of the Agreement.  The Executive may be eligible to earn additional annual bonus amounts
for any fiscal year to the extent determined by the Board, in its sole discretion, which additional annual bonus amounts (if any)
may be based on the attainment of certain individual and corporate performance goals and targets, as determined and set by the
Board, in its sole discretion.  Promptly after the Board’s receipt of the financial information on which any such performance
goals are based after the end of the fiscal year, the Board shall review actual performance against the applicable performance
goals and targets and shall notify the Executive of the amount of his annual bonus, if any.  The Executive’s annual bonus
shall be paid to him not later than March 15 of the year following the end of the fiscal year to which it relates, under the same
conditions as other executives of the Company.  Notwithstanding anything herein to the contrary:

  

(i)  To
the extent mutually agreed by (and subject to the approval of) the Board and Executive, all or any portion of Executive’s Cash
Bonus may be paid in the form of shares of common stock of the Company under any shareholder-approved equity compensation plan
then in force at the Company, with the number of shares equal to (x) the portion of such Cash Bonus that is not paid in cash divided
by (y) the closing price per share of common stock on the principal national securities exchange in the United States on which
such shares are then traded on the fourth trading day the following the release of the Company’s quarterly financial reports for
the applicable quarter, as reported in The Wall Street Journal or such other source as the Compensation Committee of the Board
of Directors deems reliable; provided, however, that, (1) if the shares are regularly quoted by a recognized securities dealer
but are not traded on a national securities exchange in the United States, then the foregoing clause (y) shall instead be the mean
between the high bid and low asked prices for the shares on the fourth trading day the following the release of the Company’s quarterly
financial reports for the applicable quarter, as reported in The Wall Street Journal or such other source as the Compensation Committee
of the Board of Directors deems reliable; and (2) if the shares are neither traded on a national securities exchange in the United
States nor quoted by a recognized securities dealer, then the foregoing clause (y) shall instead be the value of a share as determined
by the Compensation Committee of the Board of Directors based upon the reasonable application of a reasonable valuation method
as outlined under Code Section 409A.

 

3. Equity
Incentive Programs.  The Executive shall be eligible to participate in the Company’s annual and long-term equity incentive
plans and programs in accordance with the terms of such plans and programs as in effect for other similarly situated employees
of the Company generally, at levels determined by the Board (or a committee of the Board) in its sole discretion, commensurate
with the Executive’s position.

 

4. Retirement
and Welfare Benefits.  The Executive shall be eligible to continue to participate in the Company’s health, life insurance,
long and short-term disability, dental, retirement, savings and medical programs, if any, pursuant to their respective terms and
conditions.  In addition, the Executive shall be eligible to participate in any long-term equity incentive programs established
by the Company for its senior level executives generally, at levels determined by the Board in its sole discretion, commensurate
with the Executive’s position as Chief of Staff.  Nothing in this Agreement shall preclude the Company or any affiliate of
the Company from terminating or amending any employee benefit plan or program from time to time after the Effective Date.

 

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5. Vacation. 
The Executive shall be entitled to vacation, holiday and sick leave at levels commensurate with those provided to other senior
executive officers of the Company, in accordance with the Company’s vacation, holiday and other pay for time not worked policies.

 

6. Expenses;
Car Allowance.  The Company shall reimburse the Executive for all necessary and reasonable travel and other business expenses
incurred by the Executive in the performance of his duties hereunder in accordance with the Company’s policies in effect from
time to time with respect to business expenses, subject to such reasonable accounting procedures as the Company may adopt
generally from time to time for executives. 

 

7. Termination
Without Cause;  Resignation for Good Reason.  If the Executive’s employment is terminated by the Company without
Cause (as defined in Section 11) or if the Executive resigns for Good Reason (as defined in Section 11), the provisions of this
Section 7 shall apply.

 

(a) The
Company may terminate the Executive’s employment with the Company at any time without Cause upon not less than 30 days’ prior written
notice to the Executive; provided that, in the event that such notice is given, the Executive shall be under no obligation to render
any additional services to the Company and shall be allowed to seek other employment.  In addition, the Executive may initiate
a termination of employment by resigning under this Section 7 for Good Reason.  The Executive shall give the Company not less
than 30 days’ prior written notice of such resignation.  On the date of termination or resignation, as applicable, specified
in such notice, the Executive agrees to resign all positions, including as an officer and, if applicable, as a director or member
of the Board, related to the Company and its parents, subsidiaries and affiliates.

 

(b) Unless
the Executive complies with the provisions of Section 7(c) below, upon termination or resignation under Section 7(a) above, the
Executive shall be entitled to receive only the amount due to the Executive under the Company’s then current severance pay plan
or arrangement for employees, if any, but only to the extent not conditioned on the execution of a release by the Executive. 
No other payments or benefits shall be due under this Agreement to the Executive, but the Executive shall be entitled to receive
any amounts earned, accrued and owing but not yet paid under Section 2 above and any benefits accrued and due under any applicable
benefit plans and programs of the Company, in each case, subject to and in accordance with the terms thereof.

 

(c) Notwithstanding
the provisions of Section 7(b), upon termination or resignation, as applicable, under Section 7(a) above (including a termination
due to Non-Renewal), if, within sixty (60) days following the termination of the Executive’s employment, the Executive timely executes
and delivers to the Company (without revocation) a fully effective written release of any and all claims against the Company and
all related parties with respect to all matters arising out of the Executive’s employment by the Company, or the termination thereof
(other than claims for any entitlements under the terms of this Agreement), in substantially the form set forth in Exhibit
A hereto (the “Release”), the Executive shall be entitled to receive, in lieu of the payment described in Section
7(b) and any other payments due under any severance plan or program for employees or executives, the following payments and benefits:

 

(1) From
the date of termination through the balance of the Scheduled Term (if any) (the “Severance Period”), the Executive shall
continue to receive (i) his Base Salary (at the rate in effect immediately before the Executive’s termination or resignation, as
applicable) in installments in accordance with the Company’s normal payroll practices, plus (ii) any applicable bonus for each
fiscal year during the Severance Period (but prorated for any partial fiscal year during the Severance Period), payable at the
same time other employees of the Company are paid pursuant to the terms of the Company’s annual bonus plan, but not later than
March 15 of the year following the end of the fiscal year to which the bonus relates.

 

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(2) To
the extent the Executive timely elects to receive continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation
Act of 1985, as amended (“COBRA”), the Company shall pay or reimburse the Executive, on a monthly basis, an amount equal
to the full monthly premium for such coverage, from the date of termination until the date eighteen (18) months following the date
of termination.  The COBRA health care continuation coverage period under Section 4980B of the Internal Revenue Code of 1986,
as amended (the “Code”) shall run concurrently with the foregoing period.

 

(3) Beginning
on the 60th day following the effective date of the Executive’s termination or resignation, and on the first payroll
date of each month thereafter during the remainder of the Scheduled Term (if any), a monthly payment equal to the premium cost
for the long and short-term disability coverage that was in effect for the Executive under plans of the Company immediately before
his termination or resignation.  To the extent requested by the Executive within 30 days following the date of termination,
the Company shall take all action necessary, if any, to facilitate the Executive’s exercise of all conversion and/or portability
privileges, if any, under such long and short-term disability coverage.

 

(4) Beginning
on the 60th day following the effective date of the Executive’s termination or resignation, and on the first payroll
date of each month thereafter during the remainder of the Scheduled Term (if any), a monthly payment equal to the full cost of
any Company life insurance coverages in effect for the Executive immediately before his termination or resignation to maintain
life insurance coverage.  To the extent requested by the Executive within 30 days following the date of termination, the Company
shall take all action necessary, if any, to facilitate the Executive’s exercise of all conversion privileges, if any, under such
life insurance program or policy.

 

(5) Notwithstanding
any provision to the contrary in any applicable plan, program or agreement, all outstanding equity awards held by the Executive
as of the date of his termination or resignation, as applicable, shall become fully vested and exercisable as of such date. 
In addition, any outstanding stock options held by the Executive, including any stock options that previously became exercisable
and have not expired or been exercised, shall remain exercisable, notwithstanding any provision to the contrary in any other agreement
governing such options, for the shorter of (i) the 60-month period following the date of the Executive’s termination or resignation,
as applicable, and (ii) the then remaining term of such stock option.

 

(6) Any
other amounts earned, accrued and owing but not yet paid under Section 2 above and any benefits accrued and due under any applicable
benefit plans and programs of the Company, payable in accordance with the terms and conditions thereof and any unpaid Deferred
Bonuses payable pursuant to and in accordance with Section 2(b)(ii).

 

(7) An
annual bonus for the fiscal year of termination or resignation, based on actual performance through the full fiscal year but pro-rated
based on the number of days the Executive was employed during such fiscal year of termination, payable at the same time other employees
of the Company are paid pursuant to the terms of the Company’s annual bonus plan, but not later than March 15 of the year following
the end of the fiscal year to which the bonus relates (the “Pro Rata Bonus”).

 

(d) To
the extent that the payment of any amount or provision of any benefit under Section 7 is conditioned upon the Release and is otherwise
scheduled to occur prior to the sixtieth (60th) day following the date of Executive’s termination of employment hereunder, but
for the condition on executing the Release as set forth herein, shall not be made until the first regularly scheduled payroll date
following such sixtieth (60th) day, after which any remaining payments shall thereafter be provided to Executive according to the
applicable schedule set forth herein.

 

8. Termination
for Cause; Resignation without Good Reason.  The Company may terminate the Executive immediately for Cause.  In addition,
the Executive may voluntarily terminate his employment for any reason upon 30 days’ prior written notice.  In either such
event, after the effective date of such termination no payments shall be due under this Agreement, except that the Executive shall
be entitled to any amounts earned, accrued and owing but not yet paid under Section 2 above and any benefits accrued and due under
any applicable benefit plans and programs of the Company, payable in accordance with the terms and conditions thereof.

 

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9. Disability. 
If the Executive incurs a Disability (as defined below), the Company may terminate the Executive’s employment on account of Disability
subject to the requirements of applicable law.  If the Company terminates the Executive’s employment on account of his Disability,
the Executive shall be entitled to receive any amounts earned, accrued and owing but not yet paid under Section 2 above and any
benefits accrued and due under any applicable benefit plans and programs of the Company, payable in accordance with the terms and
conditions thereof.  In addition, if the Company terminates the Executive’s employment on account of his Disability, the Executive
shall be entitled to receive the Pro Rata Bonus.  For purposes of this Agreement, the term “Disability” shall have
the same meaning as under the Company’s long-term disability plan.

 

10. Death. 
If the Executive dies while employed by the Company, the Executive’s employment shall terminate on the date of death and the Company
shall pay to the Executive’s executor, legal representative, administrator or designated beneficiary, as applicable, any amounts
earned, accrued and owing but not yet paid under Section 2 above and any benefits accrued and due under any applicable benefit
plans and programs of the Company, payable in accordance with the terms and conditions thereof.  In addition, if the Executive
dies while employed by the Company, the Executive shall be entitled to receive the Pro Rata Bonus.  Otherwise, the Company
shall have no further liability or obligation under this Agreement to the Executive’s executors, legal representatives, administrators,
heirs or assigns or any other person claiming under or through the Executive.

 

11. Definitions.

 

(a) Cause. 
For purposes of this Agreement, “Cause” shall mean any of the following grounds for termination of the Executive’s employment:

 

(1) The
Executive’s breach of any of the restrictive covenants set forth in Section 13.

 

(2) The
Executive’s willful violation of any law, rule, or regulation (other than minor traffic violations) related to Employee’s
duties or conviction of a felony or of a crime involving moral turpitude.

 

(3) The
Executive’s material violation of any written Company policy or the material terms of this Agreement.

 

(4) The
Executive’s failure to follow a lawful direction of the Board.

 

(5) Substance
abuse by the Executive, but only if the Executive fails to seek appropriate counseling or fails to complete a prescribed counseling
program. .

 

(6)
Disloyalty or dishonesty towards Employer;

 

(7)
Gross or intentional neglect in performance of duties.

 

(8)
Incompetence or willful misconduct in performance of duties.

 

(9)
Discrimination or harassment of other employees.

 

(10)
Any other act or omission which harms or may reasonably be expected to harm the reputation and/or business interests of Employer.

 

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With respect to
Items (3) and (4), a termination for Cause shall only be effective if the violation or failure is not cured by the Executive within
the 20-day period following written notice from the Board of the specific grounds that could result in a termination for “Cause;”
provided that the Executive shall only have an opportunity to cure a failure to the extent the failure is curable, as determined
by the Board in its sole discretion.

 

(b) Change
of Control.  As used herein, a “Change of Control” shall be deemed to have occurred if:

 

(1) Any
“person,” as such term is used in sections 13(d) and 14(d) of Securities Exchange Act of 1934, as amended (the “Exchange
Act”) (other than a person who is a stockholder of the Company on the effective date of the Plan) becomes a “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing
more than 50% of the voting power of the then outstanding securities of the Company; provided that a Change of Control shall not
be deemed to occur as a result of a transaction in which the Company becomes a subsidiary of another corporation and in which the
stockholders of the Company, immediately prior to the transaction, will beneficially own, immediately after the transaction, shares
entitling such stockholders to more than 50% of all votes to which all stockholders of the parent corporation would be entitled
in the election of directors; or

 

(2) The
consummation of (i) a merger or consolidation of the Company with another corporation where the stockholders of the Company, immediately
prior to the merger or consolidation, will not beneficially own, immediately after the merger or consolidation, shares entitling
such stockholders to more than 50% of all votes to which all stockholders of the surviving corporation would be entitled in the
election of directors, (ii) a sale or other disposition of all or substantially all of the assets of the Company, or (iii) a liquidation
or dissolution of the Company.

 

(c) Good
Reason.  The occurrence of one or more of the following actions; provided, however, that the Executive shall give the
Company not less than 30 days’ prior written notice of such resignation setting forth in reasonable specificity the event that
constitutes Good Reason, which written notice, to be effective, must be provided to the Company within thirty (30) days following
initial notification of its occurrence or proposed occurrence, and during such thirty (30) day notice period, the Company shall
have a cure right (if curable), and if not cured within such period and which action is not then rescinded within 30 days after
delivery of such notice, the Executive’s termination will be effective upon the expiration of such cure period:

 

(1) A
change of the principal office or work place assigned to the Executive to a location more than 35 miles distant from its location
immediately prior to such change.

 

(2) A
material reduction by the Company of the Executive’s title, duties, responsibilities, authority, status, reporting relationship
or the Executive’s position.

 

(3) A
material reduction of the Executive’s base salary or bonus opportunity, unless pursuant to a reduction in such items applicable
proportionally to all senior management and board members.

 

(4) Any
breach of this Agreement by the Company, including, without limitation, a material failure to pay Executive’s Base Salary or annual
bonus in accordance with the terms and conditions of Sections 2(a) and (b) of this Agreement.

 

(5)
Any reason or no reason following a Change of Control, provided that the Executive’s notice of resignation under this
subsection 11(c)(5) is provided to the surviving entity following the Change of Control, within the 30-day period following
the closing of such Change of Control.

 

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12. Section
409A.  It is intended that this Agreement will comply with, or be exempt from, Section 409A of the Code and any regulations
and guidelines promulgated thereunder, to the extent the Agreement is subject thereto, and the Agreement shall be interpreted on
a basis consistent with such intent.  Notwithstanding any provision in this Agreement to the contrary:

 

(a) the
payment (or commencement of a series of payments) hereunder of any nonqualified deferred compensation (within the meaning of Section
409A of the Code) upon a termination of employment shall be delayed until such time as the Executive has also undergone a “separation
from service” as defined in Treas. Reg. 1.409A-1(h), at which time such nonqualified deferred compensation (calculated as
of the date of Executive’s termination of employment hereunder) shall be paid (or commence to be paid) to the Executive on the
schedule set forth in this Agreement as if the Executive had undergone such termination of employment (under the same circumstances)
on the date of his ultimate “separation from service.”

 

(b) if
the Executive is a “specified employee” of the Company under Section 409A of the Code at the time of his separation from
service and if payment of any amount under this Agreement is required to be delayed for a period of six months after separation
from service to meet the requirements of Section 409A(a)(2)(B)(i) of the Code, payment of such amount shall be delayed as required
by Section 409A, and the accumulated postponed amount shall be paid in a lump sum payment within 10 days after the end of the six-month
period.  If the Executive dies during the postponement period prior to the payment of postponed amount, the amounts withheld
on account of section 409A shall be paid to the personal representative of the Executive’s estate within 60 days after the date
of the Executive’s death.  The determination of whether Executive is a specified employee, including the number and identity
of persons considered key employees and the identification date, shall be made by the Board in accordance with the provisions of
Sections 416(i) and 409A of the Code and the regulations issued thereunder.

 

(c) For
purposes of Section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a
right to a series of separate payments, and each payment made under the Agreement shall be treated as a separate payment for purposes
of 409A of the Code.  Whenever a payment under this Agreement specifies a payment period with reference to a number of days
(e.g., “payment shall be made within thirty (30) days following the date of termination”), the actual date of payment
within the specified period shall be within the sole discretion of the Company.  In no event may the Executive, directly or
indirectly, designate the calendar year of payment.

 

(d) All
reimbursements and in kind benefits, if any, provided under this Agreement shall be made or provided in accordance with the requirements
of Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during
the Executive’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible
for reimbursement, or in kind benefits provided, during a fiscal year may not affect the expenses eligible for reimbursement, or
in kind benefits to be provided, in any other fiscal year; provided, that the foregoing clause shall not
be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such
expenses are subject to a limit related to the period the arrangement is in effect, (iii) the reimbursement of an eligible expense
will be made on or before the last day of the fiscal year following the year in which the expense is incurred, and (iv) the right
to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit.  Any tax gross-up payment
provided for under this Agreement shall in no event be paid to the Executive later than December 31 of the calendar year following
the calendar year in which such taxes are remitted by the Executive.

 

13. Property
Rights and Obligations of the Executive.

 

(a) Trade
Secrets.  For purposes of this Agreement, “trade secrets” shall include without limitation any and all financial,
cost and pricing information and any and all information contained in any drawings, designs, plans, proposals, customer lists,
records of any kind, data, formulas, specifications, concepts or ideas, where such information is reasonably related to the business
of the Company, has been divulged to or learned by the Executive during the term of his employment by the Company, and has not
previously been publicly released by duly authorized representatives of the Company or otherwise lawfully entered the public domain.

 

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(b) Preservation
of Trade Secrets.  The Executive will preserve as confidential all trade secrets pertaining to the Company’s business
that have been obtained or learned by him by reason of his employment.  The Executive will not, without the prior written
consent of the Company, either use for his own benefit or purposes or disclose or permit disclosure to any third parties, either
during the term of his employment hereunder or thereafter (except as required in fulfilling the duties of his employment), any
trade secret connected with the business of the Company.

 

(c) Trade
Secrets of Others.  The Executive agrees that he will not disclose to the Company or induce the Company to use any trade
secrets belonging to any third party.

 

(d) Property
of Employer.  The Executive agrees that all documents, reports, files, analyses, drawings, designs, tools, equipment,
plans (including, without limitation, marketing and sales plans), proposals, customer lists, computer software or hardware, and
similar materials that are made by him or come into his possession by reason of and during the term of his employment with the
Company are the property of the Company and shall not be used by him in any way adverse to the Company’s interests.  The Executive
will not allow any such documents or things, or any copies, reproductions or summaries thereof to be delivered to or used by any
third party without the specific consent of the Company.  The Executive agrees to deliver to the Board or its designee, upon
demand, and in any event upon the termination of the Executive’s employment, all of such documents and things which are in the
Executive’s possession or under his control.

 

(e) Non-Competition
and Non-Solicitation by the Executive.

 

(1) General.
The Executive agrees during the Term, for the remainder of the Scheduled Term following termination of the Executive’s
employment and for the one (1) year period thereafter or, in the event of a termination for Cause or a resignation by the
Executive pursuant to Section 8, for the two (2) year period following such termination (as the case may be, the
“Restricted Period”), not to recruit, engage in passive efforts, solicit or induce any person or entity who,
during such one year period, or within one year prior to the termination of the Executive’s employment with the
Company, was an employee, agent or representative of the Company or any of its affiliates (the “Company Group”)
to leave or cease his employment or other relationship with the Company Group for any reason whatsoever or hire or engage the
services of such person for the Executive in any business substantially similar to or competitive with that in which the
Company Group was engaged during the Executive’s employment.

 

(2) Non-Solicitation
of Company Investors. 

 

(i)
The Executive acknowledges that in the course of his employment, he has learned and will continue to learn about the Company
Group’s businesses, services, programs and plans and the manner in which they are developed, marketed and sold. 
The Executive knows and acknowledges that the Company Group has invested considerable time and money in developing its
programs, agreements, offices, properties, and plans and that they are unique and original.  The Executive further
acknowledges that the Company Group must keep secret all pertinent information divulged to the Executive about the Company
Group’s business concepts, ideas, programs, and plans, so as not to aid the Company Group’s competitors. 
Accordingly, the Company Group is entitled to the following protection, which the Executive agrees is reasonable:

 

(A)
The Executive agrees that during the Term and thereafter during the Restricted Period, he will not, on his own behalf or on
behalf of any person, firm, partnership, association, corporation, or other business organization, entity or enterprise,
knowingly solicit, call upon, or initiate communication or contact with any person or entity or any representative of any
person or entity, with whom the Executive had contact during his employment, with a view to the involvement in, or the
provision of information regarding the involvement in, any business, plan, investment, acquisition, or other venture actively
under development or under consideration or contemplated by the Company Group during the period of two years immediately
preceding the date of the Executive’s termination. 

 

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(B) The Executive
further agrees that during the Term and thereafter during the Restricted Period, he will not, on his own behalf or on behalf of
any person, firm, partnership, association, corporation, or other business organization, entity or enterprise, knowingly solicit,
call upon, or initiate communication or contact with:

 

(i) Any person
or entity who or which was an investor in the Company Group at any time within the twelve-month period prior to the Executive’s
last day of employment, from whom or which the Executive solicited or accepted investments on behalf of the Company Group or to
whom the Executive provided services during his employment with the Company; or

 

(ii) Any person
or entity who or which was an investor in the Company Group at any time within the twelve-month period prior to the Executive’s
last day of employment about whom or which the Executive acquired proprietary and/or confidential information while employed by
the Company; or

 

(iii) Any person
or entity from whom or which the Executive had solicited investments during the six-month period preceding the last day of the
Executive’s employment, even though such solicitation had not yet been successful.

 

(3) Non-Competition. 

 

(i) The
Executive acknowledges that he will be a “high impact” person in the Company Group’s business who is in possession of
selective and specialized skills, learning abilities, investor and business contacts and information as a result of his relationship
with the Company Group and prior experience, and that he will acquire proprietary and confidential information about Employer’s
business, including, but not limited to the activities of the business, its investors, and other information, some of which may
be of independent economic value, and which is not available to the public, and is protected by specific efforts of the Company.
Such proprietary and confidential information may be regarded by the Company as trade secrets. The Executive further acknowledges
that he will be responsible for contacting and developing relationships with the Company’s investors and others critical
to its business. The Executive, therefore, agrees that during the Term and thereafter during the Restricted Period, not to, either
directly, whether as an employee, board member, sole proprietor, partner stockholder, joint venture, representative, contractor,
or the like, in the same or similar capacity in which he worked for the Company or its affiliates, compete with the Company in
any field in which the Company has entered into, enters into during the Executive’s employment with the Company or is considering
entering into at the time of the Executive’s termination of employment, provided the Executive has actual knowledge of such field. 
The territory in which this non-competition covenant shall apply will be limited to the area commensurate with the territory in
which the Executive marketed, sold or provided products or services for the Company Group during the two years preceding termination
of employment.

 

(ii) If
any provision of this Section relating to the time period or scope of the restrictive covenants shall be declared by a court of
competent jurisdiction to exceed the maximum time period or scope, as applicable, that such court deems reasonable and enforceable,
said time period or scope shall be deemed to be, and thereafter shall become, the maximum time period or greatest scope that such
court deems reasonable and enforceable and this Agreement shall automatically be considered to have been amended and revised to
reflect such determination.

 

(iii)
 The Company and Executive have examined this Section regarding the Covenant Not to Compete
and agree that the restraint imposed upon Executive is reasonable in light of the legitimate interests of the Company and it is
not unduly harsh upon the Executive’s ability to earn a livelihood.

 

(4) Survival
Provisions.  Unless otherwise agreed to in writing between the parties hereto, the provisions of this Section 13 shall
survive the termination of this Agreement.  The covenants in this Section 13 shall be construed as separate covenants and
to the extent any covenant shall be judicially unenforceable, it shall not affect the enforcement of any other covenant.

 

    	9

     

    

 

14. Legal
and Equitable Remedies.  Because the Executive’s services are personal and unique and the Executive has had and will continue
to have access to and has become and will continue to become acquainted with the proprietary information of the Company, and because
any breach by the Executive of any of the restrictive covenants contained in Section 13 would result in irreparable injury and
damage for which money damages would not provide an adequate remedy, the Company shall have the right to enforce Section 13 and
any of its provisions by injunction, specific performance or other equitable relief, without bond and without prejudice to any
other rights and remedies that the Company may have for a breach, or threatened breach, of the restrictive covenants set forth
in Section 13.  The Executive agrees that in any action in which the Company seeks injunction, specific performance or other
equitable relief, the Executive will not assert or contend that any of the provisions of Section 13 are unreasonable or otherwise
unenforceable.  The Executive irrevocably and unconditionally (a) agrees that any legal proceeding arising out of this
paragraph may be brought in the United States District Court for New jersey, or if such court does not have jurisdiction or will
not accept jurisdiction, in any court of general jurisdiction in Jersey City, New Jersey, (b) consents to the non-exclusive jurisdiction
of such court in any such proceeding, and (c) waives any objection to the laying of venue of any such proceeding in any such court. 
The Executive also irrevocably and unconditionally consents to the service of any process, pleadings, notices or other papers.

 

15. Arbitration;
Expenses.  In the event of any dispute under the provisions of this Agreement, other than a dispute in which the primary
relief sought is an equitable remedy such as an injunction, the parties shall be required to have the dispute, controversy or claim
settled by arbitration in New Jersey in accordance with the Employment Arbitration Rules and Mediation Procedures then in effect
of the American Arbitration Association, before an arbitrator agreed to by both parties.  If the parties cannot agree upon
the choice of arbitrator, the Company and the Executive will each choose an arbitrator.  The two arbitrators will then select
a third arbitrator who will serve as the actual arbitrator for the dispute, controversy or claim.  Any award entered by the
arbitrators shall be final, binding and nonappealable and judgment may be entered thereon by either party in accordance with applicable
law in any court of competent jurisdiction.  This arbitration provision shall be specifically enforceable.  The arbitrators
shall have no authority to modify any provision of this Agreement or to award a remedy for a dispute involving this Agreement other
than a benefit specifically provided under or by virtue of the Agreement.  Each party shall be responsible for its own expenses
relating to the conduct of the arbitration (including reasonable attorneys’ fees and expenses) and shall share the fees of the
American Arbitration Association.

 

16. Indemnification
and Liability Insurance.  The Company will indemnify and hold harmless, to the fullest extent permitted by applicable
law and the Company’s bylaws, the Executive if the Executive is made or is threatened to be made a party or is otherwise involved
in any action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that the Executive
is a director or officer of the Company, against all liability or loss suffered (including attorneys’ fees) reasonably incurred
by the Executive. The Company shall cover the Executive under directors’ and officers’ liability insurance both during and, while
potential liability exists, after the term of this Agreement on terms no less favorable and to the same extent as the Company covers
its active officers and directors.

 

17. Code
Section 280G/4999. Notwithstanding anything in this Agreement to the contrary, if any of the payment or payments or other benefit
to the Executive (prior to any reduction below) provided for in this Agreement, together with any other payment or payments or
other benefit which the Executive has the right to receive from the Company or any corporation which is a member of an “affiliated
group” as defined in Section 1504(a) of the Code, without regard to Section 1504(b) of the Code, of which the Company is a
member (the “Payments”) would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code),
and if the Safe Harbor Amount (defined below) is greater than the Taxed Amount (defined below), then the total amount of such Payments
shall be reduced to the Safe Harbor Amount. The “Safe Harbor Amount” is the largest portion of the Payments that would
result in no portion of the Payments being subject to the excise tax set forth at Section 4999 of the Code (“Excise Tax”).
The “Taxed Amount” is the total amount of the Payments (prior to any reduction, above) notwithstanding that all or some
portion of the Payments may be subject to the Excise Tax. Solely for the purpose of comparing which of the Safe Harbor Amount and
the Taxed Amount is greater, the determination of each such amount, shall be made on an after-tax basis, taking into account all
applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all of which shall be computed at the highest
applicable marginal rate). If a reduction of the Payments to the Safe Harbor Amount is necessary, then the reduction shall occur
in the following order unless the Executive elects in writing a different order (provided, however, that such election shall be
subject to approval of the Company if made on or after the date on which the event that triggers the Payments occurs): (i) reduction
of cash payments; then (ii) cancellation of accelerated vesting of stock or stock option awards; and then (iii) reduction of the
Executive’s benefits. In the event that acceleration of vesting of stock or stock option award compensation is to be reduced, such
acceleration of vesting shall be cancelled in the reverse order of the date of grant of the Executive’s stock awards.

 

    	10

     

    

 

18.
Survival.  The respective rights and obligations of the parties hereunder shall survive the termination of this Agreement
to the extent necessary to the intended preservation of such rights and obligations.

 

19. Mitigation
or Set Off.  In no event shall the Executive be obligated to seek other employment or take any other action by way of
mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and such amounts shall not be
reduced, regardless of whether the Executive obtains other employment.  The Company’s obligation to make the payments provided
for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including,
without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company may have against the Executive
or others.

 

20. Notices. 
All notices and other communications required or permitted under this Agreement or necessary or convenient in connection herewith
shall be in writing and shall be deemed to have been given when hand delivered or mailed by registered or certified mail, as follows
(provided that notice of change of address shall be deemed given only when received):

 

	 	
        If to the Company, to:

         

        Gadsden Properties, Inc.

        15150 North Hayden Road

        Suite 235

        Scottsdale, AZ 85260
	PhotoMedex, Inc.

100 Lakeside Dr Suite 100

Horsham, Pennsylvania 19044

Fax:  (215) 619-3209
	 	 	 
	 	With a copy to:	Proskauer Rose LLP

11 Times Square

New York, NY 10036

Attention: Paul I. Rachlin, Esq.

Fax: (212) 969-2900

 

	 	
        If to Executive:

         

        Michael Cha

        <address redacted> 
	At the address shown on the records of the Company
	 	 	 
	 	With a copy to:	Pavia & Harcourt LLP

 

22. Withholding. 
All payments under this Agreement shall be made subject to applicable tax withholding, and the Company shall withhold from any
payments under this Agreement all federal, state and local taxes as the Company is required to withhold pursuant to any law or
governmental rule or regulation.  The Executive shall bear all expense of, and be solely responsible for, all federal, state
and local taxes due with respect to any payment received under this Agreement.

 

    	11

     

    

 

23. Remedies
Cumulative; No Waiver.  No remedy conferred upon a party by this Agreement is intended to be exclusive of any other remedy,
and each and every such remedy shall be cumulative and shall be in addition to any other remedy given under this Agreement or now
or hereafter existing at law or in equity.  No delay or omission by a party in exercising any right, remedy or power under
this Agreement or existing at law or in equity shall be construed as a waiver thereof, and any such right, remedy or power may
be exercised by such party from time to time and as often as may be deemed expedient or necessary by such party in its sole discretion.

 

24. Assignment. 
All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective
heirs, executors, administrators, legal representatives, successors and assigns of the parties hereto, except that the duties and
responsibilities of the Executive under this Agreement are of a personal nature and shall not be assignable or delegable in whole
or in part by the Executive.  The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation,
reorganization or otherwise) to all or substantially all of the business or assets of the Company, within 15 days of such succession,
expressly to assume and agree to perform this Agreement in the same manner and to the same extent as the Company would be required
to perform if no such succession had taken place and the Executive acknowledges that in such event the obligations of the Executive
hereunder, including but not limited to those under Section 13, will continue to apply in favor of the successor.

 

25. Entire
Agreement.  This Agreement sets forth the entire agreement of the parties hereto and supersedes any and all prior agreements
and understandings concerning the Executive’s employment by the Company, including, without limitation, the Prior Agreement. 
This Agreement may be changed only by a written document signed by the Executive and the Company.

 

26. Severability. 
If any provision of this Agreement or application thereof to anyone or under any circumstances is adjudicated to be invalid or
unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect any other provision or application of this
Agreement which can be given effect without the invalid or unenforceable provision or application and shall not invalidate or render
unenforceable such provision or application in any other jurisdiction.  If any provision is held void, invalid or unenforceable
with respect to particular circumstances, it shall nevertheless remain in full force and effect in all other circumstances.

 

27. Choice
of Law and Forum.  Except as expressly provided otherwise in this Agreement, this Agreement shall be governed by and construed
in accordance with the laws of the State of New Jersey, and both parties consent to the jurisdiction of the courts of the State
of New Jersey with respect thereto.

 

28. Counterparts. 
This Agreement may be executed in any number of counterparts (including facsimile counterparts), each of which shall be an original,
but all of which together shall constitute one instrument.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	12

     

    

  

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on and effective as of the date first written above.

 

	GADSDEN PROPERTIES, INC.	 
	 	 	 
	By:	/s/ James Walesa	 
	 	James Walesa on behalf of the Board	 
	 	 	 
	EXECUTIVE	 
	 	 	 
	By:	/s/ Michael Cha	 
	 	Michael Cha	 

 

    	13

     

    

 

SCHEDULE A
 

CORPORATE BOARDS

 

Executive is a
member of the following corporate boards as of the Effective Date:

 

Berkley Street
Income Fund

 

 

14EX-4.1

 Exhibit 4.1 

COMMON SHARE PURCHASE WARRANT 

OBSEVA SA 
  

			
	Warrant Shares: [                    ]	  	 Initial Exercise Date: September     , 2020

Issue Date: September     , 2020

 THIS COMMON SHARE PURCHASE WARRANT (the “Warrant”) certifies that, for value
received,                     or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise
and the conditions hereinafter set forth, at any time on or after September     , 2020 (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on December     , 20211 (the “Termination Date”) but not thereafter, to subscribe for and purchase from ObsEva SA, a société anonyme organized under the laws of Switzerland (the
“Company”), up to                      common shares, with a par value of CHF 1/13 each (as subject to adjustment hereunder, the
“Warrant Shares”) in the capital of the Company. The purchase price of one Common Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). 

Section 1.    Definitions. In addition to the terms defined elsewhere in this Warrant,
the following terms have the meanings indicated in this Section 1. 
 “Affiliate” means any Person that, directly or
indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act. 

“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States
or federal or cantonal legal holiday in Switzerland or any day on which banking institutions in the State of New York, United States, or the Canton of Geneva, Switzerland, are authorized or required by law or other governmental action to close. 

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

“Common Shares” means the common shares of the Company with par value CHF 1/13 per share. 

“Common Share Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Common Shares, including, without limitation, any debt, preferred share, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof
to receive, Common Shares. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder. 
  
  

	1 	 Insert the date the is the fifteen (15) month anniversary of the Initial Exercise Date; provided, that if
such date is not a Trading Day, insert the next succeeding Trading Day. 

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

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

“Subsidiary” means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary
of the Company formed or acquired after the date hereof. 
 “Trading Day” means a day on which the principal Trading Market
in the United States is open for trading. 
 “Trading Market” means any of the following markets or exchanges on which the
Common Shares are listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange, (or any successors to any of the
foregoing). 
 “Transfer Agent” means American Stock Transfer & Trust Company, LLC, with offices located at 6201
15th Avenue, Brooklyn, New York 11219, and any successor transfer agent of the Company. 

“Underwriting Agreement” means that certain Underwriting and Placement Agency Agreement, dated September 3, 2020, between the
Company and H.C. Wainwright & Co., LLC, as representative of the several underwriters therein. 
 “VWAP” means,
for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the
nearest preceding date) on the Trading Market on which the Common Shares are 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 Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or
OTCQX and if prices for the Common Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Common Share so reported, or (d) in all
other cases, the fair market value of a Common Share as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and
expenses of which shall be paid by the Company. 
 “Warrants” means this Warrant and other Common Share purchase warrants
issued by the Company pursuant to the Underwriting Agreement. 

  
 2 

 Section 2.    Exercise. 

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 Notice of Exercise in the form annexed hereto (the “Notice of
Exercise”). Partial exercise of this Warrant may not be completed for less than 1,000 Warrant Shares, unless not more than 2,000 remain available for purchase under this Warrant. Within one Trading Day following the date of delivery of an
Notice of Exercise to the Company or, if the Notice of Exercise is held in escrow by the Company, the date that the relevant instruction to complete the Notice of Exercise is sent via email to the Company, the Holder shall deliver the aggregate
Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer to a bank account in Switzerland specified by the Company (the “Swiss Bank Account”). In order to allow a prompt issuance of any
Warrant Shares and at the Holder’s election, the Holder may deposit in advance with the Company the Notice of Exercise, duly executed by an authorized representative of the Holder, which the Company shall hold in escrow until authorized by the
Holder, by e-mail, to complete the Notice of Exercise with the relevant information (e.g. number of Warrant Shares, aggregate Exercise Price) and use such completed and executed Notice of Exercise for
the purpose of issuing the relevant number of Warrant Shares. 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 on which the final Notice of Exercise is
delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable
hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any
objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the
purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof. 

b)    Exercise Price. The exercise price per Common Share under this Warrant shall be $3.43,
subject to adjustment hereunder (the “Exercise Price”). 
 c)    Mechanics of
Exercise. 
  

	 	i.	 Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder
to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system
(“DWAC”) if the Company 

  
 3 

	 	
is then a participant in such system and there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder, 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) the later of (A) two (2) Trading Days after the delivery to the Company or release of the Notice of Exercise and (B) one (1) Trading Day after delivery of the
aggregate Exercise Price to the Company and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”);
provided, however, that in no event shall the Warrant Share Delivery Date occur prior to the date that the aggregate Exercise Price is received on the Swiss Bank Account.    Upon delivery (or release) of the Notice of Exercise
and payment of the relevant Exercise Price on the Swiss Bank Account, 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. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as
liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Share on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on
the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer
agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days,
on the Company’s primary Trading Market with respect to the Common Shares as in effect on the date of delivery (or release) of the Notice of Exercise. 

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. 

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

  
 4 

 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(c)(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, Common Shares 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 Common
Shares 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 Common Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common
Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Common Shares 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 Common Shares upon exercise of the Warrant as required pursuant to the terms hereof. 

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

  
 5 

 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 shareholder books or records in any manner
which prevents the timely exercise of this Warrant, pursuant to the terms hereof. 

e)    Holder’s Exercise Limitations. The Company shall not effect any exercise of this
Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise
and payment of the applicable Exercise Price on the Swiss Bank Account, 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 Common Shares beneficially owned by the Holder and its
Affiliates and Attribution Parties shall include the number of Common Shares issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of Common Shares 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 Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or
Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules
required to be filed in accordance 

  
 6 

 
therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the
Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s
determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the
Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination and shall have no liability for exercises of this Warrant that are in
non-compliance with the Beneficial Ownership Limitation; provided, however, if the non-compliance with the Beneficial Ownership Limitation is due to
receipt of inaccurate information from the Company, the Company shall be liable for exercises of this Warrant that are in non-compliance with the Beneficial Ownership Limitation. 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 Common Shares, a Holder may rely on the number of outstanding Common Shares 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 Common Shares outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading
Day confirm orally and in writing to the Holder the number of Common Shares then outstanding. In any case, the number of outstanding Common Shares 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 Common Shares was reported. The “Beneficial Ownership Limitation” shall be [4.99/9.99]% of
the number of Common Shares outstanding immediately after giving effect to the issuance of Common Shares issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation
provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Common Shares outstanding immediately after giving effect to the issuance of Common Shares upon exercise of this
Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after
such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof)
which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this
paragraph shall apply to a successor holder of this Warrant. 

  
 7 

 Section 3.    Certain Adjustments. 

a)    Share Dividends and Splits. If the Company, at any time while this Warrant is outstanding:
(i) pays a share dividend or otherwise makes a distribution or distributions on Common Shares or any other equity or equity equivalent securities payable in Common Shares (which, for avoidance of doubt, shall not include any Common Shares
issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse share split) outstanding Common Shares into a smaller number of shares
or (iv) issues by reclassification of Common Share any share capital 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 Common Shares (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of Common Shares 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 shareholders entitled to
receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification. 

b)    [Reserved.] 

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

  
 8 

 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 Common Shares, by way of return of capital or otherwise (including, without
limitation, any distribution of cash, share or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of Common
Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such
Distribution, or, if no such record is taken, the date as of which the record holders of Common Shares are to be determined for the participation in such Distribution (provided, however, that, to the extent that the Holder’s right
to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Common
Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the
Beneficial Ownership Limitation). To the extent that this Warrant has not been partially or completely exercised at the time of such Distribution, such portion of the Distribution shall be held in abeyance for the benefit of the Holder until the
Holder has exercised this Warrant. 
 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 (and all of its subsidiaries, taken as a
whole), 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 Shares 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 Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Shares or
any compulsory share exchange pursuant to which the Common Shares are 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, merger or scheme of arrangement) with another Person or group of
Persons whereby such other Person or group acquires more than 50% of the outstanding Common Shares (not including any Common Shares 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, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each
Warrant Share that 

  
 9 

 
would have been issuable upon such exercise 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 Common Shares of the successor or acquiring corporation or 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 Common Shares 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
Common Share 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 Shares 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. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations
of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to
such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant
which is exercisable for a corresponding number of share capital of such Successor Entity (or its parent entity) equivalent to the Common Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the
exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such share capital (but taking into account the relative value of the Common Shares pursuant to such
Fundamental Transaction and the value of such share capital, such number of share capital and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental
Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such
Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company
under this Warrant with the same effect as if such Successor Entity had been named as the Company herein. 

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 Common Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Common Shares (excluding treasury shares,
if any) issued and outstanding. 

  
 10 

 g)    Notice to Holder. 

i.    Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any
provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a
brief statement of the facts requiring such adjustment. 
 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 Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Shares,
(C) the Company shall authorize the granting to all holders of the Common Shares rights or warrants to subscribe for or purchase any shares of any class or of any rights (excluding any granting or issuance of rights to all of the Company’s
shareholders pursuant to a shareholder rights plan), (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Common Shares, 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 Shares are 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 Shares 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 Shares of record shall be entitled
to exchange their Common Shares 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 on a Form 6-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. 

  
 11 

 h)    Voluntary Adjustment By Company. Subject to
the rules and regulations of the Trading Market, the Company may at any time during the term of this Warrant, subject to the prior written consent of the Holder, reduce the then current Exercise Price to any amount and for any period of time deemed
appropriate by the board of directors of the Company. 
 Section 4.    Transfer of
Warrant. 
 a)    Transferability. Subject to compliance with any applicable securities laws,
this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a
written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if
required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to
the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant
to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company
assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. 

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 and the Warrant number. 

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 written notice to the contrary. 

  
 12 

 Section 5.    Miscellaneous. 

a)    No Rights as Shareholder until Payment of Exercise Price; No New Cash Settlement. This Warrant
does not entitle the Holder to any voting rights, dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(c)(i), except as expressly set forth in Section 3. Without limiting any
rights of a Holder to receive cash payments pursuant to Section 2(c)(i) and Section 2(c)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant. 

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 share 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 share certificate, if mutilated, the Company will make and deliver a new Warrant or
share certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or share 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)    Conditional Capital. 

During the term of this Warrant, the Company will at all times have authorized and reserved a sufficient number of its Common
Shares as contingent capital (capital conditionnel) to provide for the exercise of the rights to purchase Common Shares as provided for herein. The Company acknowledges that compensation for damages may not be sufficient remedy for the Holder in
case of the Company’s failure to comply with its obligations under this paragraph and therefore expressly confirms that the Holder may in such case request specific performance (Realerfüllung) upon due exercise of its purchase rights
pursuant to Section 2 hereof from time to time by obligating the Company to deliver such number of Common Shares as would have been issued to the Holder in connection with such exercise of its purchase rights from time to time. 

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, including by maintaining an effective registration statement under the Securities Act permitting the issuance of Warrant Shares upon exercise of this Warrant from the Initial
Exercise Date until the Termination Date, or of any requirements of the Trading Market upon which the Common Shares 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). 

  
 13 

 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 articles of association 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 payment of the relevant Exercise Price as contemplated hereunder 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. 
 Before taking any action which
would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any
public regulatory body or bodies having jurisdiction thereof. 
 e)    Jurisdiction. All questions
concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law
thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors,
officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party 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 with any transaction contemplated hereby or discussed herein, 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 improper or is an inconvenient venue for such proceeding. Each party hereby
irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at
the address in effect for notices to it under this Warrant 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 other manner permitted by law. If either party shall 

  
 14 

 
commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their
reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding. For the avoidance of doubt, matters involving the rights of shareholders, issuance of Common
Shares and the validity of Common Shares shall be governed by the laws of Switzerland. 

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

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

h)    Notices. Any and all notices or other communications or deliveries to be provided by the
Holders hereunder including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service,
addressed to the Company, at Chemin des Aulx, 12, 1228 Plan-les-Ouates, Geneva, Switzerland, Attention: Chief Executive Officer, facsimile number: (    )
                    , email
address:                    , or such other facsimile number, email address or address as the Company may specify for such purposes by notice to the
Holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally
recognized overnight courier service addressed to each Holder at the facsimile number, e-mail address or address of such Holder appearing on the books of the Company. Any notice or other communication or
deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or via e-mail
at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered
via facsimile at the facsimile number or via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York
City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be
given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice
with the Commission pursuant to a Form 6-K.  

  
 15 

 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 Shares or as a shareholder 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 may 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. A Holder may also waive in writing a provision hereof in its favor or for its benefit. No consideration shall be offered or paid to the Holder to amend or consent to a waiver or modification of any
provision of this Warrant unless the same consideration is also offered to all of the holders of the other Warrants. 

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) 

  
 16 

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

			
	OBSEVA SA
		
	By:	 	  

		 	Name:
		 	Title:

  
 17 

 EXHIBIT A 

NOTICE OF EXERCISE 

TO:    OBSEVA SA 

(1)    The undersigned hereby elects to purchase
                     Warrant Shares of ObsEva SA, a société anonyme organized under the laws of Switzerland (the
“Company”), pursuant to the terms of the attached Common Share Purchase Warrant (only if exercised in full) (the “Warrant”), and tenders herewith payment of the exercise price in full, together with all applicable
transfer taxes, if any. The Warrant Shares are to be issued pursuant to Article 5b of the Company’s Articles of Association. Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

 (2)    Payment shall take the form of lawful money of the United States. 

(3)    Payment of Exercise Price. The holder shall pay the aggregate Exercise Price in the sum of
$      to the Company in accordance with the terms of the Warrant. 
 (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: 
  

                       
                                         
                 
  

                       
                                         
                 
  

                       
                                         
                 

(5)    Notwithstanding anything to the contrary contained herein, this Notice of Exercise shall constitute a
representation by the Holder of the Warrant submitting this Notice of Exercise that after giving effect to the exercise provided for in this Notice of Exercise, such Holder (together with its affiliates) will not have beneficial ownership (together
with the beneficial ownership of such Person’s affiliates) of a number of Common Shares which exceeds the Beneficial Ownership Limitation (as defined in the Warrant) of the total outstanding Common Shares of the Company as determined pursuant
to the provisions of Section 2(e) of the Warrant. 
 [SIGNATURE OF HOLDER] 
  

	
	Name of Investing Entity:
                                         
                                         
                                         
                                         
                                     
	Signature of Authorized Signatory of Investing Entity:
                                         
                                         
                                         
                                 
	Name of Authorized Signatory:
                                         
                                         
                                         
                                         
                            
	Title of Authorized Signatory:
                                         
                                         
                                         
                                         
                              
	Date:
                                         
                                         
                                         
                                         
                                         
                             

 EXHIBIT B 

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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