Document:

Exhibit 10.3

 

CONFIDENTIAL

 

 

STOCKHOLDER SUPPORT AGREEMENT

 

This Stockholder Support
Agreement (this “Agreement”) is dated as of October 5, 2020, by and among Social Capital Hedosophia Holdings
Corp. III, a Cayman Islands exempted company limited by shares (which shall domesticate as a Delaware corporation prior to the
Closing (as defined in the Merger Agreement (as defined below))) (“Acquiror”), the Persons set forth on Schedule
I attached hereto (each, a “Company Stockholder”, and collectively, the “Company Stockholders”)
and Clover Health Investments, Corp., a Delaware corporation (the “Company”). Capitalized terms used but not
defined herein shall have the respective meanings ascribed to such terms in the Merger Agreement (as defined below).

 

RECITALS

 

WHEREAS, as of the date
hereof, the Company Stockholders are the holders of record and the “beneficial owners” (within the meaning of Rule
13d-3 under the Exchange Act) of such number of shares of Company Capital Stock as are indicated opposite each of their names on
Schedule I attached hereto (all such shares of Company Capital Stock, together with any shares of Company Capital Stock
of which ownership of record or the power to vote (including, without limitation, by proxy or power of attorney) is hereafter acquired
by any such Company Stockholder during the period from the date hereof through the Expiration Time are referred to herein as the
 “Subject Shares”);

 

WHEREAS, contemporaneously
with the execution and delivery of this Agreement, Acquiror, Asclepius Merger Sub Inc., a Delaware corporation and a direct wholly
owned subsidiary of Acquiror (“Merger Sub”), and the Company, have entered into an Agreement and Plan of Merger
(as amended or modified from time to time, the “Merger Agreement”), dated as of the date hereof, pursuant to
which, among other transactions, (i) Merger Sub is to merge with and into the Company, with the Company continuing on as the surviving
entity, and (ii) the Company is to merge with and into Acquiror, with Acquiror continuing on as the surviving entity, in each case,
on the terms and conditions set forth therein; and

 

WHEREAS, as an inducement
to Acquiror and the Company to enter into the Merger Agreement and to consummate the transactions contemplated therein, the parties
hereto desire to agree to certain matters as set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual agreements contained herein, and intending to be legally bound hereby, the parties hereto hereby
agree as follows:

 

ARTICLE
I

STOCKHOLDER SUPPORT AGREEMENT; COVENANTS

 

Section 1.1           
Binding Effect of Merger Agreement. Each Company Stockholder hereby acknowledges that it has read the Merger Agreement
and this Agreement and has had the opportunity to consult with its tax and legal advisors. Each Company Stockholder shall be bound
by and comply with Sections 6.6 (Acquisition Proposals) and 11.12 (Publicity) of the Merger Agreement (and any relevant
definitions contained in any such Sections) as if (a) such Company Stockholder was an original signatory to the Merger Agreement
with respect to such provisions, and (b) each reference to the “Company” contained in Section 6.6 of the Merger Agreement
(other than Section 6.6(a) or Section 6.6(c) or for purposes of the definition of Acquisition Proposal) also referred to each such
Company Stockholder.

 

    	 	 	 

     

    

 

Section 1.2           
No Transfer. During the period commencing on the date hereof and ending on the earlier of (a) the Second Effective
Time and (b) such date and time as the Merger Agreement shall be terminated in accordance with Section 10.1 thereof (the earlier
of clauses (a) and (b), the “Expiration Time”), each Company Stockholder shall not (i) sell, offer to sell,
contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly
or indirectly, file (or participate in the filing of) a registration statement with the SEC (other than the Proxy Statement/Information
Statement/Registration Statement) or establish or increase a put equivalent position or liquidate or decrease a call equivalent
position within the meaning of Section 16 of the Exchange Act, with respect to any Subject Shares, (ii) enter into any swap or
other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Subject
Shares or (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii).

 

Section 1.3           
New Shares. In the event that (a) any Subject Shares are issued to a Company Stockholder after the date of this Agreement
pursuant to any stock dividend, stock split, recapitalization, reclassification, combination or exchange of Subject Shares or otherwise,
(b) a Company Stockholder purchases or otherwise acquires beneficial ownership of any Subject Shares after the date of this Agreement,
or (c) a Company Stockholder acquires the right to vote or share in the voting of any Subject Shares after the date of this Agreement
(collectively the “New Securities”), then such New Securities acquired or purchased by such Company Stockholder
shall be subject to the terms of this Agreement to the same extent as if they constituted the Subject Shares owned by such Company
Stockholder as of the date hereof.

 

Section 1.4           
Closing Date Deliverables. On the Closing Date, each of the Company Stockholders set forth on Schedule II
attached hereto shall deliver to Acquiror and the Company a duly executed copy of that certain Amended and Restated Registration
Rights Agreement, by and among Acquiror, the Company, the Sponsor, the Major Company Stockholders, and their respective Affiliates,
as applicable, and the other Holders (as defined therein) party thereto, in substantially the form attached as Exhibit C to the
Merger Agreement.

 

Section 1.5           
Company Stockholder Agreements.

 

(a)         
Hereafter until the Expiration Time, each Company Stockholder hereby unconditionally and irrevocably agrees that, at any
meeting of the stockholders of the Company (or any adjournment or postponement thereof), and in any action by written consent of
the stockholders of the Company distributed by the board of directors of the Company or otherwise undertaken as contemplated by
the transactions contemplated by the Merger Agreement in a form reasonably acceptable to Acquiror (which written consent shall
be delivered as soon as reasonably practicable after the Registration Statement is declared effective under the Securities Act
and delivered or otherwise made available to stockholders, and in any event within forty-eight (48) hours after the Registration
Statement is declared effective and delivered or otherwise made available to stockholders), such Company Stockholder shall, if
a meeting is held, appear at the meeting, in person or by proxy, or otherwise cause its Subject Shares to be counted as present
thereat for purposes of establishing a quorum, and such Company Stockholder shall vote or provide consent (or cause to be voted
or consented), in person or by proxy, all of its Subject Shares:

 

    	 	2	 

     

    

 

(i)     
to approve and adopt the Merger Agreement and the transactions contemplated thereby, including the Mergers;

 

(ii)     
to approve and adopt the Pre-Closing Restructuring Plan and the transactions contemplated thereby;

 

(iii)     
in any other circumstances upon which a consent or other approval is required under the Company’s Governing Documents
or the Stockholder Agreements (as defined below) or otherwise sought with respect to the Merger Agreement or the transactions contemplated
thereby, to vote, consent or approve (or cause to be voted, consented or approved) all of such Company Stockholder’s Subject
Shares held at such time in favor thereof;

 

(iv)     
against any merger agreement, merger, consolidation, combination, sale of substantial assets, reorganization, recapitalization,
dissolution, liquidation or winding up of or by the Company (other than the Merger Agreement and the transactions contemplated
thereby); and

 

(v)     
against any proposal, action or agreement that would (A) impede, frustrate, prevent or nullify any provision of this Agreement,
the Merger Agreement or any Merger, (B) result in a breach in any respect of any covenant, representation, warranty or any other
obligation or agreement of the Company under the Merger Agreement or (C) result in any of the conditions set forth in Article IX
of the Merger Agreement not being fulfilled.

 

Each Company Stockholder
hereby agrees that it shall not commit or agree to take any action inconsistent with the foregoing.

 

Section 1.6           
Further Assurances. Each Company Stockholder shall take, or cause to be taken, all actions and do, or cause to be
done, all things reasonably necessary under applicable Laws to consummate the Mergers and the other transactions contemplated by
the Merger Agreement on the terms and subject to the conditions set forth therein and herein.

 

Section 1.7           
No Inconsistent Agreement. Each Company Stockholder hereby represents and covenants that such Company Stockholder
has not entered into, and shall not enter into, any agreement that would restrict, limit or interfere with the performance of such
Company Stockholder’s obligations hereunder.

 

Section 1.8           
No Challenges. Each Company Stockholder agrees not to commence, join in, facilitate, assist or encourage, and agrees
to take all actions necessary to opt out of any class in any class action with respect to, any claim, derivative or otherwise,
against Acquiror, Merger Sub, the Company or any of their respective successors or directors, (a) challenging the validity of,
or seeking to enjoin the operation of, any provision of this Agreement or (b) alleging a breach of any fiduciary duty of any Person
in connection with the evaluation, negotiation or entry into the Merger Agreement.

 

    	 	3	 

     

    

 

Section 1.9           
Consent to Disclosure. Each Company Stockholder hereby consents to the publication and disclosure in the Proxy Statement/Information
Statement/Registration Statement (and, as and to the extent otherwise required by applicable securities Laws or the SEC or any
other securities authorities, any other documents or communications provided by Acquiror or the Company to any Governmental Authority
or to securityholders of Acquiror) of such Company Stockholder’s identity and beneficial ownership of Subject Shares and
the nature of such Company Stockholder’s commitments, arrangements and understandings under and relating to this Agreement
and, if deemed appropriate by Acquiror or the Company, a copy of this Agreement. Each Company Stockholder will promptly provide
any information reasonably requested by Acquiror or the Company for any regulatory application or filing made or approval sought
in connection with the transactions contemplated by the Merger Agreement (including filings with the SEC).

 

Section 1.10       
Termination of Stockholder Agreements, Related Agreements. Each Company Stockholder, by this Agreement with respect
to its Subject Shares, severally and not jointly, hereby agrees to terminate, subject to and effective immediately prior to the
Closing, (a) all Affiliate Agreements to which such Company Stockholder is party that are set forth on Section 6.4 of the Company
Disclosure Letter, including those certain agreements set forth on Schedule III attached hereto, if applicable to such
Stockholder (the “Stockholder Agreements”); and (b) any rights under any letter or agreement providing for redemption
rights, put rights, purchase rights or other similar rights not generally available to stockholders of the Company (clauses (a)
and (b), collectively, the “Terminating Rights”) between such Company Stockholder and the Company, but excluding,
(i) for the avoidance of doubt, any rights such Company Stockholder may have that relate to any commercial or employment agreements
or arrangements between such Company Stockholder and the Company or any Subsidiary thereof, which shall survive the Closing in
accordance with their terms, and (ii) any indemnification, advancement of expenses and exculpation rights of any Company Stockholder
or any of its Affiliates set forth in the foregoing documents, which shall survive the Closing in accordance with their terms;
provided that all Terminating Rights between the Company and any other holder of Company Capital Stock shall also terminate at
such time.

 

ARTICLE
II

REPRESENTATIONS AND WARRANTIES

 

Section 2.1           
Representations and Warranties of the Company Stockholders. Each Company Stockholder represents and warrants as of
the date hereof to Acquiror and the Company (solely with respect to itself, himself or herself and not with respect to any other
Company Stockholder) as follows:

 

(a)         
Organization; Due Authorization. If such Company Stockholder is not an individual, it is duly organized, validly
existing and in good standing under the Laws of the jurisdiction in which it is incorporated, formed, organized or constituted,
and the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby are
within such Company Stockholder’s corporate, limited liability company or organizational powers and have been duly authorized
by all necessary corporate, limited liability company or organizational actions on the part of such Company Stockholder. If such
Company Stockholder is an individual, such Company Stockholder has full legal capacity, right and authority to execute and deliver
this Agreement and to perform his or her obligations hereunder. This Agreement has been duly executed and delivered by such Company
Stockholder and, assuming due authorization, execution and delivery by the other parties to this Agreement, this Agreement constitutes
a legally valid and binding obligation of such Company Stockholder, enforceable against such Company Stockholder in accordance
with the terms hereof (except as enforceability may be limited by bankruptcy Laws, other similar Laws affecting creditors’
rights and general principles of equity affecting the availability of specific performance and other equitable remedies). If this
Agreement is being executed in a representative or fiduciary capacity, the Person signing this Agreement has full power and authority
to enter into this Agreement on behalf of the applicable Company Stockholder.

 

    	 	4	 

     

    

 

(b)              
Ownership. Such Company Stockholder is the record and beneficial owner (as defined in the Securities Act) of, and
has good title to, all of such Company Stockholder’s Subject Shares, and there exist no Liens or any other limitation or
restriction (including any restriction on the right to vote, sell or otherwise dispose of such Subject Shares (other than transfer
restrictions under the Securities Act)) affecting any such Subject Shares, other than Liens pursuant to (i) this Agreement, (ii)
the Company’s Governing Documents, (iii) the Merger Agreement, (iv) the Stockholder Agreements or (v) any applicable securities
Laws. Such Company Stockholder’s Subject Shares are the only equity securities in the Company owned of record or beneficially
by such Company Stockholder on the date of this Agreement, and none of such Company Stockholder’s Subject Shares are subject
to any proxy, voting trust or other agreement or arrangement with respect to the voting of such Subject Shares, except as provided
hereunder and under the Stockholder Agreements. Such Company Stockholder does not hold or own any rights to acquire (directly or
indirectly) any equity securities of the Company or any equity securities convertible into, or which can be exchanged for, equity
securities of the Company.

 

(c)              
No Conflicts. The execution and delivery of this Agreement by such Company Stockholder does not, and the performance
by such Company Stockholder of his, her or its obligations hereunder will not, (i) if such Company Stockholder is not an individual,
conflict with or result in a violation of the organizational documents of such Company Stockholder or (ii) require any consent
or approval that has not been given or other action that has not been taken by any Person (including under any Contract binding
upon such Company Stockholder or such Company Stockholder’s Subject Shares), in each case, to the extent such consent, approval
or other action would prevent, enjoin or materially delay the performance by such Company Stockholder of its, his or her obligations
under this Agreement.

 

(d)              
Litigation. There are no Actions pending against such Company Stockholder, or to the knowledge of such Company Stockholder
threatened against such Company Stockholder, before (or, in the case of threatened Actions, that would be before) any arbitrator
or any Governmental Authority, which in any manner challenges or seeks to prevent, enjoin or materially delay the performance by
such Company Stockholder of its, his or her obligations under this Agreement.

 

    	 	5	 

     

    

 

(e)              
Adequate Information. Such Company Stockholder is a sophisticated stockholder and has adequate information concerning
the business and financial condition of Acquiror and the Company to make an informed decision regarding this Agreement and the
transactions contemplated by the Merger Agreement and has independently and without reliance upon Acquiror or the Company and based
on such information as such Company Stockholder has deemed appropriate, made its own analysis and decision to enter into this Agreement.
Such Company Stockholder acknowledges that Acquiror and the Company have not made and do not make any representation or warranty,
whether express or implied, of any kind or character except as expressly set forth in this Agreement. Such Company Stockholder
acknowledges that the agreements contained herein with respect to the Subject Shares held by such Company Stockholder are irrevocable.

 

(f)               
Brokerage Fees. Except as described on Section 4.16 of the Company Disclosure Letter, no broker, finder, investment
banker or other Person is entitled to any brokerage fee, finders’ fee or other commission in connection with the transactions
contemplated by the Merger Agreement based upon arrangements made by such Company Stockholder, for which the Company or any of
its Affiliates may become liable.

 

(g)              
Acknowledgment. Such Company Stockholder understands and acknowledges that each of Acquiror and the Company is entering
into the Merger Agreement in reliance upon such Company Stockholder’s execution and delivery of this Agreement.

 

ARTICLE
III

MISCELLANEOUS

 

Section 3.1           
Termination. This Agreement and all of its provisions shall terminate and be of no further force or effect upon the
earlier of (a) the Expiration Time and (b) the written agreement of the Company Stockholders, Acquiror and the Company. Upon such
termination of this Agreement, all obligations of the parties under this Agreement will terminate, without any liability or other
obligation on the part of any party hereto to any Person in respect hereof or the transactions contemplated hereby, and no party
hereto shall have any claim against another (and no person shall have any rights against such party), whether under contract, tort
or otherwise, with respect to the subject matter hereof; provided, however, that the termination of this Agreement shall not relieve
any party hereto from liability arising in respect of any breach of this Agreement prior to such termination. This ARTICLE III
shall survive the termination of this Agreement.

 

Section 3.2           
Governing Law. This Agreement, and all claims or causes of action (whether in contract or tort) that may be based
upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim
or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement)
will be governed by and construed in accordance with the internal Laws of the State of Delaware applicable to agreements executed
and performed entirely within such State.

 

Section 3.3           
CONSENT TO JURISDICTION AND SERVICE OF PROCESS; WAIVER OF JURY TRIAL.

 

    	 	6	 

     

    

 

(a)         
THE PARTIES TO THIS AGREEMENT SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE STATE COURTS LOCATED IN WILMINGTON, DELAWARE OR
THE COURTS OF THE UNITED STATES LOCATED IN WILMINGTON, DELAWARE IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS
OF THIS AGREEMENT AND ANY RELATED AGREEMENT, CERTIFICATE OR OTHER DOCUMENT DELIVERED IN CONNECTION HEREWITH AND BY THIS AGREEMENT
WAIVE, AND AGREE NOT TO ASSERT, ANY DEFENSE IN ANY ACTION FOR THE INTERPRETATION OR ENFORCEMENT OF THIS AGREEMENT AND ANY RELATED
AGREEMENT, CERTIFICATE OR OTHER DOCUMENT DELIVERED IN CONNECTION HEREWITH, THAT THEY ARE NOT SUBJECT THERETO OR THAT SUCH ACTION
MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SUCH COURTS OR THAT THIS AGREEMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS OR THAT
THEIR PROPERTY IS EXEMPT OR IMMUNE FROM EXECUTION, THAT THE ACTION IS BROUGHT IN AN INCONVENIENT FORUM, OR THAT THE VENUE OF THE
ACTION IS IMPROPER. SERVICE OF PROCESS WITH RESPECT THERETO MAY BE MADE UPON ANY PARTY TO THIS AGREEMENT BY MAILING A COPY THEREOF
BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY AT ITS ADDRESS AS PROVIDED IN Section
3.8.

 

(b)         
WAIVER OF TRIAL BY JURY. EACH PARTY HERETO HEREBY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER
THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS
WAIVER, (III) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (IV) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 3.3.

 

Section 3.4           
Assignment. This Agreement and all of the provisions hereof will be binding upon and inure to the benefit of the
parties hereto and their respective heirs, successors and permitted assigns. Neither this Agreement nor any of the rights, interests
or obligations hereunder will be assigned (including by operation of law) without the prior written consent of the parties hereto.

 

Section 3.5           
Specific Performance. The parties hereto agree that irreparable damage may occur in the event that any of the provisions
of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed
that the parties hereto shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce
specifically the terms and provisions of this Agreement in the chancery court or any other state or federal court within the State
of Delaware, this being in addition to any other remedy to which such party is entitled at law or in equity.

 

    	 	7	 

     

    

 

Section 3.6           
Amendment. This Agreement may not be amended, changed, supplemented, waived or otherwise modified or terminated,
except upon the execution and delivery of a written agreement executed by Acquiror, the Company and the Company Stockholders.

 

Section 3.7           
Severability. If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction,
the other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable
only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.

 

Section 3.8           
Notices. All notices and other communications among the parties hereto shall be in writing and shall be deemed to
have been duly given (a) when delivered in person, (b) when delivered after posting in the United States mail having been sent
registered or certified mail return receipt requested, postage prepaid, (c) when delivered by FedEx or other nationally recognized
overnight delivery service or (d) when e-mailed during normal business hours (and otherwise as of the immediately following Business
Day), addressed as follows:

 

If to Acquiror:

 

Social Capital Hedosophia Holdings Corp. III

 

317 University Avenue

Palo Alto, California 94301

		Attention:	Steve Trieu

		Email:	steve@socialcapital.com

 

with a copy to (which will not constitute notice):

 

Skadden, Arps, Slate, Meagher & Flom LLP

One Manhattan West

New York, New York 10001

		Attention:	Howard L. Ellin

Christopher M. Barlow

		Email:	howard.ellin@skadden.com

christopher.barlow@skadden.com

 

If to the Company:

 

Clover Health Investments, Corp.

725 Cool Springs Blvd

Suite 320

Franklin, TN 37067

		Attention:	Gia Lee, General Counsel

		Email:	gia.lee@cloverhealth.com

 

    	 	8	 

     

    

 

with a copy to (which shall not constitute notice):

Orrick, Herrington & Sutcliffe LLP

51 West 52nd Street

New York, NY 10019-6142

		Attention:	Stephen Thau

Matthew Gemello

Justin Yi

		Email:	sthau@orrick.com

mgemello@orrick.com

justin.yi@orrick.com

If to a Company Stockholder:

 

To such Company Stockholder’s address set forth
in Schedule I attached hereto

 

with a copy to (which will not constitute notice):

 

Orrick, Herrington & Sutcliffe LLP

51 West 52nd Street

New York, NY 10019-6142

		Attention:	Stephen Thau

Matthew Gemello

Justin Yi

		Email:	sthau@orrick.com

mgemello@orrick.com

justin.yi@orrick.com

 

Section 3.9         
Several Liability. The liability of any Company Stockholder hereunder is several (and not joint). Notwithstanding
any other provision of this Agreement, in no event will any Company Stockholder be liable for any other Company Stockholder’s
breach of such other Company Stockholder’s representations, warranties, covenants, or agreements contained in this Agreement.

 

Section 3.10       
Counterparts. This Agreement may be executed in two or more counterparts (any of which may be delivered by electronic
transmission), each of which shall constitute an original, and all of which taken together shall constitute one and the same instrument.

 

Section 3.11       
Entire Agreement. This Agreement and the agreements referenced herein constitute the entire agreement and understanding
of the parties hereto in respect of the subject matter hereof and supersede all prior understandings, agreements or representations
by or among the parties hereto to the extent they relate in any way to the subject matter hereof.

 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY
BLANK]

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	AME CLOUD VENTURES, LLC
	 	 
	 	By: 	/s/ Greg Hardester
	 	 	Name:Greg Hardester

Title:Manager

 

 

[Signature Page to Stockholder Support Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	ARENA VENTURES CLOVER GROWTH SPV, LLC
	 	 
	 	By: Arena Ventures Clover Growth SPV, LLC
	 	Its: Manager
	 	 
	 	By: 	/s/ Jeffrey Lo
	 	 	Name:Jeffrey Lo

Title:Managing Member

 

 

	 	ARENA VENTURES CLOVER GROWTH SPV II, LLC
	 	 
	 	By: Arena Ventures Clover Growth SPV, LLC
	 	Its: Manager
	 	 
	 	By: 	/s/ Jeffrey Lo
	 	 	Name:Jeffrey Lo

Title:Managing Member

 

  

	 	ARENA VENTURES CLOVER GROWTH SPV III, LLC
	 	 
	 	By: Arena Ventures Clover Growth SPV, LLC
	 	Its: Manager
	 	 
	 	By: 	/s/ Jeffrey Lo
	 	 	Name:Jeffrey Lo

Title:Managing Member

 

 

[Signature Page to Stockholder Support
Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	BOWIE HEALTH VC, LP
	 	 
	 	By: Bowie SPV GP, LP
	 	Its: GP
	 	 
	 	By: Bowie Equity, LLC
	 	Its: GP
	 	 
	 	By: 	/s/ Cory Whitaker
	 	 	Name:Cory Whitaker

Title:Manager

 

[Signature Page to Stockholder Support
Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	CAESAR CLOVER, LLC
	 	 
	 	By: 	/s/ Vivek Garipalli
	 	 	Name:Vivek Garipalli

Title:Authorized Signatory

 

[Signature Page to Stockholder Support
Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	CAESAR VENTURES, LLC
	 	 
	 	By: 	/s/ Vivek Garipalli
	 	 	Name:Vivek Garipalli

Title:Manager

  

[Signature Page to Stockholder Support
Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	CASDIN PARTNERS MASTER FUND LP
	 	 
	 	By: 	/s/ Eli Casdin
	 	 	Name:Eli Casdin

Title:Managing Partner

  

[Signature Page to Stockholder Support
Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	FIDELITY MT. VERNON STREET TRUST: FIDELITY GROWTH
COMPANY FUND
	 	 
	 	By: 	/s/ Chris Gulliver
	 	 	Name:Chris Gulliver

Title:Corporate Governance Analyst

 

 

	 	FIDELITY MT. VERNON STREET TRUST: FIDELITY SERIES
GROWTH COMPANY FUND
	 	 
	 	By: 	/s/ Chris Gulliver
	 	 	Name:Chris Gulliver

Title:Corporate Governance Analyst

 

 

	 	FIDELITY GROWTH COMPANY COMMINGLED POOL
	 	 
	 	By: Fidelity Management & Trust Co.
	 	 
	 	By: 	/s/ Chris Gulliver
	 	 	Name:Chris Gulliver

Title:Corporate Governance Analyst

 

[Signature Page to Stockholder Support
Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	FIRST ROUND CAPITAL V, L.P.
	 	as nominee for
	 
	 	First Round Capital V, L.P.
	 	First Round Capital V Partners Fund, L.P.
	 	 
	 	By: First Round Capital Management V L.P.,
	 	Its General Partner
	 	 
	 	By: First Round Capital Management V LLC,
	 	Its General Partner
	 	 
	 	By: 	/s/ Josh Kopelman
	 	Name:

        Title:
	Josh Kopelman

Partner

 

 

[Signature Page to Stockholder Support
Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	GREENOAKS CAPITAL OPPORTUNITIES FUND, L.P.
	 	 
	 	By:  Greenoaks Capital (MTGP), L.P., its General Partner
	 	 
	 	By:  Greenoaks Capital (TTGP), Ltd., its General Partner
	 	 
	 	By: 	/s/ Benjamin Peretz
	 	Name:

        Title:
	Benjamin Peretz
 Director

 

 

	 	GREENOAKS CAPITAL MS LP – JOSLIN SERIES
	 	 
	 	By:  Greenoaks Capital MS Management LLC – Joslin Series
	 	 
	 	By: 	/s/ Benjamin Peretz
	 	Name:

        Title:
	Benjamin Peretz
 Managing Member

 

 

[Signature Page to Stockholder Support
Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	GREENOAKS CAPITAL MS LP – BANTING SERIES
	 	 
	 	By:  Greenoaks Capital MS Management LLC – Banting Series
	 	 
	 	By: 	/s/ Benjamin Peretz
	 	Name:

        Title:
	Benjamin Peretz
 Managing Member

 

 

	 	GREENOAKS CAPITAL MS LP – OSLER SERIES
	 	 
	 	By:  Greenoaks Capital MS Management LLC – Osler Series, its General Partner
	 	 
	 	By: 	/s/ Benjamin Peretz
	 	Name:

        Title:
	Benjamin Peretz
 Managing Member

 

 

[Signature Page to Stockholder Support
Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	GREENOAKS CAPITAL MS LP – BLACKWELL SERIES
	 	 
	 	By:  Greenoaks Capital MS Management LLC – Blackwell Series, its General Partner
	 	 
	 	By: 	/s/ Benjamin Peretz
	 	Name:

        Title:
	Benjamin Peretz
 Managing Member

 

 

[Signature Page to Stockholder Support
Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	GV 2017, L.P.
	 	 
	 	By: GV 2017 GP, L.P., its General Partner
	 	 
	 	By: GV 2017 GP, L.L.C., its General Partner
	 	 
	 	By: 	/s/ Daphne M. Chang
	 	 	Name:Daphne M. Chang

Title:Authorized Signatory

  

[Signature Page to Sponsor Support Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	HARRY LANGENBERG
	 	 
	 	By: 	/s/ HARRY LANGENBERG
	 	 	

 

[Signature Page to Sponsor Support Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	LIFEFORCE CAPITAL FUND I, LP
	 	 
	 	By: 	/s/ John Noonan
	 	 	Name:John Noonan

Title:GP

 

[Signature Page to Sponsor Support Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	MULTIPLE HOLDINGS, LLC
	 	 
	 	By: 	/s/ Nat Turner
	 	 	Name:Nat Turner

Title:Manager

 

 

	 	YELLOW JACKET VENTURES, LP
	 	 
	 	By: 	/s/ Nat Turner
	 	 	Name:Nat Turner

Title:Manager

 

[Signature Page to Sponsor Support Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	NEXUS OPPORTUNITY FUND II,
LTD.
	 	 
	 	By: 	/s/ Naren Gupta
	 	 	Name: Naren Gupta

Title: Director

 

 

	 	NEXUS VENTURES IV, LTD.
	 	 
	 	By: 	/s/ Naren Gupta
	 	 	Name: Naren Gupta

Title: Director

 

[Signature Page to Sponsor Support Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	NJ HEALTHCARE INVESTMENTS, LLC
	 	 
	 	By: 	/s/ Vivek Garipalli
	 	 	Name:Vivek Garipalli

Title:Manager

 

[Signature Page to Sponsor Support Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	REFACTOR CACAO, L.P.
	 	 
	 	By: 	/s/ Zal Bilimoria
	 	 	Name: Zal Bilimoria

Title: Managing Partner

 

 

	 	REFACTOR CURRY, L.P.
	 	 
	 	By: 	/s/ Zal Bilimoria
	 	 	Name: Zal Bilimoria

Title: Managing Partner

 

[Signature Page to Sponsor Support Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	SEQUOIA CAPITAL U.S. GROWTH FUND VI, LP
	 	 
	 	SEQUOIA CAPITAL U.S. GROWTH VI PRINCIPALS FUND, L.P.
	 	 
	 	Each a Cayman Islands exempted limited partnership
	 	 
	 	By:	SC U.S. GROWTH VI MANAGEMENT, L.P.,

a Cayman Islands exempted limited partnership

General Partner of Each
	 	 	 
	 	By:	SC US (TTGP), LTD.,

        a Cayman Islands exempted company

        Its General Partner

	 	 
	 	By: 	/s/ Ravis Gupta
	 	 	Name: Ravis Gupta

Title: Authorized Signatory

 

[Signature Page to Sponsor Support Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	SPARK CAPITAL GROWTH FUND, L.P.
	 	 
	 	SPARK CAPITAL GROWTH FOUNDERS’ FUND, L.P.
	 	 
	 	By: Spark Growth Management Partners, LLC, Their General Partner
	 	 
	 	By: Bowie Equity, LLC
	 	Its: GP
	 	 
	 	By: 	/s/ Will Reed
	 	 	Name: Will Reed

Title: General Partner

 

[Signature Page to Sponsor Support Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	SUMMIT ACTION FUND LLC SERIES
1 TKTC CUSTODIAN #15007081
	 	 
	 	By: 	/s/ J. Brock Saunders
	 	 	Name: J. Brock Saunders

Title: Managing Director

 

 

	 	SUMMIT ACTION FUND LLC OPPORTUNITIES SERIES
	 	 
	 	By: 	/s/ J. Brock Saunders
	 	 	Name: J. Brock Saunders

Title: Managing Director

 

[Signature Page to Sponsor Support Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	SURA VENURES S.A.
	 	 
	 	By: 	/s/ Ricardo Jaramillo
	 	 	Name: Ricardo Jaramillo

Title: Legal Representative

 

 

	 	VERONORTE CAPITAL S.A.S.
	 	 
	 	By: 	/s/ Camilo Botero
	 	 	Name: Camilo Botero

Title: CEO

 

 

[Signature Page to Sponsor Support Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	TITUS VENTURES, LLC
	 	 
	 	By: 	/s/ Vivek Garipalli
	 	 	Name:Vivek Garipalli

Title:Manager

 

[Signature Page to Sponsor Support Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	WTI EQUITY OPPORTUNITY FUND I, L.P.
	 	 
	 	By: WTI Equity Opportunity Fund GP, I, L.L.C.
	 	Its: General Partner
	 	 
	 	By: Westech Investment Advisors LLC
	 	Its: Managing Member
	 	 
	 	By: 	/s/ David Wanek
	 	 	Name:David Wanek

Title:President

 

 

	 	VENTURE LENDING & LEASING VII, LLC
	 	 
	 	By: Westech Investment Advisors LLC,

a California limited liability company
	 	Its: Managing Member
	 	 
	 	By: 	/s/ David Wanek
	 	 	Name:David Wanek

Title:President

 

 

	 	VENTURE LENDING & LEASING VIII, LLC
	 	 
	 	By: Westech Investment Advisors LLC,

                    a California limited liability company

	 	Its: Managing Member
	 	 
	 	By: 	/s/ David Wanek
	 	 	Name:David Wanek

Title:President

 

[Signature Page to Sponsor Support Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	XCAP VEHICLE I, LLC
	 	 
	 	By: 	/s/ Leonardo Salgado
	 	 	Name: Leonardo Salgado

Title: Director

 

[Signature Page to Sponsor Support Agreement]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Company Stockholders, Acquiror, and the Company have each caused this Stockholder Support Agreement to be duly executed as
of the date first written above.

 

 

	 	COMPANY STOCKHOLDERS:
	 	 
	 	XCAP CH VEHICLE, LLC
	 	 
	 	By: 	/s/ Leonardo Salgado
	 	 	Name: Leonardo Salgado

Title: Director

 

 

	 	EXPANDING TFO I, LP
	 	 
	 	By: Expanding SC I GP, LLC
	 	Its: General Partner
	 	 
	 	By: 	/s/ Leonardo Salgado
	 	 	Name: Leonardo Salgado

Title: Director

 

 

[Signature Page to Sponsor Support Agreement]

 

    	 	 	 

     

    

 

 

	 	COMPANY:
	 	 
	 	CLOVER HEALTH INVESTMENTS, CORP.
	 	 
	 	By: 	/s/ Vivek Garipalli
	 	 	Name:Vivek Garipalli

Title: Chief Executive Officer

 

 

[Signature Page to Sponsor Support Agreement]

 

    	 	 	 

     

    

 

 

	 	ACQUIROR:
	 	 
	 	SOCIAL CAPITAL HEDOSOPHIA HOLDINGS CORP. III
	 	 
	 	By: 	/s/ Chamath Palihapitiya
	 	 	Name: Chamath Palihapitiya

Title:Chief Executive Officer

 

[Signature Page to Sponsor Support Agreement]

 

    	 	 	 

     

    

 

Schedule I

Company Stockholder Subject Shares

 

	Company Stockholder	Shares of Common Stock	
        Shares of Series 

        A-1 Preferred Stock
	Shares of Series A Preferred Stock	Shares of Series B Preferred Stock	Shares of Series C Preferred Stock	Shares of Series D Preferred Stock	Rights to Acquire Equity Securities	Notice
    Information
	AME Cloud Ventures, LLC	 	 	 	 	238,090	53,317	 	 
	Arena Ventures Clover Growth SPV, LCC	 	 	 	 	3,039,808	 	 	 
	Arena Ventures Clover Growth SPV II, LLC	 	 	 	 	1,011,881	 	 	 
	Arena Ventures Clover Growth SPV III, LLC	 	 	 	1,476,974	 	 	 	 
	Bowie Health VC, LP	 	 	 	 	 	322,570	 	 
	Caesar Clover, LLC	 	 	 	 	 	 	Convertible Security, dated as of February 21 ,2019, as amended, convertible into shares of capital stock of the Company as described therein.	 
	Caesar Ventures, LLC	 	2,134,820	 	 	595,224	 	 	 
	Casdin Partners Master Fund LP	 	 	 	 	297,612	79,035	 	 
	Expanding TFO I, LP	 	 	 	 	 	213,269	 	 
	Fidelity Growth Company Commingled Pool	 	 	 	 	 	471,854	 	 

 

 

[Schedule I to Stockholder Support Agreement]

 

    	 	 	 

     

    

 

	Company Stockholder	Shares of Common Stock	
        Shares of Series 

        A-1 Preferred Stock
	Shares of Series A Preferred Stock	Shares of Series B Preferred Stock	Shares of Series C Preferred Stock	Shares of Series D Preferred Stock	Rights to Acquire Equity Securities	Notice
    Information
	Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund	 	 	 	 	 	863,631	 	 
	First Round Capital V, L.P., As Nominee	 	 	3,838,071	624,775	2,976	 	 	 
	Greenoaks Capital MS LP - Banting Series	 	 	 	 	2,083,284	 	 	 
	Greenoaks Capital MS LP - Blackwell Series	 	 	 	 	 	1,599,522	 	 
	Greenoaks Capital MS LP - Joslin Series	 	 	 	135,805	3,571,344	 	Warrant to purchase 834,120 shares of Common Stock. 	 
	Greenoaks Capital MS LP - Osler Series	 	 	 	206,100	 	 	Warrant to purchase 1,265,880 shares of Common Stock. 	 
	Greenoaks Capital Opportunities Fund, L.P.	 	 	 	 	3,571,344	1,599,522	Convertible Security, dated as of February 21, 2019, as amended, convertible into shares of capital stock of the Company as described therein.	 
	GV 2017, L.P.	 	 	 	 	 	2,132,696	 	 

 

[Schedule I to Stockholder Support Agreement]

 

    	 	 	 

     

    

 

	Company Stockholder	Shares of Common Stock	
        Shares of Series 

        A-1 Preferred Stock
	Shares of Series A Preferred Stock	Shares of Series B Preferred Stock	Shares of Series C Preferred Stock	Shares of Series D Preferred Stock	Rights to Acquire Equity Securities	Notice
    Information
	Harry Langenberg	 	 	 	 	 	53,317	 	 
	LifeForce Capital Fund I, LP	 	 	 	 	 	213,270	 	 
	Multiple Holdings, LLC	898,490	 	431,783	 	 	 	 	 
	Nexus Opportunity Fund II, Ltd.	 	 	 	 	 	1,066,348	 	 
	Nexus Ventures IV, LTD	 	 	 	 	1,190,448	 	 	 
	NJ Healthcare Investments, LLC	37,894,800	4,797,589	 	 	 	 	 	 
	Refactor Cacao, L.P.	 	 	 	 	 	2,132,696	 	 
	Refactor Curry, L.P.	 	 	 	 	369,635	 	 	 
	Sequoia Capital U.S. Growth Fund VI, L.P.	 	 	 	7,032,330	883,193	527,416	 	 

 

[Schedule I to Stockholder Support Agreement]

 

    	 	 	 

     

    

 

	Company Stockholder	Shares of Common Stock	
        Shares of Series 

        A-1 Preferred Stock
	Shares of Series A Preferred Stock	Shares of Series B Preferred Stock	Shares of Series C Preferred Stock	Shares of Series D Preferred Stock	Rights to Acquire Equity Securities	Notice
    Information
	Sequoia Capital U.S. Growth VI Principals Fund, L.P.	 	 	 	352,244	9,642	5,758	 	 
	Spark Capital Growth Founders’ Fund, L.P.	 	 	 	 	11,666	3,099	 	 
	Spark Capital Growth Fund, L.P.	 	 	 	 	1,178,782	313,164	 	 
	Summit Action Fund LLC Opportunities Series	 	 	 	 	 	586,492	 	 
	Summit Action Fund LLC Series 1 TKTC Custodian #15007081	 	 	 	 	297,611	53,317	 	 
	Sura Ventures S.A.	 	 	 	 	 	418,008	 	 
	Titus Ventures, LLC	88,102	 	 	 	 	 	 	 
	Venture Lending & Leasing VII, LLC	 	 	 	 	 	213,270	Convertible Security, dated as of February 21, 2019, as amended, convertible into shares of capital stock of the Company as described therein.	 

 

[Schedule I to Stockholder Support Agreement]

 

    	 	 	 

     

    

 

	Company Stockholder	Shares of Common Stock	
        Shares of Series 

        A-1 Preferred Stock
	Shares of Series A Preferred Stock	Shares of Series B Preferred Stock	Shares of Series C Preferred Stock	Shares of Series D Preferred Stock	Rights to Acquire Equity Securities	Notice
    Information
	Venture Lending & Leasing VIII, LLC	 	 	 	 	 	159,952	Convertible Security, dated as of February 21, 2019, as amended, convertible into shares of capital stock of the Company as described therein.	 
	Veronorte Capital S.A.S.	 	 	 	 	 	8,531	 	 
	WTI Equity Opportunity Fund I, L.P.	 	 	 	 	 	693,126	 	 
	XCAP CH Vehicle, LLC	 	 	 	 	 	 	Convertible Security, dated as of August 23, 2019, as amended, convertible into shares of capital stock of the Company as described therein	 
	XCAP VEHICLE I, LLC	 	 	 	 	 	213,270	 	 
	Yellow Jacket Ventures, LP 	51	 	 	29,539	 	 	 	 

 

[Schedule I to Stockholder Support Agreement]

 

    	 	 	 

     

    

 

Schedule II

 

Major Company Stockholders

 

Arena Ventures Clover Growth SPV, LLC

Arena Ventures Clover Growth SPV II, LLC

Arena Ventures Clover Growth SPV III, LLC

Caesar Ventures, LLC

Cathay Life

Fidelity Growth Company Commingled Pool

Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund

First Round Capital V, L.P., As Nominee

Greenoaks Capital MS LP - Banting Series

Greenoaks Capital MS LP - Blackwell Series

Greenoaks Capital MS LP - Joslin Series

Greenoaks Capital MS LP - Osler Series

Greenoaks Capital Opportunities Fund, L.P.

GV 2017, L.P.

Multiple Holdings, LLC

Nexus Opportunity Fund II, Ltd.

Nexus Ventures IV, LTD

NJ Healthcare Investments, LLC

NT Clover Holdings, LLC

Project Cerebro, LLC

Refactor Cacao, L.P.

Refactor Curry, L.P.

Scottish Mortgage Investment Trust PLC

Sequoia Capital U.S. Growth Fund VI, L.P.

Sequoia Capital U.S. Growth VI Principals Fund, L.P.

Sofina Partners S.A.

Spark Capital Growth Founders' Fund, LP

Spark Capital Growth Fund, L.P.

Titus Ventures, LLC

Yellow Jacket Ventures, LP

 

[Schedule II to Stockholder Support Agreement]

 

    	 	 	 

     

    

 

Schedule III

 

Stockholder Agreements

 

		1.	Fourth Amended and Restated Voting Agreement, dated as of February 21, 2019, by and among the Company,
the Investors listed on Schedule A thereto, the Key Holders listed on Schedule B thereto and the Convertible Securities Holders
listed on Schedule C thereto.

 

		2.	Fifth Amended and Restated Investors’ Rights Agreement, dated as of February 21, 2019, by
and among the Company and the Investors listed on Schedule A thereto.

 

		3.	Fifth Amended and Restated Right of First Refusal and Co-Sale Agreement, dated as of February 21,
2019, by and among the Company, the Investors listed on Schedule A thereto and the Key Holders listed on Schedule B thereto.

 

		4.	Letter Agreement, dated June 30, 2017, by and between the Company and Scottish Mortgage Investment
Trust Plc.

 

		5.	Letter Agreement, dated May 20, 2016, by and between the Company and Nexus Ventures IV, Ltd.

 

		6.	Letter Agreement, dated November 30, 2018, by and between the Company and PDV ML LLC.

 

		7.	Letter Agreement, dated November 30, 2018, by and between the Company and ReMark International
B.V.

 

		8.	Letter Agreement, dated October 3, 2018, by and between the Company and Sofina Partners S.A.

 

		9.	Letter Agreement, dated July 19, 2018, by and between the Company and Genome Fund Inc.

 

		10.	Letter Agreement, dated April 19, 2016, by and between the Company and Spark Capital Growth Fund,
L.P.

 

		11.	Letter Agreement, dated June 7, 2017, by and between the Company and the Fidelity Investors (as
defined therein).

 

		12.	Letter Agreement, dated May 10, 2017, by and between the Company and Summit Action Fund LLC.

 

		13.	Letter Agreement, dated May 10, 2017, by and between the Company and GV 2017, L.P.

 

		14.	Letter Agreement, dated April 19, 2016, by and between the Company and Spark Capital Growth Fund,
L.P.

 

		15.	Letter Agreement, dated April 19, 2016, by and between the Company and Floodgate Fund V, L.P.

 

[Schedule III to Stockholder Support Agreement]artl_ex41.htm

EXHIBIT 4.1
  
 Form of Representative’s Warrant Agreement
  
 THE REGISTERED HOLDER OF THIS WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS WARRANT EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER THAN (I) LADENBURG THALMANN & CO. INC. OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF LADENBURG THALMANN & CO. INC. OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.
  
 THIS WARRANT IS NOT EXERCISABLE PRIOR TO [                       ]1. VOID AFTER 5:00 P.M., EASTERN TIME, [                          ]2.
  
 WARRANT TO PURCHASE COMMON STOCK
  
 ARTELO BIOSCIENCES, INC.
  
 Warrant Shares: 
  
 THIS WARRANT TO PURCHASE COMMON STOCK (the “Warrant”) certifies that, for value received, Ladenburg Thalmann & Co. Inc., or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the Charter Amendment Date (the “Initial Exercise Date”) and, in accordance with FINRA Rule 5110(g)(8)(A), prior to at 5:00 p.m. (New York time) on the date that is five (5) years following the Effective Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from Artelo Biosciences, Inc., a Nevada corporation (the “Company”), up to               shares of Common Stock, par value $0.001 per share, of the Company (the “Warrant Shares”), as subject to adjustment hereunder. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). Terms not defined herein shall have the meanings ascribed to them in the Underwriting Agreement between Ladenburg Thalmann & Co. Inc., as representative of the several underwriters, if any, named in Schedule I thereto and the Company, dated as of October      , 2020 (the “Underwriting Agreement”).
  
 Section 1. Definitions. In addition to the terms defined elsewhere in this Agreement, 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.
  
 “Amendment” means an amendment to the articles of incorporation of the Company increasing the number of authorized shares of the Company’s common stock to 250,000,000 and the Company’s preferred stock to 25,000,000. 
  
 “Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.
  
 “Charter Amendment Approval” means approval of the Amendment by the shareholders of the Company.
  
 “Charter Amendment Date” means, subject to the Charter Amendment Approval, the date on which the Amendment is filed and accepted with the State of Nevada.
  
 “Commission” means the United States Securities and Exchange Commission.
  
 ___________________
 1 Effective date of the offering
 2 Date that is five years from the effective date of the offering
  
 Artelo - Form of Representative_s Warrant 
  
 	 
	
	

	 

 
   
 “Effective Date” means the date on which the registration statement on Form S-1 (File No. 333-249083) is declared effective by the Commission.
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
  
 “Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.
  
 “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.
  
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
  
 “Trading Day” means a day on which the New York Stock Exchange is open for trading.
  
 “Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE MKT, 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).
  
 “VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the Common Stock is not listed or quoted on a Trading Market and is listed or quoted on the OTCQB or OTCQX, the volume weighted average price of a share of Common Stock for such date (or the nearest preceding date) on the OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on a Trading Market or the OTCQB or OTCQX and if prices for Common Stock are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of Common Stock so reported, or (d) in all other cases, the fair market value of the Common Stock as determined by the board of directors of the Company and reasonably acceptable to the Holder.
  
 Section 2. Exercise.
  
 a) 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 (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise Form annexed hereto. Within two (2) Trading Days following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within five (5) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The 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 Form within two (2) Business Days 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.
  
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 b) Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $                    , subject to adjustment hereunder (the “Exercise Price”).
  
 c) Cashless Exercise. If at any time on or after the Initial Exercise Date, there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:
  
 	  
	 (A) =
	 the VWAP on the Trading Day immediately preceding the date on which Holder elects to exercise this Warrant by means of a “cashless exercise,” as set forth in the applicable Notice of Exercise;

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

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

 
  
 If Warrant Shares are issued in such a “cashless exercise,” the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised, and the holding period of the Warrants being exercised may be tacked on to the holding period of the Warrant Shares. The Company agrees not to take any position contrary to this Section 2(c).
  
 Notwithstanding anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c).
  
 d) Mechanics of Exercise.
  
 i. Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by its transfer agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder, or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144 and, in either case, the Warrant Shares have been sold by the Holder prior to the Warrant Share Delivery Date (as defined below) pursuant to such effective registration statement or in compliance with Rule 144, as applicable, and otherwise by physical delivery of a certificate or book entry with the Company’s transfer agent, 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 two (2) Trading Days after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”) so long as the payment for such exercise has been made on or prior to the Warrant Share Delivery Date. If the Warrant Shares can be delivered via DWAC, the transfer agent shall have received from the Company, at the expense of the Company, any legal opinions or other documentation required by it to deliver such Warrant Shares without legend (subject to receipt by the Company of reasonable back up documentation from the Holder, including with respect to affiliate status) and, if applicable and requested by the Company prior to the Warrant Share Delivery Date, the transfer agent shall have received from the Holder a confirmation of sale of the Warrant Shares (provided the requirement of the Holder to provide a confirmation as to the sale of Warrant Shares shall not be applicable to the issuance of unlegended Warrant Shares upon a cashless exercise of this Warrant if the Warrant Shares are then eligible for resale pursuant to Rule 144(b)(1)). The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares, having been paid. 
  
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 ii. Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of the Holder and upon surrender of this Warrant, 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 its transfer agent to deliver to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise; provided, however, that the Holder shall be required to return any Warrant Shares or Common Stock subject to any such rescinded exercise notice concurrently with the return to Holder of the aggregate Exercise Price paid to the Company for such Warrant Shares and the restoration of Holder’s right to acquire such Warrant Shares pursuant to this Warrant (including, issuance of a replacement warrant evidencing such restored right).
  
 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 its transfer agent to transmit to the Holder the Warrant Shares pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.
  
 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.
  
  
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 vi. Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all transfer agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.
  
 vii. Closing of Books. The Company will not close its stockholder books or records in any manner to intentionally prevent the timely exercise of this Warrant, pursuant to the terms hereof.
  
 viii. Signature. This Section 2 and the exercise form attached hereto set forth the totality of the procedures required of the Holder in order to exercise this Warrant. Without limiting the preceding sentences, no ink-original exercise form shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any exercise form be required in order to exercise this Warrant. No additional legal opinion, other information or instructions shall be required of the Holder to exercise this Warrant. The Company shall honor exercises of this Warrant and shall deliver Warrant Shares underlying this Warrant in accordance with the terms, conditions and time periods set forth herein.
  
 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, 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), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates. 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 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 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 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. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Company’s transfer agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock 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.
  
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 f) Call Provision. Subject to the provisions of Section 2(e) and this Section 2(f), if, ______ days after the Initial Exercise Date, (i) the VWAP for each of 20 consecutive Trading Days (the “Measurement Period,” which 30 consecutive Trading Day period shall not have commenced until after the Initial Exercise Date) exceeds $____ (subject to adjustment for forward and reverse stock splits, recapitalizations, stock dividends and the like after the Initial Exercise Date), (ii) the average daily dollar volume of the Common Stock for such Measurement Period exceeds $500,000 per Trading Day and (iii) the Holder is not in possession of any information that constitutes, or might constitute, material non-public information which was provided by the Company, any of its Subsidiaries, or any of their officers, directors, employees, agents or Affiliates, then the Company may, within one (1) Trading Day of the end of any such Measurement Period, call for cancellation of all or any portion of this Warrant for which a Notice of Exercise has not yet been delivered (such right, a “Call”) for consideration equal to $.001 per Warrant Share. To exercise this right, the Company must deliver to the Holder an irrevocable written notice (a “Call Notice”), indicating therein the portion of unexercised portion of this Warrant to which such notice applies. If the conditions set forth below for such Call are satisfied from the period from the date of the Call Notice through and including the Call Date (as defined below), then any portion of this Warrant subject to such Call Notice for which a Notice of Exercise shall not have been received by the Call Date will be cancelled at 6:30 p.m. (New York City time) on the tenth Trading Day after the date the Call Notice is received by the Holder (such date and time, the “Call Date”). Any unexercised portion of this Warrant to which the Call Notice does not pertain will be unaffected by such Call Notice. In furtherance thereof, the Company covenants and agrees that it will honor all Notices of Exercise with respect to Warrant Shares subject to a Call Notice that are tendered through 6:30 p.m. (New York City time) on the Call Date. The parties agree that any Notice of Exercise delivered following a Call Notice which calls less than all of the Warrants shall first reduce to zero the number of Warrant Shares subject to such Call Notice prior to reducing the remaining Warrant Shares available for purchase under this Warrant. For example, if (A) this Warrant then permits the Holder to acquire 100 Warrant Shares, (B) a Call Notice pertains to 75 Warrant Shares, and (C) prior to 6:30 p.m. (New York City time) on the Call Date the Holder tenders a Notice of Exercise in respect of 50 Warrant Shares, then (x) on the Call Date the right under this Warrant to acquire 25 Warrant Shares will be automatically cancelled, (y) the Company, in the time and manner required under this Warrant, will have issued and delivered to the Holder 50 Warrant Shares in respect of the exercises following receipt of the Call Notice, and (z) the Holder may, until the Termination Date, exercise this Warrant for 25 Warrant Shares (subject to adjustment as herein provided and subject to subsequent Call Notices). Subject again to the provisions of this Section 2(f), the Company may deliver subsequent Call Notices for any portion of this Warrant for which the Holder shall not have delivered a Notice of Exercise. Notwithstanding anything to the contrary set forth in this Warrant, the Company may not deliver a Call Notice or require the cancellation of this Warrant (and any such Call Notice shall be void), unless, from the beginning of the Measurement Period through the Call Date, (1) the Company shall have honored in accordance with the terms of this Warrant all Notices of Exercise delivered by 6:30 p.m. (New York City time) on the Call Date, and (2) a registration statement shall be effective as to all Warrant Shares and the prospectus thereunder available for use by the Company for the sale of all such Warrant Shares to the Holder, and (3) the Common Stock shall be listed or quoted for trading on the Trading Market, and (4) there is a sufficient number of authorized shares of Common Stock for issuance of all Warrant Shares, and (5) the issuance of all Warrant Shares subject to a Call Notice shall not cause a breach of any provision of Section 2(e) herein. The Company’s right to call the Warrants under this Section 2(f) shall be exercised ratably among the Holders based on each Holder’s initial purchase of Warrants.
  
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 Section 3. Certain Adjustments.
  
 a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification. For the purposes of clarification, the Exercise Price of this Warrant will not be adjusted in the event that the Company or any Subsidiary thereof, as applicable, sells or grants any option to purchase, or sells or grants any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common Stock Equivalents, at an effective price per share less than the Exercise Price then in effect.
  
 b) [RESERVED]
  
 c) Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then 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 shares of Common Stock 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 shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, 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 shares of Common Stock 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).
  
 d) Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend (other than cash dividends) or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of shares 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 shares of Common Stock 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 shares of Common Stock are to be determined for the participation in such Distribution (provided, however, 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 shares of Common Stock 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.
  
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 e) Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable by holders of Common Stock as a result of such Fundamental Transaction for each share of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. 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) 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 shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock 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 shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock 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.
  
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 f) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.
  
 g) Notice to Holder.
  
 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 Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall deliver by facsimile or email a notice to the Holder at its last address as it shall appear upon the Warrant Register of the Company, at least fifteen (15) calendar days prior to the applicable record or effective date hereinafter specified, stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to provide such notice or any defect therein shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.
  
 iii. No Requirement for Written Notice to Holder. The Company shall be considered to have met all of its obligations to provide notice to the Holder under this Section 3 if the transaction giving rise to the Company’s obligations under this Section 3 is disclosed via a press release, a public filing by the Company with the Commission, or other means of public dissemination.
  
 Section 4. Transfer of Warrant.
  
 a) Transferability. Pursuant to FINRA Rule 5110(g)(1), neither this Warrant nor any Warrant Shares issued upon exercise of this Warrant shall be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the securities by any person for a period of 180 days immediately following the date of effectiveness or commencement of sales of the offering pursuant to which this Warrant is being issued, except the transfer of any security:
  
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 i. by operation of law or by reason of reorganization of the Company;
  
 ii. to any FINRA member firm participating in the offering and the officers or partners thereof, if all securities so transferred remain subject to the lock-up restriction in this Section 4(a) for the remainder of the time period;
  
 iii. if the aggregate amount of securities of the Company held by the Holder or related person do not exceed 1% of the securities being offered;
  
 iv. that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member manages or otherwise directs investments by the fund, and participating members in the aggregate do not own more than 10% of the equity in the fund; or
  
 v. the exercise or conversion of any security, if all securities received remain subject to the lock-up restriction in this Section 4(a) for the remainder of the time period.
  
 Subject to the foregoing restriction, any applicable securities laws and the conditions set forth in Section 4(d), 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 the Holder delivers an assignment form to the Company assigning this Warrant full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.
  
 b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.
  
 c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.
  
 d) Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.
  
 Section 5. Miscellaneous.
  
 a) No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i).
  
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 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 certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.
  
 c) Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised on the next succeeding Trading Day.
  
 d) Authorized Shares.
  
 The Company covenants that, after the Charter Amendment Date and during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).
  
 Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of the Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.
  
 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.
  
 For the avoidance of doubt, in the event the Company fails to obtain the Charter Amendment Approval, in no event shall any cash be payable to the Holder with respect to this Warrant. For the avoidance of doubt, in the event that the Company does not obtain the Charter Amendment Approval by the Termination Date, this Warrant will expire unexercisable. 
  
 e) Jurisdiction. 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 that would result in the application of the laws of any other jurisdiction.
  
 f) Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.
  
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 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 or the Underwriting Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.
  
 h) Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Underwriting Agreement.
  
 i) Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.
  
 j) Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.
  
 k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.
  
 l) Amendment. This Warrant may be modified or amended or the provisions hereof waived only by the written consent of the Company and the Holder.
  
 m) Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.
  
 n) Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.
 ********************
  
 (Signature Page Follows)
  
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 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.
  
 	  
	 ARTELO BIOSCIENCES, INC.
	  

	  
	   
	  
	  

	  
	 By: 
		  

	  
		 Name:
	  

	  
		 Title:
	  

 
  
  
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 NOTICE OF EXERCISE
  
 TO: ARTELO BIOSCIENCES, INC.
   ____________________
  
 (1) The undersigned hereby elects to purchase                      Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.
  
 (2) Payment shall take the form of (check applicable box):
  
 ☐ in lawful money of the United States; or
  
 ☐ if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).
  
 (3) Please register and 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 or by physical delivery of a certificate to:
  
 ____________________
  
 ____________________
  
 ____________________
  
 (4) Accredited Investor. The undersigned represents and warrants that is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended.
  
 [SIGNATURE OF HOLDER]
  
 	 Name of Investing Entity: _________________________________________________________________

	
	 Signature of Authorized Signatory of Investing Entity: ___________________________________________

	
	 Name of Authorized Signatory: _____________________________________________________________

	
	 Title of Authorized Signatory: ______________________________________________________________

	
	 Date: _________________________________________________________________________________

 
  
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 ASSIGNMENT FORM
  
 (To assign the foregoing warrant, execute
 this form and supply required information.
 Do not use this form to exercise the warrant.)
  
 FOR VALUE RECEIVED, [                ] all of or [                   ] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to 
  
 _______________________________________ whose address is
  
 ____________________________________________________.
  
 ____________________________________________________
  
 Dated: ______________, _______ 
  
 Holder’s Signature: ___________________________
  
 Holder’s Address: ____________________________
  
 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.
  
 Artelo - Form of Representative_s Warrant

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