展品4.2

這個安防-半導體及其可行使的證券均未在證券交易委員會或任何州的證券委員會註冊,依賴於 1933 年修訂的證券法規的註冊豁免, 因此可能不能除註冊申之外通過有效的註冊聲明出售, 亦可能不受證券法的註冊要求約束,且須遵守適用州證券法。此安防-半導體受此處約定的轉讓限制及2024年10月23日及以後時間修改的證券購買協議的約束,副本可在公司秘書處獲得。此安防-半導體及其可行使的證券可用以抵押利用誠信保障的按金帳戶或其他貸款。

SERIES F普通股票購買權

加利迪生物製品公司

這個系列F普通股購買權證（"權證本證書證明，持有人有權在行權期內按本證書所規定的行使條件和限制下從Gorilla Technology Group Inc.（下稱「公司」）購買多達普通股$0.001面值的普通股（以下簡稱「普通股」）（按照本證書下述調整，即下稱「行權價格」）。 _______________ 本證書證明，持有人有權在行權期內按本證書所規定的行使條件和限制下從Gorilla Technology Group Inc.（下稱「公司」）購買多達普通股$0.001面值的普通股（以下簡稱「普通股」）（按照本證書下述調整，即下稱「行權價格」）。持有人）根據下文規定的條款和條件，在2025年4月24日或之後的任何時間（"初始行權日）及在最初行使日期五（5）週年紀念日之前的紐約時間下午5時開市至此前任何時間，前提是，如果該日期不是交易日，則爲隨後的交易日（"終止日期但不 之後，向特定股東認購併購買Delaware州的Calidi生物製藥公司（以下簡稱“公司”， 最多_________股（根據本協議調整，以下稱爲“權證 股票）的普通股。根據本權證，一股普通股的購買價格應等於第2（b）節中定義的行權價格。

章節 1. 定義本協議中使用但未另行定義的大寫字詞應按照《有關證券購買協議》（以下簡稱“購買協議《於2024年10月23日簽署的公司與購買者之間的文件，簽署人備註》。

部分 2. 行權.

a) 權證行使行權權證購買權益的行使，在初始行使日後的任何時間或任何次數，但在終止日期之前，應通過電子郵件提交的正式執行PDF副本（或電子郵件附件）交付給公司，其形式附件所附《行使通知書》（以下簡稱「行使通知書」）。根據上述行使日期，股東應在（i）一個（1）個交易日或（ii）構成標準結算期的交易日數量（在此定義在第2(d)(i)部分）之內，以有線轉帳或美國銀行出具的本票支付適用《行使通知書》中規定的認股權證股份的總行使價。除非適用《行使通知書》中規定的無現金行使程序在此適用。不需要墨水原件的行使通知書，也不需要任何行使通知書的保證章（或其他類型的保證或公證）。儘管本處與此處不符，但在股東購買此處可用的全部認股權證股份並充分行使認股權證後，股東將無需將本權證實物交還給公司，其實物交還給公司將盡快進行取消，緊隨最終的行使通知書交付給公司的日期。本權證的部分行使導致購買此處可購買的認股權證股份總數的一部分，將使此處可購買的認股權證股份的未償餘額降低，並等於購買的認股權證數。股東和公司應保留記錄，顯示購買的認股權證股份數量及購買日期。公司應在收到此類通知後的1個交易日之內提出對任何行使通知書的異議。 持有人和受讓人在接受本權證時需承認，並同意，由於本段規定，根據本段，部分本權證股票的購買後，任何給定時間購買的本權證股票數量可能小於本權證面額中所述的金額。

b) 行使價格本認股權證項下普通股的行權價格爲1.13美元，根據本文的調整（「行權價格」）。

c) 無現金行權如果在本行使權證時沒有有效的註冊聲明或者其中的招股說明書不可用於向持有人發行權證股份，那麼在這個時候，持有人也可以通過「無現金行使」方式行使本權證，全額或部分行使，持有人將有權獲得權證股份數，等於[(A-B) (X)]÷(A)的商，其中:

(A) = 視情況而定：(i) 適用的行使通知發佈之日前一交易日的VWAP，前提是該通知 (1) 根據本協議第 2 (a) 節，在非交易日執行和交付行使，或 (2) 同時執行和 根據本協議第 2 (a) 節在 「正常交易時間」（定義見下文）開盤前的交易日交付 在該交易日（根據聯邦證券法頒佈的NMS法規）第600（b）條，（ii）由持有人選擇， (y) 適用的行使通知發佈之日前一交易日的VWAP，或 (z) 普通股的買入價格 彭博社報道的主要交易市場上的股票（”彭博社”) 截至持有者時爲止 執行適用的行使通知（如果該行使通知在 「正常交易時間」 執行） 交易日，並在其後的兩（2）小時內（包括在 「常規交易」 結束後的兩（2）小時內交付 根據本協議第2 (a) 節，或 (iii) 適用行使通知之日的 VWAP（在以下情況下）交易日的 VWAP 該行使通知的日期爲交易日，該行使通知是根據第 2 (a) 節執行和交付的 在此交易日的 「正常交易時間」 結束後；

(B) =該認股權的行使價格，經過調整；並

其中X=如果此行使是現金行使而不是無現金行使，將根據本Warrant的條款行使此Warrant時可行使的Warrant Shares的數量。

倘若無價股證股票以無現金方式行使，雙方承認並同意根據證券法第3(a)(9)條，證股將享有行使之認股證的注冊特性。公司同意不採取任何與本第2(c)條相抵觸的立場。

d) 運動的力學.

i. 行使權證後的認股權證股份交割：本公司將通過转移代理把所購的認股權股份发放给認股權持有人，方法如下：“該公司須令轉移代理通過其存入或撤回托管系統（DTC）的資金帳戶向持有人或其委托人的餘額帳戶贷入所購認股權股份”，或以實物交付在本公司持股登記冊上註冊該持有人或其委托人名下的認股權股份證書數量，並於交行使通知書後落實交付地址。買受人有權向本公司索取指定的投資銀行代表一份授權備妥及已簽署投資銀行代表之管理協議的認股權。本公司必須為所有已發行的股份，及時維持快速證券傳輸機制（FAST）計劃的股份過戶公司。如果本公司未能於認股權股份發放日期前交付認股權股份，本公司將視爲賠償支付給持有人，而不是處罰，對於每1,000美元的認股權股份行使（於行使通知日收盤為標準），每交易日支付10美元的賠償（在認股權配送日期後第三個交易日升至20美元），直至認股權股份交付為止。DWAC若公司是該系統的參與者，且 (A) 存在有效的登記聲明允許向持有人發行認股權股份或轉售認股權股份，或 (B) 認股權是通過免現行使，否則通過交付證券證書（以持有人或其指定人的名義註冊在公司的股份登記冊中）的形式行使，以認購期限所允許的 Warrant 股份數量，並於持有人在行使通知書中指定的日期之前交付，該日期早於( i ) 向公司交付行使通知書後一(1)個交易日， (ii) 向公司交付累計行使價後一(1)個交易日，及( iii ) 向公司交付行使通知書後標準結算期的交易日數(該日期稱為“認股權份額交割日期）。 在交付行使通知書後，無論證券證書的交付日期為何，持有人將被視為就已行使本認股權而成為擁有 Warrant 股份的登記持有人，前提是在 Warrant 股份交付日期前收到累計行使價的付款（除免現行使的情況除外）。如果公司因任何原因未能在 Warrant 股份交付日期前交付該行使通知書所涉 Warrant 股份給持有人，則公司應支付現金予持有人，作為已確定之損害賠償，而非懲罰，每$1,000由於 Warrant 股份行使所涉及的 (根據適用行使通知書的當日 Common Stock 的成交均價) 的每個交易日 $10 (到第3個交易日增至每個交易日 $20)^rd) 在認股權股份交付日期後之交易日起 直至該認股權股份交付日期交付或持有人撤銷該行使為止。 本公司同意在此認股權仍然持續有效並可行使之期間內，保持一家參與FASt計劃的過戶代理所。 在此使用，“標準結算期” 意味著標準交割期，以交易日數表示，在公司主要交易市場上關於普通股的實際交付通知之日期生效。

ii. 行使期權時領取新的認股權證如果該認股權證部分行使，公司應在持有人的要求下，並在此認股權證證書歸還時，交付認股權證股票的同時，向持有人交付一份新的認股權證，以證明持有人有權購買本認股權證所要求但尚未購買的認股權證股票，該新認股權證在其他方面與本認股權證完全相同。

iii. 撤銷權如果公司未能使股票轉讓代理按照第2(d)(i)條释交给持有人股票於股票交付日期，持有人就有权撤回此行权

iv. 當行使權證而公司未能按照第2(d)(i)條款的規定及時遣送權證股份，在權證股份交付日期之前或當日行使時，持有者除享有其他權利外，如果持有者在該日期之後被其券商要求購買大眾股票（在公開市場交易或其他方式下）或持有者的券商公司以其他方式購買了大眾股票以滿足持有者預期將收到的權證股份出售的買入（“買入”），則公司應當（A）現金支付持有者的金額，如果有的話，其公共股票的總購買價格（包括券商佣金，如有）超過（y）任何特定行使所產生的相應購買義務的已執行價格，而(1)公司應交付與特定行使相關的權證股份數等同於(2)所執行的出售訂單的價格，(B)持有者選擇，恢復那部分權證和相等數量的權證股份，以應對不履行特定行使的結果。在這種情況下，特定行使被認為被撤消或公司按照本條文的規定及時履行其行使和交付義務。例如，如果持有人購買的公共股票的總購買價格為11,000美元，以涵蓋與累計賣出價格相對應的公共股票的嘗試性行使的買入，銷售價格給予的是產生購買義務的項目累計10,000美元，則按照上一句子（A）的條款，公司應向持有人支付1,000美元。持有人應向公司提供書面通知，表明已買入的相關金額，並應根據公司的要求提供損失金額的證明。此條款不得限制持有人在此項條款下追求任何其他可在法律或公正方面實現的權利，包括但不限於具體履行判決和/或針對公司未能按照此項條款要求及時交付公共股票视而不见的救濟。此外，如果公司未能促使轉移代理人根據《第2(d)(i)條》的規定在認股權交付日期前將認股權股份傳送給持有人，且在該日期之後，持有人被其券商要求（通過公開市場交易或其他方式）購買或持有人的券商公司以其他方式購買普通股以滿足持有人對於認股權股份銷售的預期（一個“買盤），那麼公司應（A）以現金支付給持有人的金額，即如果（x）持有人購買該普通股投資的總價格（包括任何券商佣金），超過（y）所購買的普通股股份數量乘以公司按照執行該買賣訂單的價格所產生的金額，則應支付給持有人的金額，並（B）按照持有人的選擇，重新啟用未能履行的認股權部分和相應數量的認股權股份（在這種情況下，此次行使應被視為無效）或交付持有人應及時遵守其行使和交付義務的普通股數量。 舉例來說，如果持有人購買總價值為11,000美元的普通股以支付與試圖行使具有10,000美元銷售價格的普通股相關的買賣權，根據前述句子的條款（A），公司應支付給持有人1,000美元。 持有人應向公司提交書面通知，指明因買入而應支付的金額，並根據公司的要求，提供有關損失金額的證明。 本條文不得限制持有人在此條文下，根據法律或法律所授予的其他救濟措施，包括但不限於，就公司未能按照本條款要求及時交付普通股行使認股權而決定的具體履行和/或禁制救濟。

v. 沒有碎股或代碼股不得發行碎股或代碼股以代表此認股權的碎股。對於股東在行使此認股權時將否則有權購買的任何股票的一部份，公司可選擇於現金進行調整，其調整金額相等於此部份股份乘上認股價，或者四捨五入至下一完整股份。

vi. 費用、稅項和支出發行認股權證股份將不收持有人任何發行或轉讓稅或其他相關費用，所有這些稅費和費用由公司支付，這些認股權證股份將以持有人的名義或持有人指示的其他名稱發行； 提供的, 然而在發行認股權股票的情況下，若需發行的股票抬頭非持有人的名稱，則在行使認股權時，應隨附本認股權之附件轉讓表，由持有人簽署並盡行執行，並且公司可能要求作為控制項的條件，支付足夠的款項以補償因此而產生的任何過戶稅。公司應支付所有過戶代理費用，以實現當天處理任何行使通知所需的同日處理，並支付所有存管信託公司（或其他執行類似功能的已建立的清算機構）所需的同日電子交割的所有費用。

vii. 結帳公司不得以任何方式關閉股東記錄或帳目，以使根據本權證的條款及時行使權利。

e) 持有人行使限制公司不得行使本認股權，持有人也沒有權利行使本認股權的任何部分，根據第2條或其他途徑行使認股權的部分，從發出行使通知書進行行使後的發行（如適用的行使通知書中所載），持有人（連同持有人的關聯企業以及與持有人或任何持有人關聯企業組成集團的任何其他人（這些人，“其他”））將持有超過有利持股的限制（如下所定義）。對於上述句子，持有人及其關聯企業和歸因方所持有的普通股的數量將包括進行該決定所需的行使本認股權的普通股數量，但不包括持有人或其關聯企業或歸因方尚未行使的本認股權的剩餘未行使部分以及受限於本認股權所載類似限制的其他公司證券（包括但不限於其他普通股等）的剩餘未行使或未轉換部分的行使或轉換的普通股數量。除上述句子所述外，對於本第2條(e)條條款的目的，有利持有權將按照交易所法第13(d)條以及其下頒布的規則和法規進行計算，持有人承認公司不是在向持有人保證此種計算符合交易所法第13(d)條的要求，持有人對根據該法要求提交的任何資料負有獨立責任。在本2(e)條的限制適用范圍內，本認股權是否可行使（與持有人或其關聯企業和歸因方擁有的其他證券相關）以及本認股權的哪一部分可行使的決定將由持有人自行決定，行使通知書的提交將被視為持有人對本認股權是否可行使（與持有人或其關聯企業和归属方持有的其他證券相關）以及本認股權的哪一部分可行使的確定，但需受有利持股限制的限制，而公司無義務核實或確認該確定的準確性。此外，如上所述，有關以上任何集團身份的確定將按照交易所法第13(d)條及其下頒布的規則和法規進行確定。對於本第2(e)條的目的，在確定普通股的已發行股份的數量時，持有人可以依賴以下信息：（A）公司提交給委員會的最新定期或年度報告，（B）公司的最新公告，或（C）公司或過戶代理最新的書面通知，列明已發行的普通股的數量。在持有人的書面或口頭請求下，公司將在一個交易日內口頭和書面確認持有人當時的普通股數量。在任何情況下，發行普通股的數量應在考慮到自該普通股數量報告以來持有人或其關聯企業或歸屬方根據本認股權的轉換或行使，包括該日以來的日期，以及其他公司證券的轉換或行使的影響下進行確定。歸屬者在此之前的句子中，Holder及其附屬企業和歸屬方所擁有的普通股股份數量也應包括決定此事宜的本權證所可行使的普通股股份的數量，但不包括本權證的未行使部分以及Holder或其附屬企業和歸屬方擁有的其他公司證券（包括但不限於其他的普通股等價物）的未行使部分或未轉換部分對限制性行使或轉換的數量。除前述句子中所述外，根據本第2(e)條款，有益擁有權應按照交易所法第13(d)條和在該條款下頒布的法規進行計算，領取人承認，公司並未向領取人保證該計算符合交易所法第13(d)條的規定，領取人對按照該規定應提出的任何資料負有唯一責任。在本第2(e)條款適用的範圍內，本權證是否可行使（就其與任何附屬企業和歸屬方共同擁有的其他證券相比）以及本權證的哪一部分可行使的決定應由領取人自行酌情決定，行使通知的提交將被認定為領取人對本權證是否可行使（就其與任何附屬企業和歸屬方共同擁有的其他證券相比）以及本權證的哪一部分可行使的決定，均受有益擁有權限制，且公司無義務驗證或確認該決定的準確性。此外，上述任何集團地位的確定應根據交易所法第13(d)條和在該條款下頒布的法規進行確定。根據本第2(e)條款，決定普通股的已發行數量，領取人可以依賴於（A）公司向佐證所提交的最近一份週期性或年度報告，（B）公司更近一次的公開發表，或（C）公司或過戶代理人的最近一份書面通知，其中列明了普通股的已發行數量。在領取人的書面或口頭要求下，公司應在一（1）個交易日內向領取人口頭和書面確認當時的普通股股份數量。在任何情況下，普通股的已發行數量應在報告該數量的日期之後，在該日期起，由領取人或其附屬企業和歸屬方轉換或行使了公司證券，包括本權證。利益所有權限制「 其應為發行任何warrants之前選擇的持有人，股本發行後立即有效的普通股股份比例4.99%（或9.99%，14.99%或19.99%）。持有人經通知公司，可以增加或減少本第2條(e)之持有權利限制條款，前提是持有權益不得超過發行此warrant後正式有效的普通股股份比例19.99%，並且本第2條(e)條款應繼續適用。持有權利限制的任何增加將在接受通知的61^st這一段的規定應該是以不嚴格遵守本第2條(e)的條款進行解釋和實施，以更正本段（或其中的任何部分）可能有缺陷或與所含受益所有權限制意圖不一致，或進行必要或理想的更改或補充以正確實施該限制。該段的限制應適用於本認股權的繼任持有人。

章節 3. 特定的調整.

a) 送轉股和股票分割若公司在本認股權證有效期間內：（i）支付股票股利或以任何其他形式向其普通股或任何其他權益或等價權益證券的持有人分派普通股（均不包括公司行使本認股權證所發行的普通股），（ii）將流通中的普通股分割成更多股份，（iii）將流通中的普通股合併成較少股份（包括透過逆向股票拆分方式），或（iv）透過普通股的重新分類發行公司資本股份，則在每種情況下，行使價格將乘以一個分數，其中分子為該事件之前（若有的話）流通中的普通股股份數量（不包括自家持股），分母為該事件之後流通中的普通股股份數量，並使本認股權證可行使的股份數量相應調整，以使本認股權證的行使價格總額保持不變。根據本第3條(a)款進行的任何調整將於確定有權接收該股利或分派的股東記錄日期後立即生效，在股票分割、合併或重新分類生效日期之後立即生效。

b) 隨後的權益發行除了根據上述第3(a)條進行的任何調整外，如果公司在任何時候按比例向普通股記錄持有人發放、發行或出售任何普通股相當物或購買權、認股權證、證券或其他財產（“ 其他權益 ”） ，則持有人有權根據適用於該購買權的條款收購持有人在認股權完全行使之前擁有的普通股數量（不考慮對本認股權的任何行使限制，包括但不限於有利権限制） ，無論是在為了發放、發行或出售該購買權而採取記錄的日期之前，或者如果沒有採取此類記錄，則應該決定普通股記錄持有人以用於發放、發行或出售該購買權的日期之前，購買權，則持有人將有權根據適用於該購買權的條款收購持有人在完全行使本認股權時可以收購的累計購買權，而不考慮任何對本認股權的行使限制（包括但不限於有利権限制），就在採取記錄的日期之前，該記錄是為了發放、發行或出售該購買權，或者如果沒有採取此類記錄，則用於決定普通股記錄持有人以進行發放、發行或出售該購買權的日期（提供的, 然而，即持有人對任何此類購買權的參與權利會使持有人超出有利権限制，則持有人將無權參與該等購買權至該程度（或作為此類購買權的有利権限制，使得持有人對該等普通股的擁有至該程度），且該等購買權至該程度將被暫緩持有人，直至在某時刻（如果有的話） ，持有人對其擁有的權利不會使其超出有利権限制。

c) Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (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, that to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any 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).

d) 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 (or any Subsidiary), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of the assets of the Company 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 or 50% or more of the voting power of the common equity of the Company, (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, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires 50% or more of the outstanding shares of Common Stock or 50% or more of the voting power of the common equity of the Company (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 as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.

Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction; provided, however, that, if the Fundamental Transaction is not within the Company’s control, including not approved by the Company’s Board of Directors, the Holder shall only be entitled to receive from the Company or any Successor Entity the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of this Warrant, that is being offered and paid to the holders of Common Stock of the Company in connection with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Common Stock are given the choice to receive from among alternative forms of consideration in connection with the Fundamental Transaction; provided, further, that if holders of Common Stock of the Company are not offered or paid any consideration in such Fundamental Transaction, such holders of Common Stock will be deemed to have received common stock of the Successor Entity (which Entity may be the Company following such Fundamental Transaction) in such Fundamental Transaction. “Black Scholes Value” means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg determined as of the day of consummation of the applicable contemplated Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable contemplated Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of the Trading Day immediately following the public announcement of the applicable contemplated Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the highest VWAP during the period beginning on the Trading Day immediately preceding the public announcement of the applicable contemplated Fundamental Transaction (or the consummation of the applicable Fundamental Transaction, if earlier) and ending on the Trading Day immediately prior to the consummation of such Fundamental Transaction, (D) a remaining option time equal to the time between the date of the public announcement of the applicable contemplated Fundamental Transaction and the Termination Date and (E) a zero cost of borrow. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds (or such other consideration) within the later of (i) five Business Days of the Holder’s election and (ii) the date of consummation of the 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(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of 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 be added to the term “Company” under this Warrant (so that from and after the occurrence or consummation of such Fundamental Transaction, each and every provision of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor Entities, jointly and severally with the Company, may exercise every right and power of the Company prior thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant and the other Transaction Documents with the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the Company herein. For the avoidance of doubt, the Holder shall be entitled to the benefits of the provisions of this Section 3(d) regardless of (i) whether the Company has sufficient authorized shares of Common Stock for the issuance of Warrant Shares and/or (ii) whether a Fundamental Transaction occurs prior to the Initial Exercise Date.

e) 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.

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

g) Voluntary Adjustment By Company. Subject to the rules and regulations of the Trading Market, the Company may at any time during the term of this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the Board of Directors of the Company.

Section 4. Transfer of Warrant.

a) Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions of Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Issue 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) Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 5.7 of the Purchase Agreement.

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

Section 5. Miscellaneous.

a) No Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.

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

c) Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a 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, during the period the Warrant is exercisable commencing on the Initial Exercise Date, 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 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.

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

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

g) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant or the Purchase 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 Purchase 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 with the written consent of the Company and the Holder.

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

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

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

(Signature Page Follows)

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.

Signature Page to Series F Common Stock Purchase Warrant

NOTICE OF EXERCISE

To: CALIDI BIOTHERAPEUTICS, INC.

(1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Series F Common Stock Purchase 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 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:

_______________________________

_______________________________

_______________________________

[SIGNATURE OF HOLDER]

Name of Investing Entity:_________________________________________________________

Signature of Authorized Signatory of Investing Entity:___________________________________

Name of Authorized Signatory:_____________________________________________________

Title of Authorized Signatory:______________________________________________________

Date:_________________________________________________________________________

Series F Common Stock Purchase Warrant

ASSIGNMENT FORM

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

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

Series F Common Stock Purchase Warrant