本证券或可行使本担保的证券均未根据修订后的1933年《证券法》(以下简称《证券法》)的登记豁免，在任何 州的证券交易委员会或证券委员会登记，因此，除非根据《证券法》的有效登记声明，或根据《证券法》的现有豁免，或在不受以下条件限制的交易中，否则不得提供或出售。符合证券法的注册要求，并符合适用的州证券法，并由转让方律师的法律意见证明，其实质内容应为公司合理接受。该证券及行使该证券时可发行的证券可质押于A Bona FIDE保证金账户或由该等证券担保的其他贷款。

普通股购买 认股权证

SEALSQ CORP

本次普通股份购买 （本“认股权证”）证明，对于收到的价值，Anson Investments Master Fund LP或其受让人（ "持有人"）有权根据条款并遵守行使限制和下文 规定的条件，认购和购买SEALSQ Corp，一家英属维尔京群岛公司（“本公司”）于本协议 日期（“初始行使日期”）或之后的任何时间，以及初始行使日期（“终止日期”）五周年营业时间或之前的任何时间，但其后不得转让768，679股普通股（“认股权证股份”）。

本认股权证项下一股认股权证股份的收购价应等于第2(B)节所界定的行使价。

第1款. 定义。本协议所用但未另行定义的大写术语应具有日期为2023年7月11日的特定 证券购买协议所述的含义，并经日期为2024年1月9日的证券购买协议第一次修订和日期为初始行使日期的证券购买协议第二次修订， 公司与持有人之间的协议（“购买协议”）。

第二节。 练习。

(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 or .pdf electronic copy of the Notice of Exercise Form annexed hereto (the “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 or with respect to any Notice of Exercise be required. Within the earlier of (i) two Trading Days following the date of exercise as aforesaid or (ii) the Standard Settlement Period, the Holder shall deliver the aggregate Exercise Price for the Warrant 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. In the event that the Holder is required to make any payments to the Company’s stock transfer agent in connection with its exercise of this Warrant resulting from any failure of the Company to pay the transfer agent, the Holder may deduct such sums it pays the transfer agent from the total Exercise Price due. Notwithstanding anything herein to the contrary (although the Holder may surrender the Warrant to, and receive a replacement Warrant from, the Company), 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 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 Trading Days of delivery of such notice. The Holder, by acceptance of this Warrant, acknowledges and agrees that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

（b） 行使价格。根据本认股权证，每股认股权证股份的初始行使价应等于每股5.50美元 ，可根据本协议的规定进行调整（“行使价”）。

（c） 无现金运动如果在首次行使日期六个月周年后的任何时间，没有有效的登记 声明涵盖持有人转售认股权证股份，则本认股权证也可根据持有人的选择全部或部分行使，以代替支付预期在行使时向本公司支付的现金，在此 时，通过"无现金行使"方式，持有人有权获得数量等于 通过除以 [(A X B)-(A X C)](D)，其中：

如果以这种无现金方式发行认股权证股份，双方承认并同意，根据经修订的1933年《证券法》(连同据此颁布的规则和条例，即《证券法》)第3(A)(9)节， 认股权证股份应具有正在行使的认股权证的特征，而正在行使的认股权证的持有期可附加于认股权证股份的持有期 。本公司同意不采取任何与第2(C)条相反的立场。

为免生疑问， 短语“有效登记声明”指(I)涵盖出售认股权证股份的登记声明已由美国证券交易委员会宣布生效、并未被撤回且不受美国证券交易委员会发出的停止令所规限，及(Ii)该注册声明中所载的招股章程符合证券法第5(B)及10节的规定。

(D)运动力学。

(i) Delivery of Warrant Shares Upon Exercise. Warrant Shares purchased hereunder shall be transmitted to the Holder by the Transfer Agent by crediting the account of the Holder’s prime broker 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 (A) there is an effective Registration Statement covering the sale of the Warrant Shares by the Holder, or (B) this Warrant is being exercised via cashless exercise and Rule 144 under the Securities Act is available or otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise by the date that is two Trading Days after the later of (A) the delivery to the Company of the Notice of Exercise and (B) payment of the aggregate Exercise Price as set forth above (unless by cashless exercise, if permitted) (such date, the “Warrant Share Delivery Date”). The Warrant Shares shall be deemed to have been issued, and the Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such Warrant Shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company in full of the Exercise Price (unless 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. The Company understands that a delay in the delivery of the Warrant Shares after the Warrant Share Delivery Date could result in economic loss to the Holder. As compensation to the Holder for such loss, the Company agrees to pay (as liquidated damages and not as a penalty) to the Holder for late issuance of Warrant Shares upon exercise of this Warrant (except if the delayed issuance is as result of events or circumstances beyond the control of the Company) the proportionate amount of $5 per Trading Day (increasing to $10 per Trading Day after the fifth Trading Day) after the Warrant Share Delivery Date for each $1,000 of the value of the Warrant Shares for which this Warrant is exercised (based on the Exercise Price) which are not timely delivered. The Company shall pay any payment incurred under this Section 2(d)(i) in immediately available funds upon demand. Furthermore, in addition to any other remedies which may be available to the Holder, in the event that the Company fails for any reason to effect delivery of the Warrant Shares by the Warrant Share Delivery Date, the Holder may revoke all or part of the relevant Warrant exercise by delivery of a notice to such effect to the Company, whereupon the Company and the Holder shall each be restored to their respective positions immediately prior to the exercise of the relevant portion of this Warrant except that the liquidated damages described above shall be payable through the date notice of revocation or rescission is given to the Company or the date the Warrant Shares are delivered to the Holder, whichever date is earlier. Failure of a designee of the Holder to accept the delivery of the Warrant Shares via the DWAC system shall not constitute a failure of the Company to timely deliver the Warrant Shares.

（二） 行使时交付新认股权证。如果本认股权证已部分行使，公司不得要求 持有人交出本认股权证作为行使条件。如果持有人要求新认股权证，其应交出本认股权证， 公司应向持有人提交一份新认股权证，证明持有人有权购买本认股权证要求的未购买认股权证股份 ，新认股权证在所有其他方面应与本认股权证相同。

㈢ 撤销权。如果公司未能在认股权证股份交付日期前交付认股权证股份或促使转让代理人 根据第2（d）（i）节向持有人发送代表认股权证股份的证书，则 持有人将有权在发行该认股权证股份之前的任何时间撤销该行使。

(iv) Compensation for Buy-In on Failure to Timely Deliver Certificates Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to deliver the Warrant Shares, or cause the 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 Ordinary Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the Ordinary Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue by (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 Ordinary Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Ordinary Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Ordinary Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon written 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 certificates representing shares of Ordinary Shares upon exercise of the Warrant as required pursuant to the terms hereof.

（五） 没有部分股份或股票。 本认股权证行使后，不得发行零碎股份或代表零碎认股权证股份的代票。对于持有人在行使时有权购买的任何零碎认股权证股份，本公司应选择就该最后零碎支付现金调整，金额等于该零碎 乘以行使价，或将整笔认股权证股份整圆。

㈥ 费用、税款和费用。权证股票的发行应不向持有人收取 与发行该股票有关的任何发行或转让税或其他附带费用，包括任何费用（每次发行不超过 100美元）的任何结算公司，所有这些税款和费用应由公司支付，该等认股权证股份应以持有人的名义或持有人可能指示的名称发行；但是，如果认股权证将以持有人名称以外的名称发行，本认股权证在交回行使时，应 随附于本认股权证的转让表格，并由持有人正式签署，作为其条件，公司可要求 支付足以偿还其附带的任何转让税的款项。公司应支付当日处理任何行使通知所需的所有过户代理费用 。

(e) Holder’s Exercise Limitations. The Company shall not effect the exercise of any portion of this Warrant, and the Holder shall not have the right to exercise any portion of this Warrant, pursuant to the terms and conditions of this Warrant and any such exercise shall be null and void and treated as if never made, to the extent that after giving effect to such exercise, the Holder together with the other Attribution Parties (as defined in the Note) collectively would beneficially own in excess of 4.99% (the “Maximum Percentage”) of the Ordinary Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Ordinary Shares beneficially owned by the Holder and the other Attribution Parties shall include the number of shares of Ordinary Shares held by the Holder and all other Attribution Parties plus the number of shares of Ordinary Shares issuable upon exercise of this Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of Ordinary Shares which would be issuable upon (A) exercise of the remaining, unexercised portion of this Warrant beneficially owned by the Holder or any of the other Attribution Parties and (B) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company (including, without limitation, any convertible notes or convertible preferred stock or warrants, including other Warrants issued under the Purchase Agreement) beneficially owned by the Holder or any other Attribution Party subject to a limitation on conversion or exercise analogous to the limitation contained in this Section 1(f)(i). For purposes of this Section 1(f)(i), beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities and Exchange Act of 1934, as amended (together with the rules and regulations promulgated thereunder, the “Exchange Act”).

For purposes of determining the number of outstanding shares of Ordinary Shares the Holder may acquire upon the exercise of this Warrant without exceeding the Maximum Percentage, the Holder may rely on the number of outstanding shares of Ordinary Shares as reflected in (x) the Company’s most recent Annual Report on Form 20-F, Report on Form 6-K or other public filing with the SEC, as the case may be, (y) a more recent public announcement by the Company or (z) any other written notice by the Company or the Transfer Agent, if any, setting forth the number of shares of Ordinary Shares outstanding (the “Reported Outstanding Share Number”). If the Company receives an Exercise Notice from the Holder at a time when the actual number of outstanding Ordinary Shares is less than the Reported Outstanding Share Number, the Company shall (i) notify the Holder in writing of the number of shares of Ordinary Shares then outstanding and, to the extent that such Exercise Notice would otherwise cause the Holder’s beneficial ownership, as determined pursuant to this Section 1(f)(i), to exceed the Maximum Percentage, the Holder must notify the Company of a reduced number of Warrant Shares to be acquired pursuant to such Exercise Notice (the number of shares by which such purchase is reduced, the “Reduction Shares”) and (ii) as soon as reasonably practicable, the Company shall return to the Holder any exercise price paid by the Holder for the Reduction Shares. For any reason at any time, upon the written or oral request of the Holder, the Company shall within one (1) Trading Day confirm orally and in writing or by electronic mail to the Holder the number of shares of Ordinary Shares then outstanding. In any case, the number of outstanding shares of Ordinary Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder and any other Attribution Party since the date as of which the Reported Outstanding Share Number was reported. In the event that the issuance of Ordinary Shares to the Holder upon exercise of this Warrant results in the Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding Ordinary Shares (as determined under Section 13(d) of the Exchange Act), the number of shares so issued by which the Holder’s and the other Attribution Parties’ aggregate beneficial ownership exceeds the Maximum Percentage (the “Excess Shares”) shall be deemed null and void and shall be cancelled ab initio, and the Holder shall not have the power to vote or to transfer the Excess Shares. As soon as reasonably practicable after the issuance of the Excess Shares has been deemed null and void, the Company shall return to the Holder the exercise price paid by the Holder for the Excess Shares. Upon delivery of a written notice to the Company, the Holder may from time to time increase (with such increase not effective until the sixty-first (61st) day after delivery of such notice) or decrease the Maximum Percentage to any other percentage not in excess of 9.99% as specified in such notice; provided that (i) any such increase in the Maximum Percentage will not be effective until the sixty-first (61st) day after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to the Holder and the other Attribution Parties and not to any other holder of the Purchase Agreement Warrants that is not an Attribution Party of the Holder. For purposes of clarity, the shares of Ordinary Shares issuable pursuant to the terms of this Warrant in excess of the Maximum Percentage shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d) of the Exchange Act. No prior inability to exercise this Warrant pursuant to this paragraph shall have any effect on the applicability of the provisions of this paragraph with respect to any subsequent determination of exercisability. 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 the extent necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended beneficial ownership limitation contained in this Section 2(e) or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor holder of this Warrant.

第3节。 某些调整。

（a） 股票分割和分割。如果本公司在本认股权证尚未到期的任何时候：（i）支付股票股息或 以其他方式就其普通股股份或以普通股支付的任何其他股本或股本等价证券作出分派 （为免生疑问，不包括本公司因行使本认股权证而发行的任何普通股）， （ii）将发行在外的普通股细分为较大数量的股份，（iii）合并（包括通过反向股票分割）已发行的 普通股转换为较少数量的股份，则在每种情况下，行使价应乘以一个分数，其中分子 应为普通股数目，（不包括库存股，如有）在该事件发生前已发行，其分母应为紧接该事件发生后已发行普通股的数量，以及行使时可发行的股份数量 本认股权证之总行使价应按比例调整，以使本认股权证之总行使价维持不变。根据本第3（a）条作出的任何调整 应在确定有权 接收该等股息或分配的股东的记录日期后立即生效，如果是分拆、 合并或重新分类，则应在生效日期后立即生效。

(b) Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above (but not in duplication thereof), if at any time the Company grants, issues or sells any Ordinary Shares Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of Ordinary Shares (the “Purchase Rights”), then and in each such event, an appropriate revision to the Exercise Price (and any other applicable provision) shall be made so that the Holder upon exercise of this Warrant will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate number of Ordinary Shares which the Holder could have acquired if the Holder had held the number of Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Ordinary Shares 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 Ordinary Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

(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 Ordinary Shares, by way of return of capital or otherwise, other than cash (including, without limitation, any distribution of 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 appropriate revisions to the Exercise Price (and any other applicable provisions) shall be made so that the Holder shall, at exercise of this Warrant, be entitled to participate in the benefit of such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Ordinary Shares 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 Ordinary Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

(D)随后的股权出售。如果在本认股权证未完成期间的任何时间，本公司对任何普通股和/或普通股等价物(包括发行或出售由本公司拥有或持有的普通股或普通股等价物)发出或出售、宣布任何要约、出售或其他处置，或根据本第3条被视为已发出、出售或授予(或作出有关公告)，但不包括仅与豁免发行(定义于购买协议)有关而发行或出售或视为已发行或出售的任何证券 ，其每股代价(“新发行 价格”)低于紧接该等发行或出售或视为发行或出售(此等当时有效的行使价格称为“适用价格”)之前有效的行使价 或(前述为“稀释性 发行”)，(1)当时有效的行权价应减至相当于(X)出售定价当日普通股每日VWAP的120%或(Y)新发行价 及(2)根据本协议可发行的认股权证股份数目的较高金额 ，以使本协议项下须支付的行权价合计(计及行使价的减少)应相等于调整前的行权价合计(须受本协议规定的调整所规限)。对于上述所有目的(包括但不限于根据本第3(D)节确定调整后的行权价格和新的发行价格)，应适用以下条款：

(I)发行期权。如果本公司以任何方式(豁免发行除外)授予、发行或出售(或签订任何协议授予、发行或出售)任何期权(定义如下)，且在行使任何该等期权(定义如下)或转换、行使或交换任何可根据该等期权(定义见下文)或根据其条款在其他情况下可发行的任何普通股等价物时，可随时发行一股普通股的最低每股价格低于 适用价格，则该等普通股应被视为已发行，并已于授出或出售该购股权(定义见下文)时由本公司以该每股价格发行及出售。就本第3(D)(I)条而言，“在行使任何该等购股权(定义如下)或转换、行使或交换任何该等购股权(定义见下文)或根据其条款在其他情况下可发行的任何普通股等价物时，可随时发行一股普通股的每股最低价格应等于(1)(X)本公司于授出时就任何一股普通股所收取或应收的最低对价(如有)的总和，发行或出售该期权(定义如下)， 在行使该期权(定义如下)以及转换、行使或交换可根据该期权(定义如下)行使或以其他方式根据其条款发行的任何普通股等价物时，以及(Y)该期权(定义如下)中规定的可发行(或假设所有可能的市场条件下可发行)一股普通股的最低行使价。行使或交换可发行的任何普通股等价物 在行使任何该等购股权(定义见下文)时或根据其条款，减去(2)授予、发行或出售该等购股权(定义见下文)、行使该等购股权(定义见下文)及转换时向该购股权持有人(或任何其他人士)支付或应付的所有金额的总和，行使或交换因行使该等购股权(定义见下文)或根据其条款而可发行的任何普通股等价物，加上该等购股权(定义见下文)持有人(或任何其他人士)所收取或应收的任何其他代价的价值或授予该等持有人的利益。除以下预期外，实际发行该等普通股或该等普通股等价物时，或根据转换、行使或交换该等普通股等价物时实际发行该等普通股或该等普通股等价物时的条款，行使价不得作进一步调整 。“期权”指认购或购买普通股或可转换证券的任何权利、认股权证或期权。“可转换证券”指在任何时间及任何情况下，可直接或间接转换为可行使或可交换的任何普通股的任何 股份或其他证券(期权除外)，或以其他方式使其持有人有权收购任何普通股的任何股份或其他证券。

(ii) Issuance of Convertible Securities. If the Company in any manner (other than in an Exempt Issuance) issues or sells (or enters into any agreement to issue or sell) any Ordinary Share Equivalents and the lowest price per share for which one share of Ordinary Share is at any time issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof is less than the Applicable Price, then such Ordinary Shares shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the issuance or sale of such Ordinary Share Equivalents for such price per share. For the purposes of this Section 3(d)(ii), the “lowest price per share for which one Ordinary Share is at any time issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof” shall be equal to (1) the lower of (x) the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to one Ordinary Share upon the issuance or sale of the Ordinary Share Equivalents and upon conversion, exercise or exchange of such Ordinary Share Equivalents or otherwise pursuant to the terms thereof and (y) the lowest conversion price set forth in such Ordinary Share Equivalents for which one Ordinary Share is issuable (or may become issuable assuming all possible market conditions) upon conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof minus (2) the sum of all amounts paid or payable to the holder of such Ordinary Share Equivalents (or any other Person) upon the issuance or sale of such Ordinary Share Equivalents plus the value of any other consideration received or receivable by, or benefit conferred on, the holder of such Ordinary Share Equivalents (or any other Person). Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such Ordinary Shares upon conversion, exercise or exchange of such Ordinary Share Equivalents or otherwise pursuant to the terms thereof, and if any such issuance or sale of such Ordinary Share Equivalents is made upon exercise of any Options for which adjustment of this Warrant has been or is to be made pursuant to other provisions of this Section 3(d), except as contemplated below, no further adjustment of the Exercise Price shall be made by reason of such issuance or sale.

(iii) Change in Option Price or Rate of Conversion. If the purchase or exercise price provided for in any Options, the additional consideration, if any, payable upon the issue, conversion, exercise or exchange of any Ordinary Share Equivalents, or the rate at which any Ordinary Share Equivalents are convertible into or exercisable or exchangeable for Ordinary Shares increases or decreases at any time (other than proportional changes in conversion or exercise prices, as applicable, in connection with an event referred to in Section 3(a)), the Exercise Price in effect at the time of such increase or decrease shall be adjusted to the Exercise Price which would have been in effect at such time had such Options or Ordinary Share Equivalents provided for such increased or decreased purchase price, additional consideration or increased or decreased conversion rate, as the case may be, at the time initially granted, issued or sold. For purposes of this Section 3(d)(iii), if the terms of any Option or Ordinary Share Equivalents that was outstanding as of the date this Warrant was issued are increased or decreased in the manner described in the immediately preceding sentence, then such Option or Ordinary Share Equivalents and the Ordinary Shares deemed issuable upon exercise, conversion or exchange thereof shall be deemed to have been issued as of the date of such increase or decrease. No adjustment pursuant to this Section 3(d) shall be made if such adjustment would result in an increase of the Exercise Price then in effect.

㈣ 故意忽略。

（五） 记录日期。如果本公司记录普通股持有人，以使其有权（A）接收 普通股、期权或普通股等价物的股息或其他应付分配，或（B）认购或购买 普通股、期权或普通股等价物，则该记录日期将被视为发行或出售 普通股的日期，该普通股在宣布该股息或作出该其他分配时被视为已发行或出售 或授予认购权或购买权（视属何情况而定）的日期。

(e) Fundamental Transaction. If, at any time while this Warrant is outstanding, the Company enters into a Fundamental Transaction (as defined in the Note), 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 equity 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 Ordinary Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Ordinary Shares 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 Ordinary Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Ordinary Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Ordinary Shares 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 and the other Transaction Documents 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 and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein.

（f） 计算。根据本第3条进行的所有计算均应以最接近的美分或最接近的1/100股份进行 ，视情况而定。就本第3条而言，在给定日期被视为已发行且已发行的普通股数量 应为已发行且已发行的普通股数量（不包括库存股，如有）之和。

（g） 通知持有人。

(一)对行权价格的调整。每当根据本条款第3款的任何规定调整行权价时，公司 应立即通过传真或电子邮件向持有人发送通知，说明调整后的行使价和由此导致的对认股权证股份数量的任何调整，并简要说明需要进行调整的事实。

(Ii)容许持有人行使权力的通知。如果(A)公司应宣布普通股的股息(或任何其他形式的分配) ，(B)公司应宣布普通股的特别非经常性现金股息或赎回普通股， (C)公司应授权普通股或认股权证的所有持有人认购或购买任何类别或任何权利的股本，(D)普通股的任何重新分类应获得公司任何股东的批准，本公司参与的任何合并或合并、出售或转让本公司全部或实质所有资产，或任何将普通股转换为 其他证券、现金或财产的强制股份交换，或(E)本公司授权自愿或非自愿解散、清算或清盘本公司事务，则在每种情况下，本公司应安排以传真或电子邮件的方式，按认股权证登记册(定义见下文)上的最后传真号码或电子邮件地址送交持有人，在以下指定的适用记录或生效日期前至少10个历日发出通知，说明(X)为该等股息、分配、赎回、权利或认股权证的目的而记录的日期，或如不记录，则说明有权享有该等股息、分配、赎回、权利或认股权证的普通股持有人的确定日期或 (Y)该等重新分类、合并、合并、出售、转让或换股的日期，以及预计登记在册的普通股持有人有权在重新分类、合并、合并、出售、转让或换股时以普通股换取证券、现金或其他财产交付的日期； 但未能交付该通知或其中或交付中的任何缺陷不应影响该通知中规定的 公司行为的有效性。如果本认股权证中提供的任何通知构成或包含有关本公司或任何子公司的重要非公开信息，则本公司应同时按照表格6-K向委员会提交该通知。除非另有明文规定，否则持有人仍有权在自该通知发出之日起至触发该通知之事件生效之日止期间内行使本认股权证。

第4节。 授权证转让。

(A)可转让性。在遵守任何适用的证券法律及经修订的购买协议及登记权利协议的条文的情况下，本认股权证及本认股权证项下的所有权利(包括但不限于任何登记权利)可于本公司的主要办事处或其指定的 代理人交回本认股权证后全部或部分转让，连同本认股权证的书面转让(基本上以本证书所附格式由持有人或其代理人或代理人正式签立)，以及足以支付在作出该等转让时应缴付的任何转让税款的资金。交出后，如需要付款，公司应以受让人或受让人(如适用)的名义和转让文书中规定的面额签署并交付一份或多份新的认股权证，并应向转让人签发一份新的认股权证，以证明 本认股权证中未如此转让的部分，本认股权证应立即取消。认股权证如根据本协议 适当转让，可由新持有人行使，以购买认股权证股份，而无须发行新认股权证。

(B)新手令。本认股权证可与其他认股权证分开或合并，于本公司上述办事处提交，连同由持有人或其代理人或受托代表签署的指明发行新认股权证的名称及面额的书面通知。在遵守第4(A)条的情况下，对于该等分拆或合并可能涉及的任何转让，本公司应签署及交付一份或多份新的认股权证，以换取根据该通知分拆或合并该份或多份认股权证。所有于转让或交易所发行的认股权证的日期应为本认股权证首次发行日期，并应与本认股权证相同，但根据本认股权证可发行的认股权证股份数目除外。

(C)认股权证登记册。公司应将本认股权证登记在本公司为此目的而保存的记录(“认股权证登记册”)上，并不时以本记录持有人的名义登记。就本认股权证的任何行使或向持有人作出的任何分派而言，本公司可将本认股权证的登记持有人视为及视 为本认股权证的绝对拥有人，而就所有其他目的而言，在没有实际相反通知的情况下。

第5节。 其他。

（a） 在行使之前没有作为股东的权利。除第3条明确规定的情况外，本认股权证不赋予持有人在行使本认股权证之前作为公司股东享有任何表决权、股息或其他 权利。

（b） 遗失、盗窃、毁坏或损毁认股权证。本公司承诺，在本公司收到令其合理满意的证据后， 证明本认股权证或任何与认股权证股份有关的股票已遗失、被盗、销毁或残缺， 且在交出和取消该认股权证或股票证书（如被残缺）后，本公司将制作并交付一份新的认股权证或股票证书，其日期为取消日期，以代替该认股权证或股票证书。在任何情况下， 持有人都不需要提交保证金或其他担保。

（c） 星期六、星期日、节假日等。如果采取任何行动的最后或指定日期或本协议要求或授予的任何权利的到期日 不是交易日，则可在下一个交易日采取或行使该等行动。

（d） 授权股份。本公司承诺，在本认股权证尚未行使期间，其将遵守《购买协议》第4.11（a）节有关保留认股权证股份的规定，但须根据第3节进行调整。本公司 进一步承诺，本认股权证的发行应构成其负责执行 股票证书职责的高级人员在行使 本认股权证项下的购买权时签署和发行认股权证股份的必要证书的充分权力。本公司将采取一切必要的合理行动，以确保该等认股权证股份可按本协议规定发行，而不违反任何适用法律或法规，或违反任何普通股上市交易市场的任何要求。本公司承诺，在行使本认股权证所代表的购买权时可能发行的所有认股权证股份，在行使本认股权证所代表的购买权并根据本合同 支付该认股权证股份后，将获得正式授权、有效发行、全额支付且不征税且免收所有税款， 公司就其发行产生的留置权和费用（与发行同时发生的任何转让有关的税款除外）。

除本认股权证或购买协议提供的任何其他补救措施 外，如果公司在收到持有人书面通知后45天内未能满足此保留普通股要求 ，则公司应向持有人支付相当于每天每100美元250美元的金额，作为部分违约赔偿金，而不是作为罚款，该持有人的认购金额（或原买方的认购金额）的000。 在票据（定义见购买协议）和认股权证尚未到期时，公司不得签订与本第5（d）条相冲突的任何协议或对其章程文件进行任何修改；条件是，任何情况不得禁止或以其他方式限制 公司修改与公司重组有关的章程文件。

除持有人放弃或同意的范围外，公司不得通过任何行动，包括但不限于修改其公司注册证书(或章程)，或通过任何重组、资产转移、合并、合并、解散、发行或出售证券或任何其他自愿行动，避免或试图避免遵守或履行本认股权证的任何条款，但将始终 本着善意协助执行所有该等条款，并采取一切必要或适当的行动，以保护本认股权证所载持有人的权利不受损害。在不限制前述一般性的原则下，本公司将(I)不会将任何认股权证的面值提高至超过在紧接该等 增加面值之前行使认股权证时应支付的金额，(Ii)采取一切必要或适当的行动，以使本公司可在行使本认股权证时有效及合法地 发行缴足股款及不可评估的认股权证股份，及(Iii)尽最大努力取得所有此等授权、豁免或获得任何具有司法管辖权的公共监管机构的同意，使公司能够履行本认股权证项下的义务所必需的。

（e） 法律的选择；管辖权。有关本 权证的构造、有效性、执行和解释的所有问题应根据采购协议的规定予以确定。

（f） 限制.持有人承认，在行使本认股权证时获得的认股权证股份，如果未登记 或如果在第144条规定的情况下未以无现金方式行使，将受到州和联邦证券法律 对转售的限制。

（g） 不放弃和费用。持有人 的任何交易过程或任何延迟或未能行使本协议项下的任何权利，均不得视为放弃该等权利或以其他方式损害持有人的权利、权力或补救措施。在不限制本认股权证或其他交易文件的任何其他 条款的情况下，如果公司故意且故意不遵守本认股权证的任何条款，导致持有人遭受任何重大损害，公司应向持有人支付足以支付任何成本和开支的金额，包括但不限于合理的律师费，包括上诉程序， 持有人在收取根据本协议到期的任何款项或以其他方式执行其在本协议项下的任何权利、权力或补救措施时发生的。

（h） 通知。本公司要求或允许向持有人发出或交付的任何通知、请求或其他文件 应根据《购买协议》的通知条款交付。

（i） 责任限制在持有人未采取任何肯定行动以行使本认股权证 购买认股权证股份的情况下，本协议的任何条款以及本协议中没有列举持有人的权利或特权，均不应引起持有人对任何普通股购买价格或作为本公司股东的任何责任，无论该责任是由本公司 或本公司债权人主张的。

（j） 补救办法持有人除有权行使法律赋予的所有权利（包括赔偿损失）外，还有权行使本认股权证项下的权利。公司同意，金钱损害赔偿不足以 补偿因其违反本认股权证条款而导致的任何损失，特此同意放弃且不 主张在任何诉讼中的抗辩，即法律上的补救是充分的或不存在不可挽回的损害 ，且不要求张贴保证金或其他证券。

（k） 继承人和分配。根据适用的证券法，本认股权证及其在此证明的权利和义务 应符合本公司的继承人和允许的受让人以及持有人的继承人和允许的 受让人的利益并对其具有约束力。本认股权证的条款旨在使本认股权证不时的任何持有人受益，且 应可由本认股权证或任何认股权证股份不时的任何持有人强制执行。

（l） 修订内容经本公司 和持有人书面同意，本认股权证可作修改或修改或放弃本认股权证的规定。

（m） 可分割性在可能的情况下，本认股权证的每一项条款均应按照适用法律有效和 的方式进行解释，但如果本认股权证的任何条款被适用法律禁止或无效，则该条款 应在禁止或无效的范围内无效，而不会使本认股权证的其余条款或其余 条款无效。

（n） headings.本认股权证中使用的标题仅为方便参考而设，不得 出于任何目的被视为本认股权证的一部分。

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

(签名页如下)

兹证明，自上述日期起，公司已由其正式授权的高级职员签署本认股权证。

行使通知

收件人：      SEALSQ CORP

(1)在此签署的 选择根据所附认股权证的条款购买_

（二） 付款 应采用以下形式（勾选适用框）：

☐在美国的合法货币 ；或

☐如获许可，可根据第2(C)款所载的公式， 按第2(C)款所载的公式注销所需数目的认股权证股份，以就根据第2(C)款所载的无现金行使程序可购买的最高认股权证股份数目行使 本认股权证。

(3)请 以以下签署人的名义或以下指定的其他名称发行上述认股权证股票：

_______________________________

(4)本行使通知生效后，签字人将不会超过实益所有权限制。

[发行可自由转让普通股的基础：

[___]第144条出售（转换持有人须发表意见 ）

[___]转售登记 声明（公司确认有效性）

[___]其他_

认股权证股票应交付至以下 DWAC帐号，或通过将证书实物交付至：

_______________________________

_______________________________

_______________________________

持有人签名

投资主体名称：____________________________________________________________

投资主体授权签字人签字 : ______________________________________

授权签字人姓名：________________________________________________________

授权签字人名称：_________________________________________________________

日期：____________________________________________________________________________

作业表

(要转让前述授权证，请执行此表格并提供所需信息。
请勿使用此表格行使授权证。)

SEALSQ CORP

对于收到的价值，前述认股权证的_股的全部或_股以及由此证明的所有权利在此转让给

_______________________________________________ whose地址为

_______________________________________________________________

_______________________________________________________________

日期：_

保证签名：_

注：此转让表格上的签名必须 与认股权证表面上的名称相符，不得更改、放大或任何更改，且必须由银行或信托公司担保。公司管理人员和以受托人或其他代表身份行事的人应 提交授权转让上述认股权证的适当证据。