本證券或可行使本擔保的證券均未根據修訂後的1933年《證券法》(以下簡稱《證券法》)的登記豁免，在任何 州的證券交易委員會或證券委員會登記，因此，除非根據《證券法》的有效登記聲明，或根據《證券法》的現有豁免，或在不受以下條件限制的交易中，否則不得提供或出售。符合證券法的註冊要求，並符合適用的州證券法，並由轉讓方律師的法律意見證明，其實質內容應為公司合理接受。該證券及行使該證券時可發行的證券可質押於A Bona FIDE保證金賬户或由該等證券擔保的其他貸款。

普通股購買 認股權證

SEALSQ CORP

本次普通股份購買 （本“認股權證”）證明，對於收到的價值，Anson Investments Master Fund LP或其受讓人（ "持有人"）有權根據條款並遵守行使限制和下文 規定的條件，認購和購買SEALSQ Corp，一家英屬維爾京羣島公司（“本公司”）於本協議 日期（“初始行使日期”）或之後的任何時間，以及初始行使日期（“終止日期”）五週年營業時間或之前的任何時間，但其後不得轉讓768，679股普通股（“認股權證股份”）。

本認股權證項下一股認股權證股份的收購價應等於第2(B)節所界定的行使價。

第1款. 定義。本協議所用但未另行定義的大寫術語應具有日期為2023年7月11日的特定 證券購買協議所述的含義，並經日期為2024年1月9日的證券購買協議第一次修訂和日期為初始行使日期的證券購買協議第二次修訂， 公司與持有人之間的協議（“購買協議”）。

第二節。 練習。

(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） 行使價格。根據本認股權證，每股認股權證股份的初始行使價應等於每股5.50美元 ，可根據本協議的規定進行調整（“行使價”）。

（c） 無現金運動如果在首次行使日期六個月週年後的任何時間，沒有有效的登記 聲明涵蓋持有人轉售認股權證股份，則本認股權證也可根據持有人的選擇全部或部分行使，以代替支付預期在行使時向本公司支付的現金，在此 時，通過"無現金行使"方式，持有人有權獲得數量等於 通過除以 [(A X B)-(A X C)](D)，其中：

如果以這種無現金方式發行認股權證股份，雙方承認並同意，根據經修訂的1933年《證券法》(連同據此頒佈的規則和條例，即《證券法》)第3(A)(9)節， 認股權證股份應具有正在行使的認股權證的特徵，而正在行使的認股權證的持有期可附加於認股權證股份的持有期 。本公司同意不採取任何與第2(C)條相反的立場。

為免生疑問， 短語“有效登記聲明”指(I)涵蓋出售認股權證股份的登記聲明已由美國證券交易委員會宣佈生效、並未被撤回且不受美國證券交易委員會發出的停止令所規限，及(Ii)該註冊聲明中所載的招股章程符合證券法第5(B)及10節的規定。

(D)運動力學。

(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） 行使時交付新認股權證。如果本認股權證已部分行使，公司不得要求 持有人交出本認股權證作為行使條件。如果持有人要求新認股權證，其應交出本認股權證， 公司應向持有人提交一份新認股權證，證明持有人有權購買本認股權證要求的未購買認股權證股份 ，新認股權證在所有其他方面應與本認股權證相同。

㈢ 撤銷權。如果公司未能在認股權證股份交付日期前交付認股權證股份或促使轉讓代理人 根據第2（d）（i）節向持有人發送代表認股權證股份的證書，則 持有人將有權在發行該認股權證股份之前的任何時間撤銷該行使。

(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） 沒有部分股份或股票。 本認股權證行使後，不得發行零碎股份或代表零碎認股權證股份的代票。對於持有人在行使時有權購買的任何零碎認股權證股份，本公司應選擇就該最後零碎支付現金調整，金額等於該零碎 乘以行使價，或將整筆認股權證股份整圓。

㈥ 費用、税款和費用。權證股票的發行應不向持有人收取 與發行該股票有關的任何發行或轉讓税或其他附帶費用，包括任何費用（每次發行不超過 100美元）的任何結算公司，所有這些税款和費用應由公司支付，該等認股權證股份應以持有人的名義或持有人可能指示的名稱發行；但是，如果認股權證將以持有人名稱以外的名稱發行，本認股權證在交回行使時，應 隨附於本認股權證的轉讓表格，並由持有人正式簽署，作為其條件，公司可要求 支付足以償還其附帶的任何轉讓税的款項。公司應支付當日處理任何行使通知所需的所有過户代理費用 。

(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節。 某些調整。

（a） 股票分割和分割。如果本公司在本認股權證尚未到期的任何時候：（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價證券作出分派 （為免生疑問，不包括本公司因行使本認股權證而發行的任何普通股）， （ii）將發行在外的普通股細分為較大數量的股份，（iii）合併（包括通過反向股票分割）已發行的 普通股轉換為較少數量的股份，則在每種情況下，行使價應乘以一個分數，其中分子 應為普通股數目，（不包括庫存股，如有）在該事件發生前已發行，其分母應為緊接該事件發生後已發行普通股的數量，以及行使時可發行的股份數量 本認股權證之總行使價應按比例調整，以使本認股權證之總行使價維持不變。根據本第3（a）條作出的任何調整 應在確定有權 接收該等股息或分配的股東的記錄日期後立即生效，如果是分拆、 合併或重新分類，則應在生效日期後立即生效。

(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)隨後的股權出售。如果在本認股權證未完成期間的任何時間，本公司對任何普通股和/或普通股等價物(包括髮行或出售由本公司擁有或持有的普通股或普通股等價物)發出或出售、宣佈任何要約、出售或其他處置，或根據本第3條被視為已發出、出售或授予(或作出有關公告)，但不包括僅與豁免發行(定義於購買協議)有關而發行或出售或視為已發行或出售的任何證券 ，其每股代價(“新發行 價格”)低於緊接該等發行或出售或視為發行或出售(此等當時有效的行使價格稱為“適用價格”)之前有效的行使價 或(前述為“稀釋性 發行”)，(1)當時有效的行權價應減至相當於(X)出售定價當日普通股每日VWAP的120%或(Y)新發行價 及(2)根據本協議可發行的認股權證股份數目的較高金額 ，以使本協議項下須支付的行權價合計(計及行使價的減少)應相等於調整前的行權價合計(須受本協議規定的調整所規限)。對於上述所有目的(包括但不限於根據本第3(D)節確定調整後的行權價格和新的發行價格)，應適用以下條款：

(I)發行期權。如果本公司以任何方式(豁免發行除外)授予、發行或出售(或簽訂任何協議授予、發行或出售)任何期權(定義如下)，且在行使任何該等期權(定義如下)或轉換、行使或交換任何可根據該等期權(定義見下文)或根據其條款在其他情況下可發行的任何普通股等價物時，可隨時發行一股普通股的最低每股價格低於 適用價格，則該等普通股應被視為已發行，並已於授出或出售該購股權(定義見下文)時由本公司以該每股價格發行及出售。就本第3(D)(I)條而言，“在行使任何該等購股權(定義如下)或轉換、行使或交換任何該等購股權(定義見下文)或根據其條款在其他情況下可發行的任何普通股等價物時，可隨時發行一股普通股的每股最低價格應等於(1)(X)本公司於授出時就任何一股普通股所收取或應收的最低對價(如有)的總和，發行或出售該期權(定義如下)， 在行使該期權(定義如下)以及轉換、行使或交換可根據該期權(定義如下)行使或以其他方式根據其條款發行的任何普通股等價物時，以及(Y)該期權(定義如下)中規定的可發行(或假設所有可能的市場條件下可發行)一股普通股的最低行使價。行使或交換可發行的任何普通股等價物 在行使任何該等購股權(定義見下文)時或根據其條款，減去(2)授予、發行或出售該等購股權(定義見下文)、行使該等購股權(定義見下文)及轉換時向該購股權持有人(或任何其他人士)支付或應付的所有金額的總和，行使或交換因行使該等購股權(定義見下文)或根據其條款而可發行的任何普通股等價物，加上該等購股權(定義見下文)持有人(或任何其他人士)所收取或應收的任何其他代價的價值或授予該等持有人的利益。除以下預期外，實際發行該等普通股或該等普通股等價物時，或根據轉換、行使或交換該等普通股等價物時實際發行該等普通股或該等普通股等價物時的條款，行使價不得作進一步調整 。“期權”指認購或購買普通股或可轉換證券的任何權利、認股權證或期權。“可轉換證券”指在任何時間及任何情況下，可直接或間接轉換為可行使或可交換的任何普通股的任何 股份或其他證券(期權除外)，或以其他方式使其持有人有權收購任何普通股的任何股份或其他證券。

(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） 記錄日期。如果本公司記錄普通股持有人，以使其有權（A）接收 普通股、期權或普通股等價物的股息或其他應付分配，或（B）認購或購買 普通股、期權或普通股等價物，則該記錄日期將被視為發行或出售 普通股的日期，該普通股在宣佈該股息或作出該其他分配時被視為已發行或出售 或授予認購權或購買權（視屬何情況而定）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） 計算。根據本第3條進行的所有計算均應以最接近的美分或最接近的1/100股份進行 ，視情況而定。就本第3條而言，在給定日期被視為已發行且已發行的普通股數量 應為已發行且已發行的普通股數量（不包括庫存股，如有）之和。

（g） 通知持有人。

(一)對行權價格的調整。每當根據本條款第3款的任何規定調整行權價時，公司 應立即通過傳真或電子郵件向持有人發送通知，説明調整後的行使價和由此導致的對認股權證股份數量的任何調整，並簡要説明需要進行調整的事實。

(Ii)容許持有人行使權力的通知。如果(A)公司應宣佈普通股的股息(或任何其他形式的分配) ，(B)公司應宣佈普通股的特別非經常性現金股息或贖回普通股， (C)公司應授權普通股或認股權證的所有持有人認購或購買任何類別或任何權利的股本，(D)普通股的任何重新分類應獲得公司任何股東的批准，本公司參與的任何合併或合併、出售或轉讓本公司全部或實質所有資產，或任何將普通股轉換為 其他證券、現金或財產的強制股份交換，或(E)本公司授權自願或非自願解散、清算或清盤本公司事務，則在每種情況下，本公司應安排以傳真或電子郵件的方式，按認股權證登記冊(定義見下文)上的最後傳真號碼或電子郵件地址送交持有人，在以下指定的適用記錄或生效日期前至少10個歷日發出通知，説明(X)為該等股息、分配、贖回、權利或認股權證的目的而記錄的日期，或如不記錄，則説明有權享有該等股息、分配、贖回、權利或認股權證的普通股持有人的確定日期或 (Y)該等重新分類、合併、合併、出售、轉讓或換股的日期，以及預計登記在冊的普通股持有人有權在重新分類、合併、合併、出售、轉讓或換股時以普通股換取證券、現金或其他財產交付的日期； 但未能交付該通知或其中或交付中的任何缺陷不應影響該通知中規定的 公司行為的有效性。如果本認股權證中提供的任何通知構成或包含有關本公司或任何子公司的重要非公開信息，則本公司應同時按照表格6-K向委員會提交該通知。除非另有明文規定，否則持有人仍有權在自該通知發出之日起至觸發該通知之事件生效之日止期間內行使本認股權證。

第4節。 授權證轉讓。

(A)可轉讓性。在遵守任何適用的證券法律及經修訂的購買協議及登記權利協議的條文的情況下，本認股權證及本認股權證項下的所有權利(包括但不限於任何登記權利)可於本公司的主要辦事處或其指定的 代理人交回本認股權證後全部或部分轉讓，連同本認股權證的書面轉讓(基本上以本證書所附格式由持有人或其代理人或代理人正式籤立)，以及足以支付在作出該等轉讓時應繳付的任何轉讓税款的資金。交出後，如需要付款，公司應以受讓人或受讓人(如適用)的名義和轉讓文書中規定的面額簽署並交付一份或多份新的認股權證，並應向轉讓人簽發一份新的認股權證，以證明 本認股權證中未如此轉讓的部分，本認股權證應立即取消。認股權證如根據本協議 適當轉讓，可由新持有人行使，以購買認股權證股份，而無須發行新認股權證。

(B)新手令。本認股權證可與其他認股權證分開或合併，於本公司上述辦事處提交，連同由持有人或其代理人或受託代表簽署的指明發行新認股權證的名稱及面額的書面通知。在遵守第4(A)條的情況下，對於該等分拆或合併可能涉及的任何轉讓，本公司應簽署及交付一份或多份新的認股權證，以換取根據該通知分拆或合併該份或多份認股權證。所有於轉讓或交易所發行的認股權證的日期應為本認股權證首次發行日期，並應與本認股權證相同，但根據本認股權證可發行的認股權證股份數目除外。

(C)認股權證登記冊。公司應將本認股權證登記在本公司為此目的而保存的記錄(“認股權證登記冊”)上，並不時以本記錄持有人的名義登記。就本認股權證的任何行使或向持有人作出的任何分派而言，本公司可將本認股權證的登記持有人視為及視 為本認股權證的絕對擁有人，而就所有其他目的而言，在沒有實際相反通知的情況下。

第5節。 其他。

（a） 在行使之前沒有作為股東的權利。除第3條明確規定的情況外，本認股權證不賦予持有人在行使本認股權證之前作為公司股東享有任何表決權、股息或其他 權利。

（b） 遺失、盜竊、毀壞或損毀認股權證。本公司承諾，在本公司收到令其合理滿意的證據後， 證明本認股權證或任何與認股權證股份有關的股票已遺失、被盜、銷燬或殘缺， 且在交出和取消該認股權證或股票證書（如被殘缺）後，本公司將製作並交付一份新的認股權證或股票證書，其日期為取消日期，以代替該認股權證或股票證書。在任何情況下， 持有人都不需要提交保證金或其他擔保。

（c） 星期六、星期日、節假日等。如果採取任何行動的最後或指定日期或本協議要求或授予的任何權利的到期日 不是交易日，則可在下一個交易日採取或行使該等行動。

（d） 授權股份。本公司承諾，在本認股權證尚未行使期間，其將遵守《購買協議》第4.11（a）節有關保留認股權證股份的規定，但須根據第3節進行調整。本公司 進一步承諾，本認股權證的發行應構成其負責執行 股票證書職責的高級人員在行使 本認股權證項下的購買權時簽署和發行認股權證股份的必要證書的充分權力。本公司將採取一切必要的合理行動，以確保該等認股權證股份可按本協議規定發行，而不違反任何適用法律或法規，或違反任何普通股上市交易市場的任何要求。本公司承諾，在行使本認股權證所代表的購買權時可能發行的所有認股權證股份，在行使本認股權證所代表的購買權並根據本合同 支付該認股權證股份後，將獲得正式授權、有效發行、全額支付且不徵税且免收所有税款， 公司就其發行產生的留置權和費用（與發行同時發生的任何轉讓有關的税款除外）。

除本認股權證或購買協議提供的任何其他補救措施 外，如果公司在收到持有人書面通知後45天內未能滿足此保留普通股要求 ，則公司應向持有人支付相當於每天每100美元250美元的金額，作為部分違約賠償金，而不是作為罰款，該持有人的認購金額（或原買方的認購金額）的000。 在票據（定義見購買協議）和認股權證尚未到期時，公司不得簽訂與本第5（d）條相沖突的任何協議或對其章程文件進行任何修改；條件是，任何情況不得禁止或以其他方式限制 公司修改與公司重組有關的章程文件。

除持有人放棄或同意的範圍外，公司不得通過任何行動，包括但不限於修改其公司註冊證書(或章程)，或通過任何重組、資產轉移、合併、合併、解散、發行或出售證券或任何其他自願行動，避免或試圖避免遵守或履行本認股權證的任何條款，但將始終 本着善意協助執行所有該等條款，並採取一切必要或適當的行動，以保護本認股權證所載持有人的權利不受損害。在不限制前述一般性的原則下，本公司將(I)不會將任何認股權證的面值提高至超過在緊接該等 增加面值之前行使認股權證時應支付的金額，(Ii)採取一切必要或適當的行動，以使本公司可在行使本認股權證時有效及合法地 發行繳足股款及不可評估的認股權證股份，及(Iii)盡最大努力取得所有此等授權、豁免或獲得任何具有司法管轄權的公共監管機構的同意，使公司能夠履行本認股權證項下的義務所必需的。

（e） 法律的選擇；管轄權。有關本 權證的構造、有效性、執行和解釋的所有問題應根據採購協議的規定予以確定。

（f） 限制.持有人承認，在行使本認股權證時獲得的認股權證股份，如果未登記 或如果在第144條規定的情況下未以無現金方式行使，將受到州和聯邦證券法律 對轉售的限制。

（g） 不放棄和費用。持有人 的任何交易過程或任何延遲或未能行使本協議項下的任何權利，均不得視為放棄該等權利或以其他方式損害持有人的權利、權力或補救措施。在不限制本認股權證或其他交易文件的任何其他 條款的情況下，如果公司故意且故意不遵守本認股權證的任何條款，導致持有人遭受任何重大損害，公司應向持有人支付足以支付任何成本和開支的金額，包括但不限於合理的律師費，包括上訴程序， 持有人在收取根據本協議到期的任何款項或以其他方式執行其在本協議項下的任何權利、權力或補救措施時發生的。

（h） 通知。本公司要求或允許向持有人發出或交付的任何通知、請求或其他文件 應根據《購買協議》的通知條款交付。

（i） 責任限制在持有人未採取任何肯定行動以行使本認股權證 購買認股權證股份的情況下，本協議的任何條款以及本協議中沒有列舉持有人的權利或特權，均不應引起持有人對任何普通股購買價格或作為本公司股東的任何責任，無論該責任是由本公司 或本公司債權人主張的。

（j） 補救辦法持有人除有權行使法律賦予的所有權利（包括賠償損失）外，還有權行使本認股權證項下的權利。公司同意，金錢損害賠償不足以 補償因其違反本認股權證條款而導致的任何損失，特此同意放棄且不 主張在任何訴訟中的抗辯，即法律上的補救是充分的或不存在不可挽回的損害 ，且不要求張貼保證金或其他證券。

（k） 繼承人和分配。根據適用的證券法，本認股權證及其在此證明的權利和義務 應符合本公司的繼承人和允許的受讓人以及持有人的繼承人和允許的 受讓人的利益並對其具有約束力。本認股權證的條款旨在使本認股權證不時的任何持有人受益，且 應可由本認股權證或任何認股權證股份不時的任何持有人強制執行。

（l） 修訂內容經本公司 和持有人書面同意，本認股權證可作修改或修改或放棄本認股權證的規定。

（m） 可分割性在可能的情況下，本認股權證的每一項條款均應按照適用法律有效和 的方式進行解釋，但如果本認股權證的任何條款被適用法律禁止或無效，則該條款 應在禁止或無效的範圍內無效，而不會使本認股權證的其餘條款或其餘 條款無效。

（n） headings.本認股權證中使用的標題僅為方便參考而設，不得 出於任何目的被視為本認股權證的一部分。

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

(簽名頁如下)

茲證明，自上述日期起，公司已由其正式授權的高級職員簽署本認股權證。

行使通知

收件人：      SEALSQ CORP

(1)在此簽署的 選擇根據所附認股權證的條款購買_

（二） 付款 應採用以下形式（勾選適用框）：

☐在美國的合法貨幣 ；或

☐如獲許可，可根據第2(C)款所載的公式， 按第2(C)款所載的公式註銷所需數目的認股權證股份，以就根據第2(C)款所載的無現金行使程序可購買的最高認股權證股份數目行使 本認股權證。

(3)請 以以下籤署人的名義或以下指定的其他名稱發行上述認股權證股票：

_______________________________

(4)本行使通知生效後，簽字人將不會超過實益所有權限制。

[發行可自由轉讓普通股的基礎：

[___]第144條出售（轉換持有人須發表意見 ）

[___]轉售登記 聲明（公司確認有效性）

[___]其他_

認股權證股票應交付至以下 DWAC帳號，或通過將證書實物交付至：

_______________________________

_______________________________

_______________________________

持有人簽名

投資主體名稱：____________________________________________________________

投資主體授權簽字人簽字 : ______________________________________

授權簽字人姓名：________________________________________________________

授權簽字人名稱：_________________________________________________________

日期：____________________________________________________________________________

作業表

(要轉讓前述授權證，請執行此表格並提供所需信息。
請勿使用此表格行使授權證。)

SEALSQ CORP

對於收到的價值，前述認股權證的_股的全部或_股以及由此證明的所有權利在此轉讓給

_______________________________________________ whose地址為

_______________________________________________________________

_______________________________________________________________

日期：_

保證簽名：_

注：此轉讓表格上的簽名必須 與認股權證表面上的名稱相符，不得更改、放大或任何更改，且必須由銀行或信託公司擔保。公司管理人員和以受託人或其他代表身份行事的人應 提交授權轉讓上述認股權證的適當證據。