Exhibit 10.55


 


THIS WARRANT AND THE
UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”)
OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED,
TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER APPLICABLE SECURITIES LAWS
OR UNLESS OFFERED, SOLD, PLEDGED, HYPOTHECATED OR TRANSFERRED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THOSE LAWS. THE COMPANY SHALL BE ENTITLED TO REQUIRE AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED TO THE EXTENT THAT AN OPINION IS REQUIRED PURSUANT TO THE AGREEMENT UNDER WHICH THE SECURITIES WERE ISSUED.


 


GADSDEN GROWTH PROPERTIES,
INC.


 


FORM OF


 


WARRANT #[ ] TO
PURCHASE [ ] SHARES OF SERIES C PREFERRED STOCK


 


[ ], 2018


 


THIS CERTIFIES that,
for value received, [ ], its successors and permitted assigns (the “Holder”), is entitled, upon the terms and
subject to the conditions hereinafter set forth, to subscribe for and purchase from Gadsden Growth Properties, Inc., a Maryland
corporation with principal offices at 15150 Hayden Rd., Scottsdale, AZ 85260 (the “Company”), together with
its successors and assigns including, without limitation, any entity into which the Company may convert, ___,000 shares of Series
C Participating Convertible Preferred Stock, par value $.01 per share, of the Company (the “Securities”), at
the Exercise Price (defined below), subject to the provisions and upon the terms and conditions hereinafter set forth.


 


As used herein, the
term “Exercise Price” shall mean $10.00 per Security, subject to adjustment pursuant to Section 3 below. As
used herein the term “Exercise Period” shall mean the period commencing on the date of issuance and ending on
the seven year anniversary of the initial closing of the offering of the Series C Participating Preferred Stock to certain investors
by the Company (“Offering”).


 


1.           Method
of Exercise; Payment.


 


(a)       Cash
Exercise. The purchase rights represented by this Warrant to purchase Securities (this “Warrant”) may be
exercised by the Holder, in whole or in part, at any time during the Exercise Period by: (i) the surrender of this Warrant (with
the notice of exercise form (the “Notice of Exercise”) attached hereto as Exhibit A duly executed) at
the principal office of the Company; and (ii) by the payment to the Company of an amount equal to the Exercise Price multiplied
by the number of Securities being purchased, which amount may be paid, at the election of the Holder, by wire transfer or certified
check payable to the order of the Company. The person or persons in whose name(s) any certificate(s) representing Securities shall
be issuable upon exercise of this Warrant shall be deemed to have become the holder(s) of record of, and shall be treated for all
purposes as the record holder(s) of, the Securities represented thereby (and such Securities shall be deemed to have been issued)
immediately prior to the close of business on the date or dates upon which this Warrant is exercised.


 




     


     


    

 


(b)       Net
Issue Exercise. In lieu of exercising this Warrant pursuant to Section 1(a) hereof, the Holder may elect, in whole or in part,
from time to time, on or after the date hereof during the Exercise Period to receive a number of Securities equal to the value
(as determined below) of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office
of the Company, together with a Notice of Exercise pursuant to which the provisions of this Section 1(b) are elected. In such event,
the Company shall issue to the Holder a number of Securities computed using the following formula:


 


X = Y(A-B)

A


 


Where    X             =          the
number of Securities to be issued to the Holder.


 


Y             =          the number
of Securities subject to this warrant that are being exercised.


 


A            =           the Fair
Value of one Security based on the fair value of the common stock of the Company into which the Security is convertible (“Common
Stock”).


 


B             =          the Exercise
Price (as adjusted to the date of such calculation).


 


(c)         Fair
Value. For purposes of this Section 1, the fair value of the Securities shall mean:


 


(i)            if
the Common Stock is traded on a United States or foreign securities exchange, the volume-weighted average of the price over the
ten (10) trading day period prior to the surrender of this Warrant for exercise in accordance with the terms hereof;


 


(ii)           if
the Common Stock is actively traded over-the counter, the average of the closing bid and asked prices quoted on the Bloomberg (or
similar system) each day over the ten (10) trading day period prior to the surrender of this Warrant for exercise in accordance
with the terms hereof;


 


(iii)          if
this Warrant is being exercised in conjunction with a public offering of the Company's Securities, the price per share of the Common
Stock sold to the public pursuant to such public offering; or


 




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(iv)          if
at any time the Common Stock is not listed on any United States or foreign securities exchange or quoted in the over-the-counter
market, then as determined by the board of directors of the Company in good faith.


 


(v)          In
the event that, upon the Expiration Date, the Fair Value of a Security is greater than the Exercise Price in effect on such date,
then this Warrant shall automatically be deemed on and as of such date to be exercised as to all Securities for which it shall
not previously have been exercised, and the Company shall promptly deliver a certificate representing the Securities issued upon
such conversion to the Holder.


 


(d)       Certificates.
In the event of any exercise of the rights represented by this Warrant (whether pursuant to Section 1(a) or 1(b)), if the Securities
are certificated, certificates for the Securities so purchased shall be delivered to the Holder and, unless this Warrant has been
fully exercised, a new Warrant representing the Securities with respect to which this Warrant shall not have been exercised shall
also be issued to the Holder within such time.


 


2.           Stock
Fully Paid; Reservation of Securities. All of the Securities issuable upon the exercise of the rights represented by this Warrant
will, upon issuance and receipt of the Exercise Price therefore, be fully paid and free from all preemptive rights, rights of first
refusal or first offer, taxes, liens and charges with respect to the issuance thereof. During such time as this Warrant remains
outstanding and exercisable, the Company shall at all times have authorized and reserved for issuance sufficient Securities and
Common Stock for issuance upon exercise in full of this Warrant.


 


3.           Adjustment
of Exercise Price and Number of Securities. The number and kind of Securities purchasable upon the exercise of this Warrant
and the Exercise Price therefor shall be subject to adjustment from time to time upon the occurrence of certain events, as follows:


 


(a)       Additional
Issuances. In the event that the Company issues additional Securities (or securities convertible into or exercisable or exchangeable
for, or otherwise entitles the holder thereof to receive, Securities) at a purchase price less than the current Exercise Price
until the later of (i) first anniversary of the date of issuance of this Warrant, and (ii) the Company’s shares being listed
for trading on an national exchange, the Exercise Price shall be adjusted in accordance with the following formula:


 


EP2 = EP1*(A+B)/(A+C)


 


Where    EP2         =          New
Exercise Price


 


EP1             =          Exercise
Price in effect immediately prior to new issue


 


A            =          Number
of Securities deemed to be outstanding immediately prior to new issue


 


B            =          Aggregate
consideration received by the Company with respect to the new issue divided by EP


 




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C             =        Number
of Securities issued in the subject transaction


 


(b)       Stock
Splits, Dividends and Combinations. In the event that the Company shall at any time subdivide the outstanding Securities, or
shall issue a dividend on its outstanding Securities, the number of Securities issuable upon exercise of this Warrant immediately
prior to such subdivision or issuance of such dividend shall be proportionately increased, and the Exercise Price shall be proportionately
decreased, and in the event that the Company shall at any time combine the outstanding Securities, the number of Securities issuable
upon exercise of this Warrant immediately prior to such combination shall be proportionately decreased, and the Exercise Price
shall be proportionately increased, effective at the close of business on the date of such subdivision, dividend or combination,
as the case may be.


 


(c)       Recapitalizations.
If at any time or from time to time there shall be a recapitalization of the Securities (other than a subdivision, combination
or merger or sale of assets transaction provided for elsewhere in this Section 3), provision shall be made so that the Holder of
this Warrant will thereafter be entitled to receive upon exercise of this Warrant the number of securities or property of the Company
to which a holder of Securities would have been entitled on such recapitalization. In any such case, appropriate adjustment shall
be made in the application of the provisions of this Section 3 with respect to the rights of the Holder of this Warrant after the
recapitalization to the end that the provisions of this Section 3 (including adjustment of the Exercise Price then in effect and
the number of Securities issuable upon exercise of this Warrant) shall be applicable after that event in as nearly an equivalent
manner as may be practicable.


 


(d)       Merger.
If at any time there is to occur (a) the acquisition of the Company by another entity by means of any transaction or series of
related transactions (including, without limitation, any acquisition of equity securities, reorganization, merger or consolidation
but excluding any sale of equity securities for capital raising purposes) other than a transaction or series of transactions in
which the holders of the voting securities of the Company outstanding immediately prior to such transaction continue to retain
directly or indirectly (either by such voting securities remaining outstanding or by such voting securities being converted into
voting securities of the surviving entity), more than fifty percent (50%) of the total voting power represented by the voting securities
of the Company or such surviving entity outstanding immediately after such transaction or series of transactions; or (b) a sale
of all or substantially all of the assets of the Company (each, a “Merger Event”), then at least ten (10) days
prior to the anticipated closing of such Merger Event, the Company shall give written notice thereof to the Holder at the address
of such Holder as shown on the books of the Company, which notice shall provide reasonable details of the anticipated Merger Event.
Any written notice by the Company required or permitted hereunder shall be given by hand delivery or first-class mail, postage
prepaid, addressed to the Holder at the address shown on the books of the Company for the Holder.


 


(e)       Notices.
Upon any adjustment of the Exercise Price and any increase or decrease in the number of Securities purchasable upon the exercise
of this Warrant in accordance with Section 3 hereof, then, and in each such case, the Company shall give written notice thereof
to the Holder at the address of such Holder as shown on the books of the Company, which notice shall state the Exercise Price as
adjusted and, if applicable, the increased or decreased number of Securities purchasable upon the exercise of this Warrant, setting
forth in reasonable detail the method of calculation of each. Any written notice by the Company required or permitted hereunder
shall be given by hand delivery or first-class mail, postage prepaid, addressed to the Holder at the address shown on the books
of the Company for the Holder.


 




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4.            Fractional
Securities. No fractional Securities will be issued in connection with any exercise hereunder, but in lieu of such fractional
Securities the Company shall make a cash payment therefor upon the basis of $10.00/share, as adjusted pursuant to Section 3.


 


5.           Rights
of Members or Stockholders.


 


(a)       Nothing
contained herein shall confer upon the Holder any of the rights of a member or stockholder of the Company or any right to vote
for the election of directors or upon any matter submitted to members or stockholders at any meeting thereof, or to give or withhold
consent to any corporate action (whether upon any recapitalization, issuance of equity securities, reclassification of equity securities,
change of par value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to receive dividends
or subscription rights or otherwise until the Warrant shall have been exercised and the Securities purchasable upon the exercise
hereof shall have been issued.


 


(b)       The
Securities issued upon exercise of this Warrants shall be entitled to the rights, preferences and privileges assigned to such Securities
under the terms of the Company’s [charter and bylaws], dated ___________, 201_, as amended from time to time.


 


6.           Rule
144 Information. 


 


The Company covenants
that it will use its reasonable best efforts to timely file all reports and other documents required to be filed by it under the
Securities Act and the Exchange Act and the rules and regulations promulgated by the SEC thereunder (or, if the Company is not
required to file such reports, it will, upon the request of any Holder, make publicly available such information as necessary to
permit sales pursuant to Rule 144 under the Securities Act), and it will use reasonable best efforts to take such further action
as any Holder may reasonably request, in each case to the extent required from time to time to enable such holder to, if permitted
by the terms of this Warrant and the Purchase Agreement, sell this Warrant without registration under the Securities Act within
the limitation of the exemptions provided by (A) Rule 144 under the Securities Act, as such rule may be amended from time to time,
or (B) any successor rule or regulation hereafter adopted by the SEC. Upon the written request of any Holder, the Company will
deliver to such Holder a written statement that it has complied with such requirements.


 


7.           Representations,
Warranties of The Holder


 


The Holder represents
and warrants to the Company as follows:


 


(a)       Purchase
for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by Holder are being acquired
for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution
within the meaning of the Act, other than a public sale of the underlying securities a provided in an Investor Rights Agreement
between the Holder and the Company. Holder also represents that it has not been formed for the specific purpose of acquiring this
Warrant or the Shares.


 




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(b)       Disclosure
of Information. Holder is aware of the Company’s business affairs and financial condition and has received or has had
full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to
the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions and receive
answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to
obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort
or expense) necessary to verify any information furnished to Holder or to which Holder has access.


 


(c)       Investment
Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk. Holder
has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic
risk of such Holder’s investment in this Warrant and its underlying securities and has such knowledge and experience in financial
or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying
securities and/or has a preexisting personal or business relationship with the Company and certain of its officers, directors or
controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances
of such persons.


 


(d)       Accredited
Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Act.


 


(e)       The
Act. Holder understands that this Warrant and the Securities and the underlying Common Stock issuable upon exercise hereof
or conversion of the Securities have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption
depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. Holder understands
that this Warrant and the Securities and the Common Stock underlying the Securities issued upon any exercise hereof or conversion
of the Securities must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities
laws, or unless exemption from such registration and qualification are otherwise available. Holder is aware of the provisions of
Rule 144 promulgated under the Act.


 


8.            Miscellaneous.


 


(a)       This
Warrant shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to its
principles of conflict of laws.


 


(b)       The
terms of this Warrant shall be binding upon and shall inure to the benefit of any successors or permitted assigns of the Company
or the Holder.


 


(c)       Upon
receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant, the Company,
at its expense, will execute and deliver to the holder of record, in lieu thereof, a new Warrant of like date and tenor.


 




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(d)       This
Warrant and any provision hereof may be amended, waived or terminated only by an instrument in writing signed by the Company and
the Holder.


 


(e)       This
Warrant may be executed in counterparts, each of which when so executed shall be deemed an original, but both of which when taken
together shall constitute one and the same instrument.


 


[SIGNATURE PAGE FOLLOWS]


 




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IN WITNESS WHEREOF,
each of the Company and the Holder has executed this Warrant as of the date first written above.


 


	 	COMPANY:
	 	 
	 	GADSDEN GROWTH PROPERTIES, INC.
	 	 
	 	By:	 
	 	 	Name: John Hartman
	 	 	Title: Chief Executive Officer


 


	 	HOLDER:
	 	 
	 	[              ]
	 	 
	 	By:     
	 	 
	 	 	 
	 	 	Name:   [    ]
	 	 	Title:        [                              ]


 




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EXHIBIT A

NOTICE OF EXERCISE


 


	TO:	Gadsden Growth Properties, Inc.	 
	 	Attention: Chief Executive Officer	 


 


Alternatives: Choose
either 1(a) or 1(b).


 


1(a).       The undersigned
hereby elects to purchase _______________ (leave blank if you choose alternative No. 1(b) below) Securities pursuant to the terms
of this Warrant, and tenders herewith payment of the purchase price of such Securities in full.


 


1(b).       In lieu of
exercising the attached Warrant for cash or check, the undersigned hereby elects to effect the net issuance provision of Section
1(b) of this Warrant and receive ____________ (leave blank if you choose Alternative No. 1(a) above) Securities pursuant to the
terms of this Warrant. (Initial here if the undersigned elects this alternative) ______________.


 


2.            Please
issue a certificate or certificates representing said Securities in the name of the undersigned or in such other name as is specified
below:


 


	 	 	 
	(Name)	 	 
	 	 	 
	 	 	 
	 	 	 
	(Address)	 	 


 


	 	By:	 
	 	 	 
	 	Name:	 
	 	 	(please print)
	 	 	 
	 	Title:	 
	 	 	 
	 	Date: