Exhibit
10.4


 


EITHER
THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON
EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.


 


COMMON
STOCK PURCHASE WARRANT


 


SBC
Medical Group, Inc.


 


	Warrant Shares: 27, subject to
  adjustment as set forth herein.		Issuance Date:
  November 18, 2022




 


THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, HeartCore Enterprises, Inc., a Delaware
corporation, or its registered assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise
and the conditions hereinafter set forth, at any time on or after the Trigger Date (as defined below) and on or prior to the close of
business on the tenth anniversary of the Trigger Date (the “Termination Date”) but not thereafter, to subscribe for and purchase
from SBC Medical Group, Inc., a Japanese corporation (the “Company”), the number of shares of capital stock (the “Common
Stock”) of the Company (as subject to adjustment hereunder, the “Warrant Shares”) as set forth above. The purchase
price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2.


 


Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Consulting
and Services Agreement dated as of the issuance date as set forth above (the “Issuance Date”) between the Company and the
Holder (the “Consulting Agreement”).


 


Section
2. Exercise.


 


	 	(a)	Exercise
    of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the date that
    either (i) the Company completes its first initial public offering of stock in the United States resulting in any class of the Company’s
    stock being listed for trading on any tier of the NASDAQ Stock Market, the New York Stock Exchange or the NYSE American (the “IPO”)
    or (ii) the Company consummates a merger or other transaction with a special purpose acquisition company (a “SPAC”) wherein
    the Company becomes a subsidiary of the SPAC, or the Company undertakes any other Fundamental Transaction, as defined below, (as
    applicable, the “Trigger Date”), and on or before the Termination Date by delivery to the Company (or such other office
    or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing
    on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise Form attached hereto. Within two (2) Trading
    Days (as defined below) following the date of aforesaid exercise, the Holder shall deliver the aggregate Exercise Price (if the exercise
    is pursuant to Section 2(b)) for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check
    drawn on a United States bank specified in the applicable Notice of Exercise. 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
    three (3) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting
    in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding
    number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder
    and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company
    shall deliver any objection to any Notice of Exercise Form within two (2) Trading Days of delivery of such notice. The Holder
    and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following
    the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given
    time may be less than the amount stated on the face hereof. For purposes herein, the term “Trading Day” means any
    day that shares of Common Stock are listed for trading or quotation on any tier of the NASDAQ Stock Market, the New York Stock Exchange
    or the NYSE American.


 




    	 



     


    

 


	 	(b)	Exercise
    Price. The exercise price per share of the Common Stock under this Warrant shall be $0.01, subject to adjustment as described
    herein (as applicable, the “Exercise Price”).
	 	 	 
	 	(c)	Adjustment
    of Warrant Shares. The number of Warrant Shares for which this Warrant shall be exercisable shall be automatically adjusted on
    the Trigger Date to be 2.7% of the fully diluted number and class of shares of capital stock of the Company as of the Trigger Date,
    following completion of the transactions which caused the Trigger Date to be achieved.
	 	 	 
	 	(d)	Cashless
    Exercise. In the event that there is no effective registration statement registering the Warrant Shares, or no current prospectus
    available for the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised at the Holder’s election,
    in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive
    a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) * (X)] by (A), where:


 


(A)
= the Market Price (as defined below) on the Trading Day immediately preceding the date on which Holder elects to exercise this Warrant
by means of a “cashless exercise,” as set forth in the applicable Notice of Exercise, where the “Market Price”
equals the highest traded price of the Common Stock during the one hundred fifty (150) Trading Days prior to the date of the respective
Exercise Notice;


 


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


 


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


 


Notwithstanding
anything herein to the contrary, on the Termination Date, unless the Holder notifies the Company otherwise, if there is no effective
registration statement registering the Warrant Shares, or no current prospectus available for, the resale of the Warrant Shares by the
Holder, then this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(d); provided however, that
if the automatic exercise contemplated under this Section shall result in a conflict with the beneficial ownership limitations of Section
2(g), the Termination Date shall be extended so long as necessary to provide for full exercise of the Warrant under this Section 2(f).


 




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	 	(e)	Anti-Dilution
    Adjustments to Exercise Price. If the Company or any Subsidiary (as defined below) thereof, as applicable, at any time while
    this Warrant is outstanding, shall sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose
    of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or securities entitling
    any person or entity (for purposes of clarification, including but not limited to the Holder pursuant to (i) any other security of
    the Company issued to Holder on or after the Issuance Date or (ii) any other agreement entered into between the Company and Holder)
    to acquire shares of Common Stock (upon conversion, exercise or otherwise), at an effective price per share less than the then Exercise
    Price (such lower price, the “Base Share Price” and such issuances collectively, a “Dilutive Issuance”) (if
    the holder of the Common Stock or Common Stock Equivalents (as defined below) so issued shall at any time, whether by operation of
    purchase price adjustments, elimination of an applicable floor price for any reason in the future (including but not limited to the
    passage of time or satisfaction of certain condition(s)), reset provisions, floating conversion, exercise or exchange prices or otherwise,
    or due to warrants, options or rights per share which are issued in connection with such issuance, be entitled or potentially entitled
    to receive shares of Common Stock at an effective price per share which is less than the Exercise Price at any time while such Common
    Stock or Common Stock Equivalents are in existence, such issuance shall be deemed to have occurred for less than the Exercise Price
    on such date of the Dilutive Issuance (regardless of whether the Common Stock or Common Stock Equivalents are (i) subsequently redeemed
    or retired by the Company after the date of the Dilutive Issuance or (ii) actually converted or exercised at such Base Share Price),
    then the Exercise Price shall be reduced at the option of the Holder and only reduced to equal the Base Share Price. Such adjustment
    shall be made whenever such Common Stock or Common Stock Equivalents are issued, regardless of whether the Common Stock or Common
    Stock Equivalents are (i) subsequently redeemed or retired by the Company after the date of the Dilutive Issuance or (ii) actually
    converted or exercised at such Base Share Price by the holder thereof (for the avoidance of doubt, the Holder may utilize the Base
    Share Price even if the Company did not actually issue shares of its common stock at the Base Share Price under the respective Common
    stock Equivalents). The Company shall notify the Holder in writing, no later than the Trading Day following the issuance of any Common
    Stock or Common Stock Equivalents subject to this Section 2(e), indicating therein the applicable issuance price, or applicable reset
    price, exchange price, conversion price and other pricing terms (such notice the “Dilutive Issuance Notice”). For purposes
    of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 2(e), upon the occurrence
    of any Dilutive Issuance, after the date of such Dilutive Issuance the Holder is entitled to receive a number of Warrant Shares based
    upon the Base Share Price regardless of whether the Holder accurately refers to the Base Share Price in the Notice of Exercise. “Common
    Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire
    at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that
    is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.
    For purposes herein, “Subsidiaries” means any corporation or other organization, whether incorporated or unincorporated,
    in which the Company owns, directly or indirectly, any equity or other ownership interest.



 




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	 	(f)	Mechanics
    of Exercise.





 


	 	 	(i)	Delivery
    of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be transmitted by the Company’s then-engaged
    transfer agent (the “Transfer Agent”) to the Holder 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 there is an effective registration statement permitting the issuance of the Warrant Shares
    to, or resale of the Warrant Shares, by the Holder and otherwise by physical delivery to the address specified by the Holder in the
    Notice of Exercise by the date that is two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (such date,
    the “Warrant Share Delivery Date”). The Warrant Shares shall be deemed to have been issued, and Holder or any other person
    so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date
    the Warrant has been exercised, with payment to the Company of the Exercise Price and all taxes required to be paid by the Holder,
    if any, 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 the amount of $1,000.00 per Trading Day. The Company shall pay any payments incurred under this Section
    2(f) in immediately available funds, or shares of Common Stock of the Company, in the Holder’s discretion, 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.
	 	 	 	 
	 	 	(ii)	Delivery
    of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of Holder
    and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates representing Warrant Shares,
    deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by
    this Warrant, which new Warrant shall in all other respects be identical with this Warrant.
	 	 	 	 
	 	 	(iii)	Rescission
    Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder a certificate or the certificates representing
    the Warrant Shares by the Warrant Share Delivery Date, then the Holder will have the right, at any time prior to issuance of such
    Warrant Shares, to rescind such exercise.
	 	 	 	 
	 	 	(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 cause the Transfer Agent to transmit to the Holder a certificate or the certificates representing the Warrant
    Shares pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its
    broker to purchase (in an open market transaction or otherwise), or the Holder’s brokerage firm otherwise purchases, shares
    of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon
    such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the
    Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds
    (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in
    connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed,
    and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which
    such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares
    of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder.
    For example, if the Holder purchases Common Stock having a total purchase price of $11,000.00 to cover a Buy-In with respect to an
    attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000.00,
    under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000.00. The Holder shall
    provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the
    Company, evidence of the amount of such loss. Nothing herein shall limit 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 Common Stock upon exercise of the Warrant
    as required pursuant to the terms hereof.


 




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	 	 	(v)	No
    Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of
    this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company
    shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied
    by the Exercise Price or round up to the next whole share.
	 	 	 	 
	 	 	(vi)	Charges,
    Taxes and Expenses. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or transfer
    tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by
    the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder;
    provided, however, that in the event certificates for Warrant Shares are to be issued in a name other than the name of the Holder,
    this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder
    and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental
    thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise.
	 	 	 	 
	 	 	(vii)	Closing
    of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this
    Warrant, pursuant to the terms hereof.


 


	 	(g)	Holder’s
    Exercise Limitations. From and after the date that the Warrant Shares are of a class of equity of the borrower registered under
    Section 12(g) of the Exchange Act or the Company is subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange
    Act, the Company shall not effect any exercise of this Warrant, and Holder shall not have the right to exercise any portion of this
    Warrant, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise,
    the Holder (together with the Holder’s affiliates, and any other Persons acting as a group together with the Holder or any
    of the Holder’s affiliates), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For
    purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its affiliates shall
    include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being
    made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised
    portion of this Warrant beneficially owned by the Holder or any of its affiliates and (ii) exercise or conversion of the unexercised
    or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents)
    subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or
    any of its affiliates. Except as set forth in the preceding sentence, for purposes of this Section 2(g), beneficial ownership shall
    be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being
    acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section
    13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To
    the extent that the limitation contained in this Section 2(g) applies, the determination of whether this Warrant is exercisable (in
    relation to other securities owned by the Holder together with any affiliates) and of which portion of this Warrant is exercisable
    shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s
    determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any affiliates)
    and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
    shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status
    as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
    thereunder. For purposes of this Section 2(g), in determining the number of outstanding shares of Common Stock, Holder may rely on
    the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed
    with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice
    by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request
    of Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the number of shares of Common Stock
    then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion
    or exercise of securities of the Company, including this Warrant, by the Holder or its affiliates since the date as of which such
    number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 9.99% of the
    number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable
    upon exercise of this Warrant. The Holder may decrease the Beneficial Ownership Limitation at any time and the Holder, upon not less
    than sixty-one (61) days’ prior notice to the Company, may increase or waive the Beneficial Ownership Limitation provisions
    of this Section 2(g), provided that any such increase or waiver will not be effective until the 61st day after such notice
    is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict
    conformity with the terms of this Section 2(g) to correct this paragraph (or any portion hereof) which may be defective or inconsistent
    with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly
    give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.


 




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Section
3. Certain Adjustments.


 


	 	(a)	Stock
    Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes
    a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares
    of Common Stock; (ii) subdivides outstanding shares of Common Stock into a larger number of shares; (iii) combines (including by
    way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares; or (iv) issues by reclassification
    of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied
    by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding
    immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
    after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the
    aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective
    immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall
    become effective immediately after the effective date in the case of a subdivision, combination or re-classification.
	 	 	 
	 	(b)	Fundamental
    Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
    transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
    effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
    in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
    by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
    their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding shares
    of Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
    or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
    into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
    consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
    spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than
    50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons
    making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement
    or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant,
    the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior
    to the occurrence of such Fundamental Transaction, at the option of the Holder, the number of shares of common stock of the successor
    or acquiring corporation (the “Successor Entity”), of the Company, if it is the surviving corporation, and any additional
    consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the
    number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction, and any
    references herein to the “Company”, whether standing alone or as a part of any other defined term, shall be deemed a
    reference to the successor or acquiring corporation in the Fundamental Transaction, or the Company if it is the surviving corporation,
    and this Warrant shall be so exercisable with respect to the Successor Entity or the Company, as applicable. For purposes of any
    such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based
    on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the
    Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value
    of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities,
    cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate
    Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. If so requested by the Company,
    the Successor Entity or the Holder, each of the Company, the Successor Entity and the Holder shall reasonably cooperate to execute
    and deliver such agreements and documents as required to effect the intent of the provisions of this Section 3(b).


 




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	 	(c)	Voluntary
    Reduction. The Company may unilaterally reduce the Exercise Price at any time.
	 	 	 
	 	(d)	Calculations.
    All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For
    purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be
    the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.
	 	 	 
	 	(e)	Notice
    to Holder.


 


	 	 	(i)	Adjustment
    to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision in this Warrant, the Company shall promptly
    mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of
    Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.
	 	 	 	 
	 	 	(ii)	Notice
    to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
    Common Stock; (B) the Company shall declare a special nonrecurring cash dividend on, or a redemption of, the Common Stock; (C) the
    Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
    of capital stock of any class or of any rights; (D) the approval of any stockholders of the Company shall be required in connection
    with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
    of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted
    into other securities; or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of
    the affairs of the Company, then, in each case, to the extent that such information constitutes material non-public information (as
    determined in good faith by the Company) the Company shall follow the procedure described the Consulting Agreement and shall deliver
    to the Holder at its last address as it shall appear upon the Warrant Register of the Company, at least twenty (20) calendar days
    prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be
    taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date
    as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants
    are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected
    to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled
    to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation,
    merger, sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof
    shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided
    hereunder constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company
    shall simultaneously file such notice with the SEC pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to
    exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such
    notice except as may otherwise be expressly set forth herein.


 




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Section
4. Transfer of Warrant.


 


	 	(a)	Transferability.
    Subject to compliance with any applicable securities laws, this Warrant and all rights hereunder (including, without limitation,
    any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company
    or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed
    by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon
    such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the
    assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall
    issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.
    The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without
    having a new Warrant issued.
	 	 	 
	 	(b)	New
    Warrants. Subject to compliance with all applicable securities laws, this Warrant may be divided or combined with other Warrants
    upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations
    in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as
    to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants
    in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers
    or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number
    of Warrant Shares issuable pursuant thereto.
	 	 	 
	 	(c)	Warrant
    Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
    Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder
    of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all
    other purposes, absent actual notice to the contrary.


 




    	8



     


    

 


Section
5. Restructuring.


 


	 	(a)	New
    Entity. In addition to the provisions of Section 3(b), the Company and the Holder acknowledge and agree that, in connection with
    an IPO or a Fundamental Transaction, it is expected that the Company will create a new corporation in the United States, which is
    expected to be in the State of Delaware (“Newco”), to undertake the IPO or Fundamental Transaction, and in which event
    the Company is expected to be acquired by, or merge with, Newco or a subsidiary of Newco, such that Newco will be the entity that
    completes the IPO or Fundamental Transaction (the “Restructuring”).
	 	 	 
	 	(b)	Holder
    Election. In the event that the Restructuring is completed prior to the full exercise of this Warrant, or in the event that a
    Fundamental Transaction occurs prior to the full exercise of this Warrant, the Holder, in its sole discretion and as evidenced by
    written notice to the Company at any time prior to the Trigger Date, shall have the right to elect to cause the Company and Newco,
    or the Company and the Successor Entity, as applicable, to issue to Holder a new warrant of Newco or the Successor Entity (as applicable,
    the “Replacement Issuer”) to replace this Warrant (the “New Warrant”), which New Warrant shall be issued
    prior to the completion of the IPO or Fundamental Transaction or at the time of the closing of the Fundamental Transaction, as applicable.
	 	 	 
	 	(c)	New
    Warrant. The New Warrant shall be substantially in the form of this Warrant (other than the last sentence of Section 6(e) shall
    be omitted, and such additional changes as reasonably required to reflect the Replacement Issuer as the issuer shall be made), and
    shall provide for the acquisition of the stock of the Replacement Issuer which is subject to the IPO or Fundamental Transaction,
    and will be for a number of shares of the Replacement Issuer comprising the number of shares of the Replacement Issuer into which
    2.7% of the shares of the Company as of the Issuance Date as set forth above were converted or exchanged in the Restructuring or
    the Fundamental Transaction, as applicable, less any proportion of this Warrant which has been exercised as of the time of the issuance
    of the New Warrant. By way of example and not limitation, in the event that this Warrant was initially exercisable for 1,000 shares
    of the Company and the Company had 100,000 shares outstanding, and assuming no portion of this Warrant had been exercised, if all
    100,000 shares of the Company were converted or exchanged in an IPO Restructuring for 1,000,000 shares of Newco, the New Warrant
    would be exercisable for 10,000 shares of Newco. The New Warrant shall be governed by the laws of the jurisdiction of organization
    of the Replacement Issuer. Upon any issuance of the New Warrant, this Warrant shall thereafter be null and void.
	 	 	 
	 	(d)	Non-Circumvention.
    The intent of the provisions of this Section 5 is that the Holder will be entitled to acquire shares of stock in the entity in which
    or through which the Company consummates the IPO or the Fundamental Transaction, as applicable, whether being the Company or the
    Replacement Issuer, and the Company shall not undertake any actions or fail to take any actions which would reasonably be expected
    to frustrate such intent, and shall take such actions as reasonably required to effect such intent.


 




    	9



     


    

 


Section
6. Miscellaneous.


 


	 	(a)	No
    Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
    as a stockholder of the Company prior to the exercise hereof as set forth herein.
	 	 	 
	 	(b)	Loss,
    Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory
    to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and
    in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which shall not include the posting
    of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver
    a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.
	 	 	 
	 	(c)	Saturdays,
    Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
    granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised on the next succeeding Trading
    Day.
	 	 	 
	 	(d)	Authorized
    Shares. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued
    Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights
    under this Warrant, which number shall be at least 300% of the number of Warrant Shares to be issued upon exercise of this Warrant.
    The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with
    the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise
    of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such
    Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of
    the trading market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon
    the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant
    and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and non-assessable and
    free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any
    transfer occurring contemporaneously with such issue). Except and to the extent as waived or consented to by the Holder, the Company
    shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization,
    transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek
    to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying
    out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as
    set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase
    the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par
    value; (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully
    paid and nonassessable Warrant Shares upon the exercise of this Warrant; and (iii) use commercially reasonable efforts to obtain
    all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary
    to enable the Company to perform its obligations under this Warrant. Before taking any action which would result in an adjustment
    in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such
    authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction
    thereof. Failure to maintain sufficient shares for exercise of the Warrant, shall constitute an Event of Default under the Consulting
    Agreement and Holder shall be able to rely on any applicable default remedies thereunder.


 




    	10



     


    

 


	 	(e)	Governing
    Law and Jurisdiction. This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware without
    regard to principles of conflicts of laws. All questions concerning jurisdiction, venue and the construction, validity, enforcement
    and interpretation of this Warrant shall be determined in accordance with the provisions of the Consulting Agreement. Notwithstanding
    the foregoing, to the extent that the laws of Japan are required to apply hereto in order to give effect hereto, the laws of Japan
    shall so apply.
	 	 	 
	 	(f)	Restrictions.
    The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions
    upon resale imposed by state and federal securities laws.
	 	 	 
	 	(g)	Non-waiver
    and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
    as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision
    of this Warrant or the Consulting Agreement, if the Company fails to comply with any provision of this Warrant, which results in
    any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and
    expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the
    Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.
	 	 	 
	 	(h)	Notices.
    Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
    in accordance with the notice provisions of the Consulting Agreement.
	 	 	 
	 	(i)	Limitation
    of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase
    Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder
    for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
    or by creditors of the Company.
	 	 	 
	 	(j)	Remedies.
    The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
    to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
    for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
    the defense in any action for specific performance that a remedy at law would be adequate.
	 	 	 
	 	(k)	Successors
    and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
    to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
    of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
    shall be enforceable by the Holder or holder of Warrant Shares.
	 	 	 
	 	(l)	Amendment.
    Other than as specifically set forth herein, this Warrant may be modified or amended or the provisions hereof waived only with the
    written consent of the Company and the Holder.
	 	 	 
	 	(m)	Severability.
    Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
    law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
    to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
    of this Warrant.
	 	 	 
	 	(n)	Headings.
    The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this
    Warrant.
	 	 	 
	 	(o)	Execution
    in Counterparts, Electronic Transmission. This Warrant may be executed in multiple counterparts, each of which shall be deemed
    an original and all of which taken together shall be but a single instrument. Counterparts may be delivered via facsimile, electronic
    mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other
    transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective
    for all purposes.


 


[Signatures
appear on following page]


 




    	11



     


    

 


IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of Issuance Date.





 


	 	SBC
    Medical Group, Inc.
	 	 	 
	 	By:	/s/
    Yoshiyuki Aikawa
	 	Name:	Yoshiyuki
    Aikawa
	 	Title:	President
    and Chief Executive Officer


 


Agreed
and accepted:


 


	HeartCore
    Enterprises, Inc.	 
	 	 	 
	By:
    	/s/
    Sumitaka Yamamoto	 
	Name:
    	Sumitaka
    Yamamoto	 
	Title:	Chief
    Executive Officer	 


 




    	12



     


    

 


NOTICE
OF EXERCISE


 


TO:
SBC Medical Group, Inc.


 


(1)
The undersigned hereby elects to purchaseWarrant Shares of the Company pursuant to the terms of the attached Warrant (only
if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.


 


(2)
Payment shall take the form of lawful money of the United States;




 


(3)
Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is
specified below:


 


___________________________________________


 


(4)
After giving effect to this Notice of Exercise, the undersigned will not have exceeded the Beneficial Ownership Limitation.


 


The
Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:


___________________________________________


 


___________________________________________


 


___________________________________________


 


___________________________________________


 


Name
of Investing Entity:


___________________________________________


 


Signature
of Authorized Signatory of Investing Entity:


 


___________________________________________


Name:


Title:


Date:


 




    	 



     


    

 


ASSIGNMENT
FORM


 


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


 


SBC
Medical Group, Inc.


 


FOR
VALUE RECEIVED, [________] all of or [________] shares of the foregoing Warrant and all rights evidenced thereby are hereby
assigned to


 


______________________________________________________whose
address is


_______________________________________________________________ 


 


Dated:____________________________________________________,
_____________





 


	Holder’s Signature:	 	 
	 	 	 
	Holder’s Address:	 	 
	 	 	 
	 	 	 




 


Signed
in the presence of:


 


_____________________________


 


NOTE:
The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement
or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary
or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.