FORM
OF SERIES A WARRANT


NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL SELECTED BY THE HOLDER, IN A FORM REASONABLY ACCEPTABLE
TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD (X) PURSUANT TO RULE
144 OR RULE 144A UNDER SAID ACT OR (Y) TO AN ACCREDITED INVESTOR IN A PRIVATE TRANSACTION. NOTWITHSTANDING THE FOREGOING, THE
SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE
SECURITIES.


GENEREX
BIOTECHNOLOGY CORPORATION


Series
A Warrant To Purchase Common Stock


Warrant
No.:


Date
of Issuance: August 4, 2020 (“Issuance Date”)


Generex
Biotechnology Corporation, a Delaware corporation (the “Company”), hereby certifies that, for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, [holder],
the registered holder hereof or its permitted assigns (the “Holder”), is entitled, subject to the terms set forth
below, to purchase from the Company, at the Exercise Price (as defined below) then in effect, at any time or times on or after
the Issuance Date, but not after 11:59 p.m., New York time, on the Expiration Date, (as defined below), [ ] fully paid
nonassessable shares of Common Stock, subject to adjustment as provided herein (the “Warrant Shares”). Except
as otherwise defined herein, capitalized terms in this Warrant to Purchase Common Stock (including any Warrants to Purchase Common
Stock issued in exchange, transfer or replacement hereof, this “Warrant”), shall have the meanings set forth
in Section 18. This Warrant is one of the Series A Warrants to purchase Common Stock (the “SPA Warrants”) issued
pursuant to Section 1 of that certain Securities Purchase Agreement, dated as of August 4, 2020 (the “Subscription Date”),
by and among the Company and the investors (the “Buyers”) referred to therein (as may be amended, amended and
restated, supplemented or otherwise modified from time to time in accordance with its terms, the “Securities Purchase
Agreement”). Capitalized terms used herein and not otherwise defined shall have the definitions ascribed to such terms
in the Securities Purchase Agreement.


1. EXERCISE
OF WARRANT.


(a) 
Mechanics of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth
in Section 1(f)), this Warrant may be exercised by the Holder at any time or times: on or after the Issuance Date, in whole or
in part, by (i) delivery of a written notice, in the form attached hereto as Exhibit A (the “Exercise Notice”),
of the Holder’s election to exercise this Warrant and (ii) (A) payment to the Company of an amount equal to the applicable
Exercise Price multiplied by the number of Warrant Shares as to which this Warrant is being exercised (the “Aggregate
Exercise Price”) in cash by wire transfer of immediately available funds or (B) if the provisions of Section 1(d) are
applicable, by notifying the Company that this Warrant is being exercised pursuant to a Cashless Exercise (as defined in Section
1(d)). The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder, nor shall any
ink-original signature or medallion guarantee (or other type of guarantee or notarization) with respect to any Exercise Notice
be required. Execution and delivery of the Exercise Notice with respect to less than all of the Warrant Shares shall have the
same effect as cancellation of the original Warrant and issuance of a new Warrant evidencing the right to purchase the remaining
number of Warrant Shares. On or before the first (1st) Trading Day following the date on which the Holder has delivered
the applicable Exercise Notice to the Company, the Company shall transmit by electronic mail an acknowledgment of confirmation
of receipt of the Exercise Notice to the Holder and the Company’s transfer agent (the “Transfer Agent”). On or
before the applicable Share Delivery Date, the Company shall (X) provided that the Transfer Agent is participating in The Depository
Trust Company (”DTC”) Fast Automated Securities Transfer Program and (A) the applicable Warrant Shares are subject
to an effective resale registration statement in favor of the Holder or (B) if exercised via Cashless Exercise, at a time when
Rule 144 would be available for resale of the applicable Warrant Shares by the Holder, credit such aggregate number of Warrant
Shares to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through
its Direct Registration System (DRS), or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer
Program or (A) the applicable Warrant Shares are not subject to an effective resale registration statement in favor of the Holder
and (B) if exercised via Cashless Exercise, at a time when Rule 144 would not be available for resale of the applicable Warrant
Shares by the Holder, issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate,
registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which
the Holder is entitled pursuant to such exercise. The Company shall be responsible for all fees and expenses of the Transfer Agent
and all fees and expenses with respect to the issuance of Warrant Shares via DTC, if any, including, without limitation, for same
day processing. Upon delivery of the Exercise Notice, the Holder shall be deemed for all corporate purposes to have become the
holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date such Warrant
Shares are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares, as
the case may be. If this Warrant is submitted in connection with any exercise pursuant to this Section 1(a) and the number of
Warrant Shares represented by this Warrant submitted for exercise is greater than the number of Warrant Shares being acquired
upon an exercise, then the Company shall as soon as practicable and in no event later than two (2) Trading Days after any exercise
and at its own expense, issue a new Warrant (in accordance with Section 7(d)) representing the right to purchase the number of
Warrant Shares issuable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect
to which this Warrant is exercised. No fractional Warrant Shares are to be issued upon the exercise of this Warrant, but rather
the number of Warrant Shares to be issued shall be rounded up to the nearest whole number. The Company shall pay any and all taxes
which may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant. The Company’s
obligations to issue and deliver Warrant Shares in accordance with the terms and subject to the conditions hereof are absolute
and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect
to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim,
recoupment, limitation or termination. While any SPA Warrants remain outstanding, the Company
shall use a transfer agent that participates in the DTC Fast Automated Securities Transfer Program.


(b) 
Exercise Price. For purposes of this Warrant, “Exercise Price” means (i) initially, $0.392 and
(ii) from and after each Second Trigger Date, the lesser of (x) $0.392 and (y) eighty percent (80%) of the Closing Sale Price
of the Common Stock on the applicable Second Trigger Date (expressed as a dollar amount and only if it results in a reduction
in the Exercise Price), subject to adjustment as provided herein. If the Exercise Price is decreased following any Second Trigger
Date, then the number of Warrant Shares shall be proportionally increased to permit the Holder to invest the same amount in the
Company had such Exercise Price not been decreased so that after such adjustment the aggregate Exercise Price payable hereunder
for the adjusted number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such
adjustment (without regard to any limitations on exercise contained herein).


(c) 
Company’s Failure to Timely Deliver Securities. If the Company shall fail for any reason or for no reason to issue to the
Holder on or prior to the applicable Share Delivery Date either (I) if the Transfer Agent is not participating in the DTC Fast
Automated Securities Transfer Program, a certificate for the number of shares of Common Stock to which the Holder is entitled
and register such shares of Common Stock on the Company’s share register or if the Transfer Agent is participating in the DTC
Fast Automated Securities Transfer Program, to credit the Holder’s balance account with DTC, for such number of shares of Common
Stock to which the Holder is entitled upon the Holder’s exercise of this Warrant or (II) if the Registration Statement covering
the resale of the Warrant Shares that are the subject of the Exercise Notice (the “Unavailable Warrant Shares”)
is not available for the resale of such Unavailable Warrant Shares and the Company fails to promptly, but in no event later than
as is required pursuant to the Registration Rights Agreement (x) so notify the Holder in writing and (y) deliver the Warrant Shares
electronically without any restrictive legend by crediting such aggregate number of Warrant Shares to which the Holder is entitled
pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its Direct Registration System (DRS)
(the event described in the immediately foregoing clause (II) is hereinafter referred as a “Notice Failure” and
together with the event described in clause (I) above, an “Exercise Failure”), then, in addition to all other
remedies available to the Holder, (X) the Company shall pay in cash to the Holder on each day after the applicable Share Delivery
Date and during such Exercise Failure an amount equal to 2.0% of the product of (A) the number of shares of Common Stock not issued
to the Holder on or prior to the applicable Share Delivery Date and to which the Holder is entitled, and (B) any trading price
of the Common Stock selected by the Holder in writing as in effect at any time during the period beginning on the applicable date
of delivery of the applicable Exercise Notice and ending on the applicable Share Delivery Date, and (Y) the Holder, upon written
notice to the Company, may void its Exercise Notice with respect to, and retain or have returned, as the case may be, any portion
of this Warrant that has not been exercised pursuant to such Exercise Notice; provided that the voiding of an Exercise Notice
shall not affect the Company’s obligations to make any payments which have accrued prior to the date of such notice pursuant to
this Section 1(c) or otherwise. In addition to the foregoing, if on or prior to the applicable Share Delivery Date either (I)
if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, the Company shall fail to issue
and deliver a certificate to the Holder and register such shares of Common Stock on the Company’s share register or, if the Transfer
Agent is participating in the DTC Fast Automated Securities Transfer Program, credit the Holder’s balance account with DTC for
the number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise hereunder or pursuant to the Company’s
obligation pursuant to clause (ii) below or (II) a Notice Failure occurs, and if on or after such Trading Day the Holder purchases
(in an open market transaction or otherwise) shares of Common Stock relating to the applicable Exercise Failure (a “Buy-In”),
then the Company shall, within two (2) Trading Days after the Holder’s request and in the Holder’s discretion, either (i) pay
cash to the Holder in an amount equal to the Holder’s total purchase price (including brokerage commissions and other out-of-pocket
expenses, if any) for the shares of Common Stock so purchased (the “Buy-In Price”), at which point the Company’s
obligation to deliver such certificate (and to issue such shares of Common Stock) or credit the Holder’s balance account with
DTC for such shares of Common Stock shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate
or certificates representing such shares of Common Stock or credit the Holder’s balance account with DTC, as applicable, and pay
cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of shares
of Common Stock, times (B) any trading price of the Common Stock selected by the Holder in writing as in effect at any time during
the period beginning on the date of delivery of the applicable Exercise Notice and ending on the applicable Share Delivery Date.
Nothing herein shall limit the 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 (or to electronically deliver such shares of Common Stock) upon the exercise
of this Warrant as required pursuant to the terms hereof.


(d) 
Cashless Exercise. Notwithstanding anything contained herein to the contrary, from and after the date that is one hundred
eighty (180) days following the Issuance Date, if the Registration Statement covering the resale of the Unavailable Warrant Shares
is not available for the resale of such Unavailable Warrant Shares, the Holder may, in its sole discretion, exercise this Warrant
in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise
in payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number” of shares of
Common Stock determined according to the following formula (a “Cashless Exercise”):


	Net Number =	(A x B) - (A x C)	 
	 	B	 







For
purposes of the foregoing formula:


A=
the total number of shares with respect to which this Warrant is then being exercised.


B=
as applicable: (i) the Weighted Average Price of the Common Stock on the Trading Day immediately preceding the date of the applicable
Exercise Notice if such Exercise Notice is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that is not
a Trading Day or (2) both executed and delivered pursuant to Section 1(a) hereof on a Trading Day prior to the opening of “regular
trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading
Day, (ii) at the option of the Holder, either (x) the Weighted Average Price of the Common Stock on the Trading Day immediately
preceding the date of the applicable Exercise Notice or (y) the Bid Price of the Common Stock on the principal trading market
for the Common Stock as reported by Bloomberg as of the time of the Holder’s execution of the applicable Exercise Notice if such
Exercise Notice is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter
(including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 1(a)
hereof or (iii) the Weighted Average Price of the Common Stock on the date of the applicable Exercise Notice if the date of such
Exercise Notice is a Trading Day and such Exercise Notice is both executed and delivered pursuant to Section 1(a) hereof after
the close of “regular trading hours” on such Trading Day.


C=
the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.


For
purposes of Rule 144(d) promulgated under the 1933 Act, the Company hereby acknowledges and agrees that the Warrant Shares issued
in a Cashless Exercise shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares for
purposes of Rule 144(d), shall be deemed to have commenced, on the date this Warrant was originally issued pursuant to the Securities
Purchase Agreement. The Company agrees not to take any position contrary to this Section 1(d).


(e) 
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant
Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute
in accordance with Section 12.


(f) 
Beneficial Ownership Limitation on Exercises. Notwithstanding anything to the contrary contained herein, 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 collectively
would beneficially own in excess of 9.99% (the “Maximum Percentage”) of the number of shares of Common Stock
outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of
shares of Common Stock beneficially owned by the Holder and the other Attribution Parties shall include the number of shares of
Common Stock held by the Holder and all other Attribution Parties plus the number of shares of Common Stock issuable upon exercise
of this Warrant with respect to which the determination of such sentence is being made, but shall exclude the number of shares
of Common Stock 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 the Additional Warrants) 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). For purposes of this Section 1(f), beneficial
ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “1934
Act”). For purposes of this Warrant, in determining the number of outstanding shares of Common Stock 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 Common Stock as reflected in (x) the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, Current
Report on Form 8-K or other public filing with the Securities and Exchange Commission (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
setting forth the number of shares of Common Stock 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 shares of Common Stock
is less than the Reported Outstanding Share Number, the Company shall (i) promptly notify the Holder in writing of the number
of shares of Common Stock 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), to exceed the Maximum Percentage, the Holder must notify the Company of
a reduced number of Warrant Shares to be purchased 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 in writing by electronic mail 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 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 shares of Common Stock 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 shares of Common
Stock (as determined under Section 13(d) of the 1934 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 any portion of this Warrant so exercised shall be reinstated, 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 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 SPA Warrants that is not an Attribution Party of the Holder. For purposes of clarity, the shares of Common
Stock 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) or Rule 16a-1(a)(1) of the 1934 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 1(f) 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 1(f) 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.


(g) 
Insufficient Authorized Shares. If at any time while this Warrant remains outstanding the Company does not have a sufficient
number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance upon exercise of
this Warrant a number of shares of Common Stock not less than the number of shares of Common Stock issued and issuable pursuant
to the sum of 100% of the number of shares of Common Stock issuable upon exercise of the SPA Warrants determined in accordance
with Section 1(b) of the Warrant assuming an Exercise Price equal to the Reset Floor Price, without giving effect to any limitation
on exercise set forth herein, as adjusted for stock splits, stock dividends, recapitalizations, reorganizations, reclassification,
combinations, reverse stock splits or other similar events occurring after the date hereof (the “Required Reserve Amount”)
and the failure to have such sufficient number of authorized and unreserved shares of Common Stock, an “Authorized Share
Failure”), then the Company shall immediately take all action necessary to increase the Company’s authorized shares of
Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount for this Warrant then outstanding.
Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized
Share Failure, but in no event later than sixty (60) days after the occurrence of such Authorized Share Failure, the Company shall
hold a meeting of its stockholders for the approval of an increase in the number of authorized shares of Common Stock. In connection
with such meeting, the Company shall provide each stockholder with a proxy statement and shall use its best efforts to solicit
its stockholders’ approval of such increase in authorized shares of Common Stock and to cause its board of directors to recommend
to the stockholders that they approve such proposal. Notwithstanding the foregoing, if any such time of an Authorized Share Failure,
the Company is able to obtain the written consent of a majority of the shares of its issued and outstanding shares of Common Stock
to approve the increase in the number of authorized shares of Common Stock, the Company may satisfy this obligation by obtaining
such consent and submitting for filing with the SEC an Information Statement on Schedule 14C. In the event that upon any exercise
of this Warrant, the Company does not have sufficient authorized shares to deliver in satisfaction of such exercise, then unless
the Holder elects to void such attempted exercise, the Holder may require the Company to pay to the Holder within two (2) Trading
Days of the applicable exercise, cash in an amount equal to the product of (i) the number of Warrant Shares that the Company is
unable to deliver pursuant to this Section 1(g) and (ii) the highest Weighted Average Price during the period beginning on the
date of such attempted exercise and the date that the Company makes the applicable cash payment.


(h) 
Mandatory Exercise at the Company’s Election.


Provided
that no Equity Conditions Failure has occurred during the Equity Conditions Measuring Period, on the twentieth (20th)
Trading Day after the Registration Date, but in any event on or prior to February 4, 2021 (the “Mandatory Exercise Termination
Date”), the Company shall have the right to require the Holder and all, but not less than all, holders of the other SPA
Warrants then outstanding, to exercise this Warrant (in whole or in part) and the other SPA Warrants that are then outstanding
on the Mandatory Exercise Date (as defined below) into fully paid, validly issued and nonassessable shares of Common Stock in
accordance with Section 1(a) hereof at the Exercise Price as of the Mandatory Exercise Date (as defined below) (the “Mandatory
Exercise”). The Company may exercise its right to require exercise under this Section 1(h) by delivering a written notice
thereof by electronic mail and overnight courier to the Holder and all, but not less than all, of the holders of the other SPA
Warrants and the Transfer Agent on the twentieth (20th) Trading Day after the Registration Date, which date, for the
avoidance of doubt, must be prior to the Mandatory Exercise Termination Date (so long as there has not been an Equity Conditions
Failure during the Equity Conditions Measuring Period) (the “Mandatory Exercise Notice” and the date the Holder
and all the holders of the other SPA Warrants receive such notice is referred to as the “Mandatory Exercise Notice Date”).
The Mandatory Exercise Notice shall be irrevocable. The Mandatory Exercise Notice shall (i) state (a) the Trading Day on which
the Mandatory Exercise shall occur, which Trading Day shall be the second (2nd) Trading Day immediately following the
Mandatory Exercise Notice Date (the “Mandatory Exercise Date”), (b) the aggregate number of SPA Warrants which
the Company has elected to be subject to the Mandatory Exercise from the Holder and all of the holders of the other SPA Warrants
pursuant to this Section 1(h) (and analogous provisions under the other SPA Warrants) and (c) the number of shares of Common Stock
to be issued to the Holder on the Mandatory Exercise Date and (ii) certify that there has been no Equity Conditions Failure on
any day during the period beginning on the first day of the Equity Conditions Measuring Period prior to the Mandatory Exercise
Notice Date through the Mandatory Exercise Notice Date. If the Company confirmed that there was no such Equity Conditions Failure
as of the Mandatory Exercise Notice Date but an Equity Conditions Failure occurs at any time between the Mandatory Exercise Notice
Date, inclusive, and the Mandatory Exercise Date, inclusive (the “Mandatory Exercise Interim Period”), the Company
shall provide the Holder and each holder of the other SPA Warrants a subsequent written notice to that effect. If (x)(i) the Company
fails to properly deliver a Mandatory Exercise Notice on the twentieth (20th) Trading Day after the Registration Date
occurring prior to the Mandatory Exercise Termination Date, or (ii) delivers a Mandatory Exercise Notice requiring the partial
exercise of this Warrant or (y) there is an Equity Conditions Failure (which is not waived in writing by the Holder) during the
Mandatory Exercise Interim Period, then in the case of clause (y), the Mandatory Exercise shall be null and void with respect
to all or any part designated by the Holder of the unexercised portion of this Warrant and in the case of clauses (x) and (y),
the Holder shall be entitled to all the rights of a holder of this Warrant with respect to such unexercised portion of this Warrant
and the Company shall forfeit any right to deliver a subsequent Mandatory Exercise Notice. Notwithstanding anything to the contrary
in this Section 1(h), until the Mandatory Exercise has occurred, this Warrant subject to the Mandatory Exercise may be exercised,
in whole or in part, by the Holder into shares of Common Stock pursuant to Section 1(a). All exercises of this Warrant by the
Holder after the Mandatory Exercise Notice Date shall reduce the portion of this Warrant required to be exercised on the Mandatory
Exercise Date. If the Company elects to cause a Mandatory Exercise pursuant to Section 1(h), then it must simultaneously take
the same action in the same proportion with respect to all of the other SPA Warrants.


(ii)Notwithstanding
the foregoing, if (i) the Company has elected to effect a Mandatory Exercise pursuant to this Section 1(h), (ii) the Company is
permitted pursuant to this Section 1(h) to effect such Mandatory Exercise if not for the Equity Condition set forth in clause
(iv) of such definition and (iii) prior to the Mandatory Exercise Date the Holder has delivered (via facsimile or otherwise) to
the Company a written notice (a “Blocker Notice”) (A) stating that such Mandatory Exercise would result in a
violation of Section 1(f) and (B) specifying the portion of the applicable Mandatory Exercise which would result in a violation
of Section 1(f) if such Mandatory Exercise were effected (such amount so specified is referred to herein as the “Designated
Specified Amount”), at the option of the Holder, the Holder may elect to require the Company to hold the shares of Common
Stock issuable to the Holder pursuant to such Mandatory Exercise of the Designated Specified Amount in abeyance for the Holder
until such time or times as its right thereto would not result in the Holder and its other Attribution Parties exceeding the Maximum
Percentage, with the Holder acting in good faith to cause such time to occur as soon as is commercially, reasonably possible,
at which time or times the Holder shall pay the applicable Exercise Price for such Designated Specified Amount and the Holder
shall be delivered such shares to the extent as if there had been no such limitation.


ADJUSTMENT
OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and the number of Warrant Shares shall be adjusted from
time to time as follows:


(a) 
Adjustment Upon Issuance of Shares of Common Stock. If during the period when this Warrant is outstanding, the Company
publicly announces, issues or sells, enters into a definitive, binding agreement pursuant to which the Company is required to
issue or sell or, in accordance with this Section 2(a), is deemed to have issued or sold, any shares of Common Stock (including
the issuance or sale of shares of Common Stock owned or held by or for the account of the Company, but excluding shares of Common
Stock deemed to have been issued or sold by the Company in connection with any Excluded Securities) for a consideration per share
(the “New Issuance Price”) less than a price (the “Applicable Price”) equal to the Exercise
Price in effect immediately prior to such public announcement, issue or sale or deemed issuance or sale or entry into such a definitive,
binding agreement (the foregoing a “Dilutive Issuance”), then immediately after such Dilutive Issuance, the Exercise
Price then in effect shall be reduced to an amount equal to the New Issuance Price. For purposes of determining the adjusted Exercise
Price under this Section 2(a), the following shall be applicable:


(i) Issuance
of Options. If the Company in any manner grants or sells or enters into a definitive, binding agreement pursuant to which
the Company is required to grant or sell, or the Company publicly announces the issuance or sale of, any Options and the lowest
price per share for which one share of Common Stock is issuable upon the exercise of any such Option or upon conversion, exercise
or exchange of any Convertible Securities issuable upon exercise of any such Option is less than the Applicable Price, then such
share of Common Stock shall be deemed to be outstanding and to have been issued and sold by the Company at the time of the granting
or sale of such Option for such price per share. For purposes of this Section 2(a)(i), the “lowest price per share for which
one share of Common Stock is issuable upon the exercise of any such Option or upon conversion, exercise or exchange of any Convertible
Securities issuable upon exercise of any such Option” shall be equal to the sum of the lowest amounts of consideration (if
any) received or receivable by the Company with respect to any one share of Common Stock upon the granting or sale of the Option,
upon exercise of the Option and upon conversion, exercise or exchange of any Convertible Security issuable upon exercise of such
Option less any consideration paid or payable by the Company with respect to such one share of Common Stock upon the granting
or sale of such Option, upon exercise of such Option and upon conversion exercise or exchange of any Convertible Security issuable
upon exercise of such Option. No further adjustment of the Exercise Price shall be made upon the actual issuance of such shares
of Common Stock or of such Convertible Securities upon the exercise of such Options or upon the actual issuance of such shares
of Common Stock upon conversion, exercise or exchange of such Convertible Securities.


(ii) Issuance
of Convertible Securities. If the Company in any manner issues or sells, or enters into a definitive, binding agreement pursuant
to which the Company is required to grant or sell or the Company publicly announces the issuance or sale of, any Convertible Securities
and the lowest price per share for which one share of Common Stock is issuable upon the conversion, exercise or exchange thereof
is less than the Applicable Price, then such share of Common Stock 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 Convertible Securities for such price per share. For the purposes
of this Section 2(a)(ii), the “lowest price per share for which one share of Common Stock is issuable upon the conversion,
exercise or exchange thereof” shall be equal to the sum of the lowest amounts of consideration (if any) received or receivable
by the Company with respect to any one share of Common Stock upon the issuance or sale of the Convertible Security and upon conversion,
exercise or exchange of such Convertible Security less any consideration paid or payable by the Company with respect to such one
share of Common Stock upon the issuance or sale of such Convertible Security and upon conversion, exercise or exchange of such
Convertible Security. No further adjustment of the Exercise Price shall be made upon the actual issuance of such shares of Common
Stock upon conversion, exercise or exchange of such Convertible Securities, and if any such issue or sale of such Convertible
Securities 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 2(a), no further adjustment of the Exercise Price shall be made by reason of such issue or sale.


(iii) Change
in Option Price or Rate of Conversion. If the purchase price provided for in any Options, the additional consideration, if
any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities, or the rate at which any Convertible
Securities are convertible into or exercisable or exchangeable for shares of Common Stock increases or decreases at any time,
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 Convertible Securities 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 2(a)(iii), if the terms of any Option or Convertible Security that was outstanding as of
the Subscription Date are increased or decreased in the manner described in the immediately preceding sentence, then such Option
or Convertible Security and the shares of Common Stock 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 2(a) shall be made
if such adjustment would result in an increase of the Exercise Price then in effect.


(iv) Calculation
of Consideration Received. If any Option and/or Convertible Security and/or Adjustment Right is issued in connection with
the issuance or sale or deemed issuance or sale of any other securities of the Company (as determined by the Holder, the “Primary
Security”, and such Option and/or Convertible Security and/or Adjustment Right, the “Secondary Securities”),
together comprising one integrated transaction, (or one or more transactions if such issuances or sales or deemed issuances or
sales of securities of the Company either (A) have at least one investor or purchaser in common, (B) are consummated in reasonable
proximity to each other and/or (C) are consummated under the same plan of financing) the aggregate consideration per share of
Common Stock with respect to such Primary Security shall be deemed to be equal to the difference of (x) the lowest price per share
for which one share of Common Stock was issued (or was deemed to be issued pursuant to Section 2(a)(i) or Section 2(a)(ii), as
applicable) in such integrated transaction solely with respect to such Primary Security, minus (y) with respect to such Secondary
Securities, the sum of (I) the Black Scholes Consideration Value of each such Option, if any, (II) the fair market value (as determined
by the Holder in good faith) or the Black Scholes Consideration Value, as applicable, of such Adjustment Right, if any, and (III)
the fair market value (as determined by the Holder) of such Convertible Security, if any, in each case, as determined on a per
share basis in accordance with this Section 2(a)(iv). If any shares of Common Stock, Options or Convertible Securities are issued
or sold or deemed to have been issued or sold for cash, the consideration received therefor (for the purpose of determining the
consideration paid for such Common Stock, Option or Convertible Security, but not for the purpose of the calculation of the Black
Scholes Consideration Value) will be deemed to be the net amount of consideration received by the Company therefor. If any shares
of Common Stock, Options or Convertible Securities are issued or sold for a consideration other than cash, the amount of such
consideration received by the Company (for the purpose of determining the consideration paid for such Common Stock, Option or
Convertible Security, but not for the purpose of the calculation of the Black Scholes Consideration Value) will be the fair value
of such consideration, except where such consideration consists of publicly traded securities, in which case the amount of consideration
received by the Company for such securities will be the arithmetic average of the Weighted Average Prices of such security for
each of the five (5) Trading Days immediately preceding the date of receipt. If any shares of Common Stock, Options or Convertible
Securities are issued to the owners of the non-surviving entity in connection with any merger in which the Company is the surviving
entity, the amount of consideration therefor (for the purpose of determining the consideration paid for such Common Stock, Option
or Convertible Security, but not for the purpose of the calculation of the Black Scholes Consideration Value) will be deemed to
be the fair value of such portion of the net assets and business of the non-surviving entity as is attributable to such shares
of Common Stock, Options or Convertible Securities (as the case may be). The fair value of any consideration other than cash or
publicly traded securities will be determined jointly by the Company and the Holder. If such parties are unable to reach agreement
within ten (10) days after the occurrence of an event requiring valuation (the “Valuation Event”), the fair value
of such consideration will be determined within five (5) Trading Days after the tenth (10th) day following such Valuation
Event by an independent, reputable appraiser jointly selected by the Company and the Holder. The determination of such appraiser
shall be final and binding upon all parties absent manifest error and the fees and expenses of such appraiser shall be borne by
the Company. Notwithstanding anything to the contrary contained herein, if a calculation pursuant to this Section 2(a)(iv) would
result in an Exercise Price that is lower than the par value of the Common Stock, then the Exercise Price shall be deemed to equal
the par value of the Common Stock.


(v) Record
Date. If the Company takes a record of the holders of shares of Common Stock for the purpose of entitling them (A) to
receive a dividend or other distribution payable in shares of Common Stock, Options or in Convertible Securities or (B) to
subscribe for or purchase shares of Common Stock, Options or Convertible Securities, then such record date will be deemed to be
the date of the issue or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend
or the making of such other distribution or the date of the granting of such right of subscription or purchase, as the case may
be.


(vi) No
Readjustments. For the avoidance of doubt, in the event the Exercise Price has been adjusted pursuant to this Section 2(a)
and the Dilutive Issuance that triggered such adjustment does not occur, is not consummated, is unwound or is cancelled after
the facts for any reason whatsoever, in no event shall the Exercise Price be readjusted to the Exercise Price that would have
been in effect if such Dilutive Issuance had not occurred or been consummated.


(b) 
Voluntary Adjustment By Company. The Company may at any time during the term of this Warrant, with the prior written consent
of the Holder, (i) reduce the then current Exercise Price and/or (ii) increase the then current number of Warrant Shares, in each
case, to any amount or number and for any period of time deemed appropriate by the Board of Directors of the Company.


(c) 
Adjustment Upon Subdivision or Combination of Common Stock. If the Company at any time on or after the Subscription Date
subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of
Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately
reduced and the number of Warrant Shares will be proportionately increased. If the Company at any time on or after the Subscription
Date combines (by combination, reverse stock split or otherwise) one or more classes of its outstanding shares of Common Stock
into a smaller number of shares, the Exercise Price in effect immediately prior to such combination will be proportionately increased
and the number of Warrant Shares will be proportionately decreased. Any adjustment under this Section 2(c) shall become effective
at the close of business on the date the subdivision or combination becomes effective.


(d) 
Exercise Resets. On each Reset Date the Exercise Price shall be decreased (but not increased) to equal 110% of the
applicable Reset Price relating to such Reset Date.


(e) 
Other Events. If any event occurs of the type contemplated by the provisions of this Section 2 but not expressly provided
for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other
rights with equity features), then the Company’s Board of Directors will make an appropriate adjustment in the Exercise Price
and the number of Warrant Shares, as mutually determined by the Company’s Board of Directors and the Required Holders, so as to
protect the rights of the Holder; provided that no such adjustment pursuant to this Section 2(e) will increase the Exercise
Price or decrease the number of Warrant Shares as otherwise determined pursuant to this Section 2.


RIGHTS
UPON DISTRIBUTION OF ASSETS. If the Company shall declare or make any dividend or other distribution of its assets (or rights
to acquire its assets) to any or all holders of shares of Common Stock, by way of return of capital or otherwise (including, without
limitation, any distribution of cash, stock or other securities, property, Options, evidence of indebtedness or any other assets
by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(a “Distribution”), at any time after the Subscription Date, then, in each such case, the Holder shall be entitled
to participate in such Distribution to the same extent that the Holder would have participated therein as if the Holder had held
the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations or restrictions
on exercise of this Warrant, including without limitation, the Maximum Percentage) immediately before the date of which a record
is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock
are to be determined for the participation in such Distribution (provided, however, that to the extent that the
Holder’s right to participate in any such Distribution would result in the Holder and the other Attribution Parties exceeding
the Maximum Percentage, then the Holder shall not be entitled to participate in such Distribution to such extent (and shall not
be entitled to beneficial ownership of such shares of Common Stock as a result of such Distribution (and beneficial ownership)
to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time or
times as its right thereto would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage,
at which time or times the Holder shall be granted such Distribution (and any Distributions declared or made on such initial Distribution
or on any subsequent Distribution held similarly in abeyance) to the same extent as if there had been no such limitation).


PURCHASE
RIGHTS; FUNDAMENTAL TRANSACTIONS.


(a) 
Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if at any time following the Subscription
Date the Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities
or other property pro rata to the record holders of any class of Common Stock (the “Purchase Rights”), then the
Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the
Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this
Warrant (without regard to any limitations or restrictions on exercise of this Warrant, including without limitation, the Maximum
Percentage) 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 shares of Common Stock are to be determined for the grant,
issue or sale of such Purchase Rights (provided, however, that to the extent that the Holder’s right to participate
in any such Purchase Right would result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, then
the Holder shall not be entitled to participate in such Purchase Right to such extent (and shall not be entitled to beneficial
ownership of such shares of Common Stock as a result of such Purchase Right (and beneficial ownership) to such extent) and such
Purchase Right to such extent shall be held in abeyance for the benefit of the Holder until such time or times as its right thereto
would not result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, at which time or times the
Holder shall be granted such right (and any Purchase Right granted, issued or sold on such initial Purchase Right or on any subsequent
Purchase Right held similarly in abeyance) to the same extent as if there had been no such limitation). Notwithstanding anything
herein to the contrary, the Holder’s right to the Purchase Rights in accordance with this Section 4(a) solely with respect
to the Company’s offering of its Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.001 per share (the
”Perpetual Preferred Shares”) pursuant to the Registration Statement on Form S-1 (File No. 333-239172) may be
limited to the extent necessary to allow the Company to list the Perpetual Preferred Shares on the Principal Market; provided,
however, that the Holder shall not be disproportionately adversely treated compared to any holder of other SPA Warrant
or Additional Warrant or any third party participating in the Company’s offering of the Perpetual Preferred Shares.


(b) 
Fundamental Transactions. The Company shall not enter into, allow or be a party
to a Fundamental Transaction until the Reservation Date. If, at any time after the Reservation Date until this Warrant
ceases to be outstanding, a Fundamental Transaction occurs or is consummated, 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
1(f) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the
Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 1(f) on the exercise
of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to
apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction. The Company shall cause any Successor Entity to assume in writing all of the obligations of the Company
under this Warrant in accordance with the provisions of this Section 4(b) pursuant to written agreements in form and substance
reasonably satisfactory to the Required Holders and approved by the Required Holders (without unreasonable delay) prior to such
Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security
of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is
exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its Parent Entity) equivalent to
the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise
of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder
to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental
Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being
for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction),
and which is reasonably satisfactory in form and substance to the Required Holders. 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 referring to the “Company” shall be added to the term ”Company”
under this Warrant (so that from and after the occurrence or consummation of such Fundamental
Transaction, each and every provision of this Warrant referring to the ”Company”
shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor
Entity or Successor Entities, jointly and severally with the Company, may exercise every right and power of the Company prior
thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under
this Warrant with the same effect as if the Company and such Successor Entity or
Successor Entities, jointly and severally, had been named as the Company in this Warrant.


(c) 
Notwithstanding the foregoing, in the event of a Fundamental Transaction, at the request of the Holder delivered before the ninetieth
(90th) day after the occurrence or consummation of such Fundamental Transaction, the Company (or the Successor Entity)
shall purchase this Warrant from the Holder by paying to the Holder, within five (5) Business Days after such request (or, if
later, on the effective date of the Fundamental Transaction), cash in an amount equal to the Black Scholes Value of the remaining
unexercised portion of this Warrant on the effective date of such Fundamental Transaction; provided, however, that,
if such Fundamental Transaction is not within the Company’s control, including not approved by the Company’s Board of Directors,
the Holder shall only be entitled to receive from the Company or any Successor Entity, the same type or form of consideration
(and in the same proportion), at the Black Scholes Value of the unexercised portion of this Warrant, that is being offered and
paid to the holders of Common Stock of the Company in connection with such Fundamental Transaction, whether that consideration
be in the form of cash, stock or any combination thereof, or whether the holders of Common Stock are given the choice to receive
from among alternative forms of consideration in connection with such Fundamental Transaction; provided, further,
that if holders of Common Stock of the Company are not offered or paid any consideration in such Fundamental Transaction, such
holders of Common Stock will be deemed to have received common stock of the Successor Entity (which Successor Entity may be the
Company following such Fundamental Transaction) in such Fundamental Transaction. The payment of the Black Scholes Value will be
made by wire transfer of immediately available funds (or such other consideration) within the later of (i) five (5) Business Days
of the Holder’s election and (ii) the date of consummation of the Fundamental Transaction.


NONCIRCUMVENTION.
The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of Incorporation or Bylaws,
or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, 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,
and will at all times in good faith carry out all of the provisions of this Warrant and take all action as may be required to
protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the
par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect,
(ii) shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue
fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, so long as any of the
SPA Warrants are outstanding, take all action necessary to reserve and keep available out of its authorized and unissued shares
of Common Stock, solely for the purpose of effecting the exercise of the SPA Warrants, the Required Reserve Amount of shares of
Common Stock.


WARRANT
HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in such Person’s capacity
as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of capital stock of the
Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s
capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold
consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger,
conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance
to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition,
nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon
exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company
or by creditors of the Company. Notwithstanding this Section 6, the Company shall provide the Holder with copies of the same notices
and other information given to the stockholders of the Company generally, contemporaneously with the giving thereof to the stockholders.


REISSUANCE
OF WARRANTS.


(a) 
Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon
the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 7(d)), registered
as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and,
if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance
with Section 7(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred.


(b) 
Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the
loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification
undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of
this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(d)) representing
the right to purchase the Warrant Shares then underlying this Warrant.


(c) 
Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal
office of the Company, for a new Warrant or Warrants (in accordance with Section 7(d)) representing in the aggregate the right
to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase
such portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however,
that no SPA Warrants for fractional Warrant Shares shall be given.


(d) 
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant,
the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to
Section 7(a) or Section 7(c), the Warrant Shares designated by the Holder which, when added to the number of shares of Common
Stock underlying the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares
then underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same
as the Issuance Date, and (iv) shall have the same rights and conditions as this Warrant.


NOTICES.
Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in accordance
with Section 10(f) of the Securities Purchase Agreement. The Company shall provide the Holder with prompt written notice of all
actions taken pursuant to this Warrant, including in reasonable detail a description of such action and the reason therefor. Without
limiting the generality of the foregoing, the Company will give written notice to the Holder (i) immediately upon any adjustment
of the Exercise Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment and (ii) at least
fifteen (15) Business Days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend
or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances or sales of any Options, Convertible
Securities or rights to purchase stock, warrants, securities or other property to holders of shares of Common Stock or (C) for
determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation; provided in each case
that such information shall be made known to the public prior to or in conjunction with such notice being provided to the Holder.
It is expressly understood and agreed that the time of exercise specified by the Holder in each Exercise Notice shall be definitive
and may not be disputed or challenged by the Company.


AMENDMENT
AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended or waived and the Company may
take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained
the written consent of the Holder; provided, however, that Section 1(f) and related definitions cannot be amended,
modified or waived.


GOVERNING
LAW; JURISDICTION; JURY TRIAL. This Warrant shall be governed by and construed and enforced in accordance with, and all questions
concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws
of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State
of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State
of New York. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The
City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is improper. The Company hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof
to the Company at the address set forth in Section 10(f) of the Securities Purchase Agreement and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any
way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude
the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company’s
obligations to the Holder, to realize on any collateral or any other security for such obligations, or to enforce a judgment or
other court ruling in favor of the Holder. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY
TRANSACTION CONTEMPLATED HEREBY.


CONSTRUCTION;
HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and all of the Buyers and shall not be construed
against any Person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part
of, or affect the interpretation of, this Warrant.


2. 
DISPUTE RESOLUTION. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation
of the Warrant Shares, the Company shall cause the Transfer Agent to issue to the Holder the number of shares of Common Stock
that is not disputed and the Company shall submit the disputed determinations or arithmetic calculations via electronic mail within
one (1) Business Day of receipt of the Exercise Notice giving rise to such dispute, as the case may be, to the Holder. If the
Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares
within one (1) Business Day of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company
shall, within one (1) Business Day submit via electronic mail (a) the disputed determination of the Exercise Price to an independent,
reputable investment bank selected by the Holder and approved by the Company, such approval not to be unreasonably withheld, conditioned
or delayed or (b) the disputed arithmetic calculation of the Warrant Shares to an independent, outside accountant, selected by
the Holder and approved by the Company, such approval not to be unreasonably withheld, conditioned or delayed. The Company shall
cause at its expense the investment bank or the accountant, as the case may be, to perform the determinations or calculations
and notify the Company and the Holder of the results no later than five (5) Business Days from the time it receives the disputed
determinations or calculations. Such investment bank’s or accountant’s determination or calculation, as the case may be, shall
be binding upon all parties absent demonstrable error.


REMEDIES,
OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be cumulative and in addition
to all other remedies available under this Warrant and the other Transaction Documents, at law or in equity (including a decree
of specific performance and/or other injunctive relief). No remedy contained herein shall
be deemed a waiver of compliance with the provisions giving rise to such remedy. Nothing herein shall limit the right of
the Holder to pursue actual damages for any failure by the Company to comply with the terms of this Warrant. The Company acknowledges
that a breach by it of its obligations hereunder will cause irreparable harm to the Holder and that the remedy at law for any
such breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the holder
of this Warrant shall be entitled, in addition to all other available remedies, to an injunction restraining any breach, without
the necessity of showing economic loss and without any bond or other security being required.


TRANSFER.This
Warrant and the Warrant Shares may be offered for sale, sold, transferred, pledged or assigned without the consent of the Company,
except as may otherwise be required by Section 2(f) of the Securities Purchase Agreement.


SEVERABILITY.If
any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent
jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect
the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues to express, without
material change, the original intentions of the Company and the Holder as to the subject matter hereof and the prohibited nature,
invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations or reciprocal
obligations of the Company or the Holder or the practical realization of the benefits that would otherwise be conferred upon the
Company and the Holder. The Company and the Holder will endeavor in good faith negotiations to replace the prohibited, invalid
or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited,
invalid or unenforceable provision(s).


DISCLOSURE;
ABSENCE OF TRADING AND DISCLOSURE RESTRICTIONS.


(a)
Upon delivery by the Company to the Holder (or receipt by the Company from the Holder) of any notice in accordance with the terms
of this Warrant, unless the Company has in good faith determined that the matters relating to such notice do not constitute material,
non-public information relating to the Company or any of its Subsidiaries, the Company shall on or prior to 9:00 am, New York
city time on the Business Day immediately following such notice delivery date, publicly disclose such material, non-public information
on a Current Report on Form 8-K or otherwise. In the event that the Company believes that a notice contains material, non-public
information relating to the Company or any of its Subsidiaries, the Company so shall indicate to the Holder explicitly in writing
in such notice (or immediately upon receipt of notice from the Holder, as applicable), and in the absence of any such written
indication in such notice (or notification from the Company immediately upon receipt of notice from the Holder), the Holder shall
be entitled to presume that information contained in the notice does not constitute material, non-public information relating
to the Company or any of its Subsidiaries. Nothing contained in this Section 16(a) shall limit any obligations of the Company,
or any rights of the Holder, under Section 4(i) of the Securities Purchase Agreement.


(b)
The Company acknowledges and agrees that the Holder is not a fiduciary or agent of the Company and that the Holder shall have
no obligation to (i) maintain the confidentiality of any information provided by the Company or (ii) refrain from trading any
securities while in possession of such information in the absence of a written non-disclosure agreement signed by an officer of
the Holder that explicitly provides for such confidentiality and trading restrictions. In the absence of such an executed, written
non-disclosure agreement, the Company acknowledges that the Holder may freely trade in any securities issued by the Company, may
possess and use any information provided by the Company in connection with such trading activity, and may disclose any such information
to any third party.


PAYMENT
OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) this Warrant is placed in the hands of an attorney for collection or enforcement
or is collected or enforced through any legal proceeding or the Holder otherwise takes action to collect amounts due under this
Warrant or to enforce the provisions of this Warrant or (b) there occurs any bankruptcy, reorganization, receivership of the company
or other proceedings affecting company creditors’ rights and involving a claim under this Warrant, then the Company shall
pay the costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy, reorganization,
receivership or other proceeding, including, without limitation, attorneys’ fees and disbursements.


CERTAIN
DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:


(a) 
“1933 Act” means the Securities Act of 1933, as amended.


(b) 
 “Additional Warrants” means Series B Warrants, Series C Warrants and Series D Warrants.


(c) 
“Adjustment Right” means any right granted with respect to any securities issued in connection with, or with
respect to, any issuance or sale (or deemed issuance or sale in accordance with Section 2(a)(i) or Section 2(a)(ii)) of shares
of Common Stock (other than rights of the type described in Section 3 and 4 hereof) that could result in a decrease in the net
consideration received by the Company in connection with, or with respect to, such securities (including, without limitation,
any cash settlement rights, cash adjustment or other similar rights).


(d) 
“Affiliate” shall have the meaning ascribed to such term in Rule 405 promulgated under the 1933 Act or any successor
rule.


(e) 
“Approved Stock Plan” means any employee benefit plan which has been approved by the Board of Directors of the
Company, pursuant to which the Company’s securities may be issued to any employee, officer or director for services provided to
the Company.


(f) 
“Attribution Parties” means, collectively, the following Persons: (i) any investment vehicle, including, any
funds, feeder funds or managed accounts, currently, or from time to time after the Issuance Date, directly or indirectly managed
or advised by the Holder’s investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of
the Holder or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together with the Holder
or any of the foregoing and (iv) any other Person whose beneficial ownership of the Common Stock would or could be aggregated
with the Holder’s and the other Attribution Parties for purposes of Section 13(d) of the 1934 Act. For clarity, the purpose of
the foregoing is to subject collectively the Holder and all other Attribution Parties to the Maximum Percentage.


(g) 
“Bid Price” means, for any date, the price determined by the first of the
following clauses that applies: (a) if the Common Stock is then listed or quoted on an Eligible Market, the bid price of the Common
Stock for the time in question (or the nearest preceding date) on the Eligible Market on which the Common Stock is then listed
or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)),
(b) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported in the Pink Open Market (f/k/a OTC Pink) published by OTC Markets Group, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (c) in all other
cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the
Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and
expenses of which shall be paid by the Company.


(h) 
“Black Scholes Consideration Value” means the value of the applicable Option, Convertible Security or Adjustment
Right (as the case may be) calculated using the Black-Scholes Option Pricing Model obtained from the “OV” function on
Bloomberg determined as of the date of issuance and reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury
rate for a period equal to the remaining term of such Option, Convertible Security or Adjustment Right (as the case may be) as
of the date of issuance of such Option, Convertible Security or Adjustment Right (as the case may be), (ii) an expected volatility
equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately
following the public announcement of the issuance of such Option, Convertible Security or Adjustment Right (as the case may be),
or, if the issuance of such Option, Convertible Security or Adjustment Right (as the case may be) is not publicly announced, the
date of issuance of such Option, Convertible Security or Adjustment Right (as the case may be), (iii) the underlying price per
share used in such calculation shall be the highest Weighted Average Price of the Common Stock during the period beginning on
the Trading Day prior to the execution of definitive documentation relating to the issuance of such Option or Convertible Security
(as the case may be) and ending on (A) the Trading Day immediately following the public announcement of the execution of definitive
documents with respect to the issuance of such Option or Convertible Security (as the case may be), or, (B) if the execution of
definitive documents with respect to the issuance of such Option or Convertible Security (as the case may be) is not publicly
announced, the date of such issuance, (iv) a remaining option time equal to the time between the date of the public announcement
of the execution of definitive documents with respect to the issuance of such Option or Convertible Security (as the case may
be) or, if the execution of definitive documents with respect to the issuance of such Option or Convertible Security (as the case
may be) is not publicly announced, the date of such issuance, (v) a zero cost of borrow and (vi) a 365 day annualization factor.


(i) 
 “Black Scholes Value” means the value of this Warrant calculated using the Black-Scholes Option Pricing Model
obtained from the “OV” function on Bloomberg determined as of the day immediately following the public announcement
of the applicable contemplated Fundamental Transaction, or, if such contemplated Fundamental Transaction is not publicly announced,
the date such Fundamental Transaction has occurred or is consummated, for pricing purposes and reflecting (i) a risk-free interest
rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of this Warrant as of such date of request,
(ii) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg
as of the Trading Day immediately following the public announcement of the applicable contemplated Fundamental Transaction, or,
if such contemplated Fundamental Transaction is not publicly announced, the date such Fundamental Transaction has occurred or
is consummated, (iii) the underlying price per share used in such calculation shall be the greater of (x) the highest Weighted
Average Price of the Common Stock during the period beginning on the Trading Day prior to the execution of definitive documentation
relating to the applicable Fundamental Transaction and ending on (A) the Trading Day immediately following the public announcement
of such contemplated Fundamental Transaction, if the applicable contemplated Fundamental Transaction is publicly announced or
(B) the Trading Day immediately following the consummation of the applicable Fundamental Transaction if the applicable contemplated
Fundamental Transaction is not publicly announced and (y) the sum of the price per share being offered in cash, if any, plus the
value of any non-cash consideration, if any, being offered in such Fundamental Transaction, (iv) a remaining option time equal
to the time between the date of the public announcement of the applicable contemplated Fundamental Transaction or, if such applicable
contemplated Fundamental Transaction is not publicly announced, the date such Fundamental Transaction has occurred or is consummated,
(v) a zero cost of borrow and (vi) a 365 day annualization factor. “Bloomberg” means Bloomberg Financial Markets.


(j) 
“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of
New York, New York are authorized or required by law to remain closed; provided, however, for clarification, commercial banks
shall not be deemed to be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”,
“non-essential employee” or any other similar orders or restrictions or the closure of any physical branch locations
at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers)
of commercial banks in The City of New York, New York generally are open for use by customers on such day.


(k) 
“Closing Bid Price” and “Closing Sale Price” means, for any security as of any date, the last
closing bid price and last closing trade price, respectively, for such security on the Principal Market, as reported by Bloomberg,
or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing bid price or the closing
trade price, as the case may be, then the last bid price or last trade price, respectively, of such security prior to 4:00:00
p.m., New York Time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange or trading
market for such security, the last closing bid price or last trade price, respectively, of such security on the principal securities
exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not apply,
the last closing bid price or last trade price, respectively, of such security in the over-the-counter market on the electronic
bulletin board for such security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively, is reported
for such security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers for such
security as reported in the Pink Open Market (f/k/a OTC Pink) published by OTC Markets Group, Inc. (or a similar organization
or agency succeeding to its functions of reporting prices).  If the Closing Bid Price or the Closing Sale Price cannot be
calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price or the Closing Sale Price,
as the case may be, of such security on such date shall be the fair market value as mutually determined by the Company and the
Holder.  If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute
shall be resolved pursuant to Section 26.  All such determinations to be appropriately adjusted for any stock dividend, stock
split, stock combination, reclassification or other similar transaction relating to the Common Stock during the applicable calculation
period.


(l) 
“Common Stock” means (i) the Company’s shares of common stock, par value $0.001 per share, and (ii) any
capital stock into which such Common Stock shall be changed or any capital stock resulting from a reclassification, reorganization
or recapitalization of such Common Stock.


(m)
“Common Shares” shall have the meaning ascribed to such term in the Securities Purchase Agreement.


(n) 
“Convertible Securities” means any stock or securities (other than Options) directly or indirectly convertible
into or exercisable or exchangeable for shares of Common Stock.


(o) 
“Designee” means [ ].


(p) 
“Eligible Market” means the Principal Market, the NYSE American, The Nasdaq Capital Market, The Nasdaq Global
Market, The Nasdaq Global Select Market or The New York Stock Exchange.


(q) 
Intentionally omitted.


(r) 
“Equity Conditions” means each of the following conditions: (i) on each day during the Equity Conditions Measuring
Period, the Company has provided any required legal opinion to the Transfer Agent providing for the removal of any restricted
legend on the Common Shares, Warrant Shares and the shares of Common Stock issued and issuable upon exercise of the other SPA
Warrants and the Additional Warrants; (ii) on each day during the Equity Conditions Measuring Period, the Common Stock is designated
for quotation on the Principal Market or any other Eligible Market and shall not have been suspended from trading on such exchange
or market; (iii) during the Equity Conditions Measuring Period, the Company shall have delivered all shares of Common Stock pursuant
to the terms of this Warrant, the SPA Warrants and the Additional Warrants to the holders on a timely basis as set forth in Section
1(a) hereof (and analogous provisions under the other SPA Warrant and Additional Warrants); (iv) on each day during the Equity
Conditions Measuring Period, this Warrant may be exercised in full without violating Section 1(f) hereof (and
analogous provisions under the other SPA Warrants) and the rules or regulations of the Principal Market or any other applicable
Eligible Market; (v) during the Equity Conditions Measuring Period, there shall not have occurred the public announcement of a
pending, proposed or intended Fundamental Transaction which has not been abandoned, terminated or consummated; (vi) on each day
during the Equity Conditions Measuring Period, all Registration Statements filed and required to be filed pursuant to the Registration
Rights Agreement shall be effective and available for the resale of all remaining Registrable Securities including, without limitation, 
the shares of Common Stock issuable upon exercise of the portion of the Warrant that is subject to the Mandatory Exercise (after
giving effect to any reduction of the Reset Floor Price occurring on or prior to such date of determination) requiring the satisfaction
of the Equity Conditions, in accordance with the terms of the Registration Rights Agreement and there shall not have been any
Grace Periods (as defined in the Registration Rights Agreement) and the Company shall have no knowledge of any fact that would
cause the Registration Statements required pursuant to the Registration Rights Agreement not to be effective and available to
the Holder for the resale of the Registrable Securities or; (vii) on each day during the Equity Conditions Measuring Period, the
Holder shall not be in possession of any material, nonpublic information received from the Company, any Subsidiary or its respective
agent or Affiliates; (viii) on each day during the Equity Conditions Measuring Period, the shares of Common Stock issuable upon
the Mandatory Exercise are duly authorized and listed and eligible for trading without restriction on an Eligible Market; (ix)
the daily dollar trading volume of the Common Stock as reported by Bloomberg for each Trading Day during the Equity Conditions
Measuring Period shall be at least $250,000; (x) on each Trading Day during the Equity Conditions Measuring Period, the Weighted
Average Price of the Common Stock equals or exceeds $0.12 (as adjusted for any stock dividend, stock split, stock combination,
reclassification or similar transaction occurring after the Subscription Date); (xi) on each day during the Equity Conditions
Measuring Period, no Authorized Share Failure then exists, (xii) on each day during the Equity Conditions Measuring Period, the
Company has filed or furnished all forms, documents and reports required to be filed with the SEC and (xiii) on each day during
the Equity Conditions Measuring Period, the Company is not in breach of any of the Transaction Documents in any material respect.


(s) 
“Equity Conditions Failure” means that as of the applicable date of determination, the Equity Conditions have
not each been satisfied (or waived in writing by the Holder, provided, that the Equity Condition set forth in clause (iv) thereof
cannot be waived by the Holder).


(t) 
“Equity Conditions Measuring Period” means the period beginning fifteen (15) Trading Days prior to the Mandatory
Exercise Notice Date through and including the Mandatory Exercise Date.


(u) 
“Excluded Securities” means any Common Stock issued or issuable or deemed to be issued in accordance with Section
2(a)(i) or Section 2(a)(ii) by the Company: (i) under any Approved Stock Plan, (ii) upon exercise of any SPA Warrants and any
Additional Warrants; provided, that the terms of such SPA Warrants and Additional Warrants are not amended, modified or
changed on or after the Subscription Date or (iii) upon conversion, exercise or exchange of any Options or Convertible Securities
which are outstanding on the day immediately preceding the Subscription Date; provided, that such issuance of Common Stock
upon exercise of such Options or Convertible Securities is made pursuant to the terms of such Options or Convertible Securities
in effect on the date immediately preceding the Subscription Date and such Options or Convertible Securities are not amended,
modified or changed on or after the Subscription Date.


(v) 
“Expiration Date” means the date that is sixty (60) months after the Issuance Date or, if such date falls on
a day other than a Business Day or on which trading does not take place on the Principal Market (a “Holiday”),
the next day that is not a Holiday.


(w)
“Fundamental Transaction” means (A) that the Company shall, directly or indirectly, including through Subsidiaries,
Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company
is the surviving corporation) another Subject Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially
all of the properties or assets of the Company or any of its “significant subsidiaries” (as defined in Rule 1-02 of
Regulation S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities to make, or allow the Company
to be subject to or have its Common Stock be subject to or party to one or more Subject Entities making, a purchase, tender or
exchange offer that is accepted by the holders of at least either (x) 50% of the outstanding shares of Common Stock, (y) 50% of
the outstanding shares of Common Stock calculated as if any shares of Common Stock held by all Subject Entities making or party
to, or Affiliated with any Subject Entities making or party to, such purchase, tender or exchange offer were not outstanding;
or (z) such number of shares of Common Stock such that all Subject Entities making or party to, or Affiliated with any Subject
Entity making or party to, such purchase, tender or exchange offer, become collectively the beneficial owners (as defined in Rule
13d-3 under the 1934 Act) of at least 50% of the outstanding shares of Common Stock, or (iv) consummate a stock purchase agreement
or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement)
with one or more Subject Entities whereby all such Subject Entities, individually or in the aggregate, acquire, either (x) at
least 50% of the outstanding shares of Common Stock, (y) at least 50% of the outstanding shares of Common Stock calculated as
if any shares of Common Stock held by all the Subject Entities making or party to, or Affiliated with any Subject Entity making
or party to, such stock purchase agreement or other business combination were not outstanding; or (z) such number of shares of
Common Stock such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934
Act) of at least 50% of the outstanding shares of Common Stock, or (v) reorganize, recapitalize or reclassify its Common Stock,
(B) that the Company shall, directly or indirectly, including through Subsidiaries, Affiliates or otherwise, in one or more related
transactions, allow any Subject Entity individually or the Subject Entities in the aggregate to be or become the “beneficial
owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, whether through acquisition, purchase, assignment,
conveyance, tender, tender offer, exchange, reduction in outstanding shares of Common Stock, merger, consolidation, business combination,
reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or otherwise
in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued and outstanding
shares of Common Stock, (y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding shares of
Common Stock not held by all such Subject Entities as of the Subscription Date calculated as if any shares of Common Stock held
by all such Subject Entities were not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by issued
and outstanding shares of Common Stock or other equity securities of the Company sufficient to allow such Subject Entities to
effect a statutory short form merger or other transaction requiring other stockholders of the Company to surrender their shares
of Common Stock without approval of the stockholders of the Company or (C) that the Company shall, directly or indirectly, including
through Subsidiaries, Affiliates or otherwise, in one or more related transactions, the issuance of or the entering into any other
instrument or transaction structured in a manner to circumvent, or that circumvents, the intent of this definition in which case
this definition shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this definition
to the extent necessary to correct this definition or any portion of this definition which may be defective or inconsistent with
the intended treatment of such instrument or transaction.


(x) 
“Group” means a “group” as that term is used in Section 13(d) of the 1934 Act and as defined in Rule
13d-5 thereunder.


(y) 
 Intentionally omitted.


(z) 
Intentionally omitted.


(aa)
Intentionally omitted.


(bb) “Options” means any rights, warrants or options to subscribe for or purchase (i) shares of Common Stock or (ii)
Convertible Securities.


(cc) 
“Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person,
including such entity whose common capital or equivalent equity security is quoted or listed on an Eligible Market (or, if so
elected by the Holder, any other market, exchange or quotation system), or, if there is more than one such Person or such
entity, the Person or such entity designated by the Required Holders or in the absence of such designation, such Person or
entity with the largest public market capitalization as of the date of consummation of the Fundamental
Transaction.


(dd) 
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust,
an unincorporated organization, any other entity and a government or any department or agency thereof.


(ee) 
“Principal Market” means OTC QB market.


(ff) 
“Public Information Failure” shall have the meaning ascribed to such term in the Securities Purchase Agreement.


(gg) 
Intentionally omitted.


(hh)
“Registrable Securities” shall have the meaning ascribed to such term in the Registration Rights
Agreement.


(ii) 
“Registration Date” means the first date all Registrable Securities (including without limitation a number of
shares of Common Stock equal to all Required Registration Amounts (as defined in the Registration Rights Agreement)) are registered
by the Company for resale by the Holder pursuant to one or more effective Registration Statement(s).


(jj) 
“Registration Rights Agreement” means that certain Registration Rights Agreement dated as of the Subscription
Date by and among the Company and the Buyers.


(kk) 
“Registration Statement” shall have the meaning ascribed to such term in the Registration Rights Agreement.


(ll) 
“Required Holders” means the holders of the SPA Warrants representing at least a majority of the shares of Common
Stock underlying the SPA Warrants then outstanding and shall include the Designee so long as the Designee or any of its Affiliates
holds any SPA Warrants.


(mm) 
“Reservation Date” means the sixtieth (60th) Trading Day immediately following the earlier to occur of (x) the
date the Holder can sell all Underlying Securities pursuant to Rule 144 without restriction or limitation and without the requirement
to be in compliance with Rule 144(c)(1) and (y) August 4, 2021.


(nn) 
“Reset Date” shall have the meaning ascribed to such term in the Series D Warrant.


(oo) 
Intentionally omitted.


(pp) 
Intentionally omitted.


(qq) 
“Reset Floor Price” shall have the meaning ascribed to such term in the Series D Warrant.


(rr) 
“Reset Price” shall have the meaning ascribed to such term in the Series D Warrant.


(ss)
Intentionally omitted.


(tt) 
Intentionally omitted.


(uu) 
“Rule 144” means Rule 144 promulgated under the 1933 Act or any successor rule.


(vv) 
Intentionally omitted.


(ww) 
“Second Trigger Date” means the 20th Trading Day after each of (i) any Registration Statement
becomes effective registering Registrable Securities for resale and (ii) if there is no effective Registration Statement(s) that
is available for use registering all or any portion of the Underlying Securities for resale by the Holder on the Six Month Reset
Date, the Six Month Reset Date.


(xx) 
“Series B Warrants” shall have the meaning ascribed to such term in the Securities Purchase Agreement. “Series
C Warrants” shall have the meaning ascribed to such term in the Securities Purchase Agreement. “Series D Warrants”
shall have the meaning ascribed to such term in the Securities Purchase Agreement.


(yy) 
“Share Delivery Date” means the earlier of (i) the second (2nd) Trading Day and (ii) the number of
Trading Days comprising the Standard Settlement Period, in each case, following the date on which the Holder delivers the applicable
Exercise Notice to the Company, so long as the Holder delivers the applicable Aggregate Exercise Price (or notice of a Cashless
Exercise) on or prior to the earlier of (i) the second (2nd) Trading Day following the date on which the Holder has
delivered the applicable Exercise Notice to the Company and (ii) the number of Trading Days comprising the Standard Settlement
Period following the date on which the Holder has delivered the applicable Exercise Notice to the Company (provided that if the
applicable Aggregate Exercise Price (or applicable notice of a Cashless Exercise) has not been delivered to the Company by such
date, the applicable Share Delivery Date shall be one (1) Trading Day after the Holder has delivered the applicable Aggregate
Exercise Price (or applicable notice of a Cashless Exercise) to the Company.


(zz) 
“Six Month Reset Date” shall have the meaning ascribed to such term in the Series D Warrant.


(aaa) 
“Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on
the Company’s primary Eligible Market with respect to the Common Stock as in effect on the date of delivery of the applicable
Exercise Notice.


(bbb) 
“Subject Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons
or Group.


(ccc) 
“Subsidiary” means any entity in which the Company, directly or indirectly, owns any of the capital stock or
holds an equity or similar interest.


(ddd) 
“Successor Entity” means one or more Person or Persons (or, if so elected by the Holder, the Company or Parent
Entity) formed by, resulting from or surviving any Fundamental Transaction or one or more Person or Persons (or, if so elected
by the Holder, the Company or the Parent Entity) with which such Fundamental Transaction shall have been entered into.


(eee) 
“Trading Day” means any day on which the Common Stock is traded on the Principal Market, or, if the Principal
Market is not the principal trading market for the Common Stock on such day, then on the principal securities exchange or securities
market on which the Common Stock is then traded.


(fff) 
Intentionally omitted.


(ggg) 
“Weighted Average Price” means, for any security as of any date, the dollar volume-weighted average price for
such security on the Principal Market during the period beginning at 9:30 a.m., New York time (or such other time as the Principal
Market publicly announces is the official open of trading), and ending at 4:00 p.m., New York time (or such other time as the
Principal Market publicly announces is the official close of trading), as reported by Bloomberg through its “Volume at Price”
function or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter
market on the electronic bulletin board for such security during the period beginning at 9:30 a.m., New York time (or such other
time as such market publicly announces is the official open of trading), and ending at 4:00 p.m., New York time (or such other
time as such market publicly announces is the official close of trading), as reported by Bloomberg, or, if no dollar volume-weighted
average price is reported for such security by Bloomberg for such hours, the average of the highest closing bid price and the
lowest closing ask price of any of the market makers for such security as reported in the
OTC Link or Pink Open Market (f/k/a OTC Pink) published by the OTC Markets Group, Inc. (or similar organization or agency succeeding
to its functions of reporting prices). If the Weighted Average Price cannot be calculated for a security on a particular
date on any of the foregoing bases, the Weighted Average Price of such security on such date shall be the fair market value as
mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value
of such security, then such dispute shall be resolved pursuant to Section 12 with the term “Weighted Average Price”
being substituted for the term “Exercise Price.” All such determinations shall be appropriately adjusted for any stock
dividend, stock split, stock combination, reclassification or other similar transaction relating to the Common Stock during the
applicable calculation period.


[Signature
Page Follows]









    	 	1	 



     


    

 


IN
WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common Stock to be duly executed as of the Issuance Date
set out above.





GENEREX
BIOTECHNOLOGY CORPORATION


 


 


By:
___________________________


Name: 


Title: 




    	 	2	 



     


    

EXHIBIT
A


 


EXERCISE
NOTICE


TO
BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS


WARRANT
TO PURCHASE COMMON STOCK


 


GENEREX
BIOTECHNOLOGY CORPORATION


The
undersigned holder hereby exercises the right to purchase _________________ shares of Common Stock (“Warrant Shares”)
of Generex Biotechnology Corporation, a Delaware corporation (the “Company”), evidenced by the attached Warrant
to Purchase Common Stock (the “Warrant”), without any need for the Transfer Agent to obtain any further acknowledgement,
authorization or direction from the Company. In lieu of a fixed number of Warrant Shares, the undersigned holder may elect to
indicate above a percentage of the trading volume on the date of this Exercise Notice, which may be subject to a minimum and/or
a maximum number of Warrant Shares, all subject to the provisions of Section 1(f) of the Warrant. If a fixed number of Warrant
Shares is not indicated above, then the number of Warrant Shares and the Aggregate Exercise Price set forth in Sections 1, 2 and
3 of this Exercise Notice shall be mutually calculated by the Company and the undersigned holder after the end of trading on the
Principal Market on the date of this Exercise Notice in accordance with the foregoing instructions and the provisions of Section
1(f) of the Warrant. Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the
Warrant.


1.
Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as:


____________
a “Cash Exercise” with respect to _________________ Warrant Shares; and/or


 


____________
a “Cashless Exercise” with respect to _______________ Warrant Shares, resulting in a delivery obligation of
the Company to the Holder of __________ shares of Common Stock representing the applicable Net Number.


2.
Payment of Exercise Price. In the event that the holder has elected a Cash Exercise with respect to some or all of the Warrant
Shares to be issued pursuant hereto, the holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the
Company in accordance with the terms of the Warrant.





3.
Delivery of Warrant Shares. The Company shall deliver to the holder __________ Warrant Shares in accordance with the terms of
the Warrant. 


4.
Please issue the Common Stock into which the Warrant is being exercised to the Holder, or for its benefit, as follows:


☐Check
here if requesting delivery as a certificate to the following name and to the following address:


Issue
to:


Address:
_________________________________________


Telephone
Number: ________________________________


Email
Address:


☐Check
here if requesting delivery by DTC through its Direct Registration System (DRS) as follows:


DTC
Participant:


DTC
Number: _________________________________________


Account
Number: ________________________________





Authorization:


By:


Title:


Dated:


Account
Number (if electronic book entry transfer):


Transaction
Code Number (if electronic book entry transfer):


 


Date:
_______________ __, ______


 


 


 


Name
of Registered Holder


 


 


By:


Name:


Title:



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