Exhibit 4.2


 


THE REGISTERED HOLDER OF THIS UNIT PURCHASE OPTION BY ITS ACCEPTANCE
HEREOF, AGREES THAT THE SECURITIES EVIDENCED BY THIS UNIT PURCHASE OPTION MAY NOT BE SOLD, TRANSFERED OR ASSIGNED EXCEPT AS HEREIN
PROVIDED AND THE REGISTERED HOLDER OF THIS UNIT PURCHASE OPTION AGREES THAT THE SECURITIES EVIDENCED BY THIS UNIT PURCHASE OPTION
WILL NOT BE SOLD, TRANSFERED, ASSIGNED, PLEDGED OR HYPOTHECATED, OR BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT,
OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF THIS UNIT PURCHASE OPTION OR THE SECURITIES EVIDENCED
BY THIS UNIT PURCHASE OPTION, FOR A PERIOD OF ONE HUNDRED EIGHTY (180) DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE
OTHER THAN TO ANY MEMBER PARTICIPATING IN THE OFFERING AND THE OFFICERS OR PARTNERS THEREOF, IF ALL SECURITIES SO TRANSFERRED REMAIN
SUBJECT TO THE LOCK-UP RESTRICTION SET FORTH ABOVE FOR THE REMAINDER OF THE TIME PERIOD.


 


UNIT PURCHASE OPTION



FOR THE PURCHASE OF 37,850 UNITS



OF SKYLINE MEDICAL, INC.


 


1.                 
Unit Purchase Option.


 


THIS CERTIFIES THAT, in consideration of $100.00
duly paid by or on behalf of Dawson James Securities, Inc. (“Dawson” or “Holder”), as registered
owner of this Unit Purchase Option, to Skyline Medical, Inc. (the “Company”), Holder is entitled, at any time
or from time to time commencing on the 180th day after the effective date (the “Effective Date”)
of the registration statement (the “Registration Statement”) pursuant to which certain units are offered for
sale to the public (the “Offering”) (the “Commencement Date”), and at or before 5:00 p.m.,
Eastern Time, on the fifth anniversary of the Effective Date (the “Expiration Date”), but not thereafter, to
subscribe for, purchase and receive, in whole or in part, up to 37,850 units (the “Units”) of the Company, each
Unit consisting of one share of the Company’s common stock, par value $0.01 per share (the “Shares”) and
warrants to purchase one Share (the “Warrant(s)”). Each Warrant is the same as the warrants included in the
Units being registered for sale to the public (the “Public Warrants”) under the Securities Act of 1933, as amended
(the “Act”). If the Expiration Date is a day on which banking institutions are authorized by law to close, then
this Unit Purchase Option may be exercised on the next succeeding day which is not such a day in accordance with the terms herein.
During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate the Unit Purchase
Option. This Unit Purchase Option is initially exercisable at $3.275 per Unit (or 125% of the public offering price of the Units
being sold in the Offering) so purchased; provided, however, that upon the occurrence of any of the events specified in Section 5
hereof, the rights granted by this Unit Purchase Option, including the exercise price per Unit and the number of Units to be received
upon such exercise, shall be adjusted as therein specified. The term “Exercise Price” shall mean the initial
exercise price or the adjusted exercise price, depending on the context.


 






     


     

    




2.                 
Exercise.


 


(a)               
Exercise Procedure. In order to exercise this Unit Purchase Option, the exercise form attached hereto must
be duly executed and completed and delivered to the Company, together with this Unit Purchase Option and payment of the Exercise
Price for the Units being purchased payable in cash or by certified check or official bank check. If the subscription rights represented
hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date, this Unit Purchase Option shall
become and be void without further force or effect, and all rights represented hereby shall cease and expire.


 


(b)              
Legend. If required by applicable law at the time of any exercise, each certificate for the securities purchased
under this Unit Purchase Option shall bear a legend as follows unless such securities have been registered under the Act:


 


“The securities represented by this certificate
have not been registered under the Securities Act of 1933, as amended (the “Act”) or applicable state law. The
securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under
the Act, or pursuant to an exemption from registration under the Act and applicable state law.”


 


(c)               
Cashless Exercise.


 


(i)                
In lieu of the payment of the Exercise Price multiplied by the number of Units for which this Unit Purchase Option is exercisable
(and in lieu of being entitled to receive Shares and Warrants) in the manner required by Section 2(a), the Holder shall have
the right (but not the obligation) to convert any exercisable but unexercised portion of this Unit Purchase Option into Units consisting
of Shares and Warrants (the “Conversion Right”) as follows:


 


(A)       Upon
exercise of the Conversion Right, the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise
Price in cash) that number of Shares equal to the quotient obtained by dividing (x) the Value of the portion of the Unit Purchase
Option being converted by (y) the Current Market Price of a Share.


 


(B)       The
“Value” of the portion of the Unit Purchase Option being converted shall equal the remainder derived by subtracting
(a) (i) the Exercise Price multiplied by (ii) the number of Units underlying the portion of this Unit Purchase Option
being converted, from (b) the Current Market Value of a Unit multiplied by the number of Units underlying the portion of the
Unit Purchase Option being converted.


 


(C)       As
used herein, the term “Current Market Value” per Unit at any date means the remainder derived by subtracting
(x) the exercise price of the Warrants multiplied by the number of Shares issuable upon exercise of the Warrants underlying
one Unit from (y) the Current Market Price of the Shares multiplied by the number of Shares included within one Unit and underlying
the Warrants included within one Unit.


 






    	2



     

    

(D)       The
“Current Market Price” of a Share shall mean (i) if the Shares are listed on a national securities exchange
or quoted the OTC Bulletin Board (or any successor exchange or entity), the closing or last sale price of the Shares in the principal
trading market for the Shares on the last trading day preceding the day in question as reported by the exchange or the OTC Bulletin
Board, as the case may be; (ii) if the Shares are not listed on a national securities exchange or quoted on the OTC Bulletin
Board, but are traded in the residual over-the-counter market, the closing bid price for the Shares on the last trading day preceding
the date in question for which such quotations are reported by the Pink Sheets, LLC or similar publisher of such quotations; and
(iii) if the fair market value of the Shares cannot be determined pursuant to clause (i) or (ii) above, such price as
the Board of Directors of the Company shall determine, in good faith.


 


(ii)              
The Cashless Exercise Right may be exercised by the Holder on any business day on or after the Commencement Date and not
later than the Expiration Date by delivering the Unit Purchase Option with the duly executed exercise form attached hereto with
the cashless exercise section completed to the Company, exercising the Cashless Exercise Right and specifying the total number
of Units the Holder will purchase pursuant to such Cashless Exercise Right.


 


(d)              
Resale of Shares. Holder and the Company acknowledge that as of the date hereof
the Staff of the Division of Corporation Finance of the SEC has published Compliance & Disclosure Interpretation 528.04 in
the Securities Act Rules section thereof, stating that the holder of securities issued in connection with a public offering may
not rely upon Rule 144 promulgated under the Act to establish an exemption from registration requirements under Section 4(1) under
the Act, but may nonetheless apply Rule 144 constructively for the resale of such shares in the following manner: (a) provided
that six months has elapsed since the last sale under the registration statement, an underwriter or finder may resell the securities
in accordance with the provisions of Rule 144(c), (e), and (f), except for the notice requirement; (b) a purchaser of the shares
from an underwriter receives restricted securities unless the sale is made with an appropriate, current prospectus, or unless the
sale is made pursuant to the conditions contained in (a) above; (c) a purchaser of the shares from an underwriter who receives
restricted securities may include the underwriter’s holding period, provided that the underwriter or finder is not an affiliate
of the issuer; and (d) if an underwriter transfers the shares to its employees, the employees may tack the firm’s holding
period for purposes of Rule 144(d), but they must aggregate sales of the distributed shares with those of other employees, as well
as those of the underwriter or finder, for a six-month period from the date of the transfer to the employees. Holder and the Company
also acknowledge that the Staff of the Division of Corporation Finance of the SEC has advised in various no-action letters that
the holding period associated with securities issued without registration to a service provider commences upon the completion of
the services, which the Company agrees and acknowledges shall be the closing of the Offering, and that Rule 144(d)(3)(ii) provides
that securities acquired from the issuer solely in exchange for other securities of the same issuer shall be deemed to have been
acquired at the same time as the securities surrendered for conversion (which the Company agrees is the date of the initial issuance
of this Unit Purchase Option). In the event that following a request by Holder to transfer the Shares in accordance with Compliance
& Disclosure Interpretation 528.04 counsel for the Company reasonably concludes that Compliance & Disclosure Interpretation
528.04 no longer may be relied upon as a result of changes in applicable laws, regulations, or interpretations of the SEC Division
of Corporation Finance, or as a result of judicial interpretations not known by the Company or its counsel on the date hereof (either,
a “Registration Trigger Event”), then the Company shall promptly, and in any event within five (5) business
days following the request, provide written notice to Holder of such determination. As a condition to giving such notice, the Company
shall offer Holder a single demand registration right pursuant to an agreement in form acceptable to the Holder; provided that
notwithstanding anything to the contrary, the obligations of the Company pursuant to this Section 2 shall terminate on the fifth
anniversary of the effective date of the Registration Statement pursuant to which the Offering is being made. In the absence of
such conclusion by counsel for the Company, the Company shall, upon request of Holder given no earlier than six months after the
final closing of the Offering, instruct its transfer agent to permit the transfer of such shares in accordance with Compliance
& Disclosure Interpretation 528.04, provided that Holder has provided such documentation as shall be reasonably be requested
by the Company to establish compliance with the conditions of Compliance & Disclosure Interpretation 528.04.


 






    	3



     

    

 


3.                 
Transfer.


 


(a)               
Restrictions—General. The securities evidenced by this Unit Purchase Option shall not be sold, transferred,
assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would
result in the effective economic disposition of, this Unit Purchase Option (or any securities underlying this Unit Purchase Option)
for a period of one hundred eighty (180) days following the Effective Date to anyone other than to any member participating in
the offering and the officers or partners thereof, if all securities so transferred remain subject to the lock-up restriction
set forth above for the remainder of the time period. In order to make any permitted assignment, the Holder must deliver to the
Company the assignment form attached hereto duly executed and completed, together with the Unit Purchase Option and payment of
all transfer taxes, if any, payable in connection therewith. The Company shall within three business days transfer this Unit Purchase
Option on the books of the Company and shall execute and deliver a new Unit Purchase Option or Unit Purchase Options of like tenor
to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Units purchasable hereunder
or such portion of such number as shall be contemplated by any such assignment.


 


(b)              
Restrictions—Securities. The securities evidenced by this Unit Purchase Option shall not be transferred
unless and until (i) the Company has received the opinion of counsel for the Holder that the securities may be transferred
pursuant to an exemption from registration under the Act and applicable state securities laws, the availability of which is established
to the reasonable satisfaction of the Company, or (ii) a registration statement or a post-effective amendment to the Registration
Statement relating to such securities has been filed by the Company and declared effective by the Securities and Exchange Commission
(the “Commission”) and compliance with applicable state securities law has been established.


 


4.                 
New Unit Purchase Options to be Issued.


 


(a)               
Partial Exercise. Subject to the restrictions in Section 3 hereof, this Unit Purchase Option may be
exercised or assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this
Unit Purchase Option for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay
any Exercise Price, the Company shall cause to be delivered to the Holder without charge a new Unit Purchase Option of like tenor
to this Unit Purchase Option in the name of the Holder evidencing the right of the Holder to purchase the number of Units purchasable
hereunder as to which this Unit Purchase Option has not been exercised or assigned.


 






    	4



     

    

(b)              
Loss, Theft, Destruction. Upon receipt by the Company of evidence satisfactory to it of the loss, theft,
destruction or mutilation of this Unit Purchase Option and of reasonably satisfactory indemnification or the posting of a bond,
the Company shall execute and deliver a new Unit Purchase Option of like tenor and date. Any such new Unit Purchase Option executed
and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation
on the part of the Company.


 


5.                 
Adjustments.


 


(a)               
Exercise Price and Number of Securities. The Exercise Price and the number of Units underlying the Unit Purchase
Option shall be subject to adjustment from time to time as hereinafter set forth:


 


(i)                
If after the date hereof, and subject to the provisions of Section 5(c) below, the number of outstanding Shares is
increased by a stock dividend payable in Shares or by a split-up of Shares or other similar event, then, on the effective date
thereof, the number of Shares underlying each of the Units purchasable hereunder shall be increased in proportion to such increase
in outstanding shares. In such case, the number of Shares, and the exercise price applicable thereto, underlying the Warrants underlying
each of the Units purchasable hereunder shall be adjusted in accordance with the terms of the Warrants. For example, if the Company
declares a two-for-one stock dividend and immediately prior to such dividend this Unit Purchase Option is for the purchase of one
Unit at $10.00 per whole Unit (with each Warrant underlying the Units being exercisable for $12.00 per share), upon effectiveness
of the dividend, this Unit Purchase Option will be adjusted to allow for the purchase of one Unit at $10.00 per Unit, each Unit
entitling the holder to receive two Shares and two Warrants (each Warrant exercisable for $6.00 per share).


 


(ii)              
If after the date hereof, and subject to the provisions of Section 5(c), the number of outstanding Shares is decreased
by a consolidation, combination or reclassification of the Shares or other similar event, then, on the effective date thereof,
the number of Shares underlying each of the Units purchasable hereunder shall be decreased in proportion to such decrease in outstanding
shares. In such case, the number of Shares, and the exercise price applicable thereto, issuable upon exercise of the Warrants included
in each of the Units purchasable hereunder shall be adjusted in accordance with the terms of the Warrants. For example, if the
Company effects a one-for-two stock reverse stock split and immediately prior to such stock split this Unit Purchase Option is
for the purchase of one Unit at $10.00 per whole Unit (with each Warrant underlying the Units being exercisable for $12.00 per
share), upon effectiveness of the stock split, this Unit Purchase Option will be adjusted to allow for the purchase of one Unit
at $10.00 per Unit, each Unit entitling the holder to receive 0.5 Shares and 0.5 Warrants (each Warrant exercisable for $24.00
per share).


 






    	5



     

    

(iii)            
In case of any reclassification or reorganization of the outstanding Shares other than a change covered by Section 5(a)(i)
or 5(a)(ii) hereof or that solely affects the par value of such Shares, or in the case of any merger or consolidation of the Company
with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that
does not result in any reclassification or reorganization of the outstanding Shares), or in the case of any sale or conveyance
to another corporation or entity of the property of the Company as an entirety or substantially as an entirety in connection with
which the Company is dissolved, the Holder of this Unit Purchase Option shall have the right thereafter (until the expiration of
the right of exercise of this Unit Purchase Option) to receive upon the exercise hereof, for the same aggregate Exercise Price
payable hereunder immediately prior to such event plus the aggregate exercise price of the Shares underlying the Warrants immediately
prior to such event, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such
reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, by a Holder
of the number of Shares of the Company obtainable upon exercise of this Unit Purchase Option and the underlying Warrants immediately
prior to such event; and if any reclassification also results in a change in Shares covered by Section 5(a)(i) or 5(a)(ii),
then such adjustment shall be made pursuant to Sections 5(a)(i) or 5(a)(ii) and this Section 5(a)(iii). The provisions
of this Section 5(a)(iii) shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations,
sales or other transfers.


 


(iv)            
This form of Unit Purchase Option need not be changed because of any change pursuant to this Section 5, and Unit Purchase
Options issued after such change may state the same Exercise Price and the same number of Units as are stated in the Unit Purchase
Options initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Unit Purchase Options
reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement
Date or the computation thereof.


 


(b)              
Substitute Unit Purchase Option. In case of any consolidation of the Company with, or merger of the Company
with, or merger of the Company into, another corporation (other than a consolidation or merger which does not result in any reclassification
or change of the outstanding Shares), the corporation formed by such consolidation or merger shall execute and deliver to the
Holder a supplemental Unit Purchase Option providing that the holder of each Unit Purchase Option then outstanding or to be outstanding
shall have the right thereafter (until the stated expiration of such Unit Purchase Option) to receive, upon exercise of such Unit
Purchase Option, the kind and amount of shares of stock and other securities and property receivable upon such consolidation or
merger, by a holder of the number of Shares of the Company for which such Unit Purchase Option might have been exercised immediately
prior to such consolidation, merger, sale or transfer. Such supplemental Unit Purchase Option shall provide for adjustments which
shall be identical to the adjustments provided in this Section 5. The above provision of this Section 5 shall similarly
apply to successive consolidations or mergers.


 


(c)               
Fractional Interests. The Company shall not be required to issue certificates representing fractions of Shares
or Warrants upon the exercise of the Unit Purchase Option, nor shall it be required to issue scrip or pay cash in lieu of any
fractional interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction
up to the nearest whole number of Warrants, Shares or other securities, properties or rights.


 






    	6



     

    

6.                 
Reservation and Listing. The Company shall at all times reserve and keep available out of its authorized Shares, solely
for the purpose of issuance upon exercise of the Warrants underlying the Unit Purchase Option, such number of Shares or other
securities, properties or rights as shall be issuable upon the conversion or exercise thereof. The Company further covenants and
agrees that upon exercise of the Warrants underlying the Unit Purchase Option and payment of the respective Warrant exercise price
therefor, all Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable
and not subject to preemptive rights of any stockholder. As long as the Unit Purchase Option shall be outstanding, the Company
shall use its best efforts to cause all (i) Units issuable upon exercise of the Unit Purchase Option, and (ii) Shares
issuable upon exercise of the Warrants included in the Units issuable upon exercise of the Unit Purchase Option to be listed (subject
to official notice of issuance) on all securities exchanges (or, if applicable on the OTC Bulletin Board or any successor trading
market) on which the Shares issued to the public in connection with the Offering may then be listed and/or quoted; provided, however,
that the Company shall only be required to comply with (i) above to the extent the Units issued to the public in the Offering
are still listed on a securities exchange.


 


7.                 
Certain Notice Requirements.


 


(a)               
Right to Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent
as a stockholder for the election of directors or any other matter, or as having any rights whatsoever as a stockholder of the
Company. If, however, at any time prior to the expiration of the Unit Purchase Option and its exercise, any of the events described
in Section 7(b) shall occur, then, in one or more of said events, the Company shall give written notice of such event at
least fifteen days prior to the date fixed as a record date or the date of closing the transfer books for the determination of
the stockholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled
to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date
of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder
a copy of each notice given to the other stockholders of the Company with respect to the events enumerated in Section 7(b) at
the same time and in the same manner that such notice is given to all stockholders, even if less than fifteen days.


 


(b)              
Enumerated Events. The Company shall be required to give the notice described in this Section 7 upon
one or more of the following events: (i) if the Company shall take a record of the holders of its Shares for the purpose
of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable
otherwise than out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books
of the Company, or (ii) the Company shall offer to all the holders of its Shares any additional shares of capital stock of
the Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any option, right or
warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the Company (other than in connection
with a consolidation or merger) or a sale of all or substantially all of its property, assets and business shall be proposed.


 






    	7



     

    

(c)               
Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price
pursuant to Section 5 hereof, send notice to the Holders of such event and change (the “Price Notice”).
The Price Notice shall describe the event causing the change and the method of calculating same and shall be certified as being
true and accurate by the Company’s President and Chief Financial Officer.


 


(d)              
Notice Delivery. All notices, requests, consents and other communications under this Unit Purchase Option
shall be in writing and shall be deemed to have been duly made when hand delivered, or mailed by express mail or private courier
service: (i) If to the registered Holder of the Unit Purchase Option, to the address of such Holder as shown on the books
of the Company, or (ii) If to the Company, to the following address or to such other address as the Company may designate
by notice to the Holders:


 


Skyline Medical Inc.


2915 Commers Drive, Suite 900


Eagan, Minnesota 55121


Attn: Chief Financial Officer


 


 


8.                 
Registration Rights.


 


(a)               
Covenant to Register the Shares.


 


(i)                
If requested in writing by the Holder, the Company agrees to register for resale the Shares underlying the Units (including
the Shares underlying the Warrants included in the Units) (collectively, the “Registrable Securities”). The
Holder may only make one demand request pursuant to this Section 8(a). The Company will use commercially reasonable efforts to
file a short-form registration statement on Form S-3 (the “Form S-3”) with the Commission covering the resale
of the Registrable Securities pursuant to Rule 415(a)(1)(i) within thirty (30) days after the Company is eligible to use such Form
S-3. The Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to this
Section. The Company agrees to use its commercially reasonable efforts to cause the Form S-3 filing required herein to become effective
promptly. Notwithstanding anything to the contrary, the obligations of the Company pursuant to this Section 8 shall terminate on
the fifth anniversary of the effective date of the Registration Statement pursuant to which the Offering is being made.


 


(b)              
General Terms.


 


(i)                
Indemnification. The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any
registration statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Act
or Section 20 (a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim,
damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating,
preparing or defending against any claim whatsoever) to which any of them may become subject under the Act, the Exchange Act or
otherwise, arising from such registration statement but only to the same extent and with the same effect as the provisions pursuant
to which the Company has agreed to indemnify the Placement Agent contained in Section 9 of the Placement Agency Agreement between
the Placement Agent and the Company, dated as of November 25, 2016. The Holder(s) of the Registrable Securities to be sold pursuant
to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, against
all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred
in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Act, the Exchange
Act or otherwise, arising from information furnished by or on behalf of such Holders, or their successors or assigns, in writing,
for specific inclusion in such registration statement to the same extent and with the same effect as the provisions contained in
Section 9.C of the Placement Agency Agreement pursuant to which the Placement Agent has agreed to indemnify the Company.


 






    	8



     

    

(ii)              
Exercise of Unit Purchase Option. Nothing contained in this Unit Purchase Option shall be construed as requiring
the Holder(s) to exercise their Unit Purchase Option prior to or after the initial filing of any registration statement or the
effectiveness thereof.


 


(iii)            
Documents Delivered to Holders. The Company shall deliver promptly to each Holder participating in the offering requesting
the correspondence and memoranda described below and to the managing underwriter, if any, copies of all correspondence between
the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission or its staff
with respect to the registration statement and permit each Holder and underwriter to do such investigation, upon reasonable advance
notice, with respect to information contained in or omitted from the registration statement as it deems reasonably necessary to
comply with applicable securities laws or rules of FINRA. Such investigation shall include access to books, records and properties
and opportunities to discuss the business of the Company with its officers and independent auditors, all to such reasonable extent
and at such reasonable times, during normal business hours, as any such Holder shall reasonably request.


 


(iv)            
Underwriting Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s),
if any, selected by any Holders whose Registrable Securities are being registered pursuant to this Section 8, which managing underwriter
shall be reasonably satisfactory to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company,
each Holder and such managing underwriters, and shall contain such representations, warranties and covenants by the Company and
such other terms as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be
parties to any underwriting agreement relating to an underwritten sale of their Registrable Securities. Such Holders shall not
be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may
relate to such Holders, their Shares and their intended methods of distribution.


 


(v)              
Documents to be Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall
furnish to the Company a completed and executed questionnaire provided by the Company requesting information customarily sought
of selling security holders.


 






    	9



     

    

(vi)            
Damages. Should the registration or the effectiveness thereof required by Section 8 hereof be delayed by the Company
or the Company otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief
available to the Holder(s), be entitled to obtain specific performance or other equitable (including injunctive) relief against
the threatened breach of such provisions or the continuation of any such breach, without the necessity of proving actual damages
and without the necessity of posting bond or other security.


 


9.                 
Miscellaneous.


 


(a)               
Amendments. The Company and Dawson may from time to time supplement or amend this Unit Purchase Option without
the approval of any of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that
may be defective or inconsistent with any other provisions herein, or to make any other provisions in regard to matters or questions
arising hereunder that the Company and Dawson may deem necessary or desirable and that the Company and Dawson deem shall not adversely
affect the interest of the Holders. All other modifications or amendments shall require the written consent of and be signed by
the party against whom enforcement of the modification or amendment is sought.


 


(b)              
Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not
in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Unit Purchase Option.


 


(c)               
Entire Agreement. This Unit Purchase Option (together with the other agreements and documents being delivered
pursuant to or in connection with this Unit Purchase Option) constitutes the entire agreement of the parties hereto with respect
to the subject matter hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect
to the subject matter hereof.


 


(d)              
Binding Effect. This Unit Purchase Option shall inure solely to the benefit of, and shall be binding upon,
the Holder and the Company and their permitted assignees, respective successors, legal representative and assigns, and no other
person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of
this Unit Purchase Option or any provisions herein contained.


 


(e)               
Governing Law. This Unit Purchase Option shall be governed by and construed and enforced in accordance with
the laws of the State of New York, without giving effect to conflict of laws. The Company hereby agrees that any action, proceeding
or claim against it arising out of, or relating in any way to this Unit Purchase Option shall be brought and enforced in the courts
of the State of New York or of the United States of America for the Southern District of New York, and irrevocably submits to
such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction
and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting
a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set
forth in Section 7 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company
in any action, proceeding or claim. The Company and the Holder agree that the prevailing party(ies) in any such action shall be
entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses relating to such action
or proceeding and/or incurred in connection with the preparation therefor.


 






    	10



     

    

(f)               
Waivers. The failure of the Company or the Holder to at any time enforce any of the provisions of this Unit
Purchase Option shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of
this Unit Purchase Option or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every
provision of this Unit Purchase Option. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of
this Unit Purchase Option shall be effective unless set forth in a written instrument executed by the party or parties against
whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall
be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.


 


(g)              
Counterparts. This Unit Purchase Option may be executed in one or more counterparts, and by the different
parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall
constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the
parties hereto and delivered to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission
or other electronic transmission.


 


(h)              
Exchange Agreement. As a condition of the Holder’s receipt and acceptance of this Unit Purchase Option,
Holder agrees that, at any time prior to the complete exercise of this Unit Purchase Option by Holder, if the Company and Dawson
enter into an agreement (the “Exchange Agreement”) pursuant to which they agree that all outstanding Unit Purchase
Options will be exchanged for securities or cash or a combination of both, then Holder shall agree to such exchange and become
a party to the Exchange Agreement.


 


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    	11



     

    




IN WITNESS WHEREOF, the Company has caused this
Unit Purchase Option to be signed by its duly authorized officer as of the 25th day of November, 2016.


 


 





	 	 	Skyline Medical, Inc.
	 	 	 
	 	 	By: 	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 
	 	 	 



 





  


 


 


 


 






     


     

    

Form To Be Used To Exercise Unit Purchase Option


 


Skyline Medical, Inc.


2915 Commers Drive, Suite 900


Eagan, Minnesota 55121

Attn: Chief Financial Officer


 


 


Date:                  ,
201  


 


The undersigned hereby elects irrevocably to exercise all or a portion of the within
Unit Purchase Option and to purchase         Units of Skyline Medical, Inc., and hereby makes
payment of $         (at the rate of $        per Unit)
in payment of the Exercise Price pursuant thereto. Please issue the Shares and Warrants comprising the Units as to which this Unit
Purchase Option is exercised in accordance with the instructions given below.


 


or


 


The undersigned hereby elects irrevocably to convert its right to
purchase         Units purchasable under the within Unit Purchase Option by surrender of the
unexercised portion of the attached Unit Purchase Option (with a “Value” based of $       
based on a “Market Price” of $       ). Please issue the securities comprising the
Units as to which this Unit Purchase Option is exercised in accordance with the instructions given below.


 


 





	 	 	 
	 	 	Signature
	 	 	 
	 	 	 
	 	 	 


 


 





INSTRUCTIONS FOR REGISTRATION OF SECURITIES









	Name: 	 	 	 
	 	(Print in Block Letters)	 	 
	 	 	 	 
	Address: 	 	 	 
	 	 	 	 



 






 





NOTICE: THE SIGNATURE TO THIS FORM MUST CORRESPOND
WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN UNIT PURCHASE OPTION IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT
OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A BANK, OTHER THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A FIRM HAVING
MEMBERSHIP ON A REGISTERED NATIONAL SECURITIES EXCHANGE.


 









     


     

    




Form To Be Used To Assign Unit Purchase Option


 




ASSIGNMENT


 


(To be executed by the registered Holder to effect a transfer of
the within Unit Purchase Option)


 


FOR VALUE RECEIVED,         does hereby sell, assign
and transfer unto         the right to purchase         Units
of Skyline Medical, Inc., (the “Company”) evidenced by the within Unit Purchase Option and does hereby authorize
the Company to transfer such right on the books of the Company.


 


Dated:              ,
201  


 


 


	 	 	 
	 	 	Signature
	 	 	 
	 	 	 
	 	 	 









 


NOTICE: THE SIGNATURE TO THIS FORM MUST CORRESPOND
WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN UNIT PURCHASE OPTION IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT
OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A BANK, OTHER THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A FIRM HAVING
MEMBERSHIP ON A REGISTERED NATIONAL SECURITIES EXCHANGE.