Exhibit
10.2


 


THE
SECURITIES EVIDENCED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS
AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF WITHOUT (i) EFFECTIVE REGISTRATION STATEMENT RELATED THERETO,
(ii) AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED, OR (iii)
RECEIPT OF NO-ACTION LETTERS FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES.


 





	September
    __, 2021	 	No.
    W-__________


 


BROWNIE’S
MARINE GROUP, INC.


 


FORM
OF COMMON STOCK PURCHASE WARRANT


 


This
certifies that, for good and valuable consideration, receipt of which is hereby acknowledged, _____________ (“Holder”)
is entitled to purchase, subject to the terms and conditions of this Warrant, from Brownie’s Marine Group, Inc., a Florida corporation
(the “Company”), _______________ (XXXXXXXX) fully paid and nonassessable shares of the Company’s common
stock, par value $0.0001 per share (“Common Stock”). Holder shall be entitled to purchase the shares of Common
Stock in accordance with Section 2 at any time subsequent to the date of this Warrant set forth above and prior to the Expiration
Date (as defined below). The shares of Common Stock of the Company for which this Warrant is exercisable, as adjusted from time to time
pursuant to the terms hereof, are hereinafter referred to as the “Shares.” This Warrant included in the Unit
issued and sold pursuant to the terms and conditions of the Subscription Agreement dated even herewith (the “Subscription
Agreement”).


 


1.
Exercise Period; Price.


 


1.1 Exercise
Period. This Warrant shall be immediately exercisable and the exercise period (“Exercise Period”) shall
terminate at 5:00 p.m. Eastern Standard time on September 16, 20231 (the “Expiration Date”).


 


1.2 Exercise
Price. The initial purchase price for each of the Shares shall be $0.025 per share. Such price shall be subject to adjustment
pursuant to the terms hereof (such price, as adjusted from time to time, is hereinafter referred to as the “Exercise Price”).


 


2. Exercise
and Payment. At any time after the date of this Warrant, this Warrant may be exercised, in whole or in part, from time to time
by the Holder, during the term hereof, by surrender of this Warrant and the Notice of Exercise attached hereto as Annex I, duly
completed and executed by the Holder, to the Company at the principal executive offices of the Company, together with payment in the
amount obtained by multiplying the Exercise Price then in effect by the number of Shares thereby purchased, as designated in the Notice
of Exercise. Payment may be in cash, wire transfer or by check payable to the order of the Company in immediately available funds. If
not exercised in full, this Warrant must be exercised for a whole number of Shares.


 





 






1
Expiration date will be two years from the date of issuance of the Warrant.


 




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3. Reservation
of Shares. The Company hereby agrees that at all times there shall be reserved for issuance and delivery upon exercise of this
Warrant such number of Shares or other shares of capital stock of the Company from time to time issuable upon exercise of this Warrant.
All such Shares shall be duly authorized, and when issued upon such exercise, shall be validly issued, fully paid and non-assessable,
free and clear of all liens, security interests, charges and other encumbrances or restrictions on sale and free and clear of all preemptive
rights.


 


4. Delivery
of Stock Certificates. Within three (3) trading days after exercise, in whole or in part, of this Warrant, the Company shall
issue in the name of and deliver to the Holder a certificate or certificates for the number of fully paid and nonassessable Shares which
the Holder shall have requested in the Notice of Exercise. If this Warrant is exercised in part, the Company shall deliver to the Holder
a new Warrant (dated the date hereof and of like tenor) for the unexercised portion of this Warrant at the time of delivery of such stock
certificate or certificates.


 


5. No
Fractional Shares. This Warrant must be exercised for a whole number of Shares. No fractional shares or scrip representing fractional
Shares will be issued upon exercise of this Warrant. Any fractional Share which otherwise might be issuable on the exercise of this Warrant
as a result of the adjustment provisions Section 9 hereof will be rounded up to the nearest whole Share.


 


6. Charges,
Taxes and Expenses. The Company shall pay all transfer taxes or other incidental charges, if any, in connection with the transfer
of the Shares purchased pursuant to the exercise hereof from the Company to the Holder.


 


7. Loss,
Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss,
theft, destruction or mutilation of this Warrant, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory
to the Company, and upon reimbursement to the Company of all reasonable expenses incidental thereto, and upon surrender and cancellation
of this Warrant, if mutilated, the Company will make and deliver a new Warrant of like tenor and dated as of such cancellation, in lieu
of this Warrant.


 


8. Saturdays,
Sundays, Holidays, Etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall be a Saturday or a Sunday or shall be a legal holiday, then such action may be taken or such right may be exercised
on the next succeeding weekday which is not a legal holiday.


 


9. Adjustment
of Exercise Price and Number of Shares. The Exercise Price and the number of and kind of securities purchasable upon exercise
of this Warrant shall be subject to adjustment from time to time as follows:


 


9.1 Subdivisions,
Combinations and Other Issuances. If the Company shall at any time after the date hereof but prior to the expiration of this
Warrant subdivide its outstanding securities as to which purchase rights under this Warrant exist, by split-up or otherwise, or combine
its outstanding securities as to which purchase rights under this Warrant exist, the number of Shares as to which this Warrant is exercisable
as of the date of such subdivision, split-up or combination shall forthwith be proportionately increased in the case of a subdivision,
or proportionately decreased in the case of a combination. Appropriate adjustments shall also be made to the Exercise Price, but the
aggregate purchase price payable for the total number of Shares purchasable under this Warrant as of such date shall remain the same.


 




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9.2 Stock
Dividend. If at any time after the date hereof the Company declares a dividend or other distribution on its Common Stock payable
in Common Stock or other securities or rights convertible into Common Stock (“Common Stock Equivalents”) without
payment of any consideration by such holder for the additional shares of Common Stock or the Common Stock Equivalents (including the
additional shares of Common Stock issuable upon exercise or conversion thereof), then the number of Shares for which this Warrant may
be exercised shall be increased as of the record date (or the date of such dividend distribution if no record date is set) for determining
which holders of Common Stock shall be entitled to receive such dividend, in proportion to the increase in the number of outstanding
shares (and shares of Common Stock issuable upon conversion of all such securities convertible into Common Stock) of Common Stock as
a result of such dividend, and the Exercise Price shall be adjusted so that the aggregate amount payable for the purchase of all the
Shares issuable hereunder immediately after the record date (or on the date of such distribution, if applicable), for such dividend shall
equal the aggregate amount so payable immediately before such record date (or on the date of such distribution, if applicable).


 


9.3 Other
Distributions. If at any time after the date hereof the Company distributes to holders of its Common Stock, other than as part
of its dissolution or liquidation or the winding up of its affairs, any shares of its capital stock, any evidence of indebtedness or
any of its assets (other than cash, Common Stock or Common Stock Equivalents), then the Company may, at its option, either (i) decrease
the Exercise Price of this Warrant by an appropriate amount based upon the value distributed on each share of Common Stock as determined
in good faith by the Company’s Board of Directors, or (ii) provide by resolution of the Company’s Board of Directors that
on exercise of this Warrant, the Holder hereof shall thereafter be entitled to receive, in addition to the shares of Common Stock otherwise
receivable on exercise hereof, the number of shares or other securities or property which would have been received had this Warrant at
the time been exercised.


 


9.4 Effect
of Consolidation, Merger or Sale. In case of any reclassification, capital reorganization, or change of securities of the class
issuable upon exercise of this Warrant (other than a change in par value, or from par value to no par value, or from no par value to
par value, or as a result of any subdivision, combination, stock dividend or other distribution provided for in Sections 9.1,
9.2 and 9.3 above), or in case of any consolidation or merger of the Company with or into any corporation (other than a
consolidation or merger with another corporation in which the Company is the acquiring and the surviving corporation and which does not
result in any reclassification or change of outstanding securities issuable upon exercise of this Warrant), or in case of any sale of
all or substantially all of the assets of the Company, the Company, or such successor or purchasing corporation, as the case may be,
shall duly execute and deliver to the holder of this Warrant a new Warrant (in form and substance satisfactory to the holder of this
Warrant), or the Company shall make appropriate provision without the issuance of a new Warrant, so that the holder of this Warrant shall
have the right to receive, at a total purchase price not to exceed that payable upon the exercise of the unexercised portion of this
Warrant, and in lieu of the Shares theretofore issuable upon exercise of this Warrant, the kind and amount of shares of stock, other
securities, money and property receivable upon such reclassification, capital reorganization, change, merger or sale by a holder of the
number of Shares then purchasable under this Warrant. In any such case, appropriate provisions shall be made with respect to the rights
and interest of Holder so that the provisions hereof shall thereafter be applicable to any shares of stock or other securities and property
deliverable upon exercise hereof, or to any new Warrant delivered pursuant to this Section 9.4, and appropriate adjustments shall
be made to the Exercise Price per share payable hereunder, provided, that the aggregate Exercise Price shall remain the same. The provisions
of this Section 9.4 shall similarly apply to successive reclassifications, capital reorganizations, changes, mergers and transfers.


 




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10. Notice
of Adjustments; Notices. Whenever the Exercise Price or number of Shares purchasable hereunder shall be adjusted pursuant to
Section 9 hereof, the Company shall execute and deliver to the Holder a certificate setting forth, in reasonable detail, the event
requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated and the Exercise Price and
number of and kind of securities purchasable hereunder after giving effect to such adjustment, and shall cause a copy of such certificate
to be mailed (by first class mail, postage prepaid) to the Holder.


 


11. Rights
As Shareholder; Notice to Holders. Nothing contained in this Warrant shall be construed as conferring upon the Holder or his
or its transferees the right to vote or to receive dividends or to consent or to receive notice as a shareholder in respect of any meeting
of shareholders for the election of directors of the Company or of any other matter, or any rights whatsoever as shareholders of the
Company. The Company shall give notice to the Holder by registered mail if at any time prior to the expiration or exercise in full of
the Warrants, any of the following events shall occur:


 


(i) a
dissolution, liquidation or winding up of the Company shall be proposed; 


 


(ii) a
capital reorganization or reclassification of the Common Stock (other than a change in par value, or from par value to no par value,
or from no par value to par value, or as a result of any subdivision, combination, stock dividend or other distribution) or any consolidation
or merger of the Company with or into another corporation (other than a consolidation or merger with another corporation in which the
Company is the acquiring and the surviving corporation and which does not result in any reclassification or change of outstanding securities
issuable upon exercise of this Warrant), or in case of any sale of all or substantially all of the assets of the Company; or


 


(iii) a
taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders thereof who are
entitled to receive any dividend (other than a cash dividend) for other distribution, any right to subscribe for, purchase or otherwise
acquire any shares of stock of any class or any other securities or property, or to receive any other rights.


 





Such
giving of notice shall be simultaneous with (or in any event, no later than) the giving of notice to holders of Common Stock. Such notice
shall specify the record date or the date of closing the stock transfer books, as the case may be. Failure to provide such notice shall
not affect the validity of any action contemplated in this Section 11.


 





12. Restricted
Securities. The Holder understands that this Warrant and the Shares purchasable hereunder constitute “restricted securities”
under the federal securities laws inasmuch as they are, or will be, acquired from the Company in transactions not involving a public
offering and accordingly may not, under such laws and applicable regulations, be resold or transferred without registration under the
Act, or an applicable exemption from such registration. The Holder further acknowledges that a securities legend to the foregoing effect
shall be placed on any Shares issued to the Holder upon exercise of this Warrant.


 




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13. Disposition
of Shares; Transferability.


 


13.1 Transfer.
This Warrant shall be transferable only on the books of the Company, upon delivery thereof duly endorsed by the Holder or by its duly
authorized attorney or representative, accompanied by proper evidence of succession, assignment or authority to transfer. Upon any registration
of transfer, the Company shall execute and deliver new Warrants to the person entitled thereto.


 


13.2 Rights,
Preferences and Privileges of Common Stock. The powers, preferences, rights, restrictions and other matters relating to the shares
of Common Stock will be as determined in the Company’s Articles of Incorporation, as amended, as then in effect.


 


14. Miscellaneous.


 


14.1 Binding
Effect. This Warrant and the various rights and obligations arising hereunder shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns.


 


14.2 Entire
Agreement. This Warrant and the Subscription Agreement of even date herewith constitute the entire agreement between the parties
with respect to the subject matter hereof and supersede all prior and contemporaneous agreements, whether oral or written, between the
parties hereto with respect to the subject matter hereof.


 


14.3 Amendment
and Waiver. Any term of this Warrant may be amended and the observance of any term hereof may be waived (either generally or
in a particular instance and either retroactively or prospectively), with the written consent of the Company and the Holder. Any waiver
or amendment effected in accordance with this Section 14.3 shall be binding upon the Holder and the Company.


 


14.4 Governing
Law. This Agreement shall be governed by and construed under the laws of the State of Florida without reference to the conflicts
of law principles thereof. The exclusive jurisdiction for any legal suit, action or proceeding arising out of or related to this Warrant
shall be either the Florida State Supreme Court, County of Broward, or in the United States District Court for the Southern District
of Florida.


 


14.5 Headings.
The headings in this Agreement are for convenience only and shall not alter or otherwise affect the meaning hereof.


 


14.6 Severability.
If one or more provisions of this Warrant are held to be unenforceable under applicable law, such provision shall be excluded from this
Warrant and the balance of the Warrant shall be interpreted as if such provision were so excluded and the balance shall be enforceable
in accordance with its terms.


 


14.7 Notices.
Unless otherwise provided, any notice required or permitted under this Warrant shall be given in the same manner as provided in the Agreement.


 




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IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Warrant as of the date appearing on the first page of this Warrant.


 


	 	THE COMPANY:
	 	 	 
	 	BROWNIE’S MARINE
  GROUP, INC.
	 	 	 
	 	By:	
	 		Christopher
  H. Constable, Chief Executive Officer




 




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ANNEX
I


 


NOTICE
OF EXERCISE


 


	To:	Brownie’s Marine Group, Inc.




 


1. The
undersigned Holder hereby elects to purchase _____________ shares of Common Stock, $0.0001 par value per share (the “Shares”)
of Brownie’s Marine Group, Inc., a Florida corporation (the “Company”), pursuant to the terms of the
attached Warrant. The Holder shall make payment of the Exercise Price by delivering the sum of $____________, in lawful money of the
United States, to the Company in accordance with the terms of the Warrant.


 





2.
Please issue and deliver certificates representing the Warrant Shares purchased hereunder to Holder:__________________, Address:_________________________in
the following denominations: ____________________________.


 





Taxpayer
ID No.: __________________________________


 





3. Please
issue a new Warrant for the unexercised portion of the attached Warrant, if any, in the name of the undersigned.


 





	Holder:	
	Dated:	
	By:	
	Its:	
	Address:	




 


4. The
undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended.


 


[SIGNATURE
OF HOLDER]


 


Name
of Investing Entity: __________________________________________________________________________


 


Signature
of Authorized Signatory of Investing Entity:____________________________________________________


 


Name
of Authorized Signatory: ______________________________________________________________________


 


Title
of Authorized Signatory: _______________________________________________________________________


 


Date:
__________________________________________________________________________________________