Exhibit 4.1


  


 


NEITHER THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE
OF THESE SECURITIES HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE
IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE COMPANY.


 


SKYLINE MEDICAL INC.


 


WARRANT TO PURCHASE COMMON STOCK


 


	 	 	 
	Warrant No. 2017-[    ]	 	Original Issue Date: [               ], 2017


 


Skyline Medical Inc., a Delaware corporation (the “Company”),
hereby certifies that, for value received, [            ] or its permitted
registered assigns (the “Holder”), is entitled to purchase from the Company up to a total of [            ]
shares of common stock, $0.01 par value (the “Common Stock”), of the Company (each such share, a “Warrant
Share” and all such shares, the “Warrant Shares”) at an exercise price per share equal to $______
(as adjusted from time to time as provided in Section 9 herein, the “Exercise Price”), at any time and from
time to time from on or after the date hereof (the “Trigger Date”) and through and including 4:30 P.M., prevailing
Minneapolis time, on [ ], 20___ (the “Expiration Date”), and subject to the following terms and conditions:


 


This Warrant (this “Warrant”)
is one of a series of similar warrants issued pursuant to that certain Securities Purchase Agreement, dated [__________________],
2017, by and among the Company and the Purchasers identified therein (the “Purchase Agreement”). All such warrants
are referred to herein, collectively, as the “Warrants.”


 


1.        Definitions.
In addition to the terms defined elsewhere in this Warrant, capitalized terms that are not otherwise defined herein have the meanings
given to such terms in the Purchase Agreement.


  


2.        Registration of
Warrants. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder (which shall include the initial Holder or, as the case may be, any registered
assignee to which this Warrant is permissibly assigned hereunder) from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and
for all other purposes, absent actual notice to the contrary.


 






      





     


    

 


3.        Registration of
Transfers. Subject to the restrictions on transfer set forth in Section 4.1 of the Purchase Agreement and compliance with all
applicable securities laws, the Company shall register the transfer of all or any portion of this Warrant in the Warrant Register,
upon (i) surrender of this Warrant, with the Form of Assignment attached as Schedule 2 hereto duly completed and signed,
to the Company’s transfer agent or to the Company at its address specified herein and (ii) if the Registration Statement
is not effective, (x) delivery, at the request of the Company, of an opinion of counsel reasonably satisfactory to the Company
to the effect that the transfer of such portion of this Warrant may be made pursuant to an available exemption from the registration
requirements of the Securities Act and all applicable state securities or blue sky laws and (y) delivery by the transferee of a
written statement to the Company certifying that the transferee is an “accredited investor” as defined in Rule 501(a)
under the Securities Act and making the representations and certifications set forth in Section 3.2(b), (c) and (d) of the Purchase
Agreement, to the Company at its address specified in the Purchase Agreement. Upon any such registration or transfer, a new warrant
to purchase Common Stock in substantially the form of this Warrant (any such new warrant, a “New Warrant”) evidencing
the portion of this Warrant so transferred shall be issued to the transferee, and a New Warrant evidencing the remaining portion
of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the
transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations of a Holder of a Warrant.


 


4.        Exercise and Duration of Warrants.


 


(a)        Subject
to Section 11 hereof, all or any part of this Warrant shall be exercisable by the registered Holder at any time and from time to
time on or after the Trigger Date and through and including 4:30 P.M. prevailing Minneapolis time on the Expiration Date. At 4:30
P.M., prevailing Minneapolis time, on the Expiration Date, the portion of this Warrant not exercised prior thereto shall be and
become void and of no value and this Warrant shall be terminated and no longer outstanding;


 


(b)       The
Holder may exercise this Warrant by delivering to the Company (i) an exercise notice, in the form attached as Schedule 1 hereto
(the “Exercise Notice”), appropriately completed and duly signed, (ii) payment of the Exercise Price in immediately
available funds for the number of Warrant Shares as to which this Warrant is being exercised (which may take the form of a “cashless
exercise” if so indicated in the Exercise Notice and if a “cashless exercise” may occur at such time pursuant
to Section 10 below), and the date such items are delivered to the Company (as determined in accordance with the notice provisions
hereof) is an “Exercise Date.” The delivery by (or on behalf of) the Holder of the Exercise Notice and the applicable
Exercise Price as provided above shall constitute the Holder’s certification to the Company that its representations contained
in Section 3.2(b), (c) and (d) of the Purchase Agreement are true and correct as of the Exercise Date as if remade in their entirety
(or, in the case of any transferee Holder that is not a party to the Purchase Agreement, such transferee Holder’s certification
to the Company that such representations are true and correct as to such assignee Holder as of the Exercise Date). The Holder shall
not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the Exercise
Notice 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.


 






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5.        Delivery of Warrant
Shares. Upon exercise of this Warrant, the Company shall promptly (but in no event later than three Trading Days after the
Exercise Date) issue or cause to be issued and cause to be delivered to or upon the written order of the Holder and in such name
or names as the Holder may designate (provided that, if the Registration Statement is not effective and the Holder directs the
Company to deliver a certificate for the Warrant Shares in a name other than that of the Holder or an Affiliate of the Holder,
it shall deliver to the Company on the Exercise Date an opinion of counsel reasonably satisfactory to the Company to the effect
that the issuance of such Warrant Shares in such other name may be made pursuant to an available exemption from the registration
requirements of the Securities Act and all applicable state securities or blue sky laws), a certificate for the Warrant Shares
issuable upon such exercise, free of restrictive legends, unless a registration statement covering the resale of the Warrant Shares
and naming the Holder as a selling stockholder thereunder is not then effective or the Warrant Shares are not freely transferable
pursuant to Rule 144 under the Securities Act pursuant to transactions in which paragraph (c)(1) of such rule do not apply. The
Holder, or any Person permissibly so designated by the Holder to receive Warrant Shares, shall be deemed to have become the holder
of record of such Warrant Shares as of the Exercise Date. If the Warrant Shares are to be issued free of all restrictive legends,
the Company shall, upon the written request of the Holder, use its best efforts to deliver, or cause to be delivered, Warrant Shares
hereunder electronically through The Depository Trust Company or another established clearing corporation performing similar functions,
if available; provided, that, the Company may, but will not be required to, change its transfer agent if its current transfer agent
cannot deliver Warrant Shares electronically through such a clearing corporation.


 


6.        Charges, Taxes and
Expenses. Issuance and delivery of certificates for shares of Common Stock upon exercise of this Warrant shall be made without
charge to the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense in respect of the issuance
of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however, that the Company
shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration of any certificates
for Warrant Shares or Warrants in a name other than that of the Holder or an Affiliate thereof. The Holder shall be responsible
for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon
exercise hereof.


 


7.        Replacement of Warrant.
If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution
for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon receipt of evidence
reasonably satisfactory to the Company of such loss, theft or destruction (in such case) and, in each case, a customary and reasonable
indemnity (which shall not include a surety bond), if requested. Applicants for a New Warrant under such circumstances shall also
comply with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may
prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated
Warrant to the Company as a condition precedent to the Company’s obligation to issue the New Warrant.


 


8.        Reservation of Warrant
Shares. The Company covenants that it will at all times reserve and keep available out of the aggregate of its authorized but
unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise of
this Warrant as herein provided, the number of Warrant Shares which are then issuable and deliverable upon the exercise of this
entire Warrant, free from preemptive rights or any other contingent purchase rights of persons other than the Holder (taking into
account the adjustments and restrictions of Section 9). The Company covenants that all Warrant Shares so issuable and deliverable
shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly
authorized, issued and fully paid and nonassessable. The Company will take all such action as may be necessary to assure that such
shares of Common Stock may be issued as provided herein without violation of any applicable law or regulation, or of any requirements
of any securities exchange or automated quotation system upon which the Common Shares may be listed.


 






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9.        Certain Adjustments.
The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time
as set forth in this Section 9.


 


(a)       
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on
its Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii)
subdivides its outstanding shares of Common Stock into a larger number of shares, or (iii) combines its outstanding shares of Common
Stock into a smaller number of shares, then in each such case the Exercise Price shall be multiplied by a fraction, the numerator
of which shall be the number of shares of Common Stock outstanding immediately before such event and the denominator of which shall
be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of
this paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive
such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately
after the effective date of such subdivision or combination.


 


(b)       Fundamental
Transactions. If, at any time while this Warrant is outstanding (i) the Company effects any merger or consolidation of the
Company with or into another Person, in which the shareholders of the Company as of immediately prior to the transaction own less
than a majority of the outstanding stock of the surviving entity, (ii) the Company effects any sale of all or substantially all
of its assets or a majority of its Common Stock is acquired by a third party, in each case, in one or a series of related transactions,
(iii) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which all or substantially
all of the holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property and
would result in the shareholders of the Company immediately prior to such tender offer or exchange offer owning less than a majority
of the outstanding stock after such tender offer or exchange offer, or (iv) the Company effects any reclassification of the Common
Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other
securities, cash or property (other than as a result of a subdivision or combination of shares of Common Stock covered by Section
9(a) above) (in any such case, a “Fundamental Transaction”), then the Holder shall have the right thereafter
to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as it would have been entitled
to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction,
the holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant without regard to any limitations
on exercise contained herein (the “Alternate Consideration”). The Company shall not effect any such Fundamental
Transaction unless prior to or simultaneously with the consummation thereof, any successor to the Company, surviving entity or
the corporation purchasing or otherwise acquiring such assets or other appropriate corporation or entity shall assume the obligation
to deliver to the Holder, such Alternate Consideration as, in accordance with the foregoing provisions, the Holder may be entitled
to purchase and/or receive (as the case may be), and the other obligations under this Warrant. The provisions of this paragraph
(c) shall similarly apply to subsequent transactions analogous to a Fundamental Transaction.


 






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(c)       Certain
Issuances of Common Securities. If, any time prior to the three year anniversary of the Original Issue Date of this Warrant,
the Company shall (x) sell or issue shares of its Common Stock (other than a dividend or distribution of Common Stock referred
to in Section (a) above), (y) issue rights, options or warrants to subscribe for or purchase shares of Common Stock or (z) issue
or sell other rights for shares of Common Stock or securities convertible or exchangeable into shares of Common Stock (collectively,
any such stock, rights, options or warrants being referred to as “Common Securities”), at a price per share
less than the then applicable Exercise Price, then in each such case the Exercise Price in effect immediately prior to the issuance
of such Common Securities shall be reduced to per share price paid in respect of the issuance of such Common Securities. The adjustment
provided for in this Section (c) shall be made successively whenever any such Common Securities are issued (provided, however,
that, except as provided below, no further adjustments in the Exercise Price shall be made upon the subsequent exercise, conversion
or exchange, as applicable of such Common Securities pursuant to the terms of such Common Securities) and shall become effective
immediately after such issuance. In determining whether any Common Securities entitle the holders of the Common Stock to subscribe
for or purchase shares of Common Stock at less than the Exercise Price, and in determining the aggregate offering price of the
shares of Common Stock so offered, there shall be taken into account any consideration received by the Company for such Common
Securities, any consideration required to be paid upon the exercise, conversion, or exchange, as applicable, of such Common Securities
and the fair market value (as determined in good faith by the Company’s board of directors) of all such consideration (if
other than cash). For purposes of this Section 9(c), the number of shares of Common Stock at any time outstanding shall not include
shares held in the treasury of the Company or by any subsidiary of the Company. Notwithstanding the foregoing, no adjustment will
be made under this Section 9(c) in respect of: (i) the issuance of securities upon the exercise or conversion of any Common Stock,
or stock or securities directly or indirectly convertible into or exercisable or exchangeable for Common Stock (“Convertible
Securities”), issued by the Company prior to the date hereof and disclosed in the SEC Reports (as defined in the Purchase
Agreement); provided, however, that neither the conversion price, exercise price nor number of shares issuable under such Convertible
Securities (excluding any Convertible Securities covered by clause (ii) below) is amended, modified or changed after the Original
Issuance Date of this Warrant other than pursuant to the provisions of such Convertible Securities as they exist as of such date,
(ii) the grant of options, warrants, Common Stock or other Convertible Securities (but not including any amendments to such instruments)
to employees, officers, directors of the Company under any duly authorized Company stock option, restricted stock plan or stock
purchase plan whether now existing or hereafter approved by the Company and its stockholders in the future, and the issuance of
Common Stock in respect thereof, (iii) the grant of options, warrants, Common Stock or other Convertible Securities (but not including
any amendments to such instruments) to employees, officers, directors of the Company that are exempted from stockholder approval
under Nasdaq listing rules (such as under the exemption for inducement grants), or that would be so exempt if the Company’s
securities were listed on Nasdaq, and the issuance of Common Stock in respect thereof, or (iv) the issuance of securities in a
transaction described in paragraphs (a) and (b) of this Section.


 


        (d)
       Number of Warrant Shares. Simultaneously with any adjustment to the Exercise
Price pursuant to paragraph (a) of this Section, the number of Warrant Shares that may be purchased upon exercise of this Warrant
shall be increased or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder
for the increased or decreased number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately
prior to such adjustment.


 






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(e)        Calculations.
All calculations under this Section 9 shall be made to the nearest cent or the nearest 1/100th of a share, as applicable.
The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account
of the Company, and the sale or issuance of any such shares shall be considered an issue or sale of Common Stock.


 


10.        Payment of Exercise
Price. The Holder shall pay the Exercise Price in immediately available funds; provided, however, that if, on any Exercise
Date a registration statement registering the issuance or resale of the Warrant Shares under the Securities Act of 1933, as amended
(the “Securities Act”) is not effective, the Holder may, in its sole discretion, satisfy its obligation to pay
the Exercise Price through a “cashless exercise”, in which event the Company shall issue to the Holder the number of
Warrant Shares determined as follows:


 


X = Y [(A-B)/A]


 


where:


 


X = the number of Warrant Shares to be issued to the Holder.


 


Y = the total number of Warrant Shares with respect to which this Warrant
is being exercised.


 


A = the average of the Closing Sale Prices of the shares of Common Stock (as
reported by Bloomberg Financial Markets) for the five Trading Days ending on the date immediately preceding the Exercise Date.


 


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


 


For purposes of this Warrant, “Closing Sale Price”
means, for any security as of any date, the last trade price for such security on the principal securities exchange or trading
market for such security, as reported by Bloomberg Financial Markets, or, if such exchange or trading market begins to operate
on an extended hours basis and does not designate the last trade price, then the last trade price of such security prior to 4:00:00
p.m., New York Time, as reported by Bloomberg Financial Markets, or if the foregoing do not apply, the last trade price of such
security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg Financial Markets,
or, if no last trade price is reported for such security by Bloomberg Financial Markets, the average of the bid prices, or the
ask prices, respectively, of any market makers for such security as reported in the "pink sheets" by Pink Sheets LLC.
If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale
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 the Company shall, within two business
days submit via facsimile (a) the disputed determination of the Warrant Exercise Price to an independent, reputable investment
bank selected by the Company and approved by the Holder or (b) the disputed arithmetic calculation of the Warrant Shares to the
Company's independent, outside accountant. 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 ten
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. All such determinations to be
appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable
calculation period


 






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For purposes of Rule 144 promulgated under the Securities Act, it
is intended, understood and acknowledged that the Warrant Shares issued in a cashless exercise transaction shall be deemed to have
been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this
Warrant was originally issued pursuant to the Purchase Agreement (provided that the Commission continues to take the position that
such treatment is proper at the time of such exercise).


 


11.        Limitations on
Exercise. (a) Notwithstanding anything to the contrary contained herein, the number of Warrant Shares that may be acquired
by the Holder upon any exercise of this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to ensure
that, following such exercise (or other issuance), the total number of shares of Common Stock then beneficially owned by the Holder
and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s
for purposes of Section 13(d) of the Exchange Act, does not exceed 4.999% of the total number of issued and outstanding shares
of Common Stock (including for such purpose the shares of Common Stock issuable upon such exercise). For such purposes, beneficial
ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
Each delivery of an Exercise Notice by the Holder will constitute a representation by the Holder that it has evaluated the limitation
set forth in this Section and determined that issuance of the full number of Warrant Shares requested in such Exercise Notice is
permitted under this Section. The Company’s obligation to issue shares of Common Stock in excess of the limitation referred
to in this Section shall be suspended (and, except as provided below, shall not terminate or expire notwithstanding any contrary
provisions hereof) until such time, if any, as such shares of Common Stock may be issued in compliance with such limitation; provided,
that, if, as of 4:30 p.m., prevailing Minneapolis time, on the Expiration Date, the Company has not received written notice that
the shares of Common Stock may be issued in compliance with such limitation, the Company’s obligation to issue such shares
shall terminate. This provision shall not restrict the number of shares of Common Stock which a Holder may receive or beneficially
own in order to determine the amount of securities or other consideration that such Holder may receive in the event of a Fundamental
Transaction as contemplated in Section 9 of this Warrant. By written notice to the Company, the Holder may waive the provisions
of this Section but any such waiver will not be effective until the 61st day after such notice is delivered to the Company,
nor will any such waiver effect any other Holder.


 


        (b)       Notwithstanding
anything to the contrary contained herein, the number of Warrant Shares that may be acquired by the Holder upon any exercise of
this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to ensure that, following such exercise
(or other issuance), the total number of shares of Common Stock then beneficially owned by such Holder and its Affiliates and any
other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d)
of the Exchange Act, does not exceed 9.999% of the total number of issued and outstanding shares of Common Stock (including for
such purpose the shares of Common Stock issuable upon such exercise). For such purposes, beneficial ownership shall be determined
in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. Each delivery of an
Exercise Notice hereunder will constitute a representation by the Holder that it has evaluated the limitation set forth in this
Section and determined that issuance of the full number of Warrant Shares requested in such Exercise Notice is permitted under
this Section. The Company’s obligation to issue shares of Common Stock in excess of the limitation referred to in this Section
shall be suspended (and, except as provided below, shall not terminate or expire notwithstanding any contrary provisions hereof)
until such time, if any, as such shares of Common Stock may be issued in compliance with such limitation; provided, that, if, as
of 4:30 p.m., prevailing City time, on the Expiration Date, the Company has not received written notice that the shares of Common
Stock may be issued in compliance with such limitation, the Company’s obligation to issue such shares shall terminate. This
provision shall not restrict the number of shares of Common Stock which a Holder may receive or beneficially own in order to determine
the amount of securities or other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated
in Section 9 of this Warrant. This restriction may not be waived.


 






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12.        No Fractional Shares.
No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of any fractional shares which
would otherwise be issuable, subject to Section 11, the number of Warrant Shares to be issued shall be rounded up to the next whole
number.


 


13.        Notices. Any
and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall be in
writing and shall be mailed (registered or certified mail, return receipt requested), or personally delivered and shall be deemed
given when so delivered or if mailed, two (2) days after such mailing, in each case to the address specified in the Purchase Agreement.


 


14.        Warrant Agent.
The Company shall serve as warrant agent under this Warrant. Upon thirty (30) days’ notice to the Holder, the Company may
appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting
from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or
any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be a successor
warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession
as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown
on the Warrant Register.


 


15.        Miscellaneous.


 


(a)               
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 share capital 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, amalgamation, 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 15(a),
the Company shall provide the Holder with copies of the same notices and other information given to the shareholders of the Company,
contemporaneously with the giving thereof to the shareholders.


 






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(b)              
Subject to the restrictions on transfer set forth on the first page hereof and in Section 4.1 of the Purchase Agreement, and compliance
with applicable securities laws, this Warrant may be assigned by the Holder. This Warrant may not be assigned by the Company except
to a successor in the event of a Fundamental Transaction. This Warrant shall be binding on and inure to the benefit of the parties
hereto and their respective successors and assigns. Subject to the preceding sentence, nothing in this Warrant shall be construed
to give to any Person other than the Company and the Holder any legal or equitable right, remedy or cause of action under this
Warrant. This Warrant may be amended only in writing signed by the Company and the Holder, or their successors and assigns. 


 


(c)               
GOVERNING LAW; VENUE; WAIVER OF JURY TRIAL. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION
OF THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MINNESOTA WITHOUT REGARD
TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE
AND FEDERAL COURTS SITTING IN THE CITY OF MINNEAPOLIS, MINNESOTA AND HENNEPIN COUNTY, MINNESOTA, FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO
THE ENFORCEMENT OF ANY OF THE TRANSACTION DOCUMENTS), 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 IMPROPER. EACH PARTY 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 VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY)
TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS 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. THE COMPANY HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY. 


 


(d)        The
headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any
of the provisions hereof.


 


(e)        In
case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby, and the parties will
attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor,
and upon so agreeing, shall incorporate such substitute provision in this Warrant.


 






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(f)        Except
as otherwise set forth herein, prior to exercise of this Warrant, the Holder hereof shall not, by reason of by being a Holder,
be entitled to any rights of a stockholder with respect to the Warrant Shares.


 


[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK,


SIGNATURE PAGE FOLLOWS]


 


 


 


 


 



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4817-3601-5703, v. 1



     


    




 





IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its authorized
officer as of the date first indicated above.


 


	 	 	 
	 	SKYLINE MEDICAL INC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 


 


 


 


 


 






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4817-3601-5703, v. 1



     


    

 





SCHEDULE 1


 


FORM OF EXERCISE NOTICE


 


(To be executed by the Holder to exercise the right to purchase shares


of Common Stock under the foregoing Warrant)


 


To: Skyline Medical Inc.


 


(1)       The undersigned is
the Holder of Warrant No. __________ (the “Warrant”) issued by Skyline Medical Inc. a Delaware corporation (the “Company”).
Capitalized terms used herein and not otherwise defined herein have the respective meanings set forth in the Warrant.


 


(2)       The undersigned hereby
exercises its right to purchase __________ Warrant Shares pursuant to the Warrant.


  


(3)       The Holder intends
that payment of the Exercise Price shall be made as (check one):


 


☐       Cash
Exercise


 


☐       “Cashless
Exercise” under Section 10


 


(4)       If the Holder has elected
a Cash Exercise, the Holder shall pay the sum of $_______ in immediately available funds to the Company in accordance with the
terms of the Warrant.


 


(5)       Pursuant to this Exercise
Notice, the Company shall deliver to the Holder _____________ Warrant Shares in accordance with the terms of the Warrant.


 


(6)       By
its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving effect to the exercise
evidenced hereby, the Holder will not beneficially own in excess of the number of shares of Common Stock (as determined in accordance
with Section 13(d) of the Securities Exchange Act of 1934) permitted to be owned under Section 11 of the Warrant to which this
notice relates.


 


Dated:_______________, _____


 





	Name of Holder: 	 	 



 





	By:	 	 
	Name: 		 
	Title: 	 	 



 



(Signature must conform in all respects to name of


Holder as specified on the face of the Warrant)


 






     

4817-3601-5703, v. 1



     


    

 


SCHEDULE 2


 


SKYLINE MEDICAL INC.


 


FORM OF ASSIGNMENT


 


[To be completed and signed only upon transfer of Warrant]


 


FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto                             
(the “Transferee” the right represented by the within Warrant to purchase                 
shares of Common Stock of Skyline Medical Inc. (the “Company”) to which the within Warrant relates and appoints                             
attorney to transfer said right on the books of the Company with full power of substitution in the premises. In connection therewith,
the undersigned represents, warrants, covenants and agrees to and with the Company that:


 


		(a)	the offer and sale of the Warrant contemplated hereby is being made in compliance with Section
4(1) of the United States Securities Act of 1933, as amended (the “Securities Act”) or another valid exemption from
the registration requirements of Section 5 of the Securities Act and in compliance with all applicable securities laws of the states
of the United States;



 


		(b)	the undersigned has not offered to sell the Warrant by any form of general solicitation or general
advertising, including, but not limited to, any advertisement, article, notice or other communication published in any newspaper,
magazine or similar media or broadcast over television or radio, and any seminar or meeting whose attendees have been invited by
any general solicitation or general advertising;



 


		(c)	the undersigned has read the Transferee’s investment letter included herewith, and to its
actual knowledge, the statements made therein are true and correct; and



 


		(d)	the undersigned understands that the Company may condition the transfer of the Warrant contemplated
hereby upon the delivery to the Company by the undersigned or the Transferee, as the case may be, of a written opinion of counsel
(which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect
that such transfer may be made without registration under the Securities Act and under applicable securities laws of the states
of the United States.



 


Dated:_______________, _____


 





		 	
         




        

	 	 	(Signature must conform in all respects to name of holder as specified on the face of the Warrant)
	 	 	
         



        

	 	 	 
	 	 	Address of Transferee
	 	 	
         



        

	 	 	
         



        

	 	 	 
	 	 	 


 





In the presence of:





 


	 	 	 






 


 


 


 





 


4817-3601-5703, v. 1