Exhibit
4.4


 


COMMON
STOCK PURCHASE WARRANT


 


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.


 


	March
    7, 2019	No.
    W-2019-1


 


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, CHARLES F. HYATT (“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”), Fifty Million (50,000,000) 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 is one of a series of Warrants included in the Unit issued and sold pursuant to the terms and conditions of the Company’s
Subscription Agreement dated March 7, 2019 (the “Purchase 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 7, 2020 (the “Expiration Date”).


 


1.2
Exercise Price. The initial purchase price for each of the Shares shall be $0.01 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.


 


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.


 


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.


 




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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.


 


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.


 




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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 Purchase 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 Holders representing a majority-in-interest of the shares of Common Stock underlying the Warrants pursuant to the Purchase
Agreement. 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.


 


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:
    	/s/
    Robert M. Carmichael
	 	Name:
    	Robert
    M. Carmichael
	 	Its:	CEO


 




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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: ___________________________________________________________________________________________


 




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