Exhibit 10.2


 


NEITHER THIS WARRANT NOR ANY OF THE SECURITIES ISSUABLE
UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTION.
BY ACQUIRING THIS WARRANT, HOLDER REPRESENTS THAT HOLDER WILL NOT SELL OR OTHERWISE DISPOSE OF THIS WARRANT OR THE SECURITIES FOR
WHICH IT MAY BE EXERCISED WITHOUT REGISTRATION OR COMPLIANCE WITH AN EXEMPTION FROM REGISTRATION UNDER THE AFORESAID ACTS AND THE
RULES AND REGULATIONS THEREUNDER.


 


WARRANT TO PURCHASE COMMON STOCK


 


Number of Shares of Common Stock: 762,295


Date of Issuance: May 20, 2015 (“Issuance Date”)


 


This
Certifies That, for value received, Slipstream Communications, LLC, a Delaware limited liability company (including any
permitted and registered assigns, the “Holder”), is entitled to purchase from Creative Realities,
Inc., a Minnesota corporation (the “Company”), up to 762,295 shares of Common Stock (the “Warrant
Shares”) at the Exercise Price then in effect. This Warrant to Purchase Common Stock (this “Warrant”)
is issued by the Company in connection with the Company’s offer and sale to the Holder of a Subordinated Secured Promissory
Note in the original principal amount of $465,000, dated of even date herewith (the “Note”). For purposes of
this Warrant, the term “Exercise Price” shall mean $0.31 per share, subject to adjustment as provided herein,
and the term “Exercise Period” shall mean the period commencing on the Issuance Date and ending on 5:00
p.m. New York time on the five-year anniversary of the date of this Warrant.


 


1.     EXERCISE OF WARRANT.


 


(a)      Mechanics of Exercise.
Subject to the terms and conditions hereof, the rights represented by this Warrant may be exercised in whole or in part at any
time or times during the Exercise Period by delivery of a written notice, in the form attached hereto as Exhibit A (the
“Exercise Notice”), of the Holder’s election to exercise this Warrant. 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 with respect
to less than all of the Warrant Shares shall have the same effect as cancellation of the original Warrant and issuance of a new
Warrant evidencing the right to purchase the remaining number of Warrant Shares. On or before the third Trading Day following
the date on which the Company shall have received the Exercise Notice, and upon receipt by the Company of (i) payment to the Company
of an amount equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to which this Warrant is being
exercised (the “Aggregate Exercise Price” and together with the Exercise Notice, the “Exercise Delivery
Documents”) in cash or by wire transfer of immediately available funds or (ii) notification from the Holder that this
Warrant is being exercised pursuant to a Cashless Exercise, as defined below, the Company shall issue and dispatch by overnight
courier to the address as specified in the Exercise Notice, a certificate, registered in the Company’s share register in
the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such
exercise. Upon delivery of the Exercise Delivery Documents, the Holder shall be deemed for all corporate purposes to have become
the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of
delivery of the certificates evidencing such Warrant Shares.


 






    	 



    	 



    

 


(b)      No Fractional Shares. No fractional shares shall be
issued upon the exercise of this Warrant as a consequence of any adjustment pursuant hereto. All Warrant Shares (including fractions)
issuable upon exercise of this Warrant may be aggregated for purposes of determining whether the exercise would result in the
issuance of any fractional share. If, after aggregation, the exercise would result in the issuance of a fractional share, the
Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise entitled to such fraction a sum in cash equal
to the product resulting from multiplying the then current fair market value of a Warrant Share by such fraction.


 


2.     ADJUSTMENTS. The Exercise Price and the
number of Warrant Shares shall be adjusted from time to time as follows:


 


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


 


(b)      Distribution
of Assets. If the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its
assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including without limitation any distribution
of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement
or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in
each such case:


 


  (i)      any Exercise Price in
effect immediately prior to the close of business on the record date fixed for the determination of holders of shares of Common
Stock entitled to receive the Distribution shall be reduced, effective as of the close of business on such record date, to a price
determined by multiplying such Exercise Price by a fraction of which (i) the numerator shall be the Closing Sale Price of the shares
of Common Stock on the Trading Day immediately preceding such record date minus the value of the Distribution (as determined in
good faith by the Company’s Board of Directors) applicable to one share of Common Stock, and (ii) the denominator shall be
the Closing Sale Price of the shares of Common Stock on the Trading Day immediately preceding such record date; and


 






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  (ii)      the number of Warrant
Shares shall be increased to a number of shares equal to the number of shares of Common Stock obtainable immediately prior to the
close of business on the record date fixed for the determination of holders of shares of Common Stock entitled to receive the Distribution
multiplied by the reciprocal of the fraction set forth in the immediately preceding clause (i); provided, however, that in the
event that the Distribution is of shares of common stock of a company (other than the Company) whose common stock is traded on
a national securities exchange or a national automated quotation system (“Other Shares of Common Stock”), then
the Holder may elect to receive a warrant to purchase Other Shares of Common Stock in lieu of an increase in the number of Warrant
Shares, the terms of which shall be identical to those of this Warrant, except that such warrant shall be exercisable into the
number of shares of Other Shares of Common Stock that would have been payable to the Holder pursuant to the Distribution had the
Holder exercised this Warrant immediately prior to such record date and with an aggregate exercise price equal to the product of
the amount by which the exercise price of this Warrant was decreased with respect to the Distribution pursuant to the terms of
the immediately preceding clause (i) and the number of Warrant Shares calculated in accordance with the first part of this clause
(ii).


 


(c)      Other Events. If any event occurs of the
type contemplated by the provisions of this Section 2 but not expressly provided for by such provisions (including without limitation
the granting, on a pro rata basis to the holders of the Common Stock, of stock-appreciation rights, phantom stock units or other
rights with equity features), then the Company’s Board of Directors will make an appropriate adjustment in the Exercise Price
and the number of Warrant Shares so as to protect the rights of the Holder. For the avoidance of doubt, the parties agree this
Section 2(c) shall not apply to (i) the issuance of Common Stock upon the exercise of options or warrants disclosed as outstanding
in the SEC Reports, or (ii) the issuance of Common Stock, stock options, stock-appreciation rights, restricted stock units, or
other forms of equity compensation under the Company’s equity incentive plans or employee stock purchase plan described in
the SEC Reports.


 


3.     FUNDAMENTAL TRANSACTIONS. If, at any time
while this Warrant is outstanding, (i) the Company effects any merger of the Company with or into another entity and the Company
is not the surviving entity, (ii) the Company effects any sale of all or substantially all of its assets in one or a series of
related transactions, (iii) any tender offer or exchange offer (whether by the Company or by another individual or entity, and
approved by the Company) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares
of Common Stock for other securities, cash or property 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 2(a) above)
(in any such case, a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder
shall have the right to receive the number of shares of Common Stock of the successor or acquiring corporation or of the Company
and any additional consideration (the “Alternate Consideration”) receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a holder of the number of shares of Common Stock for which
this Warrant is exercisable immediately prior to such event (disregarding any limitation on exercise contained herein solely for
the purpose of such determination). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share
of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration
in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of
Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the
Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following
such Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any successor to the Company or surviving
entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent with the foregoing provisions and evidencing
the Holder’s right to exercise such warrant into Alternate Consideration. Notwithstanding anything to the contrary, in the
event of a Fundamental Transaction, the Company or any successor entity shall at the Holder’s option, exercisable at any
time concurrently with or within 30 days after the consummation of the Fundamental Transaction, purchase this Warrant from the
Holder by paying to the Holder an amount of cash equal to the value of this Warrant as determined in accordance with the Black-Scholes
Option Pricing Model obtained from the “OV” function on Bloomberg using (i) a price per share of Common Stock equal
to the Weighted Average Price of the Common Stock for the Trading Day immediately preceding the date of consummation of the applicable
Fundamental Transaction, (ii) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining
term of this Warrant as of the date of consummation of the applicable Fundamental Transaction and (iii) an expected volatility
equal to the lesser of (A) the 30-day volatility obtained from the “HVT” function on Bloomberg determined as of the
end of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction or (B) 70%.


 






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4.     NON-CIRCUMVENTION. The Company covenants
and agrees that the Company will not, by amendment of its articles of incorporation, bylaws or through any reorganization, transfer
of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will at all times in good faith carry
out all the provisions of this Warrant and take all action as may be required to protect the rights of the Holder. Without limiting
the generality of the foregoing, the Company (i) shall not increase the par value of any shares of Common Stock receivable upon
the exercise of this Warrant above the Exercise Price then in effect, (ii) shall take all such actions as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and non-assessable shares of Common Stock upon the exercise
of this Warrant, and (iii) shall, so long as this Warrant is outstanding, have authorized and reserved, free from preemptive rights,
a sufficient number of shares of Common Stock to provide for the exercise of the rights represented by this Warrant (without regard
to any limitations on exercise).


 


5.     WARRANT HOLDER NOT DEEMED A SHAREHOLDER.
Except as otherwise specifically provided herein, this Warrant, in and of itself, shall not entitle the Holder to any voting rights
or other rights as a shareholder of the Company. 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 shareholder of the
Company, whether such liabilities are asserted by the Company or by creditors of the Company.


 


6.     REISSUANCE OF WARRANTS.


 


(a)       Lost,
Stolen or Mutilated Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company will, on such terms as to
indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof),
issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed.


 






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(b)      Issuance of New Warrants. Whenever the
Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant shall be of like tenor with
this Warrant, and shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date.


 


7.     TRANSFER.


 


(a)      Notice of Transfer. The Holder, by acceptance
hereof, agrees to give written notice to the Company before transferring this Warrant or transferring any Warrant Shares of such
Holder’s intention to do so, describing briefly the manner of any proposed transfer. Promptly upon receiving such written
notice, the Company shall present copies thereof to the Company’s counsel. If the proposed transfer may be effected without
registration or qualification (under any federal or state securities laws), the Company, as promptly as practicable, shall notify
the Holder thereof, whereupon the Holder shall be entitled to transfer this Warrant or to dispose of Warrant Shares received upon
the previous exercise of this Warrant, all in accordance with the terms of the notice delivered by the Holder to the Company; provided,
however, that an appropriate legend may be endorsed on this Warrant or the certificates for such Warrant Shares respecting restrictions
upon transfer thereof necessary or advisable in the opinion of counsel and satisfactory to the Company to prevent further transfers
which would be in violation of Section 5 of the Securities Act of 1933 and applicable state securities laws; and provided further
that the prospective transferee or purchaser shall execute the Assignment of Warrant attached hereto as Exhibit B and such
other documents and make such representations, warranties, and agreements as may be required solely to comply with the exemptions
relied upon by the Company for the transfer or disposition of the Warrant or Warrant Shares.


 


(b)      If the proposed transfer or disposition of this
Warrant or such Warrant Shares described in the written notice given pursuant to this Section 7 may not be effected without registration
or qualification of this Warrant or such Warrant Shares, the Holder will limit its activities in respect to such transfer or disposition
as are permitted by law.


 


8.     REGISTRATION RIGHTS. Holder shall have the
following rights, with respect to the filing by the Company of registration statements (other than the Company’s Registration
Statement presently pending with the SEC, File No. 333-201806) (each a “Registration Statement”) with the SEC,
for the resale of the Warrant Shares, and any equity issued with respect to the Warrant Shares due to a dividend or stock split
in connection with a combination or conversion of equity securities, recapitalization, merger, consolidation or other reorganization
(collectively, the “Registrable Shares”); provided, however, that as to any particular securities constituting
Registrable Shares, such securities will cease to be Registrable Shares when they have been: (i) effectively registered under the
Securities Act of 1933 (the “Securities Act”) and disposed of in accordance with the Registration Statement
covering them, or sold to the public through a broker, dealer or market maker pursuant to Rule 144 (or by similar provision then
in force) under the Securities Act; (ii) when registration under the Securities Act would no longer be required for the immediate
sale of such securities held by Holder pursuant to the provisions of Rule 144 (or any successor provision); or (iii) two years
have passed from the date hereof:


 


(a)      Piggyback Rights. If,
at any time when there is not an effective Registration Statement providing for the resale of all of the Registrable Shares, then,
whenever the Company proposes to prepare and file with the SEC any form of a Registration Statement relating to an offering under
the Securities Act of any of its equity securities (other than for a Form S-8, as promulgated under the Securities Act, or its
then equivalent), and the registration form to be used may be used for the registration of Registrable Shares, the Company shall
send to Holder written notice of such determination.  If, within 30 days after receipt of such notice (or within such shorter
period of time as may be specified by the Company in such written notice as may be necessary for the Company to comply with its
obligations with respect to the timing of the filing of such Registration Statement), Holder shall so request in writing (which
request shall specify the Registrable Shares intended to be registered), the Company will use commercially reasonable efforts to
cause the registration under the Securities Act of all Registrable Shares which the Company has been so requested to register by
Holder.


 






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(b)      Cut-Back Provisions. If,
for any reason, the SEC requires that the number of Registrable Shares to be registered for resale pursuant to the Registration
Statement in connection with any Registration Statement, be reduced, or if a greater number of Registrable Shares is offered for
participation in the proposed offering than in the reasonable opinion of the managing underwriter(s) of the proposed offering can
be accommodated without adversely affecting the proposed offering, such reduction (the “Cut Back”) shall
be allocated pro rata among other persons whose shares have been included in such Registration Statement until the reduction required
by the SEC or its rules shall have been effected.  At the discretion of the Company, the Cut Back may be effected first among
one particular type of Registrable Securities.


 


(c)      Expenses. All expenses incurred
by the Company in complying with this Section 8, including without limitation all registration and filing fees, printing expenses
(if required), fees and disbursements of counsel and independent public accountants for the Company, fees and expenses (including
reasonable counsel fees) incurred in connection with complying with state securities or “blue sky” laws, fees of the
FINRA, transfer taxes, and fees of transfer agents and registrars, are called “Registration Expenses.” The Company
will pay all Registration Expenses in connection with any registration statement described in this Section 8.


 


9.     NOTICES. Whenever notice
is required to be given under this Warrant, unless otherwise provided herein, such notice shall be given in accordance with the
notice provisions contained in the Note. The Company shall provide the Holder with prompt written notice (i) immediately upon
any adjustment of the Exercise Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment and
(ii) at least 20 days prior to the date on which the Company closes its books or takes a record (A) with respect to any dividend
or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances or sales of any stock or other securities
directly or indirectly convertible into or exercisable or exchangeable for shares of Common Stock or other property, pro rata to
the holders of shares of Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution
or liquidation, provided in each case that such information shall be made known to the public prior to or in conjunction with such
notice being provided to the Holder.


 


10.   AMENDMENT AND WAIVER. The terms of this
Warrant may be amended or waived (either generally or in a particular instance and either retroactively or prospectively) only
with the written consent of the Company and the Holder.


 






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11.   GOVERNING LAW. This Warrant and all rights,
obligations and liabilities hereunder shall be governed by, and construed in accordance with, the internal laws of the State of
Minnesota, without giving effect to the conflicts-of-law principles thereof.


 


12.   DISPUTE RESOLUTION. In the case of a dispute
as to the determination of the Exercise Price, the Closing Sale Price, or the arithmetic calculation of the Warrant Shares, the
Company or the Holder (as the case may be) shall submit the disputed determinations or arithmetic calculations via facsimile (a)
within two business days after receipt of the applicable notice giving rise to such dispute to the Company or the Holder, as the
case may be, or (b) if no notice gave rise to such dispute, at any time after the Holder learned of the circumstances giving rise
to such dispute. If the Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price,
Closing Sale Price or the Warrant Shares within three business days of such disputed determination or arithmetic calculation being
submitted to the Company or the Holder, as the case may be, then the Company shall, within two business days thereafter submit
via facsimile (x) the disputed determination of the Exercise Price or Closing Sale Price to an independent, reputable investment
bank selected by the Company and approved by the Holder or (y) 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 manifest error.


 


13.   ACCEPTANCE. Receipt of this Warrant by
the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained herein.


 


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


 


(a)      “Bloomberg” means Bloomberg
Financial Markets.


 


(b)      “Closing Sale Price” means,
for any security as of any date, (i) the last closing trade price for such security on the Principal Market, as reported by Bloomberg,
or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing trade price, then the
last trade price of such security prior to 4:00 p.m., New York time, as reported by Bloomberg, or (ii) if the foregoing does
not apply, the last trade price of such security in the over-the-counter market for such security as reported by Bloomberg, or
(iii) if no last trade price is reported for such security by Bloomberg, the average of the bid and ask prices of any market makers
for such security as reported by the OTC Markets. 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. All such determinations to be appropriately adjusted for any stock dividend, stock split,
stock combination or other similar transaction during the applicable calculation period.


 


(c)      “Common Stock” means (i) the
Company’s common stock, par value $0.01 per share, and (ii) any share capital into which such common stock shall have been
changed or any share capital resulting from a reclassification of such common stock.


 






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(d)      “Principal Market” means the
primary national securities exchange on which the Common Stock is then traded.


 


(e)      “SEC” means the U.S. Securities
and Exchange Commission.


 


(f)      “Trading Day”
means (i) any day on which the Common Stock is listed or quoted and traded on its Principal Market, (ii) if the Common Stock is
not then listed or quoted and traded on any national securities exchange, then a day on which trading occurs on any over-the-counter
markets, or (iii) if trading does not occur on the over-the-counter markets, any business day.


 


(g)      “Weighted Average Price” means,
for any security as of any date, (i) the dollar-volume weighted-average price for such security on the Principal Market during
the period beginning at 9:30 a.m., New York City time, and ending at 4:00 p.m., New York City time, as reported by Bloomberg or
(ii) if the foregoing does not apply, the dollar-volume weighted-average price of such security in the over-the-counter market
for such security during the period beginning at 9:30 a.m., New York City time, and ending at 4:00 p.m., New York City time, as
reported by Bloomberg, or (iii) if no dollar-volume weighted-average price is reported for such security by Bloomberg for such
hours, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security
as reported in OTC Markets. If the Weighted Average Price cannot be calculated for such security on such date on any of the foregoing
bases, the Weighted Average Price of such security on such date shall be the fair market value as mutually determined by the Company
and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute
shall be resolved pursuant to Section 12 with the term “Weighted Average Price” being substituted for the term “Exercise
Price.” All such determinations shall be appropriately adjusted for any share dividend, share split or other similar transaction
during such period.


 






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In
Witness Whereof, the Company has caused this Warrant to Purchase Common Stock to be duly executed as of the date indicated
above.


 





	 	CREATIVE REALITIES, INC.
	 	 
	 	/s/ John Walpuck
	 	John Walpuck
	 	Chief Financial Officer and
	 	interim Chief Executive Officer




 






    	 



    	 



    

 


EXHIBIT A


 


EXERCISE NOTICE


 


(To be executed by the registered holder
to exercise this Warrant to Purchase Common Stock)


 


The
Undersigned holder hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant
Shares”) of Creative Realities, Inc., a Minnesota corporation (the “Company”), evidenced by the attached
copy of the Warrant to Purchase Common Stock (the “Warrant”). Capitalized terms used herein and not otherwise
defined shall have the respective meanings set forth in the Warrant.


 





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


 


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


 


Dated: __________________


 


	 	 
	 	(Print Name of Registered Holder)
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 


 






    	 



    	 



    

 


EXHIBIT B


 


ASSIGNMENT OF WARRANT


 


(To be signed only upon authorized transfer
of the Warrant)


 


For
Value Received, the undersigned hereby sells, assigns, and transfers unto ____________________ the right to purchase _______________
shares of common stock of Creative Realities, Inc., to which the within Warrant to Purchase Common Stock relates and appoints ____________________,
as attorney-in-fact, to transfer said right on the books of Creative Realities, Inc. with full power of substitution and re-substitution
in the premises. By accepting such transfer, the transferee has agreed to be bound in all respects by the terms and conditions
of the within Warrant.


 


Dated: __________________


 


	 	 
	 	(Signature) *
	 	 
	 	 
	 	(Name)
	 	 
	 	 
	 	(Address)
	 	 
	 	 
	 	(Social Security or Tax Ident. No.)


 


* The signature on this Assignment of Warrant must correspond
to the name as written upon the face of the Warrant to Purchase Common Stock in every particular without alteration or enlargement
or any change whatsoever. When signing on behalf of a corporation, partnership, trust or other entity, please indicate your position(s)
and title(s) with such entity.