Exhibit 10.2


 





COMMON STOCK PURCHASE WARRANT


 


NEITHER THIS SECURITY NOR THE SECURITIES
FOR WHICH THIS SECURITY ARE EXERCISABLE 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 APPLICABLE STATE SECURITIES LAWS, AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO (I) AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR 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 AS EVIDENCED BY A LEGAL OPINION OF
COUNSEL TO THE TRANSFEROR (IF REQUESTED BY THE COMPANY) TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE
TO THE COMPANY OR (II) RULE 144 PROMULGATED UNDER THE SECURITIES ACT. NOTWITHSTANDING THE FOREGOING, THIS SECURITY AND THE SECURITIES
ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY
SUCH SECURITIES.


 


PRECIPIO, INC.


 


Warrant
To Purchase Common Stock


 


Warrant No.: ____


Date of Issuance: April   
, 2018 (“Issuance Date”)


 


Precipio, Inc., a
Delaware corporation (the “Company”), hereby certifies that, for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, [               
], the registered holder hereof or its permitted assigns (the “Holder”), is entitled, subject to the terms
set forth below, to purchase from the Company, at the Exercise Price (as defined below) then in effect, upon exercise of this
Warrant to Purchase Common Stock (including any Warrants to Purchase Common Stock issued in exchange, transfer or replacement
hereof, the “Warrant”), at any time or times on or after the date which is six months after the Issuance Date,
but not after 11:59 p.m., New York time, on the Expiration Date (as defined below), [50% coverage one year; 50% coverage five
years](subject to adjustment as provided herein) fully paid and non-assessable shares of Common Stock (as defined below) (the
“Warrant Shares”). Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings
set forth in Section 16. This Warrant is one of the Warrants to Purchase Common Stock (the “SPA Warrants”)
issued pursuant to that certain Securities Purchase Agreement, dated as of the date hereof, by and among the Company and the investor(s)
thereunder (the “Purchaser” or “Purchasers” as applicable) referred to therein (the “Securities
Purchase Agreement”).


 




    	 	 	 



     


    

 


1.                 
EXERCISE OF WARRANT.


 


(a)              
Mechanics of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations
set forth in Section 1(e)), this Warrant may be exercised by the Holder on any day on or after the Issuance Date
in whole or in part, by delivery (whether via facsimile or otherwise) of a written notice, in the form attached hereto as Exhibit
A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant. Within one (1)
Trading Day following an exercise of this Warrant as aforesaid, the Holder shall deliver payment to the Company of an amount equal
to the Exercise Price in effect on the date of such exercise multiplied by the number of Warrant Shares as to which this Warrant
was so exercised (in respect of such specific exercise, the “Aggregate Exercise Price”) in cash or via wire
transfer of immediately available funds if the Holder did not notify the Company in such Exercise Notice that such exercise was
made pursuant to a Cashless Exercise (as defined in Section 1(c)). The Holder shall not be required to deliver the
original of this Warrant in order to effect an exercise hereunder. Execution and delivery of an Exercise Notice with respect to
less than all of the Warrant Shares shall have the same effect as cancellation of the original of this Warrant certificate and
issuance of a new Warrant certificate evidencing the right to purchase the remaining number of Warrant Shares. Execution and delivery
of an Exercise Notice for all of the then-remaining Warrant Shares shall have the same effect as cancellation of the original
of this Warrant certificate after delivery of the Warrant Shares in accordance with the terms hereof. On or before the first (1st)
Trading Day following the later of (i) the date on which the Company has received an Exercise Notice or (ii) the date on which
the Company receives the Aggregate Exercise Price, the Company shall transmit by facsimile an acknowledgment of confirmation of
receipt of such Exercise Notice, in the form attached hereto as Exhibit B, to the Holder and the Company’s
transfer agent (the “Transfer Agent”). On or before the second (2nd) Trading Day following the later
of (i) the date on which the Company has received such Exercise Notice or (ii) if the Aggregate Exercise Price is not paid by
the Holder within one (1) Trading Day following such exercise as contemplated above in this Section 1(a), the date
on which the Company receives the Aggregate Exercise Price (such later date is referred to herein as the “Delivery Date”),
the Company shall (X) provided that (I) the Transfer Agent is participating in The Depository Trust Company (“DTC”)
Fast Automated Securities Transfer Program and (II) either a Registration Statement (as defined in the Securities Purchase Agreement))
for the resale by the Holder of the applicable Warrant Shares to be issued pursuant to such Exercise Notice is effective or such
Warrant Shares are otherwise eligible for resale pursuant to Rule 144 (as defined in the Securities Purchase Agreement), credit
such aggregate number of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the Holder’s
or its designee’s balance account with DTC through its Deposit/ Withdrawal at Custodian system, or (Y) if either of the
immediately preceding clauses (I) or (II) are not satisfied, issue and deliver to the Holder or, at the Holder’s instruction
pursuant to the Exercise Notice, the Holder’s agent or designee, in each case, sent by reputable overnight courier to the
address as specified in the applicable Exercise Notice, a certificate, registered in the Company’s share register in the
name of the Holder or its designee (as indicated in the applicable Exercise Notice), for the number of shares of Common Stock
to which the Holder is entitled pursuant to such exercise. Upon delivery of an Exercise Notice, 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 such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates
evidencing such Warrant Shares (as the case may be). If this Warrant is submitted in connection with any exercise pursuant to
this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is greater
than the number of Warrant Shares being acquired upon an exercise, then, at the request of the Holder and upon surrender hereof
by the Holder at the principal office of the Company, the Company shall as soon as practicable and in no event later than three
(3) Business Days after any exercise and at its own expense, issue and deliver to the Holder (or its designee) a new Warrant (in
accordance with Section 7(g)) representing the right to purchase the number of Warrant Shares purchasable immediately prior
to such exercise under this Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. No fractional
shares of Common Stock are to be issued upon the exercise of this Warrant, but rather the number of shares of Common Stock to
be issued shall be rounded up to the nearest whole number. The Company shall pay any and all taxes and fees which may be payable
with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant.


 






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(b)              
Exercise Price. For purposes of this Warrant, “Exercise Price” means $[150% of closing price
on issuance date], subject to adjustment as provided herein, or as such may be lowered by the Company.


 


(c)              
Company’s Failure to Timely Deliver Securities. If the Company shall fail, for any reason or for no reason,
to issue to the Holder on or before the applicable Delivery Date, a certificate for the number of shares of Common Stock to which
the Holder is entitled and register such shares of Common Stock on the Company’s share register or to credit the Holder’s
balance account with DTC for such number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise
of this Warrant (as the case may be), then, in addition to all other remedies available to the Holder, the Company shall pay in
cash to the Holder on each day after such second (2nd) Trading Day that the issuance of such shares of Common Stock
is not timely effected an amount equal to 2% of the product of (A) the aggregate number of shares of Common Stock not issued to
the Holder on a timely basis and to which the Holder is entitled and (B) the Closing Sale Price of the Common Stock on the Trading
Day immediately preceding the last possible date on which the Company could have issued such shares of Common Stock to the Holder
without violating Section 1(a). In addition to the foregoing, if the Company shall fail to issue and deliver a certificate to
the Holder and register such shares of Common Stock on the Company’s share register or credit the Holder’s balance
account with DTC for the number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise or
exchange hereunder (as the case may be) on or prior to the applicable Delivery Date, and if on or after such Delivery Date the
Holder (or any other Person in respect, or on behalf, of the Holder) purchases (in an open market transaction or otherwise) shares
of Common Stock to deliver in satisfaction of a sale by the Holder of all or any portion of the number of shares of Common Stock,
or a sale of a number of shares of Common Stock equal to all or any portion of the number of shares of Common Stock, issuable
upon such exercise or exchange that the Holder so anticipated receiving from the Company, then, in addition to all other remedies
available to the Holder, the Company shall, within three (3) Business Days after the Holder’s request and in the Holder’s
discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total purchase price (including brokerage
commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including, without limitation,
by any other Person in respect, or on behalf, of the Holder) (the “Buy-In Price”), at which point the Company’s
obligation to so issue and deliver such certificate or credit the Holder’s balance account with DTC for the number of shares
of Common Stock to which the Holder is entitled upon the Holder’s exercise or exchange hereunder (as the case may be) (and
to issue such shares of Common Stock) shall terminate, or (ii) promptly honor its obligation to so issue and deliver to the Holder
a certificate or certificates representing such shares of Common Stock or credit the Holder’s balance account with DTC for
the number of shares of Common Stock to which the Holder is entitled upon the Holder’s exercise or exchange hereunder (as
the case may be) and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of
(A) such number of shares of Common Stock multiplied by (B) the lowest Closing Sale Price of the Common Stock on any Trading Day
during the period commencing on the date of the applicable Exercise Notice or Exchange Notice, as the case may be, and ending
on the date of such issuance and payment under this clause (ii).


 






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(d)              
Cashless Exercise. Notwithstanding anything contained herein to the contrary (other than Section 1(f)
below), at any time when the Warrant Shares are not subject to an effective Registration Statement the Holder may, in its
sole discretion (and without limiting the Holder’s rights and remedies contained herein or in any of the other Transaction
Documents (as defined in the Securities Purchase Agreement)), exercise this Warrant in whole or in part and, as a cashless exercise
of the Warrant with respect to the number of shares specified in “A” below and issue the “Net Number”
of shares of Common Stock determined according to the following formula with respect thereto (a “Cashless Exercise”),
as follows:


 





 


Net Number
= (A x B) - (A x C)


                                      B


 


For purposes of the foregoing
formula:


 


A= the total number of
shares with respect to which this Warrant is then being exercised.


 


B= the arithmetic average
of the Closing Sale Prices for the five (5) consecutive Trading Days ending on the date immediately preceding the date of the
Exercise Notice.


 


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


 


(e)              
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of
the number of Warrant Shares to be issued pursuant to the terms hereof (including, without limitation, the Net Number), the Company
shall promptly issue to the Holder the number of Warrant Shares that are not disputed, provided that following such issuance to
Holder such dispute shall be resolved in accordance with Section 13.


 






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(f)               
Limitations on Exercises.


 


(i)                
Notwithstanding anything to the contrary contained in this Warrant, this Warrant shall not be exercisable by the Holder
hereof to the extent (but only to the extent) that the Holder or any of its Affiliates would beneficially own in excess of 4.99%
(the “Maximum Percentage”) of the Common Stock. To the extent the above limitation applies, the determination
of whether this Warrant shall be exercisable (vis-à-vis other convertible, exercisable securities owned by the Holder or
any of its Affiliates) and of which such securities shall be exercisable (as among all such securities owned by the Holder) shall,
subject to such Maximum Percentage limitation, be determined on the basis of the first submission to the Company for conversion,
exercise (as the case may be). No prior inability to exercise this Warrant pursuant to this paragraph shall have any effect on
the applicability of the provisions of this paragraph with respect to any subsequent determination of exercisability. For
the purposes of this paragraph, beneficial ownership and all determinations and calculations (including, without limitation, with
respect to calculations of percentage ownership) shall be determined in accordance with Section 13(d) of the 1934 Act (as defined
in the Securities Purchase Agreement) and the rules and regulations promulgated thereunder. The provisions of this paragraph shall
not be implemented in a manner otherwise than in strict conformity with the terms of this paragraph to correct this paragraph
(or any portion hereof) which may be defective or inconsistent with the intended Maximum Percentage beneficial ownership limitation
herein contained or to make changes or supplements necessary or desirable to properly give effect to such Maximum Percentage limitation.
The limitations contained in this paragraph shall apply to a successor Holder of this Warrant. The holders of Common Stock shall
be third party beneficiaries of this paragraph and the Company may not amend or waive this paragraph without the consent of holders
of a majority of its Common Stock. For any reason at any time, upon the written or oral request of the Holder, the Company shall
within one (1) Business Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding,
including by virtue of any prior conversion or exercise or exchange of convertible or exercisable or exchangeable securities into
Common Stock, including, without limitation, pursuant to this Warrant or securities issued pursuant to the Securities Purchase
Agreement.


 


(g)              
Insufficient Authorized Shares. The Company shall at all times keep reserved for issuance under this Warrant a number
of shares of Common Stock as shall be necessary to satisfy the Company’s obligation to issue shares of Common Stock hereunder
(without regard to any limitation otherwise contained herein with respect to the number of shares of Common Stock that may be
acquirable upon exercise or exchange of this Warrant). If, notwithstanding the foregoing, and not in limitation thereof, at any
time while any of the SPA Warrants remain outstanding the Company does not have a sufficient number of authorized and unreserved
shares of Common Stock to satisfy its obligation to reserve for issuance upon exercise of the SPA Warrants at least a number of
shares of Common Stock equal to the number of shares of Common Stock as shall from time to time be necessary to effect the exercise
or exchange of all of the SPA Warrants then outstanding (the “Required Reserve Amount”) (an “Authorized
Share Failure”), then the Company shall immediately take all action necessary to increase the Company’s authorized
shares of Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount for all the SPA Warrants
then outstanding. Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence
of an Authorized Share Failure, but in no event later than ninety (90) days after the occurrence of such Authorized Share Failure,
the Company shall hold a meeting of its shareholders for the approval of an increase in the number of authorized shares of Common
Stock. In connection with such meeting, the Company shall provide each shareholder with a proxy statement and shall use its commercially
reasonable efforts to solicit its shareholders’ approval of such increase in authorized shares of Common Stock and to cause
its board of directors to recommend to the shareholders that they approve such proposal.


 






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2.                 
ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. 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 2.


 


(a)              
Stock Dividends and Splits. Without limiting any provision of Section 4, if the Company, at any time on or
after the date of the Securities Purchase Agreement, (i) pays a stock dividend on one or more classes of its then outstanding
shares of Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock,
(ii) subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its then outstanding
shares of Common Stock into a larger number of shares or (iii) combines (by combination, reverse stock split or otherwise) one
or more classes of its then 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 of which the numerator shall be the number of shares of Common Stock outstanding immediately
before such event and of which the denominator 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 shareholders 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. If
any event requiring an adjustment under this paragraph occurs during the period that an Exercise Price is calculated hereunder,
then the calculation of such Exercise Price shall be adjusted appropriately to reflect such event.


 


(b)              
Calculations. All calculations under this Section 2 shall be made by rounding to the nearest 1/1000th
of cent and 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 disposition of any such shares
shall be considered an issue or sale of Common Stock.


 


(c)              
Other Events. (d) In the event that the Company shall take any action to which the provisions hereof are not strictly
applicable, or, if applicable, would not operate to protect the Holder from dilution or 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 of stock appreciation rights, phantom stock rights or other rights with equity features), then the Company’s board
of directors shall in good faith determine and implement an appropriate adjustment in the Exercise Price and the number of Warrant
Shares (if applicable) so as to protect the rights of the Holder, provided that no such adjustment pursuant to this Section will
increase the Exercise Price or decrease the number of Warrant Shares as otherwise determined pursuant to this Section 2(c),
provided further that if the Holder does not accept such adjustments as appropriately protecting its interests hereunder against
such dilution, then the Company’s board of directors and the Holder shall agree, in good faith, upon an independent investment
bank of nationally recognized standing to make such appropriate adjustments, whose determination shall be final and binding and
whose fees and expenses shall be borne by the Company.


 






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3.                 
RIGHTS UPON DISTRIBUTION OF ASSETS. In addition to any adjustments pursuant to Section 2 above, if the Company,
at any time prior to the Expiration Date, 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, indebtedness, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time
after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock
acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation,
the Maximum Percentage) immediately before the date on which a record is taken for such Distribution, or, if no such record is
taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution
(provided, however, to the extent that the Holder’s right to participate in any such Distributions would result in the Holder
exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Distribution to such extent (or
the beneficial ownership of any such shares of Common Stock as a result of such Distribution to such extent) and such Distribution
to such extent shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not
result in the Holder exceeding the Maximum Percentage), provided further, such Distribution shall be held in abeyance for the
benefit of the Holder until such time as the Holder exercises this Warrant (whether in whole or in part), and subject to the foregoing
proviso, upon each exercise of this Warrant the Company shall make such Distribution to the Holder with respect to each Warrant
Share for which this Warrant is so exercised until such time as this Warrant has been exercised in full).


 


4.                 
PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.


 


(a)              
Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if the Company, at any time
prior to the Expiration Date, grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants,
securities or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”),
then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights
which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise
of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Maximum Percentage) immediately
before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken,
the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase
Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result
in the Holder exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Purchase Right to
such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such
Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not
result in the Holder exceeding the Maximum Percentage), provided further, such Purchase Rights shall be held in abeyance for the
benefit of the Holder until such time as the Holder exercises this Warrant (whether in whole or in part), and subject to the foregoing
proviso, upon each exercise of this Warrant the Company shall deliver such Purchase Rights to the Holder with respect to each
Warrant Share for which this Warrant is so exercised until such time as this Warrant has been exercised in full).


 






    	 	7	 



     


    

 


(b)              
Fundamental Transactions. The Company shall not enter into or be party to a Fundamental Transaction unless the Successor
Entity assumes in writing all of the obligations of the Company under this Warrant and the other Transaction Documents related
to this Warrant in accordance with the provisions of this Section 4(b) pursuant to written agreements in form and
substance reasonably satisfactory to the Holder and approved by the Holder prior to such Fundamental Transaction, including agreements
confirming the obligations of the Successor Entity as set forth in this paragraph (b) and (c) and elsewhere in this
Warrant and an obligation to deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by
a written instrument substantially similar in form and substance to this Warrant, including, without limitation, which is exercisable
for a corresponding number of shares of capital stock equivalent to the shares of Common Stock acquirable and receivable upon
exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction,
and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account
the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital
stock, such adjustments to the number of shares of capital stock and such exercise price being for the purpose of protecting the
economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction). Notwithstanding the foregoing,
at the election of the Holder upon exercise of this Warrant following a Fundamental Transaction, the Successor Entity shall deliver
to the Holder, in lieu of the shares of Common Stock (or other securities, cash, assets or other property (except such items still
issuable under Sections 3 and 4(a) above, which shall continue to be receivable thereafter)) issuable upon the exercise
of this Warrant prior to the applicable Fundamental Transaction, such shares of common stock (or its equivalent) of the Successor
Entity (including its Parent Entity), or other securities, cash, assets or other property, which the Holder would have been entitled
to receive upon the happening of the applicable Fundamental Transaction had this Warrant been exercised immediately prior to the
applicable Fundamental Transaction (without regard to any limitations on the exercise of this Warrant).


 


(c)              
Black Scholes Value -- FT. Notwithstanding the foregoing and the provisions of Section 4(b) above,
at the request of the Holder delivered at any time commencing on the earliest to occur of (x) the consummation of any Fundamental
Transaction and (y) the Holder first becoming aware of any Fundamental Transaction through the date that is ninety (90) days after
the public disclosure of the consummation of such Fundamental Transaction by the Company pursuant to a current Report on Form
8-K filed with the SEC, the Company or the Successor Entity, at the election of the Holder, shall purchase this Warrant from the
Holder on the date of such request by paying to the Holder cash in an amount equal to the Black Scholes Value -- FT.


 






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(d)              
Application. (e) The provisions of this Section 4 shall apply similarly and equally to successive Fundamental
Transactions and shall be applied as if this Warrant (and any such subsequent warrants issued hereunder) were fully exercisable
and without regard to any limitations on the exercise of this Warrant (provided that the Holder shall continue to be entitled
to the benefit of the Maximum Percentage, applied however with respect to shares of capital stock registered under the 1934 Act
and thereafter receivable upon exercise of this Warrant (or any such other warrant)).


 


5.                 
NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Articles
of Incorporation (as defined in the Securities Purchase Agreement), Bylaws (as defined in the Securities Purchase Agreement) 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 any of the SPA Warrants are
outstanding, take all action necessary to reserve and keep available out of its authorized and unissued shares of Common Stock,
solely for the purpose of effecting the exercise of the SPA Warrants, the maximum number of shares of Common Stock as shall from
time to time be necessary to effect the exercise of the SPA Warrants then outstanding (without regard to any limitations on exercise).


 


6.                 
WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, the Holder, solely in
its 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 its 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, 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 it 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 6, the Company shall provide the Holder with copies
of the same notices and other information given to the stockholders of the Company generally, contemporaneously with the giving
thereof to the stockholders.


 






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7.                 
REISSUANCE OF WARRANTS.


 


(a)              
Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company,
whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section
7(g)), registered as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred
by the Holder and, if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant
(in accordance with Section 7(g)) to the Holder representing the right to purchase the number of Warrant Shares not being
transferred.


 


(c)              
Lost, Stolen or Mutilated Warrant Upon receipt by the Company of evidence reasonably satisfactory to the Company
of the loss, theft, destruction or mutilation of this Warrant (as to which a written certification and the indemnification contemplated
below shall suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the
Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this
Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 7(g)) representing
the right to purchase the Warrant Shares then underlying this Warrant.


 


(e)              
Exchangeable for Multiple Warrants This Warrant is exchangeable, upon the surrender hereof by the Holder at the
principal office of the Company, for a new Warrant or Warrants (in accordance with Section 7(g)) representing in the aggregate
the right to purchase the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the
right to purchase such portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided,
however, no warrants for fractional shares of Common Stock shall be given.


 


(g)              
Issuance of New Warrants Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant,
the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to
Section 7(a) or Section 7(e), the Warrant Shares designated by the Holder which, when added to the number of shares
of Common Stock underlying the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant
Shares then underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is
the same as the Issuance Date, and (iv) shall have the same rights and conditions as this Warrant.


 


8.                 
PIGGY-BACK REGISTRATIONS. If at any time the Company shall determine to file
with the SEC a registration statement relating to an offering for its own account or the account of others under the Securities
Act of 1933 Act of any of its equity securities (other than on Form S-4 or Form S-8 or their then equivalents relating to equity
securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection
with stock option or other bona fide, employee benefit plans), the Company shall send to each Holder written notice of such determination
and, if within fifteen (15) days after the effective date of such notice, such Holder shall so request in writing, the Company
shall include in such registration statement all or any part of the Warrant Shares such Holder requests to be registered, except
that if, in connection with any underwritten public offering for the account of the Company the managing underwriter(s) thereof
shall impose a limitation on the number of shares of Common Stock which may be included in the registration statement because,
in such underwriter(s)’ judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution,
then the Company shall be obligated to include in such registration statement only such limited portion of the Conversion Shares
with respect to which such Holder has requested inclusion hereunder as the underwriter shall permit. Any exclusion of Shares shall
be made pro rata among the Holders seeking to include Conversion Shares in proportion to the number of Shares Securities sought
to be included by such Holder.


 






    	 	10	 



     


    

 


9.                 
NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such
notice shall be given in accordance with Section 9(f) of the Securities Purchase Agreement. The Company shall provide the Holder
with prompt written notice of all actions taken pursuant to this Warrant, including in reasonable detail a description of such
action and the reason therefor. Without limiting the generality of the foregoing, the Company will give written notice to the
Holder (i) as soon as practicable upon each adjustment of the Exercise Price and the number of Warrant Shares, setting forth in
reasonable detail, and certifying, the calculation of such adjustment(s) and (ii) at least fifteen (15) 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 Options, Convertible Securities or rights to purchase stock,
warrants, securities, indebtedness, or other property pro rata to 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 (to
the extent it constitutes, or contains, material, non-public information regarding the Company shall be made known to the public
prior to or in conjunction with such notice being provided to the Holder and (iii) at least ten (10) Trading Days prior to the
consummation of any Fundamental Transaction. To the extent that any notice provided hereunder (whether under this Section 9
or otherwise) constitutes, or contains, material, non-public information regarding the Company or any of its Subsidiaries,
the Company shall simultaneously file such notice with the SEC (as defined in the Securities Purchase Agreement) pursuant to a
Current Report on Form 8-K. It is expressly understood and agreed that the time of execution specified by the Holder in each Exercise
Notice shall be definitive and may not be disputed or challenged by the Company.


 


10.             
AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended and the
Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company
has obtained the written consent of the Holder. The Holder shall be entitled, at its option, to the benefit of any amendment of
any other similar warrant issued under the Securities Purchase Agreement. No waiver shall be effective unless it is in writing
and signed by an authorized representative of the waiving party.


 


11.             
SEVERABILITY. If any provision of this Warrant is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
provision shall not affect the validity of the remaining provisions of this Warrant so long as this Warrant as so modified continues
to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited
nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective expectations
or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the
parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable
provision(s).


 






    	 	11	 



     


    

 


12.             
GOVERNING LAW. This Warrant shall be governed by and construed and enforced in accordance with, and all questions
concerning the construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws
of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State
of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State
of New York. The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The
City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein, 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 brought
in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate
to preclude the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction to collect
on the Company’s obligations to the Holder or to enforce a judgment or other court ruling in favor of the Holder. THE
COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.


 


13.             
CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall
not be construed against any Person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall
not form part of, or affect the interpretation of, this Warrant. Terms used in this Warrant but defined in the other Transaction
Documents shall have the meanings ascribed to such terms on the Closing Date (as defined in the Securities Purchase Agreement)
in such other Transaction Documents unless otherwise consented to in writing by the Holder.


 


14.             
DISPUTE RESOLUTION.


 


(a)              
Disputes Over the Exercise Price, Closing Sale Price, Bid Price, the Black Scholes Value – FT or Fair Market Value.


 


(i)                
In the case of a dispute relating to the Exercise Price, the Closing Sale Price, the Closing Bid Price, the Bid Price,
the Black Scholes Value – FT or fair market value (as the case may be) (including, without limitation, a dispute relating
to the determination of any of the foregoing), the Company or the Holder (as the case may be) shall submit the dispute via facsimile
(I) within two (2) Business Days after delivery of the applicable notice giving rise to such dispute to the Company or the Holder
(as the case may be) or (II) 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 resolve such dispute relating to the Exercise Price,
the Exchange Amount, the Exchange Price, the Closing Sale Price, the Closing Bid Price, the Bid Price, the Black Scholes Value
– FT or fair market value (as the case may be) by 5:00 p.m. (New York time) on the second (2nd) Business Day
following such delivery by the Company or the Holder (as the case may be) of such dispute to the Company or the Holder (as the
case may be), then the Holder shall select an independent, reputable investment bank reasonably acceptable to the Company to resolve
such dispute.


 






    	 	12	 



     


    

 


(ii)             
The Holder and the Company shall each deliver to such investment bank (x) a copy of the initial dispute submission so delivered
in accordance with the first sentence of this Section 14(a) and (y) written documentation supporting its position
with respect to such dispute, in each case, no later than 5:00 p.m. (New York time) by the fifth (5th) Business Day
immediately following the date on which the Holder selected such investment bank (the “Dispute Submission Deadline”)
(the documents referred to in the immediately preceding clauses (x) and (y) are collectively referred to herein as the “Required
Dispute Documentation”) (it being understood and agreed that if either the Holder or the Company fails to so deliver
all of the Required Dispute Documentation by the Dispute Submission Deadline, then the party who fails to so submit all of the
Required Dispute Documentation shall no longer be entitled to (and hereby waives its right to) deliver or submit any written documentation
or other support to such investment bank with respect to such dispute and such investment bank shall resolve such dispute based
solely on the Required Dispute Documentation that was delivered to such investment bank prior to the Dispute Submission Deadline).
Unless otherwise agreed to in writing by both the Company and the Holder or otherwise requested by such investment bank, neither
the Company nor the Holder shall be entitled to deliver or submit any written documentation or other support to such investment
bank in connection with such dispute (other than the Required Dispute Documentation).


 


(iii)           
The Company and the Holder shall cause such investment bank to determine the resolution of such dispute and notify the
Company and the Holder of such resolution no later than ten (10) Business Days immediately following the Dispute Submission Deadline.
The fees and expenses of such investment bank shall be borne by the Company (provided that such fees and expenses shall be borne
equally by the Company and the Holder only if such investment bank’s determination of the disputed Exercise Price, Exchange
Amount, Exchange Price, Closing Sale Price, Closing Bid Price, Bid Price, Black Scholes Value – FT or fair market value
(as the case may be) was equal to or greater than 98% of the Company’s determination thereof that gave rise to the applicable
dispute), and such investment bank’s resolution of such dispute shall be final and binding upon all parties absent manifest
error.


 


(b)              
Disputes Over Arithmetic Calculation of Warrant Shares.


 


(i)                
In the case of a dispute as to the arithmetic calculation of the number of Warrant Shares, the Company or the Holder (as
the case may be) shall submit the disputed arithmetic calculation via facsimile (i) within two (2) Business Days after delivery
of the applicable notice giving rise to such dispute to the Company or the Holder (as the case may be) or (ii) 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 resolve such disputed arithmetic calculation of the number of Warrant Shares by 5:00 p.m. (New York
time) on the second (2nd) Business Day following such delivery by the Company or the Holder (as the case may be) of
such disputed arithmetic calculation of the number of Warrant Shares to the Company or the Holder (as the case may be), then the
Holder shall select an independent, reputable accountant or accounting firm to perform such disputed arithmetic calculation of
the number of Warrant Shares.


 






    	 	13	 



     


    

 


(ii)             
The Holder and the Company shall each deliver to such accountant or accounting firm (as the case may be) (x) a copy of
the initial dispute submission so delivered in accordance with the first sentence of this Section 14(b) and (y)
written documentation supporting its position with respect to such disputed arithmetic calculation of the number of Warrant Shares,
in each case, no later than 5:00 p.m. (New York time) by the fifth (5th) Business Day immediately following the date
on which the Holder selected such accountant or accounting firm (as the case may be) (the “Submission Deadline”)
(the documents referred to in the immediately preceding clauses (x) and (y) are collectively referred to herein as the “Required
Documentation”) (it being understood and agreed that if either the Holder or the Company fails to so deliver all of
the Required Documentation by the Submission Deadline, then the party who fails to so submit all of the Required Documentation
shall no longer be entitled to (and hereby waives its right to) deliver or submit any written documentation or other support to
such accountant or accounting firm (as the case may be) with respect to such disputed arithmetic calculation of the number of
Warrant Shares and such accountant or accounting firm (as the case may be) shall perform such disputed arithmetic calculation
of the number of Warrant Shares based solely on the Required Documentation that was delivered to such accountant or accounting
firm (as the case may be) prior to the Submission Deadline). Unless otherwise agreed to in writing by both the Company and the
Holder or otherwise requested by such accountant or accounting firm (as the case may be), neither the Company nor the Holder shall
be entitled to deliver or submit any written documentation or other support to such accountant or accounting firm (as the case
may be) in connection with such disputed arithmetic calculation of the number of Warrant Shares (other than the Required Documentation).


 


(iii)           
The Company and the Holder shall cause such accountant or accounting firm (as the case may be) to perform such disputed
arithmetic calculation and notify the Company and the Holder of the results no later than ten (10) Business Days immediately following
the Submission Deadline. The fees and expenses of such accountant or accounting firm (as the case may be) shall be borne solely
by the Company, and such accountant’s or accounting firm’s (as the case may be) arithmetic calculation shall be final
and binding upon all parties absent manifest error.


 






    	 	14	 



     


    

 


(c)              
Miscellaneous. The Company expressly acknowledges and agrees that (i) this Section 14 constitutes an agreement
to arbitrate between the Company and the Holder (and constitutes an arbitration agreement) under § 7501, et seq. of the New
York Civil Practice Law and Rules (“CPLR”) and that each party is authorized to apply for an order to compel
arbitration pursuant to CPLR § 7503(a) in order to compel compliance with this Section 14, (ii) a dispute relating
to the Exercise Price includes, without limitation, disputes as to (1) whether an issuance or sale or deemed issuance or sale
of Common Stock occurred under Section 3(b), (2) the consideration per share at which an issuance or deemed issuance of
Common Stock occurred, (3) whether any issuance or sale or deemed issuance or sale of Common Stock was an issuance or sale or
deemed issuance or sale of Excluded Securities, (4) whether an agreement, instrument, security or the like constitutes and Option
or Convertible Security and (5) whether a Dilutive Issuance occurred, (iii) the terms of this Warrant and each other applicable
Transaction Document shall serve as the basis for the selected investment bank’s resolution of the applicable dispute, such
investment bank shall be entitled (and is hereby expressly authorized) to make all findings, determinations and the like that
such investment bank determines are required to be made by such investment bank in connection with its resolution of such dispute
(including, without limitation, determining (1) whether an issuance or sale or deemed issuance or sale of Common Stock occurred
under Section 3(b), (2) the consideration per share at which an issuance or deemed issuance of Common Stock occurred, (3)
whether any issuance or sale or deemed issuance or sale of Common Stock was an issuance or sale or deemed issuance or sale of
Excluded Securities, (4) whether an agreement, instrument, security or the like constitutes and Option or Convertible Security
and (5) whether a Dilutive Issuance occurred) and in resolving such dispute such investment bank shall apply such findings, determinations
and the like to the terms of this Warrant and any other applicable Transaction Documents, (iv) the terms of this Warrant and each
other applicable Transaction Document shall serve as the basis for the selected accountant’s or accounting firm’s
performance of the applicable arithmetic calculation of the number of Warrant Shares, (v) for clarification purposes and without
implication that the contrary would otherwise be true, disputes relating to matters described in Section 14(a) shall
be governed by Section 14(a) and not by Section 14(b), (vi) the Holder (and only the Holder), in its
sole discretion, shall have the right to submit any dispute described in this Section 14 to any state or federal court
sitting in The City of New York, Borough of Manhattan in lieu of utilizing the procedures set forth in this Section 14
and (vii) nothing in this Section 14 shall limit the Holder from obtaining any injunctive relief or other equitable remedies
(including, without limitation, with respect to any matters described in Section 14(a) or Section 14(b)).


 


15.             
REMEDIES, CHARACTERIZATION, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant
shall be cumulative and in addition to all other remedies available under this Warrant and the other Transaction Documents, at
law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the
right of the Holder to pursue damages for any failure by the Company to comply with the terms of this Warrant. The Company covenants
to the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein. Amounts
set forth or provided for herein with respect to payments, exercises and the like (and the computation thereof) shall be the amounts
to be received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation of the Company
(or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable
harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees that, in the
event of any such breach or threatened breach, the holder of this Warrant shall be entitled, in addition to all other available
remedies, to an injunction restraining any breach, without the necessity of showing economic loss and without any bond or other
security being required. The Company shall provide all information and documentation to the Holder that is requested by the Holder
to enable the Holder to confirm the Company’s compliance with the terms and conditions of this Warrant (including, without
limitation, compliance with Section 2 hereof). The issuance of shares and certificates for shares as contemplated hereby
upon the exercise of this Warrant shall be made without charge to the Holder or such shares for any issuance tax or other costs
in respect thereof, provided that the Company shall not be required to pay any tax which may be payable in respect of any transfer
involved in the issuance and delivery of any certificate in a name other than the Holder or its agent on its behalf.


 






    	 	15	 



     


    

 


16.             
TRANSFER. This Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company.


 


17.             
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:


 


(a)              
“Bid Price” means, for any security as of the particular time of determination, the bid price for such
security on the Principal Market as reported by Bloomberg as of such time of determination, or, if the Principal Market is not
the principal securities exchange or trading market for such security, the bid price of such security on the principal securities
exchange or trading market where such security is listed or traded as reported by Bloomberg as of such time of determination,
or if the foregoing does not apply, the bid price of such security in the over-the-counter market on the electronic bulletin board
for such security as reported by Bloomberg as of such time of determination, or, if no bid price is reported for such security
by Bloomberg as of such time of determination, the average of the bid prices of all of the market makers for such security as
reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC) as of such time of determination.
If the Bid Price cannot be calculated for a security as of the particular time of determination on any of the foregoing bases,
the Bid Price of such security as of such time of determination 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 in accordance with the procedures in Section 14. All such determinations shall be appropriately
adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period.


 


(b)              
“Black Scholes Value” means the Black Scholes value of an option for one share of Common Stock at the
date of the applicable Cashless Exercise, as such Black Scholes value is determined, calculated using the Black Scholes Option
Pricing Model obtained from the “OV” function on Bloomberg utilizing (i) an underlying price per share equal to the
Closing Bid Price of the Common Stock as of Trading Day immediately preceding the Issuance Date (adjusted upward to the same extent
that the Exercise Price hereunder has been adjusted upward pursuant to Section 2(a) hereof), (ii) a risk-free interest rate corresponding
to the U.S. Treasury rate for a period equal to the remaining term of the Warrant as of the applicable Cashless Exercise, (iii)
a strike price equal to the Exercise Price in effect at the time of the applicable Cashless Exercise, (iv) an expected volatility
equal to 135%, and (v) a deemed remaining term of the Warrant of five (5) years [one (1) year](regardless of the actual remaining
term of the Warrant).


 






    	 	16	 



     


    

 


(c)              
“Black Scholes Value -- FT” means the value of the unexercised portion of this Warrant remaining on
the date of the Holder’s request pursuant to Section 4(c), which value is calculated using the Black Scholes Option
Pricing Model obtained from the “OV” function on Bloomberg utilizing (i) an underlying price per share equal to the
greater of (1) the highest Closing Sale Price of the Common Stock during the period beginning on the Trading Day immediately preceding
the earliest to occur of (x) the public disclosure of the applicable Fundamental Transaction, (y) the consummation of the applicable
Fundamental Transaction and (z) the date on which the Holder first became aware of the applicable Fundamental Transaction and
ending on the Trading Day of the Holder’s request pursuant to Section 4(c) and (2) the sum of the price per share
being offered in cash in the applicable Fundamental Transaction (if any) plus the value of the non-cash consideration being offered
in the applicable Fundamental Transaction (if any), (ii) a strike price equal to the Exercise Price in effect on the date of the
Holder’s request pursuant to Section 4(c), (iii) a risk-free interest rate corresponding to the U.S. Treasury rate
for a period equal to the greater of (1) the remaining term of this Warrant as of the date of the Holder’s request pursuant
to Section 4(c) and (2) the remaining term of this Warrant as of the date of consummation of the applicable Fundamental
Transaction or as of the date of the Holder’s request pursuant to Section 4(c) if such request is prior to the date
of the consummation of the applicable Fundamental Transaction and (iv) an expected volatility equal to the greater of 135% and
the 100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of
the Trading Day immediately following the earliest to occur of (x) the public disclosure of the applicable Fundamental Transaction,
(y) the consummation of the applicable Fundamental Transaction and (z) the date on which the Holder first became aware of the
applicable Fundamental Transaction.


 


(d)              
“Bloomberg” means Bloomberg, L.P.


 


(e)              
“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The
City of New York are authorized or required by law to remain closed.


 


(f)               
“Closing Bid Price” and “Closing Sale Price” means, for any security as of any date,
the last closing bid price and the last closing trade price, respectively, 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 bid
price or the closing trade price (as the case may be) then the last bid price or last trade price, respectively, of such security
prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange
or trading market for such security, the last closing bid price or last trade price, respectively, of such security on the principal
securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do
not apply, the average of the bid prices, or the ask prices, respectively, of all of the market makers for such security as reported
in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the Closing Bid Price or the Closing
Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price or the
Closing Sale Price (as the case may be) 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 in accordance with the procedures in Section 14. All such determinations shall be appropriately
adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period.


 






    	 	17	 



     


    

 


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


 


(h)              
“Common Stock Deemed Outstanding” means, as of the particular time of determination, the number of shares
of Common Stock actually issued and outstanding at such time (but excluding any issued and outstanding shares of Common Stock
owned or held by or for the account of the Company).


 


(i)                
“Convertible Securities” means any stock, note, debenture or other security (other than Options) that
is, or may become, at any time and under any circumstances, directly or indirectly, convertible into, exercisable or exchangeable
for, or which otherwise entitles the holder thereof to acquire, any shares of Common Stock.


 


(j)                
“Eligible Market” means the NYSE MKT, the New York Stock Exchange, the Nasdaq Global Select Market,
the Nasdaq Global Market, the Principal Market, the OTCBB, the OTCQX or the OTCQB (or any successor to any of the foregoing).


 


(k)              
“Expiration Date” means the five (5) year [one (1) year] anniversary of the Issuance Date, or, if such
date falls on a day other than a Business Day or on which trading does not take place on the Principal Market (a “Holiday”),
the next date that is not a Holiday.


 


(l)                
“Fundamental Transaction” means that except as contemplated in the Proposed Transactions (as that term
is defined in the Purchase Agreement) (i) the Company, directly or indirectly, in one or more related transactions effects any
merger or consolidation of the Company with or into another Person and the Company is not the surviving entity, (ii) the Company,
directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed pursuant to which Holder of Common Stock are permitted to sell,
tender or exchange their shares for other securities, cash or property and has been accepted by the Holder of 50% or more of the
outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization 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, (v) the Company, directly or indirectly, in one
or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person
acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person
or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination).


 






    	 	18	 



     


    

 


(m)            
“Options” means any rights, warrants or options to subscribe for or purchase shares of Common Stock
or Convertible Securities.


 


(n)              
“Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person
and whose common stock or equivalent equity security is quoted or listed on an Eligible Market, or, if there is more than one
such Person or Parent Entity, the Person or Parent Entity with the largest public market capitalization as of the date of consummation
of the Fundamental Transaction.


 


(o)              
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation,
a trust, an unincorporated organization, any other entity or a government or any department or agency thereof.


 


(p)              
“Principal Market” means the Nasdaq Capital Market.


 


(q)              
“Successor Entity” means the Person (or, if so elected by the Holder, the Parent Entity) formed by,
resulting from or surviving any Fundamental Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with
which such Fundamental Transaction shall have been entered into.


 


(r)               
“Trading Day” means, as applicable, (x) with respect to all price determinations relating to the Common
Stock, any day on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading
market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then
traded, provided that “Trading Day” shall not include any day on which the Common Stock is scheduled to trade on such
exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of
trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on
such exchange or market, then during the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise designated as
a Trading Day in writing by the Holder or (y) with respect to all determinations other than price determinations relating to the
Common Stock, any day on which The New York Stock Exchange (or any successor thereto) is open for trading of securities.


 


(s)               
“Voting Stock” of a Person means capital stock of such Person of the class or classes pursuant to which
the holders thereof have the general voting power to elect, or the general power to appoint, at least a majority of the board
of directors, managers or trustees of such Person (irrespective of whether or not at the time capital stock of any other class
or classes shall have or might have voting power by reason of the happening of any contingency).


 


(t)                
“VWAP” means, for any security as of any date, the dollar volume-weighted average price for such security
on the Principal Market (or, if the Principal Market is not the principal trading market for such security, then on the principal
securities exchange or securities market on which such security is then traded) during the period beginning at 9:30:01 a.m., New
York time, and ending at 4:00:00 p.m., New York time, as reported by Bloomberg through its “Volume at Price” function
or, if the foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market
on the electronic bulletin board for such security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00
p.m., New York time, as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by
Bloomberg for such hours, the average of the three highest closing bid prices and the three lowest closing ask prices of all of
the market makers for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets
LLC). If VWAP cannot be calculated for such security on such date on any of the foregoing bases, the VWAP 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 in accordance with the procedures
in Section 13. All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination
or other similar transaction during such period.


 






    	 	19	 



     


    

 


18.             
NASDAQ. The Company shall not be obligated to issue any shares of Common Stock upon exercise of this Warrant, and
the Holder of this Warrant shall not have the right to receive upon exercise of this Warrant any shares of Common Stock, if the
issuance of such shares of Common Stock (taken together with any prior issuance of such shares upon the exercise of this Warrant
and the Shares issuable upon conversion of the Notes issued pursuant to the Securities Purchase Agreement) would exceed the aggregate
number of shares of Common Stock which the Company may issue without breaching the Company’s obligations under the rules
or regulations of the Nasdaq Capital Market, regardless of whether the Company is at any time subject to such rules and regulations
(the “Exchange Cap”), except that such limitation shall not apply in the event that the Company (A) obtains
the approval of its stockholders as required by the applicable rules of the Nasdaq Capital Market for issuances of Common Stock
in excess of such amount or (B) obtains a written opinion from outside counsel to the Company that such approval is not required,
which opinion shall be reasonably satisfactory to the Holder. Until such approval or written opinion is obtained, no purchaser
of the Warrants pursuant to the Purchase Agreement (the “Purchasers”) shall be issued in the aggregate, upon
exercise of Warrants, shares of Common Stock in an amount greater than the product of the Exchange Cap multiplied by a fraction,
the numerator of which is the aggregate number of Warrants issued to such Purchaser pursuant to the Purchase Agreement and the
denominator of which is the aggregate number of Warrants issued to the Purchasers pursuant to the Purchase Agreement (with respect
to each Purchaser, the “Exchange Cap Allocation”). In the event that any Purchaser shall sell or otherwise
transfer any of such Purchaser's Warrants, the transferee shall be allocated a pro rata portion of such Purchaser's Exchange Cap
Allocation with respect to the portion of this Warrant so transferred, and the restrictions of the prior sentence shall apply
to such transferee with respect to the portion of the Exchange Cap Allocation allocated to such transferee. Upon exercise in full
of a holder’s Warrants, the difference (if any) between such holder’s Exchange Cap Allocation and the number of shares
of Common Stock actually issued to such holder upon such holder's exercise in full of such Warrants shall be allocated to the
respective Exchange Cap Allocations of the remaining holders of Warrants on a pro rata basis in proportion to the shares of Common
Stock underlying the Warrants then held by each such holder.


 


[signature page follows]


 




    	 	20	 



     


    

 


IN WITNESS WHEREOF,
the Company has caused this Warrant to Purchase Common Stock to be duly executed as of the Issuance Date set out above.


 





	 	PRECIPIO, INC.
	 	 	 
	 	 	 
		By:	  	 
	 	 	Name:
	 	 	Title:







 


 


 


 


 





[Signature
Page to Warrant to Purchase Common Stock]












     

     


    

EXHIBIT A


 


EXERCISE NOTICE


TO BE EXECUTED BY THE REGISTERED HOLDER
TO EXERCISE THIS


WARRANT TO PURCHASE COMMON STOCK


 


PRECIPO, INC.


 


The undersigned holder
hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant Shares”) of
Precipio, Inc., a Delaware corporation (the “Company”), evidenced by Warrant to Purchase Common Stock No. _______
(the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings
set forth in the Warrant.


 


1.       Form
of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as:


 


		____________	a “Cash Exercise”
                                         with respect to _________________ Warrant Shares; and/or



 


		____________	a “Cashless Exercise”
                                         with respect to _______________ Warrant Shares.



 


In the event that
the Holder has elected a Cashless Exercise with respect to some or all of the Warrant Shares, the Holder represents and warrants
that the Exchange Amount is $___________ and, if the Company is permitted to elect to issue shares of Common Stock, ____________
shares of Common Stock are to be delivered to Holder as the Net Number pursuant to such Cashless Exercise, as further specified
in Annex A to this Exercise Notice.


 


2.       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,
the Holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the Company in accordance with the terms
of the Warrant.


 


3.       Delivery
of Warrant Shares and Net Number of shares of Common Stock. The Company shall deliver to Holder, or its designee or agent
as specified below, __________ shares of Common Stock in respect of the exercise contemplated hereby. Delivery shall be made to
Holder, or for its benefit, to the following address:





 


_______________________


_______________________


_______________________


_______________________


 


Date: _______________ __, ______


 


 






     

     


    

 


                                                                              


   Name of Registered Holder


 


By:                                                                              


Name:


Title:


 


Account Number:                                                                                                                                                            

  (if electronic book entry transfer)


 


Transaction Code Number:                                                                                                                                             

  (if electronic book entry transfer)


 




     

     


    

ANNEX A TO EXERCISE NOTICE


 


CASHLESS EXERCISE EXCHANGE CALCULATION



TO BE FILLED IN BY THE REGISTERED HOLDER
TO EXCHANGE THIS


WARRANT TO PURCHASE COMMON STOCK FOR
COMMON STOCK IN A


CASHLESS EXERCISE PURSUANT TO SECTION
1(d) OF THE WARRANT


 


Capitalized terms
used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.


 


Net Number = (A x
B) - (A x C)





                                       B


 


For purposes of the
foregoing formula:


 


A= the total number
of shares with respect to which this Warrant is then being exercised.


 


B= the arithmetic average
of the Closing Sale Prices for the five (5) consecutive Trading Days ending on the date immediately preceding the date of the
Exercise Notice.


 


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


 


 


 


Date: _______________ __, ______


 


 


                                                                     


   Name of Registered Holder


 


By:                                                                     


       Name:


       Title: 


 




     

     


    

 


EXHIBIT B


 


ACKNOWLEDGMENT


 


The Company hereby
acknowledges this Exercise Notice and hereby directs Wells Fargo Shareowner Services to issue the above indicated number of shares
of Common Stock.





 


	 	PRECIPIO, INC.
	 	 	 
	 	 	 
		By:	  	 
	 	 	Name:
	 	 	Title: